Audited Statement of Results for the year ended 31.12.2024

Cannon Place, 78 Cannon Street,
London, EC4N 6AG
Telephone +44 (0)20 7464 5000
fandc.com

An investment company within the meaning of Section 833 of the Companies Act 2006
Registered in England and Wales, Company Registration No. 12901 Registered Office: Cannon Place, 78 Cannon Street, London EC4N 6AG


F&C INVESTMENT TRUST PLC
Audited Statement of Results for the year ended 31 December 2024

LEI: 213800W6B18ZHTNG7371
Information disclosed in accordance with DTR 4.1.3


17 March 2024

F&C Investment Trust plc ('F&C'/the 'Company') today announces its results for the year ended 31
December 2024.

• F&C’s share price was 1,108 pence representing a total return of +16.9%, against its benchmark,
the FTSE All-World Index, of +19.3%.

• F&C’s Net Asset Value (‘NAV’) total return of +21.0%, with debt at market value, ahead of the
benchmark.

• The Company has delivered a total shareholder return of 212.2% over the ten-year period to the
end of 2024, equivalent to 12.1% per annum which compares with a return of 200.2% (equivalent
to 11.6% per annum) from our benchmark index.

• The final dividend will be 4.8 pence per share, subject to shareholder approval, and will bring the
total dividend for the year to 15.6 pence per share. This will be a 6.1% increase and the 54th
consecutive annual increase.

Commenting on the markets, Paul Niven, Fund Manager said:

“Despite a volatile and rapidly changing market backdrop, our consistent approach has served
shareholders very well over the long term.
”

The Chairman, Beatrice Hollond, commented:

“
F&C's NAV total return has beaten the benchmark and its global peer group over one, three, five and
ten years. Over twenty years, our return is equivalent to 10.4% per annum. The growth in our dividends
over the past decade is significantly higher than UK inflation.”

The full results statement is attached.

Past performance should not be seen as an indication of future performance. The value of investments
and income derived from them can go down as well as up as a result of market or currency movements
and investors may not get back the original amount invested.

Contacts
Paul Niven – Fund Manager 020 3530 6396

Campbell Hood
campbell.hood@columbiathreadneedle.com 07860
911 622

Lansons
Tom Straker
columbiathreadneedle@lansons.com
07505 425 961

About F&C:
• Founded in 1868 – the oldest collective investment trust
• A diversified portfolio provides exposure to most of the world's stock markets, with exposure to
just under 4 00 individual companies across the globe
• Its aim is to generate long-term growth in capital and income by investing primarily in an
international portfolio of listed equities
Visit our website: fandc.com


Chairman’s Statement

Dear Shareholder,

2024 was another strong year for global equity markets with US equities rising by more than 25%. This
was the first time since the late 1990s that US investors have enjoyed successive annual gains of
greater than 20%. As was the case in 2023, the US outperformed both analysts’ expectations and other
major equity markets. The so-called ‘Magnificent Seven’ US mega-cap technology stocks delivered
returns well in excess of the broader market. Indeed, this collection of exceptional companies, which
include Nvidia, Microsoft and Amazon, delivered a 67% dollar-based gain on the year, pushing the
market weight of these companies in the US index to new highs.

US equity market performance was driven by better-than-expected economic data and, as the year
progressed, initial fears of recession gave way to robust US growth, while inflation fell to levels which
enabled central banks to begin cutting interest rates. While the scale of resultant interest rate cuts was
below initial expectations, the combination of strong earnings growth in the US, declining inflation and
interest rates, alongside ongoing optimism over the impact of Artificial Intelligence (‘AI’) propelled equity
markets to new record highs. Furthermore, despite uncertainty over policy, the election of Donald Trump
as US President for a second term, with promises of corporate tax cuts and deregulation, gave further
impetus to investor risk appetite in the final part of the year.

The picture was more mixed outside of the US. While the global economy avoided a recession over the
year, there was reasonable dispersion across regions. Sluggish economic data, along with lower
inflation in Europe and the UK, led to an easing of interest rate policy by the European Central Bank and
the Bank of England.

Our Net Asset Value (‘NAV’) total return, taking debt at market value, of +21.0% outperformed the return
from our benchmark index of +19.3%. Our share price and our NAV total returns exceeded those
delivered from our closed ended peers in 2024. Indeed, both our returns exceed that of our open and
closed ended peers over one, three, five and ten years. This outperformance, over all these periods is
unique in our closed ended sector. As a diversified global investment trust, designed to provide
consistency in terms of performance outcome, it is pleasing to report these strong and consistent returns
for shareholders. Furthermore, as our NAV total return has also exceeded that of our market benchmark
over one, three, five and ten years, we believe that this is a strong proof statement on the effectiveness
of our investment approach.

Although our share price and NAV reached new record highs, in common with many of our peers in the
investment trust sector we saw a widening in our share price discount to NAV in 2024. Our discount
moved from 5.9% at the start of the year, to end the year at 9.2%. This detracted from shareholder
returns, resulting in a share price total return of +16.9%, lower than our NAV total return of +21.0%. Our
NAV, with debt at market value, rose from 1,022.1p to 1,219.6p per share and our share price rose from
962p to 1,108p. We bought back 5.3% of our issued share capital, a total of 27.3m shares. We remain
committed towards our objective of achieving a sustainably low deviation between our share price and
NAV, as well as reducing the volatility of the discount.

