REG-Capital Gearing Trust P.l.c.: Final Results for the Year Ended 31 March 2025
29/05/2025 07:02
LONDON STOCK EXCHANGE ANNOUNCEMENT
Capital Gearing Trust P.l.c.
(the ‘Company’)
Final Results for the Year Ended 31 March 2025
Legal Entity Identifier: 213800T2PJTPVF1UGW53
Information disclosed in accordance with DTR 4.1.3
Capital Gearing Trust (LSE: CGT), the FTSE 250 investment trust focused on
preserving and, over time, growing shareholders’ real wealth, announces its
Final Results for the year ended 31 March 2025.
Financial Summary
31 March 2025 31 March 2024
Share price 4,785.0p 4,695.0p
NAV per Ordinary share 4,924.8p 4,810.5p
Dividends per share (1) 102p 78p
Share price discount to NAV per share (2) 2.8% 2.4%
Shareholders’ funds £885.0m £1,060.2m
Market capitalisation £859.9m £1,034.7m
Ongoing charges ratio (2) 0.56% 0.47%
Total return performance to 31 March 2025
1 year 3 years 5 years 10 years
Share price total return (2) 3.6% (3.1%) 20.9% 55.1%
NAV total return (2) 4.1% 2.1% 27.1% 65.3%
Consumer Price Index (3) 2.6% 16.6% 25.7% 36.9%
(1) The 2025 dividend comprises an interest distribution of 66p and
an equity dividend of 36p. Please refer to the Chairman’s Statement below
for further details.
(2) Please refer to the Company’s Annual Report and Financial Statements
for the year ended 31 March 2025 (‘2025 Annual Report’) for definitions
and a reconciliation of the Alternative Performance Measures to the year-end
results.
(3) The Company does not have a formal benchmark but uses the Consumer Price
Index (‘CPI’) as a relative measure over the medium to longer term.
Highlights
* Net asset value (‘NAV’) total return of +4.1%. This compares with the
Consumer Price Index (‘CPI’) return of +2.6%. The share price total return
over the period was +3.1%.
* All parts of the portfolio delivered a positive contribution with the
exception of the infrastructure holdings.
* The discount / premium control policy (‘DCP’), which aims to ensure
that, in normal market conditions, the Company’s ordinary shares trade at
close to underlying asset value, has worked well over the year under review.
As discounts within the investment trust sector have continued to be
stubbornly wide, the
Company’s discount control policy shelters investors from share price
volatility providing opportunities to buy in, and exit, at close to NAV.
* The Company is receiving more interest income than in previous years as a
result of a change in the portfolio allocation, coupled with an increase in
interest rates. To mitigate the Company’s tax liability the Board has
resolved to pay at least part of this year’s dividend to shareholders as an
interest distribution, which in turn increases the level of the dividend.
Accordingly the Board has recommended a final dividend of 102p per share.
* The Chairman, Jean Matterson, will be standing down at the forthcoming AGM.
Karl Sternberg will succeed her as Chairman.
* The Company remains defensively positioned, with material allocations to dry
powder and index-linked bonds, while maintaining a cautious stance towards
risk assets.
* On Thursday 29 May 2025 at 2.00 p.m., the Investment Managers will present
the Company’s Annual Results via the London Stock Exchange’s SparkLive
webcasting service. Investors and potential investors are invited to sign up
for the event via the following link:
https://sparklive.lseg.com/CapitalGearingTrust/events/059f93c6-4d52-474a-8430-bca5629b425a/capital-gearing-trust-plc-full-year-results-presentation
Chairman’s Statement
Performance
I am pleased to present the Annual Report of Capital Gearing Trust P.l.c. (the
‘Company’) for the year ended 31 March 2025.
In what is my final statement as Chairman of the Company, I am able to report
that over the year ended 31 March 2025, the Company’s NAV total return was
+4.1%. This compares with the Consumer Price Index (‘CPI’) return of
+2.6%.The share price total return over the year was +3.6%. Whilst the Company
has not made up all of the lost ground experienced at the start of this
decade, the Board feels that the Investment Manager should be commended for
these returns in such volatile markets and it is pleasing to note that all but
one asset class contributed positively to returns. As part of its review of
the Investment Manager the Board assesses NAV performance against CPI over the
short term (three years) and over the longer-term (ten years). Over the past
three and ten year periods, the Company’s NAV total returns have been +2.1%
and +65.3%, whilst CPI returned +16.6% and +36.9% respectively.
Further details regarding the Company’s performance can be found in the
Investment Manager’s Report below.
Discount/Premium Control Policy and General Meeting
Our discount control policy (‘DCP’), which aims to ensure that, in normal
market conditions, the Company’s Ordinary shares trade at close to
underlying asset value, has worked well over the year under review. The DCP
encompasses both share issuances at a premium and share buybacks at a
discount.
Consistent with the experience of many investment companies across different
asset classes, the Company has been required to significantly increase the
rate of its share buybacks this year to meet the objective of the DCP. The
Company has repurchased 4,067,965 (2024: repurchased 4,220,036) shares for a
total consideration of £194.5 million (2024: £195.1 million) over the year
ended 31 March 2025. No shares were issued. Shares which are bought back are
held in Treasury rather than cancelled as they can be reissued from Treasury
more efficiently than issuing new shares. Whilst the repurchase of the
Company’s shares does shrink the assets of the Company, the Board has
completed an impact assessment and noted that due to the vast majority of the
Company’s expenses being charged on an ad valorem basis, that is they rise
and fall commensurably with the Company’s assets, there is only a marginal
increase in the Company’s ongoing charges ratio, and hence the DCP continues
to benefit shareholders.
Reflecting both the quantum of buybacks completed by the Company and the
Board’s commitment to the DCP, the Company held a General Meeting in March
2025 to renew shareholder authority to buy-back shares when it became clear
that the authority to buy-back 14.99% of the Company’s share capital granted
at the Annual General Meeting in July 2024 would be exhausted before the date
of the 2025 Annual General Meeting. The renewal was approved by shareholders
and hence the Company has been able to continue the operation of the DCP and a
further 372,609 Ordinary shares for a total consideration of £18.0 million
have been repurchased in the Company’s new financial year to date. Since the
renewed authority will automatically expire at the conclusion of the
Company’s forthcoming Annual General Meeting, in line with usual practice,
the Company will ask shareholders to approve a further renewal of the
authority to repurchase up to 14.99% of its capital at a discount to estimated
NAV at the forthcoming Annual General Meeting.
Income and Distributions
The amount the Company receives in dividends and interest is the outcome of
the application of its investment policy, and the amounts distributed to
shareholders are designed to satisfy the Company’s minimum annual income
distribution test to ensure that it maintains its investment trust status.
As highlighted in my previous statements, the Company is receiving more
interest income than in previous years as a result of a change in the
portfolio allocation, coupled with an increase in interest rates. If not
distributed to shareholders, such interest income is subject to UK corporation
taxation and to mitigate the Company’s tax liability the Board has resolved
to pay at least part of this year’s dividend to shareholders as an interest
distribution. This means taking advantage of the UK interest streaming rules,
which allow approved investment trusts which have income from interest bearing
assets to treat all or part of a distribution as an interest distribution,
rather than a conventional dividend. By doing this, the Company will receive a
corresponding deduction in its corporation tax liability.
Accordingly the Board has recommended a final dividend of 102p per share which
will be paid, subject to shareholder approval, on 8 July 2025 to shareholders
on the register on 6 June 2025. The ex-dividend date will be 5 June 2025. For
the purpose of personal taxation calculations, the Board has designated the
payment as follows:
Interest distribution per Ordinary share: 66p
Dividend distribution per Ordinary share: 36p
Total distribution per Ordinary share: 102p
The total distribution represents an increase of 30.8% from the 78p paid to
shareholders in respect of the Company’s financial year ended 31 March 2024.
Approximately two thirds of the increase is attributable to the element of the
interest distribution which has reduced the Company’s corporation tax
liability. Shareholders should note that there is no guarantee that the
Company will continue to be in receipt of the current level of interest
income, and accordingly, this year’s elevated distribution should not be
viewed as a precedent for future payments. The Company’s total distribution
each year will continue to be largely determined by net revenue received by
the Company each year.
The distribution will be split into the interest and dividend components on
shareholder tax vouchers. The tax treatment of an interest distribution in
the hands of a shareholder may be different to the treatment of a dividend
receipt. If you are in any doubt as to your tax position or you are subject to
tax in a jurisdiction outside the UK, you should consult an appropriate
professional adviser.
Company Advisers
During the year, and following a review of its operational arrangements, the
Board appointed Frostrow Capital LLP and JP Morgan Securities with effect from
1 July 2024 to provide company secretarial and administration, and DCP
services, respectively. There were also new appointments at CG Asset
Management Limited (‘CGAM’) in relation to its investor relations and
marketing services. The transition to these new service providers has been
seamless, and the appointment of a dedicated investor relations function at
CGAM, together with the recent appointment of SecNewgate, a strategic
communications firm, is helping to increase the Company’s profile with
investors and potential investors across the investment community.
