Finsbury Growth & Income Trust PLC

Annual Report • Dec 4, 2025

Finsbury Growth & Income Trust PLC Annual Report for the year ended 30 September 2025 Perivan 256419 Mobius Investment Trust Plc 25 Southampton Buildings, London WC2A 1AL www.mobiusinvestmenttrust.com This report is printed on Revive 100% White Silk a totally recycled paper produced using 100% recycled waste at a mill that has been awarded the ISO 14001 certificate for environmental management. The pulp is bleached using a totally chlorine free (TCF) process. This report has been produced using vegetable based inks. Avoid investment fraud 1 Reject cold calls If you’ve received unsolicited contact about an investment opportunity, chances are it’s a high risk investment or a scam. You should treat the call with extreme caution. The safest thing to do is to hang up. 2 Check the FCA Warning List The FCA Warning List is a list of firms and individuals we know are operating without our authorisation. 3 Get impartial advice Think about getting impartial financial advice before you hand over any money. Seek advice from someone unconnected to the firm that has approached you. Report a Scam If you suspect that you have been approached by fraudsters please tell the FCA using the reporting form at www.fca.org.uk/consumers/report- scam-unauthorised-firm. You can also call the FCA Consumer Helpline on 0800 111 6768 If you have lost money to investment fraud, you should report it to Action Fraud on 0300 123 2040 or online at www.actionfraud.police.uk Find out more at www.fca.org.uk/scamsmart Investment scams are designed to look like genuine investments Spot the warning signs Have you been: • contacted out of the blue • promised tempting returns and told the investment is safe • called repeatedly, or • told the offer is only available for a limited time? If so, you might have been contacted by fraudsters. Remember: if it sounds too good to be true, it probably is! Be ScamSmart This report is printed on Revive 100% White Silk a totally recycled paper produced using 100% recycled waste at a mill that has been awarded the ISO 14001 certificate for environmental management. The pulp is bleached using a totally chlorine free (“TCF”) process. This report has been produced using vegetable based inks. WARNING TO SHAREHOLDERS – BEWARE OF SHARE FRAUD Many companies have become aware that their Shareholders have received unsolicited phone calls or correspondence concerning investment matters. These are typically from overseas based ‘brokers’ who target UK Shareholders offering to sell them what often turn out to be worthless or high-risk shares in US or UK investments. They can be very persistent and extremely persuasive. Shareholders are therefore advised to be very wary of any unsolicited advice, offers to buy shares or offers of free company reports. Please note that it is very unlikely that either the Company or the Company’s Registrar, MUFG Corporate Markets, would make unsolicited telephone calls to Shareholders. Such calls would relate only to official documentation already circulated to Shareholders and never in respect of investment ‘advice’. Shareholders who suspect they may have been approached by fraudsters should advise the Financial Conduct Authority (“FCA”) usingthe share fraud report form at www.fca.org.uk/scams or call theFCA Customer Helpline on 0800 111 6768. You may also wish to call either the Company Secretary or the Registrar whose contact details can be found on page 103. FINANCIAL CALENDAR FINANCIAL YEAR END 30 September FINAL RESULTS ANNOUNCED December ANNUAL GENERAL MEETING Thursday, 15 January 2026 HALF YEAR END 31 March HALF YEAR RESULTS ANNOUNCED May INTERIM DIVIDENDS PAYABLE May and November CONTENTS STRATEGIC REPORT 1 Centenary 4 Company Summary 6 Company Performance 8 Key Performance Indicators (“KPIs”) 10 Chairman’s Statement 12 Investment Portfolio 16 Portfolio Manager’s Report 22 Business Review GOVERNANCE 44 Board of Directors 46 Report of the Directors 51 Corporate Governance 58 Statement of Directors’ Responsibilities 59 Directors’ Remuneration Policy 61 Directors’ Remuneration Report 65 Audit Committee Report INDEPENDENT AUDITORS’ REPORT 70 Independent Auditors’ Report FINANCIAL STATEMENTS 78 Income Statement 79 Statement of Changes in Equity 80 Statement of Financial Position 81 Statement of Cash Flows 82 Notes to the Financial Statements FURTHER INFORMATION 98 Glossary of Terms and Alternative Performance Measures 103 Company Information Please note that the Notice of Annual General Meeting is set out in a separate document. The Company’s shares are traded on the London Stock Exchange and can be purchased through a stock broker or other financial intermediary. The shares are eligible for Individual Savings Accounts (“ISAs”). For more information about Finsbury Growth & Income Trust PLC visit the website or the Company’s LinkedIn page WWW.FINSBURYGT.COM In 1926, four Scots – a lawyer and an accountant from Edinburgh, and a stockbroker and an industrialist from Dundee – came together to form Scottish Cities Investment Trust. It was one of the first new investment trusts to launch since before the First World War, created to give investors a share in economic recovery after difficult times. Their guiding idea was simple but enduring: to spread investments across sectors, regions and asset classes to deliver better returns than the bank, while maintaining the safety of shareholders’ capital. Those principles of balance and diversification would serve the trust well through the decades that followed. From its £50,000 launch, the company has grown into today’s Finsbury Growth & Income Trust PLC (“FGT” or “the Company”) – worth approximately £1 billion and celebrating its centenary in 2026. Foundations of resilience The Company’s first decades were shaped by extraordinary economic and political upheaval. Within three years of launch came the Wall Street Crash, followed by the Great Depression and, soon after, the Second World War. Yet the trust survived them all. During the 1930s, dividends were suspended and directors took pay cuts, but the Company endured, aided by prudent diversification and investment discipline. When dividends resumed after the war, optimism slowly returned. In the late 1940s, the portfolio shifted decisively towards equities, a move that would prove transformational for the decades ahead. Years investing in the future 1 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCE STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS Five Shareholders will be selected in a draw to join members of the Board at the London Stock Exchange Closing Ceremony on the afternoon of this year’s Centenary Annual General Meeting, a unique chance to celebrate the occasion. To enter the draw, simply visit our website and sign up. Entries must be received by 8 January 2026. We look forward to sharing this special moment with some of our Shareholders. A comprehensive historical booklet celebrating the Company’s rich heritage is available for download on the Company’s website www.finsburygt.com. New ownership, steady growth The early 1950s brought a new chapter and new owners. At a dramatic 1953 annual meeting, City financier Walter Salomon and his colleagues at Rea Brothers took control of the Company, ushering in a period of strong growth. Under the stewardship of Rea Brothers, Scottish Cities steadily grew. Between 1953 and 1965, assets increased almost fivefold and dividends rose each year. The following decade tested every investor. The 1965 Finance Act and the oil shocks of the 1970s created headwinds that drove asset values down sharply. But, as before, patience paid off: those who stayed invested saw their holdings recover and strengthen as markets rebounded from the lows of early 1975. Transformation and modernisation The 1980s were years of liberalisation and expansion. The ‘Big Bang’ City reforms and a buoyant market helped investment trusts like Finsbury prosper. Over the decade, net assets rose from £9.7 million to £30.8 million, with dividends more than doubling. In 1985, following Sir Walter Salomon’s retirement from Rea Brothers, Finsbury Asset Management was created to manage its investment trust holdings, including Scottish Cities. It was the first time the Finsbury name became associated with the Company. In the early 1990s, the board faced and ultimately overcame an attempted takeover by Anglo Scandinavian, turning the tables by acquiring the challenger instead. The Company was renamed Finsbury Growth in 1992 – a title that reflected both its ambitions and its evolving structure. By the mid-1990s, assets had reached new highs, and the framework of the modern Company was taking shape – independent governance, a clear long-term investment focus and the flexibility to adapt to change. Rea Brothers was acquired by Close Brothers in August 1999, as the last bull market of the twentieth century gathered pace. Partnership and conviction The decisive modern turning point came at the start of the new millennium with the appointment of Lindsell Train as investment adviser. Co-founder Nick Train brought a disciplined, high-conviction approach built around owning a select number of exceptional companies for the long term. At the same time, the Company’s charging structure was redesigned to align the manager’s interests with those of shareholders. Soon after, the investment policy was reshaped to reflect the style adopted by the new manager, and the Company’s name became Finsbury Growth & Income Trust PLC in May 2004. Nick Train’s philosophy of holding outstanding franchises ‘forever’ would go on to define the modern Finsbury era. The results of this pivotal appointment have been striking. Since 2000, the Company’s net asset value total return has significantly outperformed that of the FTSE All-Share Index, with strong performance coming despite the dot-com collapse, the global financial crisis and the Covid pandemic. The partnership model was strengthened further in 2007 with the appointment of Frostrow Capital. Formed by members of the same team that had long supported the Company at Close Brothers, Frostrow brought continuity as well as independence – providing secretarial, administrative and investor relations services, complementing the Board’s independent oversight and allowing Lindsell Train to focus purely on investment. Continuity amid change Recent years have again tested markets and investors. The pandemic brought a global shutdown, market turmoil and unprecedented disruption to normal life. Yet the Company’s long-term structure has again proved its worth. Throughout it all, the investment approach has stayed constant – investing in a deliberately concentrated portfolio of world-class businesses such as Diageo, RELX, Experian, London Stock Exchange Group and Sage – companies with strong balance sheets, distinctive brands, loyal customers and exceptional long-term growth prospects. 1939 1926 1974 2026 2021 2008 2017 2000 1953 1929 Our history 1926 Scottish Cities Investment Trust incorporated in Edinburgh 1932 Ordinary dividends suspended amid Great Depression Second World War breaks out 1947 Rea Brothers gains control at eventful AGM 1992 Ordinary dividends resume after the war Continuation vote at January 2026 AGM Portfolio value hits low following oil crises 1991 2007 2004 Acquisition of Anglo Scandinavian Investment Trust completed Frostrow Capital appointed as core service provider Renamed Finsbury Growth & Income Trust Global financial crisis disrupts markets Finsbury Growth & Income Trust marks its centenary year Net assets first exceed £1 billion Lindsell Train appointed investment adviser First virtual AGM held during Covid lockdown Finsbury name first adopted 1985 Company renamed Finsbury Growth 1926- 1944 William Hanna FG&IT Chairmen 1944- 1953 Reginald Guild 1953- 1963 Sir Wilfred Ayre 1991- 2008 Michael Reeve 2008- 2021 Anthony Townsend 2025- present Pars Purewal 2021- 2025 Simon Hayes 1963- 1991 Viscount Lewisham (later Earl of Dartmouth) Wall Street Crash 2 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCE STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS As Nick Train notes, “When I look at the portfolio today, I am more enthused about its prospects than at any time this century. I have increased my holding because London Stock Exchange Group, Experian, Diageo, Sage and RELX (and I could go on), not only happen to be listed on the London market but are genuinely world-class companies with substantive growth opportunities in front of them. FGT holds those businesses in big quantities, and if our analysis of them is right, the impact on returns in the coming years will be very significant indeed. These businesses could readily still be important holdings in 2050 – with much, much higher market capitalisations than pertain today.” Looking ahead After a hundred years of change, the foundations remain the same. The Company has endured wars, depressions, financial crises, market bubbles and pandemics – each testing investors’ nerve and the strength of its structure. Every time, discipline and process have prevailed. Now entering its second century, FGT continues to invest with care, conviction, selectivity and integrity – backing the world-class companies whose brands and balance sheets can withstand the tests of time. 1939 1926 1974 2026 2021 2008 2017 2000 1953 1929 Our history 1926 Scottish Cities Investment Trust incorporated in Edinburgh 1932 Ordinary dividends suspended amid Great Depression Second World War breaks out 1947 Rea Brothers gains control at eventful AGM 1992 Ordinary dividends resume after the war Continuation vote at January 2026 AGM Portfolio value hits low following oil crises 1991 2007 2004 Acquisition of Anglo Scandinavian Investment Trust completed Frostrow Capital appointed as core service provider Renamed Finsbury Growth & Income Trust Global financial crisis disrupts markets Finsbury Growth & Income Trust marks its centenary year Net assets first exceed £1 billion Lindsell Train appointed investment adviser First virtual AGM held during Covid lockdown Finsbury name first adopted 1985 Company renamed Finsbury Growth 1926- 1944 William Hanna FG&IT Chairmen 1944- 1953 Reginald Guild 1953- 1963 Sir Wilfred Ayre 1991- 2008 Michael Reeve 2008- 2021 Anthony Townsend 2025- present Pars Purewal 2021- 2025 Simon Hayes 1963- 1991 Viscount Lewisham (later Earl of Dartmouth) Wall Street Crash 3 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 Company Summary OBJECTIVES AND PERFORMANCE MEASUREMENT The Company aims to achieve capital and income growth and to provide Shareholders with a total return in excess of that of the FTSE All-Share Index (the Company’s benchmark). Further details of the Company’s investment policy are set out on pages 23 and 24. The net asset value (“NAV”) per share decreased by 0.1% during the financial year to 30September 2025 on a total return basis (2024: +8.2%). The detail of this movement can be found on page 7. DIVIDENDS The total dividend declared for 2025 was 20.2p (2024: 19.6p), representing an increase of 3.1%. The Company’s Dividend Policy can be found on page 24. Finsbury Growth & Income Trust PLC is a listed investment company and a constituent of the FTSE 250. The Company is a member of the Association of Investment Companies (“AIC”). 4 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCE STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 5 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 6 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 STRATEGIC REPORT Company Performance * Source – Frostrow Capital LLP ^ Alternative Performance Measure (see glossary on pages 98 to 102) † UK GAAP Measure KEY FACTS 923.0p NAV per share 2024: 943.4p (-2.2%) (9.4)p Return per share † 2024: +57.7p (0.1)% NAV per share total return , ^ 2024: +8.2% 2.3% Share price total return , ^ 2024: +3.4% 861.0p Share price 2024: 861.0p (+0.0%) 86.4% Active Share ^ 2024: 84.1% £1.228bn Shareholders’ funds † 2024: £1.582bn (-22.4%) 133,018,887 Number of shares in issue (excluding 91,972,416 shares held in Treasury) 2024: 167,717,668 (-20.7%) (Treasury shares 2024: 57,273,635) 6.7% Discount of share price to net asset value per share ^ 2024: 8.7% 20.2p Total dividends per share for the year † 2024: 19.6p (+3.1%) † 0.62% Ongoing charges ^ 2024: 0.61% 1.9% Gearing^ 2024: 0.7% FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCE STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 7 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 FIVE YEARS SUMMARY AS AT 30 SEPTEMBER 2021 2022 2023 2024 2025 Share price 876.0p 800.0p 852.0p 861.0p 861.0p Net asset value per share (“NAV”) 917.7p 848.4p 891.2p 943.4p 923.0p Discount of Share price to NAV per share 4.5% 5.7% 4.4% 8.7% 6.7% YEAR ENDED 30 SEPTEMBER 2021 2022 2023 2024 2025 Share price total return * ^ +6.3% (5.6)% +7.5% +3.4% +2.3% NAV per share total return * ^ +10.6% (5.8)% +7.2% +8.2% (0.1)% FTSE All-Share Index total return ** # +27.9% (4.0)% +13.8% +13.4% +16.2% Dividends per share † 17.1p 18.1p 19.0p 19.6p 20.2p * Source: Frostrow Capital LLP ** Source: FTSE International Limited (“FTSE”) © FTSE, 2025 # See glossary of terms and alternative performance measures on pages 98 to 102) ^ Alternative Performance Measure (“APM”) (see glossary on pages 98 to 102) † UK GAAP Measure The Company was incorporated in Scotland on 15 January 1926. Lindsell Train Limited (“Lindsell Train”) was appointed as Portfolio Manager in December 2000. The total return of the Company’s share price over the ten years to 30 September 2025 has been 90.7%, equivalent to a compound annual return of 6.7%. This compares with a total return of 118.3% from the Company’s benchmark, equivalent to a compound annual return of 8.1%. Over the past 25 years, £1,000 invested when Lindsell Train assumed management of the portfolio would now be worth £8,171 compared with £3,982 had the same amount been invested in the FTSE All-Share Index over the same period. * Source: Morningstar, FTSE International Limited (“FTSE”) © FTSE2025 PERFORMANCE SINCE THE DATE OF APPOINTMENT OF LINDSELL TRAIN AS PORTFOLIO MANAGER TO 30 SEPTEMBER 2025 SHARE PRICE +733.5% FTSE ALL-SHARE INDEX +302.6% Source: Frostrow Capital LLP Rebased to 100 as at 1 January 2001 Jan 01 Sep 05 Sep 10 Sep 15 Sep 20 0 200 400 600 800 1000 Sep 25 8 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 STRATEGIC REPORT Key Performance Indicators (“KPIs”) ^ Alternative Performance Measure (see glossary on pages 98 to 102) † UK GAAP Measure * Source: Frostrow Capital LLP The Board uses certain financial KPIs to monitor and assess the performance of the Company in achieving its strategic aims. The Board reviews the performance of the portfolio in detail and hears the views of the Portfolio Manager at each meeting. Information on the Company's performance is provided in the Chairman's Statement (beginning on page 10) and the Portfolio Manager's Report (beginning on page 16). This performance is assessed against the following KPIs which are unchanged from last year. Alternative Performance Measures ("APM") The Board believes that each of the APMs, which are typically used within the investment company sector, provides additional useful information to Shareholders in order to assess the Company’s performance between reporting periods and against its peer group. The APMs used for the year under review are unchanged from last year. Further information on each of the APMs can be found in the glossary beginning on page 98. (0.1)% NAV total return ^ This reflects the change in the Company’s net asset value including the impact of reinvested dividends. During the year under review the Company’s net asset value per share total return was (0.1)% (2024: +8.2%). (9.4)p (Loss)/return pershare † The total loss per share for the year was (9.4)pence per share (2024: return of 57.7pence per share). Over five years, the Company earned a total of 144.3 pence per share. See the chart below for the five year history: Dividends per share † The total dividend declared for the year was 20.2 pence per share (2024: 19.6 pence per share), an increase of 3.1%. 20.2p Share price total return ^ This reflects the change in the value of the Company’s share price including the impact of reinvested dividends. During the year under review the Company’s share price total return was 2.3% (2024: 3.4%). 2.3% % -6 -3 0 3 6 9 12 2021 2022 2023 2024 2025 pence per share 0 5 10 15 20 25 2021 2022 2023 2024 2025 % -10 -5 0 5 10 2021 2022 2023 2024 2025 pence per share -100 -50 0 50 100 150 2021 2022 2023 2024 2025 ^ Alternative Performance Measure (see glossary on pages 98 to 102) * Source: Morningstar FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCE STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 6.7% Share price discount to net asset value per share ^ The Board reviews the level of discount/premium to net asset value per share at every Board meeting and consideration is given to ways in which the share price performance may be enhanced, including the effectiveness of marketing, share issuance and buy-backs, where appropriate. Details of how the Company’s share buy-back and issuance policy works can be found in the Statutory Documentation section on the Company’swebsite. At 30September 2025 the Company’s share price stood at an 6.7% discount to the Company’s net asset value per share (2024: 8.7%discount). During the year, the Company bought back 34,698,781 shares into Treasury (2024: 36,801,766) at an average price of 892.4 pence and an average discount of 7.5%. Since the year end to 1 December 2025 the Company has purchased a further 10,787,363 shares to be held in Treasury. As at 1 December 2025 the Company’s discount was 5.7%. % -9 -8 -7 -6 -5 -4 -3 -2 -1 0 1 2021 2022 2023 2024 2025 Relative underperformance to benchmark Under the Company’s Business Model, a Portfolio Manager is appointed with the capability and resources to manage the Company’s assets through asset allocation, stock selection and risk management. The Company’s portfolio is constructed and managed without reference to a stock market index with the Portfolio Manager selecting investments based on their assessment of their long-term value. The performance of the Company relative to its benchmark and its peers is a KPI measured by the Board on an ongoing basis. The Company’s benchmark is the FTSE All-Share Index (total return) which delivered a return of 16.2% (2024: 13.4%) over the year. This compares with the Company’s share price totalreturn of 2.3% (2024: 3.4%) resulting in a 13.9% underperformance against thebenchmark. The Board also monitors the Company’s share price return against its AIC peer group ^ . As at 30 September 2025 the Company's ranking against its peer group of UK Equity income sector was: Rank out of 20 (2024: 23) Period 2025 2024 1 yr 17 21 3 yr 18 19 5 yr 19 21 10 yr 13 4 25 yr 5 3 (13.9)% 9 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 10 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 STRATEGIC REPORT I am honoured to address Shareholders for the first time in an Annual Report as Chairman of the Company. I am only the 8th person to hold this role in our history, a reminder of the continuity and long-term stewardship that have guided the Company through both strong and challenging periods. PERFORMANCE While the Company’s performance over the past year has again been disappointing, our commitment to a disciplined, high-conviction, and concentrated investment approach remains unchanged. We continue to focus on the long term, and on positioning the Company to deliver sustainable value for Shareholders in the years ahead. For the year ended 30 September 2025, the share price total return was 2.3%, underperforming the FTSE All-Share Index, which returned 16.2% over the same period. The Company delivered a net asset value (‘NAV’) total return of -0.1%, compared to +8.2% in the previous year. The Board acknowledges this extended period of underperformance and the understandable frustration this has caused among Shareholders. In the face of this poor performance, your Board has subjected the Portfolio Manager’s investment process and the resulting portfolio holdings to close scrutiny. We remain confident in the long-term investment process, which focuses on high-quality, cash-generative businesses with durable competitive advantages. While many of our portfolio companies are listed in the UK, they are, in reality, global businesses with leading positions in their respective industries. We share the Portfolio Manager’s belief, both in the quality of these companies and in the belief that this quality will, ultimately, be reflected in their share priceperformance. As it is always important to point out, a highly concentrated portfolio means higher risk, particularly in the short-term. At 30September 2025, the Company’s Active Share – ameasure of how much it varies from the FTSE All-Share Index Chairman’s Statement Pars Purewal, Chairman benchmark- was 86.4% (2024: 84.1%). Such an uncorrelated portfolio will inevitably perform very differently from the wider market, whether positively or negatively. I urge you to read Nick Train’s review where he discusses his investment approach on pages 16 to 21. AGM This year’s Annual General Meeting (‘AGM’) is notable for two reasons. Firstly, it marks the Company’s centenary. Finsbury Growth & Income Trust PLC was founded as Scottish Cities Investment Trust Limited in Edinburgh in January 1926, just ten days before another scion of Scotland, John Logie Baird, first demonstrated television. The second reason this AGM is significant is that it includes something entirely new in our history: a continuation vote. Put simply, this gives Shareholders the opportunity to decide whether the Company should continue with its long-term investment approach. It is a moment to pause, reflect, and, we hope, affirm your support. In that sense, the continuation vote is not just a formality; it is a valuable opportunity for Shareholders to make their voice heard in shaping the next chapter of ourstory. CONTINUATION VOTE During the year, I, together with the Senior Independent Director, met with several of our largest Shareholders. While there was shared disappointment regarding the Company’s recent investment performance, I am encouraged to report significant support for the continuation of the Company from amongst Shareholders we spoke with. In the spirit of transparency and good governance, we wish to highlight that joint Founders of Lindsell Train, Michael Lindsell and Nick Train, while both fully supporting the continuation of the Company and hoping that it continues for the next 100years, have chosen not to vote their shares. This decision was taken to avoid any perception of a conflict of interest, given their roles as both shareholders and portfolio managers. The Board unanimously recommends that Shareholders vote in favour of continuation. All Directors intend to vote their shares accordingly. The Board strongly encourages all Shareholders to exercise their votes in respect of the meeting in advance. Details of how Shareholders can vote are set out in the Notice of Meeting. Any Shareholder who requires a hard copy form of proxy may request one from the Registrar MUFG Corporate Markets. FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCE STRATEGIC REPORT GOVERNANCE STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 11 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 Please note that the continuation vote is not a liquidity event; it does not involve redemption, tender offers, or a return ofcapital. Rather, it is a strategic decision point that allows Shareholders to express their support for the investment philosophy that has underpinned the Company’s performance over time. If Shareholders vote in favour, the Company will continue as before. If the vote is against, the Board will consider alternative strategic options. The outcome will be announced following the Centenary AGM. SHARE BUY-BACKS The Board keeps the discount under close review and is committed to buying back its own shares at or near the 5% discount level, in accordance with its policy. While share buy-backs will not necessarily reduce the discount, particularly in times of market volatility, they may, to a limited extent, mitigate a widening trend. In addition, buy-backs enhance the net asset value per share for remaining shareholders, provide some additional liquidity and help to dampen discount volatility which can damage shareholder returns. As at 30 September 2025 the discount was 6.7% compared with a closing discount at the last year end of 8.7%. During the year under review the Company bought back a total of 34,698,781 shares, 20.7% of the shares in issue) into Treasury at a cost of approximately £309.7 million and at an average discount of 7.5%. Over the course of the year the Company’s discount averaged7.5%. As at the close of the UK market on 1 December 2025, the discount was 5.7%. Since the year end, a further 10,787,363 shares were bought back into Treasury at a cost of £90.2million. As at 1 December 2025, the Company had 122,231,524 shares in issue (excluding 102,759,779 shares held inTreasury). The Board believes that the Company’s share buy-back programme continues to be in the interest of Shareholders; providing liquidity for those wishing to exit while enhancing value for continuing investors. This year alone, buybacks have added approximately 18.2 pence per share, and since we began repurchasing shares at the current scale, they have contributed a cumulative increase of around 42.7 pence per share. DIVIDENDS Your Board has declared two interim dividends for the year totalling 20.2p per share (2024: 19.6p), an increase of 3.1%. In order to facilitate dividend payments on a timely and cost-effective basis, your Board continues to elect to distribute the Company’s income to Shareholders by means of two interim dividends rather than wait several months to secure shareholder approval to pay a final dividend at the AGM. This dividend policy will again be proposed for approval at the forthcoming AGM. OUTLOOK The Board remains confident that the Trust’s strategy will deliver sustainable, long-term returns for Shareholders. We appreciate your continued support and patience during this challenging period, both your Portfolio Manager and Directors have demonstrated their commitment by continuing to acquire shares in the Trust. Over the last year, Nick Train has acquired 275,237 shares and currently speaks for 4.7% of the equity of the Company (December 2024: 3.5%). This alignment underscores our shared determination to navigate this challenging period together. The Board is pleased to confirm that it has agreed amendments to the fee arrangements with the AIFM and Portfolio Manager, with effect from 1 January 2026. The revised structure will deliver an immediate cost saving of c.£600,000 per annum. Since the appointment of Lindsell Train in 2000, management fees have been regularly reviewed and stepped down with increased fund size providing economies of scale for Shareholders. Further details can be found on page 42. As we evaluate the results of the continuation vote let me reassure you that the Board will do whatever it takes to add value for Shareholders. Pars Purewal Chairman 2 December 2025 12 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 Investment Portfolio United Kingdom United States of America France Netherlands 97.1% 1.4% 1.2% 0.3% 100.0% 0.0% 0.0% 0.0% 2024 2025 Source: Frostrow Capital LLP GEOGRAPHICAL ALLOCATION † † The Company’s Investment Policy restricts the Company from owning more than 20% of the portfolio in overseas companies. † The Company’s investment policy classifies geographical location based on where companies are listed or otherwise incorporated, domiciled or having significant business operations. Consumer Discretionary (”CD”) Consumer Staples (”CS”) Industrials (”I”) Financials (”F”) Technology (”T”) 22.4% 28.7% 13.5% 25.2% 10.2% 27.5% 23.5% 18.4% 16.3% 14.3% 2024 2025 Source: Frostrow Capital LLP PORTFOLIO SECTOR WEIGHTINGS + + FTSE Industrial Classification Benchmark (“ICB”) sectors. STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCE STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 13 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 SECTOR INVESTMENTS FAIR VALUE 2024 £'000 NET INVESTMENTS £'000 CAPITAL APPRECIATION/ (DEPRECIATION) £'000 F FAIR VALUE 2025 £’000 TOTAL RETURN £’000 CONTRIBUTION PER SHARE (PENCE) l I Experian 215,320 (53,265) (9,699) 152,356 12.2 (7,395) (5.0) l CD RELX 195,714 (50,198) 5,585 151,101 12.1 8,536 5.8 l T Sage Group 161,981 (32,739) 15,672 144,914 11.6 18,654 12.6 l CS Unilever 185,755 (39,563) (15,710) 130,482 10.4 (10,371) (7.0) l F London Stock Exchange 207,057 (58,803) (21,621) 126,633 10.1 (19,518) (13.2) l CS Diageo 174,284 (2,257) (55,454) 116,573 9.3 (53,321) (36.0) l CD Rightmove 84,893 7,485 12,879 105,257 8.4 14,399 9.7 l CD Burberry Group 50,535 (12,931) 31,547 69,151 5.5 31,547 21.3 l F Schroders 75,991 (27,546) 5,383 53,828 4.3 9,261 6.3 l I Intertek Group – 44,488 376 44,864 3.6 1,958 1.3 Top 10 Investments 1,095,159 87.5 l CS Auto Trader Group – 35,926 (1,490) 34,436 2.8 (1,203) (0.8) l I Clarkson – 31,567 913 32,480 2.6 1,847 1.2 l CS Fever-Tree 28,714 (2,247) 1,404 27,871 2.2 1,964 1.3 l CS A.G. Barr 22,023 (3,988) 1,410 19,445 1.6 1,949 1.3 l F Rathbone Brothers 17,012 (3,742) 173 13,443 1.1 928 0.6 l CD Manchester United# 17,257 (4,836) (674) 11,747 0.9 (674) (0.5) l F The Lindsell Train Investment Trust plc 7,640 – (840) 6,800 0.5 (420) (0.3) l CD Celtic 5,728 – 165 5,893 0.5 172 0.1 l F Frostrow Capital LLP∆ 3,225 – (300) 2,925 0.2 65 0.1 l CD Games Workshop Group – 760 56 816 0.1 64 0.1 l F Hargreaves Lansdown 90,011 (89,535) (476) – 0.0 1,948 1.3 l CS Heineken 5,347 (5,260) (87) – 0.0 (87) (0.1) l CS Mondelez International# 22,077 (20,995) (1,082) – 0.0 (1,082) (0.7) l CS Remy Cointreau 19,194 (16,441) (2,753) – 0.0 (2,753) (1.8) l CD Young & Co’s Brewery (non-voting) 3,460 (3,367) (93) – 0.0 (16) (0.0) Total Investments 1,593,218 (307,487) (34,716) 1,251,015 100.0 (3,548) (2.4) Bank Interest 328 0.2 Total Contributions to Total Return (3,220) 2.2 Expenses, currency translations and Finance Charges (10,665) (7.2) Return on Ordinary Activities after Taxation (13,885) (9.4) * Includes Celtic 6% cumulative convertible preference shares, fair value £365,000 (2024: £363,000) ** Includes Frostrow Capital LLP AIFM Investment, fair value £125,000 (2024: £125,000) # Listed in the United States ^ Listed in France † Listed in Netherlands ∆ Unquoted INVESTMENTS AS AT 30 SEPTEMBER 2025 % OF INVESTMENTS 14 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCE STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 15 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 16 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 Portfolio Manager’s Report Nick Train, Lindsell Train Limited, Portfolio Manager Lindsell Train has been investment adviser to the Finsbury Growth & Income Trust PLC (“FGT”) for a quarter of a century and I am proud of that longevity. And, of course, grateful for the support of Deputy Portfolio Manager Madeline Wright, my other colleagues and FGT’s Board throughout. That this milestone coincides with the Company’s own centenary makes this year particularlyspecial. However, I am acutely conscious that the privilege of continuing to offer that investment advice depends on the delivery of competitive investment returns, and I am the first to admit that our performance has fallen short in recent years, including the last 12 months. It is also relevant to note here that over those 25 years I have been a persistent buyer of FGT shares for myself and my family. That’s a lot of pound‑cost‑averaging. I have paid some less than great prices for FGT shares, particularly over the last two years, but I have also paid some great prices over the period and, as you know, the key to successful pound‑cost‑averaging is to keep on buying. As I have continued to do. As a result, I can assure you that like every other FGT shareholder I want the next 25 years to be even more rewarding than the last 25 years. STRATEGIC REPORT Our total return performance since appointment in late 2000, notwithstanding the recent experience, has I hope been acceptable. Our investment approach has delivered a c.3% per annum outperformance of the FTSE All Share Index over that period. I believe future returns could be even higher and hope to persuade you in this report why. This year is also unique as it is the first time in the Company’s history that it has held a Continuation Vote. It will be of no surprise to anyone that my colleagues and I fully support the continuation of the Company, preferably for another 100years. However, Michael Lindsell and I have chosen not to vote our shares, as we are conscious that doing so could be construed as us acting in our commercial self‑interest. We felt your Board’s decision to hold a Continuation Vote was an example of good corporate governance, and as such we feel that it is appropriate that the future of the Company be determined by those shareholders who are not also its investment manager. I remain convinced that the investment opportunity we have captured in FGT’s portfolio offers significant upside to its shareholders, as well as being highly differentiated. It frustrates me to hear the UK stock market described, disparagingly, as a “value” play. It is not lost on me that our lack of exposure to more value‑orientated sectors such as banks, energy and defence has not helped our relative performance in recent years. And whilst we have absolutely no intention to shift the focus of the portfolio in this direction, clearly a value approach to investing is a viable way of approaching the investment challenge. That said, I also feel strongly that contrary to common perceptions, the UK is home to many genuinely world class global growth businesses, capable of delivering multi‑decade growth in earnings and dividends to their shareholders. We have built FGT’s portfolio around what we analyse to be the best of them, which makes it one of the few investment trusts focused on large cap UK growth companies. As to the opportunity, I want to look to the future, but as this is a year of milestones and retrospection, let me frame that looking forwards by looking back, specifically to a pivotal moment in my career. That moment was reading the book pictured here, Midas Touch, in the late 1980s. It was written by a namesake, a US investment adviser called John Train – though no relation. PERFORMANCE OF £10,000 INVESTMENT IN DECEMBER 2000 2000 2025201520102005 £0 £10,000 £20,000 £30,000 £40,000 £50,000 £60,000 £70,000 £80,000 £90,000 £100,000 FGT Share Price Total Return £83,353 £40,263 FTSE All Share Total Return 2020 Source: Morningstar Direct. Data extracted October 2025. Data shown is the Total Return since December 2000 (when LTL were appointed investment manager) to 30 September 2025. All data shown in GBP. This is not intended as a buy or sell investment recommendation. Past performance is not a guide to future performance. FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCE STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 17 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 Iread the book as much out of curiosity for the shared surname as any great interest in its subject. But reading those 200 pages was probably the best investment of time in my career, because this was an early study of Warren Buffett’s methods. Here was a set of investing principles and investment ideas that anyone could follow and I was inspired to adopt those principles and borrow some of Buffett’s ideas. It seemed at the time as though my investment performance began to improve almost immediately. These are three of the key principles we derive from the Midas Touch and we apply to FGT’s portfolio. “Patience is the companion of wisdom” – St Augustine “… square-cut or pear-shaped these rocks don’t lose their shape…” – Marilyn Monroe “…direct your feet to the sunny side of the street” – Louis Armstrong Let me first formulate them, then give examples of FGT holdings that illustrate the principles. First: patience is an important investment virtue. Buffett famously said that the stock market is a mechanism for transferring wealth from the impatient to the patient. We have always tried to be on the right side of that trade and are indeed unusually patient investors. Next – it is important to recognise when you own an investment “diamond”. In other words, know when you own a company or an asset of “semi-eternal” value. That characteristic by no means guarantees its shares go up every year. But it does mean that you own something of enduring value. There will be times when such enduring value will protect your wealth. Finally, optimism – looking for the bright side – is an important strategic advantage for any investor. For instance, it has been hard to be optimistic about the UK stock market in recent years. Nonetheless, there are always opportunities. And I hope we have populated FGT’s portfolio with some exceptional UK growth opportunities, companies whose growth might accelerate in coming years. And that have the potential to deliver fabulous share price gains. You might say I’m being over-optimistic with that “fabulous”, particularly in the context of recent performance. All I know is I have seen too many investors, both professional and lay, end up with disappointing returns because a deficiency of optimism resulted in them holding too much in cash or getting bounced out of excellent companies going through a temporary tough patch. RELX 2000 2025201520102005 2020 -50% 150% 350% 550% 750% 950% 1,150% Source: Company data and Bloomberg. Data extracted October 2025. Data shown is the Total Return since December 2000 (when LTL first initiated a position in the company) to 30 September 2025. All data shown in GBP. This is not intended as a buy or sell investment recommendation. Past performance is not a guide to future performance. PATIENCE REWARDED: RELX 2001 – 2025 TOTAL RETURN PERFORMANCE PATIENCE The great investor Peter Lynch of Fidelity-fame, once said of himself – “the typical big winner in the Lynch portfolio generally takes three to 10 years to play out.” Well, in corroboration, we bought RELX, the scientific and legal publisher in the first couple of years after we were appointed to run FGT and, as you can see, for the best part of a decade there was little or no reward. Even Peter Lynch might’ve been getting twitchy. Nonetheless, we knew the company was doing the right thing and we hoped that eventually something like this would happen. Over the last quarter of a century RELX has transformed from a predominantly print-based publishing company to one of the most successful digital data businesses on the planet. It’s consistently been one of the biggest holdings in FGT in recent years. And one way to think about the future for RELX is the following. Back in 2000, RELX was the 68th biggest company in the FTSE 100. Today, as a result of this significant appreciation since 2012 it is the 8th biggest company. The Chief Executive of Rolls-Royce recently challenged his company to become the biggest company in the UK. That’s a sporting challenge indeed. But in the same spirit, at a recent meeting with RELX we put it to the company it should have similar ambitions. 