Performance from our underlying listed strategies was strong over the year, with each component of our
portfolio delivering a gain in absolute terms. Performance was particularly strong in North America,
Japan and from our Global Focus strategy, which has exposure to quality growth stocks. While we were
relatively underweight compared to the benchmark index to some of the Magnificent Seven stocks,
overall our listed portfolio modestly outperformed its benchmark index. The decision by our Fund
Manager to reduce our allocations to emerging markets and Europe in the first half of 2024 served us
well as both regions underperformed the broader benchmark over the year. While our private equity
portfolio produced respectable absolute returns over the year, performance lagged that of the listed
global equity benchmark.

As our investment portfolio has significant investments in US assets the modest decline in sterling (of -
1.8%) against the US dollar was beneficial to returns. In a year where markets rose strongly, our gearing
added value over the year.

Following our re-admission to the FTSE100 index in 2022, I am pleased to report that we not only
maintained this position, but we actually rose within the index, cementing our position as one of the UK’s
leading listed companies. As noted in our 2023 Annual Report, we have previously been a FTSE100
constituent, but this current period is the longest that we have remained in the index.

Contributors to total returns in 2024 (%)

Portfolio return
(1)
19.1
Management fees (0.3)
Interest and other expenses (0.5)
Share buybacks 0.5
Change of value of debt 0.6
Gearing/other 1.6
NAV total return 21.0
Change in share price discount (4.1)
Share price total return 16.9
FTSE All-World total return 19.3

Source: Columbia Threadneedle Investments

LONG-TERM RESULTS
We remain resolutely focused on our investment objective of securing growth in both capital and income
for shareholders over the long term. Over the ten years to the end of 2024 your Company delivered a
total shareholder return of +212.2%, equivalent to +12.1% per annum. Returns have remained
remarkably consistent, with limited losses on an annual basis over the past decade.

Over a twenty-year period to 31 December 2024 the Company’s NAV return was +627.3%, equivalent to
10.4% per annum. Our capital-only return (i.e. without dividends reinvested) over the past twenty years
was +469.7% (9.1% per annum) and our shareholder total return was +751.6% (11.3% per annum).
Dividends paid to shareholders have risen by 5.3% per annum over the past decade and by 6.8% over
the past twenty years. Such results continue to demonstrate the importance of compounding income and
capital gains over the long term, in the process of value creation for shareholders.

FIFTY FOURTH CONSECUTIVE ANNUAL DIVIDEND INCREASE
Our gross and net income generated in 2024 represented a new record high. Gross income rose by
4.9% to £111.8m and our net revenue rose by 3.5% to £84.6m. Special dividends fell slightly to £3.6m
(2023: £4.4m). The impact of currency movements reduced our income by £3.4m (2023: -£0.6m). Our
Net Revenue Return per share rose by 7.5% on the year to 17.01 pence, from 15.83 pence per share in
2023.

The UK rate of inflation (as measured by CPI) declined during the year, falling from 4% to 2.5%. This
represents a significant reduction in inflation from that seen during the inflationary spike post the Covid
pandemic and the invasion of Ukraine, but inflation remains above the target of the Bank of England and
slightly higher than levels seen in the years before Covid. It remains the ambition of the Board to deliver
real rises in dividends for shareholders over the long-term that are sustainable. I am therefore delighted
to report another rise in the proposed annual dividend, which will again be fully covered by our revenue
earned in the year. Subject to approval at the Annual General Meeting (‘AGM’), shareholders will receive
a final dividend of 4.8 pence per share on 7 May 2025, bringing the total dividend for 2024 to 15.6
pence: an increase of 6.1% over that of 2023. The increase compares to the 2.5% rise in CPI and
means that the growth in our dividends has exceeded UK inflation over one, three, five and ten years.
Indeed, the growth in our dividends over the past decade, at 67.7%, is almost double that of UK inflation
over the equivalent period (35.4%). Furthermore, our full year 2024 dividend, as well as being our fifty
fourth consecutive rise in annual dividends, is our one hundred and fifty seventh annual dividend
payment for shareholders.

We continue to benefit from a strong financial position with respect to both our revenue reserves
(£116.2m), which represent approximately one year of dividend payments, and our capital reserves
which stood at £5.3bn at the year end. As both are potentially distributable, we remain very well placed
to continue our track record of increasing annual dividends well into the future.

EFFICIENCY
I am pleased to report that our 2024 Ongoing Charges figure fell to 0.45%, down from 0.49% in 2023.
This reduction in charges was driven, in part, by the benefits of scale applying to our fee arrangement
with our Manager and by greater efficiency in terms of our expenses, relative to an increased asset
base.