Marketing, Promotion and Shareholder Interaction
Following enhancements to investor relations and marketing resource, as
mentioned above, the Board is continuing to work with CGAM to increase the
Company’s profile via various media including video conferences, podcasts
and in-person meetings, together with ongoing interaction with national and
investment industry journalists. It is the Board’s view that enhancing the
Company’s profile will benefit all shareholders, through a better
understanding of the Company, and its objectives, and by creating sustained
demand for its shares. If you would like to register for email alerts
concerning the Company please use the following link:
https://capitalgearingtrust.com/subscribe
The Board
The Board plans for succession to ensure it retains an appropriate balance of
skills, knowledge and diverse perspectives. Following the successful
conclusion of two recruitment campaigns this year, we were delighted to
welcome Karl Sternberg and Theodora Zemek as non-executive directors with
effect from 5 September and 1 November 2024 respectively. Karl has wide
experience in the investment trust sector, as the Chair of Monks Investment
Trust, and a past and present board member of a number of other trusts. Theo
is new to the investment trust sector but has been recruited for her valuable
experience in fixed interest markets having worked at M&G, New Star Asset
Management and AXA Investment Management.
I say farewell at the forthcoming Annual General Meeting. Looking back over my
tenure, the Company is considerably larger in terms of net assets than when I
first joined; the CGAM team has grown, and is stronger with broader expertise;
and there is considerably more information on the portfolio and market
background available to the Board, along with improved marketing and enhanced
information available to shareholders. It has had challenges, but has been an
enjoyable experience working with both Board colleagues and the Investment
Managers. I am delighted to confirm that Karl Sternberg will succeed me as
Chairman. I know that the Board will be ably led by Karl, alongside other
directors with a wide range of the requisite skills needed to guide the
Company through all eventualities.
There are no plans to appoint any more directors at the current time, so my
retirement takes the Board down to five members. The Board complies with all
applicable diversity targets for UK listed companies and it is intended that
this will continue to be the case.
Annual General Meeting (‘AGM’)
The AGM will be held on Thursday 3 July 2025 at 11.30am at the Numis
Auditorium, 45 Gresham Street, London EC2V 7BF. I hope as many shareholders
as possible will be able to attend to take the opportunity to meet the Board
and to hear a presentation from the Investment Manager. However, if you are
unable to attend in person, you can watch the Investment Manager‘s
presentation soon after the AGM when a recording will be posted on the
Company’s website. There will also be an opportunity to hear from the
Investment Managers on Thursday 29 May 2025 at 2.00 p.m., when the team
will present the Company’s Annual results via the London Stock Exchange’s
SparkLive webcasting service. Questions can be submitted at any time before
or during the live presentation. Investors and potential investors are
invited to sign up for the event via the following link:
https://sparklive.lseg.com/CapitalGearingTrust/events/059f93c6-4d52-474a-8430-bca5629b425a/capital-gearing-trust-plc-full-year-results-presentation
Details on the resolutions to be proposed at the AGM can be found in the 2025
Annual Report. The Board firmly believes that all the resolutions being
proposed are in the best interests of the Company and its shareholders and
encourages shareholders to vote by proxy in favour of the resolutions, as the
Board intends to do in respect of their own shareholdings. We would encourage
shareholders to return their votes by electronic proxy, including by
instructing their platform providers to vote on their behalf if their shares
are held through platform nominees.
Outlook
As we look ahead, the global investment environment continues to be marked by
elevated levels of uncertainty. Persistent inflationary pressures, fluctuating
interest rates, and ongoing geopolitical tensions, most recently exacerbated
by President Trump’s trade tariffs, are reshaping market dynamics.
Against this backdrop, there has perhaps been no more of an apt time during my
tenure to highlight the benefits of the Company’s objective, that is to
preserve and, over time, to grow shareholders’ real wealth. Whilst the
coming year will be incredibly difficult for active managers to navigate, your
Investment Manager’s cautious stance on equities and focus on high-quality
bonds should ensure that the Company remains a relatively safe haven for your
money as we aim to limit drawdowns and yet keep pace with inflation.
Moreover, as discounts within the investment trust sector have continued to be
stubbornly wide, the Company’s discount control policy shelters investors
from share price volatility providing opportunities to buy in, and exit, at
close to NAV.
I would like to conclude by thanking my fellow Directors and the team at CGAM
for their support and contribution during my time on the Board and I would
also like to extend my thanks to our shareholders for their ongoing support. I
wish the Company’s fortunes well for the future.
Jean Matterson
Chairman
28 May 2025
Investment Manager’s Report
Review
The Company delivered a NAV total return of +4.1% and a share price total
return of +3.6% over the year. This compares with CPI inflation of +2.6%, the
investment trust index return of +3.0% and sterling aggregate bond returns of
+0.5%. All parts of the portfolio delivered a positive contribution with the
exception of the infrastructure holdings.
Collectively the risk assets (i.e. listed funds with underlying holdings in
equity, infrastructure and alternative assets), which on average over the year
accounted for 32% of the portfolio, outperformed the investment trust index
with most components outperforming relevant indices. The only weak spot was
the allocation to US equities which underperformed as a result of limited
exposure to this region and the ‘Magnificent Seven’ in particular. This
outperformance was mainly achieved through some of the largest holdings: a
function of underlying performance, discount narrowing, and increased M&A
activity. Our largest equity investment trust holding, Polar Capital Global
Financials Trust plc, delivered in excess of 20% returns due to the
combination of discount narrowing and strong underlying performance. The
largest property holding, PRS REIT plc, delivered in excess of a 50% return
after a strategic review resulted in the portfolio being offered for sale. The
largest hedge fund holding, BH Macro Ltd, delivered in excess of a 10% return
almost entirely from discount narrowing. One of our larger infrastructure
holdings, BBGI Global Infrastructure, delivered approximately a 14% return
after a takeover bid from the British Columbia Investment Management
Corporation. The weakest performing part of the portfolio was our renewable
infrastructure investment trusts, collectively representing about 3% of the
portfolio, with both UK Wind plc and the Renewable Infrastructure Group Ltd
experiencing double digit falls of around 20%.
Attribution Analysis
Return on portfolio % %
Cash & T-Bills 0.6
Credit 0.3
Dry Powder 0.9
Index-Linked Bonds 1.0
Gold 0.4
Infrastructure (0.1)
Alternatives 0.5
Property 0.5
Equities 1.1
Risk Assets 2.4
Gross return 4.3
NAV accretion from buybacks 0.4
Management fee and other costs (0.6)
NAV total return (1) 4.1
(1) Alternative Performance Measure (‘APM‘). Please refer to the 2025
Annual Report for definitions and a reconciliation of the Alternative
Performance Measures to the year-end results.
Source: CGAM and Frostrow. All figures are on a total return basis.
Contributions calculated using arithmetic methodology.
The level of M&A activity in our portfolio helps to illustrate what an
eventful year it was for the investment trusts market. Discounts appear to
have hit cyclical troughs after a couple of years of widening, which attracted
a number of value investors and hedge funds into the sector. Boards have
certainly taken note and are taking discount controls more seriously. After a
period of relative underperformance we believe there is scope for investment
trusts to outperform the global equity market over the medium term.
It was another weak year in the bond market with both the Sterling Aggregate
Bond Index and the Global Aggregate Bond Index delivering small positive gains
in GBP terms. In the UK, long bond prices fell, and in the US weak currency
offset a small rise in bond prices. The Company’s bond exposure outperformed
these indices as it benefited from having a majority of its index-linked bond
holdings (38% of the portfolio) in relatively short-dated sterling bonds at
the start of the year and rotated into US Treasury Inflation-Protected
Securities (‘TIPS’) during the year after a period of strong sterling
appreciation post the UK general election. As a result, the bond portfolio
delivered a positive return helping the overall portfolio to make its modest
gains. The rise in long-dated UK inflation-linked yields to above 2%, levels
not seen since the early 2000s, is a very welcome development representing the
normalisation of a previously highly distorted market.
The Company ended the year with approximately 32% of its portfolio in dry
powder assets (i.e. cash, treasury bills and high quality short dated
corporate credit). This is close to the highest levels we have held in these
highly defensive assets, and they have proved very helpful for portfolio
resilience given the stern test in financial markets shortly after the period
end. Over the year, developed market credit spreads narrowed, delivering gains
but reducing prospective returns in this asset class. As a result the
corporate credit holdings were reduced from approximately 12% to around 9% of
the portfolio at the year end.
Outlook
On the 2 April, shortly after the Company’s financial year end, US President
Donald Trump announced sweeping trade tariffs on friend and foe alike. The
breadth and arbitrary nature of these actions added to a sense of
revolutionary change as the institutions that have underpinned Western
development and security since the second world war are systematically
dismantled. There remains considerable uncertainty over how long lasting and
significant these changes will prove but even if these policies are reversed
during, or after, a Trump presidency, the role of America as a benevolent
hegemon may never return. The world feels that bit more dangerous and divided.
There are early signs that trust in the exceptionalism of American assets is
being called into question. The December 2024 Bank of America Global Fund
Manager Survey recorded the largest ever overweight allocation to US equities,
the culmination of 15 years of staggering outperformance versus other markets.
At that point the Trump bump turned to slump as a slew of weaker than expected
economic data combined with policy uncertainty and elevated valuations caused
a correction in US equities, particularly the Magnificent Seven. To date there
is limited evidence of the impact of recent events on corporate earnings but
there is a considerable risk that margins will suffer given the extremely
elevated levels of profitability achieved by US corporates. An ominous
precedent is the dot com bust which also occurred after 15 years of
outperformance of US equities and resulted in a decade of relative
underperformance as write-offs and bankruptcies from excessive capital
expenditure weighed on profits.