18 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 STRATEGIC REPORT PORTFOLIO MANAGER’S REPORT – CONTINUED RELX’s CEO pointed out to us that 20 years ago its Risk & Cybersecurity division was the smallest in the group, under 5%. Today it is worth essentially half of RELX’s value and, according to the CEO, its growth opportunity is only just getting going. And we have all seen from the example of NASDAQ what happens if you own digital growth companies, with big markets opening up to them. We expect patience to continue to be rewarded for owners of RELX shares. INVESTMENT DIAMONDS Turning to investment diamonds – we aspire to have the very best of them in our portfolios. RELX’s Elsevier publishing division, founded in the 19th century, is an example. But we believe we own a number of them. The chart on this page is the 185‑year history of Guinness’ global volumes. It’s a fascinating piece of economic and social history. Two things stand out. First, this venerable brand is growing again, attracting a whole new generation of consumers, with promising progress being made in the United States. Second and related: what an incredible success story. Wouldn’t you love it if your family owned Guinness? You’d never have to sell it. It’s a diamond of an asset. Guinness is of course owned by Diageo and is one of its top three brands. Shareholders will also know that Diageo has had a wretched time of it as an investment over the last three years. It is still a substantial holding in FGT and I must acknowledge that its dismal performance has hurt FGT’s performance and tested even my patience. Diageo’s fiscal year to June 2025 has turned out to be a torrid one for the company, with bad news or uncertainty everywhere. Trump’s tariffs, the Chinese government’s clampdown on corruption and extravagance, financial pressures on consumers, questions about consumers’ long‑term relationship with alcohol and the loss of its CEO have all weighed. Nonetheless, despite it all, it is worth noting Diageo’s revenues for the year were, effectively, unchanged. Diageo shares have fallen almost 40% since the end of 2020, but its annual revenues have grown at a 6.5% CAGR over the same time period ($20.2bn FY2025 compared to $14.8bn FY2020). Of course, things could deteriorate for the company as the share price appears to be forecasting, but it is important to remember they could get better too. A combination of falling energy costs, falling inflation and, eventually, falling interest rates in 2026 and beyond could be a particular boost to consumer confidence and their propensity to consume fine liquor. I must restate how we think about the merits of a long‑term holding in the company. GUINNESS Source: IWSR & volume numbers (million hector litres (mHL)) validated to historical information received from Guinness Archives records (1841-2003). Republished with permission from Diageo – August 2025. Brand volume growth does not equate to investment returns. 1840 1870 1850 1860 1880 1910 2000 1940 1970 2020 1900 1990 1930 1960 2010 1890 1980 1920 1950 2030 WW1 WW2 COVID Rise of lager GUINNESS VOLUME GROWTH SINCE 1840 If you’d bought Diageo 25 years ago, on 1st January 2000 you would’ve paid just under £5 per share. This year, if you’d held on to your shares, they would be trading at what today seems like a disappointing price, around £18. It feels disappointing, because the shares have been much higher in the intervening period. Nonetheless, £18 is still usefully more than treble the price you paid for them. What’s more, you would this year receive a dividend of the equivalent of 77 pence. That means– 77p as a percentage of £5 – that you would be receiving a dividend yield on your purchase price of over 15%. You have trebled your money, you are now being paid 15% to hold and, the critical proposition, you still own all the future cash flows, inflation protection, growth and predictability provided by, amongst other brands, Johnnie Walker, Diageo’s collection of single malt whiskies, Don Julio tequila, Tanqueray, Crown Royal whiskey, a third of Hennessy cognac and Veuve Clicquot and, of course, Guinness. Very few things are certain in the business and investment world, but it is, we think, highly likely these brands will be being consumed around the world in 20 years’ time, and in higher volumes, assuming global economies grow. That durability is both rare and, at least in theory, extremely valuable. That is why we are reluctant to lose FGT’s exposure to the diamonds in Diageo’s portfolio. Particularly at a time that the share price is at a near 10 year low and trading on a mere 14 times forward price to earnings (P/E) multiple. To put that into perspective, over the past 20 years, one of the very few times the valuation has been lower was in the depths of the 2008/2009 global financial crisis. FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCE STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 19 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 Another perspective on Diageo’s prospects is provided by the share price performance of Burberry over the last 12 months. Like Diageo, Burberry’s shares were hit very hard in 2023/4 and the company actually reported a loss (unlike Diageo). Through this period and after careful consideration, we decided to retain FGT’s holding in Burberry, believing its trading problems were temporary. Thankfully that was the correct decision. Burberry appointed a new CEO, Joshua Schulman, who has acted swiftly to correct previous operational errors and to remind investors of the calibre of Burberry’s global brand. The shares responded well and are now up over 70% since end-September 2024. By analogy, we hope Diageo’s newly appointed CEO will be able to deliver the same effects. Burberry’s share price performance shows how quickly negative sentiment can turn for an asset of enduring value. OPTIMISM The final proposition relates to our optimism about the UK stock market. Let me frame this by highlighting the companies that have exited the portfolio over the past year. With the exception of Hargreaves Lansdown which was taken private, the other three departing companies – Mondelez, Heineken and Remy Cointreau – were all non-UK holdings. These remain high calibre businesses with strong brands and credible growth opportunities, but to be candid, the opportunities are not as well-established or well-priced as those that we can find in the UK stock market. This now means that 100% of FGT’s portfolio is invested in UK companies. Optimism in the UK stock market takes us back to RELX. RELX is a London-listed company with an ambitious but credible strategy to accelerate its growth by delivering insights and efficiencies to its customers with new analytics or software tools, now often powered by Artificial Intelligence. For RELX that strategy is really working – the group’s growth rate is manifestly accelerating as it releases new products andservices. Ironically we see one of the most exciting opportunities on the London stock market as being the owner of the London Stock Exchange itself, LSEG. This is an important UK company, the 15th biggest in its index and we are not aware of many major UK companies that offer LSEG’s current combination of forecast double digit growth and operating profit margins of close to 50%. In addition, we regard the joint statement made by LSEG and Microsoft in early October as a significant development. It announced that for the first time, AI-agents developed by Microsoft will be enabled to work on and with LSEG’s “unparalleled” Data and Analytics tools and that this will bring new insights and efficiencies for LSEG’s customers. This strengthens our view that LSEG is an AI-winner, with a new growth opportunity that is attractive from a global perspective and more or less unique in the context of the UKstock market. GROWTH OPPORTUNITY We have held RELX and LSEG for over 20 years, and over the past few years we have been working to build FGT’s exposure to other London-listed companies executing ambitious and credible tech-led growth opportunities. In total we believe we hold seven such companies which make up over 50% of FGT’sNAV. Sometimes we have found these opportunities in surprising places. For instance, our relatively recent initiation in Clarkson, the world’s biggest shipbroker. That status has allowed the company to deliver robust shareholder returns so far this century. As the accompanying chart shows, Clarkson has comfortably outperformed the NASDAQ, both in Sterling, in the 21st century; no trivial achievement. What really intrigued us, though, was longstanding CEO Andi Case’s assertion that Clarkson is turning into the “Bloomberg” of global shipping. He means the company is using its scale to offer its clients electronic trading platforms, powered by rich data that is proprietary to Clarkson. The shares have been hit in 2025 by the furore about tariffs, but this has allowed us to build the holding in what is a rare UK-listed company – the undisputed leader in its field and now with a transformative growth strategy. CLARKSON 2000 20252015 202020102005 0% 2,000% 4,000% 6,000% 8,000% 10,000% 12,000% 14,000% Clarkson NASDAQ 19.6% p.a. 8.5% p.a. Source: Bloomberg. Data extracted September 2025. Data shown is the total return since beginning January 2000 to end August 2025. All data shown in GBP. This is not intended as a buy or sell investment recommendation. Past performance is not a guide to future performance. LONG-TERM PERFORMANCE OF CLARKSON VS NASDAQ BURBERRY LONG-TERM PERFORMANCE OF BURBERRY VS FTSE ALL SHARE 2002 2025201520102005 2020 -200% 0% 200% 400% 600% 800% 1,000% 1,200% 1,400% 1,600% 1,800% Burberry FTSE All Share Source: Bloomberg. Data extracted October 2025. Data shown is the total return since the company listed in July 2002 to end September 2025. All data shown in GBP. This is not intended as a buy or sell investment recommendation. Past performance is not a guide to future performance. 20 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 STRATEGIC REPORT PORTFOLIO MANAGER’S REPORT – CONTINUED Experian is the biggest credit rating agency in the world, with, it claims, unmatched and detailed data on millions of individuals. That data asset has allowed the company to grow revenues at 8% per annum since 2020 (with faster growth in earnings per share), but in 2025 and beyond that growth is set to accelerate, as it introduces new software services. Experian’s shares are up six-fold since it listed back in 2006. Arguably the company’s prospects are better than ever. We have been thinking about Autotrader as a potential investment for many years. A trigger for us to initiate, as we did earlier in 2025, was considering Autotrader’s claim that its new Dealbuilder product means that its customers’ forecourts are, effectively, open 24 hours a day. Such efficiency gains are exactly the sort of catalyst that have driven big bull markets for US technology and platform companies. We hope both Autotrader and similar tech-platform, Rightmove, will continue delighting their customers with innovative new services and, in time, delight their shareholders too. Rightmove has many of the characteristics that we look for in a 21st century growth company. It has a substantial market opportunity and the company’s platform helps it generate very high margins and returns to shareholders. It has a dominant market position, with more than 80% of all time spent on UK property portals on the Rightmove website. As a direct consequence, Rightmove holds far and away the largest proprietary dataset on UK property-search behaviour, which gives it a credible opportunity to use AI to accelerate its revenues and profits in the coming years. That is why in early November we were pleased to hear the company plans to invest in its platform and technology in order to boost long-term growth. And yet the shares fell steeply on the news, in part due to concerns that this investment would hamper short-term profitability. In our opinion, Rightmove is doing exactly the right thing and, on any reasonable time horizon, the share price should be higher. Another long-term holding is Sage, and in our recent meetings with senior executives they have spoken about their ambition to make Sage a company that meets the “rule of 40%”. That rule is a widely recognised benchmark, used to measure the performance of Software as a Service (SaaS) companies. It combines the annual recurring revenue growth rate with the EBITDA margin, and a total of 40% or more signifies success. It’s interesting the company is so open about this ambition, because at Sage’s interim results in May 2025, recurring revenue growth was 11% and EBITDA margins were 23.2%. That does not add up to 40%. Nonetheless, when you consider that stated ambition in the context of CEO Steve Hare’s claim that “Sage is at the forefront of AI innovation in Accounting, Human Resources and Payroll”, one can perhaps see where the required acceleration in revenue growth and improvement in profitability could come from. It’s tantalising because, understandably, Sage’s current valuation is notably below that cohort of, largely US, companies that have attained the rule of 40%. The seven tech enabled companies discussed – RELX, LSEG, Clarkson, Experian, Autotrader, Rightmove and Sage – are major holdings and this means FGT’s portfolio looks very different to and performs very differently from the FTSE All Share Index. Effectively, we own these “growth” businesses, rather than, say the banks, oil majors and miners that make up a big proportion of the UK stock market. They are indeed more highly valued than the average UK quoted company, but this does not mean they are overvalued. In fact, we think their high profitability and, crucially, the clear growth opportunities they enjoy make them bargains. “Our data leadership and ability to serve the market is actually strengthening all the time.” Johan Svanstrom, CEO rightmove “Sage is at the forefront of AI innovation in Accounting, Human Resources and Payroll.” Steve Hare, CEO Sage “We remain more than 10x larger than our nearest competitor.” Autotrader “Over time what customers will really experience is an entire ecosystem, seamlessly combining Microsoft’s enterprise applications and LSEG’s workflows and data.” David Schwimmer, CEO LSEG “Experian has evolved into a global data, analytics and software company, solving complex problems across financial services, healthcare, automobile and marketing.” Experian “RELX offers structural growth supported by increasingly sophisticated information-based analytics and decision-making tools so powerful that it will be impossible to remain competitive without them.” JP Morgan 2024 “We are becoming the ‘Bloomberg’ of the global maritime industry.” Andi Case, CEO Clarkson FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCE STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 21 IRN-BRU This inimitable brand has driven dividend growth for its owner, AG Barr, for decades and looks set to continue to do so. Since 2021 IRN-Bru’s revenues have grown 33%, meanwhile AG Barr’s dividends are up over 40%. Fever-Tree The world’s #1 premium mixer. The US is now its biggest market, where it has #1 positions in Tonic and Ginger Beer. The joint venture Fever-Tree has entered with Molson Coors in the United States has the potential to further accelerate the growth of the brandthere. Intertek A global leader in consumer product Testing and Assurance. To borrow Warren Buffett parlance, Intertek is a real “toll-booth” company, in that it provides an essential but low-cost service to global manufacturers. The company claims 400,000 customers in 100 countries and high levels of customer retention. We agree with Intertek’s comment about its Testing and Assurance services – “Without Intertek consumers and customers cannot operate safely.” Games Workshop We have long admired Games Workshop’s war-gaming and fantasy miniatures, recognising the company’s extraordinary pricing power and a ROE of consistently over 60%. The shares have performed well in recent years, but we have recently initiated a small position and are looking for opportunities tobuild. And this is even more the case after their sell-off during the summer of 2025. As to that sell-off, I am reminded of the similar concerns that weighed on RELX back in 2004, when Google Scholar was launched. The fear was that Google would disintermediate RELX’s data services. It turned out not to be the case, because of the proprietary nature of much of RELX’s data and its deep understanding of the work practices of scientists and lawyers. The same can be said again in 2025 for RELX and our other data, platform and software holdings. There is another principle we have taken from The Midas Touch. One of the key learnings from that book was the merits of concentrated portfolios. Portfolio concentration brings risks, but it also brings great rewards, if your stock selections turn out to be right. FGT’s status as an Investment Trust allows us to back our holdings with particularly high conviction. The portfolio currently has just 20 companies and the top-10 accounts for over 90% of the NAV. Candidly, I believe the reason we are still advising FGT after nearly a quarter of a century is that the portfolio has always been and remains concentrated and, over the longer term, it has worked. Note what the portfolio is concentrated on. We own “investment diamonds” and, in addition to those discussed earlier, I’d cite: Unilever We believe Unilever’s increasing shift to higher quality, premium brands – particularly those in Health, Beauty and Wellbeing – will accelerate the group’s growth rate. But perhaps the true jewel in the crown of Unilever is Hindustan Lever, the biggest consumer company in the world’s most populous nation, making up over 10% of Unilever’s total revenues. Unilever’s most recent quarterly dividend was 0.39p, up 7% on the same dividend 12 months ago. Further business growth in Unilever’s biggest markets, India and the US, should help the company continue its multi-decade record of growing dividends. Manchester United A company and brand which we regard as exceptionally valuable in a world where sports franchises are changing hands at record valuations. The sale of basketball team the Los Angeles Lakers in June 2025 valued it at $10bn, the highest price ever placed on a sports franchise. The current enterprise value of Manchester United is just c.$3.0bn, according toBloomberg. Cazenove Schroders is arguably now one of the cheapest assets in the portfolio, trading on a forecast P/E of c.10x and a dividend yield of 5.5%. This for a company which has recently hit record assets of over $1trn of active assets and a cash-rich balance sheet. And, its own investment diamond, Cazenove. We believe the need for trusted and effective private wealth management is greater than ever and that Cazenove is well-placed to deliver it. Of course, we hope the combination of these investment diamonds with our collection of UK-listed digital growth companies will both protect shareholders’ wealth and drive the creation of “fabulous” new wealth over time. While even my optimistic bias doesn’t permit me to expect to still be advising FGT in another 25 years’ time, I do believe it is reasonable to expect that many of today’s portfolio holdings will still be core positions in 2050. And that they will have radically higher market capitalisations then. Nick Train Director, Lindsell Train Limited Portfolio Manager 2 December 2025 22 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 Business Review STRATEGIC REPORT ^ Please see Glossary of Terms and Alternative Performance Measures on pages 98 to 102. PORTFOLIO STRUCTURE AS AT 30 SEPTEMBER 2025 100.0% 2024: 97.1% Invested in UK domiciled companies 87.5% 2024: 90.5% Top ten holdings 1.9% 2024: 0.7% ^ Gearing ^ 90.3% 2024: 93.4% FTSE 100 companies (and comparable overseas companies) 86.4% 2024: 84.1% ^ Active Share ^ The Strategic Report, set out on pages 6 to 43 provides a review of the Company’s policies and business model, together with an analysis of its performance during the financial year and its future developments. FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCE STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 23 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 The Strategic Report has been prepared for Shareholders to assess how the Directors have carried out their duty to promote the success of the Company. It also considers the principal risks and uncertainties facing the Company. Information on how the Directors have discharged their duty under Section 172 of the Companies Act 2006 can be found on pages 31 to 34. The Strategic Report contains certain forward-looking statements. These statements are made by the Directors in good faith based on the information available to them up to the date of this report and such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking information. As an externally managed investment company there are no executive directors, employees or internal operations. The Company delegates its day-to-day management to third parties. The principal service providers to the Company are Frostrow Capital LLP ("Frostrow") which acts as AIFM, company secretary and administrator; and Lindsell Train Limited ("Lindsell Train") which acts as Portfolio Manager. The Bank of New York Mellon (International) Limited is the Company’s Depositary. The Board is responsible for all aspects of the Company’s affairs, including the setting of parameters for and the monitoring of the investment strategy as well as the review of investment performance and policy. It also has responsibility for all strategic issues, the dividend policy, the share issuance and buy-back policy, gearing, share price and discount/ premium monitoring as well as corporate governance matters. STRATEGY FOR THE YEAR ENDED 30 SEPTEMBER 2025 Throughout the year under review, the Company continued to operate as an approved investment company, following its investment objective to achieve capital and income growth and to provide Shareholders with a total return in excess of that of the FTSE All-Share Index. The Company’s performance is discussed in the Chairman’s Statement beginning on page10 and the Portfolio Manager’s Report beginning on page 16. During the year, the Board, AIFM and the Portfolio Manager undertook all ESG, strategic and administrative activities. The Portfolio Manager engages with all the companies in the portfolio to understand their ESG approach and has developed its own methodology to assess the carbon impact of the portfolio. Lindsell Train became a signatory of the Net Zero Asset Managers initiative (“NZAM”) in December 2021. This reflects Lindsell Train’s enhanced efforts as a firm to support the goal of net zero greenhouse gas emissions by 2050. Further details of the Portfolio Manager’s approach to ESG matters can be found on pages 35 to 41. INVESTMENT POLICY The Company’s investment policy is to invest principally in the securities of companies either listed in the UK or otherwise incorporated, domiciled or having significant business operations within the UK. Up to a maximum of 20% of the Company’s portfolio, at the time of acquisition, can be invested in companies not meeting these criteria. The portfolio will normally comprise up to 30 investments. This level of concentration is likely to lead to an investment return which is materially different from the Company’s benchmark index and is likely to be more volatile and carry more risk. Unless driven by market movements, securities in FTSE 100 companies and comparable companies listed on an overseas stock exchange will normally represent between 50% and 100% of the portfolio; securities in FTSE 350 companies and comparable companies listed on overseas stock exchanges will normally represent at least 70% of the portfolio. The Company will not invest more than 15% of the Company’s net assets, at the time of acquisition, in the securities of any single issuer. For the purposes of this limit only, net assets shall exclude the value of the Company’s investment in Frostrow Capital LLP. The Company does not and will not invest more than 15%, in aggregate, of the value of the gross assets of the Company in other listed closed ended investment companies. Further, the Company does not and will not invest more than 10%, in aggregate, of the value of its gross assets in other listed closed ended investment companies except where the investment companies themselves have stated investment policies to invest no more than 15% of their gross assets in other listed closed ended investment companies. The Company has the ability to invest up to 25% of its gross assets in preference shares, bonds and other debt instruments, although no more than 10% of any one issue may be held. In addition, a maximum of 10% of the Company’s gross assets can be held in cash, where the Portfolio Manager believes market or economic conditions make equity investment unattractive or while seeking appropriate investment opportunities or to maintain liquidity. The Company’s gearing policy is that gearing will not exceed 25% of the Company’s net assets. No investment will be made in any fund or investment company managed by Lindsell Train without the prior approval of the Board. * The Company publishes its Active Share scores in its monthly fact sheet for investors and in both the annual and half-yearly reports to highlight how different the portfolio is from the Company’s benchmark index. 24 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 STRATEGIC REPORT BUSINESS REVIEW – CONTINUED In accordance with the UK Listing Rules of the Financial Conduct Authority (“FCA”), the Company can only make a material change to its investment policy with the approval of its Shareholders and HMRC. DIVIDEND POLICY The Company’s aim is to increase or at least maintain the total dividend each year. A first interim dividend is typically paid in May and a second interim in November in lieu of a final dividend. The level of dividend growth is dependent upon the growth and performance of the companies within the investment portfolio. The decision as to the level of dividend paid takes into account the income forecasts maintained by the Company’s AIFM and Portfolio Manager as well as the level of revenue reserves. These forecasts consider dividends earned from the portfolio together with predicted future earnings and are regularly reviewed by the Board. Risks to the dividend have been considered as part of the Principal and Emerging Risks review noted on pages 26 to 30. They include worldwide economic, political and financial instability leading to significant deterioration in the level of income we receive and unforeseen and significant changes to our regulatory environment. All dividends have been distributed from current year income and revenue reserves. PERFORMANCE Whilst the Board is disappointed that the Company has underperformed in the short and medium term, the Portfolio Manager’s report explains why he believes that the Company’s portfolio remains appropriate. The Board remains supportive of the Portfolio Manager’s view. Please refer to the Chairman’s Statement beginning on page 10 for further information. Whilst performance is measured against the FTSE All-Share Index, the Company’s portfolio is constructed and managed without reference to a stock market index with the Portfolio Manager selecting investments based on their assessment of their long-term value, thereby seeking to achieve the investment objective of the Company. PROSPECTS The Board continues to support the Portfolio Manager’s strategy of investing in high quality companies that own both durable and cash generative brands. The Board firmly believes that this strategy will deliver strong investment returns over the long term. ^ Alternative Performance Measure (see glossary on pages 98 to 102). 0 5 10 15 2017 2018 2019 2020 2021 20232022 20252024 Source: Frostrow Capital LLP First Interim Dividend Second Interim Dividend 20 TEN YEAR DIVIDEND RECORD 2016 pence per share FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCE STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 25 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 NAV PER SHARE RECONCILIATION The chart below shows the contribution (in pence per share) attributable to the various components of investment performance and costs, which together explain the decrease from the starting NAV for the year of 943.4 pence to the year-end NAV of 923.0pence, after the payment of dividends to Shareholders. 943.4 30 Sept 2024 Portfolio losses Portfolio income Finance costs Dividends paid Expenses (inc tax) Effect of share buy-backs 30 Sept 2025 8.6 21.2 (6.0) (1.2) (19.6) 923.0 (23.4) Pence per share 600 650 700 750 800 850 900 950 Dividends Costs Portfolio NAV per share * Effect of share buy-backs includes the NAV enhancement resulting from buy-backs and the impact of the reduction in the number of shares in issue over the course of the financial year. 26 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 STRATEGIC REPORT BUSINESS REVIEW – CONTINUED The Board is responsible for managing the risks faced by the Company. Through delegation to the Audit Committee, the Board has established procedures to manage risk, to review the Company’s internal control framework and to establish the level and nature of the principal risks the Company is prepared to accept in order to achieve its long-term strategic objective. At least once a year the Audit Committee carries out a robust detailed assessment of the principal and emerging risks. A risk management process has been established to identify and assess risks, their likelihood and the possible severity of impact. Further information is provided in the Audit Committee Report beginning on page 65. THE COMPANY’S APPROACH TO RISK MANAGEMENT These principal risks and the ways they are managed or mitigated are set out on the following pages. For each risk identified, during the year the Audit Committee considers both the likelihood and impact of the risk and then assigns an inherent risk score. The scoring of the risk is then reconsidered once the respective key mitigations are applied and a residual risk score is assigned. The Board’s policy on risk management has not materially changed during the course of the reporting period and up to the year end. During the year, the Audit Committee conducted an exercise to identify and assess any new or emerging risks affecting the Company and to take any necessary actions to mitigate their impact. Further information can be found in the report of the Audit Committee on pages 65 to 69. Change in inherent risk assessment over the last financial year: No change Decreased Increased New risk included during the year Principal Risks and Uncertainties Change Key Mitigations Corporate Strategy The Company’s investment objective or the UK Equity Income sector becomes unattractive to Shareholders. At each meeting the Board reviews movements in the Company’s shareholder register. There are regular interactions and engagement with Shareholders (including at the AGM). Regular feedback from Shareholders is received from the Company’s broker. Frostrow meets regularly with major Shareholders on the Company’s behalf. In addition, the Chairman and the Senior Independent Director meet with key Shareholders to ascertain views. The Company publishes its Active Share score in its monthly fact sheet for investors and in both the annual and half-yearly reports to highlight how different the portfolio is from the Company’s benchmark index. The Company’s share price total return may differ materially from the NAV per share total return. The Board operates a share buy-back policy which is intended to offer some protection against the share price widening beyond a 5% discount to NAV per share. There is also a share issuance programme which acts as a premium control mechanism. Further details of the Company’s share buy-back policy and premium control mechanism can be found on the Company’s website. During the year the majority of the shares available under the buy-back authority granted at the 2025 AGM were bought back and the Company held a General Meeting on 11 November 2025 where shareholder authority was obtained to buy back a further 19,113,377 shares on the same basis. The Board continues to keep this matter under close review and receives feedback from the Company’s broker and major Shareholders. Principal Risks, Emerging Risks and Risk Management FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCE STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 27 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 Principal Risks and Uncertainties Change Key Mitigations Investment Strategy and Activity The departure of a key individual at the Portfolio Manager may affect the Company’s performance. The Board keeps the portfolio management arrangements under continual review. In turn, the Portfolio Manager reports on developments at Lindsell Train, including succession and business continuity plans. The Board meets regularly with other members of the wider team employed by the Portfolio Manager. As at 31 March 2025 the founder directors of Lindsell Train Limited have given their verbal assurance that they remain committed to Lindsell Train Limited for at least seven years on a rolling basis. Prolonged underperformance against the Benchmark. The Board maintains ongoing and active engagement with the Portfolio Manager. At each meeting, the Board challenges and discusses the structure of the portfolio, including asset allocation, portfolio concentration, and individual stock positions. The Board also regularly reviews portfolio performance against both the benchmark and the Company’s peer group to assess the effectiveness of the investment strategy. In addition to these formal meetings, the Board meets regularly with the Portfolio Manager outside the scheduled Board meetings to discuss portfolio developments, market conditions, and the implementation of the investment approach. The Board also oversees the publication of various portfolio measures and statistics in the Company’s monthly fact sheet and in its annual and half-yearly reports. These include the number of holdings, Active Share, and portfolio turnover, which are intended to demonstrate to investors the outcomes of the investment approach and the degree to which the portfolio differs from the benchmark index. During the year the Board engaged with large Shareholders and as explained in the Chairman’s Statement will provide all Shareholders with the opportunity to vote on the continuation of the Company at the forthcoming AGM. A major geopolitical or natural event such as war, terrorism, natural disaster or pandemic, and the financial, monetary and/or political responses to such events may have an adverse impact on the revenues and operations of portfolio companies to the extent that they may no longer promise returns sufficient to meet the Company’s investment objective. Portfolio companies experience a reduction in share price and dividends. The Board reviews the performance of the portfolio against the benchmark and the Company’s peer group at every meeting. The Board holds frequent portfolio update meetings with the Portfolio Manager in addition to Board meetings. The Portfolio Manager regularly engages with the portfolio companies to discuss any matters of concern that may effect operational resilience. The investment approach is not aligned with shareholder expectations in relation to ESGmatters. The Board conducts an annual review of the Portfolio Manager’s ESG policy to ensure that it is consistent with that expected by the Board. In addition the Board reviews the ESG activities of Lindsell Train to ensure progress is being made by portfolio companies. The Board also conducts an annual review of other service providers’ policies in relation to internal controls and governance matters, notably modern slavery, GDPR, cyber security and whistleblowing policies. The Portfolio Manager has developed a propriety system to assess the inherent and emerging ESG risks for the investment portfolio which the Portfolio Manager uses when engaging with the portfolio companies. This informs the decision to invest, retain or divest any portfolio investment. 