The Board remains focused on delivering value for money for shareholders as part of its performance
objectives and the Manager is also supportive of providing benefits of scale for their clients. Following
constructive discussions with the Manager, I am pleased to advise that, from 1 January 2025, the
Company’s management fee will be paid at the rate of 0.3% on the first £3.5bn of the market value of
the Company (down from £4bn at present) and at 0.25% on the value of the Company between £3.5bn
and £6bn. A new tier has been introduced, with a fee of 0.2% on market value above £6bn applying.
From 1 January 2026, the level at which the 0.3% fee will start to apply will fall further, to £3bn. These
revised fee arrangements will ensure that your Company remains extremely competitively positioned
relative to peers and the Board believes that, along with our delivered investment performance, this
should position the Company to both attract and retain new shareholders over time.

BORROWINGS
We did not add to our total borrowings of £578.7m over the course of the year. Our cash and cash
equivalents including short-dated Government bonds were reduced from £166.5m to £91.1m. There was
no Government bond exposure at the year end. Our effective gearing level (with debt at par and
considering Government bonds as part of our investment portfolio) fell to 8.6% from 9.9% at the start of
the year.

With our substantial long-term borrowings and low fixed rates on our loans that extend to 2061, we
remain very well positioned to add value through investment in assets which should be expected to
deliver a superior return. Our loans have a blended interest rate of approximately 2.4%, which is far
below current prospective rates which we would pay for short and long-dated loans.

REDUCING CARBON INTENSITY
The Board remains committed to transitioning the Company's portfolio to net zero carbon emissions by
2050 ('Net Zero'). The Manager’s approach to Responsible Investment is set out in the Annual Report
and shareholders will note that the portfolio’s carbon intensity has increased in the last two years as a
result of changes within the portfolio. It is important to be aware that progress towards Net Zero will not
be in the form of a straight-line trajectory and that there are several reasons for this. The Company has
an investment objective to deliver growth in capital and income over time and the Board considers that
this remains the primary objective for the Fund Manager. In the short term, delivering on the investment
returns objective might periodically mean increases in the overall carbon intensity of the portfolio but,
over time, we intend to reduce it both through investments in renewable energy and other
decarbonisation technologies, as well as engaging with companies across our portfolio to ensure their
activities are aligned or aligning to Net Zero. As a result of that engagement, companies are assessed
as to whether they are aligned, aligning, committed, or not aligned to Net Zero and we also pay close
attention to progress on this alignment. More detail is given in the Responsible Investment section of the
Annual Report. The Board is also cognisant that there might be short term disruption and challenges in
achieving its Net Zero target and it has identified the failure to transition to Net Zero as a principal risk.

BOARD COMPOSITION
Richard Robinson was appointed to the Board on 3 May 2024, replacing Tom Joy who stepped down
from the Board on 31 March 2024. Richard has been the Investment Director of the Paul Hamlyn
Foundation since 2009 and has considerable investment management experience.

Edward Knapp will have served as a Director for nine years in July this year. He will seek re-election at
the forthcoming AGM but will step down from the Board in the second half of this year. We shall miss
Edward’s outstanding combination of investment, operational and general management experience. His
contributions to the Board’s discussions on strategy and risk have been particularly valuable. We will
commence the process to recruit his successor shortly and an announcement will be made in due
course.

F&C LECTURE
In June 2024, we held our biennial lecture. As well as wanting to engage with our existing shareholders,
we continue our efforts to attract young investors and the event was branded “F&C Live”, with the theme
“Smart choices: Navigating an Age of Social Change”. We had some thought-provoking speakers who
covered areas such as artificial intelligence, demographics, disruptive technology and geopolitics. It was
very well received by those who attended and you can view a recording of the event, and interviews with
the speakers, on our website at fandc.com.

ANNUAL GENERAL MEETING
This year’s AGM will be a "hybrid" meeting, which will enable shareholders who cannot attend in person
to view the AGM online and to participate by asking questions and voting if they wish. Full details of how
to do so are set out in the letter that accompanies your Form of Proxy or Form of Direction.

Voting will be conducted by way of a poll, and you are requested to lodge your votes ahead of the
meeting by completing your Form of Proxy or Form of Direction in accordance with the instructions. Its
completion and return will not preclude you from attending the meeting and voting in person. If you are
unable to attend the AGM, you are requested to submit any questions you may have with regard to the
resolutions proposed at the AGM, or the performance of the Company, in advance of the meeting to
F&Cagm@columbiathreadneedle.com. Following the AGM, the Fund Manager’s presentation will be
available on the Company’s website at fandc.com.

OUTLOOK
2024 saw a continuation of many of the market themes from 2023. Performance from the Magnificent
Seven sent US equities to record highs and to record levels of market concentration. It is noteworthy that
recent equity market gains have been fuelled by such a small number of companies. However, there are
expectations for a broadening out of returns across equity markets over the coming year.

The forecast for economic growth remains mixed for 2025. In the US, inflation is now expected to remain
above target for longer, with jobs and underlying activity still showing strong readings. This is likely to
leave only limited room for the Federal Reserve to cut interest rates from current levels. In Europe and
the UK, signs of slowing economic growth means central banks are expected to cut rates over the
coming year.

Equity markets, particularly the US, appear to be valued with little room for disappointment. Whilst there
is investor enthusiasm for an expansionary policy mix that includes tax cuts and extra fiscal spending
from the new US administration, investors continue to be concerned over potential tariffs and the route
the new US administration will pursue regarding foreign policy. These could act as headwinds for global
growth and investor sentiment in 2025. Furthermore, the current dominance of a small cohort of leading
companies may face challenges from a number of areas including increased competition or regulatory
challenges.