Bond markets are also beginning to show strain in the face of excessive
government deficits. While it was central to US Treasury Secretary Scott
Bessent’s economic strategy that the fiscal deficit be reduced to 3% of GDP,
neither the current fiscal plans nor the growth prospects for the US economy
suggest that this is likely to be achievable. Closer to home, the UK faces
similar issues: a combination of weaker-than-expected growth,
higher-than-expected interest rates, and the Government’s wafer-thin fiscal
headroom have created a vicious cycle that will likely require some
combination of tax increases and spending cuts later in the year. Even Germany
has dropped its debt brake amendment to allow significant increases to
spending on infrastructure and defence. Despite governments’ commitments to
fiscal consolidation, it appears bond markets will have to prepare to digest a
wave of issuance over the coming years.
The sheer weight of this issuance will create additional upward pressure on
long bond yields even as many central banks reduce short-term interest rates
to counter the economic slowdown. Whilst tariffs are likely to have a
deflationary impact on the overall global economy, they will create pockets of
inflation, not least in the US where retailers are likely to pass through a
majority of price rises to consumers. These new relatively steep yield curves
are a welcome opportunity. Around the year end we started to lengthen the
duration of our UK index-linked holdings into better values. Whilst there is
still scope for further curve steepening, historically purchasing long UK
index-linked bonds above a 2% real yield has been a rewarding investment and
we are watching developments in this market with interest.
Against this backdrop, the Company remains defensively positioned, with
material allocations to dry powder and index-linked bonds, while maintaining a
cautious stance towards risk assets. It is true that markets will always face
a degree of uncertainty. However, the present level of uncertainty faced by
the global economy in the face of constant change to trade policy makes the
possible outcomes for corporate profits, inflation, interest rates and global
growth staggeringly wide. We expect that these conditions will continue for
some time. Our expectation is that the portfolio’s defensive stance will
prove resilient in the face of the testing outlook that the global economic
order currently faces and generate positive real returns for shareholders.
Peter Spiller Alastair Laing Chris Clothier
CG Asset Management Limited
28 May 2025
Strategic Review
The Directors aim to ensure that the Company maintains its investment
strategy, has operational resilience, meets its regulatory requirements as an
investment trust and navigates the financial and economic circumstances.
Through the remit of the Audit and Risk Committee, Directors have carried out
a robust assessment of the principal and emerging risks facing the Company,
including those that would threaten its business model, future performance,
solvency or liquidity. The principal risks and uncertainties facing the
Company, together with the mitigating actions the Board takes, are set out in
the table below.
Whilst Directors have not identified any new emerging risks, the Company faces
continuing risks arising from geopolitical events such as conflict in the
Middle East and Ukraine and volatility in the equity markets. It is difficult
to assess how these exogenous risks will impact the Company, but they do
introduce caution on returns that might be achieved in the future given the
inflationary impact on equity and bond returns and the risk of market shocks
caused by geopolitical risk. The Investment Manager continues to apply
protective measures in constructing the portfolio but is also aware that an
‘oversold market’ can present opportunities as well and it retains
liquidity in the portfolio to exploit these if they become available.
Risk Mitigation
Investment strategy and performance The Board is responsible for setting the investment strategy of the Company and monitoring investment performance. Inappropriate strategy and/or poor investment performance may have an adverse effect on shareholder The Company’s strategy is formally reviewed by the Board at least annually, considering investment performance, shareholder views, developments in the marketplace and the structure of the Company. Investment performance is reviewed by the Board on a regular basis against CPI. The composition of the portfolio is provided at each Board meeting and allows the monitoring of the spread of investments and associated investment risks. The Investment Manager’s approach to ESG is set out in the 2025 Annual Report. The Company has limited direct impact on the environment as it invests primarily in government bonds and closed ended and other collective investment vehicles. Stock selection, portfolio composition and liquidity are explained in detail by the Investment Manager at each meeting. The Investment Manager is formally appraised at least annually by the Management Engagement Committee.
returns. There is increasing awareness of the challenges and emerging risks posed by climate change. The investment process considers ESG factors, as set out in the Strategic Review. Overall the specific potential effects of climate change are difficult,
if not impossible, to predict and the Board and Investment Manager will continue to monitor developments in this area. Assessing geopolitical risk has always been part of the investment process. There are a growing number of geopolitical conflicts which
pose an increased risk to market stability. In addition to the ongoing conflict between Russia and Ukraine, rising tensions in Southeast Asia and the Middle East, U.S. trade policy under the second Trump administration adds further complexity to the
geopolitical environment. These trade tensions, along with uncertainty surrounding interest rate and inflation and discounts on investment companies’ shares have had and will continue to have a significant impact on the Company and its investment
portfolio. Increased overall risk due to inflation, higher interest rates, supply issues and ongoing and increasing global political tensions and the impact of heightened interest rates.
Premium/discount level The Company’s share price could be impacted by a range of factors causing it to be higher than (at a premium to) or lower than (at a discount to) the underlying NAV per share. Excessive demand for, or supply of, shares can create The Company operates a discount/premium control policy (‘DCP’), under which it aims to purchase or issue shares to ensure, in normal market conditions, that the shares trade close to their underlying NAV per share. The DCP increases liquidity and reduces volatility by preventing the build-up of excessive demand and/or supply for the Company’s shares which, the Board believes, is in the best interests of shareholders. The DCP continues to be reviewed to ensure liquidity for issuance and buyback. The levels of issuance/buyback of shares are reported to the Board on an ongoing basis and at each Board meeting the Board considers the Investment Manager’s ability to invest new proceeds (in the case of issuance) and maintain sufficient liquidity (in the case of buybacks) to meet the demands of the DCP. Since the inception of the DCP, the Company has issued and bought back a substantial number of shares, with the more recent trend being buying back.
liquidity issues, restricting the ability of investors to buy and sell shares in the secondary market. Fluctuations in the share price can cause volatility which may not be reflective of the underlying investment portfolio. Risk remains relatively
unchanged
Operational The Company is reliant on third-party service providers and key teams at such service providers. Failure of the internal control systems of these third parties could result in inaccurate information being reported or risk to the Company’s The Audit and Risk Committee formally reviews each service provider at least annually, considering their reports on internal controls, information security, and the resources available to them. The Management Engagement Committee reviews the service levels and how the service providers have performed. The operational requirements of the Company from its service providers are subject to rigorous testing including the use of office/home working and online communication. Additionally, the Investment Manager’s and Administrator’s technology environments are continually maintained and subject to regular testing, vulnerability scans and patch management. As part of this review the Board considers the measures taken by each supplier to mitigate its cybersecurity risk. The transition of secretarial and administration services and operation of the DCP to Frostrow Capital LLP and JP Morgan Securities respectively was carefully planned and has not resulted in the disruption of services required by the Company. Further details of the Company’s internal control and risk management system is provided in the 2025 Annual Report.
assets. Risk remains unchanged since it is still less than a year since the new suppliers have been in place. Given the seamless transition of the applicable roles to date it is expected that this risk will reduce next year.
Regulatory and governance The Company operates in a regulatory environment. Failure to comply with section 1158 of the Corporation Tax Act 2010 could result in the Company losing investment trust status and being subject to tax on capital gains. Failure to Compliance with relevant regulations is monitored on an ongoing basis by the Company Secretary and Investment Manager who report regularly to the Board. The Board also takes into account increasing governance requirements and complies with them wherever practical or explains why there is any divergence. The Board monitors changes in the regulatory environment and receives regulatory updates from the Investment Manager, Company Secretary, lawyers and auditor as relevant. The Board is appraised of corporate governance issues and changes and as far as practical the Company complies with governance guidance or explains where it does not and meets the guidance of the AIC Corporate Governance Code.
comply with other regulations could result in financial penalties or the suspension of the Company’s listing on the London Stock Exchange. Risk remains relatively unchanged
Financial and economic The Company’s investments are impacted by financial and economic factors including market prices, interest rates, foreign exchange rates and credit which could cause losses to the investment portfolio. Risk has been heightened by The Board regularly reviews and monitors the management of market risk, interest rate risk, foreign currency risk and credit risk. These are explained in detail in note 15 to the financial statements in the 2025 Annual Report. Inflation, and geopolitical risks, are considered a component of market risk, with the impact of higher inflation and interest rates and events in Ukraine and the Middle East taken into account. This year the Board authorised the purchase of hedged Japanese and US Treasury Bills, which are hedged back to sterling to remove some of the currency risk. The Company has sufficient cash resources and liquidity in its portfolio to meet its operating requirements, including the operation of DCP. In common with most commercial operations, there are always exogenous risks and consequences, which are difficult to predict and plan for in advance. The Company does what it can to address these risks when they emerge, not least operationally and in trying to meet its investment objective.
geopolitical events
Share buybacks
During the year the Company bought back 4,067,965 shares at an average price
of 4,746.7p per share and for an aggregate consideration of £194.5 million
(2024: repurchased 4,220,036 shares at an average price of 4,585.2p per share
and for an aggregate consideration of £195.1 million). Shares are repurchased
at a discount to the NAV thereby covering the costs of the DCP and associated
portfolio transaction costs and providing some accretion to the NAV per share.
All shares were bought back in accordance with the DCP, which is detailed
further in the 2025 Annual Report. Since the year end, the Company has
repurchased a further 372,609 shares.
Going concern
The Audit and Risk Committee has undertaken an assessment of whether the
Company is a going concern. The Company’s investment objective and business
activities, together with the main factors likely to affect its future
development and performance, including prevailing macro-economic conditions,
are described above.
The financial position of the Company, including its cash flows and liquidity
positions, is set out in detail in the financial statements. Note 15 to the
financial statements describes the Company’s processes for managing its
capital, its financial risk management objectives, details of its financial
instruments and its exposures to market price, interest rates, foreign
currency, credit and liquidity risk. The Board works closely with the
Investment Manager and the Company Secretary to ensure that the Company’s
operations are resilient, and its portfolio robust enough to meet challenges
and opportunities.
