Annual Report and Financial Statements

CT Global

Managed

Portfolio

Trust PLC

For the year ended:

31 May 2022

Formerly BMO Managed Portfolio Trust PLC

CT Global Managed Portfolio Trust PLC

Contents

Overview

Company Name and Overview 1

Income Shares – 2022

Highlights and Performance Summary 2

Growth Shares – 2022

Highlights and Performance Summary 4

Long-term Summary 6

Strategic Report

Chairman’s Statement 7

Purpose, Strategy and Business Model 11

Key Performance Indicators 13

Investment Manager’s Review 14

Income Shares – Investment Portfolio 20

Growth Shares – Investment Portfolio 22

Sustainability and ESG 24

Promoting the Success of the Company 26

Principal Risks and Uncertainties and Viability Statement 28

Policy Summary 31

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

Directors’ Remuneration Report 50

Statement of Directors’ Responsibilities 53

Independent Auditor’s Report

Financial Report

Financial Statements 60

Notes to the Financial Statements 65

AIFMD Disclosures 87

Notice of Meeting

Notice of Annual General Meeting 88

Other Information

Capital Structure 93

Shareholder Information 94

How to Invest 96

Historic Record 97

Alternative Performance Measures (“APMs”) 98

Glossary of Terms 102

Corporate Information 104

Financial Calendar

Annual General Meeting 29 September 2022

Deadlines for submitting conversion instructions:

– for Columbia Threadneedle Investments savings plan investors

– for non-Columbia Threadneedle Investments savings plan investors

23 September 2022

30 September 2022

First interim dividend paid (XD Date 15 September 2022) 7 October 2022

Share conversion facility date 27 October 2022

Second interim dividend paid (XD Date 15 December 2022) 6 January 2023

Announcement of interim results for six months to 30 November 2022 January 2023

Third interim dividend paid (XD Date 16 March 2023) 11 April 2023

Fourth interim dividend paid (XD Date 15 June 2023) 7 July 2023

Announcement of annual results and posting of Annual Report July 2023

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 the 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.

Report and Accounts 2022 | 1

Overview

Company Name and Overview

Change of Name

With effect from 29 June 2022, the name of the Company was changed

by resolution of the Board to CT Global Managed Portfolio Trust PLC.

CT Global Managed Portfolio Trust PLC (the 'Company') (formerly

BMO Managed Portfolio Trust PLC) 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

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.

INVESTMENT

COMPANY OF THE

YEAR AWARDS 2020

The Association of

Investment Companies

In association with

WINNER

FLEXIBLE INVESTMENT

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2 | CT Global Managed Portfolio Trust PLC

Overview

+7.3%

Dividend increased

Annual dividend increased by 7.3% to 6.65p per Income share compared to the

prior year.

+5.1%

Dividend yield

(1)

Dividend yield of 5.1% at 31 May 2022, based on total dividends for the financial

year of 6.65p per Income share. This compares to the yield on the FTSE All-Share

Index of 3.3%. Dividends are paid quarterly.

-1.5%

NAV total return

(1)

Net asset value total return per Income share of -1.5% for the financial year,

underperforming the total return of the FTSE All-Share Index (+8.3%) by -9.8%.

-4.4%

Share price total return

(1)

Share price total return per Income share of -4.4% for the financial year,

underperforming the total return of the FTSE All-Share Index (+8.3%) by -12.7%.

+7.1%

CAGR

(1)

Long-term performance

Net asset value total return per Income share of +162.9% since launch on 16 April

2008, the equivalent of +7.1% compound per year. This has outperformed the total

return of the

FTSE All-Share Index of +127.0%, the equivalent of +6.0% compound

per year.

(1)

Yield, total return and compound annual growth rate ("CAGR") – see Alternative Performance Measures on pages 98 to 101.

Investors are reminded that the value of investments and any income from them may go down as well as up and they may not

receive back the full amount invested. Tax benefits may vary as a result of statutory changes and their value will depend on

individual circumstances.

Income Shares – 2022 Highlights

Report and Accounts 2022 | 3

Overview

Income Shares – Performance Summary

Total Return

(1)

Year ended

31 May

2022

Year ended

31 May

2021

Net asset value per Income share -1.5% +29.0%

Income share price -4.4% +28.2%

FTSE All-Share Index +8.3% +23.1%

Other Financial Highlights

Year ended

31 May

2022

Year ended

31 May

2021 Change

Net asset value per Income share – capital only 133.67p 142.22p -6.0%

Income share price – capital only 131.00p 143.50p -8.7%

FTSE All-Share Index – capital only 4,201.96 4,016.13 +4.6%

Revenue return per share (including net income transfer from Growth shares) 6.85p 6.59p +3.9%

Dividends per Income share 6.65p 6.20p +7.3%

Dividend yield

(1)

5.1% 4.3%

-Discount/+premium

(1)

-2.0% +0.9%

Ongoing charges

(1)

– excluding performance fee and ongoing charges of underlying funds

– including performance fee but excluding ongoing charges of underlying funds

– AIC methodology, excluding performance fee but including ongoing charges of underlying funds

1.04%

2.07%

1.08%

1.51%

2.26%

Year’s Highs/Lows

Highs

2022

Lows

2022

Net asset value per Income share

146.5p 125.2p

Income share price

148.0p 126.5p

+Premium/-discount

(2)

+5.7% -2.6%

(1)

Total return, yield, +premium/-discount and ongoing charges – see Alternative Performance Measures on pages 98 to 101.

(2)

+Premium/-discount high – widest premium/narrowest discount in year. +Premium/-discount low – narrowest premium/widest discount in year.

Sources: Columbia Threadneedle Investments and Refinitiv Eikon.

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4 | CT Global Managed Portfolio Trust PLC

Overview

Growth Shares – 2022 Highlights

-11.4%

NAV total return

(1)

Net asset value total return per Growth share of -11.4% for the financial year,

underperforming the total return of the FTSE All-Share Index (+8.3%) by -19.7%.

-11.9%

Share price total return

(1)

Share price total return per Growth share of -11.9% for the financial year,

underperforming the total return of the FTSE All-Share Index (+8.3%) by -20.2%.

+6.7%

CAGR

(1)

Long-term growth

The net asset value per Growth share has increased by +149.4% since launch on

16 April 2008, the equivalent of +6.7% compound per year. This has outperformed

the total return of the FTSE All Share Index of +127.0%, the equivalent of +6.0%

compound per year.

Outperformance

Longer term outperformance of the benchmark

The net asset value total return per Growth share has outperformed the total

return of the FTSE All

-Share Index over three years, five years, ten years and

from launch to 31 May 2022

(1)

Total return and compound annual growth rate – see Alternative Performance Measures on pages 98 to 101.

Investors are reminded that the value of investments and any income from them may go down as well as up and they may

not receive back the full amount invested. Tax benefits may vary as a result of statutory changes and their value will depend

on individual circumstances.

Report and Accounts 2022 | 5

Overview

Growth Shares – Performance Summary

Total Return

(1)

Year ended

31 May

2022

Year ended

31 May

2021

Net asset value per Growth share -11.4% +32.5%

Growth share price -11.9% +30.7%

FTSE All-Share Index +8.3% +23.1%

Other Financial Highlights

Year ended

31 May

2022

Year ended

31 May

2021 Change

Net asset value per Growth share – capital only 244.41p 276.01p -11.4%

Growth share price – capital only 244.00p 277.00p -11.9%

FTSE All-Share Index – capital only 4,201.96 4,016.13 +4.6%

-Discount/+premium

(1)

-0.2% +0.4%

Ongoing charges

(1)

– excluding performance fee and ongoing charges of underlying funds

– including performance fee but excluding ongoing charges of underlying funds

– AIC methodology, excluding performance fee but including ongoing charges of underlying funds

0.96%

1.71%

1.03%

1.43%

1.96%

Year’s Highs/Lows

Highs

2022

Lows

2022

Net asset value per Growth share

299.5p 235.6p

Growth share price

298.0p 240.0p

+Premium/-discount

(2)

+6.7% -1.9%

(1)

Total return, -discount/+premium and ongoing charges – see Alternative Performance Measures on pages 98 to 101.

(2)

+Premium/-discount high – widest premium/narrowest discount in year. +Premium/-discount low – narrowest premium/widest discount in year.

Sources: Columbia Threadneedle Investments and Refinitiv Eikon

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6 | CT Global Managed Portfolio Trust PLC

Overview

Long-term Summary

Income Shares – Ten Year Dividend History for Financial Year to 31 May

1st Interim 2nd Interim 3rd Interim 4th Interim Special

2013 2014 2015 2016 2017 201820192020202

022

Pence per Income share

NAV Total Return Performance to 31 May 2022 Compound Annual Growth Rate to 31 May 2022

Share Price Total Return Performance to 31 May 2022 Compound Annual Growth Rate to 31 May 2022

Sources: Columbia Threadneedle Investments and Refinitiv Eikon

CT Global Managed Portfolio Tr ust - Income shares NAV total return

CT Global Managed Portfolio Tr ust - Growth shares NAV total return

Benchmark: FTSE All-Share Index total return

12%

10%

3 Years 5 Years 10 Years From launch -

16 April 2008

5.6

6.0

5.8

4.5

5.6

4.1

8.7

10.0

8.1

7.1

6.7

6.0

3 Years5 Years10 YearsFrom Launch -

16 April 2008

CT Global Managed Portfolio Trust - Income shares NAV total return

CT Global Managed Portfolio Trust - Growth shares NAV total return

Benchmark: FTSE All-Share Index total return

19.1

17.8

18.4

31.5

24.4

22.2

160.1

130.6

117.0

149.4

162.9

127.0

20%

40%

60%

80%

100%

120%

140%

160%

180%

200%

CT Global Managed Portfolio Trust - Income share price total return

CT Global Managed Portfolio Trust - Growth share price total return

Benchmark: FTSE All-Share Index total return

12%

10%

3 Years 5 Years 10 Years From launch -

16 April 2008

4.1

5.8

3.5

5.2

4.1

8.4

10.1

8.1

6.7

6.5

6.0

3 Years5 Years10 YearsFrom Launch -

16 April 2008

CT Global Managed Portfolio Trust - Income share price total return

CT Global Managed Portfolio Trust - Growth share price total return

Benchmark: FTSE All-Share Index total return

18.4

12.8

18.4

29.1

18.7

22.2

162.4

125.0

117.0

144.0

150.8

127.0

20%

40%

60%

80%

100%

120%

140%

160%

180%

200%

Report and Accounts 2022 | 7

Strategic Report

Performance

For the Company’s financial year to 31 May 2022 the NAV

total return (capital performance plus the reinvestment of any

dividends paid) was -1.5% for the Income shares and -11.4% for

the Growth shares, both of which underperformed the +8.3%

total return for the FTSE All-Share Index, the benchmark index

for both share classes. It was particularly disappointing that the

Growth Portfolio, after nine consecutive years of being ahead

of the benchmark, gave up so much ground during the second

half of the financial year. The Income Portfolio followed a similar

trend although of a much lesser magnitude.

Performance Over 1 Year (Rebased to 100 at 31 May 2021)

115

110

105

100

31 May

2021

31 August

2021

30 November

2021

28 February

2022

31 May

2022

Income shares - NAV total return

Growth shares - NAV total return

Benchmark

Source: Refinitiv Eikon

The about turn in performance started very early in December

and was caused by major changes in a series of macro factors

which rapidly affected investor sentiment towards financial

markets. The rise in inflation accelerated and then the first

increase in interest rates occurred which was reflected in the

beginning of a marked rise in bond yields. This was behind the

change in leadership within equity markets from companies with

secular growth characteristics – which had led markets upwards

for a number of years, especially so during the pandemic – to

old economy companies with value characteristics e.g. oils,

miners, tobaccos and banks. This is discussed more fully in the

Investment Manager’s Review.

Whilst the financial year to 31 May 2022 was difficult in terms

of performance, the NAV total return of both share classes

outperformed the benchmark over five years, ten years and from

launch to 31 May 2022.

For Income shareholders, I am pleased to report that dividends

have now been increased in each of the last eleven years.

For Growth shareholders seeking long term performance, it is

pleasing to note that their net asset value compound annual

growth rates have been 6.0%, 5.6% and 10.0% over three years,

five years and ten years respectively.

Revenue and Dividends

For the financial year ended 31 May 2022, four interim dividends

have now been paid, totalling 6.65p per Income share (6.20p

per Income share for the previous financial year). The fourth

interim dividend was paid after the year-end on 8 July 2022.

Strategic Report

This Strategic Report, which includes pages 7 to 32 and incorporates the Chairman’s Statement, has

been prepared in accordance with the Companies Act 2006.

–

Dividend yield on the Income shares of 5.1% at 31 May 2022

–

Eleventh consecutive year of dividend increases

David Warnock, Chairman

Chairman’s Statement

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8 | CT Global Managed Portfolio Trust PLC

Strategic Report

In order to make the interim dividends of more equal amounts,

the first three interim dividends were increased to 1.55p per

Income share (1.40p per Income share for the previous financial

year). The fourth interim dividend was maintained at the same

rate as in the prior financial year (of 2.00p per Income share)

and, therefore, the total annual dividend increased by 7.3% in

comparison to the prior financial year. This has been achieved

while adding £80,000 to the revenue reserve.

This is the eleventh consecutive year of increase and, as a

result, the yield on the Income shares was 5.1% on the year-end

Income share price, compared with 3.3% for the FTSE All-Share

Index.

From an income perspective, the overall revenue generated

showed a healthy increase on the previous year and was better

than had been expected. Dividend growth came through from

a number of holdings, particularly in the UK equity income and

alternatives sectors. The increase in exposure to UK equity

trusts also enhanced Portfolio revenue growth.

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 of at least

1.67p per Income share and that the aggregate dividends for the

financial year to 31 May 2023 will be at least 6.68p per Income

share.

After allowing for the payment of the fourth interim dividend, CT

Global Managed Portfolio Trust has a revenue reserve of £2.2

million, approximately 68% of the current annual dividend cost

(at 6.68p per Income share). In addition, following approval from

shareholders at the 2021 AGM and also the Scottish Court of

Session, the Company’s share premium account was cancelled

with effect from 26 May 2022 and a new distributable reserve

(2022 special reserve) created in both Portfolios. The £29.6

million of this reserve attributable to the Income Portfolio can be

used to pay or supplement the payment of dividends to Income

shareholders and therefore both this and the revenue reserve

are important buffers which can be used if and when considered

appropriate by the Board.

Borrowing

During the financial year, the Company renewed its borrowing

facilities with The Royal Bank of Scotland International Limited. It

entered into an unsecured loan facility for £5 million for a three-

year term at a fixed rate of 2.78% (which was fully drawn down in

the Income Portfolio) and also a three-year unsecured revolving

credit facility (“RCF”) for £5 million. These facilities are available

until 10

February 2025. At the year-end, £2 million of the RCF

had been drawn down in the Income Portfolio, resulting in total

borrowings of £7 million in the Income Portfolio (9.7% of gross

assets) 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 primarily used to enhance income in the Income

Portfolio by investing in higher yielding alternatives funds.

Management of Share Premium and Discount to NAV

In normal circumstances we aim to maintain the discount to

NAV at which our shares trade at not more than 5%. In practice

over the years the shares have generally traded close to NAV.

During the financial year to 31 May 2022, we have been able

to maintain an average premium of 1.0% for both the Income

shares and the Growth shares.

