City of London Investment Group PLC

Annual Report • Sep 16, 2025

National Storage Mechanism | Additional information

RNS Number : 4132Z

City of London Investment Group PLC

16 September 2025

16th September 2025

CITY OF LONDON INVESTMENT GROUP PLC (LSE: CLIG)

("City of London", "the Group" or "the Company")

FINAL RESULTS FOR THE YEAR TO 30TH JUNE 2025 AND DIVIDEND DECLARATION

The Company announces that it has today made available on its website, https://www.clig.co.uk/, the following documents:

- Annual Report and Financial Statements for the year ended 30th June 2025 (the 2025 Annual Report); and

- Notice of 2025 Annual General Meeting (the Notice of AGM).

The above documents will be uploaded to the National Storage Mechanism for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism in due course, in accordance with Listing Rule 9.6.1 R.

The 2025 Annual Report and the Notice of AGM, which will be held on 27th October 2025, will be posted to shareholders on 22nd September 2025.

The Appendix to this announcement contains additional information which has been extracted from the 2025 Annual Report for the purposes of compliance with DTR 6.3.5 only and should be read in conjunction with this announcement. together, these constitute the material required by DTR 6.3.5 to be communicated to the media in unedited full text through a Regulatory Information Service. This announcement should be read in conjunction with, and is not a substitute for reading, the full 2025 Annual Report.

SUMMARY

-	Funds under Management (FuM) of $10.8 billion at 30th June 2025. This compares with $10.2 billion at the beginning of this financial year on 1st July 2024
-	Estimated FuM as of 11th September 2025 was $11.1 billion (2.8% higher than 30th June 2025)
-	Net fee income was $69.8 million (2024: $66.2 million)
-	Underlying profit before tax* was $30.8 million (2024: $27.2 million). Profit before tax was $26.0 million (2024: $22.6 million)
-	Underlying basic earnings per share* were 36.7p (2024: 33.5p). Basic earnings per share were 30.9p (2024: 27.8p). after an effective tax charge of 24% (2024: 24%) of profit before taxation
-	Recommended final dividend of 22p per share (2024: 22p) payable on 6th November 2025 to shareholders on the register on 26th September 2025, making a total for the year of 33p (2024: 33p)

*This is an Alternative Performance Measure (APM).  Please refer to the Financial Review for more details on APMs.

For access to the full report, please follow the link below:

http://www.rns-pdf.londonstockexchange.com/rns/4132Z_1-2025-9-15.pdf

Dividend

The Board is proposing to recommend a final dividend of 22p per share (2024: 22p), subject to approval by shareholders at the Company's Annual General Meeting (AGM) to be held on 27th October 2025. This would bring the total dividend payment for the year to 33p (2024: 33p). Rolling five-year dividend cover based on underlying profits equates to 1.21 times (2024: 1.24 times).  

The Board confirms the final dividend timetable for the year to 30th June 2025:

·     Ex-dividend date:              25th September 2025

·     Dividend record date:       26th September 2025

·     DRIP election date:           10th October 2025

·     Dividend payment date:   6th November 2025

Investor Presentation via Investor Meet Company

Rian Dartnell - Chairman, Deepranjan Agrawal - CFO, Carlos Yuste - Head of Business Development, Michael Edmonds - CLIM CIO and Dan Lippincott - KIM CIO will provide a live presentation relating to the FY 2025 year-end results via Investor Meet Company on 17th September 2025 at 15:00 BST.

The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 16th September 2025 at 09:00 BST, or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and add to meet City of London Investment Group PLC via:

https://www.investormeetcompany.com/city-of-london-investment-group-plc/register-investor

Investors who already follow City of London Investment Group PLC on the Investor Meet Company platform will automatically be invited.

For further information, please visit www.citlon.co.uk or contact:

Rian Dartnell, Chairman

City of London Investment Group PLC

Tel: 001-610-380-0435

Martin Green/

James Hornigold

Zeus Capital Limited

Financial Adviser & Broker

Tel: +44 (0)20 3829 5000

CHAIR'S STATEMENT

+9.6% Underlying EPS*	Underlying earnings per share for CLIG were higher by 9.6% at 36.7p (2024: 33.5p).
+5.6% FuM	FuM as of 30th June 2025 rose by 5.6% to $10.8 billion (2024: $10.2 billion).
1.21 Dividend cover	Rolling five-year dividend cover based on underlying* profits is 1.21 (2024: 1.24).
11.3% Total return	CLIG's total return since 2006 is an annualised return of 11.3%.
520.1p† Total dividend	Since listing, CLIG has distributed total dividends of 520.1p† per share.

* Refer to the financial review for more details.

† Includes proposed dividend of 22p .

You wait ages for a bus and then three turn up at the same time. In 2025, our teams' preparation and positioning paid off as Closed-End Funds (CEF) discounts narrowed, there was a renewed interest in international and emerging markets, and many currencies strengthened against the dollar. The final positive contributor was success in our corporate governance efforts as CEF Boards worked with us and acted to reduce discounts.

It was a good year for CLIG, led by the success and talent of our investment teams who generated substantial gains and outperformed their benchmarks for our clients.

CLIG is an investment-led company with an integrated global investment team focused on building diversified portfolios of high quality, but discounted and often misunderstood securities, including CEFs. By concentrating on niche and underfollowed securities, we aim to exploit persistent market inefficiencies that often go unnoticed by others. Our investment approach is research-driven, combining quantitative techniques with in-depth qualitative analysis. Our global presence enables a continuous investment process that capitalises on opportunities around the clock. Our day begins in Singapore, where our team identifies dislocations in Asian markets while many competitors are asleep. The portfolio is then handed over to our London team, which focuses on opportunities in the UK and European markets. Finally, the US team takes over, continuing the cycle across North American markets. This seamless global collaboration enhances diversification and ensures we are positioned to act swiftly to capitalise on dislocations and evolving market dynamics.

Well-resourced teams, a stable environment, consistent processes - and no stars

Throughout my career, I've learned the value of a contrarian and supportive mindset in managing investment teams. Many managers are procyclical, spending more in good times and slashing budgets in downturns. To avoid this, CLIG maintains a conservative balance sheet with substantial cash and no debt. Discounts in CEFs are often widest in hard times. It is essential that we support our teams and lend a hand, but particularly so when markets are down. This calm and methodical orientation is key to our investment teams having the composure to invest with conviction when opportunities present themselves. CLIG remains focused on empowering and equipping our teams and providing a stable environment to allow them to execute consistently for our clients.

Our desire to learn and grow leads us to innovate and expand our expertise as we have for more than three decades. For CLIM, our roots are in Emerging Markets, but today we manage large mandates in International, Listed Private Equity and Opportunistic Value on behalf of predominantly US institutional clients.

At KIM, we have an array of strong offerings including Growth and Conservative Balanced, Taxable and Tax-sensitive Fixed Income, Cash Management and Equities. Together CLIM provides compelling offerings for our clients to compound their capital in equity markets and KIM provides chiefly lower risk offerings ideally suited to its private client base. We carefully monitor our capacity constrained investment products and know that our long-term performance for clients is our central purpose. Rest assured we will maintain stability of assets with a strict view on our ability to outperform.

Happy fifth anniversary! Our dream merger with Karpus Investment Management

Before delving into developments at your Company over the past year, I would like to celebrate our five-year anniversary of merging with Karpus Investment Management. By combining, CLIG gained an excellent business, a talented new team with complementary skills, all contributing strong cash flows, greater stability, diversification and new learnings.

George Karpus had a dream as an entrepreneur and in 1986 embarked on his lifetime's passion. At the same time, Barry Olliff was planning and establishing Olliff & Partners, the predecessor firm to City of London Investment Group. George and Barry pursued and fulfilled their dreams over nearly four decades - passionately leading their teams, growing their firms and providing strong returns for clients. Five years into our relationship, I can say with confidence that our CLIM and KIM merger made good sense and added considerable expertise and value to CLIG. We draw confidence from this successful integration. While Barry Olliff and George Karpus are officially retired, we are fortunate that their teachings and philosophies are alive and well at CLIG - and both Barry and George remain strong supporters of our teams.

During the year, Mike Edmonds was appointed Chief Investment Officer of CLIM. A highly accomplished investor and City of London veteran, Mike first began his career with the Group in 1992. He brings deep investment expertise, creativity, and an engaging intellectual curiosity - qualities that complement his strong collaborative relationships across our Investment, Research, and Macroeconomic groups. The team is energised with a renewed sense of purpose - using new tools and greater outreach to improve investment processes and challenging old practices to find better ones. Dan Lippincott, Chief Investment Officer at KIM, continues to work very productively with his team and morale is high, boosted by strong performance.

Environmental, Social and Governance

Your Board continues to be committed to the highest standards in environmental, social and governance matters. The Group continues to implement a carbon offset program to address our impact related to travel and other activities. We continually balance the interests of our clients, employees and shareholders and seek to improve and grow the Company.

Diversity, equity and inclusion continue to be emphasised across the Group. All employees attend regular monthly training programs to prepare and remind them of their role in protecting our technology, with an elevated focus on cybersecurity.

The Group continues to be strongly committed to regular workforce engagement events. These sessions ensure the Non-Executive Directors (NEDs) maintain a good understanding of the many elements at play in the Group as well as the teams and individuals working to grow and improve the business. Workforce engagement with the Board has been more frequent over the past six months as we increased focus on growth initiatives as well as streamlining for efficiency gains.

Broadening leadership, stimulating engagement and empowering our teams

A fresh start is energising our teams. There's a renewed sense of purpose and momentum is building. We are challenging old methods to find greater efficiencies.

We are broadening our management structure with more members of our subsidiary Boards at CLIM and KIM and underlining the importance of robust debate and engagement in CLIM and KIM Operating Committees. Innovation and adaptability to change are more important than ever and this happens best from the grass roots.

Your management and the Board have embarked upon a review of our business practices to identify more areas of efficiencies and to ensure we are improving with the latest techniques available. We are giving our teams greater say in designing workflows and pushing decision making to the "coal-face" where more informed decisions can be made - more management by objective and more trust. We are confident in our excellent teams and feel greater autonomy will unleash creativity and enhance engagement. This will allow teams to spend even more of their time and resources on our core functions: investment management and client services.

Your Board

Your Board is operating well and is keenly focused on providing the necessary elements to support CLIG for continued success.

I began my role as Chairman in October 2023. One of my first activities was to work with our Nomination Committee to identify an excellent addition to our Board. Sarah Ing joined us a few months later and became Chair of the Remuneration Committee at the end of 2024. Peter Roth, who joined in 2019, continues his excellent work as Senior Independent Director as well as Chair of the Audit and Risk Committee. Peter is deeply committed to the Group's success and he was particularly hard-working and effective this year. Finally, we were pleased to identify Ben Stocks and welcome him to our Board in April 2025 and appoint him as Chair of our Nomination Committee in July. Ben hit the ground running and is already making important contributions.

The Board is currently well-balanced with members possessing a good mix of skills and perspectives. We will also begin a search for another NED to add diversity and longevity to the Board. We expect to appoint this new NED after our new CEO joins.

Having completed my second year as Chairman, I am standing for another year to complete a three-year term. Our largest shareholders, including our Control Shareholder Group, requested that I continue to serve as Chairman, particularly in this period in which we are selecting a new CEO. In July, Tom Griffith became a Senior Advisor and stepped down from his role as CEO. On behalf of our employees and the Board, I would like to thank Tom for his dedication to the Group. He remains a cherished friend of the firm and the team looks forward to maintaining a close relationship with Tom in the years to come.

Our activities to identify our new CEO are advancing well and we have considerable interest from candidates for this exciting role. We are seeking a leader who shares our investment philosophy and passion for supporting our teams to deliver outstanding results for our clients. The ideal candidate will bring an investor's mindset, a "can-do" and empowering management style, and the drive and commercial acumen to propel our firm to the next level.

Dividend

CLIG went public in 2006 at a price of 184.6p per share and your Company paid its first dividend of 8.6p per share in January 2007. It is gratifying to note that we have raised the dividend eight times to its current 33p per share. Since our listing, we have distributed back to shareholders a total of 520.1p per share in dividends (including proposed dividend of 22p) or 2.8 times our original 2006 share price.