The Directors also take into account the liquidity of the portfolio and
scenario stress testing when considering the viability of the Company and its
ability to meet liabilities as they fall due and to fulfil the ongoing
operation of the DCP. The stress tests examined downside scenarios which
combined a substantial fall (up to 25%) in stock markets, and therefore asset
values, with a considerable loss of income. The impact of such severe
scenarios are then mitigated by a significant reduction in management fees and
most expenses. The results of the stress testing indicated that there was
sufficient portfolio liquidity and net income for the Company to continue in
operation. The stress tests also examined the operation of the DCP in the
event of the Company having to buy back a substantial number of shares.
The Directors believe that the Company is well placed to manage its business
risks successfully and consider that the Company currently has adequate
resources, an appropriate financial structure and suitable management
arrangements in place to continue in operational existence. For this reason,
they continue to adopt the going concern basis in preparing the annual report
and financial statements. The Directors do not consider that there are any
material uncertainties to the Company’s ability to continue to adopt this
approach over a period of 12 months from the date of approval of these
financial statements.
Viability statement
The Board has carried out a robust assessment of the principal risks facing
the Company including those that would threaten its business model, future
performance, solvency or liquidity. The Board has drawn up a matrix of the
risks facing the Company and has put in place appropriate processes and
controls in order to mitigate these risks as far as practicable. The principal
risks which have been identified, and the steps taken by the Board to manage
these, are detailed above.
The Company is a long-term investor and the Board believes it is appropriate
to assess the Company’s viability over a five-year period in recognition of
the balance between the Investment Manager’s long-term horizon and also what
the Directors believe to be investors’ horizons, taking account of the
Company’s current position and the potential impact of the principal risks
and uncertainties, the operation of the DCP and the circumstances of
investment companies more generally.
As mentioned under the going concern paragraph above, the Directors also take
into account the liquidity of the portfolio and scenario stress testing when
considering the viability of the Company. The results of the stress testing
indicated there was sufficient portfolio liquidity and net income for the
Company to continue in operation for at least three years.
The Directors do not expect there to be any significant change in the
principal risks that have been identified and the adequacy of the controls in
place. Also, the Directors do not envisage any change in the Company’s
strategy or its objective, or any events, that would prevent the Company from
continuing to operate over that period as the Company’s assets are liquid,
its commitments are limited, and the Company intends to continue to operate as
an investment trust. The Directors believe that only a dramatic downturn in
financial markets, deteriorating economic circumstances, or other crises
besetting global markets, could have an impact on this assessment.
Based on this assessment, 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 next five years.
The Board’s Strategic Report contained within the 2025 Annual Report have
been approved by the Board and signed on its behalf by:
Jean Matterson
Chairman
28 May 2025
Directors’ Responsibilities Statement
in Respect of the Annual Report and the Financial Statements
The Directors are responsible for preparing the Annual Report and the
Financial Statements in accordance with United Kingdom Generally Accepted
Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102
‘The Financial Reporting Standard applicable in the UK and Republic of
Ireland’, and applicable law) and applicable law and regulation.
Company law requires the Directors to prepare financial statements for each
financial year. Under that law the Directors have prepared the financial
statements in accordance with United Kingdom Generally Accepted Accounting
Practice (United Kingdom Accounting Standards, comprising FRS 102 ‘The
Financial Reporting Standard applicable in the UK and Republic of Ireland’,
and applicable law). 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 the net return of the
Company for that year. In preparing these financial statements, the Directors
are required to:
* select suitable accounting policies and then apply them consistently;
* state whether applicable UK Accounting Standards, comprising FRS 102, have
been followed, subject to any material departures disclosed and explained in
the financial statements;
* make judgements and accounting estimates that are reasonable and prudent;
* prepare the financial statements on the going concern basis unless it is
inappropriate to presume that the Company will continue in business; and
* prepare a directors’ report, a strategic report and directors’
remuneration report which comply with the requirements of the Companies Act
2006.
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 the financial statements and the Directors’
Remuneration Report comply with the Companies Act 2006.
The Directors are also responsible for safeguarding the assets of the Company
and hence for taking reasonable steps for the prevention and detection of
fraud and other irregularities.
The Directors are responsible for ensuring that the Annual Report and
Financial Statements, taken as a whole, are fair, balanced, and understandable
and provide the information necessary for shareholders to assess the
Company’s performance, business model and strategy.
The Annual Report and Financial Statements are published on the Company’s
website which is maintained by the Investment Manager. The Investment Manager
is responsible for the maintenance and integrity of the Company’s website.
Legislation in the United Kingdom governing the preparation and dissemination
of financial statements may differ from legislation in other jurisdictions.
The maintenance and integrity of the Company’s website is the responsibility
of the Directors. The Directors’ responsibility also extends to the ongoing
integrity of the financial statements contained therein.
Declaration
Each of the Directors, whose names and functions are listed in the Governance
Report, confirms that, to the best of his or her knowledge:
* the Company’s Financial Statements, which have been prepared in accordance
with United Kingdom Generally Accepted Accounting Practice (United Kingdom
Accounting Standards, comprising FRS 102, and applicable law), give a true and
fair view of the assets, liabilities, financial position and net return of the
Company; and
* the Board’s Strategic Report includes a fair review of the development and
performance of the business and the position of the Company, together with a
description of the principal risks and uncertainties that it faces.
For and on behalf of the Board
Jean Matterson
Chairman
28 May 2025
Income Statement
for the year ended 31 March 2025
Year ended 31 March 2025 Year ended 31 March 2024
Revenue Capital Total Revenue Capital Total
Note £’000 £’000 £’000 £’000 £’000 £’000
Net gains/(losses) on investments 8 – 13,059 13,059 – (3,113) (3,113)
Net gains on currency swap contracts – 1,354 1,354 – – –
Net currency gains/(losses) – 51 51 – (109) (109)
Investment income 2 26,694 – 26,694 25,145 – 25,145
Other income 2 339 – 339 400 – 400
Gross return 27,033 14,464 41,497 25,545 (3,222) 22,323
Investment management fee 3 (3,950) – (3,950) (4,298) – (4,298)
Other expenses 4 (1,513) – (1,513) (1,070) – (1,070)
Net return before tax 21,570 14,464 36,034 20,177 (3,222) 16,955
Tax 5 (43) – (43) (3,220) – (3,220)
Net return attributable to equity shareholders 21,527 14,464 35,991 16,957 (3,222) 13,735
Net return per Ordinary share 7 107.54p 72.26p 179.85p 69.74p (13.25)p 56.49p
The total column of this statement represents the income statement of the
Company. The revenue return and capital return columns are supplementary to
this and are prepared under guidance issued by the Association of Investment
Companies.
All revenue and capital items in the above statement derive from continuing
operations.
There are no gains or losses other than those recognised in the income
statement and therefore no statement of comprehensive income has been
presented.
The notes below form an integral part of these financial statements.
Statement of Changes in Equity
for the year ended 31 March 2025
Note Called-up share capital £’000 Share premium account £’000 Capital redemption reserve £’000 Special reserve (1) £’000 Realised capital reserve (1) £’000 Unrealised capital reserve (1) £’000 Revenue reserve (1) £’000 Total equity share- holders’ funds £’000
Opening balance at 1 April 2023 6,645 1,101,753 16 – 140,426 (7,973) 18,852 1,259,719
Net return for the year – – – – (1,980) (1,242) 16,957 13,735
Cancellation of share premium account 12 – (1,101,753) – 1,101,753 – – – –
Shares bought back into treasury 11 – – – (64,350) (130,776) – – (195,126)
Dividends paid 6 – – – – – – (18,155) (18,155)
Closing balance at 31 March 2024 6,645 – 16 1,037,403 7,670 (9,215) 17,654 1,060,173
Opening balance at 1 April 2024 6,645 – 16 1,037,403 7,670 (9,215) 17,654 1,060,173
Net return for the year – – – – 21,205 (6,741) 21,527 35,991
Shares bought back into treasury 11 – – – (194,541) – – – (194,541)
Dividends paid 6 – – – – – – (16,598) (16,598)
Closing balance at 31 March 2025 6,645 – 16 842,862 28,875 (15,956) 22,583 885,025
(1) These reserves are available for distribution (except for the unrealised
gains on Level 3 investments detailed in Note 15).
The notes below form an integral part of these financial statements.
Statement of Financial Position
as at 31 March 2025
31 March 31 March
2025 2024
Note £’000 £’000
Fixed assets
Investments held at fair value through profit or loss 8 860,407 1,053,792
Current assets
Debtors 9 8,379 4,500
Cash at bank 42,859 11,643
51,238 16,143
Creditors: amounts falling due within one year 10 (26,620) (9,762)
Net current assets 24,618 6,381
Total assets less current liabilities 885,025 1,060,173
Capital and reserves
Called-up share capital 11 6,645 6,645
Capital redemption reserve 16 16
Special reserve 12 842,862 1,037,403
Capital reserve 12,919 (1,545)
Revenue reserve 22,583 17,654
Total equity shareholders’ funds 885,025 1,060,173
Net asset value per Ordinary share 13 4,924.8p 4,810.5p
The financial statements above were approved by the Board on 28 May 2025 and
signed on its behalf by:
Jean Matterson
Chairman
The notes below form an integral part of these financial statements.