We are active in issuing shares to meet demand and equally

buying back when this is appropriate. During the financial year

1,480,000 new Income shares and 1,085,000 new Growth

shares were issued from the Company’s block listing facilities

at an average premium to their respective NAVs of 1.6% and no

Income shares or Growth shares were bought back.

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 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 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 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 27 October 2022. Information is

Report and Accounts 2022 | 9

Strategic Report

provided on pages 94 to 95 and full details will be provided on

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

August 2022.

Board Changes

David Harris will retire following the conclusion of the

forthcoming Annual General Meeting on 29 September 2022.

David was appointed as a director at the launch of the Company

in 2008, and the Board would like to convey its thanks to him for

his contribution since then. David is also the Senior Independent

Director and I am pleased to say that Sue Inglis has agreed to

fulfil this role following David’s retirement.

As part of its succession plan, the Board was pleased to appoint

Shauna Bevan as a non-executive Director with effect from

9 June 2022 and we believe her investment experience and

industry knowledge will add considerable value to the Board.

Shauna’s biographical details are set out on page 33 and her

election will be proposed to shareholders for approval at the

forthcoming AGM on 29 September 2022.

Following the year-end, the Board also agreed to establish a

Marketing Committee. Simon Longfellow, who has extensive

experience of marketing investment trusts to retail investors, will

chair the Committee, which will meet at least twice a year. 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, together with its strong long-term

performance is particularly well suited to the retail segment of

the market.

Our Manager and Company Name

As reported in our Interim Report, on 8 November 2021,

Columbia Threadneedle Investments, part of Ameriprise

Financial, acquired BMO’s EMEA asset management business,

which included the Company’s Manager, BMO Investment

Business Limited.

As part of the acquisition agreement, permission was granted

to use the BMO prefix for an interim period. The Manager has

now brought its business under the Columbia Threadneedle

Investments brand and removed the BMO name at the start of

July. Consequently, a change of name for your Company was

necessary and the Board resolved to change it to CT Global

Managed Portfolio Trust PLC with effect from 2

9 June 2022.

CT is the mnemonic of Columbia Threadneedle Investments. A

number of other investment trusts previously branded BMO and

also funds managed by and branded as Columbia Threadneedle

have also adopted the CT prefix.

The CT brand will receive considerable marketing support from

the Manager and its savings plans have also changed name

from BMO to CT. Consequently, it appeared that the change

of name was logical and the inclusion of ‘Global’ will help

to articulate the mandate of the Company and illustrate the

spread of geographies covered within its investment Portfolios.

These changes (which included the renaming of the Company’s

website and the ticker codes for the Income shares and Growth

shares on the London Stock Exchange which changed to CMPI

and CMPG respectively) took effect towards the start of July.

There is however no change to the personnel running the

activities of your Company in terms of both fund management

and administration. The Manager’s name has also changed to

Columbia Threadneedle Investment Business Limited.

The Board has been kept up to date with the integration of the

BMO and Columbia Threadneedle Investments businesses

and the commitment to BMO’s investment trust business and

the savings plans is also welcome. The change of ownership

and subsequent developments are issues that the Board will

continue to monitor closely in the coming months.

AGM

The Annual General Meeting is scheduled to be held on 29

September 2022 at Exchange House, Primrose Street, London,

EC2A 2NY 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 you can lodge your 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

Outlook

In an environment of rising inflation, interest rates and bond

yields, along with heightened geopolitical risks due to the

Russia/Ukraine conflict it is likely equity markets will continue

to experience periods of volatility. In the short term this will

affect investment companies with exposure to technology and

high growth sectors. However, although exposure in these

areas has been pared back, the intention is that they remain

a core element of the Growth Portfolio as it is these types of

investment companies which generate strong performance and

excess returns over the long run.

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10 | CT Global Managed Portfolio Trust PLC

Strategic Report

With the threat of recession raised, both Portfolios will

be managed in a cautious manner. Discounts across the

investment company universe reflect the current uncertainties

in both economies and equity markets, however, for the patient

investor, they offer better value than for many years. As always,

the focus is on selecting only the highest quality investment

companies with experienced managers in the belief that this will

serve shareholders’ interests best.

David Warnock

Chairman

8 August 2022

Report and Accounts 2022 | 11

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 (formerly called BMO Investment Business Limited) (the

‘Manager’) which is ultimately owned by Columbia Threadneedle

Investments, the global investment management business of

Ameriprise Financial, Inc. a company incorporated in the United

States. Within policies set and overseen by the Directors,

the Manager has been given overall responsibility for the

management of the Company's assets, gearing, stock selection

and risk management. Engagement on environmental, social and

governance (‘ESG’) matters are undertaken by

the Manager.

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.

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 26 to 27. The Board currently consists of three male

and two female Directors and their 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 31 and 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 and that its values, culture,

expectations and aspirations align with our own. As an original

signatory to the United Nations Principles for Responsible

Investment (‘UNPRI’), the Manager has achieved the maximum

rating of A+ for key areas of its Responsible Investment

approach and active ownership in listed equities. A key aspect of

the recent change in ownership of the Manager is therefore the

cultural fit with Columbia Threadneedle Investments.

The Board considers the Manager’s culture and values as

part of the annual assessment of its performance and in

determining whether its reappointment is in the interests

of shareholders. With Columbia Threadneedle Investments,

and as part of Ameriprise, the Manager can be expected to

continue its long-established culture of diversity, collaboration

and inclusion, all of which are anchored by shared values and

industry-leading employee engagement, in keeping with the

Board’s own expectations and beliefs. The Board will continue to

monitor these attributes and achievements within the combined

organisation, recognising their importance and contribution

towards the wider aspirations of establishing a more sustainable

financial system.

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 Impact

The Company‘s environmental, social and governance principles,

as set out on pages 24 and 25, are aligned towards the delivery

of sustainable investment performance over the longer term.

The direct impact of the Company’s activities 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 the investments in which it invests and the Board

seeks to positively influence this through the adoption of the

Manager’s Responsible Investment approach.

Purpose, Strategy and Business Model

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12 | CT Global Managed Portfolio Trust PLC

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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.

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 for the period under

review, which was conducted by the Management Engagement

Committee, and the basis on which the reappointment decision

was made, is set out on page 45.

Investment Strategy and Policy

The Company’s investment policy is set out on page 31.

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 20 to 23.

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 2022, 41 investments were

held in the Income Portfolio and 45 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 28

and 29.

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 31 and 32 and the Company’s performance in meeting

its objectives is measured against key performance indicators

(‘KPIs’) as set out on page

13.

The Chairman’s Statement on pages 7 to 10 and Investment

Manager’s Review on pages 14 to 19, 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 of this report

on page 96.

The Company welcomes the views of all shareholders and places

great importance on communication with them. In addition to the

annual and interim reports that are available for shareholders,

monthly fact sheets and additional information is included on the

Company's website at ctglobalmanagedportfolio.co.uk.

The Manager holds meetings with the Company’s larger

shareholders and reports back to the Board on these meetings.

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 trust sector.

Under normal circumstances, the Annual General Meeting of

the Company provides a forum, both formal and informal, for

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.

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Strategic Report

Total Return

(1)

Performance to 31 May 2022

1 Year % 3 Years % 5 Years % 10 Years %

Income shares NAV total return -1.5 +17.8 +24.4 +130.6

This measures the share class NAV and share price

total returns, (which assumes dividends paid by

the Company have been reinvested) relative to the

benchmark.

Growth shares NAV total return -11.4 +19.1 +31.5 +160.1

Income share price total return -4.4 +12.8 +18.7 +125.0

Growth share price total return -11.9 +18.4 +29.1 +162.4

Benchmark total return

(2)

+8.3 +18.4 +22.2 +117.0

Dividend Level of the Income Shares

Financial year to 31 May 2022 2021 2020

Annual dividend 6.65p 6.20p 6.10p

This shows the dividend yield of the Income shares at

the year-end relative to the benchmark.

Dividend yield

(1)

5.1% 4.3% 5.2%

Yield on FTSE All-Share index 3.3% 2.8% 4.8%

Average +Premium/-Discount to NAV

During the financial year to 31 May

Income

Growth

2022 +1.0 +1.0

This is the average difference between the share price

and the NAV per share during the financial year.

2021 -0.1 +0.1

2020 +1.2 +0.0

Ongoing Charges

(1)

(as a percentage of the average net asset value)

As at 31 May

Income

(3)

Income

(4)

Growth

(3)

Growth

(4)

2022 1.04 1.04 0.96 0.96

This data shows whether the Company is being

run efficiently. It measures the running costs as a

percentage of average net assets.

2021 1.08 1.51 1.03 1.43

2020 1.10 1.46 1.03 1.39

Ongoing charges including the ongoing charges of underlying funds have not been included above 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 98 to 101

(2)

Benchmark: FTSE All-Share Index

(3)

Excluding performance fee and ongoing charges of underlying funds

(4)

Including performance fee but excluding ongoing charges of underlying funds

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 current year.

Key Performance Indicators

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14 | CT Global Managed Portfolio Trust PLC

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Stock Market Background

Over the past twelve months the environment for equity markets

has changed significantly. For the first half of the Company’s

financial year the focus was on recovery from the pandemic.

Central bankers viewed the inflation that had become apparent,

as “transitory” principally due to supply bottlenecks and deferred

any measure to tighten economic policy for fear of choking off

recovery. By late last year it was clear that inflation which had

risen rapidly was more “sustained” and, belatedly, monetary

authorities moved to begin to tighten economic policy. The Bank

of England moved first by raising interest rates in December.

In February events deteriorated with the start of the Russia/

Ukraine war. Oil prices rose sharply, as did gas prices in Europe,

on fears of shortages as Russia is a large supplier of both. This

meant the upwards momentum for inflation received another

substantial push. The Federal Reserve in the US and the Bank

of England in the UK raised interest rates and made clear

that in order to combat inflation a series of further increases

were highly likely. Bond yields responded by moving upwards,

especially in the US, and, although both interest rates and bond

yields remain at low levels in a historic context, the important

point is the change of direction. Inflation reached a 40 year high

in the US fuelled by a very tight labour market which was also

evident in the UK and Europe.

This type of environment leads to volatility in equity markets

and to significant changes of performance trends within equity

markets.

Total Return by Region for the Year to 31 May 2022

(sterling adjusted)

MSCI Emerging Markets (-9.3%)

FTSE Japan (-2.2%)

FTSE Europe ex UK (-1.5%)

FTSE Pacific ex Japan (+1.3%)

FTSE World ex UK (+7.0%)

FTSE All-Share (+8.3%)

S&P Composite (US) (+12.2%)

-10 -5 0510 15

Source: Columbia Threadneedle Investments

The chart above highlights that the UK equity market, for

many years a long-term underperformer amongst global equity

markets, reversed that trend and moved towards the top of the

table. However, this understates the relative performance of the

UK equity market as the returns of many global equity markets

(when translated back into sterling) were boosted by an over

12% decline of sterling relative to the US Dollar. In local currency

the S&P Composite Index was flat over the past year.

Investment Manager’s Review

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Peter Hewitt, Investment Manager

Report and Accounts 2022 | 15

Strategic Report

Currency Movements against Sterling in Year to 31 May 2022

(US$ and Euro)

115%

110%

105%

100%

95%

31-May-21

31-Aug-21

30-Nov-21

28-Feb-22

31-May-22

Euro

US Dollar

Currency strengthening

against sterling

Currency weakening

against sterling

Source: Columbia Threadneedle Investments

The second half of the financial year saw a major reversal of

performance from many global equity indices. The onset of rising

inflation, increasing interest rates and bond yields created a

headwind for many equity markets. The table below illustrates

performance over the second six months of the financial year

from a selection of equity indices.

Total Return from 30 November 2021 to 31 May 2022

Index

Local

Currency

% Return

Sterling

Adjusted

% Return

Dow Jones World Technology Index -22.2 -18.3

Nasdaq Composite Index -22.0 -18.2

FTSE Govt All Stocks Index -14.8 -14.8

FTSE Closed End Investment Co. Index -13.2 -13.2

FTSE 250 Mid Cap Index -8.2 -8.2

MSCI All Countries World Index -9.1 -4.6

S&P Composite Index -8.9 -4.3

FTSE Small Cap (ex Inv. Co.) Index -3.9 -3.9

FTSE 100 Index 9.8 9.8

Source: Columbia Threadneedle Investments

From the perspective of a UK investor, despite the adverse

economic environment previously outlined and the additional

geopolitical upheaval caused by the Russian invasion of Ukraine,

UK equities appear to have achieved a respectable positive

return, particularly during the period of maximum uncertainty

of the last six months. The table highlights that medium and

smaller companies in the UK have in share price terms not

fared well. Typically, this is the area that fund managers look to

invest in to outperform mainstream UK equities. However, this is

not confined to the UK and the World Index has also declined,

albeit a weak sterling has softened the blow when returns

are translated back into sterling. High growth and technology

companies in the US, which have driven returns for a number of

years, and particularly so during the pandemic, suffered a sharp

setback. This is best illustrated by the Nasdaq Composite Index

and the Dow Jones World Technology Index, both of which have

fallen over 20% in US Dollar terms.

This puts into perspective the return of the FTSE 100 Index

(which accounts for 80% of the FTSE All-Share Index). The return

of this index is mainly explained by its sector composition.

The index has very little in technology companies, around 1%,

whilst it has heavy weightings in sectors like oils, mining, banks,

tobacco, telecoms and utilities which tend to be resilient during

times of rising inflation and interest rates. In addition, soaring

oil and commodity prices boosted share prices of companies

in certain of these sectors. Viewed together these mature “old

economy” sectors account for nearly half the FTSE 100 Index.

However, taking a longer perspective, it is these very sectors that

have been a key factor behind the long-term underperformance

of UK equities.

Performance

For the year to 31 May 2022, the FTSE All-Share Index rose by

8.3% (in total return terms). Over the same period the NAV of

the Growth shares declined by 11.4% whilst that of the Income

shares experienced a smaller decline of 1.5% (again both in total

return terms). After nine consecutive years of outperforming the

benchmark, it is disappointing that the Growth Portfolio, after

being ahead of the benchmark at the interim stage, gave up so

much ground relative to the benchmark during the second six

months of the financial year. A similar trend, though of a much

lesser magnitude, was evident in the performance of the Income

Portfolio.

Changes in macro factors were the causes behind the

performance experienced in the second half of the financial

year. The macro factors being: inflation, interest rates and bond

yields and then, from February, the Russia/Ukraine war. The first

three macro factors have been at very low levels for many years

as growth in the developed world was also at low levels. This

scenario was good for the valuation of companies who promised

strong growth in profits and earnings in the future. Typically, this

would be companies in the technology sector or companies

who, through the use of technology and the internet, disrupted

existing industries. The Growth Portfolio benefitted from

these long-term trends by holding investment companies with

significant exposure in these areas. However, towards the end

of 2021 it became clear that rising inflation was not “transitory”

but would be more “sustained” and that, in order to combat this,

a decade of stimulative monetary policy known as “quantitative

easing” would have to end and ultimately interest rates, which

had been at very low levels since the financial crash of 2008/9,

would have to rise. In bond markets, yields moved upwards

as did the perception that both interest rates and bond yields

would have to move markedly higher in the future, as monetary

authorities sought to catch up with what was happening in the

real economy. The Russian invasion of Ukraine exacerbated

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16 | CT Global Managed Portfolio Trust PLC

Strategic Report

matters and with sharply rising oil and commodity prices added

further upwards momentum to inflation.