We recommend a maintained final dividend of 22p per share, payable as of 6th November 2025 for shareholders of record on 26th September 2025. Subject to shareholder approval, our annual dividend, including the 11p per share of interim dividend paid in April 2025 will therefore total 33p per share (2024: 33p), providing an attractive yield for our shareholders. We are maintaining our dividend policy of targeting a 1.2 times dividend cover over a rolling five-year period. The current dividend cover is 1.21 times over five years.

We continue to believe that the existing policy will serve the group well; it has provided a useful structure and discipline for many years. Please refer to Figure 1 for CLIG's dividend history and our website at https://clig.com/dividend-cover/ for the dividend cover chart, which provides a template for determining cover based on a number of variables.

CLIG remains debt-free and had cash balances of $35.5 million as of 30th June 2025 (2024: $33.7 million) with the final dividend of 22p per share (c.$14.8 million) to be paid in November 2025. After the dividend is paid, we will continue to have over $20 million of cash on our balance sheet.

Figure 1. Dividend history
	Pence per share			Dividend cover*		Pence per share
FY	Interim	Final	Total	1yr	Rolling 5yr	Special dividend	Total (inc. special dividend)
2005-06	8.6	-	8.6	1.48	n/a	-	8.6
2006-07	3.0	7.0	10.0	1.99	n/a	-	10.0
2007-08	6.0	13.5	19.5	1.51	n/a	-	19.5
2008-09	5.0	10.0	15.0	1.05	n/a	-	15.0
2009-10	7.0	15.0	22.0	1.28	1.46	-	22.0
2010-11	8.0	16.0	24.0	1.44	1.45	-	24.0
2011-12	8.0	16.0	24.0	1.40	1.34	-	24.0
2012-13	8.0	16.0	24.0	1.04	1.24	-	24.0
2013-14	8.0	16.0	24.0	0.87	1.24	-	24.0
2014-15	8.0	16.0	24.0	1.10	1.17	-	24.0
2015-16	8.0	16.0	24.0	0.96	1.07	-	24.0
2016-17	8.0	17.0	25.0	1.46	1.09	-	25.0
2017-18	9.0	18.0	27.0	1.47	1.17	-	27.0
2018-19	9.0	18.0	27.0	1.30	1.26	13.5	40.5
2019-20	10.0	20.0	30.0	1.28	1.29	-	30.0
2020-21	11.0	22.0	33.0	1.46	1.39	-	33.0
2021-22	11.0	22.0	33.0	1.35	1.37	13.5	46.5
2022-23	11.0	22.0	33.0	1.11	1.30	-	33.0
2023-24	11.0	22.0	33.0	1.01	1.24	-	33.0
2024-25	11.0	22.0**	33.0	1.12	1.21	-	33.0
Total dividend							520.1
*Excluding special dividends
** Proposed dividend

Shareholder engagement

We continue to pursue a transparent dialogue with our shareholders. We plan to continue periodic programs with Investor Meet Company as we have found the platform and format to be an efficient and productive way to engage with shareholders and prospects.

I am pleased to report that relations with our Control Shareholder Group have been very constructive and helpful to the Group. We welcome the engagement with all shareholders and find we learn a great deal through these dialogues.

Share Price KPI

CLIG targets a total return (share price plus dividends) to compound annually in a range of 7.5% to 12.5% over a five-year period. For the five years ended 30th June 2025, the total return was 36.9%, or 6.5% annualised (source, Bloomberg). The environment for UK-listed asset managers has been negative for the past few years for a number of reasons and resulted in a de-rating of our shares while our dividends have been consistent, including periodic special dividends. We are more optimistic that the continued shift of investor interest outside of the United States will boost profitability and that investors will take note of our growth in FuM, profits as well as our increased focus on efficiency.

I also note that the 30th June 2025 share price of £3.46 per share (being the end-date for the reference price) marked a weak moment for CLIG shares. From 30th June to 31st August 2025, the shares have risen 13%, putting CLIG's share price return at over 9% p.a. for the five-plus years. CLIG's total return since listing in April 2006 is an annualised return of 11.3%.

Figure 2. CLIG's total return since listing in April 2006 v/s UK Small Cap indices (annualised)

	Total return since 2006
CLIG LN	11.3%
SMX = FTSE Small Cap Index	7.1%
SMXX = FTSE Small Cap ex Inv Trusts	6.0%
ASX= FTSE ALL Share Index	6.1%
Source: Bloomberg

Outlook

Interest in markets outside the United States returned in force in 2025 and seems set to continue as investors seek out relative value given large segments of the US market appear stretched. This should serve the Group extremely well as Emerging Markets ($3.7 billion) and International ($2.5 billion) remain our largest areas and make up over 57% of client assets. At KIM, the focus on fixed income products and balanced portfolios provides a useful balance to our more volatile equity strategies at CLIM.

Our teams truly have the "Right to Win" with highly talented and well-resourced teams, strong track records and dedicated operating and client-servicing teams. I am confident our investment teams are the best in CLIG's history. It is heartening to observe client wins and new flows into our strategies, but disappointing to see net outflows, particularly in the first half of the financial year. We are focused on client retention and more optimistic that our healthy pipeline will improve flows.

Annual General Meeting (AGM)

Our Annual General Meeting will take place on Monday, 27th October 2025 at 77 Gracechurch Street, London EC3V 0AS. This year, we will have a session preceding the AGM in which our Chief Investment Officers from CLIM and KIM and members of our Investment Team will present their views and outlook. It is sure to be an interesting update and a good opportunity for you to meet members of our investment team. You are warmly invited and we hope to meet you there.

Conclusion

Over the past year, your team successfully capitalised on market opportunities by staying true to its team-based approach and disciplined investment process. These efforts resulted in a period of strong performance for our clients. Success generates its own momentum and with the Board's commitment to empowering and supporting employees, we are laying the groundwork to propel CLIG to the next phase of success.

Teamwork, preparation and patience: our key focus is on performing for our clients. When our clients win, we all win.

I want to thank our colleagues at CLIG for their focus and dedication. We thank you, our shareholders, for your continued confidence in CLIG.

Sincerely yours,

Rian Dartnell

Chairman of the Board

15th September 2025

INVESTMENT AND BUSINESS REVIEW

Market overview

The past year represented another risk-on phase of market action. Equity markets globally continued to post stellar returns as many markets set new all-time highs. This represented a broadening out of performance as investors began to diversify away from their seemingly sole focus on the "Magnificent Seven" mega cap companies and the US information technology sector. Artificial intelligence continued to be a major market theme but the focus widened to include emerging markets beneficiaries as well as companies that will benefit from the massive amounts of energy and other natural resources that will be required to fully implement its use in the global economy.

The MSCI ACWI Index, a proxy for global markets, returned 16.7% on a total return basis in US dollar terms. European markets outperformed, rising 19.1%, led by the financial sector as interest rates fell while aerospace and defence companies in particular benefited from Germany's decision to loosen its fiscal constraints and commit to more military spending.

That is not to say that it was all smooth sailing. In the second half of 2024, equities were boosted by three rate cuts by the US Federal Reserve and euphoria over the election of Donald Trump for a second term as US President in what was assumed to be a relatively strong mandate for a business-friendly agenda. However, there were early signs of policy doubts by February which became panic stricken in April following President Trump's announcement of "Liberation Day" tariffs. Equities swooned before climbing the proverbial wall of worry for the rest of the first half as deals were cut and the initial headline tariff rates reduced to more palatable, albeit decades high, levels.

Fixed income markets were equally volatile with the US 10 Year Treasury yield oscillating between a high of 4.8% and a low of 3.6% as concerns about inflation levels, economic activity, Federal Reserve independence and US debt levels caused bouts of panic and gloom in fairly equal measure. In the end, the yield ended the period at 4.2%, only a shade lower than the level it entered the year at 4.4%. The Bloomberg Global Aggregate Index rose 8.9% in US dollar terms. Credit markets were also largely benign and supportive of equity performance as spreads tightened, reflected in a 13.0% gain in the Bloomberg Global High Yield Index.

The dollar weakened significantly over the year, in particular against the Euro, which gained more than 10%. This represented a sea change in sentiment which could underpin international diversification in the years ahead if the trend reversal continues. Gold (+42%) and Bitcoin (+74%) also benefited from dollar weakness indicating an investor preference for alternative, non-fiat currency assets.

Looking ahead, investor focus will likely remain on the Trump administration's policies and how these impact the global economy and the new world order. Dramatic and impactful changes are occurring with trade, resource and industrial policy at the forefront. Interest rate trends, trade negotiations, and geopolitical pressure points will all likely capture headlines in the year ahead. While risks will always persist, the broadening out of asset class performance indicates strong underpinnings for the recent bull market and should support further gains. However, the uncertain and ever-changing environment underlines the importance of active management in navigating an increasingly complex global landscape.

Investment Management Performance

It was broadly a favourable environment for CLIM's investment strategies from a performance perspective and all strategies ended the year ahead of their benchmarks as the table below demonstrates.

Figure 1: CLIM strategies	Performance	Benchmark	Difference
Emerging Markets	+20.3%	+14.8%	+550bps
International Equity	+22.7%	+17.7%	+500bps
Opportunistic Value	+17.5%	+12.8%	+470bps
Listed Private Equity	+16.6%	+8.0%	+860bps

*The above returns are presented as net of fees performance figures. The CLIM Global Emerging Markets Strategy is shown against the S&P Emerging Frontier Super Composite BMI Net TR Index, the CLIM Global Developed CEF International Equity Strategy is shown against the MSCI ACWI ex-US Net TR Index, the CLIM Opportunistic Value Strategy is shown against the Blended 50/50 MSCI AWCI/Bloomberg Global Aggregate Bond Index, and the CLIM Listed Private Equity Strategy is compared to an 8% annual hurdle rate. Data is as of 30th June 2025. Past performance is no guarantee of future results.

Firstly, our strategies have benefited from an improved environment for corporate governance. The last few years since 2022 have been characterised by a period of wide discounts among the universe of closed-end funds (CEFs) in which CLIM primarily sources investments. This has been particularly pronounced in the UK market where outflows from institutional and retail investors alike had resulted in depressed ratings. Such ratings allowed CLIM to accumulate positions at deeply valued price points and to work with Boards to take measures to address discounts. Among other factors, these engagements helped provide the catalyst for broad-based actions by Boards to narrow discounts on funds held in portfolios. Such event-driven actions included elevated levels of share buybacks, tender offers, mergers, restructurings and, in extreme cases, outright liquidations. CLIM's strategies benefited accordingly.

Secondly, heightened market volatility, particularly since the election of President Trump in late 2024, has provided additional opportunities to benefit from discount volatility, as well as market rotation, as countries, sectors, size and style factors came in and out of favour.

Lastly, outperformance by non-US equities over the last twelve months, after more than a decade of dominance by US stocks, brought new buyers to our largest areas of underlying focus, namely International Equity and Emerging Markets (EM).

The International Equity strategy benefited from increased demand, especially for European and UK large cap exposure as well as international mid and small cap exposure.

Conversely, in addition to the factors already highlighted, the EM strategy was meaningfully aided by its allocation to South Korean holding companies which outperformed following the Government's proposed Corporate Value Up program designed to address the "Korea Discount" by promoting capital efficiency, transparent governance and increased shareholder returns.

Likewise, KIM's main strategies performed well over the trailing twelve months.

Figure 2: KIM strategies	Performance	Benchmark	Difference
Growth Balanced	+12.7%	+12.2%	+55bps
Conservative Balanced	+9.2%	+10.1%	-87bps
Tax-Sensitive Fixed Income	+3.2%	+1.1%	+207bps
Taxable Fixed Income	+7.4%	+5.9%	+150bps
Cash Management	+6.0%	+5.7%	+29bps
Equities	+16.8%	+16.3%	+46bps

*The KIM Fixed Income Strategy is shown against the Bloomberg Government/Credit Bond Index, the KIM Tax-Sensitive Fixed Income Strategy is shown against the Bloomberg Municipal Bond Index, the KIM Growth Balanced Strategy is shown against the Blended 40% Bloomberg Government/Credit Bond Index/39% Russell 3000 Index/21% MSCI ACWI ex USA Net TR Index. The KIM Conservative Balanced Strategy is shown against the Blended 60% Bloomberg Government/Credit Bond Index/26% Russell 3000 Index/14% MSCI ACWI ex USA Net TR Index. The KIM Equities Strategy is shown against the Blended 65% Russell 3000 Index/35% MSCI ACWI ex USA Net TR Index. The KIM Cash Management Strategy is shown against the ICE BofA 1-3 Year US Treasury Index.

