CT Global Managed

Portfolio Trust PLC

For the year ended: 31 May 2024

Annual Report and Financial Statements

Report and Financial Statements 2024 | 1

Overview

Contents

Overview

Company Overview 2

Strategic Report

Chairman’s Statement 3

Income Shares – 2024 Highlights 6

Income Shares – Long-term Summary 7

Income Shares – Investment Portfolio 8

Growth Shares – 2024 Highlights 10

Growth Shares – Long-term Summary 11

Growth Shares – Investment Portfolio 12

Purpose, Strategy and Business Model 14

Key Performance Indicators 16

Investment Manager’s Review 17

Responsible Investment 23

Promoting the Success of the Company 25

Principal Risks and Uncertainties and Viability Statement 27

Policy Summary 30

Governance Report

Board of Directors 33

Report of the Directors 34

Corporate Governance Statement 41

Report of the Nomination Committee 44

Report of the Management Engagement Committee 45

Report of the Audit Committee 46

Report of the Marketing Committee 50

Directors’ Remuneration Report 51

Statement of Directors’ Responsibilities 54

Independent Auditor’s Report 55

Financial Report

Financial Statements 61

Notes to the Financial Statements 66

AIFMD Disclosures 88

Notice of Meeting

Notice of Annual General Meeting 89

Other Information

Capital Structure 94

Shareholder Information 95

How to Invest 97

Historic Record 98

Alternative Performance Measures (‘APMs’) 99

Glossary of Terms 103

Corporate Information 105

Financial Calendar

Annual General Meeting 2 October 2024

Deadlines for submitting conversion instructions:

– for Columbia Threadneedle Investments savings plan investors

– for non-Columbia Threadneedle Investments savings plan investors

20 September 2024

27 September 2024

First interim dividend paid (XD Date 12 September 2024) 11 October 2024

Share conversion facility date 24 October 2024

Second interim dividend paid (XD Date 12 December 2024) 10 January 2025

Announcement of interim results for six months to 30 November 2024 January 2025

Third interim dividend paid (XD Date 13 March 2025) 11 April 2025

Fourth interim dividend paid (XD Date 12 June 2025) 11 July 2025

Announcement of annual results for year ended 31 May 2025 July 2025

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

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 views and on information known to them at the date of

this document. Nothing should be construed as a profit forecast.

2 | CT Global Managed Portfolio Trust PLC

Overview

Company Overview

CT Global Managed Portfolio Trust PLC (the 'Company') is an investment trust and was launched

on 16 April 2008. Its shares are listed on the premium segment of the Official List of the

Financial Conduct Authority and traded on the main market of the London Stock Exchange.

Purpose

The purpose of the Company is to provide investors with access to a broad spread of investment

companies, covering a variety of geographies, sectors and investment managers, with the objective

of providing both income and growth, while spreading investment risk.

Share Classes

The Company has two classes of shares with two separate investment portfolios:

– the Income shares, where the investment focus is to provide an attractive level of income,

together with some capital growth; and

– the Growth shares, where the investment focus is to achieve capital growth.

The ability to switch between the two share classes annually, in a tax efficient manner, offers

flexibility to those investors whose requirements may change over time.

The benchmark index for both the Income Portfolio and the Growth Portfolio is the FTSE

All-Share Index.

Visit our website at ctglobalmanagedportfolio.co.uk

The Company is registered in Scotland with company registration number SC338196

Legal Entity Identifier: 213800ZA6TW45NM9YY31

Report and Financial Statements 2024 | 3

Strategic Report

Performance

For the Company’s financial year ended 31 May 2024 the

NAV total return (capital performance plus the reinvestment

of any dividends paid) was +7.0% for the Income shares and

+12.7% for the Growth shares, both of which underperformed

the +15.4% total return for the FTSE All-Share Index, the

benchmark index for both share classes. Of relevance and for

interest, the FTSE All-Share Closed End Investments Index total

return was +12.2% for the year.

Both Portfolios invest in a range of conventional investment

companies (which invest mainly in listed securities) and

alternative investment companies (which invest mainly in

unlisted, illiquid assets such as infrastructure, renewable

energy infrastructure, property, private equity and debt).

A key factor behind the underperformance of the Income

Portfolio was the performance of certain alternative investment

companies. Discounts remained wide and interest rates which

stayed ‘higher for longer’ led to reduced NAVs and share

prices. In particular, this affected investment companies in the

infrastructure, renewable energy infrastructure, property and

debt sub-sectors where the Income Portfolio has a much higher

exposure than the Growth Portfolio. Performance is discussed

in greater depth in the Manager’s Review.

For Income shareholders, dividends have now been increased

in each of the last 13 years. For Growth shareholders seeking

long term performance, while the last few financial years have

been difficult, their net asset value compound annual growth

rates to 31 May 2024 have been 6.6% over 10 years and 9.1%

over 15 years, as compared to the compound annual growth

rates of 5.9% and 8.6% respectively for the FTSE All-Share

Index (total return) for the same periods.

Revenue and Dividends

For the financial year ended 31 May 2024, four interim

dividends have now been paid, totalling 7.40p per Income

share, which represents an increase of 2.8% from the prior

financial year (2023: 7.20p per Income share). The fourth

interim dividend was paid after the year end on 5 July 2024.

This is the thirteenth consecutive year of increase and the

yield on the Income shares was 6.2% on the year end Income

share price, compared with 3.6% for the FTSE All-Share Index.

The last five years have seen tumultuous events and shocks

which have led to periods of significantly increased inflation

and economic disruptions. It is hopefully therefore reassuring

that the total annual dividend has increased by 24.4%, the

equivalent of 4.5% compound per year over the last five years.

This is marginally ahead of inflation (CPI) of 24.1% over the

same period.

In the absence of unforeseen circumstances, it is the Board’s

current intention, in accordance with the Company’s stated

dividend policy, to pay four quarterly interim dividends and

each of at least 1.85p per Income share so that the aggregate

dividends for the financial year ended 31 May 2025 will be at

least 7.40p per Income share.

Strategic Report

This Strategic Report, which includes pages 3 to 32 and incorporates the Chairman’s Statement, has

been prepared in accordance with the Companies Act 2006.

David Warnock, Chairman

Chairman’s Statement

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

4 | CT Global Managed Portfolio Trust PLC

Strategic Report

After allowing for the payment of the fourth interim dividend,

CT Global Managed Portfolio Trust has a revenue reserve

of £2.87 million, equivalent to approximately 75% of the

current annual dividend cost (at 7.40p per Income share). In

addition, the £29.6 million distributable reserve (the 2022

special reserve, which was created following the cancellation

of the share premium account) is attributable to the Income

Portfolio. This reserve can be drawn on to support the payment

of dividends to Income shareholders if and when considered

appropriate by the Board.

Borrowing

The Company has a £5 million unsecured term loan at a fixed

interest rate of 2.78% (which is fully drawn down in the Income

Portfolio) and a £5 million unsecured revolving credit facility

(‘RCF’), both with The Royal Bank of Scotland International

Limited, which are available until 10 February 2025. At the

year end £2 million (2023: £2 million) of the RCF had also

been drawn down in the Income Portfolio, resulting in total

borrowings of £7 million (2023: £7 million) in the Income

Portfolio (10.4% of its gross assets (2023: 10.4%)) and zero

in the Growth Portfolio.

The Board is responsible for the Company’s gearing strategy

and sets parameters within which the Investment Manager

operates. Borrowings are not normally expected to exceed

20% of the total assets of the relevant Portfolio; in practice

they have been modest and used to enhance total return and

particularly the income in the Income Portfolio.

Management of Share Price Premium and Discount

to NAV

In normal circumstances we aim to ensure the discount to

NAV at which our shares trade is no more than 5% and, during

the financial year ended 31 May 2024, the Income shares

and Growth shares traded at average discounts of -0.2% and

-2.5% respectively.

We are active in issuing shares to meet demand and buying

back shares when this is appropriate. During the financial

year 1,225,000 new Income shares were issued from the

Company’s block listing facilities at an average premium to NAV

of 1.6%. In addition, 2,440,000 Growth shares were bought

back into treasury at an average price of 231.76p per Growth

share and at an average discount to NAV of -3.3%. No Income

shares were bought back or Growth shares issued.

The Board is seeking shareholders’ approval to renew the

powers to allot shares, buy back shares and sell shares

from treasury at the forthcoming Annual General Meeting

(‘AGM’). Specifically, the Board is seeking approval to allow

the Company to issue (or sell from treasury) up to 20%

of its Income shares and up to 20% of its Growth shares

without rights of pre-emption and, in this respect, there are

two resolutions proposed. Each resolution is for up to 10%

and, therefore, for an aggregate of up to 20% of each of the

Income shares and Growth shares. This approach allows any

shareholder who may not wish to give approval to an aggregate

limit higher than that recommended by corporate governance

guidelines the ability to approve the first resolution for up to

10% and to also consider the second resolution separately

for a further 10%. The Board believes the ability to issue and

buy back shares helps to reduce the volatility in the premium

or discount of the share prices to the underlying NAVs and the

20% overall share allotment authority and the 14.99% buy back

authority with respect to both the Income shares and Growth

shares are therefore in the best interests of all shareholders.

Share Conversion Facility

Shareholders have the opportunity to convert their Income

shares into Growth shares or their Growth shares into Income

shares annually subject to minimum and maximum conversion

thresholds which may be reduced or increased at the discretion

of the Board.

The ability to convert without incurring UK capital gains tax

should be an attractive facility for shareholders who wish to

do so, and the next conversion date (subject to minimum and

maximum thresholds) will be on 24 October 2024. Information

is provided in the Annual Report and Financial Statements

and full details will be provided on the Company’s website

(ctglobalmanagedportfolio.co.uk) from 1 August 2024.

AGM

The Annual General Meeting is scheduled to be held on

2 October 2024 at Columbia Threadneedle Investments,

Cannon Place, 78 Cannon Street, London, EC4N 6AG at

11.30am. Peter Hewitt, the Investment Manager, will as usual

give a presentation and provide an overview of the financial

year together with his view on the outlook.

Voting on all resolutions at the AGM will be held on a poll,

the results of which will be announced and posted on the

Company’s website following the meeting. All shareholders are

therefore encouraged to make use of the proxy form or form of

direction provided, in order that they can lodge their votes.

Should shareholders have any questions or comments in

advance, these can be raised with the Company Secretary

(MPTCoSec@columbiathreadneedle.com). Following the AGM,

the Investment Manager’s presentation will be available on the

Company’s website (ctglobalmanagedportfolio.co.uk).

Report and Financial Statements 2024 | 5

Strategic Report

Outlook

Many risks and uncertainties remain. Many are of a political

nature, whether war or the threat of it, or recent and

forthcoming elections. The economic fundamentals are more

favourable for financial markets. The risk of recession has

abated although could still happen should Central Banks

continue with a too restrictive monetary policy for too long,

especially in the US. That said, growth is modestly picking up

in Europe and inflation is heading lower in most developed

economies. This paves the way for interest rates to move lower

over the next year. Investors have been disappointed by the

‘higher for longer’ approach to combat sticky inflation. It may

require actual cuts to be delivered for sentiment to improve;

however, it does appear a more favourable environment for

equity markets is a distinct possibility, subject to negative

political forces.

In this interest rate scenario, the UK stock market is well-

placed to benefit and investment trusts, which remain on

historically wide discounts, are particularly well-placed to

deliver positive returns. Leadership within markets needs to

broaden out as this is a key ingredient for active managers

to outperform. There are signs this is beginning to take place

but no guarantee it will. Whilst valuations in the US are high

and setbacks possible, the profits and earnings growth from

the technology sector remain very strong. The past two and

a half years have been disappointing for your Company;

however, there are reasons to be cautiously optimistic for

both portfolios.

David Warnock

Chairman

26 July 2024

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

6 | CT Global Managed Portfolio Trust PLC

Strategic Report

Other Financial Highlights

Year ended

31 May

2024

Year ended

31 May

2023 Change

Net asset value per Income share - capital only 116.51p 116.41p +0.1%

Income share price – capital only 119.00p 121.00p -1.7%

FTSE All-Share Index – capital only 4,517.08 4,066.80 +11.1%

Revenue return per share (including net income transfer from Growth shares) at year end 8.06p 7.96p +1.3%

Net assets £60.3m £58.7m

Market capitalisation £61.6m £61.1m

+Premium

(1)

at year end +2.1% +3.9%

Ongoing charges

(1)

– excluding ongoing charges of underlying funds

– AIC methodology, including ongoing charges of underlying funds

1.20%

2.23%

1.17%

2.15%

(1)

Yield, total return, +premium and ongoing charges – see Alternative Performance Measures on pages 99 to 102.

Sources: Columbia Threadneedle Investments and Refinitiv Eikon.

+2.8%

Dividend increased

Annual dividend of 7.40p per Income share (2023: 7.20p), an increase of 2.8%.

6.2%

Dividend yield

(1)

Dividend yield of 6.2% at 31 May 2024, based on total dividends for the

financial year of 7.40p per Income share. This compares to the yield on the

FTSE All-Share Index of 3.6%. Dividends are paid quarterly.

+7.0%

NAV total return

(1)

Net asset value total return per Income share of +7.0% for the financial year

(2023: -7.4%), underperforming the total return of the FTSE All-Share Index of

+15.4% (2023: +0.4%) by -8.4 percentage points.

+5.2%

Share price total return

(1)

Share price total return per Income share of +5.2% for the financial year

(2023: -2.1%), underperforming the total return of the FTSE All-Share Index of

+15.4% (2023: +0.4%) by -10.2 percentage points.

Income Shares – 2024 Highlights

Report and Financial Statements 2024 | 7

Strategic Report

Income Shares – Long-term Summary

NAV Total Return Performance for the 15 Years to 31 May 2024

360

320

280

240

200

160

120

CT Global Managed Portfolio Trust – Income shares NAV total return

Benchmark – FTSE All-Share Index (total return)

31 May 09

31 May 10

31 May 11

31 May 12

31 May 13

31 May 14

31 May 15

31 May 16

31 May 17

31 May 18

31 May 19

31 May 20

31 May 21

31 May 22

31 May 23

31 May 24

Total returns rebased to 100 at 31 May 2009

NAV Total Return Compound Annual Growth Rate to 31 May 2024

Income shares NAV total return

Benchmark – FTSE All-Share Index (total return)

-2

15 Years10 Years5 Years3 years

-0.8

7.9

3.1

6.5

4.9

5.9

8.3

8.6

Average Income Share Price +Premium/-Discount to NAV for the Last 15 Financial Years to 31 May

-4

-3

-2

-1

2.9

0.8

-2.1

-0.8

1.6

0.9

0.1

1.6

1.2

1.0

0.7

0.9

0.2

-0.1

-0.2

202420232022202120202019201820172016201520142013201220112010

Source: Columbia Threadneedle Investments and Refinitiv Eikon

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

8 | CT Global Managed Portfolio Trust PLC

Strategic Report

At 31 May 2024

Investment Sector

Valuation

£’000

% of net assets

of Income

Portfolio

The Law Debenture Corporation UK Equity Income 3,270 5.4

NB Private Equity Partners Private Equity 2,800 4.6

JPMorgan Global Growth & Income Global Equity Income 2,685 4.5

The Mercantile Investment Trust UK All Companies 2,557 4.2

Murray International Trust Global Equity Income 2,485 4.1

The Merchants Trust UK Equity Income 2,328 3.9

3i Infrastructure Infrastructure 2,247 3.7

Scottish American Investment Company Global Equity Income 2,142 3.6

The City of London Investment Trust UK Equity Income 2,112 3.5

Greencoat UK Wind Renewable Energy Infrastructure 2,109 3.5

Ten largest investments 24,735 41.0

Temple Bar Investment Trust UK Equity Income 2,029 3.4

JPMorgan UK Small Cap Growth & Income UK Smaller Companies 2,022 3.4

The Bankers Investment Trust Global 1,938 3.2

Invesco Perpetual UK Smaller Companies Investment Trust UK Smaller Companies 1,935 3.2

CC Japan Income & Growth Trust Japan 1,927 3.2

Lowland Investment Company UK Equity Income 1,870 3.1

JPMorgan European Growth & Income Europe 1,864 3.1

Murray Income Trust UK Equity Income 1,730 2.9

Apax Global Alpha Private Equity 1,723 2.8

Henderson International Income Trust Global Equity Income 1,630 2.7

Twenty largest investments 43,403 72.0

CQS New City High Yield Fund Debt - Loans & Bonds 1,612 2.7

Invesco Bond Income Plus Debt - Loans & Bonds 1,610 2.7

Bellevue Healthcare Trust Biotechnology & Healthcare 1,588 2.6

Partners Group Private Equity Holding

(formerly Princess Private Equity Holding)

Private Equity 1,487 2.5

Edinburgh Investment Trust UK Equity Income 1,480 2.5

Impact Healthcare REIT Property - UK Healthcare 1,452 2.4

Henderson High Income Trust UK Equity & Bond Income 1,417 2.3

International Biotechnology Biotechnology & Healthcare 1,409 2.3

Schroder Oriental Income Fund Asia Pacific Equity Income 1,323 2.2

TR Property Investment Trust

(1)

Property Securities 1,322 2.2

Thirty largest investments 58,103 96.4

Income Shares –

Investment Portfolio

Report and Financial Statements 2024 | 9

Strategic Report

At 31 May 2024

Investment Sector

Valuation

£’000

% of net assets

of Income

Portfolio

JPMorgan Global Emerging Markets Income Trust Global Emerging Markets 1,295 2.1

Diverse Income Trust UK Equity Income 1,240 2.1

Biopharma Credit Debt - Direct Lending 1,182 2.0

Henderson Far East Income Asia Pacific Equity Income 1,123 1.9

The Renewables Infrastructure Group Renewable Energy Infrastructure 1,111 1.8

abrdn Asian Income Fund Asia Pacific Equity Income 1,040 1.7

European Assets Trust

(1)

European Smaller Companies 900 1.5

Total investments 65,994 109.5

Net current assets (excluding borrowing) 1,270 2.1

Borrowing (7,000) (11.6)

Net assets 60,264 100.0

(1)

Investment managed by the Manager, Columbia Threadneedle Investments

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

Analysis of the Income Portfolio’s Investments

Geographic Breakdown on a ‘Look-through’ Basis

United Kingdom 41%

North America 22%

Europe – ex UK 18%

Far East & Pacific – ex Japan 9%

Japan 4%

Cash 3%

Other 2%

China 1%

Note: This analysis is gross of any gearing in the underlying investee

companies. Source: Columbia Threadneedle Investments and AIC

(underlying data at 31 May 2024)

Breakdown by Type and Sector

% of total investments

Conventional investment companies

UK Equity Income 24.3

Global Equity Income 13.6

UK Smaller Companies 6.0

Asia Pacific Equity Income 5.3

Debt – Loans & Bonds 4.9

Biotechnology & Healthcare 4.5

UK All Companies 3.9

Global 2.9

Japan 2.9

Europe 2.8

UK Equity & Bond Income 2.1

Property Securities 2.0

Global Emerging Markets 2.0

European Smaller Companies 1.4

78.6

Alternative investment companies

Private Equity 9.1

Renewable Energy Infrastructure 4.9

Infrastructure 3.4

Property – UK Healthcare 2.2

Debt – Direct Lending 1.8

21.4

100.0

10 | CT Global Managed Portfolio Trust PLC

Strategic Report

Growth Shares – 2024 Highlights

Other Financial Highlights

Year ended

31 May

2024

Year ended

31 May

2023 Change

Net asset value per Growth share – capital only 259.29p 230.12p +12.7%

Growth share price – capital only 254.00p 225.00p +12.9%

FTSE All-Share Index – capital only 4,517.08 4,066.80 +11.1%

Net assets £92.2m £87.5m

Market capitalisation £90.4m £85.6m

-Discount

(1)

at year end -2.0% -2.2%

Ongoing charges

(1)

– excluding ongoing charges of underlying funds

– AIC methodology, including ongoing charges of underlying funds

1.11%

2.16%

1.07%

1.95%

(1)

Total return, compound annual growth rate (‘CAGR’) -discount and ongoing charges – see Alternative Performance Measures on pages 99 to 102.

Sources: Columbia Threadneedle Investments and Refinitiv Eikon

+12.7%

NAV total return

(1)

Net asset value total return per Growth share of +12.7% for the financial year

(2023: -5.8%), underperforming the total return of the FTSE All-Share Index of

+15.4% (2023: +0.4%) by -2.7 percentage points.

+12.9%

Share price total return

(1)

Share price total return per Growth share of +12.9% for the financial year (2023:

-7.8%), underperforming the total return of the FTSE All-Share Index of +15.4%

(2023: +0.4%) by -2.5 percentage points.

+9.1%

CAGR

(1)

Long-term growth

Net asset value total return per Growth share of +271.5% in the 15 years to

31 May 2024, the equivalent of +9.1% compound per year. This compares with

the total return of the FTSE All-Share Index of +242.5%, the equivalent of +8.6%

compound per year.

Report and Financial Statements 2024 | 11

Strategic Report

Growth Shares – Long-term Summary

NAV Total Return Performance for the 15 Years to 31 May 2024

CT Global Managed Portfolio Trust – Growth shares NAV total return

Benchmark – FTSE All-Share Index (total return)

31 May 09

31 May 10

31 May 11

31 May 12

31 May 13

31 May 14

31 May 15

31 May 16

31 May 17

31 May 18

31 May 19

31 May 20

31 May 21

31 May 22

31 May 23

31 May 24

120

160

200

240

280

320

360

400

440

Total returns rebased to 100 at 31 May 2009

NAV Total Return Compound Annual Growth Rate to 31 May 2024

Growth shares NAV total return

Benchmark – FTSE All-Share Index (total return)

-4

-2

15 Years10 Years5 Years3 years

-2.1

7.9

4.8

6.5

6.6

5.9

9.1

8.6

Average Growth Share Price +Premium/-Discount to NAV for the Last 15 Financial Years to 31 May

-4

-3

-2

-1

1.7

0.9

-2.7

-2.2

0.6

1.2

-0.4

1.1

0.0

1.0

-0.4

0.7

-0.6

0.1

-2.5

202420232022202120202019201820172016201520142013201220112010

Source: Columbia Threadneedle Investments and Refinitiv Eikon

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

12 | CT Global Managed Portfolio Trust PLC

Strategic Report

At 31 May 2024

Investment Sector

Valuation

£’000

% of net assets

of Growth

Portfolio

HgCapital Trust Private Equity 4,088 4.4

Fidelity Special Values UK All Companies 3,714 4.0

Polar Capital Technology Trust Technology & Technology Innovation 3,433 3.7

The Law Debenture Corporation UK Equity Income 3,357 3.6

Finsbury Growth & Income Trust UK Equity Income 3,124 3.4

Allianz Technology Trust Technology & Technology Innovation 3,101 3.4

Worldwide Healthcare Trust Biotechnology & Healthcare 2,924 3.2

The Monks Investment Trust Global 2,885 3.1

JPMorgan American Investment Trust North America 2,823 3.1

Aurora Investment Trust UK All Companies 2,750 3.0

Ten largest investments 32,199 34.9

AVI Global Trust Global 2,728 3.0

Oakley Capital Investments Private Equity 2,706 2.9

Aberforth Smaller Companies Trust UK Smaller Companies 2,674 2.9

Pantheon International Private Equity 2,604 2.8

Henderson Smaller Companies Investment Trust UK Smaller Companies 2,434 2.6

Herald Investment Trust Global Smaller Companies 2,392 2.6

ICG Enterprise Trust Private Equity 2,314 2.5

Scottish Mortgage Investment Trust Global 2,195 2.4

Lowland Investment Company UK Equity Income 2,193 2.4

JPMorgan UK Small Cap Growth & Income UK Smaller Companies 2,190 2.4

Twenty largest investments 56,629 61.4

Henderson Opportunities Trust UK All Companies 2,088 2.3

European Opportunities Trust Europe 2,032 2.2

Personal Assets Trust Flexible Investment 1,938 2.1

RIT Capital Partners Flexible Investment 1,913 2.1

Impax Environmental Markets Environmental 1,886 2.0

Artemis Alpha Trust UK All Companies 1,870 2.0

Pershing Square Holding North America 1,835 2.0

BH Macro Hedge Funds 1,820 2.0

Schroder Asian Total Return Investment Company Asia Pacific 1,744 1.9

Henderson European Focus Trust Europe 1,710 1.8

Thirty largest investments 75,465 81.8

Growth Shares –

Investment Portfolio

Report and Financial Statements 2024 | 13

Strategic Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

At 31 May 2024

Investment Sector

Valuation

£’000

% of net assets

of Growth

Portfolio

Literacy Capital Private Equity 1,674 1.8

Capital Gearing Trust Flexible Investment 1,661 1.8

TR Property Investment Trust

(1)

Property Securities 1,487 1.6

Diverse Income Trust UK Equity Income 1,462 1.6

Baillie Gifford Japan Trust Japan 1,446 1.6

Baillie Gifford European Growth Trust Europe 1,433 1.6

Biotech Growth Trust Biotechnology & Healthcare 1,405 1.5

Baillie Gifford UK Growth Trust UK All Companies 1,400 1.5

Augmentum Fintech Financial & Financial Innovation 1,300 1.4

Mobius Investment Trust Global Emerging Markets 1,295 1.4

Forty largest investments 90,028 97.6

Syncona Biotechnology & Healthcare 993 1.1

The Schiehallion Fund Growth Capital 840 0.9

Total investments 91,861 99.6

Net current assets 374 0.4

Net assets 92,235 100.0

(1)

Investment managed by the Manager, Columbia Threadneedle Investments

Analysis of the Growth Portfolio’s Investments

Geographic Breakdown on a ‘Look-through’ Basis

United Kingdom 37%

North America 29%

Europe – ex UK 17%

Other 6%

Far East & Pacific – ex Japan 5%

Japan 3%

Cash 2%

China 1%

Note: This analysis is gross of any gearing in the underlying investee

companies. Source: Columbia Threadneedle Investments and AIC

(underlying data at 31 May 2024)

Breakdown by Type and Sector

% of total investments

Conventional investment companies

UK All Companies 12.9

UK Equity Income 11.0

Global 8.5

UK Smaller Companies 7.9

Technology & Technology Innovation 7.1

Flexible Investment 6.0

Biotechnology & Healthcare 4.7

Europe 5.6

North America 5.1

Global Smaller Companies 2.6

Environmental 2.1

Asia Pacific 1.9

Property Securities 1.6

Japan 1.6

Global Emerging Markets 1.4

80.0

Alternative investment companies

Private Equity 14.6

Hedge Funds 2.0

Financials & Financial Innovation 1.4

Biotechnology & Healthcare 1.1

Growth Capital 0.9

20.0

100.0

14 | CT Global Managed Portfolio Trust PLC

Strategic Report

Purpose and Strategy

The purpose of the Company is to provide investors with

access to a broad spread of investment companies, covering

a variety of geographies, sectors and investment managers,

with the objective of providing both income and growth, while

spreading investment risk.

The Company has two classes of shares with two separate

investment Portfolios – the Income shares where the

investment focus is to provide an attractive level of income,

together with some capital growth, and the Growth shares,

where the investment focus is to achieve capital growth.