This caused a sharp compression of valuations among “growth

companies”, the very sectors and companies that had driven

performance for most of the decade. Investment companies

with holdings in the technology/biotechnology sectors and high

growth companies more generally, experienced a sharp pull

back in asset values and also a widening of discounts. This is

illustrated by the performance of the Nasdaq Composite and

Dow Jones World Technology Indices in the preceding table.

Even in the UK, which does not have a large technology sector

as in the US, the FTSE 250 Mid Cap Index, which is home to

many of the UK’s growth companies, underperformed sharply,

after a long period of outperforming the UK equity market.

In December and January, in the Growth Portfolio, the decision

was taken to reduce exposure to investment companies with

large holdings in these sectors (between one third and a half in

most cases). Examples include Allianz Technology Trust, Scottish

Mortgage Investment Trust, Polar Capital Technology Trust,

Edinburgh Worldwide Investment Trust, Biotech Growth Trust,

Monks Investment Trust, Impax Environmental Markets, Herald

Investment Trust and Worldwide Healthcare Trust. However,

holdings at reduced levels have been maintained as the

exposure to secular growth sectors and companies will generate

strong performance over the long term. The evidence over the

fourteen years that CT Global Managed Portfolio Trust has been

listed is that it is from these type of investment companies that

returns multiple times the original investment are made.

The Income Portfolio was less heavily exposed in these areas

as investment companies exposed to technology and growth

companies tend to have either no or very low dividends. There

were certain reductions made to Bellevue Healthcare Trust and

Scottish American Investment Company whilst the holding in

Monks Investment Trust was sold completely.

Changes in discounts can often be a significant factor behind

the performance of investment companies. For most of the

last decade the average discount for the sector has traded in

a tight range between 3%-5% except for the period immediately

following the Brexit referendum in June 2016 and the start

of the pandemic in March 2020. In both cases discounts

tightened back to their range within weeks. As can be seen

from the following chart, for the first six months of the financial

year the average sector discount began at 2.6% and then

continued within its previous narrow range, however for the

second six months, it steadily widened to finish the year at 7%.

Whilst no one reason was behind the move, a combination

of overall market volatility, uncertain investor sentiment and

underperformance from many trusts with a growth investment

style could be identified as factors behind this trend.

Investment Company – Average Sector Discount for 1 Year to

31 May 2022

Sector average discount (excluding alternatives) (%)

% Discount(-) / Premium (+)

May-21

Aug-21

Nov-21

Feb-22

May-22

-9

-8

-7

-6

-5

-4

-3

-2

-1

Source: Winterflood Securities

Growth Portfolio – Leaders and Laggards

An illustration of the change in the macro-economic environment

affecting equity markets can be seen in that three of the

leading contributors over the past year are from the sub-group

of holdings that could be viewed as “portfolio protectors”. The

common theme is either no or low exposure to equities with the

result that they offset other holdings in the portfolio which are

affected in adverse market conditions. All three have been held

in the portfolio for many years. The best was BH Macro which

experienced a 25% share price gain. BH Macro is a macro hedge

fund which means it exploits opportunities in interest rates,

bonds and foreign currencies. The many trades its managers

undertake at any one time are tightly managed in terms of risk.

When volatility is low, returns tend to be muted however when

volatility rises, as has been the case over the past year, returns

can be substantial. The Growth Portfolio has held shares since

launch in 2008 and they have proved a useful offset when equity

markets experience volatility.

Shares in two other “portfolio protectors” Ruffer Investment

Company and Capital Gearing Trust rose 10% and 7%

respectively. Both have low exposure to equities at 36% and

45% respectively. Ruffer’s largest holdings are BP and Shell,

whilst Capital Gearing Trust has 16% in property equities and

8% in infrastructure, which it believes are good hedges against

inflation. Both investment companies have substantial exposure

to index-linked bonds which do well when inflation is a threat to

many other asset classes.

Perhaps surprisingly, long-time holding JPMorgan American

Investment Trust delivered a 17% share price gain. The portfolio

of this trust was reorganised two years ago and split equally

between two managers, one of whom runs a “growth portfolio”

and the other a “value portfolio”. The mix between the two

different styles of management led to the growth element of the

portfolio performing well in the first half whilst the value element

Report and Accounts 2022 | 17

Strategic Report

more than offset the sell-off experienced by many US growth

companies in the second half of the past year.

Finally, HgCapital Trust, the leading private equity trust rose by

17%. The company has built an exceptional record of long-

term growth in asset value (44% in 2021) through a focus on

business-critical software companies, much of whose revenue is

subscription based. Core areas of focus are payroll, accounting,

tax, legal and regulatory compliance. These sectors offer

considerable growth with pricing power and predictable earnings

in an inflationary environment.

Of the laggards, there was a clear common theme which

was exposure to technology/biotechnology and high growth

companies focused on the internet and digital transformation.

In an environment of rising inflation with central banks belatedly

increasing interest rates and bond markets selling off sharply

in response, such that yields on bonds moved rapidly upwards,

equity markets were adversely affected. In particular, the sectors

mentioned previously which had led equity markets higher for

a number of years sold off sharply. The high valuations many

companies in these sectors had been accorded were vulnerable

and quickly compressed, which resulted in share price declines.

Edinburgh Worldwide Investment Trust which specialises in

growth companies under $5 billion in market value, many of

which are in the technology/biotechnology and healthcare

sectors, experienced a 46% fall in its share price.

Biotech Growth Trust, which has been a long time holding and

generated strong returns over that time, had a 40% share price

fall. Baillie Gifford China Growth Trust, with significant holdings

in a number of well-known Chinese technology companies, which

were also affected by restrictions on some activities imposed by

the Chinese government, experienced a 40% share price fall.

As an investment manager, the Baillie Gifford strategy of identifying

structural winners with long-term secular growth characteristics

had resulted in outstanding performance over the last five years,

however investment companies with these characteristics were

the very trusts in the eye of the hurricane, in terms of the sell-off

over the last six months. Another example was Baillie Gifford

European Growth Trust which fell 39%. Perhaps the most notable

is the biggest investment company by market value, Scottish

Mortgage Investment Trust, which experienced a 32% fall in

its share price. Famous for its holdings in Tesla and Amazon,

which were significantly reduced last year, the technology sell-off

impacted the trust negatively. However, it should be noted that the

holding in the Growth Portfolio which was taken in 2008 has still

made over six times the original investment.

Income Portfolio – Leaders and Laggards

The leading performer in the Income Portfolio with a 28%

share price rise was Secure Income REIT, a holding which was

added to during the year. The company has three main assets,

where they own 19 private hospitals which Ramsay Healthcare

operate, the visitor attractions operated by Merlin Entertainment

(Legoland, Alton Towers etc) and a portfolio of Travelodge Hotels.

The WAULT (Weighted Average Unsecured Lease Term) is over 30

years, the longest in the property sector and the most recent net

asset value for the first quarter of 2022 showed a 12% gain, well

ahead of expectations. In May, the company agreed to merge

with LXI REIT, the other listed long lease property company, also

with a strong record. The merged portfolio has 64% of rents

indexed-linked, with a further 19% fixed uplifts. The shares in

Secure Income REIT responded positively to the deal.

3i Infrastructure has been an outstanding performer over the

long term for the Income Portfolio and achieved a 17% gain in

share price. The NAV total return for the year to 31 March 2022

was 17%, with a 7% rise in the dividend. A further 7% uplift

to the dividend is forecast for the coming year. Supermarket

Income REIT had a 18% rise in share price over the past year. It

has rapidly built a unique portfolio of assets with strong tenant

covenants and the majority on indexed-linked leases. The

company offers a 5% dividend yield with good growth prospects.

NB Private Equity Partners managed a 17% rise in share price

and a second consecutive year in the leaders for the Income

Portfolio. A series of higher than expected realisations from

the portfolio led to an over 40% gain in the net asset value for

calendar 2021. Prospects remain good for this year, yet, due

to the de-rating many private equity trusts have endured, the

shares are currently on an undeserved 40% discount to net

asset value.

As with the Growth Portfolio, only one of the leading performers

was an investment company fully invested in listed companies

on global equity markets. In this case it was long time holding

Murray International Trust which favours large mature dividend

paying companies. The asset allocation is 32% in Asia (ex Japan)

27% in North America, 19% in Europe, 16% in Latin America and

only 6% in UK equities. The trust is 11% geared and around 9%

is invested in bonds. The current environment favours the value

style Murray International Trust employs and is reflected in the

better relative share price performance. The trust has strong

revenue reserves, an excellent record of dividend growth and an

attractive 4.8% yield.

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With the laggards, certain similar themes that were apparent in

the Growth Portfolio were also evident in the Income Portfolio.

Shares in JPMorgan China Growth & Income declined by 41%

whilst BB Biotech fell by 21%. Both are exposed to technology/

biotechnology companies which were badly affected by the

compression of valuations due to rising inflation, interest rates

and bond yields. In addition, the JPMorgan trust had to deal with

regulatory interventions from the Chinese government, directed

at companies in the technology and education sectors and

then severe lockdowns in many Chinese cities as the Chinese

government brought to bear their zero COVID-19 policy. Neither

of these factors were positive for the Chinese equity market.

Mercantile Investment Trust has assets of over £1.5 billion and

is invested in UK companies, most of which are listed in the

FTSE 250 Index, which is the trust’s benchmark. The FTSE 250

Index is home to many of the UK’s leading growth companies

and over the long term they have outperformed the FTSE All-

Share Index by some distance, however over the second half

of the financial year, medium sized growth companies have

suffered from the trends outlined earlier as highlighted by the

FTSE 250 Index having declined by 8% in the last six months.

The Mercantile Investment Trust share price fell by 24% and was

also impacted by a widening discount which moved from 4% to

15% at the end of May 2022.

European Assets Trust has similarities to Mercantile in that it is

mainly invested in medium sized companies, though in this case

in continental Europe, and has growth bias in the investment

approach employed. Whilst this served the trust well in previous

years, recent months has seen a sharp reversal in performance

which has resulted in a 21% fall in the share price, most of

which happened in the second six months.

Civitas Social Housing REIT is the one non-equity investment

company amongst the laggards. Whilst the net asset

performance has been in line with expectations as has the

dividend, such that the shares yield 6.7% as at 31 May 2022,

they have yet to recover from a short seller attack last year.

Although management made a strong rebuttal to the allegations

made by the short seller, regulatory concerns around the

financial strength of some of its Housing Association tenants

continue to persist and has resulted in a discount of over 20%.

The fundamentals remain positive with strong demand for

specialist supported social housing for people, many with high-

acuity care needs, who are stuck in care homes or in hospitals

costing the taxpayer far more than if they were in the type of

accommodation offered by Civitas.

(all share prices are total return)

Investment Strategy and Prospects

The prospects for equity markets are perhaps the most

challenging for many years. A number of headwinds, mentioned

earlier in this review, will continue over the next year and when

viewed together have increased the chances of a recession

either later in 2022 or in 2023.

Across developed markets inflation is high, the causes of

which are outwith the control of central banks. However, the

longer inflation remains at high levels, the more destructive

it is to economies, and the wealth of savers and consumers

alike. When inflation first became apparent last year, monetary

authorities were too slow to react, believing it to be “transitory”.

Having been late to change policy to combat the inflationary

threat, the danger is they over-react and move up interest rates

too far, too fast, with the risk that economies are pushed into

recession.

As explained earlier, during the second half of the financial

year the decision was taken to reduce the exposure in the

Growth Portfolio to investment companies mainly exposed to

technology/biotechnology and high growth companies who were

most affected by the compression of valuations and widespread

de-rating caused by rising inflation and interest rates. In most

cases the size of these holdings were cut by between a third

and a half. Examples of reductions include: Scottish Mortgage

Investment Trust, Allianz Technology Trust, Polar Capital

Technology Trust, Monks Investment Trust, Edinburgh Worldwide

Investment Trust, Biotech Growth Trust, Herald Investment Trust,

Impax Environmental Markets and Worldwide Healthcare Trust.

The other side of this move was the decision to re-deploy the

proceeds of the above sales into an increase in holdings of

investment companies invested in UK equities, all of whom have

a “value bias” to their investment style. The UK equity market

has been a long-time relative underperformer when compared

to other equity markets and is the only major equity market

valued below historic long run averages. Part of the reason for

the underperformance was due to substantial weightings in the

index of “old” economy sectors like oil, mining, banks, tobacco,

telecoms and utilities. However, it is this very exposure which

has boosted UK equity performance as the macro environment

has changed to become very favourable for these sectors.

UK medium and smaller companies, which have materially

outperformed larger UK companies in the FTSE 100 Index over

the years, markedly lagged UK larger companies during the

second six months of the financial year and are back to highly

attractive valuations. The strategy to raise UK equity exposure

seeks to capture better performance from the UK stock market

and a recovery from UK medium and smaller companies.

Report and Accounts 2022 | 19

Strategic Report

Examples of additions to existing holdings are: Fidelity Special

Values, Law Debenture Corporation, Aurora Investment Trust,

Diverse Income Trust, Lowland Investment Company, Henderson

Opportunities Trust and Artemis Alpha Trust.

These broad themes were also reflected in the Income

Portfolio, however because of the lack of dividend yield from

investment companies with holdings in the technology and

high growth companies segments of the market, the level of

activity was much lower. Examples of sales/reductions were

Monks Investment Trust, Bellevue Healthcare Trust and Scottish

American Investment Company. There were some additions to

holdings amongst the UK equity income sector with examples

being: City of London Investment Trust, Diverse Income Trust,

Law Debenture Corporation, Lowland Investment Company and

Murray Income Trust. There was one new holding in this area,

that of Temple Bar Investment Trust. Additions were also made

to two long time holdings in the global equity income sector:

Murray International Trust and Henderson International Income

Trust. Both trusts employ a value investment style which has

also been leading most other global equity markets.

A positive feature over the past year has been the revenue

performance from many holdings, in particular in the Income

Portfolio. A number of UK equity investment trusts restarted

growth in dividends after a pause due to the pandemic, whilst

holdings in the alternatives sector within the Income Portfolio

have continued to deliver dividend growth.

The reduction of a series of investment companies with holdings

in the technology sector (which typically paid little in the way

of dividends) and the reinvestment of proceeds into UK equity

trusts with higher dividends was also an important factor. A

combination of the above allowed the total annual dividend

to Income shareholders for the year to 31 May 2022 to be

increased by 7.3%. This represents the eleventh consecutive

year of dividend growth for Income shareholders and the Income

shares have been awarded the status of a next generation

dividend hero by the Association of Investment Companies.

Looking ahead, the coming year will be both challenging and

volatile for equity markets. High levels of inflation globally,

rising interest rates and bond yields along with geopolitical

instability are all headwinds. All of these factors have raised the

chances of a recession at some point in late 2022 or 2023.

However, it is important to also have a focus on the longer

term. It is for this reason that, while the Growth Portfolio has

pared back its previous significant exposure in investment

companies with substantial underlying holdings in companies

with secular growth characteristics, it is not the intention to

exit these holdings entirely. At some stage, though not in the

immediate future, it is likely they will be re-built in size. It is

the experience of CT Global Managed Portfolio Trust, since

its listing over fourteen years ago, that it is from investment

companies with these characteristics that returns many times

the original investment can be achieved. Meantime, caution is

the watchword in these uncertain times and the focus for both

Portfolios will be on holding only the highest quality investment

companies with strong balance sheets and experienced, proven

management.