28 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 STRATEGIC REPORT BUSINESS REVIEW – CONTINUED Principal Risks and Uncertainties Change Key Mitigations Investment Strategy and Activity - continued The adverse impact of climate change on the portfolio companies’ operational performance. The Board receives quarterly ESG updates, which include an update on any climate change related engagement, from the Portfolio Manager together with monthly portfolio updates. The Board challenges the Portfolio Manager on ESG matters to ensure that the portfolio companies are acting in accordance with the Board’s ESG approach. The Portfolio Manager is a signatory to the UK Stewardship Code and actively engages with portfolio companies on ESG matters including climate change. Lindsell Train developed its own methodology to assess the carbon impact of the portfolio. Lindsell Train became a signatory of the NZAM initiative in December 2021. This reflects Lindsell Train’s enhanced efforts as a firm to support the goal of net zero greenhouse gas emissions by 2050. Further information on how Lindsell Train addresses the risks associated with climate change can be found on pages 36 and 37. Details of the Company’s and Portfolio Manager’s ESG policies together with the weighted average carbon intensity of the portfolio companies are set out on pages 35 to 41. Operational Service providers to the Company deliver poor performance or fail to meet their contractual obligations to the Company, include errors or irregularities in information published on behalf of the Company. The Board reviews all information supplied to Shareholders and the AIFM’s marketing activity at each meeting. The AIFM’s daily controls ensure accurate publication of information. The Board receives regular updates from the AIFM of press references to the Company and its major service providers, as well as regular news on sector developments from the Company’s broker and the AIC. The Board has the ability to replace any service provider which may be the source of reputational concerns. The Audit Committee receives assurance from all service providers that they have adequate business continuity plans and internal controls in place. These controls are reviewed by the AIFM who also meets with the Company’s principal service providers during the year. Financial Fraud (including unauthorised payments and cyber crime/cyber attacks) occurs leading to a loss. Risk of increased cyber crime and cyber attacks on the portfolio companies which could lead to the potential loss of confidential data and impact the confidentiality, integrity or availability of data and systems, potentially resulting in financial losses. The Board has identified an increased risk of fraud during the year, reflecting greater exposure to digital threats and evolving regulatory expectations. The Company continues to monitor this risk closely and remains focused on safeguarding shareholder interests. The AIFM and Portfolio Manager have in place robust compliance monitoring programmes. The Board receives monthly compliance reviews and a quarterly expenses analysis. An annual statement is obtained by the Audit Committee from all service providers giving assurances that there have been no instances of fraud or bribery. The Board reviews the cyber security policies of all service providers. THE COMPANY'S APPROACH TO RISK MANAGEMENT – CONTINUED FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCE STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 29 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 Principal Risks and Uncertainties Change Key Mitigations Financial - continued The Company is exposed to market price risk (i.e. performance of investee companies’ shares). The Directors acknowledge that market risk is inherent in the investment process. The Portfolio Manager maintains a diversified portfolio which is concentrated in a few key sectors. The Board has imposed guidelines within its investment policy to limit exposure to individual holdings and limits the level of gearing. The AIFM reports to the Board with respect to compliance with investment guidelines on a monthly basis. The Portfolio Manager provides the Board with regular updates on market movements. No investment is made in derivative instruments and no currency hedging is undertaken. Further information on financial instruments and risk can be found in note 17 to the Financial Statements beginning on page92. Accounting, Legal and Regulatory The Company and/or the Directors fail to comply with their legal and regulatory obligations. The Board monitors regulatory change with the assistance of its AIFM, Portfolio Manager, the AIC and external professional advisers to ensure compliance with applicable laws and regulations. The Board reviews compliance reports and internal control reports provided by its service providers, as well as the Company’s Financial Statements and revenue forecasts. The Depositary reports twice yearly to the Audit Committee, confirming that the Company, acting through the AIFM, has been managed in accordance with the AIFMD, the Investment Funds Sourcebook, the Articles (in relation to the calculation of the NAV per share) and with investment restrictions and leverage limits. The Depositary Report can be found in the Shareholder information section of the Company’s website. The AIFM presents a quarterly report on changes in the regulatory environment, including AIC updates, and how changes have been addressed. Poor adherence to corporate governance best practice or errors or irregularities in published information could lead to censure and/or result in reputational damage to the Company. The Board reviews all information supplied to Shareholders and the AIFM’s marketing activity at each meeting. Details of the Company’s compliance with corporate governance best practice, including information on relationships with Shareholders, are set out in the Corporate Governance Report on pages 51 to 57. EMERGING RISKS During the year, the Audit Committee conducted an exercise to identify and assess any new or emerging risks affecting the Company and to take any necessary actions to mitigate their impact. The Audit Committee regularly reviews the risk register. The scoring of each risk and any emerging risks are discussed in detail as part of this process to ensure that emerging as well as known risks are identified and, so far as practicable, mitigated. The experience and knowledge of the Directors is useful in these discussions, as are update papers and advice received from the Board’s key service providers such as the Portfolio Manager, the AIFM and the Company’s broker. In addition, the Company is a member of the AIC, which provides regular technical updates as well as drawing members’ attention to forthcoming industry and/or regulatory issues and advising on compliance obligations. 30 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 STRATEGIC REPORT BUSINESS REVIEW – CONTINUED As well as offering investment opportunities, the Board believes the development and exploration of technological breakthroughs, such as artificial intelligence, may damage the revenue and operations of portfolio companies to the extent that they no longer offer the promise of returns consistent with the Company’s investment objective. The Board identified the global standing of the UK market as an emerging risk. International competition for new listings and a significant number of market departures could mean it is harder for a UK equity strategy to capture exposure to important global growth themes. In addition, ongoing consolidation within the investment trust sector presents both risks and opportunities for the Company. The Committee is mindful that increased merger and acquisition activity, pressure on management fee structures, and heightened investor focus on scale and liquidity could lead to greater competition among trusts and potentially affect the Company’s market position. Finally, the Committee continues to monitor the risk associated with the Company’s forthcoming continuation vote in January 2026, recognising the importance of maintaining investor confidence and clear communication around the Company’s long-term strategy. To mitigate these risks the Board holds regular portfolio update meetings with the Portfolio Manager, who continues to monitor the situation closely. The Committee will continue to review newly emerging risks that arise from time to time to ensure that the implications for the Company are properly assessed and mitigating controls introduced where necessary. FUTURE DEVELOPMENTS The Board’s primary focus is on the Portfolio Manager’s investment approach and performance. The subject is thoroughly discussed at every Board meeting. In addition, the AIFM updates the Board on Company communications, promotions and investor feedback, as well as wider investment company issues. An outline of performance, investment activity and strategy, and market background during the year, as well as the outlook, is provided in the Chairman’s Statement beginning on page 10 and the Portfolio Manager’s Report beginning on page16. It is expected that the Company’s strategy will remain unchanged in the coming year. LONG-TERM VIABILITY STATEMENT The Directors have carefully assessed the Company’s financial position and prospects as well as the principal risks facing the Company and have formed a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the next five financial years. The Board has chosen a five year horizon in view of the long-term outlook adopted by the Portfolio Manager when making investment decisions. To make this assessment and in reaching this conclusion, the Audit Committee has considered the Company’s financial position and its ability to liquidate its portfolio and meet its liabilities as they fall due and notes the following: • The portfolio is principally comprised of investments traded on major international stock exchanges. Based on current trading volumes, 99.3% of the current portfolio could be liquidated within 30 trading days, with 67.0% in seven days, and there is no expectation that the nature of the investments held within the portfolio will be materially different in future; • With an ongoing charges ratio of 0.62%, the expenses of the Company are predictable and modest in comparison with the assets and there are no capital commitments foreseen which would alter that position; • Expenses of the Company are covered more than four times by investment income; • The closed-ended nature of the Company means that, unlike an open-ended fund, it does not need to realise investments when Shareholders wish to sell their shares; • The founder directors of Lindsell Train Limited have given their verbal assurance that they remain committed to Lindsell Train Limited for at least seven years on a rolling basis; and • The Company has no employees, only its Non-Executive Directors. Consequently it does not have redundancy or other employment-related liabilities or responsibilities. The Audit Committee has considered the potential impact of its principal risks on pages 26 to 30 and various severe but plausible downside scenarios as well as stress testing and reverse stress testing. It has also made the following assumptions in considering the Company’s longer-term viability: • The Board and the Portfolio Manager will continue to adopt a long-term view when making investments, and anticipated holding periods will be at least five years; • The Company invests principally in the securities of UK listed companies to which investors will continue to wish to have exposure; • The Company will maintain its bank loan facility; • Regulation will not increase to a level that makes running the Company uneconomical; and • The performance of the Company will be satisfactory. The Board’s long-term view of viability will, of course, be updated each year in the Company’s Annual Report. CONTINUATION OF THE COMPANY An opportunity to vote on the continuation of the Company will be proposed at the AGM to be held in January 2026. Please see the Chairman’s Statement beginning on page 10 and the Notice of Meeting for further information. FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCE STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 31 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 ENGAGING WITH THE COMPANY'S STAKEHOLDERS The following ‘Section 172’ disclosure, required by the Companies Act 2006 and the AIC Code, as explained on pages 31 to 34, describes how the Directors have had regard to the views of the Company’s stakeholders in their decision-making. Stakeholder group The benefits of engagement with the Company's stakeholders How the board, the AIFM and the Portfolio Manager have engaged with the Company's stakeholders Investors The Board recognises the importance of communications with Shareholders. Clear communication of the Company’s strategy and the performance against the Company's objective can help the share price trade closer to its NAV per share which benefits Shareholders. New shares may be issued to meet demand without net asset value per share dilution to existing Shareholders. Increasing the size of the Company can benefit liquidity as well as spread costs. Under the share buy-back policy, the Company will normally buy in shares being offered on the stock market whenever the discount approaches a level of 5% and then either hold those shares in Treasury or cancel them. Any shares held in Treasury can later be sold back to the market if conditions permit. The AIFM and the Portfolio Manager, on behalf of the Board, complete a programme of investor relations throughout theyear. An analysis of the Company’s shareholder register is provided to the Directors at each Board meeting along with marketing reports from Frostrow. The Board reviews and considers the marketing plans on a regular basis. Reports from the Company’s broker are submitted to the Board on investor sentiment and industry issues. Shareholders have access to the Board, directly and via the Company Secretary, throughout the year. These communications help the Board make informed decisions when considering how to promote the success of the Company for the benefit of shareholders over the long term. As part of our ongoing commitment to Shareholder engagement and corporate transparency, the Board confirms that a continuation vote will be held at the forthcoming AGM. This vote provides Shareholders with the opportunity to determine whether the Company should continue in its present form. Key mechanisms of engagement include: • The Annual General Meeting • The Chairman and the Senior Independent Director make themselves available to engage with Shareholders • The Chairman writes to major Shareholders each year offering them the opportunity to meet with himself and the Senior Independent Director. • The Company’s website hosts reports, video interviews with the Portfolio Manager and monthly fact sheets • One-on-one investor meetings facilitated by Frostrow who actively engage with professional investors, typically discretionary wealth managers, some institutions and a range of execution-only platforms. Regular engagement helps to attract new investors and retain existing Shareholders, and over time results in a stable share register made up of diverse, long-term holders • The Board will explain in its announcement of the results of the AGM the actions it intends to take to consult Shareholders in order to understand the reasons behind any significant (defined for this purpose as 20% or more) votes against resolutions. Following the consultation, an update will be published no later than six months after the AGM and the Annual Report will detail the impact the Shareholder feedback has had on any decisions the Board has taken and any actions or resolutions proposed At each meeting the Board reviews movements in the Company’s shareholder register. There are regular interactions and engagement with Shareholders (including at the AGM). Regular feedback from Shareholders is received from the Company’s broker. 32 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 STRATEGIC REPORT BUSINESS REVIEW – CONTINUED Stakeholder group The benefits of engagement with the Company's stakeholders How the board, the AIFM and the Portfolio Manager have engaged with the Company's stakeholders Portfolio Manager Engagement with the Company’s Portfolio Manager is necessary to evaluate its performance against the Company’s stated strategy and to understand any risks or opportunities this may present. The Board monitors the Manager’s approach to environmental, social and governance (“ESG”) issues. Engagement also helps ensure that portfolio management costs are closely monitored and remain competitive. The Board meets regularly with representatives of the Portfolio Manager throughout the year, with quarterly presentations and also monthly performance and compliance reporting. This provides the opportunity for both the Board and Portfolio Manager to explore and understand how the portfolio has performed and what may be expected in the future. The Board receives regular updates from the Portfolio Manager concerning engagement on ESG matters with the companies within the portfolio. The Audit Committee also meets with members of the risk management and investment compliance teams at Lindsell Train to better understand the Portfolio Manager’s internal controls. The Audit Committee reviews Lindsell Train’s control reports annually. During the year the Board discussed its approach to ESG matters with the Lindsell Train team providing more detail of their specific approach to responsible ownership which is further explained on pages 35 to 41. The Board considers its approach to ESG as well as that of the companies in which the Company invests, and has developed its own policy which can be found on page35. The Board encourages the Company’s Portfolio Manager to engage with companies and in doing so expects ESG issues to be a key consideration. The Board receives an update on Lindsell Train’s engagement activities within a dedicated quarterly ESG report. A member of Lindsell Train’s investment team attends each Board meeting to provide an update on ESG issues and engagement activities since the last Board meeting. The Board holds at least one meeting at the offices of Lindsell Train each year, where Directors meet with members of the Lindsell Train team. The Portfolio Manager’s performance is evaluated informally on a regular basis, with a formal review carried out on an annual basis by the Board. Other Service Providers As an externally managed investment company, the Company has no employees, customers, operations or premises. Therefore, the Company’s key stakeholders (other than its shareholders) are considered to be its service providers. The Company contracts with third parties for other services including: depositary, investment accounting & administration as well as company secretarial and registrars. The Company ensures that the third parties to whom the services have been outsourced complete their roles in line with their service level agreements and are able to continue to provide these services, thereby supporting the Company in its success and ensuring compliance with its obligations. The Board and Frostrow engage regularly with other service providers both in one-to-one meetings and via regular written reporting. This regular interaction provides an environment where topics, issues and business development needs can be dealt with efficiently and collegiately. The Board maintains regular contact with the Company’s key service providers as well as carrying out a review of the service providers’ business continuity plans and additional cyber security provisions. The key service providers’ performance is evaluated by the Board on an annual basis, or more often if appropriate. The terms and conditions underlying the relationship between the service providers are reviewed as part of this process. This approach is taken to enhance service levels and strengthen relationships between the Company and its providers to ensure the interests of the Company’s stakeholders are best served by maintaining a high level of service whilst keeping costs proportionate. During the year, the Committee reviewed the internal controls reports of each of the Company’s key service providers. In addition, each key service provider provided confirmation that there had been no material changes in their internal controls between the date of their internal controls report and the date of this report. FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCE STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 33 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 Stakeholder group The benefits of engagement with the Company's stakeholders How the board, the AIFM and the Portfolio Manager have engaged with the Company's stakeholders Portfolio Companies The Portfolio Manager invests in a concentrated portfolio of durable business franchises with the intention of holding these positions for a considerable time. The Portfolio Manager engages with the management of these companies on a periodic basis and reports its impressions on the prospects of the companies to the Board. Gaining a deeper understanding of the portfolio companies and their strategies as well as incorporating consideration of ESG factors into the investment process assists in understanding and mitigating risks of investments as well as identifying potential opportunities. The Board encourages the Company’s Portfolio Manager to engage with companies and in doing so expects ESG issues to be an important consideration. The Board receives an update on Lindsell Train’s engagement activities within a dedicated quarterly ESG report together with quarterly updates concerning the prospects of the portfolio companies. Details of Lindsell Train’s approach to responsible ownership can be found on pages 35 to 41. Regulators The Board ensures compliance with rules and regulations as relevant to the Company. The Company Secretary reports to the Board on a monthly basis and at each Board meeting. The Company's Lender Investment companies have the ability to borrow with a view to enhancing long-term returns to Shareholders. Engagement with the Company’s lender ensures that it fully understands the nature of the Company’s business, the strategy adopted by the Portfolio Manager and the extent to which the Company complies with its loan covenants. Regular reporting to the lender with respect to adherence with loan covenants and ad hoc meetings with the AIFM. Key areas of engagement Main decisions and actions taken Investors The impact of market volatility caused by certain geopolitical events on the portfolio. Shareholders are provided with performance updates via the Company’s website as well as the annual and half-year financial reports and monthly factsheets. Ongoing dialogue with Shareholders concerning the strategy of the Company, performance and the portfolio. The Portfolio Manager and Frostrow meet regularly with Shareholders and potential investors to discuss the Company’s strategy, performance and portfolio. Both the Portfolio Manager and Frostrow also engage with the Press on the Company’s behalf. Information on how to vote your investment company shares on a selection of major platforms can be found on pages 11 to 15 of the Notice ofMeeting. The Chairman, and Senior Independent Director, accompanied by members of the Frostrow team, met with representatives from major Shareholders to discuss, amongst other things, shareholder engagement. Further details concerning ongoing discussions with major Shareholders can be found on page 10 of the Chairman’s Statement. Share price performance. The Board reviews the Company’s share price discount/premium on a daily basis and has a share buy-back policy, which during the year resulted in 34,698,781 shares being bought back. Details of the Company’s share issuance and buy-back policy can be found on the Company’s website. The continuation of the Company. The Chairman and Senior Independent Director spoke to a number of Shareholders regarding the proposed continuation of the Company ahead of the vote to be held at the 2026 Annual General Meeting. The Board recommends that Shareholders vote in favour of the continuation of the Company. 34 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 STRATEGIC REPORT BUSINESS REVIEW – CONTINUED Key areas of engagement Main decisions and actions taken Investors Asset Reunification. During the year the Company launched an asset reunification programme with AssetTrace+ to reconnect Shareholders who had become disengaged from their holdings, to reunite them with their assets and encourage engagement. Portfolio Manager Portfolio composition, performance, ESG matters, outlook, and business updates. The Portfolio Manager has set ESG targets and engages regularly with investee companies’ executive management. The Board receives quarterly ESG updates from the Portfolio Manager. The impact of market volatility upon their business and how some companies in the portfolio have sought to take advantage of the increase of digitisation and AI. The integration of ESG into the Portfolio Manager’s investment processes. The Board has received regular updates from the Portfolio Manager throughout the recent period of market volatility, including its impact on investment decision making. The Portfolio Manager reports regularly any ESG issues in the portfolio companies to the Board. Climate Change. During the year the Audit Committee considered the Portfolio Manager’s assessment of the risks associated with climate change on the portfolio and how the transition to a low-carbon economy will affect all businesses, irrespective of their size, sector or geographic location. Management Fees. Subsequent to the year end the Board negotiated lower management fees with Lindsell Train. Further details can be found on page 42. Other service providers As an externally managed investment company, the Company does not have employees. Its main stakeholders therefore comprise its Shareholders and a small number of service providers. The Board has delegated a wide range of activities to external agents, in addition to the Portfolio Manager. These services include AIFM, investment administration, management and financial accounting, Company Secretarial and certain other administrative requirements and registration services. Each of these contracts was entered into after full and proper consideration by the Board of the quality and cost of the services offered, including the control systems in operation in so far as they relate to the affairs of the Company. The Directors have frequent engagement with the Company’s other service providers through the annual cycle of reporting and due diligence meetings or site visits by Frostrow. This engagement is completed with the aim of maintaining an effective working relationship and oversight of the services provided. The Board met regularly with Frostrow (the AIFM), representatives of which attend every Board meeting to provide updates on risk management, accounting, administration and corporate governance matters. Reviews of the Company’s service providers have been positive and the Directors believe their continued appointment is in the best interests of the Company. The Company has invested in Frostrow and The Lindsell Train Investment Trust plc. Further details can be found on the Company’s website. Subsequent to the year end the Board negotiated lower management fees with Frostrow. Further details can be found on page 42. Auditor. The Audit Committee met with Deloitte LLP to review the audit plan for the year, agree their remuneration, review the outcome of the annual audit and to assess the quality and effectiveness of the audit process. Please refer to the Audit Committee Report beginning on page65 for further information. Board Composition. The Board has in place a refreshment programme which is reviewed annually by the Board. Odgers was appointed by the Board during the year to assist with succession planning. The Company’s Lender Continued compliance with covenants set out within the loan agreement between the Company and the lender. The Board ensures compliance with loan covenants throughout the year. Subsequent to the Company’s year end Company’s loan facility agreement was renewed, details of which can be found on page 46 and within note 12 on page 91. FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 35 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 GOVERNANCESTRATEGIC REPORT GOVERNANCE STRATEGIC REPORT RESPONSIBLE INVESTMENT Our Policy The Board recognises that the most material way for the Company to have an impact on Environmental, Social and Governance (“ESG”) issues is through the responsible ownership of its investments. It has delegated authority to its Portfolio Manager to engage actively with the management of investee companies and encourage that high standards of ESG practice are adopted. The Company seeks to generate long-term, sustainable returns on capital. The investee companies which consistently deliver superior returns over the long term are typically established, well-run companies whose managers recognise their impact on the world around them. In its Responsible Engagement & Investment Policy, the Portfolio Manager states that its evaluation of ESG factors is an inherent part of the investment process. The Board has delegated authority to the Portfolio Manager to vote the shares owned by the Company that are held on its behalf by its Custodian. The Board has instructed that the Portfolio Manager submit votes for such shares wherever possible and practicable. The Portfolio Manager may refer to the Board on any matters of a contentious nature. The Portfolio Manager is a signatory of the 2021 UK Stewardship Code and became a signatory of Net Zero Asset Managers initiative in December 2021. LINDSELL TRAIN’S POLICY ESG integration Sustainability Key To Long-Term Investing Lindsell Train’s investment horizons are very strategic and long-term (note that the turnover of the Company is under 5% per annum since its appointment in December 2000), and the investment team therefore look for durable companies that are likely to be profitably in business in 20 years’ time. On which basis, the companies must address ESG factors in order to increase the prospects of their long-term survival. For example, management must demonstrate a higher degree of sensitivity to environmental considerations, consider the reputational risks from adverse behaviour and also embrace the branding power of appealing to a more ESG sensitive generation. In addition to monitoring and encouraging company management to embrace ESG, as a product of Lindsell Train’s investment philosophy, it has always avoided industries that it judges to be sufficiently detrimental to society that they may be exposed to burdensome regulation or litigation that could impinge on financial returns. Tobacco is a prime example, where the ESG risk – which in this case is the threat of litigation or government intervention on tobacco companies because of the health issues associated with smoking – plays a significant part in Lindsell Train’s thinking and has been factored into its investment approach since the inception of Lindsell Train. The investment team also avoids capital intensive manufacturing industries or any companies involved in the extraction and production of coal, oil or natural gas. Lindsell Train’s initial analysis and ongoing company engagement strategy seeks to incorporate all sustainability factors that it believes will affect the company’s ability to deliver long-term value to shareholders. Such factors may include but are not limited to: environmental, social and employee matters (including turnover and culture) and governance factors (including remuneration and capital allocation), cyber resilience, responsible data utilisation, respect for human rights, anti-corruption and anti-bribery, and any other risks or issues facing the business and its reputation. The evaluation of these factors is an inherent part of the research process, as it is the investment team’s view that it can best serve investors through the application of an integrated approach, enabling them to leverage these considerations to make better investment decisions. This work is catalogued in a proprietary database of risk factors (Sentinel) in order to centralise and codify the team’s views, as well as to prioritise its ongoing research and engagement work, and is cross-referenced with the SASB Materiality Map©. If, as a result of this assessment, Lindsell Train believes that an ESG factor is likely to materially impact a company’s long-term business prospects (either positively or negatively) then this will be reflected in the long-term growth rate that is applied in the valuation of that company, which alongside the investment team’s more qualitative research will influence any final portfolio decisions (for example, whether Lindsell Train starts a new position or sells out of an existing holding). Ultimately ESG presents a real risk of the permanent loss of our client’s capital and, accordingly, our job is to apply an ESG adjusted risk premium to what we analyse to be eternal assets. That way we work to ensure we observe Warren Buffett’s #1 rule – don’t lose money!” Nick Train Portfolio Manager Madeline Wright Deputy Portfolio Manager and Head of Investment ESG 36 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 STRATEGIC REPORT BUSINESS REVIEW – CONTINUED Climate Change The risks associated with climate change and the transition to a low-carbon economy will affect all businesses, irrespective of their size, sector or geographic location. Therefore, no company’s revenues are immune and the assessment of such risks must be considered within any effective investment approach, particularly one like Lindsell Train’s that seeks to protect its clients’ capital for decades to come. The transition to a low-carbon economy will affect some sectors more than others and fortunately, as mentioned above, these are typically the sectors that Lindsell Train portfolios avoid, most notably capital-intensive industries and companies involved in the extraction and production of coal, oil or natural gas. As a result, we are pleased to note that the Company continues to have a significantly lower than average weighted average carbon intensity than its comparable benchmarks. WEIGHTED AVERAGE CARBON INTENSITY (WACI) [tCO2e/£M Sales] FGIT Benchmark 0 20 40 60 80 100 2023 99 16 72 2024 10 For Lindsell Train Limited, as a relatively small business with a single office location and less than 30 employees, its climate exposure comes predominantly from the investment portfolios that it manages on behalf of its clients. Lindsell Train recognises the systemic risk posed by climate change and the potential financial impacts associated with a transition to a low-carbon economy. To help address this, Lindsell Train became a signatory of the Net Zero Asset Managers (NZAM) initiative in December 2021, which affirms its commitment to support the goal of net zero greenhouse gas emissions by 2050 or sooner. In line with this ambition, Lindsell Train published a 2030 interim target in Q4 2022 which was approved by the IIGCC. ESG EVALUATION FOR RECENT PURCHASES AUTO TRADER & GAMES WORKSHOP Lindsell Train’s long-term investment approach means that it seldom buys and sells new holdings. However, in Q2 2025 there were two such purchases for the Finsbury Growth & Income Trust: Auto Trader and Games Workshop. Consideration of ESG risk and opportunity is integrated into the pre-investment work that Lindsell Train does on all holdings, and indeed Auto Trader and Games Workshop have been monitored within Sentinel for a number of years, as they have long been considered as serious potential investments. As with existing holdings, any ESG risk that Lindsell Train deems to be materially significant requires careful assessment to ensure that the investment team is comfortable that it does not pose a meaningful threat to the business. In both cases, Lindsell Train identified no ESG risks that the team deemed materially significant. The key risk for Auto Trader is the potential for increased costs associated with mitigating the carbon footprint of its data centres and office operations and reputation risks associated with any missteps, particularly given its leading position in the industry. However, with the UK government reinstating EV grants tied to sustainability performance and introducing criteria around vehicle emissions and battery production, there are opportunities for Auto Trader to enhance listing features and filters for electric vehicles as a response to the growing demand for sustainability transparency. In the case of Games Workshop, which designs, manufactures and sells fantasy miniatures and games related products, the key ESG risk in Lindsell Train’s view is the generation of plastic waste, particularly from leftover plastic frames (or sprues) and single-use packaging. However, the investment team are encouraged that Games Workshop now provides in store recycling for all plastic sprues and empty paint pots across its British retail stores and aims to expand this to other countries. Finally, Auto Trader has set a Net Zero target for 2040 and seems to be moving in the right direction. Games Workshop has not yet publicly committed to a net-zero target date but it does report its carbon emissions and has set an interim target to reduce its Scope 1 and 2 emissions by 55% by 2032, using FY 2021/22 as abaseline. CASE STUDY Report Benchmark: FTSE All-Share Index. Source: Portfolio company Reports and Bloomberg for holdings data, Morningstar Direct for Benchmark data. Figures for 2023 and 2024 are year-end as of December31st. tCO2e/£M Sales stands for “tonnes of carbon dioxide equivalent,” a measure of the total emission of greenhousegases. FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCE STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 37 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 combined AUM has been assessed as aligned in accordance with NZIF2.0, the revised Net Zero Investment Framework, reflecting modest progress compared to a year previous. The proportion of LTL’s UK Equity Strategy assessed as aligned increased from 40% in December 2023 to 53% in December2024. To achieve its 2030 target, Lindsell Train will continue to engage proactively with the management of companies it holds across its portfolios, with the overall ambition of reaching an absolute reduction in global carbon emissions. These engagements have focused on persistent laggards. There are currently 17 such companies across all holdings held in Lindsell Train portfolios, most of which are Japanese, and Lindsell Train engaged with all of them during Q4 2024 and Q1 2025. Outreach comprised a combination of letters and calls, during which Lindsell Train reminded management of its expectations and encouraged collaboration with Lindsell Train and other similar companies where we had identified progress. Further information on Lindsell Train’s TCFD related disclosures can be found in its 2024 TCFD Report, which can be found on Lindsell Train’s website: https://www.lindselltrain.com/responsible-investing/ governance-strategy/ Lindsell Train selected to use the Paris Aligned Investment Initiative Net Zero Investment Framework (NZIF) target setting approach. Of the four specific targets recommended by NZIF, Lindsell Train believed it most appropriate to adopt a portfolio coverage target, given the strategic nature of its approach and the below average carbon footprints of its portfolios. Lindsell Train has targeted 55% of its asset-weighted committed assets to be considered Aligned by 2030, as set out by the PAII Net Zero Investment Framework. This represents a circa 50% improvement from its baseline of 36% of assets being Aligned as of 2022, consistent with a fair share of the 50% global reduction in CO2 identified as a requirement in the IPCC special report on global warming of 1.5°C. It is also a target that the investment team considers realistic and achievable. Despite the suspension of some of NZAM’s activities in January 2025, LTL remains committed to its net zero target and will continue to take meaningful steps toward fulfilling its net zero ambitions. As outlined in the latest TCFD Entity Report, the chart below shows the alignment of each of the representative accounts for Lindsell Train’s four investment strategies, and combined, on an asset- weighted basis as at 31 December 2023 and 31December 2024. With respect to the status of Lindsell Train’s Net Zero target, as of 31 December 2024, approximately 39% of LindsellTrain’s 1 Committed assets are currently 94% of Lindsell Train Limited’s total AUM. The assets that were excluded relate to segregated clients that either declined to have their assets included at this time or did not respond by the required deadline. There is scope to increase the level of committed assets over time. 2 Aligned status, as set out by the PAII Net Zero Framework, has prescribed requirements of the portfolio companies, including; 1) Setting short and medium term emission reduction targets, 2) Monitoring emission intensity performance relative to those targets, and 3) Disclosure of scope 1, 2 and 3 emissions. For higher impact sectors, further criteria are required to be categorised as Aligned. Source: Portfolio company Reports and Bloomberg for holdings data, Morningstar Direct for Benchmark data. Emissions for Lindsell Train Limited sourced from Acclaro Advisory and excludes category 15 Scope 3 emissions. tCO2e/£M Sales stands for “tonnes of carbon dioxide equivalent,” a measure of the total emission of greenhouse gases. Fund Benchmark 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Scope 1 & 2 1,632 10 99 Scope 1, 2 & 3 292 Fund Benchmark 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Scope 1 & 2 1,528 3 78 Scope 1, 2 & 3 97 WEIGHTED AVERAGE CARBON INTENSITY (WACI) (tCO2e/£M Sales) CARBON FOOTPRINT BY EVIC (tCO2e/£M invested) 20242023 0% 20% 40% 60% 80% 100% LT Combined Strategies Global Equities Japanese Equities UK Equities North American Equities Not Aligned Committed to Aligning Aligning Aligned 0% 20% 40% 60% 80% 100% LT Combined Strategies Global Equities Japanese Equities UK Equities North American Equities Not Aligned Committed to Aligning Aligning Aligned 38 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 STRATEGIC REPORT BUSINESS REVIEW – CONTINUED Modern Slavery As we proceed deeper into the 21st Century, modern slavery is a blight on humanity. It encompasses multiple forms of exploitation including forced labour, human trafficking and servitude. Published figures suggest that there are now 50 million people across the globe in modern slavery, with nearly 28 million in forced labour. The situation has been exacerbated by conflict, climate change and the pandemic. There is huge potential for businesses to take action to address and ultimately eradicate modern slavery globally, and we recognise that financial services have an essential role to play in this fight. As investors in several Fast Moving Consumer Goods (FMCG) and luxury fashion companies, Lindsell Train is particularly alert to modern slavery in the supply chain, and the business and ethical risks it poses. Over the past two years, Lindsell Train has updated its Responsible Investment & Engagement Policy to specifically reflect on this commitment, whilst also developing an Engagement Framework which aims to address the two ESG issues it judges to be most relevant to its portfolios (Modern Slavery and Climate Change). Lindsell Train has also continued its partnership with the CCLA-founded initiative Find It, Fix it, Prevent it, which is exclusively focused on the abolition of modern slavery and to which Lindsell Train became a signatory in 2021. Most recently, Lindsell Train was pleased to be joined by a representative of the organisation at its 2025 ESG Training. Lindsell Train’s Modern Slavery Statement can be found on its website here. LSEG & SAGE In collaboration with Find It, Fix It, Prevent It, Lindsell Train participated during 2023 as a member of the Scorecard Working Group, alongside SupplyESChange, Vodafone Group, Reckitt Benckiser, and Columbia Threadneedle. The Working Group was responsible for agreeing the metrics against which companies would be assessed, forming the basis for the inaugural 2023 Modern Slavery UK Benchmark report. Following the publication of the initial findings, Lindsell Train committed to further collaboration with CCLA to engage directly with two portfolio companies, LSEG and Sage, both of which were placed in Performance Tier 4 (barely achieving compliance). In October 2024, CCLA published the 2024 Modern Slavery UK Benchmark report, which found that LSEG had improved its score. However, Lindsell Train was disappointed to learn that Sage remained in Tier 4. Later in the month, Lindsell Train continued its engagement with the company and met with the CEO and CFO to understand the reasons why Sage’s modern slavery score remained stagnant. Management explained that this was due to the company’s publications being out of sync with CCLA’s monitoring schedule. Sage’s disclosures occur in December, whilst Find it, Fix it, Prevent it, publish their report in October, meaning the changes were not captured this year. Whilst disappointing, Lindsell Train does not believe it is indicative of a lack of progress, and Sage’s management has emphasised that it expects these improvements will be reflected in the company’s revised score when the Benchmark is republished in Q4 2025. CASE STUDY Please see below a timeline summarising Lindsell Train’s engagement activity on Modern Slavery: Initial engagement with Mondelez on its approach to child labour in its supply chain. Notable increase in focus on supply chain matters from LTLclients. Mondelez ‘Cocoa Life’ presentation to LTL as part of annual ESG Training. LTL confirms support for Find It, Fix It, Prevent It. Collaborated with Find It, Fix It, Prevent It, and global consulting firm Aon, in engagements with Burberry and Youngs, to better understand their approach to Modern Slavery. Madeline Wright (Deputy Portfolio Manager and Head of Investment ESG) delivered a presentation on Modern Slavery at a conference hosted by Aon. Mondelez Shareholder resolution on abolition of child labour lodged. LTL engaged with Mondelez and votedagainst. Modern Slavery UK Benchmark published. Two LTL companies assessed as performance Tier 4. Burberry presented on how it approaches Modern Slavery in its supply chain during LTL’s annual ESG training. LTL Engagement Framework published identifying Modern Slavery as one of two focus areas. 