Cash Flow Statement
for the year ended 31 March 2025
Year ended Year ended
31 March 31 March
2025 2024
Note £’000 £’000
Net cash inflow from operating activities 14 10,740 10,612
Payments to acquire investments (1,072,259) (809,667)
Receipts from sale of investments 1,307,502 1,006,421
Settlement on currency swap contracts (1,577) –
Net cash inflow from investing activities 233,666 196,754
Equity dividends paid 6 (16,598) (18,155)
Repurchase of Ordinary shares (196,592) (191,334)
Net cash outflow from financing activities (213,190) (209,489)
Increase/(decrease) in cash and cash equivalents 31,216 (2,123)
Cash and cash equivalents at start of year 11,643 13,766
Cash and cash equivalents at end of year 42,859 11,643
The notes below form an integral part of these financial statements.
Notes to the Financial Statements
1 Significant accounting policies
The current reporting year is 1 April 2024 to 31 March 2025. The comparative
information is for the period 1 April 2023 to 31 March 2024.
a) Basis of accounting
Capital Gearing Trust P.l.c. is a public company limited by shares,
incorporated and domiciled in Northern Ireland and carries on business as an
investment trust.
The accounts are prepared in accordance with the Companies Act 2006, United
Kingdom Generally Accepted Accounting Practice (Accounting Standards ‘UK
GAAP’) including Financial Reporting Standard (FRS) 102 ‘The Financial
Reporting Standard applicable in the UK and Republic of Ireland’ and the
Statement of Recommended Practice ‘Financial Statements of Investment Trust
Companies and Venture Capital Trusts’ (the ‘SORP’) issued by the
Association of Investment Companies (‘AIC’) in 2022. All of the
Company’s operations are of a continuing nature.
The accounts have been prepared on a going concern basis under the historical
cost convention, as modified by the revaluation of investments held at fair
value through profit or loss. A robust assessment of going concern by the
Audit and Risk Committee is set out in the Board’s Strategic Report and can
be found above. In concluding on going concern basis, the Directors have taken
into account the liquidity of the portfolio, forecasts and obligations under
the DCP.
The principal accounting policies are set out below. These policies have been
applied consistently throughout the current year and prior period.
Estimates and judgements are continually evaluated and are based on historical
experience and other factors, including expectations of future events that are
believed to be reasonable under the circumstances.
There are no critical accounting estimates or judgements.
b) Valuation of investments
The Company has elected to adopt Sections 11 and 12 of FRS 102 in respect of
investments and other financial instruments. The Company’s business is
investing in financial assets with a view to profiting from their total return
in the form of income and capital growth. This portfolio of financial assets
is managed and its performance evaluated on a fair value basis in accordance
with a documented investment strategy and information is provided internally
on that basis to the Board. Accordingly, upon initial recognition the
investments are designated by the Company as “held at fair value through
profit or loss”. Investments are included initially at fair value which is
taken to be their cost, including expenses incidental to purchase.
Subsequently the investments are valued at fair value, which are quoted bid
prices for investments traded in active markets. Where trading in the
securities of an investee company is suspended, the investment is valued at
the Board’s estimate of its fair value following a detailed review and
appropriate challenge of the valuations proposed by the Investment Manager.
The Investment Manager applies techniques consistent with the International
Private Equity and Venture Capital Valuation Guidelines 2018 (‘IPEV’) (as
detailed in note 15). The investments are valued according to a three monthly
cycle of measurement dates, or where there is an indication of a change in
fair value as defined in the IPEV guidelines.
All purchases and sales are accounted for on a trade date basis.
c) Accounting for reserves
Gains and losses on sales of investments and any other capital charges are
included in the Income Statement and dealt with in the capital reserve.
Increases and decreases in the valuation of investments held at the year end
and foreign exchange gains and losses on cash balances held at the year-end
are also included in the Income Statement and dealt with in the capital
reserve. The cost of repurchasing the Company’s own shares for cancellation
including the related stamp duty and transaction costs is charged to the
distributable element of the capital reserve. The costs relating to the issue
of new Ordinary shares are charged to the share premium account.
d) Dividends
In accordance with FRS 102 the final dividend is included in the financial
statements in the year that it is approved by shareholders.
e) Income
Dividends receivable on listed equity shares are recognised on the ex-dividend
date as a revenue return, and the return on zero dividend preference shares is
recognised as a capital return.
Dividends receivable on equity shares where no ex-dividend date is quoted are
recognised when the Company’s right to receive payment is established.
Special dividends receivable are taken to capital where relevant circumstances
indicate that the dividends are capital in nature.
Income from fixed-interest securities is recognised as revenue on a time
apportionment basis so as to reflect their effective yield.
Income from securities where the return is linked to an inflation index is
accrued as earned and is included in the income column of the Income
Statement. In accordance with the Company’s commercial objective and as
permitted by the AIC SORP, the movement in capital value is recognised in the
capital column of the Income Statement. The amount recognised as a capital
return on index-linked securities in the year is disclosed in Note 8 –
Investments held at fair value through profit or loss.
f) Expenses
All expenses are charged to revenue and include, where applicable, value added
tax (‘VAT’). All expenses are accounted for on an accruals basis.
g) Taxation policy
Current tax payable is based on the taxable profit for the year. Deferred
taxation is provided using the liability method on all timing differences,
calculated at the rate at which it is anticipated the timing differences will
reverse. Owing to the Company’s status as an investment trust, and the
intention to continue to meet the conditions required to obtain approval in
the foreseeable future, the Company has not provided deferred tax on any
capital gains and losses arising on the revaluation of investments.
h) Other debtors and creditors
Other debtors and creditors do not carry any interest, are short-term in
nature and initially recognised at fair value and then held at amortised cost,
with debtors reduced by appropriate allowances for estimated irrecoverable
amounts.
Cash at bank and in hand may comprise cash and demand deposits which are
readily convertible to a known amount of cash and are subject to insignificant
risk of changes in value.
i) Foreign currency
The results and financial position of the Company are expressed in pounds
sterling, which is the functional and presentational currency of the Company.
The directors, having regard to the currency of the Company’s share capital
and the predominant currency in which the Company operates, have determined
the functional currency to be sterling.
Transactions denominated in foreign currencies are recorded in the functional
currency at actual exchange rates as at the date of the transaction. Monetary
assets and liabilities denominated in foreign currencies at the year-end are
reported at the rates of exchange prevailing at the year end.
j) Reserves
The following are accounted for in the capital reserve:
* gains and losses on the realisation of investments;
* increases and decreases in the valuation of investments held at the
year-end;
* realised foreign currency differences of a capital nature; and
* unrealised foreign currency differences of a capital nature.
Other reserves:
* The share premium account includes the premium above nominal value from
proceeds on issue of any equity share capital comprising Ordinary shares of
25p each and is not distributable.
* The revenue reserve reflects all the income and costs which are recognised
in the revenue column of the income statement and is distributable.
* The special reserve results from the shareholder and court approved
cancellation of the share premium account, is distributable and will be
applied for share buy backs.
* The capital redemption reserve arises from the buy back and cancellation of
shares and is not distributable.
k) Repurchases of shares into treasury and subsequent re-issue
The proceeds from issuing Ordinary shares less issue costs are taken to equity
and the costs of repurchasing Ordinary shares, including related stamp duty
and transaction costs, are taken directly to equity and reported through the
Statement of Changes in Equity, with the cost of repurchase being charged to a
distributable reserve. Share issues and repurchase transactions are accounted
for on a trade-date basis. The nominal value of Ordinary share capital
repurchased and cancelled is transferred out of called-up share capital and
into the capital redemption reserve, in accordance with section 733 of the
Companies Act 2006.
Where shares are repurchased and held in treasury, the transfer to the capital
redemption reserve is made if and when such shares are subsequently cancelled.
The sales proceeds of treasury shares re-issued are treated as a realised
profit up to the amount of the purchase price of those shares and is
transferred to capital reserves. The excess of the sales proceeds over the
purchase price is transferred to ‘share premium’.
l) Derivative financial instruments
Derivative instruments are prohibited for the purpose of investment under the
Company’s Investment Policy, but with the Board’s prior approval, can be
used to hedge certain market risk exposures such as foreign currency risk.
Derivatives are initially recognised at fair value at the date a derivative
contract is entered into and are subsequently remeasured to their fair value
at each reporting date. The resulting gain or loss is recognised in the Income
Statement and entirely recognised as capital.
2 Investment income
2025 2024
£’000 £’000
Income from Investments:
Income from overseas equity and non-equity investments 6,531 318
Income from UK equity and non-equity investments 6,200 9,435
Interest from conventional UK bonds 5,423 8,813
Interest from index-linked overseas bonds 4,759 2,160
Interest from index-linked UK bonds 2,688 1,159
Interest from conventional overseas bonds 1,093 3,260
Total income from investments 26,694 25,145
2025 2024
£’000 £’000
Total income comprises:
Interest from bonds 13,963 15,392
Dividends 11,266 7,460
Property income and interest distributions 1,465 2,293
Deposit interest 339 400
27,033 25,545
2025 2024
£’000 £’000
Income from investments comprises:
UK 14,311 19,407
Overseas 12,383 5,738
26,694 25,145
3 Investment management fee
2025 2024
£’000 £’000
Investment management fee 3,950 4,298
The Company’s Investment Manager CG Asset Management Limited received an
annual management fee equal to 0.60% of the net assets of the Company up to
£120m, 0.45% on net assets above £120m to £500m and 0.30% thereafter (2024:
the same basis). At 31 March 2025 £307,000 (31 March 2024: £1,028,000) was
payable. The terms of the investment management agreement are detailed in the
2025 Annual Report.
4 Other expenses
2025 2024
£’000 £’000
Company secretarial and administration services (1) 571 259
Directors’ remuneration (refer to Directors’ Remuneration Report) 197 169
Depositary fees 96 115
Stock Exchange and FCA fees 110 106
Custody services 65 56
Registrar fees 48 50
Fees payable to the Company’s auditor for the audit of Company financial statements (2) 82 48
General expenses 344 267
1,513 1,070
(1) Frostrow Capital LLP was appointed as the Company Secretary and
Administrator effective from 1 July 2024. The expenses balance for the year to
31 March 2024 in part reflects the waiver of certain elements of the previous
Company Secretary and Administrator’s fees in recognition of the service
disruption experienced during 2024.
