Annual Report • Jul 21, 2025
Annual Report
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Annual Report and Financial Statements The Monks Investment Trust PLC 30 April 2025 Notes None of the views expressed in this document should be construed as advice to buy or sell a particular investment. Investment trusts are UK public listed companies Financial Conduct Authority (‘FCA’). They are not authorised or regulated by the FCA. The Monks Investment Trust PLC currently conducts its affairs, and intends to continue to conduct its affairs, so that the Company’s ordinary shares can product and can be recommended by Independent Financial Advisers to ordinary retail investors in accordance with the rules of the FCA in relation This document is important and requires your immediate attention. Investor disclosure document The UK Alternative Investment Fund Managers available to investors prior to their investment Disclosure Document is available for viewing at monksinvestmenttrust.co.uk. If you reside in the United Kingdom and you are in any doubt as to the action you should take, you should consult your stockbroker, bank manager, solicitor, fi authorised under the Financial Services and Markets Act 2000 immediately. If you reside outside the United Kingdom, you should consult an appropriately fi If you have sold or otherwise transferred all of your ordinary shares in The Monks Investment Trust PLC, please forward this document, together with accompanying documents, but not your personalised Form of Proxy, as soon as possible to the purchaser or transferee or to the stockbroker, bank or other agent through whom the sale or transfer was or is being effected for delivery to the purchaser or transferee. 01 The Monks Investment Trust PLC Introduction Financial highlights 02 Key characteristics 03 Strategic report Chairman’s statement 05 Managers’ review 08 The Managers’ core investment beliefs 14 Environmental, social and governance engagement 15 Ten largest investments 16 Growth categories 21 Investment portfolio by growth category 22 List of investments 24 Baillie Gifford – valuing private companies 28 Portfolio positioning 29 One year summary 30 Five year summary 32 Ten year record 34 Business review 37 Governance report Directors and managers 50 Directors’ report 54 Corporate governance report 59 Audit Committee report 67 Directors’ remuneration report 70 Statement of Directors’ responsibilities 74 Financial report Independent auditor’s report 77 Income statement 84 Balance sheet 85 86 fl 87 Notes to the Financial Statements 88 Shareholder information Notice of Annual General Meeting 108 Further shareholder information 114 Sustainable Finance Disclosure Regulation (‘SFDR’) 117 Communicating with shareholders 118 Insights 119 Glossary of terms and Alternative Performance Measures 120 Company information 125 Contents Introduction Annual Report and Financial Statements 2025 02 Global growth from different perspectives The objective of Monks is to invest globally to achieve capital growth. This takes priority over income and dividends. Monks seeks to meet its objective by investing principally in a portfolio of global quoted equities. Financial highlights Performance for the year to 30 April 2025 Share price * (1.5%) NAV (borrowings at par value) * † (0.4%) NAV (borrowings at fair value) * † +0.1% Comparative index * # +5.3% * Source: LSEG/Baillie Gifford and relevant underlying index providers. See disclaimer on page 116fi 120 to 123. † Net Asset Value per share (‘NAV’). # The comparative index is the FTSE World Index (in sterling terms). Past performance is not a guide to future performance. NAV, share price and index total return * fi4) Discount to net asset value (borrowings at fair value) * fi A 2025 A 2024 MJ JASOND F JM ● Share price ● NAV (fair) † ● Index # 90 130 120 110 100 2025 2024 A AM JJASONDF JM ● Discount ● Average discount (16%) (10%) (8%) (14%) (12%) The Monks Investment Trust PLC 03 fi120 to 123. Key characteristics Growth Portfolio of growth unconstrained by region or sector. Exposure spread across fi, fi designed to deliver capital growth. Geared Enhancement of shareholder returns Net gearing * 8.9%. A tiered management fee means that shareholders fi of scale. Ongoing charges ratio * 0.43% ; among the lowest in the sector. Low cost An investment horizon the growth potential of investee companies to fi fi from the power of compound growth. Annualised turnover * 23.2%. Patience Active A portfolio that differs fi comparative index. The Managers invest in companies with distinct competitive advantages to deliver superior earnings growth over time. Active share * 80%. Capital discipline both issuance and buybacks to maximise shareholder return. Buybacks of £321 million in 5; 12.4% of issued share capital. This Strategic report, which includes pages 5 to 48 and incorporates the Chairman’s statement, has been prepared in accordance with the Companies Act 2006. Strategic report The Monks Investment Trust PLC 05 Chairman’s statement Karl Sternberg Chairman Appointed to the Board in 2013, Performance fi Intelligence spending boom. Indeed, as recently as February of this year, Monks’ NAV per share surpassed its previous high of £15, last reached fi occurred in April 2025, triggered by President Trump’s ‘Liberation Day’ announcement of U.S. tariffs and China’s retaliatory measures. Monks was heavily NAV and share price reaching their lows for the year During the year to 30 April 2025, the net asset value (‘NAV’) total return, with borrowings calculated at fair value, was +0.1% and the share price the FTSE World Index return was +5.3%. This is clearly a disappointing result, and whilst the team are now in line with the index again this calendar particularly disappointing for me to report this underperformance, since I step down as Chairman ofMonks at the forthcoming AGM. Capital allocation and discount The Company’s shares traded at a discount to net asset value throughout the year. The Board has been active in buying shares in the open market. Having issued shares when Monks’ shares traded at a premium to net asset value, we believe that it is our obligation to be ready buyers at a discount. Buying the Company’s own shares at a discount to NAV enhances NAV per share for ongoing shareholders. Company’s shares. We believe that the underlying portfolio is attractive enough for our shares to trade at close to or above NAV. Strategic report Annual Report and Financial Statements 2025 06 fi bought 26.5 million shares, at a cost of £321.1million. Since we commenced this active programme in January 2022, we have bought back 65.5 million shares at a cost of £727.1 million; representing 27.7% of the Company’s issued share capital as at 31December 2021, one of the largest buybacks in was 10.1% (30 April 2024–8.5%). The Board will continue its buyback policy as a key part of its overall capital allocation; we have discussed increasing the intensity of the buyback so that the shares trade at a much narrower discount. Recent events have revealed a clearer investor preference for lower and less volatile discounts. That is what you should expect to see in future at Monks. We are reluctant to have a zero discount policy, effectively giving up the advantages of not shareholders should expect the Company to attempt to restrict any discount, to net asset value with digits, in normal market conditions. Borrowings and gearing Our investment trust structure allows gearing, which strategic borrowing target is 10%. It is expected that effective gearing will be maintained in the range of minus 15% to plus 15%. The Company has a mixture of long term, structural debt and shorter fl credit facility of £150 million with National Australia Bank Limited expired at the end of November 2024 and has been replaced by a £100 million revolving credit facility with The Royal Bank of Scotland International; £50 million is drawn under this facility. At the period end, net gearing was 8.9% and the weighted average interest rate across all borrowings was approximately 3.6%. Our decision to issue structural debt at very low rates was the right one. fi more debt at such low rates. Management expenses Monks remains competitive on fees and expenses: keeping fees as low as possible maximises the ongoing charges ratio for the year to 30 April 2025 was 0.43% down marginally from 0.44% in the prioryear. The current tiered management fee fi economies of scale as assets grow, from markets and performance. Earnings and dividend Monks invests with the aim of maximising capital growth rather than income. All costs are charged to the Revenue Account. The Board’s policy is to investment trust status. Retained earnings are reinvested in the portfolio. In order to build in headroom for further buybacks that would reduce fi of 0.5p be paid, compared to 2.10p last year, to ensure that the amount retained for the year does not exceed that permissible. Subject to shareholder approval at the AGM, the dividend will be paid on 16September 2025 to shareholders on the register at the close of business on 8 August 2025. The exdividend date will be 7 August 2025. The Board As previously communicated, I will retire from the Board at the conclusion of the Annual General Meeting. Randeep Grewal will succeed me as Chair of the Board, Nomination Committee and Management Engagement Committee. The Board is cognisant of the need to ensure regular refreshment of its composition, whilst also maintaining continuity and corporate memory. In January, Dr Dina Chaya stood down from the Board from her executive role. The Board undertook a fi and David Ballance was appointed as a Director in March. We also announced that Richard Curling would join the Board in October 2025. David and Richard will both add investment trust experience and wide investment knowledge to the Board. I think they are excellent candidates, and I know they will work hard to pursue your interests. Annual General Meeting The AGM will be held on Tuesday 9 September 2025 at the Royal Institution, 21 Albemarle Street, London W1S 4BS, at 11.30 am. We look forward to welcoming shareholders there. The Monks Investment Trust PLC 07 The Board intends to hold the AGM voting on a poll, so encourages all shareholders to exercise their votes at the AGM by completing and submitting a form of proxy. We recommend that shareholders monitor the Company’s website at monksinvestmenttrust.co.uk where any updates regarding the meeting will be posted. Market announcements will also be made in the event of any change to the scheduled arrangements. are welcome as always to submit them by email to [email protected] or call 0800 9172113. For shareholders investing through a platform, the AIC guidance on how to vote shares in advance or obtain the documentation necessary to vote in person at the AGM, may be of assistance: theaic.co.uk/how-to-vote-your-shares. Adoption of new Articles of Association At the AGM, to protect the interests of all shareholders, we are seeking shareholder approval to adopt new Articles of Association (the ‘New Articles’) in order to update the Company’s current Articles of Association (the ‘Existing Articles’). The proposed amendments being introduced in the New Articles will provide that a majority of the board of directors of the Company (including the Chairman of the fi by the AIC Code of Corporate Governance) and that proceedings of the Board must be conducted with a majority of independent directors present. A copy of the New Articles, which includes the full terms of the proposed amendments to the Existing Articles, will be available at the fi Place, London, EC3A 6AB between the hours of 9.00a.m. and 5.00 p.m. (Saturdays, Sundays and public holidays excepted) and on the Company’s website, monksinvestmenttrust.co.uk from the date the annual report is posted to shareholders until the close of the Annual General Meeting. The proposed New Articles will also be available for inspection at the venue of the Annual General Meeting from 15minutes before and during the meeting and ontheNational Storage Mechanism located at https://data.fca.org.uk/#/nsm/ nationalstoragemechanism, from the date of the annual report is posted to shareholders. Outlook fi as stock market returns have been driven by a small number of companies, which have represented an increasingly large proportion of global stock market fi with around 100 holdings. Whilst our managers have owned most of the companies that have driven stock market returns in recent years, these companies have represented a smaller proportion of Monks’ portfolio than their index weightings. This is now the fi has made mistakes, as every team makes mistakes. I have referred in the past to the importance of refocusing on valuations; and there have (inevitably) fi constructively critical, to probe more deeply when things are going well, and to be more supportive fi At an AGM some years ago, a shareholder asked what the appropriate assessment period for a manager should be before reviewing them more appropriate. The Board reassesses the Manager every year, in line with AIC guidelines. But the longer the period of assessment, the greater the information content. Given that we are behind the index over 5years, you can expect the Board to be considering this issue in even greater detail. The longer period allows us to supplement the annual AIC checklist with consideration of the effect of personnel change, any process changes that have occurred during the period, and changing marketdynamics. We all share the view that there need to be a smaller number of very sizeable investment trusts in future, fl fifi more mergers occur. I know that my colleagues will apply a great deal of effort to make sure that Monks should remain a core holding in the growth category and is in a position to be a consolidator. KS Sternberg Chairman 1 July 2025 Past performance is not a guide to future performance. Total return information is sourced from Baillie Gifford/LSEG. See disclaimer on page 116. fion of terms used see Glossary of terms and Alternative Performance Measures on pages 120 to 123. Strategic report Annual Report and Financial Statements 2025 08 Managers’ review Spencer Adair Lead portfolio manager Malcolm MacColl Deputy portfolio manager Helen Xiong Deputy portfolio manager times. Yet history teaches us that every era feels unprecedented to those living through it. In living memory, we have witnessed the Berlin Wall the dotcom rollercoaster, suffered 9/11, watched China transform from agrarian society to economic fi navigated Brexit, endured a global pandemic, feared fi fi We have no special insight into what President Trump might do next. The range of potential outcomes remains extraordinarily wide. Policies are announced and then rescinded almost daily. So, rather than offering predictions that will likely prove embarrassingly wrong by the time this report reaches your hands, we will share the principles that we are applying to navigate uncertainty and how fl Performance The Global Alpha team has managed Monks for ten years. Over this period, the NAV total return (with debt at fair value) has been +163.3% (share price +171.6%) compared to the comparative index (FTSE World), which returned +182.0%. In the twelve months to the end of April, the portfolio underperformed the comparative index (FTSE World) by 5.2%, delivering a NAV total return of +0.1% fi fi absolute returns of the past couple of years. The high of £15 per share in February of this year. The Monks Investment Trust PLC 09 However, the last two or so months of the year were much weaker, driven primarily by global trade tensions ignited by President Trump’s ‘Liberation Day’. Coupled with strong negative momentum within the US market, fell 20% from its peak in February to its lows in April). The US is our largest geographic allocation in absolute terms, and therefore, Monks gave up 10 months of fl Trump’s pronouncements and a lack of clarity on how fi been a weaker dollar, again impacting the Company, whose shares are priced in sterling but where many of the assets are in US dollars. fi Average weight in portfolio Average weight in Index Average active weight Total Return Attribution fi DoorDash 2.3 0.1 2.2 40.6 0.8 Prosus 2.9 0.1 2.9 29.9 0.6 Alnylam Pharmaceuticals 1.0 0.0 0.9 70.1 0.6 Sea Limited 0.8 0.0 0.8 98.9 0.5 Shopify 1.4 0.1 1.2 2 7. 2 0.5 fi Elevance Health 3.1 0.1 3.0 Novo Nordisk 1.7 0.5 1.2 Martin Marietta Materials 3.0 0.0 2.9 Moderna 0.4 0.0 0.4 Block 1.2 0.1 1.1 Source: Revolution, FTSE. fi The table above shows the largest contributors and detractors from Monks’ relative performance over the period. A cohort of our healthcare holdings was among the largest detractors from relative performance for the portfolio. President Trump’s healthcare appointments and their combined sentiment in healthcare. Against this backdrop, Elevance Health and Novo Nordisk have both suffered share price falls following disappointing US health insurer. We believe a growing need for health insurance coverage (as the population ages and treatment becomes more expensive) provides a structural tailwind for growth in the years ahead. The recent weakness in Elevance’s shares is a result customers falling as eligibility criteria are tightened medical loss ratio and weighed on margins, but we believe this is temporary. Elevance’s pricing power (it can reprice policies annually) should allow it to grow its margins again and deliver sustainable Strategic report Annual Report and Financial Statements 2025 10 Novo Nordisk could become one of the scale providers of weight loss injections to a vast and undersupplied market. Its shares fell sharply in leading, showing 22.5% average weight loss across the patient population, but this was lower than anticipated. We think that the market’s reaction to this is overdone. Today, just over 10 million people take obesity drugs globally (only 1% of the global obese population). As supply constraints ease, we fi fi fi share of the obesity market and believe the company has an underappreciated competitive advantage in fi saw its shares fall 25% following the management fi over the next year. It continues to grow its services fi fi In contrast to Elevance and Novo Nordisk, where fi have sold our position in Moderna. Revenue from to market with its RSV (respiratory syncytial virus) vaccine was slow and allowed competitors to steal the lead. Though we continue to believe that they have a potentially exciting pipeline of drugs, our patience has been exhausted. Most of the portfolio holdings are in good shape. Indeed, sticking within healthcare, Alnylam Pharmaceuticals (gene silencing) reached a fi could multiply its addressable patient population fi behalf after the share price rose by 80%, but we remain excited by the company’s potential to address even larger patient populations. Top contributors in the year included emerging winners DoorDash (online food delivery) and Sea Limited (ecommerce, gaming and payments). These companies are emerging stronger in the face of a higher cost of capital, while weaker competitors fall by the wayside, and are entrenching their competitive edge over peers. For example, DoorDash has grown its market share in the US from 57% to nearly 70% over the past three years and continues to scale at pace (order numbers increased +18% to an astonishing 643 million ). Excitingly, it is making impressive progress in grocery delivery and in new markets overseas. Indeed, the news of its recent purchase of Deliveroo in the UK is evidence of its growth ambitions. Some of our largest positions have contributed strongly too, with Prosus (investment holding company) and Meta (advertising) among the most notable. Prosus – which has a 25% shareholding in Tencent, the Chinese internet giant – has seen its portfolio of internet assets deliver robust fi fi 12 months earlier than targeted. Meanwhile, Meta continues to excel. AI investments have boosted engagement and accelerated revenue growth Successfully navigating uncertainty tariffs by the US has stoked uncertainty and the outlook for global growth. It would be easy to get drawn into the noise and speculation, but this is not in the best interests of Monks shareholders. Indeed, the economist Frank Knight made a crucial distinction between risk and uncertainty. Risk, he explained, describes situations where outcomes and probabilities can be reasonably estimated, such as the odds when tossing dice or calculating insurance premiums. Uncertainty, by contrast, applies to situations where outcomes and their probabilities fifi historical precedent. Risk can be priced, hedged, and insured against. Uncertainty cannot. This leads to three core principles that help to guide us in the management of the Monks’ portfolio: 1. Build Resilience 2. Retain Perspective Simple to list yet challenging to execute. The Monks Investment Trust PLC 11 Building Resilience We recognise that global geopolitics (not just Trump’s tariffs) is likely to lead to more fractious global trade and a wider range of outcomes for investors. Our focus has been on ensuring that our fi portfolio is positioned to win across a wide range of scenarios. Rather than attempting to predict the unpredictable, we focus on building resilience through investing in companies with robust fundamentals and a diversity of growth drivers. The portfolio holdings are both higher growth and fi fi (39% gross margins versus 29%), invest more in fi fl fi Nature teaches us that diverse ecosystems demonstrate greater resilience than monocultures. fi yields under ideal conditions, but a single blight can devastate everything. Biodiverse ecosystems, meanwhile, contain countless species with fi some species suffer while others thrive, and the fl This principle shapes our portfolio construction for Monks. We remain deliberately pragmatic about growth sources, organising our holdings into three fi 21. In short, the stalwarts are the wealth compounders. They are often franchise businesses that metronomically increase earnings over decades and provide portfolio ballast. The rapid growth stocks typically harness technological innovation to disrupt industries and grow rapidly. Our cyclical growth stocks are more economically sensitive businesses whose growth arrives unevenly; the opportunity here lies fi fl advantages. This broad and pragmatic approach to growth gives us degrees of freedom to adapt to changing conditions, seize emerging opportunities, In this context, position sizing across the portfolio matters too. We invest over 40% of the portfolio per holding), where we believe the likelihood of generating at least a doubling in return over the fi (but not always) in large, established companies where the path to growth is clearest. However, we offers and embrace this by managing a basket of smaller, ‘incubator’ positions (<0.5%), where the path to growth is less clear but potentially highly rewarding for shareholders. We currently have investments in 40 companies that make up around 15% of the portfolio. The portfolio effect is that Monks’ shareholders are not overly exposed to the fortunes of one company, but instead a diverse which should be appealing to investors at a time of heightened uncertainty. Indeed, over the past year, we have sought to fi fi from some of our strongest performing (mainly US) fl The Trade Desk (programmatic advertising), Dutch Bros (coffee) and Shopify (ecommerce). This has been deployed into a wide range of attractively valued growth opportunities that broaden the base of growth across the portfolio. Examples of newly established holdings include the likes of growth stalwart, Paycom (payroll and HR software) and cyclical stocks, FTAI Aviation (aero engine maintenance and renewal) and WillScot (temporary fi Retaining Perspective Stock markets behave strangely. They overreact to headline news while simultaneously underreacting to react to a dramatic headline, to do something, can be overwhelming. Instead, we concentrate fi penetration of electric and autonomous vehicles. These shifts will outlast political cycles and understanding which structural shifts will endure represents our most important task. Annual Report and Financial Statements 2025 12 Around 25% of Monks is invested in companies fi fi in NVIDIA in Graphics Processing Unit design, Microsoft in enterprise software, and Meta in social media and advertising. We have deliberately broadened and deepened the portfolio’s exposure to companies across the AI value chain. In the past year, this includes purchases of semiconductor holdings like Disco Corporation (dicing, grinding wafers) and Kokusai Electric (atomic layer deposition machinery to enable the manufacture the likelihood of greater chip demand from AI will be a helpful tailwind for growth. Elsewhere, we have been seeking out the early adopters in the enterprise application space. This has drawn us to the enterprise management software company Salesforce. It is now positioning itself to capitalise on the growing AI market through its new offering, Agentforce. It allows customers to delegate tasks to autonomous AI agents that are designed to handle tasks such as data analysis, planning, and execution, fi represents a potentially valuable shift in Salesforce’s business model and pricing strategy, which could see growth accelerate in the years ahead. fi directly in the growth of electric and autonomous vehicles (c. 3.5%), but the direction of travel likes of CATL, the Chinese battery manufacturer, Mobileye in driver safety and assistance software and Li Auto in Chinese EV manufacturing. We have discussed several opportunities over recent months, alighting on the purchase of a new holding in Uber Technologies that connects drivers and passengers through its mobile app. Uber’s competitive edge lies in its strong brand recognition, price competitiveness, scale advantage, and powerful network effects. There remain countless opportunities to increase penetration and to expand into new geographies and adjacent businesses. With a vast addressable transformation of the transportation industry, supported by its strong consumer relationships and operational expertise. While the market appears to underappreciate Uber’s longevity and robustness, we believe the company has the potential to transform urban mobility and dominate the autonomous vehicle (AV) future. Remaining reward-seeking The fundamental principles of investing sound disarmingly simple: buy low, sell high. But adhering to these principles amid market turbulence is fi perspective, we create the mental space to remain upgrading the portfolio. Over the past year, our valuation premium to the market (on a forward Price/ Earnings basis) has decreased from over 20% to growth remains a healthy 45% premium to the market (12.5% p.a. versus 8.6% p.a.). We are turning volatility into opportunity. Volatility has allowed us to purchase shares in companies that we have admired for some time, too. This was the case for Nu Holdings, the owner operating in Brazil, Mexico and Colombia. Its shares fell from $16 to $11 in January, which represented an attractive entry point. The company has attracted over half of Brazil’s adult population, mainly through fi product portfolio, different market segments and multiple geographies. It leverages its digital business model with an 85% cost advantage over incumbent banks to undercut fees while offering a superior customer experience, commanding one of the highest net promoter scores of any consumer company worldwide. Gearing and buybacks The board and manager believe in the importance of utilising gearing and managing the current discount to best protect existing shareholders. Turning longterm performance around remains the fi fl to our geared position, which now stands at 8.9% on an invested basis (it was 6.8% a year ago). Our largest capital allocation made over the past year was the £321m to purchase our own shares at an average discount of 10%. Strategic report The Monks Investment Trust PLC 13 This represents 12.4% of the Company’s opening share count, added approximately 1.1% to the NAV per share and represents a sustained commitment to Outlook The core approach to managing Monks remains consistent. We select stocks based on their fundamental attractions; we seek to invest in a fi superior levels of earnings growth; and we strive to allow compounding to work its magic by being patient. We overlay these principles – building resilience, retaining perspective and remaining a portfolio that is robust, has many drivers of future returns and will outpace the market in its delivery of earnings growth. Indeed, the portfolio’s fundamentals point to a platform from which we fi returns in the years ahead. Returning to Frank Knight’s wisdom about uncertainty, he argued that fi arise precisely from bearing uncertainty rather than fi thoughtfully under conditions of genuine uncertainty creates the opportunity for extraordinary reward. In these uncertain times, we remain grateful for your continued trust. Spencer Adair Malcolm MacColl Helen Xiong Baillie 1 July 2025 Strategic report Annual Report and Financial Statements 2025 14 The Managers’ core investment beliefs We believe the following features of Monks provide a sustainable basis for adding value for shareholders. Active management up’ investment process. provides the potential for adding value. We look broadly for growth, spanning regions and sectors deliberately seeking opportunities where we think growth is least recognised. we expect portfolio returns to diverge – sometimes substantially and often for prolonged periods. Committed growth investors growth drives returns. average growth, this in turn underpins the ability of Monks to add value. focusing on the type of growth that we expect 22 and 23. a diversity of growth drivers within a disciplined framework. Long-term perspective fundamentals are given time to drive returns. the management of market expectations. is important during the inevitable periods of underperformance. fl governance matters. Dedicated team with clear decision-making process responsible for Monks all own shares in the Company. Portfolio construction as set out on pages 21 to 23. stocks for which we have greater conviction, and to embrace the asymmetry of returns through ‘incubator’ positions in higher risk/return stocks. positions will struggle and their share prices will fall; those that are successful may rise many fold. The latter should outweigh the former. Low cost management fees. fi fi120 to 123. 