Business Model

CT Global Managed Portfolio Trust PLC 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. (‘Ameriprise’), 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. 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 25 and 26. The Board’s biographical details can be

found on page 33. 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 30 to 32, 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. Columbia Threadneedle Investments was an original

signatory to the United Nations Principles for Responsible

Investment (‘UNPRI’) and, in 2023, across each reporting

module, it scored in line or above the investment management

median. The Manager has a culture of diversity, collaboration

and inclusion, anchored by shared values and industry-leading

employee engagement, 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 Company's indirect impact occurs through its investments

and this is mitigated by the Manager’s Responsible Investment

approach as explained on pages 23 and 24.

The Manager

A summary of the investment management agreement is

contained in note 4 to the financial statements. The Manager

also acts as the AIFM under the Alternative Investment Fund

Managers Directive (‘AIFMD’) and provides ancillary functions

such as administration, marketing, accounting and company

secretarial services to the Company.

Peter Hewitt acts as Investment Manager (the ‘Investment

Manager’) to the Company, on behalf of the Manager. Peter

has managed the Company’s assets (which were previously

held in the F&C investment trust managed portfolio service)

since 2002. He has over 40 years’ investment experience and

specialises in investment companies.

Purpose, Strategy and Business Model

Report and Financial Statements 2024 | 15

Strategic Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

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 re-appointment

decision was made, is set out on page 45.

Investment Strategy and Policy

The Company’s investment policy is set out on page 30.

Any material change in the Company’s investment policy will

require the approval of shareholders at a general meeting.

Our Approach

The investments of CT Global Managed Portfolio Trust PLC

are managed in two separate Portfolios, the Income Portfolio

and the Growth Portfolio, to which the Income shares and the

Growth shares are respectively entitled.

The Company invests principally in listed closed-end investment

companies and the majority of its holdings comprise equity

investments. There is no restriction on the geographic regions

and sectors that may be held within the Income Portfolio or

Growth Portfolio and the Company invests in those deemed most

appropriate for the Portfolios and their objectives from time to

time. An analysis of the Income Portfolio and the Growth Portfolio

is contained in the Investment Manager’s Review and a full list of

their investments can be found on pages 8, 9, 12 and 13.

Investment risks are spread through holding a wide range

of investment companies that have underlying investment

exposures across a range of geographic regions, sectors and

investment managers. As at 31 May 2024, 37 investments were

held in the Income Portfolio and 42 in the Growth Portfolio.

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 27 and 28.

The performance of the Manager is monitored and at each Board

meeting the Board receives a presentation from the Investment

Manager which includes a review of investment performance,

recent Portfolio activity, market outlook, revenue forecasts,

internal controls and marketing and regulatory updates. The

Board also considers compliance with the investment policy,

investment restrictions and borrowing covenants.

In addition, functions such as administration, marketing,

accounting and company secretarial are also carried out by the

Manager. The Directors also review these services, and those

provided by other suppliers, such as JPMorgan Europe Limited,

the Depositary, 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 30 to 32 and the Company’s performance in meeting

its objectives is measured against key performance indicators

(‘KPIs’) as set out on page 16.

The Chairman’s Statement on pages 3 to 5 and Investment

Manager’s Review on pages 17 to 22, 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 coming 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 97.

During 2022, the Board established a Marketing Committee

to aid in promoting the Company and its report is set out on

page 50.

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 of the Company.

Through the Manager, we also make sure the savings plan

investors are encouraged 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.

16 | CT Global Managed Portfolio Trust PLC

Strategic Report

Total Return

(1)

Performance to 31 May 2024

1 year % 3 years % 5 years % 10 years %

Income shares NAV total return +7.0% -2.4% +16.7% +60.6%

This measures the share class NAV and share price

total returns (which assume dividends paid by the

Company have been reinvested) relative to the FTSE

All-Share Index.

Growth shares NAV total return +12.7% -6.1% +26.4% +90.1%

Income share price total return +5.2% -1.5% +16.2% +59.7%

Growth share price total return +12.9% -8.3% +23.3% +86.8%

FTSE All-Share Index (total return) +15.4% +25.5% +37.3% +77.6%

Dividend Level of the Income Shares

Financial year ended 31 May 2024 2023 2022

Annual dividend 7.40p 7.20p 6.65p

This shows the dividend yield of the Income shares

(based on the annual dividend) at the year-end relative

to the FTSE All-Share Index.

Dividend yield

(1)

6.2% 6.0% 5.1%

Yield on FTSE All-Share Index 3.6% 3.7% 3.3%

Average +Premium/-Discount to NAV

(1)

During the financial year ended 31 May

Income

Growth

2024 -0.2 -2.5

This is the average difference between the share price

and the NAV per share during the financial year.

2023 +0.7 -0.4

2022 +1.0 +1.0

Ongoing Charges

(1)

(as a percentage of the average net asset value)

As at 31 May

Income

Growth

2024 1.20 1.11

This data shows whether the Company is being

run efficiently. It measures the running costs as a

percentage of average net assets.

2023 1.17 1.07

2022 1.04 0.96

Ongoing charges above do not include the ongoing charges of underlying funds as these are not controlled directly by the Board and are not a running cost of the Company.

(1)

See Alternative Performance Measures on pages 99 to 102

Sources: Columbia Threadneedle Investments and Refinitiv Eikon

The Board recognises that longer-term share price performance and, for Income shareholders, an

attractive level of income are most important to the Company’s investors. Share price performance is

driven largely by the performance of the net asset value. The overriding priority is to continue to strive

for consistent achievement of relative outperformance and to add value for shareholders through

net asset value and share price return, discount/premium management, dividend growth and

competitive ongoing charges.

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. Additional comments are provided in the Chairman’s Statement and Investment

Manager’s Review discussing the performance of the Company during the period under review.

Key Performance Indicators

Report and Financial Statements 2024 | 17

Strategic Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

Stock Market Background

The difficult environment for equity markets, which has existed

since interest rates started to rise in December of 2021,

continued to be apparent during the first part of the year under

review. Inflation, though turning downwards, was still nearly

9% in the UK at the start of the financial year which meant

any reduction in interest rates was likely to be some way off.

Markets continued to be concerned about recession and this

limited gains (except for large technology companies in the US)

and prolonged uncertainty. As we moved into the second half

of the financial year, an unexpectedly good inflation figure from

the US in November, temporarily improved sentiment and at

that stage expectations were that interest rate cuts would start

in the first half of 2024 in the US, followed by Europe. Equity

markets responded positively.

The start of 2024, however, brought indications of a

strengthening US economy and a series of not as good as

expected inflation data in the US. Expectations of interest rate

cuts began to wane in the US, whilst in Europe some countries,

including the UK, reported a technical but very mild recession

in the first calendar quarter of 2024. Equity markets in Europe

lost momentum and went sideways although the US, powered

by the technology sector, continued to move ahead. The last

three months of the financial year saw the UK equity market

start to make some headway helped by a series of takeovers

of UK companies and a growing appreciation of the attractive

value that British companies offer.

Total Return by Region for the Year Ended 31 May 2024

(sterling adjusted)

MSCI Emerging Markets (+9.9%)

FTSE Pacific ex Japan (+10.0%)

FTSE Japan (+15.1%)

FTSE All-Share (+15.4%)

FTSE Europe ex UK (+18.1%)

FTSE World ex UK (+21.6%)

S&P 500 (US) (+24.8%)

0510 15 20 25

Source: Columbia Threadneedle Investments

This was the best year for positive returns from equity markets

globally since 2021. The majority of the gains came in the

second half of the financial year as it became apparent that

developed economies, especially Europe, were likely to move

out of a shallow recession and if anything may experience

slightly stronger activity levels as the year unfolded. In Europe,

inflation steadily moved towards the 2% target, whilst in the US

the resilience of the consumer maintained growth at a higher

level, and, along with a tight labour market, meant inflation

proved stickier. All regions achieved strong absolute gains with

the UK at last not a laggard. Interestingly, in relative terms the

UK stock market’s performance got better as the year wore

on such that looking at the final quarter to 31 May 2024 it

produced the strongest return of any of the regions/markets

covered in the chart.

Investment Manager’s Review

Dusdam, que verio earciat iberovit, volorepudae dolorporit por reicab idunt

laceario blautet lautem verum hilluptatio mincte vide imi, nim quam qui

conse pedita quid qui simil idelign issit, audae dolore volorum aut unt volorer.

Peter Hewitt, Investment Manager

18 | CT Global Managed Portfolio Trust PLC

Strategic Report

Currency Movements Against Sterling in the Year Ended 31 May

2024 (US$, Euro and Yen)

31-May-23

31-Aug-23

30-Nov-23

28-Feb-24

31-May-24

Euro

US Dollar

Currency strengthening

against sterling

Currency weakening

against sterling

Japanese Yen

105%

100%

95%

90%

85%

Source: Columbia Threadneedle Investments

Frequently currency movements can have a significant effect

on equity market returns when translated back into sterling.

However, with one notable exception, this was not the case in

the year ended 31 May 2024. Sterling rose only 2.7% against

the dollar and marginally by 0.9% against the Euro, thus

reducing returns very slightly in sterling. The exception was

the 15.5% appreciation of sterling relative to the Japanese

Yen, which had the effect of diluting a strong local currency

performance from the Tokyo stock market when translated back

into sterling.

Over the last three years a feature of stock market returns in

the UK, US and Europe has been the dominance of the largest

companies in terms of market leadership. The table below

highlights the performance trends within the UK stock market

over the past year.

Total Returns for the Year Ended 31 May 2024

FTSE 100 Index

+15.6%

FTSE 250 Index

+14.6%

FTSE SmallCap (ex-Investment Trusts) Index

+20.9%

FTSE AIM All-Share Index

+5.0%

FTSE All-Share Closed End Investments Index

+12.2%

Source: Columbia Threadneedle Investments

The FTSE 100 Index has a very different make up to the rest of

the UK stock market. It comprises 84% of the FTSE All-Share

Index and has significant weightings in sectors like oils, banks,

pharmaceuticals, mining, utilities and consumer staples. Most

of these sectors, with the exception of pharmaceuticals, are

viewed as ‘old economy’ low growth sectors. However, at times

of acute uncertainty, investors exhibit a preference for larger

companies which are perceived as better placed to survive an

adverse environment of high inflation and interest rates. That

has been the case for the past three years. Over the longer

term it is the dominance of these sectors which has been a

key factor behind the underperformance of UK equities. Most

of the companies displaying better growth prospects are to be

found in the mid and small cap sectors. In 2024 the ‘large cap

effect’, whilst still evident, has gradually become less apparent.

The FTSE SmallCap (ex-Investment Trusts) Index has done best

but has shrunk so much it has become less representative as

it accounts for only around 100 companies whereas the FTSE

AIM All-Share Index has over 600 constituents and is where

most UK investment managers seek their small cap exposure.

The trends noted above are mirrored in US and European

stock markets.

Performance

For the year ended 31 May 2024 the FTSE All-Share Index

recorded a 15.4% rise (in total return terms). Over the same

period the net asset value of the Income Portfolio was up by

7.0% whilst that of the Growth Portfolio gained 12.7% (again in

total return terms).

Similar to last year there were three key factors behind

the performance.

The first and most important factor which affected the sector

in general along with both portfolios has been wide discounts.

The principal way shares prices of investment companies are

valued by the stock market is by reference as to whether the

share price trades at a discount or premium to the net asset

value of the investment company in question.

Investment Company – Average Sector Discount for the Year Ended

31 May 2024

Sector average discount (%)

% Discount

May-23

Aug-23

Nov-23

Feb-24

May-24

-10

-11

-12

-13

-14

-15

-16

-17

-18

-19

-20

Source: Winterflood Securities and Refinitiv Eikon

Report and Financial Statements 2024 | 19

Strategic Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

The preceding chart highlights the volatile nature of discounts

in the investment company sector over the past year. The

average discount was around 14% at the start of the year,

visited nearly 19% at the end of October before trending back

to 13% by the calendar year end and concluding the financial

year at just over 14%. There is no single factor which causes

discounts. However, a perception that interest rates would

need to remain higher for longer to tame inflation and a fear

of recession caused sentiment amongst retail investors and

private wealth managers to be both cautious and adverse

and this led to an excess of supply over demand for shares in

investment companies.

It is useful to put in perspective the magnitude of average

sector discounts. The chart below illustrates what has

happened over the past 10 years. For the first six years,

discounts gently tightened and were less than 1% at the

beginning of the new decade. They widened out sharply at the

start of the COVID lockdown, but quickly reversed such that

the average sector discount briefly became a premium in April

2021. Since then, due to a surge in inflation and rising interest

rates, discounts have widened out to levels not seen for a very

long time.

Investment Company – Average Sector Discount for the 10 Years

to 31 May 2024

-25

-20

-15

-10

-5

May 14

May 16

May 18

May 20

May 22

May 24

% Discount

Source: Winterflood Securities and Refinitiv Eikon

The second factor was the performance of the income-focused

sub-sectors within the wider alternative investment company

sector and, in particular, the infrastructure, renewable energy

infrastructure, property and debt sub-sectors. The common

theme is that their assets are valued by reference to a discount

rate which is applied to the cash flows generated by the

underlying assets. When interest rates rose, this was reflected

in higher discount rates and a corresponding fall in asset

values. In certain cases, from premiums a few years ago, share

prices moved to sizeable discounts. Discounts of 20-40% have

been common over the past year and, until interest rates move

substantially lower, are likely to remain at wide levels. This

affected the Income Portfolio where high dividends comprise a

large part of the total return from many alternative sub-sectors.

With one or two notable exceptions dividends have continued to

be paid and even increased; however, asset values came under

pressure and share prices fell sharply. This was a major cause of

the underperformance of the Income Portfolio.

The third factor which has made it difficult for active fund

managers to perform is alluded to in the earlier table which

illustrated how various UK equity indices, split by size, performed

over the past year. In terms of magnitude, the underperformance

of medium and smaller companies was not as severe as

the year before. However, it was still difficult for active fund

managers to outperform where, for reasons of risk and diversity,

they would not wish to have too concentrated a portfolio,

dominated by large holdings in the very biggest companies. Over

the long-term, medium and smaller sized companies tend to

grow faster and perform better; however, due to higher interest

rates and fear of recession, this was not the case in the most

recent financial year.

Income Portfolio – Leaders and Laggards

A common theme amongst the underperformers in the Income

Portfolio was widening share price discounts, much of which was

the result of rising interest rates and importantly higher discount

rates which are used to value future cash flows and assets for

many alternative investment companies. The renewable energy

infrastructure sector has been particularly affected as illustrated

by The Renewables Infrastructure Group whose share price total

return was -11%. The company’s net asset value was impacted

modestly by lower power prices and was broadly flat over the

year; however, the share price discount widened sharply to over

20% which reflected investors’ fears over the impact of higher

interest rates. Where possible, companies have sought to prove

valuations by selling certain assets and by increasing dividends.

The Renewables Infrastructure Group increased its dividends by

4% to yield in excess of 7%. However, despite this, the shares

lagged over the past year. Something similar occurred to Impact

Healthcare REIT (‘Impact’) which has been held since its IPO in

2017. Impact operates as a real estate investment trust (‘REIT’)

and acquires and develops real estate assets principally for

care homes in the healthcare sector, but it does not manage

the operations. The company has a conservative balance sheet

and has steadily grown rental income and net asset value;

however, the shares have de-rated to a discount of around 28%

and are thoroughly out of favour. Encouragingly, the dividend

has continued to move ahead such that the shares yield over

8%. Rather surprisingly, global equity income trust The Scottish

American Investment Company (‘Scottish American’) delivered a

marginally negative share price total return of -0.3% for the past

year. The net asset performance of Scottish American has been

good over the long term. However, the entire gain in net asset

value over the past year was offset by the share price moving

from trading around par a year ago to a discount of 9% by the

end of May 2024. Scottish American was one of the Income

Portfolio’s best performers the previous year.

20 | CT Global Managed Portfolio Trust PLC

Strategic Report

Turning to the leaders and the best performer in the Income

Portfolio with a share price total return of 29% was UK equity

income trust Temple Bar Investment Trust (‘Temple Bar). Since

Redwheel Partners took over management of the portfolio

towards the end of 2020, Temple Bar has handsomely

outperformed the FTSE All-Share Index. They employ a deep

value style and work out an intrinsic value for each of its 25

holdings determined by free cash flow generation. Temple Bar

has also benefitted from value stocks significantly outperforming

growth stocks over the last three years after a long period in the

doldrums. A number of holdings have been subject to bids which

is not surprising given the cheapness of the underlying portfolio

which is valued at a price earnings ratio of only 8.5x. Prospects

for Temple Bar continue to be promising. Next best performer

was The Mercantile Investment Trust (‘Mercantile’) with a share

price total return of 27%. Mercantile, a strong performer over

the long term, has a market value of £1.8bn and specialises in

investments in the FTSE 250 Index. This is home to many of the

UK’s best growth companies. However, when inflation started to

rise and interest rates were increased to combat inflation from

the start of 2022 onwards, medium and smaller companies

in the UK underperformed the FTSE 100 Index of the largest

companies by a substantial margin. Valuations in the medium

and smaller companies segment of the equity market have

become very attractive and Mercantile has taken advantage

of this. It has a good record of dividend growth with a 3.4%

yield. Despite last year’s share price performance, the discount

remains wide at around 12%. The third best performer was

another trust from the JPMorgan stable, that of JPMorgan Global

Growth & Income which had a share price total return of 23%.

The trust was also one of the best performers in the Income

Portfolio last year and pays 4% of its year-end net asset value

as a dividend. Around half of the dividend is generated from the

underlying portfolio, with the balance coming from capital. This

has allowed the trust to have large holdings in Nvidia, Microsoft,

Amazon and Mastercard which typically either do not pay a

dividend or only a small dividend. It has meant the trust is able

to gain exposure to a series of strong performing technology

companies which has been key to good performance. As a

result, the trust has traded consistently at a small premium and

has been able to issue shares. It has a dividend yield of 3.3%

and a market value of £2.7bn.

Growth Portfolio – Leaders and Laggards

Starting with the underperformers in terms of magnitude, the

largest was the 27% fall in the Syncona share price total return,

which was a major disappointment. Syncona aims to create

and build life science and biotechnology companies from UK

science focussing on unmet medical needs for patients. It

aims to have around 20-25 companies (mainly private) where it

takes significant shareholdings. The net asset value has gone

sideways over the last three years. However, over the next twelve

months there are a series of key trial data announcements from

portfolio companies which could boost the net asset value if

results are positive. Syncona is well-financed and expects to be

able to fund the next three years of development for underlying

holdings at approximately £200m p.a. It has net cash of over

£450m and a market value of around £700m. The shares have

moved to a discount of over 40%, which highlights how unloved

private biotechnology companies have been and accords very

little value to the underlying holdings. Shares in BH Macro

declined 11% over the past year and, similar to Syncona, the net

asset value has been flat over the period and the share price

has been a victim of discount widening moving from a small

premium to a discount of 10%. BH Macro is a macro hedge fund

which exploits opportunities in interest rates, bonds and foreign

exchange. A key reason it is held is due to the nature of the

returns it has generated which tend to be inversely correlated

with the direction of equity markets which helps to cushion

overall performance in bear markets. BH Macro has begun to

repurchase shares. Finsbury Growth & Income Trust is a UK

equity trust managed by well-known investor Nick Train. It has

had a difficult past year after being one of the Growth Portfolio’s

better performers the previous year. The trust invests in large

UK companies with consistent earnings growth. There is a focus

on global consumer brands, digital transformation and data

analytics. Certain of the consumer names, such as Diageo and

Burberry, have had a challenging last year. However, more than

half of the portfolio now comprises companies which benefit

from data analytics, such as The London Stock Exchange, RELX

and Experian, where prospects for growth are excellent. The

shares fell 3% last year as the discount widened to 8%.

Just as widening discounts were a common theme amongst

the laggards, exposure to companies with secular growth

characteristics was a common theme amongst the leaders.

Allianz Technology Trust and Polar Capital Technology Trust

both saw share price gains of 35% whilst Scottish Mortgage

Investment Trust was not far behind with a gain of 33% over the

fiscal year. The rapid development of Artificial Intelligence was a

key factor behind the share price performance of all three trusts.

All three have built large holdings in Nvidia and ASML, which

make semiconductors needed in AI, as well as Microsoft and

Meta, which are also perceived beneficiaries. Although some

believe AI is no more than a fad and a bubble, experienced

investors and commentators on the technology sector liken the

advent of AI and its development as akin to where the internet

was in 1995. All of these have been long-term holdings for the

Growth Portfolio. While all were reduced in January 2022, all

were increased during the year under review.

(all share prices are total return)

Report and Financial Statements 2024 | 21

Strategic Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

Investment Strategy and Prospects

Equity markets did better than expected over the past year, once

again led by the US. There was great uncertainty last year around

the fear of a recession in developed economies and, although

the UK and Europe did have a mild recession around the turn of

the year, both have since emerged from it. The driver was the US

economy, which through 2023 and the first part of this year was

stronger than anticipated.

What does this mean for the coming year and beyond?

Fear of recession has abated. Although the US is showing signs

of slowing, it is still growing, in part due to loose fiscal policy,

which is not likely to change ahead of the Presidential election

in November and may well continue into next year. The UK and

Europe are experiencing gently rising activity levels with low

levels of unemployment and, although China’s rate of growth

has slowed, it remains well ahead of Europe and the US and is

supportive of growth, especially in Asia.

What about prospects for stock markets?

Whilst inflation is clearly trending towards the 2% target level

for most developed economies, it has proved stickier in the US,

where growth has been notably more robust. Growth momentum

is beginning to moderate in the US whilst the opposite is true

for Europe, albeit from much lower levels. The key is that major

Western Central Banks should be able to cut interest rates by

the end of 2024. Expectations are for two cuts in the UK and

Europe whilst only one in the US, with more likely in 2025. This

is a favourable environment for stock markets. Lower interest

rates should also permit leadership within equity markets

to broaden out. In the US the top 10 companies by market

value, dominated by large technology stocks, have driven stock

market performance; however, even if their earnings growth

remains strong, at an average forward price earnings ratio of

28x, their shares are, in relative terms, highly valued. This may

mean dominance of stock market returns in the US by the

largest companies will become less pronounced. Historically,

lower interest rates have been a tailwind for medium sized and

smaller companies, nowhere more so than the out of favour UK

stock market.

How does this impact the investment strategy?

In terms of strategy this is reflected in the first of three key

themes underpinning both portfolios. The first theme is UK

equity investment companies, especially those with a bias to

medium and smaller sized companies. The UK stock market

is the only major market where valuations are below 20 year

averages – the forward price earnings ratio is around 11x

against a long-term average of 14x. Profits and earnings

growth is picking up and a series of takeovers of a variety of

UK companies across different sectors highlights that buyers,

typically private equity and overseas companies, are seeking to

take advantage of historically low valuations. Amongst smaller

listed companies in the UK the de-rating has been severe;

however, an environment of moderate growth in the domestic

economy and lower interest rates is favourable for good stock

market performance from this segment of the equity market.

Both Portfolios have increased their exposure to UK investment

companies. As an illustration, they both have positions in The

Law Debenture Corporation, Lowland Investment Company

and the recently purchased JPMorgan UK Small Cap Growth &

Income. The Growth Portfolio also has holdings in Fidelity Special

Values, Aberforth Smaller Companies Trust, Aurora Investment

Trust, Henderson Smaller Companies Investment Trust and

Henderson Opportunities Trust, all UK equity specialists.

The Income Portfolio also has holdings in trusts focussed on

UK equities which have attractive dividend yields. In addition to

trusts mentioned above, examples also include The Mercantile

Investment Trust, The Merchants Trust, Temple Bar Investment

Trust, Edinburgh Investment Trust, Murray Income Trust and

Invesco Perpetual UK Smaller Companies Investment Trust.

Many of the trusts featured above remain on historically wide

discounts; for example, Lowland Investment Company and The

Mercantile Investment Trust are on share price discounts of

around 12% with most of the smaller company specialists on

discounts of between 10% and 15%. These are historically wide

levels and highlight how out of favour they have been and the

excellent value on offer.

The second theme is private equity trusts. As a sector, they all

moved out to very wide discounts, often in excess of 40%, in

2022 when both inflation and interest rates were on the rise and

a fear of recession led to an expectation that underlying asset

values for these trusts would fall. This proved not to be the case

and most either held their value or in selective cases managed

small gains. Most are now better placed to resume asset value

growth, and many have introduced shareholder friendly capital

allocation policies relating to dividends and share buybacks.

Both Portfolios have built up a number of holdings in the private

equity sector. In the Growth Portfolio, the largest position and

long-time holding is HgCapital Trust along with Oakley Capital

Investments, Pantheon International, ICG Enterprise Trust,

Literacy Capital, Augmentum Fintech and The Schiehallion Fund.

In the Income Portfolio, certain private equity trusts that have a

policy of paying dividends from capital reserves are also held.

Examples are NB Private Equity Partners, Apax Global Alpha and

Partners Group Private Equity Holding (formerly called Princess

Private Equity Holding). Most of the trusts mentioned are on

wide share price discounts and are well placed to generate good

performance from current levels.

22 | CT Global Managed Portfolio Trust PLC

Strategic Report

The final theme is holdings in trusts with secular growth

characteristics. This has been a long-term investment theme.

Trusts in this category have significant exposure to technology,

healthcare, biotechnology and companies involved in digital

disruption and transformation. Most of these types of holdings

will appear in the Growth Portfolio and examples include Allianz

Technology Trust, Polar Capital Technology Trust, Scottish

Mortgage Investment Trust, The Monks Investment Trust, Herald

Investment Trust, Worldwide Healthcare Trust and Biotech Growth

Trust. It is much harder for the Income Portfolio to gain exposure

because most of these trusts either do not pay a dividend

or only a low dividend; however, a couple examples of trusts

included are International Biotechnology Trust and Bellevue

Healthcare Trust.

The Growth Portfolio has increased holdings in some of the

trusts noted above over the past year. Although they can be

volatile, for genuine long-term investors, it is from trusts with

these secular growth characteristics multiple times the original

investment can be made.

Conclusion

Looking ahead, there are many uncertainties that could

undermine a favourable outlook for equity markets. These

include geo-politics, especially Ukraine or the Middle East,

political elections, particularly that of the US President in

November, or an unanticipated decline into recession if the

Federal Reserve in the US maintained a tight monetary policy

for too long. However, coming back to the fundamentals, it does

appear that there is every chance of a favourable environment

developing for equity markets. The risk of recession appears

to be fading. Inflation will not return to pre-pandemic levels but

will come back in most developed economies towards the 2%

target level of Central Banks. Although forecasting interest rates

is hazardous, most Central Banks will be looking to move rates

lower over the next year. Growth should respond and there are

optimistic signs of this in Europe.

Against this more favourable backdrop, some cautious

optimism on progress from equity markets seems justified.

This is especially so with the UK equity market which has been

anchored at the bottom of most performance league tables

since the Brexit vote in 2016. It is interesting that, in the final

quarter of the financial year ended 31 May 2024, the UK was

amongst the best performing equity markets despite all the

uncertainties. There is a chance that this may continue in the

current year.