(2) Audit fees for the year include additional charges of £27,000
relating to additional costs incurred in respect of the prior year audit.
These costs were invoiced and recognized in the current year, resulting in an
increase in the total audit fees compared to the prior year. The current year
charge also includes a £5,000 one-off charge for additional audit procedures
performed in relation to the change in the Company’s Administrator to
Frostrow Capital LLP.
The above expenses exclude VAT where appropriate. Irrecoverable VAT is
included within general expenses.
5 Taxation
2025 2024
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Current tax:
Overseas withholding tax 43 – 43 41 – 41
Corporation tax – – – 3,179 – 3,179
Current tax charge 43 – 43 3,220 – 3,220
The tax assessed for the year is lower (2024: lower) than the standard rate of
corporation tax in the UK of 25% (2024: 25%). The differences are explained
below:
2025 2024
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Net return before tax 21,570 14,464 36,034 20,177 (3,222) 16,955
Return at the standard rate of UK corporation tax 5,393 3,616 9,009 5,044 (806) 4,238
Adjusted for the effects of:
Non-taxable UK franked dividends (2,537) – (2,537) (1,865) – (1,865)
Non-taxable capital returns (1) – (3,616) (3,352) – 806 806
Tax impact on dividends designated as interest distribution (2,856) – (2,856) – – –
Irrecoverable overseas withholding tax 43 – 43 41 – 41
Current tax charge 43 – 43 3,220 – 3,220
(1) The Company is an Investment Trust as defined by section 1158 of the
Corporation Tax Act 2010 and capital gains are not subject to UK corporation
tax.
The Company has no unrelieved management expenses, a UK corporation tax charge
of £nil is payable in respect of the year ended 31 March 2025 (year to 31
March 2024: £3,179,000).
6 Dividends
2025 2024
£’000 £’000
Ordinary shares
2023 dividend paid 10 July 2023 (60p per share) – 15,577
2023 special dividend paid 23 February 2024 (11p per share) – 2,578
2024 dividend paid 5 July 2024 (78p per share) 16,598 –
16,598 18,155
The 2024 dividends were paid on 4 July 2024 to shareholders on the register on
7 June 2024 when there were 21,257,727 Ordinary shares in issue.
The 2023 dividends were paid on 10 July 2023 to shareholders on the register
on 2 June 2023 when there were 25,916,313 Ordinary shares in issue and on 23
February 2024 to shareholders on the register on 2 February 2024 when there
were 23,419,137 Ordinary shares in issue. Although the special dividend was
paid in respect of the Company’s financial year ended 31 March 2023, for
shareholders’ own tax purposes the dividend was received during the tax year
ended 5 April 2024.
The Directors have recommended to shareholders a final dividend of 102p per
share, comprising 66p in interest distribution and 36p in ordinary equity
dividends for the year ended 31 March 2025. If approved, this dividend will be
paid to shareholders on 8 July 2025. This dividend is subject to approval by
shareholders at the AGM and, therefore, in accordance with FRS 102, it has not
been included as a liability in these financial statements. The total
estimated dividend to be paid, based on the number of shares in issue at 31
March 2025, is £18,330,000. However the actual amount of the dividend to be
paid will be based on the number of shares in issue on 6 June 2025, the
dividend record date.
2025 2024
£’000 £’000
Revenue available for distribution by way of dividend for the year 21,527 16,957
Proposed final dividend of 102p for the year ended 31 March 2025 (2024: 78p) (18,330) (18,155)
Surplus/(deficit) available to carry forward 3,197 (1,198)
7 Net return per Ordinary share
The net return per Ordinary share of 179.85p (2024: 56.49p) is based on the
total net gains for the financial year of £35,991,000 (2024: net gains of
£13,735,000) and on 20,011,591 (2024: 24,313,730) Ordinary shares, being the
weighted average number of Ordinary shares in issue in each period.
Revenue return per Ordinary share of 107.54p (2024: 69.74p) is based on the
net revenue income for the financial year of £21,527,000 (2024: £16,957,000)
and on 20,011,591 (2024: 24,313,370) Ordinary shares, being the weighted
average number of Ordinary shares in issue in each period.
Capital return per Ordinary share of 72.26p (2024: capital loss of 13.25p) is
based on the net capital gains for the financial year of £14,464,000 (2024:
net capital loss of £3,222,000) and on 20,011,591 (2024: 24,313,730 )
Ordinary shares, being the weighted average number of Ordinary shares in issue
in each period.
The Company does not have dilutive securities. Therefore the basic and diluted
returns per share are the same.
8 Investments held at fair value through profit or loss
2025 2024
£’000 £’000
Listed investment companies:
Ordinary shares UK 175,044 190,070
Ordinary shares overseas 35,647 13,633
Zero dividend preference shares UK 5,411 18,462
UK government bonds 91,684 348,068
UK non-government bonds 88,832 80,299
Overseas government bonds 418,034 269,836
Overseas non-government bonds 5,973 25,654
Exchange traded funds 39,782 107,770
860,407 1,053,792
Opening cost of investments 1,063,115 1,259,886
Unrealised (depreciation)/appreciation (9,323) (8,085)
Opening fair value of investments 1,053,792 1,251,801
Additions at cost 1,092,046 802,856
Effective yield adjustment (1) 8,689 6,150
Sales proceeds (1,307,179) (1,003,902)
Gains/(losses) on investments 13,059 (3,113)
Closing fair value of investments 860,407 1,053,792
Closing book cost of investments 879,297 1,063,115
Unrealised losses (18,890) (9,323)
860,407 1,053,792
Realised gains/(losses) on disposals 22,626 (1,875)
Increase in cumulative unrealised losses (9,567) (1,238)
Net gains/(losses) on investments 13,059 (3,113)
The Company received proceeds of £1,307,179,000 (2024: £1,003,902,000) from
investments sold in the year.
The book cost of these investments was £1,284,553,000 (2024:
£1,005,777,000).
The total amount recognised as a capital return on index-linked securities in
the year was £5,575,000 (2024: £4,686,000).
(1) The effective yield adjustment is in relation to conventional
fixed interest and index-linked securities. The accounting treatment for
income on securities held is set out in note 1(e) above.
The geographical spread of investments is shown in the 2025 Annual Report.
The total transaction costs on additions were £393,000 (2024: £390,000) and
on sales were £98,000 (2024: £59,000). These costs are included in the book
cost of acquisitions and the net proceeds of sales.
9 Debtors
2025 2024
£’000 £’000
Due from brokers 1,818 2,141
Receivable from currency swap contracts 2,931 –
Accrued interest 1,803 1,855
Dividends receivable 1,002 397
Prepayments and other debtors 91 89
Corporation tax refund 734 18
8,379 4,500
10 Creditors: amounts falling due within one year
2025 2024
£’000 £’000
Due to brokers 24,382 4,595
Repurchase of Ordinary shares into treasury 1,770 3,768
Accruals 451 1,231
Corporation tax – 141
Other creditors 17 27
26,620 9,762
11 Called-up share capital
2025 2024
Number of Number of
shares £’000 shares £’000
Ordinary share of 25p
Ordinary shares in issue at beginning of year 22,038,727 5,510 26,258,763 6,565
Ordinary shares bought back into Treasury during year (4,067,965) (1,017) (4,220,036) (1,055)
Ordinary shares in issue at end of year 17,970,762 4,493 22,038,727 5,510
Treasury shares (Ordinary shares of 25p)
Treasury shares in issue at beginning of year 4,541,536 1,135 321,500 80
Ordinary shares bought back into Treasury during year 4,067,965 1,017 4,220,036 1,055
Treasury shares in issue at end of year 8,609,501 2,152 4,541,536 1,135
Total Ordinary shares in issue and in treasury at end of year 26,580,263 6,645 26,580,263 6,645
During the years to 31 March 2025 and 31 March 2024, the Company issued no new
Ordinary shares and no Ordinary shares were sold from Treasury.
During the year to 31 March 2025, 4,067,965 (2024: 4,220,036) Ordinary shares
were repurchased by the Company for a total cost of £194,541,000 (2024:
£195,126,000). All shares were bought back at a discount to NAV. No shares
were purchased for cancellation during the year (2024: nil) and at the
year-end 8,609,501 shares were held in treasury (2024: 4,541,536).
12 Share premium account and special reserve
On 22 January 2024 the High Court of Justice in Northern Ireland (the
‘Court’) approved the cancellation of the Company’s share premium
account and the crediting of an equivalent amount to the Company’s
distributable reserves. The Order of the Court approving the cancellation
became effective on 7 February 2024 when it was registered with the Registrar
of Companies in Northern Ireland and this special distributable reserve was
therefore established from that date.
The cost of share buybacks undertaken by the Company have been recognised
through this reserve since 7 February 2024.