Our robust corporate structure and long-term perspective on investment opportunities is one of our great
strengths. Our long-dated senior notes provide fixed, low-cost borrowings from which we can fund
investments. Our dividend, rising for a fifty-fourth consecutive year, is fully covered. We continue to hold
significant revenue reserves, which should help us to continue to meet our objective of delivering above
inflation increases in the dividend over the coming years. Our Private Equity portfolio, mainly focused on
mid-market opportunities, remains well positioned, after a relatively fallow period, to benefit from future
growth. Realisations in our portfolio managed by Columbia Threadneedle Investments increased in 2024
and we hope to see that continue into 2025. Our recent Growth and Venture Capital investments remain
in the early stages of their investment programmes, but we remain optimistic over longer-term prospects
there. There are many reasons for caution and indeed recent events relating to potential lower cost
advances in AI illustrate the potential for both market volatility and shocks but, equally, the backdrop for
financial markets does appear positive for the coming years. Regardless of potential short-term volatility,
we remain resolutely focused on long-term opportunities.


Beatrice Hollond
14 March 2025

Forward-looking statements
This document may contain forward-looking statements with respect to the financial condition, results of operations and
business of the Company. Such statements involve risk and uncertainty because they relate to future events and circumstances
that could cause actual results to differ materially from those expressed or implied by forward-looking statements. The forward
looking statements are based on the Directors’ current view and on information known to them at the date of this document.
Nothing should be construed as a profit forecast.


Weighting, stock selection and performance over one year in each investment portfolio
strategy and underlying geographic exposure versus Index at 31 December 2024
Investment
Portfolio
Strategy
Our portfolio
strategy
weighting %
Underlying
geographic
exposure
(1)

%
Benchmark
weighting %
Our strategy
performance
in sterling %
Net index
performance
in sterling %
North America 41.7 64.5 67.2 27.7 26.3
Europe inc. UK 8.3 20.0 13.7 11.3 4.2
Japan 4.1 5.7 5.7 14.9 9.7
Emerging
Markets
4.9 7.7 9.9 7.9 9.4
Developed
Pacific
2.1 3.5 (3.9)
Global
Strategies
(2)

30.1 17.6 19.3
Private Equity
(3)
10.9 9.7

(1) Represents the geographic exposure of the portfolio, including underlying exposures in private equity and fund holdings.
(2) The Global Strategies allocation consists of Global Income, Global Value, Global Focus and Global Enhanced.
(3) Includes the holdings in Schiehallion and Syncona.
Source: Columbia Threadneedle Investments


PRINCIPAL AND EMERGING RISKS

RISK MONITORING
The Board has continued to work with the Manager in managing the Company’s risks. A risk summary is
produced by the Manager in consultation with the Board to identify the risks to which the Company is
exposed, the controls in place and the actions being taken to mitigate them. The Board, through the
Audit Committee, has a robust process for considering the resulting risk control assessment at regular
meetings and on an ongoing basis it reviews the significance of the risks and the reasons for any
changes.

To a great extent, the Company is reliant on the risk management and internal control processes that
are embedded in the Manager's day-to-day operations. The Board is confident through regular review
and scrutiny that the Manager has the required systems, tools, governance and processes in place to
identify, assess, monitor, manage and mitigate all material risk and control issues that might impact the
Company. This includes the ability of the Manager to leverage expert resource as required: for example,
the Company benefits from the Manager’s global team of experts that focuses continually on
cybersecurity. The Manager provides ongoing comprehensive risk management and control across the
whole of the Company’s portfolio, including management and oversight of the risks arising from the use
of both internal resource and third party managers.

The Board carried out a thorough review of the risks that could impact the sustainable success of the
Company. The purpose of the exercise was to reassess the principal and emerging risks and identify
any new, emerging risks and to take any necessary action to mitigate their potential impact. The Risk
Control Assessment was then revised in line with the conclusions that were reached. As a result of this
review, some risks have been reclassified as Principal Risks and two new Emerging Risks have been
identified.

The Board confirms that it has carried out a robust review and assessment of the Company's principal
and emerging risks and the uncertainties that could threaten its future success. This includes near-term
risks such as those posed by geopolitical uncertainty and longer-term risks, such as climate change. The
consequences for the Company’s strategy, business model, liquidity, future prospects, long term viability
and its commitment to transition the portfolio to net zero carbon emissions by 2050, form an integral part
of this review.

Our risk evaluation forms an inherent part of our strategy determination, which seeks to mitigate risks
and to pursue the opportunities that arise. As a result of the Board's assessment, the following risk
disclosures reflect what it believes to be the Principal and Emerging Risks that the Company faces at
present, the material controls in place to mitigate those risks and whether the status of those risks has
changed in the year under review.

