Strategic Report # Growth Shares – Investment Portfolio At 31 May 2026 | Investment | Manager categorisation | AIC sector | Valuation £'000 | % of gross assets^{(1)} of Growth Portfolio | | --- | --- | --- | --- | --- | | Invesco Global Equity Income Trust | Global | Global Equity Income | 9,164 | 8.1 | | Polar Capital Technology Trust | Global Technology | Technology & Technology Innovation | 8,696 | 7.7 | | JPMorgan Global Growth & Income | Global | Global Equity Income | 8,081 | 7.1 | | Fidelity Emerging Markets | Asia & Emerging Markets | Global Emerging Markets | 6,664 | 5.9 | | Invesco Asia Dragon Trust | Asia & Emerging Markets | Asia Pacific Equity Income | 6,441 | 5.7 | | Fidelity Special Values | UK | UK All Companies | 5,831 | 5.2 | | Schroder Asian Total Return Investment Company | Asia & Emerging Markets | Asia Pacific | 5,753 | 5.1 | | Pershing Square Holding | North America | North America | 5,242 | 4.6 | | Scottish Mortgage Investment Trust | Global | Global | 5,165 | 4.6 | | Oakley Capital Investments | Private Equity | Private Equity | 5,074 | 4.5 | | **Ten largest investments** | | | **66,111** | **58.5** | | Allianz Technology Trust | Global Technology | Technology & Technology Innovation | 4,396 | 3.9 | | JPMorgan American Investment Trust | North America | North America | 4,324 | 3.8 | | The Schiehallion Fund | Private Equity | Growth Capital | 3,253 | 2.9 | | Nippon Active Value | Japan | Japanese Smaller Companies | 3,250 | 2.9 | | JPMorgan European Growth & Income | Europe | Europe | 3,101 | 2.7 | | Odyssean Investment Trust | UK | UK Smaller Companies | 2,657 | 2.4 | | Worldwide Healthcare Trust | Global Healthcare | Healthcare & Biotechnology | 2,520 | 2.2 | | HgCapital Trust | Private Equity | Private Equity | 2,119 | 1.9 | | JPMorgan UK Small Cap Growth & Income | UK | UK Smaller Companies | 2,089 | 1.8 | | Aberforth Smaller Companies Trust | UK | UK Smaller Companies | 2,049 | 1.8 | | **Twenty largest investments** | | | **95,869** | **84.8** | 8 CT Global Managed Portfolio Trust PLC --- Strategic Report # At 31 May 2026 | Investment | Manager categorisation | AIC sector | Valuation £'000 | % of gross assets^{(2)} of Growth Portfolio | | --- | --- | --- | --- | --- | | Fidelity European Trust | Europe | Europe | 1,982 | 1.8 | | Aurora UK Alpha | UK | UK All Companies | 1,896 | 1.7 | | TR Property Investment Trust^{(1)} | Alternatives | Property Securities | 1,659 | 1.5 | | Strategic Equity Capital | UK | UK Smaller Companies | 1,597 | 1.4 | | Pantheon Infrastructure | Alternatives | Infrastructure | 1,578 | 1.4 | | Mobius Investment Trust | Asia & Emerging Markets | Global Emerging Markets | 1,555 | 1.4 | | Literacy Capital | Private Equity | Private Equity | 1,500 | 1.3 | | NB Private Equity Partners | Private Equity | Private Equity | 1,418 | 1.2 | | Syncona | Private Equity | Healthcare & Biotechnology | 1,008 | 0.9 | | ICG Enterprise Trust | Private Equity | Private Equity | 919 | 0.8 | | **Thirty (total) investments** | | | **110,981** | **98.2** | | **Net current assets** | | | **2,046** | **1.8** | | **Gross assets** | | | **113,027** | **100.0** | $^{(1)}$ Investment vehicle also managed by the Manager, Columbia Threadneedle Investments. $^{(2)}$ Gross assets are calculated by adding back borrowings to the Growth Portfolio's net assets. As at 31 May 2026, the Growth Portfolio had net assets of £113.03 million and no borrowings. # Analysis of the Growth Portfolio's investments # Breakdown by Manager categorisation | | 31 May 2026 % | 31 May 2025 % | | --- | --- | --- | | Global | 19.8 | 12.1 | | Asia & Emerging Markets | 18.1 | 3.4 | | UK | 14.2 | 29.4 | | Private Equity | 13.5 | 17.6 | | Global Technology | 11.6 | 6.5 | | North America | 8.5 | 4.1 | | Europe (ex UK) | 4.5 | 8.2 | | Alternatives | 2.9 | 9.3 | | Japan | 2.9 | 1.7 | | Global Healthcare | 2.2 | 3.9 | | Cash (net current assets) | 1.8 | 3.8 | | | **100.0** | **100.0** | # Breakdown of equity exposure by geography | | 31 May 2026 % | 31 May 2025 % | | --- | --- | --- | | North America | 37.4 | 25.7 | | Asia & Emerging Markets | 20.8 | 7.4 | | UK | 20.4 | 40.1 | | Europe (ex UK) | 15.1 | 21.0 | | Japan | 3.6 | 3.3 | | Cash | 2.3 | 2.0 | | Other | 0.4 | 0.5 | | | **100.0** | **100.0** | Note: Geographic breakdown of the investments on a 'look-through' basis excluding those categorised by the Manager as Alternatives and Bonds & Direct Lending (total 31 May 2026: £3.2 million, 31 May 2025: £8.5 million). Source: Columbia Threadneedle Investments and AIC Annual Report and Financial Statements 2026 | 9 Overview Strategic Report Governance Report Auditor's Report Financial Report Notice of Meeting Other Information --- Strategic Report # Income Shares – 2026 Highlights +3.3% Dividend increase Annual dividend of 7.85p per Income share (2025: 7.60p), an increase of 3.3%. +9.0% Three-year dividend increase(1) Over the last three financial years the total annual dividend has increased by 9.0%, as compared to CPI of 8.4%. 6.0% Dividend yield(1) Dividend yield of 6.0% at 31 May 2026 (2025: 6.6%), based on total dividends for the financial year of 7.85p (2025: 7.60p) per Income share. Dividends are paid quarterly(2). +21.2% Share price total return(1) Share price total return per Income share of +21.2% for the financial year (2025: +3.8%). Other Financial Highlights | | Year ended 31 May 2026 | Year ended 31 May 2025 | | --- | --- | --- | | Net asset value (NAV) total return per Income share(1) | 23.3% | 4.2% | | Income share price total return | 21.2% | 3.8% | | Comparator indices(3) | | | | – FTSE All-Share Closed End Investments Index (total return) | 27.6% | 4.4% | | – FTSE All-Share Index (total return) | 21.6% | 9.4% | | – Consumer Price Index | 2.8% | 3.4% | | Net assets | £79.6m | £61.0m | | Market capitalisation | £79.7m | £62.1m | | Average +premium of the share price to NAV during the financial year(1) | +0.6% | +0.8% | | Ongoing charges(1) | | | | – excluding ongoing charges of underlying funds | 1.07% | 1.22% | | – including ongoing charges of underlying funds | 2.09% | 2.17% | (1) Three-year dividend increase, yield, total return, average premium to NAV during the financial year and ongoing charges – see Alternative Performance Measures on pages 95 to 97. (2) The Board intends to change the frequency of dividend payments from quarterly to monthly, with effect from the financial year commencing on 1 June 2027. (3) Until 1 September 2026, the Company used the FTSE All-Share Index as a benchmark index. On 2 September 2026, the indices shown will be adopted as comparator indices in place of the benchmark index and the FTSE All-Share Closed End Investments Index and Consumer Price Index returns have been included in the table for information purposes. Source: Columbia Threadneedle Investments and Refinitiv Eikon Longer term performance is shown in the 15 Year Historic Record on page 94. 10 | CT Global Managed Portfolio Trust PLC --- Strategic Report # Income Shares – Investment Portfolio At 31 May 2026 | Investment | Manager categorisation | AIC sector | Valuation £'000 | % of gross assets^{(2)} of Income Portfolio | | --- | --- | --- | --- | --- | | JPMorgan Global Growth & Income | Global | Global Equity Income | 5,615 | 6.5 | | Murray International Trust | Global | Global Equity Income | 4,864 | 5.6 | | JPMorgan European Growth & Income | Europe (ex UK) | Europe | 4,368 | 5.1 | | Invesco Global Equity Income Trust | Global | Global Equity Income | 4,087 | 4.7 | | JPMorgan Emerging Markets Dividend Income (previously JPMorgan Global Emerging Markets Income Trust) | Asia & Emerging Markets | Global Emerging Markets | 4,010 | 4.6 | | Schroder Oriental Income Fund | Asia & Emerging Markets | Asia Pacific Equity Income | 4,004 | 4.6 | | Neuberger Private Equity Partners (previously NB Private Equity Partners) | Private Equity | Private Equity | 3,732 | 4.3 | | Invesco Asia Dragon Trust | Asia & Emerging Markets | Asia Pacific Equity Income | 3,699 | 4.3 | | Aberdeen Asian Income Fund | Asia & Emerging Markets | Asia Pacific Equity Income | 3,645 | 4.2 | | STS Global Income & Growth Trust | Global | Global Equity Income | 3,256 | 3.8 | | **Ten largest investments** | | | **41,280** | **47.7** | | The Law Debenture Corporation | UK | UK Equity Income | 3,229 | 3.7 | | 3i Infrastructure | Alternatives | Infrastructure | 2,963 | 3.4 | | TwentyFour Income Fund | Bonds & Direct Lending | Debt – Structured Finance | 2,766 | 3.2 | | Murray Income Trust | UK | UK Equity Income | 2,761 | 3.2 | | Cordiant Digital Infrastructure | Alternatives | Infrastructure | 2,588 | 3.0 | | Lowland Investment Company | UK | UK Equity Income | 2,562 | 3.0 | | Temple Bar Investment Trust | UK | UK Equity Income | 2,469 | 2.8 | | Edinburgh Investment Trust | UK | UK Equity Income | 2,316 | 2.7 | | Invesco Bond Income Plus | Bonds & Direct Lending | Debt – Loans & Bonds | 2,160 | 2.5 | | GCP Infrastructure Investments | Alternatives | Infrastructure | 2,157 | 2.5 | | **Twenty largest investments** | | | **67,251** | **77.7** | Overview Strategic Report Governance Report Auditors' Report Financial Report Notice of Meeting Other Information Annual Report and Financial Statements 2026 | 11 --- Strategic Report # **At 31 May 2026** | Investment | Manager categorisation | AIC sector | Valuation £'000 | % of gross assets^{(2)} of Income Portfolio | | --- | --- | --- | --- | --- | | CC Japan Income & Growth Trust | Japan | Japan | 2,142 | 2.5 | | Pantheon Infrastructure | Alternatives | Infrastructure | 2,092 | 2.4 | | Biopharma Credit | Bonds & Direct Lending | Debt – Direct Lending | 1,979 | 2.3 | | JPMorgan UK Small Cap Growth & Income | UK | UK Smaller Companies | 1,933 | 2.2 | | International Biotechnology Trust | Global Healthcare | Healthcare & Biotechnology | 1,714 | 2.0 | | Tritax Big Box REIT | Alternatives | Property – UK Logistics | 1,651 | 1.9 | | Artemis UK Future Leaders | UK | UK Smaller Companies | 1,629 | 1.9 | | TR Property Investment Trust^{(1)} | Alternatives | Property Securities | 1,571 | 1.8 | | Greencoat UK Wind | Alternatives | Renewable Energy Infrastructure | 1,220 | 1.4 | | Partners Group Private Equity | Private Equity | Private Equity | 1,190 | 1.4 | | **Thirty largest investments** | | | **84,372** | **97.5** | | CT Healthcare Trust^{(1)} (previously Bellevue Healthcare Trust) | Global Healthcare | Healthcare & Biotechnology | 468 | 0.5 | | **Thirty-one (total) investments** | | | **84,840** | **98.0** | | **Net current assets (adding back borrowing)** | | | **1,770** | **2.0** | | **Gross assets** | | | **86,610** | **100.0** | $^{(1)}$ Investment vehicle also managed by the Manager, Columbia Threadneedle Investments. $^{(2)}$ Gross assets are calculated by adding back borrowings to the Income Portfolio's net assets. As at 31 May 2026, the Income Portfolio had net assets of £79.61 million and borrowings of £7.0 million. # **Analysis of the Income Portfolio's investments** # **Breakdown by Manager categorisations** | | 31 May 2026 % | 31 May 2025 % | | --- | --- | --- | | Global | 20.6 | 15.3 | | UK | 19.5 | 40.2 | | Asia & Emerging Markets | 17.7 | 7.3 | | Alternatives | 16.5 | 10.5 | | Bonds & Direct Lending | 8.0 | 6.4 | | Private Equity | 5.7 | 7.8 | | Europe (ex UK) | 5.0 | 3.3 | | Global Healthcare | 2.5 | 4.4 | | Japan | 2.5 | 2.7 | | Cash (net current assets) | 2.0 | 2.1 | | | **100.0** | **100.0** | # **Breakdown of equity exposure by geography** | | 31 May 2026 % | 31 May 2025 % | | --- | --- | --- | | UK | 29.1 | 46.5 | | Asia & Emerging Markets | 27.4 | 12.1 | | North America | 21.8 | 20.1 | | Europe (ex UK) | 15.4 | 14.3 | | Japan | 3.9 | 4.0 | | Cash | 2.0 | 2.3 | | Other | 0.4 | 0.7 | | | **100.0** | **100.0** | Note: Geographic breakdown of the investments on a 'look-through' basis excluding those categorised by the Manager as Alternatives and Bonds & Direct Lending (total 31 May 2026: £21.1 million, 31 May 2025: £11.5 million). Source: Columbia Threadneedle Investments and AIC 12 | CT Global Managed Portfolio Trust PLC --- Strategic Report # Investment Managers’ Review ![img-0.jpeg](img-0.jpeg) Adam Norris, Investment Manager ![img-1.jpeg](img-1.jpeg) Paul Green, Investment Manager “We are pleased to report our first annual results for CT Global Managed Portfolio, as the new Investment Managers since 1 June 2025. Overall, equity markets delivered strong positive returns in the financial year ended 31 May 2026. To this end, the share price total returns for the Growth shares was +25.6% and the Income shares was +21.2%. The NAV total returns of the Growth shares was +25.1% and the Income shares was +23.3%.” As comparators, the total return for the FTSE All-Share Index was +21.6%, the FTSE All-Share Closed End Investments Index +27.6% and the UK Consumer Price Index +2.8%. We report on a busy year for the Company, with meaningful levels of turnover as we adjusted the Portfolios to further represent the ‘global’ remit of the Company, whilst allocating to areas of the market which represent strong opportunities for future returns. ## A Year of Repositioning Turnover was heightened for the Company, with the composition of the Growth Portfolio changing by 51% by value, and the Income Portfolio by 46%. Whilst the process of refining the Portfolios is an ongoing and constant feature of active fund management, we have made significant changes to the composition of the Portfolios since we became the new Investment Managers at the beginning of the Company’s financial year. The significant repositioning was completed by the year end and, going forward, we will continue to refine the Portfolios to represent our selected best-in-class investment company managers and market opportunities. We have repositioned the Portfolios to reflect our favoured investment markets for total returns. The biggest beneficiaries of this were investment companies focused on Asia and Emerging Markets equities. Within the Growth Portfolio, the allocation increased to 18.1%, up from 3.4%, and within the Income Portfolio to 17.7%, from 7.3%. We outline our rationale in ‘Emerging Value’. In addition, we added to investment companies with a global investment remit. Within the Growth Portfolio this increased to 19.8%, from 12.1%, and within the Income Portfolio to 20.6%, from 15.3%. To fund this increased global exposure, we have reduced the allocation to UK-focused investment companies. Within the Growth Portfolio this reduced to 14.2%, down from 29.4%, and within the Income Portfolio it reduced to 19.5%, from 40.2%. We outline our rationale in ‘The UK Needs a Korea Break’. Within alternatives, we are enthusiastic about the specific opportunities for capital and income growth. Whilst optically our allocation in the Growth Portfolio fell from 9.3% to 2.9%, this captures the sale of defensive multi-asset trusts, reflecting our constructive view on equities. Within the Income Portfolio, the allocation rose from 10.5% to 16.5%, an area we covered within our review in the Half-Year Report. Further to these changes in allocations, we have reduced the number of underlying investment companies held in each Portfolio. As a result, the top ten holdings reflect a higher degree of conviction. In the Growth Portfolio, the number of holdings was reduced to 30 from 39 and the top ten holdings represented 58% of the portfolio at the year end, up from 36%. In the Income Portfolio, the number of holdings was reduced from 36 to 31, and the top ten holdings represented 48% of the Portfolio at 31 May 2026, up from 37%. We would expect the Income Portfolio to remain more diversified than the Growth Portfolio, supporting predictable dividend streams to investors. Lastly, the level of overlap between the Growth and Income Portfolios has increased. This reflects our decision to invest in our view of best-in-class investment company managers, particularly those who utilise a total return approach to investing. An example of this is our introduction of **Invesco Global Equity Income Trust**, which is now the largest holding in the Growth Portfolio and a top five holding in the Income Portfolio. The company’s managers’, Stephen Anness and Overview Strategic Report Governance Report Auditors’ Report Financial Report Notes of Meeting Other Information Annual Report and Financial Statements 2026 | 13 --- Strategic Report Joe Dowling, focus on company cash flow to drive not just dividends but capital growth for investors. Although the portfolio holdings produce a small yield premium to the wider market, the managers' opportunity set is not confined to high yielding stocks, as the investment company structure affords the flexibility to use reserves to top up dividends available to investors – a strategy we believe is suitable for both Portfolios. We set out below, the performance drivers through the 2026 financial year and the investment themes which are expected to influence Portfolio performance going forward. ### The Great Equity Transfer Investors heavily invested in software, data and asset light businesses faced a challenging year. Fears of agentic artificial intelligence ('AI') eating into software and data-related company profitability triggered a bruising de-rating (paying lower price multiples for company profit streams) amongst industry leaders, erasing trillions of pounds in market capitalisation. However, it is private capital markets that are willing to write bigger cheques to fund certain capital-hungry growth businesses, allowing them to remain private for much longer. The Growth Portfolio benefitted from this through its holdings in **The Schiehallion Fund** and **Scottish Mortgage Investment Trust** – both managed by Baillie Gifford, both providing meaningful exposure to these enormous yet-still-private companies. Two of the trusts' largest holdings (SpaceX and Anthropic) added over $2 trillion to their aggregate valuations, whilst still operating as private companies, over the past two years alone, a phenomenon which is having a transformative effect on both public and private markets. Post period-end, SpaceX offered shares to the public for the first time via an IPO (initial public offering) at a market capitalisation on a par with the top ten S&P 500 companies (albeit not included in the main reference index for a further twelve months), or for context, larger than the top ten FTSE 100 companies combined. Anthropic's pathway to IPO is underway and is expected to command a market capitalisation north of $1 trillion. ### Emerging Value Not only has a shift occurred between public to private markets, but, perhaps for the first time in a decade, many of the public market winners are also found away from the US market. Many 'hardware' companies related to AI supply chains, such as companies manufacturing semiconductor and memory chips, have seen their profits explode higher, with a number being domiciled in Emerging Markets. As a result, despite the MSCI Emerging Markets Index returning +55% over one year to 31 May 2026, the index trades on a cheaper price-to-earnings multiple today. Said differently, the performance of Emerging Markets has been entirely driven by increasing corporate profitability. When we reflect upon previous periods of such strong investment returns, this is often attributed to investors re-rating stocks (paying higher price multiples for company profit streams) – not yet the case in Emerging Markets. We have therefore continued to add to our Asian and Emerging Market investment company holdings, as covered in 'A Year of Repositioning'. New holdings within the Growth Portfolio include **Fidelity Emerging Markets** and **Invesco Asia Dragon Trust**; **Invesco Asia Dragon Trust** was also added to the Income Portfolio. ### The UK Needs a Korea Break One of the more eye-catching statistics we've read in recent months was how the UK's aggregate stock market capitalisation had fallen below that of South Korea's, and then quickly followed by falling below that of Taiwan. As discussed in 'Emerging Value', many mission critical companies in the AI supply chains can be found in the Far East. In fact, the Technology sector weighting within the MSCI Emerging Markets Index is now larger than within the S&P 500. No such critical component businesses are domiciled in the UK market, which still comprised 30% in Financials (banks and insurers) versus just 2.4% in Technology at the financial year end. In fact, when we adjust for the sector composition, we do not see the UK market as being particularly cheap and much more in-line with other major markets, such as Europe and Japan. Throughout the year we reduced our holdings in UK-focused investment companies. Whilst no full sales were made from the Growth Portfolio in the second half of the year (six full sales were made in the first half-year), within the Income Portfolio, we exited **Montanaro UK Smaller Companies Investment Trust**, **The Mercantile Investment Trust**, **The City of London Investment Trust** and **The Merchants Trust** (in addition to three full sales detailed in the Half-Year Report). Within the Income Portfolio, we added to our position in **Murray Income Trust**, after the change of manager to the established Artemis UK Income team, which enjoys one of the best and longest track records in the open-ended IA Equity Income Sector and commend the board on its selection. Within our remaining UK equity exposure, we have repositioned the holdings to be increasingly focused on small and mid-sized companies, an area which we believe stands to benefit the most if investor flows return to the UK market. Indeed, absent returning flows, our preference is for investment company managers who utilise a highly engaged approach to unlock value. That is, working with (or even replacing) management teams and boards of directors to drive value through either M&A or business model adaption. We include **Odyssean Investment Trust**, **Strategic Equity Capital** and **Aberforth Smaller Companies** in this cohort. 14 | CT Global Managed Portfolio Trust PLC --- Strategic Report ## Double Up Rarely outside of post-recession recoveries do we look back over twelve months and see funds or trusts which have doubled in value. To that end, we give special mentions to **Polar Capital Technology Trust**, **The Schiehallion Fund** and **Fidelity Emerging Markets** (not owned for the full financial year), all of which provided triple-digit returns. These returns are in no small part due to the flexibility the investment company structure provides portfolio managers. **The Schiehallion Fund** (covered in 'The Great Equity Transfer') invests mostly in private companies which are unsuitable for an open-ended fund. **Fidelity Emerging Markets**, with its +103% share price total return, almost doubled its MSCI Emerging Markets benchmark return. When we decompose those returns, we find that more than half of its outperformance can be attributed to gearing, investing in smaller but less liquid companies and shorting specific companies or markets – impressive use of the investment company structure and we applaud the managers, Chris Tennant and Nick Price, for exceptional outperformance. ## Paying Down for Quality Investors have been told for the past fifteen years that 'paying up' for quality is a successful investment strategy. Why buy value/turnaround businesses when quality businesses can continue to compound without issues? This seems to have changed in the current interest rate environment. We suspect the ten years to 2022 may well be seen as the exception rather than rule for sustained quality outperformance. Indeed, some of the weakest performing investment companies across the sector over the past year were found to have a quality-focused investment approach. However, we still believe high quality and predictable companies should provide a role in investor portfolios, particularly in periods of market stress, when investors flock to companies considered durable and defensive. Over the year, we acquired a new position for the Growth Portfolio in **JPMorgan Global Growth & Income** (as well as significantly adding to the Income Portfolio holding) and within the Income Portfolio we began a new position in **STS Global Income & Growth Trust**. Our preference is for a global, rather than regional, approach to quality companies, giving wider investment remits to identify truly durable businesses. Within the Growth Portfolio, we sold **Finsbury Growth & Income Trust**, **European Opportunities Trust** and **The Monks Investment Trust** and, within the Income Portfolio, we sold **Scottish American Investment Company**, as well as the aforementioned **The City of London Investment Trust** and **Montanaro UK Smaller Companies Investment Trust**. ## A Kick to the Privates Enormous value creation is occurring in particular private equity companies (see 'The Great Equity Transfer'), a phenomenon supported by ever deeper private capital pockets. However private equity success is now increasingly bifurcated between those accessing these companies, and those who do not, or cannot. Within private equity 'buyout' (where businesses are owned and operated predominantly by one private equity sponsor), companies will be managed over a number of years, typically five, and be readied for a sale. It is this 'exit' where the greatest uplift to valuations often occurs. With exits taking longer to achieve, this has had a dampening effect on private equity returns. Compounding the woes, private equity dealmakers have long had a significant preference for 'asset light' companies – businesses which can scale quickly without significant injections of capital. Think software, data and service-based companies. With the onset of AI, these business models have faced a threat like never before. Why pay a software provider when AI can build, code and customise it for you? Within the Growth Portfolio, **HgCapital Trust** (ticker: HGT) was in the eye-of-the private equity and software storm through the financial year. We had modestly increased the position into relative underperformance during the first half of the financial year, but meaningfully reduced the holding in December and January, as we witnessed the software-related issues in public markets, with HGT mostly unscathed at that point. Whilst the trust's share price bounced towards the end of the period, the trust returned -26.3% for the financial year. Additionally, **Literacy Capital** (ticker: BOOK), a UK micro-cap buyout investment company managed by father-son combination Paul and Richard Pinder, returned -28.4% for the year. After an excellent few years of performance, the trust's NAV fell 5.9% as some of the larger holdings gave back some of their previous gains. However, BOOK's share price discount to NAV widened from a 15% to a 34% discount, exacerbating the negative returns to shareholders. Whilst such performance is unwelcome, Paul and Richard Pinder own a combined 39% of BOOK shares in issue and are thus heavily aligned with investor outcomes. Within the Income Portfolio, we topped up our holding in **NB Private Equity Partners** in the first half of the financial year, as, in our view, the portfolio is ripe with mature businesses readied for exit. With exits taking longer to materialise, returns for the year were a positive, but pedestrian +6.1%. Annual Report and Financial Statements 2026 | 15 Overview Strategic Report Governance System Auditors' Report Financial Report Notes of Meeting Other Information --- Strategic Report ## What Didn't Work Whilst we are pleased with investor outcomes in the first year of managing your Company's Portfolios, and indeed have strong conviction in their repositioned states, it would be remiss not to further reflect upon positioning which didn't work for shareholder returns. In our meetings with investment company managers, we endeavour to get under the bonnet of their investment process and decision-making. Within Private Equity, we believe this approach is more powerful and revealing for companies which are investing in their own funds or direct holdings, otherwise known as 'Direct Private Equity'. It leads us away from more 'Diversified Private Equity' companies, such as **Pantheon International** (a full sale during the financial year) and **HarbourVest Global Private Equity** (not owned). These two, despite their diversified approach in a sideways market, returned +37.5% and +42.6% respectively, as their discounts to NAV closed significantly. An opportunity cost and an opportunity missed. Moreover, sometimes investment companies can represent very little of the market we are targeting. Over the financial year, **Aurora UK Alpha Trust** (ticker: ARR) fell -1.4% versus a FTSE All-Share total return +21.6%. Whilst such underperformance is undoubtedly disappointing, ARR bears little resemblance to the wider UK market with an active share of close to 95% (that is, the trust owns a portfolio which is 95% different from the FTSE All-Share composition). The uniqueness of ARR does not end there. The manager, Phoenix Asset Management, led by Gary Channon, is not paid an ongoing management fee from the trust, with the manager solely earning a performance fee, only paid if the trust outperforms the index. And even then, the performance fee is paid in ARR shares, strengthening the alignment of interest with shareholders, encouraging long termism rather than chasing short-term performance. We remain patient. ## The Future Belongs to the Optimists Our positive outlook at the start of the financial year, based on a strengthening economic backdrop and improving corporate earnings, has, at times, been tested by heightened geopolitical risks. However, the strength of corporate earnings has driven many equity