At the time of writing the average sector discount for investment

companies is 15%. This is at one end of the spectrum and

outstanding value is apparent across many different sub-sectors.

Patience will be both required and tested. However, from current

levels there is a genuine opportunity of positive returns from the

two portfolios of high-quality investment companies with strong

balance sheets and proven, experienced management.

Peter Hewitt

Investment Manager

Columbia Threadneedle Investment Business Limited

26 July 2024

Report and Financial Statements 2024 | 23

Strategic Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

Responsible Investment

The Company is not an investment trust with 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 we fully understand the risks and opportunities that

relate to the markets in which we invest. The Manager believes

the consideration of financially material ESG factors can

provide an important perspective to its investment research.

Consideration of these factors could affect an investment’s

valuation by helping assess future investment risk, unlocking

potential new investment opportunities and fulfilling its clients’

long-term financial objectives.

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 Code of Corporate

Governance is detailed in the Corporate Governance Statement

on pages 41 to 43. In addition, the Policy Summary statement on

pages 30 to 32 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,

including around ESG factors with the issuers it invests in

on behalf of its clients as an integral part of its approach to

research and investment, and as stewards 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

www.columbiathreadneedle.com

Active ownership

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 active ownership activities are supported by

a breadth of policies on corporate governance, proxy voting,

engagement and investment strategy-specific policies, as

well as respective addendums on how to manage potential

conflicts of interest. These documents support and inform the

Manager’s engagement and voting activities on behalf of its

clients and are available on its website.

The Manager’s Corporate Governance Guidelines 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 ethics policies and

ensuring that there is an effective mechanism for the internal

reporting of wrongdoing, whether within the investee company

itself or involving other parties, such as suppliers, customers,

contractors or business partners. The Manager is a signatory

to the United Nations Principles for Responsible Investment

(‘UNPRI’) 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.

Where appropriate, the Manager engages with the boards or

fund managers of the investment companies held in the Income

Portfolio and Growth Portfolio. During 2023, the Manager

conducted an ESG survey of the investment companies or their

managers (as appropriate) held in each Portfolio. Matters such as

whether the investment manager was a signatory to the UNPRI,

membership of responsible investment bodies and initiatives,

what ESG or Diversity and Inclusion policies were in place, whether

the investment company had any sustainability related objectives,

ESG reporting by the manager or investment company, how ESG

considerations were incorporated into investment management

processes, ESG resources and whether a public commitment to a

As stewards of £157.5million of gross assets, we support investing responsibly and the

Company benefits from the Manager’s approach in this field.

Responsible Investment

24 | CT Global Managed Portfolio Trust PLC

Net Zero ambition had been made were considered. This allows

an evaluation of their strategies and progress on ESG policies

and reporting and to initiate and progress discussions with

investee companies and their managers.

Climate Change

The Manager recognises the importance of managing climate-

related risks and opportunities effectively to protect long-term

investment returns. 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, such as the Income Portfolio’s investment in The

Renewables Infrastructure Group which gives focused exposure

to climate change solutions.

Unlike other premium listed trading companies, as an

investment trust, 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 88 meetings

of investee companies held by the Company. The Manager

did not support management’s recommendations on at

least one resolution at approximately 11% of all meetings.

With respect to all items voted, the Manager supported over

98% of all management resolutions. Over half of the votes

against management were director-related. As in previous

years, boards lacking sufficient independent oversight and

directors considered to be non-independent sitting on key board

committees were the most common reasons for not supporting

an individual’s re-election.

Report and Financial Statements 2024 | 25

Strategic Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

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 14, 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 14, 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 to ensure

the Company’s daily operations run smoothly for the benefit

of all stakeholders. The Portfolio activities undertaken by our

Manager are set out in the Investment Manager’s Review on

pages 17 to 22.

While the Company’s direct impact on the community and

environment is limited, its indirect ESG impact occurs through

the investment companies in which it invests. The Board gives

effect to this through the Manager’s Responsible Investment

approach which is set out on pages 23 and 24. 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 15.

The Company’s stakeholders are always considered when the

Board makes decisions and examples include:

• Dividends

The Board recognises that providing an attractive level of

income with the potential for growth is important to the

Company’s Income shareholders. Following the payment

of the fourth interim dividend on 5 July 2024, dividends

with respect to the financial year ended 31 May 2024

total 7.40p per Income share. This represents an increase

of 2.8% compared to the prior year and a yield of 6.2%

at 31 May 2024 as compared to the yield on the FTSE

All-Share Index of 3.6% at that date.

• Conversion facility

The Board recognises that providing shareholders with an

annual opportunity to convert their shares into the other

class without incurring UK capital gains tax should be an

attractive facility for shareholders who wish to use it. Over

the last few years, the Board has taken steps to enhance

the operation of the conversion facility while managing the

related costs to ensure it could operate when there was

meaningful demand. Conversions have occurred in the last

six financial years for the benefit of shareholders.

Promoting the Success of the Company

26 | CT Global Managed Portfolio Trust PLC

Strategic Report

• Share issuance and buy-backs

The Board believes that the ability to issue and buy back

shares is in the interests of all shareholders as it helps

to reduce the volatility in the premium or discount of the

Company’s share prices relative to their respective NAVs.

During the year the Company issued 1,225,000 new Income

shares at an average premium to NAV of 1.6%. This helps

to enhance the NAV for ongoing Income shareholders and to

grow the size of the Company and allows operating costs to

be spread over a wider shareholder base for the benefit of

all shareholders. During the year 2,440,000 Growth shares

were bought back at an average discount to NAV of -3.3%,

thereby providing a small accretion to the NAV per Growth

share. These Growth shares are held in treasury and are

available to be resold at a price not less than NAV in future.

• Private investors

The Company's shareholders are predominantly retail

investors who invest through savings or execution-only

platforms. A significant proportion invest through the

Manager’s retail savings plans and the Board remains

focused with the Manager on the optimal delivery of the

Company's investment proposition for the benefit of all

shareholders. Now that Child Trust Fund accounts are

reaching maturity, the Manager’s objective is to retain as

many of these young investors as possible. The Manager

writes to their parents ahead of the account maturity dates

explaining the options and opportunities available to them.

Once 18, the young investor receives communications on

options available to them, and then on a quarterly basis, if

needed, reminded when their valuation statement is issued.

Retention rates are currently in line with expectations.

The Manager remains committed to its savings plans

and its relationship with its customers and has invested

significantly in its offering to enhance digital capabilities in

order to meet its customers’ expectations.

• Increasing awareness of the Company

In July 2022, the Board established a Marketing

Committee. Simon Longfellow, who has extensive

experience of marketing investment trusts to retail

investors, chairs the Committee. The objective of the

Committee is to increase investors’ awareness of CT

Global Managed Portfolio Trust and its key attributes

through appropriate initiatives. We believe the Company,

which provides investors with access to a broad spread of

investment companies, covering a variety of geographies,

sectors and investment managers, and has strong long-

term performance, is particularly well suited to the retail

segment of the market.

Report and Financial Statements 2024 | 27

Strategic Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

As an investment company, investing primarily in listed

securities, most of the Company’s principal risks and

uncertainties that could threaten the achievement of its

objective, strategy, future performance, liquidity and solvency

are market-related.

A summary of the Company’s risk management and internal

controls arrangements is included within the Report of the

Audit Committee on pages 47 and 48. By means of the

procedures set out in that summary, the Board has established

an ongoing process for identifying, evaluating and managing

the significant risks faced by the Company. The Board also

considers emerging risks which might affect the Company

and related updates from the Manager on such risks are

also considered. During the year, significant risks included

the outlook for inflation and ongoing macroeconomic and

geopolitical concerns, together with recent and forthcoming

elections in countries such as the UK and the US. Any

emerging risks that are identified and that are considered to

be of significance are included on the Company's risk register

with any mitigations. These significant risks, emerging risks

and other risks are regularly reviewed by the Audit Committee

and the Board. The Audit Committee and the Board have also

regularly reviewed the effectiveness of the Company’s risk

management and internal control systems for the period.

In November 2021, the Company’s Manager, which was part of

BMO GAM (EMEA), was acquired by Ameriprise Financial and

the integration of its business with Columbia Threadneedle

Investments then progressed. There has been little change

for the Company; nevertheless, an acquisition such as this

introduces some uncertainty until the integration of systems is

fully implemented. A critical milestone was the move to a new

order management system, Aladdin, which is widely regarded

as market leading. This change was successfully completed in

October 2023 and the integration risk is now viewed as reduced.

The principal risks and uncertainties faced by the Company,

and the Board’s mitigation approach, are described below.

Notes 18 to 23 to the financial statements provide detailed

explanations of the risks associated with the Company’s

financial instruments and their management.

Principal Risks and Uncertainties Mitigation

Market risk

The Company’s assets consist mainly of listed

closed-end investment companies and its

principal risks are therefore market-related and

include market risk (comprising currency risk,

interest rate risk and other price risk), liquidity

risk and credit risk.

Climate change may also have an impact on

investee companies in the coming years.

Uncertainty in markets, with events such

as the war in Ukraine, increased conflict in

the Middle East and recent and forthcoming

elections, together with macroeconomic and

geopolitical concerns have led to volatility in the

Company’s NAV.

No change in overall risk during the

year, but, given macroeconomic and

geopolitical concerns, this risk remains

heightened

The Board regularly considers the composition and diversification of the

Income Portfolio and the Growth Portfolio and considers individual stock

performance together with purchases and sales of investments. Investments

and markets are discussed with the Investment Manager on a regular basis.

Engagement on financially material environmental, social and governance

matters is undertaken by the Manager and its approach is explained on

pages 23 and 24.

The Board has, in particular, considered the impact of market volatility,

macroeconomic and geopolitical concerns and inflation and they are discussed

in the Chairman’s Statement and Investment Manager’s Review. As a closed-

end investment company, it is not constrained by asset sales to meet

redemptions so can remain invested through volatile market conditions and is

well suited to investors seeking longer-term returns.

An explanation of these risks and the way in which they are managed are

contained in notes 18 to 23 to the financial statements.

Principal Risks and Uncertainties

and Viability Statement

28 | CT Global Managed Portfolio Trust PLC

Strategic Report

Principal Risks and Uncertainties Mitigation

Investment performance risk

Incorrect strategy, asset allocation, stock

selection (in the context of the market,

economic or geopolitical backdrop) and the

use of gearing could all lead to poor returns for

shareholders.

No change in overall risk during the

year, but, given macroeconomic and

geopolitical concerns, this risk remains

heightened

The investment strategy and performance against peers and the benchmark

are considered by the Board at each meeting and reviewed with the Investment

Manager. The Board is responsible for setting the gearing range within which

the Manager may operate and gearing is discussed at every meeting and

related covenant limits are closely monitored. The Manager’s Investment Risk

team provide oversight on investment risk management.

The Income Portfolio and Growth Portfolio are diversified and comprise listed

closed-end investment companies and their compositions are reviewed

regularly by the Board.

Underlying dividends from investee companies are also closely monitored and

the revenue reserve and the 2022 special reserve attributable to the Income

Portfolio can be drawn on to support the payment of dividends to Income

shareholders.

If required, the Board can hold additional meetings at short notice to discuss

any significant matters.

Third party service delivery and cyber risk

Failure of the Manager as the Company’s main

service provider or disruption to its business,

or that of any other outsourced or third party

service provider, could lead to an inability to

provide accurate reporting and monitoring,

leading to a potential breach of the Company’s

investment mandate or loss of shareholders’

confidence.

The risk includes failure or disruption as a

consequence of external events such as the

COVID-19 pandemic.

External cyber attacks could cause such failure

or could lead to the loss or sabotage of data.

No change in overall risk during the

year, but, due to the integration with

Columbia Threadneedle Investments’

systems, this risk was heightened

The Board meets regularly with the management of the Manager and its

Operational Risk Management team to review internal control and risk reports,

which includes oversight of its own third party service providers. The Manager’s

appointment is reviewed annually and the contract can be terminated with six

months’ notice. The Manager has a business continuity plan in place to ensure

that it is able to respond quickly and effectively to an unplanned event that

could affect the continuity of its business.

The Manager has outsourced certain functions (such as fund accounting

services) to State Street Bank and Trust Company (‘State Street’) and

supervision of such third party service providers, including the administrator

of the Manager’s savings plans, has been maintained by the Manager. This

includes the review of IT security and heightened cyber threats.

The Manager also closely monitors the performance of its technology platform

to ensure it is functioning within acceptable service levels. During the year, the

Audit Committee received a presentation from the Manager’s Chief Information

Security Office on its information and cyber security programme.

The Board receives quarterly reports from the Depositary confirming safe custody

of the Company’s assets and cash and holdings are reconciled to the Custodian’s

records. The Custodian’s internal controls reports are also reviewed by the Manager

and key points reported to the Audit Committee. The Board also receives periodic

updates from the Custodian on its own cyber security controls.

The Depositary is specifically liable for loss of any of the Company’s assets

that constitute financial instruments under the AIFMD.

Report and Financial Statements 2024 | 29

Strategic Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

Viability Assessment and Statement

In accordance with the UK Corporate Governance Code, the

Board is required to assess the future prospects for the

Company and considered that a number of characteristics of

the Company’s business model and strategy were relevant to

this assessment:

• The Company’s investment objective and policy, which

are subject to regular Board monitoring, means that the

Company is invested principally in two diversified Portfolios

of listed closed-end investment companies and the level of

borrowing is restricted.

• The Company’s investments are principally in listed

securities which are traded in the UK on the London Stock

Exchange’s Main Market or other regulated exchanges and

which are expected to be readily realisable.

• The Company is a listed closed-end investment company

whose shares are not subject to redemptions by

shareholders.

• Subject to shareholder continuation votes, the next of which

will be at the AGM in 2028 and five yearly thereafter, the

Company’s business model and strategy is not time-limited.

Also relevant were a number of aspects of the Company’s

operational arrangements:

• The Company retains title to all assets held by the

Custodian under the terms of a formal agreement with the

Custodian and Depositary.

• The borrowing facilities, which remain available until

February 2025, are subject to a formal agreement,

including financial covenants with which the Company

complied in full during the year.

• Revenue and expenditure forecasts are reviewed by the

Directors at each Board meeting.

• The operational robustness of key service providers and

the effectiveness of alternative working arrangements.

• Alternative service providers can be engaged at relatively

short notice if necessary.

In considering the viability of the Company, the Directors carried

out a robust assessment of the principal risks and uncertainties

which could threaten the Company’s objective and strategy, future

performance and solvency. This included the impact of market

volatility and a significant fall in equity markets on the Company’s

investment Portfolios. These risks, their mitigations and the

processes for monitoring them are set out on pages 27 and

28 in Principal Risks and Uncertainties, on pages 47 and 48 in

the Report of the Audit Committee and in notes 18 to 23 to the

financial statements.

The Directors also considered:

• The level of ongoing charges incurred by the Company

which are modest and predictable and (at 31 May 2024),

excluding the ongoing charges of underlying funds, total

1.20% and 1.11% of average net assets for the Income

shares and Growth shares respectively.

• Future revenue and expenditure projections.

• The Company’s ability to meet liquidity requirements

given its investment Portfolios consist principally of listed

investment companies which can be realised if required.

• The ability to undertake share buy-backs if required.

• Whether the Company’s investment objective and policy

continue to be relevant to investors.

• Directors are non-executive and the Company has no

employees and consequently the Company does not have

redundancy or other employment-related liabilities or

responsibilities.

• The uncertainty in markets and macroeconomic and

geopolitical concerns and the prospects for the Company’s

investment Portfolios.

These matters were assessed over a five year period to July

2029, and the Board will continue to assess viability over five

year rolling periods.

As part of this assessment the Board considered a number

of stress tests and scenarios which considered the impact

of inflation and substantial falls in investment values on

shareholders’ funds over a five year period. The results

demonstrated the impact on the Company’s net assets and its

expenses and its ability to meet its liabilities over that period

and adhere to its financial covenants.

A rolling five year period represents the horizon over which the

Directors believe they can form a reasonable expectation of

the Company’s prospects, although they do have due regard to

viability over the longer term.

Based on their assessment, and in the context of the Company’s

business model, strategy and operational arrangements set

out above, the Directors have a reasonable expectation that

the Company will be able to continue in operation and meet its

liabilities as they fall due over the five year period to July 2029.

30 | CT Global Managed Portfolio Trust PLC

Strategic Report

Investment Objective and Policy

The Company’s investment objective is to provide an attractive

level of income with the potential for income and capital growth

to Income shareholders and to provide capital growth for

Growth shareholders, in each case through investing principally

in a diversified Portfolio of investment companies.

The Income Portfolio invests in a diversified Portfolio of at least

25 investment companies that have underlying investment

exposures across a range of geographic regions and sectors

and that focus on offering an income yield above the yield of

the FTSE All-Share Index.

The Growth Portfolio invests in a diversified Portfolio of at least

25 investment companies that have underlying investment

exposures across a range of geographic regions and sectors

and that the focus of which is to maximise total returns,

principally through capital growth.

The Company invests principally in closed-end investment

companies, wherever incorporated, which are listed on the

Official List of the Financial Conduct Authority. The majority

of the Company’s holdings comprise equity investments

although it is permitted to invest in other securities issued by

investment companies.

The Company is permitted to invest in other closed-end

investment companies, wherever incorporated, whose shares

are traded on AIM or a Regulated Exchange (other than the

London Stock Exchange’s Main Market) up to a maximum of

25% of the total assets of the relevant Portfolio.

In accordance with the Listing Rules of the Financial Conduct

Authority, the Company will not invest more than 10% in

aggregate of its total assets in other UK listed investment

companies that themselves may invest more than 15% of their

total assets in other UK listed investment companies.

There are no maximum levels set for underlying exposures to

geographic regions or sectors.

No investment in either Portfolio may exceed 15% of the relevant

Portfolio’s total assets at the time of the latest purchase.

The Manager may invest the assets of the Company in other

investment companies managed by the Manager or another

member of the Columbia Threadneedle Group, provided that

such investments in the Income or Growth Portfolios shall not

exceed 20% of the total assets of the relevant Portfolio at the

time of investment.

There are no defined limits on securities and accordingly

the Company may invest up to 100% of total assets in any

particular type of security.

The Company may use derivatives, principally for the purpose

of efficient portfolio management, including protecting the

Portfolios against market falls.

The Company may use gearing in either Portfolio. Borrowings

are not normally expected to exceed 20% of the total assets

of the relevant Portfolio. Under the Company’s Articles of

Association, the maximum borrowing limit is 50% of the total

assets of the relevant Portfolio.

Gearing Policy

As explained under Investment Objective and Policy, the

Company has the flexibility to borrow money with the aim of

generating a return greater than the cost of that borrowing.

The Board receives recommendations on gearing levels from

the Manager and it is responsible for setting the gearing range

within which the Manager may operate.

The Company has a £5 million unsecured fixed rate term loan

and a £5 million unsecured revolving credit facility, both of

which are available until 10 February 2025 with The Royal Bank

of Scotland International Limited. At 31 May 2024, the fixed

rate term loan and £2 million of the revolving credit facility

were drawn down in the Income Portfolio. The facilities are

described in more detail in note 12 to the financial statements.

It is expected that new loan facilities could be entered into

when the current arrangements expire, but, if not, or should the

Board decide not to renew these, 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 in the

relevant Portfolio.

Policy Summary

Report and Financial Statements 2024 | 31

Strategic Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

Dividend Policy

Within the Company’s investment objective is the aim to

provide an attractive level of income for Income shareholders.

In determining dividend payments, the Board takes account of

income forecasts, brought forward revenue and other relevant

distributable reserves, the Company’s dividend payment

record, the yield of the FTSE All-Share Index, inflation and the

corporation tax rules governing investment trust status. Risks

to the dividend policy have been considered as part of the

Principal Risks and Uncertainties and Viability Review on pages

27 to 29 and include financial risks leading to a deterioration

in the level of income received by the Company, or a significant

change to the Company‘s regulatory environment.

Dividends are currently paid as interim dividends, quarterly in

October, January, April and July.

Share Issuance and Buy-back Policy

Share issuance and buy-backs help reduce the volatility

of the share price premium or discount to net asset value

per share and enhance the net asset value per share for

continuing shareholders.

In normal circumstances, the Board aims to maintain the

discount to NAV at which the Company’s shares trade at not

more than 5%. Shares will not be bought back at a premium to

net asset value. Shares which are bought back by the Company

may be cancelled or may be held in treasury. Shares held in

treasury may be resold at a price not less than the net asset

value. For further details see pages 38 to 40.

UK Financial Sanctions and Prevention of the

Facilitation of Tax Evasion

The Board is fully committed to complying with all legislation,

regulation and relevant guidelines including those relating

to the UK financial sanctions regime in the context of the

Company’s business and also the UK’s Criminal Finances Act

2017, designed to prevent tax evasion and the facilitation of

tax evasion in the jurisdictions in which the Company operates.

Professional advice is sought as and when deemed necessary.

Taxation

The policy towards taxation is one of full commitment to

complying with applicable legislation and statutory guidelines.

The Company has received approval from HMRC as an

investment trust under Section 1158 of the Corporation Tax

Act 2010 (‘Section 1158’) and has since continued to comply

with the eligibility conditions such that it does not suffer UK

corporation tax on capital gains. The Manager ensures that the

Company submits correct taxation returns annually to HMRC,

settles promptly any taxation due and claims back, where

possible, taxes suffered in excess of taxation treaty rates on

non-UK dividend receipts.

Board Diversity and Tenure

The Board is composed solely of non-executive Directors and

its approach to the appointment of non-executive Directors is

based on its belief in the benefits of having a diverse range of

experience, skills, length of service and backgrounds.

The Board is conscious of the diversity targets set out in the

FCA Listing Rules and the Board complies with the AIC Code

of Corporate Governance in appointing appropriately diverse,

independent non-executive Directors who set the operational

and moral standards of the Company. The Board will always

appoint the best qualified person for the role and will not

discriminate on the grounds of gender, race, ethnicity, religion,

sexual orientation, age, physical ability and educational,

professional or socio-economic background. As each of the

Audit Committee, Marketing Committee, Nomination Committee

and Management Engagement Committee comprise all of the

Directors, the diversity policy applied to the Board applies

equally to each of the Company’s committees.

In accordance with Listing Rule 9.8.6R (9), (10) and (11), the

Board is required to disclose on a ‘comply or explain’ basis

whether it has met the following targets: (i) at least 40% of

the Board should be women; (ii) at least one of the senior

Board positions should be held by a woman; and (iii) at least

one member of the Board should be from a minority ethnic

background. The Board has provided the information set out in

the following tables in relation to diversity, the data for which

has been obtained through the completion of questionnaires by

the individual Directors. As is shown, the Company has met the

targets in relation to the gender and the ethnic background of

the Board.

Board Gender as at 31 May 2024

(1)

Number of

Board

members

Percentage of

the Board

Number of

senior positions

on the Board

(3)

Men 2 50% 1

Women 2 50%

(2)

Not specified/prefer

not to say

– – –

(1)

The Company has opted not to disclose against the number of Directors in

executive management as this is not applicable for an investment trust which

does not have the roles of CEO or CFO.

(2)

This meets the Listing Rules target of 40%.

(3)

The senior positions on the Board consist of the Chairman and the Senior

Independent Director. The position of the Senior Independent Director is held

by a woman and the Company therefore meets the target of at least one of the

senior Board positions being held by a woman. The position of the Chairman

of the Audit Committee is also held by a woman; however, this is not currently

defined as a senior position under the Listing Rules.

32 | CT Global Managed Portfolio Trust PLC

Board Ethnic Background as at 31 May 2024

(1)

Number of

Board

members

Percentage of

the Board

Number of

senior positions

on the Board

(3)

White British or other

White (including

minority-white groups)

3 75% 2

Mixed/Multiple Ethnic

Groups

(2)

25% –

Asian/Asian British – – –

Black/African/

Caribbean/

Black British

– – –

Other Ethnic Group,

including Arab

– – –

Not specified/

prefer not to say

– – –

(1)

The Company has opted not to disclose against the number of Directors in

executive management as this is not applicable for an investment trust which

does not have the roles of CEO or CFO.

(2)

This meets the Listing Rules target of 1.

(3)

The senior positions on the Board consist of the Chairman and the Senior

Independent Director.

The Board is committed to maintaining the highest levels

of corporate governance in terms of independence and

would normally expect the Directors to serve for a nine-year

term, although this may be adjusted for reasons of flexibility

and continuity.

Integrity and Business Ethics

The Board applies a strict anti-bribery and anti-corruption policy

insofar as it applies to any directors or employees of the Manager

or any other organisation with which the Company conducts

business. The Board also ensures that adequate procedures

are in place and followed in respect of third party appointments,

acceptance of gifts, hospitality and similar matters.

The Strategic Report, contained on pages 3 to 32, has been

approved by the Board of Directors.

By order of the Board

For Columbia Threadneedle Investment Business Limited

Company Secretary

6th Floor

Quartermile 4

7a Nightingale Way

Edinburgh EH3 9EG

26 July 2024

Strategic Report

Report and Financial Statements 2024 | 33

Governance Report

David Warnock

Chairman of the Board, Nomination

Committee and Management

Engagement Committee

Appointed on 1 January 2019 and as

Chairman on 30 September 2021.

Experience and contribution: David co-founded

the investment firm of Aberforth Partners

and was a partner for 19 years until his

retirement in 2008. Before Aberforth, he was

with Ivory & Sime plc and 3i Group plc.

Other appointments: David is currently the

senior independent non-executive director of

ICG Enterprise Trust plc.

Shauna Bevan

Appointed on 9 June 2022.

Experience and contribution: Shauna is Head

of Investment Advisory at RiverPeak Wealth

Limited where she is responsible for fund

research and portfolio construction. She has

over twenty years of investment experience

having previously worked for Charles Stanley

and Merrill Lynch and is a Chartered Member

of the Chartered Institute for Securities

and Investment.

Other appointments: Shauna is currently a

non-executive director of Witan Investment

Trust plc and a director of a number of private

companies.

Susan (Sue) Inglis

Senior Independent Director and

Chairman of the Audit Committee

Appointed on 9 July 2018 and as Chairman

of the Audit Committee on 24 September

2020 and as Senior Independent Director on

29 September 2022.

Experience and contribution: Sue has

more than 30 years of experience as an

adviser to asset management groups and

investment companies. She is a qualified

lawyer and was a partner and head of

funds and financial services at Shepherd &

Wedderburn. In 1999, she co-founded Intelli

Corporate Finance and, from 2009 until

retiring from executive employment in 2018,

held senior positions in Canaccord Genuity’s

financial institutions and investment

companies teams and Cantor Fitzgerald’s

investment companies team.

Other appointments: Sue is currently the senior

independent non-executive director of Baillie

Gifford US Growth Trust plc and Seraphim

Space Investment Trust plc.

Simon Longfellow

Chairman of the Marketing Committee

Appointed on 14 July 2021 and as Chairman

of the Marketing Committee on 19 July 2022.

Experience and contribution: Simon co-founded

Steps to Investing which launched in 2020

with the aim of helping inexperienced investors

get started on their investment journeys. He

also runs marketing consultancy Neo. Prior

to that he was Head of Marketing at Janus

Henderson Investors, focused entirely on

marketing investment trusts to retail investors.