2021 2023 2022 FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCE STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 39 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 Engagement Where Lindsell Train has specific concerns with management’s strategy, company performance (financial and non-financial), or risk profile, or where it deems it necessary to protect its clients’ interests, the investment team will proactively engage with management. Lindsell Train will consider the individual circumstances of the company and the issue at hand, in order to determine realistic objectives and define the scope of Lindsell Train’s engagement, ensuring that: • The objective is suitably focused on long-term value preservation and creation • The objective is specific and there is clarity around delivery • The objective is realistic and achievable In most circumstances, Lindsell Train arranges a meeting with senior management, board members, or if appropriate with the company chairperson or the senior non-executive director. The feedback from these meetings is then discussed amongst the investment team. In some instances, the matter on which it is engaging is swiftly resolved, and in other cases, the response may be a multi stage, multi-year process. As long as the dialogue is constructive and ongoing, and management clearly outline a proposed course of action, Lindsell Train can be comfortable with a longer timeline to resolution. Where this is not the case, it willconsiderescalation. Engaged Sage management on Modern Slavery Benchmark score. LTL Modern Slavery questionnaire developed (based on Find It, Fix It, Prevent It). Heineken presents ‘Brew a Better World’ as part of annual ESG training. Follow up engagement with Sage on Modern Slavery Benchmark score. Mondelez shareholder proposal. LTL again voted against. Rathbones and Sage presented on how they address Modern Slavery as part of LTL’s annual ESG training. 2024 2025 The long-term approach generally leads Lindsell Train to be supportive of company management; however, where required and if in the best interests of our clients, Lindsell Train will try to influence management on specific matters or policies. Lindsell Train’s intention is to have open and constructive dialogue with management and board members, in order to broaden its knowledge of the company’s strategy and operations and to ensure any concerns it might have are assuaged. Given Lindsell Train often builds up large, long-term, stakes in the businesses in which it invests, it finds that management is open to (and very often encourages) engagement. During the financial year, Lindsell Train engaged with 16 companies held within the Company’s portfolio on a wide range of environmental, social and governance issues, as detailed in the chart below. There were 22 engagements in total. ENGAGEMENT BY TOPIC Source: Lindsell Train. 1 October 2024 – 30 September 2025. 9 topics raised with 16 companies. Governance Structure & Policies 31.8% Capital Allocation & Strategy 45.5% Remuneration 4.6% Human Rights 4.6% Environmental (Climate change & positive impact) 13.6% 40 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 STRATEGIC REPORT BUSINESS REVIEW – CONTINUED ENGAGEMENT CASE STUDY Company name: Clarkson Year founded: 1852 Year FGT first invested: 2024 Sector: Industrials Engagement topics: Capital Allocation, Strategy & Environmental Date of engagements: September 2025 Engagement format: Call Reason for engagement: Engagement regarding Clarkson’s capital allocation, strategy and sustainabilityinitiatives The introduction of the Trump-era tariffs, implemented with limited transparency, and being particularly punitive for certain sectors, has contributed to a temporary slowdown in ship-broking activity. Lindsell Train engaged with the company to understand the impact this may have, and management reaffirmed the strength of Clarkson’s balance sheet, which offers a degree of resilience amid the prevailing macroeconomic and geopolitical headwinds. Furthermore, the investment team inquired whether recent political developments had affected the company’s commitment to its sustainability objectives. Clarkson confirmed that, despite changes in the political landscape, its dedication to advancing green initiatives remains unchanged. Lindsell Train notes the company’s increasing strategic focus on supporting the shipping industry’s path to decarbonisation. For example, Clarkson has established a dedicated segment of its business to provide services that facilitate the transition to more sustainable practices, positioning the firm as a key enabler of environmental progress within the sector. Next steps: We are encouraged by Clarkson’s continued commitment to its environmental and sustainability priorities. Looking ahead, Lindsell Train will monitor developments in the macroeconomic environment and assess how the company adapts its strategy in response, ensuring that its environmental commitments are sustained through varying market conditions. ENGAGEMENT CASE STUDY Company name: Diageo Plc Year founded: 1997 Year FGT first invested: 2001 Sector: Consumer Staples Engagement topics: Capital Allocation & Strategy Date of engagements: May & July 2025 Engagement format: Call Reason for engagement: Engagement regarding Diageo’s capital allocation and strategy In May 2025, management at Diageo announced the potential for disposals of non-core assets during its Q3 trading update. The investment team took the opportunity to follow up with management via email to remind them of the importance of retaining world class brands and maximising brand equity value. The investment team reiterated its views on capital allocation, after the 2018-2024 share buyback programme that spent c.£10bn buying back shares at c.£33 per share, c.40% above the current share price. During July, the investment team re-engaged with the company to follow up on those discussions. It questioned previous suggestions of significant asset disposals, particularly given the current challenges facing the broader industry, and in the context of the substantial share buybacks undertaken between 2018 and 2024. We emphasised the critical role of the Board, and particularly the Non-Executive Directors, in guiding management toward sound capital allocation decisions. In response, the Chair assured the investment team that the company has no intention of selling its prized assets and brands. He expressed confidence that the Board will engage meaningfully with senior management on capital allocation, particularly in light of recent changes including a new CFO. Next steps: Lindsell Train will continue to monitor Diageo’s capital allocation closely, particularly in relation to potential acquisitions and disposals. We remain in regular dialogue with company management and are also engaging with sell-side analysts to gather additional context and analysis. These ongoing discussions will help Lindsell Train assess how effectively Diageo balances long-term brand investment with disciplined financial management. CASE STUDY CASE STUDY FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCE STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS Proxy Voting The primary voting policy of Lindsell Train is to protect or enhance the economic value of its investments on behalf of its clients. Lindsell Train has appointed Glass Lewis to aid the administration of proxy voting and provide additional support in this area. However, the Investment Team maintains decision making responsibility based on its detailed knowledge of the investee companies. It is Lindsell Train’s policy to exercise all voting rights which have been delegated to Lindsell Train by its clients. Voting record for companies held in Finsbury Growth & Income Trust PLC: Management Shareholder Total Proposals Proposals Proposals With Management 372 0 372 Against Management 0 0 0 Abstain 0 0 0 Totals 372 0 372 Source: Glass Lewis. 1 October 2024 – 30 September 2025. Votes against management and abstentions have typically been in the low single-digit range in previous years. In the current reporting period, however, there were no votes against management. It is our aim to be invested in ‘exceptional’ companies with strong corporate governance and hence it ought to be rare that we find ourselves in a position where we are voting against management. 41 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 42 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 STRATEGIC REPORT BUSINESS REVIEW – CONTINUED • share price discount and premium management; • administrative and company secretarial services; • advice and guidance in respect of corporate governance requirements; • maintenance of the Company’s accounting records; • maintenance of the Company’s website; • preparation and publication of annual reports, half year reports and monthly fact sheets; and • ensuring compliance with applicable legal and regulatory requirements. The AIFM Agreement may be terminated by either party on giving notice of not less than 12 months. Portfolio Manager Lindsell Train, as delegate of the AIFM, is responsible for the management of the Company’s portfolio of investments under an agreement between it, the Company and Frostrow (the “Portfolio Management Agreement”). Under the terms of its Portfolio Management Agreement, Lindsell Train provides, inter alia, the following services: • seeking out and evaluating investment opportunities; • recommending the manner by which monies should be invested, realised or retained; • advising on how rights conferred by the investments should be exercised; • analysing the performance of investments made; and • advising the Company in relation to trends, market movements and other matters which may affect the investment objective and policy of the Company. The Portfolio Management Agreement may be terminated by either party on giving notice of not less than 12 months. Annual Fees FEES ON THAT PART OF MARKET CAP AS AT 30 SEPTEMBER 2025 AIFM PORTFOLIO MANAGER TOTAL ≤ £1 bn 0.15% 0.45% 0.60% Between £1 bn - £2 bn 0.135% 0.405% 0.54% £2 bn + 0.12% 0.36% 0.48% FEES ON THAT PART OF MARKET CAP FROM 1 JANUARY 2026 AIFM PORTFOLIO MANAGER TOTAL up to £1.5bn 0.135 0.405 0.54% Over £1.5bn 0.120 0.360 0.48% Performance Fees The Company does not pay performance fees. INTEGRITY AND BUSINESS ETHICS The Company is committed to carrying out business in an honest and fair manner. The Board has adopted a zero-tolerance approach to instances of bribery and corruption. Accordingly, it expressly prohibits any Director or associated persons when acting on behalf of the Company from accepting, soliciting, paying, offering or promising to pay or authorise any payment, public or private, in the United Kingdom or abroad to secure any improper benefit from themselves or for the Company. The Board applies the same standards to its service providers in their activities for the Company. A copy of the Company’s Anti Bribery and Corruption Policy can be found in the Board and Policies section of the Company’s website. The policy is reviewed annually by the Audit Committee. In response to the implementation of the Criminal Finances Act 2017, the Board adopted a zero-tolerance approach to the criminal facilitation of tax evasion. A copy of the Company’s policy on preventing the facilitation of tax evasion can be found in the Board and Policies section of the Company’s website. The policy is reviewed annually by the Audit Committee. In carrying out its activities, the Company aims to conduct itself responsibly, ethically and fairly, including in relation to social and human rights issues. As an investment company with limited internal resource, the Company has little impact on the environment. The Company believes that high standards of ESG make good business sense and have the potential to protect and enhance investment returns. Consequently, the Portfolio Manager’s investment criteria ensure that ESG and ethical issues are taken into account and best practice is encouraged. The Board’s expectations are that its principal service providers have appropriate governance policies in place. Further information on the Company’s approach to diversity, including the gender composition of the Board, can be found in the Corporate Governance Report on pages 53 and 54. COMPANY PROMOTION The Company has appointed Frostrow to promote the Company’s shares to professional investors in the UK and Ireland. As investment company specialists, the Frostrow team provides a continuous, proactive marketing and investor relations service that aims to promote the Company by encouraging demand for the shares. MANAGEMENT ARRANGEMENTS Alternative Investment Fund Manager (“AIFM”) Under the terms of its AIFM agreement with the Company, Frostrow provides, inter alia, the following services: • oversight of the portfolio management function delegated to Lindsell Train; • promotion of the Company; • investment portfolio administration and valuation; • risk management services; FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCE STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 43 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 AIFM AND PORTFOLIO MANAGER EVALUATION AND RE-APPOINTMENT The performance of Frostrow as AIFM and Lindsell Train as Portfolio Manager is continuously monitored by the Board with a formal evaluation being undertaken each year. As part of this process the Board monitors the services provided by the AIFM and the Portfolio Manager as well as receiving regular reports and views from them. The Board has also considered the assessment carried out by the AIFM as required by the FCA’s Consumer Duty obligations, that the Company’s Shares provide fair value. It also receives comprehensive long-term performance measurement reports to enable it to determine whether or not the performance objective set by the Board has been met. Following a review at the Board meeting in September 2025, the Board considers that the continuing appointment of Frostrow and Lindsell Train, under the terms described above, is in the best interests of the Company’s Shareholders. In coming to this decision, it took into consideration the following additional reasons: • the quality and depth of experience of the company secretarial, administrative and marketing team that the AIFM brought to the management of the Company; and • the quality and depth of experience that the Portfolio Manager brought to the management of the portfolio, the clarity and rigour of the investment process, consideration of ESG targets, the high degree of engagement with portfolio companies on ESG matters, the level of past long-term performance of the portfolio in absolute terms and also by reference to the benchmark index. Depositary The Bank of New York Mellon (International) Limited (the “Depositary”) acts as the Company’s depositary in accordance with the AIFMD on the terms and subject to the conditions of the depositary agreement between the Company, Frostrow and the Depositary (the “Depositary Agreement”). Under the terms of the Depositary Agreement the Company pays the Depositary a fee between 0.007% and 0.008% of net assets. The Depositary provides the following services: • responsibility for the safe-keeping of custodial assets of the Company; • verification and maintenance of a record of all other assets of the Company; • the collection of income that arises from those assets; • taking reasonable care to ensure that the Company is managed in accordance with the AIFMD, the Investment Funds Sourcebook and the Company’s instrument of incorporation, in relation to the calculation of the net asset value per share and the application of income of the Company; and • monitoring the Company’s compliance with investment restrictions and leverage limits set by the Board and the AIFM. In accordance with the AIFM Rules the Depositary acts as global custodian and may delegate safekeeping to one or more global sub-custodians. The Depositary has delegated safekeeping of the assets of the Company to The Bank of New York Mellon SA/NV and/or The Bank of New York Mellon (The Global Sub-custodians). As at the date of this report, the applicable active sub- custodians appointed by the Depositary who might be relevant for the purposes of holding the Company’s investments are: COUNTRY NAME OF SUB-CUSTODIAN REGULATOR The Netherlands The Bank of New York Mellon SA/NV Financial Services and Markets Authority, Belgium United States of America The Bank of New York Mellon, New York US Securities and Exchange Commission France The Bank of New York Mellon SA/NV The Autorité des Marchés Financiers Custodian The Global Sub-Custodians’ safekeeping fees are charged according to the jurisdiction in which the holdings are based. The majority of the Company’s assets attract a custody fee of 0.0033% of their market value. Variable transaction fees are also chargeable. The Depositary Agreement may be terminated by either party on giving notice of not less than 90 days. On behalf of the Board Pars Purewal Chairman 2 December 2025 44 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 GOVERNANCE JAMES ASHTON Non-Executive Director James Ashton has served on the Board since 14 October 2020. James is Chief Executive of the Quoted Companies Alliance, a membership body which represents the interests of small and mid-sized publicly traded companies with government, regulators and the media. He is the author of several business books and chairs Oscar’s Book Prize, the annual search for the UK’s best picture book. James was City Editor and Executive Editor of the Evening Standard and Independent titles and before that City Editor of the Sunday Times. SANDRA KELLY, ACA Chair of the Audit Committee and Senior Independent Director Sandra Kelly has served on the Board since 9 October 2019. A Chartered Accountant, she was formerly Finance Director of the Canal & River Trust. Prior to that she spent eight years as Finance Director at NHBC (National House-Building Council). She is a Trustee of the Land Trust. She previously held senior finance positions in the commercial sector, most notably for BMW GB. PARS PUREWAL, FCA Chairman Pars Purewal has served on the Board since 28 November 2022 and was appointed as Chairman with effect from 28 January 2025. Pars has broad investment sector experience gained over a 38-year career at PricewaterhouseCoopers LLP, including 25 years as Partner across the business’ Audit and Advisory, People, Sales and UK Asset Management teams. Pars is a Fellow of the Institute of Chartered Accountants in England and Wales, the Chair of Royal London Asset Management Limited, aNon- Executive Director on the boards of The Royal London Mutual Insurance Society Limited and The Law Debenture Corporation plc. He was formerly on the boards of Brewin Dolphin Holdings PLC, Federated Hermes Limited and Beyond Food Foundation. Board of Directors Number of shares held 8,096 Annual Remuneration £36,500 Shared directorships with other Directors None Number of shares held 1,608 Annual Remuneration £30,000 Shared directorships with other Directors None The Board of Directors supervises the management of Finsbury Growth & Income Trust PLC and looks after the interests of Shareholders. The re-election of Directors is sought annually at the Annual General Meeting. The Directors of the Company are set out below, all of whom were in office during the year and up to the date of signing the Financial Statements. All members of the Board are Non-Executive and serve as members of the Audit Committee. Information as at 30 September 2025 Number of shares held 18,194 Annual Remuneration £44,500 Shared directorships with other Directors None FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCE STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 45 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 KATE CORNISH-BOWDEN Non-Executive Director Kate Cornish-Bowden has served on the Board since 26 October 2017. Kate was formerly a Fund Manager for Morgan Stanley where she was Managing Director and head of the global core equity team. Kate is a Non-Executive Director and Chair of the Audit Committee at CC Japan Income & Growth Trust plc, the Non-Executive Chairman of International Biotechnology Trust plc and a Non-Executive Director of The European Smaller Companies Trust PLC. She was formerly a Non-Executive Director and Senior Independent Director at Schroder Oriental Income Fund Limited and European Assets Trust plc. LORNA TILBIAN Non-Executive Director Lorna Tilbian has served on the Board since 26 October 2017. Lorna is a Non-Executive Director and Senior Independent Director of Premier Foods plc and ProVen VCT plc and also a Non-Executive Director of Rightmove plc where she chairs the Remuneration Committee. Lorna is also Co-Chair of Dowgate Group. She was formerly a founder and a main Board Director of Numis Corporation plc (now Deutsche Numis), a Non-Executive director of Euromoney Institutional Investor PLC, Jupiter UK Growth Investment Trust PLC and M&C Saatchi PLC, a Director of Dowgate Wealth Ltd, WestLB Panmure Limited and S G Warburg Securities and chair of Dowgate Capital Ltd. Number of shares held 10,293 Annual Remuneration £30,000 Shared directorships with other Directors None All members of the Board are Non-Executive and serve as members of the Audit Committee. Information as at 30 September 2025 Number of shares held 11,500 Annual Remuneration £30,000 Shared directorships with other Directors None 46 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 GOVERNANCE Report of the Directors The Directors present this Annual Report on the affairs of the Company, together with the audited Financial Statements and the Independent Auditors’ Report for the year ended 30September 2025. In accordance with the requirement for the Directors to prepare a Strategic Report and an enhanced Directors’ Remuneration Report for the year ended 30 September 2025, the following information is set out in the Strategic Report: • a review of the Company including details about its objective, strategy and business model; • future developments, details of the principal risks and uncertainties associated with the Company’s activities (including the Company’s financial risk management objectives and policies); and • information regarding community, social, employee, human rights and environmental issues. Information about Directors’ interests in the Company’s ordinary shares is included within the Directors’ Remuneration Report on page64. The Corporate Governance Statement beginning on page 51 forms part of this Directors’ Report. BUSINESS AND STATUS OF THE COMPANY The Company is registered as a public limited company in Scotland (Registered Number SC013958) and is an investment company within the terms of Section 833 of the Companies Act 2006. The Company is a closed-ended investment company incorporated as a public limited company and is an AIF, pursuant to the AIFMD Rules and the EU AIFM Directive, whose ordinary shares are admitted to the closed-ended investment funds category of the Official List of the FCA and traded on the main market of the London Stock Exchange, which is a regulated market as defined in Section 1173 of the Companies Act 2006. The Company carries on its business as an investment trust within the meaning of Chapter 4 of Part 24 of the Corporation Tax Act2010. This approval relates to accounting periods commencing on or after 1 February 2012. The Directors are of the opinion that the Company has conducted its affairs so as to be able to retain such approval. A statement describing how the Directors have had regard to the views of the Company’s stakeholders in their decision- making is included in the s.172 statement within the Strategic Report on pages 31 and 34. RESULTS AND DIVIDENDS The Return on Ordinary Shares after taxation is shown on page78. Details of the Company's dividend record can be found on page 24. LOAN FACILITY As at 30 September 2025, the Company was in the final year of its three-year secured fixed term revolving credit facility (the “facility”) of £60 million with Bank of Nova Scotia, London Branch (“Scotiabank”). There was an additional £40 million facility available if required. As at 30September 2025 a total of £29.2million was drawn down from this facility (2024: £29.2 million) which equates to gearing of1.9%. Subsequent to the year-end on 3 October 2025, the Company’s loan facility with Scotiabank was renewed and it entered into a new three-year secured facility of £40 million with an additional £60 million facility available if required. Following a review of the Company’s loan usage, the Board recognised that the existing facility was larger than required. As a result, it was agreed that its size be reduced, which will lower costs, while retaining flexibility through the inclusion of an accordion facility should additional borrowing capacity be needed in future. Further details can be found in note 12 to the Financial Statements. DIRECTORS The current Directors of the Company are listed on pages44 and 45, all of whom served as Directors of the Company during the year and up to the date of signing the Annual Report. As part of the normal succession process Mr Simon Hayes retired from the Board at the conclusion of the 2025 AGM held on 28 January 2025. No other person was a Director during any part of the year and up to the signing of the Annual Report. All members of the Board are Non-Executive. None of the Directors has any other connection with the Portfolio Manager or is employed by or is an officer of any of the companies in which the Company holds an investment or any of the Company’s service providers, with the exception of Lorna Tilbian who is a Non-Executive director of Rightmove plc. Directors’ Conflicts of Interest Directors report on actual or potential conflicts of interest at each Board meeting. Any Director with a conflict would be excluded from any related discussion. Directors’ & Officers’ Liability Insurance Cover Directors’ and officers’ liability insurance cover was maintained by the Company during the year. It is intended that this policy will continue for the year ending 30 September 2026 and subsequent years. Directors’ Indemnity During the year under review and to the date of this report, indemnities were in force between the Company and each of its Directors under which the Company has agreed to indemnify each Director, to the extent permitted by law, in FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCE STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 47 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 respect of certain liabilities incurred as a result of carrying out their role as a Director of the Company. The Directors are also indemnified against the costs of defending any criminal or civil proceedings or any claim by the Company or a regulator as they are incurred. Where the defence is unsuccessful the Director must repay those defence costs to the Company. The indemnities are qualifying third party indemnity provisions for the purposes of the Companies Act 2006. A copy of each deed of indemnity is available for inspection at the Company Secretary’s offices during normal business hours and will be available at the Annual General Meeting. Directors’ Fees Reports on Directors’ Remuneration and also the Directors’ Remuneration Policy are set out on pages 59 to 64. Appointment and Replacement of Directors Unless otherwise determined by the Company by ordinary resolution, the number of Directors shall not be less than three. Further information on the appointment and replacement of directors can be found on page 54. Directors’ (and Other Senior Individuals) Interests The beneficial interests in the Company of the Directors, of Nick Train, the individual with responsibility for managing the Company’s portfolio at Lindsell Train, and of Alastair Smith, Managing Partner at Frostrow, and of the persons closely associated with them, are set out on page 64 of this AnnualReport. As part of the Company’s commitment to transparency, in May 2022 the Board took the decision to disclose details of transactions in the Company’s shares by Nick Train. CAPITAL STRUCTURE The Company’s capital structure is composed solely of Ordinary Shares. Details are given in note 13 to the Financial Statements on page 91. Details of the voting rights in the Company’s shares at the date of this Annual Report are given in note 9 to the Notice of the Annual General Meeting. Details of the substantial Shareholders in the Company are listed on pages 48 and 49. The giving of powers to issue or buy-back the Company’s shares requires the relevant resolution to be passed by Shareholders. Proposals for the renewal of the Board’s current powers to issue and buy-back shares are detailed within the Notice of the Annual General Meeting. During the year, the Company utilised the majority of the shares available under its existing buy-back authority, approved by Shareholders at the Company’s Annual General Meeting held on 28 January 2025. Following this, a General Meeting was held on 11 November 2025, at which shareholders approved a further buy-back authority for up to 19,113,377 shares on the same basis. There are no restrictions concerning the transfer of securities in the Company; no special rights with regards to control attached to securities; no restrictions on voting rights; no agreements between holders of securities regarding their transfer known to the Company; and no agreements to which the Company is party that might affect its control following a successful takeover bid. Authority To Issue and Purchase Own Shares It is intended that a special resolution will be proposed to grant the Company authority to purchase its own shares, so as to permit the purchase of up to 18,322,505 of the Company’s ordinary shares (or such other number of shares as is equal to 14.99% of the total number of ordinary shares in issue at the date of the passing of the resolution) subject to the constraints set out in the special resolution. The Directors intend to use this authority to purchase shares only if this would result in an increase in net asset value per share and would be in the best interests of Shareholders generally. Ordinary shares which are purchased under this authority may be held in Treasury or cancelled. The Company has adopted a buy-back policy whereby the Company will buy-back shares as described above when the share price discount to the net asset value per share approaches 5%. Treasury shares can be sold back to the market at a later date at a premium to the cum income net asset value per share. The Company's share issuance policy allows the issuance of new shares at a small premium to the net asset value per share on a regular basis acting as a premium management tool. A detailed description of this policy can be found on the Company’s website. During the year, 34,698,781 shares were bought back into Treasury at a cost of approximately £309.7 million (2024: 36,801,766 at a cost of approximately £310 million). The nominal value of the shares repurchased during the year was approximately £8.7 million, based on a nominal value of £0.25 per share. Between 1 October 2025 and 1 December 2025, the Company bought back a further 10,787,363 shares into Treasury. The benefits to Shareholders of these policies are: • The volatility of the Company’s share price discount is minimised; • The absolute level of the Company’s share price discount is minimised; • It is accretive to net asset value per share to the benefit of existing Shareholders; and • The Company’s long-term prospects are preserved in that Shareholders with a longer-term investment horizon are attracted to the shareholder register. 