market indices to new record highs, much in relation to AI and data centre supply chains. We remain alive to any further conflict escalations in the Middle East, recognising the importance that energy pricing and energy security has on the ability for AI related profitability to continue to flourish. Economic growth continues to remain robust in the face of, once again, heightened inflation expectations. This may have consequences for the path of interest rates as central banks decide how aggressively they need to respond to another wave of inflation. Overall, our views remain constructive. We expect economic growth to stay positive, while earnings momentum appears strong and increasingly broad-based across sectors and regions. Narrow market leadership remains a risk, particularly given the extent to which the AI theme has driven gains in a relatively small group of companies, but the underlying profit picture is healthier than this suggests. Against that backdrop, we continue to see the most compelling return opportunities in equities, both public and private, with selective allocations to alternatives, bonds and direct lending investment companies. From a regional perspective, we continue to favour Asia and Emerging Markets, having reallocated away from the UK throughout the financial year. In summary, while geopolitical uncertainty may bring further market volatility, resilient growth and solid corporate fundamentals should remain the dominant forces shaping markets going forward. We remain excited for the prospects for both the Growth and Income Portfolios, which we believe are invested in best-in-class managers, who utilise the structural advantages of investment companies and continue to drive strong shareholder returns over the longer term. We look forward to further updating investors at the AGM in October and over the current financial year. **Columbia Threadneedle Investment Business Limited** 16 | CT Global Managed Portfolio Trust PLC --- Strategic Report # Purpose, Strategy and Business Model ## Purpose and Strategy In a world with ever more choice, the purpose of CT Global Managed Portfolio is to offer a solution for people who may not have the confidence, expertise or time to research, choose and manage their own investments. With one investment decision, investors can access an instantly diversified Portfolio spread across different regions, sectors, investment styles and investment managers. This approach aims to mitigate the impact of short-term volatility in any one area and seeks to deliver more stable long-term performance. Investors have a choice of two classes of shares, with different investment aims over time and separate Portfolios: - CT Global Managed Portfolio Growth shares have the sole aim of growing investors' capital; and - CT Global Managed Portfolio Income shares have the primary aim of providing investors with a growing regular income and a secondary aim of some growth in their capital. The ability to switch between the share classes annually, without incurring any capital gains tax liability(1) or paying any stamp duty, offers flexibility for those investors whose needs change over time. (1) Under current law, conversions will not be treated as disposals for UK capital gains tax purposes. Tax rules may change. ## Business Model CT Global Managed Portfolio is a listed closed-end investment company and carries on business as an investment trust. As an investment company with no employees, the Directors believe that the best way of meeting their duty to promote the success of the Company and achieving its investment objective for the benefit of stakeholders is to work closely with its appointed Manager. The Board has contractually delegated the management of the investment Portfolios, and other services, to Columbia Threadneedle Investment Business Limited (the 'Manager') which is owned by Columbia Threadneedle Investments, the global investment management business of Ameriprise Financial, Inc., a company incorporated in the United States. Within policies set and overseen by the Directors, the Manager has been given overall responsibility for the management of the Company's assets, gearing, stock selection and risk management. As a listed closed-end investment company, the Company is not constrained by asset sales to meet redemptions. It also has a revenue reserve and other distributable reserves which can be drawn on to support the Company's dividend policy. The Company's capital structure provides the flexibility to take a longer term view and to remain invested while taking advantage of volatile market conditions. Having the ability to borrow to invest is also a significant advantage over a number of other investment fund structures. These features combine to form a resilient and adaptable business model. The Company's Board of non-executive Directors is responsible for the overall stewardship and governance of the Company and how it promotes the success of the Company is set out on pages 22 and 23. The Board's biographical details can be found on page 30. The Company has no executive Directors or employees. The Board remains responsible for decisions over corporate strategy, corporate governance, risk and control assessment, setting policies as detailed on pages 27 to 29, setting limits on gearing and monitoring investment performance. ## Alignment of Values and Culture In addition to strong investment performance from our Manager, we expect it to adhere to the very highest standards of responsible investment, transparency, corporate governance and business ethics and that its values and culture align with our own. The Manager is a founding signatory to the United Nations-supported Principles for Responsible Investment under which signatories contribute to the development of a more sustainable global financial system. As a signatory the Manager aims to incorporate the consideration of financially material environmental, social and governance ('ESG') factors into its investment processes. The Manager has a culture of diversity, collaboration and inclusion, anchored by shared values, in keeping with the Board's own expectations and beliefs. In alignment with this culture and our shared values, we aim to pursue our strategy and objective through the consistent application of the very highest standards of transparency, corporate governance and business ethics. ## Responsible Investment The direct impact of the Company's activities on the community or environment is minimal as it has no employees, premises, physical assets or operations, either as a producer or a provider of goods and services, and it does not have customers in the traditional sense. Consequently, it does not directly generate any greenhouse gas or other emissions or pollution. The Manager has processes in place to identify material ESG risks in investment portfolios, and it considers financially material ESG factors when assessing investee companies and other securities held in investment portfolios. For more information, please see the Manager's responsible investment approach as explained on pages 19 and 20. ## The Manager A summary of the investment management agreement is contained in notes 4 and 5 to the financial statements. The Manager also acts as the Alternative Investment Fund Manager ('AIFM') under the Alternative Investment Fund Annual Report and Financial Statements 2026 | 17 Overview Strategic Report Governance Studies Auditors' Report Financial Report Notice of Meeting Other Information --- Strategic Report Managers Directive ('AIFMD') and provides ancillary functions such as administration, marketing, accounting and company secretarial services to the Company. Since 1 June 2025, Adam Norris and Paul Green have been the Company's investment managers (the 'Investment Managers'), on behalf of the Manager. They are supported by the Manager's broader EMEA Multi-Asset Solutions team (of which they are members). ### Manager Evaluation Investment performance and responsible ownership are fundamental to delivering the investment objective for shareholders and therefore an important responsibility of the independent non-executive Board of Directors is the robust annual evaluation of the Manager. This evaluation is an essential element of strong governance and mitigation of risk. The process for the evaluation of our Manager's performance and its capabilities and resources for the period under review, which was conducted by the Management Engagement Committee, and the basis on which the decision to continue the appointment was made, is set out on page 45. ### Investment Strategy and Policy The Company's investment policy is set out on page 27. Any material change in the Company's investment policy will require the approval of shareholders at a general meeting. ### Our Approach The Company's investments are managed in two separate Portfolios, the Growth Portfolio and the Income Portfolio, which are attributable to the Growth shares and Income shares respectively. The Company invests principally in listed closed-end investment companies and the majority of its holdings comprise equity investments. Whilst there may be some overlap in the holdings in the two Portfolios, the holdings in each Portfolio are selected based on the investments which are deemed most appropriate to achieve the aims of the relevant share class. A full list of the investments in each Portfolio, together with analyses of their breakdown by geography, manager categorisation and sector, can be found on pages 8, 9, 11 and 12. Whilst there are no limits on either Portfolio's exposures to geographies, sectors, investment styles or investment managers, investment risks in each Portfolio are spread through holding a broad range of investment companies. ### Principal Risks and Uncertainties Investment opportunities do not come without risks. The Company's principal risks and uncertainties that could threaten its objective, strategy and performance, and how the Board manages such risks, are set out in detail on pages 24 and 25. The performance of the Manager is monitored at each Board meeting on a number of levels. At each Board meeting it reports on the Company's investment Portfolios, investment performance, recent Portfolio activity, market outlook, revenue forecasts, internal controls, any errors, marketing, shareholders and regulatory updates. The Board also considers compliance with the investment policy, investment restrictions and borrowing covenants. In addition to managing the two Portfolios, functions such as administration, marketing, accounting and company secretarial are carried out by the Manager. The Directors also review these services, and those provided by other suppliers, such as JPMorgan Europe Limited, the Depository, and JPMorgan Chase Bank, the Custodian, in their duties of safeguarding the Company's assets. ### Review of Performance and Outlook The key policies applied in running the Company are set out on pages 27 to 29 and the Company's performance in meeting its objectives is measured against key performance indicators ('KPIs') as set out on page 21. The Chairman's Statement on pages 3 to 6 and Investment Managers' Review on pages 13 to 16, both of which form part of this Strategic Report, provide a review of the Company's returns, the investment Portfolios and market conditions during the year and the outlook for the current year. ### Stakeholder Communication and Marketing The Company fosters good working relationships with its key stakeholders, such as the Manager, shareholders, bankers and other key service providers. The Board works closely with the Manager to ensure optimal delivery of the Company's investment proposition through all available channels and, together, we remain focused on promoting the success of the Company. The Manager offers a range of savings plans for retail investors which are a convenient and flexible way to invest in the Company, details of which can be found in the How to Invest section on page 93. The Board also has a Marketing Committee to aid in promoting the Company and its report is set out on page 46. The Company welcomes the views of all shareholders and places great importance on communication with them. In addition to the annual and half-year reports that are available for shareholders, monthly fact sheets and additional information is included on the Company's website at ctglobalmanagedportfolio.co.uk. Whenever the Manager holds meetings with the Company's shareholders, these are reported on to the Board. The Chairman and other Directors are available to meet shareholders if required. In addition, meetings are held regularly with current and prospective shareholders and analysts covering the investment company sector. The Annual General Meeting of the Company provides a forum, both formal and informal, for all shareholders to meet and discuss issues with the Directors and Manager. Through the Manager, we also make sure the investors through its savings plans are able to vote at the AGM in addition to those who hold their shares on the main shareholder register. Details of the proxy voting results on each resolution are published on the Company's website. 18 | CT Global Managed Portfolio Trust PLC --- Strategic Report # Responsible Investment The Company does not have ESG or sustainable characteristics. However, as part of its overall risk management process, the Manager integrates the consideration of financially material environmental, social and governance ('ESG') factors into its research and investment process and encourages stronger ESG practices to be adopted by issuers through its engagement and voting activities. We believe investing responsibly is fundamental to long-term wealth creation. ## Our Approach We believe that good financial outcomes are more likely to be achieved if the Manager fully understands the risks and opportunities that relate to the markets in which the Company invests. The Manager believes the consideration of financially material ESG factors can provide an important perspective to its investment research. Companies demonstrating a resilient business model, organisational stability and the ability to evolve are best placed to deliver long-term value, support economic growth and serve broader prosperity. Financially material ESG factors are therefore integrated into the Manager's investment process. There are two strands to the Board's approach to responsible investment: - the Company's own responsibilities on matters such as governance; and - ESG integration, engagement and proxy voting made on its behalf by its Manager. The Company's compliance with The AIC Corporate Governance Code is detailed in the Corporate Governance Statement on pages 38 to 40. In addition, the Policy Summary statement on pages 27 to 29 includes the Company's policies towards Board diversity and tenure, integrity and business ethics, UK financial sanctions and prevention of the facilitation of tax evasion. The Manager, as an active owner, engages in dialogue with the issuers it invests in on behalf of its clients. This dialogue is an integral part of its approach to research and investment, as a steward of client capital. However, as a company which invests in other investment companies, the Company is mindful that it has a limited ability to exert influence over the underlying investments held in those entities. The Manager is a signatory of the UK Stewardship Code and its statement of compliance can be found on its website at columbiathreadneedle.com. ## Stewardship The Manager engages with issuers on ESG factors that could have a material impact on their businesses and, where necessary, encourages improvement in management practices that it believes could help drive financial returns for clients. The Manager's stewardship activities are supported by a Stewardship Policy, which describes the Manager's approach to corporate governance, proxy voting and engagement, as well as respective addendums on how to manage potential conflicts of interest. This policy supports the Manager's engagement and voting activities on behalf of its clients and is available on its website. The Manager's Corporate Governance Guidelines, part of its Stewardship Policy, set out its expectations of the management of investee companies in terms of good corporate governance. This includes the affirmation of responsibility for reviewing internal policies and maintaining a code of conduct reflecting corporate values and promotion of responsible business practices. Codes of conduct should address business-critical compliance issues including anti-corruption practices. The Manager is a founding signatory to the United Nations-supported Principles for Responsible Investment under which signatories contribute to the development of a more sustainable global financial system. As a signatory, the Manager aims to incorporate the consideration of financially material ESG factors into its investment processes. The Manager, as part of its ongoing due diligence, assesses governance of the boards of the respective investment companies and also their investment managers. Where appropriate, the Manager engages with the boards or fund managers of the investment companies held in the Income Portfolio and Growth Portfolio. Examples include engaging with boards of investment companies on areas such as capital allocation, remuneration policies, how directors oversee manager practices and wider industry trends. Annual Report and Financial Statements 2026 | 19 Overview Strategic Report Governance Report Auditor's Report Financial Report Notice of Meeting Other Information --- Strategic Report--- One specific engagement example involved providing input which led to a material reshaping of the remuneration structure for a manager incentive scheme. This was in order to better align the performance fee with shareholder outcomes and incentivise cash returns from underlying private portfolio holdings, as well as placing an overall cap on rewards for the manager. ### Climate Change The Manager recognises the importance of managing financially material climate-related risks and opportunities effectively in its investment and stewardship processes. We expect the managers of the investment companies in the Portfolios to incorporate considerations around financially material climate change risks and opportunities into their investment and stewardship processes. It is important to consider not only the potential investment downsides, but also the opportunities that the energy transition will bring. Examples are the Income Portfolio’s investments in Greencoat UK Wind and GCP Infrastructure Investments, both of which give focused exposure to climate change solutions. Unlike listed trading companies, as an investment company, the Company is not required to report against the recommendations of the Task Force on Climate-related Financial Disclosures. ### Voting on Portfolio Investments As noted previously, the Manager’s Corporate Governance Guidelines set out expectations of the boards of investee companies in terms of good corporate governance. The Board expects to be informed by the Manager of any sensitive voting issues involving the Company’s investments. In the absence of explicit instructions from the Board, the Manager is empowered to exercise discretion in the use of the Company’s voting rights and reports to the Board on its voting record. The Manager will vote on all investee company resolutions. During the financial year, the Manager voted at 91 meetings of investee companies held by the Company. The Manager did not support one resolution which was recommended during the period. The single vote against was related to a director re-election, where their re-election would have taken the director to a twelve year term, as opposed to the UK Corporate Governance Code nine-year recommended limit. With respect to all items voted, the Manager supported over 99.78% of all resolutions. 20 | CT Global Managed Portfolio Trust PLC --- Strategic Report # Key Performance Indicators The Board recognises that, for holders of both share classes, longer-term share price performance is very important. The overriding priority is to add value for shareholders through the performance of the net asset value and discount/premium management, these being the main drivers of share price performance, and competitive ongoing charges. In addition, the Board recognises that an attractive level of income is also very important for Income shareholders and, in this regard, the aim is to provide dividend growth at least equal to the rising cost of living (as measured by CPI) over rolling three-year periods (based on financial years). The Board uses a number of performance measures to assess the Company's success in meeting its objectives. The key performance indicators (also referred to as Alternative Performance Measures) are set out below. For the reasons explained in the Chairman's Statement on page 3, three comparator indices, in place of the previous single benchmark index (the FTSE All-Share Index), for gauging NAV and share price total return performance have been adopted by the Board for the financial year commencing 1 June 2026 and subsequent financial years. In addition, the Board has adopted the aim of increasing dividends by at least as much as inflation (as measured by CPI) over rolling three-year periods (based on financial years), with the first such period having ended on 31 May 2026. Additional commentary on the performance of the Company during the year ended 31 May 2026 is provided in the Chairman's Statement and Investment Managers' Review on pages 3 to 6 and 13 to 16 respectively. ## Total Return$^{(1)}$ Performance to 31 May 2026 | | 1 year % | 3 years % | 5 years % | 10 years % | | | --- | --- | --- | --- | --- | --- | | Growth share price | 25.6% | 44.0% | 17.0% | 117.4% | This measures the share price total returns (which assume dividends paid by the Company have been reinvested) relative to the Company's three comparator indices. The three comparator indices will be adopted on 2 September 2026. Prior to that date, the Company used the FTSE All-Share Index as a benchmark index. | | Income share price | 21.2% | 32.3% | 23.9% | 98.1% | | | Comparator indices | | | | | | | – FTSE All-Share Closed End Investments Index | 27.6% | 49.5% | 32.0% | 163.3% | | | – FTSE All-Share Index | 21.6% | 53.6% | 67.0% | 134.6% | | | – Consumer Price Index | 2.8% | 8.4% | 28.5% | 41.8% | | ## Dividend Level of the Income Shares | Financial year ended 31 May | 2026 | 2025 | 2024 | | | --- | --- | --- | --- | --- | | Annual dividend | 7.85p | 7.60p | 7.40p | This shows the dividend yield of the Income shares (based on the annual dividend) at the financial year end. It also shows the increases in the annual dividend and CPI over the three years to the financial year-end (the aim of providing dividend growth at least equal to the increase in CPI over rolling periods of three financial years was first adopted for the period which ended 31 May 2026). | | Dividend yield^{(1)} | 6.0% | 6.6% | 6.2% | | | Three-year increase in dividend^{(1)} | 9.0% | 14.3% | 19.4% | | | Three-year increase in CPI | 8.4% | 14.6% | 20.9% | | ## Average +Premium/-Discount to NAV$^{(1)}$ | During the financial year ended 31 May | 2026 | 2025 | 2024 | | | --- | --- | --- | --- | --- | | Growth shares | -1.8% | -1.8% | -2.5% | This is the average difference between the share price and the NAV per share during the financial year. | | Income shares | +0.6% | +0.8% | -0.2% | | ## Ongoing Charges$^{(1)}$ | As at 31 May | 2026 | 2025 | 2024 | | | --- | --- | --- | --- | --- | | Growth shares | 1.03% | 1.11% | 1.11% | This shows whether the Company is being run efficiently. It measures the running costs as a percentage of average net assets during the financial year. | | Income shares | 1.07% | 1.22% | 1.20% | | $^{(1)}$ See Alternative Performance Measures on pages 95 to 97. Ongoing charges above do not include the ongoing charges of underlying funds as these are not controlled by the Board and are not a running cost of the Company. Source: Columbia Threadneedle Investments and Refinitiv Eikon Annual Report and Financial Statements 2026 | 21 Overview Strategic Report Governance Report Auditors' Report Financial Report Notes of Meeting Other Information --- Strategic Report # Promoting the Success of the Company ## Section 172 Statement Under Section 172 of the Companies Act 2006, the Directors have a duty to act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole and, in doing so, have regard (amongst other matters) to: - the likely consequences of any decision in the long term; - the interests of the Company's shareholders; - the need to foster the Company's business relationships with suppliers, customers and others; - the impact of the Company's operations on the community and environment; - the desirability of the Company maintaining a reputation for high standards of business conduct; and - the need to act fairly as between members of the Company. As explained on page 17, the Company is an externally managed investment company and has no employees, customers or premises. The Board believes that the optimum basis for meeting its duty to promote the success of the Company is by appointing and managing third parties with the requisite performance records, resources, infrastructure, experience and control environments to deliver the services required to achieve the investment objective and successfully operate the Company. By developing strong and constructive working relationships with these parties, the Board seeks to ensure high standards of business conduct are adhered to at all times and service levels are enhanced whenever possible. This, combined with the careful management of costs, is for the benefit of all shareholders who are also key stakeholders. As set out on page 17, the Board's principal working relationship is with the Manager, which is responsible for the management of the Company's assets in line with the investment objective and policy set by the Board. The Manager also provides ancillary functions such as administration, marketing, accounting and company secretarial services to the Company and acts as the AIFM. The Board works closely with the Manager and oversees the various matters which have been delegated to it, and ensures the Company's daily operations run smoothly for the benefit of all stakeholders. The Investment Managers' Review is set out on pages 13 to 16. The Manager has processes in place to identify material ESG risks in investment portfolios, and it considers financially material ESG factors when assessing investee companies and other securities held in investment portfolios. It's Responsible Investment approach is set out on pages 19 and 20. Information on the annual evaluation of the Manager, to ensure its continued appointment remains in the best interests of shareholders, is set out on page 45. In addition to the Company's shareholders, Manager and bankers, other key stakeholders include its service providers such as the Custodian, Depositary, Broker and Registrar. The Board receives regular reports from the Company's key service providers on an ongoing basis and evaluates them to ensure expectations on service delivery are met. The Board places great importance on communication with shareholders and further information is set out on page 18. The Company's stakeholders are always considered when the Board makes decisions and examples include: - **Investment Manager succession** From 1 June 2025, the beginning of the Company's 2026 financial year, the Portfolios have been managed by Adam Norris and Paul Green, supported by the Manager's broader EMEA Multi-Asset Solutions team (of which they are members). Your new Investment Managers have had a busy year conducting meetings with both existing and new investment company portfolio managers. They have implemented a new, medium-term strategic asset allocation framework which will help guide the allocation of capital in both Portfolios. Over the past year, they have implemented changes, both at the asset allocation level and the individual stock level, increasing the aggregate exposure in the top ten investments within the Portfolios to better reflect their assessment of best ideas. This has led to more concentrated Portfolios, where the Investment Managers believe returns from their best ideas can have a more meaningful impact to the returns of the Company for shareholders. These changes are referenced within the Investment Managers' Review. 