13 Net asset value per Ordinary share
The net asset value per Ordinary share and the net asset value attributable to
the Ordinary shares at the year end, calculated in accordance with the
Articles, were as follows:
Net asset value per Ordinary share attributable to
2025 2024
Ordinary shares 4,924.8p 4,810.5p
Net assets attributable to
2025 2024
£’000 £’000
Ordinary shares 885,025 1,060,173
Net asset value per Ordinary share is based on the net assets, as shown above,
and on 22,038,727 (2024: 26,258,763) Ordinary shares, being the number of
Ordinary shares in issue at the year end, but excluding shares held in
Treasury.
14 Reconciliation of net return on ordinary activities before tax to net
cash inflow from operating activities
2025 2024
£’000 £’000
Net return on ordinary activities before tax 36,034 16,955
Capital (gains)/losses before tax (14,464) 3,222
Gains/(losses) on foreign currency transactions 51 (109)
Increase in prepayments (2) (16)
(Decrease)/increase in accruals (737) 18
Decrease in recoverable tax – 4
Increase in dividends receivable (605) (165)
Decrease/(increase) in accrued interest and effective interest income adjustments (8,637) (5,213)
Overseas withholding tax paid (43) (41)
UK Corporation tax paid (857) (4,043)
Net cash inflow from operating activities 10,740 10,612
During the year, the Company received dividend income of £9,045,000 (2024:
£9,588,000) and interest income of £7,006,000 (2024: £10,579,000) in cash.
15 Financial instruments
The Company has the following financial instruments:
2025 2024
£’000 £’000
Financial assets at fair value through profit or loss
– Investments held at fair value through profit and loss 860,407 1,053,792
– Currency swap contracts 2,931 –
Financial assets that are measured at amortised cost
– Cash at bank 42,859 11,643
– Due from brokers 1,886 2,146
– Accrued interest and dividends receivable 2,805 2,252
910,888 1,069,833
2025 2024
£’000 £’000
Financial liabilities measured at amortised cost
– Due to brokers 24,399 8,363
– Accruals 2,221 1,231
26,620 9,594
The Company’s financial instruments comprise:
* investment company ordinary shares, zero dividend preference shares,
exchange traded funds and fixed and index-linked securities that are held in
accordance with the Company’s investment objective;
* cash and liquid resources that arise directly from the Company’s
operations; and
* debtors and creditors.
The main risks arising from the Company’s financial instruments are market
risk, interest rate risk, foreign currency risk and credit risk. The Board
regularly reviews and monitors the management of each of these risks and they
are summarised below.
Other debtors and creditors do not carry any interest and are short-term in
nature and accordingly are stated at their nominal value.
Market risk
Market risk arises mainly from uncertainty about the future prices of
financial instruments held. It represents the potential loss the Company might
suffer through holding market positions in the face of price movements.
The Company invests in the shares of other investment companies. These
companies may use borrowings or other means to gear their balance sheets which
may result in returns that are more volatile than the markets in which they
invest, and the market value of investment company shares may not reflect
their underlying assets.
To mitigate these risks, the Investment Manager’s investment strategy is to
select investments for their fundamental value. Stock selection is therefore
based on disciplined financial, market and sector analysis, with the emphasis
on long-term investments. An appropriate spread of investments is held in the
portfolio in order to reduce both the systemic risk and the risk arising from
factors specific to a country or sector. The Investment Manager actively
monitors market prices throughout the year and reports to the Board, which
meets regularly to consider investment strategy. A list of the largest
investments held by the Company is shown in the 2025 Annual Report. All
investments are stated at bid value, which in the Directors’ opinion is
equal to fair value.
Price risk sensitivity
The following table illustrates the sensitivity of the net return after
taxation for the year and the net assets to an increase or decrease of 10%
(2024: 10%) in market prices. This level of change is considered to be
reasonably possible based on an observation of current market conditions. The
sensitivity analysis is based on the Company’s investments at the Statement
of Financial Position date with all other variables held constant.
2025 2024
10% 10% decrease 10% 10% decrease
increase increase
in market in market in market in market
prices prices prices prices
£’000 £’000 £’000 £’000
Income Statement – net return after tax
Revenue return (296) 296 (322) 322
Capital return 86,041 (86,041) 105,379 (105,379)
Total return after taxation 85,745 (85,745) 105,057 (105,057)
Change to net assets attributable to shareholders 85,745 (85,745) 105,057 (105,057)
Interest rate risk
Bond and preference share yields, and as a consequence their prices, are
determined by market perception as to the appropriate level of yields given
the economic background. Key determinants include economic growth prospects,
inflation, the Government’s fiscal position, short-term interest rates and
international market comparisons. The Investment Manager takes all these
factors into account when making any investment decisions as well as
considering the financial standing of the potential investee company.
Returns from bonds and preference shares are fixed at the time of purchase, as
the fixed coupon payments are known, as are the final redemption proceeds.
This means that if a bond is held until its redemption date, the total return
achieved is unaltered from its purchase date. However, over the life of a bond
the market price at any given time will depend on the market environment at
that time. Therefore, a bond sold before its redemption date is likely to have
a price different from its purchase level and a profit or loss may be
incurred.
Interest rate changes affect the income the Company generates from its
financial assets with floating rates, and the fair value of the interest
bearing assets in the Company’s portfolio. The following table illustrates
the sensitivity of the net returns and the net assets to an increase or
decrease of 1% (2024: 1%) in regard to the Company’s monetary financial
assets and financial liabilities. The financial assets affected by interest
rates comprise cash at bank , conventional and index-linked bonds as well as
corporate debt instruments. There are no financial liabilities affected by
interest rates. This level of change is considered to be reasonably possible
based on an observation of current market conditions. The sensitivity analysis
is based on the Company’s monetary financial instruments at the Statement of
Financial Position date with all other variables held constant.
2025 2024
1% increase 1% decrease 1% increase 1% decrease
in interest in interest in interest in interest
rates rates rates rates
£’000 £’000 £’000 £’000
Income Statement – net revenue return 429 (429) 87 (87)
Income Statement - net capital return (54,955) 54,240 (31,231) 35,421
Change to net assets attributable to shareholders (54,526) 53,811 (31,144) 35,334
The interest rate profile of the Company’s assets at 31 March 2025 was as
follows:
Total Floating rate £’000 Index- linked £’000 Other fixed rate £’000 Assets/ (liabilities) on which no interest is paid £’000 Weighted average interest rate % Weighted average period for which rate is fixed (years)
(as per Statement of Financial Position) £’000
Assets
Investment trusts and other funds 255,883 – – – 255,883 – –
UK index-linked
government bonds 75,829 – 75,829 – – 0.40 10.24
UK index-linked
non-government bonds 23,095 – 23,095 – – 1.03 4.58
UK government bonds 15,855 – – – 15,855 – –
UK non-government bonds 65,737 – – 65,737 – 4.26 5.15
Overseas index-linked government bonds 258,992 – 258,992 – – 0.51 7.13
Overseas index-linked
non-government bonds 456 – 456 – – 3.05 0.39
Overseas government bonds 159,043 – – 159,043 – 0.54 0.77
Overseas non-government bonds 5,517 – – 5,517 – 6.22 4.34
Invested funds 860,407 – 358,372 230,297 271,738 – –
Cash at bank 42,859 42,859 – – – – –
Other debtors 8,379 – – – 8,379 – –
Liabilities
Creditors (26,620) – – – (26,620) – –
Total net assets 885,025 – 358,372 230,297 253,497
The interest rate profile of the Company’s assets at 31 March 2024 was as
follows:
Total Floating rate Index- linked £’000 Other Assets/ (liabilities) on which no interest is paid £’000 Weighted average interest rate % Weighted average period for which rate is fixed (years)
(as per Statement of Financial Position) £’000 £’000 fixed rate
£’000
Assets
Investment trusts and other funds 329,935 – – – 329,935 – –
UK index-linked government bonds 238,005 – 238,005 – – 0.13 6.57
UK index-linked non-government bonds 19,531 – 19,531 – – 2.20 5.25
UK government bonds 110,063 – – – 110,063 – –
UK non-government bonds 60,768 – – 60,768 – 5.29 10.49
Overseas index-linked government bonds 229,446 – 229,446 – – 0.76 9.49
Overseas index-linked non-government bonds 3,863 – 3,863 – – 3.31 6.63
Overseas government bonds 40,390 – – 2,617 37,773 – 0.07
Overseas non-government bonds 21,791 – – 21,791 – 7.51 4.84
Invested funds 1,053,792 – 490,845 85,176 477,771
Cash at bank 11,643 11,643 – – – – –
Other debtors 4,500 – – – 4,500 – –
Liabilities
Creditors (9,762) – – – (9,762) – –
Total net assets 1,060,173 11,643 490,845 85,176 472,509
Fair value of financial assets and liabilities
Financial Reporting Standard 102 requires an entity to classify fair value
measurements using a fair value hierarchy that reflects the significance of
the inputs used in making the measurements. The fair value hierarchy has the
following levels:
Level 1: valued using unadjusted quoted prices in active markets for
identical assets.
Level 2: valued using observable inputs other than quoted prices included
within Level 1.
Level 3: valued using inputs that are unobservable and are valued by the
Directors using International Private Equity and Venture Capital Valuation
(‘IPEV’) guidelines, such as earnings multiples, recent transactions and
net assets, which equate to their fair values.