48 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 GOVERNANCE REPORT OF THE DIRECTORS – CONTINUED The Directors believe that granting the Board authority to purchase shares, as detailed above, is in the best interests of Shareholders as a whole and therefore recommend that Shareholders vote in favour of this resolution. Voting Rights Subject to any rights or restrictions attached to any shares, on a show of hands, every member who is present in person has one vote and every proxy present who has been duly appointed has one vote. However, if the proxy has been duly appointed by more than one member entitled to vote on the resolution, and is instructed by one or more of those members to vote for the resolution and by one or more others to vote against it, or is instructed by one or more of those members to vote in one way and is given discretion as to how to vote by one or more others (and wishes to use that discretion to vote in the other way) he or she has one vote for and one vote against the resolution. Every corporate representative present who has been duly authorised by a corporation has the same voting rights as the corporation. On a poll, every member present in person or by duly appointed proxy or corporate representative has one vote for every share of which they are the holder or in respect of which their appointment as proxy or corporate representative has been made. A member, proxy or corporate representative entitled to more than one vote need not, if they vote, use all their votes or cast all the votes they use the same way. In the case of joint holders, the vote of the senior who tenders a vote shall be accepted to the exclusion of the votes of the other joint holders, and seniority shall be determined by the order in which the names of the holders stand in the register of members. A member is entitled to appoint another person as their proxy to exercise all or any of their rights to attend and to speak and vote at a meeting of the Company. The appointment of a proxy shall be deemed also to confer authority to demand or join in demanding a poll. Delivery of an appointment of a proxy shall not preclude a member from attending and voting at the meeting or at any adjournment of it. A proxy need not be a member. A member may appoint more than one proxy in relation to a meeting, provided that each proxy is appointed to exercise the rights attached to a different share or shares held by them. Share Capital At the Annual General Meeting held on 28 January 2025, authority to allot up to 15,780,421 shares on a non pre-emptive basis at prices not less than the higher of the prevailing cum or ex income net asset value per share at the time of issuance was granted. Further details of the resolutions concerning issuance authorities can be found in the Notice of Meeting. No shares were issued by the Company during the year (2024: Nil). SUBSTANTIAL SHARE INTERESTS During the financial year to 30 September 2025, the Company had been notified of the following change in substantial interests in the Company’s voting rights. Date of Notification Number of Shares % of capital Mr Nick Train 17 July 2025 5,697,780 4.04% As at 30 September 2025 the Directors were aware of the following interests in the voting rights of the Company that were above 3% of the Company’s share capital: Holdings above 3% No. of shares % of Capital Hargreaves Lansdown 16,082,591 12.04 Interactive Investor 14,648,420 10.97 Rathbones 9,056,891 6.78 1607 Capital Partners 8,139,153 6.09 RBC Brewin Dolphin 7,054,481 5.28 Evelyn Partners 6,626,310 4.96 AJ Bell 5,862,836 4.39 Mr Nick Train 5,710,280 4.27 RBC Brewin Dolphin Ireland 4,873,461 3.65 Charles Stanley 4,248,003 3.18 At 30 September 2025 the Company had 133,018,887 shares in issue (excluding 91,972,416 shares held in Treasury). The shareholder register is principally comprised of private wealth managers and retail investors owning their shares through a variety of online platforms. A profile of the Company’s ownership is shown below. Wealth Managers & Private Banks 37.92% Institutional Investors 18.81% Retail Shareholders 38.61% Other 4.66% Sourc e : Equiniti R D:IR PROFILE OF THE COMPANY’S OWNERSHIP % OF SHARES HELD AT 30 SEPTEMBER 2025 FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCE STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 49 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 The powers shall not be limited by any special powers given to the Directors by the Articles and a meeting of the Directors at which a quorum is present may exercise all the powers exercisable by the Directors. The Directors’ powers to issue and buy-back shares, in force at the end of the year, are recorded in the Directors’ Report. There are no agreements: i. to which the Company is a party that might affect its control following a takeover bid; and/or ii. between the Company and its Directors concerning compensation for loss of office. UK Listing Rule 6.6.6 UK Listing Rule 6.6.6 requires the Company to include certain information, more applicable for traditional trading companies, in a single identifiable section of the Annual Report or a cross reference table indicating where the information is set out. The Directors confirm that there are no disclosures to be made in this regard. Political Donations The Company does not make political donations. Global Greenhouse Gas (“GHG”) Emissions for the Year Ended 30 September 2025 The Company is an investment company, with neither employees nor premises, nor has it any financial or operational control of the assets which it owns. Consequently, the Company consumed less than 40,000 kWh of energy during the year in respect of which the Directors’ Report is prepared and therefore is exempt from the disclosures required under the Streamlined Energy and Carbon Reporting criteria. It has no GHG emissions to report from its operations nor does it have responsibility for any other emissions producing sources under the Companies Act 2006 (Strategic Report and Directors’ Reports) Regulations 2013, including those within the Company’s underlying investment portfolio. Taskforce for Climate Related Financial Disclosures (“TCFD”) The Company notes the TCFD recommendations on climate related financial disclosures. The Company is an investment company and, as such, it is exempt from the UK Listing Rules requirement to report against the TCFD framework. The Company’s TCFD Product Report can be found on the Company’s website together with a link to Portfolio Manager’s TCFD Entity Report. Since the Company’s financial year end, the Company had been notified of the following change in substantial interests in the Company’s voting rights. Date of Notification Number of Shares % of capital RBC Brewin Dolphin 24 October 2025 4,721,134 3.64% * This disclosure incorporates positions that were previously held by Brewin Dolphin Ltd, which were absorbed into RBC Europe Ltd in November 2024. BENEFICIAL OWNERS OF SHARES – INFORMATION RIGHTS Beneficial owners of shares, such as those owning their shares through a retail platform, who have been nominated by the registered holder of those shares to receive information rights under Section 146 of the Companies Act 2006 should direct all communications to the registered holder of their shares rather than to the Company’s Registrar, Link Group, or to the Company directly. AGM The AGM of the Company this year will again be held at Guildhall, City of London EC2V 7HH (please use the Basinghall Street Entrance) on Thursday, 15 January 2026 at 12 noon. Shareholders will have the opportunity to engage directly with the Board and the Portfolio Manager, both in person andvirtually. The full text of the resolutions to be proposed at the AGM and an explanation of each resolution are contained in the separate Notice of Meeting. The Directors recommend that Shareholders cast their proxy votes in favour of all resolutions proposed, as they will in respect of their own holdings. ARTICLES OF ASSOCIATION Amendment of the Company’s Articles of Association requires a special resolution to be passed by shareholders. There are no changes proposed this year. OTHER STATUTORY INFORMATION The following information is disclosed in accordance with the Companies Act 2006: • The rules on the appointment and replacement of directors are set out in the Company’s Articles. Any changeto the Articles would be governed by the Companies Act 2006. • Subject to the provisions of the Companies Act 2006, to the Articles, and to any directions given by special resolution, the business of the Company shall be managed by the Directors who may exercise all the powers of the Company. 50 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 UK Sanctions The Board has made due diligence enquiries of the service providers that process the Company’s shareholder data to ensure the Company’s compliance with the UK sanctions regime. The relevant service providers have confirmed that they check the Company’s shareholder data against the UK sanctions list on a daily basis. At the date of this report, no sanctioned individuals had been identified on the Company’s shareholder register. The Board notes that stockbrokers and execution-only platforms also carry out their own due diligence. Statement of Disclosure of Information to the Auditors So far as the Directors are aware, there is no relevant information (as defined in the Companies Act 2006) of which the Company’s Auditors are unaware. The Directors have taken all steps they ought to have taken to make themselves aware of any relevant audit information (as defined) and to establish that the Auditors are aware of such information. The above confirmation is given and should be interpreted in accordance with the provisions of Section 418 of the Companies Act 2006. GOING CONCERN The Company’s portfolio, investment activity, the Company’s cash balances and revenue forecasts, the trends and factors likely to affect the Company’s performance are reviewed and discussed at each Board meeting. The Board has considered a detailed assessment of the Company's ability to meet its liabilities as they fall due, including stress tests and reverse stress tests which modelled the effects of substantial falls in portfolio valuations and liquidity constraints on the Company’s NAV, cash flows and expenses. This year the Company’s Shareholders are asked to vote for the continuation of the Company and this will be put to Shareholders at this year’s AGM. The Board has recommended that shareholders vote in favour of the continuation of the Company and believes it is reasonable to expect that the vote will pass. Furthermore, the result of the continuation vote will not affect the Company’s ability to meet its liabilities as they fall due. Based on the information available to the Directors at the date of this report, including the results of these stress tests, the conclusions drawn in the Viability Statement in the Strategic Report beginning on page 30, the Company’s cash balances and access to funding, the Directors are satisfied that the Company has adequate financial resources to continue in operation for at least the next 12 months from the date of approval of this report and that, accordingly, it is appropriate to continue to adopt the going concern basis in preparing the Financial Statements. In reaching these conclusions and those in the Viability Statement, the stress testing conducted also featured consideration of the long-term effects of the continuing geopolitical and economic uncertainties that have affected markets globally and are likely to continue to do so. These include the continued uncertainty created by the increase in global inflation and rising interest rates, international trade tariffs, together with the consequences of the wars in Ukraine and the effect of sanctions against Russia; tensions between China and the West; as well as subsequent long-term effects on economies and international relations. Further information is provided in the Audit Committee report beginning on page 68. Details of any events that occurred since the end of the financial year are disclosed in Note 20 to the Financial Statements. Approved by the board of directors and signed on behalf of the board by: Frostrow Capital LLP Company Secretary 2 December 2025 GOVERNANCE REPORT OF THE DIRECTORS – CONTINUED FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCE STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 51 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 Corporate Governance CORPORATE GOVERNANCE STATEMENT The Board is committed to maintaining and demonstrating high standards of corporate governance. The Board has considered the principles and recommendations of the AIC Code of Corporate Governance (the “AIC Code”). The AIC Code addresses all the principles set out in the UK Corporate Governance Code issued by the Financial Reporting Council (“FRC”) (the “UK Code”), as well as setting out additional principles and recommendations on issues that are of specific relevance to investment companies. The Board considers that reporting against the principles and recommendations of the AIC Code will provide the best information to Shareholders and the FRC has confirmed that by following the AIC Code, boards of investment companies will meet their obligations in relation to the UK Corporate Governance Code and associated disclosure requirements under paragraph 6.6.6 of the UK Listing Rules. The Corporate Governance Code can be viewed at www.frc.org.uk. The AIC Code is available on the AIC website (www.theaic.co.uk). Itincludes an explanation of how the AIC Code adapts the Principles and Provisions set out in the Corporate Governance Code to make them relevant for investment companies. In January 2024 the FRC published a revised UK Corporate Governance Code which applies to financial years beginning on or after 1 January 2026. The AIC published a revised Code of Corporate Governance in August 2024, which applies with effect from the same date. The 2018 UK Code and the 2019 AIC Code apply until this time. STATEMENT OF COMPLIANCE The Company has complied with the recommendations of the AIC Code and the relevant provisions of the UK Code, except in relation to certain provisions relating to: • the role of the chief executive; • executive directors’ remuneration; and • the need for an internal audit function. For the reasons set out in the AIC Code, and as explained in the UK Code, the Board considers these provisions are not relevant to the position of the Company as it is an externally managed investment company. In particular, all of the Company’s day-to- day management and administrative functions are outsourced to third parties. As a result, the Company has no executive directors, employees or internal operations. Therefore, the Company has not reported further in respect of these provisions. COMPANY Company’s Purpose, Values and Strategy The Board assesses the basis on which the Company generates and preserves value over the long term. The Strategic Report describes how opportunities and risks to the future success of the business have been considered and addressed, the sustainability of the Company’s business model and how its governance contributes to the delivery of its strategy. The Company’s investment objective and investment policy are set out on pages 4, 23 and 24. The Board’s key responsibilities are to set the Company's strategy, values and standards; to provide leadership within a controls framework which enables risks to be assessed and managed; to challenge constructively and scrutinise performance of all outsourced activities; and to review regularly the contracts, performance and remuneration of the Company’s principal service providers and, in particular, the Portfolio Manager. Board Committees The Directors have decided that, given the size of the Board, it is unnecessary to form separate Remuneration and Nomination Committees; the duties that would ordinarily fall to those Committees are carried out by the Board as a whole. The Audit Committee The Audit Committee’s key responsibilities are to monitor the integrity of the Annual Report and Financial Statements; to oversee the risk and control environment and financial reporting; and to review the performance of the Company’s external auditor. All Independent non-executive Directors are members of the Committee. Although Pars Purewal is Chairman of the Board, in light of his continued independence and his valued contributions in Committee meetings, the Audit Committee considers it appropriate that he continues to be a member. Copies of the full terms of reference, which clearly define the responsibilities of the Audit Committee, can be obtained from the Company Secretary. They will be available for inspection at the Annual General Meeting or at the offices of the Company Secretary and can be found in the Corporate Information section on the Company’s website. Board Meetings Representatives of the Portfolio Manager, AIFM and Company Secretary are expected to be present at all meetings. The primary focus at Board meetings is a review of investment performance and associated matters. The Chairman encourages open debate within the Board and a supportive and co-operative relationship with the Company’s AIFM, Portfolio Manager, advisers and other service providers. The table overleaf sets out the number of formal Board and Committee meetings held during the year ended 30September 2025 and the number of meetings attended by each Director. In addition to the scheduled Board and Committee meetings, Directors attend ad hoc meetings to consider matters such as the approval of regulatory announcements, management accounts and interimdividends. The Directors receive monthly portfolio update briefings from representatives of the Portfolio Manager and AIFM. 52 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 GOVERNANCE CORPORATE GOVERNANCE – CONTINUED Board Audit Committee Total number of meetings 5 4 James Ashton 5 4 Kate Cornish-Bowden 5 4 Sandra Kelly 5 4 Simon Hayes 1 2 1 Pars Purewal 5 4 Lorna Tilbian 5 4 1 Simon Hayes retired from the Board on 28 January 2025. All of the Directors attended the Annual General Meeting in January2025. BOARD Role of The Board Responsibility for effective governance and the overall management of the Company’s affairs lies with the Board. The Company’s governance framework reflects its status as an investment company, whereby key functions including company secretarial, administration, marketing, portfolio, and risk management are outsourced to Frostrow. Frostrow, in turn, delegates portfolio management to Lindsell Train. The Board is committed to promoting the long-term sustainable success of the Company, generating value for shareholders and contributing to wider society. It seeks to provide leadership, ensuring that the Company remains well- positioned to pursue its strategic objectives. The Board seeks to establish and maintain a corporate culture characterised by fairness in its treatment of the Company’s service providers, whose efforts are collectively directed towards delivering returns to Shareholders in line with the Company’s purpose and objectives. It is the Board’s belief that this contributes to the greater success of the Company, as well as being an appropriate way to conduct relations between parties engaged in a common purpose. The Board ensures that the necessary resources are in place for the Company to meet its objectives and monitors performance against them. It has also established a framework of prudent and effective controls to enable risk to be assessed and managed appropriately. To meet its responsibilities to Shareholders and stakeholders, the Board promotes effective engagement and encourages participation from these groups. This includes maintaining open channels of communication and considering stakeholder views in its decision-making processes.. Matters Reserved For Decision By The Board The Board has adopted a schedule of matters reserved for its decision. This includes, inter alia, the following: • Requirements under the Companies Act 2006, including approval of the half yearly and annual financial statements, recommendation of any dividend, the appointment or removal of the Company Secretary, and determining the policy on share issuance and buy-backs. • Matters relating to certain Stock Exchange requirements and announcements, the Company’s internal controls, and the Company’s corporate governance structure, policy and procedures. • Decisions relating to the strategic objectives and overall management of the Company, including the appointment or removal of the AIFM , Portfolio Manager and other service providers, and review of the Investment Policy. • Matters relating to the Board and Board committees, including the terms of reference and membership of the committees, the appointment of Directors (including the Chairman) and the determination of Directors’ remuneration. Day-to-day operational and portfolio management is delegated to Frostrow and Lindsell Train respectively. The Board takes responsibility for the content of communications regarding major corporate issues, even if Frostrow or Lindsell Train acts as spokesperson. The Board is kept informed of relevant promotional material that is issued by Frostrow. Composition, Succession and Evaluation The Board seeks to ensure that it is well-balanced and refreshed regularly by the appointment of new directors with the skills and experience necessary, in particular, to replace those lost by directors’ retirements. The Board further ensures that it is comprised of members who collectively: i. display the necessary balance of professional skills, experience, length of service and industry/Company knowledge; and ii. are fit and proper to direct the Company’s business with prudence and integrity; and provide policy guidance on the structure, size and composition of the Board (and its Committee) and the identification and selection of suitable candidates for appointment to the Board (and its Committee). The composition and skills of the Board are reviewed annually and at such other times as circumstances may require. Board Evaluation During the year the performance of the Board, its committee and individual Directors was evaluated through a formal assessment process led by the Chairman. The performance of the Chairman was evaluated by the other Directors under the leadership of Sandra Kelly as Senior Independent Director. It was concluded that the Chairman continues to uphold the highest standards of integrity and ethical leadership promoting a culture of openness and debate based on mutual respect within the Boardroom. FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCE STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 53 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 The Chairman is satisfied that the structure and operation of the Board continues to be effective and relevant and that there is a satisfactory mix of skills, experience, length of service and knowledge of the Company. The Board has considered the position and diversity of all of the Directors, and believes that it would be in the Company’s best interests to propose them for re-election by Shareholders at the 2026 AGM. The relevant experience of each of the Directors is detailed on pages 44 and 45 and on page 8 of the Notice of Meeting. As an independent external review of the Board was undertaken in 2024 the next such review will be held in 2027. The Board has considered the position of all of the Directors as part of the evaluation process and believes that it would be in the Company’s best interests to propose them for re-election. Diversity Policy The Board supports the principle of boardroom diversity and therefore the Company’s Diversity Policy applies to both the Board and Audit Committee. The Company’s policy is that the Board should be comprised of directors who collectively display the necessary balance of professional skills, experience, length of service and industry knowledge and that appointments to the Board should be made on merit, against objective criteria, including diversity in its broadest sense. The objective of the policy is to have a broad range of approaches, backgrounds, skills, knowledge and experience represented on the Board. The Board believes that this will make the Board more effective at promoting the long-term sustainable success of the Company and generating value for all Shareholders by ensuring there is a breadth of perspectives among the Directors and the challenge needed to support good decision-making. To this end achieving a diversity of perspectives and backgrounds on the Board during the year has been, and will continue to be, a key consideration in any Director search process. The gender balance of two men and three women, as at the date of the Annual Report, exceeds the requirements of the UK Listing Rules. The Board is aware that gender representation objectives have been set for FTSE 350 companies and that targets concerning ethnic diversity have been recommended. The Parker Review set a target for each FTSE 100 Board to have at least one director of colour by 2021 and for each FTSE 250 Board to have the same by 2024. The Board will not display any bias in respect of age, gender, race, sexual orientation, religion, ethnic or national origins, disability, or educational, professional or socio-economic background in considering the appointment of its Directors. Board Diversity The Board is supportive of the FCA’s UK Listing Rules (UKLR6.6.6(9)) to encourage greater diversity on listed company boards and has implemented the FCA’s disclosure requirements. The Board has chosen to align its diversity reporting reference date with the Company’s financial year end and proposes to maintain this alignment for future reporting periods. The Company met the three targets on board diversity as at its chosen reference date, 30 September 2025: (i) at least 40% of the individuals on its board of directors are women; (ii) at least one of the following senior positions on its board of directors is held by a woman: (A) the chair; (B) the chief executive; (C) the senior independent director; or (D) the chief financial officer; and (iii) at least one individual on its board of directors is from a minority ethnic background. The relatively small size of the Company’s Board, and therefore more infrequent vacancies and opportunities for recruitment, make achieving diversity on the Board a more challenging process. As succession planning of the Board progresses over future years, the Company will continue to strive for increased diversity on its Board of which gender and ethnicity are two important aspects. Further details on the Company’s appointment process can be found under Appointments to the Board on the following page. This includes engaging recruitment agencies that sign up to recognised codes of conduct, which include principles on diversity with the aim of increasing board diversity integrated through their searchprocesses. 54 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 In order to collect the data required to fulfil the disclosures in the tables above, the Board agreed that self-reporting by the individuals concerned was the most appropriate method. Thedata was collected anonymously by the Company Secretary using a web-based survey where the following two questions were posed, and individuals were reminded that ‘Not specified / prefer not to say’ could be recorded in response: 1. For the purposes of the UK Listing Rules disclosures, how should you be categorised; and 2. Please advise your ethnicity. There have been no changes in Board composition that have occurred between the reference date and the date on which the Annual Report was approved. Policy on Director Tenure The tenure of each non-executive Director, including the Chairman, is not ordinarily expected to exceed nine years. However, the Board has agreed that the tenure of the Chairman may be extended for an agreed time provided such an extension is conducive to the Board’s overall orderly succession. The Board believes that this more flexible approach to the tenure of the Chairman is appropriate in the context of the regulatory rules that apply to investment companies, which ensure that the Chairman remains independent after appointment, while being consistent with the need for regular refreshment and diversity. Appointments to the Board The rules governing the appointment and replacement of Directors are set out in the Company’s Articles of Association and the aforementioned succession planning policy. Where the Board appoints a new Director during the year or after the year end and before the notice of annual general meeting is published, that Director will stand for election by Shareholders at the next Annual General Meeting. When considering new appointments, the Board endeavours to ensure it maintains the capabilities required to be effective and to oversee the Company’s strategic priorities. This includes an appropriate range, balance, and diversity of skills, experience, and knowledge. The Company is committed to ensuring that any vacancies are filled by the best qualified candidates, selected on merit and through objective criteria. In line with this approach, the Board also recognises the importance of promoting diversity of gender, social and ethnic backgrounds, as well as cognitive and personal strengths, when making appointments. Subject to there being no conflict of interest, all Directors are entitled to vote on candidates for the appointment of new Directors and to recommend to Shareholders the re-election of Directors at the Annual General Meeting. The Chairman will not chair the meeting when the Board is dealing with the appointment of his successor. As part of the Board composition and succession process the Board engaged the services of specialist recruitment consultants, Odgers. GOVERNANCE CORPORATE GOVERNANCE – CONTINUED Number of Board members Percentage of the Board Number of senior positions on the board (Chair and SID) Men 2 40% 1 Women 3 60% 1 Not specified/prefer not to say – – – * As an externally managed investment company, the Company has no executive directors, employees or internal operations. The Board has therefore excluded the columns relating to executive management from the tables above. In addition, the senior positions on the Company’s Board of (B)the chief executive and (D) the chief financial officer are not applicable to the Company. In the absence of the aforementioned roles, the Board considers the Chair of the Audit Committee to also be a senior position on the Board. Sandra Kelly currently serves as both Senior Independent Director and Chair of the Audit Committee. Number of Board members Percentage of the Board Number of senior positions on the board (Chair and SID) White British or other White (including minority-white groups) 4 80% 1 Mixed/Multiple Ethnic Groups – – – Asian/Asian British 1 20% 1 Black/African/Caribbean/Black British – – – Other ethnic group, including Arab – – – Not specified/prefer not to say – – – As required under UKLR 6.6.6(9), further detail in respect of the three targets outlined above as at 30 September 2025 is disclosed in the tables below. FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCE STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 55 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 Odgers is accredited by BEIS under the Enhanced Code of Conduct for executive search firms, in recognition of our efforts at the forefront of helping boards enhance their gender diversity and achieve a higher level of women appointments on FTSE 350 boards. Additionally, Odgers are engaged with the Parker Review to increase boardroom participation amongst the minority ethnic communities. Odgers has no other connection with the Company or the individual Directors. Induction/Development New appointments to the Board are provided with a full induction programme. The programme covers the Company’s investment strategy, policies and practices. New Directors are also given key information on the Company’s regulatory and statutory requirements as they arise including information on the role of the Board, matters reserved for its decision, the terms of reference for the Board committee, the Company’s corporate governance practices and procedures and the latest financial information. Following their appointment, Directors are encouraged to participate in training courses where appropriate. Division of Responsibilities Responsibilities of the Chairman The Chairman’s primary role is to provide leadership to the Board, assuming responsibility for its overall effectiveness in directing the company. The Chairman is responsible for: • ensuring that the Board is effective in its task of setting and implementing the Company’s direction and strategy, taking the chair at general meetings and Board meetings, conducting meetings effectively and ensuring all Directors are involved in discussions and decision-making; • setting the agenda for Board meetings and ensuring the Directors receive accurate, timely and clear information for decision-making; • taking a leading role in determining the Board’s composition and structure, overseeing the induction of new Directors and the development of the Board as a whole, leading the annual board evaluation process and assessing the contribution of individual Directors; • supporting and also challenging the AIFM and the Portfolio Manager (and other suppliers where necessary) ensuring effective communications with Shareholders and, where appropriate, other stakeholders; and • engaging with Shareholders to ensure that the Board has a clear understanding of shareholder views. Responsibilities of the Senior Independent Director (“SID”) The SID serves as a sounding board for the Chairman and acts as an intermediary for the other Directors and the Shareholders. The SID is responsible for: • working closely with the Chairman and providing support; • leading the annual assessment of the performance of the Chairman; • holding meetings with the other non-executive Directors without the Chairman being present, on such occasions as necessary; • carrying out succession planning for the Chairman’s role; • working with the Chairman, other Directors and Shareholders to resolve major issues; and • being available to Shareholders and other Directors to address any concerns or issues they feel have not been adequately dealt with through the usual channels of communication (i.e.through the Chairman or the Portfolio Manager). Company Secretary The Directors have access to the advice and services of a specialist company secretary, who is responsible for advising the Board on all governance matters. The Company Secretary ensures governance procedures are followed and that the Company complies with applicable statutory and regulatory requirements. Directors’ Interests The beneficial interests of the Directors in the Company are set out on page 64. Directors’ Independence As at the date of the Annual Report, the Board consists of fivenon-executive Directors, each of whom is independent of Frostrow and Lindsell Train. No member of the Board has been an employee of the Company, Frostrow, Lindsell Train or any of its service providers. Accordingly, the Board considers that all the Directors are independent and there are no relationships or circumstances which are likely to affect or could appear to affect their judgement. The Chairman is entitled to a seat on the board of the Company’s AIFM by virtue of the Company’s minority partnership interest in Frostrow. It is a non-executive position and therefore the Board does not believe that this compromises his independence from the Company. At this time the Board has decided the Chairman will not take a seat on the board of Frostrow, but continues to receive updates on the business as part of the review of Frostrow's valuation. Directors' Other Commitments Each of the Directors assessed the overall time commitment of their external appointments and it was concluded that they have sufficient time to discharge their duties. When appointing new Directors, the Board takes into account other demands on the Directors’ time. Any additional external appointments are not undertaken without prior approval of the Board. Independent Professional Advice The Board has formalised arrangements under which the Directors, in the furtherance of their duties, may seek independent professional advice at the Company’s expense. 56 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 Principal third party service providers The Directors l receive regular reporting at meetings; l review the assurance report produced by each organisation; l receive additional reporting on the control environment from each of the principal third party service providers; and l formally evaluate their performance on an annual basis. Secondary third party service providers The Directors l receive ad hoc reporting on their activities at meetings. Lindsell Train Limited (Portfolio Management) Reporting l Investment performance update at each meeting l ESG update at each meeting l Internal Control Report l Compliance Report (semi-annually) l Effectiveness of control environment (annually) MUFG Corporate Markets (Registrar) l Effectiveness of control environment (annually) Winterflood Securities Limited (Corporate Broker) l Effectiveness of control environment (annually) Bank of New York Mellon (Depositary and Global Custodian) Reporting l Depositary’s Report (semi-annually) l Effectiveness of control environment (annually) l Presentation from the Depositary and Custodian (annually) The Board has responsibility for establishing and assessing internal controls to ensure the Company operates effectively, efficiently and within the risk appetite set by the Board. As the Company relies on third party service providers for all of its operations, it obtains regular reports from these counterparties on the nature and effectiveness of controls within these organisations. The Company’s principal service providers are the Portfolio Manager, Lindsell Train Limited, the AIFM, Company Secretary and Administrator, Frostrow Capital LLP, and its depositary and custodian, Bank of New York Mellon. The Board receives regular reporting on compliance with the control environment and assesses the effectiveness of the internal controls through review of the assurance reports from each of these organisations. In addition, the Company retains a number of secondary providers who report to the Board. These include the registrar and corporate broker. The services provided by these firms are not integral to the Company’s operating model and internal controls and so the reporting they provide to the Board on their operations is less extensive. The Audit Committee formally evaluates the performance and service delivery of all third party service providers at least annually and the performance of the Company’s external auditor annually, following the completion of the annual audit process. INTERNAL CONTROLS STRUCTURE Board of Directors Non-executive Sub-committee: l Audit Committee Frostrow Capital LLP (AIFM, Company Secretary and Administrator) Reporting l Statement of Financial Position l Liquidity l Income forecasts l Portfolio valuation l Portfolio transactions l Investment limits and restrictions (monthly) l Compliance with investment policy and guidelines (monthly) l Compliance report (quarterly) l Effectiveness of control environment (semi-annually) l Advice on regulatory changes GOVERNANCE CORPORATE GOVERNANCE – CONTINUED FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCE STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 57 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 RISK AND INTERNAL CONTROL The Statement of Directors’ Responsibilities on page 58 describes the Directors’ responsibility for preparing this report. The Audit Committee Report, beginning on page 65, explains the work undertaken to allow the Directors to make this statement and to apply the going concern basis of accounting. It also sets out the main roles and responsibilities as well as the work of the Audit Committee and describes the Directors’ review of the Company’s risk management and internal control systems. A description of the principal risks facing the Company and an explanation of how they are being managed is provided in the Strategic Report on pages 26 to 30. An overview of the Internal Controls structure of the Company and its service providers is shown overleaf. STAKEHOLDERS Reporting on Engagement with Stakeholders The AIC Code requires directors to explain their statutory duties as stated in Sections 171–177 of the Companies Act 2006. Under Section 172, directors have a duty to promote the success of the Company for the benefit of its members as a whole and in doing so have regard to the consequences of any decisions in the long term, as well as having regard to the Company’s stakeholders amongst other considerations. The Board’s report on its compliance with Section 172 of the Companies Act 2006 is contained within the Strategic Report on pages 31 to 34. Nominee Share Code Where shares in the Company are held via a nominee company, the Company undertakes: • to provide the nominee company with multiple copies of shareholder communications, so long as an indication of quantities has been provided in advance; and • to allow investors holding shares through a nominee company to attend general meetings. Nominee companies are encouraged to provide the necessary authority to underlying Shareholders to attend the Company’s Annual General Meeting and vote via proxy. ANNUAL GENERAL MEETING The Annual General Meeting will be held at 12 noon on Thursday, 15 January 2026. The formal notice of the Annual General Meeting is set out in the accompanying circular to Shareholders, together with explanations of the resolutions and arrangements for the meeting. By order of the Board Frostrow Capital LLP Company Secretary 2 December 2025 58 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 GOVERNANCE Statement of Directors’ Responsibilities The Directors are responsible for preparing the Annual Report and the Financial Statements in accordance with applicable law and regulations. Company law requires the Directors to prepare Financial Statements for each financial year. Under that law the Directors have elected to prepare the Financial Statements in accordance with (United Kingdom Accounting Standards and applicable law), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland. Under law the Directors must not approve the Financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these Financial Statements, the Directors are required to: • select suitable accounting policies and then apply them consistently; • state whether applicable United Kingdom Accounting Standards, have been followed, subject to any material departures disclosed and explained in the Financial Statements; • make judgements and accounting estimates that are reasonable and prudent; and • prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the Financial Statements and the Directors’ Remuneration Report comply with the Companies Act 2006. The Directors are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. WEBSITE PUBLICATION The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of Financial Statements may differ from legislation in other jurisdictions. Financial Statements are published on the Company’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the Company’s website is the responsibility of the Directors. The Directors’ responsibility also extends to the ongoing integrity of the financial statements contained therein. RESPONSIBILITY STATEMENT Each of the Directors, whose names and functions are listed in the ‘Board of Directors’ section on pages 44 and 45, confirms that, to the best of their knowledge: • the Financial Statements, prepared in accordance with the relevant financial reporting framework, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; • the strategic report includes a fair review of the development and performance of the business and the position of the company, together with a description of the principal risks and uncertainties that they face; and. • the annual report and financial statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the company’s position and performance, business model andstrategy. This responsibility statement was approved by the board of directors on 2 December 2025 and is signed on its behalf by: Pars Purewal Chairman Note to those who access this document by electronic means: The Annual Report for the year ended 30 September 2025 has been approved by the Board of Finsbury Growth & Income Trust PLC. Copies of the Annual Report are circulated to Shareholders and, where possible to potential investors. It is also made available in electronic format for the convenience of readers. Printed copies are available from the Company Secretary's office in London. FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCE STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 59 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 Directors’ Remuneration Policy The Company follows the recommendations of the AIC Code that Directors’ remuneration should reflect their duties, responsibilities and the value of their time spent. The Board’s policy is that the remuneration of the Directors should reflect the experience of the Board as a whole, and is determined with reference to comparable organisations and appointments. There are no performance conditions attaching to the remuneration of the Directors as the Board does not believe that this is appropriate for non-executive Directors. This policy is reviewed annually and it is intended that it will continue for the year ending 30 September 2026 and for subsequent financial years. Shareholder approval of the Directors’ Remuneration Policy was last sought at the AGM held in January 2023. The result in respect of the resolution was as follows: Remuneration policy VOTES CAST FOR VOTES CAST AGAINST VOTES WITHHELD Votes cast 86,434,157 149,590 79,223 % of votes cast 99.73% 0.17% 0.09% * Votes withheld are not votes by law and are therefore not counted in the calculation of votes for or against a resolution The fees for the Directors are determined within the limits set out in the Company’s Articles of Association, the maximum aggregate limit currently being £300,000 per annum, and Directors are not eligible for bonuses, pension benefits, share options, long-term incentive schemes or other benefits. Directors are entitled to claim reasonable expenses from the Company in relation to the performance of their duties. The current and projected Directors’ fees for 2026 are shown in the following table. The Company does not have any employees. DATE OF APPOINTMENT TO THE BOARD PROJECTED FEES YEAR ENDING 30 SEPTEMBER 2026 REMUNERATION YEAR ENDED 30 SEPTEMBER 2025 Pars Purewal (Chairman) 28 November 2022 £46,000 £40,044 James Ashton 14 October 2020 £31,500 £30,000 Kate Cornish-Bowden 26 October 2017 £31,500 £30,000 Simon Hayes 1 29 June 2015 – £14,548 Sandra Kelly (Chair of the Audit Committee and SID) 9 October 2019 £39,000 £36,500 Lorna Tilbian 26 October 2017 £31,500 £30,000 £179,500 £181,092 1 Simon Hayes retired from the Board on 28 January 2025. The current level of Directors’ fees will not be reviewed until at least September 2026. Any new Director being appointed to the Board who has not been appointed as either Chairman of the Board or as the Chair of the Audit Committee will, under the current level of fees, receive £31,500 per annum. 