The primary contributor to outperformance over the past year has been a modest narrowing of discounts across fixed income and equity CEFs. Performance was further enhanced by substantial tender offers executed near net asset value and notable distribution increases among several major holdings.

Special Purpose Acquisition Companies, during their pre-acquisition phase, continue to serve as effective alternatives to T-bills and money market funds within our Cash Management and Fixed Income strategies. While short-term performance remains important, KIM's long-term track record is particularly strong, especially in fixed income. Over the past five years, the Taxable Fixed Income and Tax-Sensitive Fixed Income strategies have exceeded their respective benchmarks by 6.6% and 3.7% per annum.

As outlined above CLIM and KIM's strategies continue to perform strongly and demonstrate a "right to win" when competing for new business. Later in this report, we provide the peer group rankings for our strategies which demonstrate that all remain in either the first or second quartile for the most recent five-year periods. We expect this will put us in a strong position to grow as investor appetite for our areas of focus increase.

Figure 3. CLIG - FuM by line of business

CLIM	30 Jun 2022			30 Jun 2023			30 Jun 2024			30 Jun 2025
	$m	% of CLIM total	% of CLIG total	$m	% of CLIM total	% of CLIG total	$m	% of CLIM total	% of CLIG total	$m	% of CLIM total	% of CLIG total
Emerging Markets	3,703	64%	40%	3,580	61%	38%	3,394	53%	33%	3,674	54%	34%
International Equity	1,812	32%	20%	1,983	34%	21%	2,394	38%	23%	2,486	36%	23%
Opportunistic Value	193	3%	2%	244	4%	3%	251	4%	3%	309	5%	3%
Listed Private Equity*	-	0%	0%	-	0%	0%	174	3%	2%	218	3%	2%
Other**	83	1%	1%	97	1%	1%	104	2%	1%	150	2%	1%
CLIM total	5,791	100%	63%	5,904	100%	63%	6,317	100%	62%	6,837	100%	63%
KIM***	30 Jun 2022			30 Jun 2023			30 Jun 2024			30 Jun 2025
	$m	% of KIM total	% of CLIG total	$m	% of KIM total	% of CLIG total	$m	% of KIM total	% of CLIG total	$m	% of KIM total	% of CLIG total
Growth Balanced	1,260	37%	14%	1,266	36%	13%	1,426	36%	14%	1,419	36%	13%
Conservative Balanced	1,080	32%	12%	1,085	31%	12%	1,103	28%	11%	1,143	29%	10%
Tax-Sensitive Fixed Income	389	11%	4%	405	11%	4%	693	18%	6%	528	13%	5%
Taxable Fixed Income	578	17%	6%	586	17%	6%	501	13%	5%	707	18%	7%
Cash Management	43	1%	0%	96	3%	1%	108	3%	1%	101	2%	1%
Equities	83	2%	1%	82	2%	1%	93	2%	1%	79	2%	1%
KIM total	3,433	100%	37%	3,520	100%	37%	3,924	100%	38%	3,977	100%	37%
CLIG total	9,224		100%	9,424		100%	10,241		100%	10,814		100%

* The Listed Private Equity strategy is to buy high quality private equity funds at discounts in CEF structures traded in listed markets. It was recategorised from Emerging Markets during the year, and the recategorisation of existing client assets is not reflected in the Net Flows column for either strategy.

**Includes Frontier and alternatives.

***KIM's FuM has been recategorised into underlying strategies.

FuM figures are rounded.

A breakdown of FuM by strategy is as follows:

Figure 4: Flows ($ million)

	Jun-24	Inflows	Outflows	Net Flows	Market & investment performance	Jun-25
CLIM
Emerging Markets	3,394	91	(463)	(372)	652	3,674
International Equity	2,394	122	(509)	(387)	479	2,486
Opportunistic Value	251	26	-	26	32	309
Listed Private Equity*	174	60	(50)	10	34	218
Other**	104	40	-	40	6	150
CLIM total	6,317	339	(1,022)	(683)	1,203	6,837
KIM***
Growth Balanced	1,426	36	(174)	(138)	131	1,419
Conservative Balanced	1,103	45	(148)	(103)	143	1,143
Tax-Sensitive Fixed Income	693	87	(108)	(21)	(144)	528
Taxable Fixed Income	501	58	(50)	8	198	707
Cash Management	108	10	(24)	(14)	7	101
Equities	93	3	(26)	(23)	9	79
KIM total	3,924	239	(530)	(291)	344	3,977
CLIG total	10,241	578	(1,552)	(974)	1,547	10,814

*The Listed Private Equity strategy is to buy high quality private equity funds at discounts in CEF structures traded in listed markets. It was recategorised from Emerging Markets during the year, and the recategorisation of existing client assets is not reflected in the Net Flows column for either strategy.

**Includes Frontier and alternatives.

***KIM's FuM has been recategorised into underlying strategies.

FuM figures are rounded.

Funds under Management (FuM) were $10.8 billion as at 30th June 2025, an increase of 5.6% as compared to $10.2 billion as at 30th June 2024.

Net outflows were weighted more heavily to the first half of the financial year when macroeconomic uncertainty rattled markets. The second half withdrawals were characterised by some profit-taking after very strong performance by our investment teams. This was particularly true in the International Equity and EM strategies which saw net outflows of $387 million and $372 million respectively. The Growth and Conservative Balanced strategies (a combination of equity and fixed income) saw net outflows of $241 million over this period, due primarily to client retirement cash needs. Net investment outflows totalled $974 million across the Group during the financial year.

New mandates included $60 million in the Listed Private Equity (LPE) strategy and $70 million in the EM strategy, with another $46 million mandate confirmed for August 2025 funding. Net inflows of circa $84 million combined across the Opportunistic Value, LPE, alternatives and Taxable Fixed Income strategies were also recorded.

Persistent discount volatility and strong outperformance of the Group's strategies continue to be the focus of marketing efforts with allocators.

Figure 5: Net investment flows ($ million)

	FY 2022	FY 2023	FY 2024	FY 2025
CLIM
Emerging Markets	(316)	(206)	(424)	(372)
International Equity	453	(51)	153	(387)
Opportunistic Value	1	35	(33)	26
Listed Private Equity*	-	-	-	10
Other**	74	(6)	(12)	40
CLIM total	212	(228)	(316)	(683)
KIM***
Growth Balanced	(37)	(129)	(56)	(138)
Conservative Balanced	(49)	(53)	(50)	(103)
Tax-Sensitive Fixed Income	105	36	89	(21)
Taxable Fixed Income	(119)	(3)	5	8
Cash Management	(4)	31	8	(14)
Equities	(6)	(11)	(0)	(23)
KIM total	(110)	(129)	(4)	(291)
CLIG total	102	(357)	(320)	(974)

*The Listed Private Equity strategy is to buy high quality private equity funds at discounts in CEF structures traded in listed markets. It was recategorised from Emerging Markets during the year, and the recategorisation of existing client assets is not reflected in the Net Flows column for either strategy.

**Includes Frontier and alternatives.

***KIM's FuM has been recategorised into underlying strategies.

FuM figures are rounded.

FINANCIAL REVIEW

The Group income statement is presented in line with UK-adopted International Accounting Standards on page 96 of the full report, but the financial information is reviewed by the management and the Board as shown in the table below. This makes it easier to understand the Group's operating results and shows the profits which is used to calculate Group's profit-share.

Consolidated income for financial years ended 30th June
	2025	2024	Change
	$'000	$'000	%
Gross fee income	73,044	69,453	5.2%
Commissions	(1,978)	(1,811)	9.2%
Custody fees	(1,296)	(1,475)	-12.1%
Net fee income	69,770	66,167	5.4%
Net interest income	1,095	1,079	1.5%
Total net income	70,865	67,246	5.4%
Salary, benefits and other related costs	(18,328)	(18,767)	-2.3%
Other administrative expenses	(8,659)	(8,177)	5.9%
Depreciation and amortisation	(961)	(975)	-1.4%
Overheads before profit-share, EIP, share option charge and gain on investments	(27,948)	(27,919)	0.1%
Profit before profit-share, EIP, share options charge and gain on investments	42,917	39,327	9.1%
Profit-share	(10,815)	(10,617)	1.9%
EIP	(1,297)	(1,506)	-13.9%
Share option charge	17	(35)	-147.6%
Gain on investments	766	1,051	-27.2%
Profit before tax and amortisation on intangibles	31,588	28,220	11.9%
Amortisation of intangibles	(5,599)	(5,599)	0.0%
Profit before tax	25,989	22,621	14.9%
Tax	(6,307)	(5,506)	14.5%
Profit after tax	19,682	17,115	15.0%
Alternative Performance Measures
	2025	2024	Change
	$'000	$'000	%
Profit before tax	25,989	22,621	14.9%
Add back/(deduct):
Gain on investments	(766)	(1,051)	-27.2%
Amortisation of intangibles	5,599	5,599	0.0%
Underlying profit before tax	30,822	27,169	13.4%
Tax	(6,307)	(5,506)	14.5%
Tax effect on adjustments	(1,154)	(1,083)	6.6%
Underlying profit after tax	23,361	20,580	13.5%

FuM

FuM as of 30th June 2025 increased by 5.6% ($0.6 billion) to $10.8 billion from US$10.2 billion at the end of the last financial year. The increase was a result of a combination of flows, market movements and performance. Refer to Figure 3 on page 12 of the full report - FuM by line of business. Average FuM for the year increased by 7.2% from $9.6 billion in FY 2024 to $10.3 billion in FY 2025.

Alternative Performance Measures

The Directors use the following Alternative Performance Measures (APMs) to evaluate the performance of the Group as a whole:

Earnings per share in pence - Earnings per share in US dollars as per the income statement is converted to sterling using the average exchange rate for the period. Refer to note 8 in the financial statements.

Underlying profit before tax - Profit before tax, adjusted for gain on investments and amortisation of intangibles. This provides a measure of the profitability of the Group for management's decision-making.

Underlying earnings per share in pence - CLIG shares are quoted on the London Stock Exchange and the dividend is declared in sterling. Underlying profit before tax, adjusted for tax as per income statement and tax effect of adjustments, are divided by the weighted average number of shares in issue as at the period end. Underlying earnings per share is converted to sterling using the average exchange rate for the period. Refer to note 8 in the financial statements.

Group income statement and statement of comprehensive income

Revenue

The Group's gross revenue comprises of management fees charged as a percentage of FuM. The Group's gross revenue increased by 5.2% YoY to $73.0 million (2024: $69.5 million). The increase in revenue is due to higher average FuM for the year, offset by general fee erosion due to changes in fee rates, product and investor mix.

Commissions payable of $2.0 million (2024: $1.8 million) relate to fees due to US-registered investment advisers and have increased slightly over the year as a result of an increase in gross revenue.

The Group's net fee income, after custody charges of $1.3 million (2024: $1.5 million), increased by 5.4% to $69.8 million (2024: $66.2 million). The Group's average net fee margin for FY 2025 was c.67bps as compared to c.69bps for FY 2024.

Net interest income is made up of interest earned on bank deposits, short-term investments in money market instruments and cash management products offset by interest paid on lease obligations and others. Net interest income increased by 1.5% as compared to the previous year. Refer to page 106 of the full report for our lease accounting policy.

Costs

Overheads before profit share, EIP, share option charge and gain on investments for FY 2025 totalling $27.9 million (2024: $27.9 million) were in line with last year. These costs would have been lower by c.1% had it not been for US dollar weakening against sterling by an average of 3% as c.29% of the Group's overheads are incurred in sterling.

The Group's cost/income ratio, which is arrived at by comparing overheads before profit share, EIP, share option charge and gain on investments with net fee income, reduced by 2.1% to 40.1% in FY 2025 as compared to 42.2% in FY 2024. This was a result of continued cost discipline and maintaining overhead costs in line with FY 2024, along with an increase in net revenue for the year.

The largest component of overheads continues to be employee-related costs. Salary, benefits and other related costs reduced by 2.3% over the last year to $18.3 million (2024: $18.8 million), which was due to both a reduction and a change in the headcount mix, which was partly offset by inflationary salary and associated cost increases with effect from 1st July 2024 and a subsequent increase in employer national insurance contributions in the UK, effective from 1st April 2025. The average number of employees for the year was 113 as compared to 118 for the prior year. The number of employees as at 30th June 2025 was 110 (2024: 118).