15 The Monks Investment Trust PLC Environmental, social and governance engagement The Board has given discretionary voting powers to Baillie Gifford. The Managers vote against resolutions they consider may damage shareholders’ rights or economic interests and report their actions to the Board. The Board believes that it is in the shareholders’ interests to consider environmental, social and governance (‘ESG’) factors when selecting and retaining investments and has asked the Managers to take these issues into account. The Managers do not exclude companies from their investment universe are discussed with management with the aim of improving the relevant policies and management returns. The Managers’ Statement of Compliance with the UK Stewardship Code can be found on the Managers’ website: bailliegifford.com. The Managers’ policy has been reviewed and endorsed are signatories to the United Nations Principles for The Company publishes an annual stewardship report which includes examples of engagement on ESG matters, as well as setting out the Managers’ approach to proxy voting. The annual stewardship report is available on the Company’s website monksinvestmenttrust.co.uk. Strategic report Annual Report and Financial Statements 2025 16 Ten largest investments T 5. Microsoft Microsoft is the world’s dominant enterprise software company. fi with its Windows operating fi fi intelligence (AI). Geography North America Valuation at 30 April 2025 £104,501,000 % of total assets 4.1% Valuation at 30 April 2024 £102,564,000 % of total assets 3.6% Net purchases/(sales) in the year £9,556,000 © Jae C. Hong/AP/REX/Shutterstock Meta Platforms Meta is a globally dominant social media and advertising platform, reaching over 3 billion daily active users across its four apps: Facebook, Messenger, Instagram and WhatsApp. Meta provides digital advertising infrastructure that helps businesses connect fi player in this large and growing industry. Geography North America Valuation at 30 April 2025 £100,603,000 % of total assets 4.0% Valuation at 30 April 2024 £99,850,000 % of total assets 3.5% Net purchases/(sales) in the year (£5,972,000) © Shutterstock/Melnikov Dmitriy 17 The Monks Investment Trust PLC Prosus Prosus is a global consumer technology holding company. fi Tencent, the Chinese social media and gaming giant. Elsewhere across its portfolio it owns a collection of strongly growing online businesses with leading positions in their domestic markets. Geography Continental Europe Valuation at 30 April 2025 £87,086,000 % of total assets 3.4% Valuation at 30 April 2024 £61,462,000 % of total assets 2.1% Net purchases/(sales) in the year £9,621,000 TSMC Taiwan Semiconductor Manufacturing Company is the largest and most advanced foundry globally, integral to the global electronics industry. Its lead in semiconductor process technology and partnerships with all key chip design companies opportunity as well as enduring Geography Emerging Markets Valuation at 30 April 2025 £81,423,000 % of total assets 3.2% Valuation at 30 April 2024 £65,975,000 % of total assets 2.3% Net purchases/(sales) in the year £12,184,000 Amazon.com Amazon is a global ecommerce company that has expanded into areas including media and entertainment, advertising, and logistics. Through its cloud platform, Amazon Web Services (AWS), the company is the leader in the growth area of cloud computing. Geography North America Valuation at 30 April 2025 £92,864,000 % of total assets 3.7% Valuation at 30 April 2024 £98,576,000 % of total assets 3.4% Net purchases/(sales) in the year (£1,093,000) © UCG/Getty Images © Taiwan Semiconductor Manufacturing Co., Ltd. Strategic report Annual Report and Financial Statements 2025 18 Elevance Health Elevance Health is a major US health insurance company. In addition to writing health insurance policies for millions of Americans, the company offers services to support people’s health throughout their lives, with an increasing focus on preventative care. These include pharmacy services, mental health support, and programmes to manage chronic health conditions. Geography North America Valuation at 30 April 2025 £69,262,000 % of total assets 2.7% Valuation at 30 April 2024 £97,183,000 % of total assets 3.4% Net purchases/(sales) in the year (£1,276,000) The Schiehallion Fund The Schiehallion Fund seeks to generate capital growth for businesses that have the potential for transformational growth and to become publicly traded. Geography United Kingdom Valuation at 30 April 2025 £68,420,000 % of total assets 2.7% Valuation at 30 April 2024 £73,796,000 % of total assets 2.6% Net purchases/(sales) in the year – NVIDIA NVIDIA designs and manufactures graphics processing units. Its semiconductors can be used for a range of applications, from gaming fi years of investment into both hardware and software, NVIDIA fi the rise of generative AI. NVIDIA is using its scale to further reinvest in its opportunity; designing new hardware to make data centres more powerful and energy fi to help companies adopt AI more Geography North America Valuation at 30 April 2025 £79,679,000 % of total assets 3.1% Valuation at 30 April 2024 £49,131,000 % of total assets 1.7% Net purchases/(sales) in the year £28,089,000 © Copyright (c) 2022 Nor Gal/Shutterstock 19 The Monks Investment Trust PLC Ryanair Ryanair is Europe’s leading route network covering 200 destinations in over 30 countries. By offering competitive prices and fl track to almost double passenger numbers to 300 million by 2034. Geography Continental Europe Valuation at 30 April 2025 £56,267,000 % of total assets 2.2% Valuation at 30 April 2024 £79,927,000 % of total assets 2.8% Net purchases/(sales) in the year (£12,421,000) © Ryanair Service Corp. International Service Corporation International is North America’s leading provider of funeral products and services. fi of brands, including Dignity Memorial, National Cremation Society, and Neptune Society, all offering a comprehensive range of compassionate and professional care since 1962, making it a fi services industry. Geography North America Valuation at 30 April 2025 £57,702,000 % of total assets 2.3% Valuation at 30 April 2024 £65,691,000 % of total assets 2.3% Net purchases/(sales) in the year (£7,147,000) Strategic report Annual Report and Financial Statements 2025 20 21 The Monks Investment Trust PLC Growth categories Growth stalwarts Earnings c.10% p.a. earnings growth Company characteristics Durable franchise fi Competitive advantage includes dominant local scale, customer loyalty and strong brands Time c.15% to 25% p.a. earnings growth Company characteristics Early stage businesses with vast growth opportunity fi Time Rapid growth Earnings c.10% to 15% p.a. earnings growth through a cycle Company characteristics fi Time Cyclical growth Earnings We have a differentiated approach to growth, focusing on the type of growth that we expect a company to deliver. All holdings fall into one of the three growth categories below. The use of these three growth categories ensures a diversity of growth drivers within a disciplined framework. The investment portfolio by growth category is set out on pages 22 and 23. Strategic report Annual Report and Financial Statements 2025 22 Investment portfolio by growth category * as at 30 April 2025 fi120 to 123. Denotes unlisted/private company investment. Denotes suspended investment. † New purchase during the period. Holding size Growth stalwarts 35.7% Rapid growth 33.0% Cyclical growth 31.3% Holding size Highest conviction holdings c.2.0% each Microsoft 4.1 Prosus 3.4 TSMC 3.2 Total in this holding size 41.0% Meta Platforms 4.0 NVIDIA 3.2 Ryanair 2.2 Amazon.com 3.7 The Schiehallion Fund 2.7 Martin Marietta Materials 1.9 Elevance Health 2.7 DoorDash 1.9 Royalty Pharma 1.8 Service Corporation International 2.3 CRH 1.7 Mastercard 2.2 Average sized holdings c.1.0% each Autozone 1.5 Novo Nordisk 1.2 Richemont 1.3 Total in this holding size 43.3% Alphabet 1.4 Block 1.2 FTAI Aviation † 1.1 AIA 1.0 AeroVironment 1.2 Markel 1.0 1.0 Reliance Industries 1.1 Atlas Copco 1.0 Paycom Software † 1.0 ByteDance 1.1 CATL 0.9 Cosmos Pharmaceutical † 0.9 Shopify 1.0 B3 Group 0.9 Edenred † 0.9 fl 0.9 BHP Group 0.9 Texas Instruments 0.9 Sea Limited 0.9 Nippon Paint 0.8 Olympus 0.9 Coupang 0.9 CBRE Group 0.8 Salesforce † 0.8 MercadoLibre 0.9 Bellway 0.7 0.8 Spotify 0.8 Advanced Drainage Systems 0.7 Moody's 0.8 PDD Holdings 0.8 Petroleo Brasileiro ADR 0.7 Kweichow Moutai 0.8 Uber Technologies † 0.8 CoStar 0.7 UnitedHealth 0.8 Li Auto 0.7 Epiroc 0.7 Arthur J. Gallagher 0.7 Alnylam Pharmaceuticals 0.7 Samsung Electronics 0.6 Adyen 0.7 Nu Holdings † 0.7 Stripe 0.7 Incubator holdings c.0.5% each fi 0.6 Dutch Bros 0.6 Eaton 0.6 Total in this holding size 15.7% Walt Disney 0.6 Epic Games 0.6 Kokusai Electric † 0.6 Topicus.com 0.5 Space Exploration Technologies 0.5 fi † 0.6 Sartorius Stedim Biotech 0.4 fl 0.5 ON Semiconductor † 0.6 LVMH 0.3 Applovin † 0.5 Rakuten 0.5 Neogen Corp 0.1 The Trade Desk 0.5 Comfort Systems USA 0.5 ICICI Prudential Life Insurance 0.5 Builders FirstSource 0.5 CyberAgent 0.4 ASM International 0.5 Datadog 0.4 Entegris 0.5 Genmab 0.3 SMC 0.5 Mobileye 0.3 Disco Corporation † 0.5 Enphase Energy † 0.2 Nexans 0.4 Ant International 0.2 0.4 Illumina CVR <0.1 WillScot Holdings † 0.3 Abiomed CVR – Brunswick Corp 0.3 Soitec 0.2 YETI Holdings 0.1 Silk Invest Africa Food Fund 0.1 Sberbank of Russia – The Monks Investment Trust PLC 23 Holding size Growth stalwarts 35.7% Rapid growth 33.0% Cyclical growth 31.3% Holding size Highest conviction holdings c.2.0% each Microsoft 4.1 Prosus 3.4 TSMC 3.2 Total in this holding size 41.0% Meta Platforms 4.0 NVIDIA 3.2 Ryanair 2.2 Amazon.com 3.7 The Schiehallion Fund 2.7 Martin Marietta Materials 1.9 Elevance Health 2.7 DoorDash 1.9 Royalty Pharma 1.8 Service Corporation International 2.3 CRH 1.7 Mastercard 2.2 Average sized holdings c.1.0% each Autozone 1.5 Novo Nordisk 1.2 Richemont 1.3 Total in this holding size 43.3% Alphabet 1.4 Block 1.2 FTAI Aviation † 1.1 AIA 1.0 AeroVironment 1.2 Markel 1.0 1.0 Reliance Industries 1.1 Atlas Copco 1.0 Paycom Software † 1.0 ByteDance 1.1 CATL 0.9 Cosmos Pharmaceutical † 0.9 Shopify 1.0 B3 Group 0.9 Edenred † 0.9 fl 0.9 BHP Group 0.9 Texas Instruments 0.9 Sea Limited 0.9 Nippon Paint 0.8 Olympus 0.9 Coupang 0.9 CBRE Group 0.8 Salesforce † 0.8 MercadoLibre 0.9 Bellway 0.7 0.8 Spotify 0.8 Advanced Drainage Systems 0.7 Moody's 0.8 PDD Holdings 0.8 Petroleo Brasileiro ADR 0.7 Kweichow Moutai 0.8 Uber Technologies † 0.8 CoStar 0.7 UnitedHealth 0.8 Li Auto 0.7 Epiroc 0.7 Arthur J. Gallagher 0.7 Alnylam Pharmaceuticals 0.7 Samsung Electronics 0.6 Adyen 0.7 Nu Holdings † 0.7 Stripe 0.7 Incubator holdings c.0.5% each fi 0.6 Dutch Bros 0.6 Eaton 0.6 Total in this holding size 15.7% Walt Disney 0.6 Epic Games 0.6 Kokusai Electric † 0.6 Topicus.com 0.5 Space Exploration Technologies 0.5 fi † 0.6 Sartorius Stedim Biotech 0.4 fl 0.5 ON Semiconductor † 0.6 LVMH 0.3 Applovin † 0.5 Rakuten 0.5 Neogen Corp 0.1 The Trade Desk 0.5 Comfort Systems USA 0.5 ICICI Prudential Life Insurance 0.5 Builders FirstSource 0.5 CyberAgent 0.4 ASM International 0.5 Datadog 0.4 Entegris 0.5 Genmab 0.3 SMC 0.5 Mobileye 0.3 Disco Corporation † 0.5 Enphase Energy † 0.2 Nexans 0.4 Ant International 0.2 0.4 Illumina CVR <0.1 WillScot Holdings † 0.3 Abiomed CVR – Brunswick Corp 0.3 Soitec 0.2 YETI Holdings 0.1 Silk Invest Africa Food Fund 0.1 Sberbank of Russia – Strategic report Annual Report and Financial Statements 2025 24 List of investments as at 30 April 2025 * fi120 to 123. Denotes unlisted/private company investment. † New purchase during the period. Name Business Value £’000 % of total assets * Microsoft Software and cloud computing 104,501 4.1 Meta Platforms Social networking website 100,603 4.0 Amazon.com Online retailer and cloud computing platform 92,864 3.7 Prosus Media and ecommerce 87,086 3.4 TSMC Semiconductor manufacturer 81,423 3.2 NVIDIA Graphics processing, gaming, AI technology 79,679 3.1 Elevance Health Healthcare insurer 69,262 2.7 The Schiehallion Fund 68,420 2.7 Service Corporation International Funeral and crematoria services 57,702 2.3 Ryanair Low cost European airline 56,267 2.2 Mastercard Electronic payments network and related services 55,688 2.2 Martin Marietta Materials Cement and aggregates manufacturer 47,633 1.9 DoorDash Online commerce platform 47,362 1.9 Royalty Pharma Biopharmaceutical royalties portfolio 45,581 1.8 CRH fi 42,387 1.7 Autozone Automotive replacement parts and accessories 36,885 1.5 Alphabet Online search engine 35,292 1.4 Richemont Luxury goods 31,971 1.3 Novo Nordisk Diabetes and weight loss treatment 29,773 1.2 Block Financial technology 29,556 1.2 AeroVironment Reconnaissance and defence drones 29,292 1.2 FTAI Aviation † Aerospace company 27,444 1.1 Reliance Industries Indian energy conglomerate 27,226 1.1 ByteDance Online content platform including TikTok 26,680 1.0 Markel Speciality insurance products 26,502 1.0 Shopify Online commerce platform 26,453 1.0 AIA Asian life insurer 26,371 1.0 Credit rating agency 25,693 1.0 Paycom Software † Enterprise management software 24,301 1.0 Atlas Copco 24,233 1.0 The Monks Investment Trust PLC 25 Name Business Value £’000 % of total assets * CATL Battery manufacturer 23,826 0.9 fl Entertainment streaming services 23,324 0.9 B3 Group Brazilian stock exchange operator 22,946 0.9 Cosmos Pharmaceutical † Drug store chain 22,896 0.9 BHP Group Mineral exploration and production 22,267 0.9 Sea Limited Online and digital gaming 22,169 0.9 Coupang South Korean ecommerce 22,021 0.9 Edenred † fi 21,881 0.9 Texas Instruments Analog semiconductors 21,746 0.9 Olympus Optoelectronic products 21,686 0.9 MercadoLibre Latin American ecommerce platform 21,520 0.8 Salesforce † Cloud based software company 21,378 0.8 Industrial pressure treated wood products 21,270 0.8 Spotify Online music streaming service 20,954 0.8 Moody's Credit rating agency 20,856 0.8 PDD Holdings Chinese ecommerce 20,542 0.8 Nippon Paint Japanese paint manufacturer 20,454 0.8 Kweichow Moutai Spirits manufacturer 20,428 0.8 CBRE Group Commercial real estate 20,353 0.8 UnitedHealth Healthcare insurer 20,120 0.8 Uber Technologies † Ride hailing and food delivery 19,009 0.7 Bellway Housebuilder 18,857 0.7 Li Auto Chinese EV manufacturer 18,493 0.7 Advanced Drainage Systems Manufacturer of pipes and drainage systems 18,418 0.7 Petroleo Brasileiro Oil and gas exploration and production 18,309 0.7 CoStar Commercial property portal 17,733 0.7 Alnylam Pharmaceuticals RNA interference therapeutics 17,488 0.7 Adyen Digital payments 17,449 0.7 Nu Holdings † Brazilianfi 17,348 0.7 Arthur J. Gallagher Insurance broker 17,344 0.7 * fi120 to 123. Denotes unlisted/private company investment. † New purchase during the period. Strategic report Annual Report and Financial Statements 2025 26 Name Business Value £’000 % of total assets * Epiroc Construction and mining machinery 16,894 0.7 Stripe Digital payments platform 16,641 0.7 Samsung Electronics Semiconductors and consumer goods 16,320 0.6 fi fi 16,076 0.6 Dutch Bros Coffee and drinks retailer 15,916 0.6 Eaton Industrial engineering products 15,821 0.6 Walt Disney Media and theme parks 15,507 0.6 Epic Games Gaming software developer 15,494 0.6 Kokusai Electric † Semiconductor 14,816 0.6 fi † Asset management company 14,743 0.6 ON Semiconductor † Supplier of power semiconductors 14,167 0.6 Space Exploration Technologies Space rockets and satellites 13,850 0.5 Rakuten fi 13,607 0.5 fl Cloud based IT services 13,538 0.5 Applovin † Online game development platform 13,467 0.5 Comfort Systems USA HVAC systems and solutions 13,437 0.5 Topicus.com Vertical market software and solutions 13,285 0.5 Builders FirstSource Building products for professional homebuilders 13,220 0.5 ASM International Vapour deposition technology for semiconductors 13,064 0.5 The Trade Desk Programmatic advertising platform 12,185 0.5 ICICI Prudential Life Insurance Life insurance services 12,160 0.5 Entegris Supplier of materials to semiconductor industry 11,801 0.5 SMC 11,610 0.5 Disco Corporation † 11,380 0.5 Sartorius Stedim Biotech 11,179 0.4 Nexans Electrical transmission cabling installer 10,555 0.4 CyberAgent Japanese internet advertising and content 9,558 0.4 Datadog Cloud based IT system monitoring application 9,324 0.4 Floor and furnishing retailer 8,856 0.3 LVMH Luxury goods 8,480 0.3 * fi120 to 123. Denotes unlisted/private company investment. † New purchase during the period. The Monks Investment Trust PLC 27 Name Business Value £’000 % of total assets * WillScot Holdings † fi 8,064 0.3 Genmab Biotechnology 7,970 0.3 Brunswick Corp Recreational boats, marine engines and accessories 6,473 0.3 Mobileye Advanced driver assistance systems (ADAS) and autonomous driving technologies 6,413 0.3 Enphase Energy † Provider of energy management solutions 5,748 0.2 Soitec Manufactures substrates for semiconductor wafers 5,512 0.2 Ant International fi 5,327 0.2 YETI Holdings Outdoor lifestyle products 3,438 0.1 Neogen Corp Food and animal safety products and services 2,865 0.1 Silk Invest Africa Food Fund 2,438 0.1 Illumina CVR 57 <0.1 Abiomed CVR Medical implant manufacturer – – Sberbank of Russia Russian commercial bank – – Total investments 2,528,471 99.5 13,850 0.5 Total assets 2,542,321 100.0 Borrowings (at book value) (223,415) (8.8) Shareholders' funds 2,318,906 91.2 Listed equities % Schiehallion Fund # % Unlisted securities ‡ % Net liquid assets * % Total assets * % 30 April 2025 93.7 2.7 3.1 0.5 100.0 30 April 2024 94.1 2.6 2.0 1.3 100.0 * fi120 to 123. Denotes unlisted/private company investment. Denotes suspended investment. † New purchase during the period. Complete sales during the period were: Ashstead Group, BIG Technologies, Pernod Ricard, Adevinta Asa, Schibsted, Adobe Systems, Advanced Micro Devices, Albemarle, Alibaba, Analog Devices, Certara, Chewy, HDFC, Hoshizaki Corp, Lemonade, Moderna, Norwegian Cruise Line, Pool Corporation, Sands China, Shiseido, SiteOne Landscape Supply, Staar Surgical, Sysmex, Tesla, Woodside Energy Group. # The Schiehallion Fund is managed by Baillie Gifford. The Company’s holding in The Schiehallion Fund is excluded from its assets when calculating 92. ‡ Includes holdings in preference shares, ordinary shares and contingent value rights (CVR). Strategic report Annual Report and Financial Statements 2025 28 We aim to hold our private company investments both during regular valuation cycles and on an are valued in both a fair and timely manner. The valuation process is overseen by a valuations committee at Baillie Gifford which takes advice fi fi reassessed each month. For investment trusts, respective investment trust boards and are subject to the scrutiny of external auditors in the annual audit process. Beyond the regular cycle, the valuations team also monitors the portfolio for certain ‘trigger events’. These may include: changes in fundamentals; a takeover approach; an intention to carry out an IPO; or changes to the valuation of comparable public companies. The valuations team also monitors relevant market indices on a weekly basis and updates valuations in a manner consistent with our report where appropriate. When market volatility is particularly pronounced the team do these checks daily. Any ad hoc change to the fair valuation of any fl next published net asset value. In addition to the 3.1% of the portfolio holdings in direct private company investments, 2.7% of the portfolio is in The Schiehallion Fund, a closed ended investment company investing predominantly in private companies, which is valued at its publicly available market price. Baillie Gifford – valuing private companies 29 The Monks Investment Trust PLC Portfolio positioning as at 30 April 2025 * † it is essential to understand the risks of each investment and, in turn, where there may portfolio at the Company’s year end. Sectoral Geographical 1 2 3 4 5 6 7 8 9 1 2 3 4 5 6 Geographical region % at 30 April 2025 % at 30 April 2024 1 North America 58.0 5 7. 4 2 Continental Europe 16.3 1 7. 7 3 Emerging Markets 13.9 12.6 4 Japan 5.1 4.2 5 United Kingdom 3.4 3.6 6 Developed Asia 2.8 3.2 7 0.5 1.3 * Expressed as a percentage of total assets. † fi120 to 123. Past performance is not a guide to future performance. Sector % at 30 April 2025 % at 30 April 2024 1 Technology 34.1 28.5 2 Industrials 19.3 18.2 3 Consumer Discretionary 18.9 20.3 4 Financials 10.2 11.7 5 Healthcare 9.5 11.8 6 Energy 2.0 2.6 7 Consumer Staples 1.7 1.2 8 Basic Materials 1.7 1.9 9 Real Estate 1.5 1.6 10 Telecommunications 0.6 0.9 11 0.5 1.3 Strategic report Annual Report and Financial Statements 2025 30 One year summary The following information illustrates how Monks has performed over the year 5. * Alternative Performance Measure – see Glossary of terms and Alternative Performance Measures on pages 120 to 123. † Key Performance Indicator. Source: LSEG/Baillie Gifford and relevant underlying index providers. See disclaimer on page 116. Past performance is not a guide to future performance. 30 April 2025 30 April 2024 % change Total assets (before deduction of borrowings) £2,542.3m £2,884.3m Borrowings (at book value) £223.4m £223.2m Shareholders’ funds £2,318.9m £2,661.1m Net asset value per ordinary share (borrowings at par) 1,235.9p 1,242.7p Net asset value per ordinary share (borrowings at fair value) 1,265.2p 1,266.1p Share price 1,138.0p 1,158.0p (1.7) FTSE World Index (in sterling terms) 3.3 Ongoing charges † 0.43% 0.44% Discount (to NAV with borrowings at par) (7.9%) (6.8%) Discount (to NAV with borrowings at fair value) † (10.1%) (8.5%) Active share 80% 81% Revenue earnings per ordinary share 1.75p 3.68p (52.4) Dividends paid and payable in respect of the year 0.50p 2.10p (76.2) Gross gearing 9.6% 8.4% Net gearing 8.9% 6.8% 31 The Monks Investment Trust PLC * Alternative Performance Measure – see Glossary of terms and Alternative Performance Measures on pages 120 to 123. † Key performance indicator. Source: LSEG/Baillie Gifford and relevant underlying index providers. See disclaimer on page 116. Past performance is not a guide to future performance. Year to 30 April 2025 2024 Total return performance (%) Net asset value per ordinary share (borrowings at par) † (0.4) 1 7.7 Net asset value per ordinary share (borrowings at fair value) † 0.1 1 7. 6 Share price † (1.5) 19.1 FTSE World Index (in sterling terms) 5.3 19.1 Year to 30 April 2025 2025 2024 2024 Year’s high and low High Low High Low Net asset value per ordinary share (borrowings at par) 1,477.7p 1,137.6p 1,292.1p 1,003.3p Net asset value per ordinary share (borrowings at fair value) 1,504.2p 1,167.5p 1,314.1p 1,028.1p Share price 1,344.0p 1,036.0p 1,158.0p 890.0p Discount (borrowings at fair value) † (7.2%) (15.6%) (8.6%) (14.8%) Year to 30 April 2025 2024 Net return per ordinary share Revenue 1.75p 3.68p Capital (10.08p) 174.07p Total (8.33p) 177.75p Strategic report Annual Report and Financial Statements 2025 32 Premium/(discount) to NAV ‡ fi 20252020 2021 2022 2023 2024 Years to 30 April ● Premium/(discount) Source: LSEG/Baillie Gifford. (20%) (15%) 10% 5% 0% (10%) (5%) * See Glossary of terms and Alternative Performance Measures on pages 120 to 123. † See disclaimer on page 116. # The comparative index is the FTSE World Index (in sterling terms). ‡ With borrowings deducted at fair value. Past performance is not a guide to future performance. Five year total return performance fi20) 20252020 2021 2022 2023 2024 Cumulative to 30 April ● NAV ‡ ● Share price ● Index# Source: LSEG/Baillie Gifford and relevant underlying index providers † . Dividends are reinvested. 50 250 200 150 100 Five year summary The following charts indicate how an investment in index and its underlying NAV * fi 5. 33 The Monks Investment Trust PLC 20252021 2022 2023 2024 Years to 30 April ● NAV † ● Share price Source: LSEG/Baillie Gifford and relevant underlying index providers # . (40%) (20%) 60% 40% 20% 0% * See Glossary of terms and Alternative Performance Measures on pages 120 to 123. † With borrowings deducted at fair value. # See disclaimer on page 116. ‡ The comparative index is the FTSE World Index (in sterling terms). Past performance is not a guide to future performance. Annual NAV and share price total returns (relative to the index ‡ ) Annual NAV and share price total returns 2025 2021 2022 2023 2024 Years to 30 April ● NAV † ● Share price Source: LSEG/Baillie Gifford and relevant underlying index providers # . (60%) 60% 40% 20% 0% (40%) (20%) Strategic report Annual Report and Financial Statements 2025 34 Capital At 30 April Total assets £’000 * Borrowings £’000 Shareholders’ funds £’000 NAV per share (par) * † p NAV per share (fair) * † p Share price p (Discount)/ premium (par) * † % (Discount)/ premium (fair) * † % 2015 (9.0) (8.6) 2016 (10.0) (9.5) 2017 (1.2) (0.6) 2018 2019 2020 2021 2022 (3.5) (4.4) 2023 (7.9) (9.7) 2024 2,884,313 223,176 2,661,137 1,242.7 1,266.1 1,158.0 (6.8) (8.5) 2025 2,542,321 223,415 2,318,906 1,235.9 1,265.2 1,138.0 (7.9) (10.1) Ten year record Source: LSEG/Baillie Gifford. See disclaimer on page 116. fi120 to 123. † Alternative Performance Measure. Past performance is not a guide to future performance. Revenue Gearing ratios Year to 30 April Gross revenue £’000 Available for ordinary shareholders £’000 Revenue earnings per ordinary share p Dividends paid and proposed per share p Ongoing † % Net (equity) gearing * % Gross gearing * % 2015 20,215 10,549 4.74 3.95 0.58 2016 15,149 4,954 2.31 1.50 0.59 2017 17,593 5,043 2.36 1.25 0.59 2018 19,759 5,588 2.61 1.40 0.52 2019 23,268 7,186 3.30 1.85 0.50 2020 26,691 9,319 4.24 2.50 0.48 2021 7,801 2.00 0.43 2022 27,811 8,644 3.67 2.35 0.40 2023 30,211 10,714 4.70 3.15 0.43 5 7 2024 29,888 8,241 3.68 2.10 0.44 7 8 2025 25,953 3,516 1.75 0.50 0.43 9 10 35 The Monks Investment Trust PLC Source: Baillie Gifford/LSEG and underlying data providers. See disclaimer on page 116. * See Glossary of terms and Alternative Performance Measures on pages 120 to 123. † FTSE World Index (in sterling terms). Past performance is not a guide to future performance. Cumulative performance (taking 2015 as 100) At 30 April NAV per share (fair) NAV total Share price Share price Index † Index † Revenue earnings per ordinary share Dividends paid and proposed per ordinary share 2015 100 100 100 100 100 100 100 100 2016 99 100 98 99 98 100 49 38 2017 138 139 150 152 125 132 50 32 2018 159 161 180 183 131 141 55 35 2019 178 181 203 206 143 158 70 47 2020 184 187 210 214 138 156 89 63 2021 285 291 321 327 181 209 72 51 2022 231 236 242 247 189 222 77 59 2023 227 232 224 229 190 229 99 80 2024 266 273 266 273 222 273 78 53 2025 266 273 262 269 229 288 37 13 Compound annual returns (%) 5 year 7. 6 7. 