Other appointments: Simon is currently a

non-executive director of Invesco Perpetual

UK Smaller Companies Investment Trust plc,

Electric and General Investment Fund and a

director of a private company.

Board of Directors

All of the Directors are non-executive. All of the Directors are considered by the Board to be independent. All of the Directors are

members of the Audit Committee, Management Engagement Committee, Nomination Committee and Marketing Committee.

No Director holds a directorship elsewhere in common with other members of the Board.

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

34 | CT Global Managed Portfolio Trust PLC

Governance Report

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 2024, 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 5, 21 and 22. Principal

risks and uncertainties can be found on pages 27 and 28 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 Listing Rule 9.8.4R.

Results and Dividends

The results for the year are set out in the financial statements

on pages 61 to 87. The return attributable to shareholders was

£14,410,000, of which £3,969,000 was attributable to the

Income Portfolio and £10,441,000 to the Growth Portfolio.

The Company has paid quarterly interim dividends in the year

ended 31 May 2024 as follows:

Interim Dividend Payments

Payment date Rate per Income share

Fourth interim for 2023 7 July 2023 2.19p

First interim for 2024 6 October 2023 1.80p

Second interim for 2024 12 January 2024 1.80p

Third interim for 2024 9 April 2024 1.80p

A fourth interim dividend of 2.00p per Income share was paid

after the year-end, on 5 July 2024, to Income shareholders on

the register at close of business on 14 June 2024. The total

dividend for the financial year ended 31 May 2024 of 7.40p per

Income share represents an increase of 2.8% over the 7.20p

per Income share paid in respect of the previous financial year

ended 31 May 2023.

As set out in the Company‘s dividend policy on page 31,

payments are made quarterly as interim dividends and 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 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 quarterly payments (Resolution 9).

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’).

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 61 and the unqualified

Independent Auditor’s Report on the financial statements is

on pages 55 to 60. The significant accounting policies of the

Company are set out in note 1 to the financial statements.

The Directors submit the Annual Report and Financial Statements of the Company for the year

ended 31 May 2024. The Directors‘ biographies, Corporate Governance Statement, the Report of the

Nomination Committee, the Report of the Management Engagement Committee, the Report of the

Audit Committee, the Report of the Marketing Committee and the Directors‘ Remuneration Report

form part of this Report of the Directors.

Report of the Directors

Report and Financial Statements 2024 | 35

Governance Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

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 27 and 28. 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 30 and which 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

facilities with which it has 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 £5 million fixed rate term loan and a £5 million revolving

credit facility are committed to the Company until 10 February

2025 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 new loan facilities

could be entered into when the current arrangements expire,

but, if not, or should the Board decide not to renew these,

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 in the relevant Portfolio.

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 29.

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 himself or herself

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 Companys’ Auditor at

the Annual General Meeting on 28 September 2023 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 7 and 8).

Further information in relation to the re-appointment can be

found on pages 46 to 49.

Capital Structure and Voting Rights

The Company’s capital structure is explained in the ‘Capital

Structure’ section on page 94 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 2024 there were 51,723,251 Income shares and

38,827,608 Growth shares listed, of which no Income shares

and 3,255,000 Growth shares were held in treasury and the

total issued share capital of the Company (excluding treasury

shares) was represented 59.3% by 51,723,251 Income shares

and 40.7% by 35,572,608 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);

• 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.

36 | CT Global Managed Portfolio Trust PLC

Governance Report

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

At 31 May 2024 there were 51,723,251 Income shares listed,

of which nil were held in treasury and 38,827,608 Growth

shares listed, of which 3,255,000 were held in treasury. As at

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 retail savings plans. Approximately 63.8% of the

Income shares and 82.4% of the Growth shares are held in this

manner. The voting arrangements for these shares is explained

on page 94.

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

2 November 2023, was an increase of 42,748 Income shares

in issue and a decrease of 20,341 Growth shares in issue.

Directors' Remuneration Report

At the Annual General Meeting held on 28 September 2023,

shareholders approved the Directors' Remuneration Policy

and it is intended that this policy will continue for the three

year period ending at the AGM in 2026, when shareholders

will next be asked for their approval. There have been no

material changes to the Remuneration Policy since approved

by shareholders at the Annual General Meeting held on

28 September 2023.

The Directors’ Remuneration Report, which can be found on pages

51 to 53, 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 2024 (Resolution 2) at the AGM on 2 October 2024.

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 Re-elections

Biographical details of the Directors, all of whom are non-

executive, can be found on page 33 and are incorporated into

this report by reference.

All of the Directors held office throughout the year under review.

As explained under the Corporate Governance Statement

on page 42, the Board has agreed that all Directors will

retire annually. Accordingly, Shauna Bevan, Sue Inglis, Simon

Longfellow and David Warnock will retire at the AGM and, being

eligible, offer themselves for re-election. (Resolutions 3, 4, 5

and 6).

The skills and experience each Director brings to the Board

for the long-term sustainable success of the Company are set

out below.

• Resolution 3 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 4 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 5 relates to the re-election of Simon Longfellow

who was appointed on 14 July 2021 and has extensive

marketing experience in the investment company sector.

• Resolution 6 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

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 31, 32 and 44.The

Chairman and the Board therefore believe that it is in the

interests of shareholders that each of those Directors seeking

re-election are re-elected.

Report and Financial Statements 2024 | 37

Governance Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

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 2024. 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 he or she has, 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

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, 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

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.

38 | CT Global Managed Portfolio Trust PLC

Governance Report

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. 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 5 and the Investment

Manager’s Review on pages 21 and 22.

Responsible Investment

The Company's approach to Responsible Investment, including

voting on Portfolio investments, is set out on pages 23 and 24.

The Company seeks to conduct its affairs responsibly and

environmental factors are, where appropriate, taken into

consideration with regard to investment decisions taken on

behalf of the Company.

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 Listing Rule 15.4.29(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 Wednesday 2 October 2024 at

11.30am. The notice of Annual General Meeting is set out

on pages 89 to 93. Peter Hewitt, the Investment Manager,

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 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 Manager’s 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.

Resolutions 10 to 14 are explained below.

Directors’ Authority to Allot Shares and Sell Shares

from Treasury (Resolutions 10, 11 and 12)

Since the Annual General Meeting of the Company held on

28 September 2023, and in accordance with the authorities

granted, the Board has exercised its powers by issuing

1,160,000 new Income shares with an aggregate nominal

value of £71,700.45 (representing 2.2% of the Company’s

total issued Income share capital as at 26 July 2024) on a

non pre-emptive basis at a premium to the net asset value

per Income share for a total consideration of £1,313,000.

No Growth shares have been issued since the 2023 Annual

General Meeting.

Report and Financial Statements 2024 | 39

Governance Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

The Directors believe that the Company’s continuing ability to

issue shares at a premium to net asset value or sell shares

from treasury 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 Income shares and

Growth shares.

Resolution 10 (authority to allot shares) will, if passed,

authorise the Directors to allot new Income shares up to an

aggregate nominal amount of £627,918.96 (which equates to

10,361,600 Income shares) and new Growth shares up to an

aggregate nominal amount of £427,779.49 (which equates

to 7,059,000 Growth shares), being approximately 20% of

the Company’s total issued Income shares and approximately

20% of the Company’s total issued Growth shares respectively

(excluding treasury shares) as at 26 July 2024.

Resolution 11 (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 £313,959.48 (which equates to 5,180,800

Income shares) and allot new Growth shares, or resell Growth

shares held in treasury, up to an aggregate nominal amount of

£213,889.74 (which equates to 3,529,500 Growth shares),

being approximately 10% of the Company’s total issued Income

shares and approximately 10% of the Company’s total issued

Growth shares respectively (excluding treasury shares), as at

26 July 2024, for cash without first offering such shares to

existing shareholders pro rata to their existing holdings.

Resolution 12 (additional power to disapply pre-emption rights)

will, if passed, and in addition to Resolution 11, authorise the

Directors to allot further new Income shares, or resell Income

shares held in treasury, up to an aggregate nominal amount of

£313,959.48 (which equates to 5,180,800 Income shares) and

allot new Growth shares, or resell Growth shares held in treasury,

up to an aggregate nominal amount of £213,889.74 (which

equates to 3,529,500 Growth shares) being approximately 10%

of the Company‘s total issued Income shares and approximately

10% of the Company’s total issued Growth shares respectively

(excluding treasury shares), as at 26 July 2024, for cash without

first offering such shares to existing shareholders pro rata to

their existing holdings.

These authorities will continue until the earlier of 2 January

2026 (being 15 months from the date of the Annual General

Meeting in 2024) and the conclusion of the Annual General

Meeting in 2025. 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 13)

At the last Annual General Meeting held on 28 September

2023 shareholders gave the Company authority to make market

purchases of up to 7,563,000 Income shares and 5,587,200

Growth shares (being 14.99% of each of the issued Income shares

and Growth shares, in each case excluding treasury shares).

During the year ended 31 May 2024, the Company purchased

through the market for treasury 2,440,000 Growth shares with

an aggregate nominal value of £150,991.15, representing 6.4%

of the Growth shares in issue (excluding treasury shares) at the

previous year end for a total consideration of £5,682,000 in

accordance with the Company’s discount management policy.

During the year ended 31 May 2024 the Company did not

purchase through the market any Income shares. Subsequent

to the year end, 275,000 Growth shares with an aggregate

nominal value of £16,665.16, have been purchased through the

market for treasury between 31 May 2024 and 26 July 2024

representing 0.8% of the Growth shares in issue (excluding

treasury shares) as at 26 July 2024.

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 13, 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 will not be less than the nominal value of £0.060600579

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 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 2 January

2026 and the conclusion of the next Annual General Meeting of

the Company.

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.

40 | CT Global Managed Portfolio Trust PLC

Governance Report

There were a total of 87,105,859 Income shares and Growth

shares in issue (excluding treasury shares) as at 26 July 2024, of

which 51,808,251 (59.5%) are Income shares and 35,297,608

(40.5%) are Growth shares. At that date, the Company held no

Income shares and 3,530,000 Growth shares (representing 9.1%

of the total Growth share capital) in treasury.

Approval of the Proposed Purchase Contract

(Resolution 14)

Resolution 14 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 they

unanimously recommend 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.

By order of the Board

For Columbia Threadneedle Investment Business Limited

Company Secretary

Quartermile 4

7a Nightingale Way

Edinburgh EH3 9EG

26 July 2024

Report and Financial Statements 2024 | 41

Governance Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

The biographical details of the Directors responsible for the

governance of the Company are set out on page 33. Committee

membership is also included and the respective terms of

reference and biographies are also available on the Company’s

website 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 it 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 17

to 22 and in the Report of the Audit Committee in respect of

internal controls on pages 47 and 48. 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 Code of Corporate Governance

(the ‘AIC Code’)

The Board of CT Global Managed Portfolio Trust PLC has

considered and supports the principles and provisions of the

AIC Code published in February 2019. The AIC Code addresses

the principles and provisions set out in the UK Corporate

Governance Code published in July 2018 (the ‘UK Code’) as

well as setting out additional provisions on issues that are of

specific relevance to investment companies. There are also two

main differences. In the AIC Code, both the nine year limit on

chair tenure and the restriction on the chair of the Board being

a member of the Audit Committee have been removed.

David Warnock was appointed to the Board on 1 January

2019 and then as Chairman on 30 September 2021 and

has therefore served for less than nine years. 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 31

and 32.

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 9.8.6 of

the 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

recommendations of the AIC Code during the year under review

and up to the date of this report 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’ remuneration;

• the need for an internal audit function;

• membership of the Audit Committee by the Chairman of the

Board; and

• workforce engagement.

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, 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 48, we have not reported

further in respect of these provisions.

Corporate Governance Statement

42 | CT Global Managed Portfolio Trust PLC

Governance Report

The AIC Code can be found on theaic.co.uk and the UK Code

on frc.org.uk. In January 2024 the Financial Reporting Council

updated the UK Code which will first apply to the Company in

the year ended 31 May 2026.

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 on pages

14 to 15. How the Board seeks to promote the success of the

Company is set out on pages 25 to 26.

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

Manager 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 re-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

2024

Board of

Directors

Audit

Committee

Management

Engagement

Committee

Nomination

Committee

Marketing

Committee

No. of meetings 4 4 1 1 3

D Warnock 4 4 1 1 3

S Bevan 4 4 1 1 3

S P Inglis 4 4 1 1 3

S M Longfellow 4 4 1 1 3

In addition, during the year, four meetings were held to approve

the interim dividends together with a meeting with respect to

the annual share conversion facility.

Report and Financial Statements 2024 | 43

Governance Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

Composition and Succession

The composition of the Board and Committees together with

the experience of the members is set out on page 33. The

Company’s diversity and tenure policy is set out on pages 31

to 32.

Over the last few years a succession plan has been in place,

which has enabled the retirement of the longer serving

Directors while balancing the need to ensure an adequate level

of continuity and experience on the Board while changes were

made, thereby acting in the best interests of shareholders.

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 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, Nomination Committee, Marketing Committee

and Management Engagement 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 46 to 49. 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 27 and 28 and further

information on the Company’s risk management and internal

control framework can be found on pages 47 to 48.

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 15.

Remuneration

Information on the remuneration arrangements for the non-

executive Directors of the Company can be found in the

Remuneration Report on pages 51 to 53 and in note 5 to the

financial statements.

The remuneration policy is explained on page 51 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

page 35 and other Companies Act 2006 disclosures are

included on page 38.

By order of the Board

For Columbia Threadneedle Investment Business Limited

Company Secretary

Quartermile 4

7a Nightingale Way

Edinburgh EH3 9EG

26 July 2024

44 | CT Global Managed Portfolio Trust PLC

Governance Report

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 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 (including gender, race, ethnicity, religion, sexual

orientation, age, physical ability, 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 one occasion 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 re-appointment of those Directors standing for re-

election at the annual general meeting;

• the criteria for future Board appointments and the methods

of recruitment, selection and appointment; and

• future retirement of Directors.

Diversity and Tenure

The Company’s Board diversity and tenure policy is shown

on pages 31 and 32 and recruitment searches are open to a

diverse range of candidates. Other than the diversity targets

set out in the 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 his or her 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.

A succession plan, to allow for the retirement of the Directors

who had served since the Company’s launch, had been in

progress over the last few years and this was completed

in 2022. The emphasis was on ensuring the highest level

of skills, knowledge and experience of the Board and when

recruiting new Directors consideration was given to the current

skills and experience of the Board and the remaining tenure of

each Director. This assisted in identifying the desired attributes

of the new Director and ensured that the Board continued to

comprise individuals with appropriate and complementary skills

and experience and continuity. 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 43. 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 Nomination Committee

26 July 2024

Report of the

Nomination Committee

Report and Financial Statements 2024 | 45

Governance Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

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

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.

Its 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.

The annual evaluation that took place in July 2024 included a

presentation from the Investment Manager 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 Manager also reported on the strength of its current

business, the integration of its business with that of Columbia

Threadneedle Investments, the resources and opportunities

that are now available as part of the enlarged business and its

continued support of its investment trust business.

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 43. 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

26 July 2024

Report of the Management

Engagement Committee

46 | CT Global Managed Portfolio Trust PLC

Governance Report

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

their responsibilities. Given the relevant financial and

investment experience of the Chairman of the Board, 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 33 and the

Committee's terms of reference are available at the website

ctglobalmanagedportfolio.co.uk.

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 43. The conclusion from the process was that the

Committee was operating effectively, with the right balance of

experience and skills.

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 process

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 of

Directors and meets at least twice a year including at least two

meetings with the Auditor.

The Audit Committee met on four occasions during the year and

the attendance of each of the members is set out on page 42.

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 Management

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

internal control and risk management environment;

• 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 changes;

• 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;

• the operational arrangements and performance of the

Manager and other third party service providers in terms of

business continuity; and

• the integration of BMO GAM (EMEA) (which included the

Company’s investment manager) and its systems, risk

management and internal control infrastructure with

Columbia Threadneedle Investments.

Following the change of ownership of BMO GAM (EMEA) in

November 2021 the Audit Committee has continued to monitor

the integration with Columbia Threadneedle Investments

from a risk management and internal control perspective. A

critical milestone was the move to a new order management

system, Aladdin, which was successfully completed in October

2023 and the integration risk is now viewed as reduced. The

control environment for Aladdin mirrors the existing control

environment for Columbia Threadneedle Investments which has

not changed. The Audit Committee has received confirmation

from the Manager that the systems of risk management

and internal control have continued to operate effectively

throughout the year under review and thereafter to the date of

this report.

Report of the Audit Committee

Report and Financial Statements 2024 | 47

Governance Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

During the preparation of both the half-year report for the

six month period ended 30 November 2023 and the Annual

Report and Financial Statements for the year ended 31 May

2024 the Committee has considered the outlook for inflation

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 27 to 29 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 54.

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 Manager’s Operational Risk Management 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.

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 27 and 28 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 29 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 systems

of risk management and internal control, for reviewing its

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. During the year,

the Audit Committee also received a presentation from the

Manager’s Chief Information Security Officer on its information

and cyber security programme.

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.

The system of risk management and internal control 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.

Further to the review by the Audit Committee, the Board

has assessed the effectiveness of the Company’s internal

control systems.

48 | CT Global Managed Portfolio Trust PLC

Governance Report

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 period

from 1 November 2022 to 1 October 2023 (the ‘ISAE/AAF

Report’) that has been prepared for its investment trust clients.

The Audit Committee also received confirmation from the

Manager that, subsequent to this date, on 2 October 2023, the

move to the Aladdin order management system was completed

and the control environment for Aladdin mirrors the existing

control environment for Columbia Threadneedle Investments

which has not changed. Containing a report and an unqualified

opinion from the independent service auditor KPMG LLP

(engaged by the Manager), the ISAE/AAF Report sets out the

Manager’s control environment and procedures with respect to

the management of its clients’ investments and maintenance

of their financial records. The effectiveness of these controls is

monitored by the Manager’s Audit and Compliance Committee

which, for the period to 1 October 2023, 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 would be reported

to the 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 material to the overall

control environment and 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.

The review procedures have been 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 safeguards shareholders’ investments and the Company’s

assets, is maintained. 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 2024 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 2024 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 55 to 60.

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 expert providers 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; and

• 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. In addition to statutory audit fees, the Auditor

received fees, excluding VAT, for non-audit services of £nil for

the year (2023: £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.

Report and Financial Statements 2024 | 49

Governance Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

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

£53,500 (2023: £49,500).

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 2024 represents

Chris Meyrick’s second year as the senior statutory auditor

and BDO’s second 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.

On the basis of this assessment, the Audit Committee has

recommended the re-appointment of BDO to the Board.

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 48, which is reported on by an independent

service auditor and sets out the systems, processes and controls around

the daily pricing of equity securities. 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 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 to those of the Custodian. The Audit Committee also

reviewed the Custodian’s semi-annual internal controls report, which is

reported on by independent external accountants, and provides details

regarding its control environment. The Depositary has issued reports

confirming, amongst other matters, the safe custody of the Company’s

assets for the period to 31 May 2024. The Audit Committee also reviewed

internal controls reports from State Street.

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 performance, objective and

strategy.

Sue P Inglis

Chairman of the Audit Committee

26 July 2024

50 | CT Global Managed Portfolio Trust PLC

Governance Report

Composition of the Committee

The Committee comprises the full Board and is chaired by

Simon Longfellow. 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

Investment 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 Investment Manager;

• marketing reports from the Investment Manager;

• approval of the annual marketing budget and planned

activities;

• the Company’s website; and

• the engagement of a marketing agency.

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 43. The conclusion from the process was that the

Committee was operating effectively, with the right balance of

experience and skills.

Simon Longfellow

Chairman of the Marketing Committee

26 July 2024

Report of the Marketing Committee

Report and Financial Statements 2024 | 51

Governance Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

Full details of the Company’s policy with regards to Directors’

fees, and fees paid during the year ended 31 May 2024, 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 55 to 60.

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 non-executive

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 investment companies that are

similar in size and have similar investment objectives. 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.

The fees for the non-executive Directors are determined within

the limits set out in the Company’s Articles of Association. The

present limit is £150,000 per annum in aggregate and may not

be changed without seeking shareholder approval at a general

meeting. Directors are not eligible for bonuses, pension benefits,

share options, long-term incentive schemes or other benefits.

The non-executive 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 his

or her 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 33. The terms of

appointment provide that a Director shall retire and be subject

to election at the first Annual General Meeting after his or her

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. All the Directors were last re-elected at the AGM held

on 28 September 2023 and will stand for re-election at the AGM

on 2 October 2024. 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.

It is intended that the policy will continue for the three-year

period ending at the AGM in 2026, when it will next be put to

shareholders for approval.

Annual Statement

As Chairman of the Board, I confirm that effective 1 June 2023

the amounts paid to Directors increased by £1,600 per annum

for the Chairman, £1,400 per annum for the Audit Committee

Chairman and also the Marketing Committee Chairman and

£1,250 per annum for the other Director.

Future Policy Table

Following a review of the level of Directors’ fees for the year to

31 May 2025, the Board concluded that effective 1 June 2024

the amounts paid to Directors would increase by approximately

3% and therefore by £1,000 per annum for the Chairman, £900

per annum for the Audit Committee Chairman and also the

Marketing Committee Chairman and £850 per annum for the

other Director.

Based on this, Directors’ fees for the financial year to 31 May

2025 will be as follows:

Director

31 May

2025

31 May

2024

(1)

31 May

2023

(1)

Chairman 34,200 33,200 31,600

Audit Committee chairman 29,600 28,700 27,300

Marketing Committee chairman 29,600 28,700 27,300

Director 26,100 25,250 24,000

(1)

Actual Directors’ remuneration for the years ended 31 May 2024 and 31 May

2023 respectively.

Directors’ Remuneration Report

52 | CT Global Managed Portfolio Trust PLC

Governance Report

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 2024 and 2023 and can expect to receive the fees indicated for 2025 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)

Fees

(audited)

Taxable benefits

(1)

(audited)

Total

(audited)

Anticipated

fees

(2)

Director

31 May

2024

31 May

2023

£ % change

(3)

31 May

2024

31 May

2023

£ % change

31 May

2024

31 May

2023

£ % change

31 May

2025

D Warnock (Chairman) 33,200 31,600 +5.1 146 132 +10.6 33,346 31,732 +5.1 34,200

S L Bevan

(4)

25,250 23,474 +7.6 1,065 443 +140.4 26,315 23,917 +10.0 26,100

D Harris

(5)

n/a 7,956 n/a – 2,175 n/a – 10,131 n/a n/a

S P Inglis 28,700 27,300 +5.1 146 – n/a 28,846 27,300 +5.7 29,600

S M Longfellow

(6)

28,700 26,866 +6.8 2,048 1,605 +27.6 30,748 28,471 +8.0 29,600

Total 115,850 117,196 -1.1 3,405 4,355 -21.8 119,255 121,551 -1.9 119,500

(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 2025. Taxable benefits are also anticipated but are not currently quantifiable.

(3)

The percentage changes shown are impacted by changes in the composition of the Board and roles of the directors.

(4)

Appointed on 9 June 2022.

(5)

Retired on 29 September 2022.

(6)

Appointed as Chairman of the Marketing Committee on 19 July 2022.

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

2024

2023

2022

2021

2020

D Warnock

(1)

+5.1 +14.2 +23.6 +1.8 +163.4

S L Bevan

(2)

+7.6 n/a n/a n/a n/a

S P Inglis

(3)

+5.1 +5.2 +6.0 +11.3 +22.5

S M Longfellow

(4)

+6.8 +33.3 n/a n/a n/a

(1)

Appointed as a non-executive director on 1 January 2019 and as Chairman on

30 September 2021

(2)

Appointed as a non-executive director on 9 June 2022

(3)

Appointed as a non-executive director on 9 July 2018 and as Chairman of the

Audit Committee on 24 September 2020

(4)

Appointed as a non-executive director on 14 July 2021 and Chairman of the

Marketing Committee on 19 July 2022

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

2024

31 May

2023

Change

Aggregate Directors’ remuneration 115,850 117,196 -1.1

Management and other expenses 1,525,000 1,595,000 -4.4

Quarterly dividends paid to

shareholders (relating to the year)

(1)

3,794,000 3,578,000 +6.0

Aggregate cost of Growth shares

repurchased 5,682,000 1,827,000 +211.0

(1)

While the annual dividend increased by 2.8% from 7.20p to 7.40p per Income

share, the cost of the dividend increased by 6.0% due to the issuance of new

Income shares during the year ended 31 May 2024.

Report and Financial Statements 2024 | 53

Governance Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial 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 2024 (all of which

were beneficially held) were as follows:

31 May 2024 31 May 2023

Director

Income

Growth

Income

Growth

S L Bevan 4,000 8,000 4,000 8,000

S P Inglis 3,000 12,000 3,000 12,000

S M Longfellow – 10,950 – 10,950

D Warnock

(Chairman)

30,000 20,000 30,000 20,000

There have been no changes in the Directors’ interests in the

shares of the Company between 31 May 2024 and 26 July

2024.

Company Performance

The graph below compares, for the ten financial years ended

31 May 2024, 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 is the

Company’s benchmark. An explanation of the performance

of the Company is given in the Chairman’s Statement and

Investment Manager’s Review.

Share Price Total Return and the FTSE All-Share Index

Total Return (Rebased to 100 at 31 May 2014)

Source: Refinitiv Eikon

Voting at Annual General Meeting on Annual

Remuneration Report

At the Company’s last Annual General Meeting, held on

28 September 2023, shareholders approved the Directors’

Remuneration Report in respect of the year ended 31 May

2023. 93.3% of votes were in favour of the resolution and

6.7% 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 2).

On behalf of the Board

David Warnock

Chairman

26 July 2024

Index

Income share price total return

FTSE All-Share Index total return

Growth share price total return

100

120

140

160

180

200

220

May-14 May-15 May-16 May-17 May-18 May-19 May-20 May-21 May-22 May-23 May-24

54 | CT Global Managed Portfolio Trust PLC

Governance Report

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 complies 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

26 July 2024

Statement of Directors’ Responsibilities

Report and Financial Statements 2024 | 55

Governance Report

Independent Auditor’s Report

to the members of CT Global Managed Portfolio Trust PLC

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

Opinion on the financial statements

In our opinion the financial statements:

• give a true and fair view of the state of the Company’s affairs as at 31 May 2024 and of its return 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 2024

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. Our audit opinion is consistent with the additional report to the Audit Committee.

Independence

Following the recommendation of the Audit Committee, we were appointed by the Board of Directors on 2 February 2023 to audit

the financial statements for the year ended 31 May 2023 and subsequent financial periods. The period of total uninterrupted

engagement is two years, covering the years ended 31 May 2023 to 31 May 2024. We are independent of the Company in

accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s

Ethical Standard as applied to listed public interest entities, and we have fulfilled our other ethical responsibilities in accordance

with these requirements. The non-audit services prohibited by that standard were not provided to the Company.

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 the 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 by comparing the prior year forecasted costs to

the actual costs incurred to check that the projected costs are reasonable;

• Assessing the appropriateness of the Directors’ assumptions and judgements made in their base case and stress tested forecasts

including consideration of the available cash resources relative to forecast expenditure and committments;

• Challenging the Directors’ assumptions and judgements made in their forecasts by performing an independent analysis of the liquidity

of the portfolio; and

• Reviewing the loan agreement to identify the covenants and assessing the likelihood of them being breached based on the Directors’

forecasts and our sensitivity analyses and considering the impact of the loan facilities which expire in February 2025 and the ability of

the Company to repay any amounts drawn down if they are not renewed.