60 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 GOVERNANCE DIRECTORS’ REMUNERATION POLICY – CONTINUED DIRECTORS’ REMUNERATION YEAR ENDED 30 SEPTEMBER 2025 None of the Directors has a service contract. The terms of their appointment provide that Directors shall retire and be subject to election at the first Annual General Meeting after their appointment and to re-election annually thereafter. The terms also provide that a Director may be removed without notice and that compensation will not be due on leaving office. Theterms and conditions of the Directors’ appointments are set out in formal letters of appointment which are available forreview on request from the Company Secretary at cosec@frostrow.com and will be available for 15 minutes before, and during, the forthcoming AGM. CONSIDERATION OF SHAREHOLDERS’ VIEWS In accordance with best practice recommendations the Board will put the Remuneration Policy to Shareholders at the Annual General Meeting at least once every three years. Approval of this policy was last granted by Shareholders at the Annual General Meeting held in January 2023 and approval will be sought accordingly at the Annual General Meeting to be held in 2026. Any feedback received from Shareholders is considered as part of the Board’s annual review of remuneration. In respect of the year under review no feedback has been received from Shareholders in relation to remuneration. FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCE STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 61 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 Directors’ Remuneration Report STATEMENT BY THE CHAIRMAN OF THE BOARD On behalf of the Board, I am pleased to present the Directors’ Remuneration Report to Shareholders. This report has been prepared in accordance with the requirements of Section 421 of the Companies Act 2006 and the Enterprise and Regulatory Reform Act 2013. An Ordinary Resolution for the approval of this report will be put to Shareholders at the Company’s forthcoming Annual General Meeting. The Directors’ Remuneration Policy, which is separate to this report, can be found on pages 59 and 60. The law requires the Company’s Auditors to audit certain disclosures within this report. Where disclosures have been audited they are indicated as such and the Auditors’ opinion is included in their report to members on pages 70 to 77. Due to the Company’s size and to avoid the need to establish a separate Remuneration Committee, the Company’s remuneration function is carried out by the full Board under my Chairmanship. The Board considers the framework for the remuneration of the Directors on an annual basis. It reviews the ongoing appropriateness of the Company’s remuneration policy and the individual remuneration of Directors by reference to the activities of the Company and comparison with other companies of a similar structure and size. This is in line with the AIC Code. The Directors exercise independent judgement and discretion when authorising remuneration outcomes, taking into account the Company’s performance together with wider circumstances. The Board considers the level of Directors’ fees annually. At the most recent review held in September 2025, it was agreed that the Directors’ fees with effect from 1 October 2025 would be as follows: The Chairman - £46,000 (2024: £44,500) The Chair of the Audit Committee - £39,000 (2024: £36,500) Other Directors - £31,500 (2024: £30,000). Over the past year, the regulatory environment in which the Company operates has continued to evolve, with increasing obligations placed on directors to oversee compliance, risk management, reporting, and governance standards. These heightened regulatory requirements demand a significant commitment of time and expertise from the Board. The modest increase in fees reflects the additional responsibilities arising from these regulatory obligations, ensuring that the Company continues to attract and retain directors with the experience and skills necessary to guide the Company through an increasingly complex environment. The Board remains committed to maintaining a transparent and responsible approach to remuneration. Any increase is carefully considered and aligned with the Company’s broader governance principles and Shareholder interests. No advice from remuneration consultants was received during the year although a review of remuneration of the Company’s peer group of investment companies was undertaken by the Board. The following table shows the remuneration components for each Board Role. COMPONENT 2026 ANNUAL RATE (£) 2025 ANNUAL RATE (£) PURPOSE AND OPERATION Basic Annual Fee: Each Director £31,500 £30,000 In recognition of the time and commitment required by Directors of public companies as well as the responsibilities of the role. The basic fee is reviewed against fees paid by peer companies to ensure that it reflects fair and adequate compensation for the role. Additional Fee: Chairman of the Board £14,500 £14,500 For the additional time, commitment and responsibility required on the Company’s business issues; and providing leadership as Chairman of theBoard. Additional Fee: Chair of the Audit Committee and Senior Independent Director £7,500 £6,500 For the greater time required on the financial and reporting affairs of theCompany. Additional Fee: Each Director Variable Variable In the event that the Company undertakes a complex or large project, such additional fee as will fairly compensate for the additional time and commitment required by a Director. Expenses: Each Director Variable Variable Reimbursement of expenses properly incurred by Directors in attending meetings and/or otherwise in the performance of their duties to theCompany. * The 2025 remuneration components were approved with effect from 1 October 2024. 62 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 GOVERNANCE DIRECTORS’ REMUNERATION REPORT – CONTINUED Directors’ Fees The Directors are remunerated exclusively by fixed fees and do not receive bonus payments, pension contributions or other benefits from the Company. Directors are not offered options to acquire shares in the Company. All Directors are entitled to the reimbursement of reasonable out of pocket expenses incurred by them in order to perform their duties as directors of the Company. As noted in the Strategic Report, all of the Directors are non-executive and therefore there is no Chief Executive Officer (“CEO”). The Company does not have any employees. There is therefore no CEO or employee information to disclose. No payments were made to former Directors of the Company. At the last AGM held in January 2025 the result in respect of the resolution to approve the Directors’ Remuneration Report was as follows: Remuneration report VOTES CAST FOR VOTES CAST AGAINST VOTES WITHHELD Votes cast 80,902,238 184,178 169,856 % of votes cast 99.56% 0.23% 0.21% * A vote Withheld is not a vote in law and is not counted in the calculation of the proportion of votes “For” and “Against” a resolution. Shareholder approval of the Directors’ Remuneration Report will be sought again at the AGM to be held in January 2026. Directors’ remuneration for the year ended 30 September 2025 (audited) DATE OF APPOINTMENT FEES 2025 TAXABLE † BENEFITS 2025 TOTAL FEES 2025 FEES 2024 TAXABLE 1 BENEFITS 2024 TOTAL FEES 2024 Pars Purewal 2 28 November 2022 £40,044 – £40,044 £28,500 – £28,500 James Ashton 14 October 2020 £30,000 – £30,000 £28,500 – £28,500 Kate Cornish-Bowden 26 October 2017 £30,000 – £30,000 £28,500 – £28,500 Simon Hayes 3 29 June 2015 £14,548 – £14,548 £43,000 – £43,000 Sandra Kelly 9 October 2019 £36,500 – £36,500 £35,000 – £35,000 Lorna Tilbian 26 October 2017 £30,000 – £30,000 £28,500 – £28,500 £181,092 – £181,092 £192,000 – £192,000 1 Taxable expenses primarily comprise travel and associated expenses incurred by the Directors in attending Board and Committee meetings inLondon. 2 Pars Purewal was appointed Chairman on 28 January 2025. 3 Simon Hayes retired from the Board on 28 January 2025. Fees have been pro-rated where a change of appointment/role takes place during a financial year. No fees were paid to third parties in respect of services provided. The table below contains the annual percentage change in remuneration over the five financial years prior to the current year in respect of the various director roles. Fee Rates: YEAR TO 30 SEPT 2021 YEAR TO 30 SEPT 2022 YEAR TO 30 SEPT 2023 YEAR TO 30 SEPT 2024 YEAR TO 30 SEPT 2025 Chairman £40,000 +6.7% £40,000 0.0% £41,000 +2.5% £43,000 +4.9% £44,500 3.5% Chair of the Audit Committee £32,000 +6.7% £32,000 0.0% £33,000 +3.1% £35,000 +6.1% £36,500 4.3% Directors’ fees £26,000 +6.1% £26,000 0.0% £27,000 +3.8% £28,500 +5.6% £30,000 5.3% Additional fees – – – - – FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCE STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 63 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 Loss of office Directors do not have service contracts with the Company but are engaged under letters of appointment. These specifically exclude any entitlement to compensation upon leaving office for whatever reason. Share Price Return The chart below illustrates the shareholder return for the ten years to 30 September 2025 for a holding in the Company’s shares compared with the FTSE All-Share Index, which the Board has adopted as the measure for both the Company’s performance and that of the Portfolio Manager. TEN YEARS TOTAL SHAREHOLDER RETURN TO 30 SEPTEMBER 2025 +118.9% FINSBURY GROWTH & INCOME TRUST SHARE PRICE (TOTAL RETURN) FTSE ALL SHARE INDEX (TOTAL RETURN) (THE COMPANY’S STATED BENCHMARK) 200 250 Sep 15 Sep 16 Sep 17 Sep 18 Sep 19 Sep 20 Sep 22 Sep 23 Sep 211 Source: Frostrow Capital LLP Rebased to 100 at 30 September 2015 Sep 24 Sep 25 +90.7% +118.3% FINSBURY GROWTH & INCOME TRUST SHARE PRICE (TOTAL RETURN) FTSE ALL-SHARE INDEX (TOTAL RETURN) (THE COMPANY’S STATED BENCHMARK) 80 100 120 140 160 180 200 220 RELATIVE COST OF DIRECTORS’ REMUNERATION The bar chart below shows the comparative cost of Directors’ fees compared with the level of dividend distribution and buy-backs in respect of the financial years ending 30 September 2025 and 2026. Directors’ Fees DividendsDirectors’ Fees Repurchase of the Company's shares Dividends £m £0.2m £0.2m £27.9m £309.7m 2025 2024 Repurchase of the Company's shares £34.1m £310.8m 0 50 100 150 200 250 300 350 Source: Frostrow Capital LLP 64 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 Directors’ Interests in Ordinary Shares The Directors’ interests in the share capital of the Company are shown in the table below: NUMBER OF ORDINARY SHARES OF 25p HELD (AUDITED) 30 SEPTEMBER 2025 NUMBER OF SHARES HELD VALUATION 30 SEPTEMBER 2025 £'000 (AUDITED) 30 SEPTEMBER 2024 NUMBER OF SHARES HELD VALUATION 30 SEPTEMBER 2024 £’000 Pars Purewal (Chairman) 18,194 157 17,802 153 James Ashton 1,608 14 1,575 14 Kate Cornish-Bowden 10,293 89 10,200 88 Simon Hayes 1 – – 200,000 1,722 Sandra Kelly 8,096 70 8,096 70 Lorna Tilbian 11,500 99 11,500 99 Total 49,691 429 249,173 2,146 * The Company’s share price as at 30 September 2025 was 861.0p (2024: 861.0p) 1 Simon Hayes retired from the Board on 28 January 2025. Between 1 October 2025 and 1 December 2025, being the latest practicable date before the publication of the Annual Report, James Ashton acquired a further 22 Ordinary Shares, Kate Cornish-Bowden acquired a further 144 Ordinary Shares and Pars Purewal acquired a further 260 Ordinary Shares as part of respective dividend reinvestment plans. No Director held any interests in the issued stock or shares of the Company other than as stated above. None of the Directors was granted or exercised rights over shares during the year. None of the Directors has any contract (including service contracts) with the Company. There are no provisions included within the Company’s Articles of Association which require Directors to hold shares in the Company. Other Interests in Ordinary Shares Interests in the share capital of the Company are shown in the table below: NUMBER OF ORDINARY SHARES OF 25p HELD 30 SEPTEMBER 2025 NUMBER OF SHARES HELD VALUATION 30 SEPTEMBER 2025 £’000 30 SEPTEMBER 2024 NUMBER OF SHARES HELD VALUATION 30 SEPTEMBER 2024 £’000 Alastair Smith (Managing Partner of Frostrow) 62,912 542 62,410 537 Nick Train (Portfolio Manager) 5,710,280 49,166 5,460,043 47,011 * The Company’s share price as at 30 September 2025 was 861.0p (2024: 861.0p) No Director held any interests in the issued stock or shares of the Company other than as stated above. Annual Statement On behalf of the Board I confirm that the Remuneration Policy, set out on pages 59 and 60, and this Remuneration Report summarise, as applicable, for the year ended 30 September 2025: (a) the major decisions on Directors’ remuneration; (b) any substantial changes relating to Directors’ remuneration made during the year; and (c) the context in which the changes occurred and decisions were taken. Pars Purewal Chairman 2 December 2025 GOVERNANCE DIRECTORS’ REMUNERATION REPORT – CONTINUED FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCE STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 65 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 Audit Committee Report On behalf of the Board, I am pleased to present the Audit Committee’s Report for the year ended 30 September 2025. ROLE AND COMPOSITION The Audit Committee (the "Committee") comprises all the Directors of the Company. The role of the Committee is to ensure that shareholder interests are properly protected in relation to the application of financial reporting and internal control principles, risk management and to assess the effectiveness of the audit. The Committee’s role and responsibilities are set out in full in its terms of reference which are available in the Corporate Information section of the Company’s website. The Committee as a whole has competence relevant to the investment company sector with Committee members having a range of financial and investment experience. The requirement for at least one member of the Committee to have recent and relevant experience is satisfied by myself and Pars Purewal being chartered accountants. RESPONSIBILITIES As Chair of the Committee I can confirm that the Committee’s main responsibilities during the year and how it fulfilled them is set out below: 1. To review the Company’s half year and annual financial statements together with announcements and other filings relating to the financial performance of the Company. In particular, the Committee considered whether the Financial Statements were fair, balanced and understandable, allowing Shareholders to assess the Company’s strategy, investment policy, business model, financial performance and financial position at each period end. 2. To review the risk management and internal control processes the Committee reviewed the effectiveness of the Company’s risk management and internal control framework, including those operated by its key service providers. This included assessment of the Anti-Bribery and Corruption Policy and a full review of the risk register. During the year, the Committee also undertook a detailed exercise to identify and assess the Company’s material controls in line with the AIC Code of Corporate Governance. This involved mapping the key financial, operational, reporting and compliance controls to the principal risks and evaluating their effectiveness based on evidence from service provider assurance reports and compliance monitoring. No material weaknesses were identified, and the Committee concluded that the Company’s internal control framework operated effectively throughout the year. 3. To ensure compliance with Section 1158 of the Corporation Tax Act 2010. The Committee obtained confirmation from Frostrow that the Company continues to meet the regulatory requirements. 4. To agree the scope of the Auditors’ work and their remuneration. The Committee review their independence and the effectiveness of the audit process. 5. To consider any non-audit work to be carried out by the Auditors. The Committee reviews the need for non-audit services in accordance with the Company’s non-audit services policy. 6. To consider the need for putting the audit out to tender. The Company is required to carry out a tender every tenyears. Based on these requirements, another tender process will be required in 2032. The Committee will, however, continue to consider annually the need to go to tender for audit quality, remuneration or independence reasons. MEETINGS The Committee held four meetings during the financial year and meeting attendance is shown on page 52. Representatives of Frostrow acting as AIFM attended each of the Committee’s meetings and reported on the proper conduct of business in accordance with the regulatory environment in which the Company and the AIFM operate. The Committee also met the Auditors twice during the year and once, following completion of the audit, without representatives of the AIFM being present. 66 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 GOVERNANCE AUDIT COMMITTEE REPORT – CONTINUED Internal Controls and Risk Management The Directors have identified(StrategicReportpages 26 to 30) sixmain areas of risk and have identified the actions to evaluate and manage the specific risks in those six areas: • Corporate Strategy; • Investment Strategy and Activity; • Shareholder Relations and Corporate Governance; • Operational; • Financial; and • Accounting, Legal and Regulatory. The Committee reviews the various actions taken and satisfies itself that they are sufficient: in particular the Committee reviews the Company’s schedule of key risks at each meeting and agrees amendments to both risks and mitigating actions if necessary. In preparation for the Audit Committee meeting held in September 2025, the Committee reviewed the key risks identified by its peer group against the Company’s existing principal risks. During the Audit Committee meeting the Committee was invited to consider the risks identified by other members of the Company’s peer group and whether these should be added to the Company’s risk register, and if so, consider the appropriate scoring to be applied. As a result of this exercise the Company’s existing risks were broadened to include the new emerging risk factors that were identified by the Committee: further information can be found in the Strategic Report on page 30. The Board is responsible for the Company’s risk management and internal control systems and for reviewing their effectiveness. Operational responsibility is delegated to the Audit Committee. A description of the principal risks facing the Company and an explanation of how they are managed is provided in the Strategic Report on pages 26 to 30. The Directors have a robust process for identifying, evaluating and managing the risks faced by the Company, including emerging risks, which are recorded in a risk schedule. The Committee reviewed the risk schedule at each of its three meetings during the year. The Audit Committee, on behalf of the Board, assessed the likelihood of occurrence and the possible impact of each risk. The Committee then recorded the mitigating controls in place. SIGNIFICANT MATTERS CONSIDERED BY THE AUDIT COMMITTEE AND THE BOARD DURING THE YEAR SIGNIFICANT REPORTING MATTER HOW THE ISSUE WAS ADDRESSED Risk assessment of Fraudulent Activity The Committee once again reviewed the impact of the risk of fraudulent activity. Following an assessment and identification of types of fraud that the Company could be exposed to, it was agreed that the Company’s key service providers had adequate, robust controls in place to mitigate the event of any fraudulent activity. Risk assessment of Climate Change The Committee reviewed an assessment of the impact of climate change and the weighted average carbon intensity of the portfolio companies. The Committee noted the key topics of engagement undertaken by Lindsell Train with each of the portfolio companies and that the assessment identified that the Company has a significantly lower weighted average carbon intensity than its comparable benchmark. Please refer to pages 36 and 37 for further information. Audit Regulation The Committee has not had to consider any new audit regulations in the past year. It has, however, taken note of reporting guidance and thematic reviews published by the FRC and determined how to apply any relevant best practice to the Company’s reporting. The Committee has noted, in particular, the publication by the FRC of the Minimum Standard for Audit Committees and the revised UK Corporate Governance Code and AIC Corporate Governance Code. The Minimum Standard will apply to the Company on a comply or explain basis as it is included by reference in the new UK Corporate Governance Code. The Committee will seek to comply with the Standard as far as it is appropriate for an externally-managed investment company to do so. During the year the Committee received an update from Deloitte on corporate governance developments to assist the Company in its development of its response to the new internal control requirements effective from 1January 2026. Material Controls Following the introduction of new corporate governance regulations, the Board has undertaken a comprehensive review of the Company’s material controls to ensure alignment with the updated requirements. This review assessed the effectiveness of existing systems and identified areas for enhancement. As a result, the Board has developed and approved an implementation plan to strengthen governance practices and ensure ongoing compliance. Progress against this plan will be monitored regularly and reported to shareholders as appropriate. UK Corporate Governance Code 2025, Provision 25: necessity of an Internal Audit function In light of the relative simplicity of the operations and the use of independent external consultants, who report directly to the Committee, to advise on regulatory compliance and adherence to internal procedures, it was concluded that no internal audit function was required. These matters were discussed by the Committee; any recommendations were fully considered and recommendations were then made to the Board. FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCE STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 67 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 As an externally managed investment trust, the Company is reliant on the operational systems of its service providers and this is reflected in the Company’s internal controls structure, which is summarised on page 56. The Company’s internal controls are designed to manage and mitigate against financial, investment, reporting, compliance and governance risks. As such, the controls aim to ensure that, inter alia: • the assets of the Company are safeguarded; • proper accounting records are kept; • the Company’s financial information is reliable and clearly communicated to shareholders; • there is an effective governance and oversight system in place; • the Manager complies with the Company’s investment policy; and • the Company complies with all legal and regulatory requirements. Internal control systems are designed to manage, rather than eliminate, the risk of failure to achieve the Company’s strategic objectives and can provide only reasonable and not absolute assurance against material misstatement or loss. The Board and the Committee monitored the Company’s risk management and internal control framework throughout the year via regular reviews of reports from the principal service providers, as set out on page 56. During the year, the Committee reviewed and updated its schedule of key risks and internal controls to ensure continued relevance and effectiveness. In addition, each principal service provider provided confirmation that there had been no material changes in their internal controls between the date of their internal controls report and the date of this report. In light of the new audit regulation, the Board is satisfied that the oversight and assurance processes in place continue to provide an appropriate level of assurance regarding the effectiveness of the Company’s internal control environment. Following its annual review of the internal controls environment, the Committee concluded that the material controls had operated effectively throughout the year; there were no changes to the Company’s risk management processes during the year and no significant failings or weaknesses in the internal controls framework were identified. Accordingly, the Committee is satisfied that appropriate and effective systems have been in place for the year under review and up to the date of approval of this report. ANNUAL REPORT AND FINANCIAL STATEMENTS The Annual Report and the Financial Statements as a whole are the responsibility of the Board. The Directors’ Responsibility Statement is contained on page 58. The Board looks to the Committee to advise them in relation to the Financial Statements both as regards their form and content, and on any specific areas requiring judgement. Although the Committee did not identify any significant issues as part of its review of the Annual Report and Financial Statements, it paid particular attention to: Accounting Policies The accounting policies, as set out on pages 82 to 97, have been applied throughout the year. In light of there being no unusual transactions during the year or other possible reasons, the Committee found no cause to change any of thepolicies. Existence of investments During the year the Committee met with representatives of the Depositary who provided reassurance concerning the safekeeping of the Company’s investments. Going Concern The Audit Committee, at the request of the Board, considered the ability of the Company to adopt the going concern basis for the preparation of the Financial Statements. Having reviewed the Company’s financial position, the Committee is satisfied that it is appropriate for the Board to prepare the Financial Statements for the year ended 30 September 2025 on a going concern basis. The Committee’s review of the Company’s financial position included consideration of the cash and cash equivalents position of the Company, the diversification of the portfolio, and the analysis of portfolio liquidity, which estimated a liquidation of c.67.0% of the portfolio within seven trading days (based on current market volumes). Stress testing and reverse stress testing were completed to determine the appropriateness of preparing the Financial Statements on a going concern basis. This year the Company’s Shareholders are asked to vote for the continuation of the Company and this will be put to shareholders at this year’s AGM. The Board has recommended that shareholders vote in favour of the continuation of the Company and believes it is reasonable to expect that the vote will pass. Furthermore, the result of the continuation vote will not affect the Company’s ability to meet its liabilities as they fall due. Interest in unquoted investment The Committee reviewed the valuation methodology of the Company’s partnership interest in Frostrow Capital LLP. The valuation, based upon a multiple of earnings, was accepted. 68 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 GOVERNANCE AUDIT COMMITTEE REPORT – CONTINUED Internal audit Since the Company delegates its day to day operations to third parties and has no employees, the Committee again determined that there is no requirement for an internal audit function. Long-Term Viability The Committee considered, on behalf of the Board, the longer-term viability of the Company in connection with the Board’s statement (see page 30). The Committee reviewed the Company’s financial position (including its cash flows and liquidity position), the principal risks and uncertainties and the results of stress tests. The stress tests considered the impact of one or more of the key risks crystallising and then modelled the impact on the portfolio. The results demonstrated the impact on the Company’s NAV, its expenses and its ability to meet its liabilities. In even the most stressed scenario, the Company was shown to have sufficient cash, or to be able to liquidate a sufficient portion of its listed holdings, in order to be able to meet its liabilities as they fall due. Based on these results the Committee concluded it was reasonable for the Board to expect that the Company will be able to continue in operation and meet its liabilities as they fall due over the next five financial years. Recognition of Income from Investments The Committee received assurance that all dividends receivable, including special dividends, had been accounted for appropriately. Review of Disclosure and Communication The Committee reviews whether it is following best practice in its disclosure and whether it is communicating clearly. In order to do this, the Committee receives reports on current and future changes to regulatory and accounting reporting from the Company Secretary and Auditors. During the year the Committee reviewed the Annual Report in order to refresh the format and content to ensure it continues to be informative to readers. Valuation of Investments The Committee reviewed the robustness of the AIFM’s processes in place for recording investment transactions as well as ensuring the valuation of investments is in accordance with the adopted accounting policies as detailed within Frostrow’s independent controls report. EXTERNAL AUDITORS Meetings The nature and scope of the 2025 audit, together with Deloitte audit plan, were reviewed by the Committee on 20 May 2025. I met with the Engagement Leader, Michael Caullay, and the Audit Manager on 11 November 2025 to discuss the audit and the draft 2024 Annual Report and Financial Statements. The Committee then met them on 25 November 2024 to review the outcome of the audit. Details of the fees paid to the Auditors for audit services are set out in note 4 to the Financial Statements on page 86. Independence and Effectiveness The Audit Committee has established formal and transparent policies and procedures to ensure the independence and effectiveness of the external audit function and to satisfy itself on the integrity of the Company’s financial and narrative statements. During the year the Committee reviewed: • the senior audit personnel assigned to the audit plan, • the Auditors’ arrangements for managing potential conflicts of interest, • the Auditors’ formal statement of independence under applicable regulations and professional standards, • and the scope and nature of any non-audit services to ensure compliance with the Company’s policy and the FRC’s Ethical Standard. To assess audit effectiveness the Committee considered: • the fulfilment of the agreed audit plan, • the audit findings and final report, • and feedback from the AIFM on the conduct and quality of the audit. The Committee was satisfied with the Auditors’ independence, the effectiveness of the audit process and the professional scepticism applied. The Board seeks to present a fair, balanced and understandable assessment of the Company’s position and prospects through rigorous review of financial and narrative disclosures and challenge of key reporting judgements. The Committee monitors the level of non-audit work carried out by the Auditors and seeks assurances from the Auditors that they maintain suitable policies and processes ensuring independence, and monitor compliance with the relevant regulatory requirements on an annual basis. No non-audit work was carried out by the Auditors during the year. FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCE STRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 69 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 The Company does not allow any non-audit services permitted under the 70% fee cap set out in the FRC’s 2019 ethical standard. Audit Process Mr Michael Caullay was the audit partner for the financial year under review and he has confirmed Deloitte LLP’s willingness to continue to act as Auditor to the Company for the forthcoming financial year. Deloitte LLP’s re-appointment is subject to shareholder approval at the next Annual General Meeting to be held in January 2026. Details can be found in the Notice of Annual General Meeting. As a public company listed on the London Stock Exchange, the Company is subject to mandatory auditor rotation requirements. Based on these requirements, another tender process will be required in 2032. The Committee will, however, continue to consider annually the need to go to tender for audit quality, remuneration or independence reasons. The Auditor is required to change the Partner responsible for the audit affairs of the Company at least every five years. In accordance with this legislation, Mr Caullay will be replaced at the conclusion of the 2028 audit. Independent Auditors’ Remuneration The Committee approved an unchanged fee of £60,000 (excluding VAT) for the audit of the year ended 30 September 2025 (2024: £60,000 (excluding VAT)). The Committee believes that the fee is in line with audit fees payable for the investment company sector and is reflective of the level of work required to carry out a robust audit. Committee Effectiveness As part of the evaluation process, the Board undertook an evaluation of the Audit Committee’s effectiveness during October and November 2025. The Board confirmed that the Audit Committee had conducted its affairs in accordance with its terms of reference. The Board considers that the Audit Committee’s approach is comprehensive and appropriate, that it focuses on the right issues and is managed well. Sandra Kelly, ACA Chair of the Audit Committee 2 December 2025 70 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 INDEPENDENT AUDITORS’ REPORT Independent Auditors’ Report To the Members of Finsbury Growth & Income Trust Plc REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS OPINION In our opinion the financial statements of Finsbury Growth & Income Trust PLC (the ‘Company’): • give a true and fair view of the state of the Company’s affairs as at 30 September 2025 and of its return for the year then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and the Statement of Recommended Practice issued by the Association of Investment Companies in July 2022 “Financial Statements of Investment Trust Companies and Venture Capital Trusts”; and • have been prepared in accordance with the requirements of the Companies Act 2006. We have audited the financial statements which comprise: • the income statement; • the statement of changes in equity; • the statement of financial position; • the statement of cash flows; and • the related notes 1 to 20. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice) and the Statement of Recommended Practice issued by the Association of Investment Companies (“SORP”) in July 2022 “Financial Statements of Investment Trust Companies and Venture Capital Trusts”. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (the ‘FRC’s’) Ethical Standard as applied to listed public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We confirm that we have not provided any non-audit services prohibited by the FRC’s Ethical Standard to the Company. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCESTRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 71 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 SUMMARY OF OUR AUDIT APPROACH Key audit matters The key audit matter that we identified in the current year was valuation and existence of listed investments. Within this report, key audit matter is identified as follows: Similar level of risk Materiality The materiality that we used in the current year was £12.27m which was determined on the basis of 1% of net assets. Scoping We performed our audit scoping based upon quantitative and qualitative risk assessment factors for each account balance recorded as at 30 September 2025. Significant changes in our approach There have been no significant changes to our audit approach in the current year. CONCLUSIONS RELATING TO GOING CONCERN In auditing the Financial Statements, we have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the Directors’ assessment of the Company’s ability to continue to adopt the going concern basis of accounting included: • Considering as part of our risk assessment the nature of the Company, its business model and related risks, the requirements of the applicable financial reporting framework and the system of internal control; • Assessing the underlying data and appropriateness of key assumptions used to make the going concern assessment, including assessment of the accuracy of forecasts and evaluation of the Directors’ plans for future actions in relation to their going concern assessment; • Assessing the liquidity and ability of the Investment Manager to trade in the investment portfolio to cover operational expenditure as appropriate; and • Assessing the appropriateness of the going concern disclosure in note 1(A) to the financial statements. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. In relation to the reporting on how the company has applied the UK Corporate Governance Code, we have nothing material to add or draw attention to in relation to the Directors’ statement in the Financial Statements about whether the Directors considered it appropriate to adopt the going concern basis of accounting. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. 