22 | CT Global Managed Portfolio Trust PLC --- Governance Report # Report of the Directors The Directors submit the Annual Report and Financial Statements of the Company for the year ended 31 May 2026. The Directors' biographies, Corporate Governance Statement, the Report of the Audit Committee, the Report of the Management Engagement Committee, the Report of the Marketing Committee, the Report of the Nomination Committee and the Directors' Remuneration Report form part of this Report of the Directors. ## Statement Regarding Annual Report and Financial Statements The Directors consider that, following a detailed review and advice from the Audit Committee, the Annual Report and Financial Statements for the year ended 31 May 2026, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company's position and performance, business model and strategy. The Audit Committee reviewed the draft Annual Report and Financial Statements for the purpose of this assessment and, in reaching this conclusion, the Directors have assumed that the reader of the Annual Report and Financial Statements would have a reasonable level of knowledge of the investment industry in general and investment companies in particular. The outlook for the Company can be found on pages 6 and 16. Principal risks and uncertainties can be found on pages 24 and 25 with further information in notes 18 to 23 to the financial statements. There are no instances where the Company is required to make disclosures in respect of UK Listing Rule 6.6.1R. ## Results and Dividends The results for the year are set out in the financial statements on pages 58 to 83. The return attributable to shareholders was £36,567,000, of which £14,198,000 was attributable to the Income Portfolio and £22,369,000 to the Growth Portfolio. The Company has paid quarterly interim dividends in the year ended 31 May 2026 as follows: ### Interim Dividend Payments | | Payment date | Rate per Income share | | --- | --- | --- | | Fourth interim for 2025 | 11 July 2025 | 2.05p | | First interim for 2026 | 10 October 2025 | 1.90p | | Second interim for 2026 | 16 January 2026 | 1.90p | | Third interim for 2026 | 17 April 2026 | 1.90p | A fourth interim dividend of 2.15p per Income share was paid after the year-end, on 10 July 2026, to Income shareholders on the register at close of business on 12 June 2026. The total dividend for the financial year ended 31 May 2026 of 7.85p per Income share represents an increase of 3.3% over the 7.60p per Income share paid in respect of the previous financial year ended 31 May 2025. As set out in the Company's dividend policy on page 28, payments are currently made quarterly as interim dividends and the Board intends, with effect from the financial year commencing 1 June 2027, that the frequency of dividend payments will change from quarterly to monthly. The Company does not currently pay a final dividend that would require formal shareholder approval at the AGM. This enables the fourth interim dividend payment and, in due course, the twelfth interim dividend to be made in July and earlier than would be possible if that dividend was classed as a final dividend and subject to shareholder approval at the AGM. As an alternative, the Board proposes to seek formal shareholder approval at the Annual General Meeting ('AGM') to continue to pay all dividends as interim dividends (Resolution 10). ## Principal Activity and Status The Company is registered in Scotland as a public limited company in terms of the Companies Act 2006 (Company Number: SC338196). The Company is an investment company within the terms of Section 833 of the Companies Act 2006. The Company carries on business as an investment trust and has been approved as such by HM Revenue & Customs ('HMRC'), subject to it continuing to meet the relevant eligibility conditions and ongoing requirements. As a result, it is not liable for corporation tax on capital gains. The Company intends to continue to conduct its affairs so as to enable it to comply with the requirements. The Company is required to comply with company law, the rules of the Financial Conduct Authority and other legislation and regulations, including financial reporting standards, and its Articles of Association. The Company is a member of the Association of Investment Companies (the 'AIC'). Annual Report and Financial Statements 2026 | 31 Overview Strategic Report Governance Report Auditors' Report Financial Report Notice of Meeting Other Information --- Governance Report ## Accounting and Going Concern Shareholders will be asked to approve the adoption of the audited financial statements at the AGM (Resolution 1). The financial statements start on page 58 and the unqualified Independent Auditor's Report on the financial statements is on pages 52 to 57. The significant accounting policies of the Company are set out in note 1 to the financial statements. In assessing the going concern basis of accounting, the Directors have had regard to the guidance issued by the Financial Reporting Council and have undertaken a rigorous review of the Company's ability to continue as a going concern. As an investment company investing primarily in listed securities, most of the Company's principal risks and uncertainties are market-related. An explanation of these risks and how they are managed is set out on pages 24 and 25. The Board has, in particular, considered the outlook for inflation and ongoing macroeconomic and geopolitical concerns which have impacted the value of investments, but does not believe the Company's ability to continue as a going concern is affected. The Company's investment objective and policy, which is described on page 27 and is subject to regular Board monitoring processes, is designed to ensure that the Company is invested principally in listed securities. The value of these investments exceeds the Company's liabilities by a significant margin. The Company retains title to all assets held by its Custodian and has an agreement relating to its borrowing facility with which it complied during the year. Cash is only held with banks approved and regularly reviewed by the Manager. As part of the going concern review, the Directors noted that a £10 million revolving credit facility is committed to the Company until 10 February 2027 and loan covenants are reviewed by the Board on a regular basis. Further details are set out in note 12 to the financial statements. It is expected that a new borrowing facility could be entered into when the current arrangement expires, but, if not, or should the Board decide not to renew this, any outstanding borrowing would be repaid through the use of cash and, if required, from the proceeds of the sale of the Company's investments. Notes 18 to 23 to the financial statements set out the financial risk profile of the Company and indicate the effect on the assets and liabilities of falls (and rises) in the value of securities and market rates of interest. The Company does not have a fixed life. However, the Company's Articles of Association require the Board to next put a resolution to shareholders at the 2028 Annual General Meeting (and five-yearly thereafter) to continue the Company. The continuation vote will be proposed as an ordinary resolution. The last such resolution was put to shareholders and passed at the Annual General Meeting held on 28 September 2023. 99.9% of votes were in favour of the resolution and 0.1% were against. The Directors believe, having assessed the principal risks and other matters, in light of the controls and review processes noted and bearing in mind the nature of the Company's business and assets and revenue and expenditure projections, 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. For this reason, they continue to adopt the going concern basis in preparing the financial statements. The Company's longer term viability is considered in the Viability Assessment and Statement section on page 26. ## Statement of Disclosure of Information to Auditor As far as the Directors are aware, there is no relevant audit information of which the Company's Auditor is unaware, and each Director has taken all the steps that he or she ought to have taken as a Director in order to make themself aware of any relevant audit information and to establish that the Company's Auditor is aware of that information. ## Re-appointment of Auditor BDO LLP ('BDO') was re-appointed as the Company's Auditor at the Annual General Meeting on 1 October 2025 and it has expressed its willingness to continue in office as the Company's Auditor. A resolution proposing its re-appointment and a resolution authorising the Directors to determine its remuneration will be submitted at the AGM (Resolutions 8 and 9). Further information in relation to the re-appointment can be found on page 43. ## Capital Structure and Voting Rights The Company's capital structure is explained in the Capital Structure section on page 90 of this Annual Report and details of the share capital, including changes during the year, are set out in note 13 to the financial statements. Details of voting rights are also set out in the notes to the notice of Annual General Meeting. At 31 May 2026 there were 60,877,194 Income shares and 38,756,710 Growth shares listed, of which no Income shares and 4,773,000 Growth shares were held in treasury, and the total issued share capital of the Company (excluding treasury shares) was represented 64.2% by 60,877,194 Income shares and 35.8% by 33,983,710 Growth shares. There are: - no significant restrictions concerning the transfer of securities in the Company (other than certain restrictions imposed by laws and regulations such as insider trading laws); 32 | CT Global Managed Portfolio Trust PLC --- Governance Report - no agreements known to the Company concerning restrictions on the transfer of securities in the Company or on voting rights; and - no special rights with regard to control attached to securities. Pursuant to the Company's loan facility agreement, repayment may be required in the event of a change in control of the Company. There are no other significant agreements which the Company is a party to that might be affected by a change of control of the Company following a takeover bid. ### Substantial Interests in Share Capital As at 31 May 2026 and since that date the Company had received no notifications of significant voting rights (under the FCA's Disclosure Guidance and Transparency Rules) in respect of the Company's share capital. ### Manager's Savings Plans Since the launch of the Company, the majority of the Income shares and Growth shares have been held through the Manager's savings plans. At 31 May 2026, approximately 64.1% of the Income shares and 84.6% of the Growth shares are held in this manner. The voting arrangements for these shares is explained on page 90. ### Share Conversion During the year the Company's annual share conversion facility proceeded for those shareholders who had elected to do so. The net result of those conversions, which took effect on 6 November 2025, was a decrease of 38,324 Income shares in issue and an increase of 15,549 Growth shares in issue. ### Directors' Remuneration Report At the Annual General Meeting held on 28 September 2023, shareholders approved the Directors' Remuneration Policy. It is a requirement that shareholder approval is sought at least every three years and therefore shareholders will be asked to approve the Directors' Remuneration Policy at the forthcoming Annual General Meeting (Resolution 2). There have been no material changes to the Remuneration Policy since approved by shareholders at the Annual General Meeting held on 28 September 2023. It is intended that this policy will continue for the three year period ending at the AGM in 2029. The Directors' Remuneration Report, which can be found on page 48 to 50, provides detailed information on the remuneration arrangements for the Directors of the Company, including the Directors' Remuneration Policy. Shareholders will be asked to approve the Directors' Remuneration Report for the year ended 31 May 2026 (Resolution 3) at the AGM on 23 October 2026. Remuneration is set at a level commensurate with the skills and experience necessary for the effective stewardship of the Company and the expected contribution of the Board as a whole. ### Director Election and Re-elections Biographical details of the Directors, all of whom are non-executive, can be found on page 30 and are incorporated into this report by reference. With the exception of Simon Longfellow who retired on 31 December 2025 and Roland Spencer who was appointed on 19 February 2026 all of the Directors held office throughout the year under review. In accordance with the Company's Articles of Association, any Director appointed by the Board shall hold office only until the next general meeting and shall then be eligible for election. Accordingly, Roland Spencer will retire at the AGM, being the first such meeting following his appointment, and being eligible offers himself for election (Resolution 6). As explained in the Corporate Governance Statement on page 39, the Board has agreed that all Directors will retire annually. Accordingly, Shauna Bevan, Sue Inglis and David Warnock will retire at the AGM and, being eligible, offer themselves for re-election. (Resolutions 4, 5 and 7). The skills and experience each Director brings to the Board for the long-term sustainable success of the Company are set out below. - Resolution 4 relates to the re-election of Shauna Bevan who was appointed on 9 June 2022 and has in-depth investment experience and industry knowledge. - Resolution 5 relates to the re-election of Sue Inglis who was appointed on 9 July 2018. She has extensive and in-depth knowledge and experience in the investment companies sector having been a senior corporate financier and, prior to that, a senior lawyer specialising in investment companies and also from her other non-executive director roles. - Resolution 6 relates to the election of Roland Spencer who was appointed on 19 February 2026 and has in depth knowledge and experience of the UK direct-to-consumer investments and platform market. - Resolution 7 relates to the re-election of David Warnock who was appointed on 1 January 2019 and has in-depth knowledge, expertise and experience in investment management and with investment companies. The Directors believe that the Board has an appropriate balance of skills, experience, independence and knowledge of the Company to enable it to provide effective strategic leadership and proper governance of the Company. The Chairman and the Board confirms that, following formal performance evaluations, the performance of each of the Directors continues to be effective and demonstrates commitment to the role and, having considered the Directors' other time commitments and Board positions, are satisfied that each Director has the capacity to be fully engaged with the Company's business. In addition, the Board believes that each Director is independent in character Annual Report and Financial Statements 2026 | 33 Overview Strategic Report Governance Report Auditors' Report Financial Report Notice of Meeting Other Information --- Governance Report and judgement, that they perform their duties at all times in an independent manner and that there are no relationships or circumstances which are likely to affect the judgement of any Director. The Board believes that continuity and experience add significantly to the strength of the Board. Additional information on diversity and tenure is set out on pages 28, 29 and 47. The Chairman and the Board therefore believe that it is in the interests of shareholders that each of those Directors seeking election and re-election are elected/re-elected. There are no service contracts in existence between the Company and any Directors but each of the Directors has been issued with, and accepted, the terms of a letter of appointment that sets out the main terms of their appointment. Amongst other things, the letter includes confirmation that the Director has a sufficient understanding of the Company and the sector in which it operates, and sufficient time available to discharge their duties effectively taking into account their other commitments. These letters are available for inspection upon request at the Company's registered office during normal business hours and will be available for inspection at the Annual General Meeting. ### Directors' Interests and Letters of Indemnity There were no contracts of significance to which the Company was a party and in which a Director is, or was, materially interested during the year. The Company has entered into letters of indemnity in favour of each of the Directors and these were in force throughout the year ended 31 May 2026. These letters give each Director the benefit of an indemnity to the extent permitted by the Companies Act 2006 against liabilities incurred by each of them in the execution of their duties and the exercise of their powers. A copy of each letter of indemnity is available for inspection at the Company's registered office during normal business hours and will be available for inspection at the Annual General Meeting. The Company also maintains Directors' and officers' liability insurance. ### Conflicts of Interest Under the Companies Act 2006 a Director must avoid a situation where they have, or could have, a direct or indirect interest that conflicts, or possibly may conflict, with the Company's interests. The requirement is very broad and could apply, for example, if a Director becomes a director of another company or a trustee of another organisation. The Companies Act 2006 allows directors of public companies to authorise conflicts and potential conflicts, where appropriate, where the Articles of Association contain a provision to this effect. The Company's Articles of Association give the Directors authority to approve such situations. The Board therefore has procedures in place for the authorisation and review of potential conflicts relating to the Directors. The Company maintains a register of Directors' conflicts of interest which have been disclosed and approved by the other Directors. Other than authorisation of Directors' other directorships, no authorisations have been sought. This register is kept up-to-date and the Directors are required to disclose to the Company Secretary any changes to conflicts or any potential new conflicts. ### Safe Custody of Assets The Company's investments are held in safe custody by JPMorgan Chase Bank (the 'Custodian'). Operational matters with the Custodian are carried out on the Company's behalf by the Manager in accordance with the provisions of the investment management agreement. The Custodian is paid a variable fee dependent on the number of trades and the value and location of the securities held. ### Depositary JPMorgan Europe Limited (the 'Depositary') acts as the Company's depositary in accordance with the AIFMD. The Depositary's responsibilities, which are set out in an Investor Disclosure Document on the Company's website (ctglobalmanagedportfolio.co.uk), include, but are not limited to, cash monitoring, segregation and safe keeping of the Company's financial instruments and monitoring the Company's compliance with investment and leverage limit requirements. The Depositary receives for its services a fee of 0.01% per annum on the value of the Company's net assets, payable monthly in arrears. Although the Depositary has delegated the safekeeping of all assets held within the Company's investment Portfolios to the Custodian, in the event of loss of those assets that constitute financial instruments under the AIFMD, the Depositary will be obliged to return to the Company financial instruments of an identical type, or the corresponding amount of money, unless it can demonstrate that the loss has arisen as a result of an external event beyond its reasonable control, the consequences of which would have been unavoidable despite all reasonable efforts to the contrary. ### Management and Administration The Manager provides management, administration, marketing, accounting and company secretarial services to the Company. A summary of the investment management agreement between the Company and the Manager in respect of the services provided is given in notes 4 and 5 to the financial statements. The Manager is the Company's AIFM, for which it does not receive any additional remuneration. Since the end of the year, the Management Engagement Committee has reviewed the appropriateness of the Manager's appointment. In carrying out its review the Committee considered the past investment performance of the Company 34 | CT Global Managed Portfolio Trust PLC --- Governance Report and the ability of the Manager to produce satisfactory investment performance in the future. It also considered the length of the notice period of the investment management agreement and the fees payable to the Manager, together with the standard of other services provided, which include administration, marketing, accounting and company secretarial services. Following this review, which included a comparison against the terms of appointment of investment managers for similar investment companies, it is the Directors' opinion that the continuing appointment of the Manager on the terms agreed is in the interests of shareholders as a whole. ### Other Companies Act Disclosures - The rules for appointment and replacement of Directors are contained in the Articles of Association of the Company. In respect of periodic retirement, the Articles of Association provide that each Director is required to retire at the third Annual General Meeting after the Annual General Meeting at which last elected or re-elected. As mentioned earlier in this Report, the Board has agreed that all Directors will retire annually. - Amendment of the Articles of Association and powers to issue and buy-back shares require shareholder authority. - There are no agreements between the Company and the Directors providing for compensation for loss of office that occurs because of a takeover bid. ### Future Developments of the Company The future success of the Company in pursuit of its investment objective is dependent primarily on the performance of its investments and the outlook for the Company is set out in the Chairman's Statement on page 6 and the Investment Managers' Review on page 16. ### Responsible Investment The Company's approach to Responsible Investment, including voting on Portfolio investments, is set out on pages 19 and 20. The Company seeks to conduct its affairs responsibly and financially material environmental factors are, where appropriate, taken into consideration with regard to investment decisions taken on behalf of the Company. However, the Company does not have ESG or sustainable objectives. ### Greenhouse Gas Emissions & Taskforce for Climate-Related Financial Disclosures ('TCFD') All of the Company's activities are outsourced to third parties, it has no employees and all of its Directors are non-executive. Accordingly, it does not have any physical assets, property, employees or operations of its own and does not generate any greenhouse gas or other emissions. As the Company did not consume more than 40,000kWh of energy during the year, it is exempt from reporting under Streamlined Energy and Carbon Reporting regulations. Under UK Listing Rule 11.4.22(R), the Company, as a listed closed-end investment company, is exempt from complying with the TCFD. ### Modern Slavery Act 2015 As an investment company with no employees or customers and which does not provide goods or services in the normal course of business, the Company considers that it does not fall within the scope of the Modern Slavery Act 2015 and it is not, therefore, obliged to make a human trafficking statement. The Company's own supply chain, which consists predominantly of professional advisers and service providers in the financial services industry, is considered to be low risk in relation to this matter. A statement by the Manager under the Act has been published on its website at columbiathreadneedle.co.uk. ### Financial Instruments The Company's financial instruments comprise its investment Portfolios, cash balances, bank borrowings and debtors and creditors that arise directly from its operations such as sales and purchases awaiting settlement and accrued income. The financial risk management objectives and policies arising from its financial instruments and the exposure of the Company to risk are disclosed in notes 18 to 23 to the financial statements. ### Annual General Meeting The Annual General Meeting will be held at Columbia Threadneedle Investments, Cannon Place, 78 Cannon Street, London, EC4N 6AG, on Friday 23 October 2026 at 11.30am. The notice of Annual General Meeting is set out on pages 85 to 89. Adam Norris and Paul Green, the Investment Managers, will give a presentation at the AGM and there will also be an opportunity to ask questions. If you are unable to attend the AGM, you may submit any questions you may have with regard to the resolutions to be proposed at the AGM or the performance of the Company in advance of the meeting to the following email address: MPTCoSec@columbiathreadneedle.com. The Investment Managers' presentation will be available to view on the Company's website, ctglobalmanagedportfolio.co.uk, following the meeting. The AGM is scheduled to be held in person and voting on all resolutions will be conducted by way of a poll. Shareholders are encouraged to exercise their votes either through the Registrar's online portal or by completing and returning their Form of Proxy or Form of Direction. The results of the poll will be announced via a regulatory announcement and posted on the Company's website at ctglobalmanagedportfolio.co.uk after the meeting. Any changes to the AGM arrangements will be announced via a regulatory announcement and will be included on the Company's website. Annual Report and Financial Statements 2026 | 35 Overview Strategic Report Governance Report Auditor's Report Financial Report Notice of Meeting Other Information --- Governance Report Shareholders who hold their shares through investment platforms should register their votes via their platform. If their platform is one of those which does not offer the facility to vote via its website or app, they will need to contact the platform directly by phone or its messaging system giving their instructions to vote. Resolutions 11 to 15 are explained as follows. ### **Directors' Authority to Allot Shares and Sell Shares from Treasury (Resolutions 11, 12 and 13)** Since the Annual General Meeting of the Company held on 1 October 2025, and in accordance with the authorities granted, the Board has exercised its powers by issuing 7,100,000 new Income shares with an aggregate nominal value of £327,531.35 (representing 13.0% of the Company's total issued Income share capital as at 1 October 2025) on a non pre-emptive basis at a premium to the net asset value per Income share for a total consideration of £8,943,000. No new Growth shares have been issued since the 2025 Annual General Meeting. The Board also sold 200,000 Income shares from treasury with an aggregate nominal value of £9,226.24 (representing 0.4% of the Company's total issued Income share capital as at 1 October 2025) for a total consideration of £244,000 and sold 1,265,000 Growth shares from treasury with an aggregate nominal value of £58,355.94 (representing 3.8% of the Company's total issued Growth share capital as at 1 October 2025) for a total consideration of £3,854,000. The Directors believe that the Company's continuing ability to issue shares or sell shares from treasury at a premium to net asset value will increase liquidity and reduce volatility by preventing the build-up of excessive demand for shares. The sale of shares from treasury is to be at a price not less than the net asset value per share of the Income shares (in the case of a sale of Income shares) or Growth shares (in the case of a sale of Growth shares). The Directors are seeking authority to allot, or resell from treasury, Income shares and Growth shares. **Resolution 11** (authority to allot shares) will, if passed, authorise the Directors to allot new Income shares up to an aggregate nominal amount of £567,874.78 (which equates to 12,310,000 Income shares) and allot new Growth shares up to an aggregate nominal amount of £311,477.71 (which equates to 6,752,000 Growth shares), being approximately 20.0% of the Company's total issued Income shares and approximately 20.0% of the Company's total issued Growth shares respectively (excluding treasury shares) as at 28 August 2026, being the latest practicable date before the publication of the Notice of Annual General Meeting. **Resolution 12** (power to disapply pre-emption rights) will, if passed, authorise the Directors to allot new Income shares, or resell Income shares held in treasury, up to an aggregate nominal amount of £283,937.39 (which equates to 6,155,000 Income shares) and allot new Growth shares, or resell Growth shares held in treasury, up to an aggregate nominal amount of £155,738.85 (which equates to 3,376,000 Growth shares), being approximately 10.0% of the Company's total issued Income shares and approximately 10.0% of the Company's total issued Growth shares respectively (excluding treasury shares), as at 28 August 2026, for cash without first offering such shares to existing shareholders pro rata to their existing holdings. For completeness, this equates to approximately 10.0% of the Company's total issued Income shares and approximately 8.7% of the Company's total issued Growth shares respectively (including treasury shares), as at 28 August 2026. **Resolution 13** (additional power to disapply pre-emption rights) will, if passed, and in addition to Resolution 12, authorise the Directors to allot further new Income shares, or resell Income shares held in treasury, up to an aggregate nominal amount of £283,937.39 (which equates to 6,155,000 Income shares) and allot new Growth shares, or resell Growth shares held in treasury, up to an aggregate nominal amount of £155,738.85 (which equates to 3,376,000 Growth shares) being approximately 10.0% of the Company's total issued Income shares and approximately 10.0% of the Company's total issued Growth shares respectively (excluding treasury shares), as at 28 August 2026, for cash without first offering such shares to existing shareholders pro rata to their existing holdings. For completeness, this equates to approximately 10.0% of the Company's total issued Income shares and approximately 8.7% of the Company's total issued Growth shares respectively (including treasury shares), as at 28 August 2026. These authorities will continue until the earlier of 23 January 2028 (being 15 months from the date of the Annual General Meeting in 2026) and the conclusion of the Annual General Meeting in 2027. The Directors will only allot new shares pursuant to these authorities if they believe it is advantageous to the Company's shareholders to do so and will not result in a dilution of net asset value per share. ### **Directors' Authority to Buy Back Shares (Resolution 14)** At the last Annual General Meeting held on 1 October 2025 shareholders gave the Company authority to make market purchases of up to 8,149,300 Income shares and 4,978,600 Growth shares (being 14.99% of each of the issued Income shares and Growth shares, in each case excluding treasury shares). 