9 4.5 4.7 10.7 13.0 (16.2) (27.5) 10 year 10.3 10.6 10.1 10.4 8.6 11.1 (9.5) (18.7) Cumulative to 30 April 20252015 2017 2020 2022 20242016 20192018 2021 2023 ● Share price * ● NAV (fair) * ● Index † 0 50 100 150 200 250 300 350 400 Ten year total return performance * Strategic report Annual Report and Financial Statements 2025 36 37 The Monks Investment Trust PLC Business model Business and status The Monks Investment Trust PLC (‘the Company’) is a public company limited by shares and incorporated fi . The Company is an investment company within the meaning of section 833 of the Companies Act 2006 and carries on business as an investment trust. Investment trusts are UK public listed companies and their shares are traded on the London Stock Exchange. They invest in a portfolio of assets in fi capital although, subject to shareholder approval sought annually, it may purchase its own shares is determined, like other listed shares, by supply The Company has been approved as an investment the Company continuing to meet the eligibility conditions. The Directors are of the opinion that the Company has continued to conduct its affairs so as of section 1158 of the Corporation Tax Act 2010 and the Investment Trust (Approved Company) (Tax) Regulations 2011. The Company is an Alternative Investment Fund (‘AIF’) for the purposes of the UK Alternative Investment Fund Managers Regulations. Purpose The Monks Investment Trust aims to deliver above companies and keeping fees and costs low. Business review Objective and policy The Company’s objective is to invest globally to achieve capital growth. This takes priority over income and dividends. Monks seeks to meet its objective by investing principally in a portfolio of their inclusion within the portfolio solely on the basis of the strength of the investment case. There are no limits to geographical or sector exposures, but these are reported to, and monitored by, the Board fi fi end, the portfolio contained 103 A portfolio review by the investment managers is given on pages 8 to 13 and the investments held at the year end are listed on pages 24 to 27. Investment may also be made in funds (open and in UK listed investment companies in aggregate is 15% of gross assets. Asset classes other than fi and derivatives. The Company may use derivatives fi (including reducing, transferring or eliminating investment risk in its investments and protection against currency risk) and to achieve capital growth. While there is a comparative index for the purpose of measuring performance, no attention is paid to the composition of this index when constructing the portfolio; the portfolio may, therefore, differ terms and relative to the comparative index. Payment of dividends is secondary to achieving capital growth. The shares are not considered to or rising income. Strategic report Annual Report and Financial Statements 2025 38 classes when this is considered to be appropriate on investment grounds. Gearing levels, and the extent investment managers at every Board meeting and adjusted accordingly with regard to the outlook. New borrowings will not be taken out if this takes occasions, be below 100% of shareholders’ funds. Culture and values In the context of a company with no employees, culture and values are expressed by the Company’s Directors and the service providers with whom shareholders and other stakeholders interact, and through the relationships between the Board and those service providers, including the Managers. on pages 45 to 47 the Board seeks to engage with its Managers and other service providers in a collaborative and collegiate manner, and to maintain the highest standards of business conduct. Performance At each Board meeting, the Directors consider Key Performance Indicators The Board uses performance indicators (KPIs) to measure the progress and performance of the Company over time when discharging its duties as set out on page 59 and when evaluating the Managers as noted on page 55. These KPIs are established industry measures and are as follows: share on a total return basis; An explanation of these measures can be found in the Glossary of terms and Alternative Performance Measures on pages 120 to 123fi 3035. In addition to the above, the Board also has regard to the total return of the Company’s principal comparative index (FTSE World Index in sterling terms) and considers the performance of comparable companies. Value assessment value assessments of its products. Following the assessment in 2025, it was concluded that the Company was expected to provide fair value for Borrowings The Company’s borrowings at 30 April 2025 comprised: 4 – £60 million); 4 – £40 million); 4 – ); 4 – ); 4 – ); 4 – ); and 50 million under the £10fl facility with Royal Bank of Scotland International Limited (30 April 2024 – £50 million under the fl Australia Bank). Further details of the Company’s borrowings are set out in notes 11 and 12 on pages 96 and 97 and details of the Company’s gearing levels are included in the Chairman’s Statement on page 6 and the Ten Year Record on page 34. 39 The Monks Investment Trust PLC Principal and emerging risks As explained on pages 64 and 65 there is an ongoing process for identifying, evaluating and managing the risks faced by the Company on a regular basis. The Directors have carried out a robust assessment of the principal and emerging risks facing the Company, including those that would threaten its business managed or mitigated is set out below. The rating and change has been included to show if the risk is high (red), moderate (amber) or low (green) and an upwards arrow, dash or downwards arrow has been included to show if the risk level has increased, remained stable, or decreased since it was last reported in last year’s Annual Report and Financial Statements. The Board considers heightened macroeconomic and geopolitical concerns to be Investment and strategic risks Investment strategy risk What is the risk? Pursuing an investment fi objective which the market perceives to be unattractive or inappropriate, or the ineffective implementation of an attractive or appropriate strategy, may lead to reduced returns for shareholders and, as a result, a decreased demand for the Company’s shares. This may lead to the Company’s shares trading at a widening discount to their net asset value. How is it managed? To mitigate this risk, the Board regularly reviews and monitors: the Company’s objective and investment policy and strategy; the investment portfolio and its absolute and relative performance; the level of discount/premium to net asset value at which the shares trade; and movements in the share register, and raises any matters of concern with the Managers. Rating and change Current assessment of risk This risk is considered to have increased. The market appetite for growth investing is considered to have deteriorated over recent months as investors shift to assets perceived to be safe or offering insulation from market volatility. Despite a fi the discount of the share price to net asset value has widened over the year. Financial risk What is the risk? The Company’s assets consist mainly of listed securities and its principal and emerging fi market related and include market risk (comprising currency risk, interest rate risk and other price risk), An explanation of those risks and how they are managed is contained in note 19 to the Financial Statements on pages 84 to 106. How is it managed? In order to oversee this risk, the Board considers at each meeting various metrics including the fi of the portfolio by geography, industry, growth category and holding size along with sales and purchases of investments. Individual investments are discussed with the portfolio managers together with their general views on the various investment markets and sectors. A strategy meeting is held annually. The Board has, in particular, considered the impact of heightened market volatility owing to macroeconomic and geopolitical concerns. The value of the Company’s investment portfolio would be affected by any impact, positively or negatively, on sterling but such impact would be partially offset by the effect of exchange rate movements on the Company’s euro and yen denominated borrowings. Rating and change Current assessment of risk This risk is considered to be high but unchanged The prospect of heightened market volatility remains from deteriorating geopolitical fl hostilities in the Middle East. Decreasing RiskIncreasing Risk Stable Risk Moderate RiskHigh Risk Low Risk Strategic report Annual Report and Financial Statements 2025 40 Discount risk What is the risk? The discount/premium at which the Company’s shares trade relative to its net asset value can change. The risk of a widening discount is that it may undermine investor fi How is it managed? To manage this risk, the Board monitors the level of discount/ premium at which the shares trade and the Company has authority to buy back its existing shares or issue shares (including authority to sell shares held in treasury), when deemed by the Board to be in the best interests of the Company and its shareholders. Rating and change Current assessment of risk The Company’s discount has widened during the year. The Company has been buying back shares for treasury since January 2022, and over the course of the Company’s fi shares were bought back. Political and associated economic risk What is the risk? Political change in areas in which the Company invests How is it managed? To mitigate this risk, developments are closely monitored and considered by the Board. The Board has particular regard to macroeconomic and geopolitical tensions and monitors portfolio fi stream where appropriate, as well as by investee companies’ primary location and considers the potential for negative impacts arising from military action, trade barriers Rating and change Current assessment of risk This risk is seen as increasing as deteriorating geopolitical stability increases the prospect fl sanctions. Climate and governance risk What is the risk? Perceived problems on environmental, social and governance (‘ESG’) matters in an investee company could lead to that company’s shares being less attractive to investors, adversely affecting its share price, in addition to potential valuation issues arising from any direct impact of the failure to address the ESG weakness on the operations or management of the investee company (for example in the event of an industrial accident or spillage). Repeated failure by the Managers to identify ESG weaknesses in investee companies could lead to the Company’s own shares being less attractive to investors, adversely affecting its own share price. How is it managed? This is mitigated by the Managers’ strong ESG stewardship and engagement policies, which have been endorsed by the Company, and which are fully integrated into the investment process. Further details of the Managers’ 15 and also on the Managers’ website bailliegifford.com/esg. The Directors have considered the impact of climate change on the Financial Statements of the Company and this is included in note 1a to the Financial Statements on page 88. Rating and change Current assessment of risk The Managers continue to embed analysis of ESG factors within the investment process. Decreasing RiskIncreasing Risk Stable Risk Moderate RiskHigh Risk Low Risk 41 The Monks Investment Trust PLC Regulatory risk What is the risk? Failure to comply with applicable legal and such as the tax rules for investment trust companies, the UK Listing Rules and the Companies Act could lead to the Company being subject to tax on capital gains, suspension of the Company’s Stock Exchange fi fi Changes to the regulatory environment could negatively impact the Company. How is it managed? To mitigate this risk, Baillie Gifford’s Business Risk, Internal Audit and Compliance Departments provide regular reports to the Audit Committee on Baillie Gifford’s monitoring programmes. Should major regulatory change seem likely to impose disproportionate compliance burdens on the Company, representations are made to the relevant authorities to ensure that the special circumstances of investment trusts are recognised. Shareholder documents and announcements, including the Company’s published Interim and Annual Report and Financial Statements, are subject to stringent review processes, and procedures are in place to ensure adherence to the Disclosure and Transparency Rules with reference to inside information. Rating and change Current assessment of risk All control procedures are working effectively. There have been no material regulatory changes that have impacted Custody and depositary risk What is the risk? Safe custody of the Company’s assets may be compromised through control failures by the depositary, including breaches of cyber security. How is it managed? To mitigate this risk, the Audit reports from the depositary fi Company’s assets held by the custodian. Cash and portfolio holdings are independently reconciled to the custodian’s records by the Managers who fi unlisted portfolio holdings to fi companies. In addition, the existence of assets is subject to annual external audit and the custodian’s assured internal controls reports are reviewed by Baillie Gifford’s business risk department and a summary Rating and change Current assessment of risk All control procedures are working effectively. Decreasing RiskIncreasing Risk Stable Risk Moderate RiskHigh Risk Low Risk Strategic report Annual Report and Financial Statements 2025 42 Operational risk What is the risk? Failure of Baillie Gifford’s systems or those of other third party service providers could lead to an inability to provide accurate reporting and monitoring or a misappropriation of assets. How is it managed? To mitigate this risk, comprehensive business continuity plan which facilitates continued operation of the business in the event of a service disruption or major disaster. The Audit Committee reviews Baillie Gifford’s Report on Internal Controls and the reports by other key third party providers are reviewed by Board and a summary of the key points is reported to the Audit Committee and any concerns investigated. The key third party service providers have fi fi their respective services to Rating and change Current assessment of risk All control procedures are working effectively. Leverage risk What is the risk? The Company may borrow money for investment purposes (sometimes known as ‘gearing’ or ‘leverage’). value, any borrowings will magnify the impact of this loss. If borrowing facilities are not renewed, the Company may have to sell investments to repay borrowings. The Company can also make use of derivative contracts, although it does not currently do so. The use of such contracts may have a gearing effect so as to enhance, or worsen, returns relative to the amount invested in this way. How is it managed? To mitigate this risk, all approval of the Board and leverage levels are discussed by the Board and Managers at every meeting. Covenant levels are monitored regularly. Details of the Company’s current borrowing facilities and drawings can be found in notes 11 and 12 on pages 96 and 97. The majority of the Company’s securities that are readily realisable. Further information on leverage can be found on page 116 and in the Glossary of terms and Alternative Performance Measures on pages 120 to 123. Rating and change Current assessment of risk fi level. The Company replaced the £150 million National fl facility with a £100 million fl Bank of Scotland International Limited during the year. Decreasing RiskIncreasing Risk Stable Risk Moderate RiskHigh Risk Low Risk 43 The Monks Investment Trust PLC Cyber security risk What is the risk? fi integrity or availability How is it managed? To mitigate this risk, the Audit Committee reviews Reports on Internal Controls published by Baillie Gifford and other third party service providers. Baillie Gifford’s Business Risk Department report to the Audit Committee on the effectiveness of information security controls in place at Baillie Gifford and its business continuity framework. Cyber security due diligence is performed by Baillie Gifford on third party service providers which includes a review of crisis management and business continuity frameworks. Rating and change Current assessment of risk This risk is seen as elevated but stable due to the continuation of geopolitical tensions that could lead to more cyber attacks. Emerging technologies, including AI, could potentially increase information security risks. In addition, service providers operate a hybrid fi working, thereby increasing the potential of a cyber Emerging risks As explained on page 64 the Board has regular discussions on principal risks and uncertainties, Decreasing RiskIncreasing Risk Stable Risk Moderate RiskHigh Risk Low Risk Strategic report Annual Report and Financial Statements 2025 44 Viability statement Having regard to provision 31 of the UK Corporate Governance Code, the Directors have assessed the fi The Directors consider this period to be appropriate as, in the absence of any adverse change to the regulatory environment and the favourable tax treatment afforded to UK investment trusts, it is fi place. The Directors do not envisage any change in strategy or objectives or any events that would prevent the Company from continuing to operate over that period. In making this assessment the Directors have taken into account the Company’s current position and have conducted a robust assessment of the Company’s principal risks and uncertainties, 39 to 47), in particular the impact of market risk fi would adversely impact the value of the investment portfolio. The Directors have also considered the Company’s investment objective and policy, the level of demand for the Company’s shares, the nature of its assets, its liabilities and projected income and expenditure. The vast majority of the Company’s investments are readily realisable and can be sold to meet its liabilities as they fall due, the main liabilities currently being the revolving credit facility expiring in 2027, and loan notes repayable in 2030, 2033, 2035, 2037, 2045 and 2054. The Company’s primary third party suppliers, including its Managers and Secretaries, custodian and depositary, registrar, fi fi services to the Company. In addition, as substantially are outsourced to third party service providers, this allows key service providers to be replaced at fi during the year, including consideration of risk of market volatility resulting from geopolitical concerns and macroeconomic pressures. The stress testing did not indicate any matters of concern. Based upon the Company’s processes for monitoring operating costs, share price premium/discount, the Managers’ compliance with the investment objective, fi fi Board believes that the prospects of the Company fi that they have a reasonable expectation that it will continue in operation and meet its liabilities as they fi 45 The Monks Investment Trust PLC Promoting the success of the Company (section 172 statement) Under section 172 of the Companies Act 2006, the directors of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the fi so, have regard (amongst other matters and to the of any decision in the long term, b) the interests of the company’s employees, c) the need to foster the company’s business relationships with suppliers, customers and others, d) the impact of the company’s operations on the community and the environment, e) the desirability of the company maintaining a reputation for high standards of business conduct, and f) the need to act fairly as between members of the company. In this context, having regard to Monks being an employees, the Board considers the Company’s key stakeholders to be: its existing and potential new (Baillie Gifford); other professional service providers (corporate broker, registrar and depositary); lenders; wider society and the environment. The Board considers that the interests of the Company’s key stakeholders are aligned, in terms of wishing to see the Company deliver sustainable stated objective and strategy, and meet the highest standards of legal, regulatory, and commercial conduct, with the differences between stakeholders being merely a matter of emphasis on those elements. The Board’s methods for assessing the Company’s progress in the context of its stakeholders’ interests are set out below. Stakeholder Why we engage How we engage and what we do Shareholders Shareholders are, collectively, the Company’s owners: providing them with with the Company’s investment policy and objective is the reason for its existence. The Board places great importance on communication with shareholders. The Annual General Meeting provides the key forum for the Board and Managers to present to shareholders on the Company’s performance, future plans and prospects. The Chairman is available to meet with shareholders as appropriate. The Managers meet regularly with shareholders and their representatives, reporting their views back to the Board. Directors also attend certain shareholder presentations, in order fi also communicate with members of the Board at any time by fi Company’s broker. These communication opportunities help inform the Board when considering how best to promote the fi the long term. Baillie Gifford – Managers and Secretaries The Company’s Board has delegated the management of the Company’s portfolio, and the administration of the Company’s fi Baillie Gifford. Baillie Gifford is therefore responsible for the substantial activities of the Company and has the most immediate fl stakeholders, subject to the oversight and strategic direction provided by the Board. The Board seeks to engage with its Managers in a collaborative and collegiate manner, encouraging open and constructive discussion and debate, while also ensuring that appropriate and regular challenge is brought and evaluation conducted. This approach aims to enhance service levels and strengthen relationships with the Company’s providers, with a view to ensuring the interests of the Company’s shareholders are best served, by keeping cost levels proportionate and competitive and by maintaining the highest standards of business conduct. Strategic report Annual Report and Financial Statements 2025 46 Stakeholder Why we engage How we engage and what we do Portfolio companies As all of the Company’s operations are conducted by third party professional providers, it is the companies held in its investment portfolio which have the primary environmental change, both positively and negatively, as well as generating, through their commercial success, the investment growth sought by the Company’s shareholders. The investee companies have an interest in understanding their shareholders’ investment rationale in business strategies will be supported. The Board is cognisant of the need to consider the impact of and the environment. The Board considers that its oversight their ESG approach and its application in making investment decisions. The Board regularly reviews Governance Engagement reports, which document the Managers’ interactions with investee companies on ESG matters (see page 15). Brokers The Company’s brokers provide an interface between the Company’s Board and its institutional shareholders. The Company’s brokers regularly attend Board meetings, and provide reports to those meetings, in order to keep the Board apprised of shareholder and wider market sentiment regarding the Company. They also arrange forums for shareholders to meet the Chairman, or other Directors, outwith the normal general meeting cycle. Registrars The Company’s registrars provide an interface with those shareholders who hold the Company’s shares directly. The Company Secretaries liaise with the registrars to ensure the appropriate, and monitor shareholder correspondence to ensure that the level of service provided by the registrars is acceptable. The Manager’s risk function reviews the registrars’ internal controls report and reports on the outcome of this review to the Audit Committee. Auditor The Company’s auditor has a responsibility to provide an opinion on whether the fi are free from material misstatement, as set out in more detail in the Auditor’s Report to the Members on pages 77 to 83. The Company’s auditor meets with the Audit Committee, in the absence of the Managers where deemed necessary, and the auditor in connection with the Company’s annual audit promptly and to ensure that it is complete and accurate in all respects. Depositary and custodian The depositary and custodian are responsible for the safekeeping of the fi 55. The depositary provides the Audit Committee with a report on its monitoring activities. The Board and Managers seek to engage with the depositary and custodian in a collaborative and collegiate manner, encouraging open and constructive discussion and debate, while also ensuring that appropriate and regular challenge is brought and evaluation conducted. This approach aims to enhance service levels and strengthen relationships with the Company’s providers, with a view to ensuring the interests of the Company’s shareholders are best served by keeping cost levels proportionate and competitive, and by maintaining the highest standards of business conduct. Lenders Lenders such as holders of debt instruments (debentures, bonds and private placement fi or revolving credit facilities provide the Company’s gearing and have an interest fi and viability. The Company’s legal advisers review all legal agreements in connection with the Company’s debt arrangements and advise the Board on the appropriateness of the terms and covenants therein. The Managers and Secretaries ensure that the fi lenders receives a prompt response. AIC/industry peers The Association of Investment Companies (‘AIC’) and the Company’s investment as adverse market sentiment towards one investment trust can affect attitudes towards the wider industry. The Company is a member of the AIC, and the Directors and/ or the Managers and Secretaries (as appropriate) participate in or regulatory developments, corporate governance discussions and/or training. 47 The Monks Investment Trust PLC Stakeholder Why we engage How we engage and what we do Investment platforms Investment platforms provide an interface with shareholders who invest in the Company indirectly. The Managers liaise with the various investment platforms on strategies for improving communications with the Company’s shareholders who hold their shares via these platforms. An annual timetable of key dates is published on the Company’s website, for the ease of reference of such shareholders. Wider society and the environment No entity, corporate or otherwise, can fl society in which it operates or utilising the relationships, as noted above, the Company fl circumstances where that is not possible, The Board and Managers’ interactions with the various stakeholders as noted above form the principal forms of direct engagement with wider society and in respect of the fi health and resources). The Board recognises the importance of keeping the interests of the Company’s shareholders, and fi its key decision making. The Company Secretaries are at all times available to the Board to ensure that suitable consideration is given to the range of factors to which the Directors should have regard. In addition to ensuring that the Company’s stated investment objective was being pursued, key the Directors to have regard to applicable section 172 factors included: arrangement in November 2024 of a fl credit facility with the Royal Bank of Scotland International Limited to replace the expiring £150 million facility with National Australia Bank Limited. 26 million of the Company’s own for their shares when natural market demand fi 0.50p, building in headroom to allow for further buybacks in view of continuing market volatility, such that the total dividend paid will nevertheless exceed the minimum distribution permissible under investment trust regulations, balancing the careful preservation of the tax benefits of investment trust status with the ambition to retain funds for reinvestment, consistent with Monks’ growth focus and its shareholders’ priorities; the completion of the recruitment process and David Ballance with effect from 1 March 2025 and Richard Curling with effect from 1 October 2025, to enhance the Board’s fund management and investment industry expertise. These appointments are consistent with the AIC Corporate Governance Code principle that ‘a successful company is led by an effective board, whose role is to promote value for shareholders and contributing to wider consultants Cornforth Consulting with due regard for gender and ethnic diversity. Strategic report Annual Report and Financial Statements 2025 48 Employees, human rights and information about employees, human rights and community issues. As the Company has no and all its functions are outsourced, there are no disclosures to be made in respect of employees, human rights and community issues. Board representation The Board’s policy on diversity and relevant disclosures are set out on pages 61 and 62. Environmental, social and governance policy Details of the Company’s policy on socially responsible investment can be found under Corporate Governance and Stewardship on page 66. The Company considers that it does not fall within the scope of the Modern Slavery Act 2015 and it is not, therefore, obliged to make a slavery and human fi considers its supply chains to be of low risk as bailliegifford.com. Future developments of the Company The outlook for the Company is dependent to a fi fi in the Principal risks analysis on pages 39 to 43 and factors which the Board consider to indicate fi health are discussed in the Viability statement on page 44. Further comments on the outlook for the Company and its investment portfolio are set out 5 to 7 and the Managers’ report on pages 8 to 13. The Strategic report which includes pages 5 to 48 was approved by the Board of Directors and signed on its behalf on 1 July 2025. KS Sternberg Chairman Governance report This Governance report, which includes pages 50 to 57 outlines the Board’s approach to the governance of your Company. We believe that good governance builds better outcomes and we are committed to high standards of corporate governance and transparency. Governance report Annual Report and Financial Statements 2025 50 Directors and managers Directors Karl Sternberg Chairman Appointed to the Board in 2013 and as Chairman in 2020 Karl Sternberg was appointed a Director in 2013 and became Chairman in 2020. He worked for Morgan Grenfell Asset Management (owned by Deutsche Bank) from 1992 to 2005 in a variety of roles, fi Asset Management Limited. He left that role to establish Oxford Investment Partners, an investment management company for a group of Oxford colleges, fi Capital Gearing Trust P.l.c, where he will become Chairman on 3 July 2025. He is also Chairman of Apax Global Alpha Limited. David Ballance Director Appointed 2025 David Ballance was appointed a Director on 1 March management experience. He was a Partner at Ruffer LLP from 2007 until 2022. An external member of the Investment Group at Christ Church Oxford since 2012, he took on the role of Chair in January 2025. fi Foundation and currently serves as a Member of their Investment Committee, is a Trustee Director of the NACAB (1991) Pension Plan, a Member of the Book Tokens Investment Committee and is also a Trustee for the Fellowship of St John (UK) Trust and St Alban’s Holborn. 