The net savings in employee-related costs during the year were offset by an increase in other administrative expenses. Other administrative expenses for the current year were 5.9% higher at $8.7 million as compared to $8.2 million for the last year. The increase primarily relates to higher legal and professional fees (including costs related to CLIG's qualification to trade on the OTCQX ® Best Market), additional marketing resources, an increase in travel costs to meet clients and prospects, and the impact of US dollar weakening over costs denominated in sterling.

Profit before profit-share, EIP, share options charge and gain on investments increased 9.1% YoY to $42.9 million as compared to $39.3 million for FY 2024. Despite this increase, total variable profit-share for FY 2025 only increased marginally to $10.8 million as compared with $10.6 million in FY 2024.

The Group's Employee Incentive Plan (EIP) charge for FY 2025 also fell by $0.2 million to $1.3 million as compared to the FY 2024 charge of $1.5 million.

Overall, despite sterling strengthening against the US dollar by an average of 3%, generic inflationary increases on the cost base, higher legal and professional fees, marketing and travel costs, the Group's total administrative expenses were marginally lower at $45.6 million for the year.

Gain on investments

Investment gains of $0.8 million (2024: gain of $1.1 million) relate to the realised and unrealised gains/(losses) on the Group's seed investments and other investments in Special Purpose Acquisition Companies (SPACs).

Amortisation of intangibles

Intangible assets relating to direct customer relationships, distribution channels and KIM's trade name recognised on the merger with KIM are being amortised over seven to fifteen years (refer to note 1.7 of the financial statements) and have resulted in an amortisation charge of $5.6 million for the year (2024: $5.6 million). Deferred tax liability on these intangibles as of 30th June 2025 amounted to $6.5 million (2024: $7.9 million) based on the relevant tax rate, which will unwind over the useful economic life of the associated assets. Goodwill amounting to $90.1 million was also initially recognised on the completion of the merger. Refer to note 9 for more details.

Taxation

Profit before tax of $26.0 million (2024: $22.6 million), after a corporation tax charge of $6.3 million (2024: $5.5 million), with an effective rate of 24% (2024: 24%), resulted in a 15% increase in profit after tax of $19.7 million (2024 $17.1 million), which is all attributable to the equity shareholders of the Company.

Underlying profits

Underlying profit before tax for the year at $30.8 million was 13.4% higher than the $27.2 million achieved in FY 2024. Underlying profit after tax for the year was 13.5% higher at $23.4 million as compared to $20.6 million for FY 2024, which was mainly due to the higher net fee income whilst maintaining our operating costs in line with FY 2024.

Group statement of financial position

The Group's financial position continues to be strong and liquid, with cash resources of $35.5 million as at 30th June 2025, compared with $33.7 million as at 30th June 2024.

The Group had invested $2.5 million in seeding the Global Equity CEF in December 2021 and $2.5 million in SPACs in March 2022. As at the end of June 2025, these investments were valued at $6.5 million (2024: $5.7 million). Total realised gains recognised on its investments and its SPACs products were $0.2 million (2024: gain of $0.9 million including the redemption of its REIT investments) and unrealised gains of $0.6 million (2024: gain of $0.2 million) were taken to the income statement.

The Global Equity CEF fund is assessed to be under the Group's control and is thus consolidated using accounts drawn up as of 30th June 2025. There were no third-party investors, collectively known as the non-controlling interest (NCI) in these funds as of 30th June 2025 (2024: nil).

The Group's right-of-use assets (net of depreciation) amounted to $4.4 million as of 30th June 2025 as compared with $5.1 million as of 30th June 2024.

The Employee Benefit Trust (EBT) purchased 453,500 shares (2024: 318,000 shares) at a cost of $2.1 million (2024: $1.3 million) in preparation for the annual EIP awards due at the end of October 2025.

The EIP has had a consistently high level of participation each year since inception (>60% of Group employees), with the first tranche of awards vesting in October 2018. During the year 36.8% (2024: 35.8%) of the shares vesting were sold to help cover the employees' resulting tax liabilities, leading to a healthy 63.2% (2024: 64.2%) share retention within the Group.

In addition, Directors and employees exercised 59,500 (2024: 47,400) options over shares held by the EBT, raising $0.3 million (2024: $0.1 million) which was used to pay down part of the loan to the EBT.

Dividend

Dividend policy

This policy was introduced in 2014 and is assessed for appropriateness on an annual basis. No changes have been proposed during the current financial year. It was designed to incorporate the required flexibility to deal with the potential volatility of CLIG's income. This is going to be applied with flexibility, with approximately one-third payable as an interim dividend and two-thirds as final dividend.

Details are as follows:

• Dividend cover ratio of c.1.2 times (1.2x) of the underlying earnings on a rolling five-year basis.

• It will be assessed for appropriateness annually.

• This Policy specifically takes into account the implicit volatility in CLIG's earnings as a result of its significant present exposure to emerging markets.

• While the cover is targeted as 1.2x of the underlying earnings, this will continue to be applied flexibly and the annual dividend will approximate to this cover on a rolling five-year average.

• The Board will take into account both the CLIG budget for the next year and market outlook when determining the current year's dividend.

Dividends paid during the year totalled $20.9 million (2024: $19.9 million). The total dividend of 33p per share comprised of the 22p per share final dividend for FY 2024 and the 11p per share interim dividend for the current year (2024: 22p per share final for FY 2023 and 11p per share interim dividend).

We have provided an illustrative framework on our website at https://clig.com/ dividend-cover/ to enable interested parties to calculate our post-tax profits based upon some key assumptions. The dividend cover chart shows the quarterly estimated cost of a maintained dividend against actual post-tax profits for last year, the current year and the assumed post-tax profit for next financial year based upon assumptions included in the chart.

The Group is well capitalised, and its regulated entities complied at all times with their local regulatory capital requirements. In the UK, the Group's principal operating subsidiary, CLIM, is regulated by the FCA. As required under the Capital Requirements Directive, the underlying risk management controls and capital position are disclosed on CLIM's website www.citlon.com .

Currency exposure

While Group's revenue and the bulk of its expenses are now aligned in US dollars, c.29% of Group's overheads are incurred in sterling and to a lesser degree Singapore dollars, that are subject to currency rate fluctuations against US dollars.

The Group's currency exposure also relates to its subsidiaries' non-US dollar assets and liabilities, which are mostly in sterling. The exchange rate differences arising on their translation into US dollars for reporting purposes each month is recognised in the income statement.

Viability statement

In accordance with the provisions of the UK Corporate Governance Code, the Directors have assessed the viability of the Group over a three-year period, considering the Group's current position and prospects, Internal Capital Adequacy and Risk Assessment (ICARA) and the potential impact of principal risks and how they are managed as detailed in the risk management report on pages 41 to 42 of the full report.

Period of assessment

While the Directors have no reason to believe that the Group will not be viable over a longer period, given the uncertainties still associated with the global economic and political factors and their potential impact on financial markets, any longer time horizon assessments are subject to more uncertainty due to external factors.

Considering the recommendations of the Financial Reporting Council in their 2021 thematic review publication, the Board has therefore determined that a three-year period to 30th June 2028 constitutes an appropriate and prudent timeframe for its viability assessment. This three-year view is also more aligned to the Group's detailed stress testing.

Assessment of viability

As part of its viability statement, the Board has conducted a robust assessment of the principal risks facing the Group, including those that would threaten its business model, future performance, solvency, or liquidity. This assessment includes continuous monitoring of both internal and external environments to identify new and emerging risks, which in turn are analysed to determine how they can best be mitigated and managed.

The primary risk is the potential for loss of FuM as a result of poor investment performance, reputational damage, client redemptions, breach of mandate guidelines or market volatility. The Directors review the principal risks regularly and consider the options available to the Group to mitigate these risks so as to ensure the ongoing viability of the Group is sustained.

The ICARA is reviewed by the Board and incorporates stress testing based on loss of revenue on the Group's financial position over a three-year period. The Group has performed additional stress tests using several different scenario levels, over a three-year period which are significantly more severe than our acceptable risk appetite, which include:

•a significant fall in FuM;

•a significant fall in net fee margin; and

•combined stress (significant falls both in FuM and net fee margin).

Having reviewed the results of the stress tests, the Directors have concluded that the Group would have sufficient resources in the stressed scenarios and that the Group's ongoing viability would be sustained. The stress scenario assumptions would be reassessed, if necessary, over the longer term. An example of a mitigating action in such scenarios would be a reduction in costs along with a reduction in dividend.

Based on the results of this analysis, the Board confirms it has a reasonable expectation that the Company and the Group will be able to continue in operation and meet their liabilities as they fall due over the next three years.

On that basis, the Directors also considered it appropriate to prepare the financial statements on the going concern basis as set out on page 81 of the full report.

FINANCIAL STATEMENTS

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 30TH JUNE 2025

	Note	Year to 30th June 2025 $'000	Year to 30th June 2024 $'000
Revenue Gross fee income	2	73,044	69,453
Commissions payable		(1,978)	(1,811)
Custody fees payable		(1,296)	(1,475)
Net fee income		69,770	66,167
Administrative expenses Employee costs		30,423	30,925
Other administrative expenses		8,659	8,177
Depreciation and amortisation		6,560	6,574
		(45,642)	(45,676)
Operating profit	3	24,128	20,491
Finance income	4	1,490	1,460
Finance expense	5	(395)	(381)
Gain on investments	6	766	1,051
Profit before taxation		25,989	22,621
Income tax expense	7	(6,307)	(5,506)
Profit for the period		19,682	17,115
Profit attributable to:
Equity shareholders of the parent		19,682	17,115
Basic earnings per share (cents)	8	40.1	35.1
Diluted earnings per share (cents)	8	39.4	34.4

CONSOLIDATED AND COMPANY STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30TH JUNE 2025

	Year to 30th June 2025 $'000	Year to 30th June 2024 $'000
Profit for the period	19,682	17,115
Other comprehensive income: Items that may be subsequently reclassified to profit or loss if specific conditions are met
Foreign currency translation differences	-	(1)
Total comprehensive income for the period	19,682	17,114
Attributable to: Equity shareholders of the parent	19,682	17,114

CONSOLIDATED AND COMPANY STATEMENT OF FINANCIAL POSITION

30TH JUNE 2025

				Group		Company
				30th June 2025	30th June 2024	30th June 2025	30th June 2024
		Note		$'000	$'000	$'000	$'000
	Non-current assets
	Property and equipment			917	1,128	157	227
	Right-of-use assets			4,418	5,076	699	925
	Intangible assets	9		117,296	122,853	62	20
	Other financial assets			6,506	5,750	134,203	134,283
	Deferred tax asset			1,737	1,879	287	313
				130,874	136,686	135,408	135,768
	Current assets
	Trade and other receivables			8,855	8,380	6,574	3,654
	Current tax receivable			662	167	3,360	2,426
	Cash and cash equivalents			35,492	33,738	16,550	20,381
				45,009	42,285	26,484	26,461
	Current liabilities
	Trade and other payables			(10,308)	(10,432)	(4,461)	(5,519)
	Lease liabilities			(585)	(526)	(318)	(284)
	Creditors, amounts falling due within one year			(10,893)	(10,958)	(4,779)	(5,803)
	Net current assets			34,116	31,327	21,705	20,658
	Total assets less current liabilities			164,990	168,013	157,113	156,426
	Non-current liabilities
	Lease liabilities			(4,705)	(5,207)	(725)	(964)
	Deferred tax liability			(7,821)	(9,162)	(216)	(256)
	Net assets			152,464	153,644	156,172	155,206
	Capital and reserves
	Share capital	10		644	644	644	644
	Share premium account			2,866	2,866	2,866	2,866
	Merger relief reserve	10		128,984	128,984	128,984	128,984
	Investment in own shares			(8,795)	(9,227)	(8,795)	(9,227)
	Share option reserve			128	187	128	187
	EIP share reserve			1,683	2,046	1,683	2,046
	Foreign currency translation reserve			(1,011)	(1,011)	466	466
	Capital redemption reserve			33	33	33	33
	Retained earnings			27,932	29,122	30,163	29,207
	Attributable to:
	Equity shareholders of the parent			152,464	153,644	156,172	155,206
	Total equity			152,464	153,644	156,172	155,206

As permitted by section 408 of the Companies Act 2006, the income statement of the Parent Company is not presented as part of these financial statements. The Parent Company's profit for the financial period amounted to $21,858k (2024: $20,445k).