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.

56 | 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.

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

Valuation and ownership of quoted investments

2024



2023



Materiality

Company financial statements as a whole

£0.60m (2023: £0.59m) and £0.92m (2023: £0.88m) based on 1% (2023: 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, including the Company’s system of

internal control, and assessing the risks of material misstatement in the financial statements. We also addressed the risk of

management override of internal controls, including assessing whether there was evidence of bias by the Directors that may have

represented a risk of material misstatement.

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

Refer to page 46

(Audit Committee

Report) Note 10 of

Notes to Accounts

The investment portfolios at the year-end

comprised of quoted equity investments held

at fair value through profit or loss.

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

underpin the principal activity of the entity.

There is a risk that the bid price used as a

proxy for fair vaue 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.

We responded to this matter by testing the valuation and

ownership of the portfolios of quoted investments. We

performed the following procedures:

• Confirmed the year-end bid prices were used by

agreeing 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.

Report and Financial Statements 2024 | 57

Auditor’s Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial 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

2024

£m

2023

£m

Income shares Growth shares Income shares Growth shares

Materiality £0.60 £0.92 £0.59 £0.88

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

£0.45 £0.69 £0.44 £0.66

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 £0.20m (2023: £0.20m), based on 5% (2023: 5%) of Revenue return on ordinary activities before tax. We further applied

a performance materiality level of 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 £30k (2023: £29k)

and £46k (2023: £44k) for the Income shares and Growth shares porfolios 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.

58 | CT Global Managed Portfolio Trust PLC

Auditor’s Report

Corporate governance statement

The Listing Rules require 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

• The Directors’ statement with regards to the appropriateness of adopting the going concern basis

of accounting and any material uncertainties identified; and

• The Directors’ explanation as to their assessment of the Company’s prospects, the period this

assessment covers and why the period is appropriate.

Other Code provisions • Directors’ statement on fair, balanced and understandable;

• Board’s confirmation that it has carried out a robust assessment of the emerging and principal

risks;

• The section of the annual report that describes the review of effectiveness of risk management and

internal control systems; and

• The section describing the work of the Audit Committee.

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 Directors’ responsibilities statement, the Directors are responsible for the preparation of the financial

statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is

necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Company’s ability to continue as a going concern,

disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either

intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Report and Financial Statements 2024 | 59

Auditor’s Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material

misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a

high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material

misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,

they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 listing and DTR rules, the principles of

the AIC Code of Corporate Governance, 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 statement disclosures to underlying supporting documentation;

• Enquiries of management 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. This included a review of other qualititatve factors and ensuring compliance with these.

Fraud

We assessed the susceptibility of the financial statements to material misstatement including fraud.

Our risk assessment procedures included:

• Enquiry with the Investment Manager and those charged with governance regarding any known or suspected instances of 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.

Based on our risk assessment, we considered the areas most susceptible to be management override of controls.

60 | CT Global Managed Portfolio Trust PLC

Auditor’s Report

Our procedures in respect of the above included:

• In addressing the risk of management override of control, we:

• 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; and

• Performed a review of unadjusted audit differences, if any, for indications of bias or deliberate misstatement.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members,

who were 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.

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.

Chris Meyrick (Senior Statutory Auditor)

For and on behalf of BDO LLP, Statutory Auditor

Edinburgh, UK

26 July 2024

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

Report and Financial Statements 2024 | 61

Financial Report

Notes

Revenue

Year ended

31 May

2024

£’000

Capital

Year ended

31 May

2024

£’000

Total

Year ended

31 May

2024

£’000

Revenue

Year ended

31 May

2023

£’000

Capital

Year ended

31 May

2023

£’000

Total

Year ended

31 May

2023

£’000

10 Gains/(losses) on investments – 11,175 11,175 – (13,698) (13,698)

Foreign exchange losses – (6) (6) – (5) (5)

3 Income 5,167 – 5,167 5,019 – 5,019

4 Investment management fee (280) (702) (982) (293) (730) (1,023)

5 Other expenses (659) – (659) (689) – (689)

Return on ordinary activities before finance costs and tax 4,228 10,467 14,695 4,037 (14,433) (10,396)

6 Finance costs (114) (171) (285) (95) (143) (238)

Return on ordinary activities before tax 4,114 10,296 14,410 3,942 (14,576) (10,634)

7 Tax on ordinary activities – – – (11) – (11)

Return attributable to shareholders 4,114 10,296 14,410 3,931 (14,576) (10,645)

9 Return per Income share – basic and diluted 8.06p (0.28p) 7.78p 7.96p (18.16p) (10.20p)

9 Return per Growth share – basic and diluted – 28.33p 28.33p – (14.51p) (14.51p)

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/(loss) for the year and also total comprehensive income.

The accompanying notes on pages 66 to 87 are an integral part of these financial statements.

Income Statement

For the Year ended 31 May

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

62 | CT Global Managed Portfolio Trust PLC

Financial Report

Notes

Income

31 May

2024

£’000

Growth

31 May

2024

£’000

Total

31 May

2024

£’000

Income

31 May

2023

£’000

Growth

31 May

2023

£’000

Total

31 May

2023

£’000

Fixed assets

10 Investments at fair value 65,994 91,861 157,855 64,183 82,360 146,543

65,994 91,861 157,855 64,183 82,360 146,543

Current assets

11 Debtors 293 208 501 198 68 266

Cash at bank and on deposit 1,200 476 1,676 3,002 5,610 8,612

1,493 684 2,177 3,200 5,678 8,878

Creditors

12 Amounts falling due within one year (7,223) (310) (7,533) (3,650) (518) (4,168)

Net current (liabilities)/assets (5,730) 374 (5,356) (450) 5,160 4,710

Creditors

12 Amounts falling due in more than one year – – – (5,000) – (5,000)

Net assets 60,264 92,235 152,499 58,733 87,520 146,253

Capital and reserves

13 Called-up share capital 3,134 2,353 5,487 3,247 2,500 5,747

14 Share premium 3,223 428 3,651 1,917 428 2,345

14 Capital redemption reserve 1,950 1,698 3,648 1,760 1,553 3,313

14 2022 special reserve 29,588 29,581 59,169 29,588 29,581 59,169

14 2008 special reserve 19,464 9,206 28,670 19,422 14,930 34,352

14 Capital reserves (998) 48,969 47,971 (853) 38,528 37,675

14 Revenue reserve 3,903 – 3,903 3,652 – 3,652

15 Shareholders’ funds 60,264 92,235 152,499 58,733 87,520 146,253

15 Net asset value per share (pence) 116.51p 259.29p 116.41p 230.12p

Company Number: SC338196

Approved by the Board and authorised for issue on 26 July 2024 and signed on its behalf by:

David Warnock, Director.

The accompanying notes on pages 66 to 87 are an integral part of these financial statements.

Balance Sheet

As at 31 May

Report and Financial Statements 2024 | 63

Financial Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

Notes

Income

Year ended

31 May

2024

£’000

Growth

Year ended

31 May

2024

£’000

Total

Year ended

31 May

2024

£’000

Income

Year ended

31 May

2023

£’000

Growth

Year ended

31 May

2023

£’000

Total

Year ended

31 May

2023

£’000

16 Net cash outflow from operations before dividends and interest (615) (943) (1,558) (775) (1,006) (1,781)

Dividends received 3,181 1,515 4,696 3,409 1,556 4,965

Interest received 57 133 190 70 169 239

Interest paid (268) – (268) (220) – (220)

Net cash inflow from operating activities 2,355 705 3,060 2,484 719 3,203

Investing activities

Purchases of investments (10,193) (10,167) (20,360) (9,793) (5,367) (15,160)

Sales of investments 8,474 10,054 18,528 9,690 6,174 15,864

Net cash flows from investing activities (1,719) (113) (1,832) (103) 807 704

Net cash flows before financing activities 636 592 1,228 2,381 1,526 3,907

Financing activities

8 Equity dividends paid (3,863) – (3,863) (3,441) – (3,441)

Proceeds from issuance of new shares 1,381 – 1,381 2,049 446 2,495

Share conversion – Income to Growth (238) 238 – (155) 155 –

Share conversion – Growth to Income 282 (282) – 619 (619) –

Shares purchased to be held in treasury – (5,682) (5,682) – (1,827) (1,827)

Net cash flows from financing activities (2,438) (5,726) (8,164) (928) (1,845) (2,773)

17 Net movement in cash and cash equivalents (1,802) (5,134) (6,936) 1,453 (319) 1,134

17 Cash and cash equivalents at the beginning of the year 3,002 5,610 8,612 1,549 5,929 7,478

17 Cash and cash equivalents at the end of the year 1,200 476 1,676 3,002 5,610 8,612

Represented by:

Cash at bank 510 36 546 122 50 172

Short-term deposits 690 440 1,130 2,880 5,560 8,440

1,200 476 1,676 3,002 5,610 8,612

The accompanying notes on pages 66 to 87 are an integral part of these financial statements.

Cash Flow Statement

For the Year ended 31 May

64 | CT Global Managed Portfolio Trust PLC

Financial Report

Income shares

Notes

capital

£’000

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 2023 3,247 1,917 1,760 29,588 19,422 (853) 3,652 58,733

Increase in share capital in issue, net of share

issuance expenses

75 1,306 – – – – – 1,381

13 Share conversion 2 – – – 42 – – 44

Cancellation of deferred shares

(190) – 190 – – – – –

Transfer of net income from Growth to Income Portfolio – – – – – – 1,261 1,261

Transfer of capital from Income to Growth Portfolio – – – – – (1,261) – (1,261)

8 Dividends paid – – – – – – (3,863) (3,863)

Return attributable to shareholders – – – – – 1,116 2,853 3,969

As at 31 May 2024 3,134 3,223 1,950 29,588 19,464 (998) 3,903 60,264

Growth shares

capital

£’000

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 2023 2,500 428 1,553 29,581 14,930 38,528 – 87,520

Increase in share capital in issue, net of share

issuance expenses

– – – – – – – –

13 Share conversion (2) – – – (42) – – (44)

13 Cancellation of deferred shares (145) – 145 – – – – –

Transfer of net income from Growth to Income Portfolio – – – – – – (1,261) (1,261)

Transfer of capital from Income to Growth Portfolio – – – – – 1,261 – 1,261

Shares purchased for treasury – – – – (5,682) – – (5,682)

Return attributable to shareholders – – – – – 9,180 1,261 10,441

As at 31 May 2024 2,353 428 1,698 29,581 9,206 48,969 – 92,235

Total

capital

£’000

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 2023 5,747 2,345 3,313 59,169 34,352 37,675 3,652 146,253

Increase in share capital in issue, net of share

issuance expenses

75 1,306 – – – – – 1,381

Share conversion – – – – – – – –

Cancellation of deferred shares (335) – 335 – – – – –

Shares purchased for treasury – – – – (5,682) – – (5,682)

8 Dividends paid – – – – – – (3,863) (3,863)

Return attributable to shareholders – – – – – 10,296 4,114 14,410

As at 31 May 2024 5,487 3,651 3,648 59,169 28,670 47,971 3,903 152,499

The accompanying notes on pages 66 to 87 are an integral part of these financial statements.

Statement of Changes in Equity

For the Year ended 31 May

Report and Financial Statements 2024 | 65

Financial Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

Income shares

Notes

capital

£’000

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 2022 4,596 – 257 29,588 18,980 8,109 3,162 64,692

Increase in share capital in issue, net of

share issuance expenses

132 1,917 – – – – – 2,049

Share conversion 22 – – – 442 – – 464

Cancellation of deferred shares

(1,503) – 1,503 – – – – –

Transfer of net income from Growth to Income

Portfolio

– – – – – – 1,187 1,187

Transfer of capital from Income to Growth Portfolio – – – – – (1,187) – (1,187)

8 Dividends paid – – – – – – (3,441) (3,441)

Return attributable to shareholders – – – – – (7,775) 2,744 (5,031)

As at 31 May 2023 3,247 1,917 1,760 29,588 19,422 (853) 3,652 58,733

Growth shares

capital

£’000

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 2022 3,692 – 365 29,581 17,199 44,142 – 94,979

Increase in share capital in issue, net of

share issuance expenses

18 428 – – – – – 446

Share conversion (22) – – – (442) – – (464)

Cancellation of deferred shares (1,188) – 1,188 – – – – –

Transfer of net income from Growth to Income

Portfolio

– – – – – – (1,187) (1,187)

Transfer of capital from Income to Growth Portfolio – – – – – 1,187 – 1,187

Shares purchased for treasury – – – – (1,827) – – (1,827)

Return attributable to shareholders – – – – – (6,801) 1,187 (5,614)

As at 31 May 2023 2,500 428 1,553 29,581 14,930 38,528 – 87,520

Total

capital

£’000

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 2022 8,288 – 622 59,169 36,179 52,251 3,162 159,671

Increase in share capital in issue, net of

share issuance expenses

150 2,345 – – – – – 2,495

Share conversion – – – – – – – –

Cancellation of deferred shares (2,691) – 2,691 – – – – –

Shares purchased for treasury – – – – (1,827) – – (1,827)

8 Dividends paid – – – – – – (3,441) (3,441)

Return attributable to shareholders

– – – – – (14,576) 3,931 (10,645)

Total Company as at 31 May 2023

5,747 2,345 3,313 59,169 34,352 37,675 3,652 146,253

The accompanying notes on pages 66 to 87 are an integral part of these financial statements.

Statement of Changes in Equity – continued

For the Year ended 31 May

66 | CT Global Managed Portfolio Trust PLC

Financial Report

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.

There have been no significant changes to the Company’s accounting policies during the year ended 31 May 2024.

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 in the UK or another

Regulated Stock Exchange and in most circumstances, including in the current market environment, are expected to be readily realisable.

The Company has a £5 million unsecured fixed rate term loan and a £5 million unsecured revolving credit facility, both of which are

available until 10 February 2025. The Board has set limits for borrowing and regularly reviews the Company’s gearing levels and

its compliance with bank covenants. As the current facilities are available until 10 February 2025, the Company’s borrowings are

disclosed as falling due within one year. At 31 May 2024 the Company had a net current liability position; however, it is expected

that new loan facilities could be entered into when the current arrangements expire, but, if not, or should the Board decide not to

renew these, 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 from the relevant Portfolio.

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.

Notes to the Financial Statements

Report and Financial Statements 2024 | 67

Financial Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview 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.

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 are included in the Income Statement as a capital item.

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 where 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 as follows:

• management fees and finance costs are allocated 40 per cent to revenue and 60 per cent to capital in the Income Portfolio;

and

• 20 per cent to revenue and 80 per cent 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.

68 | 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) 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.

(h) 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 2024 2023

US Dollar 1.27 1.24

Swiss Franc 1.15 1.13

Euro 1.17 1.16

(i) 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.

Report and Financial Statements 2024 | 69

Financial Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview 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. 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. (2008 has been added to the name of this

special reserve to differentiate it from the 2022 special 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 reserv

e – 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.

(j) 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 61, 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 2024

Income Portfolio Growth Portfolio Total

Notes

Revenue

£’000

Capital

£’000

Total

£’000

Revenue

£’000

Capital

£’000

Total

£’000

Revenue

£’000

Capital

£’000

Total

£’000

Gains on investments 10 – 1,543 1,543 – 9,632 9,632 – 11,175 11,175

Foreign exchange losses – (6) (6) – – – – (6) (6)

Income 3 3,395 – 3,395 1,772 – 1,772 5,167 – 5,167

Investment management fee 4 (167) (250) (417) (113) (452) (565) (280) (702) (982)

Other expenses 5 (261) – (261) (398) – (398) (659) – (659)

Return on ordinary activities before

finance costs and tax

2,967 1,287 4,254 1,261 9,180 10,441 4,228 10,467 14,695

Finance costs 6 (114) (171) (285) – – – (114) (171) (285)

Return on ordinary activities

before tax 2,853 1,116 3,969 1,261 9,180 10,441 4,114 10,296 14,410

Tax on ordinary activities 7 – – – – – – – – –

Return

(1)

9 2,853 1,116 3,969 1,261 9,180 10,441 4,114 10,296 14,410

(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.

70 | CT Global Managed Portfolio Trust PLC

Financial Report

2. Segmental Analysis (Continued)

Year ended 31 May 2023

Income Portfolio Growth Portfolio Total

Notes

Revenue

£’000

Capital

£’000

Total

£’000

Revenue

£’000

Capital

£’000

Total

£’000

Revenue

£’000

Capital

£’000

Total

£’000

Losses on investments 10 – (7,363) (7,363) – (6,335) (6,335) – (13,698) (13,698)

Foreign exchange losses – (5) (5) – – – – (5) (5)

Income 3 3,307 – 3,307 1,712 – 1,712 5,019 – 5,019

Investment management fee 4 (176) (264) (440) (117) (466) (583) (293) (730) (1,023)

Other expenses 5 (281) – (281) (408) – (408) (689) – (689)

Return on ordinary activities before

finance costs and tax

2,850 (7,632) (4,782) 1,187 (6,801) (5,614) 4,037 (14,433) (10,396)

Finance costs 6 (95) (143) (238) – – – (95) (143) (238)

Return on ordinary activities

before tax

2,755 (7,775) (5,020) 1,187 (6,801) (5,614) 3,942 (14,576) (10,634)

Tax on ordinary activities 7 (11) – (11) – – – (11) – (11)

Return

(1)

9 2,744 (7,775) (5,031) 1,187 (6,801) (5,614) 3,931 (14,576) (10,645)

(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

2024 2023

Income

Portfolio

£’000

Growth

Portfolio

£’000

Total

£’000

Income

Portfolio

£’000

Growth

Portfolio

£’000

Total

£’000

Income from investments

(1)

UK dividend income 2,116 1,523 3,639 1,743 1,353 3,096

Overseas dividends 1,078 73 1,151 1,191 99 1,290

Property income distributions 144 43 187 303 91 394

3,338 1,639 4,977 3,237 1,543 4,780

Other income

(2)

Deposit interest 57 133 190 70 169 239

Total income 3,395 1,772 5,167 3,307 1,712 5,019

Total income comprises:

Dividends 3,338 1,639 4,977 3,237 1,543 4,780

Other income 57 133 190 70 169 239

3,395 1,772 5,167 3,307 1,712 5,019

(1)

All investments have been designated as 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 fair value through profit or loss.

Report and Financial Statements 2024 | 71

Financial Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

4. Investment Management Fee

Year ended 31 May 2024

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 167 250 417 113 452 565 280 702 982

167 250 417 113 452 565 280 702 982

Year ended 31 May 2023

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 176 264 440 117 466 583 293 730 1,023

176 264 440 117 466 583 293 730 1,023

The Company’s manager is Columbia Threadneedle Investment Business Limited. Columbia Threadneedle Investment Business

Limited receives 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 are 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 2024 are included in note 12.

72 | CT Global Managed Portfolio Trust PLC

Financial Report

5. Other Expenses

2024 2023

Income

Portfolio

£’000

Growth

Portfolio

£’000

Total

£’000

Income

Portfolio

£’000

Growth

Portfolio

£’000

Total

£’000

Auditor's remuneration for:

– statutory audit

(1)

25 39 64 24 35 59

Directors’ fees 46 70 116 47 70 117

Secretarial fees 28 44 72 47 68 115

Marketing 54 83 137 40 58 98

Printing and postage 27 42 69 32 49 81

Registrars’ fees 19 24 43 18 19 37

Custody and depositary fees 10 14 24 11 15 26

Other expenses including listing fees and legal fees 52 82 134 62 94 156

261 398 659 281 408 689

All expenses are stated gross of irrecoverable VAT, where applicable.

(1)

Auditors remuneration for audit services, exclusive of VAT, amounts to £53,500 (2023: £49,500).

The Manager, Columbia Threadneedle Investment Business Limited, receives a secretarial and administrative fee of £103,563 per

annum (2023: £95,281), subject to annual changes in line with the Consumer Price Index, of which £26,000 (2023: £29,000)

was payable to the Manager at the year-end. The fee for secretarial and administration services is no longer subject to VAT and

the current year expense includes a credit for VAT charges since February 2022 of £31,000 (2023: nil), which was due from the

Manager at the year end.

The emoluments of the Chairman, the highest paid Director, were at the rate of £33,200 (2023: £31,600) per annum. Full details

are provided in the Directors’ Remuneration Report.

6. Finance Costs

Year ended 31 May 2024

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 114 171 285 – – – 114 171 285

Year ended 31 May 2023

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 95 143 238 – – – 95 143 238

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.

Report and Financial Statements 2024 | 73

Financial Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

7. (a) Tax on Ordinary Activities

Year ended 31 May 2024

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

(all irrecoverable overseas tax)

being taxation on ordinary activities – – – – – – – – –

Year ended 31 May 2023

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

(all irrecoverable overseas tax)

being taxation on ordinary activities 11 – 11 – – – 11 – 11

7. (b) Reconciliation of Tax Charge

The tax charge for the year is lower (2023: higher) than the standard rate of corporation tax in the UK of 25% (2023: 19%).

2024 2023

Income

£’000

Growth

£’000

Total

£’000

Income

£’000

Growth

£’000

Total

£’000

Gain/(loss) on ordinary activities before tax: 3,969 10,441 14,410 (5,020) (5,614) (10,634)

Corporation tax at standard rate of 25% (2023: 19%) 992 2,610 3,602 (954) (1,067) (2,021)

Effects of:

(Gains)/losses on investments not taxable (384) (2,408) (2,792) 1,400 1,204 2,604

Overseas tax suffered – – – 11 – 11

Non-taxable UK dividend income (485) (381) (866) (285) (257) (542)

Non-taxable overseas dividend income (260) (18) (278) (219) (19) (238)

Expenses not utilised 137 197 334 58 139 197

Tax charge (note 7(a)) – – – 11 – 11

As at 31 May 2024, the Company had unutilised expenses of £17,133,000 (2023: £15,805,000). The deferred tax asset of

£4,283,000 (2023: £3,951,000) in respect of unutilised expenses at 31 May 2024 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 2024 has been computed using a rate of 25% given the increase in the UK corporation tax rate to

25% from 1 April 2023.

74 | CT Global Managed Portfolio Trust PLC

Financial Report

8. Dividends

Dividends on Income shares Register date Payment date

2024

Income

Total

£’000

2023

Income

Total

£’000

Amounts recognised as distributions during the year:

For the year ended 31 May 2023

– fourth interim of 2.19p per Income share (2022: 2.0p) 16 June 2023 7 July 2023 1,105 968

For the year ended 31 May 2024

– first interim dividend of 1.80p per Income share (2023: 1.67p) 14 September 2023 6 October 2023 908 811

– second interim dividend of 1.80p per Income share (2023: 1.67p) 14 December 2023 12 January 2024 924 829

– third interim dividend of 1.80p per Income share (2023: 1.67p) 14 March 2024 9 April 2024 926 833

3,863 3,441

Amounts relating to the year but not paid at the year end:

– fourth interim of 2.00p per Income share

(1)

(2023: 2.19p) 14 June 2024 5 July 2024 1,036 1,105

The Growth shares do not carry an entitlement to receive dividends.

The dividends paid and payable in respect of the financial year ended 31 May 2024, which form the basis of the retention test

under Chapter 4, Part 24 of the Corporation Tax Act 2010, are as follows:

2024

£’000

2023

£’000

Revenue available for distribution by way of dividends for the year 4,114 3,931

First interim dividend of 1.80p per Income share in respect of the year ended 31 May 2024 (2023: 1.67p) (908) (811)

Second interim dividend of 1.80p per Income share in respect of the year ended 31 May 2024 (2023: 1.67p) (924) (829)

Third interim dividend of 1.80p per Income share in respect of the year ended 31 May 2024 (2023: 1.67p) (926) (833)

Fourth interim dividend of 2.00p per Income share in respect of the year ended 31 May 2024 (2023: 2.19p) (1,036) (1,105)

Revenue reserve transfer 320 353

(1)

Based on 51,808,251 Income shares in issue at the record date of 14 June 2024.

Report and Financial Statements 2024 | 75

Financial Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

9. Return per Share - basic and diluted

The return per share (basic and diluted) is as follows:

Year ended 31 May 2024

Income shares Growth shares

Revenue

£’000

Capital

£’000

Total

£’000

Revenue

£’000

Capital

£’000

Total

£’000

Return attributable to Portfolios 2,853 1,116 3,969 1,261 9,180 10,441

Transfer of net income from Growth Portfolio to Income Portfolio 1,261 – 1,261 (1,261) – (1,261)

Transfer of capital from Income Portfolio to Growth Portfolio – (1,261) (1,261) – 1,261 1,261

Return attributable to shareholders 4,114 (145) 3,969 – 10,441 10,441

Return per share 8.06p (0.28p) 7.78p – 28.33p 28.33p

Weighted average number of shares in issue during the year

(excluding shares held in treasury) 51,034,226 36,851,904

Year ended 31 May 2023

Income shares Growth shares

Revenue

£’000

Capital

£’000

Total

£’000

Revenue

£’000

Capital

£’000

Total

£’000

Return attributable to Portfolios 2,744 (7,775) (5,031) 1,187 (6,801) (5,614)

Transfer of net income from Growth Portfolio to Income Portfolio 1,187 – 1,187 (1,187) – (1,187)

Transfer of capital from Income Portfolio to Growth Portfolio – (1,187) (1,187) – 1,187 1,187

Return attributable to shareholders 3,931 (8,962) (5,031) – (5,614) (5,614)

Return per share 7.96p (18.16p) (10.20p) – (14.51p) (14.51p)

Weighted average number of shares in issue during the year

(excluding shares held in treasury) 49,363,770 38,696,431

76 | CT Global Managed Portfolio Trust PLC

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 includes only data from observable markets; and

• Level 3 – investments whose value is not based on observable market data.

In the year ended 31 May 2024, all of the Company’s investments were classified as Level 1. In the prior year ended 31 May

2023, all of the Company's investments were also classified as Level 1.

Year ended 31 May 2024

Level 1

Income shares

Listed

in the UK

£’000

Listed

overseas

£’000

Quoted on

AIM/SFS

£’000

Total

£’000

Opening book cost 53,932 1,999 – 55,931

Opening fair value adjustment 7,360 892 – 8,252

Opening valuation 61,292 2,891 – 64,183

Movement in the year:

Purchases at cost 8,742 – – 8,742

Sales – proceeds (5,946) (2,528) – (8,474)

– (losses)/gains on sales based on historical cost (1,532) 529 – (1,003)

Increase/(decrease) in fair value adjustment 3,438 (892) – 2,546

Closing valuation at 31 May 2024 65,994 – – 65,994

Closing book cost 55,196 – – 55,196

Closing fair value adjustment 10,798 – – 10,798

Closing valuation at 31 May 2024 65,994 – – 65,994

During the year the Income Portfolio incurred transaction costs on purchases of £13,000 (2023: £44,000) and transaction costs

on sales of £5,000 (2023: £4,000).

