Personal Assets Trust plc # Annual Report For the year ended 30 April 2026 patplc.co.uk --- # About Personal Assets Trust plc Our policy is to protect and increase (*in that order*) the value of shareholders' funds per share over the long term. ## What We Do Personal Assets Trust plc (the 'Company') is what its name implies. It is an investment trust run for private investors, who range from first time savers to experienced investors, who may often have entrusted a significant part of their portfolio to the Company. ## Our Approach From its inception, the Company has sought to emphasise capital preservation and absolute returns. It is conservatively managed, with low portfolio turnover. It takes a long term, long-only approach and has the flexibility to invest in a broad range of asset classes – primarily developed market equities and bonds, gold-related investments, and also cash and short-dated treasury bills. ## Dividend Policy The Company aims to pay as consistent and sustainable a dividend as is compatible with protecting and increasing the value of its shareholders' funds per share and maintaining its investment flexibility. Dividends are paid in January, April, July and October of each year. ## Investment Manager The Company has appointed Troy Asset Management Limited ('Troy') as its Investment Manager and is co-managed by Sebastian Lyon and Charlotte Yonge with the help of Troy's wider investment team. ## Discount Management The Company's discount and premium control policy is enshrined in its Articles of Association. The Company's policy is to ensure that its shares always trade close to net asset value ('NAV'). This is achieved through a combination of share buybacks at a small discount to NAV or the issue of shares at a small premium to NAV where demand exceeds supply. ## The Board The Company is overseen by an independent Board of non-executive Directors. Our Board members and Co-managers, Sebastian Lyon and Charlotte Yonge, are significant shareholders in the Company. ## Share Price Performance Versus CPI Since 30 April 1990 ![img-0.jpeg](img-0.jpeg) Personal Assets Trust plc --- # Contents ## Overview | Summary | 2 | | --- | --- | | Volatility and Share Price Total Return Performance since 30 April 2000 | 2 | | Key Features and Performance | 3 | | Chairman's Statement | 4 | | Investment Manager's Report | 6 | | Portfolio | 8 | | Geographic Analysis of Investments and Currency Exposure | 9 | | Contribution to Performance | 9 | | The Board | 10 | | Strategic Report | 12 | ## Governance Report | Responsible Investment | 18 | | --- | --- | | Directors' Report | 20 | | Corporate Governance | 24 | | Directors' Remuneration Report | 28 | | Report of the Audit and Risk Committee | 31 | | Independent Auditors' Report | 33 | ## Financial Statements | Income Statement | 40 | | --- | --- | | Statement of Financial Position | 41 | | Statement of Changes in Equity | 42 | | Cash Flow Statement | 43 | | Notes to the Accounts | 44 | | **Notice of Annual General Meeting** | **57** | | --- | --- | ## Shareholder Information | Glossary of Terms and Alternative Performance Measures | 61 | | --- | --- | | Record 1990 – 2026 | 63 | | Corporate Information | 64 | Overview Governance Report Financial Statements Notice of AGM Shareholder Information Annual Report for the year ended 30 April 2026 1 --- # Summary | **6.3%** | **Net Asset Value ('NAV') Total Return^{(1)}** NAV total return over the year to 30 April 2026 was 6.3% (2025: 7.5%), with the NAV per share at the period end being 540.84 pence (2025: 515.22 pence). | | --- | --- | | **6.2%** | **Share Price Total Return^{(1)}** Share price total return over the year to 30 April 2026 was 6.2% (2025: 7.4%), with the share price closing the period at 535.00 pence (2025: 511.00 pence). | | **1.1%** | **Discount^{(1)}** The share price discount to the Company's NAV at 30 April 2026 was 1.1% (2025: 0.8%). Over the year PAT's shares continued to trade close to NAV under the Company's discount and premium control policy. | | **5.6p** | **Dividends** Four interim dividends of 1.4 pence per Ordinary share have been paid to shareholders during the year (2025: four interim dividends of 1.4 pence). It is the Board's intention, barring unforeseen circumstances, that a first interim dividend for the year ended 30 April 2027 of 1.4 pence per Ordinary share will be paid in July 2026. | $^{(1)}$ Alternative Performance Measure. Please see pages 61 and 62 for a glossary of terms and definitions. ## Volatility and Share Price Total Return Performance since 30 April 2000 ### Volatility Compared to Comparators since 30 April 2000 ![img-1.jpeg](img-1.jpeg) **Note:** The scattergraph above shows the share price total return performance of the Company since 30 April 2000, compared to the FTSE All-Share Index and the Consumer Price Index ('CPI') (vertical axis). This is compared to the annualised price volatility for the same period (horizontal axis). 2 Personal Assets Trust plc --- # Key Features | | As at 30 April 2026 | As at 30 April 2025 | | --- | --- | --- | | Market Capitalisation | £1,668.1m | £1,619.0m | | Shareholders' Funds | £1,686.3m | £1,632.4m | | Shares Outstanding | 311,794,372 | 316,838,372 | | Share Price | 535.00p | 511.00p | | NAV per Share | 540.84p | 515.22p | | FTSE All-Share Index | 5,562.78 | 4,594.05 | | CPI | 142.10 | 138.18 | | Discount to NAV^{(1)} | 1.1% | 0.8% | | Return per Share | 6.03p | 8.92p | | Dividend per Share | 5.60p | 5.60p^{(2)} | ## Performance ### Total Returns to 30 April 2026 | | 1 year | 3 years | 5 years | 10 years | | --- | --- | --- | --- | --- | | Share Price Total Return^{(1)} | 6.2% | 16.3% | 21.9% | 65.0% | | NAV Total Return^{(1)} | 6.3% | 17.5% | 24.7% | 69.3% | | FTSE All-Share Index Total Return | 25.2% | 44.7% | 66.9% | 133.5% | | CPI | 2.8% | 8.8% | 29.0% | 41.7% | Source: Lipper, LSEG Datastream ### Ten Year Performance #### Share Price Total Return versus FTSE All-Share Index Total Return and CPI (based to 100) ![img-2.jpeg](img-2.jpeg) $^{(1)}$ Alternative Performance Measure. Please see pages 61 and 62 for a glossary of terms and definitions. $^{(2)}$ In addition, a special dividend of 1.6 pence per Ordinary share was paid in July 2025 in relation to the year ended 30 April 2025. Annual Report for the year ended 30 April 2026 3 Overview Governance Report Financial Statements Notice of AGM Shareholder Information --- # Chairman's Statement We were all deeply saddened by the news of the death of two of our former Chairmen in the past year. Robert (Bobby) White served as a non-executive Director from early 1994 and was appointed Chairman later that year until his retirement in July 2009. Hamish Buchan had been a non-executive Director since 2001 and assumed the role of Chairman from Robert in 2009 until his retirement in 2020. Hamish went on to chair the Personal Assets Trust Foundation following his retirement from the Board until his death in April 2026. The Personal Assets Trust we enjoy today is a direct result of the careful and wise decisions taken under their guidance. They were instrumental in overseeing the success of the Company which grew from £13.6 million to £1.3 billion during their combined 26-year tenure. The Board and all associated with the Company would like to record our very grateful thanks to them both for their wise counsel, friendship and diligent stewardship of the Company over the years. They will both be missed by us all. Our world remains unpredictable, uncertain and volatile. Internationally, President Trump has continued to dominate the world economic and geo-political agenda, moving on from tariffs to territorial ambitions, from encouraging regime change to direct action in Iran. The tectonic plates of international relations are moving quickly, and long-standing Western relationships and alliances are struggling to cope with the emerging reality of relying less on the US and becoming more self-sufficient for their own defence. The economic shock waves from the Iran conflict are very real and will persist well beyond resolution of the conflict and the reopening of The Straits of Hormuz. Sadly, the war in Ukraine also continues, now in its fifth year and with the peace process proving to be intractable. We have to hope that Presidents Trump and Putin have learnt the lesson that wars are easier to start than to conclude. Domestically, our current government has gone from winning a 'landslide' majority in July 2024, to being deeply unpopular and with the Prime Minister facing potential challenges to his leadership. The cost-of-living pressures, increasing size of the state and scale of government borrowing requirement are real and there are tough decisions ahead for whoever is leading our country. This is the context in which we seek to deliver our core investment proposition, which is to protect and increase (in that order) the value of shareholders' funds per share (also known as net asset value ('NAV') per share), over the long term. All the Personal Assets Trust plc ('PAT') Directors and our Investment Managers at Troy Asset Management Limited ('Troy'), Sebastian Lyon and Charlotte Yonge, are shareholders in PAT. As such, we are all strongly aligned and are advocates for this investment proposition. As PAT Directors, we have a close, but also independent, relationship with the Troy team, bringing our collective experience to complement, inform, challenge and support. We track the performance of the Company from 1990. Since then, the NAV total return has grown at an annual compound rate of 8.1% and the share price total return at 9.6%. This compares to 2.8% for the UK Consumer Price Index and 8.6% for the FTSE All-Share Index (total return), our two main comparators. From 1 May 2026, the performance comparator RPI was formally transitioned to CPI. We have also given this measure greater prominence and will present it alongside the FTSE All-Share Index in future reporting. This change follows discussions with shareholders, who consider CPI an important benchmark against which to assess the Company's performance. Further detail on the rationale for this decision is provided in the Strategic Report on page 17. We also track the degree of risk experienced in achieving our financial performance. The results are tabulated in the Key Features section on page 3 and the volatility experienced is indicated on the chart on page 2. Over the last 26 years the Company has been less volatile than the FTSE All-Share Index but more volatile than CPI. Our positioning between these two comparators is as anticipated given the Company's policy to protect and increase (in that order) the value of shareholders' funds per share over the long term. The Investment Manager's focus remains on the avoidance of permanent capital loss (our preferred definition of risk) and on growing the real value of the Company's capital over the long run. In their report on pages 6 and 7, Sebastian and Charlotte provide further details of our investment performance. ## Discount Management During the year we bought back 10,389,000 Ordinary shares into Treasury, and issued 5,345,000 Ordinary shares from Treasury, under the Company's discount control policy, for a net outflow of £25 million. As at 30 April 2026 we had 392,805,200 Ordinary shares in issue, with 81,010,828 Ordinary shares in Treasury. It is the policy of the Company to ensure that, in normal market conditions, its Ordinary shares always trade at or close to NAV and this policy is enshrined in the Articles of Association. It is reassuring to report that since November 1999, when investment trusts were empowered to use capital to buy back shares and hence control the discount to NAV at which their shares trade, the PAT share price has closely tracked the NAV. This has held true both through periods of significant issuance and, as demonstrated in the recent past, through a period of sustained buyback avoiding the major discounts to NAV which have impacted many investment trusts across the wider market. 4 Personal Assets Trust plc --- Overview Governance Report Financial Statements Notice of AGM Shareholder Information ## Dividend The Company aims to pay as consistent and sustainable a dividend as is compatible with protecting and increasing the value of its shareholders' funds and maintaining its investment flexibility. The Board remains committed to paying an annual dividend of 5.60p per share in line with this policy. ## Board Membership The Board membership has been stable through the year and I am grateful for the continuing commitment and wise counsel of my colleagues. Sharon Brown formally joined the Board as a Director and Chair of the Audit and Risk Committee with effect from the conclusion of the 2025 AGM. Sharon brings extensive financial and commercial experience together with contemporary knowledge of investment trusts. As part of our longer-term board succession planning, with effect from 1 May 2026 Robbie Robertson assumed the position of Senior Independent Director and Chair of the Nomination and Remuneration Committee, succeeding Paul Read. This allows for a period of transition before Mr Read's expected retirement from the Board during 2027. ## Review of Key Service Providers A major part of our oversight of key service providers is to conduct a formal annual review process with Troy. The review process is led by Mandy Clements and includes open discussions with all the PAT Directors and several members of the senior team at Troy. We have all found this to be a positive and helpful exercise. In summary, our relationship with Troy continues to be excellent and we benefit from access to the shared resources and focused support from the wider Troy team. We now hold at least two Board meetings each year in the Troy offices in London which has allowed us to get to know more members of the Troy team and to deepen our relationship on a broader base. We are pleased to confirm that we have agreed a revised management fee structure effective from 1 May 2026 which reduces the fees paid on shareholder funds over £1.5 billion from 0.45% to 0.35%. As our shareholder funds are above £1.5 billion, we believe this continues to position the Company competitively against its peer group. Details of the fee structure are shown on page 13. We also pay particular attention to ensuring the competitiveness of our ongoing charges ratio, this was maintained at 0.67% for the year ended 30 April 2026, having reduced from 0.89% in 2013. We adopt a similar annual review process with Juniper Partners, again led by Mandy Clements. Our relationship with Juniper Partners, which provides our administrative, company secretarial, AIFM and discount control services, continues to be excellent with a very open and supportive culture. Juniper Partners provides a first-class service to the Company and works in close association with Troy to provide a seamless service to the PAT Board and shareholders. ## Shareholder Engagement We recognise the continuing evolution of the Company's shareholder base and the increasing number of investors holding shares through retail platforms who may not have direct access to communications with the Company. This is a challenge which is often discussed by the Board as we seek to improve communication and interaction with investors. We hope that our website (www.patplc.co.uk), our Quarterlies, our Annual and Interim Reports and our monthly Factsheet are providing investors with easy and effective access to information about PAT and we will continue to seek innovative ways of improving our dialogue with shareholders and with potential shareholders. We are encouraged by the positive reaction to the short topical videos featuring Sebastian and Charlotte which are now available on our website. ## 2026 Annual General Meeting We are looking forward to holding the AGM at 12 noon on Thursday 16 July 2026 at The Royal College of Physicians of Edinburgh. The Investment Manager's presentation will also be made available on our website following the AGM for those who cannot attend in person. I would encourage all shareholders to submit any questions for the AGM to our Company Secretary by email in advance of the meeting at cosec@junipartners.com by Monday, 13 July 2026. In the meantime, I wish you all good health and thank you for entrusting your investment to PAT. **Iain Ferguson CBE** **Chairman** 16 June 2026 Annual Report for the year ended 30 April 2026 5 --- # Investment Manager's Report > “The war with Iran provided the fourth material supply shock for the global economy this decade, following the pandemic in 2020, the invasion of Ukraine in 2022 and tariffs in 2025.” Over the year to 30 April 2026, the net asset value total return per share of Personal Assets Trust ('PAT') rose by 6.3% while our traditional comparator, the FTSE All-Share Index total return was 25.2%. The UK Consumer Price Index ('CPI'), which we also use as a comparator (see the inside front cover of this Report and Key Features and Record 1990-2025 on pages 3 and 63 respectively), rose by 2.8%. The Company's NAV and share price (thanks to the discount control policy) continued to demonstrate below-average volatility compared to peers and the stock market. Our aim is to protect and grow shareholders' capital over the long term. This period of performance was an uninspiring one for the Company, at a time when stock markets were strong. Our equities in aggregate contributed around a third of the Company's return (they were up approximately 6% over the period), with gold contributing the bulk of the rest – it was up approximately 41% over the year. This aggregate performance from the equities was comprised of divergent parts, with the Company's largest holding, Alphabet, rising 140% over the twelve months and new holdings like Hubbell and Canadian National appreciating 42% and 17% respectively. These were in part offset by poor performance from the likes of Diageo and Experian, both down 27% over the period. The Company's financial year encompassed considerable change, starting with the continued strong recovery of stock markets in the aftermath of so-called Liberation Day. Beneath the surface of market indices however (which were led higher by defence and financials in the UK and by tech and industrials in the US), there have been strong winners and severe losers. AI has been a persistent and dominant theme, with major casualties from a share price perspective in the software and information services sectors. Investors are grappling with the impact of AI on companies' terminal values, questioning the sustainability of current rates of growth and profitability. In the same way that during the internet boom and bust 26 years ago investors sought to target businesses that would be disrupted by the web, the market is moving fast to price in unknowable change. We expect that the noise will continue throughout 2026 as OpenAI, Anthropic and SpaceX seek to IPO in the coming months. The valuations for these Large Language Model ('LLM') companies currently stand at $850bn, $800bn and $1.3tn respectively. Anthropic's value more than doubled last month, from $380bn. These will rank as the largest IPOs on record and, in order to justify these valuations, we expect that the rapid pace of new releases from the LLM companies to continue unabated. Large, profitable sectors will continue to be targeted as the companies seek to build credible revenue streams to justify the investment. The market, having initially assumed a 'shoot first, ask questions later' approach, appears to be starting to discriminate when it comes to the so-called 'AI losers'. London Stock Exchange Group ('LSEG'), for example, has rallied strongly from its February lows as the market appreciates the value in its proprietary datasets, which AI will struggle to replicate. Meanwhile, the war with Iran provided the fourth material supply shock for the global economy this decade, following the pandemic in 2020, the invasion of Ukraine in 2022 and tariffs in 2025. Central banks struggling to reach their inflation targets are today facing the spectre of stagflation once again. This is confirmation, if it were needed, that the 2020s are proving a more inflationary decade than the 2010s. The month of March in particular was a difficult month for a raft of companies facing higher input cost inflation. These included some of the consumer staples companies owned in the portfolio. Bond yields on both sides of the Atlantic have risen, with the UK 10-year yield breaching the 5% level for the first time since 2008. As investors will know, we own predominantly index-linked securities with modest duration for precisely the reason that we want inflation protection but do not want exposure to duration if expectations for interest rates rise. March was also a challenging month for the gold price, which declined as investors and central banks sold to access liquidity, and in response to higher bond yields. At the end of January, we reduced the gold holding in PAT from 14% to 10% when the price reached over $5,100. Whilst we remain bullish long term on gold and expect continued demand as both investors and central banks move away from the dollar, we are also conscious of how fast it had appreciated, and how exuberant some of the purchasing behaviour was becoming. We are, as such, unsurprised by its recent setback. 6 Personal Assets Trust plc --- Overview Governance Report Financial Statements Notice of AGM Shareholder Information In 2025, in the expectation of sustained US dollar weakness, we decided to begin a holding (~10%) in yen through the purchase of short-dated Japanese Government Bonds, a first for the Company. Thus far, the yen has modestly depreciated, but this does not unduly concern us because we expect it to strengthen when other assets, such as equities, are weak. The Japanese currency is the cheapest it has been for four decades and the dollar has risen by 55% against the yen since 2020, moving well away from purchasing power parity. We believe the holding will provide us with good diversification and an offset, should stock markets become more risk averse. The volume of yen-denominated borrowings allocated to global risk assets continues to be substantial. BCA Research estimates that total yen claims in overseas financial centres amount to approximately $650 billion. This has meant historically that investors will tend to repatriate their borrowings back into yen during crises, leading the currency to strengthen. There is also the fact that the weak yen is problematic for the domestic economy. The Japanese consumer is already battling with a cost-of-living crisis that is being exacerbated by the weak currency. There is growing political impetus to address the problem. In terms of portfolio activity, we have made a handful of additions to the portfolio and sold a few holdings where prospective returns looked poor. In addition to LSEG, we added both Hubbell and Alcon to the portfolio last year. Alcon is the largest eye care device company in the world with its surgical and vision care products (contact lenses and lens care products) touching the lives of people in over 140 countries with conditions such as cataracts or glaucoma. Following a de-rating in the shares, we started a modest holding. Hubbell is the leading US manufacturer of essential infrastructure components for electric utilities, offering the broadest and most reliable product portfolio in the industry. Its solutions are critical to the safe and uninterrupted operation of the power grid, with a low relative cost compared to the high risk of failure, making them indispensable to utility customers who prioritise quality and resilience. Founded in 1888, Hubbell has a long track record of superior value creation, compounding total shareholder returns at approximately 15% annually over the past 20 years, well ahead of the S&P 500. Three companies were sold from the portfolio during the period: American Express, Moody’s and LVMH. Markets appear remarkably complacent about the threats posed from the conflict in the Gulf. With energy reserves running low, the world’s economy is running on fumes. The impact of lost oil output is yet to be felt. If the Strait of Hormuz is not reopened soon, the tail risk of a stagflationary outcome may become an inevitability. GDP cannot grow without energy. Meanwhile, stretched government balance sheets provide minimal slack for more stimulative handouts (and such measures risk further fanning the flames of inflation). With all this in mind, the Company exits its financial year with 36% of the portfolio in equities, 30% in index-linked bonds, 9% in gold and the rest in liquidity, including the Japanese yen. This is defensive positioning at a time when markets are making new all-time highs. As opportunities emerge, we will continue to add selectively to risk when we are paid to take it. **Sebastian Lyon and Charlotte Yonge** 16 June 2026 Annual Report for the year ended 30 April 2026 7 --- # Portfolio | Security | Country | Equity Sector | Shareholders' Funds 30 April 2026 % | Valuation 30 April 2026 £'000 | Shareholders' Funds 30 April 2025 % | Valuation 30 April 2025 £'000 | | --- | --- | --- | --- | --- | --- | --- | | | | | **Equities** | | | | | Alphabet | USA | Technology | 3.9 | 65,675 | 3.6 | 59,004 | | Visa | USA | Financial Services | 3.6 | 60,442 | 3.4 | 55,623 | | Unilever | UK | Food Producer | 2.7 | 45,281 | 4.8 | 77,530 | | Agilent Technology | USA | Healthcare | 2.4 | 40,809 | 2.1 | 34,829 | | Diageo | UK | Beverages | 2.3 | 39,410 | 3.4 | 56,021 | | Chubb | USA | Financial Services | 2.2 | 36,934 | 2.0 | 32,948 | | Canadian National Railway | Canada | Industrial | 2.2 | 36,327 | 0.9 | 15,007 | | Alcon | Switzerland | Healthcare | 1.8 | 30,868 | – | – | | Nestlé | Switzerland | Food Producer | 1.8 | 30,763 | 2.6 | 41,839 | | Hubbell | USA | Industrial | 1.8 | 30,620 | – | – | | Verisign | USA | Technology | 1.8 | 30,255 | 2.4 | 38,372 | | Microsoft | USA | Technology | 1.6 | 27,540 | 2.2 | 35,234 | | Heineken | Netherlands | Beverages | 1.5 | 25,092 | 1.8 | 29,528 | | Experian | UK | Industrial | 1.4 | 23,037 | 0.9 | 14,299 | | London Stock Exchange Group | UK | Financial Services | 1.3 | 21,759 | – | – | | L'Oréal | France | Personal Goods | 1.1 | 17,819 | 1.1 | 18,528 | | Heineken Holding | Netherlands | Beverages | 0.8 | 13,775 | 0.9 | 15,449 | | Adobe | USA | Technology | 0.8 | 13,021 | 1.2 | 20,233 | | Pernod-Ricard | France | Beverages | 0.6 | 10,969 | 1.0 | 16,379 | | American Express | USA | Financial Services | – | – | 1.0 | 15,607 | | LVMH | France | Personal Goods | – | – | 0.9 | 15,268 | | Moody's | USA | Financial Services | – | – | 0.4 | 6,714 | | **Total Equities** | | | **35.6** | **600,396** | **36.6** | **598,412** | | **Other Investments** | | | | | | | | US TIPS | USA | | 15.0 | 253,596 | 26.7 | 436,481 | | UK Index-Linked Bonds | UK | | 14.7 | 247,650 | 1.7 | 27,569 | | UK Gilts | UK | | 14.3 | 240,734 | 9.8 | 159,204 | | Japanese Government Bonds | Japan | | 9.5 | 159,977 | – | – | | Gold Bullion | | | 9.2 | 155,645 | 10.8 | 176,768 | | Property | | | 0.1 | 1,730 | 0.1 | 1,730 | | US Treasuries | USA | | – | – | 4.0 | 64,534 | | **Total other Investments** | | | **62.8** | **1,059,332** | **53.1** | **866,286** | | **Total Investments** | | | **98.4** | **1,659,728** | **89.7** | **1,464,698** | | UK cash | | | 0.6 | 9,460 | 1.2 | 20,224 | | Overseas cash | | | 0.0 | 43 | 9.1 | 148,138 | | Net current assets/(liabilities) | | | 1.0 | 17,085 | 0.0 | (656) | | **Total Portfolio** | | | **100.0** | **1,686,316** | **100.0** | **1,632,404** | 8 Personal Assets Trust plc --- # Geographic Analysis of Investments and Currency Exposure at 30 April 2026 | | UK % | USA % | France % | Switzerland % | Netherlands % | Canada % | Japan % | Total % | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Equities | 7.7 | 18.1 | 1.7 | 3.6 | 2.3 | 2.2 | – | 35.6 | | Index-linked Bonds | 14.7 | 15.0 | – | – | – | – | – | 29.7 | | Gilts | 14.3 | – | – | – | – | – | – | 14.3 | | Government Bonds | – | – | – | – | – | – | 9.5 | 9.5 | | Gold Bullion | – | 9.2 | – | – | – | – | – | 9.2 | | Property | 0.1 | – | – | – | – | – | – | 0.1 | | Cash | 0.6 | – | – | – | – | – | – | 0.6 | | Net current assets | 1.0 | – | – | – | – | – | – | 1.0 | | **Total** | **38.4** | **42.3** | **1.7** | **3.6** | **2.3** | **2.2** | **9.5** | **100.0** | | Net currency exposure | 64.9 | 18.0 | 1.7 | 3.6 | 2.3 | – | 9.5 | 100.0 | (1) Included within UK Cash is an amount held in a margin account denominated in Euros. Due to the nature of this account, this has been classified under UK cash in the geographic analysis above. The Canadian equity is denominated in US dollars and therefore the currency exposure is included under USA above. In addition, certain USA investments are denominated in GBP and therefore included under UK above. ## Contribution to Performance at 30 April 2026 ### Asset class contribution to performance 30 April 2025 to 30 April 2026 ![img-3.jpeg](img-3.jpeg) Source: FactSet and Troy Asset Management Limited, 30 April 2026. Past performance is not a guide to future performance. Contribution to return is provided as gross absolute returns in local currency and does not include charges and fees. Currency exchange rates will impact the return of non-GBP securities. Asset allocation and holdings are subject to change. Reference to specific securities in this slide is not intended as a recommendation to purchase or sell any investment. | Top 5 equity contributors | % | | --- | --- | | Alphabet | 4.0 | | Hubbell | 0.7 | | Canadian National | 0.4 | | Chubb | 0.3 | | Microsoft | 0.3 | | Bottom 5 equity contributors | % | | --- | --- | | Heineken | -0.4 | | Adobe | -0.4 | | Experian | -0.5 | | Unilever | -0.6 | | Diageo | -0.9 | Overview Governance Report Financial Statements Notice of AGM Shareholder Information Annual Report for the year ended 30 April 2026 9 --- # The Board The Directors of the company who were in office during the year and up to the date of signing the financial statements were as follows: ![img-4.jpeg](img-4.jpeg) **Iain Ferguson CBE** Chairman **Shares held: 512,907** Iain joined the Board as a non-executive Director in 2017 and became Chairman in 2020. Iain is also Chairman of Crest Nicholson Holdings plc and Genus plc. He was previously Chairman of Berendsen plc, Stobart Group Limited and Senior Independent Director and Chairman of the Remuneration Committee at Balfour Beatty plc. Until 2009 he was Chief Executive of Tate & Lyle. Prior to joining Tate & Lyle in 2003, he spent 26 years at Unilever in a succession of roles culminating in his appointment as senior vice president, corporate development. He holds a BSc (Hons) in Chemistry & Psychology from St Andrews University and has completed the Harvard Business School Advanced Management Programme. ![img-5.jpeg](img-5.jpeg) **Robbie Robertson** Senior Independent Director **Shares held: 30,000** Robbie joined the Board as a non-executive Director in 2020 and became Senior Independent Director from 1 May 2026. During a 37 year career in investment trust broking, Robbie gained extensive experience of investment trust sales, research and corporate advisory services. He worked as an investment trust analyst for Laurence Prust and Wood Mackenzie, and then headed the investment companies teams at Dresdner Kleinwort Wasserstein and Canaccord Genuity. Robbie holds an M.A. in English Literature from Edinburgh University and an M.Litt from Oxford University. ![img-6.jpeg](img-6.jpeg) **Sharon Brown** Chair of the Audit and Risk Committee **Shares held: 20,000** Sharon joined the Board as a non-executive Director in 2025. She is also a non-executive Director and Chair of the audit committees of The Baillie Gifford Japan Trust PLC, European Opportunities Trust PLC and Celtic PLC. Between 1998 and 2013 she was Finance Director of Dobbies Garden Centres PLC and previously served as a non-executive Director and Chair of the audit committee of Fidelity Special Values PLC, CT UK Capital & Income Investment Trust PLC, McColl's Retail Group PLC and a number of private companies in the retail sector. She is a Fellow of the Chartered Institute of Management Accountants. ![img-7.jpeg](img-7.jpeg) **Mandy Clements (nee Pike)** Non-executive Director **Shares held: 12,660** Mandy joined the Board as a non-executive Director in 2020. Until December 2019 Mandy was CEO of legal entities responsible for £300 billion of assets at Aberdeen Standard Investments, having worked at the group for 19 years. She also oversaw the dealing function globally for over 14 years and has held dealing roles at F&C Asset Management (Foreign and Colonial), Brewin Dolphin and BNP Capital Markets, having started her career at Grieveson Grant Stockbrokers in 1983. 10 Personal Assets Trust plc --- Overview Governance Report Financial Statements Notice of AGM Shareholder Information ![img-8.jpeg](img-8.jpeg) # **Gordon Neilly** Non-executive Director Shares held: 198,084 Gordon joined the Board as a non-executive Director in 1997 and has considerable experience and knowledge of investment trusts. Gordon is Head of European Credit, Clearlake Credit, a Director of Clearlake Capital Group UK Limited and Chairman of Montanaro European Smaller Companies Trust plc. He was previously Chief of Staff at Standard Life Aberdeen. Prior to this he was Head of Strategy and Corporate Activity at Aberdeen Standard Investments, Co-Chief Executive Officer of Cantor Fitzgerald Europe, Chief Executive of Intelli Corporate Finance and Finance and Business Development Director of Ivory & Sime. ![img-9.jpeg](img-9.jpeg) # **Paul Read** Non-executive Director Shares held: 540,000 Paul joined the Board as a non-executive Director in 2017 and was Senior Independent Director until 1 May 2026. Until his retirement in December 2021, he co-lead Invesco’s Henley based fixed income team. He began his investment career in 1986 in investment banking fixed income sales and trading, first with UBS (Securities) Ltd and later with Merrill Lynch International. He holds a BA in Economics and History from the University of Toronto and also has an MBA from INSEAD. ![img-10.jpeg](img-10.jpeg) # **Jennifer Thomas** Non-executive Director Shares held: 400 Jennifer joined the Board as a non-executive Director in 2024. Jennifer is a prominent diversity and inclusion and communications specialist with over 25 years’ experience in leading external and internal communications strategies within various organisations. She is currently the Global Head of Equity, Diversity and Inclusion (EDI), leading the EDI strategy and agenda for the London Stock Exchange Group plc (LSEG). Jennifer was previously the Head of Communications for the Data and Analytics division of LSEG and prior to that she consulted at GSK plc on their global diversity and inclusion strategy. Previous other roles include Director of Internal Communications, Experience and Sustainability and Director of Financial Communications at Direct Line Group. Jennifer is also the Senior Independent Director for England Netball and UK Athletics. Annual Report for the year ended 30 April 2026 11 --- # Strategic Report For the year to 30 April 2026 ## Introduction Personal Assets Trust plc (the 'Company') is what its name implies. It is an investment trust run for private investors, who range from first time savers to experienced investors, who may often have entrusted a significant part of their portfolio to the Company. The Company's investment policy is to protect and increase (*in that order*) the value of shareholders' funds per share over the long term. It differs from other investment trusts in that its activities are defined not by any particular portfolio specialisation or investment method but by a desire to satisfy the personal requirements of those who invest in it. This is reflected in the Board's statement that '*our specialisation will be our shareholders*'. ## Principal Activities and Status The Company is incorporated in Scotland as a public limited company (registered number SC074582). It is an investment company as defined by Section 833 of the Companies Act 2006. It carries on the business of an investment trust and has been approved as such by HM Revenue & Customs. ## Business Model and Strategy for Achieving Objectives The Company is run by its Board of Directors which comprises seven non-executive Directors. Four of the Directors are male and three are female. The Board is responsible for the overall stewardship of the Company, including investment objectives and strategy, dividends, corporate governance procedures and risk management. Biographies of the Directors can be found on pages 10 and 11. The Directors have a duty to promote the success of the Company. The Directors believe that the best way of achieving this, as well as delivering the Company's objective, is to maintain the strong working relationship with the Investment Manager, Troy Asset Management Limited ('Troy' or the 'Investment Manager'). Troy acted as Investment Adviser to the Company since 2009 and with effect from 1 May 2020 was appointed as the Company's Investment Manager. Troy operate within an investment universe, including bands, ranges and limits, which has been agreed by the Board. The Board has appointed Juniper Partners Limited ('Juniper') as its AIFM. The day-to-day management of the portfolio has been delegated by the AIFM to the Investment Manager, and is the responsibility of Co-managers Sebastian Lyon, the Founder and Chief Investment Officer of Troy, and Charlotte Yonge, in particular. Juniper also provide company secretarial, administration and discount and premium control services to the Company. Troy's investment approach is conservative, attention being paid first and foremost to the downside risk of any investment. Troy regard risk as permanent loss of an investor's capital rather than performance relative to a particular benchmark. The Investment Manager employs a long term, long-only approach to investing and has the ability to invest globally. Whilst asset allocation will vary, in general the investment universe comprises high quality, developed market equities, developed market government bonds, gold bullion, cash and money market instruments (such as treasury bills) which the Board believes aligns with its long term investment strategy. Troy judge the safety and attractiveness of asset classes not just relative to each other but also relative to the asset classes' histories. When allocating the Company's assets, Troy incorporate valuation measures, inflation expectations, and monetary and fiscal conditions into their decision-making process from both a top-down perspective and a stock-specific perspective. ## Investment Policy The Company is an investment trust with the ability to invest globally. Its investment policy is to protect and increase (*in that order*) the value of shareholders' funds per share over the long term. While the Company uses the FTSE All-Share Index (the 'FTSE') as a comparator for the purpose of monitoring performance and risk, the composition of the FTSE has no influence on investment decisions or the construction of the portfolio. As a result, the Company's investment performance is likely to diverge from that of the FTSE. Our definition of 'risk' is fundamentally different from that commonly used by other global investment trusts and the industry at large (ours being 'risk of losing money' rather than 'volatility of returns relative to an index'). Taking this as our definition of risk, the Board will usually, although not invariably, prefer the Company's portfolio as a whole to have a lower level of risk than the FTSE. The Company will invest in equities and fixed income securities and it may also hold cash and cash equivalents and gold. The Company may use derivatives as a way of increasing or reducing its investment exposure and to enhance and protect investment positions. The Company may also from time to time make use of currency hedging. 12 Personal Assets Trust plc --- The Company has no predetermined maximum or minimum levels of exposure to asset classes, currencies or geographic areas but these exposures are reported to, and monitored by, the Board in order to ensure that adequate diversification is achieved. The Company's equity portfolio is typically concentrated in a short list of stocks and turnover tends to be low. No holding in an individual company will represent more than 10% by value of the Company's total assets at the time of acquisition. The Company is prepared to make use of both gearing and liquidity, the former by using short term borrowed funds or derivatives such as FTSE 100 Futures. The Company's gearing will not exceed 50% of shareholders' funds in aggregate. In exceptional circumstances, the Company's liquidity could be as high as 100% of shareholders' funds. These limits would not be exceeded without shareholder approval. The Company may also invest in other investment trusts, especially as a way of gaining exposure to a region or industry in which the Company preferred not to invest directly. The Company's policy is not to invest more than 15% of its total assets in other investment trusts and other listed investment companies. An analysis of the investment portfolio at 30 April 2026 can be found on page 8. ## Investment Manager Troy provides investment management services to the Company pursuant to a delegation agreement between the Company, the AIFM (Juniper) and Troy. The Investment Management Agreement may be terminated on six months' notice. No compensation is payable to the Investment Manager in the event of termination of the Agreement over and above payment in respect of the required six months' notice. For the year to 30 April 2026, in accordance with the Investment Management Agreement, the fee payable to Troy, which is based on the Company's shareholders' funds, is: 0.65% on the first £750 million; 0.5% between £750 million and £1,500 million; and 0.45% thereafter, payable quarterly in arrears. With effect from 1 May 2026, the fee rates changed to 0.65% on the first £750 million of the Company's shareholders' funds; 0.5% between £750 million and £1,500 million; and 0.35% thereafter. The investment management fee is reduced by the amount payable by the Company to Juniper for its AIFM services, which is calculated on the basis of 0.015% of shareholders' funds. During the year the Board has reviewed the appropriateness of Troy's appointment. In carrying out its review the Board considered the investment performance of the Company since the appointment of Troy and its capability and resources to deliver satisfactory investment performance. It also considered the length of the notice period of Troy and the fees payable to it. Following this review the Directors are confident of the Investment Manager's ability to deliver satisfactory investment performance. It is therefore their opinion that the continuing appointment of the Investment Manager, on the terms agreed, is in the interests of shareholders. At 30 April 2026 Sebastian Lyon had an interest in 3,163,847 (2025: 3,163,847) shares of the Company comprising of 3,032,347 shares held directly and 131,500 shares through a charitable trust. Charlotte Yonge had an interest in 116,000 (2025: 116,000) shares of the Company. ## Dividend Policy The Company aims to pay as consistent and sustainable a dividend as is compatible with protecting and increasing the value of its shareholders' funds and maintaining its investment flexibility. Dividends are paid in January, April, July and October of each year. ## Discount and Premium Control Policy Investment trusts have long suffered from volatile discounts to net asset value. Sometimes, too, the shares of individual investment trusts may sell temporarily at a significant premium to net asset value. This can put those investing regularly at a disadvantage, because they may find themselves buying shares at a sizeable premium which almost certainly will not be sustained and which will therefore have an adverse effect on the return from their investment. In view of the disadvantages to shareholders of such discount and premium fluctuations, the Company's policy is to ensure that its shares always trade at close to net asset value through a combination of share buybacks at a small discount to net asset value where supply exceeds demand and the issue of new or Treasury shares at a small premium to net asset value where demand exceeds supply. This discount and premium control policy is enshrined in the Articles of Association of the Company. Overview Governance Report Financial Statements Notice of AGM Shareholder Information Annual Report for the year ended 30 April 2026 13 --- # Strategic Report continued ## Key Performance Indicators The Board assesses its performance in meeting the Company's objectives against the following Key Performance Indicators, details of which can be found in the Key Features on page 3 or, in the case of the volatility of the share price, on page 2 under the heading Volatility and Share Price Total Return Performance, since 30 April 2000, being the year end closest to the peak of the great 1990s bull market: - • volatility of the share price total return compared to the total returns of the FTSE All-Share Index and the CPI; - • share price and net asset value total return per share against the CPI, and the total return of the FTSE All-Share Index over the long term, whilst aiming to protect and increase (*in that order*) the value of shareholders' funds per share in accordance with the Company's investment objective; and - • the range and volatility of the discount or premium to net asset value at which the Company's shares trade, in order to ensure compliance with its discount and premium control policy enshrined in the Articles of Association of the Company. ## Competitive and Regulatory Environment The Company is an investment trust quoted on the London Stock Exchange and is a member of the Association of Investment Companies ('AIC'). The Company operates so as to comply with Section 1158 of the Corporation Tax Act 2010, which allows it to be exempted from capital gains tax on realised investment gains. In addition to publishing annual and interim reports the Company announces net asset values per Ordinary share daily and provides more detailed statistical information on a monthly basis to the AIC in order to enable investors to compare its performance and other relevant information with those of its peer group, the AIC Flexible Investment Sector. The Company also publishes quarterly reports on subjects of investment interest to shareholders together with portfolio information and performance statistics. ## Principal Risks and Risk Management The Board has carried out a careful assessment of the principal risks facing the Company, including the ongoing current geopolitical risks and the ongoing impacts of inflation levels and heightened interest rates. The Board has established and maintains, with the assistance of the Company Secretary, a risk matrix which identifies the key risks to the Company. This register is formally reviewed on a regular basis. Emerging risks that could impact the Company are considered and discussed at each Board meeting, or on an ad hoc basis as required, along with any proposed mitigating actions. The principal risks and uncertainties facing the Company, together with a summary of the mitigating action the Board takes to manage these risks and how these risks have changed over the period, are set out below. The arrows denote if the relevant risk has increased, decreased or remained the same during the year after considering the mitigating actions. | Emerging | | | --- | --- | | Risk | Mitigation | | Geopolitical developments, including ongoing conflicts in Iran, Ukraine and the Middle East continue to pose risks to global economic growth and investors' risk appetites and consequently can impact the valuation of companies in the portfolio. There is also an increasing awareness of the challenges and emerging risks posed by climate change as well as the impact and pace of technological developments on the companies in the investment universe. | The Board seeks to mitigate these emerging risks through maintaining a broadly diversified global equity portfolio and appropriate asset and geographical allocation. In respect of climate change risks, the investment process considers ESG factors, as set out in the Responsible Investment section on pages 18 and 19. Overall the specific potential effects of climate change and developing technology are difficult, if not impossible, to predict and the Board and Investment Manager will continue to monitor developments in this area. The Board is in regular communication with the Investment Manager on emerging matters which may impact on the portfolio. | Increased risk 14 Personal Assets Trust plc --- # Economic # Risk The Board believes that the principal risk to shareholders and the Company's investments are events or developments, including the emerging risks noted above, which can affect the general level of share prices and other securities within the portfolio. These include for instance, inflation or deflation, economic recessions and movement in interest rates and currencies which could cause losses within the portfolio. # Mitigation The Board regularly monitors the investment environment and the management of the Company's investment portfolio, and applies the principles detailed in the guidance provided by the Financial Reporting Council. Further details on the Company's financial risks are contained in the Notes to the Accounts on pages 44 to 56. The Company's strategy is reviewed formally on at least an annual basis considering investment performance, market developments and shareholder communication. The Board receives regular updates on the composition of the Company's portfolio. Investment performance and the portfolio composition has been monitored specifically in the light of the emerging risks noted above. Increased risk # Operational # Risk The Company is reliant on service providers including Troy as Investment Manager, Juniper as AIFM, Company Secretary, Administrator and operator of the discount and premium control policy, J.P. Morgan as Depositary and Custodian and Equiniti as Registrar. Failure of the internal control systems of these parties, including in relation