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

30TH JUNE 2025

	Share capital $'000	Share premium account $'000	Merger relief reserve $'000	Investment in own shares $'000	Share option reserve $'000	EIP Share reserve $'000	Foreign currency translation reserve $'000	Capital redemption reserve $'000	Retained earnings $'000	Total attributable to share- holders $'000
As at 1st July 2023	644	2,866	128,984	(10,301)	170	2,200	(1,010)	33	31,882	155,468
Profit for the period	-	-	-	-	-	-	-	-	17,115	17,115
Other comprehensive income	-	-	-	-	-	-	(1)	-	-	(1)
Total comprehensive income	-	-	-	-	-	-	(1)	-	17,115	17,114
Transactions with owners
Share option exercise	-	-	-	154	(9)	-	-	-	9	154
Purchase of own shares	-	-	-	(1,315)	-	-	-	-	-	(1,315)
Share-based payment	-	-	-	-	35	1,039	-	-	-	1,074
EIP vesting/forfeiture	-	-	-	2,235	-	(1,193)	-	-	-	1,042
Deferred tax on share options	-	-	-	-	(9)	-	-	-	(22)	(31)
Current tax on share options	-	-	-	-	-	-	-	-	27	27
Dividends paid	-	-	-	-	-	-	-	-	(19,889)	(19,889)
Total transactions with owners	-	-	-	1,074	17	(154)	-	-	(19,875)	(18,938)
As at 30th June 2024	644	2,866	128,984	(9,227)	187	2,046	(1,011)	33	29,122	153,644
Profit for the period	-	-	-	-	-	-	-	-	19,682	19,682
Other comprehensive income	-	-	-	-	-	-	-	-	-	-
Total comprehensive income	-	-	-	-	-	-	-	-	19,682	19,682
Transactions with owners
Share option exercise	-	-	-	278	(42)	-	-	-	42	278
Purchase of own shares	-	-	-	(2,110)	-	-	-	-	-	(2,110)
Share-based payment	-	-	-	-	(17)	888	-	-	-	871
EIP vesting/forfeiture	-	-	-	2,264	-	(1,251)	-	-	-	1,013
Deferred tax on share options	-	-	-	-	-	-	-	-	(4)	(4)
Current tax on share options	-	-	-	-	-	-	-	-	8	8
Dividends paid	-	-	-	-	-	-	-	-	(20,918)	(20,918)
Total transactions with owners	-	-	-	432	(59)	(363)	-	-	(20,872)	(20,862)
As at 30th June 2025	644	2,866	128,984	(8,795)	128	1,683	(1,011)	33	27,932	152,464

COMPANY STATEMENT OF CHANGES IN EQUITY

30TH JUNE 2025

	Share capital $'000	Share premium account $'000	Merger reserve $'000	Investment in own shares $'000	Share option reserve $'000	EIP share reserve $'000	Foreign currency translation reserve $'000	Capital redemption reserve $'000	Retained earnings $'000	Total attributable to shareholders $'000
As at 1 July 2023	644	2,866	128,984	(10,301)	161	2,200	468	33	28,658	153,713
Profit for the period	-	-	-	-	-	-	-	-	20,445	20,445
Other comprehensive income	-	-	-	-	-	-	-	-	-	-
Total comprehensive income	-	-	-	-	-	-	-	-	20,445	20,445
Transactions with owners
Share option exercise	-	-	-	154	(9)	-	-	-	(1)	144
Purchase of own shares	-	-	-	(1,315)	-	-	-	-	-	(1,315)
Share-based payment	-	-	-	-	35	1,039	-	-	-	1,074
EIP vesting/forfeiture	-	-	-	2,235	-	(1,193)	-	-	-	1,042
Deferred tax on share options	-	-	-	-	-	-	-	-	(6)	(6)
Foreign exchange translation	-	-	-	-	-	-	(2)	-	-	(2)
Dividends paid	-	-	-	-	-	-	-	-	(19,889)	(19,889)
Total transactions with owners	-	-	-	1,074	26	(154)	(2)	-	(19,896)	(18,952)
As at 30th June 2024	644	2,866	128,984	(9,227)	187	2,046	466	33	29,207	155,206
Profit for the period	-	-	-	-	-	-	-	-	21,858	21,858
Other comprehensive income	-	-	-	-	-	-	-	-	-	-
Total comprehensive income	-	-	-	-	-	-	-	-	21,858	21,858
Transactions with owners
Share option exercise	-	-	-	278	(42)	-	-	-	16	252
Purchase of own shares	-	-	-	(2,110)	-	-	-	-	-	(2,110)
Share-based payment	-	-	-	-	(17)	888	-	-	-	871
EIP vesting/forfeiture	-	-	-	2,264	-	(1,251)	-	-	-	1,013
Dividends paid	-	-	-	-	-	-	-	-	(20,918)	(20,918)
Total transactions with owners	-	-	-	432	(59)	(363)	-	-	(20,902)	(20,892)
As at 30th June 2025	644	2,866	128,984	(8,795)	128	1,683	466	33	30,163	156,172

CONSOLIDATED AND COMPANY CASH FLOW STATEMENT

FOR THE YEAR ENDED 30TH JUNE 2025

		Group		Company
	Note	30th June 2025 $'000	30th June 2024 $'000	30th June 2025 $'000	30th June 2024 $'000
Cash flow from operating activities
Profit before taxation		25,989	22,621	1,405	1,675
Adjustments for:
Depreciation of property and equipment		285	293	89	97
Depreciation of right-of-use assets		658	672	226	227
Amortisation of intangible assets		5,617	5,609	18	10
Share-based payment charge		(17)	35	(4)	4
EIP-related charge		1,298	1,438	432	581
Gain on investments	6	(766)	(1,051)	(12)	(323)
Interest receivable	4	(1,490)	(1,460)	(750)	(898)
Interest payable	5	8	24	8	24
Interest payable on leased assets	5	387	357	50	17
Translation adjustments		73	29	(164)	149
Cash generated from operations before changes
in working capital		32,042	28,567	1,298	1,563
(Increase)/decrease in trade and other receivables		(1,010)	(302)	(779)	880
Increase/(decrease) in trade and other payables		807	365	910	3,038
Cash generated from operations		31,839	28,630	1,429	5,481
Interest received	4	1,490	1,460	750	898
Interest payable	5	(8)	(24)	(8)	(24)
Interest paid on leased assets	5	(387)	(357)	(50)	(17)
Taxation paid		(7,781)	(8,122)	(3,555)	(3,857)
Net cash generated from/(used in) operating activities		25,153	21,587	(1,434)	2,481
Cash flow from investing activities
Dividends received from subsidiaries		-	-	20,800	19,150
Purchase of property and equipment and intangibles		(134)	(500)	(79)	(44)
Purchase of non-current financial assets		(2,789)	(4,594)	-	-
Proceeds from sale of current financial assets		2,791	9,997	-	5,203
Net cash generated from/(used in) investing activities		(132)	4,903	20,721	24,309
Cash flow from financing activities
Ordinary dividends paid	11	(20,918)	(19,889)	(20,918)	(19,889)
Purchase of own shares by employee share option trust		(2,110)	(1,315)	(2,110)	(1,315)
Proceeds from sale of own shares by employee
benefit trust		295	154	295	154
Payment of lease liabilities		(539)	(231)	(295)	(48)
Net cash used in financing activities		(23,272)	(21,281)	(23,028)	(21,098)
Net increase/(decrease) in cash and cash equivalents		1,749	5,209	(3,741)	5,692
Cash and cash equivalents at start of period		33,738	28,569	20,381	14,779
Effect of exchange rate changes		5	(40)	(90)	(90)
Cash and cash equivalents at end of period		35,492	33,738	16,550	20,381

NOTES TO THE FINANCIAL STATEMENTS

The contents of this preliminary announcement have been extracted from the Company's Annual Report, which is currently in print and will be distributed within the week. The information shown for the years ended 30th June 2025 and 30th June 2024 do not constitute statutory accounts and has been extracted from the full accounts for the years ended 30th June 2025 and 30th June 2024. The reports of the auditors on those accounts were unqualified and did not contain adverse statements under sections 498(2) or (3) of the Companies Act 2006. The accounts for the year ended 30th June 2024 have been filed with the Registrar of Companies. The accounts for the year ended 30th June 2025 will be delivered to the Registrar of Companies in due course.

1. SIGNIFICANT ACCOUNTING POLICIES

City of London Investment Group PLC (the Company) is a public limited company which listed on the London Stock Exchange on 29th October 2010 and is domiciled and incorporated in the United Kingdom under the Companies Act 2006.

1.1   Basis of preparation

The financial statements have been prepared in accordance with UK-adopted International Accounting Standards.

The Group financial statements have been prepared under the historical cost convention, except for certain financial assets held by the Group that are reported at fair value. The Group and Company financial statements have been prepared on a going concern basis.

The principal accounting policies adopted are set out below and have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.

1.2 New or amended accounting standards and interpretations

The Group has adopted all the new or amended accounting standards and interpretations issued by the International Accounting Standards Board (IASB) that are mandatory for the current reporting period. Any new or amended accounting standards that are not mandatory have not been early adopted.

There are no new or amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group's consolidated financial statements that would be expected to have a material impact on the Group's consolidated financial statements when they become effective.

1.3 Accounting estimates and assumptions

The preparation of these financial statements in conformity with UK-adopted International Accounting Standards requires management to make estimates and judgments that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Whilst estimates are based on management's best knowledge and judgement using information and financial data available to them, the actual outcome may differ from those estimates.

The most significant areas of the financial statements that are subject to the use of estimates and judgments are noted below:

Impairment of Goodwill

The recognition of goodwill in a business combination and subsequent impairment assessments are based on significant accounting estimates. Note 9 details our estimates and assumptions in relation to the impairment assessment of goodwill.

1.4 Investment in subsidiaries

Investments in subsidiaries in the Company only accounts are stated at cost less, where appropriate, provision for impairment.

1.5 Basis of consolidation

The consolidated financial statements are based on the financial statements of the Company and all of its subsidiary undertakings. The Group's subsidiaries are those entities which it directly or indirectly controls. Control over an entity is evidenced by the Group's ability to exercise its power in order to affect any variable returns that the Group is exposed to through its involvement with the entity. The consolidated financial statements also incorporate the results of the business combination using the acquisition method. The acquiree's identifiable net assets are initially recognised at their fair values at the acquisition date. The results of the acquired business are included in the consolidated statement of comprehensive income from the date on which control is obtained.

When assessing whether to consolidate an entity, the Group evaluates a range of control factors as defined under IFRS 10 Consolidated financial statements, namely:

•the purpose and design of the entity;

•the relevant activities and how these are determined;

•whether the Group's rights result in the ability to direct the relevant activities;

•whether the Group has exposure or rights to variable returns; and

•whether the Group has the ability to use its power to affect the amount of its returns. 

Subsidiaries are consolidated from the date on which control is transferred to the Group and are deconsolidated from the date that control ceases.

The Group's subsidiary undertakings as at 30th June 2025 are detailed below:

City of London Investment Group PLC holds a controlling interest in the following:

		Controlling	Country of
Subsidiary undertakings	Activity	interest	incorporation
City of London Investment Management Company Limited	Management of funds	100%	UK
City of London US Investments Limited Karpus Management Inc. (aka Karpus Investment Management)	Holding company Management of funds	100% 100%	UK USA
Global Equity CEF Fund	Delaware Statutory Trust Fund	100%	USA

City of London Investment Management Company Limited holds 100% of the ordinary shares in the following:

City of London Investment Management (Singapore) PTE Ltd	Management of funds				Singapore
City of London Latin America Limited	Dormant company				UK
City of London US Investments Limited holds 100% of the ordinary shares in the following:
City of London US Services Limited	Service company			UK

The registered addresses of the subsidiary companies are as follows:

City of London Investment Management Company Limited City of London US Investments Limited City of London US Services Limited City of London Latin America Limited	77 Gracechurch Street, London EC3V 0AS, UK
City of London Investment Management Company (Singapore) PTE Ltd	20 Collyer Quay, #10-04, Singapore 049319
Karpus Management Inc.	183 Sully's Trail, Pittsford, New York 14534, USA
Global Equity CEF Fund	4005 Kennett Pike, Suite 250, Greenville, DE 19807, USA

1.6 Property and equipment

For all property and equipment depreciation is calculated to write off their cost to their estimated residual values by equal annual instalments over the period of their estimated useful lives, which are considered to be:

Short leasehold property improvements-over the remaining life of the lease

Furniture and equipment - four to ten years

Computer and telephone equipment - four to ten years

1.7 Intangible assets

Intangible assets acquired separately are initially recognised at cost. Intangible assets acquired through a business combination other than goodwill, are initially measured at fair value at the date of the acquisition.