36 | CT Global Managed Portfolio Trust PLC --- Governance Report During the year ended 31 May 2026 the Company purchased through the market for treasury 200,000 Income shares with an aggregate nominal value of £9,226.24, representing 0.4% of the Income shares in issue (excluding treasury shares) at the previous year end for a total consideration of £238,000 in accordance with the Company's discount management policy. During the year ended 31 May 2026, the Company purchased through the market for treasury 1,678,000 Growth shares with an aggregate nominal value of 77,408.11, representing 4.9% of the Growth shares in issue (excluding treasury shares) at the previous year end for a total consideration of £4,648,000 in accordance with the Company's discount management policy. Subsequent to the year end, 50,000 Income shares with an aggregate nominal value of £2,306.56 have been purchased through the market for treasury between 1 June 2026 and 28 August 2026 representing 0.1% of the Income shares in issue (excluding treasury shares) as at 28 August 2026. Subsequent to the year end, 220,000 Growth shares with an aggregate nominal value of £10,148.86 have been purchased through the market for treasury between 1 June 2026 and 28 August 2026 representing 0.7% of the Growth shares in issue (excluding treasury shares) as at 28 August 2026. The current authority of the Company to make market purchases of up to 14.99% of each of the issued Income shares and Growth shares (in each case, excluding shares held in treasury) expires at the end of the Annual General Meeting and **Resolution 14**, as set out in the notice of the Annual General Meeting, seeks renewal of that authority. The renewed authority to make market purchases will be in respect of a maximum of 14.99% of each of the issued Income shares and issued Growth shares (in each case, excluding treasury shares) of the Company on the date of the passing of the resolution. The price paid for shares (excluding expenses) will not be less than the nominal value of £0.046131176 per share nor more than the higher of (a) 5% above the average of the middle market price of those shares for 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. This power will only be exercised if, in the opinion of the Directors, a purchase will result in an increase in net asset value per share of the relevant class and is in the interests of the shareholders. Any shares purchased under this authority will either be held in treasury or cancelled at the determination of the Directors. This authority will expire on the earlier of 23 January 2028 and the conclusion of the next Annual General Meeting of the Company in 2027. There is no limit on the number of shares that a company can hold in treasury at any one time and the Board has not set a limit on the number of shares that can be held in treasury by the Company. There were a total of 95,315,904 Income shares and Growth shares in issue (excluding treasury shares) as at 28 August 2026, of which 61,552,194 (64.6%) are Income shares and 33,763,710 (35.4%) are Growth shares. At that date, the Company held 50,000 Income shares and 4,993,000 Growth shares (representing 0.1% of the total Income share capital and 14.8% of the total Growth share capital respectively, excluding treasury shares) in treasury. ### Approval of the Proposed Purchase Contract (Resolution 15) **Resolution 15** gives the Company authority to buy its deferred shares, arising on the conversion of any of the Growth shares or Income shares into the other class of shares, by way of an off-market purchase in accordance with Sections 693 and 694 of the Companies Act 2006. The deferred shares will be purchased for nil consideration as they have no economic value in order to keep the balance sheet straight forward. The exact number of deferred shares which will arise as a result of any conversions is not yet known and therefore the Purchase Contract constitutes a contract under Section 694(3) of the Companies Act 2006. By law the Company will only be able to purchase these shares off-market if the Purchase Contract is approved by special resolution at a general meeting of the Company. ### Recommendation The Board considers that the passing of the resolutions to be proposed at the Annual General Meeting is in the best interests of the Company and its shareholders as a whole and it unanimously recommends that shareholders vote in favour of those resolutions. Information on shareholder voting rights is set out in the notes to the notice of the Annual General Meeting on pages 85 to 89. **By order of the Board** **For Columbia Threadneedle Investment Business Limited** **Company Secretary** **Quartermile 4** **7a Nightingale Way** **Edinburgh EH3 9EG** **1 September 2026** Annual Report and Financial Statements 2026 | 37 Overview Strategic Report Governance Report Auditors' Report Financial Report Notice of Meeting Other Information --- Governance Report # Corporate Governance Statement The biographical details of the Directors responsible for the governance of the Company are set out on page 30. Committee membership is also included and the respective terms of reference and biographies are also available on the Company's website at ctglobalmanagedportfolio.co.uk. In maintaining the confidence and trust of the Company's shareholders, the Board sets out to adhere to the highest standards of corporate governance, business and ethics transparency and it remains committed to doing so. As the Board believes that good governance creates value, it expects the investment companies in which the Company invests to apply similar standards. ## Governance Overview Throughout the financial year, an Audit Committee, Management Engagement Committee, Marketing Committee and Nomination Committee were in place. The role and responsibilities of these committees are set out in their respective reports, which follow, and their terms of reference are also available on the Company's website. Each of the committees comprises all of the Directors. The Board considers that, given its size, it would be unnecessarily burdensome to establish separate committees which did not include the entire Board and believes that this enables all Directors to be kept fully informed of any issues that arise. As set out in the Strategic Report the Board has appointed the Manager to manage the investment Portfolios as well as to carry out the day to day management and administrative functions. Reporting from the Manager is set out on pages 13 to 16 and in the Report of the Audit Committee in respect of internal controls on pages 41 to 44. The Board's evaluation of the Manager can be found on page 45. The Board has direct access to company secretarial advice and services of the Manager which, through the Company Secretary, is responsible for ensuring that Board and committee procedures are followed and applicable laws, regulations and best practice requirements are complied with. The proceedings at all Board and Committee meetings are fully recorded through a process that allows any Director's concerns to be recorded by the Company Secretary in the minutes. ## Compliance with The AIC Corporate Governance Code (the 'AIC Code') The Board has considered and supports the principles and provisions of the AIC Code published in 2024. The AIC Code addresses the principles and provisions set out in the UK Corporate Governance Code published in 2024 (the 'UK Code') as well as setting out additional provisions on issues that are of specific relevance to investment companies. The Board considers that reporting against the principles and provisions of the AIC Code, which has been endorsed by the Financial Reporting Council, provides more relevant information to shareholders. By reporting against the AIC Code, the Company meets its obligations in relation to the UK Code (and associated disclosure requirements under paragraph 6.6.6 of the UK Listing Rules) and as such does not need to report further on issues contained in the UK Code which are not relevant to it as an externally managed investment company. The Board believes that the Company has complied with the Principles and Provisions of the AIC Code during the year under review and up to the date of this report (noting Provision 34 is only applicable for the Company's financial years commencing on or after 1 June 2026) and, except as regards the provisions of the UK Code set out below, has thereby complied with the relevant provisions of the UK Code: - the role of the chief executive; - executive directors' and senior management remuneration; - the need for an internal audit function; - membership of the Audit Committee by the Chairman of the Board; and - the workforce. For the reasons set out in the AIC Code, the Board considers these provisions as not being relevant to the position of the Company, being an externally managed investment company. In particular, all of the Company's daily management and administrative functions have been delegated to the Manager. As a result, the Company has no executive Directors, employees or internal operations. As explained in the Report of the Audit Committee, given his continued independence, the Chairman of the Board is also a member of the Audit Committee, as permitted by the AIC Code. Therefore, with the exception of the need for an internal audit function, which is addressed on page 43, we have not reported further in respect of these provisions. None of the Directors standing for re-election at the forthcoming AGM has served in excess of nine years. The tenure policy relating to the Directors, which includes the Chairman, is set out on pages 28 and 29. 38 | CT Global Managed Portfolio Trust PLC --- Governance Report The AIC Code is available on the AIC website at 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. The UK Code is available on frc.org.uk. ### Company Purpose The Company's purpose, values and culture and the basis on which it aims to generate value over the longer term is set out within the Purpose, Strategy and Business Model section on pages 17 and 18. How the Board seeks to promote the success of the Company is set out on pages 22 and 23. ### Board Leadership The Board consists solely of non-executive Directors and David Warnock is the Chairman. The Board is responsible for the effective stewardship of the Company's affairs and has in place a schedule of matters that it has reserved for its decision, which is reviewed periodically. The Board currently meets at least four times a year and at each meeting the Board reviews the Company's investment performance and considers financial analyses and other reports of an operational nature. The Board monitors compliance with the Company's objectives and is responsible for setting investment and gearing limits within which the Manager has discretion to act, and thus supervises the management of the investment Portfolios which is contractually delegated to the Manager. An investment management agreement between the Company and its Manager, Columbia Threadneedle Investment Business Limited, sets out the matters over which the Manager has authority and the limits beyond which Board approval must be sought. All other matters, including strategy, investment and dividend policies, gearing and corporate governance procedures, are reserved for the approval of the Board of Directors. ### Division of Board Responsibilities As an externally managed investment company, all the Directors are non-executive and there are no employees. David Warnock, as Chairman, is responsible for the leadership and management of the Board and promotes a culture of openness, challenge and debate. The Chairman sets the agenda for all Board meetings under a regular programme of matters in conjunction with the Company Secretary. There is a strong working relationship with the Manager and the Investment Managers and related personnel attended the meetings throughout the year and reported to the Board. Discussions are held in a constructive and supportive manner, with appropriate challenge and strategic guidance and advice from the Board whenever necessary, consistent with the culture and values. Sue Inglis is the Senior Independent Director and she acts as an experienced sounding board for the Chairman or as an intermediary for shareholders. She also leads the annual evaluation of the Chairman. In order to enable them to discharge their responsibilities, all Directors have full and timely access to relevant information. Directors may, at the expense of the Company, seek independent professional advice on any matter that concerns them in the furtherance of their duties. No such advice was taken during the year under review. The Company maintains appropriate Directors' and officers' liability insurance. Under the Articles of Association of the Company, the number of Directors on the Board may be no less than two and no more than seven. Directors may be appointed by the Company by ordinary resolution or by the Board. Any Director appointed by the Board would hold office only until the next general meeting and then be eligible for election by shareholders. The Board has agreed that all Directors will retire annually and, if appropriate, seek re-election. Full details of the duties of Directors are provided at the time of appointment. New Directors receive an induction from the Manager on joining the Board, and all Directors are encouraged to attend relevant training courses and seminars and receive regular updates on the industry and changes to laws, regulations and best practice requirements from the Company Secretary and other parties, including the AIC. All of the Directors consider that they have sufficient time to discharge their duties. All Directors are considered by the Board to be independent of the Company's Manager and the Board believes that each Director is independent in character and judgement and that they perform their duties at all times in an independent manner and that there are no relationships or circumstances which are likely to affect the judgement of any Director. ### Directors' Attendance During the Year Ended 31 May 2026 | | Board of Directors | Audit Committee | Management Engagement Committee | Nomination Committee | Marketing Committee | | --- | --- | --- | --- | --- | --- | | No. of meetings | 4 | 3 | 1 | 4 | 3 | | D Warnock | 4 | 3 | 1 | 4 | 3 | | S Bevan | 4 | 3 | 1 | 4 | 3 | | S P Inglis | 4 | 3 | 1 | 4 | 3 | | S M Longfellow^{(1)} | 2 | 1 | 1 | 3 | 2 | | R G Spencer^{(2)} | 1 | 1 | - | - | 1 | $^{(1)}$ Retired on 31 December 2025. $^{(2)}$ Appointed on 19 February 2026. The Board also met on a number of other occasions during the year to deal with non-routine matters or matters requiring to be dealt with between scheduled Board meetings (such as the interim dividends, the annual share conversion facility and approving a block listing application). The Board meets regularly in private sessions, without any representation from the Manager. Annual Report and Financial Statements 2026 | 39 Overview Strategic Report Governance Report Auditor's Report Financial Report Notice of Meeting Other Information --- Governance Report ## Composition and Succession The composition of the Board and committees together with the experience of the members is set out on page 30. The Company's diversity and tenure policies are set out on pages 28 and 29. With effect from 31 December 2025, Simon Longfellow retired as a non-executive director as he had taken up a full-time senior marketing role and was not able to continue his role with the Company. Simon was also chair of the Marketing Committee. As a consequence, during the year, the Nomination Committee undertook a recruitment process to appoint a new non-executive director and Roland Spencer was appointed with effect from 19 February 2026. The process followed is set out in the Report of the Nomination Committee on page 47. ## Board Evaluation and Effectiveness During the year the performance of the Board and committees, including the performance of each individual Director and the Chairman, was evaluated through a formal assessment process, led principally by Shauna Bevan, the Chair of the Nomination Committee. The evaluation of the Chairman was led by Sue Inglis (the Senior Independent Director). This process involved consideration of completed questionnaires tailored to suit the nature of the Company and discussion of the points arising amongst the Directors. Following this process, it was concluded that the performance of each Director and the Chairman continues to be effective and each remains committed to the Company and that the Board oversees the management of the Company effectively and has the requisite skills and expertise to safeguard shareholders' interests. The conclusion from the assessment process was also that the Audit Committee, Management Engagement Committee, Marketing Committee and Nomination Committee were operating effectively, with the right balance of membership, experience and skills. ## Audit, Risk and Internal Control The Board has a well established and effective Audit Committee, the report of which is set out on pages 41 to 44. There is an explanation of the procedures under which risk is managed and how the Board oversees the internal control framework and determines the nature and extent of the principal risks the Company is willing to take in order to achieve its long-term strategic objectives. Details of the principal risks and uncertainties are set out on pages 24 and 25 and further information on the Company's risk management and internal control framework can be found on pages 42 to 43. The report of the Audit Committee explains how the independence and effectiveness of the external Auditor is assessed and how the Board satisfies itself on the integrity of financial statements. The report also covers the process under which the Board satisfied itself that the Annual Report and Financial Statements, taken as a whole, presents a fair, balanced and understandable assessment of the Company's position and prospects. The rationale for the Company not having established its own internal audit function is also explained in the report. ## Relations with Shareholders and Other Stakeholders Communication with the Company's key stakeholders, who are its shareholders, the Manager, bankers and other key service providers, is set out on page 18. ## Remuneration Information on the remuneration arrangements for the non-executive Directors of the Company can be found in the Remuneration Report on pages 48 to 50 and in note 5 to the financial statements. The remuneration policy is explained on page 48 and that, as non-executive Directors, their fees are set at a level commensurate with the skills and experience necessary for the effective stewardship of the Company and the contribution towards the delivery of the investment objective. While there are no executive Directors and no employees, shareholders should expect that the fees paid to the Manager are aligned with the Company's purpose and values and the successful delivery of its long-term strategy. ## Share Capital and Companies Act 2006 Disclosures Details of the Company's share capital structure are set out on pages 32 and 33 and other Companies Act 2006 disclosures are included on page 35. By order of the Board For Columbia Threadneedle Investment Business Limited Company Secretary Quartermile 4 7a Nightingale Way Edinburgh EH3 9EG 1 September 2026 40 | CT Global Managed Portfolio Trust PLC --- Governance Report # Report of the Audit Committee ## Composition of the Committee The Board recognises the requirement for the Audit Committee as a whole to have competence relevant to the sector in which the Company operates and at least one member with recent and relevant experience. The Audit Committee is chaired by Sue Inglis who has recent and relevant financial experience. The Audit Committee operates within clearly defined terms of reference and comprises the full Board. These Directors have a combination of financial, investment and business experience and specifically with respect to the investment company sector and accordingly have sufficient experience to discharge the Committee's responsibilities. Given the relevant financial and investment experience of the Chairman of the Board and his continued independence and valued contribution, the Audit Committee considers it appropriate that he is a member. Details of the members can be found on page 30 and the Committee's terms of reference are available at the website ctglobalmanagedportfolio.co.uk. ## Role of the Committee The duties of the Audit Committee include ensuring the integrity of the financial reporting and financial statements of the Company, reviewing the annual and half-year financial statements, the risk management and internal controls framework and the terms of appointment and remuneration of the Auditor, including its independence and objectivity. It also provides a forum through which the Auditor reports to the Board and meets at least twice a year including at least two meetings with the Auditor. The Audit Committee met on three occasions during the year and the attendance of each of the members is set out on page 39. In the due course of its duties, the Committee had direct access to the Auditor and senior members of the Manager's Fund Management, Investment Trust and Operational Risk teams. Amongst other things, the Audit Committee considered and reviewed the following matters and reported thereon to the Board: - the annual and half-year results announcements, and annual and half-year reports and financial statements; - the accounting policies of the Company and the allocation of management expenses and interest costs between capital and revenue; - the principal and emerging risks and uncertainties faced by the Company and the effectiveness of the Company's risk management and internal control framework; - consideration of the assumptions underlying the Board's statements on going concern and viability; - the effectiveness of the external audit process and any related non-audit services and the independence and objectivity of the Auditor, its re-appointment, remuneration and terms of engagement; - the policy on the engagement of the Auditor to supply non-audit services and approval of any such services; - the implications of proposed new accounting standards and regulatory and relevant corporate governance changes, including Board obligations and reporting requirements resulting from the updated Provision 34 of the AIC Code (which relates to the Company's risk management and internal control framework) that is effective for financial years beginning on or after 1 January 2026; - the need for the Company to have its own internal audit function; - the ISAE/AAF Report from the Manager and similar controls reports from the Custodian and other significant third party service providers; - whether the Annual Report and Financial Statements are fair, balanced and understandable; and - the operational arrangements and performance of the Manager and other third party service providers in terms of business continuity. During the preparation of both the half-year report for the six month period ended 30 November 2025 and the Annual Report and Financial Statements for the year ended 31 May 2026 the Committee has considered the outlook for inflation, market volatility and macroeconomic and geopolitical concerns upon the risks, operations and accounting basis of the Company. As noted within Principal Risks and Uncertainties and Viability Statement on pages 24 to 26 the Directors have reviewed the risk register of the Company and agreed that the overall risk from some of its principal risks remain heightened. The Board retains ultimate responsibility for all aspects relating to external financial statements and other significant published financial information as noted in the Statement of Directors' Responsibilities on page 51. Overview Strategic Report Governance Report Auditor's Report Financial Report Notice of Meeting Other Information Annual Report and Financial Statements 2026 | 41 --- Governance Report On broader control policy issues, the Committee has considered and is satisfied with the Code of Conduct and the Anti-Bribery and Anti-Corruption Policy to which the Manager's employees are subject. The Board is responsible for ensuring appropriate procedures and processes are in place to enable issues of concern to be raised. The Committee has also considered the Manager's Whistleblowing Policy, under which its directors and staff may, in confidence, raise concerns about possible improprieties in financial reporting or other matters. ### Risk Management The Board has 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 related guidance issued by the Financial Reporting Council. The risk management and internal control framework is designed to manage, rather than eliminate, risk and, by its nature, can only provide reasonable, but not absolute, assurance against material misstatement, loss or fraud. The Manager's Operational Risk team provides regular control reports to the Audit Committee and the Board covering risk and compliance and any significant issues of direct relevance to the Company are required to be reported to the Audit Committee and Board without delay. During the year, the Audit Committee also met with a representative of the Manager's internal audit function to discuss the outcome of its recent projects and planned activities within Columbia Threadneedle Investments. For the management of risk, a key risk summary is produced to help identify the risks to which the Company is exposed, the controls in place and the actions being taken to mitigate them. The Audit Committee and Board has a robust process for considering the resulting risk and control assessment and reviews the significance of the risks and reasons for any changes. The Company's principal risks and uncertainties and their mitigations are set out on pages 24 and 25 with additional information provided in notes 18 to 23 to the financial statements. The integration of these risks into the consideration of the Viability Assessment and Statement on page 26 was also fully considered and the Audit Committee concluded that the Board's Statement was soundly based. The period of five years was also agreed as appropriate for the reasons given in the Statement. ### Internal Controls The Board has overall responsibility for the Company's risk management and internal control framework, reviewing their effectiveness and ensuring that risk management and internal control processes are embedded in the daily operations, which are managed by the Manager. The Audit Committee has reviewed and reported to the Board on these controls which aim to ensure that the assets of the Company are safeguarded, proper accounting records are maintained and the financial information used within the business and for publication is reliable. Control of the risks identified, including financial, operational, compliance and overall risk management, is exercised by the Audit Committee and the Board through regular reports provided by the Manager. The reports cover investment performance, attribution, compliance with agreed and regulatory investment restrictions, financial analyses, revenue estimates, performance of the third party administrator of the Manager's savings plans and other relevant issues. At each Board meeting, the Board monitors the investment performance of the Company in comparison to its objective and relevant equity market indices. The Board also reviews the Company's activities since the last Board meeting to ensure that the Manager adheres to the agreed investment policy and approved investment guidelines and, if appropriate, approves changes to such policy and guidelines. Further to the review by the Audit Committee, the Board has assessed the effectiveness of the Company's internal controls framework. The assessment included a review of the Manager's risk management infrastructure and the Report on Internal Controls in accordance with ISAE 3402 and AAF (01/20) for the year to 30 September 2025 (the '**ISAE/AAF Report**'). The Audit Committee also received confirmation from the Manager that, subsequent to this date, there had been no material changes to the control environment. Containing a report and an unqualified opinion from the independent service auditor PricewaterhouseCoopers LLP (engaged by the Manager), the ISAE/AAF Report sets out the Manager's control environment and client control considerations. The effectiveness of these controls is monitored by the Manager's Audit and Risk Committee which, for the period to 30 September 2025, received regular internal audit reports. Procedures are also in place to capture and evaluate any failings and weaknesses within the Manager's control environment and those extending to any outsourced service provider to ensure that action would be taken to remedy any significant issues identified and which, to the extent relevant to the Company, would be reported to the Audit Committee and Board. Any errors or breaches relating to the Company are reported at each Audit Committee and Board meeting by the Manager. No failings or weaknesses that were material to the overall control environment or financial statements in respect of the Company were identified in the year under review nor to the date of this report. The Audit Committee also reviewed appropriate reports on the internal controls of other significant service providers, such as the Custodian and Registrar, and was satisfied that there were no material exceptions. 