The Company’s assets are measured at fair value through profit or loss. The
fair value of financial instruments traded in active markets is based on
quoted market prices at the Statement of Financial Position date. A market is
regarded as active if quoted prices are readily and regularly available from
an exchange, dealer, broker, industry group, pricing service, or regulatory
agency, and those prices represent actual and regularly occurring market
transactions on an arm’s length basis.
The financial assets and liabilities measured at fair value in the Balance
Sheet are grouped into the fair value hierarchy at 31 March 2025 and 2024 as
follows:
2025 2024 (restated)
Financial assets at fair value through Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
profit or loss £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Quoted securities 844,854 14,990 – 859,844 1,027,027 24,344 – 1,051,371
Currency swap contracts – 2,931 – 2,931 – – – –
Delisted equities – – 563 563 – – 2,421 2,421
Net fair value 844,854 17,921 563 863,338 1,027,027 24,344 2,421 1,053,792
Quoted securities included in fair value Level 1 are actively traded on
recognised stock exchanges and the fair value of these investments has been
determined by reference to their quoted bid prices at the reporting date.
Quoted securities included in fair value Level 2 relate to some corporate bond
holdings in the Company’s portfolio, which are also traded on recognised
stock exchanges but the fair value of these investments has been determined by
reference to prices indicated by a group contributing brokers at the reporting
date.
The Company determined that its corporate bond holdings with a total fair
value of £24,344,000 as at 31 March 2024 should be disclosed as Level 2
financial assets too, consistent with the above. Therefore the comparative
disclosure has been restated to that effect. This is a disclosure restatement
only and does not affect the fair value of the financial assets already
reported.
Delisted investments
The fair value of the Company’s investments in unquoted stocks have been
determined by reference to primary valuation techniques described in note
1(b). The fair value of unquoted investments is influenced by the estimates,
assumptions and judgements made in the valuation process, including
probability of future cash flows, discounts to net asset values, and recent
transaction price.
During the year to 31 March 2025, four assets (Catco Reinsurance Opportunities
Funds C shares, Catco Reinsurance Opportunities Funds, NB Global Monthly
Income, NB Private Equity Partners ZDP 2024, Premier Miton UK Microcap) were
moved from Level 1 to Level 3 as they delisted. During the year to 31 March
2024, three assets (Secured Income Fund, Ediston Property Investment Company,
and Troy Income & Growth Trust) were moved from Level 1 to Level 3 as they
delisted.
A reconciliation of fair value measurements in Level 3 is set out in the
following table:
2025 2024
Total Total
£’000 £’000
Opening balance 2,421 624
Purchases – –
Sales (8,569) (3,971)
Transfers 7,451 5,697
Total gains/(losses) on investments in the Income Statement:
on assets sold 38 1
on assets held at the end of the year (778) 70
Closing balance 563 2,421
Foreign currency risk
The Company’s investments in foreign currency securities are subject to the
risk of currency fluctuations. The Investment Manager monitors current and
forward exchange rate movements in order to mitigate this risk. The
Company’s investments denominated in foreign currencies are:
2025 2024
Cash and Currency Accrued Cash and Currency Accrued
Investments Swap interest Investments Swap interest
£’000 Contracts (1) £’000 £’000 Contracts (1) £’000
Canadian Dollar 5 – – 5,036 – 38
Euro 9,506 – – 23,390 – 6
US Dollar 276,824 (93,824) 378 233,582 – 482
Swedish Krona 11,993 – 39 43,352 – 94
Norwegian Krone – – – 4,679 – 13
Australian Dollar 3,679 – 13 3,639 – 13
Japanese Yen 185,830 (137,165) 89 54,745 – 1
487,837 (230,989) 519 368,423 – 647
(1) Based on notional amounts of the currency swap contracts. The
contracts were entered into for the purpose of fully hedge the FX exposures on
certain US and Japanese government bond investments. Notional exposure on
local currency basis are Japanese Yen 25,750,000,000 and US Dollar
104,517,000. As at 31 March 2025, the contracts in receivable position amount
to £4,455,000 and contracts in payable position amount to £1,524,000.
Overall the Company is in a net receivable position of £2,931,000.
Foreign currency sensitivity
The following table illustrates the sensitivity of the net return after
taxation for the year and the net assets to an increase or decrease of 10% in
the rates of exchange of foreign currencies relative to Sterling. This level
of change is considered to be reasonably possible based on an observation of
current market conditions. The sensitivity analysis is based on the
Company’s foreign currency investments at the Statement of Financial
Position date with all other variables held constant.
2025 2024
10% 10% 10% 10%
appreciation depreciation appreciation depreciation
of Sterling of Sterling of Sterling of Sterling
£’000 £’000 £’000 £’000
Income statement – net return after taxation
Revenue return (929) 929 (430) 430
Capital return (48,367) 48,367 (36,842) 36,842
Total return after taxation (49,296) 49,296 (37,272) 37,272
Net assets attributable to shareholders (49,296) 49,296 (37,272) 37,272
Liquidity risk
Liquidity risk is not considered to be significant as the Company has no bank
loans or other borrowings and the majority of the Company’s assets are
investments in quoted securities which are readily realisable. All liabilities
are payable within three months.
Credit risk
In addition to interest rate risk, the Company’s investment in bonds, the
majority of which are government bonds, is also exposed to credit risk which
reflects the ability of a borrower to meet its obligations. Generally, the
higher the quality of the issue, the lower the interest rate at which the
issuer can borrow money. Issuers of a lower quality will tend to have to pay
more to borrow money to compensate the lender for the extra risk taken. As at
31 March 2025, 68% (2024: 69%) of the portfolio was held in fixed income
instruments. Of these, 56% (2024: 59%) was in government bonds issued by
governments which are rated AA or better. The Investment Manager judges these
to have very low credit risk given that each of the issuers are monetarily
sovereign, that is to say they borrow in their own currency. Of the 11% (2024:
10%) of the portfolio that was held in corporate debt, the majority is
investment grade and relatively short duration. Cash balances of 5% (2024: 1%)
were held with Northern Trust which has a short-term credit rating of A-1 with
Standard & Poor’s. Investment transactions are carried out with a number of
brokers whose standing is reviewed periodically by the Investment Manager. The
Investment Manager assesses the risk associated with these investments by
prior financial analysis of the issuing companies as part of his normal
scrutiny of existing and prospective investments and reports regularly to the
Board. Cash is held with a reputable bank with a high-quality external credit
rating.
A further credit risk is the failure of a counterparty to a transaction to
discharge its obligations under that transaction, which could result in a loss
to the Company. The following table shows the maximum credit risk exposure.
Credit risk exposure
Compared to the Statement of Financial Position, the maximum credit risk
exposure is:
2025 2024
Statement Statement
of Financial Maximum of Financial Maximum
Position exposure Position exposure
£’000 £’000 £’000 £’000
Fixed assets – investments at fair value through profit and loss 860,407 604,522 1,053,792 723,856
Debtors – amounts due from brokers, dividends and interest receivable 4,623 4,623 4,393 4,393
Cash at bank 42,859 42,859 11,643 11,643
907,889 652,004 1,069,828 739,892
Capital management policies and procedures
The Company’s capital management objectives are to ensure that it will be
able to continue as a going concern and to maximise the total return to its
equity shareholders. The Company’s capital comprises its equity share
capital and reserves. The Board, with the assistance of the Investment
Manager, monitors and reviews the broad structure of the Company’s capital
on an ongoing basis. Further details can be found in the Strategic Report.
16 Related party transactions
With the exception of the management fee (as disclosed in note 3 above), and
the Directors’ fees and shareholdings (as disclosed in the Directors
Remuneration Report in the 2025 Annual Report), there have been no related
party transactions in the year ended 31 March 2025.
17 Company information
Capital Gearing Trust P.l.c. is a closed-ended investment company, registered
in Northern Ireland No NI005574, with its Ordinary shares listed on the London
Stock Exchange. The address of the registered office is Murray House, Murray
Street, Belfast BT1 6DN.
18 Status of results information
2024 Financial Information
The figures and financial information for 2024 are extracted from the Annual
Report and Accounts for the year ended 31 March 2024 (‘2024 Annual
Report’) and do not constitute the statutory accounts for the year. The 2024
Annual Report has been delivered to the Registrar of Companies and included
the Report of the Independent Auditors which was unqualified and did not
contain a statement under either section 498(2) or section 498(3) of the
Companies Act 2006.
2025 Financial Information
The figures and financial information for 2025 are extracted from the
published Annual Report and Accounts for the year ended 31 March 2025 (‘2025
Annual Report’) and do not constitute the statutory accounts for that year.
The 2025 Annual Report includes the Report of the Independent Auditors which
is unqualified and does not contain a statement under either section 498(2) or
section 498(3) of the Companies Act 2006. The 2025 Annual Report will be
delivered to the Registrar of Companies in due course.
A copy of the 2025 Annual Report has been submitted to the National Storage
Mechanism and will shortly be available for inspection
at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
The 2025 Annual Report will also shortly be available on the Company's website
at www.capitalgearingtrust.com where up to date information on the Company,
including daily NAV and share prices, fact sheets, quarterly reports, webinars
and portfolio information can also be found.
Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of, this announcement.
-ENDS-
Frostrow Capital LLP
Company Secretary
28 May 2025
For further information contact:
CG Asset Management Limited
Investment Manager
Tel: 020 3906 1649
Frostrow Capital LLP
Company Secretary
company.secretary@capitalgearingtrust.com
company.secretary@capitalgearingtrust.comTel: 07376 982071
SEC Newgate UK
Financial Communications
cgam-cgt@secnewgate.co.uk
Tel: 020 3757 6882
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