Peter Hewitt

Investment Manager

Columbia Threadneedle Investment Business Limited

8 August 2022

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20 | CT Global Managed Portfolio Trust PLC

Strategic Report

At 31 May 2022

Investment Sector

Valuation

£’000

% of net assets

of Income

Portfolio

Law Debenture Corporation UK Equity Income 3,026 4.7

Secure Income REIT Property Specialist 2,817 4.3

Murray International Trust Global Equity Income 2,628 4.1

NB Private Equity Partners Private Equity 2,625 4.1

3i Infrastructure Infrastructure 2,313 3.6

Henderson International Income Trust Global Equity Income 2,294 3.5

HBM Healthcare Investments Biotechnology & Healthcare 2,260 3.5

JPMorgan Global Growth & Income Global Equity Income 2,178 3.4

City of London Investment Trust UK Equity Income 2,110 3.2

Bellevue Healthcare Trust Biotechnology & Healthcare 1,989 3.1

Ten largest investments 24,240 37.5

Princess Private Equity Holding Private Equity 1,946 3.0

Schroder Oriental Income Fund Asia Pacific Equity Income 1,873 2.9

Supermarket Income REIT Property – UK Commercial 1,863 2.9

Invesco Perpetual UK Smaller Companies Investment Trust UK Smaller Companies 1,834 2.8

Hipgnosis Songs Fund Royalties 1,832 2.8

The Bankers Investment Trust Global 1,793 2.8

Impact Healthcare REIT Property – UK Healthcare 1,785 2.8

Temple Bar Investment Trust UK Equity Income 1,766 2.7

CC Japan Income & Growth Trust Japan 1,739 2.7

Digital 9 Infrastructure Infrastructure 1,716 2.6

Twenty largest investments 42,387 65.5

Scottish American Investment Company Global Equity Income 1,690 2.6

Lowland Investment Company UK Equity Income 1,687 2.6

Henderson Far East Income Asia Pacific Equity Income 1,584 2.5

Mercantile Investment Trust UK All Companies 1,530 2.4

Renewables Infrastrusture Group Renewable Energy Infrastructure 1,478 2.3

Murray Income Trust UK Equity Income 1,447 2.2

GCP Asset Backed Income Fund Debt – Direct Lending 1,443 2.2

Diverse Income Trust UK Equity Income 1,442 2.2

BB Biotech Biotechnology & Healthcare 1,413 2.2

CQS New City High Yield Fund Debt – Loans & Bonds 1,394 2.2

Thirty largest investments 57,495 88.9

Income Shares –

Investment Portfolio

Report and Accounts 2022 | 21

Strategic Report

At 31 May 2022

Investment Sector

Valuation

£’000

% of net assets

of Income

Portfolio

Jupiter Emerging & Frontier Income Trust Global Emerging Markets 1,386 2.1

Henderson High Income Trust UK Equity & Bond Income 1,324 2.1

JPMorgan Global Emerging Markets Income Trust Global Emerging Markets 1,300 2.0

Invesco Bond Income Plus Debt – Loans & Bonds 1,262 1.9

European Assets Trust

†

European Smaller Companies 1,256 1.9

Biopharma Credit Debt – Direct Lending 1,229 1.9

Civitas Social Housing REIT Property – UK Residential 1,225 1.9

Assura Property – UK Healthcare 1,216 1.9

abrdn Asian Income Fund Asia Pacific Equity Income 1,085 1.7

JPMorgan China Growth & Income China / Greater China 559 0.9

Forty largest investments 69,337 107.2

Atrato Onsite Energy Renewable Energy Infrastructure 537 0.8

Total investments 69,874 108.0

Net current assets (excluding borrowing) 1,818 2.8

Borrowing (7,000) (10.8)

Net assets 64,692 100.0

† Investment managed by the Manager, Columbia Threadneedle Investments

Analysis of the Investment Areas of the Income Portfolio’s Investments

on a ‘Look-through’ Basis

United Kingdom 42%

North America 16%

Europe – ex UK 12%

Far East & Pacific – ex Japan 11%

Cash 4%

Fixed interest 4%

Japan 4%

China 3%

Other 3%

South America 1%

Note: This analysis is gross of any gearing in the underlying investee companies. Source: AIC (underlying data at 31 May 2022)

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Strategic Report

At 31 May 2022

Investment Sector

Valuation

£’000

% of net assets

of Growth

Portfolio

HgCapital Trust Private Equity 3,810 4.0

Fidelity Special Values UK All Companies 3,384 3.6

Law Debenture Corporation UK Equity Income 3,107 3.3

Mid Wynd International Investment Trust Global 2,839 3.0

Ruffer Investment Company Flexible Investment 2,737 2.9

RIT Capital Partners Flexible Investment 2,551 2.7

BH Macro Hedge Funds 2,526 2.6

Personal Assets Trust Flexible Investment 2,442 2.6

Capital Gearing Trust Flexible Investment 2,421 2.5

Aurora Investment Trust UK All Companies 2,365 2.5

Ten largest investments 28,182 29.7

TR Property Investment Trust

†

Property Securities 2,308 2.4

Polar Capital Global Financials Trust Financials 2,286 2.4

Monks Investment Trust Global 2,212 2.3

JPMorgan American Investment Trust North America 2,193 2.3

AVI Global Trust Global 2,167 2.3

Worldwide Healthcare Trust Biotechnology & Healthcare 2,121 2.2

Urban Logistics REIT Property – UK Logistics 2,082 2.2

ICG Enterprise Trust Private Equity 2,067 2.2

Allianz Technology Trust Technology & Media 2,056 2.2

Polar Capital Technology Trust Technology & Media 2,037 2.1

Twenty largest investments 49,711 52.3

Impax Environmental Markets Environmental 2,009 2.1

Lowland Investment Company UK Equity Income 2,000 2.1

Henderson Opportunities Trust UK All Companies 1,989 2.1

Herald Investment Trust Global Smaller Companies 1,941 2.1

Oakley Capital Investments Private Equity 1,925 2.0

Chrysalis Investments Growth Capital 1,890 2.0

Syncona Biotechnology & Healthcare 1,884 2.0

Henderson Smaller Companies Investment Trust UK Smaller Companies 1,834 1.9

Scottish Mortgage Investment Trust Global 1,814 1.9

Henderson European Focus Trust Europe 1,794 1.9

Thirty largest investments 68,791 72.4

Growth Shares –

Investment Portfolio

Report and Accounts 2022 | 23

Strategic Report

At 31 May 2022

Investment Sector

Valuation

£’000

% of net assets

of Growth

Portfolio

Finsbury Growth & Income Trust UK Equity Income 1,789 1.9

Baillie Gifford Japan Trust Japan 1,727 1.8

Diverse Income Trust UK Equity Income 1,700 1.8

Schroder Asian Total Return Investment Company Asia Pacific 1,692 1.8

European Opportunities Trust Europe 1,674 1.8

Artemis Alpha Trust UK All Companies 1,590 1.7

Hipgnosis Songs Fund Royalties 1,514 1.6

Baillie Gifford European Growth Trust Europe 1,348 1.4

Baillie Gifford UK Growth Fund UK All Companies 1,304 1.4

Mobius Investment Trust Global Emerging Markets 1,275 1.3

Forty largest investments 84,404 88.9

Edinburgh Worldwide Investment Trust Global Smaller Companies 1,248 1.3

Biotech Growth Trust Biotechnology & Healthcare 1,215 1.3

Schiehallion Fund Growth Capital 1,028 1.1

Baillie Gifford China Growth Trust China / Greater China 926 1.0

Schroder UK Public Private Trust Growth Capital 437 0.4

Total investments 89,258 94.0

Net current assets 5,721 6.0

Net assets 94,979 100.0

† Investment managed by the Manager, Columbia Threadneedle Investments

Analysis of the Investment Areas of the Growth Portfolio’s Investments

on a ‘Look-through’ Basis

United Kingdom 33%

North America 20%

Europe – ex UK 17%

Cash 10%

Other 6%

Far East & Pacific – ex Japan 5%

Japan 3%

Fixed Interest 3%

China 2%

South America 1%

Note: This analysis is gross of any gearing in the underlying investee companies. Source: AIC (underlying data at 31 May 2022)

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24 | CT Global Managed Portfolio Trust PLC

Strategic Report

Our Approach

Environmental, Social and Governance (‘ESG’) issues are the

three central factors in measuring sustainability and can present

both opportunities and threats to the long-term investment

performance the Company aims to deliver to shareholders.

We believe in the power of engaged, long-term ownership as

a force for positive change. We have a Manager that applies

high standards of Responsible Investment in managing the

Company’s investments on behalf of our shareholders.

The Board and Manager are therefore committed to taking a

responsible approach to ESG matters, for which there are two

strands. Firstly, there are the Company’s own responsibilities

on matters such as governance and, secondly, the impact it

has through the investments that are 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 31 and 32 includes the Company’s policies

towards Board diversity and tenure, integrity and business ethics

and prevention of the facilitation of tax evasion.

The Board recognises that the most material way in which

the Company can have an impact is through responsible

ownership of its investments. The Manager engages actively

with the management of investee companies to encourage

that high standards of ESG practice are adopted. The Manager

has long been at the forefront of the investment industry in

its consideration of these issues and has one of the longest

established and largest teams focused solely on ESG. The

Manager is a signatory of the UK Stewardship Code and

its statement of compliance can be found on its website at

columbiathreadneedle.co.uk.

As explained in the Chairman’s Statement, during 2021,

Columbia Threadneedle Investments acquired our Manager,

BMO GAM (EMEA). Our Manager believes that this combination

will allow it to make use of complementary strengths in the

ESG arena and to create a world class Responsible Investment

capability. Its aim is to drive real-world change through active

ownership and partnering with clients to deliver innovative

Responsible Investing solutions. Creating an aligned,

firmwide approach to stewardship is a strategic priority for the

enlarged

business.

Responsible Ownership

Engaging actively with companies on significant ESG matters

to reduce risk, improve performance, encourage best practice

and underpin long-term investor value forms a fundamental part

of the Manager’s approach towards Responsible Investment.

Engagement in the first instance rather than simply divesting or

excluding investment opportunities is also part of this approach.

An example of company engagement during the year was

Syncona, which is held in the Growth Portfolio, whereby our

Manager met the company to discuss its approach to managing

and mitigating ESG risks, as well as disclosure on ESG issues.

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 business 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 also 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 ESG factors into its investment processes.

ESG and the Investment Process

ESG issues are an integral part of the Manager’s investment

process, forming part of the assessment of the Quality and

Management criteria for possible and ongoing investments. The

Manager’s ESG teams work closely with the portfolio managers

to create an internally generated assessment of the relevant

ESG issues for each company. As part of the review process, the

Manager will also note if the investment is aligned explicitly with

any of the UN Sustainable Development Goals. Details of these

goals can be found at un.org/sustainabledevelopment/sustainable-

development-goals/. The Manager’s own ESG assessment is

cross-referenced against external sources, for example MSCI

ESG Research, to check it is comprehensive. There are two main

outcomes of this research. First, the research is used to initiate

discussions with the investee company, to clarify the Manager’s

understanding of the issues involved, to create a dialogue and

to encourage higher standards where appropriate. In this the

As stewards of more than £165 million of gross assets, we support positive change and the

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

Sustainability and ESG

Report and Accounts 2022 | 25

Strategic Report

Manager may join with other major investors in order to be a

yet more powerful force to drive change. Secondly, it is used

to adjust the Manager’s assessment of the weighted average

cost of capital for the investee company; this is an important

component of the valuation model, such that companies with

higher ESG standards will warrant a lower cost of capital and

in turn a higher valuation, and vice-versa. In these ways, ESG

affects each of the cornerstones of the investment process

(Quality, Management and Valuation), as well as driving an

ongoing dialogue between the Manager and the investee

company.

The Manager is committed to engaging with the underlying fund

managers of your Company’s investments to encourage them to

bring ESG to the forefront of their investment processes. During

the year under review, the Manager has begun a process of

evaluating the stewardship credentials of the various investment

companies within the Income Portfolio and Growth Portfolio. The

survey will assist in understanding the stewardship approach

taken by each company, allowing evaluation of the strategy and

rating and progress on ESG policies and reporting. This will

form part of a regular review process allowing the Manager to

track progress and alignment with the Manager’s stewardship

principles.

Climate Change

Climate change is one of the defining challenges of modern

times and presents potentially significant financial risks and

opportunities for CT Global Managed Portfolio Trust. We expect

the managers of the investment companies in the Portfolios to

be proactive in integrating climate change 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 and the Income Portfolio’s

investment in The Renewables Infrastructure Group gives

focused exposure to climate change solutions (see Portfolio

Case Study below).

In 2020 your Company’s Manager became a founder signatory

to the Net Zero Asset Managers Initiative and set out its

ambition to achieve net zero emissions across all assets under

management by 2050. During 2021, the Manager developed an

implementation methodology, initially for equities and bonds, that

emphasises the importance of stewardship in implementing its

goals. Amongst the managers of the investment companies held

by CT Global Managed Portfolio Trust, we have been pleased to

see abrdn, Allianz Global Investors, Artemis, Baillie Gifford &

Co, Fidelity, Hg, Impax Asset Management, Invesco, JPMorgan

AM, Jupiter AM, Ruffer, Schroders and Troy Asset Management

also making this commitment. We look forward to seeing further

details on how these commitments will be implemented, and how

they will affect the management of these investment companies

over time.

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 year, the

Manager voted at 102 meetings of investee companies held

by the Company. The Manager did not support management’s

recommendations on at least one resolution at approximately

8% of all meetings. With respect to all items voted, the Manager

supported over 98% of all management resolutions. Approaching

half of the votes against management related to the election

of directors. 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.

Portfolio Case Study

The Renewables Infrastructure Group (‘TRIG’)

TRIG is a London-listed investment company whose purpose is to generate sustainable returns from a diversified portfolio of

renewables infrastructure that contributes towards a net zero carbon future. TRIG’s diversified portfolio includes onshore and offshore

wind farms and solar parks in the UK and Europe. These assets generate revenues from the sale of electricity and government-

backed green benefits. The company aims to provide investors with long-term, stable dividends and to retain the portfolio’s capital

through re-investment of surplus cash flows after payment of dividends. TRIG’s £2.9 billion renewable energy portfolio is spread

across six European countries.

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Strategic 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 11, 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 11, 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 14

to 19.

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 24 and 25. The Board is

very supportive of the Manager’s approach, which focuses on

engagement with the investee companies on ESG issues and

how these link with the United Nations Sustainable Development

Goals (“SDGs”). 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 12.

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 8 July 2022, dividends with

respect to the financial year to 31 May 2022 total 6.65p

per Income share. This represents an increase of 7.3%

compared to the prior year and a yield of 5.1% at 31 May

2022

as compared to the yield on the FTSE All-Share Index

of 3.3% at that date.

Promoting the Success of the Company

Report and Accounts 2022 | 27

Strategic Report

•

Cancellation of the Share Premium Account

On 30 September 2021, the Company’s shareholders

approved the Board’s proposal to cancel the Company’s

share premium account and create a new distributable

reserve (2022 special reserve), subject to the sanction by

the Scottish Court of Session. This was ultimately approved

and took effect on 26 May 2022. The creation of the 2022

special reserve provides the Company with further flexibility

in the future for the benefit of shareholders. It can be used

to pay or supplement the payment of dividends to the

Income shareholders and fund share buy-backs of both

Income shares or Growth shares.

• 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 do so. 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

four financial years for the benefit of shareholders.

•

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 1,480,000 new Income

shares and 1,085,000 new Growth shares at an average

premium to their NAVs of 1.6% and 1.6% respectively. This

helps to enhance the NAV for ongoing 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 no Income shares or

Growth shares were bought back.