(i) Goodwill

Goodwill arises through a business combination. Goodwill represents the excess of the purchase consideration paid over the fair value of the identifiable assets, liabilities and contingent liabilities of the business at the date of the acquisition. Goodwill is measured at cost less accumulated impairment losses. Goodwill on acquisition is allocated to a cash generating unit (CGU) that is expected to benefit from the acquisition, for the purpose of impairment testing. The CGU to which goodwill is allocated represents the lowest level at which goodwill is monitored for internal management purposes. A CGU is identified as a group of assets generating cash inflows which are independent from cash inflows from other Group cash generating assets and are not larger than the Group's operating segments.

(ii) Direct customer relationships and distribution channels

The fair values of direct customer relationships and distribution channels acquired in the business combination have been measured using a multi-period excess earnings method. These are amortised on a straight line basis over the period of their expected benefit, being a finite life of ten years for direct customer relationships and a finite life of seven years for distribution channels.

(iii) Trade name

The fair value of the trade name acquired in the business combination has been measured using a relief from royalty method. This is amortised on a straight line basis over the period of its expected benefit, being a finite life of fifteen years.

(iv) Software licences

Software licences are capitalised at cost and amortised on a straight line basis over the useful life of the asset. Costs are capitalised on the basis of the costs incurred to acquire and bring into use the specific software. Costs also include directly attributable overheads. The estimated useful life over which the software is depreciated is between four to ten years. Software integral to a related item of hardware equipment is accounted for as property and equipment. Costs associated with maintaining computer software programs are expensed to the income statement as incurred.

1.8 Impairment of goodwill and other assets

Goodwill arising on acquisition is not subject to annual amortisation and is tested annually for impairment, or more frequently if changes in circumstances indicate a possible impairment. The Group annually reviews the carrying value of its CGU to ensure that those assets have not suffered from any impairment loss. The review compares the recoverable amount of the CGU to which goodwill is allocated against its carrying amount. Where the recoverable amount is higher than the carrying amount, no impairment is required. The recoverable amount is defined as the higher of (a) fair value less costs of disposal or (b) value in use, which is based on the present value of future cash flows expected to derive from the CGU.

For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units).

Other assets are tested for impairment whenever management identifies any indicators of impairment.

Any impairment loss is recognised immediately through the income statement.

1.9 Business Combinations

The Group accounts for business combinations using the acquisition method. A business combination is determined where in a transaction, the asset acquired and the liabilities assumed constitute a business.

The consideration transferred on the date of the transaction is measured at fair value as are the identifiable assets acquired and liabilities assumed. Intangible assets are recognised separately from goodwill at the acquisition date only when they are identifiable.

1.10 Financial instruments

Financial instruments are only recognised in the financial statements and measured at fair value when the Group becomes party to the contractual provisions of the instrument.

Under IFRS 9 Financial Instruments, financial assets are classified as either:

•amortised at cost;

•at fair value through the profit or loss; or

•at fair value through other comprehensive income.

Financial liabilities must be classified at fair value through profit or loss or at amortised cost.

The Group's investments in securities are classified as financial assets or liabilities at fair value through profit or loss. Such investments are initially recognised at fair value, and are subsequently re-measured at fair value, with any movement recognised in the income statement. The fair value of the Group's investments is determined as follows:

•Shares traded in active markets - priced using the quoted closing price

•Unlisted seed capital investments in funds - priced using net asset value at the reporting date

The consolidated Group assesses and would recognise a loss allowance for expected credit losses on financial assets which are measured at amortised cost. The measurement of the loss allowance depends upon the consolidated entity's assessment at the end of each reporting period as to whether the financial instrument's credit risk has increased significantly since initial recognition, based on reasonable and supportable information that is available, without undue cost or effort to obtain.

Where there has not been a significant increase in exposure to credit risk since initial recognition, a twelve-month expected credit loss allowance is estimated. This represents a portion of the asset's lifetime expected credit losses that is attributable to a default event that is possible within the next twelve months. Where a financial asset has become credit impaired or where it is determined that credit risk has increased significantly, the loss allowance is based on the asset's lifetime expected credit losses. The amount of expected credit loss recognised is measured on the basis of the probability weighted present value of anticipated cash shortfalls over the life of the instrument discounted at the original effective interest rate.

Under the expected credit loss model, impairment losses are recorded if there is an expectation of credit losses, even in the absence of a default event. This model is applicable to assets amortised at cost or at fair value through other comprehensive income. The assets on the Group's balance sheet to which the expected loss applies to are fees receivable. At the end of each reporting period, the Group assesses whether the credit risk of these trade receivables has increased significantly since initial recognition, based on reasonable and supportable information that is available, without undue cost or effort to obtain.

1.11 Cash and cash equivalents

Cash and cash equivalents comprise cash in hand and on-demand deposits with an original maturity of three months or less from inception, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.

1.12 Trade payables

Trade payables are measured at initial recognition at fair value and subsequently measured at amortised cost.

1.13 Current and deferred taxation

The Group provides for current tax according to the tax regulations in each jurisdiction in which it operates, using tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. However, deferred tax is not accounted for if it arises from goodwill or the initial recognition (other than in a business combination) of other assets or liabilities in a transaction that affects neither the accounting nor the taxable profit or loss.

Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised. The tax rates used are those that have been enacted, or substantively enacted, by the end of the reporting period. Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited directly as part of other comprehensive income, in which case the deferred tax is also dealt with as part of other comprehensive income. For share-based payments, where the estimated future tax deduction exceeds the amount of the related cumulative remuneration expense, the excess deferred tax is recognised directly in equity.

1.14 Share-based payments

The Company operates an Employee Incentive Plan (EIP) which is open to all employees in the Group. Awards are made to participating employees over shares under the EIP where they have duly waived an element of their annual profit-share before the required waiver date, in general before the start of the relevant financial year.

The awards are made up of two elements: Deferred Shares and Bonus Shares. The Deferred Shares represent the waived profit-share and the Bonus Shares represent the additional award made by the Company as a reward for participating in the EIP. Awards will vest (i.e. no longer be forfeitable) over a three-year period with one-third vesting each year for all employees, other than Executive Directors of CLIG. Awards granted from October 2021 onwards for the Executive Directors of CLIG will vest (i.e. no longer be forfeitable) over a five-year period with one-fifth vesting each year, and from October 2024 onwards over a five-year period with one-third vesting each year for the third, fourth and fifth anniversaries following grant. Should an employee leave within the vesting period, the unvested portion of the waived profit-share element is settled in cash as per the EIP rules.

The full cost of the Deferred Shares is recognised in the year to which the profit-share relates. The value of the Bonus Shares is expensed on a straight line basis over the period from the date the employees elect to participate to the date that the awards vest. This cost is estimated during the financial year and at the point when the actual award is made, the share-based payment charge is re-calculated and any difference is taken to the profit or loss.

The Company operates an Employee Share Option Plan. The fair value of the employee services received in exchange for share options is recognised as an expense. The fair value has been calculated using the Black-Scholes pricing model, and is being expensed on a straight line basis over the vesting period, based on the Company's estimate of the number of shares that will actually vest. At the end of the three-year period when the actual number of shares vesting is known, the share-based payment charge is re-calculated and any difference is taken to the profit or loss.

1.15 Revenue recognition

Revenue is recognised within the financial statements based on the services that are provided in accordance with current investment management agreements (IMAs). The fees are charged as a percentage of Funds under Management. The performance obligations encompassed within these agreements are based on daily/monthly asset management of funds. Payment terms are monthly/quarterly in advance or in arrears. The Group has an enforceable right to the payment of these fees for services provided, in accordance with the underlying IMAs.

For each contract, the Group: identifies the contract with a customer; identifies the performance obligations in the contract; determines the transaction price which takes into account estimates of variable consideration and the time value of money; allocates the transaction price to the separate performance obligations on the basis of the relative stand-alone selling price of each distinct service to be delivered; and recognises revenue when or as each performance obligation is satisfied in a manner that depicts the transfer to the customer of services promised.

1.16 Commissions payable

A portion of the Group's revenue is subject to commissions payable under third party marketing agreements. Commissions payable are recognised in the same period as the revenue to which they relate.

1.17 Foreign currency translation

The functional and presentational currency of the company and all its subsidiaries is US dollars.

Transactions in currencies other than the relevant Group entity's functional currency are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. Gains and losses arising on retranslation are included in the profit or loss for the year.

1.18 Leases

The total outstanding lease cost, discounted at the Group's weighted average incremental borrowing rate to its present value, is shown as a lease liability in the statement of financial position. The payment of the lease charge is allocated between the lease liability and an interest charge in the income statement.

On recognition of the lease liability, the associated asset is shown as a right-of-use asset. This is further adjusted for any lease payments made prior to adoption and any future restoration costs as implicit within the lease contract. The resulting total value of the right-of-use asset is depreciated on a straight line basis over the term of the lease period.

The Group re-measures the lease liability whenever:

•there is a change in the lease term;

•there is a change in the lease payments; and

•a lease contract is modified and the lease modification is not accounted for as a separate lease.

Where there is a change in the lease term or lease payments, the lease liability is re-measured by discounting the revised lease payments at the current or revised discount rate depending on the nature of the event. Where the lease liability is re-measured, a corresponding adjustment is made to the right-of-use assets.

Where extension/termination options exists within a lease, the Group would assess at the lease commencement date as to whether it is reasonably certain that it will exercise these options. The Group would reassess these options if there was a significant event or significant change in circumstances within its control, which would warrant the Group with reasonable certainty to exercise these options.

Payments in relation to short-term leases, those that are less than twelve months in duration continue to be expensed to the income statement on a straight line basis. At the end of the year, all of the Group's leases were recognised as right-of-use assets.

1.19 Pensions

The Group operates defined contribution pension schemes covering the majority of its employees. The costs of the pension schemes are charged to the income statement as they are incurred. Any amounts unpaid at the end of the period are reflected in other creditors.

2    SEGMENTAL ANALYSIS

The Directors consider that the Group has only one reportable segment, namely asset management, and hence only analysis by geographical location is given.