PRINCIPAL RISKS

Risk Description Risk Mitigation/Controls Status
Unsatisfactory Investment Performance
Sub-optimal implementation
of the investment strategy,
for example poor asset
allocation, sector and stock
selection, concentration risk,
excessive diversification,
inadequate inhouse private
equity capability, currency
exposure and use of gearing
and derivatives may give rise
to under-performance
against the Company’s
benchmark index and
companies within its
peer group. It may also
impact the Company’s
dividend
paying capacity.
Under our business model, a
Manager is appointed with
the capability and resources to
manage the Company’s
assets through asset allocation,
sector and stock selection, risk
management and the use of gearing.
The Manager can delegate the
management of investment
portfolios externally to third-party
managers. The individual global and
regional investment portfolios are
managed as a whole to provide
diversification, lower volatility and
lower risk.
The performance of the Company
relative to its benchmark, its peers
and inflation is a KPI measured
by the Board on an ongoing basis.
The Company’s portfolio is well
diversified and its closed-end
structure enables it to continue to
take a long-term view. Detailed
reports, including revenue forecasts,
provided by the Fund Manager are
reviewed by the Board at each of its
meetings.
Long-term performance
remains in line with the
Company’s objective and
the Board’s expectations.
Prudent management of
the Company’s Revenue
Reserve means that its
dividend paying capacity
remains strong. The
key indicators of risk
remain within tolerance
across the long-term,
diversified portfolio.
Consequently, the Board
considers that this risk has
reduced.
Geopolitical Actions
Geopolitical risks may
result in global financial and
equity markets instability.
Geopolitical actions may
result in the imposition of
government and/or
regulatory controls, causing
The Company has a clearly defined
investment strategy. Assets are
diversified to reduce concentration
risk and investment processes
incorporate non-financial and
The Board considers that
this risk has increased.

falls in equity markets and
resulting in long term bear
markets, with inflation
damaging real returns,
thereby restricting
growth opportunities.
A significant weakening of
the US Dollar against sterling
would impact dividend
income and absolute
performance negatively and
reduce the attractiveness of
overseas assets to UK
investors.


risk considerations in the assessment
of investment opportunities. Gearing
limits are set by the Board and
levels are reported regularly.
The Manager has systems, staff and
controls in place to enable ongoing
monitoring of, and quick reaction to,
financial crises.
The results of forward looking stress
tests, ranging from moderate to
extreme scenarios, have provided
the basis for the Board to confirm the
Company’s long term
viability.
Service Delivery Failure
Service providers are unable
to provide expected services.
Delivery failure may be due
to various factors including
systems failure, data breach,
material error and fraud.
This includes functions
delegated by the Manager,
for example fund accounting,
third party sub-portfolio
managers and third party
providers appointed directly
by the Company, for example
the Custodian, Registrar and
Depositary.
Legal agreements are in place with
the Manager, sub-portfolio managers
and other third party service
providers. These set out the agreed
service levels which are monitored.
All third parties provide reports on
their internal controls environment
which are independently audited.
These reports are reviewed by the
Board with follow up queries directed
to the relevant parties where
necessary.
The Manager produces a quarterly
investment trust controls report,
detailing any breaches, errors and/or
general updates relevant to the
Company. Each year the Board
reviews the Manager’s Assessment
of Value for the Company, which is
submitted by the Manager to the
FCA in compliance with the
Consumer Duty regulation.
The Company’s Depositary is liable
in the event of a loss of assets.
The performance of the Manager and
the third party service providers are
evaluated formally by the
Management Engagement
Committee on an annual basis.
The Board considers that
this risk is unchanged.
Discount
The absolute level and
volatility of the discount/
premium to NAV at which
the Company's shares trade
moves to an extent that it
disadvantages shareholders.
For example, the discount
may widen through lack of
demand for the shares in the
market as a result of
significant
underperformance. As a
result, the attractiveness of
the Company's shares to
investors is diminished. A
wide discount may also
attract activist shareholders.

The Board monitors the
discount/premium at which the
shares trade on an absolute level
and relative to its peer
companies and the wider investment
trust sector.
It operates a share buyback
programme, thereby enhancing the
NAV per share for ongoing
shareholders and with the aim of
minimising the absolute level and
volatility of the discount at which the
Company’s shares trade.
Despite a significant
increase in the volume of
shares bought back during
the year, the discount
widened. Therefore, the
Board considers that this
risk has increased.

Cybercrime
Disruption to the Manager’s
systems as a result of
cybercrime could prevent
the accurate monitoring and
reporting of the Company’s
financial position and impact
the confidentiality or integrity
of company data. Cybercrime
could also impact other
service providers’ ability to
provide the agreed services
and could result in the theft
of Company or client assets.
The Audit Committee receives an
annual update from the Manager’s
Chief Information Security Officer
and the organisation is ensuring that
it is compliant with the Digital
Operational Resilience Act (‘DORA’),
which came into effect in January
2025. There are multiple layers of
controls in place from
protecting data, applications, end
points, servers and the network
through to people and processes and
there are a number of proactive
policies in place, along with
a 24/7 security operation centre to
monitor threats. The Manager is fully
aware and acts upon new cyber
information as and when it becomes
available.
Whilst the risk of loss
remains high, Board and
management vigilance also
remains heightened and
therefore this risk is
categorised as
unchanged.