to cybersecurity measures, could result in losses to the Company. # Mitigation The Board formally reviews the Company's service providers on an annual basis, including reports on their internal controls where available. As part of the annual review the Board considers the business continuity plans in place with each of its key suppliers and the measures taken to mitigate cyber threats. The Company's internal controls are described in more detail on pages 31 and 32. Risk remains relatively unchanged # Legal and Regulatory # Risk Breach of legal and regulatory rules could lead to the suspension of the Company's Stock Exchange listing, financial penalties, or a qualified audit report. Breach of Section 1158 of the Corporation Tax Act 2010 could lead to the Company being subject to tax on realised capital gains. # Mitigation Compliance with the Company's regulatory obligations is monitored on an ongoing basis by the AIFM, the Investment Manager and other professional advisers as required who report to the Board regularly. Risk remains relatively unchanged # Discount and Premium Control # Risk The share price could be impacted by a number of external factors which could cause significant discount and premium fluctuations. # Mitigation The Company's discount and premium control policy, which is enshrined in the Articles of Association, is to ensure that shares always trade at close to net asset value. The Company bought back 10,389,000 shares and issued 5,345,000 shares in the year under review. Risk remains relatively unchanged Annual Report for the year ended 30 April 2026 15 Overview Governance Report Financial Statements Notice of AGM Shareholder Information --- # Strategic Report continued ## Duty to Promote the Success of the Company The Directors have a duty to promote the success of the Company for the benefit of its shareholders as a whole. The Directors are required to include a report explaining how they have considered all the requirements and discharged their duties under Section 172(1) of the Companies Act 2006, taking into account the likely long term consequences of decisions taken, the need to foster relationships with all stakeholders in the Company and the impact of the Company's operations on the environment. The report includes specific matters the Board has considered during the year. The Company being an investment trust, the key stakeholders comprise its shareholders, the Investment Manager and its other third-party service providers (including the AIFM, Company Secretary and Administrator, Registrar, Depositary and Custodian). The Board seeks to engage with each of these key stakeholders as follows: - **Shareholders and Potential Investors** – The Board welcomes the views of shareholders and places considerable importance on communications with them and the need to act fairly between all shareholders. The Investment Manager reports back regularly to the Board on meetings with shareholders and the Chairman and other Directors are available to meet shareholders as required. The Annual General Meeting of the Company and Troy's Annual Investment Trust Seminar in London provide a formal forum for shareholders to meet and discuss issues with the Board. Shareholder lunches are also held on a regular basis to allow discussion of matters on a more informal basis. The Board incorporates the views of shareholders when making key decisions in relation to promoting the long term success of the Company both for the benefit of existing shareholders as a whole and to continue to attract new investors to the Company. - **Investment Manager** – One of the Company's primary business relationships is with its Investment Manager, Troy. The Board seeks to engage with the Investment Manager in a collaborative and collegiate manner and continues to work closely with the Investment Manager to ensure this is the case both in and out of Board meetings. The Directors, Sebastian Lyon, Charlotte Yonge and their respective families have substantial shareholdings in the Company (see pages 10, 11 and 13) and those who run the Company therefore have a common interest with those who invest in it. The Company's relationship with Troy is fundamental to its long term success in achieving its investment objective and policy. The Board continually reviews the Company's investment performance and receives presentations from the Investment Manager at each Board meeting to allow them to exercise effective oversight. The Management Engagement Committee is responsible for reviewing the performance of the Investment Manager, at least annually. - **Juniper and Other Third Party Service Providers** – The Company's other primary business relationship is with Juniper as its AIFM, Company Secretary, Administrator and discount and premium control provider. As with the Investment Manager, the Board seeks to engage with Juniper and its other key service suppliers in a collaborative and collegiate manner and continues to work closely with Juniper to ensure this is the case both in and out of Board meetings. Juniper seeks to maintain constructive relationships with the Company's other third-party suppliers, for example the Registrar, the Depositary and the Custodian, on behalf of the Board typically through regular communication and provision of information to the Board. Open and constructive dialogue between the Board and its key service providers is essential for ensuring the efficient running of the Company's day-to-day business. 16 Personal Assets Trust plc --- The Board is always mindful of its responsibilities to the stakeholders of the Company as part of any decision making. Specific examples of stakeholder considerations during the year were: - **Management Fee Reduction** – The Board regularly review the ongoing costs of the Company to ensure the costs are competitive and have agreed a revised management fee structure effective from 1 May 2026 which reduces the fees paid on shareholder funds over £1.5 billion from 0.45% to 0.35%. As the shareholder funds are currently above £1.5 billion, the Board believes this continues to position the Company competitively against its peer group. - **Transition of Performance Comparator** – From 1 May 2026, the performance comparator was formally transitioned from RPI to CPI. RPI lost its National Statistic status in 2013, and UK government bodies, including the Office for National Statistics, have since advised against its use in favour of CPI. It is also scheduled to be effectively phased out by the UK Government in 2030. In the light of these factors, and considering feedback from shareholders, performance will now be stated against CPI together with the FTSE All-Share Index in all future documentation. - **Board Succession** – The Board regularly reviews its composition and succession planning to ensure that there remains an appropriate balance of skills and experience on the Board to provide an effective oversight structure for the Company's operations. Effective 1 May 2026, Robbie Robertson assumed the position of Senior Independent Director, succeeding Paul Read and providing a transition period ahead of Mr Read's anticipated retirement from the Board in 2027. Concurrently, Mr Robertson was appointed Chair of the Nomination and Remuneration Committee and will work closely with the Chairman on overseeing the Company's near term succession planning. - **Discount Control Policy** – The Board continued to operate its formal discount control policy to seek to maintain that the Ordinary shares always trade at or close to NAV. During the year, 10,389,000 Ordinary shares were bought back into Treasury, and 5,345,000 Ordinary shares issued from Treasury, under the policy, for a net outflow of £25 million. - **Dividends** – The Board has remained committed to paying an annual dividend of 5.60p in line with the dividend policy to pay as consistent and sustainable a dividend as is compatible with protecting and increasing the value of shareholders' funds. Overview Governance Report Financial Statements Notice of AGM Shareholder Information Annual Report for the year ended 30 April 2026 17 --- # Responsible Investment In prioritising capital preservation, the Investment Manager pays significant attention to the downside risk of any investment. It is Troy's fiduciary duty to assess the drivers of long term value in the investment process. The materiality of environmental and social factors has increased over recent years as individuals and regulators have sought to differentiate between companies acting in a responsible and sustainable way and those which are not. Companies with strong corporate governance and capable management teams will be better placed to navigate these changes and create long term value for shareholders. The availability of relevant non-financial information and data has improved, resulting in a commensurate increase in Since materiality is dynamic, the Investment Manager does not seek to limit the categories that ESG encompasses. Rather, the Investment Manager's aim is to analyse the ESG factors that are financially material¹ to each company. Troy does not employ a prescriptive checklist, nor does it seek to score holdings on ESG grounds. Instead, the ESG risks and opportunities relevant to each company are qualitatively assessed. Some of the ESG factors considered are outlined below, though this is not an exhaustive list. the Board and Investment Manager's focus on ESG factors. As such, the Company's duty to investors necessitates that analysis of material ESG risks and opportunities is integrated into the investment process, which includes engagement with companies and voting at their AGMs. This is particularly relevant in relation to climate risk, which the Investment Manager believes to be both material and systemic. ## Research Process Troy's responsible investment approach aims to ensure alignment with its investment objectives. Central to this is an assessment of ESG-related risks and opportunities during the research process. | Climate Change | Natural Capital | Product Safety & Responsibility | Human Capital | Corporate Governance | | --- | --- | --- | --- | --- | | • Carbon pricing, energy mix, technological disruption, net zero alignment and physical risk. | • Natural resource management, biodiversity, pollution, waste and circularity. | • Product use and harm, chemical use, data privacy and cyber security. | • Human rights, workplace culture and employee treatment and empowerment. | • Board effectiveness, management capability, corporate behaviour and business ethics. | ## Climate Change Troy's long holding periods and the potential for a changing climate to impact physical assets and supply chains and cause wide-spread systemic disruptions, heightens the need for effective climate change mitigation today to minimise the physical risks at a future date. While the portfolio's exposure to high-impact sectors remains limited given the Investment Manager's bias towards capital-light and non-cyclical businesses, the Investment Manager assesses the transition strategies of all investee companies in order to limit exposure to unmanaged climate-related risks as we transition towards a lower carbon economy. Further information can be found in the Company's website (www.patplc.co.uk/responsible-investing/). (1) An ESG factor is financially material if it is reasonably likely to affect a company's financial performance, position, or valuation. 18 Personal Assets Trust plc --- ## Active Ownership (Engagement and Voting) Troy's definition of an engagement is a "constructive and active dialogue with a specific objective which seeks to deliver an improved outcome on a material issue". Whilst Troy seeks to invest in companies whose business strength and corporate governance mean they generally do not require significant shareholder intervention, the Investment Manager recognises that engagement is an important aspect of its fiduciary duty. Engagement is generally conducted proactively but will occasionally be more reactive if a company takes a course of action that the Investment Manager feels is counter to the creation of long term shareholder value. The impetus to engage may stem from a breach by the company of generally accepted business practice norms, Troy's proxy voting process or integrated ESG analysis. Any engagement would be expected to meet the following criteria: - there is a clear objective in engaging with a company; - the matter for engagement must be material; and - the engagement with the company is constructive. ## Voting and Disclosure of Activity The Company considers (proxy) voting an important part of its stewardship activities and investment process and aims to use its voting rights to both safeguard the interests of shareholders and encourage environmental and social sustainability (where these objectives are aligned). The Investment Manager will seek to instruct votes, on behalf of investors, on all resolutions for which it has voting authority. Troy conducts analysis of each management or shareholder resolution ahead of voting. Votes are then cast in line with what is deemed to be in the best long term interest of shareholders. Environmental and social sustainability are considered alongside governance factors in this analysis. Whenever possible, voting on any resolution is incorporated as part of the wider engagement with management. Troy's preferred course of action would be to have dialogue with any company ahead of casting a vote against management. ## UN Principles for Responsible Investment As part of the Investment Manager's commitment to responsible investing, Troy became a signatory to the United Nations' Principles for Responsible Investment in September 2016. Overview Governance Report Financial Statements Notice of AGM Shareholder Information Annual Report for the year ended 30 April 2026 19 --- # Directors' Report The Directors have pleasure in presenting their Annual Report together with the audited financial statements of the Company for the year to 30 April 2026. ## Results A review of the Company's returns during the financial year, the position of the Company at the year end and the outlook for the coming year is contained within the Chairman's Statement and Investment Manager's Report on pages 4 to 7. ## Board of Directors At the year end the Board comprised seven non-executive Directors. The biographies of the Board are set out on pages 10 and 11. Sharon Brown was appointed to the Board and Chair of the Audit and Risk Committee on 18 July 2025. ## Activities A review of the Company's activities during the year can be found in the Strategic Report on pages 12 to 17 and in the Chairman's Statement and Investment Manager's Report. ## Responsibility Statement The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation. Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have prepared the financial statements in accordance with UK-adopted international accounting standards. Under company law, Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing the financial statements, the Directors are required to: - select suitable accounting policies and then apply them consistently; - state whether applicable UK-adopted international accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; - make judgements and accounting estimates that are reasonable and prudent; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Directors are responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors are also responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company. This enables them to ensure that the financial statements and the Directors' Remuneration Report comply with the Companies Act 2006. The Directors are responsible for the maintenance and integrity of the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. ## Responsibility Statements under the Disclosure Guidance and Transparency Rules Each of the Directors listed on pages 10 and 11 confirms that to the best of her or his knowledge: - the financial statements, prepared in accordance with UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and - the Strategic Report includes a fair review of the development and performance of the business and the position of the Company together with a description of the principal risks and uncertainties that it faces. ## Corporate Governance Full details are given in the Corporate Governance statement on pages 24 to 27. The Corporate Governance statement forms part of this Directors' Report. ## Going Concern The Directors believe, in the light of the controls and review processes reported in the Report of the Audit and Risk Committee on pages 31 and 32 and bearing in mind the nature of the Company's business and assets, which are considered to be readily realisable if required, that the Company has adequate resources to continue operating for at least 12 months from the date of approval of the financial statements. For this reason, they continue to adopt the going concern basis in preparing the accounts. As part of the going concern assessment a sensitivity analysis was performed. If the market dropped by 25% and no dividend income became available the Company would be able to continue operating for the foreseeable future. 20 Personal Assets Trust plc --- Overview Governance Report Financial Statements Notice of AGM Shareholder Information ## Viability Statement The Board considered its obligation to assess the viability of the Company over a period longer than the 12 months from the date of approval of the financial statements required by the 'going concern' basis of accounting. The Board considers the Company, with no fixed life, to be a long term investment vehicle but, for the purposes of this viability statement, has decided that a period of five years is an appropriate period over which to report. The Board considers that this period reflects a balance between looking out to a long term horizon and the inherent uncertainties of looking out further than five years. When deciding on this period the Directors considered the nature of the Company's portfolio of liquid investments comprising listed global equities, US TIPS, UK Index-Linked Bonds, UK Gilts, Japanese Government Bonds, Gold Bullion and cash and cash equivalents. The Directors also considered the Company's ability to fulfil the stated dividend policy and the operation of its discount and premium control policy. The Directors have also carried out an exhaustive assessment of the principal and emerging risks as noted in the Strategic Report on pages 14 and 15 and discussed in note 12 to the financial statements that are facing the Company over the period of the review, including those that would threaten its business model, future performance, solvency or liquidity. Based on the results of this analysis, the Directors have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the five year period of their assessment. ## Duty to Promote the Success of the Company A summary explaining how the Directors have discharged their duties under Section 172 of the Companies Act 2006 and considered the views of the Company's key stakeholders in regard to any key decisions taken throughout the period is contained in the Strategic Report on pages 16 and 17. ## Capital Structure At 30 April 2026 there were 392,805,200 Ordinary shares of 12.50p each in issue of which 81,010,828 Ordinary shares are held in Treasury. During the year 10,389,000 shares were bought back and held in Treasury at a cost of £57,329,000. 5,345,000 shares were issued from Treasury for proceeds of £32,112,000. The revenue profits of the Company (including accumulated revenue reserves) and realised capital profits are available for distribution by way of dividends to the holders of the Ordinary shares (excluding any Ordinary shares held in Treasury, which have no entitlement to dividends). Voting rights and deadlines for exercising voting rights can be found in the Notes for the Annual General Meeting ('AGM') which can be found on pages 59 and 60. ## Results and Dividend The results for the year are set out in the Income Statement on page 40. The Company pays quarterly dividends in January, April, July and October. The Company paid four quarterly interim dividends of 1.40 pence per share in respect of the year ended 30 April 2026. ## Ongoing Charges The ongoing charges for the year ended 30 April 2026 was 0.67% (2025: 0.67%). ## Substantial Interests During the year to 30 April 2026 the Company received notification in accordance with the FCA's Disclosure Guidance and Transparency Rule 5.1.2R of the following interests in the voting rights attaching to the issued share capital of the Company: | Substantial Holder | Shares Held when Notified | Percentage when Notified | | --- | --- | --- | | RBC Europe Limited (Brewin Dolphin) | 31,683,063 | 10.00% | | Rathbones | 15,423,965 | 4.97% | There have been no changes notified in respect of the above holdings, and no new holdings notified, since the end of the year. ## Financial Instruments Information on the Company's financial instruments can be found in the Notes to the Accounts on pages 52 to 55. ## Principal Risks and Risk Management Information on the principal risks to shareholders and management of these risks can be found in the Strategic Report on pages 14 and 15 and in note 12 to the Accounts on pages 52 to 55. Annual Report for the year ended 30 April 2026 21 --- # Directors' Report continued ## Directors' Indemnity The Company provides a deed of indemnity to each Director to the extent permitted by United Kingdom law whereby the Company is able to indemnify such a Director against any defence costs incurred in proceedings brought by the Company against a Director in which the Director successfully defends. The Company also has in place a director and officer liability insurance policy that is renewed annually. This indemnity was in force during the financial year and at the date of approval of these financial statements. ## Modern Slavery Statement The Modern Slavery Act 2015 requires certain companies to prepare a slavery and human trafficking statement. As the Company has no employees and does not supply goods and services, it does not fall within the scope of the legislation and therefore no slavery or human trafficking statement is required to be included in the Annual Report. However, the Company has chosen to make an annual statement available on its website as a matter of good corporate governance and its commitment to high business standards throughout its supply chains. ## Carbon Emissions As an externally managed investment trust with no employees, the Company's greenhouse gas emissions are negligible. Streamlined Energy and Carbon Reporting applies to all large companies. However, as the Company did not consume more than 40,000 kWh of energy during the past year, it qualifies as a low energy user and is exempt from reporting under these regulations. ## Charitable Donations The Company has agreed to make an annual donation of £50,000 per annum to the Personal Assets Foundation. The Foundation is run independently of the Company and its objective is to promote and advance the financial education of younger people wishing to pursue careers within or related to the investment and finance industries. The Directors meet with the Trustees of the Foundation on an annual basis to receive an update on its activities and to review the ongoing donation. Robbie Robertson is a Trustee of Personal Assets Foundation. Following the year end, the Company made donations of £1,000 each to Prostate Scotland and Alzheimer Scotland in memory of the former Chairmen. ## Independent Auditors PricewaterhouseCoopers LLP have indicated their willingness to continue in office as Auditors and a resolution relating to their re-appointment will be proposed at the AGM. ## Statement of Disclosure of Information to Auditors As far as the Directors are aware, there is no relevant audit information of which the Auditors are unaware, and each Director has taken all the steps that he or she ought to have taken as a Director in order to make herself or himself aware of any relevant audit information and to establish that the Auditors are aware of that information. ## Annual General Meeting The Annual General Meeting ('AGM') of the Company will be held at The Royal College of Physicians of Edinburgh, 11 Queen Street, Edinburgh EH2 1JQ on Thursday 16 July 2026 at 12 noon. The Board would welcome your attendance at the AGM as it provides shareholders with an opportunity to ask questions of both the Board and the Investment Manager. ## Resolutions to be proposed at the AGM Resolutions 1 to 3 and 5 to 13 inclusive are self-explanatory and will be proposed as ordinary resolutions. ## Resolution 4 – Dividend Policy As a result of the timing of the payment of the Company's quarterly dividends in January, April, July and October the Company's shareholders are unable to approve a final dividend each year. As an alternative, the Board puts the Company's dividend policy to shareholders for approval on an annual basis. Resolution 4, which will be proposed as an ordinary resolution, relates to the approval of the Company's dividend policy which is as follows: Dividends on the Ordinary shares are payable quarterly in January, April, July and October. The Company aims to pay as consistent and sustainable a dividend as is compatible with protecting and increasing the value of its shareholders' funds and maintaining its investment flexibility. The Company has the ability in accordance with its Articles of Association to make distributions from capital. ## Resolution 14 – Authority to allot Ordinary shares Resolution 14 seeks shareholder approval to authorise the Directors to issue new Ordinary shares up to an aggregate nominal amount of £7,732,234, being equivalent to 61,857,874 Ordinary shares and 20% of the total issued shares (excluding Treasury shares) at 15 June 2026 (being the last practicable date before the date of this document). The authority will expire on the date occurring 15 months after the passing of the resolution or, if earlier, at the AGM of the Company to be held in 2027, unless previously revoked, varied or extended by the Company in a general meeting. 