	USA $'000	Canada $'000	UK $'000	Europe (ex UK) $'000	Other $'000	Total $'000
Year to 30th June 2025
Gross fee income	70,567	1,529	-	818	130	73,044
Non-current assets:
Property and equipment	759	-	147	-	11	917
Right-of-use assets	3,656	-	699	-	63	4,418
Intangible assets	117,234	-	62	-	-	117,296
Year to 30th June 2024
Gross fee income	66,885	1,465	-	1,001	102	69,453
Non-current assets:
Property and equipment	901	-	205	-	22	1,128
Right-of-use assets	4,030	-	925	-	121	5,076
Intangible assets	122,833	-	20	-	-	122,853

3 .		OPERATING PROFIT
		The operating profit is arrived at after charging:	Year to 30th June 2025 $'000	Year to 30th June 2024 $'000
		Depreciation of property and equipment	285	293
		Depreciation of right-of-use assets	658	672
		Amortisation of intangible assets	5,617	5,609
		Auditor's remuneration:
		- Statutory audit of the parent and consolidated financial statements	158	149
		- Statutory audit of subsidiaries of the Company	147	134
		- Audit related assurance services	50	62
		Short-term lease expense	20	21
		Legal and Professional fees	2,563	1,766
		Consultancy and software fees	1,959	1,780
		Market information services	1,312	1,511
	4.   FINANCE INCOME
			Year to 30th June 2025 $'000		Year to 30th June 2024 $'000
	Interest on cash and cash equivalents		1,490		1,460

5.   FINANCE EXPENSE
	Year to 30th June 2025 $'000	Year to 30th June 2024 $'000
Interest payable on lease liabilities	387	357
Interest payable other	8	24
	395	381

6.   GAIN ON INVESTMENTS
	Year to 30th June 2025 $'000	Year to 30th June 2024 $'000
Unrealised gain on investments	614	180
Realised gain on investments	152	871
	766	1,051

7.	TAX CHARGE ON PROFIT ON ORDINARY ACTIVITIES
	(a) Analysis of tax charge on ordinary activities:	Year to 30th June 2025 $'000	Year to 30th June 2024 $'000
	Current tax:
	UK corporation tax at 25% (2024: 25%) based on the profit for the period	3,992	5,417
	Double taxation relief	(585)	(887)
	Adjustments in respect of prior years	162	(7)
	UK tax total	3,569	4,523
	Foreign tax	4,145	2,453
	Adjustments in respect of prior years	(207)	(123)
	Foreign tax total	3,938	2,330
	Total current tax charge	7,507	6,853
	Deferred tax:
	UK - origination and reversal of temporary differences	129	68
	Foreign - origination and reversal of temporary differences	(1,329)	(1,415)
	Total deferred tax credit	(1,200)	(1,347)
	Total tax charge in income statement	6,307	5,506

(b) Factors affecting tax charge for the current period:

The tax charge on profit for the year is different to that resulting from applying the standard rate of corporation tax in the UK - 25% (prior year - 25%). The differences are explained below:

	Year to 30th June 2025 $'000	Year to 30th June 2024 $'000
Profit on ordinary activities before tax	25,989	22,621
Tax on profit from ordinary activities at the standard rate	(6,497)	(5,655)
Effects of:
Unrelieved foreign tax at rates different to those of the UK	(20)	(166)
Income ineligible for tax	(62)	75
Capital allowances less than depreciation	207	98
Prior period adjustments	47	129
Other	18	13
Total tax charge in income statement	(6,307)	(5,506)

8.  EARNINGS PER SHARE

The calculation of earnings per share is based on the profit for the period attributable to the equity shareholders of the parent divided by the weighted average number of ordinary shares in issue for the period ended 30th June 2025.

As set out in the Directors' report on page 82 of the full report, the Employee Benefit Trust held 1,750,055 (2024: 1,829,637) ordinary shares in the Company as at 30th June 2025. The Trustees of the Trust have waived all rights to dividends associated with these shares. In accordance with IAS 33 Earnings per share, the ordinary shares held by the Employee Benefit Trust have been excluded from the calculation of the weighted average number of ordinary shares in issue.

The calculation of diluted earnings per share is based on the profit for the period attributable to the equity shareholders of the parent divided by the diluted weighted average number of ordinary shares in issue for the period ended 30th June 2025.

Reported earnings per share

	Year to 30th June 2025 $'000	Year to 30th June 2024 $'000
Profit attributable to the equity shareholders of the parent for basic earnings	19,682	17,115
	Number of shares	Number of shares
Issued ordinary shares as at 1st July	50,679,095	50,679,095
Effect of own shares held by EBT	(1,539,816)	(1,875,340)
Weighted average shares in issue	49,139,279	48,803,755
Effect of movements in share options and EIP awards	759,201	978,997
Diluted weighted average shares in issue	49,898,480	49,782,752
Basic earnings per share (cents)	40.1	35.1
Diluted earnings per share (cents)	39.4	34.4
Basic earnings per share (pence)	30.9	27.8
Diluted earnings per share (pence)	30.4	27.3

Underlying earnings per share*

Underlying earnings per share is based on the underlying profit after tax*, where profit after tax is adjusted for gain/loss on investments, amortisation of acquired intangibles and their relating tax impact.

Underlying profit for calculating underlying earnings per share

	Year to 30th June 2025 $'000	Year to 30th June 2024 $'000
Profit before tax	25,989	22,621
Add back/(deduct):
- (Gain)/loss on investments	(766)	(1,051)
- Amortisation on acquired intangibles	5,599	5,599
Underlying profit before tax	30,822	27,169
Tax expense as per the consolidated income statement	(6,307)	(5,506)
Tax effect of fair value adjustments	190	261
Unwinding of deferred tax liability	(1,344)	(1,344)
Underlying profit after tax for the calculation of underlying earnings per share	23,361	20,580
Underlying earnings per share (cents)	47.5	42.2
Underlying diluted earnings per share (cents)	46.8	41.3
Underlying earnings per share (pence)	36.7	33.5
Underlying diluted earnings per share (pence)	36.1	32.8

* This is an Alternative Performance Measure (APM). Please refer to the Financial Review for more detai ls on APM

9.    INTANGIBLE ASSETS

Group	Goodwill	Direct customer relationships	Distribution channels	Trade name	Long term software	Total	30th June 2024
	$'000	$'000	$'000	$'000	$'000	$'000	$'000
Cost
At start of period	90,072	46,052	6,301	1,405	914	144,744	144,744
Additions	-	-	-	-	60	60	-
At close of period	90,072	46,052	6,301	1,405	974	144,804	144,744
Amortisation charge
At start of period	-	17,270	3,376	351	894	21,891	16,282
Charge for the period	-	4,605	900	94	18	5,617	5,609
At close of period	-	21,875	4,276	445	912	27,508	21,891
Net book value: At close of period	90,072	24,177	2,025	960	62	117,296	122,853
Company
Cost
At start of period					112	112	112
Additions					60	60	-
At close of period					172	172	112
Amortisation charge
At start of period					92	92	82
Charge for the period					18	18	10
At close of period					110	110	92
Net book value					62	62	20

Goodwill, direct customer relationships, distribution channels and trade name acquired through business combination relate to the merger with KIM on 1st October 2020.

Impairment 

Goodwill acquired through the business combination is in relation to the merger with KIM and relates to the acquired workforce and future expected growth of the cash generating unit (CGU).

The Group has carried out an annual review of the carrying value of the CGU to which the goodwill is allocated to see if it has suffered any impairment. Management also considered whether there were any indicators of impairment of other intangible assets. The services of an independent valuation consultant, Kroll Advisory Limited (Kroll) was retained during the year to perform an assessment of impairment as of 30th April 2025. The Group assessed the recoverable amount of the CGU by both its value in use (VIU) and its fair value (Fair Value) less cost of disposal (FVLCOD). Both methodologies gave a value which exceeded the carrying value of the CGU. Although, the recoverable amount calculated using VIU was higher than FVLCOD, to be consistent with the prior period, the Group adopted FVLCOD as its measurement against the carrying value of its CGU. The Fair Value is based on the Market Comparable Method (or "Comparable Company Analysis") that indicates the value of KIM by comparing it to publicly traded companies in a similar line of business. An analysis of the trading multiples of comparable companies yields insight into investor perceptions and, therefore, the value of the subject company i.e., the value of KIM.

FuM and EBITDA multiples were selected and applied to the historical and forecasted metrics of KIM. The multiples were evaluated and selected based on the relative growth potential, operating margins and risk profile of KIM vis-a-vis the publicly traded comparable companies and also to reflect the degree of control and lack of marketability of the interest held in KIM. As such, FuM multiple of 3.5% and EBITDA multiples of 10.0x and 9.0x (calendar year 2024 and 2025 respectively) were selected based on the Comparable Company Analysis prior to concluding the Fair Value of KIM on a weighted average basis. This Fair Value is classified within Level 3 of IFRS 13 fair value hierarchy.

The Group's forecasts are based on its most recent and current trading activity and on current financial budgets for twelve months that are approved by the Board. The key assumptions underlying the budgets are based on the most recent trading activity with built in organic growth, revenue and cost margins. The annual growth rate used for extrapolating revenue forecasts was 5.6% and for direct costs was 3.0% based on the Group's expectation of future growth of the business.

The goodwill impairment assessment date of 30th April 2025 was different to the current reporting date. The performance of the CGU is reviewed for the period between the assessment date and the reporting date to determine whether any changes in circumstances or impairment indicators have occurred since the assessment date. Following our review, it was determined that there were no changes in circumstances or impairment indicators that would require the CGU to be impaired at the reporting date.

The recoverable amount of the CGU exceeded the carrying amount of the CGU at 30th April 2025 by $24,667k (2024: $9,496k).

Sensitivity analysis was applied to the selected multiples to measure the impact on the headroom in existence under the current impairment review. The following table shows the extent to which each of the selected multiples will be required to change in isolation for the recoverable amount of this CGU to be equal to its carrying amount. This highlights that further adverse movements in the selected multiples would be required before an impairment would be recognised. The below sensitivities make no allowance for mitigating actions that management would take if such market conditions persisted.

	2025
	From	To
EV / December LYM FuM - (USD Mn)	3.5%	0.9%
EV / CY 2025 FuM - (USD Mn)	3.5%	1.0%
EV / CY 2024 EBITDA Post Bonus	10.0x	3.5x
EV / CY 2025 EBITDA Post Bonus	9.0x	2.7x

The Directors and management have considered and assessed possible changes to other key assumptions and have not identified any instances that could cause the carrying amount of the CGU to exceed its recoverable amount.

Based on the recoverable amount, using the fair value model, no impairment was required at 30th June 2025.

10.    SHARE CAPITAL AND MERGER RELIEF RESERVE

	Share capital	Merger relief reserve
Group and Company	$'000	$'000
At start and end of period 50,679,095 ordinary shares of 1p each	644	128,984

11 .  DIVIDEND	30th June 2025	30th June 2024
	$'000	$'000
Dividends paid:
Interim dividend of 11p per share (2024: 11p)	7,052	6,840
30th June 2024 of 22p per share (2023: 22p)	13,866	13,049
	20,918	19,889

A final dividend of 22p per share (gross amount payable $15,310k; net amount payable $14,782k*) has been proposed, payable on 6th November 2025, subject to shareholder approval, to shareholders who are on the register of members on 26th September 2025.

*Difference between gross and net amounts is due to shares held at EBT that do not receive a dividend .

12.  FINANCIAL INSTRUMENTS

The Group's financial assets include cash and cash equivalents, investments and other receivables. Its financial liabilities include accruals, lease liabilities and other payables. The fair value of the Group's financial assets and liabilities is materially the same as the book value.

(i) Financial instruments by category

The tables below show the Group and Company's financial assets and liabilities as classified under IFRS 9 Financial Instruments:

Group		Financial assets	Assets at fair value through
30th June 2025		at amortised cost	profit or loss	Total
Assets as per statement of financial position		$'000	$'000	$'000
Other non-current financial assets		-	6,506	6,506
Trade and other receivables		7,139	-	7,139
Cash and cash equivalents		35,492	_	35,492
Total		42,631	6,506	49,137
			Liabilities at
			fair value
		Financial liabilities	through
		at amortised cost	profit or loss	Total
Liabilities as per statement of financial position		$'000	$'000	$'000
Trade and other payables		10,107	-	10,107
Current lease liabilities		585	-	585
Non-current lease liabilities		4,705	-	4,705
Total		15,397	-	15,397
			Assets at fair
30th June 2024		Financial assets at amortised cost	value through profit or loss	Total
Assets as per statement of financial position		$'000	$'000	$'000
Other non-current financial assets		-	5,750	5,750
Trade and other receivables		6,687	-	6,687
Cash and cash equivalents		33,738	_	33,738
Total		40,425	5,750	46,175
			Liabilities at
			fair value
		Financial liabilities	through
Liabilities as per statement of financial position		at amortised cost	profit or loss	Total
		$'000	$'000	$'000
Trade and other payables		10,236	-	10,236
Current lease liabilities		526	-	526
Non-current lease liabilities		5,207	-	5,207
Total		15,969	-	15,969

Company	Investment in	Financial assets	Assets at fair value through
30th June 2025	subsidiaries	at amortised cost	profit or loss	Total
Assets as per statement of financial position	$'000	$'000	$'000	$'000
Other non-current financial assets	131,643	2,500	60	134,203
Trade and other receivables	-	6,171	-	6,171
Cash and cash equivalents	-	16,550	-	16,550
Total	131,643	25,221	60	156,924
			Liabilities at
			fair value
		Financial liabilities	through
		at amortised cost	profit or loss	Total
Liabilities as per statement of financial position		$'000	$'000	$'000
Trade and other payables		4,281	-	4,281
Current lease liabilities		318	-	318
Non-current lease liabilities		725	-	725
Total		5,324	-	5,324
	Investment in	Financial assets	Assets at fair value through
30th June 2024	subsidiaries	at amortised cost	profit or loss	Total
Assets as per statement of financial position	$'000	$'000	$'000	$'000
Other non-current financial assets	131,733	2,500	50	134,283
Trade and other receivables	-	3,250	-	3,250
Cash and cash equivalents	-	20,381	-	20,381
Total	131,733	26,131	50	157,914
			Liabilities at
			fair value
		Financial liabilities	through
		at amortised cost	profit or loss	Total
Liabilities as per statement of financial position		$'000	$'000	$'000
Trade and other payables		5,339	-	5,339
Current lease liabilities		284	-	284
Non-current lease liabilities		964	-	964
Total		6,587	-	6,587

(ii) Fair value measurements recognised in the statement of financial position

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into levels 1 to 3 based on the degree to which the fair value is observable.