51 The Monks Investment Trust PLC Claire Boyle Audit Committee Chair Appointed 2020 Claire Boyle was appointed a Director in 2020 and became Audit Committee Chair in September 2024. fi in litigation support and forensic accounting, Investment Management; American Express Asset Management; and latterly Oxburgh Partners LLP, where she was a partner with responsibility committee of Fidelity Special Values Plc, and the Randeep Singh Grewal was appointed a Director in Smaller Companies Trust plc. Having read Medicine and Computer Science at Jesus College, Cambridge, his skills in healthcare and technology to working as an analyst and portfolio manager with Tudor Capital Asset Management from 2010 to 2012 and for Trium Randeep Grewal Director Appointed 2024 Governance report Annual Report and Financial Statements 2025 52 Management Engagement Committee and the Nomination Committee, and all are members of the Audit Committee with the exception Professor Sir Nigel Shadbolt Director Appointed 2017 Professor Sir Nigel Shadbolt was appointed a Director in 2017. He is Principal of Jesus College, Oxford, Professorial Research Fellow in the Department of Computer Science, University of Oxford and a visiting fi of Southampton. He specialises in open data and fi Belinda Richards Director Appointed 2016 Belinda Richards was appointed a Director in 2016 and became Senior Independent Director in December 2023. She is a former senior partner at Deloitte LLP with a thirty year career specialising in business operations and strategy development with a particular focus on the Financial Services and Consumer Phoenix Group Holdings. Stacey Parrinder-Johnson Director Appointed 2024 in 2024. She was, until September 2023, chief fi UK, where she was also a member of the executive management committee, chair of the investment management committee. Stacey brings twenty years of experience in asset selection, portfolio management, and manager analysis across UK and international mandates, and has particular strength in investment trust governance, sustainability and risk issues. She has previously served as a pension trustee and has been a governor of the University of Portsmouth since November 2023. 53 The Monks Investment Trust PLC Spencer Adair Spencer is an investment manager in the Global Alpha Team. He has been an investment manager in the Global Alpha Team since its inception in 2005 and for Monks Investment Trust since 2015. Spencer the International Concentrated Growth Strategy. He joined Baillie Gifford in 2000 and became a partner in 2013. Spencer has also spent time working in the Fixed Income, Japanese, Portfolio Managers Spencer Adair Lead portfolio Manager Malcolm MacColl Malcolm has been an investment manager in the Global Alpha Team since its inception in 2005 and this is his sole portfolio responsibility. He joined Baillie Gifford in 1999 and has worked in the UK Small Cap and North American teams. He became fi in 2021. Malcolm graduated MA in Economics and History in 1998 and MLitt in Economics, Politics Malcolm MacColl Deputy portfolio Manager Helen Xiong Helen is an investment manager in the Global Alpha Team. She joined Baillie Gifford in 2008 and became a partner in 2020. In addition to Global Alpha, Helen has spent time working in the Developed Asia, UK, US She graduated BSc (Hons) in Economics from the University of Warwick in 2007 and MPhil in Economics from the University of Cambridge in 2008. Helen Xiong Deputy portfolio Manager Governance report Annual Report and Financial Statements 2025 54 Statements of the Company for 5 Directors’ report Corporate governance 59 to 66 fifi eleven £206 fi 7 The Investment Management Agreement sets out the 55 The Monks Investment Trust PLC fi total assets (see note 3 on page 92 and fi fi 50 to 52 for fi Karl Sternberg fi 5 and up to the date of approval of fi fi fi fl fl fl fl fl Governance report Annual Report and Financial Statements 2025 56 fip fi 6 September 2025 to shareholders 8 August 20257 August 2025 Plan (see page 115fi 6 August 2025 5 fi can be found on pages 111 to 113 Name No. of ordinary 5p shares held at 30 April 2025 % of issue Rathbone Investment Management Ltd 19,341,323 10.3% fi 5 and 26 June 2025 Annual General Meeting Issuance of shares fi ) 5 the Between 1 May and 26 June 2025 12 of £ 6 or 13 as at 26 June 2025 6 or 57 The Monks Investment Trust PLC Purchase of own shares 5 5 the Company bought back a total of % of the 4 124 pence per share and a total cost of £3 5 5 to 26 June 2025 2025 6 UK fi 14 110 Resolution 14, which is proposed as a special resolution seeks shareholder approval to update the Articles of Association, as noted in the Chairman’s Statement on page 7. fi fi fi fi fi Governance report Annual Report and Financial Statements 2025 58 Post Balance Sheet events fi thereto up to 1 July 2025 Recommendation On behalf of the Board KS Sternberg 1 July 2025 59 The Monks Investment Trust PLC Compliance fi throughout the year under review with the relevant provisions of the UK Code and the recommendations of the AIC Code with the following exceptions. The UK Code includes provisions relating to the role of the chief executive, executive directors’ remuneration and the need for an internal audit function. Given that the Company is an externally managed investment trust, the Board considers these provisions are not relevant to the Company. The need for an internal audit fi on page 68. The Board The Board has overall responsibility for the Company’s affairs, including the determination and embodiment of its culture and values. It has a number of matters reserved for its approval including strategy, investment policy, currency hedging, borrowings, gearing, treasury matters, dividend and corporate governance policy. A separate strategy session is held annually. The Board also reviews the Financial Statements, investment transactions, revenue budgets and performance. Full and timely information is provided to the Board to enable it to function effectively and to allow Directors to discharge their responsibilities. The Board currently comprises seven Directors all The Chairman is responsible for organising the business of the Board, ensuring its effectiveness and setting its agenda. The executive responsibility for investment management has been delegated to the Company’s Alternative Investment Fund Manager fi Corporate governance report The Board is committed to achieving and demonstrating high standards of Corporate Governance. This statement outlines how the principles of the 2018 UK Corporate Governance Code (the UK ‘Code’) which can be found at frc.org. uk, and the relevant principles of the Association of Investment Companies Code of Corporate Governance (‘AIC Code’) issued in 2019 were applied throughout fi provides a framework of best practice for investment companies and can be found at theaic.co.uk. Governance report Annual Report and Financial Statements 2025 60 Auditor The Bank of New York Mellon (International) Limited Depositary and custodian Computershare Investor Services PLC Registrar Investec Bank plc Company broker Board of Directors Comprises independent non-executive directors Chairman: Karl Sternberg Belinda Richards Audit Committee Chair: Claire Boyle Purpose: The primary purpose of the fi of internal controls and compliance with laws and regulations. Management Engagement Committee Chair: Karl Sternberg Purpose: The role of the Management Engagement Committee is to ensure that the Managers remain suitable to manage the portfolio, that the management contract is competitive and reasonable for the shareholders, and that the Company maintains appropriate administrative and company secretarial support. Nomination Committee Chair: Karl Sternberg Purpose: The main purpose of the Nomination Committee is to oversee Board recruitment and succession planning as well as Board appraisals including identifying training needs. appointed by the Board Alternative Investment Fund Managers, Company Secretaries and fund administrators: Dealing activity and transaction reporting: Baillie Gifford Overseas Limited and Baillie Gifford Asia (Hong Kong) Limited Karl Sternberg will stand down from the Board on 9 September 2025 and Randeep Grewal will become Chairman. 61 The Monks Investment Trust PLC Belinda Richards is Senior Independent Director (SID) and, as such, she is available to shareholders as an alternative to the Chairman if they have concerns. The SID leads the Chairman’s performance appraisal and chairs the Nomination Committee when it considers the Chairman’s succession. The Directors believe that the Board has a balance of skills and experience that enables it to provide effective strategic leadership and proper governance of the Company. Information about the Directors, including their relevant experience, can be found on pages 50 to 52. There is an agreed procedure for Directors to seek independent professional advice, if necessary, at the Company’s expense. Nomination Committee The Nomination Committee consists of all the Directors and Karl Sternberg is the Chairman annual basis and at such other times as may be reference which include reviewing the composition of the Board, identifying and nominating new candidates for appointment to the Board, Board appraisal, succession planning and training. fl interest and for making recommendations on fl authorised. The Committee’s Terms of Reference on the Company’s page of the Managers’ website: monksinvestmenttrust.co.uk. Appointments to the Board New Directors are appointed by the Board, following recommendation by the Nomination Committee. During the year, the Committee engaged Cornforth Consulting, an external search consultancy with no other connection to the Company or any of its Directors, to recruit new Directors to join the Board in anticipation of a programme of Board refreshment over the coming years. David Ballance and Richard Curlingficandidates as the Committee concluded that their experience fi David Ballance was appointed to the Board with effect from 1 March 2025 and Richard Curling with effect from 1 October 2025. The terms and conditions of Directors’ appointments are set out in formal letters of appointment which are retire and seek election by shareholders at the next Annual General Meeting. In accordance with the annually. Diversity Policy Appointments to the Board are made on merit fi including gender, social and ethnic backgrounds, cognitive and personal strengths. The priority in appointing new Directors is to identify the candidate with the best range of skills and experience to complement those of existing Directors, with a placed to help the Company achieve its investment and governance objectives. Within the context fi impact on percentage representation, and a limited will endeavour to comply with the UK Listing Rules targets but notes that the circumstances of additional responsibilities of a senior role and that Directors may prefer not to disclose their ethnic background. In such circumstances, the value brought to the Board by their inclusion outweighs the ambition of meeting diversity targets. Diversity of the Board As noted above, during the year external search consultancy Cornforth Consulting was appointed to experience. The Nomination Committee considered a longlist that was 33% women, 5% candidates of that was 25% women. The following disclosures are provided in respect of the UK Listing rules targets that: i) 40% of a board should be women; ii) at least one senior role should be held by a woman; and iii) at least one fifi Statistics (ONS) criteria. Governance report Annual Report and Financial Statements 2025 62 As an externally managed investment company with fifi fi FCA guidance are Chair and Senior Independent Director (SID). The Board also considers Audit Committee Chair to represent a senior role within this context. At 30 April 2025, which shall be used as the reference date for the disclosures in accordance with the UK Listing Rules 6.6.6R(9), the Board met the targets. There have been no changes to Board membership between 30 April 2025 and 5. Gender Number % Senior roles * Men 4 57 1 Women 3 43 1 Prefer not to say – – – * The Board also considers Audit Committee Chair to be a senior role. The role of Audit Committee Chair is currently held by a woman. Ethnic background Number % Senior roles * White 6 86 2 Asian/Asian British 1 14 – Prefer not to say – – – * The Board also considers Audit Committee Chair to be a senior role. The Audit Committee Chair’s ethnic background is white. Independence of Directors All the Directors are considered by the Board to be independent of the Managers and free of any business or other relationship which could interfere with the exercise of their independent judgement. The Directors recognise the importance of succession planning for company boards and the Board’s composition is reviewed annually. The Board is of the view that length of service will not necessarily compromise the independence or contribution of directors of an investment trust company, where continuity and experience can fi Mr Karl Sternberg has been a Director since 2013 and he became Chairman in 2020. He has overseen an active Board refreshment programme over this period and remained in the role in order to manage an orderly succession. He will retire at the conclusion of the 2025 AGM and Randeep Grewal will succeed him as Chairman. Policy on Chairman’s Tenure The Board considers that the tenure of the Chairman should be determined principally by the Board’s role in providing strategic leadership, governance, challenge and support to the Managers, whilst balancing the importance of independence, refreshment and diversity with retention of the corporate memory. fi these factors is essential for an effective Board. This, at times, will naturally result in some longer serving directors, including the Chairman. The Nomination Committee considers long term succession planning for this role as part of its broader remit to ensure an appropriate level of refreshment and diversity on the Board. It does not believe the imposition of hard time limits to be helpful in respect of this role, any more than for the tenure of Directors overall. Meetings There is an annual cycle of Board meetings which is designed to address, in a systematic way, overall strategy, review of investment policy, investment performance, marketing, revenue budgets, dividend policy and communication with shareholders. fi on page 63 shows the attendance record for the core Board and Committee meetings held during the year. There were also a number of ancillary and 2025, in particular to consider Director recruitment and the replacement of the National Australia Bank revolving credit facility with a new three year Royal Bank of Scotland International facility, which are not included. The Annual General Meeting was attended by all the Directors serving at that date, with the exception of Professor Sir Nigel Shadbolt, who was prevented from attending by an obligation to attend a governmental forum on Technology in Singapore. 63 The Monks Investment Trust PLC Directors’ attendance at meetings Board Audit Committee Management Engagement Committee Nomination Committee Number of meetings 4 4 1 1 DC Ballance 1 0 1 1 CM Boyle 4 4 1 1 R Grewal 4 4 1 1 Johnson 4 4 1 1 BJ Richards 4 4 1 1 Professor Sir Nigel Shadbolt 3 3 1 1 KS Sternberg 4 2 † 1 1 * Appointed effective 1 March 2025; attended all meetings held between appointment date and year end. † Mr KS Sternberg is not a member of the Audit Committee but attends by invitation. Performance evaluation An appraisal of the Chairman, each Director and a performance evaluation and review of the Board as a whole and the Audit Committee was carried out during the year. After considering and responding an interview with the Chairman. The Chairman’s appraisal was led by Belinda Richards, the Senior Independent Director. The appraisals and evaluations considered, amongst other criteria, the balance of skills of the Board, training and individual Directors and the overall effectiveness of the Board and its Committees. Following this process it was concluded that the performance of each Director, the Chairman, the Board and its Committees continues to be effective and that each Director and the Chairman remain committed to the Company. For this appraisal, the Board secured the services of Lintstock, an independent corporate advisor which has no other relationship with the Company or its Directors, in accordance with the evaluations externally facilitated every three years. The Board appointed Lintstock to conduct its externally facilitated review for 2025, rather than in 2024, as it considered that this external perspective would represent greater value to both Board and shareholders in the context of Chairman succession management. A review of the Chairman’s and other Directors’ commitments was carried out and the Board is fifi time to the Company. Induction and training New Directors are provided with an induction programme which is tailored to the particular circumstances of the appointee. During the year fi were provided to the Board by the Managers and Secretaries. Directors receive other relevant training as necessary. Management Engagement Committee The role of the Management Engagement Committee is to ensure that the Managers remain suitable to manage the portfolio, that the management contract is competitive and reasonable for the shareholders, and that the Company maintains appropriate administrative and company secretarial support. All Directors are members of the Management Engagement Committee, which is chaired by the Chairman of the Board. The Board considers each member of the Committee to be independent. To discharge its duties, the Committee met on one occasion during the year to consider: the performance and suitability of the Managers; the terms and conditions of the AIFM Agreement, including fees; and the Committee’s Terms of Reference. The Committee’s Terms of Reference on the Company’s page of the Managers’ website: monksinvestmenttrust.co.uk. Remuneration As the Board considers all its members to be the Board does not consider it necessary to form a separate Remuneration Committee. Directors’ fees are considered by the Board as a whole within the limits approved by shareholders. The Company’s policy on remuneration is set out in the Directors’ Remuneration Report on pages 70 to 73. Governance report Annual Report and Financial Statements 2025 64 Audit Committee The report of the Audit Committee is set out on pages 67 to 69. Internal controls and risk management The Directors acknowledge their responsibility for the Company’s risk management and internal control systems and for reviewing their effectiveness. The systems are designed to manage rather than eliminate the risk of failure to achieve business objectives and can only provide reasonable but not absolute assurance against material misstatement fi process for identifying, evaluating and managing fi accordance with the FRC ‘Guidance on Risk Management, Internal Control and Related Financial and Business Reporting’. The practical measures in relation to the design, implementation and maintenance of control policies and procedures to safeguard the Company’s assets and to manage its affairs properly, including the maintenance of effective operational and compliance controls have been delegated to the Managers and Secretaries. The Board oversees the functions delegated to the Managers and Secretaries and the controls managed by the AIFM in accordance with the UK Alternative Investment Fund Managers Regulations (as detailed Compliance Departments and the AIFM’s permanent risk function provide the Audit Committee with regular reports on their monitoring programmes. The reporting procedures for these departments fi review of its system of internal controls which is documented within an internal controls report which complies with ISAE 3402 – Assurance Reports on Controls at a Service Organization. This report is auditors and a copy is submitted to the Audit Committee. A report identifying the material risks faced by the Company and the key controls employed to manage these risks is reviewed by the Audit Committee. These procedures ensure that consideration is given regularly to the nature and extent of risks facing the Company and that they are being actively monitored. fi the year they also provide a mechanism to assess these risks. fi effectiveness of the Company’s risk management and internal controls systems, which accord with the FRC ‘Guidance on Risk Management, Internal Control and Related Financial and Business Reporting’, and they have procedures in place to review their effectiveness on a regular basis. No fifi under review and up to the date of this Report. fi fi year and continue to be in place up to the date of approval of this Report. To comply with the UK Alternative Investment Fund Managers Regulations, The Bank of New York Mellon (International) Limited acts as the Company’s its AIFM. The depositary’s responsibilities include cash fi instruments, verifying ownership and maintaining a record of other assets and monitoring the Company’s compliance with investment limits and leverage fi will ensure that any delegate segregates the assets of the Company. The Company’s depositary also acts as the Company’s custodian. The custodian prepares reports on its key controls and safeguards which are independently reviewed by its appointed auditors, KPMG LLP. The reports are reviewed by Baillie Gifford’s Business Risk Department and a summary of the key points is reported to the Audit Committee and any concerns are investigated. The depositary provides the Audit Committee with The AIFM has established a permanent risk management function to ensure that effective risk management policies and procedures are in place 65 The Monks Investment Trust PLC and to monitor compliance with risk limits. The AIFM has a risk management policy which covers the risks associated with the management of the portfolio, is reviewed and approved at least annually. This review includes the risk management processes and systems and limits for each risk area. The risk limits, which are set by the AIFM and approved by the Board, take into account the fi These limits, including leverage (see page 116), are monitored and the sensitivity of the portfolio to key risks is reviewed periodically as appropriate to ascertain the impact of changes in key variables in the portfolio. Exceptions from limits monitoring and stress testing undertaken by Baillie Gifford’s Business Risk Department are escalated to the AIFM and reported to the Board along with remedial measures being taken. No exceptions occurred during the year. Going Concern In accordance with The Financial Reporting risk, the Directors have undertaken a rigorous review of the Company’s ability to continue as a going concern. The Company’s principal risks are market related risk. An explanation of these risks and how they are managed is contained on pages 39 to 43 and in note 19 to the Financial Statements. The Board has, in particular, considered the impact of heightened market volatility arising from macroeconomic and geopolitical concerns, including hostilities in Ukraine tensions, but does not believe the Company’s going concern status is affected. The Company’s assets, the majority of which are investments in listed securities which are readily fi the Board. Gearing levels and compliance with borrowing covenants are reviewed by the Board on a regular basis. As at 30 April 2025, the £100 million RBSI facility had £50 million available commitment undrawn. The Company has continued to comply of section 1158 of the Corporation Tax Act 2010 and the Investment Trust (Approved Company) Regulations 2011. The Company’s primary third party suppliers, including its Managers and Secretaries, custodian and depositary, registrar, auditor and fi fi Company. Accordingly, the Financial Statements have been prepared on the going concern basis as it is the Directors’ opinion, having assessed the principal and emerging risks and other matters set out in the Viability Statement on page 44, which assesses the prospects of the Company fi continue in operational existence for the period to 31 July 2026, which is for a period of at least twelve months from the date of approval of these Financial Statements. Relations with shareholders The Board places great importance on communication with shareholders. The Company’s Managers meet regularly with shareholders and report shareholders’ views to the Board. The Chairman has maintained open lines of communication with market participants and investors in the Company, separate of Manager involvement, in order to ascertain views on corporate shareholders as appropriate. Shareholders wishing to communicate with any members of the Board may do so by writing to them at the Secretaries’ address or through the Company’s broker, Investec Bank plc (see contact details on page 125). The Company’s Annual General Meeting provides a forum for communication with all shareholders. The votes lodged for each resolution are announced as soon as practicable following the meeting and is published at monksinvestmenttrust.co.uk. The notice period for the Annual General Meeting is at least twenty working days. Shareholders and potential investors may obtain monksinvestmenttrust.co.uk. Governance report Annual Report and Financial Statements 2025 66 Corporate governance and stewardship The Board has given discretionary voting powers resolutions they consider may damage shareholders’ rights or economic interests and report their actions to the Board. The Board believes that it is in the shareholders’ interests to consider environmental, social and governance (ESG) factors when selecting and retaining investments and has asked the Managers to take these issues into account. The Managers do not exclude companies from their investment universe purely on the grounds of ESG factors. A positive engagement approach is employed whereby matters are discussed with management with the aim of improving the relevant policies and management systems and enabling the statement of compliance with the UK Stewardship bailliegifford.com. The Managers’ policy has been reviewed and endorsed by the Board. In addition, the Monks Stewardship Report, which outlines the Managers’ approach to engagement and provides examples, is prepared annually, and is available on the Company’s page of the Managers’ website at monksinvestmenttrust.co.uk. Climate change The Board recognises that climate change poses to economies and companies around the globe. Addressing the underlying causes is likely to result in companies that are high emitters of carbon facing greater societal and regulatory scrutiny and higher costs to account for the true environmental impact of their activities. party provider to map the carbon footprint of the engagement and understand what higher emitting companies are doing to manage climate risk better. Best practice in this area is evolving rapidly, and it is therefore challenging to establish reliable Based on the most recent analysis, Index). This analysis estimate is based on 79% which reports on carbon emissions and other Weighted Average Carbon Intensity (WACI) by Revenue. Based on reported and estimated Scope 3% of the Company’s portfolio, carbon intensity was 22% lower than the benchmark index at 30 April 2025. Financial Disclosures (‘TCFD’) Climate Report is available on the Managers’ website at bailliegifford.comfi report is also available on the Company’s page of the Managers’ website at monksinvestmenttrust.co.uk. The Managers have considered the EU Sustainable Finance Disclosures Regulation (‘SFDR’) and further details can be found on page 117. The Managers have also reviewed the UK FCA’s sustainability regime (‘SDR’). The Managers consider that all materials published in connection with the Company do not currently consider it appropriate for the Company to adopt a label under the regime. The Managers are signatories to the United Nations Principles for Responsible Investment, the Carbon Disclosure Project and are also members of the Asian Corporate Governance Association and the International Corporate Governance Network. On behalf of the Board KS Sternberg Chairman 1 July 2025 67 The Monks Investment Trust PLC The Audit Committee consists of all Directors, with the exception of Karl Sternberg, who attends by invitation. The members of the Committee consider that fi fi responsibilities of the Committee. Claire Boyle is the Audit Committee Chair. The Audit Committee consists of David Ballance, Claire Boyle, who is the Audit Committee Chair. The members of the Committee consider that they fi fi fi within its written terms of reference which are and at monksinvestmenttrust.co.uk. The terms of reference are reviewed annually. The Committee’s effectiveness is reviewed on an annual basis as part of the Board’s performance evaluation process. At least once a year the Committee meets with the external auditor without any representative of the Managers being present. Main activities of the Committee The Committee met four times during the year, with two of the meetings focussed on the review of the Company’s private company valuations. Baillie Gifford attended all meetings Internal Audit and Compliance Departments and the AIFM’s permanent risk function provided reports on their monitoring programmes for the two meetings focussed on governance and the approval of the fiLLP attended both of those meetings and held separate meetings with the Audit Committee Chair in advance of both Committee meetings. In addition, the external auditor met with the Audit Committee Chair on an Committee as they arose. Audit Committee report Governance report Annual Report and Financial Statements 2025 68 The matters considered, monitored and reviewed by the Committee during the course of the year included the following: Interim Reports; and the implementation of the Managers’ valuation the Annual Report and Financial Statements and whether it provided the information necessary for shareholders to assess the Company’s performance, business model and strategy; control environment; engagement of the external auditor; auditor and effectiveness of the external audit process; audit function; Managers and custodians; and fi concerns about possible improprieties in matters fi Internal audit The Committee continues to believe that the compliance and internal control systems and the internal audit function in place within the Managers fi of internal control, which safeguards shareholders’ investment and the Company’s assets, is maintained. fi is therefore considered unnecessary. Financial reporting fi issues likely to impact the Financial Statements are the existence and valuation of investments, as they represent 99.5% of total assets, and the accuracy and completeness of income from investments. The majority of the investments are in listed securities and market prices are readily available from independent external pricing sources. The Committee reviewed the Managers’ Report on Internal Controls which details the controls in place regarding recording and pricing of investments and the reconciliation of investment holdings to third party data. The value of all the listed investments as at 5 was agreed to external price sources. The Committee considered the Managers’ proposed valuation of all unlisted and suspended investments at 30 April 2025, which are determined using comparable company multiples and performance, achievement of company milestones and other information as appropriate, and assessed the appropriateness of the judgements and assumptions used in valuing such investments. The Managers fi the Company’s custodian. The Committee reviewed the Managers’ Report on Internal Controls which details the controls in place regarding completeness and accurate recording of investment income. The accounting treatment of each special dividend received or receivable during the year was reviewed by the Managers. The Committee considered the factors that might fi years and its ability to continue as a going concern for the period to 31 July 2026, together with reports from the Managers on the cash position and cash fl its investment portfolio, compliance with debt covenants, availability of borrowing facilities, and the Company’s ability to meet its obligations as they fall due. The Committee also reviewed the Viability Statement on page 44 and statement on going concern on page 65. Following this assessment, the Committee recommended to the Board the appropriateness of the going concern basis in fi the accuracy of the Viability Statement and statement on going concern. 