22 Personal Assets Trust plc --- ## Treasury Shares Under UK company law investment trusts are able to acquire their own shares to hold in Treasury for re-issue. The Directors consider that this facility gives the Company more flexibility in managing its share capital. At 30 April 2026 there were 81,010,828 Ordinary shares held in Treasury. As at 15 June 2026, being the last practicable date prior to the publication of this document, the Company held 83,515,828 Ordinary shares in Treasury, representing approximately 27% of the Company's issued share capital (excluding Treasury shares). ### Resolution 15 – Dis-application of pre-emption rights Resolution 15 seeks shareholder authority for the Company to allot shares for cash without first offering them to existing shareholders. The Company is seeking authority to allot up to 61,857,874 Ordinary shares through the issuance of new Ordinary shares or the re-issuance of shares from Treasury, being 20% of the total issued shares (excluding Treasury shares) at 15 June 2026. The Directors issue new shares or re-issue shares from Treasury only when they believe it is advantageous to the Company's shareholders to do so and for the purpose of operating the Company's discount and premium control policy. Shares will be issued or re-issued at a premium to the net asset value at the time of sale and in no circumstances would such issue of new Ordinary shares or re-issue of shares from Treasury result in a dilution to the net asset value per share. ### Resolution 16 – Authority to repurchase Ordinary shares The Company's current authority to make market purchases of up to 14.99% of the issued Ordinary shares expires at the AGM. 10,389,000 Ordinary shares were bought back under this authority during the year to 30 April 2026. Resolution 16, which will be proposed as a special resolution, seeks shareholder approval to renew the Company's power to purchase its own Ordinary shares for a further period until the conclusion of the Company's AGM in 2027 or on the expiry of 15 months from the passing of this resolution, whichever is the earlier. The minimum price (excluding expenses) which may be paid for each Ordinary share on exercise of the authority will not be less than the nominal value of each share and the maximum price (excluding expenses) which may be paid for each Ordinary share will be no greater than the higher of (a) 105% of the average middle market quotation on the London Stock Exchange of those shares over the five business days before the shares are purchased and (b) the higher of the last independent trade and the highest current independent bid on the London Stock Exchange at the time the purchase is carried out. The authority, which may be used to buy back shares either for cancellation or to be held in Treasury, will be used to purchase shares only if, in the opinion of the Directors, a purchase would be in the best interests of the shareholders as a whole and would result in an increase in the net asset value per share for the remaining shareholders. There are no outstanding options or warrants to subscribe for equity shares in the capital of the Company. Resolutions 15 and 16 provide the Directors with the authority they need to manage Treasury shares. Treasury shares will be re-issued only at a premium to the net asset value of the shares at the time of sale. ### Resolution 17 – Notice period for General Meetings The Company's Articles of Association enable the Company to call general meetings (other than an AGM) on 14 clear days' notice. In order for this to be effective, shareholders must also approve annually the calling of meetings other than AGMs on 14 days' notice. Resolution 17 will be proposed at the AGM to seek such approval. The approval will be effective until the Company's next AGM, when it is intended that a similar resolution will be proposed. The Company meets the requirements for electronic voting under the Companies Act 2006, offering facilities for all shareholders to vote by electronic means. The Directors believe it is in the best interests of shareholders for the shorter notice period to be available to the Company, although it is intended that this flexibility will be used only for early renewals of the Board's authorities to issue or buyback shares and only where merited, or in other extenuating circumstances. ## Recommendation The Board considers that the resolutions to be proposed at the AGM are in the best interests of shareholders as a whole and recommends that shareholders vote in favour of such resolutions, as the Directors intend to do in respect of their own beneficial holdings. By Order of the Board ### Juniper Partners Limited Company Secretary 28 Walker Street Edinburgh EH3 7HR 16 June 2026 Overview Governance Report Financial Statements Notice of AGM Shareholder Information Annual Report for the year ended 30 April 2026 23 --- # Corporate Governance ## Introduction The Company is run by its Board, which takes all major decisions collectively. All of the Directors regard themselves and one another as equal in the duties and responsibilities they owe to shareholders and accordingly work together as a unitary Board within which the Chairman (who is elected by the Directors from among their own number) acts as the presiding member. The Directors are elected by the shareholders and regard corporate governance and accountability to shareholders as fundamental. They therefore place considerable emphasis on running the Company in the way they believe to be best suited to the successful management of an investment trust on behalf of its shareholders. Arrangements appropriate to an investment trust in respect of corporate governance have been made by the Board. The Board has considered the principles and recommendations of the AIC's Code of Corporate Governance (the 'AIC Code'). The AIC Code addresses all the principles set out in the UK Corporate Governance Code issued by the Financial Reporting Council (the 'UK Code'), as well as setting out additional principles and recommendations which are of specific relevance to investment trusts. The Board considers that reporting against the principles and recommendations of the AIC Code, which has been endorsed by the Financial Reporting Council, provides more relevant information to shareholders than if it had adopted the UK Code. The AIC Code can be obtained from the AIC's website at www.theaic.co.uk. It includes an explanation of how the AIC Code adapts the principles and provisions set out in the UK Code to make them relevant for investment companies. ## Compliance The Company has complied throughout the year, and continues to comply, with all of the recommendations of the AIC Code and the relevant provisions of the UK Code. ## Directors All of the Directors are considered to be independent in character and judgement and, in the opinion of the Board, there are no relationships or conflicts of interest which are likely to affect the judgement of any Director. Gordon Neilly has served for more than nine years. However, the Board subscribes to the view expressed within the AIC Code that long-serving Directors should not be prevented from forming part of an independent majority, and does not consider that a Director's length of tenure reduces her or his ability to act independently. The Board believes that continuity is extremely important to our shareholders and the experience Gordon brings is invaluable. Directors' fees are determined within the limits set out in the Company's Articles of Association. The approval of shareholders in a General Meeting is required to change this limit. | Director | Date of Appointment | Due date for Re-election/ election | | --- | --- | --- | | Iain Ferguson (Chairman) | 1 December 2017 | AGM 2026 | | Mandy Clements | 18 September 2020 | AGM 2026 | | Gordon Neilly | 30 April 1997 | AGM 2026 | | Paul Read | 1 December 2017 | AGM 2026 | | Robbie Robertson | 18 September 2020 | AGM 2026 | | Jennifer Thomas | 1 May 2024 | AGM 2026 | | Sharon Brown | 18 July 2025 | AGM 2026 | Any new Directors appointed during the year must stand for election at the first Annual General Meeting following their appointment. All Directors retire annually and, where appropriate, stand for re-election. There is no notice period and no provision for compensation on early termination of appointment. Individual Directors may, after having obtained the consent of any other Director, seek independent professional advice at the Company's expense on any matter that concerns the furtherance of their duties. Details of the Directors' authority in relation to the issue and buying back by the Company of its shares can be found in the Directors' Report. Similarly, details of those persons with significant holdings in the Company are set out in the Directors' Report. ## Diversity and Inclusion The Directors consider diversity, including balance of skills, knowledge, gender, social and ethnic backgrounds, cognitive and personal strengths and experience, amongst other factors when reviewing the composition of the Board. The current Directors have a range of relevant business, financial and asset management skills and experience. Brief biographical details of the members of the Board are shown on pages 10 and 11. The Directors believe that ensuring that the Board and its Committees are comprised of the best combination of individuals to promote the success of the Company for shareholders over the long term is the priority. However, it is conscious of the diversity targets set out in the FCA Listing Rules and the AIC Code in appointing appropriately diverse, independent non-executive directors who set the operational and moral standards of the Company and aims to have an appropriate level of diversity on the Board. 24 Personal Assets Trust plc --- Overview Governance Report Financial Statements Notice of AGM Shareholder Information The Board has provided the following information in relation to its diversity as at 30 April 2026, being the financial year end of the Company. The information included in the tables below has been obtained following confirmation from the individual Directors. As shown in the tables, the Company meets both the FCA ethnic and gender diversity target as at 30 April 2026. Although the Chair of the Audit and Risk Committee is not considered to be a senior Board position for the purposes of the rules, the Board consider this to be an equivalent senior position for an investment trust and this position is held by a woman. #### Board gender as at 30 April 2026$^{(1)}$ | | Number of Board members | Percentage of the Board | Number of senior positions on the Board^{(2)} | | --- | --- | --- | --- | | Men | 4 | 57% | 2 | | Women | 3 | 43% | 1 | | Prefer not to say | – | – | – | #### Board ethnic background as at 30 April 2026$^{(1)}$ | | Number of Board members | Percentage of the Board | Number of senior positions on the Board^{(2)} | | --- | --- | --- | --- | | White British or other white (including minority-white groups) | 6 | 86% | 3 | | Black/African/Caribbean/Black British | 1 | 14% | – | $^{(1)}$ The Company does not disclose the number of Directors in executive management as this is not applicable for an investment trust. $^{(2)}$ Under FCA guidelines, the roles that qualify as senior board positions are Chairman and SID. The Board also consider that the role of Chair of the Audit and Risk Committee represents a senior role and this is held by a woman. ## Conflicts of Interest The Companies Act 2006 requires that a Director of the Company must avoid a situation in which he or she has, or might have, an interest that conflicts, or may conflict, with the interests of the Company. Each Director submits a list of potential conflicts prior to each meeting. The other Directors consider these and recommend whether or not each potential conflict should be authorised. No situation arose during the year whereby an interest of a Director conflicted with the interests of the Company. ## Meetings The Board has established a Nomination and Remuneration Committee, Management Engagement Committee and Audit and Risk Committee. During the year there were five formal Board meetings, each of which was attended by all of the Directors. In addition, there were three Audit and Risk Committee meetings, one Nomination and Remuneration Committee meeting and one Management Engagement Committee meeting. All of these meetings were attended by all of the respective committee members with the exception of one meeting of the Nomination and Remuneration Committee and one meeting of the Management Engagement Committee, which one Director was unable to attend due to other commitments. Under the terms of the contracts with the AIFM and the Investment Manager, certain matters have been expressly reserved to the Board. The Board usually holds three of its meetings in Edinburgh and two in London each year. Annual Report for the year ended 30 April 2026 25 --- # Corporate Governance continued The following diagram highlights various matters considered by the Board during the past year: ![img-11.jpeg](img-11.jpeg) ## Voting Policy As an essential part of its approach to active ownership, the Investment Manager exercises all votes in relation to the Company's investments, updating the Board regularly on how votes have been cast. Following careful analysis of each AGM item, the Investment Manager submits votes in the direction which it believes best reflects the interests of shareholders. The Investment Manager invests only in a select universe of stocks and, as such, is able to take a considered decision on all items for voting at investee company AGMs. ## Communication with Shareholders The Board welcomes the views of shareholders and places considerable importance on communications with them. The Investment Manager reports back to the Board on meetings with shareholders and the Chairman and other Directors are available to meet shareholders if required. The AGM of the Company and presentations held in London provide a forum, both formal and informal, for shareholders to meet and discuss issues with the Board. ## Nomination and Remuneration Committee The Nomination and Remuneration Committee, chaired by Paul Read during the year and comprising Mr Read, Mandy Clements, Iain Ferguson, Robbie Robertson, Jennifer Thomas and Sharon Brown, considers the appointment of new Directors and the fees paid to Directors. Robbie Robertson became Chair of the Committee with effect from 1 May 2026. Mr Read will continue to be a member of the Committee until his anticipated retirement in 2027. Although the Company does not have a formal policy on diversity, consideration of Board diversity forms part of the responsibilities of the Nomination and Remuneration Committee. The Board believes in the benefits of having a diverse range of skills and backgrounds, including gender and length of service, on its board of Directors. All appointments will continue to be based on merit. The Nomination and Remuneration Committee meets at least annually. New Directors appointed to the Board are given an induction meeting with the Company Secretary and are provided with all relevant information regarding the Company and their duties as a Director. Thereafter, regular briefings are provided on changes in regulatory requirements that could affect the Company and the Directors. Professional advisers report from time to time and Directors will, if necessary, attend seminars covering relevant issues and developments. 26 Personal Assets Trust plc --- ## Management Engagement Committee The Management Engagement Committee, chaired by Iain Ferguson and comprising Mr Ferguson, Mandy Clements, Paul Read, Robbie Robertson, Jennifer Thomas and Sharon Brown, is responsible for reviewing the performance of the Investment Manager and making recommendations to the Board about the continued appointment of the Investment Manager on an annual basis. The Committee also reviews the Company's other service providers annually. The Management Engagement Committee has continued its enhanced review process in respect of its two key suppliers, the Investment Manager and Juniper. For both parties this process is led by Mandy Clements and is designed to give the Board more in-depth oversight of the effectiveness of the internal processes and controls and to continue to improve the information flows between the Board and the relevant teams. ## Performance Review of the Board and its Committees During the year the performance of the Board, the Audit and Risk Committee, and individual Directors was evaluated through a discussion-based assessment process led by the Chairman. The performance of the Chairman was evaluated by the other Directors. The Board concluded that the Chairman and each Director contributed effectively and demonstrated commitment to her or his role. The Board also concluded that the performance of the Board as a whole and its committees was effective. The AIC Code requires the Company to engage an external facilitator for the Board evaluation at least every three years. An external review was conducted in 2025 and therefore the next external review will be completed in the 2028 financial year. ## Additional Information The Company's Articles of Association may be amended only by a special resolution passed at a General Meeting of shareholders. By Order of the Board ### Juniper Partners Limited Company Secretary 28 Walker Street Edinburgh EH3 7HR 16 June 2026 Overview Governance Report Financial Statements Notice of AGM Shareholder Information Annual Report for the year ended 30 April 2026 27 --- # Directors' Remuneration Report ## Statement by the Chairman This report has been prepared in accordance with the requirements of the Companies Act 2006. An ordinary resolution for the approval of this report will be put to shareholders at the forthcoming Annual General Meeting. The Company's remuneration policy requires to be approved at every third AGM or otherwise when there has been any change to the policy. The remuneration policy was approved by shareholders at the Company's AGM in July 2023 (the resolution received 99.49% of votes for, 0.34% against, and 0.17% of votes cast were withheld). ## Nomination and Remuneration Committee The Nomination and Remuneration Committee, chaired by Paul Read and comprising Mr Read, Mandy Clements, Iain Ferguson, Robbie Robertson, Jennifer Thomas and Sharon Brown, reviews the Directors' fees on an annual basis. Robbie Robertson became Chair of the Committee with effect from 1 May 2026. Mr Read will continue to be a member of the Committee until his anticipated retirement in 2027. The terms of reference of the Nomination and Remuneration Committee clearly define the Committee's responsibilities. These terms are reviewed annually and are available for inspection on the Company's website. ## Directors' Remuneration Policy The Board's policy is that fees should be sufficient to attract and retain Directors capable of managing the Company on behalf of its shareholders. No shareholder views were sought in setting the remuneration policy although any comments received from shareholders are considered. This policy was approved by shareholders at the Company's AGM in 2023 and it is intended that it will continue until it is put to shareholders at the upcoming AGM. Non-executive Directors do not have service contracts but on being appointed are provided with a letter of appointment. Directors do not receive any pension benefits, share options, long term incentive schemes or other benefits. ## Annual Report on Remuneration The rates of Directors' fees for the year ended 30 April 2026 were set out in the Directors' Remuneration Report contained in the Company's 2025 Annual Report. The fees paid to the Directors for the year ended 30 April 2026 were £69,000 for the Chairman, £46,000 for the Audit and Risk Committee Chair and £37,000 for each of the other Directors per annum. During the year the Remuneration Committee reviewed the level of fees paid to the Directors. This review included an analysis of the fees against the rate of increase in the Retail Price Index, payments made by other investment trusts of a similar size and structure and returns to shareholders. The Committee also considered the independent research conducted by Trust Associates on fees paid to non-executive Directors in the investment company sector. The Directors recognise the importance of continuing to attract and retain suitable candidates for the continued Board evolution and succession planning. As part of this the Board seek to ensure that the fees payable to the Directors remain competitive and appropriate for the role. It has been agreed that the fees payable to the Directors for the year to 30 April 2027 should increase broadly in line with inflation, to £71,000 for the Chairman, £48,000 for the Audit and Risk Committee Chair and £38,250 for each of the other Directors per annum. The annual limit on Directors' fees is set out in the Company's Articles of Association. The present limit is £332,750 in aggregate per annum and the approval of shareholders is required to change this limit. ## Directors' Interests (Audited) The Directors at the end of the year and their interests in the shares of the Company at 30 April 2026 and 30 April 2025 were as follows: | Director | Interest | 2026 | 2025 | | --- | --- | --- | --- | | Iain Ferguson (Chairman) | Beneficial | 512,907 | 495,990 | | Mandy Clements | Beneficial | 12,660 | 12,413 | | Gordon Neilly | Beneficial | 198,084 | 197,766 | | Paul Read | Beneficial | 540,000 | 540,000 | | Robbie Robertson | Beneficial | 30,000 | 30,000 | | Jennifer Thomas | Beneficial | 400 | 400 | | Sharon Brown | Beneficial | 20,000 | n/a | There have been no changes in the above holdings between 1 May 2026 and 15 June 2026. 