Report and Financial Statements 2024 | 77

Financial Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

10. Investments (Continued)

Year ended 31 May 2024

Level 1

Growth shares

Listed

in the UK

£’000

Listed

overseas

£’000

Quoted on

AIM/SFS

£’000

Total

£’000

Opening book cost 55,207 – 3,435 58,642

Opening fair value adjustment 24,048 – (330) 23,718

Opening valuation 79,255 – 3,105 82,360

Movement in the year:

Purchases at cost 9,923 – – 9,923

Sales – proceeds (10,054) – – (10,054)

– gains on sales based on historical cost 18 – – 18

Increase in fair value adjustment 9,173 – 441 9,614

Closing valuation at 31 May 2024 88,315 – 3,546 91,861

Closing book cost 55,094 – 3,435 58,529

Closing fair value adjustment 33,221 – 111 33,332

Closing valuation at 31 May 2024 88,315 – 3,546 91,861

During the year the Growth Portfolio incurred transaction costs on purchases of £25,000 (2023: £30,000) and transaction costs

on sales of £6,000 (2023: £4,000).

2024 2023

Income

£’000

Growth

£’000

Total

£’000

Income

£’000

Growth

£’000

Total

£’000

Equity shares 65,994 91,861 157,855 64,183 82,360 146,543

65,994 91,861 157,855 64,183 82,360 146,543

2024 2023

Income

£’000

Growth

£’000

Total

£’000

Income

£’000

Growth

£’000

Total

£’000

(Losses)/gains on sales in the year (1,003) 18 (985) (95) (812) (907)

Movement in fair value of investments held 2,546 9,614 12,160 (7,268) (5,523) (12,791)

Gains/(losses) on investment 1,543 9,632 11,175 (7,363) (6,335) (13,698)

11. Debtors

2024 2023

Income

£’000

Growth

£’000

Total

£’000

Income

£’000

Growth

£’000

Total

£’000

Accrued income 259 168 427 102 44 146

Other debtors and prepayments 34 40 74 96 24 120

293 208 501 198 68 266

The carrying value of the balances above approximates to fair value. There are no amounts which were past due or impaired at the

year-end (2023: £nil).

78 | CT Global Managed Portfolio Trust PLC

Financial Report

12. Creditors

Amounts falling due within one year

2024 2023

Income

£’000

Growth

£’000

Total

£’000

Income

£’000

Growth

£’000

Total

£’000

£5 million fixed rate term loan maturing 10 February 2025 5,000 – 5,000 – – –

Revolving credit facility 2,000 – 2,000 2,000 – 2,000

Management fee accrued 108 148 256 105 142 247

Secretarial fee accrued 10 16 26 12 17 29

Due to brokers – – – 1,445 244 1,689

Other accruals 105 146 251 88 115 203

7,223 310 7,533 3,650 518 4,168

Amounts falling due in more than one year

2024 2023

Income

£’000

Growth

£’000

Total

£’000

Income

£’000

Growth

£’000

Total

£’000

£5 million fixed rate term loan maturing 10 February 2025 – – – 5,000 – 5,000

– – – 5,000 – 5,000

At 31 May 2024 the Company had a £5 million unsecured fixed rate term loan and a £5 million unsecured revolving credit facility

with The Royal Bank of Scotland International Limited. These facilities were put in place effective 10 February 2022 and the fixed

rate term loan and the unsecured revolving credit facility are available until 10 February 2025. £5 million of the fixed rate term

loan was drawn down as at 31 May 2024 (2023: £5 million) and the interest rate on the amount drawn down is fixed at 2.78% per

annum (2023: 2.78% per annum). £2 million of the unsecured revolving credit facility was drawn down as at 31 May 2024 (2023:

£2 milllion). 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 Portfolio value; and

• net tangible assets are not less than £50 million.

The Company met all covenant conditions during the year.

Report and Financial Statements 2024 | 79

Financial Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview 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 2023

(1)

50,455,503 3,247 – – 50,455,503 3,247

Issued 1,225,000 75 – – 1,225,000 75

Share conversion:

– Income to Growth (232,005) (15) – – (232,005) (15)

– Growth to Income 274,753 17 – – 274,753 17

– Change in nominal value

(1)

– (190) – – – (190)

Balance at 31 May 2024

(1)

51,723,251 3,134 – – 51,723,251 3,134

Deferred shares – Income

Number £’000

Deferred shares – Income

Balance at 1 June 2023 – –

Issue of Deferred shares

(2)

50,748,498 190

Repurchase of Deferred shares

(2)

(50,748,498) (190)

Balance at 31 May 2024 – –

Total called-up share capital 3,134

(1)

As part of the conversion process which was carried out during the year in accordance with the Company’s Articles, the nominal value of each Income share changed

from £0.064343979 to £0.060600579 per Income share.

(2)

The nominal value of a Deferred share is £0.0037434 per share.

During the year, the Company issued 1,225,000 (2023: 1,665,000) Income shares from the block listing facility receiving net

proceeds of £1,381,000 (2023: £2,049,000).

During the year, valid conversion notices were received to convert 232,005 Income shares (which represented a value of

£238,000). These were converted into 110,393 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

September 2023 AGM.

Since the year end, the Company has issued 85,000 Income shares from the block listing facility receiving net proceeds

of £101,000.

80 | CT Global Managed Portfolio Trust PLC

Financial Report

13. Share Capital (Continued)

Listed Held in treasury In issue

Number £’000 Number £’000 Number £’000

Growth Shares

Balance at 1 June 2023

(1)

38,847,949 2,500 (815,000) (53) 38,032,949 2,447

Issued – – – – – –

Purchased for treasury – – (2,440,000) (151) (2,440,000) (151)

Share conversion:

– Growth to Income (130,734) (9) – – (130,734) (9)

– Income to Growth 110,393 7 – – 110,393 7

– Change in nominal value

(1)

– (145) – 7 – (138)

Balance at 31 May 2024

(1)

38,827,608 2,353 (3,255,000) (197) 35,572,608 2,156

Deferred shares – Growth

Number £’000

Deferred shares – Growth

Balance at 1 June 2023 – –

Issue of Deferred shares

(2)

38,717,215 145

Repurchase of Deferred shares

(2)

(38,717,215) (145)

Balance at 31 May 2024 – –

Total called-up share capital 2,353

(1)

As part of the conversion process which was carried out during the year in accordance with the Company’s Articles, the nominal value of each Growth share changed

from £0.064343979 to £0.060600579 per Growth share.

(2)

The nominal value of a Deferred share is £0.0037434 per share.

During the year, the Company issued nil (2023: 190,000) Growth shares from the block listing facility receiving net proceeds of

£nil (2023: £446,000). During the year, the Company bought back 2,440,000 (2023: 815,000) Growth shares through the market

for treasury at a cost of £5,682,000 (2023: 1,827,000)

During the year, valid conversion notices were received to convert 130,734 Growth shares (which represented a value of

£282,000). These were converted into 274,753 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

September 2023 AGM.

Since the year end, the Company has bought back a further 275,000 Growth shares for treasury at a cost of £702,000.

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 94 of this report.

Report and Financial Statements 2024 | 81

Financial Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

14. Reserves

Income shares

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 2023 1,917 1,760 29,588 19,422 (9,105) 8,252 3,652

(Losses)/gains on investments – – – – (1,003) 2,546 –

Issuance of Income shares 1,306 – – – – – –

Share conversion – – – 42 – – –

Buy-back of deferred share for cancellation – 190 – – – – –

Management fees charged to capital – – – – (250) – –

Interest charged to capital – – – – (171) – –

Foreign exchange losses – – – – (6) – –

Transfer of net income from Growth Portfolio to Income Portfolio – – – – – – 1,261

Transfer of capital from Income Portfolio to Growth Portfolio – – – – (1,261) – –

Net revenue for the year – – – – – – 2,853

Dividends paid – – – – – – (3,863)

At 31 May 2024 3,223 1,950 29,588 19,464 (11,796) 10,798 3,903

Growth shares

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 2023 428 1,553 29,581 14,930 14,810 23,718 –

Gains on investments – – – – 18 9,614 –

Issuance of Growth shares – – – – – – –

Shares purchased for treasury – – – (5,682) – – –

Share conversion – – – (42) – – –

Buyback of deferred share for cancellation – 145 – – – – –

Management fees charged to capital – – – – (452) – –

Transfer of net income from Growth Portfolio to Income Portfolio – – – – – – (1,261)

Transfer of capital from Income Portfolio to Growth Portfolio – – – – 1,261 – –

Net revenue for the year – – – – – – 1,261

At 31 May 2024 428 1,698 29,581 9,206 15,637 33,332 –

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 79 to 81. The Company is not subject to any externally imposed

capital requirements. The nature of the reserves are explained in note 1(i) on pages 68 and 69.

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.

82 | CT Global Managed Portfolio Trust PLC

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 2024

Net asset value per share Net asset value attributable

Income

pence

Growth

pence

Income

£’000

Growth

£’000

Basic and diluted 116.51p 259.29p 60,264 92,235

Year ended 31 May 2023

Net asset value per share Net asset value attributable

Income

pence

Growth

pence

Income

£’000

Growth

£’000

Basic and diluted 116.41p 230.12p 58,733 87,520

The net asset value per Income share is calculated on net assets of £60,264,000 (2023: £58,733,000), divided by 51,723,251

(2023: 50,455,503) 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 £92,235,000 (2023: £87,520,000), divided by 35,572,608

(2023: 38,032,949) Growth shares, being the number of Growth shares in issue at the year-end (excluding any shares held

in treasury).

16. Reconcilation of return on ordinary activities before tax to net cash flows from operating activities

2024 2023

Income

£’000

Growth

£’000

Total

£’000

Income

£’000

Growth

£’000

Total

£’000

Profit/(loss) on ordinary activities before tax 3,969 10,441 14,410 (5,020) (5,614) (10,634)

Adjust for returns from non-operating activities:

(Gains)/losses on investments (1,543) (9,632) (11,175) 7,363 6,335 13,698

Foreign exchange losses 6 – 6 5 – 5

Return from operating activities 2,432 809 3,241 2,348 721 3,069

(Increase)/decrease in prepayments (15) (16) (31) 2 14 16

Decrease in creditors 18 36 54 (26) (29) (55)

Withholding tax received/(suffered) 60 – 60 (30) – (30)

Dividend income (3,338) (1,639) (4,977) (3,237) (1,543) (4,780)

Interest income (57) (133) (190) (70) (169) (239)

Interest expense 285 – 285 238 – 238

Net cash outflow from operations before dividends and interest (615) (943) (1,558) (775) (1,006) (1,781)

Report and Financial Statements 2024 | 83

Financial Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

17. Analysis of changes in net debt

Income shares

As at

1 June

2023

£’000

Cash flows

£’000s

As at

31 May

2024

£’000

Cash and short term deposits 3,002 (1,802) 1,200

Borrowings

Revolving credit facility (2,000) – (2,000)

Fixed rate term loan (5,000) – (5,000)

(7,000) – (7,000)

Total (3,998) (1,802) (5,800)

Growth shares

As at

1 June

2023

£’000

Cash flows

£’000s

As at

31 May

2024

£’000

Cash and short term deposits 5,610 (5,134) 476

Total 5,610 (5,134) 476

Total

As at

1 June

2023

£’000

Cash flows

£’000s

As at

31 May

2024

£’000

Cash and short term deposits 8,612 (6,936) 1,676

Borrowings

Revolving credit facility (2,000) – (2,000)

Fixed rate term loan (5,000) – (5,000)

(7,000) – (7,000)

Total 1,612 (6,936) (5,324)

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 2024 and 31 May 2023 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.

84 | CT Global Managed Portfolio Trust PLC

Financial Report

18. Financial Instruments (Continued)

The Company held the following categories of financial instruments as at 31 May:

2024 2023

Income

£’000

Growth

£’000

Total

£’000

Income

£’000

Growth

£’000

Total

£’000

Financial assets

Financial assets measured at fair value through profit or loss:

Investment Portfolio – Level 1 (refer to note 10) 65,994 91,861 157,855 64,183 82,360 146,543

Financial assets measured at amortised cost:

Cash at bank and on deposit 1,200 476 1,676 3,002 5,610 8,612

Accrued income 259 168 427 102 44 146

Financial liabilities

Financial liabilities measured at amortised cost:

Due to brokers – – – 1,445 244 1,689

Other creditors and accruals 223 310 533 205 274 479

Fixed term loan 5,000 – 5,000 5,000 – 5,000

Revolving credit facility 2,000 – 2,000 2,000 – 2,000

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, 12 and 13.

If the investment Portfolio valuation fell by 10% at 31 May 2024, the impact on the profit or loss and the net asset value would have

been negative £6.6 million (Income shares) (2023: negative £6.4 million (Income shares)) and negative £9.2 million (Growth shares)

(2023: negative £8.2 million (Growth shares)). If the investment Portfolio valuation rose by 10% at 31 May 2024, the effect would

have been equal and opposite (2023: 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 2024 was:

2024 2023

Income

£’000

Growth

£’000

Total

£’000

Income

£’000

Growth

£’000

Total

£’000

Exposure to floating rates:

Cash 1,200 476 1,676 3,002 5,610 8,612

Revolving credit facility (2,000) – (2,000) (2,000) – (2,000)

Net position (800) 476 (324) 1,002 5,610 6,612

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 £4,000 (2023: increase of £5,000) and on the Growth shares an

increase of £2,000 (2023: increase of £28,000). 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 5.25% at 31 May 2024 (2023: 4.5%). There are no other assets which are directly exposed to

floating interest rate risk.

Report and Financial Statements 2024 | 85

Financial Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

20. Interest Rate Risk (Continued)

When the Company draws down amounts under its revolving credit facility, interest is payable based on SONIA (which can vary on a

daily basis) plus a margin.

Fixed rate

Movements in market interest rates will affect the market value of fixed interest investments. Refer to the market price risk note 19.

Neither the Income Portfolio nor the Growth Portfolio holds any fixed interest investments and accordingly no sensitivity analysis has

been presented.

The Company has a £5 million fixed rate term loan with an interest rate of 2.78% per annum.

Non-interest Bearing Investments

The Company’s non-interest bearing investments are its equity investments which had a value of £65,994,000 (2023: £64,183,000)

for the Income Portfolio and £91,861,000 (2023: £82,360,000) for the Growth Portfolio.

21. Foreign Currency Risk

The Company may invest in overseas securities which give rise to currency risks. At 31 May, direct foreign currency exposure was:

2024 2023

Income

investments

£’000

Growth

investments

£’000

Total

£’000

Income

investments

£’000

Growth

investments

£’000

Total

£’000

Swiss Franc – – – 2,891 – 2,891

Euro 1,487 – 1,487 – – –

US Dollar 1,182 840 2,022 1,327 542 1,869

2,669 840 3,509 4,218 542 4,760

If the value of sterling had weakened against the Euro by 10%, the impact on the profit or loss and the net asset value would have

been an increase of £149,000 (Income shares) (2023: £nil). If the value of sterling had strengthened against the Euro by 10% the

effect would have been equal and opposite.

If the value of sterling had weakened against the US Dollar by 10%, the impact on the profit or loss and the net asset value would

have been an increase of £118,000 (Income shares) (2023: £133,000) and an increase of £84,000 (Growth shares) (2023:

£54,000). If the value of sterling had strengthened against the US Dollar by 10% the effect would have been equal and opposite.

As the remainder of the Company’s investments and all other assets and liabilities are denominated in sterling there is no other

direct foreign currency risk. However, although the Company’s performance is measured in sterling and the Company’s investments

(other than the above) are denominated in sterling, a proportion of their underlying assets are quoted in currencies other than

sterling. Therefore movements in the rates of exchange between sterling and other currencies may affect the market price of the

Company’s investments and therefore the market price risk note 19 includes an element of currency exposure.

22. Credit Risk

Credit risk is 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. The Manager has in place a monitoring procedure in respect of counterparty risk which is reviewed

on an ongoing basis. The carrying amounts of financial assets best represents the maximum credit risk exposure at the Balance

Sheet date.

At the reporting date, the Company’s financial assets exposed to credit risk amounted to the following:

2024 2023

Income

£’000

Growth

£’000

Total

£’000

Income

£’000

Growth

£’000

Total

£’000

Cash at bank 510 36 546 122 50 172

Short term deposit 690 440 1,130 2,880 5,560 8,440

Accrued income 259 168 427 102 44 146

1,459 644 2,103 3,104 5,654 8,758

86 | CT Global Managed Portfolio Trust PLC

Financial Report

22. Credit Risk (Continued)

Credit risk arising on transactions with brokers relates to transactions awaiting settlement. Risk relating to unsettled transactions

is considered to be small due to the short settlement period involved and the acceptable credit quality of the brokers used.

The Manager monitors the quality of service provided by the brokers used to further mitigate this risk.

All the assets of the Company which are traded on a recognised exchange are held by JPMorgan Chase Bank, the Company’s

Custodian. Bankruptcy or insolvency of the Custodian may cause the Company’s rights with respect to securities held by the

Custodian to be delayed or limited. The Board monitors the Company’s risk by reviewing the Custodian’s internal control reports as

described in the Report of the Audit Committee.

The credit risk on liquid funds is controlled because the counterparties are banks with acceptable credit ratings, normally rated A

or higher, assigned by international credit rating agencies. Bankruptcy or insolvency of such financial institutions may cause the

Company’s ability to access cash placed on deposit to be delayed, limited or lost.

23. Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in realising assets or otherwise raising funds to meet financial

commitments. The risk of the Company not having sufficient liquidity at any time is not considered by the Board to be significant,

given that the Company’s listed and quoted securities are considered to be readily realisable.

The Company’s liquidity risk is managed on an ongoing basis by the Manager in accordance with policies and procedures in place

as described in the Report of the Directors. The Company’s overall liquidity risks are monitored on a quarterly basis by the Board.

The Company maintains sufficient investments in cash and readily realisable securities to pay accounts payable and accrued

expenses which are settled in accordance with suppliers stated terms. The Company has a £5 million fixed rate term loan and

a £5 million unsecured revolving credit facility which are both available until 10 February 2025 with The Royal Bank of Scotland

International Limited. As at 31 May 2024, £5 million of the fixed rate term loan was drawn down (2023: £5 million) and £2 million

of the unsecured revolving credit facility was drawn down (2023: £2 million). The interest rate on the fixed rate term loan, which is

fully drawn, is 2.78% per annum. The interest rate on the unsecured revolving credit facility is variable, and a non-utilisation fee is

payable on undrawn amounts.

The contractual maturities of the financial liabilities at each Balance Sheet date, based on the earliest date on which payment can

be required, were as follows:

2024

One

month

or less

£’000s

More than

one month

but less than

one year

£’000s

More than

one year

£’000s

Total

£’000s

Income shares

Liabilities

Bank borrowing (fixed rate term loan) – 5,000 – 5,000

Bank borrowing (revolving credit facility) 2,000 – – 2,000

Other creditors 223 – – 223

2,223 5,000 – 7,223

Growth shares

Liabilities

Other creditors 310 – – 310

310 – – 310

Total 2,533 5,000 – 7,533

Report and Financial Statements 2024 | 87

Financial Report

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

23. Liquidity Risk (Continued)

2023

One

month

or less

£’000s

More than

one month

but less than

one year

£’000s

More than

one year

£’000s

Total

£’000s

Income shares

Liabilities

Bank borrowing (fixed rate term loan) – – 5,000 5,000

Bank borrowing (revolving credit facility) 2,000 – – 2,000

Other creditors 1,650 – – 1,650

3,650 – 5,000 8,650

Growth shares

Liabilities

Other creditors 518 – – 518

518 – – 518

Total 4,168 – 5,000 9,168

24. Related Parties and Transactions with the Manager

The Board of Directors is considered a related party. Under the FCA Listing Rules, the Manager is also defined as a related

party. However, the existence of an independent Board of Directors demonstrates that the Company is free to pursue its own

financial and operating policies and therefore, under the AIC S O R P, the Manager is not considered to be a related party for

accounting purposes.

There are no transactions with the Board other than aggregated remuneration for services as Directors as disclosed in the

Directors’ Remuneration Report on pages 51 to 53 and as set out in note 5 to the financial statements. The beneficial interests

of the Directors in the Income shares and Growth shares of the Company are disclosed on page 53. There are no outstanding

balances with the Board at the year-end.

David Warnock is a non-executive director of ICG Enterprise Trust plc. The Growth Portfolio has a holding of 190,000 shares in this

company valued at £2,314,000 at 31 May 2024. Simon Longfellow is a non-executive director of Invesco Perpetual UK Smaller

Companies Investment Trust plc. The Income Portfolio has a holding of 450,000 shares in this Company valued at £1,935,000 at

31 May 2024.

Transactions between the Company and the Manager are detailed in notes 4 (investment management fee), 5 (secretarial fees)

and 12 (fees owed to the Manager at the Balance Sheet date).

25. Post-balance Sheet Events

Since 31 May 2024, there are no post Balance Sheet events which would require adjustment of or disclosure in the financial statements.

88 | CT Global Managed Portfolio Trust PLC

Financial Report

Alternative Investment Fund Managers Directive (‘AIFMD’)

In accordance with the AIFM Directive, information in relation to the Company’s leverage and the remuneration of the Company’s

AIFM, Columbia Threadneedle Investment Business Limited, is required to be made available to investors. Detailed regulatory

disclosures, including those on the AIFM’s remuneration policy and costs, are available on the Company’s website or from

Columbia Threadneedle Investments on request.

The Company’s maximum and average actual leverage levels at 31 May 2024 are shown below:

Leverage exposure

Gross

method

Commitment

method

Maximum limit 200% 200%

Actual 104% 105%

For the purposes of the AIFM Directive, leverage is any method which increases the Company’s exposure, including the borrowing

of cash and the use of derivatives. It is expressed as a percentage of the Company’s exposure to its net asset value and is

calculated on both a gross and commitment method.

Under the gross method, exposure represents the sum of the Company’s positions after deduction of cash balances, without

taking account of any hedging or netting arrangements. Under the commitment method, exposure is calculated without the

deduction of cash balances and after certain hedging and netting positions are offset against each other.

The leverage limits are set by the AIFM and approved by the Board and are in line with the maximum leverage levels permitted in

the Company’s Articles of Association. The AIFM is also required to comply with the gearing parameters set by the Board in relation

to borrowings.

Detailed regulatory disclosures to investors in accordance with the AIFM Directive are contained on the Company’s website under

Key Documents.

AIFMD Disclosures

Report and Financial Statements 2024 | 89

Notice of Meeting

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

Notice of Annual General Meeting

THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about the action you

should take, you are recommended to seek your own independent financial advice from your stockbroker, bank manager, solicitor,

accountant or other independent financial adviser authorised under the Financial Services and Markets Act 2000 (as amended by

the Financial Services Act 2012) if you are in the United Kingdom or, if not, from another appropriately authorised financial adviser.

If you have sold or otherwise transferred all your shares in CT Global Managed Portfolio Trust PLC please forward this document,

together with any accompanying documents, immediately to the purchaser or transferee or to the stockbroker, bank or other agent

through whom the sale or transfer was effected for transmission to the purchaser or transferee. If you have sold or otherwise

transferred only part of your holding of shares, you should retain these documents.

Notice is hereby given that the sixteenth Annual General

Meeting of CT Global Managed Portfolio Trust PLC will be

held at Columbia Threadneedle Investments, Cannon Place,

78 Cannon Street, London EC4N 6AG on Wednesday 2 October

2024 at 11.30am for the following purposes. To consider

and, if thought fit, pass the following Resolutions, of which

Resolutions 1 to 10 will be proposed as Ordinary Resolutions

and Resolutions 11 to 14 as Special Resolutions:

Ordinary Resolutions

1. To receive and adopt the audited financial statements of

the Company for the financial year ended 31 May 2024

and the reports of the directors and the auditor on those

financial statements.

2. To receive, adopt and approve the Directors’ Remuneration

Report for the financial year ended 31 May 2024 which

appears on pages 51 to 53 of the Annual Report and

Financial Statements for the financial year ended 31 May

2024 (other than the Directors’ Remuneration Policy which

appears on page 51 of the Annual Report and Financial

Statements).

3. That Shauna L Bevan, who retires annually, be re-elected as

a Director.

4. That Sue P Inglis, who retires annually, be re-elected as a

Director.

5. That Simon M Longfellow, who retires annually, be re-elected

as a Director.

6. That David Warnock, who retires annually, be re-elected as

a Director.

7. To re-appoint BDO LLP as Auditor of the Company to hold

office from the conclusion of the annual general meeting until

the conclusion of the next annual general meeting of the

Company.

8. To authorise the Directors to determine the Auditor’s

remuneration.

9. That the Company’s dividend policy with regard to quarterly

payments as set out in the Annual Report and Financial

Statements for the year ended 31 May 2024 be approved.

10. Authority to allot shares

That, in substitution for any existing authority, but without

prejudice to the exercise of any such authority prior to

the date of the passing of this resolution, the Directors

of the Company be and they are hereby generally and

unconditionally authorised in accordance with Section 551

of the Companies Act 2006 (the ‘Act’) to exercise all the

powers of the Company to allot shares in the Company

and to grant rights to subscribe for or to convert any

security into shares in the Company (‘Rights’) provided

that such authority shall be limited to the allotment of

shares and the grant of Rights in respect of shares with an

aggregate nominal value of up to £627,918.96 in respect

of Income shares (being approximately 20.0% of the total

nominal value of the issued Income share capital of the

Company (excluding treasury shares), as at 26 July 2024)

and £427,779.49 in respect of Growth shares, (being

approximately 20.0% of the total nominal value of the

issued Growth share capital of the Company (excluding

treasury shares), as at 26 July 2024), such authority to

expire at the conclusion of the next Annual General Meeting

of the Company after the passing of this resolution or on

the expiry of 15 months from the passing of this resolution,

whichever is the earlier, unless previously revoked, varied

or extended by the Company in a general meeting, save

that the Company may at any time prior to the expiry of this

authority make an offer or enter into an agreement which

would or might require shares in the Company to be allotted

or Rights to be granted after the expiry of such authority

and the Directors shall be entitled to allot shares in the

Company or grant Rights in pursuance of such an offer or

agreement as if such authority had not expired.

90 | CT Global Managed Portfolio Trust PLC

Notice of Meeting

Special Resolutions

11. Power to allot shares and sell treasury shares without rights

of pre-emption

That, subject to the passing of Resolution 10, and in

substitution for any existing power but without prejudice

to the exercise of any such power prior to the date of the

passing of this resolution, the Directors of the Company

be and they are hereby generally and unconditionally

empowered, pursuant to Sections 570 and 573 of the

Companies Act 2006 (the ‘Act’), to allot equity securities

(as defined in Section 560 of the Act) for cash pursuant to

the authority given by Resolution 10 and/or to sell Income

shares and/or Growth shares held by the Company as

treasury shares as if Section 561(1) of the Act did not apply

to any such allotment or sale, provided that this power:

(a) expires at the conclusion of the next Annual General

Meeting of the Company after the passing of this

resolution or on the expiry of 15 months from the

passing of this resolution, whichever is the earlier,

save that the Company may, before such expiry, make

an offer or agreement which would or might require

equity securities to be allotted or treasury shares to

be sold after such expiry and the Directors may allot

equity securities or sell treasury shares in pursuance

of any such offer or agreement as if the power

conferred hereby had not expired; and

(b) shall be limited to the allotment of equity securities

or sale of treasury shares up to an aggregate nominal

value of £313,959.48 in respect of Income shares

(being approximately 10.0% of the nominal value of

the issued Income share capital of the Company as at

26 July 2024) and £213,889.74 in respect of Growth

shares (being approximately 10.0% of the nominal

value of the issued Growth share capital (excluding

treasury shares) of the Company as at 26 July 2024)

at a price of not less than the net asset value per

share of the existing Income shares (in the case of an

allotment or sale of Income shares) or Growth shares

(in the case of an allotment or sale of Growth shares).