69 The Monks Investment Trust PLC fi were not aware of any material misstatements in the context of the Financial Statements as a whole and that the Financial Statements are in accordance with applicable law and accounting standards. Internal controls and risk management The Committee reviewed the effectiveness of the Company’s risk management and internal controls systems as described on pages 64 and 65. fifi year under review. External auditor fi and objectivity of the external auditor, the Committee reviewed the auditor’s audit plan, which includes a description of the auditor’s arrangements to manage independence, a report from the auditor on the conclusion of the audit setting out why the auditor remains independent and the extent and during the year to 30 April 2025 (2024 – nil). To assess the effectiveness of the auditor and the external audit process, the Committee reviewed fi auditor of the agreed audit plan, a report from the auditor on the conclusion of the audit, feedback from the Secretaries on the performance of the audit team and the Audit Quality Inspection Report on Review Team (AQRT). Young LLP was appointed as the Company’s auditor at the Annual General Meeting held on 2 August 2017, with Caroline Mercer as the lead audit partner. The audit partners responsible for the audit are to fi with professional and regulatory standards in order to protect independence and objectivity and to provide fresh challenge to the business. partner for the Company’s audit for the year ended fi is independent within the meaning of regulatory and of the audit partner and staff is not impaired. Having carried out the review described above, fi independent and effective for the purposes of this year’s audit and, as such, has not considered it necessary to put the audit services contract out to tender. In accordance with regulations in relation to the statutory audits of listed companies, the for the 2028 year end. There are no contractual obligations restricting the Committee’s choice of external auditor. Regulatory compliance fi Audit Services for Large Companies Market Investigation (Mandatory Use of Competitive Tender Processes and Audit Committee Responsibilities) governance of tenders for the appointment of the external auditor and the setting of policy on the Accountability and audit The respective responsibilities of the Directors and the auditor in connection with the Financial Statements are set out on pages 74 to 83. On behalf of the Board CM Boyle Audit Committee Chair 1 July 2025 Governance report Annual Report and Financial Statements 2025 70 Statement by the Chairman The Directors’ Remuneration Policy is subject to shareholder approval every three years, or sooner if an alteration to the policy is proposed. The Remuneration Policy, which is set out below, was approved by shareholders at the Annual General Meeting held in September 2023, and is therefore subject to shareholder approval at the 2026 Annual General Meeting. The Board reviewed the level of fees during the 2025 the Chairman’s fee should increase by £1,000 and Directors’ fees should increase by £1,000 per annum with no change to the increments for the Audit Committee Chair and Senior Independent Director. The fee levels were last increased on 1 May 2024. Directors’ remuneration policy Directors, none of whom has a service contract with the Company. There is no separate remuneration committee and the Board as a whole considers changes to Directors’ fees from time to time. Baillie provide comparative information when the Board considers the level of Directors’ fees. The Board’s policy is that the remuneration of Directors should be set at a reasonable level that is commensurate with the duties and responsibilities and experience. The Board believes that the fees paid fl Board as a whole, be fair and should take account of the level of fees paid by comparable investment trusts. Any views expressed by shareholders on the fees being paid to Directors will be taken into consideration by the Board when reviewing the Board’s policy on remuneration. Directors’ remuneration report This report has been prepared in accordance with the requirements 71 The Monks Investment Trust PLC fi reimbursement of allowable expenses. There are fi Limits on Directors’ remuneration monthly in arrears and are determined within the limit set out in the Company’s Articles of Association, which is currently £400,000 in aggregate. The fees paid to Directors in respect of the year ended 30 April 2025 and the expected fees payable in respect of the year ending 30 April 2026 are set out in the table below. The fees payable to the Directors fi following an annual review of the Directors’ fees. Expected fees for the year ending 30 April 2026 £ Fees for the year ended 30 April 2025 £ Chairman’s fee 52,000 51,000 36,000 35,000 Additional fee for Audit Committee Chair 7,000 7,000 Additional fee for the Senior Independent Director 4,000 4,000 * The Audit Committee Chair performs additional responsibilities as noted in the Audit Committee Report on pages 67 to 69. The Senior Independent Director (‘SID’) performs additional responsibilities as noted on page 61. Annual report on remuneration An ordinary resolution for the approval of this report will be put to the members at the forthcoming Annual General Meeting. certain of the disclosures provided in this report. Where disclosures have been audited, they are indicated as such. The auditor’s opinion is included in the Independent Auditor’s Report on pages 77 to 83. Directors’ interests (audited) The Directors at the year end, and their interests (including those of connected persons) in the Company are as shown in the following table. There have been no changes intimated in the Directors’ interests up to 26 June 2025. Name Nature of interest Ordinary shares held at 30 April 2025 Ordinary shares held at 30 April 2024 DC Ballance n/a – – CM Boyle n/a – – RS Grewal fi 875 875 Johnson fi 4,500 3,250 BJ Richards fi 13,288 13,205 Professor Sir Nigel Shadbolt fi 2,309 2,305 KS Sternberg fi 25,147 25,147 Statement of voting at Annual General Meeting At the last Annual General Meeting, of the proxy votes received in respect of the Directors’ Remuneration Report, 99.7% were in favour, 0.2% were against and votes withheld were 0.1%. At the last Annual General Meeting at which the Directors’ Remuneration Policy was considered (September 2023) 99.5% of the proxy votes received were in favour, 0.3% were against and 0.2% were withheld. Governance report Annual Report and Financial Statements 2025 72 Directors’ remuneration for the year (audited) The Directors who served during the year received the following remuneration in the form of fees and fi Name 2025 Fees £ 2025 Taxable fi £ 2025 Total £ 2024 Fees £ 2024 Taxable fi £ 2024 Total £ DC Ballance (appointed 1 March 2025) 5,833 – 5,833 – – – CM Boyle (Audit Chair from 2024) 39,500 1,662 41,162 34,000 875 34,875 Dr D Chaya (resigned 31 January 2025) † 26,250 – 26,250 34,000 523 34,523 RS Grewal (appointed 1 March 2024) 35,000 – 35,000 5,667 – 5,667 2024) 35,000 – 35,000 5,667 – 5,667 BJ Richards (SID from 1 December 2023) 39,000 – 39,000 35,192 282 35,474 Professor Sir Nigel Shadbolt 35,000 – 35,000 34,000 1,104 35,104 KS Sternberg (Chairman) 51,000 – 51,000 50,000 517 50,517 JJ Tigue (Audit Committee Chair, and SID to 1 December 2023, retired 10 September 2024) 15,167 793 15,960 41,808 282 42,090 281,750 2,455 284,205 240,334 3,583 243,917 fi Limited, the Company’s Secretaries. These amounts have been grossed up for income tax. † Annual percentage change in remuneration This represents the annual percentage change in the fees paid to the Directors. Name % from 2024 to 2025 % from 2023 to 2024 % from 2022 to 2023 % from 2021 to 2022 % from 2020 to 2021 DC Ballance (appointed 1 March 2025) n/a n/a n/a n/a n/a CM Boyle (appointed 1 May 2020, Audit Chair from 10 September 2024) 16.2 * 4.6 4.8 3.3 n/a Dr D Chaya (appointed 30 November 2022, resigned 31 January 2025) (22.8) 148.8 * n/a n/a n/a RS Grewal (appointed 1 March 2024) 517.6 * n/a n/a n/a n/a 517.6 * n/a n/a n/a n/a BJ Richards (SID from 1 December 2023) 10.8 * 8.3 * 4.8 3.3 3.4 Professor Sir Nigel Shadbolt 2.9 4.6 4.8 3.3 3.4 KS Sternberg (Chairman from 1 September 2020) 2.0 5.3 3.3 1 7. 0 35.6 * JJ Tigue (Audit Committee Chair, and SID to 1 December 2023, retired 10 September 2024) (63.7) 0.7 * 3.8 14.3 4.5 Total Directors’ fees paid by the Company in the year 17. 2 20.1 11.8 (13.1) 6.5 fl circumstances the movement in actual fees paid in the year will differ from the movement in annualised fees payable. Details are only shown for fi 73 The Monks Investment Trust PLC Relative importance of spend on pay The table below shows the actual expenditure during the year in respect of Directors’ remuneration and distributions to shareholders by way of dividends and shares bought back. Name 2025 £’000 2024 £’000 Change % Directors’ total remuneration 284 244 16.4 Dividends paid to shareholders 938 4,497 (79.1) Shares bought back 321,104 172,887 85.7 Company performance The following graph compares the share price total return (assuming all dividends are reinvested) to Monks’ ordinary shareholders compared with the total shareholder return on a notional investment made up of shares in the component parts of the comparison purposes as it is a widely used measure of performance for UK listed companies (FTSE World Index, which is the Company’s comparative index, Performance graph fi5) Past performance is not a guide to future performance. Approval The Directors’ Remuneration Report on pages 70 to 73 was approved by the Board of Directors and signed on its behalf on 1 July 2025. KS Sternberg Chairman Cumulative to 30 April 20252015 2017 2020 2022 20242016 20192018 2021 2023 ● Share price Source: LSEG/Baillie Gifford and relevant underlying index providers. See disclaimer on page 116. All figures are to tal returns (see Glossary of terms and Alternative Pe rformance Measures on pages 120 to 123). ● FTSE All-Share Index ● Comparative Index (in sterling terms) * 0 500 100 400 300 200 Governance report Annual Report and Financial Statements 2025 74 fi and explain the Company’s transactions and disclose with reasonable accuracy at any time the fi to ensure that the Financial Statements and the Directors’ Remuneration report comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and Under applicable laws and regulations, the Directors are also responsible for preparing a Strategic report, Directors’ report, a Directors’ remuneration report and a Corporate governance statement that complies with that law and those regulations. The Directors have delegated responsibility to the Managers for the maintenance and integrity of the Company’s page of the Managers’ website. Legislation in the United Kingdom governing the preparation and dissemination of Financial Statements may differ from legislation in other jurisdictions. The work carried out by the auditor does not involve any consideration of these matters and, accordingly, the auditor accepts no responsibility for any changes that may have occurred to the Financial Statements since they were initially presented on the website. The Directors are responsible for preparing the Annual Report and Financial Statements in accordance with applicable law and regulations. fi that law they have elected to prepare the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’. Under company law the Directors must not approve fi that they give a true and fair view of the state of fi the Company for that period. In preparing these Financial Statements, the them consistently; are reasonable and prudent; Accounting Standards have been followed, subject to any material departures disclosed and explained in the Financial Statements; going concern, disclosing, as applicable, matters related to going concern; and concern basis unless it is inappropriate to presume that the Company will continue in business. Statement of Directors’ responsibilities in respect of the Annual Report and the Financial Statements 75 The Monks Investment Trust PLC fi of approval of the Financial Statements and whose names and functions are listed within the Directors and Managersfi their knowledge: prepared in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, give a true and fair view of the fi of the Company; as a whole is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company’s performance, business model and strategy; and development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces. On behalf of the Board KS Sternberg Chairman 1 July 2025 Financial report The Financial Statements for 5 set 77 to 106 prepared in accordance with Standard applicable in the UK 77 The Monks Investment Trust PLC Independent auditor’s report to the Members of The Monks Investment Trust PLC Ethical Standard were not provided to the company and we remain independent of company in conducting the audit. Conclusions relating to going concern fi concluded that the directors’ use of the going concern basis of accounting in the preparation of the fi of the directors’ assessment of the company’s ability to continue to adopt the going concern basis of accounting included: fi going concern assessment process by engaging with the Directors and the Company Secretary to determine if all key factors were considered in their assessment. We considered whether the factors taken account of in the Directors’ assessment addressed those matters which we considered important. Inspecting the Directors’ assessment of going concern, including the revenue forecast, for the period to 31 July 2026 which is at least twelve fi were authorised for issue. The Company has concluded that it is able to continue to meet its ongoing costs as they fall due. Assessing the risk of breaching the debt covenants as a result of a reduction in the value of the Company’s portfolio. We calculated and reviewed the Company’s compliance with debt covenants throughout the year, validated the inputs used to the underlying information and we performed reverse stress testing in order to identify what factors would lead to the Company fi Opinion fi Monks Investment Trust PLC (the ‘Company) for the year ended 30 April 2025 which comprise the Income Statement, Balance Sheet, Statement the related notes 1 to 20, including the principal fi framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice). fi give a true and fair view of the company’s affairs as at 30 April 2025 and of its loss for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the 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 fi statements section of our report. We believe that the fi appropriate to provide a basis for our opinion. Independence We are independent of the company in accordance fi the FRC’s Ethical Standard as applied to public fi ethical responsibilities in accordance with these Financial report Annual Report and Financial Statements 2025 78 An overview of the scope of our audit Tailoring the scope Our assessment of audit risk, our evaluation of materiality and our allocation of performance materiality determine our audit scope for the company. This enables us to form an opinion on fi fi and effectiveness of controls, the potential impact of climate change and changes in the business environment when assessing the level of work to be performed. All audit work was performed directly by the audit engagement team which included our valuation specialists. Climate change Stakeholders are increasingly interested in how climate change will impact Company. The Company fi impacts from climate change on its operations will be from how climate change could affect the Company’s investments and overall investment process. This is explained on page 40 in the principal and emerging risks section, which form part of the fi statements. Our procedures on these unaudited disclosures therefore consisted solely of considering whether they are materially inconsistent with the fi the course of the audit or otherwise appear to be materially misstated, in line with our responsibilities on “Other information”. Our audit effort in considering climate change fi in Note 1(a) and conclusion that there was no further impact of climate change to be taken into fl each investment’s exposure to climate change risk. Wealso challenged the Directors’ considerations of climate change in their assessment of viability and associated disclosures. Considering the mitigating factors that are within the control of the Company. We reviewed investments held and evaluated the Company’s ability to sell those investments in order to cover fi Reviewing the Company’s going concern disclosures included in the annual report to assess whether the disclosures were appropriate and in conformity with the reporting standards. Based on the work we have performed, we have fi events or conditions that, individually or collectively, fi to continue as a going concern for a period 31 July 2026, which is at least twelve months from the fi 2025. In relation to the company’s ’s reporting on how they have applied the UK Corporate Governance Code, we have nothing material to add or draw attention to fi 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. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as a going concern. Overview of our audit approach Key audit matters Risk of incorrect valuation or ownership of the investment portfolio Risk of incomplete or inaccurate revenue recognition, including the fi as revenue or capital in the Income Statement Materiality Overall materiality of £23.19m which represents 1% of shareholder’s funds 79 The Monks Investment Trust PLC Key audit matters fi fifi fi 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 fi these matters. Risk Our response to the risk Key observations communicated to Incorrect valuation or ownership of the investment portfolio (as described on page 68 in the Report of the Audit Committee and as per the accounting policy set out on page 90). The valuation of the investment portfolio at 30 April 2025 was £2,528.47m (2024: £2,847.07m) consisting of fair value of £2,447.98m (2024: (including CVR and suspended investments) with an aggregate fair value of £80.49m (2024: £59.11m). The valuation of the assets held in the investment portfolio is the key driver of the Company’s net asset value and total return. Incorrect investment pricing or a failure to maintain proper legal title to the investments held by the Company fi the portfolio valuation and the return generated for shareholders. determined by reference to bid value or the last traded price depending on the convention of the exchange on which fair value by the Directors following a detailed review and appropriate challenge of the valuations proposed by the Baillie Gifford Fair Value Pricing applies methodologies consistent with Venture Capital Valuation guidelines (“IPEV”) and FRS 102. and the resultant impact on the unrealised gains/(losses), is the area fi and estimation in the preparation of fi fi highlighted below on page 83. We performed the following procedures: We obtained an understanding of Baillie Gifford’s processes in which we evaluated the design and implementation of controls. market prices and exchange rates applied to an third party pricing vendor and recalculated the investment valuations as at portfolio to identify prices that have not changed near the year end of the Company. . audit team, with the assistance of our valuation specialists reviewed and challenged the valuations. This included: Reviewing the valuation papers prepared by the Private Companies Valuation Group and Fair Value Pricing Group to gain an understanding of, and comment on, the valuation methodologies and assumptions. We have assessed the competence, capability and objectivity of the Baillie Gifford Fair Value Pricing Group. Assessing whether the valuations have been performed in line with the valuation approaches as set out in UK GAAP (‘IPEV’) guidelines and FRS 102.; Assessing the appropriateness of the data inputs and challenging the assumptions used to support the valuations; Assessing other facts and circumstances, such as market movement and comparative company information, that have an impact on the fair market value of the investments; and assessing whether managements valuation is reasonable. fi outside the expected range we held further discussions with Baillie Gifford and the Audit Committee. In those discussions, we discussed market trends and the valuation process and where appropriate. We recalculated the unrealised gains/losses on investments as We compared the Company’s investment holdings at 30 April fi Company’s Custodian or from the investee company. The results of our procedures fi misstatement in relation to the risk of incorrect valuation or ownership of the investment portfolio. Financial report Annual Report and Financial Statements 2025 80 Risk Our response to the risk Key observations communicated to Incomplete or inaccurate revenue fi of special dividends as revenue or capital items in the Income Statement (per the Audit Committee report set out on pages 67 to 69 and the accounting policy set out on page 90). The total revenue for the year to 30 April 2025 was £25.95m (2024: £29.89m). The Company received special dividends amounting to £6.3m (2024: £1.07m), of which £0.47m (2024: fi £5.83fi capital. There is a risk of incomplete or inaccurate recognition of revenue through the failure to recognise proper income entitlements or to apply an appropriate accounting treatment. exercise judgment in determining whether income receivable in the form fi as ‘revenue’ or ‘capital’ in the Income fi area of fraud risk as highlighted below on page 83. We have performed the following procedures: We obtained an understanding of Baillie Gifford’s processes and controls surrounding revenue recognition including the fi procedures. For all dividends, we recalculated the income by multiplying the accounting records, by the dividend per share, which was agreed to an independent data vendor. We agreed a sample to bank statements and, where applicable, we also agreed the exchange rates to an external source. For all dividends accrued at the year end, we reviewed the investee company announcements to assess whether the dividend obligation arose prior to 30 April 2025. We agreed the dividend rate to corresponding announcements made by the investee company, recalculated the dividend amount receivable fi on post year end bank statements. fi expected dividends for each investee company held during the year have been recorded as income with reference to investee company announcements obtained from an independent data vendor. For all investments held during the year, we compared the type of dividends paid with reference to an external data source to identify those which were ‘special’. We fi special dividends, amounting to £6.30m, of which £0.47m (2024: £1.07m)fi£5.83m (2024: nil) was fi For the one special dividend above our testing threshold, and a sample of the six special dividends below our testing threshold, we assessedfi revenue and capital by reviewing the underlying rationale of the distribution. The results of our procedures fi misstatement in relation to the risk of incomplete or inaccurate revenue recognition, including incorrect fi special dividends as revenue or capital items in the Income Statement. There have been no changes to the areas of audit focus raised in the above risk table from the prior year. Our application of materiality We apply the concept of materiality in planning and performing the audit, in evaluating the effect of fi our audit opinion. Materiality The magnitude of an omission or misstatement that, individually or in the aggregate, could reasonably be expected to influence the economic decisions of the users of the financial statements. Materiality provides a basis for determining the nature and extent of our audit procedures. We determined materiality for the company to be £23.19m (2024: £26.61m), which is 1% (2024: 1%) of shareholders’ funds. We believe that shareholders’ funds provides us with materiality aligned to the key measure of the Company’s performance. Performance materiality The application of materiality at the individual account or balance level. It is set at an amount to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceeds materiality. On the basis of our risk assessments, together with our assessment of the company’s overall control environment, our judgement was that performance materiality was 75% (2024: 75%) of our planning materiality, namely £17.39m (2024: £19.96m). We have set performance materiality at this percentage due to our experience of working in prior years working with the key service providers that indicates a lower risk of misstatements, both corrected and uncorrected. Given the importance of the distinction between revenue and capital for investment trusts, we have applied a separate testing threshold for the revenue column of the Income Statement of £1.16m (2024: £1.33m), being our reporting threshold. 