Loss of Key Person
A key individual or team
could depart from the
Manager causing disruption
to the management of the
Company’s assets and
underperformance.
The person posing the
greatest key person risk is
the Company’s Fund
Manager, Paul Niven, who is
Head of Multi-Asset
Solutions (EMEA) at
Columbia Threadneedle
Investments and who has
been managing the
Company’s assets since
2014.
The Board meets with members of
the wider Columbia Threadneedle
investment management team to
ensure that relationships are fully
developed at all levels. Succession
planning concerning any potential
significant management changes is
shared with the Board.
The Manager’s Multi-Asset Solutions
team is more than 20 strong and
senior members of the team attend
Board meetings regularly. The Board
has received assurance from senior
management at Columbia
Threadneedle Investments that it has
the necessary breadth and
experience if it was required to
manage without Mr Niven and it is
confident that the structure that
supports him could manage in the
event that he was to become
incapacitated or leave the firm.
Having considered who are the key
people that could potentially pose a
risk to the Company should they
leave Columbia Threadneedle
Investments, the Board is confident
that they could be replaced
appropriately through internal
promotion or external recruitment.

The Board meets with
members of the Manager’s
team frequently and
therefore considers that
this risk has reduced.
Failure to Transition to Net Zero
The Board has made a
commitment to transition the
Company's portfolio to net
zero carbon emissions by
2050. Responsible
investment is a field that is
evolving rapidly and it can
present both opportunities
and threats to the long-term
investment performance that
we aim to deliver to our
shareholders.
The Manager believes in the power
of engaged, long-term ownership as
a force for positive change. It applies
high standards of responsible
investment in managing the
investments on behalf of our
shareholders and takes seriously its
stewardship responsibilities, actively
engaging with investee companies.
The Board meets with Columbia
Threadneedle’s responsible
Increased geopolitical
uncertainty and policy
changes in the near term
may lead to increases in
carbon intensity globally.
Therefore, the Board
considers that this risk has
increased.

investment team on a regular basis.
We recognise the importance of
disclosing information on responsible
investment that is relevant, reliable
and, as far as possible, ensuring that
it is presented in a consistent way
from year to year in order that our
progress can be assessed.

Emerging Risks

Risk Description Risk Mitigation/Controls
Disruptive Technology
The emergence of new, disruptive technology,
including the use of Artificial Intelligence,
presents both opportunities and threats. It could
have a negative impact on the valuation of
investments within the portfolio and/or the
consequences of new disruptive technology are
not understood fully and therefore investment
opportunities are missed.
The Company’s Fund Manager is supported
by a team of experienced investment
professionals who provide research,
supplemented by third party firms.
Assets are diversified to reduce concentration
risk, in line with the agreed investment strategy.
We believe that it will take some time for the
impact of Artificial Intelligence to flow through
which, therefore, gives the Fund Manager time
to react and reposition the Company’s portfolio
accordingly.
Responsible Investment Disclosure
Rapidly evolving and increasing ESG
regulations present the dual risks of the failure
to comply with ESG disclosure requirements
and that inaccurate tracking and collection of
data in a relatively immature field will result in
inaccurate reporting to stakeholders.
The Manager's Responsible Investment team
specialises in ESG matters and is supported by
its Legal team and the Company Secretary.
Advice is also received from external legal
advisers, the AIC and the Company’s auditors
on changes to legislation and their impact on the
Company's reporting requirements.
The disclosures within the Company’s annual
report are reviewed by the Auditor and require
Board approval.

LONG-TERM VIABILITY

The UK Corporate Governance Code and the AIC Code of Corporate Governance require the Board to
assess the prospects of the Company over a longer period than the 12 months required by the Going
Concern provision.

The Directors carried out scenario testing in order to consider the Company’s long-term viability over a
period of ten years to 31 December 2034. The tests commenced with a base case scenario that covered
a range of assumptions that they considered to be the most relevant, to which sensitivity analysis was
then applied in order to assess the impact of more extreme scenarios. A key assumption in each
scenario included no change to the Company’s dividend policy.

The worst case scenario tested by the Directors was based on what they believed to be severe but
realistic assumptions. It addressed the potential impact of falls of 40% in the value of the listed
investments and 35% for the private equity investments in 2025; followed by a 20% index fall in 2026
impacting equities, together with fluctuations in income receipts. The fall in value of investments may
occur for a variety of reasons. Under this scenario the early funding of the private equity commitments
would increase the proportion of that portfolio as a percentage of the total value of the investments as a
whole. All loans were assumed to have been repaid at the beginning of 2025. Private equity valuations
were assumed to make a modest recovery in later years, while exchange rate movements would
fluctuate from year to year.

The results from the worst-case scenario showed that under such highly adverse conditions the net
assets would fall to no lower than £1.6 billion and would be at £2.6 billion by 31 December 2034.
Dividend payments to shareholders could continue to be paid through the utilisation of Capital Reserves.

Under a scenario based on the movements in income, inflation and valuations over the ten year period
that followed the financial crisis of 2008, net assets would rise to £11.0 billion at 31 December 2034.
Whilst a scenario that used the movements in income, inflation and valuations in the ten years following
the 1970’s oil crisis showed that net assets would rise to £20.6 billion by 31 December 2034.