42 | CT Global Managed Portfolio Trust PLC --- Governance Report The review procedures were in place throughout the financial year and up to the date of approval of the financial statements, and the Board is satisfied with their effectiveness. Through the reviews and reporting arrangements set out above and by direct enquiry of the Manager and other relevant parties, the Audit Committee and the Board have satisfied themselves that there were no material control failures or exceptions affecting the Company's operations during the financial year or to the date of this report. The Audit Committee has reviewed the need for an internal audit function. Based on review, observation and enquiry, the Audit Committee and the Board have concluded that the systems and procedures employed by the Manager provide sufficient assurance that a sound system of internal control, which safeguard the Company's assets and ensure proper accounting records are maintained and that the financial information used within the business and for publication is reliable. In addition, the Company's financial statements are audited by an external Auditor. An internal audit function, specific to the Company, is therefore considered unnecessary but this decision will be kept under review. ### External Audit Process and Significant Matters Considered by the Audit Committee In carrying out its responsibilities, the Audit Committee has considered the planning arrangements, scope, materiality levels and conclusion of the year ended 31 May 2026 external audit of the financial statements. The significant matters considered by the Audit Committee are discussed in the table on the following page. The Audit Committee met in July 2026 to discuss the draft Annual Report and Financial Statements, with representatives of BDO and the Manager in attendance and BDO presented its year-end report to the Audit Committee. At the conclusion of the audit BDO did not highlight any issues to the Audit Committee which would cause it to qualify its audit report. BDO issued an unqualified audit report which is included on pages 52 to 57. ### Non-audit Services The Committee regards the continued independence of the Auditor to be a matter of the highest priority. The Company's policy with regard to the provision of non-audit services by the external Auditor ensures that no engagement will be permitted if: - the provision of the services would contravene any regulation or ethical standard; - the Auditor is not considered to be an expert provider of the non-audit services; - the provision of such services by the Auditor creates a conflict of interest for either the Board or the Manager; or - the services are considered to be likely to inhibit the Auditor's independence or objectivity as Auditor. In particular, the Committee has a policy that the accumulated costs of all non-audit services sought from the Auditor in any one year should not exceed 30% of the likely audit fees for that year and not exceed 70% of the average audit fee for the previous three years. In relation to the provision of non-audit services by the Auditor it has been agreed that all non-audit work to be carried out by the Auditor must be approved in advance by the Audit Committee. The Auditor received no fees for non-audit services for the year (2025: £nil). ### Auditor Assessment, Independence and Appointment The Audit Committee reviews the re-appointment of the Auditor every year and has been satisfied with the effectiveness of BDO's performance on the audit just completed. As part of the review of Auditor independence and effectiveness, BDO has confirmed that it is independent of the Company and has complied with relevant auditing standards. In evaluating BDO, the Audit Committee has taken into consideration the standing, skills and experience of the firm and the audit team. The Audit Committee, from direct observation and enquiry of the Manager, is satisfied that BDO provides effective independent challenge in carrying out its responsibilities. BDO's fee for the audit, excluding VAT, was £57,700 (2025: £55,500). Following professional guidelines, the senior statutory auditor rotates at least every five years. Chris Meyrick, the current senior statutory auditor, was engaged for the first time during the year ended 31 May 2023, which was BDO's first year as Auditor. Accordingly, the year ended 31 May 2026 represents Chris Meyrick's fourth year as the senior statutory auditor and BDO's fourth year as Auditor. The Audit Committee also considered the evaluation of BDO's audit performance through the Audit Quality Review performed by the Financial Reporting Council (the 'FRC'). The FRC concluded that its inspection results continue to be lower than for the other largest firms. However, following discussions with BDO, the Audit Committee was satisfied that BDO was committed to addressing the issues identified by the FRC with urgency and transparency and that those issues were not directly relevant to the process for auditing the Company's financial statements. On the basis of this assessment, the Audit Committee has recommended the re-appointment of BDO to the Board. Annual Report and Financial Statements 2026 | 43 Overview Strategic Report Governance Report Auditor's Report Financial Report Notice of Meeting Other Information --- Governance Report # **Significant Matters Considered by the Audit Committee in Relation to the Financial Statements** | Matter | Action | | --- | --- | | **Investment portfolio valuation** | | | The Company's Portfolios are invested predominantly in listed securities. Errors in the Portfolio valuations could have a material impact on the Company's net asset value per share. | The Board reviews the full Portfolio valuations at each Board meeting and receives quarterly monitoring and control reports from the Manager and Depositary. The Audit Committee reviewed the Manager's annual ISAE/AAF Report, as referred to on page 42, which is reported on by an independent service auditor and sets out the processes and controls around the pricing of equity securities and holdings reconciliations. The Manager has provided further assurance that controls have operated satisfactorily since that date. The Audit Committee also reviewed internal controls reports from State Street, which provides certain administrative functions to the Manager, such as fund accounting services. | | **Misappropriation of assets** | | | Misappropriation of the Company's investments or cash balances could have a material impact on its net asset value per share. | The Audit Committee reviewed the Manager's ISAE/AAF Report, as previously referred to, which details the controls around the reconciliation of the Manager's records and also reviewed internal controls reports from State Street. The Audit Committee also reviewed the Custodian's semi-annual internal controls report, which is reported on by an independent service auditor. Quarterly monitoring reports are also received from the Depository. | The Audit Committee read and discussed this Annual Report and Financial Statements and concluded that it is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company's position and performance, business model and strategy. # **Committee Evaluation** The activities of the Committee were considered as part of the Board appraisal process completed in accordance with standard governance arrangements as summarised on page 40. The conclusion from the process was that the Committee was operating effectively, with the right balance of experience and skills. **Sue P Inglis** **Chairman of the Audit Committee** **1 September 2026** 44 | CT Global Managed Portfolio Trust PLC --- Governance Report # Report of the Management Engagement Committee ## Composition of the Committee The Committee comprises the full Board and is chaired by David Warnock. The Committee's terms of reference can be found on the website at ctglobalmanagedportfolio.co.uk. ## Role of the Committee The Committee meets at least annually and its role is to review the terms and conditions of the Manager's appointment and the services it and other key service providers provide and the fees charged. The Committee met on one occasion during the year. ## Manager Evaluation Process and Re-appointment The Manager's performance is considered by the Board at every meeting, with a formal evaluation by the Committee each year. For the purposes of its ongoing monitoring, the Board receives reports from the Manager on investment activity, attribution, gearing, risk and performance. This allows the Board to assess the management of the investment Portfolios against the Company's investment objective on an ongoing basis together with performance against the Company's key performance indicators. With effect from 1 June 2025, the Company's Portfolios have been managed by Adam Norris and Paul Green, supported by the Manager's broader EMEA Multi-Asset Solutions team (of which they are members). Since the end of the year, the Committee has reviewed the appropriateness of the Manager's appointment. In carrying out its review the Committee considered the past investment performance of the Company and the skills, experience and depth of the Manager's team involved in managing the Company's assets and its ability to produce satisfactory investment performance in the future. The annual evaluation included a presentation from the Investment Managers and the Manager's Head of Investment Trusts. This included reporting on the investment performance over the last year and its ability to successfully deliver the investment strategy for shareholders. The Committee also considered the length of the notice period of the investment management agreement and fees payable to the Manager, together with the standard of other services provided which include administration, marketing, accounting and company secretarial services. Following this review, it was the Committee's view that the continuing appointment of the Manager on the terms agreed was in the interests of shareholders as a whole. The Board ratified this recommendation. ## Other Key Service Providers Since the end of the year, the Committee has also reviewed the performance, service and fees of the Company's key third party service providers. ## Committee Evaluation The activities of the Committee were considered as part of the Board appraisal process completed in accordance with standard governance arrangements as summarised on page 40. The conclusion from the process was that the Committee was operating effectively, with the right balance of experience and skills. **David Warnock** **Chairman of the Management Engagement Committee** **1 September 2026** Overview Strategic Report Governance Report Auditor's Report Financial Report Notice of Meeting Other Information Annual Report and Financial Statements 2026 | 45 --- Governance Report # Report of the Marketing Committee Composition of the Committee The Committee comprises the full Board and until his retirement on 31 December 2025 was chaired by Simon Longfellow. From this date, the Committee was chaired by David Warnock and then subsequently from 19 February 2026 by Roland Spencer. The Committee's terms of reference can be found on the website at ctglobalmanagedportfolio.co.uk. Role of the Committee The primary role of the Marketing Committee is to determine the best way to reach potential investors and the broad messages which should be used to attract them, to ensure a consistent approach to marketing the Company, to make recommendations to the Board in terms of marketing activities and to review marketing papers and proposals submitted by the Manager prior to the Board agreeing any actions. The Committee met on three occasions during the year and considered matters such as: - marketing activity proposals from the Manager; - marketing reports from the Manager; - the retail investor survey referred to below; - approval of the annual marketing budget and planned activities; and - the Company's website. Retail Investor Survey The vast majority of the Company's investors are retail, most of whom hold their shares through Columbia Threadneedle Investments Savings Plans. During the year under review, the Marketing Committee, with the assistance of the Manager, undertook an extensive survey targeted at those investors who hold the Company through the Columbia Threadneedle Investments Savings Plans. The survey sought information on investor demographics and broader investment activity, as well as feedback on the Company, including the reasons for investing in it and its investment strategy, performance, benchmark index, share conversion facility and investor communications. The Committee assessed the data and feedback received from the survey and this helped inform the Board's review of the Company (see 'Retail investor survey and review of the Company' on page 23 for further information). Committee Evaluation The activities of the Committee were considered as part of the Board appraisal process completed in accordance with standard governance arrangements as summarised on page 40. The conclusion from the process was that the Committee was operating effectively, with the right balance of experience and skills. Roland Spencer Chairman of the Marketing Committee 1 September 2026 46 | CT Global Managed Portfolio Trust PLC --- Governance Report # Report of the Nomination Committee ## Composition of the Committee The Committee comprises the full Board and until 10 July 2025 was chaired by David Warnock. From this date, Shauna Bevan became the chair. The Committee's terms of reference can be found on the website at ctglobalmanagedportfolio.co.uk. ## Role of the Committee The primary role of the Nomination Committee is to review and make recommendations with regard to Board structure, size and composition. It takes into account the ongoing requirements of the Company and the need to have a balance of skills, experience, diversity (which may include gender, race, ethnicity, religion, sexual orientation, age, physical ability and educational, professional and socio-economic background), independence and knowledge of the Company within the Board and ensuring succession planning is carefully managed. The Committee met on four occasions during the financial year and considered and reviewed matters such as: - the size of the Board and its composition, particularly in terms of succession planning and the experience and skills of individual Directors and diversity of the Board as a whole; - tenure; - the recruitment of an additional Director, including determining the selection criteria and the recruitment process; - the outcome from the annual Board evaluation process; - the appointment or re-appointment of those Directors standing for election or re-election at the Annual General Meeting; and - future retirement of Directors. ## Diversity and Tenure The Company's Board diversity and tenure policies are shown on pages 28 and 29 and recruitment searches are open to a diverse range of candidates. Other than the diversity targets set out in the UK Listing Rules, the Directors have not set any measurable objectives in relation to diversity of the Board and will always appoint the best qualified person for the role. The Board believes that a Director's tenure does not necessarily reduce their contribution or ability to act independently and that continuity and experience can add significantly to the strength of investment company Boards where the characteristics and relationships tend to differ from those of other companies. However, the Board is committed to maintaining the highest levels of corporate governance in terms of independence and would expect that Directors would normally serve for not more than nine years, but this may be adjusted for reasons of flexibility and continuity. ## Appointments and Succession Planning Appointments of all new non-executive Directors are made on a formal basis, using professional search consultants as appropriate, with the Nomination Committee agreeing the selection criteria and the method of recruitment, selection and appointment. As explained on page 6, with effect from 31 December 2025, Simon Longfellow retired as a non-executive director of the Company. As a consequence, the Nomination Committee then undertook a recruitment process, to appoint a new non-executive Director. The emphasis was on ensuring the highest level of skills, knowledge and experience of the Board and consideration was given to the skills and experience of the Board and the remaining tenure of each Director. This assisted in identifying the desired attributes of the new Director to ensure that the Board continued to comprise individuals with appropriate and complementary skills and experience and continuity. An external search agency, Trust Associates (which has no connection to the Company or the Directors), was engaged to assist with the process. The services provided by Trust Associates were for the sole purpose of recruiting a new non-executive Director and there were no other business relationships in place with that company. The Committee defined the criteria that were required and the selection process took into consideration the applications received and interviews with the short-listed candidates. Following the recruitment process it was agreed to appoint Roland Spencer as a non-executive Director of the Company with effect from 19 February 2026. The composition of the Board and future succession continue to be reviewed and monitored at least annually. ## Committee Evaluation The activities of the Committee were considered as part of the Board appraisal process completed in accordance with standard governance arrangements as summarised on page 40. The conclusion from the process was that the Committee was operating effectively, with the right balance of experience and skills. **Shauna Bevan** Chairman of the Nomination Committee 1 September 2026 Overview Strategic Report Governance Report Author's Report Financial Report Notice of Meeting Other Information Annual Report and Financial Statements 2026 | 47 --- Governance Report # Directors' Remuneration Report Full details of the Company's policy with regards to Directors' fees, and fees paid during the year ended 31 May 2026, are shown below. This shows all major decisions on Directors' remuneration, and any substantial changes made during the year relating to Directors' remuneration, including the context in which any changes occurred. Under company law, the Auditor is required to audit certain disclosures provided. Where disclosures have been audited they are indicated as such. The Auditor's opinion is included in its report on pages 52 to 57. The Board consists solely of independent non-executive Directors. The Company has no executive Directors or employees. The Board is responsible for determining the level of Directors' fees and will consider these at least annually. A comprehensive review of comparative Directors' fees is considered in advance of each review. ## Directors' Remuneration Policy The Company's policy is that the remuneration of Directors should be set at a level commensurate with the skills and experience necessary for the effective stewardship of the Company and the expected contribution of the Board as a whole, their responsibilities, duties and time commitment required and be fair and comparable to that of other conventional investment companies that are similar in size. The policy also provides for the Company's reimbursement of all reasonable travel and associated expenses incurred by the Directors in attending Board and Committee meetings, including those treated as a benefit in kind subject to tax and national insurance. The Company is mindful of, and takes into account, the register of Directors' conflicts of interest when making decisions as to Directors' remuneration. It is a requirement that shareholder approval of the policy is sought at least every three years and this policy will be put to shareholders for approval at the forthcoming AGM (Resolution 2) and it is intended that the policy will continue for the three year period ending at the AGM in 2029. The fees for the Directors, who are all non-executive, are determined within the limits set out in the Company's Articles of Association. The present limit is £175,000 per annum in aggregate and may not be changed without seeking shareholder approval at a general meeting. Shareholders last approved an increase in the limit from £150,000 to £175,000 at the Annual General Meeting held on 1 October 2025. Directors are not eligible for bonuses, pension benefits, share options, long-term incentive schemes or other benefits. ## Terms of Appointment The Directors are engaged under letters of appointment and do not have service contracts. Each Director has a letter of appointment setting out the terms and conditions of their appointment and such letters are available for inspection at the Company's registered office during business hours. The dates on which each Director was appointed to the Board are set out under their biographies on page 30. The terms of appointment provide that a Director shall retire and be subject to election at the first Annual General Meeting after their appointment. Directors are thereafter obliged to retire periodically and, if they wish, to offer themselves for election, by shareholders at the third Annual General Meeting after the Annual General Meeting at which last elected. However, in accordance with the recommendations of the UK Code and the AIC Code, the Board has agreed that all Directors will retire annually and, if appropriate, seek re-election. With the exception of Roland Spencer, who was appointed on 19 February 2026, all the Directors were last re-elected at the AGM held on 1 October 2025 and will stand for election or re-election at the AGM to be held on 23 October 2026. Simon Longfellow retired on 31 December 2025. There is no notice period and no provision for compensation upon termination of appointment. ## Voting at Annual General Meeting on Directors' Remuneration Policy It is a requirement that shareholder approval of the Directors' Remuneration Policy is sought at least every three years and this policy was last approved by shareholders at the AGM on 28 September 2023. 93.2% of votes were in favour of the resolution and 6.8% were against. ## Annual Statement As Chairman of the Board, I confirm that effective 1 June 2025 the amounts paid to Directors increased by £1,000 per annum for the Chairman, by £900 per annum for the Audit Committee Chairman and also the Marketing Committee Chairman and by £800 per annum for the other Director. In addition, from 10 July 2025 the Chair of the Nomination Committee was paid an additional £2,000 per annum. ## Future Policy Table Following a review of the level of Directors' fees for the year to 31 May 2027, to ensure they remained comparable with similar investment companies and reflected the increased time commitment required, the Board concluded that effective 1 June 2026 the amounts paid to Directors would increase by approximately 5% and therefore by £1,750 per annum for the Chairman, by £1,500 per annum for the Audit Committee Chairman and also the Marketing Committee Chairman and by £1,350 per annum for the other Director. In addition, the amount paid to the Chair of the Nomination Committee would increase by £100 per annum, which when added to their basic fee, totals to an increase of £1,450 per annum. 48 | CT Global Managed Portfolio Trust PLC --- Governance Report Based on this, Directors' fees for the financial year to 31 May 2027 will be as follows: | Director | 31 May 2027 £ | 31 May 2026^{(1)} £ | 31 May 2025^{(1)} £ | | --- | --- | --- | --- | | Chairman | 36,950 | 35,200 | 34,200 | | Audit Committee Chairman and Marketing Committee Chairman | 32,000 | 30,500 | 29,600 | | Director^{(2)} | 28,250 | 26,900 | 26,100 | $^{(1)}$ Actual Directors' remuneration for the years ended 31 May 2026 and 31 May 2025 respectively. $^{(2)}$ For the year to 31 May 2027, the Chair of the Nomination Committee will be paid an additional £2,100 per annum (2026: from 10 July 2025, £2,000 per annum). ### Annual Report on Directors' Remuneration Directors' Emoluments for the Year (Audited) The Directors who served during the financial year received the following amounts for services as non-executive Directors for the years ended 31 May 2026 and 31 May 2025 and can expect to receive the fees indicated for the year to 31 May 2027 as well as reimbursement for expenses necessarily incurred. No other forms of remuneration were paid during the year. #### Fees for services to the Company (audited) | Director | Fees (audited) | | | Taxable benefits^{(1)} (audited) | | | Total (audited) | | | Anticipated fees^{(2)} | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 31 May 2026 £ | 31 May 2025 £ | % change | 31 May 2026 £ | 31 May 2025 £ | % change | 31 May 2026 £ | 31 May 2025 £ | % change | 31 May 2027 £ | | D Warnock (Chairman) | 35,200 | 34,200 | +2.9 | 447 | – | n/a | 35,647 | 34,200 | +4.2 | 36,950 | | S L Bevan | 28,690 | 26,100 | +9.9 | 1,171 | 1,110 | +5.5 | 29,861 | 27,210 | +9.7 | 30,350 | | S P Inglis | 30,500 | 29,600 | +3.0 | 476 | – | n/a | 30,976 | 29,600 | +4.6 | 32,000 | | S M Longfellow | 17,764 | 29,600 | -40.0 | 1,404 | 2,026 | -30.7 | 19,168 | 31,626 | -39.4 | n/a | | R G Spencer | 8,537 | n/a | n/a | 269 | n/a | n/a | 8,806 | n/a | n/a | 32,000 | | Total | 120,691 | 119,500 | +1.0 | 3,767 | 3,136 | +20.1 | 124,458 | 122,636 | +1.5 | 131,300 | $^{(1)}$ Comprises amounts reimbursed for expenses incurred in carrying out business for the Company, which have been grossed up to include PAYE and NI contributions. $^{(2)}$ Fees expected to be payable to the Directors during the year ended 31 May 2027. Taxable benefits are also anticipated but are not currently quantifiable. ### Annual Percentage Change The table below sets out the annual percentage change in fees for each Director who served in the financial year under review. | Director | 2026 % | 2025 % | 2024 % | 2023 % | 2022 % | | --- | --- | --- | --- | --- | --- | | D Warnock^{(1)} | +2.9 | +3.0 | +5.1 | +14.2 | +23.6 | | S L Bevan^{(2)} | +9.9 | +3.4 | +7.6 | n/a | n/a | | S P Inglis | +3.0 | +3.1 | +5.1 | +5.2 | +6.0 | | S M Longfellow^{(3)} | -40.0 | +3.1 | +6.8 | +33.3 | n/a | | R G Spencer^{(4)} | n/a | n/a | n/a | n/a | n/a | $^{(1)}$ Appointed as Chairman on 30 September 2021. $^{(2)}$ Appointed as a non-executive Director on 9 June 2022 and as Chair of the Nomination Committee on 10 July 2025. $^{(3)}$ Appointed as a non-executive Director on 14 July 2021, Chair of the Marketing Committee on 19 July 2022 and retired on 31 December 2025. $^{(4)}$ Appointed as a non-executive Director and Chairman of the Marketing Committee on 19 February 2026. ### Relative Importance of Spend on Pay The table below shows the actual expenditure during the year in relation to Directors' remuneration (excluding taxable benefits), other expenses and shareholder distributions: | | 31 May 2026 £ | 31 May 2025 £ | Change % | | --- | --- | --- | --- | | Aggregate Directors' remuneration | 120,691 | 119,500 | +1.0 | | Management and other expenses | 1,666,309 | 1,646,500 | +1.2 | | Quarterly dividends paid to shareholders (relating to the year)^{(1)} | 4,575,000 | 4,016,000 | +13.9 | | Aggregate cost of shares repurchased^{(2)} | 4,886,000 | 3,277,000 | +49.1 | $^{(1)}$ While the annual dividend increased by 3.3% from 7.60p to 7.85p per Income share, the cost of the dividend increased by 13.9% due to the issuance of new Income shares during the year ended 31 May 2026. $^{(2)}$ Shares are repurchased in accordance with the Company's buy-back policy, as set out on page 28, and enhance the net asset value per share of the continuing shares of the relevant share class. Annual Report and Financial Statements 2026 | 49 Overview Strategic Report Governance Report Auditor's Report Financial Report Notice of Meeting Other Information --- Governance Report ### Directors' Shareholdings (Audited) There is no requirement under the Company's Articles of Association for the Directors to hold shares in the Company. The Directors who held office at the year-end and their interests in the shares of the Company at 31 May 2026 (all of which were beneficially held) were as follows: | Director | 31 May 2026 | | 31 May 2025 | | | --- | --- | --- | --- | --- | | | Income Shares | Growth Shares | Income Shares | Growth Shares | | D Warnock (Chairman) | 80,000 | 33,000 | 30,000 | 20,000 | | S L Bevan | 6,000 | 10,000 | 4,000 | 8,000 | | S P Inglis | 3,000 | 12,000 | 3,000 | 12,000 | | R G Spencer^{(1)} | – | 10,000 | n/a | n/a | $^{(1)}$ Appointed on 19 February 2026. There have been no changes in the Directors' interests in the shares of the Company between 31 May 2026 and 1 September 2026. ### Company Performance The graph below compares, for the ten financial years ended 31 May 2026, the total return (assuming all dividends are reinvested) to Income shareholders and Growth shareholders compared to the total return on the FTSE All-Share Index. This index was chosen for comparison purposes as it was the benchmark index for both the Income Portfolio and the Growth Portfolio. An explanation of the performance of the Company is given in the Chairman's Statement and Investment Managers' Review. #### Share Price Total Return and the FTSE All-Share Index Total Return (Rebased to 100 at 31 May 2016) ![img-2.jpeg](img-2.jpeg) Source: Refinitiv Eikon ### Voting at Annual General Meeting on Annual Remuneration Report At the Company's last Annual General Meeting, held on 1 October 2025, shareholders approved the Directors' Remuneration Report in respect of the year ended 31 May 2025. 