28 Personal Assets Trust plc --- Overview Governance Report Financial Statements Notice of AGM Shareholder Information ## Directors' Remuneration for the Year (Audited) In accordance with The Companies (Directors' Remuneration Policy and Directors' Remuneration Report) Regulations 2019, the following table has been included to show the annual percentage change over the preceding financial year by comparison to the current financial year in respect of each Director. The Directors do not receive any other payments or taxable benefits in respect of carrying out their duties. The single total figure of remuneration for each Director is detailed below, with year on year changes since the year ended 30 April 2022. | Director | Year ended 30 April 2026 | | Year ended 30 April 2025 | | Year ended 30 April 2024 | | Year ended 30 April 2023 | | Year ended 30 April 2022 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Fees | % Change | Fees | % Change | Fees | % Change | Fees | % Change | Fees | % Change | | Iain Ferguson^{(1)} | £69,000 | 3.0% | £67,000 | 6.3% | £63,000 | 5.0% | £60,000 | 20.0% | £50,000 | 17.4% | | Mandy Clements^{(2)} | £37,000 | 5.7% | £35,000 | 11.1% | £31,500 | 5.0% | £30,000 | 20.0% | £25,000 | 42.6% | | Gordon Neilly | £37,000 | 5.7% | £35,000 | 11.1% | £31,500 | 5.0% | £30,000 | 20.0% | £25,000 | 0.0% | | Paul Read | £37,000 | 5.7% | £35,000 | 11.1% | £31,500 | 5.0% | £30,000 | 20.0% | £25,000 | 0.0% | | Robbie Robertson^{(2)} | £37,000 | 5.7% | £35,000 | 11.1% | £31,500 | 5.0% | £30,000 | 20.0% | £25,000 | 42.6% | | Jean Sharp^{(3)} | £9,956 | (77.9%) | £45,000 | 7.1% | £42,000 | 5.0% | £40,000 | 38.0% | £29,000 | 0.0% | | Jennifer Thomas^{(4)} | £37,000 | 5.7% | £35,000 | 100.0% | – | – | – | – | – | – | | Sharon Brown^{(5)} | £44,052 | 100.0% | – | – | – | – | – | – | – | – | | **Total** | **£308,008** | **7.3%** | **£287,000** | **24.2%** | **£231,000** | **5.0%** | **£220,000** | **22.9%** | **£179,000** | **4.3%** | $^{(1)}$ Iain Ferguson was appointed Chairman on 18 September 2020. $^{(2)}$ Mandy Clements and Robbie Robertson were appointed on 18 September 2020. $^{(3)}$ Jean Sharp retired on 18 July 2025. $^{(4)}$ Jennifer Thomas was appointed on 1 May 2024. $^{(5)}$ Sharon Brown was appointed on 18 July 2025. However, prior to her appointment she was paid for her time as an observer. ## Relative Importance of Directors' Fees | | 2026 £'000 | 2025 £'000 | % change | | --- | --- | --- | --- | | Directors' fees | 308 | 287 | 7.3 | | Expenses | 11,219 | 10,909 | 2.8 | | Dividends paid | 22,612 | 23,712 | (4.6) | | Share buybacks | 57,329 | 129,179 | (55.6) | Directors' fees as a percentage of: | | 2026 % | 2025 % | | --- | --- | --- | | Expenses | 2.7 | 2.6 | | Dividends paid | 1.4 | 1.2 | | Share buybacks | 0.5 | 0.2 | Further details of the Company's expenses can be found in note 3 on page 47 and of dividends paid in note 6 on page 48. ## Approval Voting on the resolution to approve the Directors' Remuneration Report at the Company's AGM on 18 July 2025 was as follows: | Resolution | % For | % Against | % Withheld* | | --- | --- | --- | --- | | Approve Directors' Remuneration Report | 99.76 | 0.24 | 0.31 | \* A vote 'withheld' is not a vote in law, which means that the votes are not counted in the calculation of the votes for or against the resolution. Annual Report for the year ended 30 April 2026 29 --- # Directors' Remuneration Report continued ## Performance Graph The Company's investment policy is to protect and increase (*in that order*) the value of shareholders' funds per share over the long term. While the Company uses the FTSE All-Share Index (the 'FTSE') as a comparator for the purpose of monitoring performance and risk, the composition of the FTSE has no influence on investment decisions or the construction of the portfolio. The graph below requires to be included by the regulations and compares, for the ten financial years ended 30 April 2026, the share price total return (assuming all dividends were reinvested) to shareholders in each period compared to the total shareholder return on a notional investment in the FTSE. A more detailed explanation of the performance of the Company for the year ended 30 April 2026 is given in the Chairman's Statement and Investment Manager's Report on pages 4 to 7. ![img-12.jpeg](img-12.jpeg) On behalf of the Board **Robbie Robertson** Director 16 June 2026 30 Personal Assets Trust plc --- # Report of the Audit and Risk Committee ## Audit and Risk Committee The Audit and Risk Committee, chaired by Sharon Brown and comprising Ms Brown, Mandy Clements, Paul Read, Robbie Robertson and Jennifer Thomas, meets at least three times yearly to coincide with the annual and interim reporting cycle. The principal role of the Audit and Risk Committee is to review the annual and interim financial statements, the Accounting Policies applied therein and to ensure compliance with financial and regulatory reporting requirements. The Audit and Risk Committee discusses and agrees the scope of the audit plan for the year ahead and the Auditors' Report on their findings at the conclusion of the audit. The terms of reference of the Audit and Risk Committee clearly define the Committee's responsibilities. These terms are reviewed annually and are available for inspection on the Company's website. The Audit and Risk Committee also reviews the system of internal controls, the terms of appointment of the Auditors (including their remuneration), the objectivity of the Auditors and the terms under which they are appointed to perform non-audit services. The Audit and Risk Committee also received a report from the Auditors identifying to its satisfaction how their independence and objectivity is maintained when providing these non-audit services. There were no such fees or services for the year ended 30 April 2026 (2025: £nil). The Audit and Risk Committee assessed the effectiveness of the audit, the quality of the team and advice received from them through reviewing interaction with the Auditors, reports received from them and discussion with management. The Audit and Risk Committee is satisfied with the effectiveness of the work provided by PricewaterhouseCoopers LLP ('PwC') and that PwC remain objective and independent. At the request of the Board, the Audit and Risk Committee considered whether the 2026 Annual Report was fair, balanced and understandable and whether it provided the necessary information for shareholders to assess the Company's performance, business model and strategy. Following a detailed review of the financial statements and subsequent discussion, the Committee concluded that the accounts were fair, balanced, and understandable. ## Audit The Company confirms that it complied with the provisions of The Statutory Audit Services for Large Companies Market Investigation (Mandatory Use of Competitive Tender Processes and Audit Committee Responsibilities) Order 2014 during the financial year ended 30 April 2026. Following a formal tender process, the Company's external Auditors, PwC, were appointed on 19 July 2018. The Audit Engagement Partner rotates every five years in accordance with ethical guidelines and 2026 is the third year for the current partner. ## Internal Controls The Board is responsible for the Company's system of internal controls and for reviewing its effectiveness. The Board has therefore established an ongoing process designed to meet the particular needs of the Company in managing the risks to which it is exposed, consistent with the internal control guidance issued by the Financial Reporting Council. The process relies principally on a risk-based system of internal control whereby a test matrix is created that identifies the key functions carried out by the Company and other service providers, the individual activities undertaken within those functions, the risks associated with each activity and the controls employed to manage those risks. A formal annual review of the Company's risk-based system of internal controls is carried out by the Board and includes consideration of internal control reports issued by the Investment Manager and other service providers. Such review procedures have been in place throughout the financial year and up to the date of approval of the Annual Report, and the Board is satisfied with their effectiveness. These procedures are designed to manage, rather than eliminate, risk and, by their nature, can provide only reasonable, not absolute, assurance against material misstatement or loss. At each Board meeting the Board reviews the Company's activities since the previous Board meeting to ensure that the Investment Manager adheres to the agreed investment policy and approved investment guidelines and, if necessary, the Board approves changes to the guidelines. Juniper acts as the Company's AIFM for the purposes of the AIFM Directive and provides secretarial, administrative and discount control services to the Company. Overview Governance Report Financial Statements Notice of AGM Shareholder Information Annual Report for the year ended 30 April 2026 31 --- # Report of the Audit and Risk Committee continued The Company does not have an internal audit function as the Audit and Risk Committee believes that the Company's straightforward structure does not warrant such a function. This is reviewed by the Committee annually. ## Significant Accounting Matters The significant matters considered by the Audit and Risk Committee during the year in relation to the financial statements of the Company were the existence and valuation of the investments and income recognition. Juniper reconciles the portfolio holdings to confirmations from the Company's Custodian on a daily basis and carries out testing of the prices obtained from the independent pricing source. The Auditor has validated the existence and valuation of investments to independent sources and tested and reported on the income recognised. Income is recognised in accordance with the accounting policy in note 1 and the Committee regularly considers revenue forecasts. The Committee reviewed Juniper's ISAE 3402 report which details the processes and controls around both the existence and valuation of investments and the recognition of income. Based on confirmation from Juniper that these procedures have operated correctly at 30 April 2026 and based on reporting from the Depositary, the Committee is satisfied that there is no material misstatement in the context of the Annual Report. ## Committee Performance Review The activities of the Audit and Risk Committee were considered as part of the Board appraisal process as summarised on page 27. The process found that the Committee functioned well, with the right balance of membership, skills and experience. **Sharon Brown** Director 16 June 2026 32 Personal Assets Trust plc --- # Independent Auditors' Report to the members of Personal Assets Trust plc ## Report on the audit of the financial statements ### Opinion In our opinion, Personal Assets Trust plc's financial statements: - give a true and fair view of the state of the Company's affairs as at 30 April 2026 and of its return and cash flows for the year then ended; - have been properly prepared in accordance with UK-adopted international accounting standards; and - have been prepared in accordance with the requirements of the Companies Act 2006. We have audited the financial statements, included within the Annual Report, which comprise: - the Statement of Financial Position as at 30 April 2026; - the Income Statement for the year then ended; - the Statement of Changes in Equity for the year then ended; - the Cash Flow Statement for the year then ended; and - the notes to the financial statements, comprising material accounting policy information and other explanatory information. Our opinion is consistent with our reporting to the Audit and Risk Committee. ### Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) ('ISAs (UK)') and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ### Independence We remained independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC's Ethical Standard, as applicable to listed public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. To the best of our knowledge and belief, we declare that non-audit services prohibited by the FRC's Ethical Standard were not provided. We have provided no non-audit services to the Company in the period under audit. ## Our audit approach ### Overview #### Audit scope - The Company is a standalone Investment Trust Company and engages Troy Asset Management Limited (the 'Investment Manager') to manage its assets. - We conducted our audit of the financial statements using information from Juniper Partners Limited (the 'Administrator') and J.P. Morgan Chase Bank N.A. (the 'Custodian') to whom the Board has delegated the provision of certain administrative functions. - We tailored the scope of our audit taking into account the types of investments within the Company, the involvement of the third parties referred to above, the accounting processes and controls, and the industry in which the Company operates. - We obtained an understanding of the control environment in place at Juniper Partners Limited, and adopted a fully substantive testing approach using reports obtained from the Administrator. #### Key audit matters - Valuation and existence of investments - Income from investments #### Materiality - Overall materiality: £16.8m (2025: £16.3m) based on 1% of Net Assets. - Performance materiality: £12.6m (2025: £12.2m). Overview Governance Report Financial Statements Notice of AGM Shareholder Information Annual Report for the year ended 30 April 2026 33 --- # Independent Auditors' Report to the members of Personal Assets Trust plc continued ## The scope of our audit As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements. In particular, we looked at where the Directors made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. ## Key audit matters Key audit matters are those matters that, in the auditors' professional judgement, were of most significance in the audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) identified by the auditors, including those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team. These matters, and any comments we make on the results of our procedures thereon, were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. This is not a complete list of all risks identified by our audit. The key audit matters below are consistent with last year. ### Key audit matter #### Valuation and existence of investments *Refer to the Report of the Audit and Risk Committee, the Accounting Policies and Notes to the Accounts.* The investment portfolio at the year end principally comprised equity investments, fixed interest investments and gold bullion valued at £1,658 million. We focused on the valuation and existence of investments because investments represent the principal element of the net asset value as disclosed on the Statement of Financial Position in the financial statements. #### Income from investments *Refer to Accounting Policies and Notes to the Financial Statements.* We focused on the accuracy, completeness and occurrence of investment income recognition as incomplete or inaccurate income could have a material impact on the Company's net asset value. We also focused on the accounting policy for investment income recognition and its presentation in the Income Statement for compliance with the requirements of The Association of Investment Companies Statement of Recommended Practice (the 'AIC SORP') as incorrect application could indicate a misstatement in income recognition. ### How our audit addressed the key audit matter We tested the valuation of 100% of the equity investments, fixed interest investments and gold bullion by agreeing the prices used in the valuation to independent third-party sources. We tested the existence of 100% of the investment portfolio by agreeing investment holdings to an independent custodian confirmation. We found that the accounting policies implemented were in accordance with accounting standards and the AIC SORP, and that income from investments has been accounted for in accordance with the stated accounting policy. We understood and assessed the design and implementation of key controls surrounding income recognition. The gains and losses on investments held at fair value comprise realised and unrealised gains and losses. For unrealised gains and losses, we tested the valuation of the portfolio at the year-end (see Valuation and existence of investments key audit matter), together with testing the reconciliation of opening and closing investments and agreeing the year end holdings to independent confirmation. For realised gains and losses, we tested a sample of disposal proceeds by agreeing the proceeds to bank statements and we re-performed the calculation of the realised gains and losses for that sample. We also tested a sample of purchases to underlying supporting documentation. In addition, we tested the accuracy of dividend receipts by agreeing the dividend rates from all investments to independent third party sources. 34 Personal Assets Trust plc --- Key audit matter Income from investments (continued) How our audit addressed the key audit matter We tested the allocation and presentation of dividend income, including special dividends where applicable, between income and capital by assessing the treatment in the context of the underlying facts and circumstances of the dividends obtained from third party sources. To test for completeness of dividend income, we tested that the appropriate dividends had been received in the year by reference to independent data of dividends declared by investee companies during the year. We also tested fixed interest income by recalculating the coupon interest, using the opening and closing portfolios and coupon rates and maturity dates. We also agreed a sample of coupon rates and maturity dates to independent third party sources. To test the accuracy of the indexation recognised during the period, we obtained a detailed transactional breakdown and recalculated a sample of the indexation adjustments with reference to relevant index data obtained independently. The amortisation recognised was tested by validating data inputs and recalculating the expected adjustment for a sample of holdings. To test for completeness of fixed interest income, for a sample of investment holdings in the portfolio, we tested that all fixed interest income earned by investment holdings had been recorded. We tested occurrence of fixed interest income by testing that all fixed interest income recorded in the year had been earned and by tracing a sample of fixed interest income received to bank statements. How we tailored the audit scope We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the financial statements as a whole, taking into account the structure of the Company, the accounting processes and controls, and the industry in which it operates. All audit procedures were conducted by a UK audit team. We tested and examined information using sampling and other auditing techniques, to the extent we considered necessary to provide a reasonable basis for us to form our own judgements. The impact of climate risk on our audit As part of our audit we made enquiries of management to understand the extent of the potential impact of climate risk on the Company's financial statements, and we remained alert when performing our audit procedures for any indicators of the impact of climate risk. Our procedures did not identify any material impact as a result of climate risk on the Company's financial statements. Overview Governance Report Financial Statements Notice of AGM Shareholder Information Annual Report for the year ended 30 April 2026 35 --- # Independent Auditors' Report to the members of Personal Assets Trust plc continued ## Materiality The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for materiality. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures on the individual financial statement line items and disclosures and in evaluating the effect of misstatements, both individually and in aggregate on the financial statements as a whole. Based on our professional judgement, we determined materiality for the financial statements as a whole as follows: | **Overall Company materiality** | £16.8m (2025: £16.3m). | | --- | --- | | **How we determined it** | 1% of Net Assets | | **Rationale for benchmark applied** | We believe that net assets is the primary measure used by the shareholders in assessing the performance of the entity, and is a generally accepted auditing benchmark. This benchmark provides an appropriate and consistent year on year basis for our audit. | We use performance materiality to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceeds overall materiality. Specifically, we use performance materiality in determining the scope of our audit and the nature and extent of our testing of account balances, classes of transactions and disclosures, for example in determining sample sizes. Our performance materiality was 75% (2025: 75%) of overall materiality, amounting to £12.6m (2025: £12.2m) for the Company financial statements. In determining the performance materiality, we considered a number of factors – the history of misstatements, risk assessment and aggregation risk and the effectiveness of controls – and concluded that an amount at the upper end of our normal range was appropriate. We agreed with the Audit and Risk Committee that we would report to them misstatements identified during our audit above £840,000 (2025: £815,000) as well as misstatements below that amount that, in our view, warranted reporting for qualitative reasons. ## Conclusions relating to going concern Our evaluation of the Directors' assessment of the Company's ability to continue to adopt the going concern basis of accounting included: - evaluating the Directors' updated risk assessment and considering whether it addressed relevant threats; - evaluating the Directors' assessment of potential operational impacts, considering their consistency with other available information and our understanding of the business and assessed the potential impact on the financial statements; - reviewing the Directors' assessment of the Company's financial position in the context of its ability to meet future expected operating expenses, their assessment of liquidity as well as their review of the operational resilience of the Company and oversight of key third-party service providers; and - assessing the implication of significant reductions in Net Assets as a result of market performance on the ongoing ability of the Company to operate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the Company's ability to continue as a going concern. In relation to the Directors' reporting on how they have applied the UK Corporate Governance Code, we have nothing material to add or draw attention to in relation to the Directors' statement in the financial statements about whether the Directors considered it appropriate to adopt the going concern basis of accounting. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. 36 Personal Assets Trust plc --- Overview Governance Report Financial Statements Notice of AGM Shareholder Information ## Reporting on other information The other information comprises all of the information in the Annual Report other than the financial statements and our auditors' report thereon. The Directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities. With respect to the Strategic Report and the Directors' Report, we also considered whether the disclosures required by the UK Companies Act 2006 have been included. Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below. ### Strategic Report and the Directors' Report In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic Report and the Directors' Report for the year ended 30 April 2026 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements. In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Strategic Report and the Directors' Report. ### Directors' remuneration In our opinion, the part of the Directors' Remuneration Report to be audited has been properly prepared in accordance with the Companies Act 2006. ## Corporate governance statement The Listing Rules require us to review the Directors' statements in relation to going concern, longer-term viability and that part of the corporate governance statement relating to the Company's compliance with the provisions of the UK Corporate Governance Code specified for our review. Our additional responsibilities with respect to the corporate governance statement as other information are described in the reporting on other information section of this report. Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the corporate governance statement is materially consistent with the financial statements and our knowledge obtained during the audit, and we have nothing material to add or draw attention to in relation to: - The Directors' confirmation that they have carried out a robust assessment of the emerging and principal risks; - The disclosures in the Annual Report that describe those principal risks, what procedures are in place to identify emerging risks and an explanation of how these are being managed or mitigated; - The Directors' statement in the financial statements about whether they considered it appropriate to adopt the going concern basis of accounting in preparing them, and their identification of any material uncertainties to the Company's ability to continue to do so over a period of at least twelve months from the date of approval of the financial statements; - The Directors' explanation as to their assessment of the Company's prospects, the period this assessment covers and why the period is appropriate; and - The Directors' statement as to whether they have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the period of its assessment, including any related disclosures drawing attention to any necessary qualifications or assumptions. Annual Report for the year ended 30 April 2026 37 --- # Independent Auditors' Report to the members of Personal Assets Trust plc continued ## Corporate governance statement continued Our review of the Directors' statement regarding the longer-term viability of the Company was substantially less in scope than an audit and only consisted of making inquiries and considering the directors' process supporting their statement; checking that the statement is in alignment with the relevant provisions of the UK Corporate Governance Code; and considering whether the statement is consistent with the financial statements and our knowledge and understanding of the Company and its environment obtained in the course of the audit. In addition, based on the work undertaken as part of our audit, we have concluded that each of the following elements of the corporate governance statement is materially consistent with the financial statements and our knowledge obtained during the audit: - The Directors' statement that they consider the Annual Report, taken as a whole, is fair, balanced and understandable, and provides the information necessary for the members to assess the Company's position, performance, business model and strategy; - The section of the Annual Report that describes the review of effectiveness of risk management and internal control systems; and - The section of the Annual Report describing the work of the Audit and Risk Committee. We have nothing to report in respect of our responsibility to report when the Directors' statement relating to the Company's compliance with the Code does not properly disclose a departure from a relevant provision of the Code specified under the Listing Rules for review by the Auditors. ## Responsibilities for the financial statements and the audit ### Responsibilities of the Directors for the financial statements As explained more fully in the Responsibility Statement, the Directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. ### Auditors' responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of Section 1158 of the Corporation Tax Act 2010, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase the Company's net asset value position. Audit procedures performed by the engagement team included: - holding discussions with the Directors, the Investment Manager and the Administrator including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; 38 Personal Assets Trust plc --- Overview Governance Report Financial Statements Notice of AGM Shareholder Information ### Auditors' responsibilities for the audit of the financial statements continued - understanding the controls implemented by Troy Asset Management Limited (the 'Investment Manager'), Juniper Partners Limited (the 'Administrator'), J.P. Morgan Chase Bank N.A. (the 'Custodian'), and J.P. Morgan Europe Limited (the 'Depository') designed to prevent and detect irregularities; - assessing the Company's compliance with the requirements of Section 1158 of the Corporation Tax Act 2010, including recalculation of numerical aspects of the eligibility conditions; - identifying and testing journal entries, in particular year end journal entries posted by the administrator during the preparation of the financial statements; - reviewing relevant meeting minutes, including those of the board of Directors and Audit and Risk Committee; and - designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Our audit testing might include testing complete populations of certain transactions and balances, possibly using data auditing techniques. However, it typically involves selecting a limited number of items for testing, rather than testing complete populations. We will often seek to target particular items for testing based on their size or risk characteristics. In other cases, we will use audit sampling to enable us to draw a conclusion about the population from which the sample is selected. A further description of our responsibilities for the audit of the financial statements is located on the FRC's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. ### Use of this report This report, including the opinions, has been prepared for and only for the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. ### Other required reporting #### Companies Act 2006 exception reporting Under the Companies Act 2006 we are required to report to you if, in our opinion: - we have not obtained all the information and explanations we require for our audit; or - adequate accounting records have not been kept by the Company, or returns adequate for our audit have not been received from branches not visited by us; or - certain disclosures of Directors' remuneration specified by law are not made; or - the financial statements and the part of the Directors' Remuneration Report to be audited are not in agreement with the accounting records and returns. We have no exceptions to report arising from this responsibility. ### Appointment We were first appointed by the Company for the financial year ended 30 April 2019. Our uninterrupted engagement covers eight financial years. #### Gillian Alexander (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Edinburgh 16 June 2026 Annual Report for the year ended 30 April 2026 39 --- # Income Statement | | Notes | Year ended 30 April 2026 | | | Year ended 30 April 2025 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | Revenue return £'000 | Capital return £'000 | Total £'000 | Revenue return £'000 | Capital return £'000 | Total £'000 | | **Investment income** | | | | | | | | | Indexation from fixed interest securities | 2 | 7,672 | – | 7,672 | 17,201 | – | 17,201 | | Other investment income | 2 | 18,747 | – | 18,747 | 24,205 | – | 24,205 | | Other operating income | 2 | 735 | – | 735 | 1,101 | – | 1,101 | | Gains on investments | 7,8 | – | 78,835 | 78,835 | – | 48,658 | 48,658 | | Foreign exchange gains | 7 | – | 8,611 | 8,611 | – | 41,049 | 41,049 | | **Total income** | | **27,154** | **87,446** | **114,600** | **42,507** | **89,707** | **132,214** | | Expenses | 3 | (5,081) | (6,138) | (11,219) | (4,974) | (5,935) | (10,909) | | **Return before taxation** | | **22,073** | **81,308** | **103,381** | **37,533** | **83,772** | **121,305** | | Taxation | 4 | (3,175) | 1,535 | (1,640) | (7,871) | 1,484 | (6,387) | | **Return for the year** | | **18,898** | **82,843** | **101,741** | **29,662** | **85,256** | **114,918** | | Return per share | 5 | 6.03p | 26.45p | 32.48p | 8.92p | 25.64p | 34.56p | The 'Return for the Year' is also the 'Total Comprehensive Income for the Year', as defined in IAS1 (revised), and no separate Statement of Comprehensive Income has been presented. The 'Total' column of this statement represents the Company's Income Statement, and the 'Revenue return' and 'Capital return' columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies. The Notes to the Accounts on pages 44 to 56, including the material accounting policies on pages 44 to 46, form part of these accounts. 40 Personal Assets Trust plc --- # Statement of Financial Position | | Notes | 30 April 2026 £'000 | 30 April 2025 £'000 | | --- | --- | --- | --- | | **Non-current assets** | | | | | Investments | 7 | 1,657,998 | 1,462,968 | | Property | 8 | 1,730 | 1,730 | | Total non-current assets | | 1,659,728 | 1,464,698 | | **Current assets** | | | | | Receivables | 9 | 5,689 | 4,898 | | Financial assets | 9 | 15,417 | 25,057 | | Cash and cash equivalents | | 9,503 | 168,362 | | Total current assets | | 30,609 | 198,317 | | Total assets | | 1,690,337 | 1,663,015 | | **Current liabilities** | | | | | Financial liabilities | 10 | (980) | (27,926) | | Other payables | 10 | (3,041) | (2,685) | | Total liabilities | | (4,021) | (30,611) | | Net assets | | 1,686,316 | 1,632,404 | | **Capital and reserves** | | | | | Ordinary share capital | 11 | 49,100 | 49,100 | | Share premium | | 3,392 | 242 | | Capital redemption reserve | | 219 | 219 | | Special reserve | | 1,372,145 | 1,372,145 | | Treasury share reserve | | (393,006) | (364,639) | | Capital reserve – unrealised | | 177,915 | 232,546 | | Capital reserve – realised | | 451,491 | 314,017 | | Revenue reserve | | 25,060 | 28,774 | | Total equity | | 1,686,316 | 1,632,404 | | Shares in issue at year end | 11 | 311,794,372 | 316,838,372 | | Net asset value per Ordinary share | | 540.84p | 515.22p | The financial statements on pages 40 to 43 were approved and authorised for issue by the Board of Directors and signed on its behalf on 16 June 2026 by: **Iain Ferguson** Chairman The Notes to the Accounts on pages 44 to 56, including the material accounting policies on pages 44 to 46, form part of these accounts. Annual Report for the year ended 30 April 2026 41 Overview Governance Report Financial Statements Notice of AGM Shareholder Information --- # Statement of Changes in Equity | For the year ended 30 April 2026 | Ordinary share capital £'000 | Share premium £'000 | Capital redemption reserve £'000 | Capital reserve unrealised £'000 | Distributable reserves^{(1)} | | | | Total £'000 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | Treasury share reserve £'000 | Special reserve £'000 | Capital reserve realised £'000 | Revenue reserve £'000 | | | Balance at 1 May 2025 | 49,100 | 242 | 219 | 232,546 | (364,639) | 1,372,145 | 314,017 | 28,774 | 1,632,404 | | Return for the year | – | – | – | (54,631) | – | – | 137,474 | 18,898 | 101,741 | | Dividends paid^{(1)} | – | – | – | – | – | – | – | (22,612) | (22,612) | | Share buybacks^{(2)} | – | – | – | – | (57,329) | – | – | – | (57,329) | | Issue of Ordinary shares | – | 3,150 | – | – | 28,962 | – | – | – | 32,112 | | **Balance at 30 April 2026** | **49,100** | **3,392** | **219** | **177,915** | **(393,006)** | **1,372,145** | **451,491** | **25,060** | **1,686,316** | | For the year ended 30 April 2025 | Ordinary share capital £'000 | Share premium £'000 | Capital redemption reserve £'000 | Capital reserve unrealised £'000 | Distributable reserves^{(1)} | | | | Total £'000 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | Treasury share reserve £'000 | Special reserve £'000 | Capital reserve realised £'000 | Revenue reserve £'000 | | | Balance at 1 May 2024 | 49,100 | – | 219 | 198,806 | (238,314) | 1,372,145 | 262,501 | 22,824 | 1,667,281 | | Return for the year | – | – | – | 33,740 | – | – | 51,516 | 29,662 | 114,918 | | Dividends paid^{(1)} | – | – | – | – | – | – | – | (23,712) | (23,712) | | Share buybacks^{(2)} | – | – | – | – | (129,179) | – | – | – | (129,179) | | Issue of Ordinary shares | – | 242 | – | – | 2,854 | – | – | – | 3,096 | | **Balance at 30 April 2025** | **49,100** | **242** | **219** | **232,546** | **(364,639)** | **1,372,145** | **314,017** | **28,774** | **1,632,404** | $^{(1)}$ See Note 6. $^{(2)}$ See Note 11. $^{(3)}$ These reserves represent distributable reserves available and intended for distribution as and when required. **Share premium.** The share premium represents the difference between the nominal value of new Ordinary shares issued and the consideration the Company receives for these shares. **Capital redemption reserve.** The capital redemption reserve represents the nominal value of Ordinary shares bought back for cancellation since authority to do this was first obtained at a General Meeting in April 1999. **Special reserve.** The cost of any shares bought back for cancellation is deducted from the special reserve, which was created from the share premium, following General Meetings in April 1999 and in January 2024 and the subsequent Court approvals. **Treasury share reserve.** The net cost of any shares bought back and held in treasury. **Capital reserve unrealised.** Increases and decreases in the valuation of investments held at the year end and unrealised exchange differences of a capital nature are accounted for in this Reserve. **Capital reserve realised.** Gains and losses on the realisation of investments, realised exchange differences of a capital nature and returns of capital are accounted for in this Reserve. **Revenue reserve.** Any surplus/deficit arising from the revenue return for the year is taken to/from this Reserve. The Notes to the Accounts on pages 44 to 56, including the material accounting policies on pages 44 to 46, form part of these accounts. 42 Personal Assets Trust plc --- # Cash Flow Statement | | Notes | Year ended 30 April 2026 £'000 | Year ended 30 April 2025 £'000 | | --- | --- | --- | --- | | **Cash flows from operating activities** | | | | | Return before taxation | | 103,381 | 121,305 | | Income calculated using the effective interest rate method | 2 | (7,672) | (17,201) | | Gains on investments | 7 | (78,835) | (48,658) | | Foreign exchange gains | | (8,611) | (41,049) | | Operating cash flow before movements in working capital | | 8,263 | 14,397 | | (Increase)/decrease in financial assets, accrued income, prepayments and other receivables | | (11,390) | 3,692 | | (Decrease)/increase in financial liabilities and other payables | | (26,990) | 27,994 | | Net cash from operating activities before taxation | | (30,117) | 46,083 | | Taxation paid | | (2,125) | (7,699) | | Net cash (outflow)/inflow from operating activities | | (32,242) | 38,384 | | **Cash flows from investing activities** | | | | | Purchase of investments – equity shares | 7 | (258,506) | (227,321) | | Purchase of investments – fixed interest and other investments | 7 | (589,527) | (595,063) | | Disposal of investments – equity shares | 7 | 285,703 | 96,161 | | Disposal of investments – fixed interest and other investments | 7 | 453,807 | 969,747 | | Settled forward foreign exchange gains | | 32,014 | 7,496 | | Net cash (outflow)/inflow from investing activities | | (76,509) | 251,020 | | **Cash flows from financing activities** | | | | | Equity dividends paid | 6 | (22,612) | (23,712) | | Cost of share buybacks | | (56,929) | (129,663) | | Issue of shares from Treasury | | 32,112 | 3,096 | | Net cash outflow from financing activities | | (47,429) | (150,279) | | (Decrease)/increase in cash and cash equivalents | | (156,180) | 139,125 | | Cash and cash equivalents at the start of the year | | 168,362 | 29,475 | | Effect of exchange rate changes | | (2,679) | (238) | | Cash and cash equivalents at the year end | | 9,503 | 168,362 | | Net cash inflow from operating activities includes the following: | | | | | Dividends received | | 11,354 | 9,043 | | Interest received | | 6,896 | 18,312 | Overview Governance Report Financial Statements Notice of AGM Shareholder Information The Notes to the Accounts on pages 44 to 56, including the material accounting policies on pages 44 to 46, form part of these accounts. Annual Report for the year ended 30 April 2026 43 --- # Notes to the Accounts ## 1. Material Accounting Policies ### Basis of Accounting The financial statements of the Company have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. Substantially all of the assets of the Company consist of securities that are readily realisable and, accordingly, the Directors are satisfied that the Company has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of the Financial Statements and therefore consider the going concern assumption to be appropriate. The Directors have reviewed the income and expense projections and the liquidity of the investment portfolio in making their assessment. The financial statements are presented in Sterling and all values are rounded to the nearest thousand pounds (£'000) except where otherwise indicated. The financial statements have been prepared on the historical cost basis, modified by revaluation of financial assets and financial liabilities held at fair value. The principal accounting policies adopted are set out below. These have been applied consistently, other than where new policies have been adopted. Where the presentational guidance set out in the Statement of Recommended Practice (the 'SORP') for investment trusts issued by the Association of Investment Companies (the 'AIC') in July 2022 is consistent with the requirements of International Financial Reporting Standards ('IFRS'), the Directors have sought to prepare the financial statements on a basis compliant with the recommendation of the SORP. ### Segmental Reporting The Directors are of the opinion that the Company is engaged in the single business of investing in equity shares, fixed interest securities and other investments. ### Presentation of Income Statement In order to better reflect the activities of an investment trust company, and in accordance with guidance issued by the AIC, supplementary information which analyses the Income Statement between items of a revenue and capital nature has been presented. ### Income Dividends are recognised as income when the shareholders' right to receive payment has been established, normally the ex-dividend date. Dividends receivable on equity shares where no ex-dividend date is quoted are recognised when the Company's right to receive payment is established. Where the Company has received its dividends in the form of additional shares rather than cash, the cash equivalent of the additional shares is recognised as income. Dividends from overseas companies are shown gross of withholding tax. Special dividends are classified as either revenue or capital depending on their nature. Fixed interest returns on non-equity securities (fixed interest securities) are recognised on a time apportionment basis so as to reflect the effective yield on the investment, being amortisation of premium/accretion of discount spread over the life of the investment. For the holdings in US TIPS and UK Index-linked bonds, any US/UK inflationary movement in the year is also recognised. All other interest income and other income, is accounted for on an accruals basis. ### Expenses All expenses are accounted for on an accruals basis. Expenses are charged to revenue except those incurred in the maintenance and enhancement of the Company's assets and taking account of the expected long term returns, as follows: Investment management fees have been allocated 35% to revenue and 65% to capital. Transaction costs incurred on the acquisition or disposal of investments are expensed to capital. ### Taxation In accordance with the SORP, the marginal rate of tax is applied to taxable net revenue. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. ### Investments Investments are recognised and derecognised on the trade date where a purchase or sale is under a contract, the terms of which require delivery within a period of time established by the market concerned, and are measured at fair value being the consideration payable or receivable. 44 Personal Assets Trust plc --- ## 1. Material Accounting Policies continued Investments are designated in terms of IFRSs as “investments held at fair value through profit or loss”, and are measured at subsequent reporting dates at fair value, which is either the bid price or the last traded price, depending on the convention of the exchange on which the investment is quoted. Investments in Gold Bullion are valued using the London Bullion Market Association gold price which is the global benchmark price for unallocated gold delivered in London. Investments in unit trusts or OEICs are valued at the closing price released by the relevant Investment Manager. Any gain or loss arising from a movement in investments is included as a gain or loss on investments in the Income Statement as a capital item. ### Property Property is included at fair value. Any gain or loss arising from changes in the fair value is included in the Income Statement as a capital item. ### Foreign Currency Transactions denominated in foreign currencies are recorded at the actual exchange rate at the date of the transaction. Monetary assets, non-monetary assets and liabilities denominated in foreign currencies at the year end are carried at fair value by using the rate of exchange prevailing at the balance sheet date. The currencies to which the Company was exposed during the year to 30 April 2026 were Euros, Swiss Francs, Canadian Dollars, Japanese Yen and US Dollars. The exchange rates applying against Sterling at 30 April were as follows: | | 2026 | 2025 | | --- | --- | --- | | Euro | 1.1593 | 1.1762 | | Japanese Yen | 213.0100 | 190.6600 | | Swiss Franc | 1.0628 | 1.1006 | | US Dollar | 1.3600 | 1.3326 | Forward currency contracts are classified as financial assets or liabilities and are reported at fair value at the year end by using the forward rate of exchange prevailing at the year end. The change in fair value is recognised in the Income Statement as a capital item. The forward rates of exchange of the Company’s US Dollars to Sterling contracts at 30 April 2026, were as follows: | Maturity date | Rate | | --- | --- | | 2026 | | | 19 May 2026 | 1.3600 | | 17 June 2026 | 1.3598 | | 16 July 2026 | 1.3596 | | 2025 | | | 19 May 2025 | 1.3327 | | 17 June 2025 | 1.3329 | | 15 July 2025 | 1.3330 | Any gain or loss arising from a movement in exchange rates subsequent to the date of the transaction is included as an exchange gain or loss in the Income Statement as a revenue or capital item depending on the nature of the gain or loss. ### Cash and Cash Equivalents Cash comprises cash in hand and demand deposits. Cash equivalents are short term, highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value. ### Financial Liabilities and Equity Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is a contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Financial liabilities and equity instruments are initially recorded at the proceeds received, net of issue costs. Subsequently financial liabilities are carried at either fair value through profit or loss or at amortised cost. ### Judgements and Sources of Estimation Uncertainty In the application of the Company’s material accounting policies, the Directors are required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not always readily apparent from other sources. The estimates and associated assumptions are based on historical experience and any other factors that are considered relevant. Actual results may vary from these estimates. The Directors do not consider that there are any such items in these financial statements. ### Capital Management The Company’s capital management objectives are to ensure that it will be able to continue as a going concern (the going concern analysis is detailed in the Directors’ Report on page 20) and to protect and increase (*in that order*) the value of shareholders’ funds per share over the long term. Overview Governance Report Financial Statements Notice of AGM Shareholder Information Annual Report for the year ended 30 April 2026 45 --- # Notes to the Accounts continued ## 1. Material Accounting Policies continued The Company's capital is represented by its capital and reserves as presented in the Statements of Financial Position on page 41. The capital of the Company is managed in accordance with its investment policy, in pursuit of its business model and strategy for achieving objectives, both of which are detailed in the Strategic Report on pages 12 to 17 and the Board, with the assistance of the Investment Manager, monitors and reviews the broad structure of the Company's capital on an ongoing basis. ### Buyback of Shares into Treasury and Subsequent Re-issue The cost of buying back shares into Treasury, including the related stamp duty and transaction costs, is accounted for in the Treasury share reserve. Share repurchase transactions are accounted for on a trade date basis. Where shares held in Treasury are subsequently cancelled, the nominal value of those shares is transferred out of ordinary share capital and into capital redemption reserve. The sales proceeds from the re-issue of Treasury shares, less any profit or loss over the cost of acquiring the shares, is accounted for in the Treasury share reserve. Any profit or loss created from the sales proceeds over the purchase price is transferred to share premium. ## 2. Income | | 2026 £'000 | 2025 £'000 | | --- | --- | --- | | Effective interest rate calculated interest | | | | Indexation from fixed interest securities | 7,672 | 17,201 | | | 7,672 | 17,201 | | Other income from investments | | | | Franked investment income | 4,356 | 3,816 | | Fixed interest securities | 6,508 | 15,057 | | Overseas dividends | 7,883 | 5,332 | | | 18,747 | 24,205 | | Other operating income | | | | Deposit interest | 655 | 1,021 | | Other income | 80 | 80 | | | 735 | 1,101 | | Total income | 27,154 | 42,507 | 46 Personal Assets Trust plc --- Overview Governance Report Financial Statements Notice of AGM Shareholder Information ### 3. Expenses | | 2026 Revenue £'000 | 2026 Capital £'000 | 2026 Total £'000 | 2025 Revenue £'000 | 2025 Capital £'000 | 2025 Total £'000 | | --- | --- | --- | --- | --- | --- | --- | | Investment Management fee^{(1)} | 3,305 | 6,138 | 9,443 | 3,196 | 5,935 | 9,131 | | Secretarial fees | 439 | – | 439 | 434 | – | 434 | | Directors' fees | 308 | – | 308 | 287 | – | 287 | | Other expenses | 238 | – | 238 | 277 | – | 277 | | Registrar's and saving scheme fees | 181 | – | 181 | 191 | – | 191 | | Depository fees | 181 | – | 181 | 141 | – | 141 | | London Stock Exchange and regulatory fees | 177 | – | 177 | 174 | – | 174 | | Custody fees | 147 | – | 147 | 144 | – | 144 | | Printing and postage | 54 | – | 54 | 80 | – | 80 | | Auditors' remuneration for audit | 51 | – | 51 | 50 | – | 50 | | | 5,081 | 6,138 | 11,219 | 4,974 | 5,935 | 10,909 | $^{(1)}$ An amount of £2,288,000 was payable to Troy at the year end (2025: £2,190,000). Details of the Company's ongoing charges can be found in the Glossary of Terms and Alternative Performance Measures on pages 61 and 62. #### 4a. Taxation | | 2026 £'000 | 2025 £'000 | | --- | --- | --- | | Foreign tax suffered | 1,028 | 774 | | Corporate tax | 612 | 5,613 | | Total tax charge | 1,640 | 6,387 | The Company had no deferred tax asset as at 30 April 2026 in respect of unutilised expenses (2025: nil). Capital expenses of £6,138,000 (2025: £5,935,000) have been used to offset the Company's tax position. #### 4b. Factors Affecting Tax Charge for Year The tax charge for the year is the same (2025: 25%) as the standard rate of corporation tax in the UK. The differences are explained below: | | 2026 £'000 | 2025 £'000 | | --- | --- | --- | | Return before tax | 103,381 | 121,305 | | Corporation tax at standard rate of 25% (2025: 25%) | 25,845 | 30,326 | | **Effect of:** | | | | Capital gains not subject to taxation | (21,862) | (22,426) | | Investment income not subject to taxation | (3,371) | (2,287) | | Foreign tax suffered | 1,028 | 774 | | Total tax charge | 1,640 | 6,387 | Annual Report for the year ended 30 April 2026 47 --- # Notes to the Accounts continued ## 5. Return per Ordinary Share The return per Ordinary share figure is based on the net return for the year of £101,741,000 (2025: net return of £114,918,000) and on 313,193,210 Ordinary shares (2025: 332,542,668), being the weighted average number of Ordinary shares in issue during the respective periods. ## 6. Dividends | | 2026 £'000 | 2025 £'000 | | --- | --- | --- | | Amounts recognised as distributions to equity holders per Ordinary share | | | | First interim dividend of 1.40p (2025: 1.40p) paid on 31 July 2025 | 4,417 | 4,701 | | Special dividend of 1.60p (2025: 1.60p) paid on 31 July 2025 | 5,047 | 5,373 | | Second interim dividend of 1.40p (2025: 1.40p) paid on 3 October 2025 | 4,370 | 4,661 | | Third interim dividend of 1.40p (2025: 1.40p) paid on 23 January 2026 | 4,372 | 4,501 | | Fourth interim dividend of 1.40p (2025: 1.40p) paid on 14 April 2026 | 4,406 | 4,476 | | | **22,612** | **23,712** | All dividends were paid from the Company's revenue reserves. ## 7. Investments | | 2026 £'000 | 2025 £'000 | | --- | --- | --- | | Listed on a recognised investment exchange: | | | | Investments | 1,502,353 | 1,286,200 | | Gold Bullion | 155,645 | 176,768 | | | **1,657,998** | **1,462,968** | | 2026 | Listed UK £'000 | Listed Overseas £'000 | Total £'000 | | --- | --- | --- | --- | | Opening book cost | 315,017 | 937,647 | 1,252,664 | | Opening unrealised appreciation | 19,606 | 190,698 | 210,304 | | **Opening valuation** | **334,623** | **1,128,345** | **1,462,968** | | **Movements in the year** | | | | | Purchases at cost | 576,546 | 271,487 | 848,033 | | Effective yield adjustment^{(1)} | 6,575 | 1,097 | 7,672 | | Sales proceeds | (261,648) | (477,862) | (739,510) | | Sales – realised gains on sales | 62 | 114,128 | 114,190 | | Unrealised (losses)/gains on the fair value of investments during the year | (38,288) | 2,933 | (35,355) | | Total movement during the year | 283,247 | (88,217) | 195,030 | | **Closing valuation** | **617,870** | **1,040,128** | **1,657,998** | $^{(1)}$ See Income section of Material Accounting Policies for a fuller description. 