81 The Monks Investment Trust PLC 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 fi fi fi the strategic report and directors’ reports have been prepared in accordance with applicable legal Matters on which we are required to report by exception In the light of the knowledge and understanding of the company and its environment obtained in the fi misstatements in the strategic report or directors’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 received from branches not visited by us; or fi Directors’ Remuneration Report to be audited are not in agreement with the accounting records and returns; or certain disclosures of directors’ remuneration fi we have not received all the information and Reporting threshold An amount below which identified misstatements are considered as being clearly trivial. We agreed with the Audit Committee that we would report to them all uncorrected audit differences in excess of £1.16m (2024: £1.33m), which is set at 5% of planning materiality, as well as differences below that threshold that, in our view, warranted reporting We evaluate any uncorrected misstatements against discussed above and in light of other relevant Other information The other information comprises the information fi statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. fi cover the other information and, except to the extent otherwise explicitly stated in this 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 fi the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, fi statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are We have nothing to report in this regard. Financial report Annual Report and Financial Statements 2025 82 Corporate Governance Statement We have reviewed the directors’ statement in relation of the Corporate Governance Statement relating to the company’s compliance with the provisions of the fi review by the UK Listing Rules. 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 fi our knowledge obtained during the audit: Directors’ statement with regards to the appropriateness of adopting the going concern basis of accounting and any material uncertainties fi65; 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 44; Director’s statement on whether it has a reasonable expectation that the group will be able to continue in operation and meets its liabilities set out on page 44; Directors’ statement on fair, balanced and understandable set out on page 75; fi robust assessment of the emerging and principal risks set out on page 39; The section of the annual report that describes the review of effectiveness of risk management and internal control systems set out on pages 64 and 65 and; The section describing the work of the audit committee set out on pages 67 to 69. Responsibilities of Directors As explained more fully in the directors’ responsibilities statement set out on pages 74 and 75, the Directors are responsible for the preparation fifi that they give a true and fair view, and for such internal control as the directors determine is fi statements that are free from material misstatement, fi 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 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 fi 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 fl fi 83 The Monks Investment Trust PLC Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the company We obtained an understanding of the legal and regulatory frameworks that are applicable to the fi are United Kingdom Generally Accepted Accounting Practice, the Companies Act 2006, the UK Listing Rules, UK Corporate Governance Code, the Association of Investment Companies’ Code and Statement of Recommended Practice, Section 1158 of the Corporation Tax Act 2010 and The Companies (Miscellaneous Reporting) Regulations 2018. We understood how the Company is complying with those through discussions with the Audit Committee and Company Secretary and review of Board minutes. We assessed the susceptibility of the Company’s fi including how fraud might occur by considering fi fi and the resulting impact on unrealised gains/ fi respect to the incomplete or inaccurate revenue fi special dividends as revenue or capital items in the Income Statement. Further discussion of our approach is set out in the section on key audit matters above which include our response to the fraud risks and other areas of audit focus. Based on this understanding we designed our with such laws and regulations. Our procedures involved review of the reporting to the Directors with respect to the application of the documented fi statements to ensure compliance with the A further description of our responsibilities for fi on the Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. Other matters we are required to address Following the recommendation from the audit committee, we were appointed by the Company fi fi The period of total uninterrupted engagement including previous renewals and reappointments is 8 years, covering the years ending 30 April 2018 to 30 April 2025. The audit opinion is consistent with the additional report to the audit committee. 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 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. Ahmer Huda (Senior statutory auditor) Statutory Auditor London 1 July 2025 Financial report Annual Report and Financial Statements 2025 84 For the year ended 30 April Notes 2025 Revenue £’000 2025 Capital £’000 2025 Total £’000 2024 Revenue £’000 2024 Capital £’000 2024 Total £’000 (Losses)/gains on investments 9 – (18,354) (18,354) – 389,428 389,428 Currency (losses)/gains 14 – (1,342) (1,342) – 1,419 1,419 Income 2 25,953 – 25,953 29,888 – 29,888 Investment management fee 3 (9,707) – (9,707) (9,431) – (9,431) Other administrative expenses 4 (1,965) – (1,965) (1,850) – (1,850) fi and taxation 14,281 (19,696) (5,415) 18,607 390,847 409,454 Finance costs of borrowings 5 (8,546) – (8,546) (8,264) – (8,264) Net return on ordinary activities before taxation 5,735 (19,696) (13,961) 10,343 390,847 401,190 Tax on ordinary activities 6 (2,219) (575) (2,794) (2,102) (736) (2,838) Net return on ordinary activities after taxation 3,516 (20,271) (16,755) 8,241 390,111 398,352 Net return per ordinary share 7 1.75p (10.08p) (8.33p) 3.68p 174.07p 177.75p Note: Dividends per share paid and payable in respect of the year 8 0.50p 2.10p fi All revenue and capital items in this Statement derive from continuing operations. fi The accompanying notes on pages 88 to 106 are an integral part of the Financial Statements. Income statement The Monks Investment Trust PLC 85 Balance sheet * The accompanying notes on pages 88 to 106 are an integral part of the Financial Statements. As at 30 April As at 30 April Notes 2025 £’000 2025 £’000 2024 £’000 2024 £’000 Fixed assets fi 9 2,528,471 2,847,068 Current assets Debtors 10 3,917 12,506 19 21,606 38,622 25,523 51,128 Creditors Amounts falling due within one year 11 (60,925) (61,987) Net current liabilities (35,402) (10,859) Total assets less current liabilities 2,493,069 2,836,209 Creditors Amounts falling due after more than one year: Loan notes 12 (173,415) (173,176) Provision for tax liability 12 (748) (1,896) (174,163) (175,072) Net assets 2,318,906 2,661,137 Capital and reserves Share capital 13 12,659 12,659 Share premium account 14 433,714 433,714 Capital redemption reserve 14 8,700 8,700 Capital reserve 14 1,791,234 2,132,609 Revenue reserve 14 72,599 73,455 Shareholders’ funds 15 2,318,906 2,661,137 Shareholders’ funds per ordinary share 15 1,235.9p 1,242.8p The Financial Statements of The Monks Investment Trust PLC (Company registration number 236964) on pages 84 to 106 were approved and authorised for issue by the Board and were signed on 1 July 2025. KS Sternberg Chairman Financial report Annual Report and Financial Statements 2025 86 The accompanying notes on pages 88 to 106 are an integral part of the Financial Statements. For the year ended 30 April 2025 Notes Share capital £’000 Share premium account £’000 Capital redemption reserve £’000 Capital reserve £’000 Revenue reserve £’000 Shareholders’ funds £’000 Shareholders’ funds at 1 May 2024 12,659 433,714 8,700 2,132,609 73,455 2,661,137 Net return on ordinary activities – – – (20,271) 3,516 (16,755) Ordinary shares bought back 13 – – – (321,104) – (321,104) Dividends paid during the year 8 – – – – (4,372) (4,372) Shareholders’ funds at 30 April 2025 12,659 433,714 8,700 1,791,234 72,599 2,318,906 For the year ended 30 April 2024 Notes Share capital £’000 Share premium account £’000 Capital redemption reserve £’000 Capital reserve £’000 Revenue reserve £’000 Shareholders’ funds £’000 Shareholders’ funds at 1 May 2023 12,659 433,714 8,700 1,915,385 72,422 2,442,880 Net return on ordinary activities after taxation – – – 390,111 8,241 398,352 Ordinary shares bought back 13 – – – (172,887) – (172,887) Dividends paid during the year 8 – – – – (7,208) (7,208) Shareholders’ funds at 30 April 2024 12,659 433,714 8,700 2,132,609 73,455 2,661,137 Statement of changes in equity The Monks Investment Trust PLC 87 The accompanying notes on pages 88 to 106 are an integral part of the Financial Statements. For the year ended 30 April Notes 2025 £’000 2025 £’000 2024 £’000 2024 £’000 fl Net return on ordinary activities before taxation (13,961) 401,190 Adjustments to reconcile company profit before tax to net cash flow from operating activities Net losses/(gains) on investments 18,354 (389,428) Currency gains 1,342 (1,419) Finance costs of borrowings 8,546 8,264 Other capital movements (Increase)/decrease in accrued income (556) 1,586 Decrease/(increase) in debtors 664 (450) (Increase)/decrease in creditors (402) 476 Taxation Overseas tax incurred (3,865) (2,074) Cash from operations 10,122 18,145 Interest paid (7,448) (7,468) fl 2,674 10,677 fl (677,505) (467,866) Disposals of investments 987,588 586,578 fl 310,083 118,712 flfi 8 (4,372) (7,208) Ordinary shares bought back and stamp duty thereon 13 (324,293) (175,482) Loan notes issued – 74,388 Borrowings drawn down 50,000 – Borrowings repaid (50,000) (25,000) flfi (328,665) (133,302) Decrease in cash and cash equivalents (15,908) (3,913) Exchange movements (1,108) 344 38,622 42,191 Cash and cash equivalents at 30 April 21,606 38,622 * Cash from operations includes dividends received of £24,140,000 (2024 – £29,805,000) and interest received of £1,257,000 (2024 – £1,669,000). Cash flow statement Financial report Annual Report and Financial Statements 2025 88 Notes to the Financial Statements The Monks Investment Trust PLC (‘the Company’) is a public company limited by shares and is incorporated in England and Wales. The Company is an investment company within the meaning of section 833 of the Companies Act 2006 and carries on business as an investment trust. 01 Principal accounting policies The Financial Statements for the year to 30 April 2025 have been prepared in accordance with FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ on the basis of the accounting policies set out below which are unchanged from the prior year and have been applied consistently. The updates to FRS 102, applicable fiare not fi statements prepared in accordance with them. a. Basis of accounting All of the Company’s operations are of a continuing nature and the Financial Statements are prepared on a going concern basis under the historical cost convention, fifi fi that approval as an investment trust under section 1158 of the Corporation Tax Act 2010 and the Investment Trust (Approved Company) (Tax) Regulations 2011 will be retained. The Board has, in particular, considered the impact of heightened market volatility arising from macroeconomic and geopolitical concerns, including Taiwan tensions, but does not believe the Company’s going concern status is affected. The Company’s assets, the majority of which are investments in listed securities which are readily realisable fi 5, the £10RBSI facility had £50 million available commitment still undrawn. The Company has continued to comply with the the Corporation Tax Act 2010 and the Investment Trust (Approved Company) Regulations 2011. The Company’s primary third party suppliers, including its Managers and Secretaries, custodian and depositary, registrar, auditor fi fi Company. Accordingly, the Financial Statements have been prepared on the going concern basis as it is the Directors’ opinion, having assessed the principal and emerging risks and other matters set out in the Viability Statement on page 44, which assesses the prospects of the Company over fi in operational existence for the period to 31 July 2026, which is a period of at least twelve months from the date of approval of these Financial Statements. The Financial Statements have been prepared in accordance with the Companies Act 2006, applicable United Kingdom Accounting Standards and with the AIC’s Statement of Recommended Practice ‘Financial Statements of Investment Trust Companies and Venture Capital Trusts’ issued in July 2022. fl and in accordance with guidance issued by the AIC, fi and loss account between items of a revenue and capital nature has been presented in the Income Statement. In preparing these Financial Statements the Directors have considered the impact of climate change risk as a principal risk as set out on page 40. In line with FRS 102 investments are valued at fair value, being primarily fl participants’ view of climate change risk. Unlisted investments, valued by reference to comparable fl participants’ view of climate change risk. The Directors determine the Company’s functional currency to be sterling as the Company’s shareholders are predominantly based in the UK, the Company is subject to the UK’s regulatory environment and it is the currency in which its dividends and expenses are generally paid. The Monks Investment Trust PLC 89 b. Financial instruments fi fi the use of judgements and estimates. These judgements and estimates affect the reported amounts of assets and liabilities at the reporting date. While estimates are fi data available, the actual outcome may differ from these estimates. The key sources of estimation and uncertainty relate to the fair value of the unlisted investments. Judgements The Directors consider that the preparation of the Financial Statements involves the following key judgements: i. the determination of the functional currency of the Company as sterling (see rationale in 1(a) above); and ii. the fair valuation of the unlisted investments. The key judgements in the fair valuation process are: i. the Managers’ determination of the appropriate Venture Capital Valuation (‘IPEV’) Guidelines 2022 ii. the Directors’ consideration of whether each fair value is appropriate following detailed review and challenge. The judgement applied in the selection of the methodology used (see 1(d) below) for determining the fair value of each unlisted investment can have a fi Estimates The key estimate in the Financial Statements is the determination of the fair value of the unlisted investments by the Managers for consideration by the Directors. This fi the unlisted investments at the Balance Sheet date. The fair valuation process involves estimation using subjective inputs that are unobservable (for which market data is unavailable). The main estimates involved in the selection of the valuation process inputs are: i. the selection of appropriate comparable companies in order to derive revenue multiples and meaningful relationships between enterprise value, revenue and earnings growth. Comparable companies are chosen growth patterns; ii. the selection of a revenue metric (either historical or forecast); iii. the application of an appropriate discount factor to fl versus their listed peers; iv. the estimation of the probability assigned to an exit being through an initial public offering (‘IPO’) or a company sale; v. the selection of an appropriate industry benchmark index to assist with the valuation validation or the application of valuation adjustments, particularly in the absence of established earnings or closely comparable peers; and vi. the calculation of valuation adjustments derived from milestone analysis (i.e. incorporating operational success against the plan/forecasts of the business into the valuation). estimation methods where possible to improve the robustness of the estimates. As the valuation outcomes may differ from the fair value estimates a price sensitivity analysis is provided in Other price risk sensitivity in 103 to 105 to illustrate the effect on the Financial Statements of an over or under estimation of values is greater when methodologies are applied using more subjective inputs. Financial report Annual Report and Financial Statements 2025 90 d. Investments Purchases and sales fi fi in accordance with sections 11 and 12 of FRS 102. Investment purchases and sales are recognised on a trade date basis. Investments are initially measured at their transaction price excluding expenses incidental to Gains and losses on investments, including those arising from foreign currency exchange differences and expenses incidental to the purchase and sale of investments, are recognised in the Income Statement as capital items. Listed investments The fair value of listed investments is either the bid price or the last traded price depending on the convention of the exchange on which the investment is listed. The fair value of suspended investments and unlisted investments in listed companies is determined on a case by case basis, fl Private company investments Private company investments are valued at fair value by the Directors following a detailed review and appropriate challenge of the valuations proposed by the Managers. The Managers’ private company investment policy applies and Venture Capital Valuation Guidelines 2022 (‘IPEV’). under IPEV are set out below and are followed by an explanation of how they are applied to the Company’s private company portfolio: The nature of the private company portfolio currently fl valuation approach recognises that, as stated in the IPEV Guidelines, the price of a recent investment, if resulting from an orderly transaction, generally represents fair value as at the transaction date and may be an appropriate starting point for estimating fair consideration is given to the facts and circumstances changes in the market or performance of the investee company. Milestone analysis is used where appropriate to incorporate the operational progress of the investee company into the valuation. Additionally, the background to the transaction must be considered. As a result, assess the valuations particularly in those companies fl used where appropriate. An absence of relevant industry peers may preclude the application of the Industry observable prices may preclude the Available Market for reasonableness by employing relevant alternative The private company investments are valued according to a three monthly cycle of measurement dates. The fair value of the private company investments will be reviewed before the next scheduled three monthly measurement date on the following occasions: fi e. Cash and cash equivalents investments that are readily convertible to known fi f. Income account on the date on which the investments are distributions from Collective Investment Schemes, other as capital items. Special dividends are treated as revenue or capital items depending on the facts of each particular case. If scrip is taken in lieu of dividends in cash, the net amount of the cash dividend declared is credited to the revenue account. Any excess in the value of the shares received over the amount of the cash dividend foregone is recognised as capital. fi iii. Unfranked investment income and overseas dividends include the taxes deducted at source. iv. Interest receivable on deposits is recognised on an accruals basis. The Monks Investment Trust PLC 91 g. Expenses All expenses are accounted for on an accruals basis and are charged to the revenue account except where: (i) they relate to expenses incidental to the purchase or sale of investments (transaction costs) which are charged to capital. Transaction costs are detailed in note 9 on page95; or (ii) they relate directly to the fi Borrowings, which comprise interest bearing bank loans and loan notes are recognised initially at the fair value of the consideration received net of any issue expenses (the fi of such borrowings are accounted for on an accruals basis using the effective interest rate method and are allocated to revenue in the Income Statement. i. Taxation The taxation charge represents the sum of current tax, the movement in the provision for Indian Capital Gains Tax, and the movement in the provision for deferred taxation during the year. Current taxation represents revenue accounts where it relates to income received and to capital where it relates to items of a capital nature. Deferred taxation is provided on all timing differences which have originated but not reversed by the Balance tax rates expected to apply when the timing differences reverse, based on what has been enacted or substantively fi assets are recognised only to the extent that it is more fi j. Dividends payable Where relevant, interim dividends are recognised in the period in which they are paid. Final dividends are recognised in the period in which the dividends are approved by the Company’s shareholders. k. Foreign currencies Transactions involving foreign currencies are converted at the rate ruling at the time of the transaction. Monetary fi currencies are translated at the closing rates of exchange at the Balance Sheet date. Any gain or loss arising from transaction is included as an exchange gain or loss in the Income Statement as capital or revenue as appropriate. l. Share premium account fi over the nominal value; and m. Capital redemption reserve The nominal value of ordinary share capital repurchased capital and into the capital redemption reserve. n. Capital reserve Gains and losses on realisation of investments, changes in the fair value of investments held and exchange differences of a capital nature are dealt with in this reserve. Purchases of the Company’s own shares are also funded from this reserve. The sales proceeds of treasury fi amount of the weighted average purchase price of those shares and transferred to the capital reserve. o. Revenue reserve fi this reserve. The revenue reserve may be distributed by way of a dividend. p. Single segment reporting The Company is engaged in a single segment of business, no business segmental analysis is provided. Financial report Annual Report and Financial Statements 2025 92 02 Income 2025 £’000 2024 £’000 Income from investments UK dividends 1,175 3,309 Overseas dividends 23,521 24,910 24,696 28,219 Other income Deposit interest 1,257 1,669 Total income 25,953 29,888 Total income comprises: fififi 24,696 28,219 fifi 1,257 1,669 25,953 29,888 Special dividend entitlements arising in the year amounted to £459,000 (2024 – £1,069,000). 03 Investment management fee 2025 £’000 2024 £’000 Investment management fee 9,707 9,431 Details of the Investment Management Agreement are disclosed on pages 54 and 55. The annual management fee payable fi fi liabilities (other than any liability in the form of debt intended for investment purposes) and excludes the value of the Company’s that vehicle will be rebated to the Company. All debt drawn down during the periods under review is intended for investment purposes. 04 Other administrative expenses 2025 £’000 2024 £’000 Custody fees 347 313 Depositary fees 260 247 Registrar fees 38 47 General administrative expenses 510 477 Marketing expenses 450 450 Directors’ fees (see Directors’ Remuneration Report on pages 70 to 73) 282 240 Auditor’s remuneration – statutory audit of annual Financial Statements † 78 76 1,965 1,850 * The Company is part of a marketing programme which includes all the investment trusts managed by the Managers. The marketing strategy has an ongoing objective to stimulate demand for the Company’s shares. The cost of this marketing strategy is borne, in partnership, by the Company and the Managers. The Managers match the Company’s marketing contribution and provides the resource to manage and run the programme. † Irrecoverable VAT on audit fees is included within general administrative expenses. The Monks Investment Trust PLC 93 05 Finance costs of borrowings 2025 £’000 2024 £’000 Bank loans 3,865 5,080 Loan notes 4,681 3,184 8,546 8,264 06 Tax 2025 Revenue £’000 2025 Capital £’000 2025 Total £’000 2024 Revenue £’000 2024 Capital £’000 2024 Total £’000 Overseas taxation 2,219 – 2,219 2,102 – 2,102 Indian capital gains tax paid and provided for – 575 575 – 736 736 2,219 575 2,794 2,102 736 2,838 2025 £’000 2024 £’000 Factors affecting the tax charge for the year The tax charge for the year is higher (2024 – lower) than the standard rate of corporation tax in the UK of 25% (2024 – 25%). The differences are explained below: Net return before taxation (13,961) 401,190 Net return before taxation multiplied by the average standard rate of corporation tax in the UK of 25% (2024 – 25%) (3,490) 100,298 Capital returns not taxable 4,588 (97,712) Income not taxable (5,560) (6,950) Taxable expenses in the year not utilised 4,504 4,364 Overseas tax 2,177 2,102 Revenue tax charge for the year 2,219 2,102 (Decrease)/increase in provision for tax liability in respect of Indian capital gains (1,148) 736 Payment of Indian tax in respect of sales of investments 1,723 – Capital tax charge for the year 575 736 Total tax charge for the year 2,794 2,838 As an investment trust, the Company’s capital gains are not taxable in the United Kingdom. The capital tax charge results from the movement in the provision for tax liability in respect of Indian capital gains tax as detailed in note 12. Factors that may affect future tax charges At 30 April 2025146,353,000 (2024 – £133,269,000). No deferred tax asset has been recognised in respect of these amounts because the Company is not expected to generate taxable income in a future period in excess of the deductible expenses of that future period and, accordingly, it is unlikely that the Company will be able to reduce future tax liabilities through the use of existing surplus expenses. Financial report Annual Report and Financial Statements 2025 94 07 Net return per ordinary share 2025 Revenue 2025 Capital 2025 Total 2024 Revenue 2024 Capital 2024 Total Net return after taxation 1.75p (10.08p) (8.33p) 3.68p 174.07p 177.75p Revenue return per ordinary share is based on the net revenue return on ordinary activities after taxation of £3,516,000 (2024 – £8,241,000) and on 201,138,932 (2024 – 224,114,021) ordinary shares, being the weighted average number of ordinary shares in issue during the year. Capital return per ordinary share is based on the net capital lossfi20,271,000 (2024 – gain of £390,111,000) and on 201,138,932 (2024 – 224,114,021) ordinary shares, being the weighted average number of ordinary shares in issue during the year. There are no dilutive or potentially dilutive shares in issue. 08 Ordinary dividends 2025 2024 2025 £’000 2024 £’000 Amounts recognised as distributions in the year: fi7 September 2024) 2.10p 3.15p 4,372 7,208 fi dividend for the year is £3,516,000 (2024 – £8,241,000). 2025 2024 2025 £’000 2024 £’000 fi fi6 September 2025) 0.50p 2.10p 938 4,497 09 Fixed assets – investments As at 30 April 2025 Level 1 £’000 Level 2 £’000 Level 3 £’000 Total £’000 2,379,564 68,420 – 2,447,984 Unlisted securities – – 80,487 80,487 fi 2,379,564 68,420 80,487 2,528,471 As at 30 April 2024 Level 1 £’000 Level 2 £’000 Level 3 £’000 Total £’000 2,714,161 73,796 – 2,787,957 Unlisted securities – – 59,111 59,111 fi 2,714,161 73,796 59,111 2,847,068 fifi Standard 102, the tables above provide an analysis of these investments based on the fair value hierarchy described below, flfi Level 2 investments comprise the Company’s holding in The Schiehallion Fund. The suspended investment in Sberbank of Russia has been valued at nil. The Monks Investment Trust PLC 95 09 Fixed assets – investments (continued) Fair value hierarchy fi fi fi Level 1 Level 2 data); and Level 3 – using inputs that are unobservable (for which market data is unavailable). pages 89 to 90. A sensitivity analysis 103 to 105. 2025 Listed securities £’000 2025 Unlisted securities * £’000 2025 Total securities £’000 2024 Total securities £’000 Cost of investments at start of year 1,784,555 58,551 1,843,106 1,913,829 Investment holding gains/(losses) at start of year 1,003,402 560 1,003,962 660,579 Value of investments at start of year 2,787,957 59,111 2,847,068 2,574,408 Movements in year: Purchases at cost 678,941 – 678,941 463,039 Sales proceeds received (978,864) (320) (979,184) (579,807) Gains/(losses) on investments (40,050) 21,696 (18,354) 389,428 Value of investments at end of year 2,447,984 80,487 2,528,471 2,847,068 Cost of investments at end of year 1,819,112 58,231 1,877,343 1,843,106 Investment holding gains at end of year 628,872 22,256 651,128 1,003,962 Value of investments at end of year 2,447,984 80,487 2,528,471 2,847,068 * Includes holdings in ordinary shares, preference shares and contingent value rights. The Company received proceeds of £979,184,000 (2024 – £579,807,000) from investments sold during the year. The book cost of these investments when they were purchased was £644,704,000 (2024 – £533,762,000). 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. Transaction costs of £433,000 (2024 – £272,000) and £407,000 (2024 – £281,000) were suffered on purchases and sales respectively. Financial report Annual Report and Financial Statements 2025 96 09 Investments (continued) 2025 £’000 2024 £’000 Net gains/(losses) on investments Realised gains/(losses) on sales 334,480 46,045 Changes in investment holding gains (352,834) 343,383 (18,354) 389,428 fi which amount to 20% or more of the nominal value of any class of shares in an undertaking. 