•

Borrowings

During the year, the Company’s borrowing facilities were

renewed with The Royal Bank of Scotland International

Limited and it entered into an unsecured loan facility for

£5 million for a three-year term at a fixed rate of 2.78%

and also a three-year unsecured revolving credit facility for

£5 million. These facilities can be utilised in both the Income

Portfolio or Growth Portfolio when the Board and Manager

consider it appropriate.

•

Retail 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. The Manager remains committed to its

savings plans and its relationship with its customers and

has invested significantly in its offering to enhance the digital

experience in order to meet its customers’ expectations.

Columbia Threadneedle Investments, the new owner of

the Manager, has also expressed its commitment to the

investment trust business and the savings plans.

•

Increasing awareness of the Company

Following the year end, the Board established a Marketing

Committee. Simon Longfellow, who has extensive experience

of marketing investment trusts to retail investors, will

chair the Committee, which will meet at least twice a year.

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, together

with its strong long-term performance is particularly well

suited to the retail segment of the market.

•

Board succession plan

The Board is committed to ensuring that its composition is

compliant with best corporate governance practice under the

AIC Code,

including guidance on tenure. As such, on 9 June

2022 as part of the ongoing Board succession plan, the

Board appointed Shauna Bevan as a non-executive Director.

Her biography is included on page 33 and the process which

was followed is set out on page 44. This recruitment will now

allow for the retirement of David Harris, who has served on

the Board since the launch of the Company in 2008. David

will retire following the forthcoming Annual General Meeting.

An objective of the succession plan has been to ensure an

adequate level of continuity and experience on the Board

thereby acting in the best interests of stakeholders.

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Strategic Report

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 and

comparable to those of other investment companies investing

primarily in listed securities.

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. Any emerging risks

that are identified and that are considered to be of significance

would be 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. Ongoing consideration has been given to the impact

from Coronavirus (COVID-19) and is referred to below in Market

Risk and Operational Risk. They have also regularly reviewed the

effectiveness of the Company’s risk management and internal

control systems for the period.

As explained in the Chairman’s Statement on page 9, BMO GAM

(EMEA) was acquired by Ameriprise Financial and its business

is being merged with Columbia Threadneedle Investments.

The Board looks favourably upon this transaction and expects

there to be little change for your Company. Nevertheless, an

acquisition such as this may introduce some uncertainty, until

the integration of systems is fully implemented. Therefore the

Board is treating this aspect as an emerging risk that it will

monitor closely. In addition the Company faces emerging risks

from the uncertainties in economic recovery from the COVID-19

pandemic, geopolitical unrest, climate change and rising

inflation.

The principal risks and uncertainties faced by the Company, and

the Board’s mitigation approach, are described below.

Notes 17 to 22 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.

Since early 2020 there has been increased

uncertainty in markets due to the effect of

COVID-19 and more recently the war in Ukraine

and rising inflation, which has led to falls and

volatility in the Company’s NAV.

Increase in overall risk during the year,

given the war in Ukraine, continuing

economic and market uncertainty,

climate change and rising inflation

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.

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

the COVID-19 pandemic and the war in Ukraine and from rising inflation and

is discussed in the Chairman’s Statement and Investment Manager’s Review.

Engagement on ESG matters are undertaken by the Manager. 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 17 to 22 to the financial statements.

Principal Risks and Uncertainties

and Viability Statement

Report and Accounts 2022 | 29

Strategic Report

Principal Risks and Uncertainties Mitigation

Investment Risk

Incorrect strategy, asset allocation, stock

selection, inappropriate capital structure,

insufficient monitoring of costs, failure to

maintain an appropriate level of discount/

premium and the use of gearing could all lead to

poor returns for shareholders.

Increase in overall risk during the year,

due to geopolitical unrest and rising

inflation

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 Income Portfolio and Growth Portfolio are diversified and comprise listed

closed-end investment companies and their compositions are reviewed regularly

by the Board.

The Manager’s Investment Risk team provide oversight on investment risk

management.

The Board regularly considers ongoing charges and a discount/premium

management policy has operated since the launch of the Company. Underlying

dividends from investee companies are also closely monitored.

Custody Risk

Safe custody of the Company’s assets may

be compromised through control failures by

the Custodian.

No change in overall risk

during the year

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.

Operational Risk

Failure of the Manager as the Company’s main

service provider or disruption to its business,

or that of an 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 impact of COVID-19

on working practices and the eventual

integration with Columbia Threadneedle

Investments’ systems this risk remains

heightened

The Board has considered the acquisition of BMO GAM (EMEA) by Columbia

Threadneedle Investments during the year and has met with senior management

to discuss this. Comfort was taken from its long-term financial strength and

resources and commitment towards the Manager’s investment trust business.

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

Business Risk 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 trade processing, valuation and middle office

tasks and systems to State Street Bank and Trust Company (‘State Street’)

and supervision of such third party service providers, including SS&C who

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

This includes the review of IT security and heightened cyber threats which was

discussed with the Board during the financial year.

Following the easing of government COVID-19 related restrictions, the Manager

has moved from a remote ‘working from home’ arrangement to a hybrid model

with staff also returning to work in office locations. Throughout the pandemic the

Manager has continued to serve clients and keep operations running effectively

and in compliance with its regulatory obligations. These arrangements have and

continue to operate without incident or interruption. The Manager also closely

monitors the performance of its technology platform to ensure it is functioning

within acceptable service levels. The Company’s other third party service

providers have also implemented similar arrangements to ensure no disruption

to their service. Having considered these arrangements and reviewed the service

levels over the last year, the Board is confident that the Company continues to

operate as normal and expected service levels are being maintained.

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30 | CT Global Managed Portfolio Trust PLC

Strategic 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.

•

These investments are principally in listed securities which

are traded in the UK or another Regulated Exchange 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 2023 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 formal agreements, 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 in

particular given the impact of COVID-19.

•

That 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

COVID-19 and the war in Ukraine and the impact of 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 28 and 29 in Principal Risks and

Uncertainties, on pages 47 and 48

in the Report of the Audit

Committee and in Notes 17 to 22 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 2022), excluding

any performance fee and ongoing charges of underlying

funds, total 1.04% and 0.96% of average net assets for the

Income shares and Growth shares respectively.

•

Future revenue and expenditure projections.

• Its ability to meet liquidity requirements given the Company’s

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 due to the effects of the

COVID-19 pandemic and more recently the war in Ukraine,

the impact on the global economy and the prospects for the

Company’s investment Portfolios.

These matters were assessed over a three year period to

August 2025, and the Board will continue to assess viability

over three year rolling periods.

As part of this assessment the Board considered a number

of stress tests and scenarios which considered the impact of

severe stock market volatility on shareholders’ funds over a

three-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.

A rolling three 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 three year period to

August

2025.

Report and Accounts 2022 | 31

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 2022, 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 the notes to the financial statements.

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 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 28 to 30 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.

Policy Summary

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32 | CT Global Managed Portfolio Trust PLC

Strategic Report

Share Issuance and Buy-back Strategy

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%. In practice over the years the shares have

generally traded close to NAV. 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 and 39.

Prevention of the Facilitation of Tax Evasion

The Board is fully committed to complying with 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. The policy is based upon a risk assessment

undertaken by the Board and 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, including

gender. 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 person for the role and will not discriminate

on the grounds of gender, race, ethnicity, socio-economic

background, religion, sexual orientation, age or physical ability.

Although the Company is not required to report against the

diversity targets under the Listing Rules until its 31 May 2023

Annual Report and Financial Statements, the Board has resolved

to do so on a voluntary basis as at 8 August 2022 (being the

latest practicable date prior to publication of the Annual Report

and Financial Statements). In accordance with Listing Rule

9.8.6R (9), (10) and (11) the Board has provided the following

information in relation to its diversity.

Board Gender as at 8 August 2022

(1)

Number of

Board

members

Percentage of

the Board

Number of

senior positions

on the Board

Men 3 60% 2

Women 2 40%

(2)

–

(3)

(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.

(2)

This meets the Listing Rules target of 40%.

(3)

The position of the Chairman of the Audit Committee is held by a woman however

this is not currently defined as a senior position. Following the conclusion of the

forthcoming AGM, it is intended that the position of Senior Independent Director

will be held by a woman. This will meet the Listing Rules target of 1.

Board Ethnic Background as at 8 August 2022

(1)

Number of

Board

members

Percentage of

the Board

Number of

senior positions

on the Board

White British or other

White (including

minority-white groups)

4 80% 2

Mixed/Multiple Ethnic

Groups

(2)

20% –

(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.

(2)

This meets the Listing Rules target of 1.

The information included in the above tables has been obtained

following confirmation from the individual Directors.

As shown in the above tables, the Company has already met the

targets, which formally come into force for the financial year ending

31 May 2023, in relation to the gender and the ethnic background

of the Board. The Board will continue to take all matters of diversity

into account as part of its succession planning.

The Board is committed to maintaining the highest levels of

corporate governance in terms of independence and once

the Board's succession plan is complete would expect that in

future the Directors serve for a nine-year term, but 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 7 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

8 August 2022

Report and Accounts 2022 | 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: Dav

id 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 a

non-executive director and chairman of Troy

Income & Growth Trust plc and 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

director of a number of private companies.

David Harris

Senior Independent Director

Appointed on 21 February 2008.

David will retire at the conclusion of the AGM to

be held on 29 September 2022.

Experience and contribution: David is

Chief Executive of InvaTrust Consultancy

Ltd, a specialist investment and marketing

consultancy group that undertakes a variety

of projects within the investment fund

management industry.

Other appointments: David is currently a non-

executive director of The Character Group plc

and Bens Creek Group plc.

Susan (Sue) Inglis

Chairman of the Audit Committee

Appointed on 9 July 2018 and as Chairman of

the Audit Committee on 24 September 2020.

It is intended that Sue will become the Senior

Independent Director when David Harris retires.

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 a non-

executive director and chairman of ThomasLloyd

Energy Impact Trust PLC and the senior

independent non-executive director of Baillie

Gifford US Growth Trust plc, Momentum Multi-

Asset Value 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 Electric and General

Investment Fund and a director of a number of

other private companies.

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.

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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 to 31 May 2022, 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 9, 10, 18 and 19. Principal

risks and uncertainties can be found on pages 28 and 29 with

further information in notes 17 to 22 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 60 to 86. The return attributable to shareholders was

£(13,372,000), of which £(1,000,000) was attributable to the

Income Portfolio and £(12,372,000) to the Growth Portfolio.

The Company has paid quarterly interim dividends in the year

ended 31 May 2022 as follows:

Interim Dividend Payments

Payment date Rate per Income share

Fourth interim for 2021 9 July 2021 2.00p

First interim for 2022 8 October 2021 1.55p

Second interim for 2022 7 January 2022 1.55p

Third interim for 2022 8 April 2022 1.55p

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

after the year-end, on 8 July 2022, to Income shareholders on the

for the financial year to 31 May 2022 of 6.65p per Income share

represents an increase of 7.3% over the 6.20p per Income share

paid in respect of the previous financial year to 31 May 2021.

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

in September. As an alternative, the Board proposes to seek

formal shareholder approval at the Annual General Meeting

(‘AGM

’) to continue quarterly payments (Resolution 8).

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 Annual

Report and Financial Statements at the AGM (Resolution 1).

The financial statements start on page 60 and the unqualified

Independent Auditor’s Report on the financial statements is

on pages 54 to 59. 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 2022. 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 and the Directors‘ Remuneration Report form part of this Report of the Directors.

Report of the Directors

Report and Accounts 2022 | 35

Governance 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

and specifically in the context of the COVID-19 pandemic.

Most of the Company's principal risks and uncertainties are

market-related and comparable to other investment companies

investing primarily in listed securities. An explanation of these

risks and how they are managed is set out on pages 28 and 29.

The Board has, in particular, considered the impact of increased

market volatility and the present uncertainties in economic

recovery from the COVID-19 pandemic and geopolitical unrest,

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 31 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 agreements 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.

Notes 17 to 22 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 Directors believe, having assessed the principal risks and

other matters, including the COVID-19 pandemic and 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 30.

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 2023 Annual General Meeting (and five-

yearly thereafter) to continue the Company. The continuation

vote will be proposed as an ordinary resolution. The first such

resolution was put to shareholders and passed at the Annual

General Meeting held on 19 September 2018.

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

KPMG LLP was re-appointed as the Company’s Auditor at the

Annual General Meeting on 30 September 2021 and it has

expressed its willingness to continue in office as the Company’s

Auditor. A resolution proposing its re-appointment and

authorising the Directors to determine its remuneration will be

submitted at the AGM (Resolution 7).

Further information in relation to the re-appointment can be

found on page 48.

Capital Structure and Voting Rights

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

Structure’ section on page 93 of this Annual Report and details

of the share capital 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 2022 there

were 48,397,165 Income shares and 38,860,148 Growth

shares listed and the total issued share capital of the Company

(excluding treasury shares) was represented 55.5% by Income

shares and 44.5% by 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. 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 2022 the Company had 48,397,165 Income shares

and 38,860,148 Growth shares in issue. 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.

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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 67% of the

Income shares and 83% of the Growth shares are held in this

manner. The voting arrangements for these shares is explained

on page 93.

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

November 2021, was a decrease of 27,625 Income shares in

issue and an increase of 13,595 Growth shares in issue.

Directors' Remuneration Report

The Directors’ Remuneration Report, which can be found

on pages 50 to 52, 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 Annual Report on Directors’ Remuneration

(Resolution 2) at the AGM on 29

September 2022.

At the Annual General Meeting held on 24 September 2020,

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 2023, 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 24 September 2020.

Director Election and 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.

With the exception of Simon Longfellow and Shauna Bevan, who

were appointed on

14 July 2021 and 9 June 2022 respectively,

and Colin McGill who retired on 30 September 2021, all of

the Directors held office throughout the year under review. In

accordance with the Company’s Articles of Association, any

Director appointed by the Board shall hold office only until the

next Annual General Meeting and shall then be eligible for

election. Accordingly, Shauna Bevan will retire at the AGM, being

the first such meeting following her appointment and, being

eligible, offers herself for election (Resolution 3).

As explained under the Corporate Governance Statement on

page

42, the Board has agreed that all Directors will retire

annually. David Harris is not standing for re-election and will

therefore retire at the conclusion of the forthcoming Annual

General Meeting. Accordingly, Sue Inglis, Simon Longfellow and

David

Warnock will retire at the AGM and, being eligible, offer

themselves for re-election. (Resolutions 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 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 trust 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 Board believes that longer serving Directors should not be

prevented from forming part of an independent majority, which

is consistent with the view expressed within the AIC Code. The

Board does not consider that a Director’s tenure necessarily

reduces his or her ability to act independently and, following

formal performance evaluations, 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. For these reasons and those set out on page 44,

the tenure of David Harris, who has served on the Board for

14 years, is not considered to compromise his independence.

David Harris will retire at the conclusion of the forthcoming

AGM. Additional information on diversity and tenure is set out on

pages 32 and 44.

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. The Chairman

and the Board therefore believe that it is in the interests of

shareholders that each of those Directors seeking election and

re-election are elected/re-elected.

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Governance 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 his or her 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 2022 and, in the case of Shauna Bevan,

from her appointment on 9 June 2022. Following the year end,

the Company has refreshed its letters of indemnity with each

of the Directors to account for legislative updates and changes

in market practice. 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 register

is kept up-to-date and the Directors are required to disclose to

the Company Secretary any changes to conflicts or any potential

new conflicts.