The assumptions used for these tests purposefully did not take into account that under such severe
conditions the Board and Manager would have taken further action to mitigate the risks and offset the
impact. Furthermore, the tests were a theoretical and illustrative scenario exercise, the assumptions for
which are extreme and highly unlikely. Their purpose was to help inform the Directors of the Company’s
resilience under conditions so severe that they would impact global economies, markets, companies and
businesses alike. The tests help to support the Board’s assessment of the Company’s long-term viability.
The results do not represent its views or give an indication of the likely outcome.

Having considered its current position and the principal and emerging risks that the Company faces and
having applied stress tests under worst-case scenarios that would severely impact global economies
and markets alike, the Board confirms that it has assessed the Company’s prospects, to the extent that it
is able to do so, over the next ten years.

In concluding that ten years is an appropriate period for this assessment, the Board considers that this
approximates to a suitable period over which its longer-term investment performance should be judged
and the periods over which it would typically commit to and benefit from its private equity investments.

The Board also took into consideration the long-term duration of the Company’s debt, the perceived
viability of the Company’s principal service providers, the potential effects of expected regulatory
changes and the potential threat from competition. The Company’s business model, strategy and the
embedded characteristics have helped define and maintain its stability over many decades. The Board
expects this to continue over many more years to come.

The Directors confirm therefore, that they have a reasonable expectation that the Company will be able
to continue in operation and meet its liabilities in full over the coming ten years to 31 December 2034.

On behalf of the Board
Beatrice Hollond
Chairman
14 March 2025

Statement of Directors’ Responsibilities in Respect of the Financial Statements

In accordance with Chapter 4.1.12 of the Disclosure Guidance and Transparency Rules the Directors confirm, that
to the best of their knowledge:

• the financial statements, prepared in accordance with applicable accounting standards, give a true
and fair view of the assets, liabilities, financial position and profit of the Company;
• the Strategic Report includes a fair review of the development and performance of the business
and the position of the Company, together with a description of the principal risks and uncertainties
that it faces; and
• in the opinion of the Directors the annual report and financial statements, taken as a whole, are
fair, balanced and understandable and provide the information necessary for shareholders to
assess the Company’s position and performance, business model and strategy.




On behalf of the Board
Beatrice Hollond
Chairman, 14 March 2025

Income Statement
for the year ended 31 December



Revenue
£’000s
Capital
£’000s
2024
Total
£’000s
Revenue
£’000s
Capital
£’000s
2023
Total
£’000s
Gains on investments – 935,609 935,609 – 477,671 477,671
Exchange movements on foreign currency loans,
cash balances and derivatives (779) 5,003 4,224 (561) (482) (1,043)
Income 111,806 – 111,806 106,621 – 106,621
Management fees (4,603) (13,811) (18,414) (4,146) (12,438) (16,584)
Other expenses (5,739) (79) (5,818) (5,727) (68) (5,795)
Net return before finance costs and taxation 100,685 926,722 1,027,407 96,187 464,683 560,870
Finance costs (3,433) (10,298) (13,731) (3,460) (10,381) (13,841)
Net return on ordinary activities before taxation 97,252 916,424 1,013,676 92,727 454,302 547,029
Taxation on ordinary activities (12,695) (1,222) (13,917) (11,067) (3,118) (14,185)
Net return attributable to shareholders 84,557 915,202 999,759 81,660 451,184 532,844
Net return per share – basic (pence) 17.01 184.10 201.11 15.83 87.46 103.29

The total column of this statement is the profit and loss account of the Company.
All revenue and capital items in the above statement derive from continuing operations.
The net return attributable to shareholders is also the total comprehensive income.

Statement of Changes in Equity
for the year ended 31 December 2024

Share
capital
£’000s
Capital
redemption
reserve
£’000s
Capital
reserves
£’000s
Revenue
reserve
£’000s
Total
shareholders’
funds
£’000s
Balance brought forward 31 December 2023 140,455 122,307 4,664,438 107,287 5,034,487
Dividends paid – – – (75,604) (75,604)
Shares repurchased by the Company and held in
treasury
– – (280,120) – (280,120)
Net return attributable to shareholders – – 915,202 84,557 999,759
Balance carried forward 31 December 2024 140,455 122,307 5,299,520 116,240 5,678,522


for the year ended 31 December 2023

Share
capital
£’000s
Capital
redemption
reserve
£’000s
Capital
reserves
£’000s
Revenue
reserve
£’000s
Total
shareholders’
funds
£’000s
Balance brought forward 31 December 2022 140,455 122,307 4,289,599 97,464 4,649,825
Dividends paid – – – (71,837) (71,837)
Shares repurchased by the Company and held in
treasury
– – (76,345) – (76,345)
Net return attributable to shareholders – – 451,184 81,660 532,844
Balance carried forward 31 December 2023 140,455 122,307 4,664,438 107,287 5,034,487

Balance Sheet
at 31 December

£’000s
2024
£’000s £’000s
2023
£’000s
Fixed assets
Investments 6,164,525 5,451,521
Current assets
Investments – 79,357
Debtors 15,060 11,244
Cash and cash equivalents 91,147 87,170
106,207 177,771
Creditors: amounts falling due within one year
Other (12,909) (13,836)
(12,909) (13,836)
Net current assets 93,298 163,935
Total assets less current liabilities 6,257,823 5,615,456
Creditors: amounts falling due after more than one year
Loans (578,726) (580,394)
Debenture (575) (575)
(579,301) (580,969)
Net assets 5,678,522 5,034,487