48 Personal Assets Trust plc --- ## 7. Investments continued | | Listed UK £'000 | Listed Overseas £'000 | Total £'000 | | --- | --- | --- | --- | | Closing book cost | 636,552 | 846,497 | 1,483,049 | | Closing unrealised appreciation | (18,682) | 193,631 | 174,949 | | | **617,870** | **1,040,128** | **1,657,998** | | 2025 | Listed UK £'000 | Listed Overseas £'000 | Total £'000 | | --- | --- | --- | --- | | Opening book cost | 271,829 | 1,160,850 | 1,432,679 | | Opening unrealised appreciation | 19,130 | 188,823 | 207,953 | | **Opening valuation** | **290,959** | **1,349,673** | **1,640,632** | | Movements in the year | Listed UK £'000 | Listed Overseas £'000 | Total £'000 | | --- | --- | --- | --- | | Purchases at cost | 175,396 | 646,988 | 822,384 | | Effective yield adjustment^{(1)} | 4,459 | 12,742 | 17,201 | | Sales proceeds | (137,667) | (928,240) | (1,065,907) | | Sales – realised gains on sales | 1,000 | 45,307 | 46,307 | | Unrealised gains on the fair value of investments during the year | 476 | 1,875 | 2,351 | | Total movement during the year | 43,664 | (221,328) | (177,664) | | **Closing valuation** | **334,623** | **1,128,345** | **1,462,968** | | | Listed UK £'000 | Listed Overseas £'000 | Total £'000 | | --- | --- | --- | --- | | Closing book cost | 315,017 | 937,647 | 1,252,664 | | Closing unrealised appreciation | 19,606 | 190,698 | 210,304 | | | **334,623** | **1,128,345** | **1,462,968** | $^{(1)}$ See Income section of Material Accounting Policies for a fuller description. Overview Governance Report Financial Statements Notice of AGM Shareholder Information Annual Report for the year ended 30 April 2026 49 --- # Notes to the Accounts continued ## 7. Investments continued | | 2026 £'000 | 2025 £'000 | | --- | --- | --- | | Represented by: | | | | Equities | 600,396 | 598,412 | | US TIPS | 253,596 | 436,481 | | US Treasuries | – | 64,534 | | UK T-Bills | 240,734 | – | | UK Gilts | 247,650 | 159,204 | | Japanese Government Bonds | 155,645 | – | | Gold Bullion | 159,977 | 176,768 | | | 1,657,998 | 1,462,968 | | Realised gains on sales | 114,190 | 46,307 | | Unrealised (losses)/gains on the fair value of investments during the year | (35,355) | 2,351 | | Realised gains on foreign exchange | 29,350 | 9,662 | | Unrealised (losses)/gains on foreign exchange | (20,739) | 31,387 | | Gains on investments | 87,446 | 89,707 | ### Transaction costs During the year the Company incurred transaction costs of £268,315 (2025: £390,772) on the purchase of investments and £62,991 (2025: £44,618) on the sale of investments. ## 8. Property | | 2026 £'000 | 2025 £'000 | | --- | --- | --- | | Opening cost | 2,144 | 2,144 | | Acquisitions | – | – | | Closing cost | 2,144 | 2,144 | | Opening revaluation | (414) | (414) | | Revaluation in year | – | – | | Closing valuation | 1,730 | 1,730 | The property is used as the Company's registered office and is rented to Juniper Partners at market rent. 50 Personal Assets Trust plc --- Overview Governance Report Financial Statements Notice of AGM Shareholder Information ## 9. Current Assets | | 2026 £'000 | 2025 £'000 | | --- | --- | --- | | **Financial Assets** | | | | Fair value of forward currency contracts | 4,333 | 25,057 | | Margin account | 11,084 | – | | | **15,417** | **25,057** | | **Receivables** | | | | Accrued income | 2,823 | 2,313 | | Tax receivable | 2,866 | 2,381 | | Prepayments and other receivables | – | 204 | | | **5,689** | **4,898** | ## 10. Current Liabilities | | 2026 £'000 | 2025 £'000 | | --- | --- | --- | | **Financial Liabilities** | | | | Margin account | 980 | 27,926 | | **Payables** | | | | Due to brokers | 400 | 199 | | Other payables | 2,641 | 2,486 | | | **3,041** | **2,685** | ## 11. Ordinary Share Capital | | Number | £'000 | | --- | --- | --- | | Allotted, called-up and fully paid Ordinary shares of 12.50p each: | | | | Balance at 1 May 2024 | 342,325,372 | 49,100 | | Shares bought back and held in Treasury | (26,087,000) | – | | Treasury shares re-issued | 600,000 | – | | Balance at 1 May 2025 | 316,838,372 | 49,100 | | Shares bought back and held in Treasury | (10,389,000) | – | | Treasury shares re-issued | 5,345,000 | – | | **Balance at 30 April 2026** | **311,794,372** | **49,100** | As at 30 April 2026, the total number of Ordinary shares of 12.50p of the Company in issue were 392,805,200 (2025: 392,805,200), of which 81,010,828 (2025: 75,966,828) Ordinary shares were held in Treasury. Therefore, the total number of ordinary shares with voting rights in the Company is 311,794,372 (2025: 316,838,372). During the year 10,389,000 (2025: 26,087,000) shares were bought back and held in Treasury at a cost of £57,329,000 (2025: £129,179,000) and 5,345,000 (2025: 600,000) were re-issued from Treasury for proceeds of £32,112,000 (2025: £3,096,000). Annual Report for the year ended 30 April 2026 51 --- # Notes to the Accounts continued ## 12. Financial Instruments The Company holds investments in listed companies, fixed interest securities and physical gold, holds cash balances and has receivables and payables. It may from time to time also invest in FTSE 100 Futures and enter into forward currency contracts. Cash balances are held for future investment and forward currency contracts are used to manage the exchange risk of holding foreign investments. Further information is given in the Strategic Report for the Year to 30 April 2026 on pages 12 to 17. The fair value of the financial assets and liabilities of the Company at 30 April 2026 and at 30 April 2025 is not different from their carrying value in the financial statements. The Company is exposed to various types of risk that are associated with financial instruments. The most important types are credit risk, liquidity risk, interest rate risk, market price risk and foreign currency risk. The Board reviews and agrees policies for managing its risk exposures. These policies are summarised below and have remained unchanged for the year under review. ### Credit Risk Credit risk is the risk that an issuer or counterparty will be unable or unwilling to meet a commitment that it has entered into with the Company. The Company's principal financial assets are investments, cash balances and other receivables, the carrying value of which represents the Company's maximum exposure to credit risk in relation to financial assets. The Company is exposed to potential failure by counterparties to deliver securities for which the Company has paid, or to pay for securities which the Company has delivered. A list of pre-approved counterparties used in such transactions is maintained and regularly reviewed by the Company, and transactions must be settled on a basis of delivery against payment. Broker counterparties are selected based on a combination of criteria, including credit rating, balance sheet strength and membership of a relevant regulatory body. Risk relating to unsettled transactions is considered to be small because of the short settlement period involved and the credit quality of the brokers used. All of the assets of the Company, other than cash deposits and receivables, are held by J.P. Morgan Chase Bank N.A., the Company's Custodian, acting as a delegate of J.P. Morgan Europe Limited which has been appointed as the Company's Depositary. Bankruptcy or insolvency of the Custodian might cause the Company's rights with respect to the securities held by the Custodian to be delayed or limited. The Board monitors the Company's risk by reviewing the Custodian's internal control reports on a regular basis. The credit risk on cash balances and derivative financial instruments is limited because the counterparties are banks with high credit ratings, rated A or higher, assigned by international credit rating agencies. Bankruptcy or insolvency of such financial institutions might cause the Company's ability to access cash placed on deposit to be delayed or limited. Credit risk and exposure is spread between three counterparties, with a maximum limit of 4% of the Company's net assets to be held at each, subject to an overall limit of 10% of the Company's net assets. 52 Personal Assets Trust plc --- Overview Governance Report Financial Statements Notice of AGM Shareholder Information ## 12. Financial Instruments continued ### Market Price Risk The fair value of equity and other financial securities held in the Company's portfolio fluctuates with changes in market prices. Prices are themselves affected by movements in currencies and interest rates and by other financial issues including the market perception of future risks. The Company's strategy for the management of market price risk is driven by the Company's investment policy as outlined within the Strategic Report on pages 12 to 17. The Board sets policies for managing this risk and meets regularly to review full, timely and relevant information on investment performance and financial results. The management of market price risk is part of the fund management process and is fundamental to investment. The portfolio is managed with an awareness of the effects of adverse price movements in markets with an objective of maximising overall returns to shareholders. Investment and portfolio performance are discussed in more detail in the Investment Manager's Report and the investment portfolio is set out on page 8. Any changes in market conditions will directly affect the profit or loss reported through the Income Statement. For instance, a 10% increase in the value of the investment exposure at 30 April 2026 would have increased net return and net assets for the year by £165,800,000 (2025: a 30% increase in the value of the investment exposure would have increased net return by £438,890,000). A decrease of 10% (2025: 30%) would have had an equal but opposite effect. These calculations are based on investment valuations at the respective balance sheet date and are not representative of the year as a whole. ### Liquidity Risk Liquidity risk is the risk that the Company will encounter in realising assets or otherwise raising funds to meet financial commitments. The risk of the Company not having sufficient liquidity at any time is not considered by the Board to be significant, given the liquid nature of the portfolio of investments and the level of cash and cash equivalents ordinarily held. The Investment Manager reviews liquidity at the time of each investment decision. The Board reviews liquidity exposure at each meeting. All of the Company's financial liabilities at 30 April 2026 had a maturity period of less than three months. ### Interest Rate Risk Some of the financial instruments held by the Company are interest bearing. As such, the Company is exposed to interest rate risk resulting from fluctuations in the prevailing market rate. ### Floating Rate When the Company holds cash balances, such balances are held on overnight deposit accounts and call deposit accounts. The benchmark rate which determines the interest payments received on cash balances is the bank base rate, which at 30 April 2026 was 3.75% in the UK (2025: 4.5%). ### Floating interest rate exposure at 30 April: | | 2026 £'000 | 2025 £'000 | | --- | --- | --- | | Japanese Yen | – | 108,575 | | Sterling | 9,460 | 20,224 | | US Dollar | 23 | 31,927 | | Euro | 20 | 7,636 | | | 9,503 | 168,362 | Considering effects on cash balances, an increase of 100 basis points (2025: 100 basis points) in interest rates would have increased net assets and income for the period by £95,000 (2025: £1,684,000). A decrease of 100 basis points (2025: 100 basis points) would have had an equal but opposite effect. The calculations are based on the cash balances at the Statement of Financial Position date and are not representative of the year as a whole. Annual Report for the year ended 30 April 2026 53 --- # Notes to the Accounts continued ## 12. Financial Instruments continued ### Fixed rate and zero rate The Company may from time to time hold fixed interest or zero interest investments. As at 30 April 2026, the Company held none of these type of investments (2025: none). ### Maturity profile The maturity profile of the Company's fixed interest or zero interest investments at the Statement of Financial Position date was as follows: | At 30 April 2026: | Within 1 year £'000 | Within 1-5 years £'000 | More than 5 years £'000 | | --- | --- | --- | --- | | US TIPS | 171,437 | 82,159 | – | | Japanese Government Bonds | 159,977 | – | – | | UK Index-linked Bonds | 162,608 | 78,126 | – | | UK Gilts | – | 247,650 | – | | | **494,022** | **407,935** | **–** | | At 30 April 2025: | Within 1 year £'000 | Within 1-5 years £'000 | More than 5 years £'000 | | --- | --- | --- | --- | | US TIPS | 17,214 | 323,388 | 95,879 | | US Treasuries | 64,534 | – | – | | UK Index-linked Bonds | 27,569 | – | – | | UK Gilts | – | 159,204 | – | | | **109,317** | **482,592** | **95,879** | ### Foreign Currency Risk The Company invests in overseas securities and holds cash in overseas currencies. | Gross currency exposure at 30 April: | 2026 £'000 | 2025 £'000 | | --- | --- | --- | | Euros | 67,674 | 102,788 | | Swiss Francs | 61,631 | 41,839 | | Japanese Yen | 159,977 | 108,575 | | US Dollars^{(1)} | **750,887** | **1,023,282** | $^{(1)}$ At 30 April 2026 the Sterling cost of a portion of the US Dollar denominated assets (including US Treasury Inflation Protected Securities ('TIPS') and US equities) was protected by a forward currency contract. The fair value of positive £4,333,000 (2025: fair value of positive £25,057,000) on the US$448,514,000 (2025: US$836,232,000) sold forward against £452,847,000 (2025: £652,466,000) is included in financial assets (2025: financial assets). All foreign exchange contracts in place at 30 April 2026 were due to mature within three months. The exposure to US Dollars as shown above also includes Gold Bullion. At 30 April 2026 the net exposure to US Dollars was £302,373,000 (2025: £395,872,000) including Gold Bullion and £125,605,000 (2025: £219,105,000) excluding Gold Bullion. 54 Personal Assets Trust plc --- Overview Governance Report Financial Statements Notice of AGM Shareholder Information ## 12. Financial Instruments continued ### Foreign Currency Sensitivity The following table illustrates the sensitivity of the total return for the year and net assets in relation to the Company's overseas monetary financial assets and financial liabilities. It assumes a 10% depreciation of Sterling against the Euro, Swiss Franc, US Dollar and Canadian Dollar. The sensitivity analysis is based on the Company's monetary foreign currency financial instruments held at each balance sheet date. If Sterling had weakened by 10% against the currencies shown, with all other items being equal, this would have had the following positive effect: #### Income Statement – return on ordinary activities after taxation: | | 2026 | | | 2025 | | | | --- | --- | --- | --- | --- | --- | --- | | | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | | Euros | 272 | 6,767 | 7,039 | 168 | 10,279 | 10,447 | | Swiss Francs | 155 | 6,163 | 6,318 | 146 | 4,184 | 4,330 | | US Dollars | 720 | 29,804 | 30,524 | 2,759 | 37,082 | 39,841 | | Canadian Dollars | 74 | – | 74 | 10 | – | 10 | | Japanese Yen | – | 15,998 | 15,998 | – | – | – | | | 1,221 | 58,732 | 59,953 | 3,083 | 51,545 | 54,628 | A 10% strengthening of Sterling against the above currencies, would have had an equal but opposite effect on the return after taxation. ## 13. Financial Instruments Measured at Fair Value | Description | 2026 | | | | 2025 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Level 1 £'000 | Level 2 £'000 | Level 3 £'000 | Total £'000 | Level 1 £'000 | Level 2 £'000 | Level 3 £'000 | Total £'000 | | Investments | 1,657,998 | – | – | 1,657,998 | 1,462,968 | – | – | 1,462,968 | | Financial assets | – | 4,333 | – | 4,333 | – | 2,869 | – | 2,869 | | Total | 1,657,998 | 4,333 | – | 1,662,331 | 1,462,968 | 2,869 | – | 1,465,837 | Level 1 reflects financial instruments quoted in an active market. The Company's investment in Gold Bullion has been included in this level. Level 2 reflects financial instruments the fair value of which is evidenced by comparison with other observable current market transactions in the same instrument or based on a valuation technique the variables of which include only data from observable markets. The Company's forward currency contract has been included in this level as fair value is achieved using the foreign exchange spot rate and forward points which vary depending on the duration of the contract. Level 3 reflects financial instruments the fair value of which is determined in whole or in part using a valuation technique based on assumptions that are not supported by prices from observable market transactions in the same instrument and not based on available observable market data. There have been no changes to valuation technique over the year. Annual Report for the year ended 30 April 2026 55 --- # Notes to the Accounts continued ## 14. Related Party Transactions Investment management services are provided by Troy Asset Management Limited. The fee for the year ended 30 April 2026 was £9,443,000 (2025: £9,131,000). An amount of £2,288,000 was outstanding to the Investment Manager at 30 April 2026 (2025: £2,190,000). Directors of the Company received fees for their services. An amount of £28,000 was outstanding to the Directors at 30 April 2026 (2025: £27,000). Further details are provided in the Directors' Remuneration Report on pages 20 to 23. The Directors' shareholdings are also detailed on pages 10 and 11. During the year, the Company made charitable donations totalling £50,000 (2025: £50,000) to the Personal Assets Foundation, a charity of which Robbie Robertson is a trustee. No amounts were outstanding at 30 April 2026 (2025: £nil). Further details are provided in the Directors' Report on pages 22. ## 15. Alternative Investment Fund Managers Directive ('AIFMD') (unaudited) In accordance with the AIFMD, information in relation to the Company's leverage and the remuneration of the Company's AIFM, Juniper, is required to be made available to investors. In accordance with the Directive, the AIFM's remuneration policy and remuneration disclosures in respect of the year ended 30 April 2026 are available from Juniper on request. The Company's maximum and actual leverage levels at 30 April are shown below: | | Gross Method | Commitment Method | | --- | --- | --- | | 2026 | | | | Maximum limit | 200% | 200% | | Actual | 125% | 126% | | 2025 | | | | Maximum limit | 200% | 200% | | Actual | 131% | 138% | The Company's investor disclosure document and all additional periodic disclosures required in accordance with the requirements of the FCA Rules implementing the AIFMD in the UK are made available on the Company's website (www.patplc.co.uk). 56 Personal Assets Trust plc --- # Notice of Annual General Meeting Notice is hereby given that the forty-fifth Annual General Meeting ('AGM') of Personal Assets Trust plc (the 'Company') will be held at The Royal College of Physicians of Edinburgh, 11 Queen Street, Edinburgh EH2 1JQ on Thursday 16 July 2026 at 12 noon. This document is important and requires your immediate attention. If you are in any doubt about the action you should take, you are recommended to seek your own independent financial advice from your stockbroker, bank manager, solicitor, accountant or other independent financial adviser authorised under the Financial Services and Markets Act 2000 (as amended by the Financial Services Act 2012) if you are in the United Kingdom or, if not, from another appropriately authorised financial adviser. If you have sold or otherwise transferred all your ordinary shares in the Company, please forward this document, together with the accompanying documents immediately to the purchaser or transferee, or to the stockbroker, bank or agent through whom the sale or transfer was effected for transmission to the purchaser or transferee. Shareholders will be asked to consider, and, if thought fit, pass resolutions 1 to 14 which will be proposed as ordinary resolutions, and resolutions 15 to 17 which will be proposed as special resolutions. 1. 1. That the Annual Report and Accounts for the year to 30 April 2026 be received and adopted. 2. 2. That the Directors' Remuneration Report for the year to 30 April 2026 be received, adopted and approved. 3. 3. That the Directors' Remuneration Policy of the Company as set out in the Annual Report be approved. 4. 4. That the Dividend Policy of the Company as set out in the Annual Report be approved. 5. 5. That Iain Ferguson, who retires from office annually, be re-elected as a Director. 6. 6. That Gordon Neilly, who retires from office annually, be re-elected as a Director. 7. 7. That Paul Read, who retires from office annually, be re-elected as a Director. 8. 8. That Mandy Clements, who retires from office annually, be re-elected as a Director. 9. 9. That Robbie Robertson, who retires from office annually, be re-elected as a Director. 10. 10. That Jennifer Thomas, who retires from office annually, be re-elected as a Director. 11. 11. That Sharon Brown, who retires from office annually, be elected as a Director. 12. 12. That PricewaterhouseCoopers LLP be reappointed as Auditors to hold office from the conclusion of this Annual General Meeting until the conclusion of the next Annual General Meeting. 13. 13. That the Audit and Risk Committee of the Board of Directors of the Company be authorised to determine the remuneration of the Company's Auditor. 14. 14. Authority to allot Ordinary shares That, in substitution for any existing authority, but without prejudice to the exercise of any such authority prior to the date hereof, the Directors of the Company be and they are hereby generally and unconditionally authorised in accordance with Section 551 of the Companies Act 2006 (the 'Act') to exercise all the powers of 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') provided that such authority shall be limited to the allotment of shares and the grant of rights in respect of shares with an aggregate nominal value of up to £7,732,234 (being approximately 20% of the nominal value of the issued share capital of the Company (excluding Treasury shares) as at 15 June 2026) on such terms as the Directors of the Company may determine, such authority to expire at the conclusion of the next Annual General Meeting of the Company after the passing of this resolution or on the expiry of 15 months from the passing of this resolution, whichever is the earlier, unless previously revoked, varied or extended by the Company in a general meeting, save that the Company may at any time prior to the expiry of this authority make an offer or enter into an agreement which would or might require Securities to be allotted or granted after the expiry of such authority and the Directors shall be entitled to allot or grant Securities in pursuance of such an offer or agreement as if such authority conferred by this resolution had not expired. 15. 