Safe Custody of Assets

The Company’s investments are held in safe custody by

JPMorgan Chase Bank (the ‘Custodian’). Operational matters

with the Custodian are carried out on the Company’s behalf by

the Manager in accordance with the provisions of the investment

management agreement. The Custodian is paid a variable

fee dependent on the number of trades and 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.

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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 pages 9 and 10 and the Investment

Manager’s Review on pages 18 and 19.

Environmental, Social and Governance

Details on the Company's Environmental, Social and Governance

policies, including voting on Portfolio investments, is set out on

pages 24 and 25.

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.

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.

Greenhouse Gas Emissions

All of the Company’s activities are outsourced to third parties. As

such it does not have any physical assets, property, employees

or operations of its own and does not generate any greenhouse

gas or other emissions.

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 17 to 22 to the financial

statements.

Annual General Meeting

The Annual General Meeting will be held at Exchange House,

Primrose Street, London, EC2A 2NY, on Thursday 29 September

2022 at 11.30am. The notice of Annual General Meeting is set

out on pages 88 to 92. 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 currently proposed 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 9 to 13 are explained below.

Directors’ Authority to Allot Shares and Sell Shares

from Treasury (Resolutions 9, 10 and 11)

Since the Annual General Meeting of the Company held on

September 2021, and in accordance with the authorities

granted, the Board has exercised its powers by issuing

1,195,000 new Income shares and 990,000 new Growth shares

(representing 2.5% and 2.5% of the Company’s total issued

Income share and Growth share capital respectively (excluding

treasury shares) as at 8 August 2022) on a non pre-emptive

basis at a premium to the net asset value per share.

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.

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Governance Report

Resolution 9 (authority to allot shares) will, if passed, authorise

the Directors to allot new Income shares up to an aggregate

nominal amount of £921,933.02 (consisting of 9,707,000

Income shares) and new Growth shares up to an aggregate

nominal amount of £741,763.35 (consisting of 7,810,000

Growth shares), being approximately 20% of the Company’s total

issued Income shares and approximately 20% of the Company’s

total issued Growth shares (excluding treasury shares) as at

August 2022.

Resolution 10 (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 £460,966.51 (consisting of 4,853,500

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

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

£370,881.67 (consisting of 3,905,000 Growth shares), being

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

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

shares (including treasury shares), as at 8 August 2022, for

cash without first offering such shares to existing shareholders

pro rata to their existing holdings.

Resolution 11 (additional power to dissaply pre-emption rights)

will, if passed, and in addition to Resolution 10, authorise the

Directors to allot further new Income shares, or resell Income

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

£460,966.51 (consisting of 4,853,500 Income shares) and allot

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

to an aggregate nominal amount of £370,881.67 (consisting

of 3,905,000 Growth shares) being approximately 10% of the

Company‘s total issued Income shares and approximately 10%

of the Company’s total issued Growth shares (including treasury

shares), as at 8 August 2022, for cash without first offering such

shares to existing shareholders pro rata to their existing holdings.

These authorities will continue until the earlier of 29 December

2023 (being 15 months from the date of the Annual General

Meeting in 2022) and the conclusion of the Annual General

Meeting in 2023. 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 12)

At the last Annual General Meeting held on 30 September 2021

shareholders gave the Company authority to make market

purchases of up to 7,074,000 Income shares and 5,684,000

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

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

During the year to 31 May 2022, the Company did not purchase

through the market any Income shares or Growth shares for

treasury.

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 12, 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

£0.094976101 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 29

December 2023 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.

There were 87,587,313 Income shares and Growth shares

in issue (excluding treasury shares) as at 8 August 2022 of

which 48,537,165 (55.4%) are Income shares and 39,050,148

(44.6%) are Growth shares. At that date, the Company held nil

Income shares and nil Growth shares in treasury.

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Approval of the Proposed Purchase Contract

(Resolution 13)

Resolution 13 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.

Individual Savings Accounts

The Company’s shares are qualifying investments for Individual

Savings Accounts. It is the current intention of the Directors

that the Company will continue to conduct its affairs to satisfy

this requirement.

By order of the Board

For Columbia Threadneedle Investment Business Limited

Company Secretary

Quartermile 4

7a Nightingale Way

Edinburgh EH3 9EG

8 August 2022

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Governance 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 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.

Since the year-end, on 19 July 2022, the Board also established

a new Marketing Committee. Chaired by Simon Longfellow, the

Committee comprises all of the Directors and intends to meet at

least twice a year. The objective of the Committee is to increase

investors’ awareness of CT Global Managed Portfolio Trust and

to promote its key attributes through appropriate initiatives. Its

terms of reference are also available on the Company’s website.

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 14 to 19 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 (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.

Colin McGill retired following the conclusion of the AGM on

September 2021. He was appointed to the Board in February

2008 and then as Chairman in January 2019. Following

Colin McGill’s retirement, David Warnock was then appointed

Chairman. David Warnock was appointed to the Board on

1 January 2019 and has therefore served for less than nine

years. The tenure policy relating to the Directors, which includes

the Chairman, is set out on page 32.

None of the Directors standing for re-election at the forthcoming

AGM has served in excess of nine years.

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

Corporate Governance Statement

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Governance Report

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.

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

on frc.org.uk

Company Purpose

The Company’s purpose, values and culture and the basis on

which it aims to generate value over the longer term is set out

within the Purpose, Strategy and Business Model on pages

11 to 12. How the Board seeks to promote the success of the

Company is set out on pages 26 to 27.

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.

Currently, David Harris is the Senior Independent Director and

acts as an experienced sounding board for the Chairman or as an

intermediary for shareholders. He also leads the annual evaluation

of the Chairman. David Harris will retire following the conclusion of

the forthcom

ing AGM on 29 September 2022 and Sue Inglis has

agreed to fulfil this role, following David’s retirement.

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 2022

Board of

Directors

Audit

Committee

Management

Engagement

Committee

Nomination

Committee

No. of meetings 4 3 1 4

D Warnock 4 3 1 4

C S McGill

(1)

2 1 1 1

D Harris 4 3 1 4

S P Inglis 4 3 1 4

S M Longfellow

(2)

4 3 1 4

(1)

Retired on 30 September 2021

(2)

Appointed on 14 July 2021

Report and Accounts 2022 | 43

Governance Report

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

interim dividends and also with respect to the annual share

conversion facility and new borrowing facilities.

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 page 32.

David Harris has served on the Board since the launch of the

Company in 2008 and will retire following the conclusion of the

forthcoming AGM on 29 September 2022. A succession plan to

allow for the retirement of the longer serving Directors has been

in progress over the last few years and following the year-end,

on 9 June 2022, a new non-executive Director Shauna Bevan

was appointed to the Board. An objective of the succession plan

was to ensure an adequate level of continuity and experience

on the Board while changes were made, thereby acting in the

best interests of shareholders. The Report of the Nomination

Committee on page 44 sets out the process carried out in

respect of the appointment of Shauna Bevan

as a non-executive

Director of the Company.

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 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 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. In the current year this also included the

assessment of the operational risks posed by COVID-19 and

the implementation of contingency plans by the Manager and

other third party service providers. Details of the principal risks

and uncertainties are set out on pages 28 and 29 and further

information on the Company’s risk management and internal

control framework can be found on pages 47 to 48.

The rationale for the Company not having established its own

internal audit function is also explained.

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.

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 12.

Remuneration

Information on the remuneration arrangements for the non-

executive Directors of the Company can be found in the

Remuneration Report on pages 50 to 52 and in note 5 to the

financial statements.

The remuneration policy is explained on page 50 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

8 August 2022

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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 and its 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, socio-

economic background, religion, sexual orientation, age or physical

ability), independence and knowledge of the Company within the

Board and ensuring succession planning is carefully managed.

The Committee met on four occasions during the year and

considered 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 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 page 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 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 trust 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

once the Board's succession plan is complete would expect

that, in future, 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 longer

serving Directors, has been in progress over the last few years.

The emphasis has been on ensuring the highest level of skills,

knowledge and experience of the Board and when recruiting

a new Director consideration is given to the current skills and

experience of the Board and the remaining tenure of each

Director. This assists in identifying the desired attributes of the

new Director and ensures that the Board continues to comprise

individuals with appropriate and complementary skills and

experience and continuity.

David Harris, one of the Directors, has served on the Board

since the launch of the Company in 2008 and has therefore

served for more than nine years and during the year a search for

a new non-executive Director was undertaken.

An external search agency, Cornforth Consulting (which has

no connection to the Company or the Directors), was engaged

to assist with the process. The Committee defined the

criteria that was required and the selection process took into

consideration the applications received and interviews with the

short-listed candidates.

Following the recruitment process it was agreed to appoint

Shauna Bevan to the Board with effect from 9 June 2022.

Having served on the Board since 2008, Colin McGill retired

following the Annual General Meeting held on 30

September

2021 and it has been agreed that David Harris will retire

following the conclusion of the forthcoming AGM to be held

on 29

September 2022. It is intended that Sue Inglis will then

become the Senior Independent Director.

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

8 August 2022

Report of the

Nomination Committee

Report and Accounts 2022 | 45

Governance Report

Composition of the Committee

The Committee comprises the full Board and is chaired by David

Warnock and its 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 2022 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, progress of the integration of its business with that

of Columbia Threadneedle Investments, the resources and

opportunities that can be expected as part of the enlarged

business and the continued support of the 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 ESG, 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.

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

8 August 2022

Report of the Management

Engagement Committee

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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 trust 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.

The performance of the Committee was evaluated as part of the

Board appraisal process.

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 interim financial statements,

the risk management and internal controls process and the

terms of appointment and remuneration of the Auditor, KPMG

LLP (‘KPMG’), 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 KPMG.

The Audit Committee met on three 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 KPMG and senior members of the Manager’s

Fund Management, Investment Trust and Business Risk teams.

Amongst other things, the Audit Committee considered and

reviewed the following matters and reported thereon to the

Board:

•

the annual and half-yearly results announcements, and

annual and half-yearly 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, including

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 KPMG, its re-appointment, remuneration and

terms of engagement;

•

the policy on the engagement of KPMG 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 and SSAE16 reports or their equivalent from

the Manager, 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 during the COVID-19 pandemic; and

•

the acquisition of BMO GAM by Columbia Threadneedle

Investments and the expected integration of its systems, risk

management and internal control infrastructure.

During the preparation of both the half-yearly report for the six

month period ended 30 November 2021 and the Annual Report

and Financial Statements for the year ended 31 May 2022

the Committee has considered the impact of the COVID-19

pandemic upon the risks, operations and accounting basis of

the Company. As noted within Principal Risks and Uncertainties

and Viability Statement on pages 28 to 30 the Directors have

reviewed the risk register of the Company and agreed that the

overall risk from some of its principal risks remain heightened as

a consequence of the pandemic. The Committee has noted that

at the onset of the pandemic the Manager implemented ‘working

from home’ arrangements for its staff and the Company’s

other third party service providers also implemented similar

arrangements to ensure no disruption to their service. Following

the easing of government COVID-19 related restrictions, the

Manager has moved to a hybrid model with staff also returning

to work in office locations. The Committee continues to monitor

this and is confident that the Company continues to operate as

normal with service levels maintained.

Report of the Audit Committee

Report and Accounts 2022 | 47

Governance Report

With regard to the change of ownership of the Manager that

took effect on 8 November 2021, the Audit Committee has

received confirmation that the existing systems and controls are

unchanged and continued to operate effectively throughout the

year under review and thereafter without any material change to

the date of this report. The merger of the Manager and Columbia

Threadneedle Investments will entail the progressive integration

of the two organisations, which the Audit Committee will monitor

closely from a risk management and internal control

perspective.

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 53.

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 Business Risk department 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 immediately.

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 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 28 and 29 with additional

information provided in notes 17 to 22 to the financial

statements. The integration of these risks into the consideration

of the Viability Statement on page 30

was also fully considered

and the Audit Committee concluded that the Board‘s Statement

was soundly based. The period of three years was also agreed

as remaining 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.

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.

The assessment included a review of the Manager’s risk

management infrastructure and the Report on Internal Controls

in accordance with ISAE 3402 and AAF (01/20) for the year

to 31 October 2021 (the ‘ISAE/AAF Report’) that has been

prepared for its clients. The Audit Committee also received

confirmation from the Manager that, subsequent to this date,

there had been no material changes to the control environment.

Containing a report and an unqualified opinion from independent

reporting accountants KPMG LLP, it 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 Group Audit and Risk Committee

which receives regular internal audit reports from its Risk and

Control Services function. 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.

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Governance Report

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 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 2022 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 2022 to discuss the draft

Annual Report and Financial Statements, with representatives

of KPMG and the Manager in attendance and KPMG presented

their year-end report to the Audit Committee. At the conclusion

of the audit KPMG did not highlight any issues to the Audit

Committee which would cause it to qualify its audit report. KPMG

issued an unqualified audit report which is included on pages 54

to 59.

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, KPMG received fees, excluding

VAT, for non-audit services of £nil for the year (2021: £3,500).

In the prior year these related to agreed upon procedures

in relation to the annual share conversion facility. The Audit

Committee did not consider that the provision of such non-audit

services was a threat to the objectivity and independence of the

conduct of the audit.

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

KPMG‘s performance on the audit just completed.

As part of the review of Auditor independence and effectiveness,

KPMG has confirmed that it is independent of the Company and

has complied with relevant auditing standards. In evaluating

KPMG, 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, remains satisfied that KPMG continues

to provide effective independent challenge in carrying out

its responsibilities. KPMG’s fee for the audit, excluding VAT, was

£42,760 (2021: £40,000).

Following professional guidelines, the senior statutory auditor

rotates at least every five years. Bryan Shepka, the current

senior statutory auditor, was engaged for the first time during the

current year ended 31 May 2022, which was KPMG's fifth year

as Auditor. The Audit Committee also considered the evaluation

of KPMG‘s audit performance through the Audit Quality Review

performed by the Financial Reporting Council.

As part of its annual review, the Committee considers the

need for putting the audit out to tender for reasons including

quality, cost or independence. While the Company is required

to carry out a tender at least every ten years, and by no later

than 31 May 2027, in view of increases in audit fees, the Audit

Committee intends to conduct a competitive audit tender in

the forthcoming year. This is no reflection on the quality of the

existing Auditor’s work or any issue other than cost.

In the meantime, on the basis of this assessment, the Audit

Committee has recommended the re-appointment of KPMG

to the Board.

Report and Accounts 2022 | 49

Governance Report

Significant Matters Considered by the Audit Committee in Relation to the Financial Statements

Matter Action

Investment Portfolio Valuation

The Company’s Portfolios are invested

predominantly in listed securities. Errors in the

Portfolio valuations could have a material impact

on the Company’s net asset value per share.

The Board reviews the full Portfolio valuations at each Board meeting

and receives quarterly monitoring and control reports from the AIFM and

Depositary. The Audit Committee reviewed the Manager’s annual ISAE/

AAF Report, as referred to on page 47, which is reported on by independent

external accountants and details the systems, processes and controls

around the daily pricing of equity and fixed interest securities, including the

application of exchange rate movements. The Manager has provided further

assurance that controls have operated satisfactorily since that date.

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 referred

to on page 47, 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 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 periods since

implementation of AIFMD to 31 May 2022.

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

8 August 2022

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Governance Report

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

fees, and fees paid during the year ended 31 May 2022, 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 54 to 59.

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 has not received any views from its shareholders

in respect of the levels of Directors’ remuneration. It is intended

that the policy will continue for the three year period ending at

the AGM in 2023.