•  Level 1: fair value derived from quoted prices (unadjusted) in active markets for identical assets and liabilities.
•  Level 2: fair value derived from inputs other than quoted prices included within level 1 that are observable for the assets or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
•  Level 3: fair value derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data.

The fair values of the financial instruments are determined as follows:

-	Investments for hedging purposes are valued using the quoted bid price and shown under level 1.
-	Investments in own funds are determined with reference to the net asset value (NAV) of the fund. Where the NAV is a quoted price the fair value is shown under level 1, where the NAV is not a quoted price the fair value is shown under level 2.
-	Forward currency trades are valued using the forward exchange bid rates and are shown under level 2.
-	Unlisted equity securities are valued using the net assets of the underlying companies and are shown under level 3.

The level within which the financial asset or liability is classified is determined based on the lowest level of significant input to the fair value measurement.

Group	Level 1	Level 2	Level 3	Total
30th June 2025	$'000	$'000	$'000	$'000
Financial assets at fair value through profit or loss
Investment in other non-current financial assets	6,318	188	-	6,506
Total	6,318	188	-	6,506
30th June 2024	Level 1 $'000	Level 2 $'000	Level 3 $'000	Total $'000
Financial assets at fair value through profit or loss
Investment in other non-current financial assets	5,700	50	-	5,750
Total	5,700	50	-	5,750
Company
30th June 2025	Level 1 $'000	Level 2 $'000	Level 3 $'000	Total $'000
Investment in other non-current financial assets	-	60	-	60
Total	-	60	-	60
30th June 2024	Level 1 $'000	Level 2 $'000	Level 3 $'000	Total $'000
Investment in other non-current financial assets	-	50	-	50
Total	-	50	-	50

There were no financial liabilities at fair value at any of the reported periods.

Level 3

Level 3 assets as at 30th June 2025 are nil (2024: nil).

Where there is an impairment in the investment in own funds, the loss is reported in the income statement. No impairment was recognised during the period or the preceding year.

(iii) Foreign currency risk

Almost all of the Group's revenues, and a significant part of its expenses, are denominated in US dollars. However, expenses related to UK and Singapore offices are denominated in currencies other than US dollars. As a result, expenses and balances arise which give rise to currency exposure.

As at 30th June 2025, significant net asset balances included within the Group's net asset balances were £3,183k (2024: net liabilities of £413k) denominated in sterling, C$543k (2024: C$520k) in Canadian dollars and SGD1,680k (2024: SGD1,676k) in Singapore dollars.

Had the US dollar strengthened or weakened against these currencies as at 30th June 2025 by 10%, with all other variables held constant, the Group's net assets and profit before tax would have increased or decreased (respectively) by $609k (2024: $109k). 10% represents management's assessment of the reasonably possible change in foreign exchange rate.

(iv) Market risk

Changes in market prices, such as foreign exchange rates and equity prices will affect the Group's income and the value of its investments.

Where the Group holds investments in its own funds categorised as unlisted investments, the market price risk is managed through diversification of the portfolio. A 10% increase or decrease in the price level of the funds' relevant benchmarks, with all other variables held constant, would result in an increase or decrease of approximately nil (2024: nil) in the value of the investments and profit before tax.

The Group's Global Equity CEF funds has been consolidated as controlled entities, and therefore the securities held by the fund are reported in the consolidated statement of financial position under investments. At 30th June 2025, all those securities were listed on a recognised exchange. A 10% increase or decrease in the price level of the securities would result in a gain or loss respectively of approximately $0.3 million (2024: $0.3 million) to the Group.

The Group is also exposed to market risk indirectly via its Funds under Management, from which its fee income is derived. To hedge against potential losses in fee income, the Group may look to invest in securities or derivatives that should increase in value in the event of a fall in the markets. The purchase and sale of these securities are subject to limits established by the Board and are monitored on a regular basis. The investment management and settlement functions are totally segregated.

The profit from hedging recognised in the Group income statement for the period is nil (2024: £nil).

(v) Credit risk

The majority of debtors relate to management fees due from funds and segregated account holders. As such, the Group is able to assess the credit risk of these debtors as minimal. For other debtors a credit evaluation is undertaken on a case by case basis.

The Group has zero experience of bad or overdue debts.

The majority of cash and cash equivalents held by the Group are with leading UK and US banks. The credit risk is managed by carrying out regular reviews of each institution's credit rating and of their published financial position. Given their high credit ratings, management does not expect any counterparty to fail to meet its obligations.

(vi) Liquidity risk

The Group's trade and other sundry payables are immaterial and thus the liquidity risk is minimal. In addition, the Group's investments in funds that it manages can be liquidated immediately if required.

(vii) Interest rate risk

The Group has no borrowings, and therefore has no exposure to interest rate risk other than that which attaches to its interest earning cash and cash equivalents balances. The Group's strategy is to maximise the amount of cash which is maintained in interest bearing accounts and short-term treasuries/money market funds, and to ensure that those accounts attract a competitive interest rate. At 30th June 2025, the Group held $35,492k (2024: $33,738k) in cash balances, of which $34,940k (2024: $33,245k) was held in bank accounts, short-term deposits and short-term treasuries/money market funds, which attract variable interest rates. The effect of a 100 basis points increase/decrease in interest rates on the Group's net assets would not be material.

(viii) Capital risk management

The Group manages its capital to ensure that all entities within the Group are able to operate as going concerns and exceed any minimum externally imposed capital requirements. The capital of the Group and Company consists of equity attributable to the equity holders of the Parent Company, comprising issued share capital, share premium, retained earnings and other reserves as disclosed in the statement of changes in equity.

The Group's operating subsidiary company in the UK, City of London Investment Management Company Ltd is subject to the minimum capital requirements of the Financial Conduct Authority (FCA) in the UK. This subsidiary held surplus capital over its requirements throughout the period.

The Group is required to undertake an Internal Capital and Risk Assessment, which is approved by the Board. The objective of this is to ensure that the Group has adequate capital to enable it to manage risks which are not adequately covered under the Pillar 1 requirements. This process includes stress testing for the effects of major risks, such as a significant market downturn, and includes an assessment of the Group's ability to mitigate the risks.

APPENDIX

1. Principal risks

The Board has conducted a robust assessment of the principal risks facing the Group, including those that would threaten its business model, future performance, solvency or liquidity. This assessment includes continuous monitoring of both internal and external environments to identify new and emerging risks, which in turn are analysed to determine how they can best be mitigated and managed. The primary risk is the potential for loss of FuM as a result of poor investment performance, client redemptions, reputational damage, a breach of mandate guidelines or market volatility. The Group seeks to attract and retain clients through consistent outperformance supplemented by first class client servicing.

In addition to the above key business risk, the Group has outlined what it considers to be its other principal risks, including the controls in place and any mitigating factors.

	Principal risk	Controls / mitigation
Key person risk	Risk that key employees across the business leave/significant reliance on a small number of key employees.	Team approach, internal procedures and knowledge sharing. Remuneration packages reviewed as needed to ensure talent/key employees are retained. In addition, the Nomination Committee regularly reviews talent and succession plans for both Board and key senior management positions
Technology, IT / cybersecurity and business continuity risks	Risk that technology systems and support are inadequate or fail to adapt to changing requirements; systems are vulnerable to third party penetration or that the business cannot continue in a disaster.	IT monitors and controls risks related to cyber threats, and for the strength and security of the Group's network and infrastructure. The IT department has controls in place to mitigate risk, which include, but are not limited to access management, patch management, application updates, physical environment protection, and data back-up and recovery. The Group has policies in place for Disaster Recovery/Business Continuity and Incident Response Planning.
Material error / mandate breach	Risk of a material error or investment mandate breach occurring.	Mandate guidelines are coded (where possible) into the order management system by the Investment Management/Compliance teams of each operating subsidiary.
Regulatory and legal risk	Risk of legal or regulatory action resulting in fines, penalties, censure or legal action arising from failure to identify or meet regulatory and legislative requirements in the jurisdictions in which the Group and its operating subsidiaries operate, including those as a result of being a listed entity on the London Stock Exchange. Risk that new regulation or changes to the interpretation of existing regulation affects the Group's operations and cost base.	Compliance teams of each subsidiary monitor relevant regulatory developments - both new regulations as well as changes to existing regulations that impact their respective subsidiary. Implementation is done as practicably as possible taking into account the size and nature of the business. The finance team with the support of CLIG's Company Secretary keeps abreast of any changes to Listing Rules, accounting and other standards that may have an impact on the Group. Finance and both the compliance teams receive regular updates from a variety of external sources including regulators, law firms, consultancies etc.

2. Related party transactions

In the ordinary course of business, the Company and its subsidiary undertakings carry out transactions with related parties as defined under IAS 24 Related Party Disclosures. Material transactions are set out below.

(i) Transactions with key management personnel

Key management personnel are defined as Directors (both Executive and Non-Executive) of City of London Investment Group PLC.

(a) Details of compensation paid to the Directors as well as their shareholdings in the Group and dividends paid are provided in the Remuneration report on pages 64, 72 and 73 and in note 4 of the full report.

(b) One of the Group's subsidiaries manages funds for some of its key management personnel, for which it receives a fee. All transactions between key management and their close family members and the Group's subsidiary are on terms that are available to all employees of that Company. The amount received in fees during the year was $12k (2024: $7k). There were no fees outstanding as at the year-end.

(c) close member of a key management's personnel family provided professional services to the Group. The amount paid during the period for these services were $0.4k (2024: $43k). The amount outstanding at the year-end was nil (2024: $11k).

(ii) Person with significant influence

One of the Group's subsidiaries manages funds for a person with significant influence based on his shareholding in the Group. The amount of fees received by the Group during the period was $92k (2024: $81k).

(iii) Summary of transactions and balances

During the period, the Company received from its subsidiaries $12,245k (2024: $13,308k) in respect of management service charges and dividends of $20,800k (2024: $19,150k).

Amounts outstanding between the Company and its subsidiaries as at 30th June 2025 are given in notes 16 and 18 of the full report.

3. Statement of Directors' responsibilities

The Directors are responsible for preparing the Strategic report, the Directors' report, the Directors' remuneration report and the Financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare Group and Company financial statements for each financial year. The Directors have elected under Company law and are required under the Listing Rules of the Financial Conduct Authority to prepare Group financial statements in accordance with UK- adopted International Accounting Standards. The Directors have elected under Company law to prepare the Company financial statements in accordance with UK-adopted International Accounting Standards.

The Group and Company financial statements are required by law and UK-adopted International Accounting Standards to present fairly the financial position of the Group and the Company and the financial performance of the Group; the Companies Act 2006 provides in relation to such financial statements that references in the relevant part of that Act to financial statements giving a true and fair view are references to their achieving a fair presentation.

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 Group and the Company and of the profit or loss of the Group for that period.

In preparing each of the Group and Company financial statements, the Directors are required to:

•select suitable accounting policies and then apply them consistently;

•make judgements and accounting estimates that are reasonable and prudent;

•state whether they have been prepared in accordance with UK-adopted International Accounting Standards; and

•prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company and enable them to ensure that the financial statements and the Directors' remuneration report comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors' statement pursuant to the Disclosure and Transparency Rules

Each of the Directors, whose names and functions are listed on page 46 of the full report confirm that, to the best of each person's 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 of the Company and the undertakings included in the consolidation taken as a whole; and

•the Strategic Report and Directors' report contained in the Annual Report includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the City of London Investment Group's website.

Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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