94.0% of votes were in favour of the resolution and 6.0% were against. An ordinary resolution for the approval of this Report on Directors' Remuneration will be put to shareholders at the forthcoming Annual General Meeting (Resolution 3). On behalf of the Board David Warnock Chairman 1 September 2026 50 | CT Global Managed Portfolio Trust PLC --- Governance Report Overview Strategic Report Governance Report Auditor's Report Financial Report Notice of Meeting Other Information # Statement of Directors' Responsibilities ## Statement of Directors' Responsibilities in Respect of the Annual Report and Financial Statements The Directors are responsible for preparing the Annual Report and Financial Statements in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law they are required to prepare the financial statements in accordance with UK accounting standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its profit or loss for that period. In preparing these financial statements, the Directors are required to: - select suitable accounting policies and then apply them consistently; - make judgements and estimates that are reasonable and prudent; - state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; - assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and - use the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that its financial statements comply with the Companies Act 2006. They are 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, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities. Under applicable law and regulations, the Directors are also responsible for preparing a Strategic Report, Report of the Directors, Directors' Remuneration Report and Corporate Governance Statement that comply with that law and those regulations. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. ## Responsibility Statement of the Directors in Respect of the Annual Report and Financial Statements We confirm that to the best of our knowledge: - the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; - the Strategic Report and the Report of the Directors include a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that the Company faces; and - we consider the Annual Report and Financial Statements, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company's position and performance, business model and strategy. **On behalf of the Board** **David Warnock** **Chairman** **1 September 2026** Annual Report and Financial Statements 2026 | 51 --- Auditor's Report # Independent Auditor's Report to the members of CT Global Managed Portfolio Trust PLC ## Report on the audit of the financial statements ### Opinion In our opinion the financial statements: - give a true and fair view of the state of the Company's affairs as at 31 May 2026 and of its return and cash flows for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. We have audited the financial statements of CT Global Managed Portfolio Trust PLC (the 'Company') for the year ended 31 May 2026 which comprise the Income Statement, Balance Sheet, Cash Flow Statement, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). ### Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ### Independence We remain independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard as applied to listed public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. The non-audit services prohibited by the FRC's Ethical Standard were not provided to the Company and we remain independent of the Company in conducting our audit. ### Conclusions relating to going concern In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the Directors' assessment of the Company's ability to continue to adopt the going concern basis of accounting included: - evaluating the appropriateness of the Directors' method of assessing going concern in light of economic and market conditions by reviewing the information used by the Directors in completing their assessment; - assessing the appropriateness of the Directors' assumptions and judgements made in their base case and stress tested forecasts including consideration of the available cash and liquid assets relative to forecast expenditure and other commitments; - challenging the Directors' assumptions and judgements made in their forecasts by assessing them for reasonableness. In particular, we considered the liquidity of the investment portfolios and available cash relative to the forecast expenditure and other commitments; and - reviewing the disclosures in the financial statements relating to going concern to assess whether they are consistent with the Company's circumstances. 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. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Company's ability to continue as a going concern. 52 | CT Global Managed Portfolio Trust PLC --- Auditor's Report In relation to the Company's reporting on how it has applied the UK Corporate Governance Code, we have nothing material to add or draw attention to in relation to the Directors' statement in the financial statements about whether the Directors considered it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. ## Overview | Key audit matters | 2026 | 2025 | | --- | --- | --- | | Valuation and ownership of quoted investments | ✓ | ✓ | | **Materiality** | *Company financial statements as a whole* | | | | £0.80m (2025:£0.60m) and £1.13m (2025:£0.91m) based on 1% (2025: 1%) of net assets for Income shares portfolio and Growth shares portfolio respectively. | | ## An overview of the scope of our audit Our audit was scoped by obtaining an understanding of the Company and its environment, the applicable financial reporting framework and the system of internal control. We identified and assessed the risks of material misstatement of the financial statements. We then applied professional judgement to focus our audit procedures on the areas that posed the greatest risk of material misstatement to the financial statements. We continually assessed risks throughout our audit, revising the risks where necessary, with the aim of reducing the risk of material misstatement to an acceptable level, to provide a basis for our opinion. ## Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) that we identified, including those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. | Key audit matter | | How the scope of our audit addressed the key audit matter | | --- | --- | --- | | **Valuation and ownership of quoted investments** | The investment portfolios at the year-end comprised of quoted equity investments held at fair value through profit or loss. | We responded to this matter by testing the valuation and ownership of the portfolios of investments. We performed the following procedures: | | **Note 10 of Notes to Accounts** | We considered the valuation and ownership of investments to be a significant audit area as investments represent the most significant balance in the financial statements and underpins the principal activity of the entity. There is a risk that the bid price used as a proxy for fair value of investments held at the reporting date is inappropriate. Given the nature of the portfolios are such that they comprise of listed level one investments, we do not consider the use of bid price to be subject to significant estimation uncertainty. There is also a risk that errors made in the recording of investment holdings result in the incorrect reflection of investments owned by the Company. For these reasons and the materiality to the financial statements as a whole, they are considered to be a key area of our overall audit strategy and allocation of our resources and hence a key audit matter. | - confirmed the year-end bid price was used by agreeing it to externally quoted prices; - assessed if there were contra indicators, such as liquidity considerations, to suggest bid price is not the most appropriate indication of fair value by considering the realisation period for individual holdings; - recalculated the valuation by multiplying the number of shares held per the statement obtained from the custodian by the valuation per share; and - obtained direct confirmation of the number of shares held per equity investment from the custodian regarding all investments held at the balance sheet date.**Key observations:** Based on our procedures performed we did not identify any matters to suggest the valuation or ownership of the quoted equity investments was not appropriate. | Annual Report and Financial Statements 2026 | 53 Overview Strategic Report Governance Report Auditor's Report Financial Report Notice of Meeting Other Information --- Auditor's Report ## Our application of materiality We apply the concept of materiality both in planning and performing our audit, and in evaluating the effect of misstatements. We consider materiality to be the magnitude by which misstatements, including omissions, could influence the economic decisions of reasonable users that are taken on the basis of the financial statements. In order to reduce to an appropriately low level the probability that any misstatements exceed materiality, we use a lower materiality level, performance materiality, to determine the extent of testing needed. Importantly, misstatements below these levels will not necessarily be evaluated as immaterial as we also take account of the nature of identified misstatements, and the particular circumstances of their occurrence, when evaluating their effect on the financial statements as a whole. Based on our professional judgement, we determined materiality for the financial statements as a whole and performance materiality as follows: | | Company financial statements | | | | | --- | --- | --- | --- | --- | | | 2026 £ | | 2025 £ | | | | Income shares | Growth shares | Income shares | Growth shares | | Materiality | 0.8m | 1.13m | 0.60m | 0.91m | | Basis for determining materiality | 1 % of Net assets | | | | | Rationale for the benchmark applied | As an investment trust, the net asset value is the key measure of performance for users of the financial statements. | | | | | Performance materiality | Income shares | Growth shares | Income shares | Growth shares | | | 0.60m | 0.85m | 0.45m | 0.68m | | Basis for determining performance materiality | 75% of materiality | | | | | Rationale for the percentage applied for performance materiality | The level of performance materiality applied was set after having considered a number of factors including the expected total value of known and likely misstatements and the level of transactions in the year. | | | | ## Specific materiality We also determined that, for return on ordinary activities before tax, a misstatement of less than materiality for the financial statements as a whole, specific materiality, could influence the economic decisions of users as it is a measure of the Company's performance of income generated from its investments after expenses. As a result, we determined materiality for these items to be £0.23m (2025:£0.19m), based on 5% (2025: 5%) of return on ordinary activities before tax. We further applied a performance materiality level of 75% (2025: 75%) of specific materiality to ensure that the risk of errors exceeding specific materiality was appropriately mitigated. ## Reporting threshold We agreed with the Audit Committee that we would report to them all individual audit differences in excess of £39k (2025:£30k) and £56k (2025: £45k) for the Income shares and Growth shares portfolios respectively. We also agreed to report differences below these thresholds that, in our view, warranted reporting on qualitative grounds. ## Other information The directors are responsible for the other information. The other information comprises the information included in the Annual Report & Financial Statements other than the financial statements and our Auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 54 | CT Global Managed Portfolio Trust PLC --- Auditor's Report ## Corporate governance statement The UK Listing Rules sourcebook requires us to review the Directors' statement in relation to going concern, longer-term viability and that part of the Corporate Governance Statement relating to the Company's compliance with the provisions of the UK Corporate Governance Code specified for our review. Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate Governance Statement is materially consistent with the financial statements or our knowledge obtained during the audit. | **Going concern and longer-term viability** | - Directors' statement with regards to the appropriateness of adopting the going concern basis of accounting and any material uncertainties identified set out on page 32; - Directors' explanation as to their assessment of the Company's prospects, the period this assessment covers and why the period is appropriate set out on page 26; and - Directors' statement on whether they have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities set out on page 32. | | --- | --- | | **Other Code provisions** | - Directors' statement on fair, balanced and understandable set out on page 31; - Board's confirmation that it has carried out a robust assessment of the emerging and principal risks set out on page 24; - section of the annual report that describes the review of effectiveness of risk management and internal control systems set out on page 42; and - section describing the work of the Audit Committee set out on page 41. | ## Other Companies Act 2006 reporting Based on the responsibilities described below and our work performed during the course of the audit, we are required by the Companies Act 2006 and ISAs (UK) to report on certain opinions and matters as described below. | **Strategic report and Directors' report** | In our opinion, based on the work undertaken in the course of the audit: - the information given in the strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the strategic report and the Directors' report have been prepared in accordance with applicable legal requirements. In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the Directors' report. | | --- | --- | | **Directors' remuneration** | In our opinion, the part of the Directors' remuneration report to be audited has been properly prepared in accordance with the Companies Act 2006. | | **Matters on which we are required to report by exception** | We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements and the part of the Directors' remuneration report to be audited are not in agreement with the accounting records and returns; or - certain disclosures of Directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit. | ## Responsibilities of Directors As explained more fully in the Statement of Directors' Responsibilities, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Annual Report and Financial Statements 2026 | 55 Overview Strategic Report Governance Report Auditor's Report Financial Report Notice of Meeting Other Information --- Auditor's Report In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. ### **Auditor's responsibilities for the audit of the financial statements** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with Governance of the Company and management. ### **Extent to which the audit was capable of detecting irregularities, including fraud** Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: #### **Non-compliance with laws and regulations** Based on: - our understanding of the Company and the industry in which it operates; - discussion with the Investment Manager and those charged with governance; and - obtaining and understanding of the Company's policies and procedures regarding compliance with laws and regulations we considered the significant laws and regulations to be Companies Act 2006, the FCA's UK Listing and Disclosure Guidance and Transparency Rules, the principles of the AIC Corporate Governance Code, industry practice represented by the AIC SORP, the applicable accounting framework, and qualification as an investment trust under UK tax legislation as any non-compliance of this would lead to the Company losing various deductions and exemptions from corporation tax. Our procedures in respect of the above included: - agreement of the financial statements disclosures to underlying supporting documentation; - enquiries of the investment manager, administrator and those charged with governance relating to the existence of any non-compliance with laws and regulations; - reviewing minutes of meetings of those charged with governance throughout the period for instances of non-compliance with laws and regulations; and - reviewing the calculation in relation to investment trust compliance to check that the Company was meeting its requirements to retain its investment trust status. #### **Fraud** We assessed the susceptibility of the financial statements to material misstatement including fraud. Our risk assessment procedures included: - enquiry with the Investment Manager, administrator and those charged with governance regarding any known or suspected instances of fraud; - Obtaining an understanding of the Company's policies and procedures relating to: - Detecting and responding to the risks of fraud; and - Internal controls established to mitigate risks related to fraud. - review of minutes of meetings of those charged with governance for any known or suspected instances of fraud; and - discussion amongst the engagement team as to how and where fraud might occur in the financial statements. 56 | CT Global Managed Portfolio Trust PLC --- Auditor's Report Based on our risk assessment, we considered the areas most susceptible to be management override of controls and the appropriateness of the allocation of special dividends to revenue or capital. Our procedures in respect of the above included: - performed a review of estimates and judgements applied by management in the financial statements to assess their appropriateness and the existence of any systematic bias; - considered the opportunity and incentive to manipulate accounting entries and target tested relevant adjustments made in the period end financial reporting process; - reviewed for significant transactions outside the normal course of business; - performed a review of unadjusted audit differences, for indications of bias or deliberate misstatement; and - performed a review of dividend receipts to identify any which may be indicative of being capital distributions and reviewed management's assessment of special dividends. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, who were al deemed to have the appropriate competence and capabilities, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report. #### Other matters which we are required to address We were appointed by the Board of Directors on 2 February 2023 to audit the financial statements for the year ended 31 May 2023. Our total uninterrupted period of engagement is four years, covering the years ended 31 May 2023 to 31 May 2026. #### Use of our report This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body for our audit work, for this report, or for the opinions we have formed. In due course, as required by the Financial Conduct Authority Disclosure Guidance and Transparency Rule 4.1.15R – 4.1.18R, these financial statements will form part of the Electronic Format Annual Financial Report filed on the National Storage Mechanism of the FCA in accordance with DTR 4.1.15R – DTR 4.1.18R. This auditor's report provides no assurance over whether the Electronic Format Annual Financial Report has been prepared in compliance with DTR 4.1.15R – DTR 4.1.18R. Chris Meyrick (Senior Statutory Auditor) For and on behalf of BDO LLP, Statutory Auditor Edinburgh, UK 1 September 2026 BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127). Annual Report and Financial Statements 2026 | 57 Overview Strategic Report Government Report Auditor's Report Financial Report Notice of Meeting Other Information --- Financial Report # Income Statement For the year ended 31 May | Notes | | Revenue Year ended 31 May 2026 £'000 | Capital Year ended 31 May 2026 £'000 | Total Year ended 31 May 2026 £'000 | Revenue Year ended 31 May 2025 £'000 | Capital Year ended 31 May 2025 £'000 | Total Year ended 31 May 2025 £'000 | | --- | --- | --- | --- | --- | --- | --- | --- | | 10 | Gains on investments | - | 32,861 | 32,861 | - | 1,600 | 1,600 | | | Foreign exchange losses | - | (5) | (5) | - | (4) | (4) | | 3 | Income | 5,875 | - | 5,875 | 5,075 | - | 5,075 | | 4 | Investment management fee | (303) | (762) | (1,065) | (290) | (732) | (1,022) | | 5 | Other expenses | (722) | - | (722) | (744) | - | (744) | | | **Return on ordinary activities before finance costs and tax** | **4,850** | **32,094** | **36,944** | **4,041** | **864** | **4,905** | | 6 | Finance costs | (151) | (226) | (377) | (128) | (194) | (322) | | | **Return on ordinary activities before tax** | **4,699** | **31,868** | **36,567** | **3,913** | **670** | **4,583** | | 7 | Tax on ordinary activities | - | - | - | - | - | - | | | **Return attributable to shareholders** | **4,699** | **31,868** | **36,567** | **3,913** | **670** | **4,583** | | 9 | **Return per Income share – basic and diluted** | **8.25p** | **16.68p** | **24.93p** | **7.44p** | **(2.93p)** | **4.51p** | | 9 | **Return per Growth share – basic and diluted** | **-** | **66.89p** | **66.89p** | **-** | **6.33p** | **6.33p** | The total column of this statement is the Profit and Loss Account of the Company. The supplementary revenue and capital columns are prepared under guidance published by The Association of Investment Companies. Segmental analysis, illustrating the two separate Portfolios of assets, the Income Portfolio and the Growth Portfolio, is shown in note 2 to the financial statements. All revenue and capital items in the Income Statement derive from continuing operations. Return attributable to shareholders represents the profit for the year and also total comprehensive income. The accompanying notes on pages 63 to 83 are an integral part of these financial statements. 58 | CT Global Managed Portfolio Trust PLC --- Financial Report # Balance Sheet As at 31 May | Notes | | Income shares 31 May 2026 £'000 | Growth shares 31 May 2026 £'000 | Total 31 May 2026 £'000 | Income shares 31 May 2025 £'000 | Growth shares 31 May 2025 £'000 | Total 31 May 2025 £'000 | | --- | --- | --- | --- | --- | --- | --- | --- | | **Fixed assets** | | | | | | | | | 10 | Investments at fair value | 84,840 | 110,981 | 195,821 | 66,576 | 87,956 | 154,532 | | | | 84,840 | 110,981 | 195,821 | 66,576 | 87,956 | 154,532 | | **Current assets** | | | | | | | | | 11 | Debtors | 392 | 256 | 648 | 286 | 146 | 432 | | | Cash at bank and on deposit | 1,790 | 2,350 | 4,140 | 1,332 | 3,592 | 4,924 | | | | 2,182 | 2,606 | 4,788 | 1,618 | 3,738 | 5,356 | | **Creditors** | | | | | | | | | 12 | Amounts falling due within one year | (7,412) | (560) | (7,972) | (7,219) | (289) | (7,508) | | | **Net current (liabilities)/assets** | **(5,230)** | **2,046** | **(3,184)** | **(5,601)** | **3,449** | **(2,152)** | | | **Net assets** | **79,610** | **113,027** | **192,637** | **60,975** | **91,405** | **152,380** | | **Capital and reserves** | | | | | | | | | 13 | Called-up share capital | 2,808 | 1,788 | 4,596 | 2,481 | 1,787 | 4,268 | | 14 | Share premium | 13,721 | 1,213 | 14,934 | 5,197 | 476 | 5,673 | | 14 | Capital redemption reserve | 2,700 | 2,258 | 4,958 | 2,699 | 2,258 | 4,957 | | 14 | 2022 special reserve | 29,588 | 29,581 | 59,169 | 29,588 | 29,581 | 59,169 | | 14 | 2008 special reserve | 19,634 | 4,637 | 24,271 | 19,681 | 6,122 | 25,803 | | 14 | Capital reserves | 6,959 | 73,550 | 80,509 | (2,540) | 51,181 | 48,641 | | 14 | Revenue reserve | 4,200 | - | 4,200 | 3,869 | - | 3,869 | | 15 | **Shareholders' funds** | **79,610** | **113,027** | **192,637** | **60,975** | **91,405** | **152,380** | | 15 | **Net asset value per share (pence)** | **130.77p** | **332.59p** | | **113.36p** | **265.86p** | | Company Number: SC338196 Approved by the Board and authorised for issue on 1 September 2026 and signed on its behalf by: **David Warnock, Director.** The accompanying notes on pages 63 to 83 are an integral part of these financial statements. Annual Report and Financial Statements 2026 | 59 Overview Strategic Report Governance Report Auditors' Report Financial Report Notes of Meeting Other Information --- Financial Report # Cash Flow Statement For the year ended 31 May | Notes | | Income shares Year ended 31 May 2026 £'000 | Growth shares Year ended 31 May 2026 £'000 | Total Year ended 31 May 2026 £'000 | Income shares Year ended 31 May 2025 £'000 | Growth shares Year ended 31 May 2025 £'000 | Total Year ended 31 May 2025 £'000 | | --- | --- | --- | --- | --- | --- | --- | --- | | 16 | Net cash outflow from operations before dividends and interest | (740) | (1,026) | (1,766) | (732) | (1,054) | (1,786) | | | Dividends received | 3,717 | 1,826 | 5,543 | 3,365 | 1,610 | 4,975 | | | Interest received | 64 | 92 | 156 | 57 | 113 | 170 | | | Interest paid | (365) | - | (365) | (334) | - | (334) | | | **Net cash inflow from operating activities** | **2,676** | **892** | **3,568** | **2,356** | **669** | **3,025** | | | **Investing activities** | | | | | | | | | Purchases of investments | (38,823) | (55,391) | (94,214) | (5,938) | (6,359) | (12,297) | | | Sales of investments | 32,234 | 53,897 | 86,131 | 5,374 | 11,848 | 17,222 | | | **Net cash flows from investing activities** | **(6,589)** | **(1,494)** | **(8,083)** | **(564)** | **5,489** | **4,925** | | | **Net cash flows before financing activities** | **(3,913)** | **(602)** | **(4,515)** | **1,792** | **6,158** | **7,950** | | | **Financing activities** | | | | | | | | 8 | Equity dividends paid | (4,368) | - | (4,368) | (3,947) | - | (3,947) | | | Proceeds from issuance of new shares | 8,780 | - | 8,780 | 2,064 | - | 2,064 | | | Share conversion – Income to Growth | (305) | 305 | - | (210) | 210 | - | | | Share conversion – Growth to Income | 258 | (258) | - | 433 | (433) | - | | | Shares purchased to be held in treasury | (238) | (4,648) | (4,886) | (58) | (3,219) | (3,277) | | | Sale of shares from treasury | 244 | 3,854 | 4,098 | 58 | 400 | 458 | | | Fixed rate term loan repaid | - | - | - | (5,000) | - | (5,000) | | | Revolving credit facility drawdown | - | - | - | 5,000 | - | 5,000 | | | **Net cash flows from financing activities** | **4,371** | **(747)** | **3,624** | **(1,660)** | **(3,042)** | **(4,702)** | | 17 | Net movement in cash and cash equivalents | 458 | (1,349) | (891) | 132 | 3,116 | 3,248 | | 17 | Cash and cash equivalents at the beginning of the year | 1,332 | 3,592 | 4,924 | 1,200 | 476 | 1,676 | | 17 | **Cash and cash equivalents at the end of the year** | **1,790** | **2,243** | **4,033** | **1,332** | **3,592** | **4,924** | | | **Represented by:** | | | | | | | | | Cash/(overdraft) at bank | 210 | (107) | 103 | 192 | 52 | 244 | | | Short-term deposits | 1,580 | 2,350 | 3,930 | 1,140 | 3,540 | 4,680 | | | | **1,790** | **2,243** | **4,033** | **1,332** | **3,592** | **4,924** | The accompanying notes on pages 63 to 83 are an integral part of these financial statements. 