2025 Shares held 2025 Value £’000 2025 % of shares held 2024 Shares held 2024 Value £’000 2024 % of shares held Silk Invest Africa Food Fund 10,000 2,438 42.6 10,000 2,452 42.6 10 Debtors 2025 £’000 2024 £’000 Amounts falling due within one year: Accrued income 1,403 924 Investment sales awaiting settlement 1,345 9,749 Share issuance proceeds awaiting settlement – block listing fee prepaid 60 60 Overseas taxation recoverable 952 1,633 Other debtors and prepaid expenses 157 140 3,917 12,506 fifi 11 Creditors – amounts falling due within one year 2025 £’000 2024 £’000 Royal Bank of Scotland International Limited 50,000 – National Australia Bank Limited loan – 50,000 Investment purchases awaiting settlement 4,704 3,268 Share buybacks awaiting settlement 733 3,922 Other creditors and accruals 5,488 4,797 60,925 61,987 fifi £2,212,000 (2024 – £2,464,000) in respect of the investment management fee. The Monks Investment Trust PLC 97 11 Creditors – amounts falling due within one year (continued) Borrowing facilities At 30 April 2025 the Company had a 3 year £10flRoyal Bank of Scotland International Limited, which expires on 28 November 2027. At 30 April 2025 drawings were as follows: — The Royal Bank of Scotland International Limited: £50 million at an interest rate of 1.6% over SONIA, maturing in May 2025 (2024 – National Australia Bank Limited: £50 million at an interest rate of 1.4% over SONIA, maturing in October 2024). The main covenants relating to the above loans are that total borrowings shall not exceed 30% of the Company’s adjusted net asset value and the Company’s minimum adjusted net asset value shall be £650 million. There were no breaches of loan covenants during the year to 30 April 2025 (2024 – none). 12 Creditors – amounts falling due after more than one year Repayment date Nominal rate Effective rate 2025 £’000 2024 £’000 £60 million 1.86% notes 2054 7/8/2054 1.86% 1.86% 59,910 59,907 £40 million 1.77% notes 2045 7/8/2045 1.77% 1.77% 39,958 39,956 12/12/2037 2.17% 2.17% 13,122 12,687 12/12/2035 4.55% 4.55% 15,319 15,370 12/12/2033 4.29% 4.29% 29,787 29,886 12/12/2030 4.30% 4.30% 15,319 15,370 173,415 173,176 Provision for liability in respect of Indian capital gains tax 748 1,896 174,163 175,072 Unsecured loan notes The unsecured loan notes are stated at the cumulative amount of net proceeds after issue expenses. The cumulative effect is 132,000 (2024 – £137,000). Provision for tax liability The tax liability provision at 30 April 2025 of £748,000 (30 April 2024 – £1,896,000) relates to a potential liability for Indian capital gains tax that may arise on the Company’s Indian investments should they be sold in the future, based on the net unrealised taxable capital gains at the period end and on enacted Indian tax rates. The amount of any future tax amounts payable may differ from this provision, depending on the value and timing of any future sales of such investments and future Indian tax rates. 13 Share capital 2025 Number 2025 £’000 2024 Number 2024 £’000 Allotted, called up and fully paid ordinary shares of 5p each 187,622,666 9,381 214,130,666 10,707 Treasury shares of 5p each 65,548,794 3,278 39,040,794 1,952 Total 253,171,460 12,659 253,171,460 12,659 sold for cash (at, or at a premium to, net asset value per ordinary share) or cancelled. In the year to 30 April 2025, 26,508,000 shares with a nominal value of £1,325,000 were bought back at a total cost of £319,669,000 to be held in treasury (2024 – 16,666,000 ordinary shares with a nominal value of £833,000 were bought back at a total cost of £172,887,000 and held in 5 65,548,794 (2024 – 39,040,794) shares were held in treasury. At 30 April 2025 the Company had authority to buy back 12,871,293 ordinary shares and to allot or sell from treasury 21,061,566 5 to 26 June 2025 the Company bought back a further 2,647,000 shares with a nominal value of £132,000 at a total cost of £33,076,000 to be held in treasury. 5 68,195,794 shares were held in treasury and the Company had authority remaining to buy back a further 10,224,293 ordinary shares. Financial report Annual Report and Financial Statements 2025 98 14 Capital and reserves Share capital £’000 Share premium account £’000 Capital redemption reserve £’000 Capital reserve £’000 Revenue reserve £’000 Shareholders’ funds £’000 At 1 May 2024 12,659 433,714 8,700 2,132,609 73,455 2,661,137 Gains on investments – – – (18,354) – (18,354) Exchange differences on borrowings – – – (234) – (234) Other exchange differences – – – (1,108) – (1,108) Indian capital gains tax paid and provided for – – – (575) – (575) Revenue return on ordinary activities after taxation – – – – 3,516 3,516 Ordinary shares bought back – – – (321,104) – (321,104) Dividends paid in the year – – – – (4,372) (4,372) At 30 April 2025 12,659 433,714 8,700 1,791,234 72,599 2,318,906 Share capital £’000 Share premium account £’000 Capital redemption reserve £’000 Capital reserve £’000 Revenue reserve £’000 Shareholders’ funds £’000 At 1 May 2023 12,659 433,714 8,700 1,915,385 72,422 2,442,880 Gains on investments – – – 389,428 – 389,428 Exchange differences on borrowings – – – 1,075 – 1,075 Other exchange differences – – – 344 – 344 Movement in provision for tax on Indian notional capital gains – – – (736) – (736) Revenue return on ordinary activities after taxation – – – – 8,241 8,241 Ordinary shares bought back – – – (172,887) – (172,887) Dividends paid in the year – – – – (7,208) (7,208) At 30 April 2024 12,659 433,714 8,700 2,132,609 73,455 2,661,137 The capital reserve balance at 30 April 2025 includes investment holding gains on investments of £651,128,000 (2024 – gains of £1,003,962,000) as detailed in note 9 on page 95. The revenue reserve is distributable by way of dividend. The Monks Investment Trust PLC 99 15 Shareholders’ funds per ordinary share 2025 2024 Shareholders’ funds £2,318,906,000 £2,661,137,000 Number of ordinary shares in issue at the year end 187,622,666 214,130,666 Shareholders’ funds per ordinary share 1,235.9p 1,242.8p fi fi value. Reconciliations between shareholders’ funds and both NAV measures are shown in the Glossary of terms and Alternative Performance Measures on pages 120 to 123. 16 Analysis of change in net debt At 1 May 2024 £’000 fl £’000 Other non-cash changes £’000 Exchange movement £’000 At 30 April 2025 £’000 38,622 (15,908) – (1,108) 21,606 Loans due within one year (50,000) – – – (50,000) Loan notes (173,176) – (5) (234) (173,415) (184,554) (15,908) (5) (1,342) (201,809) At 1 May 2023 £’000 fl £’000 Other non-cash changes £’000 Exchange movement £’000 At 30 April 2024 £’000 42,191 (3,913) – 344 38,622 Loans due within one year (75,000) 25,000 – – (50,000) Loan notes (99,858) (74,388) (5) 1,075 (173,176) (132,667) (53,301) (5) 1,419 (184,554) 17 Contingent liabilities, guarantees and financial commitments At 30 April 2025 and 30 April 2024fi 18 Transactions with related parties and the Managers and Secretaries The Directors’ fees and shareholdings are detailed in the Directors’ Remuneration Report on pages 70 to 73. No Director has disclosure under section 412 of the Companies Act 2006. Secretaries. Details of the terms of the Investment Management Agreement are set out on pages 54 and 55 and details of the of a marketing programme which includes all the investment trusts managed by the Managers, details of which are shown in Financial report Annual Report and Financial Statements 2025 100 19 Financial instruments fi assets funded by borrowed monies will generate a return in excess of the cost of borrowing. In pursuing its investment objective, the Company is exposed to a variety of risks that cause short term variation in the Company’s net assets and could result in either fi of a permanent reduction in the Company’s net assets rather than to minimise the short term volatility. The risk management policies and procedures outlined in this note have not changed substantially from the previous Market risk flfifl changes in market prices. This market risk comprises three elements – currency risk, interest rate risk and other price risk. The Board reviews and agrees policies for managing these risks and the Company’s investment managers both assess the exposure to market risk when making individual investment decisions and monitor the overall level of market risk across the investment portfolio on an ongoing basis. Details of the Company’s investment portfolio are shown in note 9. Currency risk Certain of the Company’s assets, liabilities and income are denominated in currencies other than sterling (the Company’s value of those items. The Managers monitor the Company’s exposure to foreign currencies and report to the Board on a regular basis. The Managers assess the risk to the Company of the foreign currency exposure by considering the effect on the Company’s net asset value fi fi Foreign currency borrowings can limit the Company’s exposure to anticipated future changes in exchange rates which might otherwise adversely affect the value of the portfolio of investments. Exposure to currency risk through asset allocation, which is calculated by reference to the currency in which the asset or liability At 30 April 2025 Investments £’000 Cash and deposits £’000 Loans and loan notes £’000 Other debtors £’000 Net exposure £’000 US dollar 1,731,828 2,718 – (1,975) 1,732,571 Euro 219,761 – (60,425) 952 160,288 Japanese yen 126,008 790 (13,122) (303) 113,373 Other overseas currencies 367,363 778 – 322 368,785 Total exposure to currency risk 2,444,960 4,286 (73,547) (1,004) 2,374,695 Sterling 83,511 17,320 (149,868) (6,752) (55,789) 2,528,471 21,606 (223,415) (7,756) 2,318,906 104,000. The Monks Investment Trust PLC 101 19 Financial instruments (continued) Currency risk (continued) At 30 April 2024 Investments £’000 Cash and deposits £’000 Loans and loan notes £’000 Other debtors £’000 Net exposure £’000 US dollar 1,939,332 (7,681) – 7,932 1,939,583 Euro 227,713 – (60,626) 1,633 168,720 Japanese yen 120,099 – (12,687) 385 107,797 Other overseas currencies 419,897 3,131 – (928) 422,100 Total exposure to currency risk 2,707,041 (4,550) (73,313) 9,022 2,638,200 Sterling 140,027 43,172 (149,863) (10,399) 22,937 2,847,068 38,622 (223,176) (1,377) 2,661,137 93,000. Currency risk sensitivity At 30 April 2025, if sterling had strengthened by 5% in relation to all currencies, with all other variables held constant, total net assets and total return on ordinary activities would have decreased by the amounts shown below. A 5% weakening of sterling Statement amounts. The analysis was performed on the same basis for 2024. 2025 £’000 2024 £’000 US dollar 86,629 96,979 Euro 8,014 8,436 Japanese yen 5,669 5,390 Other overseas currencies 18,423 21,105 118,735 131,910 Interest rate risk Interest rate movements may affect directly: • fi • the level of income receivable on cash deposits; fi • the interest payable on any variable rate borrowings which the Company may take out. fi fl are taken into account when making investment decisions and when entering borrowing agreements. The Board reviews on a fifl fi amount of such borrowings and the approved levels are monitored and reviewed regularly by the Board. fi the amount by which the Company’s share price is at a discount or a premium to the net asset value (with borrowings at fair value) assuming that the Company’s share price is unaffected by movements in interest rates. Financial report Annual Report and Financial Statements 2025 102 19 Financial instruments (continued) Financial assets fi5 amounted to £21,606,000 (2024 – £38,622,000), comprising its cash and short term deposits. The cash deposits generally comprise call or short term money market deposits of less than one month which are repayable on demand. The benchmark rate which determines the interest payments received on cash balances is the bank base rate. Financial liabilities fifi flfi fi 2025 £’000 2024 £’000 Floating rate – sterling 50,000 50,000 Fixed rate – sterling 99,868 99,863 Fixed rate – euro 60,425 60,626 Fixed rate – yen 13,122 12,687 223,415 223,176 fi 2025 Within 1 year £’000 2025 Between 1 and 5 years £’000 2025 More than 5 years £’000 2024 Within 1 year £’000 2024 Between 1 and 5 years £’000 2024 More than 5 years £’000 Repayment of loans and loan notes 50,000 – 173,415 50,000 – 173,176 Interest on loans and loan notes 6,378 18,969 50,546 6,499 18,967 57,070 56,378 18,969 223,961 56,499 18,967 230,246 Interest rate risk sensitivity An increase of 100 basis points in interest ratesfi5 would have decreased net assets and total return on ordinary activities by £210,000 (2024 – £24fl liabilities. A decrease of 100 basis points would have increased net assets and total return on ordinary activities by £210,000 (202420fl Other price risk Changes in market prices other than those arising from interest rate risk or currency risk may also affect the value of the Company’s net assets. The Board manages the market price risks inherent in the investment portfolio by ensuring full and timely access to relevant information from the Managers. The Board meets regularly and at each meeting reviews investment performance, the investment portfolio and the rationale for the current investment positioning to ensure consistency with the Company’s objective and investment policy. The Monks Investment Trust PLC 103 19 Financial instruments (continued) Other price risk sensitivity A full list of the Company’s investments is shown on pages 24 to 27. In addition, various analyses of the portfolio by growth category, thematic risk category, geography and broad industrial or commercial sector are contained in the Strategic Report. 102.64 – 104.8 valuations at 30 April 2025 would have increased total assets and total return on ordinary activities by £244,798,000 (2024278,796 3.5% (2024 – 2.2%) of the Company’s net assets are invested in private company investments. The fair valuation of the private fl89). A sensitivity analysis is provided below which recognises that the valuation methodologies employed involve subjectivity in their fi The table also provides the range of values for the key unobservable inputs. It should be noted that £32,007,000 (2024 – £22,800,000) of the private company value is attributed to companies operating in China, where unfavourable government intervention could adversely affect the realisable fl As at 30 April 2025 fi Valuation Technique Fair value of investments £’000 Key unobservable inputs Other unobservable inputs † Range Weighted average range Sensitivity % Sensitivity to changes in fi inputs Market approach using comparable traded multiples 47,501 EV / LTM revenue multiple a,b,c,d 1.97 – 6.32x 3.5x 10% If EV/LTM multiples fair value would change by £3,042,913 and EV / NTM revenue multiple a,b,c,d 5.07x n/a 10% If EV/NTM multiples fair value would change by EV / Earnings multiple a,b,c,d 12.33x n/a 10% If EV/Earnings multiples fair value would change by Transaction implied premium and discounts g (8.72%) n/a 10% applied to the calculated premiums and discounts, the fair value would e (10%) (10%) 10% fair value would change by Sum of the parts ^ 2,438 Selection of comparable companies and relevant indices a,b,c,d 7.2 – 19.3x 12.6x 10% If the performance of the underlying investment and selected benchmark performance changed by £243,758 Recent transaction price ^^ 30,491 n/a a,b n/a n/a 10% If the recent transaction 10%, the fair value would change by £2,992,920 * fi104 and 105. † See explanation for other unobservable inputs on pages 104 and 105 (sections ‘a’ to ‘g’ as relevant). # Enterprise value (EV) divided by the last twelve months revenue (LTM). ¶ See explanation for the selection of comparable companies on page 105 section ‘c’. ^ A ‘sum of the parts’ valuation approach is used for holding company investments with several underlying businesses. Each individual business fi unobservable inputs in the above table. However, the transaction price itself is observable. Financial report Annual Report and Financial Statements 2025 104 19 Financial instruments (continued) Other price risk sensitivity (continued) As at 30 April 2024 fi Valuation approach Fair value of investments £’000 Key unobservable inputs Other unobservable inputs † Range Weighted average range Sensitivity % Sensitivity to fi unobservable inputs Market approach using comparable traded multiples 22,800 EV/LTM revenue multiple # a,b,c,d 1.76x – 2.57x 1.92x 10% If EV/LTM multiples change by £1,634,694 e 10% the fair value would change by £230,018 Benchmark performance 4,551 Selection of comparable companies and relevant indices ¶ a,b,c,f (15%) – 0.6% (7.18%) 10% If input comparable company performance the fair value would change by £217,366 and Sum of the parts ^ 2,452 EV/LTM revenue multiple # a,b,c,d 7.1 – 19.8x 11.8x 10% If the performance of the underlying investment and selected benchmark performance fair value would change Recent transaction price 33,527 n/a a,b n/a n/a 10% If the recent transaction price changed by value would change by £3,293,852 and * fi104 and 105. † See explanation for other unobservable inputs on pages 104 and 105 (sections ‘a’ to ‘g’ as relevant). # Enterprise value (EV) divided by the last twelve months revenue (LTM). ¶ See explanation for the selection of comparable companies on page 105 section ‘c’. ^ A ‘sum of the parts’ valuation approach is used for holding company investments with several underlying businesses. Each individual business fi flfi multiple approaches. fi The variable inputs applicable to each broad category of valuation basis will vary dependent on the particular circumstances of each private company valuation. An explanation of each of the key variable inputs is provided below. The assumptions made in 89. a. Application of valuation basis Each investment is assessed independently, and the valuation basis applied will vary depending on the circumstances of each achievement of key milestones since investment. Adjustments may also be made depending on the performance of comparable benchmarks and companies. For those investments where a trading multiples approach can be taken, the methodology will factor fi fl appropriate forecasts are available. The Monks Investment Trust PLC 105 19 Financial instruments (continued) fi b. Probability estimation of liquidation events typically estimated from the outset to be 50:50 if there has been no indication by the company of pursuing either of these routes. If the company has indicated an intention to IPO, the probability is increased accordingly to 75% and if an IPO has become a certainty the probability is increased to 100%. Likewise, in a scenario where a company is pursuing a trade sale the weightings will be adjusted accordingly in favour of a sale scenario, or in a situation where a company is underperforming expectations fi c. Selection of comparable companies The selection of comparable companies is assessed individually for each investment at the point of investment, and the relevance of the comparable companies is continually evaluated at each valuation. The key criteria used in selecting appropriate comparable companies are the industry sector in which they operate, the geography of the company’s operations, the respective revenue and earnings growth rates and the operating margins. Typically, between 4 and 10 comparable companies will be selected for each fi d. Estimated sustainable earnings fi is not then revenues will be used in the valuation. The valuation approach will typically assess companies based on the last twelve months of revenue or earnings, as they are the most recent available and therefore viewed as the most reliable. Where a company has reliably forecasted earnings previously or there is a change in circumstance at the business which will impact earnings going forward, then forward estimated revenue or earnings may be used instead. e. Application of illiquidity discount fi fl f. Selection of appropriate benchmarks The selection of appropriate benchmarks is assessed individually for each investment. The industry and geography of each company are key inputs to the benchmark selection, with either one or two key indices or benchmarks being used for comparison. g. Valuation premium and discount The application of valuation premiums and discounts are applied through the calibration of a valuation to the most recent transaction, determining how each investment is pricing against its selection of comparable companies. Where a calibrated fl substantial companies with some secondary market activity. h. Execution risk fi may well still be negotiated which could impact the expected issue price. In valuing in line with an expected transaction the Liquidity risk fifi fi fipages 96 and 97. Credit risk This is the risk that a failure of a counterparty to a transaction to discharge its obligations under that transaction could result in the Company suffering a loss. This risk is managed as follows: Financial report Annual Report and Financial Statements 2025 106 19 Financial instruments (continued) Credit risk (continued) fi segregates the assets of the Company. The depositary has delegated the custody function to The Bank of New York Mellon (International) Limited. Bankruptcy or insolvency of the custodian may cause the Company’s rights with respect to securities held by the custodian to be delayed. The Managers monitor the Company’s risk by reviewing the depositary’s internal control fi Transactions are ordinarily done on a delivery versus payment basis whereby the Company’s custodian bank ensures that the counterparty to any transaction entered into by the Company has delivered on its obligations before any transfer of cash or securities away from the Company is completed; and fi Credit risk exposure The amount that best represents the Company’s maximum exposure to direct credit risk at 30 April was: 2025 £’000 2024 £’000 21,606 38,622 Debtors 3,917 12,506 25,523 51,128 fi fifi fi Company are carried in the Balance Sheet and their fair values, with the exception of long term borrowings. The fair values of the Company’s borrowings are shown below. The fair values of the loan notes are calculated using a comparable debt approach, by reference to a basket of corporate debt with similar rates and maturities. 2025 Par value £’000 2025 Book value £’000 2025 Fair value £’000 2024 Par value £’000 2024 Book value £’000 2024 Fair value £’000 Bank loans due within one year 50,000 50,000 50,000 50,000 50,000 50,000 Notes 1.86% 2054 60,000 59,910 25,539 60,000 59,907 28,271 Notes 1.77% 2045 40,000 39,958 19,658 40,000 39,956 21,607 Notes 2.17% 2037 13,122 13,122 12,353 12,687 12,687 12,747 Notes 4.55% 2035 15,319 15,319 15,356 15,370 15,370 15,430 Notes 4.29% 2033 29,787 29,787 29,975 29,886 29,886 29,862 Notes 4.30% 2030 15,319 15,319 15,563 15,370 15,370 15,293 223,547 223,415 168,444 223,313 223,176 173,210 20 Capital management The capital of the Company is its share capital and reserves as set out in note 14 together with its borrowings (see notes 11 and 12). The objective of the Company is to invest globally to achieve capital growth, which takes priority over income and dividends. The Company’s investment policy is set out on pages 37 and 38. In pursuit of the Company’s objective, the Board has a responsibility for ensuring the Company’s ability to continue as a going concern and details of the related risks and how they are managed are set out on pages 39 to 43. The Company has the ability to issue and buy back its shares, and sell shares from treasury (see pages 56 and 57) and any changes to the share capital during the year are set out in note 13. which are detailed in notes 11 and 12. Shareholder information Shareholder information Annual Report and Financial Statements 2025 108 Notice of Annual General Meeting Albemarle St Piccadilly Royal Academy of Arts Green Park Station Piccadilly Jermyn Street Regent Street St James’s Square Entrance The Royal Institution The Annual General Meeting of the Company will be held at the The Royal Institution, 21 Albemarle Street, London, W1S 4BS on Tuesday 9 September 2025fi venue by scanning the QR code above. fl Company, the Board intends to hold the AGM voting on a poll, rather than by a show of hands, consistent with the procedure adopted last year. The Board encourages all shareholders to complete and return the form of proxy enclosed with the Annual Report to ensure that your votes are represented at the meeting (whether or not you intend to attend in person). Shareholders are recommended to monitor the Company’s website where any updates will be posted, in the event of any change to the scheduled arrangements. 3. Baillie Gifford may record your call. The Monks Investment Trust PLC 109 sixth Annual General Meeting of The Monks Investment Trust PLC will be held at the The Royal Institution, 21 Albemarle Street, London, W1S 4BS on Tuesday 9 September 2025, at 11.30am for the following purposes: fi resolutions as ordinary resolutions: 01. To receive and adopt the Financial Statements of the Company for the year ended 30 April 2025 with the Reports of the Directors and of the Independent Auditor thereon. 02. To approve the Directors’ Annual Report on Remuneration for the year ended 30 April 2025. fi0.50p per ordinary share. Ms CM Boyle as a Director. Director. Mr RS Grewal as a Director. as 09. To elect Mr DC Ballance as a Director. 10 fi conclusion of the next Annual General Meeting at which the Financial Statements are laid before the Company. 11. To authorise the Directors to determine the remuneration of the Independent Auditor. 12. That, in substitution for any existing authority but without prejudice to the exercise of any such authority prior to the date hereof, the Directors of the Company be and they are hereby generally and unconditionally authorised in accordance with section 551 of the Companies Act 2006 (the ‘Act’) to exercise all the powers of the Company to allot shares in the Company and to grant rights to subscribe for or to convert any security into shares in the Company (‘Securities’) provided that such authority shall be limited to the allotment of shares and the grant of rights in respect of shares with an aggregate nominal value of up to £924,878.33 (representing 10% of the Company’s total issued share capital as at 26 June 2025), such authority to expire at the conclusion of the next Annual General Meeting of the Company after the passing of this resolution or on the expiry of 15 months from the passing of this resolution, whichever is the earlier, unless previously revoked, varied or extended by the Company in a general meeting, the expiry of this authority make an offer or enter into an agreement which would or might the expiry of such authority and the Directors shall be entitled to allot or grant Securities in pursuance of such an offer or agreement as if such authority had not expired. fi13, 14 and 15 as special resolutions: 13. That, subject to the passing of resolution 12 above, and in substitution for any existing power but without prejudice to the exercise of any such power prior to the date hereof, the Directors of the Company be and they are hereby generally empowered, pursuant to sections 570 and 573 of the Companies Act 2006 (the ‘Act’) to allot 560(1) of the Act) for cash either pursuant to the authority given by resolution 12 above or by way of the sale of treasury shares wholly for cash as if section 561(1) of the Act did not apply to any such allotment or sale, provided that this power: a. expires at the conclusion of the next Annual General Meeting of the Company after the passing of this resolution or on the expiry of 15 months from the passing of this resolution, whichever is the earlier, save that the Company may, before such expiry, make an offer or agreement which would or might securities in pursuance of any such offer or agreement as if the power conferred hereby had not expired; and securities or the sale of treasury shares up to an aggregate nominal value of £924,878.33, being approximately 10% of the nominal value of the issued share capital of the Company as at 26 June 2025. Shareholder information Annual Report and Financial Statements 2025 110 14. That, in substitution for any existing authority, but without prejudice to the exercise of any such authority prior to the date hereof, the Company be and is hereby generally and unconditionally authorised, pursuant to and in accordance with section 701 of the Companies Act 2006 (the ‘Act’), to make market purchases (within the meaning of section 693(4) of the Act) of fully paid ordinary shares of 5p each in the capital of the Company (‘Shares’), (either for retention as treasury shares for future reissue, resale, transfer or for cancellation) provided that: a. the maximum aggregate number of Shares hereby authorised to be purchased is 27,727,852, or, if less, the number representing approximately 14.99% of the issued ordinary share capital of the Company as at the date of the passing of this resolution; b. the minimum price (exclusive of expenses) which may be paid for each Share is 5p; c. the maximum price (exclusive of expenses) which may be paid for a Share shall be not more than the higher of: (i) 5 per cent above the average closing price on the London Stock fi days immediately preceding the date of purchase; and (ii) the higher of the price of the last independent trade of, and the highest current independent bid for, a Share on the London Stock Exchange; and d. unless previously varied, revoked or renewed by the Company in a general meeting, the authority hereby conferred shall expire at the conclusion of the Annual General Meeting of the Company to be held in respect of the year ending 30 April 2026, save that the Company may, prior to such expiry, enter into a contract to purchase Shares under such authority which will or may be executed wholly or partly after the expiration of such authority and may make a purchase of Shares pursuant to any such contract. 