72 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF FINSBURY GROWTH & INCOME TRUST PLC – CONTINUED KEY AUDIT MATTERS Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial Statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) that we identified. These matters included those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Valuation and existence of listed investments Key audit matter description The listed investments of the company of £1,248m (2024: £1,590m) make up 98.95% (2024: 98.43%) of total assets of the company at 30 September 2025. There is a risk that the listed investments may not be valued correctly or may not represent the assets of the Company. Given the nature and size of the balance and its importance to the Company, we have considered that there is a potential risk of fraud in this area. See the accounting policy in note 1(B) of the Financial Statements and also note 10 of the Financial Statements. How the scope of our audit responded to the key audit matter We performed the following procedures to address the key audit matter identified: • Obtained an understanding of relevant controls in place over the existence and valuation of listed investments; • Agreed 100% of the Company’s listed investment portfolio at the year end to confirmations received directly from the Company’s depository; • Agreed 100% of the bid prices of listed investments on the investment ledger at the year end to closing bid prices published by an independent pricing source; and • Assessed the completeness and appropriateness of disclosures in relation to fair value measurements and liquidity risk. Key observations Based on the work performed, we concluded that the valuation and existence of listed investments are appropriate. OUR APPLICATION OF MATERIALITY Materiality We define materiality as the magnitude of misstatement in the Financial Statements that makes it probable that the economic decisions of a reasonably knowledgeable person would be changed or influenced. We use materiality both in planning the scope of our audit work and in evaluating the results of our work. Based on our professional judgement, we determined materiality for the Financial Statements as a whole as follows: Materiality £12.27m (2024: £15.82m) Basis for determining materiality 1% of net assets (2024: 1% of net assets) Rationale for the benchmark applied We have used net assets as our materiality benchmark as we consider it to be the most relevant indicator of the Company’s performance for the users of the Financial Statements, as well as being a key driver of shareholder value. FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCESTRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 73 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 Net assets £1,227m Materiality £12.27m Audit committee reporting threshold £0.61m Materiality Net assets Performance materiality We set performance materiality at a level lower than materiality to reduce the probability that, in aggregate, uncorrected and undetected misstatements exceed the materiality for the Financial Statements as a whole. Performance materiality was set at 70% of materiality for the 2025 audit (2024: 70%). In determining performance materiality, we considered the following factors: a. The Company’s structure and operating model. b. The continuity in place within the business from the previous year with both management and the administrator. c. The lack of changes to accounting policies during the current period which would require significant judgement. d. Our experience from prior period audits, where there has not been a history of uncorrected misstatements or controls deficiencies. e. The quality of the control environment and whether we were able to rely on controls. Error reporting threshold We agreed with the Audit committee that we would report to the Committee all audit differences in excess of £0.61m (2024: £0.79m), as well as differences below that threshold that, in our view, warranted reporting on qualitative grounds. We also report to the Audit Committee on disclosure matters that we identified when assessing the overall presentation of the Financial Statements. AN OVERVIEW OF THE SCOPE OF OUR AUDIT Scoping Our audit scope was determined by obtaining an understanding of the Company and its environment, including internal controls, and assessing the risks of material misstatement. Audit work to respond to the risks of material misstatement was performed directly by the audit engagement team. Our consideration of the control environment In assessing the Company’s control environment, we considered controls in place at the company’s service organisation which acts as administrator. As part of this, we reviewed the System and Organisation Controls (SOC 1) Report of the service organisation, specifically the controls in respect of the valuation and existence of listed investments. We also reviewed the SOC1 report in respect of general IT controls. Further, we obtained an understanding of relevant business processes and controls that address the risk of material misstatement in financial reporting. 74 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 Our consideration of climate-related risks In planning our audit, we have considered the potential impact of climate change on the business and its financial statements. The Company continues to develop its model for assessing and assigning an ESG score on existing and potential investments based on assessment of the potential impacts of environmental, social and governance (“ESG”) related risks, including climate change, as outlined on pages 36 and 37 of the Annual Report. As a part of our audit, we obtained an understanding of the entity’s process of identifying climate-related risks and the impact on the Company’s Financial Statements. We have read the climate related disclosures in the Annual Report to consider whether they are materially consistent with the Financial Statements and our knowledge obtained in the audit. OTHER INFORMATION The other information comprises the information included in the Annual Report, other than the Financial Statements and our auditor’s report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the Financial Statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. RESPONSIBILITIES OF DIRECTORS As explained more fully in the Directors’ Responsibilities Statement, the Directors are responsible for the preparation of the Financial Statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of Financial Statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the company’s ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. A further description of our responsibilities for the audit of the Financial Statements is located on the FRC’s website at: www.frc.org. uk/auditorsresponsibilities. This description forms part of our auditor’s report. EXTENT TO WHICH THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF FINSBURY GROWTH & INCOME TRUST PLC – CONTINUED FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCESTRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 75 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 Identifying and assessing potential risks related to irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: • the nature of the industry and sector, control environment and business performance including the design of the Company’s remuneration policies, key drivers for Directors’ remuneration, bonus levels and performance targets; • results of our enquiries of management, the Directors and the Audit Committee about their own identification and assessment of the risks of irregularities, including those that are specific to the Company’s sector; • any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to: o identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non- compliance; o detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and o the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations. • the matters discussed among the audit engagement team and relevant internal specialists, including tax, IT, and financial instrument specialists regarding how and where fraud might occur in the Financial Statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following area: valuation and existence of listed investments. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory framework that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the Financial Statements. The key laws and regulations we considered in this context included the UK Companies Act, UK Listing Rules and Investment Trust Tax Legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the Financial Statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. Audit response to risks identified As a result of performing the above, we identified the valuation and existence of listed investments as a key audit matter related to the potential risk of fraud. The key audit matters section of our report explains the matter in more detail and also describes the specific procedures we performed in response to that key audit matter. In addition to the above, our procedures to respond to risks identified included the following: • reviewing the Financial Statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the Financial Statements; • enquiring of management and the Audit Committee concerning actual and potential litigation and claims; • performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; • reading minutes of meetings of those charged with governance; and • in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. 76 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 Report on other legal and regulatory requirements OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion the part of the Directors’ Remuneration Report to be audited has been properly prepared in accordance with the Companies Act 2006. In our opinion, based on the work undertaken in the course of the audit: • the information given in the Strategic Report and the Directors’ Report for the financial year for which the Financial Statements are prepared is consistent with the Financial Statements; and • the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements. In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Strategic Report or the Directors’ Report. CORPORATE GOVERNANCE STATEMENT The Listing Rules require us to review the Directors’ statement in relation to going concern, longer-term viability and that part of the Corporate Governance Statement relating to the Company’s compliance with the provisions of the UK Corporate Governance Code specified for our review. Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate Governance Statement is materially consistent with the Financial Statements and our knowledge obtained during the audit: • the Directors’ statement with regards to the appropriateness of adopting the going concern basis of accounting and any material uncertainties identified set out on page 50; • the Directors’ explanation as to its assessment of the Company’s prospects, the period this assessment covers and why the period is appropriate set out on page 30; • the Directors’ statement on fair, balanced and understandable set out on page 58; • the board’s confirmation that it has carried out a robust assessment of the emerging and principal risks set out on pages 26 to 30; • the section of the Annual Report that describes the review of effectiveness of risk management and internal control systems set out on pages 66 and 67; and • the section describing the work of the Audit Committee set out on pages 65 to 69. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION Adequacy of explanations received and accounting records Under the Companies Act 2006 we are required to report to you if, in our opinion: • we have not received all the information and explanations we require for our audit; or • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or • the Financial Statements are not in agreement with the accounting records and returns. We have nothing to report in respect of these matters. Directors’ remuneration Under the Companies Act 2006 we are also required to report if in our opinion certain disclosures of Directors’ remuneration have not been made or the part of the Directors’ Remuneration Report to be audited is not in agreement with the accounting records and returns. We have nothing to report in respect of these matters. INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF FINSBURY GROWTH & INCOME TRUST PLC – CONTINUED FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCESTRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 77 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 OTHER MATTERS WHICH WE ARE REQUIRED TO ADDRESS Auditor tenure Following the recommendation of the Audit Committee, we were appointed by the Board of Directors on 1 May 2024 to audit the financial statements for the year ending 30 September 2024 and subsequent financial periods. The period of total uninterrupted engagement including previous renewals and reappointments of the firm is 2 years, covering the years ending 30 September 2024 to 30 September 2025. Consistency of the audit report with the additional report to the Audit committee Our audit opinion is consistent with the additional report to the Audit Committee we are required to provide in accordance with ISAs (UK). USE OF OUR REPORT This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed. Michael Caullay (Senior Statutory Auditor) for and on behalf of Deloitte LLP Statutory Auditor Glasgow, United Kingdom 2 December 2025 78 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 FINANCIAL STATEMENTS Income Statement for the year ended 30 September 2025 YEAR ENDED 30 SEPTEMBER 2025 YEAR ENDED 30 SEPTEMBER 2024 NOTE REVENUE £’000 CAPITAL £’000 TOTAL £’000 REVENUE £’000 CAPITAL £’000 TOTAL £’000 (Losses)/gains on investments at fair value through profit or loss 9 - (34,706) (34,706) – 78,006 78,006 Currency translations - (12) (12) – (185) (185) Income 2 31,476 - 31,476 43,160 – 43,160 AIFM and portfolio management fees 3 (1,921) (5,765) (7,686) (2,260) (6,781) (9,041) Other expenses 4 (1,148) - (1,148) (1,184) (126) (1,310) Return/(loss) before finance charges and taxation 28,407 (40,483) (12,076) 39,716 70,914 110,630 Finance charges 5 (455) (1,364) (1,819) (556) (1,667) (2,223) Return/(loss) before taxation 27,952 (41,847) (13,895) 39,160 69,247 108,407 Taxation on ordinary activities 6 10 - 10 (229) – (229) Return/(loss) aftertaxation 27,962 (41,847) (13,885) 38,931 69,247 108,178 Return/(loss) per share – basic and diluted 7 18.9p (28.3)p (9.4)p 20.8p 36.9p 57.7p The “Total” column of this statement represents the Company’s income statement. The “Revenue” and “Capital“ columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies (“AIC“). All items in the above statement derive from continuing operations. The Company had no recognised gains or losses other than those declared in the Income Statement; therefore no separate Statement of Comprehensive Income has been presented. The notes on pages 82 to 97 form part of these Financial Statements. FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCESTRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 79 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 Statement of Changes in Equity for the year ended 30 September 2025 NOTE CALLED UP SHARE CAPITAL £’000 SHARE PREMIUM ACCOUNT £’000 SPECIAL DISTRIBUTABLE RESERVE £’000 CAPITAL REDEMPTION RESERVE £’000 CAPITAL RESERVE £’000 REVENUE RESERVE £’000 TOTAL SHAREHOLDERS’ FUNDS £’000 At 1 October 2024 56,248 – 1,050,008 3,453 412,490 59,969 1,582,168 Net (loss)/return for the year – – – – (41,847) 27,962 (13,885) Second interim dividend (10.8p per share) for the year ended 30September 2024 8 – – – – – (18,097) (18,097) First interim dividend (8.8pper share) for the year ended 30September 2025 8 – – – – – (12,780) (12,780) Repurchase of shares into Treasury 13 – – (309,666) – – – (309,666) At 30 September 2025 56,248 - 740,342 3,453 370,643 57,054 1,227,740 NOTE CALLED UP SHARE CAPITAL £’000 SHARE PREMIUM ACCOUNT £’000 SPECIAL DISTRIBUTABLE RESERVE £’000 CAPITAL REDEMPTION RESERVE £’000 CAPITAL RESERVE £’000 REVENUE RESERVE £’000 TOTAL SHAREHOLDERS’ FUNDS £’000 At 1 October 2023 56,248 1,099,847 – 3,453 604,212 58,969 1,822,729 Net return for the year – – – – 69,247 38,931 108,178 Second interim dividend (10.5p per share) for the year ended 30September 2023 8 – – – – – (21,454) (21,454) First interim dividend (8.8pper share) for the year ended 30September 2024 8 – – – – – (16,477) (16,477) Transfer to special reserve account – (1,099,847) – – – – (1,099,847) Transfer from share premium account – – 1,099,847 – – – 1,099,847 Repurchase of shares into Treasury 13 – – (49,839) – (260,969) – (310,808) At 30 September 2024 56,248 – 1,050,008 3,453 412,490 59,969 1,582,168 On 7 August 2024 the Company’s Share Premium Account was cancelled and a new Special Distributable Reserve was created. See Note 1(J) on page 84 for further details. The notes on pages 82 to 97 form part of these Financial Statements. 80 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 FINANCIAL STATEMENTS NOTE 2025 £’000 2024 £’000 Fixed assets Investments held at fair value through profit or loss 9 1,251,015 1,593,218 Current assets Debtors 10 5,387 7,509 Cash at bank 5,110 14,639 10,497 22,148 Current liabilities Creditors: amounts falling due within one year 11 (4,572) (3,998) Bank loan 12 (29,200) – (33,772) (3,998) Net current (liabilities)/assets (23,275) 18,150 Total assets less current liabilities 1,227,740 1,611,368 Creditors: amount falling due after more than one year Bank loan – (29,200) Net assets 1,227,740 1,582,168 Capital and reserves Called up share capital 13 56,248 56,248 Special distributable reserve 740,342 1,050,008 Capital redemption reserve 3,453 3,453 Capital reserve 370,643 412,490 Revenue reserve 57,054 59,969 Total Shareholders’ funds 1,227,740 1,582,168 Net asset value per share 15 923.0p 943.4p The Financial Statements on pages 78 to 97 were approved by the Board of Directors on 2 December 2025 and were signed on its behalf by: Pars Purewal Chairman The notes on pages 82 to 97 form part of these Financial Statements. Company Registration Number SC013958 (Registered in Scotland) Statement of Financial Position as at 30 September 2025 FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCESTRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 81 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 NOTE 2025 £’000 2024 £’000 Net cash inflow from operating activities 18 25,894 33,805 Investing activities Purchase of investments (129,988) (123,825) Sale of investments 436,180 445,464 Other capital receipts 10 – Net cash inflow from investing activities 306,202 321,639 Financing activities Dividends paid (30,877) (37,931) Repurchase of shares into Treasury (308,917) (310,392) Interest paid (1,819) (2,223) Repayment of loans – (7,500) Net cash outflow from financing activities (341,613) (358,046) Decrease in cash and cash equivalents (9,517) (2,602) Currency transactions (12) (185) Cash at bank at the beginning of the financial year 14,639 17,426 Cash at bank at the end of the financial year 5,110 14,639 Reconciliation of net debt 2025 £’000 2024 £’000 Cash at bank 5,110 14,639 Borrowings (29,200) (29,200) Net debt (24,090) (14,561) Statement of Cash Flows for the year ended 30 September 2025 The notes on pages 82 to 97 form part of these Financial Statements. 82 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS 1. Accounting Policies The Company is a public limited company (PLC) incorporated in the United Kingdom, with registered office at 50 Lothian Road, Festival Square, Edinburgh EH3 9WJ. The principal accounting policies, all of which have been applied consistently throughout the year in the preparation of these Financial Statements, are set out below: (A) BASIS OF PREPARATION The Financial Statements have been prepared in accordance with UK Generally Accepted Accounting Practice (GAAP) under UK and Republic of Ireland Company Law, FRS 102 ‘The Financial Reporting Standard applicable in the UK, the Statement of Recommended Practice (SORP) for “Financial Statements of Investment Trust Companies and Venture Capital Trusts” issued by the Association of Investment Companies in July 2022 and the Companies Act 2006 under the historical cost convention as modified by the valuation of investments at fair value through profit or loss. The Financial Statements have been prepared on a going concern basis. The disclosure on going concern on page 58 in the Statement of Directors' Responsibilities forms part of these Financial Statements. Presentation of the Income Statement In order to reflect better the activities of an investment trust company and in accordance with the SORP, supplementary information which analyses the Income Statement between items of a revenue and capital nature has been presented alongside the Income Statement. The net revenue return is the measure the Directors believe appropriate in assessing the Company’s compliance with certain requirements set out in Sections 1158 and 1159 of the Corporation Tax Act 2010. Significant Judgements and Critical Sources of Estimation Uncertainties There were no significant judgements or critical estimates reported during the financial year ended 30 September 2025 (2024:none). (B) INVESTMENTS HELD AT FAIR VALUE THROUGH PROFIT OR LOSS Investments are measured under FRS 102, sections 11 and 12 and are measured initially, and at subsequent reporting dates, at fair value. Changes in the fair value of investments and gains and losses on disposal are recognised in the Income Statement as a capital item. The Company manages and evaluates the performance of these investments on a fair value basis in accordance with its investment strategy, and information about the investments is provided internally on this basis to the Board. Fair value for quoted investments is deemed to be bid market prices, or last traded price, depending on the convention of the stock exchange on which they are quoted. In estimating the fair value of unquoted investments, the AIFM and Board apply valuation techniques which are appropriate in light of the nature, facts and circumstances of the investment and use judgement and assumptions and apply these consistently. All purchases and sales of investments are accounted for on a trade date basis. The Company’s policy is to expense transaction costs on acquisition/disposal through the gains on investment at fair value through profit or loss. The total of such expenses, showing the total amounts included in disposals and acquisitions, is disclosed in note 9 on page 90. (C) INCOME Dividends receivable from equity shares are recognised in Revenue on an ex-dividend basis except where, in the opinion of the Board, the dividend is capital in nature, in which case it is included in Capital. Overseas dividends are stated gross of any withholding tax. When the Company has elected to receive scrip dividends in the form of additional shares rather than cash, the amount of cash dividend foregone is recognised in Revenue. Fixed returns on non-equity shares are recognised on a time apportionment basis. Notes to the Financial Statements for the year ended 30 September 2025 FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCESTRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 83 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 Special dividends: In deciding whether a dividend should be regarded as a Capital or Revenue receipt, the Company reviews all relevant information as to the reasons for and sources of the dividend on a case by case basis depending upon the nature of the receipt. Special dividends of a revenue nature are recognised through the Revenue column of the Income Statement. Special Dividends of a capital nature are recognised through the Capital column of the Income Statement. The limited liability partnership (LLP) profit share is recognised in the financial statements when the entitlement to the income is established, following the conclusion of the partnership's annual audit. Deposit interest receivable is taken to Revenue on an accruals basis. (D) DIVIDENDS PAYABLE Dividends paid by the Company are recognised in the Financial Statements and are shown in the Statement of Changes in Equity in the period in which they became legally binding, which in the case of an interim dividend is the point at which it is paid and for a final dividend when it is approved by Shareholders in line with the ICAEW Tech Release 02/17BL. (E) EXPENDITURE AND FINANCE CHARGES All the expense and finance costs are accounted for on an accruals basis. Expenses are charged through the Revenue column of the Income Statement except as follows: (1) expenses which are incidental to the acquisition or disposal of an investment are treated as part of the cost or deducted from proceeds of that investment (as explained in 1(B) above); (2) expenses are taken to the Capital reserve via the Capital column of the Income Statement, where a connection with the maintenance or enhancement of the value of the investments can be demonstrated. In line with the Board's expected long-term split of returns, 75% of the portfolio management fee, AIFM fee and finance costs are taken to the Capital reserve and the balance to the Revenue reserve. (F) TAXATION Dividend income received by the Company may be subject to withholding tax imposed in the country of origin. The tax charges shown in the Income Statement relates to overseas withholding tax on dividend income. Current tax is provided at the amounts expected to be paid or recovered. Deferred taxation is provided on all timing differences that have originated but not been reversed by the Statement of Financial Position date other than those differences regarded as permanent. This is subject to deferred tax assets only being recognised if it is considered more likely than not that there will be suitable profits from which the reversal of timing differences can be deducted. Any liability to deferred tax is provided for at the rate of tax enacted or substantially enacted. (G) FOREIGN CURRENCY Transactions recorded in overseas currencies during the year are translated into sterling at the exchange rates ruling at the date of the transaction. Assets and liabilities denominated in overseas currencies at the Statement of Financial Position date are translated into sterling at the exchange rate ruling at that date. Profits or losses on the translation of foreign currency balances, whether realised or unrealised are credited or debited to the Revenue or Capital column of the Income Statement depending on whether the gain or loss is of a revenue or capital nature. (H) CASH AT BANK Cash at bank and demand deposits readily convertible to known amounts of cash and subject to insignificant risk of changes in value are defined as cash. (I) BANK LOAN Bank loans are initially recognised at fair value, net of transaction costs incurred. Bank loans are subsequently measured at amortised cost. The loan amounts falling due for repayment within one year are included under current liabilities in the Statement of Financial Position and the loan amounts falling due after one year are included under “Creditors: amounts falling due after more than one year” in the Statement of Financial Position. 84 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS - CONTINUED 1. Accounting Policies – Continued (J) REPURCHASE OF SHARES FOR CANCELLATION OR TO HOLD IN TREASURY The cost of repurchasing ordinary shares (for cancellation or to hold in Treasury) including the related stamp duty and transaction cost is charged to the Special Distributable Reserve account, and dealt with in the Statement of Changes in Equity. Share repurchase transactions are accounted for on a trade date basis. With effect from 7 August 2024, the date in which the Company’s Share Premium account was cancelled, all shares bought back to be held in Treasury have been charged to the Special Distributable Reserve. Prior to this date all Shares cancelled were charged to the Capital Reserve account. Where shares are cancelled (or are subsequently cancelled having previously been held in Treasury), the nominal value of those shares is transferred out of ‘Called up share capital’ and into the ‘Capital redemption reserve’. Should shares held in Treasury be reissued, the sales proceeds will be treated as a realised capital profit up to the amount of the purchase price of those shares and will be transferred to capital reserves. The excess of the sales proceeds over the purchase price will be transferred to ‘Share premium’. (K) OPERATING SEGMENTS The Company defines operating segments and segment performance in the financial statements based on information used by the Board of Directors which is considered the Chief Operating Decision Maker ^ . The Directors are of the opinion that the Company is engaged in a single segment of business, being the investments business. The results published in this Annual Report therefore correspond to this sole operating segment. (L) NATURE AND PURPOSE OF RESERVES Capital Redemption Reserve This reserve arose when ordinary shares were bought by the Company and subsequently cancelled, at which point the amount equal to the par value of the ordinary share capital was transferred from the ordinary share capital to the Capital Redemption reserve. Capital Reserve This reserve reflects any: • gains or losses on the disposal of investments; • exchange differences of a capital nature; • increases and decreases in the fair value of investments which have been recognised in the capital column of the Income Statement; • expenses which are capital in nature as disclosed in note 1(E); and • excess of the purchase price over the nominal value of shares which have been bought back by the Company for cancellation or to be held in Treasury. See note 1(J) above for further details. Following amendments to the Company’s Articles of Association in 2015, this reserve can be used to distribute certain capital profits by way of dividend. Special Distributable Reserve This reserve was created upon the cancellation of the Share Premium Account on 7 August 2024; it is distributable and is used to fund any repurchases of the Company’s own shares. Revenue Reserve This reserve reflects all income and expenditure which are recognised in the revenue column of the Income Statement and may be distributable by way of dividend. ^ See glossary of terms on page pages 98 to 102. FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCESTRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 85 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 When making a distribution to Shareholders, the Directors determine profits available for distribution by reference to ‘Guidance on realised and distributable profits under the Companies Act 2006’ issued by the Institute of Chartered Accountants in England and Wales and the Institute of Chartered Accountants of Scotland in April 2017. The availability of distributable reserves in the Company is dependent on those distributions meeting the definition of qualifying consideration within that guidance and on available cash resources of the Company and other accessible sources of funds. The distributable reserves are therefore subject to these restrictions or limitations at the time such distribution is made. 2. Income 2025 £’000 2024 £’000 Income from investments UK listed dividends 30,793 39,474 Overseas dividends – 2,793 Limited liability partnership – profit-share 365 486 Other operating income – bank interest 318 407 Total income 31,476 43,160 3. AIFM and portfolio management fees 2025 2024 REVENUE £’000 CAPITAL £’000 TOTAL £’000 REVENUE £’000 CAPITAL £’000 TOTAL £’000 AIFM fee 480 1,441 1,921 565 1,695 2,260 Portfolio Management fee 1,441 4,324 5,765 1,695 5,086 6,781 Total fees 1,921 5,765 7,686 2,260 6,781 9,041 75% of the Portfolio management and AIFM fees are taken to the Capital reserve and 25% is taken to the Revenue reserve. See note1(E) on page 83 for further details. 86 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS - CONTINUED 4. Other Expenses 2025 2024 REVENUE £’000 CAPITAL £’000 TOTAL £’000 REVENUE £’000 CAPITAL £’000 TOTAL £’000 Directors’ fees 181 – 181 192 – 192 Auditors’ fees – statutory annual audit 72 – 72 72 – 72 Depositary’s fees 136 – 136 160 – 160 Stock listing and FCA fees 168 – 168 173 – 173 Custody fees 99 – 99 130 – 130 Index costs 89 – 89 85 – 85 Registrar’s fees 65 – 65 79 – 79 Promotional costs 56 – 56 55 – 55 Legal fees 36 – 36 12 126 138 Other expenses 246 – 246 226 – 226 Total expenses 1,148 – 1,148 1,184 126 1,310 Further details of the amounts paid to Directors are included in the Directors’ Remuneration Report on pages 61 to 64. During the year ended 30 September 2025 there were no non-audit services provided by the Company's Auditor (2024: nil). All of the above expenses include VAT where applicable. The Auditor’s fees for the statutory annual audit of financial statements were £60,000 excludingVAT (2024: £60,000). 5. Finance Charges 2025 2024 REVENUE £’000 CAPITAL £’000 TOTAL £’000 REVENUE £’000 CAPITAL £’000 TOTAL £’000 Interest payable on bank loan 424 1,272 1,696 528 1,584 2,112 Loan facility commitment fees 31 92 123 28 83 111 455 1,364 1,819 556 1,667 2,223 * Finance charges on financial liabilities at cost. FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCESTRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 87 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 6. Taxation on Ordinary Activities (A) ANALYSIS OF (CREDIT)/CHARGE IN THE YEAR 2025 2024 REVENUE £’000 CAPITAL £’000 TOTAL £’000 REVENUE £’000 CAPITAL £’000 TOTAL £’000 UK Corporation tax at 25% (2024: 25%) – – – – – – Overseas withholding tax 58 – 58 476 – 476 Recoverable overseas withholding tax (68) – (68) (247) – (247) (10) – (10) 229 – 229 (B) FACTORS AFFECTING TOTAL TAX (CREDIT)/CHARGE FOR YEAR The tax assessed for the year is lower (2024: lower) than the standard rate of UK corporation tax of 25% (2024: 25%). The differences are explained below: 2025 2024 REVENUE £’000 CAPITAL £’000 TOTAL £’000 REVENUE £’000 CAPITAL £’000 TOTAL £’000 Total return/(loss) before taxation 27,952 (41,847) (13,895) 39,160 69,247 108,407 Return/(loss) on ordinary activities multiplied by UK corporation tax of 25% (2024: 25%) 6,988 (10,462) (3,474) 9,790 17,312 27,102 Effects of: Overseas taxation (10) - (10) 229 – 229 Non-taxable UK dividend income (7,698) - (7,698) (9,869) – (9,869) Non-taxable overseas dividend income - - - (698) – (698) Non allowable capital expenses in relation to the cancellation of the Share premium account - - - - 32 32 Excess management expenses 710 1,782 2,492 777 2,112 2,889 Non-taxable loss/(return) on investments - 8,677 8,677 – (19,502) (19,502) Currency translations - 3 3 – 46 46 Total tax (credit)/charge for the year (note 6(A)) (10) - (10) 229 – 229 * Returns on investments are not subject to corporation tax within an investment company. 88 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS - CONTINUED 6. Taxation on Ordinary Activities – Continued (C) DEFERRED TAXATION As at 30 September 2025, the Company had unused management expenses and other reliefs for taxation purposes of £156,590,000 (2024:£146,620,000). It is unlikely that the Company will generate sufficient taxable income in excess of the available deductible expenses and therefore the Company has not recognised a deferred tax asset of £39,147,000 (2024: 36,655,000) based on the prospective corporation tax rate of 25% (2024: 25%). Given the Company’s status as an investment company and the intention to continue to meet the conditions required to maintain such status in the foreseeable future, the Company has not provided for a deferred tax asset. 7. Return/(loss) per share – Basic and Diluted 2025 £’000 2024 £’000 The return/(loss) per share is based on the following figures: Revenue return 27,962 38,931 Capital (loss)/return (41,847) 69,247 (Loss)/return (13,885) 108,178 Weighted average number of shares in issue during the year 148,064,259 187,520,280 Revenue return per share 18.9p 20.8p Capital (loss)/return per share (28.3)p 36.9p (Loss)/return per share (9.4)p 57.7p The calculation of the total, revenue and capital returns per ordinary share is carried out in accordance with IAS 33, "Earnings per Share (as adopted in the UK)". As at 30 September 2025 and 2024 there were no dilutive instruments in issue, therefore the basic and diluted return per share are the same. * Excludes shares held in Treasury. FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCESTRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 89 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 8. Dividends In accordance with FRS 102 dividends are included in the Financial Statements in the period in which they are paid or approved by Shareholders. Amounts recognised as distributable to Shareholders for the year ended 30 September 2025 were as follows: EX-DIVIDEND DATE PAYMENT DATE 2025 £’000 2024 £’000 Second interim dividend paid for the year end 30 September 2024 of 10.8p per share 3 October 2024 8 November 2024 18,097 – First interim dividend paid for the year end 30 September 2025 of 8.8p per share 3 April 2025 16 May 2025 12,780 – Second interim dividend paid for the year end 30 September 2023 of 10.5p per share 5 October 2023 10 November 2023 – 21,454 First interim dividend paid for the year end 30 September 2024 of 8.8p per share 4 April 2024 17 May 2024 – 16,477 30,877 37,931 * Second interim dividend of 11.4p per share for the year ended 30 September 2025 (2024: 10.8p) 9 October 2025 14 November 2025 15,164 18,097 * The second interim dividend of 11.4p per share (2024: 10.8p) has not been included as a liability in these Financial Statements as it is only recognised in the financial year in which it is paid. The maximum retention permitted under Section 1158 of the Corporation Tax Act 2010 is c.£4.7 million (2024: c.£6.5 million). The total dividends payable in respect of the financial year which forms the basis of the retention test are set out below: 2025 £’000 2024 £’000 Revenue available for distribution by way of dividend for the year 27,962 38,931 2025 First interim dividend of 8.8p per share (2024: 8.8p) paid on 16 May 2025 (12,780) (16,477) 2025 Second interim dividend of 11.4p per share (2024: 10.8p) paid on 14 November 2025 (15,164) (18,097) Net additions to revenue reserves 18 4,357 The Company’s dividend policy is set out on page 24. 90 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS - CONTINUED 9. Investments held at Fair Value Through Profit or Loss ANALYSIS OF PORTFOLIO MOVEMENTS 2025 £’000 2024 £’000 Opening book cost 1,100,447 1,244,868 Opening investment holding gains 492,771 591,792 Valuation at 1 October 1,593,218 1,836,660 Movements in the year: Purchases at cost 130,035 122,156 Sales proceeds (437,522) (443,604) Other capital receipts (10) – (Loss)/gains on investments (34,706) 78,006 Valuation at 30 September 1,251,015 1,593,218 Closing book cost 917,255 1,100,447 Investment holding gains at 30 September 333,760 492,771 Valuation at 30 September 1,251,015 1,593,218 The Company received £437,522,000 (2024: £443,604,000) from investments sold in the year. The realised gains of these investments were £124,305,000 (2024: 177,027,000) and the book cost of these investments when they were purchased was £313,227,000 (2024: £266,577,000). These investments have been revalued over time and until they were sold any unrealised gains/losses were included in the fair value of the investments. Purchase transaction costs for the year to 30 September 2025 were £701,000 (2024: £516,000). These comprise stamp duty costs of £698,000 (2024: £471,000) and commission of £3,000 (2024: £45,000). Sales transaction costs for the year to 30 September 2025 were £116,000 (2024: 127,000) and comprise solely of commission. 