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 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. With the exception

of Shauna Bevan, all the Directors were last re-elected at the

AGM held on 30 September 2021 and, with the exception of

David Harris, will stand for election or re-election at the AGM on

September 2022. There is no notice period and no provision

for compensation upon termination of appointment.

Voting at Annual General Meeting on Directors’

Remuneration Policy

The Directors’ Remuneration Policy was last approved by

shareholders at the Company’s Annual General Meeting held

on 24 September 2020. 95.0% of votes were in favour of the

resolution and 5.0% were against.

Annual Statement

As Chairman of the Board, I confirm that effective 1 June 2021

the amounts paid to Directors increased by £600 per annum

for the Chairman, £500 per annum for the Audit Committee

Chairman and £450 per annum for each of the other Directors.

Future Policy Table

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

31 May 2023, the Board concluded that the amounts paid to

Directors would increase by approximately 5% and therefore by

£1,500 per annum for the Chairman, £1,350 per annum for the

Audit Committee Chairman and £1,150 per annum for each of

the other Directors. It was agreed that the amount paid to the

Marketing Committee chairman would be £27,300 per annum.

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

2023 will be as follows:

Director

31 May

2023

31 May

2022

(1)

Chairman 31,600 30,100

Audit Committee chairman 27,300 25,950

Marketing Committee chairman 27,300 n/a

Director 24,000 22,850

(1)

Actual Directors’ remuneration for the year ended 31 May 2021.

Directors’ Remuneration Report

Report and Accounts 2022 | 51

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 2022 and 2021 and can expect to receive the fees indicated for 2023 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

2022

31 May

2021

£ % change

31 May

2022

31 May

2021

£ % change

(7)

31 May

2022

31 May

2021

£ % change

31 May

2023

D Warnock (Chairman)

(3)

27,677 22,400 +23.6 – – 0.0 27,677 22,400 +23.6 31,600

C S McGill

(3)

10,061 29,500 -65.9 – – 0.0 10,061 29,500 -65.9 n/a

S L Bevan

(4)

n/a n/a n/a n/a n/a n/a n/a n/a n/a 23,474

D Harris 22,850 22,400 +2.0 1,648 94 +1,653.2 24,498 22,494 +8.9 7,956

S P Inglis 25,950 24,480 +6.0 – – 0.0 25,950 24,480 +6.0 27,300

S M Longfellow

(5)

20,158 n/a n/a 1,596 n/a n/a 21,754 n/a n/a 26,866

A G Stewart

(6)

n/a 8,117 n/a n/a – n/a n/a 8,117 n/a n/a

Total 106,696 106,897 -0.2 3,244 94 +3,351.1 109,940

106,991 +2.8 117,196

(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 2023. Taxable benefits are also anticipated but are not currently quantifiable. The anticipated

fees reflect that D Harris will retire following the AGM.

(3)

C S McGill was the Chairman until he retired following the AGM on 30 September 2021. D Warnock was then appointed Chairman.

(4)

Appointed on 9 June 2022.

(5)

Appointed on 14 July 2021.

(6)

Retired on 24 September 2020.

(7)

The increase in taxable benefits is due to the low level of travel related expenses incurred in the year to 31 May 2021 due to COVID-19 related restrictions.

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

2022

31 May

2021

Change

Aggregate Directors’ remuneration 106,696 106,897 -0.2

Management and other expenses,

excluding performance fee 1,756,000 1,507,000 +16.5

Performance fee – 625,000 n/a

Quarterly dividends paid to

shareholders (relating to the year)

(1)

3,184,000 2,908,000 +9.5

Aggregate cost of Income shares

and Growth shares repurchased – 557,000 n/a

(1)

The annual dividend increased by 7.3% from 6.20p to 6.65p per Income share,

however, the cost of the dividend increased by 9.5% due to the issuance of new

Income shares during the year to 31 May 2022.

Directors’ Shareholdings (Audited)

The Directors who held office at the year-end and their interests

in the shares of the Company at 31 May 2022 (all of which were

beneficially held) were as follows:

31 May 2022 31 May 2021

Director

Income

Growth

Income

Growth

D Harris 5,000 5,000 5,000 5,000

S M Longfellow – 10,950 n/a n/a

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

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 2022 and 8 August

2022.

Following the year-end, S L Bevan was appointed to the Board

on 9 June 2022. S L Bevan does not hold any Income shares or

Growth shares in the Company.

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52 | CT Global Managed Portfolio Trust PLC

Governance Report

Company Performance

The graph below compares, for the ten financial years ended

31 May 2022, 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 2012)

Index

Income share price total return

FTSE All-Share Index total return

Growth share price total return

100

120

140

160

180

200

220

240

260

280

300

May-12 May-13 May-14 May-15 May-16 May-17 May-18 May-19 May-20 May-21 May-22

Source: Columbia Threadneedle Investments and Refinitive Eikon

Voting at Annual General Meeting on Annual

Remuneration Report

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

September 2021, shareholders approved the Directors’

Remuneration Report in respect of the year ended 31 May

2021. 94.2% of votes were in favour of the resolution and 5.8%

were against.

An ordinary resolution for the approval of this Annual 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

8 August 2022

Report and Accounts 2022 | 53

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

8 August 2022

Statement of Directors’ Responsibilities

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54 | CT Global Managed Portfolio Trust PLC

Auditor’s Report

1. Our opinion is unmodified

We have audited the financial statements of CT Global Managed

Portfolio Trust PLC (“the Company”) for the year ended 31 May

2022 which comprise the Income Statement, Balance Sheet,

Cash Flow Statement, Statement of Changes in Equity and the

related notes, including the accounting policies in note 1.

In our opinion the financial statements:

—

give a true and fair view of the state of Company’s affairs as

at 31 May 2022 and of its return for the year then ended;

—

have been properly prepared in accordance with UK

accounting standards, including FRS 102

The Financial

Reporting Standard applicable in the UK and Republic of

Ireland

; and

—

have been prepared in accordance with the requirements of

the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International

Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our

responsibilities are described below. We believe that the audit

evidence we have obtained is a sufficient and appropriate basis

for our opinion. Our audit opinion is consistent with our report to

the audit committee.

We were first appointed as auditor by the shareholders

on 21 September 2017. The period of total uninterrupted

engagement is for the five financial years ended 31 May 2022.

We have fulfilled our ethical responsibilities under, and we

remain independent of the Company in accordance with, UK

ethical requirements including the FRC Ethical Standard as

applied to listed public interest entities. No non-audit services

prohibited by that standard were provided.

Overview

Materiality: £1.67m (2021: £1.8m)

financial statements as a whole 1% (2021: 1%) of total assets

Key audit matters vs 2021

Recurring risks

Carrying Value of Quoted Investments

2. Key audit matters: our assessment of risks of material misstatement

Key audit matters are those matters that, in our professional judgement, were of most significance in the audit of the financial

statements and include the most significant assessed risks of material misstatement (whether or not due to fraud) identified by us,

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. We summarise below the key audit matter (unchanged from 2021), in arriving at our audit opinion

above, together with our key audit procedures to address this matter and, as required for public interest entities, our results from

those procedures. This matter was addressed, and our results are based on procedures undertaken, in the context of, and solely for

the purpose of, our audit of the financial statements as a whole, and in forming our opinion thereon, and consequently are incidental

to that opinion, and we do not provide a separate opinion on this matter.

Independent Auditor’s Report

to the members of CT Global Managed Portfolio Trust PLC

Report and Accounts 2022 | 55

Auditor’s Report

The risk Our response

Carrying Value of Quoted

Investments

(£159.1 million; 2021:

£173.2 million)

Refer to page 49 (Audit

Committee Report), page 66

(accounting policy) and pages

-76 (financial disclosures).

Low risk, high value:

The Company’s portfolio of quoted

investments makes up 95.1% (2021:

96.6%) of the Company’s total assets

(by value) and is one of the key drivers

of results. We do not consider these

investments to be at a high risk of

significant misstatement, or to be subject

to a significant level of judgement

because they comprise liquid, quoted

investments. However, due to their

materiality in the context of the financial

statements as a whole, they are

considered to be one of the areas which

had the greatest effect on our overall

audit strategy and allocation of resources

in planning and completing our audit.

We performed the detailed tests below rather

than seeking to rely on controls, because the

nature of the balance is such that detailed testing

is determined to be the most effective manner of

obtaining evidence.

Our procedures included:

—

Tests of detail: Agreed the valuation of 100%

of investments in the portfolio to externally

quoted prices; and

—

Enquiry of depository: Agreed 100%

of investment holdings in the portfolio

to independently received third party

confirmations from the Depository

Our results

—

We found the carrying amount of quoted

investments to be acceptable (2021:

acceptable)

3. Our application of materiality and an overview of the

scope of our audit

Materiality for the financial statements as a whole was set

at £1.67m (2021: £1.8m), determined with reference to a

benchmark of total assets, of which it represents 1% (2021: 1%).

In line with our audit methodology, our procedures on individual

account balances and disclosures were performed to a

lower threshold, performance materiality, so as to reduce

to an acceptable level the risk that individually immaterial

misstatements in individual account balances add up to a

material amount across the financial statements as a whole.

Performance materiality was set at 75% (2021: 75%) of

materiality for the financial statements as a whole, which

equates to £1.26m (2021: £1.34m). We applied this percentage

in our determination of performance materiality because we did

not identify any factors indicating an elevated level of risk.

In addition, we applied materiality of £218k (2021: £210k)

and performance materiality of £164k (2021: £150k) to

investment income, and materiality of £1k {2021: £1k} to

Directors’ remuneration, for which we believe misstatements

of lesser amounts than materiality for the financial statements

as a whole could reasonably be expected to influence the

Company’s members’ assessment of the financial performance

of the Company.

We agreed to report to the Audit Committee any corrected

or uncorrected identified misstatements exceeding £84k

(2021:

£85k), in addition to other identified misstatements that

warranted reporting on qualitative grounds.

Our audit of the Company was undertaken to the materiality

and performance materiality levels specified above and was

performed by a single audit team.

The scope of the audit work performed was predominately

substantive as we placed limited reliance upon the Company’s

internal control over financial reporting.

Total Assets

£167.4m (2021: £179.3m)

Materiality

£1.67m (2021: £1.8m)

Total Assets

£1.67m

Whole financial statements

materiality (2021: £1.8m)

£1.26m

Whole financial statements

performance materiality

(2021: £1.34m)

£84k

Misstatements reported

to the Audit Committee

(2021: £85k)

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56 | CT Global Managed Portfolio Trust PLC

Auditor’s Report

4. Going concern

The Directors have prepared the financial statements on the

going concern basis as they do not intend to liquidate the

Company or to cease its operations, and as they have concluded

that the Company’s financial position means that this is realistic.

They have also concluded that there are no material

uncertainties that could have cast significant doubt over its

ability to continue as a going concern for at least a year from

the date of approval of the financial statements (“the going

concern period”).

We used our knowledge of the Company, its industry, and the

general economic environment to identify the inherent risks to its

business model and analysed how those risks might affect the

Company’s financial resources or ability to continue operations

over the going concern period. The risks that we considered

most likely to adversely affect the Company’s available financial

resources and its ability to operate over this period were:

—

The impact of a significant reduction in the valuation of

investments and the implications for the Company’s debt

covenants;

—

The liquidity of the investment portfolio and its ability to meet

the liabilities of the Company as and when they fall due; and

—

The operational resilience of key service organisations.

We considered whether these risks could plausibly affect the

liquidity in the going concern period by assessing the degree of

downside assumption that, individually and collectively, could

result in a liquidity issue, taking into account the Company’s

current and projected cash and liquid investment position.

We considered whether the going concern disclosure in note 1

to the financial statements gives a full and accurate description

of the Directors’ assessment of going concern, including the

identified risks and related sensitivities.

Our conclusions based on this work:

—

We consider that the Directors’ use of the going concern

basis of accounting in the preparation of the financial

statements is appropriate;

—

We have not identified, and concur with the Directors’

assessment that there is not, a material uncertainty related

to events or conditions that, individually or collectively, may

cast significant doubt on the Company’s ability to continue

as a going concern for the going concern period;

—

We have nothing material to add or draw attention to in

relation to the Directors’ statement in note 1 to the financial

statements on the use of the going concern basis of

accounting with no material uncertainties that may cast

significant doubt over the Company’s use of that basis for

the going concern period, and we found the going concern

disclosure in note 1 to be acceptable; and

—

The related statement under the Listing Rules set out on

pages 34-35 is materially consistent with the financial

statements and our audit knowledge.

However, as we cannot predict all future events or conditions

and as subsequent events may result in outcomes that are

inconsistent with judgements that were reasonable at the time

they were made, the above conclusions are not a guarantee that

the Company will continue in operation.

5. Fraud and breaches of laws and regulations – ability

to detect

Identifying and responding to risks of material misstatement

due to fraud

To identify risks of material misstatement due to fraud (“fraud

risks”) we assessed events or conditions that could indicate an

incentive or pressure to commit fraud or provide an opportunity

to commit fraud. Our risk assessment procedures included:

—

Enquiring of Directors as to the Company’s high-level policies

and procedures to prevent and detect fraud, as well as

whether they have knowledge of any actual, suspected or

alleged fraud;

—

Assessing the segregation of duties in place between the

Directors, the Administrator and the Company’s Investment

Manager; and

—

Reading Board and Audit Committee minutes.

As required by auditing standards, we perform procedures

to address the risk of management override of controls, in

particular the risk that management may be in a position to

make inappropriate accounting entries.

We evaluated the design and implementation of the controls over

journal entries and other adjustments and made inquiries of

the Administrator about inappropriate or unusual activity relating

to the processing of journal entries and other adjustments.

We substantively tested all material post-closing entries and,

based on the results of our risk assessment procedures and

understanding of the process, including the segregation of

duties between the Directors and the Administrator, no further

high-risk journal entries or other adjustments were identified.

On this audit we do not believe there is a fraud risk related to

revenue recognition because the revenue is non-judgemental

and straightforward, with limited opportunity for manipulation.

We did not identify any additional fraud risks.

Report and Accounts 2022 | 57

Auditor’s Report

Identifying and responding to risks of material misstatement

due to non-compliance with laws and regulations

We identified areas of laws and regulations that could

reasonably be expected to have a material effect on the financial

statements from our general commercial and sector experience

and through discussion with the Directors and the investment

manager (as required by auditing standards), and inquired of the

Directors if there had been any instances of non-compliance with

laws and regulations in the period.

The potential effect of these laws and regulations on the

financial statements varies considerably.

Firstly, the Company is subject to laws and regulations that

directly affect the financial statements including financial

reporting legislation (including related companies legislation),

distributable profits legislation and its qualification as an

Investment Trust under UK taxation legislation, any breach of

which could lead to the Company losing various deductions

and exemptions from UK corporation tax, and we assessed the

extent of compliance with these laws and regulations as part of

our procedures on the related financial statement items.

We assessed the legality of the distributions made by the

Company in the period based on comparing the dividends paid

to the distributable reserves prior to each distribution, including

consideration of accounts filed during the year.

Secondly, the Company is subject to many other laws and

regulations where the consequences of non-compliance

could have a material effect on amounts or disclosures in the

financial statements, for instance through the imposition of

fines or litigation. We identified the following areas as those

most likely to have such an effect: money laundering, data

protection, bribery and corruption legislation. Auditing standards

limit the required audit procedures to identify non-compliance

with these laws and regulations to enquiry of the Directors

and the Administrator and inspection of regulatory and legal

correspondence, if any. Therefore if a breach of operational

regulations is not disclosed to us or evident from relevant

correspondence, an audit will not detect that breach.