60 | CT Global Managed Portfolio Trust PLC --- Financial Report # Statement of Changes in Equity For the year ended 31 May | Notes | Income shares | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Share capital £'000 | Share premium £'000 | Capital redemption reserve £'000 | 2022 special reserve £'000 | 2008 special reserve £'000 | Capital reserves £'000 | Revenue reserve £'000 | Total shareholders' funds £'000 | | As at 31 May 2025 | 2,481 | 5,197 | 2,699 | 29,588 | 19,681 | (2,540) | 3,869 | 60,975 | | 13 Increase in share capital in issue, net of share issuance expenses | 329 | 8,517 | - | - | - | - | - | 8,846 | | 13 Shares purchased for treasury | - | - | - | - | (238) | - | - | (238) | | 13 Sale of shares from treasury | - | - | - | - | 244 | - | - | 244 | | Profit on sale of treasury shares | - | 7 | - | - | (7) | - | - | - | | 13 Share conversion | (1) | - | - | - | (46) | - | - | (47) | | 13 Cancellation of deferred shares | (1) | - | 1 | - | - | - | - | - | | Transfer of net income from Growth to Income Portfolio | - | - | - | - | - | - | 1,486 | 1,486 | | Transfer of capital from Income to Growth Portfolio | - | - | - | - | - | (1,486) | - | (1,486) | | 8 Dividends paid | - | - | - | - | - | - | (4,368) | (4,368) | | Return attributable to Income shareholders | - | - | - | - | - | 10,985 | 3,213 | 14,198 | | **As at 31 May 2026** | **2,808** | **13,721** | **2,700** | **29,588** | **19,634** | **6,959** | **4,200** | **79,610** | | Growth shares | | | | | | | | | | | Share capital £'000 | Share premium £'000 | Capital redemption reserve £'000 | 2022 special reserve £'000 | 2008 special reserve £'000 | Capital reserves £'000 | Revenue reserve £'000 | Total shareholders' funds £'000 | | As at 31 May 2025 | 1,787 | 476 | 2,258 | 29,581 | 6,122 | 51,181 | - | 91,405 | | 13 Increase in share capital in issue, net of share issuance expenses | - | - | - | - | - | - | - | - | | 13 Shares purchased for treasury | - | - | - | - | (4,648) | - | - | (4,648) | | 13 Sale of shares from treasury | - | - | - | - | 3,854 | - | - | 3,854 | | Profit on sale of treasury shares | - | 737 | - | - | (737) | - | - | - | | 13 Share conversion | 1 | - | - | - | 46 | - | - | 47 | | 13 Cancellation of deferred shares | - | - | - | - | - | - | - | - | | Transfer of net income from Growth to Income Portfolio | - | - | - | - | - | - | (1,486) | (1,486) | | Transfer of capital from Income to Growth Portfolio | - | - | - | - | - | 1,486 | - | 1,486 | | Return attributable to Growth shareholders | - | - | - | - | - | 20,883 | 1,486 | 22,369 | | **As at 31 May 2026** | **1,788** | **1,213** | **2,258** | **29,581** | **4,637** | **73,550** | **-** | **113,027** | | Total | | | | | | | | | | | Share capital £'000 | Share premium £'000 | Capital redemption reserve £'000 | 2022 special reserve £'000 | 2008 special reserve £'000 | Capital reserves £'000 | Revenue reserve £'000 | Total shareholders' funds £'000 | | As at 31 May 2025 | 4,268 | 5,673 | 4,957 | 59,169 | 25,803 | 48,641 | 3,869 | 152,380 | | Increase in share capital in issue, net of share issuance expenses | 329 | 8,517 | - | - | - | - | - | 8,846 | | Shares purchased for treasury | - | - | - | - | (4,886) | - | - | (4,886) | | Sale of shares from treasury | - | - | - | - | 4,098 | - | - | 4,098 | | Profit on sale of treasury shares | - | 744 | - | - | (744) | - | - | - | | Share conversion | - | - | - | - | - | - | - | - | | Cancellation of deferred shares | (1) | - | 1 | - | - | - | - | - | | 8 Dividends paid | - | - | - | - | - | - | (4,368) | (4,368) | | Return attributable to shareholders | - | - | - | - | - | 31,868 | 4,699 | 36,567 | | **As at 31 May 2026** | **4,596** | **14,934** | **4,958** | **59,169** | **24,271** | **80,509** | **4,200** | **192,637** | The accompanying notes on pages 63 to 83 are an integral part of these financial statements. Annual Report and Financial Statements 2026 | 61 Overview Strategic Report Government Report Auditors' Report Financial Report Notes of Meeting Other Information --- Financial Report # Statement of Changes in Equity – continued For the year ended 31 May | Notes | Income shares | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Share capital £'000 | Share premium £'000 | Capital redemption reserve £'000 | 2022 special reserve £'000 | 2008 special reserve £'000 | Capital reserves £'000 | Revenue reserve £'000 | Total shareholders' funds £'000 | | As at 31 May 2024 | 3,134 | 3,223 | 1,950 | 29,588 | 19,464 | (998) | 3,903 | 60,264 | | 13 Increase in share capital in issue, net of share issuance expenses | 90 | 1,974 | - | - | - | - | - | 2,064 | | 13 Shares purchased for treasury | - | - | - | - | (58) | - | - | (58) | | 13 Sale of shares from treasury | - | - | - | - | 58 | - | - | 58 | | Share conversion | 6 | - | - | - | 217 | - | - | 223 | | Cancellation of deferred shares | (749) | - | 749 | - | - | - | - | - | | Transfer of net income from Growth to Income Portfolio | - | - | - | - | - | - | 1,109 | 1,109 | | Transfer of capital from Income to Growth Portfolio | - | - | - | - | - | (1,109) | - | (1,109) | | 8 Dividends paid | - | - | - | - | - | - | (3,947) | (3,947) | | Return attributable to Income shareholders | - | - | - | - | - | (433) | 2,804 | 2,371 | | **As at 31 May 2025** | **2,481** | **5,197** | **2,699** | **29,588** | **19,681** | **(2,540)** | **3,869** | **60,975** | | Growth shares | | | | | | | | | | | Share capital £'000 | Share premium £'000 | Capital redemption reserve £'000 | 2022 special reserve £'000 | 2008 special reserve £'000 | Capital reserves £'000 | Revenue reserve £'000 | Total shareholders' funds £'000 | | As at 31 May 2024 | 2,353 | 428 | 1,698 | 29,581 | 9,206 | 48,969 | - | 92,235 | | Increase in share capital in issue, net of share issuance expenses | - | - | - | - | - | - | - | - | | 13 Shares purchased for treasury | - | - | - | - | (3,219) | - | - | (3,219) | | 13 Sale of shares from treasury | - | - | - | - | 400 | - | - | 400 | | Profit on sale of treasury shares | - | 48 | - | - | (48) | - | - | - | | Share conversion | (6) | - | - | - | (217) | - | - | (223) | | Cancellation of deferred shares | (560) | - | 560 | - | - | - | - | - | | Transfer of net income from Growth to Income Portfolio | - | - | - | - | - | - | (1,109) | (1,109) | | Transfer of capital from Income to Growth Portfolio | - | - | - | - | - | 1,109 | - | 1,109 | | Return attributable to Growth shareholders | - | - | - | - | - | 1,103 | 1,109 | 2,212 | | **As at 31 May 2025** | **1,787** | **476** | **2,258** | **29,581** | **6,122** | **51,181** | **-** | **91,405** | | Total | | | | | | | | | | | Share capital £'000 | Share premium £'000 | Capital redemption reserve £'000 | 2022 special reserve £'000 | 2008 special reserve £'000 | Capital reserves £'000 | Revenue reserve £'000 | Total shareholders' funds £'000 | | As at 31 May 2024 | 5,487 | 3,651 | 3,648 | 59,169 | 28,670 | 47,971 | 3,903 | 152,499 | | Increase in share capital in issue, net of share issuance expenses | 90 | 1,974 | - | - | - | - | - | 2,064 | | Shares purchased for treasury | - | - | - | - | (3,277) | - | - | (3,277) | | Sale of shares from treasury | - | - | - | - | 458 | - | - | 458 | | Profit on sale of treasury shares | - | 48 | - | - | (48) | - | - | - | | Share conversion | - | - | - | - | - | - | - | - | | Cancellation of deferred shares | (1,309) | - | 1,309 | - | - | - | - | - | | 8 Dividends paid | - | - | - | - | - | - | (3,947) | (3,947) | | Return attributable to shareholders | - | - | - | - | - | 670 | 3,913 | 4,583 | | **As at 31 May 2025** | **4,268** | **5,673** | **4,957** | **59,169** | **25,803** | **48,641** | **3,869** | **152,380** | The accompanying notes on pages 63 to 83 are an integral part of these financial statements. 62 | CT Global Managed Portfolio Trust PLC --- Financial Report # Notes to the Financial Statements ## 1. Accounting Policies A summary of the principal accounting policies adopted is set out below. ### (a) Basis of accounting and going concern These financial statements have been prepared on a going concern basis in accordance with the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, Financial Reporting Standards (FRS 102) and the Statement of Recommended Practice (SORP) 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' issued by The Association of Investment Companies (AIC). The audited financial statements for the Company comprise the Income Statement and the total columns of the Balance Sheet, the Cash Flow Statement and the Statement of Changes in Equity and the Company totals shown in the notes to the financial statements. The analysis showing the two separate Portfolios of assets attributable to the Income shares and Growth shares is disclosed to assist shareholders' understanding, but is additional to that required. The Company's capital structure is explained in the Capital Structure section on page 90. There have been no significant changes to the Company's accounting policies during the year ended 31 May 2026. The preparation of the Company's financial statements on occasion requires management to make judgements, estimates and assumptions that affect the reported amounts in the primary financial statements and accompanying disclosures. These assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in the current or future periods, depending on the circumstance. Management do not believe that any significant accounting judgements or estimates have been applied to this set of financial statements that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year. The Company's assets consist mainly of equity shares in closed-end investment companies which are traded on a UK or other Regulated Stock Exchange and in most circumstances, including in the current market environment, are expected to be readily realisable. The Company has a £10 million unsecured revolving credit facility, which is available until 10 February 2027. The Board has set limits for borrowing and regularly reviews the Company's gearing levels and its compliance with bank covenants. The Board has considered the Company's principal risks and uncertainties and other matters, and has considered a number of stress tests and scenarios which considered the impact of severe stock market volatility on shareholders' funds and demonstrated that if required the Company had the ability to raise sufficient funds so as to remain within its debt covenants and meet its liabilities. As such, and in light of the controls and review processes in place and the operational robustness of key service providers, and bearing in mind the nature of the Company's business and assets and revenue and expenditure projections, the Directors believe 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. For this reason, the Board continues to adopt the going concern basis in preparing the financial statements. ### Presentation of the Income Statement In order to reflect better the activities of an investment company and in accordance with the SORP, supplementary information which analyses the Income Statement between items of a revenue and capital nature has been presented alongside the Income Statement. The net revenue return is the measure the Directors believe to be appropriate in assessing the Company's compliance with certain requirements set out in Chapter 4, Part 24 of the Corporation Tax Act 2010. The notes and financial statements are presented in pounds sterling (functional and reporting currency) and are rounded to the nearest thousand except where otherwise indicated. Overview Strategic Report Governance Report Auditors' Report Financial Report Notes of Meeting Other Information Annual Report and Financial Statements 2026 | 63 --- Financial Report ## 1. Accounting Policies (Continued) ### (b) Valuation of investments The Company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments. The Company's business is investing in financial assets with a view to profiting from their total return in the form of income and capital growth. The Portfolios of financial assets are managed and their performance evaluated on a fair value basis, in accordance with the documented investment strategy, and information about the Portfolios is provided on that basis to the Company's Board of Directors. Accordingly, upon initial recognition the Company designates the investments 'at fair value through profit or loss'. Fair value is taken to be the investment cost at the trade date excluding expenses incidental to purchase which are written off to capital at the time of acquisition. All purchases and sales of investments are recognised on the trade date, ie, the date that the Company commits to purchase or sell an investment. Listed and quoted investments are subsequently valued at their fair value which is represented by the bid price at the close of business on the relevant date on the exchange on which the investment is quoted. As investments have been categorised as 'financial assets at fair value through profit or loss', gains and losses arising from changes in fair value or on disposal are included in the Income Statement as a capital item. ### (c) Income Dividends are recognised as income on the date that the related investments are marked ex-dividend. Dividends receivable on equity shares where no ex-dividend date is quoted are brought into account when the Company's right to receive payment is established. Dividends from overseas companies are shown gross of any withholding tax. Where the Company has elected to receive its dividends in the form of additional shares rather than cash, the amount of the cash dividend foregone is recognised as revenue. Special dividends are recognised in the revenue account unless they are of a capital nature, following which they will be recognised in the capital account. Interest income from fixed interest securities is accrued on a time apportioned basis, by reference to the principal outstanding and at the effective interest rate applicable. Other investment income and deposit interest are included on an accruals basis. ### (d) Expenses All expenses and finance costs are accounted for on an accruals basis. Expenses are charged to the Income Statement as a revenue item except for management fees and finance costs, which are incurred in connection with the maintenance or enhancement of the value of the Company's investment Portfolios and taking account of the expected long-term returns and are allocated as follows: - 40% to revenue and 60% to capital in the Income Portfolio; and - 20% to revenue and 80% to capital in the Growth Portfolio. Expenses charged to the Company common to both Portfolios are allocated to the Portfolios in the same proportion as their net assets at the quarter end immediately preceding the date on which the cost is to be accounted for. Expenses charged to the Company in relation to a specific Portfolio are charged directly to that Portfolio, with the other Portfolio remaining unaffected. 64 | CT Global Managed Portfolio Trust PLC --- Financial Report ## 1. Accounting Policies (Continued) ### (e) Taxation The tax expense represents the sum of the tax currently payable, overseas tax suffered and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the Income Statement because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the Balance Sheet date. Tax is computed for each Portfolio separately; however, the Company is the taxable entity. A Portfolio which generates taxable revenues in excess of tax deductible expenses may benefit from the excess of tax deductible expenses in the other Portfolio. In return, by way of compensation, there would be a transfer from the Portfolio with taxable profits to the Portfolio with taxable losses. ### (f) Deferred taxation Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date where transactions or events that result in an obligation to pay more, or right to pay less, tax in future have occurred at the Balance Sheet date. This is subject to deferred tax assets only being recognised if it is considered more likely than not there will be suitable profits from which the future reversal of the underlying timing differences can be deducted. Timing differences are differences arising between the Company's taxable profits and its results as stated in the financial statements which are capable of reversal in one or more subsequent periods. Investment trusts which have approval under Chapter 4, Part 24 of the Corporation Tax Act 2010 are not liable for taxation on capital gains. ### (g) Receivables Receivables are stated at their nominal value, reduced by appropriate allowances for any estimated irrecoverable amounts. ### (h) Payables Payables are stated at their nominal value. ### (i) Borrowings Interest-bearing loans and overdrafts are recorded at the proceeds received. Finance costs, including interest, are accrued using the effective interest rate method. See note 1(d) for the allocation of finance costs. ### (j) Foreign currencies The Company is required to identify its functional currency, being the currency of the primary economic environment in which the Company operates. The Board, having regard to the currency of the Company's share capital and the predominant currency in which its shareholders operate, has determined that sterling is the functional currency. Sterling is also the currency in which the financial statements are presented. Transactions denominated in foreign currencies are recorded in the functional currency at actual exchange rates as at the date of the transaction. Monetary assets, liabilities and equity investments held at fair value and denominated in foreign currencies at the year-end are reported at the rates of exchange prevailing at the year-end. Any gain or loss arising from a change in exchange rates subsequent to the date of the transaction is included as an exchange gain or loss in either the capital or revenue column of the Income Statement depending on whether the gain or loss is of a capital or revenue nature respectively. | Rates of exchange at 31 May | 2026 | 2025 | | --- | --- | --- | | US Dollar | 1.35 | 1.35 | | Euro | 1.16 | 1.19 | ### (k) Reserves - (i) *Share premium* – the surplus of net proceeds received from the issuance of new shares is credited to this account and the related issue costs are deducted from this account. Gains arising on the resale of shares from treasury are credited to this reserve. The reserve is non-distributable. The initial balance of this account which arose as a result of the shares issued at launch was subsequently cancelled by the Court of Session to create the 2008 special reserve. The balance of the share premium account which had subsequently arisen was cancelled by the Court of Session to create the 2022 special reserve. - (ii) *Capital redemption reserve* – the nominal value of any of the shares bought back for cancellation is added to this reserve. This reserve is non-distributable. Annual Report and Financial Statements 2026 | 65 Overview Strategic Report Governance Report Auditors' Report Financial Report Notes of Meeting Other Information --- Financial Report ## 1. Accounting Policies (Continued) (iii) 2022 special reserve – created on 26 May 2022 from the Court cancellation of the share premium account which had arisen since it was last cancelled on 23 June 2008. The portion of the 2022 special reserve attributable to the Income shares may be used to fund or supplement dividends to the Income shareholders and fund buy-backs of Income shares and the portion of the 2022 special reserve attributable to the Growth shares may be used to fund buy-backs of Growth shares. (iv) 2008 special reserve – created from the Court cancellation of the share premium account in 2008 which had arisen from premiums paid on the Income shares and Growth shares at launch and is available to be used as distributable profits (except by way of dividend). The cost of any shares bought back and the value of shares submitted for conversion are reflected through this reserve. The cost of any shares resold from treasury is added back to this reserve. (v) Capital reserves Capital reserve – investments sold – gains and losses on realisation of investments and losses on transactions in own shares are dealt with in this reserve together with the proportion of management fees, finance costs and taxation allocated to capital. This reserve also includes dividends received of a capital nature. Capital reserve – investments held – increases and decreases in the valuation of investments held are accounted for in this reserve. The Company's Articles of Association allow distributions to be made to the holders of the Income shares out of the capital profits attributable to the Income Portfolio. (vi) Revenue reserve – the net profit/(loss) arising in the revenue column of the Income Statement is added to or deducted from this reserve. This is available for paying dividends on the Income shares. # (I) Transfer of capital and revenue All net revenue of the Company attributable to the Growth Portfolio is, immediately following recognition in accordance with the Company's accounting policies, reallocated, applied and transferred to, and treated as revenue attributable to, the Income Portfolio. Contemporaneously with any such reallocation, application and transfer of any revenue to the Income Portfolio, such assets comprising part of the Income Portfolio as have a value equal to the net revenue so reallocated, applied and transferred shall be reallocated, applied, transferred and treated as capital attributable to the Growth Portfolio. ## 2. Segmental Analysis The Company carries on business as an investment trust and manages two separate Portfolios of assets: the Income Portfolio and the Growth Portfolio. The Company's Income Statement, on page 58, can be analysed as follows. This has been disclosed to assist shareholders' understanding, but this analysis is additional to that required. Year ended 31 May 2026 | | Notes | Income Portfolio | | | Growth Portfolio | | | Total | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | | Gains on investments | 10 | - | 11,481 | 11,481 | - | 21,380 | 21,380 | - | 32,861 | 32,861 | | Foreign exchange losses | | - | (2) | (2) | - | (3) | (3) | - | (5) | (5) | | Income | 3 | 3,840 | - | 3,840 | 2,035 | - | 2,035 | 5,875 | - | 5,875 | | Investment management fee | 4 | (180) | (268) | (448) | (123) | (494) | (617) | (303) | (762) | (1,065) | | Other expenses | 5 | (296) | - | (296) | (426) | - | (426) | (722) | - | (722) | | **Return on ordinary activities before finance costs and tax** | | **3,364** | **11,211** | **14,575** | **1,486** | **20,883** | **22,369** | **4,850** | **32,094** | **36,944** | | Finance costs | 6 | (151) | (226) | (377) | - | - | - | (151) | (226) | (377) | | Return on ordinary activities before tax | | 3,213 | 10,985 | 14,198 | 1,486 | 20,883 | 22,369 | 4,699 | 31,868 | 36,567 | | Tax on ordinary activities | 7 | - | - | - | - | - | - | - | - | - | | **Return^{(1)}** | 9 | **3,213** | **10,985** | **14,198** | **1,486** | **20,883** | **22,369** | **4,699** | **31,868** | **36,567** | (1) Any net revenue return attributable to the Growth Portfolio is transferred to the Income Portfolio and a corresponding transfer of an identical amount of capital is made from the Income Portfolio to the Growth Portfolio and accordingly the whole return in the Growth Portfolio is capital. Refer to the Statement of Changes in Equity. 66 | CT Global Managed Portfolio Trust PLC --- Financial Report ## 2. Segmental Analysis (Continued) Year ended 31 May 2025 | | Notes | Income Portfolio | | | Growth Portfolio | | | Total | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | | Gains on investments | 10 | - | 22 | 22 | - | 1,578 | 1,578 | - | 1,600 | 1,600 | | Foreign exchange losses | | - | (4) | (4) | - | - | - | - | (4) | (4) | | Income | 3 | 3,404 | - | 3,404 | 1,671 | - | 1,671 | 5,075 | - | 5,075 | | Investment management fee | 4 | (171) | (257) | (428) | (119) | (475) | (594) | (290) | (732) | (1,022) | | Other expenses | 5 | (301) | - | (301) | (443) | - | (443) | (744) | - | (744) | | **Return on ordinary activities before finance costs and tax** | | 2,932 | (239) | 2,693 | 1,109 | 1,103 | 2,212 | 4,041 | 864 | 4,905 | | Finance costs | 6 | (128) | (194) | (322) | - | - | - | (128) | (194) | (322) | | Return on ordinary activities before tax | | 2,804 | (433) | 2,371 | 1,109 | 1,103 | 2,212 | 3,913 | 670 | 4,583 | | Tax on ordinary activities | 7 | - | - | - | - | - | - | - | - | - | | **Return^{(1)}** | 9 | 2,804 | (433) | 2,371 | 1,109 | 1,103 | 2,212 | 3,913 | 670 | 4,583 | $^{(1)}$ Any net revenue return attributable to the Growth Portfolio is transferred to the Income Portfolio and a corresponding transfer of an identical amount of capital is made from the Income Portfolio to the Growth Portfolio and accordingly the whole return in the Growth Portfolio is capital. Refer to the Statement of Changes in Equity. ## 3. Income | | 2026 | | | 2025 | | | | --- | --- | --- | --- | --- | --- | --- | | | Income Portfolio £'000 | Growth Portfolio £'000 | Total £'000 | Income Portfolio £'000 | Growth Portfolio £'000 | Total £'000 | | **Income from investments^{(1)}** | | | | | | | | UK dividend income | 2,358 | 1,760 | 4,118 | 2,196 | 1,512 | 3,708 | | Overseas dividends | 1,396 | 183 | 1,579 | 1,063 | 46 | 1,109 | | Property income distributions | 22 | - | 22 | 88 | - | 88 | | | **3,776** | **1,943** | **5,719** | 3,347 | 1,558 | 4,905 | | **Other income^{(2)}** | | | | | | | | Deposit interest | 64 | 92 | 156 | 57 | 113 | 170 | | **Total income** | **3,840** | **2,035** | **5,875** | 3,404 | 1,671 | 5,075 | | Total income comprises: | | | | | | | | Dividends | 3,776 | 1,943 | 5,719 | 3,347 | 1,558 | 4,905 | | Other income | 64 | 92 | 156 | 57 | 113 | 170 | | | **3,840** | **2,035** | **5,875** | 3,404 | 1,671 | 5,075 | $^{(1)}$ All investments have been designated as 'at fair value through profit or loss' on initial recognition, therefore all investment income arises on investments at fair value through profit or loss. $^{(2)}$ Other income on financial assets not designated as 'at fair value through profit or loss'. Annual Report and Financial Statements 2026 | 67 Overview Strategic Report Governance Report Auditors' Report Financial Report Notes of Meeting Other Information --- Financial Report #### 4. Investment Management Fee Year ended 31 May 2026 | | Income Portfolio | | | Growth Portfolio | | | Total | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | | Investment management fee | 180 | 268 | 448 | 123 | 494 | 617 | 303 | 762 | 1,065 | Year ended 31 May 2025 | | Income Portfolio | | | Growth Portfolio | | | Total | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | | Investment management fee | 171 | 257 | 428 | 119 | 475 | 594 | 290 | 732 | 1,022 | The Company's Manager is Columbia Threadneedle Investment Business Limited. With effect from 1 September 2025 Columbia Threadneedle Investment Business Limited receives an investment management fee at the rate of 0.60% per annum of the net asset value of each Portfolio payable quarterly in arrears. There will be no charge on any assets which are invested in other investment vehicles managed by the Manager. Prior to 1 September 2025 Columbia Threadneedle Investment Business Limited received an investment management fee at the rate of 0.65% per annum of the total assets of each Portfolio payable quarterly in arrears, subject to being reduced to 0.325% per annum on any assets which were invested in other investment vehicles managed by the Manager. For the purposes of the revenue and capital columns in the Income Statement, the management fee has been allocated 60% to capital and 40% to revenue in the Income Portfolio. In respect of the Growth Portfolio, the management fee has been charged 80% to capital and 20% to revenue. Details of outstanding management fees at 31 May 2026 are included in note 12. #### 5. Other Expenses | | 2026 | | | 2025 | | | | --- | --- | --- | --- | --- | --- | --- | | | Income Portfolio £'000 | Growth Portfolio £'000 | Total £'000 | Income Portfolio £'000 | Growth Portfolio £'000 | Total £'000 | | Auditor's remuneration for: | | | | | | | | - statutory audit^{(1)} | 29 | 40 | 69 | 27 | 40 | 67 | | Directors' fees | 50 | 71 | 121 | 48 | 72 | 120 | | Secretarial fees | 45 | 64 | 109 | 42 | 64 | 106 | | Marketing | 29 | 41 | 70 | 63 | 95 | 158 | | Printing and postage | 32 | 47 | 79 | 28 | 42 | 70 | | Registrars' fees | 26 | 33 | 59 | 22 | 22 | 44 | | Custody and depositary fees | 14 | 20 | 34 | 10 | 15 | 25 | | Other expenses including listing fees and legal fees | 71 | 110 | 181 | 61 | 93 | 154 | | | 296 | 426 | 722 | 301 | 443 | 744 | All expenses are stated gross of irrecoverable VAT, where applicable. $^{(1)}$ Auditor's remuneration for audit services, exclusive of VAT, amounts to £57,700 (2025: £55,500). The Manager, Columbia Threadneedle Investment Business Limited, receives a secretarial and administrative fee of £109,163 per annum (2025: £105,614), subject to annual changes in line with the Consumer Price Index, of which £27,000 (2025: £27,000) was payable to the Manager at the year-end. The emoluments of the Chairman, the highest paid Director, were at the rate of £35,200 (2025: £34,200) per annum. Full details are provided in the Directors' Remuneration Report. 