15. Disapplication of pre-emption rights That, in substitution for any existing power but without prejudice to the exercise of any such power prior to the date hereof, the Directors of the Company be and they are hereby generally and unconditionally empowered, pursuant to Section 570 and/or Section 573 of the Companies Act 2006 (the 'Act'), to allot, or make offers or agreements to allot, equity securities (within the meaning of Section 560 of the Act), for cash pursuant to the authority given by resolution 14 above or by way of a sale of treasury shares for cash as if Section 561(1) of the Act did not apply to any such allotment or sale of equity securities, provided that this power: Overview Governance Report Financial Statements Notice of AGM Shareholder Information Annual Report for the year ended 30 April 2026 57 --- # Notice of Annual General Meeting continued - (a) expires at the conclusion of the next Annual General Meeting of the Company after the passing of this resolution or on the expiry of 15 months from the passing of this resolution, whichever is the earlier, unless previously revoked, varied or extended by the Company in a general meeting, save that the Company may, before such expiry make an offer or agreement which would or might require equity securities to be allotted after such expiry and the Directors may allot equity securities or sell treasury shares in pursuance of any such offer or agreement as if the power conferred hereby had not expired; and - (b) shall be limited to the allotment of equity securities and the sale of Treasury shares of up to an aggregate nominal value of £7,732,234 (being approximately 20% of the nominal value of the issued share capital of the Company (excluding Treasury shares) as at 15 June 2026). ## 16. Authority to repurchase Ordinary shares That, in substitution for any existing authority but without prejudice to the exercise of any such authority prior to the date hereof, the Company be and is hereby generally and unconditionally authorised, pursuant to and in accordance with Section 701 of the Companies Act 2006 (the 'Act'), to make market purchases (within the meaning of Section 693(4) of the Act) of fully paid Ordinary shares in the capital of the Company on such terms and in such manner as the Directors of the Company may from time to time determine (either for cancellation or for retention as Treasury shares for future re-issue, resale or transfer or cancellation), provided that: - (a) the maximum aggregate number of Ordinary shares hereby authorised to be purchased is 46,362,476, representing 14.99% of the issued Ordinary share capital of the Company (excluding Treasury shares) as at 15 June 2026, being the latest practicable date before this notice, or if lower, such number of Ordinary shares equal to 14.99% of the issued Ordinary share capital as at the date of the passing of this resolution; - (b) the minimum price (excluding expenses) which may be paid for each Ordinary share shall be the nominal value of that Ordinary share; - (c) the maximum price (excluding expenses) which may be paid for each Ordinary share shall not be greater than the higher of: - (i) 105% of the average middle market quotation on the London Stock Exchange Daily Official List of an Ordinary share over the five business days immediately preceding the date of purchase; and - (ii) the higher of the last independent trade of an Ordinary share and the highest current independent bid for such Ordinary share on the London Stock Exchange at the time the purchase is carried out; 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 Company's next Annual General Meeting or on the expiry of 15 months from the passing of this resolution, whichever is the earlier, save that the Company may, prior to such expiry, enter into a contract to purchase Ordinary shares under such authority which will or might be completed or executed wholly or partly after the expiration of such authority and may make a purchase of Ordinary shares pursuant to any such contract. ## 17. Notice of General Meetings That a General Meeting of the Company other than an Annual General Meeting may be called on not less than 14 clear days' notice provided that this authority shall expire at the conclusion of the next Annual General Meeting of the Company. By Order of the Board **Juniper Partners Limited** Company Secretary 28 Walker Street Edinburgh EH3 7HR 16 June 2026 58 Personal Assets Trust plc --- ## Notes 1. A shareholder who is entitled to attend, speak and vote at the meeting is entitled to appoint one or more proxies to attend, speak and vote on her or his behalf. Such proxy need not also be a shareholder of the Company. If appointing more than one proxy, each proxy must be appointed to exercise rights attaching to different shares held by the shareholder. 2. A proxy form for use by shareholders at the meeting is enclosed with this document. Proxies must be lodged with the Company's registrar, Equiniti Limited, Highdown House, Yeoman Way, Worthing, BN99 6DA, not less than 48 hours (excluding non-working days) before the time appointed for the meeting together with any power of attorney or other authority (if any) under which it is signed. Completion of the proxy form will not prevent a shareholder from attending the meeting and voting in person. 3. It is possible for you to submit your proxy votes online by going to Equiniti's Shareview website, www.shareview.co.uk, and logging in to your Shareview Portfolio. Once you have logged in, simply click 'View' on the 'My Investments' page and then click on the link to vote and follow the on-screen instructions. If you have not yet registered for a Shareview Portfolio, go to www.shareview.co.uk and enter the requested information. It is important that you register for a Shareview Portfolio with enough time to complete the registration and authentication processes. 4. Only those shareholders having their names entered on the Company's share register not later than 6.30 pm on 14 July 2026 or, if the meeting is adjourned, 6.30 pm on the day which is two days (excluding non-working days) prior to the date of the adjourned meeting, shall be entitled to attend and vote at the meeting in respect of the number of shares registered in their name at that time. Changes to the entries on the Company's share register after that time shall be disregarded in determining the rights of any shareholder to attend, speak and vote at the meeting, notwithstanding any provision in any enactment, the Articles of Association of the Company or other instrument to the contrary. 5. Any corporation which is a shareholder may appoint one or more corporate representatives who may exercise on its behalf all of its powers as a shareholder provided that such corporate representatives do not do so in relation to the same shares. 6. CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment service may do so for the meeting and any adjournment(s) thereof by using the procedures described in the CREST Manual, and by logging on to the website www.euroclear.com. CREST personal members or other CREST sponsored members, and those CREST members who have appointed a voting service provider(s), should refer to their CREST sponsor or voting service provider(s), who will be able to take the appropriate action on their behalf. In order for a proxy appointment or instruction made using the CREST service to be valid, the appropriate CREST message (a 'CREST Proxy Instruction') must be properly authenticated in accordance with Euroclear UK & International Limited's specifications, and must contain the information required for such instruction, as described in the CREST Manual. The message, regardless of whether it constitutes the appointment of a proxy or is an amendment to the instruction given to a previously appointed proxy, must, in order to be valid, be transmitted so as to be received by the Company's Registrar, Equiniti Limited (ID RA19), by no later than 12 noon on 14 July 2026. No such message received through the CREST network after this time will be accepted. For this purpose, the time of receipt will be taken to be the time (as determined by the timestamp applied to the message by the CREST application host) from which the Company's Registrar is able to retrieve the message by inquiry to CREST in the manner prescribed by CREST. After this time any change of instructions to proxies appointed through CREST should be communicated to the appointee through other means. CREST members and, where applicable, their CREST sponsors or voting service providers should note that Euroclear UK & International Limited does not make available special procedures in CREST for any particular messages. Normal system timings and limitations will therefore apply in relation to the input of CREST Proxy Instructions. It is the responsibility of the CREST member concerned to take (or, if the CREST member is a CREST personal member, or sponsored member, or has appointed a voting service provider(s), to procure that her or his CREST sponsor or voting service provider(s) take(s)) such action as shall be necessary to ensure that a message is transmitted by means of the CREST system by any particular time. In this connection, CREST members and, where applicable, their CREST sponsors or voting system providers are referred, in particular, to those sections of the CREST Manual concerning practical limitations of the CREST system and timings. The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out in Regulation 35(5)(a) of the Uncertificated Securities Regulations 2001. 7. The right to appoint a proxy does not apply to persons whose shares are held on their behalf by another person and who have been nominated to receive communications from the Company in accordance with Section 146 of the Companies Act 2006 ('Nominated Persons'). Nominated Persons may have a right under an agreement with the member who holds the shares on their behalf to be appointed (or to have someone else appointed) as a proxy. Alternatively, if Nominated Persons do not have such a right, or do not wish to exercise it, they may have a right under such an agreement to give instructions to the person holding the shares as to the exercise of voting rights. The statement of the rights of members in relation to the appointment of proxies in notes 1 and 2 above does not apply to Nominated Persons. The rights described in these notes can be exercised only by members of the Company. 8. If you are an institutional investor you may be able to appoint a proxy electronically via the Proximity platform, a process which has been agreed by the Company and approved by the Registrar. For further information regarding Proximity, please go to www.proximity.io. Your proxy must be lodged by 12 noon on 14 July 2026 in order to be considered valid. Before you can appoint a proxy via this process you will need to have agreed to Proximity's associated terms and conditions. It is important that you read these carefully as you will be bound by them and they will govern the electronic appointment of your proxy. 9. At 15 June 2026, the latest practicable date prior to publication of this document, the Company's issued share capital comprised 392,805,200 Ordinary shares of 12.50p each, of which 83,515,828 Ordinary shares are held in Treasury. Therefore, the total number of shares with voting rights in the Company is 309,289,372. Overview Governance Report Financial Statements Notice of AGM Shareholder Information Annual Report for the year ended 30 April 2026 59 --- # Notice of Annual General Meeting continued 1. 10. Any person holding 3% or more of the total voting rights in the Company who appoints a person other than the Chairman as her or his proxy must ensure that both he or she and such third party comply with their respective disclosure obligations under the Disclosure Guidance and Transparency Rules. 2. 11. Information regarding the meeting, including information required by Section 311A of the Companies Act 2006, is available from the Company's website, www.patplc.co.uk. 3. 12. Under Section 319A of the Companies Act 2006, the Company must answer any question relating to the business being dealt with at the meeting put by a member attending the meeting unless: 1. (a) answering the question would interfere unduly with the preparation for the meeting or involve the disclosure of confidential information; 2. (b) the answer has already been given on a website in the form of an answer to a question; or 3. (c) it is undesirable in the interests of the Company or the good order of the meeting that the question be answered. 4. 13. Shareholders are advised that, unless otherwise stated, any telephone number, website or e-mail address which may be set out in this notice of meeting or in any related documents (including the proxy form) is not to be used for the purposes of serving information or documents on, or otherwise communicating with, the Company for any purposes other than those expressly stated. 5. 14. The members of the Company may require the Company (without payment) to publish, on its website, a statement (which is also to be passed to the Auditors) setting out any matter relating to the audit of the Company's accounts, including the Auditors' report and the conduct of the audit. The Company will be required to do so once it has received such requests from either members representing at least 5% of the total voting rights of the Company or at least 100 members who have a relevant right to vote and hold shares in the Company on which there has been paid up an average sum per member of at least £100. Such requests must be made in writing and must state the sender's full name and address and be sent to the Company's registered address at 28 Walker Street, Edinburgh EH3 7HR. 6. 15. The letters of appointment of the Directors will be available for inspection at the registered office of the Company during normal business hours on any weekday (Saturdays, Sundays and public holidays excepted) from the date of this notice and at the location of the meeting for at least 15 minutes prior to the meeting and during the meeting. 7. 16. Members meeting the threshold requirements set out in the Companies Act 2006 have the right (a) to require the Company to give notice of any resolution which can properly be, and is to be, moved at the meeting pursuant to section 338 of the Companies Act 2006; and/or (b) to require the Company to include a matter in the business to be dealt with at the meeting, pursuant to section 338A of the Companies Act 2006. 60 Personal Assets Trust plc --- # Glossary of Terms and Alternative Performance Measures The European Securities and Markets Authority ('ESMA') has published guidelines on **Alternative Performance Measures ('APM')**. APMs are defined as being a 'financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable accounting framework'. The APMs detailed below are used by the Board to assess the Company's performance against a range of criteria and are viewed as particularly relevant for an investment trust. ## Alternative Investment Fund An Alternative Investment Fund ('AIF') is a collective investment undertaking, including investment compartments thereof, which (a) raises capital from a number of investors, with a view to investing it in accordance with a defined investment policy for the benefit of those investors; and (b) does not require authorisation under the UCITS regime. The Company is an AIF. ## Alternative Investment Fund Manager An Alternative Investment Fund Manager ('AIFM') is an entity that provides certain investment services, including portfolio and risk management services. The Company has appointed Juniper Partners Limited as its AIFM. ## Benchmark Index A Benchmark Index is a standard against which the performance of a security, investment company, or investment manager can be measured. The Company uses the FTSE All-Share Index and CPI as comparators for the purpose of monitoring performance and risk. However, the composition of the FTSE All-Share Index has no influence on investment decisions or the construction of the portfolio. ## Discount or Premium (APM) The amount, expressed as a percentage, by which the Company's share price is less than (discount) or greater than (premium) the net asset value per share of the Company. | | | 30 April 2026 | 30 April 2025 | | --- | --- | --- | --- | | Closing NAV per share | (a) | 540.84p | 515.22p | | Closing share price | (b) | 535.00p | 511.00p | | (Discount)/premium c = (b – a) ÷ a | (c) | (1.1%) | (0.8%) | ## Leverage Leverage, for the purposes of the AIFMD, is any method which increases the Company's exposure to stock markets whether through borrowings, derivatives, or any other means. It is expressed as a ratio of the Company's exposure to its NAV. In summary, the gross method measures the Company's exposure before applying hedging or netting arrangements. The commitment method allows certain hedging or netting arrangements to be offset. ## Middle Market Price The middle market price is the mid-point between the buy and the sell prices of the Company's shares. ## Net Asset Value ('NAV') per Share (APM) The value of the Company's net assets (total assets less total liabilities) divided by the number of shares in issue (excluding shares held in Treasury). Overview Governance Report Financial Statements Notice of AGM Shareholder Information Annual Report for the year ended 30 April 2026 61 --- # Glossary of Terms and Alternative Performance Measures continued ## NAV/Share Price Total Return (APM) NAV/Share price total return measures the increase/(decrease) in NAV per share/share price including any dividends paid in the period, which are assumed to be reinvested at the time that the share price is quoted ex-dividend. | | | 2026 | | 2025 | | | --- | --- | --- | --- | --- | --- | | | | NAV | Share price | NAV | Share price | | Closing NAV per share/share price | (a) | 540.84p | 535.00p | 515.22p | 511.00p | | Dividend adjustment factor^{1} | (b) | 1.01271 | 1.01390 | 1.01666 | 1.01558 | | Adjusted closing NAV per share/share price | (c=a x b) | 547.72p | 542.43p | 523.80p | 518.96p | | Opening NAV per share/share price | (d) | 515.22p | 511.00p | 487.05p | 483.00p | | **Total Return (c ÷ d) -1** | | **6.3%** | **6.2%** | **7.5%** | **7.4%** | $^{1}$ Based on total dividends paid for the year ended 30 April 2026 of 7.20p per share (2025: 7.20p). ## Ongoing Charges Ratio (APM) The sum of the management fee and all other administrative expenses expressed as a percentage of the average daily net assets during the year. | | | 30 April 2026 £'000 | 30 April 2025 £'000 | | --- | --- | --- | --- | | Management fee | | 9,443 | 9,131 | | Other administrative expenses | | 1,776 | 1,778 | | Total | (a) | 11,219 | 10,909 | | Average daily net assets | (b) | 1,664,488 | 1,633,228 | | **Ongoing charges c = (a ÷ b) x 100** | (c) | **0.67%** | **0.67%** | ## Ordinary Dividend per Share (APM) A distribution of earnings by the Company to its shareholders. Details of the Company's historical dividend payments are shown on page 63. ## Treasury Shares Ordinary shares of the Company that have been repurchased by the Company and not cancelled but held in Treasury. These shares do not pay dividends, have no voting rights, and are excluded from the NAV per share calculation. 62 Personal Assets Trust plc --- # Record 1990-2026 | Year | Shareholders' Funds (£'000) | NAV per share (p) | Share Price (p) | NAV Total Return (%) | Share Price Total Return (%) | FTSE All-Share Index Total Return (%) | Inflation (CPI) (%) | Ordinary dividend per share (p) | Premium/ Discount (%) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1990 | 8,462 | 56.67 | 39.50 | (6.0) | (20.0) | 0.4 | 6.4 | 1.00 | (30.3) | | 1991 | 9,006 | 60.32 | 48.50 | 7.6 | 27.8 | 21.5 | 8.4 | 1.50 | (19.6) | | 1992 | 10,589 | 70.92 | 66.00 | 24.2 | 44.6 | 12.1 | 4.7 | 1.60 | (6.9) | | 1993 | 11,441 | 75.18 | 81.50 | 8.7 | 27.7 | 13.3 | 2.5 | 1.80 | 8.4 | | 1994 | 12,987 | 85.34 | 89.50 | 16.1 | 12.9 | 18.2 | 2.0 | 1.95 | 4.9 | | 1995 | 13,939 | 91.59 | 87.00 | 9.7 | 0.0 | 4.3 | 2.3 | 2.00 | (5.0) | | 1996 | 19,473 | 115.11 | 118.50 | 28.2 | 39.6 | 26.9 | 2.5 | 2.20 | 2.9 | | 1997 | 27,865 | 133.89 | 141.25 | 17.4 | 20.6 | 16.2 | 1.6 | 2.30 | 5.5 | | 1998 | 48,702 | 180.21 | 199.50 | 36.8 | 44.0 | 34.3 | 1.8 | 2.45 | 10.7 | | 1999 | 65,200 | 201.26 | 202.50 | 13.2 | 3.0 | 11.4 | 1.5 | 2.55 | 0.6 | | 2000 | 73,751 | 199.80 | 202.00 | 0.6 | 1.4 | 1.4 | 0.6 | 2.62^{1/2} | 1.1 | | 2001 | 78,000 | 207.03 | 208.50 | 5.0 | 4.7 | (2.2) | 1.2 | 2.70 | 0.7 | | 2002 | 92,430 | 203.38 | 209.50 | (0.4) | 2.0 | (10.1) | 1.4 | 2.80 | 3.0 | | 2003 | 104,324 | 186.32 | 193.75 | (7.0) | (6.1) | (22.0) | 1.4 | 2.90 | 4.0 | | 2004 | 134,770 | 210.17 | 214.50 | 14.5 | 12.5 | 22.2 | 1.1 | 3.10 | 2.1 | | 2005 | 149,834 | 221.26 | 224.75 | 6.9 | 6.3 | 10.7 | 1.9 | 3.40 | 1.6 | | 2006 | 189,351 | 256.14 | 259.25 | 18.4 | 18.0 | 32.4 | 2.0 | 3.70 | 1.2 | | 2007 | 192,416 | 264.70 | 266.00 | 5.0 | 4.2 | 12.7 | 2.8 | 4.10 | 0.5 | | 2008 | 188,664 | 257.37 | 258.25 | (1.0) | (1.2) | (4.3) | 3.0 | 4.60 | 0.3 | | 2009 | 171,132 | 229.64 | 233.00 | (8.9) | (7.9) | (26.9) | 2.3 | 5.00 | 1.5 | | 2010 | 233,785 | 286.75 | 289.50 | 27.2 | 26.6 | 36.6 | 3.7 | 5.20 | 1.0 | | 2011 | 310,000 | 314.78 | 318.00 | 11.8 | 11.8 | 13.7 | 4.5 | 5.40 | 1.0 | | 2012 | 463,473 | 335.69 | 340.70 | 8.5 | 8.9 | (2.0) | 3.0 | 5.55 | 1.5 | | 2013 | 593,245 | 351.89 | 357.00 | 6.5 | 6.5 | 17.8 | 2.4 | 5.60 | 1.5 | | 2014 | 573,237 | 333.77 | 331.90 | (3.5) | (5.5) | 10.5 | 1.8 | 5.60 | (0.6) | | 2015 | 609,745 | 349.83 | 350.70 | 6.5 | 7.4 | 7.5 | (0.1) | 5.60 | 0.2 | | 2016 | 640,624 | 367.15 | 372.50 | 6.7 | 7.9 | (5.7) | 0.3 | 5.60 | 1.5 | | 2017 | 781,499 | 398.70 | 405.40 | 10.2 | 10.4 | 20.1 | 2.7 | 5.60 | 1.7 | | 2018 | 858,893 | 388.21 | 392.00 | (1.3) | (2.0) | 8.2 | 2.4 | 5.60 | 1.0 | | 2019 | 968,579 | 404.88 | 408.00 | 5.8 | 5.6 | 2.6 | 2.1 | 5.60 | 0.8 | | 2020 | 1,160,966 | 426.36 | 433.00 | 6.7 | 7.5 | (16.7) | 0.8 | 5.60 | 1.6 | | 2021 | 1,503,936 | 465.19 | 471.00 | 10.5 | 10.1 | 25.9 | 1.5 | 5.60 | 1.2 | | 2022 | 1,814,360 | 491.95 | 503.00 | 7.1 | 8.0 | 8.7 | 9.0 | 5.60^{1/1} | 2.2 | | 2023 | 1,884,352 | 481.23 | 481.00 | (0.9) | (3.0) | 6.0 | 8.7 | 5.60^{1/1} | (0.0) | | 2024 | 1,667,281 | 487.05 | 483.00 | 1.3 | 2.1 | 7.5 | 2.3 | 5.60^{1/1} | (0.8) | | 2025 | 1,632,404 | 515.22 | 511.00 | 7.5 | 7.4 | 7.5 | 3.5 | 5.60^{1/1} | (0.8) | | **2026** | **1,686,316** | **540.84** | **535.00** | **6.3** | **6.2** | **25.2** | **2.8** | **5.60** | **(1.1)** | ## Compound growth rates per annum | | (%)^{(2)} | (%)^{(2)} | (%) | (%) | (%) | (%) | | --- | --- | --- | --- | --- | --- | --- | | 3 Years | 4.0 | 3.6 | 5.0 | 5.2 | 13.1 | 2.9 | | 5 Years | 3.1 | 2.6 | 4.5 | 4.0 | 10.8 | 5.2 | | 10 Years | 3.9 | 3.7 | 5.4 | 5.1 | 8.8 | 3.6 | | Since 30 April 1990 | 6.5 | 7.5 | 8.1 | 9.6 | 8.6 | 2.8 | Where relevant, per share values have been adjusted for the 1 for 100 consolidation of Ordinary shares in January 1993, the 100 for one share split of the Ordinary shares on 1 August 2022 and exclude shares held in Treasury. $^{(1)}$ Excludes special dividends. In addition a special dividend of 1.60p per Ordinary share was paid in relation to the year ended 30 April 2025, 1.60p in 2024, 2.10p in 2023 and 1.40p in 2022. $^{(2)}$ Capital only. Overview Governance Report Financial Statements Notice of AGM Shareholder Information Annual Report for the year ended 30 April 2026 63 --- # Corporate Information Board of Directors Iain Ferguson CBE (Chairman) Sharon Brown Mandy Clements Gordon Neilly Paul Read Robbie Robertson Jennifer Thomas Registered Office 28 Walker Street Edinburgh EH3 7HR Telephone: 0131 378 0500 Company Secretary Juniper Partners Limited 28 Walker Street Edinburgh EH3 7HR Telephone: 0131 378 0500 Alternative Investment Fund Manager Juniper Partners Limited 28 Walker Street Edinburgh EH3 7HR Investment Manager Troy Asset Management Limited 33 Davies Street London W1K 4BP www.taml.co.uk Custodian J.P. Morgan Chase Bank N.A. 25 Bank Street Canary Wharf London E14 5JP Depository J.P. Morgan Europe Limited 25 Bank Street Canary Wharf London E14 5JP Solicitor Dickson Minto LLP 6 St Andrew Square Edinburgh EH2 2BD Data Protection The Company is committed to ensuring the privacy of any personal data provided to it. Further details of the Company's privacy policy can be found on the Company's website www.patplc.co.uk Shareholder Information Website: www.patplc.co.uk Telephone: 0131 378 0500 Registrar Equiniti Limited Highdown House Yeoman Way Worthing BN99 6DA Telephone: +44 (0)371 384 2459* Website: www.shareview.co.uk Stockbroker J.P. Morgan Cazenove 25 Bank Street Canary Wharf London E14 5JP Independent Auditor PricewaterhouseCoopers LLP Edinburgh Atria One 144 Morrison Street Edinburgh EH3 8EX Identification Codes SEDOL: BM8B5H0 ISIN: GB00BM8B5H06 Bloomberg: PNL LN EPIC: PNL Global Intermediary Identification Number (GIIN) 2W8KH5.99999.SL.826 Legal Entity Identifier (LEI) 213800Z7ABM7RLQ41516 * Lines open 8:30am to 5:30pm, Monday to Friday. ![img-13.jpeg](img-13.jpeg) 64 Personal Assets Trust plc --- Personal Assets Trust plc, 28 Walker Street, Edinburgh EH3 7HR Shareholder Telephone: 0131 378 0500 Website: www.patplc.co.uk