Context of the ability of the audit to detect fraud or breaches

of law or regulation

Owing to the inherent limitations of an audit, there is an

unavoidable risk that we may not have detected some material

misstatements in the financial statements, even though we

have properly planned and performed our audit in accordance

with auditing standards. For example, the further removed non-

compliance with laws and regulations is from the events and

transactions reflected in the financial statements, the less likely

the inherently limited procedures required by auditing standards

would identify it.

In addition, as with any audit, there remained a higher risk of

non-detection of fraud, as these may involve collusion, forgery,

intentional omissions, misrepresentations, or the override of

internal controls. Our audit procedures are designed to detect

material misstatement. We are not responsible for preventing

non-compliance or fraud and cannot be expected to detect non-

compliance with all laws and regulations.

6. We have nothing to report on the other information

in the Annual Report

The Directors are responsible for the other information

presented in the Annual Report together with the financial

statements. Our opinion on the financial statements does not

cover the other information and, accordingly, we do not express

an audit opinion or, except as explicitly stated below, any form of

assurance conclusion thereon.

Our responsibility is to read the other information and, in

doing so, consider whether, based on our financial statements

audit work, the information therein is materially misstated

or inconsistent with the financial statements or our audit

knowledge. Based solely on that work we have not identified

material misstatements in the other information.

Strategic Report and Directors’ Report

Based solely on our work on the other information:

—

we have not identified material misstatements in the

strategic report and the directors’ report;

—

in our opinion the information given in those reports for the

financial year is consistent with the financial statements; and

—

in our opinion those reports have been prepared in

accordance with the Companies Act 2006.

Directors’ Remuneration Report

In our opinion the part of the Directors’ Remuneration Report to

be audited has been properly prepared in accordance with the

Companies Act 2006.

Disclosures of emerging and principal risks and longer-term

viability

We are required to perform procedures to identify whether

there is a material inconsistency between the Directors’

disclosures in respect of emerging and principal risks and the

viability statement, and the financial statements and our audit

knowledge.

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58 | CT Global Managed Portfolio Trust PLC

Auditor’s Report

Based on those procedures, we have nothing material to add or

draw attention to in relation to:

—

the Directors’ confirmation within the viability statement on

page 30 that they have carried out a robust assessment

of the emerging and principal risks facing the Company,

including those that would threaten its business model,

future performance, solvency and liquidity;

—

the Principal Risks disclosures describing these risks and

how emerging risks are identified, and explaining how they

are being managed and mitigated; and

—

the Directors’ explanation in the viability statement of how

they have assessed the prospects of the Company, over

what period they have done so and why they considered that

period to be appropriate, and their statement as to whether

they have a reasonable expectation that the Company will

be able to continue in operation and meet its liabilities as

they fall due over the period of their assessment, including

any related disclosures drawing attention to any necessary

qualifications or assumptions.

We are also required to review the Viability Statement, set

out on page 30 under the Listing Rules. Based on the above

procedures, we have concluded that the above disclosures are

materially consistent with the financial statements and our audit

knowledge.

Our work is limited to assessing these matters in the context

of only the knowledge acquired during our financial statements

audit. As we cannot predict all future events or conditions and as

subsequent events may result in outcomes that are inconsistent

with judgements that were reasonable at the time they were

made, the absence of anything to report on these statements is

not a guarantee as to the Company’s longer-term viability.

Corporate governance disclosures

We are required to perform procedures to identify whether there

is a material inconsistency between the directors’ corporate

governance disclosures and the financial statements and our

audit knowledge.

Based on those procedures, we have concluded that each of the

following is materially consistent with the financial statements

and our audit knowledge:

—

the Directors’ statement that they consider that 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;

—

the section of the annual report describing the work of

the Audit Committee, including the significant issues that

the Audit Committee considered in relation to the financial

statements, and how these issues were addressed; and

—

the section of the annual report that describes the review of

the effectiveness of the Company’s risk management and

internal control systems.

We are required to review the part of the Corporate Governance

Statement relating to the Company’s compliance with the

provisions of the UK Corporate Governance Code specified by

the Listing Rules for our review. We have nothing to report in this

respect.

7. We have nothing to report on the other matters on

which we are required to report by exception

Under the Companies Act 2006, we are required 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.

We have nothing to report in these respects.

8. Respective responsibilities

Directors’ responsibilities

As explained more fully in their statement set out on page 53,

the Directors are responsible for: the preparation of the financial

statements including being satisfied that they give a true and

fair view; 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;

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 they either

intend to liquidate the Company or to cease operations, or have

no realistic alternative but to do so.

Report and Accounts 2022 | 59

Auditor’s Report

Auditor’s responsibilities

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 our opinion in an auditor’s report. Reasonable assurance

is a high level of assurance, but does not 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 aggregate, they could reasonably be expected to influence the

economic decisions of users taken on the basis of the financial

statements.

The Company is required to include these financial statements

in an annual financial report prepared using the single electronic

reporting format specified in the TD ESEF Regulation. This

auditor’s report provides no assurance over whether the annual

financial report has been prepared in accordance with that

format.

A fuller description of our responsibilities is provided on the

FRC’s website at www.frc.org.uk/auditorsresponsibilities.

9. The purpose of our audit work and to whom we owe

our responsibilities

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.

Bryan Shepka (Senior Statutory Auditor)

for and on behalf of KPMG LLP, Statutory Auditor

Chartered Accountants

319 St Vincent Street

Glasgow

G2 5AS

8 August 2022

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60 | CT Global Managed Portfolio Trust PLC

Financial Report

Notes

Revenue

2022

£’000

Capital

2022

£’000

Total

2022

£’000

Revenue

2021

£’000

Capital

2021

£’000

Total

2021

£’000

10 (Losses)/gains on investments – (15,724) (15,724) – 38,132 38,132

Foreign exchange losses – (2) (2) – (17) (17)

3 Income 4,384 – 4,384 4,022 – 4,022

4 Investment management and performance fees (322) (818) (1,140) (290) (1,360) (1,650)

5 Other expenses (723) – (723) (589) – (589)

Return on ordinary activities before finance costs and tax 3,339 (16,544) (13,205) 3,143 36,755 39,898

6 Finance costs (61) (92) (153) (47) (69) (116)

Return on ordinary activities before tax 3,278 (16,636) (13,358) 3,096 36,686 39,782

7 Tax on ordinary activities (14) – (14) (16) – (16)

Return attributable to shareholders 3,264 (16,636) (13,372) 3,080 36,686 39,766

9 Return per Income share 6.85p (8.95p) (2.10p) 6.59p 25.94p 32.53p

9 Return per Growth share – (32.28p) (32.28p) – 67.27p

67.27p

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 65 to 86 are an integral part of these financial statements.

Income Statement

For the Year ended 31 May

Report and Accounts 2022 | 61

Financial Report

Notes

Income

2022

£’000

Growth

2022

£’000

Total

2022

£’000

Income

2021

£’000

Growth

2021

£’000

Total

2021

£’000

Fixed assets

10 Investments at fair value 69,874 89,258 159,132 72,121 101,052 173,173

69,874 89,258 159,132 72,121 101,052 173,173

Current assets

11 Debtors 697 95 792 272 54 326

Cash at bank and on deposit 1,549 5,929 7,478 2,040 3,769 5,809

2,246 6,024 8,270 2,312 3,823 6,135

Creditors

12 Amounts falling due within one year (2,428) (303) (2,731) (7,667) (649) (8,316)

Net current (liabilities)/assets (182) 5,721 5,539 (5,355) 3,174 (2,181)

Creditors

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

Net assets 64,692 94,979 159,671 66,766 104,226 170,992

Capital and reserves

13 Called-up share capital 4,596 3,692 8,288 4,459 3,586 8,045

14 Share premium – – – 27,608 26,599 54,207

14 Capital redemption reserve 257 365 622 256 365 621

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

–

14 2008 special reserve 18,980 17,199 36,179 19,017 17,162 36,179

14 Capital reserves 8,109 44,142 52,251 12,373 56,514 68,887

14 Revenue reserve 3,162 – 3,162 3,053 – 3,053

15 Shareholders’ funds 64,692 94,979 159,671 66,766 104,226 170,992

15 Net asset value per share (pence) 133.67p 244.41p 142.22p 276.01p

Company Number: SC338196

Approved by the Board and authorised for issue on 8 August 2022 and signed on its behalf by:

David Warnock, Director.

The accompanying notes on pages 65 to 86 are an integral part of these financial statements.

Balance Sheet

As at 31 May

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62 | CT Global Managed Portfolio Trust PLC

Financial Report

Notes

Income

2022

£’000

Growth

2022

£’000

Total

2022

£’000

Income

2021

£’000

Growth

2021

£’000

Total

2021

£’000

16 Net cash outflow from operations before dividends and interest (1,234) (1,463) (2,697) (606) (1,413) (2,019)

Dividends received 3,126 1,174 4,300 2,891 1,072 3,963

Interest received 1 9 10 1 – 1

Interest paid (181) – (181) (118) – (118)

Net cash inflow/(outflow) from operating activities 1,712 (280) 1,432 2,168 (341) 1,827

Investing activities

Purchases of investments (5,154) (15,865) (21,019) (4,363) (8,174) (12,537)

Sales of investments 4,025 15,180 19,205 3,409 4,313 7,722

Net cash flows from investing activities (1,129) (685) (1,814) (954) (3,861) (4,815)

Net cash flows before financing activities 583 (965) (382) 1,214 (4,202) (2,988)

Financing activities

8 Equity dividends paid (3,155) – (3,155) (2,852) – (2,852)

Proceeds from issuance of new shares 2,120 3,086 5,206 710 4,765 5,475

Share conversion – Income to Growth (212) 212 – (300) 300 –

Share conversion – Growth to Income 173 (173) – 165 (165) –

Sale of shares from treasury – – – 599 –

599

Shares purchased to be held in treasury – – – (557) – (557)

Loan drawn down – – – 2,000 – 2,000

Net cash flows from financing activities (1,074) 3,125 2,051 (235) 4,900 4,665

Net movement in cash and cash equivalents (491) 2,160 1,669 979 698 1,677

Cash and cash equivalents at the beginning of the year 2,040 3,769 5,809 1,061 3,071 4,132

Cash and cash equivalents at the end of the year 1,549 5,929 7,478 2,040 3,769 5,809

Represented by:

Cash at bank and short-term deposits 1,549 5,929 7,478 2,040 3,769 5,809

The accompanying notes on pages 65 to 86 are an integral part of these financial statements.

Cash Flow Statement

For the Year ended 31 May

Report and Accounts 2022 | 63

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 2021 4,459 27,608 256 – 19,017 12,373 3,053 66,766

Increase in share capital in issue, net of

share issuance expenses

140 1,980 – – – – – 2,120

13 Share conversion (2) – – – (37) – – (39)

13 Cancellation of deferred shares (1) – 1 – – – – –

Transfer of net income from Growth to Income

Portfolio

– – – – – – 644 644

Transfer of capital from Income to Growth Portfolio – – – – – (644) – (644)

Share premium cancellation – (29,588) – 29,588 – – – –

8 Dividends paid – – – – – – (3,155) (3,155)

Return attributable to shareholders – – – – – (3,620) 2,620 (1,000)

As at 31 May 2022 4,596 – 257 29,588 18,980 8,109 3,162

64,692

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 2021 3,586 26,599 365 – 17,162 56,514 – 104,226

Increase in share capital in issue, net of

share issuance expenses

104 2,982 – – – – – 3,086

13 Share conversion 2 – – – 37 – – 39

13 Cancellation of deferred shares – – – – – – – –

Transfer of net income from Growth to Income

Portfolio

– – – – – – (644) (644)

Transfer of capital from Income to Growth Portfolio – – – – – 644 – 644

Share premium cancellation – (29,581) – 29,581 – – – –

Return attributable to shareholders – – – – – (13,016) 644 (12,372)

As at 31 May 2022 3,692 – 365 29,581 17,199 44,142 – 94,979

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 2021 8,045 54,207 621 – 36,179 68,887 3,053 170,992

Increase in share capital in issue, net of

share issuance expenses

244 4,962 – – – – – 5,206

Share conversion – – – – – – – –

Cancellation of deferred shares (1) – 1 – – – – –

Share premium cancellation – (59,169) – 59,169 – – – –

8 Dividends paid – – – – – (3,155) (3,155)

Return attributable to shareholders – – – – – (16,636) 3,264 (13,372)

Total Company as at 31 May 2022 8,288 – 622 59,169 36,179 52,251 3,162 159,671

The accompanying notes on pages 65 to 86 are an integral part of these financial statements.

Statement of Changes in Equity

For the Year ended 31 May

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64 | CT Global Managed Portfolio Trust PLC

Financial Report

Income shares

Notes

capital

£’000

premium

account

£000

Capital

redemption

reserve

£000

2008

special

reserve

£000

Capital

reserves

£000

Revenue

reserve

£000

Total

shareholders’

funds

£000

As at 31 May 2020 4,415 26,909 252 19,147 240 2,825 53,788

13 Increase in share capital in issue, net of share issuance expenses 55 655 – – – – 710

Shares sold from treasury – 44 – 555 – – 599

Shares purchased for treasury – – – (557) – – (557)

Share conversion (7) – – (128) – – (135)

Cancellation of deferred shares (4) – 4 – – – –

Transfer of net income from Growth to Income Portfolio – – – – – 564 564

Transfer of capital from Income to Growth Portfolio – – – – (564) – (564)

8 Dividends paid – – – – – (2,852) (2,852)

Return attributable to shareholders – – – – 12,697 2,516 15,213

As at 31 May 2021 4,459 27,608 256 19,017 12,373 3,053 66,766

Growth shares

capital

£’000

premium

account

£000

Capital

redemption

reserve

£000

2008

special

reserve

£000

Capital

reserves

£000

Revenue

reserve

£000

Total

shareholders’

funds

£000

As at 31 May 2020 3,408 22,006 364 17,034 31,961 – 74,773

13 Increase in share capital in issue, net of share issuance expenses 172 4,593 – – – – 4,765

Share conversion 7 – – 128 – – 135

Cancellation of deferred shares (1) – 1 – – – –

Transfer of net income from Growth to Income Portfolio – – – – – (564) (564)

Transfer of capital from Income to Growth Portfolio – – – – 564 – 564

Return attributable to shareholders – – – – 23,989 564 24,553

As at 31 May 2021 3,586 26,599 365 17,162 56,514 – 104,226

Total

capital

£’000

premium

account

£000

Capital

redemption

reserve

£000

2008

special

reserve

£000

Capital

reserves

£000

Revenue

reserve

£000

Total

shareholders’

funds

£000

As at 31 May 2020 7,823 48,915 616 36,181 32,201 2,825 128,561

Increase in share capital in issue, net of share issuance expenses 227 5,248 – – – – 5,475

Shares sold from treasury – 44 – 555 – – 599

Shares purchased for treasury – – – (557) – –

(557)

Share conversion – – – – – – –

Cancellation of deferred shares (5) – 5 – – – –

8 Dividends paid – – – – – (2,852) (2,852)

Return attributable to shareholders – – – – 36,686 3,080 39,766

Total Company as at 31 May 2021 8,045 54,207 621 36,179 68,887 3,053 170,992

The accompanying notes on pages 65 to 86 are an integral part of these financial statements.

Statement of Changes in Equity – continued

For the Year ended 31 May

Report and Accounts 2022 | 65

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.

There have been no significant changes to the Company’s accounting policies during the year ended 31 May 2022.

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 Board has considered the Company’s principal