This power applies in relation to the sale of Income shares

and/or Growth shares which is an allotment of equity

securities that immediately before the allotment are held

by the Company as treasury shares as if in the opening

paragraph of this resolution the words “subject to the

passing of Resolution 10” and “pursuant to the authority

given by Resolution 10” were omitted.

12. Additional power to allot shares and sell treasury shares

without rights of pre-emption

That, subject to the passing of Resolution 10, and in

addition to any power granted under Resolution 11 above,

the Directors of the Company be and they are hereby

generally and unconditionally empowered, pursuant to

Sections 570 and 573 of the Companies Act 2006 (the

‘Act’), to allot equity securities (as defined in Section

560 of the Act) for cash pursuant to the authority given

by Resolution 10 and/or sell Income shares and/or

Growth shares held by the Company as treasury shares

as if Section 561(1) of the Act did not apply to any such

allotment or sale, provided that this power:

(a) expires at the conclusion of the next Annual General

Meeting of the Company after the passing of this

resolution or on the expiry of 15 months from the

passing of this resolution, whichever is the earlier,

save that the Company may, before such expiry, make

an offer or agreement which would or might require

equity securities to be allotted or treasury shares to

be sold after such expiry and the Directors may allot

equity securities or sell treasury shares in pursuance

of any such offer or agreement as if the power

conferred hereby had not expired; and

(b) shall be limited to the allotment of equity securities

or sale of treasury shares up to an aggregate nominal

value of £313,959.48 in respect of Income shares

(being approximately 10.0% of the nominal value of

the issued Income share capital of the Company as at

26 July 2024) and £213,889.74 in respect of Growth

shares (being approximately 10.0% of the nominal

value of the issued Growth share capital (excluding

treasury shares) of the Company as at 26 July 2024)

at a price of not less than the net asset value per

share of the existing Income shares (in the case of an

allotment or sale of Income shares) or Growth shares

(in the case of an allotment or sale of Growth shares).

This power applies in relation to the sale of Income shares

and/or Growth shares which is an allotment of equity

securities that immediately before the allotment are held

by the Company as treasury shares as if in the opening

paragraph of this resolution the words “subject to the

passing of Resolution 10” and “pursuant to the authority

given by Resolution 10” were omitted.

13. Authority to buy back shares

That, in substitution for any existing authority but without

prejudice to the exercise of any such authority prior to the

date of the passing of this resolution, the Company be and

is hereby generally and unconditionally authorised, pursuant

to and in accordance with Section 701 of the Companies

Act 2006 (the ‘Act’), to make market purchases (within

the meaning of Section 693(4) of the Act) of fully paid

Income shares in the share capital of the Company and fully

paid Growth shares in the share capital of the Company

(‘Income shares and/or Growth shares’) (either for retention

as treasury shares for future reissue, resale or transfer or

cancellation), provided that:

Report and Financial Statements 2024 | 91

Notice of Meeting

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

(1)

Following Resolution 13 becoming effective the maximum aggregate number of shares hereby authorised to be purchased shall be 7,766,000 Income shares and

5,291,000 Growth shares (or, if less, 14.99% of the number of Income shares and 14.99% of the Growth shares in issue (excluding treasury shares) immediately

prior to the passing of this resolution)

(a) the maximum aggregate number of Income shares

and Growth shares hereby authorised to be purchased

is 14.99% of the issued Income shares and 14.99%

of the issued Growth shares, respectively (excluding

Income shares and Growth shares held in treasury)

immediately prior to the passing of this resolution

(1)

;

(b) the minimum price (excluding expenses) which may

be paid for an Income share or Growth share is

£0.060600579;

be paid for an Income share or Growth share shall not

be more than the higher of:

i. 5% above the average middle market price as

derived from the Daily Official List of the London

Stock Exchange of an Income share (in the case

of a purchase of an Income share) or Growth

share (in the case of a purchase of a Growth

share) over the five business days immediately

preceding the date of purchase; and

ii. the higher of the price of the last independent

trade of an Income share (in the case of a

purchase of an Income share) or a Growth share

(in the case of a purchase of a Growth share)

and the highest current independent bid for such

an Income share or Growth share on the London

Stock Exchange at the time the purchase is

carried out; and

(d) unless previously varied, revoked or renewed by

the Company in a general meeting, the authority

hereby conferred shall expire at the conclusion of

the Company’s next Annual General Meeting or on

2 January 2026, whichever is the earlier, save that

the Company may, prior to such expiry, enter into a

contract to purchase Income shares and/or Growth

shares under such authority which will or might be

completed or executed wholly or partly after the

expiration of such authority and may make a purchase

of Income shares and/or Growth shares pursuant to

any such contract.

14. Purchase Contract

That the proposed Purchase Contract (as defined in the

Annual Report and Financial Statements published by the

Company on 26 July 2024) to enable the Company to make

off-market purchases of its own deferred shares pursuant

to Sections 693 and 694 of the Companies Act 2006 in the

form produced at the meeting and initialled by the Chairman

be and is hereby approved and the Company be and is

hereby authorised to enter into, execute and perform such

contract, but so that the approval and authority conferred

by this resolution shall expire on the day immediately

preceding the date which is 18 months after the passing

of this resolution or, if earlier, at the conclusion of the next

Annual General Meeting of the Company.

By order of the Board

For Columbia Threadneedle Investment Business Limited

Company Secretary

Quartermile 4

7a Nightingale Way

Edinburgh EH3 9EG

26 July 2024

92 | CT Global Managed Portfolio Trust PLC

Notice of Meeting

Notes

1. A member entitled to attend, speak and vote at this meeting may

appoint one or more persons as his/her proxy to attend, speak

and vote on his/her behalf at the meeting. A proxy need not

be a member of the Company. If multiple proxies are appointed

they must not be appointed in respect of the same shares. To

be effective, the duly executed enclosed Form of Proxy, together

with any power of attorney or other authority under which it is

signed or a certified copy thereof, should be lodged at the address

shown on the form of proxy not later than 48 hours (excluding

non-working days) before the time of the meeting or, in the case

of an adjourned meeting, no later than 48 hours (excluding non-

working days) before the holding of that adjourned meeting (or in

the case of a poll taken subsequent to the date of the meeting or

adjourned meeting, no later than 24 hours (excluding non-working

days) before the time appointed for the taking of the poll). The

appointment of a proxy will not prevent a member from attending

the meeting and voting in person if he/she so wishes.

2. A corporation, which is a shareholder, may appoint an individual(s)

to act as its representative(s) and to vote in person at the meeting

(see instructions given on the proxy form). In accordance with the

provisions of the Companies Act 2006, each such representative

may exercise (on behalf of the corporation) the same powers as

the corporation could exercise if it were an individual member of

the Company, provided that they do not do so in relation to the

same shares.

3. CREST members who wish to appoint a proxy or proxies by utilising

the CREST electronic proxy appointment service may do so for

this meeting by following the procedures described in the CREST

Manual and by logging on to www.euroclear.com. CREST personal

members or other CREST sponsored members, and those CREST

members who have appointed a voting service provider(s), should

refer to their CREST sponsor or voting service provider(s), who will

be able to take the appropriate action on their behalf.

4. In order for a proxy appointment or instruction made by means

of CREST to be valid, the appropriate CREST message (a ‘CREST

Proxy Instruction’) must be properly authenticated in accordance

with Euroclear UK & International Limited’s (‘Euroclear’)

specifications and must contain the information required for such

instructions, as described in the CREST Manual. The message,

in order to be valid, must be transmitted so as to be received by

the Company’s agent (ID RA19) by the latest time for receipt of

proxy appointments specified in Note 1 above. For this purpose,

the time of receipt will be taken to be the time (as determined by

the timestamp applied to the message by the CREST Applications

Host) from which the Company’s agent is able to retrieve the

message by enquiry to CREST in the manner prescribed by CREST.

After this time, any change of instructions to proxies appointed

through CREST should be communicated to the appointee through

other means.

5. The Company may treat as invalid a CREST Proxy Instruction in the

circumstances set out in Regulation 35(5)(a) of the Uncertificated

Securities Regulations 2001.

6. If you are an institutional investor you may be able to appoint a proxy

electronically via the Proxymity platform, a process which has been

agreed by the Company and approved by the Registrar. For further

information regarding Proxymity, please go to www.proxymity.io. Your

proxy must be lodged by 11.30 am on Monday 30 September 2024

in order to be considered valid. Before you can appoint a proxy via

this process you will need to have agreed to Proxymity’s associated

terms and conditions. It is important that you read these carefully

as you will be bound by them and they will govern the electronic

appointment of your proxy.

7. Alternatively, shareholders can submit proxy instructions online

by visiting Equiniti’s online portfolio service, Shareview by logging

on to their portfolio at www.shareview.co.uk using your usual user

ID and password. Once logged in simply click “view” on the “My

Investments” page, click on the link to vote, then follow the on

screen instructions. Electronic proxy votes must be received by

Equiniti, by no later than 48 hours (excluding non-working days)

before the time of the meeting or adjourned meeting. If you have

not yet registered for a Shareview Portfolio, go to www.shareview.

co.uk and enter the requested information. It is important that you

registration and authentication process.

8. A person to whom this notice is sent who is a person nominated

under Section 146 of the Companies Act 2006 to enjoy information

rights (a ‘Nominated Person’) may, under an agreement between

him/her and the shareholder by whom he/she was nominated,

have a right to be appointed (or to have someone else appointed)

as a proxy for the Annual General Meeting. If a Nominated Person

has no such proxy appointment right or does not wish to exercise

it, he/she may, under any such agreement, have a right to give

instructions to the shareholder as to the exercise of voting rights.

The statements of the rights of members in relation to the

appointment of proxies in Notes 1 and 3 above do not apply to a

Nominated Person. The rights described in this Note can only be

exercised by registered members of the Company.

9. Pursuant to Regulation 41 of the Uncertificated Securities

Regulations 2001, the Company specifies that only those holders

of shares entered on the Register of Members of the Company as

at 6.30pm on Monday 30 September 2024 or, in the event that the

meeting is adjourned, on the Register of Members as at 6.30pm

on the day two business days prior to any adjourned meeting,

shall be entitled to attend or vote at the meeting in respect of the

number of shares registered in their names at that time. Changes

to the entries on the Register of Members after 6.30pm on Monday

30 September 2024 or, in the event that the meeting is adjourned,

in the Register of Members as at 6.30pm on the day two business

days prior to any adjourned meeting, shall be disregarded in

determining the rights of any person to attend or vote at the

meeting, notwithstanding any provisions in any enactment, the

Articles of Association of the Company or other instrument to the

contrary.

10. As at 26 July 2024 (being the last business day prior to the

publication of this notice) the Company’s issued share capital

consists of 51,808,251 Income shares carrying one vote each and

35,297,608 Growth shares carrying one vote each (in each case, in

respect of a general meeting of the Company, on a show of hands

only). The Company holds nil Income shares and 3,530,000 Growth

shares in treasury which do not carry voting rights. Therefore the

total number of voting rights in the Company as at 26 July 2024

on a show of hands was 87,105,859 votes. In accordance with

the Articles of Association, the voting rights attributable to each

class of shares on a poll is equal to the number of shares of that

class in issue multiplied by the Share Voting Number (which is

defined in the Articles of Association as the net asset value of the

relevant Portfolio divided by the number of shares in that Portfolio,

calculated at the Voting Calculation Date).

Given a Voting Calculation Date of 24 July 2024, the Share Voting

Number for the Income shares is 1.18 and the Share Voting

Number for the Growth shares is 2.68.

Report and Financial Statements 2024 | 93

Notice of Meeting

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

For illustrative purposes only, on a poll, there would therefore be

61,133,736 votes attributable to the Income shares, 94,597,589

votes attributable to the Growth shares and the total voting rights in

the Company would be 155,731,325. In accordance with the Articles

of Association, the applicable Share Voting Numbers for the Income

shares and the Growth shares at the Annual General Meeting will be

displayed at the meeting venue.

Any power of attorney or any other authority under which this

proxy form is signed (or a duly certified copy of such power or

authority) must be included with the proxy form. The voting on

all resolutions will be conducted by way of a poll. On a poll each

Income shareholder and each Growth shareholder is entitled to a

weighted vote determined in accordance with the underlying NAV

of the relevant shares as specified in the Articles of Association.

Any person holding 3% of the total voting rights in the Company

who appoints a person other than the Chairman as his/her proxy

will need to ensure that both he/she and such third party complies

with their respective disclosure obligations under the Disclosure

Guidance and Transparency Rules.

11. The proposed Purchase Contract referred to in Resolution 14 will

be available for inspection at the Annual General Meeting. The

proposed Purchase Contract will also be available at the Company’s

registered office from 15 days prior to the AGM.

12. No Director has a contract of service with the Company. The

Directors’ letters of appointment will be available for inspection

at the Company’s registered office during normal business

hours on any weekday (Saturdays, Sundays and public holidays

excepted) and from 15 minutes prior to, and during, the Annual

General Meeting.

13. Information regarding the Annual General Meeting, including

information required by Section 311A of the Companies Act 2006,

is available from ctglobalmanagedportfolio.co.uk.

14. Under Section 319A of the Companies Act 2006, the Company

must answer any question relating to the business being dealt with

at the meeting put by a member attending the meeting unless:

(a) answering the question would interfere unduly with the

preparation for the meeting or involve the disclosure of

confidential information;

(b) the answer has already been given on a website in the form of

an answer to a question; or

order of the meeting that the question be answered.

15. The members of the Company may require the Company to publish,

on its website (without payment), a statement (which is also

passed to the Company’s Auditor) setting out any matter relating

to the audit of the Company’s accounts, including the Auditor's

Report and the conduct of the audit. The Company will be required

to do so once it has received such requests from either members

representing at least 5% of the total voting rights of the Company

or at least 100 members who have a relevant right to vote and

hold shares in the Company on which there has been paid up an

average sum per member of at least £100. Such requests must be

made in writing and must state your full name and address and be

sent to Quartermile 4, 7a Nightingale Way, Edinburgh EH3 9EG.

16. You may not use any electronic address provided either in this

Notice of Annual General Meeting or any related documents

(including the Form of Proxy) to communicate with the Company for

any purposes other than those expressly stated.

17. Under Section 338 of the Companies Act 2006, a member or

members meeting the qualification criteria set out at Note 19

below, may, subject to certain conditions, require the Company to

circulate to members notice of a resolution which may properly

be moved and is intended to be moved at that meeting. The

conditions are that: (i) the resolution must not, if passed, be

ineffective (whether by reason of inconsistency with any enactment

or the Company’s constitution or otherwise); (ii) the resolution must

not be defamatory of any person, frivolous or vexatious; and (iii)

the request: (a) may be in hard copy form or in electronic form; (b)

must identify the resolution of which notice is to be given by either

setting out the resolution in full or, if supporting a resolution sent

by another member, clearly identifying the resolution which is being

supported; (c) must be authenticated by the person or persons

making it; and (d) must be received by the Company not later than

six weeks before the meeting to which the requests relate.

18. Under Section 338A of the Companies Act 2006, a member or

members meeting the qualification criteria set out at Note 19

below, may, subject to certain conditions, require the Company to

include in the business to be dealt with at the meeting a matter

(other than a proposed resolution) which may properly be included

in the business (a matter of business). The conditions are that:

(i) the matter of business must not be defamatory of any person,

frivolous or vexatious; and (ii) the request: (a) may be in hard copy

form or in electronic form; (b) must identify the matter of business

by either setting it out in full or, if supporting a statement sent by

another member, clearly identify the matter of business which is

being supported; (c) must be accompanied by a statement setting

out the grounds for the request; (d) must be authenticated by

the person or persons making it; and (e) must be received by the

Company not later than six weeks before the meeting to which the

requests relate.

19. In order to be able to exercise the members’ right to require: (i)

circulation of a resolution to be proposed at the meeting (see

Note 17); or (ii) a matter of business to be dealt with at the

meeting (see Note 18), the relevant request must be made by:

(a) a member or members having a right to vote at the meeting

and holding at least 5% of total voting rights of the Company; or

(b) at least 100 members have a right to vote at the meeting and

holding, on average, at least £100 of paid up share capital.

94 | CT Global Managed Portfolio Trust PLC

Other Information

The Company has two classes of shares, Income shares

and Growth shares, each with distinct investment objectives,

investment policies and underlying investment Portfolios.

Both the Income shares and Growth shares are traded on

the London Stock Exchange. There is no fixed ratio of Income

shares to Growth shares and the relative sizes of the Income

and Growth Portfolios may vary over time.

Neither the Income shares nor the Growth shares represent

capital gearing for the other share class.

Dividends

Income shares are entitled to all dividends of the Company. The

Company typically pays four quarterly dividends per financial

year in October, January, April and July. The Growth shares do

not carry an entitlement to receive dividends.

Any net income arising in the Growth Portfolio is transferred

to the Income Portfolio, and a corresponding transfer of an

identical amount made from the capital attributable to the

Income Portfolio to the Growth Portfolio.

Capital

The net asset value of the Income shares is based on the

Income Portfolio and the net asset value of the Growth shares

is based on the Growth Portfolio.

As a matter of law, the Company is a single entity and, while under

the Articles of Association the assets of the Income Portfolio are

separated for the benefit of the Income shareholders and the

assets of the Growth Portfolio are separated for the benefit of the

Growth shareholders, there is no distinction between the assets

of the Income Portfolio and the Growth Portfolio as far as creditors

of the Company are concerned.

On a return of assets, on a liquidation or otherwise, the surplus

assets of the Company comprised in either of the Income

Portfolio or the Growth Portfolio, after payment of all debts and

satisfaction of all the liabilities associated with that Portfolio

and any other relevant liabilities, shall be paid to the holders of

the shares of the particular Portfolio and distributed amongst

such holders rateably according to the amounts paid up on the

relevant shares held by them respectively.

If, in the course of liquidation of the Company the assets

attributable to a particular Portfolio are insufficient to satisfy the

liabilities attributable to that Portfolio and that Portfolio’s pro

rata share of the Company’s general liabilities, the outstanding

liabilities shall be attributable to the other Portfolio.

Voting

At any general meeting of the Company, on a show of hands,

each Income shareholder and each Growth shareholder shall

have one vote and, upon a poll, a weighted vote determined in

accordance with the underlying NAV of the relevant share as

specified in the Articles.

At any class meeting of Income shareholders, on a show of

hands, each Income shareholder shall have one vote and, upon

a poll, one vote for each Income share held and at any class

meeting of Growth shareholders, on a show of hands, each

Growth shareholder shall have one vote and, upon a poll, one

vote for each Growth share held.

Any material change to the investment policy of the Company

will only be made with the prior class consent of shareholders

of the class to which the change relates (where the proposed

material change only relates to a particular class) and with the

prior approval of the shareholders of the Company.

Voting of Shares Held in the Savings Plans

Since the launch of the Company, the majority of the Income

shares and Growth shares in the Company have been held

through the savings plans which are administered by the

Manager. The Manager does not have discretion to exercise any

voting rights in respect of the shares held through the savings

plans. The shares are voted in accordance with the instructions

of the underlying planholders. The Manager has undertaken

that, subject to any regulatory restrictions, it would operate a

proportional voting system whereby, provided that the nominee

company holding the shares received instructions to vote in

respect of more than 10% of the shares held in these savings

plans, it would vote all the shares in respect of which it had not

received instructions proportionately to those for which it had

received instructions. Any shares held by the underlying holder

in excess of 0.25% of the issued shares of the relevant class

would not be counted for the purposes of pro rating the voting

of non-directed shares. Any shares voted by an underlying

planholder in excess of the maximum limit would remain valid,

but would not form part of the proportional voting basis.

Conversion Between Income Shares and Growth Shares

Subject to certain minimum and maximum thresholds which may

be set at the discretion of the Board, shareholders have the right

to convert their Income shares into Growth shares and/or their

Growth shares into Income shares upon certain dates, the next of

which will be on 24 October 2024 and then annually or close to

annually thereafter. Under current law, such conversions will not be

treated as disposals for UK capital gains tax purposes.

Full details are provided in the Shareholder Information section

on pages 95 and 96.

Capital Structure At 31 May 2024

Report and Financial Statements 2024 | 95

Other Information

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

Conversion Facility

Subject to certain minimum and maximum thresholds which

may be set by the Board of CT Global Managed Portfolio Trust

PLC (the ‘Board’) from time to time, shareholders have the right

to convert their Income shares into Growth shares and/or their

Growth shares into Income shares upon certain dates, the next

of which will be 24 October 2024 and then annually or close

to annually thereafter (subject to the Articles of Association of

the Company). Under current law, such conversions will not be

treated as disposals for UK capital gains tax purposes.

Conversion Process

Minimum level

The Board may, in its sole and absolute discretion, specify

a minimum number of converting shares which are to be

converted by a shareholder in the case of either the Income

shares or Growth shares.

The minimum amount for the 24 October 2024 Conversion

is 1,000 shares per shareholder or the whole shareholding,

whichever is lower.

The Board will specify a minimum net value of assets to be

transferred from a Portfolio on any Conversion Date, and

may change any such minimum from time to time. If, on any

Conversion Date, the value of the assets to be so transferred

is less than such specified minimum, then the Board may, in its

sole and absolute discretion, cancel any such conversion.

The minimum net value of assets in aggregate for the 24 October

2024 Conversion is £250,000. A significant minimum has to be

set in order to justify the costs of the exercise.

Maximum level

The Board may set a maximum number of Growth shares or

Income shares which may be converted on any Conversion

Date and may change such maximum from time to time. If on

a Conversion Date, the number of Growth shares or Income

shares for which conversion notices have been delivered would

exceed the limit, the shares will be reduced pro rata.

The maximum amount for the 24 October 2024 Conversion

is 10% of the Income shares and 10% of the Growth shares

in issue.

Conversion ratio

Shares will be converted into the other share class by reference

to the ratio of the relative underlying NAVs of the Growth shares

and Income shares (as set out in more detail in the Company’s

Articles of Association). Only the Income shareholders are

entitled to receive dividends. The Company shall announce the

Conversion Ratio applicable on the Conversion Date or Deferred

Conversion Date and the number of resulting shares. The Board

has discretion to defer the Conversion Date, inter alia, in the

event that the level of conversions is above a certain materiality

threshold in order to facilitate realignment of the Company’s

Portfolios in order to effect the conversions in as effective a

manner as possible. The Deferred Conversion Date will under

normal circumstances not be more than one month later than the

originally stated Conversion Date.

Result

Within the Company announcement referenced above, the date

CREST accounts will be credited will be confirmed.

It is anticipated that, within nine working days of the

Conversion Date or the Deferred Conversion Date, the Company

will send:

– to each holder of converting shares that are in certificated

form a definitive certificate for the appropriate number of

shares arising on conversion and a new certificate for any

unconverted shares; and

– to each holder of converting shares held in the Manager’s

savings plans, confirmation of the number of shares

converted and the number of shares arising on conversion.

No share certificates will be issued in respect of any Deferred

shares arising as a result of the conversion. These Deferred

shares have no economic value and will be transferred to a

nominee holder and bought back for nil consideration by the

Company and cancelled in accordance with the Company’s

Articles of Association.

Income shares arising on Conversion will carry the right to

receive all dividends declared by reference to a record date

falling after the Conversion Date or Deferred Conversion Date.

Income shares which are converted into Growth shares will

carry the right to receive all dividends declared by reference to

a record date falling prior to the Conversion Date or Deferred

Conversion Date but not on or thereafter.

Shareholder Information

96 | CT Global Managed Portfolio Trust PLC

Other Information

Market price of Income shares & Growth shares

The mid-market price for the Income shares and Growth shares

on the first dealing day in each of the last six months, and

24 July 2024, being the latest practicable date before the

approval of the Annual Report and Financial Statements, were:

Income

shares (p)

Growth

shares (p)

1 February 2024 110.5 235.0

1 March 2024 109.5 237.0

1 April 2024 109.5 241.0

1 May 2024 112.0 243.0

3 June 2024 119.0 254.0

1 July 2024 114.5 253.0

24 July 2024 118.5 258.0

This is not a recommendation to convert, or not to convert,

any of your shares. The conversion facility is not available to

overseas shareholders except where appropriate confirmation

has been provided to the Directors and the Directors are

satisfied that it would be lawful for the conversion facility to

apply under the relevant overseas laws and regulations.

Future conversions

It is intended that, following the next conversion on 24 October

2024, the conversion facility will be offered annually or close to

annually thereafter.

How do I convert?

If you hold your shares:

1. in a Columbia Threadneedle Investments Saving Plan,

please download a ‘PLAN CONVERSION INSTRUCTION’ Form

from the website at ctglobalmanagedportfolio.co.uk, which

will be available from 1 August 2024.

This ‘Plan Conversion Instruction’ Form must be received

by 5pm on Friday 20 September 2024 in respect of the

24 October 2024 Conversion Date.

2. in certificated form, please download a ‘CERTIFICATED

CONVERSION NOTICE’ Form from the website at

ctglobalmanagedportfolio.co.uk, which will be available from

1 August 2024.

This ‘CERTIFICATED CONVERSION NOTICE’ Form must be

received by 5pm on Friday 27 September 2024 in respect of

the 24 October 2024 Conversion Date.

Information on what to do if you have lost any or all of your

share certificates and how to obtain a letter of indemnity is

also included on the form.

3. In uncertificated form (that is in CREST) then please follow the

instructions on the website at ctglobalmanagedportfolio.co.uk,

which will be available from 1 August 2024.

4. Through an investment platform, such as Hargreaves

Lansdown or Interactive Investor, then the platform may

contact you regarding the conversion process. In the event

that you wish to make a conversion, but have not been

contacted by your platform, you should contact them directly.

This is not a recommendation to convert, or not to convert, any

of your shares.

Share Prices and Daily Net Asset Value

The Company’s Income shares and Growth shares are listed

on the London Stock Exchange. The net asset value of the

Company’s shares are released to the market daily, on the working

day following the calculation date. They are available, with other

regulatory information, through the National Storage Mechanism

at data.fca.org.uk or can be obtained by contacting Columbia

Threadneedle’s Investor Services Team on 0345 600 3030.

Dividends

Dividends on Income shares are paid quarterly in July, October,

January and April each year. Shareholders on the main register,

who wish to have dividends paid directly into a bank account

rather than by cheque to their registered address, can complete

a mandate form for the purpose. Mandates may be obtained

from the Company’s Registrar, Equiniti Limited (see back cover

page for contact details), on request.

Change of Address

Communications with shareholders are mailed to the address

held on the share register. In the event of a change of address or

other amendment for main register holders this should be notified

to Equiniti Limited, under the signature of the registered holder.