Capital and reserves
Share capital 140,455 140,455
Capital redemption reserve 122,307 122,307
Capital reserves 5,299,520 4,664,438
Revenue reserve 116,240 107,287
Total shareholders’ funds 5,678,522 5,034,487
Net asset value per share – prior charges at nominal value (pence) 1,176.82 987.56

Statement of Cash Flows
for the year ended 31 December



2024
£’000s
2023
£’000s
Cash flows from operating activities before dividends received and interest paid (36,166) (25,774)
Dividends received 108,543 98,937
Interest paid (13,731) (13,842)
Cash flows from operating activities 58,646 59,321
Investing activities
Purchases of investments (3,604,576) (4,224,563)
Sales of investments 3,904,506 4,155,297
Other capital charges and credits (78) (63)
Cash flows from investing activities 299,852 (69,329)
Cash flows before financing activities 358,498 (10,008)
Financing activities
Equity dividends paid (75,604) (71,837)
Cash flows from share buybacks into treasury (281,473) (73,645)
Cash flows from financing activities (357,077) (145,482)
Net increase/(decrease) in cash and cash equivalents 1,421 (155,490)
Cash and cash equivalents at the beginning of the year 87,170 243,836
Effect of movement in foreign exchange 2,556 (1,176)
Cash and cash equivalents at the end of the year 91,147 87,170

Represented by:
Cash at bank 73,488 39,827
Short-term deposits 17,659 47,343
Cash and cash equivalents at the end of the year 91,147 87,170

Notes

1. NET RETURN PER SHARE

2024
pence
2024
£’000s
2023
pence
2023
£’000s
Total return 201.11 999,759 103.29 532,844
Revenue return 17.01 84,557 15.83 81,660
Capital return 184.10 915,202 87.46 451,184
Weighted average ordinary shares in issue,
excluding shares held in treasury – number
497,113,19
0
515,891,78
8

2. DIVIDENDS
The Directors have proposed a final dividend in respect of the year ended 31 December 2024 of 4.80p
payable on 7 May 2025 to all shareholders recorded on the register at close of business on 11 April
2025. The total dividends paid and payable in respect of the financial year for the purposes of the
income retention test for Section 1159 of the Corporation Tax Act 2010 are set out below.

3. FINANCIAL RISK MANAGEMENT
The Company is an investment company, listed on the London Stock Exchange, and conducts its affairs
so as to qualify in the UK as an investment trust under the provisions of Section 1158 of the Corporation
Tax Act 2010. In so qualifying, the Company is exempted in the UK from corporation tax on capital gains
on its portfolio of investments.

The Company’s objective is to secure long-term growth in capital and income through a policy of
investing primarily in an internationally diversified portfolio of publicly listed equities, as well as unlisted
securities and Private Equity, with the use of gearing. In pursuing the objective, the Company is exposed
to financial risks which could result in a reduction of either or both of the value of the net assets and the
profits available for distribution by way of dividend. These financial risks are principally related to the
market (currency movements, interest rate changes and security price movements), liquidity and credit.
The Board of Directors, together with the Manager, is responsible for the Company’s risk management.
The Directors’ policies and processes for managing the financial risks are set out in (a), (b) and (c) on
the following pages.

The full details of financial risks are contained in Note 25 of the Annual Report.

4. GOING CONCERN
In assessing the going concern basis of accounting the Directors have had regard to the guidance
issued by the Financial Reporting Council. They have also considered the Company’s objective, strategy
and investment policy, the current cash position of the Company, the availability of borrowings and
compliance with covenants and the operational resilience of the Company and its service providers.
More information on the Directors' assessment is provided in the Annual Report.

5. ANNUAL GENERAL MEETING
The annual general meeting will be held on Wednesday 30 April 2025 at 12.00 noon.

6. ANNUAL REPORT AND ACCOUNTS
This statement was approved by the Board on 14 March 2025. It is not the Company's statutory accounts. The
statutory accounts for the financial year ended 31 December 2024 have been approved and audited and received
an audit report which was unqualified and did not include a reference to any matters to which the auditors drew
attention by way of emphasis without qualifying the report. The statutory accounts for the financial year ended 31
December 2023 received an audit report which was unqualified and did not include a reference to any matters to
which the auditors drew attention by way of emphasis without qualifying the report.

The Annual Report and Accounts will be posted to shareholders on or around 21 March 2025.

Columbia Threadneedle Investment Business Limited,
Company Secretary, 14 March 2025

For further information, please contact:
Jonathan Latter
For and on behalf of
Columbia Threadneedle Investment Business Limited
020 3530 6283

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the
Company's website (or any other website) is incorporated into, or forms part of, this announcement.
Columbia Threadneedle Investment Business Limited
ENDS
A copy of the Annual Report and Accounts has been submitted to the National Storage Mechanism and will shortly
be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
The Annual Report and Accounts will also shortly be available on the Company's website
at www.fandc.com
where up to date information on the Company, including daily NAV and share prices,
factsheets and portfolio information can also be found.