15. That the Articles of Association produced to the meeting and signed by the chairman of fi be approved and adopted as the Articles of Association of the Company in substitution for, and to the exclusion of, the existing Articles of Association with effect from the conclusion of the meeting. By order of the Board Company Secretary 1 July 2025 The Monks Investment Trust PLC 111 Notes 01. As a member you are entitled to appoint a proxy or proxies to exercise all or any of your rights to attend, speak and vote at the AGM. A proxy need not be a member of the Company but must attend the AGM to represent you. You may appoint more than one proxy provided each proxy is appointed to exercise rights attached to different shares. You can only appoint a proxy using the procedure set out in these notes and the notes to the proxy form. You may not use any electronic address provided either in this notice or any related documents (including the Financial Statements and proxy form) to communicate with the Company for any purpose other than those expressly stated. 02. To be valid any proxy form or other instrument appointing a proxy, together with any power of attorney or other authority under which it fi received by post or (during normal business hours only) by hand at the Registrars of the Company at Computershare Investor Services PLC, The Pavilions, Bridgwater Road, Bristol, BS99 6ZY or eproxyappointment.com no later before the time of the meeting or any adjourned meeting. 03. CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment service may do so by using the procedures described in the CREST Manual and/or by logging on to the website euroclear. com/CREST. CREST personal members or other CREST sponsored members, and those CREST members who have appointed a voting service provider(s), should refer to their CREST sponsor or voting service provider(s), who will be able to take the appropriate action on their behalf. 04. In order for a proxy appointment or instruction made using the CREST service to be valid, the appropriate CREST message (a ‘CREST Proxy Instruction’) must be properly authenticated in fi described in the CREST Manual. The message, regardless of whether it constitutes the appointment of a proxy or is an amendment to the instruction given to a previously appointed proxy must, in order to be valid, be transmitted so as to be received by the Company’s registrar (ID 3RA50) no later than two days (excluding meeting or any adjournment. For this purpose, the time of receipt will be taken to be the time (as determined by the timestamp applied to the message by the CREST Application Host) from which the Company’s registrar is able to the manner prescribed by CREST. After this time any change of instructions to proxies appointed through CREST should be communicated to the appointee through other means. 05. CREST members and, where applicable, their CREST sponsors, or voting service International Limited does not make available special procedures in CREST for any particular message. Normal system timings and limitations will, therefore, apply in relation to the input of CREST Proxy Instructions. It is the responsibility of the CREST member concerned to take (or, if the CREST member is a CREST personal member, or sponsored member, or has appointed a voting service provider(s), to procure that his/her CREST sponsor or voting service provider(s) take(s) such action as shall be necessary to ensure that a message is transmitted by means of the CREST system by any particular time. In this connection, CREST members and, where applicable, their CREST sponsors or voting service providers are referred, in particular, to those sections of the CREST Manual concerning practical limitations of the CREST system and timings. 06. The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out fi Securities Regulations 2001. 07. The return of a completed proxy form or fi Securities Regulations 2001 and section 311 of fi that to be entitled to attend and vote at the Annual General Meeting (and for the purpose of the determination by the Company of the votes they may cast), shareholders must be registered in the Register of Members of the Company no later than the close of business two commencement of the AGM or any adjourned meeting. Changes to the Register of Members after the relevant deadline shall be disregarded in determining the rights of any person to attend and vote at the meeting. Shareholder information Annual Report and Financial Statements 2025 112 09. Any person to whom this notice is sent who is a person nominated under section 146 of the Companies Act 2006 to enjoy information rights (a ‘Nominated Person’) may, under an agreement between him/her and the shareholder by whom he/she was nominated, have a right to be appointed (or to have someone else appointed) as a proxy for the Annual General Meeting. If a Nominated Person has no such proxy appointment right or does not wish to exercise it, he/she may, under any such agreement, have a right to give instructions to the shareholder as to the exercise of voting rights. 10. The statement of the rights of shareholders in relation to the appointment of proxies in notes 1 and 2 above does not apply to Nominated Persons. The rights described in those notes can only be exercised by shareholders of the Company. 11. Under section 338 of the Companies Act 2006, fi out in note 14 below may, subject to certain to members notice of a resolution which may properly be moved and is intended to be moved at that meeting. The conditions are that: (a) the resolution must not, if passed, be ineffective (whether by reason of inconsistency with any enactment or the Company’s constitution or otherwise); (b) the resolution must not be defamatory of any person, frivolous or hard copy form or in electronic form; (ii) must identify the resolution of which notice is to be given by either setting out the resolution in full member, clearly identifying the resolution which is being supported; (iii) must be authenticated by the person or persons making it; and (iv) 28 July 2025. 12. Under section 338A of the Companies Act fi Company to include in the business to be dealt with at the Annual General Meeting a matter (other than a proposed resolution) which may properly be included in the business (a matter of by the Company not later than 28 July 2025. The conditions are that the matter of business must not be defamatory of any person, frivolous matter of business by either setting it out in full or, if supporting a statement sent by another member, clearly identify the matter of business accompanied by a statement setting out the this should write to the Company providing their full name and address. 13. Under section 527 of the Companies Act 2006, fi to publish, on its website, (without payment) a statement (which is also passed to the auditor) setting out any matter relating to the audit of the Company’s Financial Statements, including the Auditor’s Report and the conduct of the audit. state your full name and address. 14. In order to be able to exercise the members’ at least 5% of the total voting rights of all the members who have a right to vote on the least 100 members who have a right to vote on hold shares in the Company on which there has been paid up an average sum, per member, of permitted under section 338 (see note 11) should be sent to [email protected]. The Monks Investment Trust PLC 113 15. Information regarding the Annual General by section 311A of the Companies Act monksinvestmenttrust.co.uk. meeting in accordance with section 319A of the Companies Act 2006. 17. Any corporation which is a member can appoint one or more corporate representatives who may exercise on its behalf all of its powers as a member provided that they do not do so in relation to the same shares. 18. As at 26 June 2025 (being the last practicable date prior to the publication of this notice) the Company’s issued share capital consisted of 184,975,666 ordinary shares, carrying one 5 were 184,975,666 votes. Voting on the resolutions fi 19. Any person holding 3% or more of the total voting rights of the Company who appoints a person other than the Chair of the meeting as his/her proxy will need to ensure that both he/she and his/her proxy complies with their respective disclosure obligations under the 20. No Director has a contract of service with 21. A copy of the proposed new articles of association, which includes the full terms of the proposed amendments to the Company’s existing articles of association, is available at the fi Place, London EC3A 6AB between the hours of public holidays excepted) and on the Company’s website, monksinvestmenttrust.co.uk from the date the annual report is posted to shareholders until the close of the Annual General Meeting. The New Articles will also be available for inspection at the venue of the Annual General Meeting from 15 minutes before and during the meeting and on the National Storage Mechanism located at https://data.fca.org.uk/#/nsm/ nationalstoragemechanism, from the date the annual report is posted to shareholders. Shareholder information Annual Report and Financial Statements 2025 114 Company history Monks was incorporated in 1929 and was one of three trusts founded in the late 1920s by a group of investors headed by Sir Auckland (later Lord) Geddes. The other two trusts were The Friars Investment Trust and The Abbots Investment Trust. fi Friars in the City of London, hence the names. management of all three trusts and Monks became a founder member of the Association of Investment Trusts in 1932. In 1968, under a Scheme of Arrangement, the Monks is an investment trust. Investment trusts offer investors the following: fi managers; and fi investors are still liable for capital gains tax on fi How to invest The Company’s shares are traded on the London Stock Exchange. They can be bought by placing an order with a stockbroker or by asking a professional adviser to do so. If you are interested in investing a number of companies offering real time online fi monksinvestmenttrust.co.uk. Further shareholder information Sources of further information on fi websites. Company factsheets are also available on the Company’s website and are updated monthly. fi ISIN GB0030517261 Sedol 3051726 Ticker MNKS fi The ordinary shares of the Company are listed on the London Stock Exchange and their price is shown in the Financial Times under ‘Investment Companies’. Key dates The Interim Report is issued in December and the Annual Report is normally issued in July. The 2025 AGM is being held in early September. Dividends will fi the Company’s AGM. Capital Gains Tax For Capital Gains Tax indexation purposes, the market value of an ordinary share in the Company fi share split in July 2001) was 14.1p. The Monks Investment Trust PLC 115 Share register enquiries Computershare Investor Services PLC maintains the share register on behalf of the Company. In the own name, please contact the registrars on 0370 707 1170. This helpline also offers an automated days a week) which allows you to: fi fi and Stock Transfer forms. You can also check your holding on the registrar’s website at investorcentre.co.uk. They also offer a free, secure share management website service which allows you to: price of your shares; shareholding; Company, including the Annual Report, in electronic format; details; and To take advantage of this service, please log in at investorcentre.co.uk and enter your Shareholder Reference Number and Company Code (this information can be found on the last dividend fi Dividend reinvestment plan Computershare operate a Dividend reinvestment plan which can be used to buy additional shares your bank account. For further information log on to investorcentre.co.uk and follow the instructions or telephone 0370 707 1694. Electronic proxy voting If you hold stock in your own name you can choose to vote by returning proxies electronically at eproxyappointment.com. contact Computershare on 0370 707 1170. CREST proxy voting If you are a user of the CREST system (including a CREST Personal Member), you may appoint one or more proxies or give an instruction to a proxy by having an appropriate CREST message transmitted. For further information please refer to the CREST Manual. Analysis of shareholders at 30 April 2025 Number of shares held 2025 % 2024 Number of shares held 2024 % Institutions 24,592,182 13.1 31,548,588 14.7 Intermediaries 153,010,658 81.6 171,037,138 79.9 Individuals 8,797,473 4.7 9,810,247 4.6 Marketmakers 1,222,353 0.6 1,734,693 0.8 187,622,666 100.0 214,130,666 100.0 Shareholder information Annual Report and Financial Statements 2025 116 Automatic exchange of information fi legislation relating to the automatic exchange of and report certain information about certain shareholders. to provide personal information to HMRC on certain investors who purchase shares in investment trusts. Accordingly, the Company will have to provide information annually to the local tax authority on fi Shareholders, excluding those whose shares are held in CREST, who come on to the share register fi collecting this information. For further information, please see HMRC’s information for account holders gov.uk/government/ publications/exchange-of-information-account-holders. Alternative Investment Fund Managers (‘AIFM’) Regulations In accordance with the AIFM Regulations, information in relation to the Company’s leverage and the remuneration of the Company’s AIFM, Baillie Gifford investors. In accordance with the Regulations, the AIFM remuneration policy is available at bailliegifford. 125). The numerical remuneration disclosures in respect of the AIFM’s reporting period are also available at bailliegifford.com. The Company’s maximum and actual leverage levels (see Glossary of terms and Alternative Performance Measures on pages 120 to 123) at 30 April 2025 are as follows: Leverage Gross method Commitment method Maximum limit 2.50:1 2.00:1 Actual 1.09:1 1.10:1 Third party data provider disclaimer No third party data provider (‘Provider’) makes any warranty, express or implied, as to the accuracy, completeness or timeliness of the data contained herewith nor as to the results to be obtained by recipients of the data. No Provider shall in any way be liable to any recipient of the data for any inaccuracies, errors or omissions in the index data included in this document, regardless of cause, or for any damages (whether direct or indirect) resulting therefrom. No Provider has any obligation to update, modify or amend the data or to otherwise notify a recipient thereof in the event that any matter stated herein Without limiting the foregoing, no Provider shall have any liability whatsoever to you, whether in contract (including under an indemnity), in tort (including negligence), under a warranty, under statute or otherwise, in respect of any loss or damage suffered by you as a result of or in connection with any opinions, recommendations, forecasts, judgements, or any other conclusions, or any course of action determined, by you or any third party, whether or not based on the content, information or materials contained herein. FTSE Index Data London Stock Exchange Group plc and its group undertakings (collectively, the ‘LSE Group’). 5. FTSE Russell is a trading name of certain of the LSE Group companies. ‘FTSE®’ ‘Russell®’, ‘FTSE Russell®’, is/are a trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content The Monks Investment Trust PLC 117 Sustainable Finance Disclosure Regulation (‘SFDR’) The EU Sustainable Finance Disclosure Regulation (‘SFDR’) does not have a direct impact in the UK products marketed in the EU. As The Monks Investment Trust PLC is marketed in the EU by the Private Placement Regime (‘NPPR’) the following disclosures have been provided to comply with the stewardship principles and guidelines as its policy decisions. fi approach to business is fundamentally out of line fi ‘sustainability’ as a deliberately broad concept which encapsulates a company’s purpose, values, business model, culture, and operating practices. businesses that enjoy sustainable competitive advantages in their marketplace. To do this it looks fi prospects. This includes the consideration of sustainability factors (environmental, social and/or governance matters) which it believes will positively flfi investment. The likely impact on the return of the portfolio from a potential or actual material decline in the value of investment due to the occurrence of an environmental, social or governance event or condition will vary and will depend on several factors including but not limited to the type, extent, complexity and duration of an event or condition, prevailing market conditions and existence of any mitigating factors. Whilst consideration is given to sustainability matters, there are no restrictions on the investment universe of the Company, unless otherwise stated fi investors. However, this might result in investments being made in companies that ultimately cause a negative outcome for the environment or society. More detail on the Manager’s approach to sustainability can be found in the stewardship principles and guidelines document, available publicly on the Baillie Gifford website bailliegifford.com and by scanning the QR code below. The underlying investments do not take into account the EU criteria for environmentally sustainable economic activities established under the EU Taxonomy Regulation. Shareholder information Annual Report and Financial Statements 2025 118 Communicating with shareholders Trust magazine Monks Investment Trust web page at monksinvestmenttrust.co.uk Trust magazine Trust is the Baillie Gifford investment trust magazine which is published twice a year. It provides an insight to our investment approach by including interviews with our fund managers, as well as containing investment trust news, investment features and articles about the trusts managed by Baillie Gifford, including Monks. Trust plays an important role in helping to explain our products so that readers can really understand them. You can subscribe to Trust magazine or view a digital copy at bailliegifford.com/trust. Suggestions and questions Any suggestions on how communications with shareholders can be improved are welcome. Please contact the Baillie Gifford Client Relations Team (see contact details opposite) and give them your suggestions. They will also be very happy to answer Monks on the web on the Company’s page of the Managers’ website at monksinvestmenttrust.co.uk fi on Monks, including recent portfolio information and fi Client relations team contact details You can contact the Baillie Gifford Client Relations Team by telephone, email or post: Telephone: 0800 917 2113 Your call may be recorded for training or monitoring purposes. Email: [email protected] Website: bailliegifford.com Address: Baillie Gifford Client Relations Team 1 Greenside Row Edinburgh EH1 3AN Please note that Baillie Gifford is not permitted fi please ask an authorised intermediary. The Monks Investment Trust PLC 119 Monks’ musings: fifl Investing in adaptable businesses and those relatively impervious to new trade restrictions. Alnylam: Stock Story Richie Vernon explores the revolutionary drugs transforming patient lives. Atlas Copco: Stock Story Ben Drury explores how a culture of innovation and decentralisation drives success in industrial technology. Insights Shareholder information Annual Report and Financial Statements 2025 120 fifi fiflfififi fi Total assets fi liabilities (other than liabilities in the form of borrowings). Shareholders’ funds Shareholders’ funds is the value of all assets held less all liabilities, with borrowings deducted at book cost. Net liquid assets fiassets, comprising current assets less current liabilities (excluding borrowings) and provisions. Active share (APM) Active share, a measure of how actively a portfolio is managed, is the percentage of the portfolio that differs from its comparative index. It is calculated by deducting from 100 the percentage of the portfolio that overlaps with the comparative index. An active share of 100 indicates no overlap with the index and an active share of zero indicates a portfolio that tracks the index. Unlisted, unquoted and private company investments recognised exchange. Net Asset Value (APM) Net Asset Value (NAV) is the value of all assets held less all liabilities, with borrowings deducted at either par fi the number of ordinary shares in issue. Glossary of terms and Alternative Performance Measures (‘APM’) The Monks Investment Trust PLC 121 Net Asset Value (borrowings at par value) (APM) Borrowings are valued at nominal par value. A reconciliation from shareholders’ funds (borrowings at book value) to net asset value after deducting borrowings at par value is provided below. 2025 £’000 2025 per share 2024 £’000 2024 per share Shareholders’ funds (borrowings at book value) 2,318,906 1,235.9p 2,661,137 1,242.8p Add: book value of borrowings 223,415 119.1p 223,176 104.2p Less: par value of borrowings (223,547) (119.1p) (223,313) (104.3p) Net asset value (borrowings at par value) 2,318,774 1,235.9p 2,661,000 1,242.7p fi187,622,666 (2024 – 214,130,666) ordinary shares of 5p, being the number of ordinary shares in issue at the year end excluding treasury shares. Net Asset Value (borrowings at fair value) (APM) Borrowings are valued at an estimate of market worth. The fair values of the loan notes are calculated using a comparable debt approach, by reference to a basket of corporate debt. The fair value of the Company’s A reconciliation from shareholders’ funds (borrowings at book value) to net asset value after deducting borrowings at fair value is provided below. 2025 £’000 2025 per share 2024 £’000 2024 per share Shareholders’ funds (borrowings at book value) 2,318,906 1,235.9p 2,661,137 1,242.8p Add: book value of borrowings 223,415 119.1p 223,176 104.2p Less: fair value of borrowings (168,444) (89.8p) (173,210) (80.9p) Net asset value (borrowings at fair value) 2,373,877 1,265.2p 2,711,103 1,266.1p fi187,622,666 (2024 – 214,130,666) ordinary shares of 5p, being the number of ordinary shares in issue at the period end excluding treasury shares. Discount/premium (APM) As stock markets and share prices vary, an investment trust’s share price is rarely the same as its NAV. When the share price is lower than the NAV per share it is said to be trading at a discount. The size of the discount is calculated by subtracting the NAV per share from the share price and is usually expressed as a percentage of the NAV per share. If the share price is higher than the NAV per share, this situation is called a premium. 2025 2024 Closing NAV per share (borrowings at par) a 1,235.9p 1,242.7p Closing NAV per share (borrowings at fair value) b 1,265.2p 1,266.1p Closing share price c 1,138.0p 1,158.0p Discount to NAV with borrowings at par (7.9%) (6.8%) Discount to NAV with borrowings at fair value (10.1%) (8.5%) Shareholder information Annual Report and Financial Statements 2025 122 Total return (APM) The total return is the return to shareholders after reinvesting the dividend on the date that the share price 2025 NAV (par) 2025 NAV (fair) 2025 Share price 2024 NAV (par) 2024 NAV (fair) 2024 Share price Closing NAV per share/share price a 1,235.9p 1,265.2p 1,138.0p 1,242.7p 1,266.1p 1,158.0p Dividend adjustment factor b 1.0017 1.0017 1.0019 1.0028 1.0028 1.0031 Adjusted closing NAV per share/share price c = a x b 1,238.0p 1,267.3p 1,140.1p 1,246.2p 1,269.6p 1,161.6p Opening NAV per share/share price d 1,242.7p 1,266.1p 1,158.0p 1,058.5p 1,080.0p 975.0p Total return (0.4%) 0.1% (1.5%) 17.7% 17.6% 19.1% * The dividend adjustment factor is calculated on the assumption that the dividend of 2.10p (2024 – 3.15p) paid by the Company during the year was Ongoing charges (APM) The total expenses (excluding dealing and borrowing costs) incurred by the Company as a percentage of the daily average net asset value (with borrowings at fair value), as detailed below. 2025 2024 Investment management fee £9,707,000 £9,431,000 Other administrative expenses £1,965,000 £1,850,000 Total expenses a £11,672,000 £11,281,000 Average net asset value (with borrowings deducted at fair value) b £2,700,317,000 £2,589,210,000 Ongoing charges 0.43% 0.44% Gearing (APM) At its simplest, gearing is borrowing. Just like any other public company, an investment trust can borrow money to invest in additional investments for its portfolio. The effect of the borrowing on the shareholders’ assets is called ‘gearing’. If the Company’s assets grow, the shareholders’ assets grow proportionately more because the debt remains the same. But if the value of the Company’s assets falls, the situation is reversed. Gearing can therefore enhance performance in rising markets but can adversely impact performance in falling markets. The level of gearing can be adjusted through the use of derivatives which affect the sensitivity of the value of the portfolio to changes in the level of markets. The gearing ratios described below are included in the Ten year record on page 34. Gross gearing, also referred to as potential gearing, is the Company’s borrowings expressed as a fi * fi cash, brokers’ balances and investment grade bonds maturing within one year, expressed as a percentage of shareholders’ funds * . * As adjusted to take into account the gearing impact of any derivative holdings. The Monks Investment Trust PLC 123 2025 2024 Borrowings (at book cost) a £223,415,000 £223,176,000 (£21,606,000) (£38,622,000) (£1,345,000) (£9,749,000) £4,704,000 £7,086,000 Adjusted borrowings b £205,168,000 £181,891,000 Shareholders’ funds c £2,318,906,000 £2,661,137,000 Gross (potential) gearing 9.6% 8.4% Net (equity) gearing 8.9% 6.8% Leverage (APM) For the purposes of the Alternative Investment Fund Managers (AIFM) Regulations leverage is any method which increases the Company’s exposure, including the borrowing of cash and the use of derivatives. It is expressed as a ratio between the Company’s exposure and its net asset value and can be calculated on a gross and a commitment method. Under the gross method, exposure represents the sum of the Company’s positions after the deduction of sterling cash balances, without taking into account any hedging and netting arrangements. Under the commitment method, exposure is calculated without the deduction of sterling cash fi at 30 April 2025 are detailed on page 116. Compound annual return (APM) The compound annual return converts the return over a period of longer than one year to a constant annual rate of return applied to the compounded value at the start of each year. Treasury shares The Company has the authority to make market purchases of its ordinary shares for retention as treasury shares for future reissue, resale, transfer, or for cancellation. Treasury shares do not receive distributions and the Company is not entitled to exercise the voting rights attaching to them. Turnover (APM) Turnover is a measure of portfolio change or trading activity. Monthly turnover is calculated as the minimum of purchases and sales in a month, divided by the average market value of the fund. Monthly numbers are added together to get the rolling 12 month turnover data. Contingent value rights ‘CVR’ after an instrument name indicates a security, usually arising from a corporate action such as a takeover or merger, which represents a right to receive potential future value, should the continuing company achieve certain milestones. The Illumina CVR was received on Illumina’s takeover of the Company’s private fl the probability of the milestones being met within the time frames in the CVR agreement. Attribution Attribution is the analysis of the effect of investment management decisions on the performance of portfolio. Attribution can be conducted at different levels depending on the product, these includes region, country, sector and stock analysis. Attribution can be relative to an index or absolute. Shareholder information Annual Report and Financial Statements 2025 124 The Monks Investment Trust PLC 125 Company information Directors Chairman: KS Sternberg DC Ballance CM Boyle RS Grewal BJ Richards Professor Sir Nigel Shadbolt Registrar Computershare Investor Services PLC The Pavilions Bridgwater Road Bristol BS99 6ZZ T: +44 (0)370 707 1170 Alternative Investment Fund Managers and Secretaries Baillie Gifford & Co Limited 1 Greenside Row Edinburgh EH1 3AN T: +44 (0)131 275 2000 bailliegifford.com Depositary The Bank of New York Mellon (International) Limited 160 Queen Victoria Street London EC4V 4LA Company broker Investec Bank plc 30 Gresham Street London EC2V 7QP fi Baillie Gifford & Co 3 St Helen’s Place London EC3A 6AB Independent auditor Ernst & Young LLP Atria One 144 Morrison Street Edinburgh EH3 8EX Company details monksinvestmenttrust.co.uk Company Registration No. 00236964 ISIN: GB0030517261 Sedol: 3051726 Ticker: MNKS fi 213800MRI1JTUKG5AF64 Further information Baillie Gifford Client Relations Team 1 Greenside Row Edinburgh EH1 3AN T: +44 (0)800 917 2113 [email protected] monksinvestmenttrust.co.uk Telephone +44 (0)131 275 2000
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