The Company conducts its affairs so that its Income shares

and Growth shares can be recommended by IFAs to ordinary

retail investors in accordance with the Financial Conduct

Authority’s rules relating to non-mainstream investment

products and intends to continue to do so.

Data Protection

The Company is committed to protecting and respecting the

confidentiality, integrity and security of the personal data it

holds. For information on the processing of personal data,

please see the privacy policy on the Company’s website.

Profile of the Company’s Ownership

% of Income shares held at 31 May 2024 % of Growth shares held at 31 May 2024

Columbia Threadneedle Investments Retail Savings Plans 63.8% Columbia Threadneedle Investments Retail Savings Plans 82.4%

Individuals and Private Client Wealth Managers 36.2% Individuals and Private Client Wealth Managers 17.6%

100.0% 100.0%

Report and Financial Statements 2024 | 97

Other Information

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

CT Individual Savings Account (ISA)

You can use your ISA allowance to make an annual tax efficient

investment of up to £20,000 for the current tax year with a

lump sum from £100 or regular savings from £25 a month. You

can also transfer any existing ISAs to us whilst maintaining the

tax benefits.

CT Junior Individual Savings Account (JISA)*

A tax efficient way to invest up to £9,000 per tax year for

a child. Contributions start from £100 lump sum or £25 a

month. JISAs or CTFs with other providers can be transferred to

Columbia Threadneedle Investments.

CT Lifetime Individual Savings Account (LISA)

For those aged 18-39, a LISA could help towards purchasing

your first home or retirement in later life. Invest up to £4,000

for the current tax year and receive a 25% Government bonus

up to £1,000 per year. Invest with a lump sum from £100 or

regular savings from £25 a month.

CT General Investment Account (GIA)

This is a flexible way to invest in our range of Investment

Trusts. There are no maximum contributions, and investments

can be made from £100 lump sum or £25 a month.

CT Junior Investment Account (JIA)

This is a flexible way to save for a child in our range of

Investment Trusts. There are no maximum contributions, and

the plan can easily be set up under bare trust (where the child

is noted as the beneficial owner) or kept in your name if you

wish to retain control over the investment. Investments can be

made from a £100 lump sum or £25 a month per account. You

can also make additional lump sum top-ups at any time from

£100 per account.

CT Child Trust Fund (CTF)*

If your child already has a CTF, you can invest up to £9,000 per

birthday year, from £100 lump sum or £25 a month. CTFs with

other providers can be transferred to Columbia Threadneedle

Investments.

* The CTF and JISA accounts are opened by parents in the child’s name

and they have access to the money at age 18. **Calls may be recorded

or monitored for training and quality purposes.

Charges

Annual management charges and other charges apply

according to the type of Savings Plan, these can be found on

the relevant product Pre- sales Cost & Charges disclosure on

our website www.ctinvest.co.uk.

Annual account charge

ISA/LISA: £60+VAT

GIA: £40+VAT

JISA/JIA/CTF: £25+VAT

You can pay the annual charge from your account, or by direct

debit (in addition to any annual subscription limits).

Dealing charges

£12 per fund (reduced to £0 for deals placed through the online

Columbia Threadneedle Investor Portal) for ISA/GIA/LISA/JIA and

JISA. There are no dealing charges on a CTF.

Dealing charges apply when shares are bought or sold but not

on the reinvestment of dividends or the investment of monthly

direct debits. Government stamp duty of 0.5% also applies on the

purchase of shares (where applicable).

The value of investments can go down as well as up and you

may not get back your original investment. Tax benefits depend

on your individual circumstances and tax allowances and rules

may change. Please ensure you have read the full Terms and

Conditions, Privacy Policy and relevant Key Features documents

before investing. For regulatory purposes, please ensure you

have read the Pre-sales Cost & Charges disclosure related to the

product you are applying for, and the relevant Key Information

Documents (KIDs) for the investment trusts you want to invest in,

these can be found at www.ctinvest.co.uk/documents.

How to Invest

To open a new Columbia Threadneedle Savings Plan, apply online

at www.ctinvest.co.uk Online applications are not available if you

are transferring an existing Savings Plan with another provider to

Columbia Threadneedle Investments, or if you are applying for a

new Savings Plan in more than one name but paper applications

are available at www.ctinvest.co.uk/documents or by contacting

Columbia Threadneedle Investments.

New Customers

Call: 0800 136 420** (9.00am – 5.00pm, weekdays)

Email: invest@columbiathreadneedle.com

Existing Plan Holders

Call: 0345 600 3030** (9.00am – 5.00pm, weekdays)

Email: investor.enquiries@columbiathreadneedle.com

By post: Columbia Threadneedle Management Limited, PO Box

11114, Chelmsford, CM99 2DG

You can also invest in the trust through online dealing platforms

for private investors that offer share dealing and ISAs. Companies

include: AJ Bell, Barclays, Halifax, Hargreaves Lansdown, Interactive

Investor and shareDeal active

One of the most convenient ways to invest in CT Global Managed Portfolio Trust PLC is through one of the Savings Plans run

by Columbia Threadneedle Investments.

How to Invest

To find out more, visit ctinvest.co.uk

0345 600 3030, 9.00am – 5.00pm, weekdays, calls may be recorded or

monitored for training and quality purposes.

Financial promotion

Capital at risk.

The material relates to an investment trust and its Ordinary Shares are traded on the main market of the London Stock Exchange.

The Investor Disclosure Document, Key Information Document (KID), latest annual or half-year reports and the applicable terms & conditions are available from Columbia Threadneedle Investments Cannon

Place, 78 Cannon Street, London EC4N 6AG, your financial advisor and/or on our website www.columbiathreadneedle.com. Please read the Investor Disclosure Document before taking any investment decision.

This material should not be considered as an offer, solicitation, advice or an investment recommendation. This communication is valid at the date of publication and may be subject to change without

notice. Information from external sources is considered reliable but there is no guarantee as to its accuracy or completeness.

In the UK: Issued by Columbia Threadneedle Management Limited, No. 517895, registered in England and Wales and authorised and regulated in the UK by the Financial Conduct Authority.

98 | CT Global Managed Portfolio Trust PLC

Other Information

Income Shares

As at 31 May

Financial year

net asset

value total

return

Financial year

benchmark

index total

return

Net asset

value

per share

price

+Premium/

-discount

Revenue

return

per share

Dividend

per share

Total

expenses/

ongoing

charges

(3)

Net

gearing/

-net cash

2009 -20.8% -23.2% 73.86p 75.0p +1.5% 5.33p 4.9p

(1)

1.47% -6.5%

2010 23.9% 22.9% 86.81p 89.5p +3.1% 4.58p 4.4p 1.51% -3.8%

2011 24.4% 20.4% 103.09p 103.0p -0.1% 4.20p 4.4p 1.42% 4.2%

2012 -6.6% -8.0% 91.86p 91.5p -0.4% 5.04p 4.5p 1.44% 1.8%

2013 34.2% 30.1% 117.68p 116.5p -1.0% 5.20p 4.6p 1.24% 1.3%

2014 6.0% 8.9% 119.85p 122.0p +1.8% 5.56p 4.8p 1.16% 1.4%

2015 10.0% 7.5% 126.37p 128.5p +1.7% 5.87p 5.0p 1.16% 0.3%

2016 -4.8% -6.3% 114.98p 113.5p -1.3% 5.62p 5.2p 1.09% 0.5%

2017 24.5% 24.5% 136.93p 140.0p +2.2% 5.89p 5.45p 1.12% 7.3%

2018 3.0% 6.5% 135.29p 138.0p +2.0% 7.32p 6.5p

(2)

1.07% 5.3%

2019 2.5% -3.2% 131.81p 134.5p +2.0% 6.59p 5.95p 1.08% 6.5%

2020 -7.3% -11.2% 115.71p 117.5p +1.5% 6.69p 6.1p 1.10% 7.3%

2021 29.0% 23.1% 142.22p 143.5p +0.9% 6.59p 6.2p 1.08% 7.4%

2022 -1.5% 8.3% 133.67p 131.0p -2.0% 6.85p 6.65p 1.04% 8.4%

2023 -7.4% 0.4% 116.41p 121.0p +3.9% 7.96p 7.2p 1.17% 6.8%

2024 7.0% 15.4% 116.51p 119.0p +2.1% 8.06p 7.4p 1.20% 9.6%

(1)

4.9p was paid in respect of the first 13� month period from launch.

(2)

Including special dividend of 0.8p per share.

(3)

Excluding performance fee and ongoing charges of underlying funds. (The performance fee was removed in September 2022.)

Growth Shares

As at 31 May

Financial year

net asset

value total

return

Financial year

benchmark

index total

return

Net asset

value

per share

price

+Premium/

-discount

Total

expenses/

ongoing

charges

(1)

Net

gearing/

-net cash

2009 -28.8% -23.2% 69.79p 68.5p -1.8% 1.45% -4.7%

2010 24.2% 22.9% 86.70p 87.0p +0.3% 1.53% -2.4%

2011 24.0% 20.4% 107.52p 109.0p +1.4% 1.55% -1.6%

2012 -12.6% -8.0% 93.97p 93.0p -1.0% 1.59% -1.1%

2013 32.8% 30.1% 124.78p 123.0p -1.4% 1.24% 1.4%

2014 9.3% 8.9% 136.41p 136.0p -0.3% 1.17% -1.0%

2015 12.8% 7.5% 153.92p 155.0p +0.7% 1.15% 0.8%

2016 -4.5% -6.3% 147.02p 149.0p +1.4% 1.09% -2.0%

2017 26.4% 24.5% 185.78p 189.0p +1.7% 1.08% -4.2%

2018 11.0% 6.5% 206.23p 209.0p +1.3% 1.02% -4.4%

2019 -0.5% -3.2% 205.17p 206.0p +0.4% 1.01% -6.3%

2020 1.5% -11.2% 208.35p 212.0p +1.8% 1.03% -4.1%

2021 32.5% 23.1% 276.01p 277.0p +0.4% 1.03% -3.6%

2022 -11.4% 8.3% 244.41p 244.0p -0.2% 0.96% -6.2%

2023 -5.8% 0.4% 230.12p 225.0p -2.2% 1.07% -6.4%

2024 12.7% 15.4% 259.29p 254.0p -2.0% 1.11% -0.5%

(1)

Excluding performance fee and ongoing charges of underlying funds. (The performance fee was removed in September 2022.)

Historic Record

Report and Financial Statements 2024 | 99

Other Information

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

The Company uses the following APMs. These are not statutory accounting measures and are not intended as a substitute for

statutory measures.

Discount/premium – the share price of an investment company is derived from buyers and sellers trading their shares on the stock

market. This price is not identical to the net asset value (NAV) per share of the underlying assets less liabilities of the Company.

If the share price is lower than the NAV per share, the shares are trading at a discount. This usually indicates that there are more

sellers of shares than buyers. Shares trading at a price above NAV per share are deemed to be at a premium, usually indicating

there are more buyers of shares than sellers.

31 May 2024 31 May 2023

Income

Growth

Income

Growth

Net asset value per share (a) 116.51p 259.29p 116.41p 230.12p

Share price (b) 119.00p 254.00p 121.00p 225.00p

+Premium/-discount (c=(b-a)/(a)) (c) +2.1% -2.0% +3.9% -2.2%

Average discount/premium to NAV during the financial year – this is the average difference between the share price and NAV per

share during the financial year.

Ongoing charges – all operating costs (attributable to the relevant share class of the Company), incurred and expected to be incurred

in the foreseeable future, whether charged to capital or revenue in the Company’s Income Statement, expressed as a proportion

of the average daily net assets (of the relevant share class of the Company) over the reporting year. In accordance with the AIC

methodology, the costs of buying and selling investments are excluded in calculating ongoing charges, as are any performance fee,

the cost of the Company’s borrowings, taxation, non-recurring costs and the costs of buying back or issuing shares. The Company’s

ongoing charges calculated in accordance with this methodology are shown in column A in the following tables.

The AIC recommends that investment companies also disclose ongoing charges including any performance fee. Effective

29 September 2022, the performance fee which was payable annually to the Manager, if certain conditions were met, ceased. The

last performance fee generated and payable to the Manager was in the year ended 31 May 2021.

The AIC recommends that investment companies with a substantial proportion of their portfolio invested in other funds and

where the relevant information is readily available should consider incorporating a relevant proportion of ongoing charges of the

underlying funds into its own ongoing charges figure. These calculations are shown in column B in the following tables.

The Key Information Document (‘KID’) on the Company‘s website contains a measure of costs calculated in accordance with the

UK version of the EU PRIIPs regulation as it forms part of UK law following Brexit. In addition to the costs included within the

Company‘s ongoing charges figure in column A in the following tables, the KID methodology for calculating costs (attributable

to the relevant share class of the Company) includes the costs of buying and selling investments, the cost of the Company‘s

borrowings, any performance fee and a relevant proportion of the ongoing costs of the underlying funds. These underlying costs

cover operational costs, performance fees and borrowing costs. The aggregate KID costs are expressed as a proportion of the

average daily net assets (of the relevant share class of the Company) over the year. For completeness the Company has included a

reconciliation in the following tables, between the methodologies.

Alternative Performance Measures (‘APMs’)

100 | CT Global Managed Portfolio Trust PLC

Other Information

Ongoing charges calculations – Income Portfolio

31 May 2024 31 May 2023

Column A

(1)

£’000

Column B

(2)

£’000

Column A

(1)

£’000

Column B

(2)

£’000

Investment management fee 417 417 440 440

Other expenses 261 261 281 281

Plus/less non-recurring credits/(costs) 5 5 (11) (11)

Ongoing charges of underlying funds – 584 – 595

Total (a) 683 1,267 710 1,305

Average daily net assets (b) 56,934 56,934 60,679 60,679

Ongoing charges (c = a/b) (c) 1.20% 2.23% 1.17% 2.15%

Ongoing charges above 1.20%

Borrowing costs (Company level) 0.50%

Costs of underlying funds (including borrowing costs) 1.37%

Performance fees (underlying funds) 0.18%

Portfolio transaction costs 0.34%

Costs per KID methodology 3.59%

(1)

Excluding ongoing charges of underlying funds

(2)

AIC methodology, including ongoing charges of underlying funds

Ongoing charges calculations – Growth Portfolio

31 May 2024 31 May 2023

Column A

(1)

£’000

Column B

(2)

£’000

Column A

(1)

£’000

Column B

(2)

£’000

Investment management fee 565 565 583 583

Other expenses 398 398 408 408

Plus/(less) non-recurring credits/(costs) 3 3 (20) (20)

Ongoing charges of underlying funds – 913 – 792

Total (a) 966 1,879 971 1,763

Average daily net assets (b) 86,982 86,982 90,576 90,576

Ongoing charges (c = a/b) (c) 1.11% 2.16% 1.07% 1.95%

Ongoing charges above 1.11%

Borrowing costs (Company level) n/a

Costs of underlying funds (including borrowing costs) 1.31%

Performance fees (underlying funds) 0.34%

Portfolio transaction costs 0.18%

Costs per KID methodology 2.94%

(1)

Excluding ongoing charges of underlying funds

(2)

AIC methodology, including ongoing charges of underlying funds

Report and Financial Statements 2024 | 101

Other Information

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

Total return – the return to shareholders calculated on a per share basis taking into account both any dividends paid in the year

and the increase or decrease in the share price or NAV in the year. The dividends are assumed to have been re-invested in the

form of shares or net assets, respectively, on the date on which the shares were quoted ex-dividend.

The effect of reinvesting these dividends on the respective ex-dividend dates and the share price total returns and NAV total

returns are shown below.

31 May 2024 31 May 2023

Income

Growth

Income

Growth

NAV per share at start of financial year 116.41p 230.12p 133.67p 244.41p

NAV per share at end of financial year 116.51p 259.29p 116.41p 230.12p

Change in the year 0.1% 12.7% -12.9% -5.8%

Impact of dividend reinvestments

(1)

6.9% n/a 5.5% n/a

NAV total return for the year 7.0% 12.7% -7.4% -5.8%

(1)

During the year ended 31 May 2024 dividends totalling 7.59p went ex-dividend with respect to the Income shares. During the year ended 31 May 2023 the equivalent

figures was 7.01p.

31 May 2024 31 May 2023

Income

Growth

Income

Growth

Share price per share at start of financial year 121.0p 225.0p 131.0p 244.0p

Share price per share at end of financial year 119.0p 254.0p 121.0p 225.0p

Change in the year -1.7% 12.9% -7.6% -7.8%

Impact of dividend reinvestment

(1)

6.9% n/a 5.5% n/a

Share price total return for the year 5.2% 12.9% -2.1% -7.8%

(1)

During the year ended 31 May 2024 dividends totalling 7.59p went ex-dividend with respect to the Income shares. During the year ended 31 May 2023 the equivalent

figures was 7.01p.

Compound annual growth rate – converts the total return over a period of more than one year to a constant annual rate of return

applied to the compounded value at the start of each year.

31 May 2024

Income

Growth

Indexed NAV total return at 31 May 2009 100.0 100.0

Indexed NAV total return at end of financial year 328.9 371.5

Period (years) 15.0 15.0

Compound annual growth rate 8.3% 9.1%

Yield – the total annual dividend expressed as a percentage of the year-end share price.

31 May 2024 31 May 2023

Annual dividend (a) 7.40p 7.20p

Income share price (b) 119.0p 121.0p

Yield (c = a/b) (c) 6.2% 6.0%

102 | CT Global Managed Portfolio Trust PLC

Other Information

Net gearing/net cash – this is calculated by expressing the Company’s borrowings less cash and cash equivalents as a percentage

of shareholders’ funds. If the amount calculated is positive, this is described as net gearing. If the amount calculated is negative,

this is described as net cash.

31 May 2024 31 May 2023

Income

£’000

Growth

£’000

Income

£’000

Growth

£’000

Borrowings 7,000 – 7,000 –

Less cash and cash equivalents (1,200) (476) (3,002) (5,610)

5,800 (476) 3,998 (5,610)

Shareholders’ funds 60,264 92,235 58,733 87,520

Net gearing/-net cash 9.6% -0.5% 6.8% -6.4%

Report and Financial Statements 2024 | 103

Other Information

Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report

AAF – Audit and Assurance Faculty guidance issued by the

Institute of Chartered Accountants in England and Wales.

AIC – Association of Investment Companies, the trade body for

listed closed-end investment companies.

AIFMD – the UK version of the Alternative Investment Fund

Managers Directive (including all implementing and delegated

legislation and as it forms part of UK law following Brexit).

Issued by the European Parliament in 2012 and 2013, the

Directive required that all alternative investment vehicles

in the European Union, including investment trusts, appoint

a Depositary and an Alternative Investment Fund Manager

before 22 July 2014. The Board of Directors of an investment

trust, nevertheless, remain fully responsible for all aspects

of the company’s strategy, operations and compliance

with regulations.

Alternative investment companies/sub-sector – investment

companies which invest mainly in unlisted, illiquid assets such

as infrastructure, renewable energy infrastructure, property,

private equity and debt.

Benchmark – the FTSE All-Share Index is the benchmark

against which the increase or decrease in the Company’s net

asset values and share prices are measured.

Closed-end company – a company, including an investment

trust, with a fixed issued ordinary share capital which is

traded on an exchange at a price not necessarily related to

the net asset value of the company and in which shares can

only be issued or bought back by the company in certain

circumstances. This contrasts with an open-ended company or

fund, which has shares or units not traded on an exchange but

issued or bought back from investors at a price directly related

to net asset value.

Compound annual growth rate – the compound annual return

converts the total return over a period of more than one

year to a constant annual rate of total return applied to the

compounded value at the start of each year.

Conventional investment companies/sub-sector – investment

companies which invest mainly in listed securities.

Cum-dividend – shares are classified as cum-dividend when

the buyer of a security is entitled to receive a dividend that has

been declared, but not paid. Shares which are not cum-dividend

are described as ex-dividend.

Custodian – a specialised financial institution responsible

for safeguarding, worldwide, the listed securities and certain

cash assets of the Company, as well as the income arising

therefrom, through provision of custodial, settlement and

associated services. The Company’s Custodian is JPMorgan

Chase Bank.

Depositary – under AIFMD rules which have applied from July

2014, the Company must appoint a Depositary, whose duties

in respect of investments, cash and similar assets include:

safekeeping; verification of ownership and valuation; and cash

monitoring. The Depositary has strict liability for the loss of assets

that constitute financial instruments under the AIFMD in its

custody and is obliged to maintain oversight of matters such as

share buy-backs, dividend payments and adherence to investment

limits. The Company’s Depositary is JPMorgan Europe Limited.

Derivative – a contract between two or more parties, the

value of which fluctuates in accordance with the value of an

underlying security. The contract is usually short-term (for

less than one year). Examples of derivatives are Put and Call

Options, Swap Contracts, Futures and Contracts for Difference.

A derivative can be an asset or a liability and is a form of

gearing because the fluctuations in its value are usually greater

than the fluctuations in the underlying security’s value.

Dividend dates – Reference is made in announcements of

dividends to three dates. The “ex-dividend” or “XD” date is the

date up to which the shareholder needs to hold the shares in

order to be entitled to receive the next dividend. As it takes

time for a stock purchase to be recorded on the register,

dividends are actually paid to the holders of shares on the

share register on the “record” date. If a share transfer prior to

the ex-dividend date is not recorded on the register before the

record date, the selling party will need to pass on the benefit or

dividend to the buying party. The “ex-dividend” date is currently

the business day prior to the record date. The “payment” date

is the date that dividends are credited to shareholders’ bank

accounts. This may be several weeks or even months after the

record date.

Ex-dividend – shares are classified as ex-dividend when the

buyer of a security is not entitled to receive a dividend that has

been declared, but not paid.

Glossary of Terms

104 | CT Global Managed Portfolio Trust PLC

Other Information

Gearing – this is the ratio of the borrowings of the Company

to its net assets. Borrowings have a “prior charge” over

the assets of a company, ranking before shareholders in

their entitlement to capital and/or income. They include:

overdrafts and short and long-term loans from banks; and

derivative contracts. If the Company has cash assets, these

may be assumed either to net off against borrowings, giving

a “net” or “effective” gearing percentage, or to be used to

buy investments, giving a “gross” or “fully invested” gearing

figure. Where cash assets exceed borrowings, the Company

is described as having “net cash”. The Company’s maximum

permitted level of gearing is set by the Board and is described

within the Strategic Report.

Growth shares – a form of Ordinary share issued by the

Company. The net asset value attributable to each Growth

share is equal to the net asset value of the Growth Portfolio

divided by the total number of Growth shares in issue. The

Growth shares are not entitled to dividends paid by the

Company.

Income shares – a form of Ordinary share issued by the

Company. The net asset value attributable to each Income

share is equal to the net asset value of the Income Portfolio

divided by the total number of Income shares in issue. The

Income shares are entitled to dividends paid by the Company.

Investment company (Section 833) – UK company law allows

an investment company to make dividend distributions out of

realised distributable reserves, even in circumstances where

it has made capital losses in any year provided the company’s

assets remaining after payment of the dividend exceed 150%

of its liabilities. An investment company is defined as investing

its funds in shares, land or other assets with the aim of

spreading investment risk.

Investment trust taxation status (Section 1158) – UK

corporation tax law allows an investment company (referred

to in tax law as an investment trust) to be exempted from tax

on its profits realised on investment transactions, provided it

complies with certain rules. These are similar to Section 833

company law rules but further require that the Company must

be listed on a regulated market and that it cannot retain more

than 15% of income received (set out in note 8 to the financial

statements). The Report of the Directors contains confirmation

of the Company’s compliance with this law and its consequent

exemption from taxation on capital gains.

Manager – Columbia Threadneedle Investment Business

Limited (formerly called BMO Investment Business Limited),

which is ultimately owned by Columbia Threadneedle

Investments, the global investment management business

of Ameriprise Financial, Inc. a company incorporated in the

United States. The responsibilities and remuneration of the

Manager are set out in the Purpose, Strategy and Business

Model, Report of the Directors and notes 4 and 5 to the

financial statements.

Market capitalisation – the stock market quoted price of the

Company’s shares multiplied by the number of shares in issue.

If the Company’s shares trade at a discount to NAV, the market

capitalisation will be lower than the net asset value.

Net asset value (NAV) – the assets less the liabilities of the

Company, as set out on the Balance Sheet, all valued in

accordance with the Company’s accounting policies (see note

1 to the financial statements) and United Kingdom Accounting

Standards. The net assets correspond to equity shareholders’

funds, which comprise the share capital account, share

premium, capital redemption reserve, 2022 special reserve,

2008 special reserve and capital and revenue reserves.

Net asset value (NAV), Debt at par – the Company’s bank

borrowings are valued in the financial statements at par (the

actual amount borrowed) and this NAV including this number is

referred to as “NAV, Debt at par”.

Non-executive Director – a Director who has a contract for

services, rather than a contract of employment, with the

Company. The Company does not have any executive Directors.

Non-executive Directors’ remuneration is described in detail

in the Remuneration Report. The duties of the Directors, who

govern the Company through the auspices of a Board and

Committees of the Board, are set out in the Statement of

Corporate Governance.

SORP – Statement of Recommended Practice. Where

consistent with the requirements of UK Generally Accepted

Accounting Practice, the financial statements of the Company

are drawn up in accordance with the Investment Trust SORP,

issued by the AIC, as described in note 1 to the financial

statements.

Report and Financial Statements 2024 | 105

Other Information

Directors

David Warnock (Chairman)

(1)

Shauna L Bevan

Sue P Inglis

(2)

Simon M Longfellow

(3)

Alternative Investment Fund Manager (‘AIFM’),

Manager and Company Secretary

Columbia Threadneedle Investment Business Limited

Quartermile 4

7a Nightingale Way

Edinburgh EH3 9EG

Auditor

BDO LLP

Citypoint

65 Haymarket Terrace

Edinburgh EH12 5HD

Broker

Winterflood Investment Trusts

The Atrium Building

Cannon Bridge House

25 Dowgate Hill

London EC4R 2GA

Depositary

JPMorgan Europe Limited

25 Bank Street

Canary Wharf

London E14 5JP

Bankers and Custodian

JPMorgan Chase Bank

25 Bank Street

Canary Wharf

London E14 5JP

Bankers

The Royal Bank of Scotland International Limited

440 Strand

London WC2R 0QS

Solicitors

Dickson Minto LLP

16 Charlotte Square

Edinburgh EH2 4DF

Company Number

SC338196

Website

ctglobalmanagedportfolio.co.uk

Corporate Information

(1)

Chairman of Management Engagement Committee and Nomination Committee

(2)

Senior Independent Director and Chairman of Audit Committee

(3)

Chairman of Marketing Committee

CT Global Managed Portfolio Trust PLC

Annual Report and Financial Statements 2024

Registered office:

Quartermile 4, 7a Nightingale Way, Edinburgh EH3 9EG

Tel: 0131 573 8300

Registrars:

Equiniti

Aspect House

Spencer Road

Lancing

West Sussex BN99 6DA

Registrars’ Shareholder Helpline: +44 (0)371 384 2923

www.shareview.co.uk

To find out more visit columbiathreadneedle.com

Lines open 8.30 am to 5.30 pm, Monday to Friday, excluding public holidays in England and Wales.