68 | CT Global Managed Portfolio Trust PLC --- Financial Report ## 6. Finance Costs Year ended 31 May 2026 | | Income Portfolio | | | Growth Portfolio | | | Total | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | | Interest on bank borrowings | 151 | 226 | 377 | - | - | - | 151 | 226 | 377 | Year ended 31 May 2025 | | Income Portfolio | | | Growth Portfolio | | | Total | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | | Interest on bank borrowings | 128 | 194 | 322 | - | - | - | 128 | 194 | 322 | Where borrowings have been utilised, interest payable has been allocated 60% to capital and 40% to revenue in the Income Portfolio and 80% to capital and 20% to revenue in the Growth Portfolio. ### 7. (a) Tax on Ordinary Activities Year ended 31 May 2026 | | Income Portfolio | | | Growth Portfolio | | | Total | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | | Current tax charge for the year being taxation on ordinary activities | - | - | - | - | - | - | - | - | - | Year ended 31 May 2025 | | Income Portfolio | | | Growth Portfolio | | | Total | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | | Current tax charge for the year being taxation on ordinary activities | - | - | - | - | - | - | - | - | - | ### 7. (b) Reconciliation of Tax Charge The tax charge for the year is lower (2025: lower) than the standard rate of corporation tax in the UK of 25% (2025: 25%). | | 2026 | | | 2025 | | | | --- | --- | --- | --- | --- | --- | --- | | | Income shares £'000 | Growth shares £'000 | Total £'000 | Income shares £'000 | Growth shares £'000 | Total £'000 | | Gain on ordinary activities before tax: | 14,198 | 22,369 | 36,567 | 2,371 | 2,212 | 4,583 | | Corporation tax at standard rate of 25% (2025: 25%) | 3,550 | 5,592 | 9,142 | 593 | 553 | 1,146 | | Effects of: | | | | | | | | Gains on investments not taxable | (2,870) | (5,344) | (8,214) | (5) | (394) | (399) | | Non-taxable UK dividend income | (488) | (440) | (928) | (520) | (378) | (898) | | Non-taxable overseas dividend income | (326) | (46) | (372) | (250) | (12) | (262) | | Expenses not utilised | 134 | 238 | 372 | 182 | 231 | 413 | | Tax charge (note 7(a)) | - | - | - | - | - | - | Annual Report and Financial Statements 2026 | 69 Overview Strategic Report Governance Report Auditors' Report Financial Report Notes & Meeting Other Information --- Financial Report ## 7. (b) Reconciliation of Tax Charge (Continued) As at 31 May 2026, the Company had unutilised expenses of £20,076,000 (2025: £18,768,000). The deferred tax asset of £5,019,000 (2025: £4,692,000) in respect of unutilised expenses at 31 May 2026 has not been recognised as it is unlikely that the Company will generate future taxable profits from which the carried forward tax losses could be deducted. The unrecognised deferred tax asset as at 31 May 2026 has been computed using a rate of 25%. ## 8. Dividends | Dividends on Income shares | Register date | Payment date | 2026 Income shares Total £'000 | 2025 Income shares Total £'000 | | --- | --- | --- | --- | --- | | Amounts recognised as distributions during the year: | | | | | | **For the year ended 31 May 2025** | | | | | | – fourth interim of 2.05p per Income share (2024: 2.00p) | 13 June 2025 | 11 July 2025 | **1,105** | 1,036 | | **For the year ended 31 May 2026** | | | | | | – first interim dividend of 1.90p per Income share (2025: 1.85p) | 12 September 2025 | 10 October 2025 | **1,036** | 959 | | – second interim dividend of 1.90p per Income share (2025: 1.85p) | 12 December 2025 | 16 January 2026 | **1,087** | 968 | | – third interim dividend of 1.90p per Income share (2025: 1.85p) | 13 March 2026 | 17 April 2026 | **1,140** | 984 | | | | | **4,368** | 3,947 | | Amounts relating to the year but not paid at the year end: | | | | | | – fourth interim of 2.15p per Income share (2025: 2.05p) | 12 June 2026 | 10 July 2026 | **1,312** | 1,105 | The Growth shares do not carry an entitlement to receive dividends. The dividends paid in respect of the financial year ended 31 May 2026, which form the basis of the retention test under Chapter 4, Part 24 of the Corporation Tax Act 2010, are as follows: | | 2026 £'000 | 2025 £'000 | | --- | --- | --- | | **Revenue available for distribution by way of dividends for the year** | **4,699** | 3,913 | | First interim dividend of 1.90p per Income share in respect of the year ended 31 May 2026 (2025: 1.85p) | **(1,036)** | (959) | | Second interim dividend of 1.90p per Income share in respect of the year ended 31 May 2026 (2025: 1.85p) | **(1,087)** | (968) | | Third interim dividend of 1.90p per Income share in respect of the year ended 31 May 2026 (2025: 1.85p) | **(1,140)** | (984) | | Fourth interim dividend of 2.15p per Income share in respect of the year ended 31 May 2026 (2025: 2.05p) | **(1,312)** | (1,105) | | **Transfer to/(from) revenue reserve** | **124** | (103) | 70 | CT Global Managed Portfolio Trust PLC --- Financial Report ## 9. Return per Share – Basic and Diluted The return per share (basic and diluted) is as follows: Year ended 31 May 2026 | | Income shares | | | Growth shares | | | | --- | --- | --- | --- | --- | --- | --- | | | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | | Return attributable to Portfolios | 3,213 | 10,985 | 14,198 | 1,486 | 20,883 | 22,369 | | Transfer of net income from Growth Portfolio to Income Portfolio | 1,486 | - | 1,486 | (1,486) | - | (1,486) | | Transfer of capital from Income Portfolio to Growth Portfolio | - | (1,486) | (1,486) | - | 1,486 | 1,486 | | Return attributable to shareholders | 4,699 | 9,499 | 14,198 | - | 22,369 | 22,369 | | Return per share | 8.25p | 16.68p | 24.93p | - | 66.89p | 66.89p | | Weighted average number of shares in issue during the year (excluding shares held in treasury) | 56,937,208 | | | 33,439,719 | | | Year ended 31 May 2025 | | Income shares | | | Growth shares | | | | --- | --- | --- | --- | --- | --- | --- | | | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | | Return attributable to Portfolios | 2,804 | (433) | 2,371 | 1,109 | 1,103 | 2,212 | | Transfer of net income from Growth Portfolio to Income Portfolio | 1,109 | - | 1,109 | (1,109) | - | (1,109) | | Transfer of capital from Income Portfolio to Growth Portfolio | - | (1,109) | (1,109) | - | 1,109 | 1,109 | | Return attributable to shareholders | 3,913 | (1,542) | 2,371 | - | 2,212 | 2,212 | | Return per share | 7.44p | (2.93p) | 4.51p | - | 6.33p | 6.33p | | Weighted average number of shares in issue during the year (excluding shares held in treasury) | 52,569,505 | | | 34,946,339 | | | Overview Strategic Report Governance Report Auditors' Report Financial Report Notice of Meeting Other Information Annual Report and Financial Statements 2026 | 71 --- Financial Report ## 10. Investments All investments held in the Income Portfolio and Growth Portfolio have been classified as 'at fair value through profit or loss' and all changes in fair value arise in respect of these investments only. FRS 102 requires an analysis of investments valued at fair value based on the subjectivity and significance of information used to measure their fair value. The level is determined by the lowest (that is the least reliable or independently observable) level of input that is significant to the fair value measurement for the individual investment in its entirety as follows: - Level 1 – quoted prices (unadjusted) in active markets for identical assets; - Level 2 – investments whose value is evidenced by comparison with other observable current market transactions in the same instrument or based on a valuation technique whose variables include only data from observable markets; and - Level 3 – investments whose value is not based on observable market data. In the year ended 31 May 2026, all of the Company's investments were classified as Level 1. In the prior year ended 31 May 2025, all of the Company's investments were also classified as Level 1. # Year ended 31 May | Income shares | Level 1 | | 2026 Total £'000 | 2025 Total £'000 | | --- | --- | --- | --- | --- | | | Listed in the UK £'000 | Quoted on AIM/SFS £'000 | | | | **Opening book cost** | **56,586** | **-** | **56,586** | 55,196 | | **Opening fair value adjustment** | **9,990** | **-** | **9,990** | 10,798 | | Opening valuation | **66,576** | **-** | **66,576** | 65,994 | | Movement in the year: | | | | | | Transfer from Quoted on AIM/SFS^{(1)} to Listed in the UK | | | | | | – cost | **1,993** | **(1,993)** | **-** | **-** | | Purchases at cost | **36,942** | **2,075** | **39,017** | 5,934 | | Sales proceeds | **(32,144)** | **(90)** | **(32,234)** | (5,374) | | Gains on sales based on historical cost | **3,935** | **8** | **3,943** | 830 | | Increase/(decrease) in fair value adjustment | **7,538** | **-** | **7,538** | (808) | | **Closing valuation at 31 May** | **84,840** | **-** | **84,840** | 66,576 | | **Closing book cost** | **67,312** | **-** | **67,312** | 56,586 | | **Closing fair value adjustment** | **17,528** | **-** | **17,528** | 9,990 | | **Closing valuation at 31 May** | **84,840** | **-** | **84,840** | 66,576 | During the year the Income Portfolio incurred transaction costs on purchases of £36,000 (2025: £4,000) and transaction costs on sales of £18,000 (2025: £3,000). There were no special dividends received during the year which were categorised as capital in nature (2025: £218,000). (1) Specialist Fund Segment 72 | CT Global Managed Portfolio Trust PLC --- Financial Report ## 10. Investments (Continued) Year ended 31 May | Growth shares | Level 1 | | 2026 Total £'000 | 2025 Total £'000 | | --- | --- | --- | --- | --- | | | Listed in the UK £'000 | Quoted on AIM/SFS £'000 | | | | **Opening book cost** | **51,802** | **5,323** | **57,125** | 58,529 | | **Opening fair value adjustment** | **30,907** | **(76)** | **30,831** | 33,332 | | Opening valuation | **82,709** | **5,247** | **87,956** | 91,861 | | Movement in the year: | | | | | | Transfer from Quoted on AIM/SFS to Listed in the UK | | | | | | - cost | **3,679** | **(3,679)** | - | - | | Purchases at cost | **54,846** | **696** | **55,542** | 6,365 | | Sales proceeds | **(53,897)** | - | **(53,897)** | (11,848) | | Gains on sales based on historical cost | **20,292** | - | **20,292** | 4,079 | | Increase/(decrease) in fair value adjustment | **1,852** | **(764)** | **1,088** | (2,501) | | **Closing valuation at 31 May** | **109,481** | **1,500** | **110,981** | 87,956 | | **Closing book cost** | **76,722** | **2,340** | **79,062** | 57,125 | | **Closing fair value adjustment** | **32,759** | **(840)** | **31,919** | 30,831 | | **Closing valuation at 31 May** | **109,481** | **1,500** | **110,981** | 87,956 | During the year the Growth Portfolio incurred transaction costs on purchases of £82,000 (2025: £4,000) and transaction costs on sales of £30,000 (2025: £6,000). | | 2026 | | | 2025 | | | | --- | --- | --- | --- | --- | --- | --- | | | Income shares £'000 | Growth shares £'000 | Total £'000 | Income shares £'000 | Growth shares £'000 | Total £'000 | | Equity shares - closing valuation at 31 May | **84,840** | **110,981** | **195,821** | 66,576 | 87,956 | 154,532 | | | **84,840** | **110,981** | **195,821** | 66,576 | 87,956 | 154,532 | | | 2026 | | | 2025 | | | | --- | --- | --- | --- | --- | --- | --- | | | Income shares £'000 | Growth shares £'000 | Total £'000 | Income shares £'000 | Growth shares £'000 | Total £'000 | | Gains on sales in the year | **3,943** | **20,292** | **24,235** | 830 | 4,079 | 4,909 | | Movement in fair value of investments held | **7,538** | **1,088** | **8,626** | (808) | (2,501) | (3,309) | | Gains on investments | **11,481** | **21,380** | **32,861** | 22 | 1,578 | 1,600 | ## 11. Debtors | | 2026 | | | 2025 | | | | --- | --- | --- | --- | --- | --- | --- | | | Income shares £'000 | Growth shares £'000 | Total £'000 | Income shares £'000 | Growth shares £'000 | Total £'000 | | Accrued income | **300** | **233** | **533** | 241 | 116 | 357 | | Other debtors and prepayments | **92** | **23** | **115** | 45 | 30 | 75 | | | **392** | **256** | **648** | 286 | 146 | 432 | Overview Strategic Report Governance Report Auditors' Report Financial Report Notes & Meeting Other Information Annual Report and Financial Statements 2026 | 73 --- Financial Report ## 12. Creditors ### Amounts falling due within one year | | 2026 | | | 2025 | | | | --- | --- | --- | --- | --- | --- | --- | | | Income shares £'000 | Growth shares £'000 | Total £'000 | Income shares £'000 | Growth shares £'000 | Total £'000 | | Revolving credit facility | 7,000 | - | 7,000 | 7,000 | - | 7,000 | | Management fee accrued | 115 | 164 | 279 | 107 | 148 | 255 | | Secretarial fee accrued | 11 | 16 | 27 | 11 | 16 | 27 | | Due to brokers | 196 | 160 | 356 | - | 6 | 6 | | Overdraft balance | - | 107 | 107 | - | - | - | | Other accruals | 90 | 113 | 203 | 101 | 119 | 220 | | | 7,412 | 560 | 7,972 | 7,219 | 289 | 7,508 | At 31 May 2026 the Company had a £10 million unsecured revolving credit facility ('RCF') with The Royal Bank of Scotland International Limited available to the Company until 10 February 2027. £7 million of the unsecured revolving credit facility was drawn down by the Company as at 31 May 2026 for the period to 22 June 2026 (2025: £7 million). The interest rate on the amounts drawn down are variable, based on SONIA plus a margin, and a non-utilisation fee is payable on undrawn amounts. Under the covenants which relate to the borrowing facilities, the Company is required to ensure that at all times: - gross borrowings of the Company do not exceed 20% of the adjusted asset value; and - net tangible assets are not less than £50 million. The Company met all covenant conditions during the year. 74 | CT Global Managed Portfolio Trust PLC --- Financial Report ### 13. Share Capital Allotted, issued and fully paid | | Listed | | Held in treasury | | In issue | | | --- | --- | --- | --- | --- | --- | --- | | | Number | £'000 | Number | £'000 | Number | £'000 | | **Income shares** | | | | | | | | Balance at 1 June 2025^{(1)} | 53,790,518 | 2,481 | - | - | 53,790,518 | 2,481 | | Issued | 7,125,000 | 329 | - | - | 7,125,000 | 329 | | Purchased for treasury | - | - | (200,000) | (9) | (200,000) | (9) | | Resold from treasury | - | - | 200,000 | 9 | 200,000 | 9 | | Share conversion: | | | | | | | | - Income to Growth | (248,593) | (12) | - | - | (248,593) | (12) | | - Growth to Income | 210,269 | 10 | - | - | 210,269 | 10 | | Balance at 31 May 2026^{(1)} | 60,877,194 | 2,808 | - | - | 60,877,194 | 2,808 | | | Deferred shares – Income | | | --- | --- | --- | | | Number | £'000 | | **Deferred shares – Income** | | | | Balance at 1 June 2025 | - | - | | Issue of Deferred shares^{(2)} | 248,593 | 1 | | Repurchase of Deferred shares^{(2)} | (248,593) | (1) | | Balance at 31 May 2026 | - | - | | Total called-up share capital | - | 2,808 | $^{(1)}$ The nominal value of each Income share is £0.046131176. $^{(2)}$ The nominal value of each Deferred share is £0.00314649. During the year, the Company issued 7,125,000 (2025: 1,870,000) Income shares from the block listing facility receiving net proceeds of £8,846,000 (2025: £2,064,000). During the year, the Company bought back 200,000 (2025: 50,000) Income shares through the market for treasury at a cost of £238,000 (2025: £58,000). During the year, the Company resold 200,000 (2025: 50,000) Income shares from treasury receiving net proceeds of £244,000 (2025: £58,000). During the year, valid conversion notices were received to convert 248,593 Income shares (2025: 185,555 Income shares) (which represented a value of £305,000 (2025: £210,000)). These were converted into 100,864 Growth shares (2025: 81,313 Growth shares) in accordance with the Company's Articles and by reference to the ratio of the relative underlying net asset values of the Growth shares and Income shares on the conversion date. The Company's Articles allow for Deferred shares to be allotted as part of the share conversion to ensure that the conversion does not result in a reduction of the aggregate par value of the Company's issued share capital. The Deferred shares (and their par value) issued as part of the share conversion during the year are set out above. The Deferred shares were subsequently repurchased by the Company for nil consideration (as they have no economic value) and as authorised by shareholders at the October 2025 AGM. Since the year end, the Company has issued a further 725,000 Income shares from the block listing facility receiving net proceeds of £958,000 and bought back 50,000 Income shares for treasury at a cost of £64,000. Annual Report and Financial Statements 2026 | 75 Overview Strategic Report Governance Report Auditors' Report Financial Report Notes of Meeting Other Information --- Financial Report ### 13. Share Capital (Continued) | | Listed | | Held in treasury | | In issue | | | --- | --- | --- | --- | --- | --- | --- | | | Number | £'000 | Number | £'000 | Number | £'000 | | **Growth shares** | | | | | | | | Balance at 1 June 2025^{(1)} | 38,741,161 | 1,787 | (4,360,000) | (201) | 34,381,161 | 1,586 | | Issued | - | - | - | - | - | - | | Purchased for treasury | - | - | (1,678,000) | (77) | (1,678,000) | (77) | | Resold from treasury | - | - | 1,265,000 | 58 | 1,265,000 | 58 | | Share conversion: | | | | | | | | - Growth to Income | (85,315) | (4) | - | - | (85,315) | (4) | | - Income to Growth | 100,864 | 5 | - | - | 100,864 | 5 | | Balance at 31 May 2026^{(1)} | 38,756,710 | 1,788 | (4,773,000) | (220) | 33,983,710 | 1,568 | | | Deferred shares – Growth | | | --- | --- | --- | | | Number | £'000 | | **Deferred shares – Growth** | | | | Balance at 1 June 2025 | - | - | | Issue of Deferred shares^{(2)} | 85,315 | - | | Repurchase of Deferred shares^{(2)} | (85,315) | - | | Balance at 31 May 2026 | - | - | | Total called-up share capital | - | 1,788 | $^{(1)}$ The nominal value of each Growth share is £0.046131176. $^{(2)}$ The nominal value of each Deferred share is £0.00314649. During the year, the Company bought back 1,678,000 (2025: 1,255,000) Growth shares through the market for treasury at a cost of £4,648,000 (2025: £3,219,000). During the year, the Company resold 1,265,000 (2025: 150,000) Growth shares from treasury receiving net proceeds of £3,854,000 (2025: £400,000). During the year, valid conversion notices were received to convert 85,315 Growth shares (2025: 167,760 Growth shares) (which represented a value of £258,000 (2025: £433,000)). These were converted into 210,269 Income shares (2025: 382,822 Income shares) in accordance with the Company's Articles and by reference to the ratio of the relative underlying net asset values of the Growth shares and Income shares on the conversion date. The Company's Articles allow for Deferred shares to be allotted as part of the share conversion to ensure that the conversion does not result in a reduction of the aggregate par value of the Company's issued share capital. The Deferred shares (and their par value) issued as part of the share conversion during the year are set out above. The Deferred shares were subsequently repurchased by the Company for nil consideration (as they have no economic value) and as authorised by shareholders at the October 2025 AGM. Since the year end, the Company has bought back a further 220,000 Growth shares for treasury at a cost of £714,000. #### Shareholder entitlements The Company has two classes of shares: Income shares and Growth shares. The entitlements of the Income shares and the Growth shares are set out in the Capital Structure section on page 90. 76 | CT Global Managed Portfolio Trust PLC --- Financial Report ## 14. Reserves | Income shares | Share premium £'000 | Capital redemption reserve £'000 | 2022 special reserve £'000 | 2008 special reserve £'000 | Capital reserve – investments sold £'000 | Capital reserve – investments held £'000 | Revenue reserve £'000 | | --- | --- | --- | --- | --- | --- | --- | --- | | At 1 June 2025 | 5,197 | 2,699 | 29,588 | 19,681 | (12,530) | 9,990 | 3,869 | | Gains on investments | – | – | – | – | 3,943 | 7,538 | – | | Issuance of Income shares | 8,517 | – | – | – | – | – | – | | Shares purchased for treasury | – | – | – | (238) | – | – | – | | Shares sold from treasury | – | – | – | 244 | – | – | – | | Profit on sale of shares from treasury | 7 | – | – | (7) | – | – | – | | Share conversion | – | – | – | (46) | – | – | – | | Buy-back of Deferred shares for cancellation | – | 1 | – | – | – | – | – | | Management fees charged to capital | – | – | – | – | (268) | – | – | | Interest charged to capital | – | – | – | – | (226) | – | – | | Foreign exchange losses | – | – | – | – | (2) | – | – | | Transfer of net income from Growth Portfolio to Income Portfolio | – | – | – | – | – | – | 1,486 | | Transfer of capital from Income Portfolio to Growth Portfolio | – | – | – | – | (1,486) | – | – | | Net revenue for the year | – | – | – | – | – | – | 3,213 | | Dividends paid | – | – | – | – | – | – | (4,368) | | At 31 May 2026 | 13,721 | 2,700 | 29,588 | 19,634 | (10,569) | 17,528 | 4,200 | | Growth shares | Share premium £'000 | Capital redemption reserve £'000 | 2022 special reserve £'000 | 2008 special reserve £'000 | Capital reserve – investments sold £'000 | Capital reserve – investments held £'000 | Revenue reserve £'000 | | --- | --- | --- | --- | --- | --- | --- | --- | | At 1 June 2025 | 476 | 2,258 | 29,581 | 6,122 | 20,350 | 30,831 | – | | Gains on investments | – | – | – | – | 20,292 | 1,088 | – | | Issuance of Growth shares | – | – | – | – | – | – | – | | Shares purchased for treasury | – | – | – | (4,648) | – | – | – | | Shares sold from treasury | – | – | – | 3,854 | – | – | – | | Profit on sale of shares from treasury | 737 | – | – | (737) | – | – | – | | Share conversion | – | – | – | 46 | – | – | – | | Buy-back of Deferred shares for cancellation | – | – | – | – | – | – | – | | Management fees charged to capital | – | – | – | – | (494) | – | – | | Foreign exchange losses | – | – | – | – | (3) | – | – | | Transfer of net income from Growth Portfolio to Income Portfolio | – | – | – | – | – | – | (1,486) | | Transfer of capital from Income Portfolio to Growth Portfolio | – | – | – | – | 1,486 | – | – | | Net revenue for the year | – | – | – | – | – | – | 1,486 | | At 31 May 2026 | 1,213 | 2,258 | 29,581 | 4,637 | 41,631 | 31,919 | – | ### Capital management The Company's capital is represented by the issued share capital, share premium, capital redemption reserve, 2022 special reserve, 2008 special reserve, capital reserve – investments sold, capital reserve – investments held and revenue reserve. Details of the movement through each reserve are shown on pages 75 to 77. The Company is not subject to any externally imposed capital requirements. The nature of the reserves are explained in note 1(k) on pages 65 and 66. The capital of the Company is managed in accordance with its investment policy, in pursuit of its investment objective, both of which are detailed in the Strategic Report. Annual Report and Financial Statements 2026 | 77 Overview Strategic Report Governance Report Auditors' Report Financial Report Notes of Meeting Other Information --- Financial Report ## 15. Net Asset Value Per Share The net asset value per share and the net asset value attributable to the shares at the year-end are calculated as follows: ### Year ended 31 May 2026 | | Net asset value per share | | Net asset value attributable | | | --- | --- | --- | --- | --- | | | Income shares pence | Growth shares pence | Income shares £'000 | Growth shares £'000 | | Basic and diluted | 130.77p | 332.59p | 79,610 | 113,027 | ### Year ended 31 May 2025 | | Net asset value per share | | Net asset value attributable | | | --- | --- | --- | --- | --- | | | Income shares pence | Growth shares pence | Income shares £'000 | Growth shares £'000 | | Basic and diluted | 113.36p | 265.86p | 60,975 | 91,405 | The net asset value per Income share is calculated on net assets of £79,610,000 (2025: £60,975,000), divided by 60,877,194 (2025: 53,790,518) Income shares, being the number of Income shares in issue at the year-end (excluding any shares held in treasury). The net asset value per Growth share is calculated on net assets of £113,027,000 (2025: £91,405,000), divided by 33,983,710 (2025: 34,381,161) Growth shares, being the number of Growth shares in issue at the year-end (excluding any shares held in treasury). ## 16. Reconciliation of Return on Ordinary Activities Before Tax to Net Cash Flows from Operating Activities | | 2026 | | | 2025 | | | | --- | --- | --- | --- | --- | --- | --- | | | Income shares £'000 | Growth shares £'000 | Total £'000 | Income shares £'000 | Growth shares £'000 | Total £'000 | | Return on ordinary activities before tax | 14,198 | 22,369 | 36,567 | 2,371 | 2,212 | 4,583 | | Adjust for returns from non-operating activities: | | | | | | | | Gains on investments | (11,481) | (21,380) | (32,861) | (22) | (1,578) | (1,600) | | Foreign exchange losses | 2 | 3 | 5 | 4 | - | 4 | | Return from operating activities | 2,719 | 992 | 3,711 | 2,353 | 634 | 2,987 | | (Increase)/decrease in prepayments | (2) | 7 | 5 | 14 | 10 | 24 | | Increase/(decrease) in creditors | 6 | 10 | 16 | (17) | (27) | (44) | | Dividend income | (3,776) | (1,943) | (5,719) | (3,347) | (1,558) | (4,905) | | Interest income | (64) | (92) | (156) | (57) | (113) | (170) | | Interest expense | 377 | - | 377 | 322 | - | 322 | | Net cash outflow from operations before dividends and interest | (740) | (1,026) | (1,766) | (732) | (1,054) | (1,786) | 78 | CT Global Managed Portfolio Trust PLC --- Financial Report ## 17. Analysis of Changes in Net Debt Income shares | | As at 1 June 2025 £'000 | Cash flows £'000s | As at 31 May 2026 £'000 | | --- | --- | --- | --- | | Cash and short term deposits | 1,332 | 458 | 1,790 | | Borrowings | | | | | Revolving credit facility | (7,000) | – | (7,000) | | Total | (5,668) | 458 | (5,210) | Growth shares | | As at 1 June 2025 £'000 | Cash flows £'000s | As at 31 May 2026 £'000 | | --- | --- | --- | --- | | Cash and short term deposits | 3,592 | (1,242) | 2,350 | | Borrowings | | | | | Overdraft | – | (107) | (107) | | Total | 3,592 | (1,349) | 2,243 | Total | | As at 1 June 2025 £'000 | Cash flows £'000s | As at 31 May 2026 £'000 | | --- | --- | --- | --- | | Cash and short term deposits | 4,924 | (784) | 4,140 | | Borrowings | | | | | Overdraft | – | (107) | (107) | | Revolving credit facility | (7,000) | – | (7,000) | | Total | (2,076) | (891) | (2,967) | ## 18. Financial Instruments The Company's financial instruments comprise its investment Portfolios, cash balances, bank borrowings and debtors and creditors that arise directly from its operations. The Company, which is an investment trust, holds two Portfolios of financial assets in pursuit of its investment objective. Listed and quoted fixed asset investments held (see note 10) are valued at fair value. The fair value of the financial assets and liabilities of the Company at 31 May 2026 and 31 May 2025 is not materially different from their carrying value in the financial statements. The main risks that the Company faces arising from its financial instruments are: - (i) market price risk, being the risk that the value of investment holdings will fluctuate as a result of changes in market prices caused by factors other than interest rate or currency rate movements; - (ii) interest rate risk, being the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates; - (iii) foreign currency risk, being the risk that the value of investment holdings, investment purchases, investment sales and income will fluctuate because of movements in currency rates; - (iv) credit risk, being the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Company; and - (v) liquidity risk, being the risk that the Company may not be able to liquidate its investments quickly or otherwise raise funds to meet financial commitments. Annual Report and Financial Statements 2026 | 79 Overview Strategic Report Governance Report Auditors' Report Financial Report Notes of Meeting Other Information --- Financial Report ## 18. Financial Instruments (Continued) The Company held the following categories of financial instruments as at 31 May: | | 2026 | | | 2025 | | | | --- | --- | --- | --- | --- | --- | --- | | | Income shares £'000 | Growth shares £'000 | Total £'000 | Income shares £'000 | Growth shares £'000 | Total £'000 | | **Financial assets** | | | | | | | | *Financial assets measured at fair value through profit or loss:* | | | | | | | | Investment Portfolio – Level 1 (refer to note 10) | **84,840** | **110,981** | **195,821** | 66,576 | 87,956 | 154,532 | | *Financial assets measured at amortised cost:* | | | | | | | | Cash at bank and on deposit | **1,790** | **2,350** | **4,140** | 1,332 | 3,592 | 4,924 | | Accrued income | **300** | **233** | **533** | 241 | 116 | 357 | | **Financial liabilities** | | | | | | | | *Financial liabilities measured at amortised cost:* | | | | | | | | Other creditors and accruals | **412** | **560** | **972** | 219 | 289 | 508 | | Revolving credit facility | **7,000** | **-** | **7,000** | 7,000 | - | 7,000 | ## 19. Market Price Risk The management of market price risk is part of the fund management process and is typical of equity and debt investment. The Portfolios are managed with an awareness of the effects of adverse price movements through detailed and continuing analysis with an objective of maximising overall returns to shareholders. Further information on the investment Portfolios is set out on pages 8, 9, 11 and 12. If the investment Portfolio valuation fell by 10% at 31 May 2026, the impact on the profit or loss and the net asset value would have been negative £8.5 million (Income shares) (2025: negative £6.7 million (Income shares)) and negative £11.1 million (Growth shares) (2025: negative £8.8 million (Growth shares)). If the investment Portfolio valuation rose by 10% at 31 May 2026, the effect would have been equal and opposite (2025: equal and opposite). The calculations are based on the Portfolio valuations as at the respective Balance Sheet dates, are not representative of the year as a whole and may not be reflective of future market conditions. ## 20. Interest Rate Risk The exposure of the financial assets and liabilities to interest rate movements as at 31 May 2026 was: | | 2026 | | | 2025 | | | | --- | --- | --- | --- | --- | --- | --- | | | Income shares £'000 | Growth shares £'000 | Total £'000 | Income shares £'000 | Growth shares £'000 | Total £'000 | | **Exposure to floating rates:** | | | | | | | | Cash | **1,790** | **2,350** | **4,140** | 1,332 | 3,592 | 4,924 | | Overdraft | **-** | **(107)** | **(107)** | - | - | - | | Revolving credit facility | **(7,000)** | **-** | **(7,000)** | (7,000) | - | (7,000) | | Net position | **(5,210)** | **2,243** | **(2,967)** | (5,668) | 3,592 | (2,076) | Exposures vary throughout the year as a consequence of changes in the composition of the net assets of the Company arising from the investment and risk management processes. If interest rates rose by 0.5%, the impact on the profit and loss and the net asset value would have been on the Income shares a decrease of £26,000 (2025: decrease of £28,000) and on the Growth shares an increase of £11,000 (2025: increase of £18,000). If interest rates fell by 0.5%, the effect would have been equal and opposite. The calculations are based on the financial assets and liabilities held and the interest rates ruling at each Balance Sheet date and are not representative of the year as a whole. ### Floating rate When the Company retains cash balances the majority of the cash is held in variable rate bank accounts yielding rates of interest linked to the UK base rate which was 3.75% at 31 May 2026 (2025: 4.25%). There are no other assets which are directly exposed to floating interest rate risk. 80 | CT Global Managed Portfolio Trust PLC