10. Debtors 2025 £’000 2024 £’000 Amounts due from brokers in respect of portfolio trading – disposals 3,603 2,261 Accrued income and prepayments 1,784 5,248 5,387 7,509 11. Creditors: Amounts Falling Due Within One Year 2025 £’000 2024 £’000 Amounts due to brokers in respect of portfolio trading – purchases 47 – Amounts due to brokers in respect of shares repurchased by the Company 3,299 2,550 Other creditors and accruals 1,226 1,448 4,572 3,998 FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCESTRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 91 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 12. Bank Loan 2025 £’000 2024 £’000 Bank loan 29,200 29,200 Bank of Nova Scotia, London Branch, the provider of the Company’s loan facility, has a floating charge over the assets of the Company as security against any funds drawn down under the loan facility. As at 30 September 2025 the Company was in the third year of its three year secured fixed term multi-currency revolving loan facility of £60million (with an additional £40 million available if required). Subsequent to the year-end on 3 October 2025, the Company’s loan facility with Scotiabank was renewed and it entered into a new three-year secured facility of £40 million with an additional £60 million facility available if required. The main covenant under the loan facility required that, at each month end, total borrowings should not exceed £100 million (2024:£100 million), Net Asset Value must not fall below £750 million (2024: £750 million) and the ratio of Adjusted Total Net Assets to Debt is not to be less than 4:1 (2024: 4:1). There were no breaches of the covenants during the year. The Board has set a gearing limit which must not exceed 25% of the Company’s net asset value. See the Strategic Report on page23 and the Report of the Directors on page 46 for further details. 13. Called Up Share Capital 2025 £’000 2024 £’000 Allotted, issued and fully paid: 133,018,887 (2024: 167,717,668) ordinary shares of 25p each 33,255 41,930 91,972,416 (2024: 57,273,635) ordinary shares of 25p held in Treasury 22,993 14,318 224,991,303 (2024: 224,991,303) total ordinary shares of 25p each 56,248 56,248 No shares were issued by the Company during the year (2024: Nil). During the year, the Company bought back 34,698,781 shares to be held in Treasury at a cost of £309,666,000 (2024: 36,801,766 shares were bought back at a cost of £310,808,000). Between 1 October 2025 and 1 December 2025, the Company bought back a further 10,787,363 shares into Treasury at a cost of £90.2 million. 14. Capital Reserve CAPITAL RESERVE REALISED £'000 CAPITAL RESERVE INVESTMENT HOLDING GAINS UNREALISED £'000 2025 TOTAL £'000 CAPITAL RESERVE REALISED £'000 CAPITAL RESERVE INVESTMENT HOLDING GAINS UNREALISED £'000 2024 TOTAL £'000 At 1 October 2024 (80,281) 492,771 412,490 12,420 591,792 604,212 Gains/(losses) on investments 124,305 (159,011) (34,706) 177,027 (99,021) 78,006 Repurchase of shares into Treasury – – – (260,969) – (260,969) Expenses charged to capital (5,765) – (5,765) (6,907) – (6,907) Finance costs charged to capital (1,364) – (1,364) (1,667) – (1,667) Currency translations (12) – (12) (185) – (185) At 30 September 2025 36,883 333,760 370,643 (80,281) 492,771 412,490 The amount of the capital reserve that is distributable is complex to determine and is not necessarily the full amount of the reserve as disclosed within these Financial Statements of £370,632,000 as at 30 September 2025 (2024: 412,490,000) as this is subject to fair value movements and may not be readily realisable at short notice. 92 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS - CONTINUED 15. Net Asset Value Per Share 2025 2024 Net assets (£'000) 1,227,740 1,582,168 Number of shares in issue (excluding shares held in Treasury) 133,018,887 167,717,668 Net asset value per share 923.0p 943.4p As at 30 September 2025 and 2024 there were no dilutive instruments held, therefore the basic and diluted net asset value per share are the same. At 30 September 2025 91,972,416 shares were held in Treasury (2024: 57,273,635). 16. Transactions with the AIFM, the Portfolio Manager and Related Parties Details of the relationship between the Company, Frostrow and Lindsell Train are disclosed in the Strategic Report on pages42 and 43 and also on the Company’s website. As at 30 September 2025, the Company had an investment in Frostrow with a book cost of £200,000 (2024: £200,000) and a fair value of £2,925,000 (2024: £3,225,000) (including the AIFM capital contribution of £125,000 (2024: £125,000)). During the year Frostrow earned a total of £1,921,000 (2024: 2,260,000) in respect of AIFM fees, of which £140,000 was outstanding at 30September 2025 (2024: £171,000). The Company has an investment in The Lindsell Train Investment Trust plc, which is managed by Lindsell Train, with a book cost of £1,000,000 (2024: £1,000,000) and a fair value of £6,800,000 as at 30 September 2025 (2024: 7,640,000). During the year Lindsell Train earned a total of £5,765,000 (2024: £6,781,000) in respect of Portfolio Management fees of which £421,000 was outstanding at 30September 2025 (2024: £512,000). Further details can be found in the Corporate Information section of the Company's website. Details of the income received from the AIFM are disclosed in note 2 on page 85 and details of the remuneration payable to the AIFM and the Portfolio Manager are disclosed in note 3 also on page 85. Details of the fees of all Directors can be found on pages 59 to 64 and in note 4 on page 86. Directors’ interests in the capital of the Company can be found on page 64. There were no other material transactions during the year with the Directors of the Company. 17. Risk Management As an investment company the Company invests in equities and other investments for the long term so as to secure its investment objective as stated on page 4. In pursuit of its investment objective, the Company is exposed to a variety of risks that could result in either a reduction in the Company’s net assets or a reduction in the revenue returns available for distribution. The Company’s financial instruments comprise mainly equity investments, cash balances, borrowings, debtors and creditors that arise directly from its operations. The principal risks inherent in managing financial instruments are market risk, liquidity risk and credit risk. The principal and emerging risks of the Company and the Directors’ approach to the management of those where the Directors consider there to be a high inherent risk are set out in the Strategic Report on pages 26 to 30. MARKET RISK Market risk comprises three types of risk: market price risk, interest rate risk and currency risk. Market Price Risk As an investment company, performance is dependent on the performance of the underlying companies and securities in which it invests. The market price of investee companies’ shares is subject to their performance, supply and demand for the shares and investor sentiment regarding the company or the industry sector in which it operates. Consequently, market price risk is one of the most significant risks to which the Company is exposed. FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCESTRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 93 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 At 30 September 2025, the fair value of the Company’s assets exposed to market price risk was £1,251,015,000 (2024: 1,593,218,000 see page9). If the fair value of the Company’s investments at the Statement of Financial Position date increased or decreased by10%, while all other variables remained constant, the capital return and net assets attributable to Shareholders for the year ended 30September 2025 would have increased or decreased by £125,102,000 or 94.05p per share (2024: 159,322,000 or 94.99pper share). See page 27 for details on the concentration risk suffered by the Company. No derivatives or hedging instruments are currently utilised to manage market price risk. Interest Rate Risk Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Interest rate movement may affect: • the interest payable on the Company’s variable rate borrowings • the level of income receivable from variable interest securities and cash deposits • the fair value of investments of fixed rate securities The Company’s main exposure to interest rate risk during the year ended 30 September 2025 was through its three year £60 million (2024: £60 million) secured multi-currency committed revolving credit facility (with an additional £40 million facility available if required (2024: £40 million)) with Bank of Nova Scotia, London Branch. Borrowings at the year end amounted to £29,200,000 (2024: £29,200,000) at an interest rate of 5.3% (4.0% SONIA plus 1.30% margin) (2024: 6.5% (5.2% SONIA plus 1.30% margin)). If the above level of borrowing was maintained for a year, a 10% increase or decrease in SONIA would decrease or increase the revenue return by £29,000, (2024: £38,000), decrease or increase the capital return in that year by £88,000 (2024: £114,000) and decrease or increase the net assets by £117,000 (2024: £152,000). The weighted average interest rate, during the year, on borrowings under the above mentioned revolving credit facility was 5.8% (2024: 6.49%). At 30 September 2025, the Company’s financial assets and liabilities exposed to interest rate risk were as follows: 2025 2024 WITHIN ONE YEAR £'000 MORE THAN ONE YEAR £'000 WITHIN ONE YEAR £'000 MORE THAN ONE YEAR £'000 Exposure to floating rates: Assets Cash at bank 5,110 – 14,639 – Liabilities Creditors: – borrowings under the loan facility (29,200) – – (29,200) Exposure to fixed rates: Assets Investments at fair value through profit or loss # 490 – 488 – Liabilities – – – – # Celtic 6% cumulative convertible preference shares and Frostrow Capital LLP AIFM Capital Contribution. Currency Risk The Financial Statements are presented in sterling, which is the functional and presentational currency of the Company. At30September 2025, the Company’s investments, with the exception of one, were priced in sterling. The exception is the holding in Manchester United, listed in the United States. The holding represents 0.9% of the portfolio. 94 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS - CONTINUED 17. Risk Management – Continued The AIFM and the Portfolio Manager monitor the Company’s exposure to foreign currencies on a continuous basis and regularly report to the Board. The Company does not hedge against foreign currency movements, but the Portfolio Manager takes account of the risk when making investment decisions. Income denominated in foreign currencies is converted into sterling on receipt. The Company does not use financial instruments to mitigate the currency exposure in the period between its receipt and the time that the income is included in the Financial Statements. Foreign Currency Exposure At 30 September 2025 the Company held £11,747,000 (2024: £39,334,000) of investments denominated in U.S. dollars and £nil (2024:£24,541,000) in euros. Currency Sensitivity The following table details the sensitivity of the Company’s return after taxation for the year to a 10% increase or decrease in the value of sterling compared with the U.S. dollar and euro (2024: 10% increase and decrease). The analysis is based on the Company’s foreign currency financial instruments held at each Statement of Financial Position date. In addition to the foreign currency exposure on investments held at 30 September 2025, the Company also held £17,000 (2024: £385,000) in debtors denominated in U.S. dollars and £68,000 (2024: £1,230,000) denominated in Euros. This level of sensitivity is considered to be reasonably possible based on observation of current market conditions and historicaltrends. If sterling had weakened against the U.S. dollar and euro, as stated above, assuming all other variables remain constant, this would have had the following effect: 2025 £’000 2024 £’000 Impact on revenue return 8 106 Impact on capital return 1,307 7,170 Total return after tax/increase in Shareholders’ funds 1,315 7,276 If sterling had strengthened against the foreign currencies as stated above, assuming all other variables remain constant, this would have had the following effect: 2025 £’000 2024 £’000 Impact on revenue return (6) (87) Impact on capital return (1,069) (5,866) Total return after tax/decrease in Shareholders’ funds (1,075) (5,953) Credit Risk Credit risk is the risk that the counterparty to a transaction fails to discharge its obligations under that transaction, which could result in the Company suffering a loss. Credit risk is managed as follows: • Investment transactions are carried out only with brokers which are considered to have a high credit rating. • Transactions are undertaken on a delivery versus payment basis whereby the Company’s custodian bank ensures that the counterparty to any transactions entered into by the Company has delivered its obligation before any transfer of cash or securities away from the Company is completed. • Any failing trades in the market are closely monitored by both the AIFM and the Portfolio Manager. • Cash is only held at banks that have been identified by the Board as reputable and of high credit quality. • Bank of New York Mellon has a credit rating of Aa2 (Moody's) and AA- (Fitch). FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCESTRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 95 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 As at 30 September 2025, the maximum exposure to credit risk was £9,078,000 (2024: £17,263,000), comprising: 2025 £’000 2024 £’000 Fixed assets: Non-equity investments (preference shares) 365 363 Current assets: Other receivables (amounts due from brokers) 3,603 2,261 Cash at bank 5,110 14,639 Total maximum exposure to credit risk 9,078 17,263 None of these assets are past due and are not impaired. Liquidity Risk Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities. Liquidity risk is not considered significant as the majority of the Company’s assets are investments in quoted equities. Asat30September 2025 it is estimated that 99.3% of the investment portfolio could be realised within 30 days with 67.0% insevendays, based on current trading volumes. Liquidity risk exposure FINANCIAL LIABILITIES COMPRISE: 30 SEPTEMBER 2025 £'000 30 SEPTEMBER 2024 £'000 Due within one month: Balances due to brokers in respect of portfolio trading - purchases 47 – Amounts due to brokers in respect of shares repurchased by the Company 3,299 2,550 Accruals 1,226 1,448 Bank loan 29,200 – Due after three months and after one year: Bank loan – 29,200 FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES Financial assets and financial liabilities are either carried in the Statement of Financial Position at their fair value or at a reasonable approximation of fair value. VALUATION OF FINANCIAL INSTRUMENTS The Company measures fair values using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements. Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value measurement of the asset, noting that most of the Company's investments are quoted assets, which have been categorised as level 1 investments: • Level 1 – quoted prices in active markets. • Level 2 – prices of recent transactions for identical instruments. • Level 3 – valuation techniques using observable and unobservable market data. 96 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS - CONTINUED 17. Risk Management – Continued The financial assets and liabilities measured at fair value in the Statement of Financial Position are grouped into the fair value hierarchy at the reporting date as follows: AS AT 30 SEPTEMBER 2025 LEVEL 1 £'000 LEVEL 2 £'000 LEVEL 3 £'000 TOTAL £'000 Equity investments 1,242,198 5,527 – 1,247,725 Limited liability partnership interest (Frostrow) – – 2,800 2,800 Frostrow - AIFM capital contribution – – 125 125 Preference share investments – 365 – 365 1,242,198 5,892 2,925 1,251,015 AS AT 30 SEPTEMBER 2024 LEVEL 1 £'000 LEVEL 2 £'000 LEVEL 3 £'000 TOTAL £'000 Equity investments 1,584,265 5,365 – 1,589,630 Limited liability partnership interest (Frostrow) – – 3,100 3,100 Frostrow - AIFM capital contribution – – 125 125 Preference share investments – 363 – 363 1,584,265 5,728 3,225 1,593,218 The unquoted investment in Frostrow is valued by taking the EBITDA and applying a multiple; it has been re-valued by the Directors during the year, using two unobservable market data sources, being Frostrow’s earnings and an agreed appropriate comparator multiple. This was the same methodology adopted to value Frostrow as at 30September 2024. There have been no transfers during the year between Levels 1 and 2. A reconciliation of fair value measurements in Level 3 is set out below. Level 3 Reconciliation of financial assets at fair value through profit or loss at 30 September 2025 £’000 2024 £’000 Opening fair value 3,225 3,725 Total losses included in gains on investments in the Income Statement (300) (500) Closing fair value 2,925 3,225 If the earnings used in the valuation were to increase or decrease by 10% while all the other variables remained constant, the return and net costs attributable to Shareholders for the year ended 30 September 2025 would have increased/decreased by £295,000 (2024: £310,000, applying the same assumptions). CAPITAL MANAGEMENT OBJECTIVES, POLICIES AND PROCEDURES The structure of the Company’s capital is described in note 13 on page 91 and details of the Company’s reserves are shown in the Statement of Changes in Equity on page 79. The Company’s capital management objectives are: • to ensure that it is able to continue as a going concern; and • to achieve capital and income growth and to provide Shareholders with a total return in excess of that of the FTSE All-Share Index through an appropriate balance of equity and debt. FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCESTRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 97 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 The Board, with the assistance of the AIFM and the Portfolio Manager, regularly monitors and reviews the broad structure of the Company’s capital. These reviews include: • the level of gearing, set at a limit in normal market conditions, is not to exceed 25% of the Company's net assets, which takes account of the Company’s position and the views of the Board, the AIFM and the Portfolio Manager on the market; • the extent to which revenue reserves should be retained or utilised; and • ensuring the Company’s ability to continue as a going concern. The Company’s objectives, policies and procedures for managing capital are unchanged from last year. There were no breaches by the Company during the year of the financial covenants put in place by Bank of Nova Scotia, LondonBranch in respect of the committed revolving credit facility provided to the Company. The covenants are unchanged since last year and the Company has complied with them at all times. 18. Net Cash Inflow from Operating Activities 2025 £’000 2024 £’000 Total (loss)/return before finance charges and taxation (12,076) 110,630 Add/(deduct) capital gain before finance charges and taxation 40,483 (70,914) Net revenue before finance charges and taxation 28,407 39,716 Decrease in accrued income and prepayments 3,829 1,406 (Decrease)/increase in creditors (222) 385 Taxation – overseas withholding tax (355) (795) AIFM, portfolio management fees and other expenses charged to capital (5,765) (6,907) Net cash inflow from operating activities 25,894 33,805 19. Substantial Interests At 30 September 2025 the Company held interests in 3% or more of any class of capital in the following entities: COMPANY OR LIMITED LIABILITY PARTNERSHIP NUMBER OF SHARES HELD 2025 FAIR VALUE £'000 % OF ISSUED SHARE CAPITAL OR LIMITED LIABILITY PARTNERSHIP INTEREST Frostrow Capital LLP (unquoted) † – 2,925 9.6 The Lindsell Train Investment Trust plc 10,000 6,800 5.0 † Includes Frostrow Capital LLP's AIFM Capital Contribution, fair value £125,000. * Also managed by Lindsell Train Limited which receives a portfolio management fee based on the Company’s market capitalisation. The details of the fee arrangements with the Company can be found on page 42. 20. Post Balance Sheet Events During the period from a further 10,787,363 shares were bought back and held in Treasury at a cost of£90.2 million. 98 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 FURTHER INFORMATION GLOSSARY OF TERMS AND ALTERNATIVE PERFORMANCE MEASURES ACTIVE SHARE (APM) Active Share is expressed as a percentage and shows the extent to which a fund’s holdings and their weightings differ from those of the fund’s benchmark index. A fund that closely tracks its index might have a low Active Share of less than 20% and be considered passive, while a fund with an Active Share of 60% or higher is generally considered to be actively managed. The Company has a distinctive strategy: a concentrated portfolio of holdings invested across a small number of sectors and themes. Active Share helps quantify the extent to which the portfolio differs from the benchmark index. The Active Share data is sourced from Morningstar. AIC Association of Investment Companies. The AIC represents a broad range of investment companies, investment trusts, VCTs and other closed-ended funds. ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE (AIFMD) Agreed by the European Parliament and the Council of the European Union and transposed into UK legislation, the AIFMD classifies certain investment vehicles, including investment companies, as Alternative Investment Funds (AIFs) and requires them to appoint an Alternative Investment Fund Manager (AIFM) and depositary to manage and oversee the operations of the investment vehicle. The Board of the Company retains responsibility for strategy, operations and compliance and the Directors retain a fiduciary duty to Shareholders. ALTERNATIVE PERFORMANCE MEASURE ("APM") An Alternative Performance Measure (APM) is a numerical measure of the Company’s current, historical or future financial performance, financial position or cash flows other than a financial measure defined or specified in the applicable financial framework. In selecting these Alternative Performance Measures, the Directors consider the key objectives and expectations of typical investors and believe that each APM gives the reader useful and relevant information in judging the Company's performance and in comparing other investment companies. BENCHMARK RETURN Total return on the benchmark, assuming that all dividends received were re-invested, without transaction costs, into the shares of the underlying companies at the time the shares were quoted ex-dividend. CHIEF OPERATING DECISION MAKER The Chief Operating Decision Maker of the Company is considered to be the Board of Directors. It is a Generally Accepted Accounting Principal (GAAP) requirement to disclose who the chief operating decision maker is. DISCOUNT OR PREMIUM (APM) A description of the difference between the share price and the net asset value per share. The size of the discount or premium is calculated by subtracting the share price from the net asset value per share and is expressed as a percentage (%) of the net asset value per share. If the share price is higher than the net asset value per share the result is a premium. If the share price is lower than the net asset value per share, the shares are trading at a discount. The Board regularly reviews the level of the discount/premium of the Company’s share price to the net asset value per share and considers ways in which share price performance may be enhanced, including the effectiveness of share buy-backs, where appropriate. DISCOUNT OR PREMIUM (APM) PAGE 30 SEPTEMBER 2025 30 SEPTEMBER 2024 Share price (p) 6 and 7 861.0 861.0 Net asset value per share (p) 6 and 7 923.0 943.4 Discount 6, 7 and 9 6.7% 8.7% Glossary of Terms and Alternative Performance Measures – Unaudited FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCESTRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 99 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 ENTERPRISE VALUE INCLUDING CASH (“EVIC”) EVIC is the denominator used to measure carbon emissions. EVIC means the sum of the market capitalisation of ordinary shares, the market capitalisation of preferred shares, and the book value of total debt and non-controlling interests, without the deduction of cash or cash equivalents. FTSE DISCLAIMER “FTSE©” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distributions of FTSE Data is permitted without FTSE’s express written consent. GEARING (APM) Gearing represents prior charges, adjusted for net current assets, expressed as a percentage of net assets (AIC methodology). The Directors believe that it is appropriate to show net gearing in relation to Shareholders’ funds as it represents the amount of debt funding on the investment portfolio. The gearing policy is that borrowing will not exceed 25% of the Company's net assets. Prior charges includes all loans and bank overdrafts for investment purposes. PAGE 30 SEPTEMBER 2025 £’000 30 SEPTEMBER 2024 £’000 Bank loan 80 (29,200) (29,200) Net current assets 80 5,925 18,150 Bank loan adjusted for net current assets (23,275) (11,050) Net assets 80 1,227,740 1,582,168 Gearing 6 1.9% 0.7% THE INSTITUTIONAL INVESTORS GROUP ON CLIMATE CHANGE (“IIGCC”) IIGCC membership enables organisations to ensure that they are part of the solution to climate change. THE INTERGOVERNMENTAL PANEL ON CLIMATE CHANGE (“IPCC”) The IPCC is the United Nations body for assessing the science related to climate change. NET ZERO ASSET MANAGERS INITIATIVE (“NZAM”) The Net Zero Asset Managers initiative is an international group of asset managers committed to supporting the goal of net zero greenhouse gas emissions by 2050 or sooner, in line with global efforts to limit warming to 1.5 degrees Celsius; and to supporting investing aligned with net zero emissions by 2050 or sooner. NET ASSET VALUE (“NAV”) The value of the Company’s assets, principally investments made in other companies and cash being held, less any liabilities. The NAV is also described as “Shareholders’ funds”. The NAV is often expressed in pence per share after being divided by the number of shares that have been issued. The NAV per share is unlikely to be the same as the share price which is the price at which the Company’s shares can be bought or sold by an investor. The share price is determined by the relationship between the demand and supply of the shares. 100 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 FURTHER INFORMATION GLOSSARY OF TERMS AND ALTERNATIVE PERFORMANCE MEASURES - CONTINUED NAV TOTAL RETURN PER SHARE (APM) The theoretical total return on an investment over a specified period assuming dividends paid to Shareholders were reinvested at NAV per share at the time the shares were quoted ex-dividend. This is a way of measuring investment management performance of investment companies which is not affected by movements in discounts or premiums. The Directors regard the Company’s NAV total return per share as being the overall measure of value delivered to Shareholders over the long term. The Board considers the principal comparator to be its benchmark, the FTSE All-Share Index. NAV TOTAL RETURN PAGE 30 SEPTEMBER 2025 30 SEPTEMBER 2024 Opening NAV per share (p) 7 943.4 891.2 (Decrease)/increase in NAV per share (p) (20.4) 52.2 Closing NAV per share (p) 7 923.0 943.4 (Decrease)/increase in NAV per share (2.2)% 5.8% Impact of dividends re-invested +2.1% +2.4% NAV per share total return 6, 7 and 8 (0.1)% 8.2% * The NAV total return is calculated on the assumption that the total dividends of 19.6p (2024: 19.3p) paid by the Company during the year were reinvested into assets of the Company at the NAV per share at the ex-dividend date. The Treasury shares held by the Company have been excluded from this calculation. The source of this data is Morningstar who have calculated the return on an industry comparative basis. ONGOING CHARGES FIGURE (APM) Ongoing charges are calculated by taking the Company’s annualised operating expenses expressed as a proportion of the average daily net asset value of the Company over the year. The costs of buying and selling investments are excluded, as are interest costs, taxation, cost of buying back or issuing ordinary shares and other non-recurring costs. Ongoing charges represent the costs that Shareholders can reasonably expect to pay from one year to the next, under normal circumstances. PAGE 30 SEPTEMBER 2025 £'000 30 SEPTEMBER 2024 £'000 AIFM and portfolio management fees 85 7,686 9,041 Operating expenses 86 1,148 1,310 Total expenses 8,834 10,351 Average net assets during the year 1,428,900 1,697,345 Ongoing charges figure 6 0.62% 0.61% THE PARIS AGREEMENT The Paris Agreement’s central aim is to strengthen the global response to the threat of climate change by keeping a global temperature rise this century well below 2 degrees Celsius above pre-industrial levels and to pursue efforts to limit the temperature increase even further to 1.5 degrees Celsius. FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCESTRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 101 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 THE PARIS ALIGNED INVESTMENT INITIATIVE (“PAII”) The PAII was launched by the Institutional Investors Group on Climate Change (“IIGCC”) in Europe in May 2019, to explore how investors can align their portfolios with the goals of the Paris Agreement. PEER GROUP Finsbury Growth & Income Trust PLC is part of the AIC’s UK Equity Income sector. The trusts in this universe are defined as trusts whose investment objective is to achieve a total return for Shareholders through both capital and dividendgrowth by investing mainly in UK-quoted shares.. REVERSE STRESS TEST Reverse stress tests are stress tests that identify scenarios and circumstances which would make a business unworkable and identify potential business vulnerabilities. SASB The Sustainability Accounting Standards Board (“SASB”) aims to establish industry-specific disclosure standards across ESG topics that facilitate communication between companies and investors about financially material, information that is useful for decision-making. SHARE PRICE TOTAL RETURN (APM) The change in capital value of a company’s shares over a given period, plus dividends paid to Shareholders, expressed as a percentage of the opening value. The assumption is that dividends paid to Shareholders are re-invested in the shares at the time the shares are quoted ex-dividend. The Directors regard the Company’s share price total return to be a key indicator of performance. This reflects share price growth of the Company which the Board recognises is important to investors. SHARE PRICE TOTAL RETURN PAGE 30 SEPTEMBER 2025 30 SEPTEMBER 2024 Opening share price share (p) 7 861.0 852.0 Movement in share price (p) 0.0 9.0 Closing share price (p) 7 861.0 861.0 Increase in share price 0.0% 1.1% Impact of dividends re-invested* +2.3% +2.3% Share price total return 6, 7 and 8 2.3% 3.4% * The share price total return is calculated on the assumption that the total dividends of 19.6p (2024: 19.3p) paid during the year were reinvested into shares of the Company at the share price at the ex-dividend date. The source is Morningstar who have calculated the return on an industry comparative basis. STERLING OVERNIGHT INDEX AVERAGE ("SONIA") SONIA is an interest rate published by the Bank of England. SONIA can be seen as the average interest rate at which a selection of financial institutions lend to one another in British pound sterling (GBP) with a maturity of 1 day (overnight). STRESS TESTING Stress testing Is a forward-looking analysis technique that considers the impact of a variety of extreme but plausible economic scenarios on the financial position of the Company. 102 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 FURTHER INFORMATION GLOSSARY OF TERMS AND ALTERNATIVE PERFORMANCE MEASURES - CONTINUED TCFD The Financial Stability Board created the Task Force on Climate-related Financial Disclosures (”TCFD”) to improve and increase reporting of climate-related financial information. TREASURY SHARES Shares previously issued by a company that have been bought back from Shareholders to be held by the company for potential sale or cancellation at a later date. Such shares are not capable of being voted and carry no rights to dividends. FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT GOVERNANCESTRATEGIC REPORT FURTHER INFORMATION INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS 103 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 Share Prices The Company’s ordinary shares are listed on the London Stock Exchange under ‘Investment Companies’. Daily Net Asset Value per share The daily net asset value per share of the Company’s sharescan be obtained on the Company’s website www.finsburygt.com and is published daily via the London Stock Exchange. Registered Office 50 Lothian Road Festival Square Edinburgh EH3 9WJ Incorporated in Scotland with company no. SC013958 and registered as an investment company under Section 833 of the Companies Act 2006. AIFM, Company Secretary and Administrator Frostrow Capital LLP 25 Southampton Buildings London WC2A 1AL Telephone: 020 3008 4910 Email: info@frostrow.com Website: www.frostrow.com Authorised and regulated by the Financial Conduct Authority. Portfolio Manager Lindsell Train Limited 3rd Floor 66 Buckingham Gate London SW1E 6AU Telephone: 020 7808 1225 Website: www.lindselltrain.com Authorised and regulated by the Financial Conduct Authority. Independent Auditors Deloitte LLP 1 New Street Square London EC4A 3HQ Depositary The Bank of New York Mellon (International) Limited 160 Queen Victoria Street London EC4V 4LA Global Custodian Bank of New York Mellon 160 Queen Victoria Street London EC4V 4LA ISA Status The Company’s shares are eligible for Individual Savings Accounts ("ISAs") and for Junior ISAs. Registrars If you have any queries in relation to your shareholding please contact: MUFG Corporate Markets Central Square 29 Wellington Street Leeds LS1 4DL Email: shareholderenquiries@cm.mpms.mufg.com Telephone +44 (0)371 664 0300 Website: www.mpms.mufg.com Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. Lines are open between 09:00 and 17:30, Monday to Friday excluding public holidays in England and Wales. Investor Centre You can register online to view your holdings using the Investor Centre, a service offered by MUFG Corporate Markets at https://uk.investorcentre. mpms.mufg.com/ The Investor Centre is an online service enabling you to quickly and easily access and maintain your shareholding online – reducing the need for paperwork and providing 24 hour access to your shareholding details. Through the Investor Centre you may: • Cast your proxy vote online; • View your holding balance and get an indicative valuation; • View movements on your holding; • Update your address; • Register and change bank mandate instructions so that dividends can be paid directly to your bank account; • Elect to receive shareholder communications electronically; and • Access a wide range of shareholder information including the ability to download shareholder forms. If you hold your shares directly you can register online to view your holdings using the Share Portal, a service offered by MUFG Corporate Markets https://uk.investorcentre.mpms.mufg.com/. The Share Portal is an online service enabling you to quickly and easily access and maintain your shareholding online – reducing the need for paperwork and providing 24 hour access to your shareholding details. Corporate Broker Winterflood Securities Limited Riverbank House 2 Swan Lane London EC4R 3GA Company Information 104 FINSBURY GROWTH & INCOME TRUST PLC | Annual Report 2025 FURTHER INFORMATION COMPANY INFORMATION - CONTINUED Identification Codes Shares: SEDOL: 0781606 ISIN: GB0007816068 BLOOMBERG: FGT LN EPIC: FGT Legal Entity Identifier (LEI) 213800NN4ZKX2LGIGQ40 Global Intermediary Identification Number (GIIN) QH4BH0.99999.SL.826 Disability Act You can contact the Company or the Company’s registrar, MUFG Corporate Markets, using Relay UK, a service that helps people with hearing and speech difficulties communicate with anyone over the phone using the national relay service. You can download their app or call 0800731 1888 to access this service. Perivan 256419 Mobius Investment Trust Plc 25 Southampton Buildings, London WC2A 1AL www.mobiusinvestmenttrust.com This report is printed on Revive 100% White Silk a totally recycled paper produced using 100% recycled waste at a mill that has been awarded the ISO 14001 certificate for environmental management. The pulp is bleached using a totally chlorine free (TCF) process. This report has been produced using vegetable based inks. Avoid investment fraud 1 Reject cold calls If you’ve received unsolicited contact about an investment opportunity, chances are it’s a high risk investment or a scam. You should treat the call with extreme caution. The safest thing to do is to hang up. 2 Check the FCA Warning List The FCA Warning List is a list of firms and individuals we know are operating without our authorisation. 3 Get impartial advice Think about getting impartial financial advice before you hand over any money. Seek advice from someone unconnected to the firm that has approached you. Report a Scam If you suspect that you have been approached by fraudsters please tell the FCA using the reporting form at www.fca.org.uk/consumers/report- scam-unauthorised-firm. You can also call the FCA Consumer Helpline on 0800 111 6768 If you have lost money to investment fraud, you should report it to Action Fraud on 0300 123 2040 or online at www.actionfraud.police.uk Find out more at www.fca.org.uk/scamsmart Investment scams are designed to look like genuine investments Spot the warning signs Have you been: • contacted out of the blue • promised tempting returns and told the investment is safe • called repeatedly, or • told the offer is only available for a limited time? If so, you might have been contacted by fraudsters. Remember: if it sounds too good to be true, it probably is! Be ScamSmart This report is printed on Revive 100% White Silk a totally recycled paper produced using 100% recycled waste at a mill that has been awarded the ISO 14001 certificate for environmental management. The pulp is bleached using a totally chlorine free (“TCF”) process. This report has been produced using vegetable based inks. WARNING TO SHAREHOLDERS – BEWARE OF SHARE FRAUD Many companies have become aware that their Shareholders have received unsolicited phone calls or correspondence concerning investment matters. These are typically from overseas based ‘brokers’ who target UK Shareholders offering to sell them what often turn out to be worthless or high-risk shares in US or UK investments. They can be very persistent and extremely persuasive. Shareholders are therefore advised to be very wary of any unsolicited advice, offers to buy shares or offers of free company reports. Please note that it is very unlikely that either the Company or the Company’s Registrar, MUFG Corporate Markets, would make unsolicited telephone calls to Shareholders. Such calls would relate only to official documentation already circulated to Shareholders and never in respect of investment ‘advice’. Shareholders who suspect they may have been approached by fraudsters should advise the Financial Conduct Authority (“FCA”) usingthe share fraud report form at www.fca.org.uk/scams or call theFCA Customer Helpline on 0800 111 6768. You may also wish to call either the Company Secretary or the Registrar whose contact details can be found on page 103. FINANCIAL CALENDAR FINANCIAL YEAR END 30 September FINAL RESULTS ANNOUNCED December ANNUAL GENERAL MEETING Thursday, 15 January 2026 HALF YEAR END 31 March HALF YEAR RESULTS ANNOUNCED May INTERIM DIVIDENDS PAYABLE May and November CONTENTS STRATEGIC REPORT 1 Centenary 4 Company Summary 6 Company Performance 8 Key Performance Indicators (“KPIs”) 10 Chairman’s Statement 12 Investment Portfolio 16 Portfolio Manager’s Report 22 Business Review GOVERNANCE 44 Board of Directors 46 Report of the Directors 51 Corporate Governance 58 Statement of Directors’ Responsibilities 59 Directors’ Remuneration Policy 61 Directors’ Remuneration Report 65 Audit Committee Report INDEPENDENT AUDITORS’ REPORT 70 Independent Auditors’ Report FINANCIAL STATEMENTS 78 Income Statement 79 Statement of Changes in Equity 80 Statement of Financial Position 81 Statement of Cash Flows 82 Notes to the Financial Statements FURTHER INFORMATION 98 Glossary of Terms and Alternative Performance Measures 103 Company Information Please note that the Notice of Annual General Meeting is set out in a separate document. The Company’s shares are traded on the London Stock Exchange and can be purchased through a stock broker or other financial intermediary. The shares are eligible for Individual Savings Accounts (“ISAs”). For more information about Finsbury Growth & Income Trust PLC visit the website or the Company’s LinkedIn page WWW.FINSBURYGT.COM A member of the Association of Investment Companies FINSBURY GROWTH & INCOME TRUST PLC Annual Report for the year ended 30 September 2025 Finsbury Growth & Income Trust PLC Annual Report for the year ended 30 September 2025