Company Announcements

Capital Gearing Trust Plc - Half-year Report

To:                          PR Newswire

From:                     Capital Gearing Trust P.l.c.


Date:                      12 November 2021

Capital Gearing Trust P.l.c. (the “Company”)

Announcement of the Half-Year Financial Report for the six months ended 5 October 2021

Interim Management Report

Chairman’s Statement

We are now some 18 months into the pandemic, and whilst equity markets have been relatively resilient, there has been considerable pricing volatility below the surface. There is now real evidence of rising inflation in the economy. This increase has arisen from monetary policies and government support and now skill shortages and supply line constraints, generated by the sharp recovery as the economies reopen, which is feeding through to increased labour costs. Inflation is one of our emerging risks and is taken account in how the portfolio is positioned.

At 5 October 2021, the net asset value per share was 4,894.6p, compared to 4,590.2p at 5 April 2021. Including dividends reinvested in the period, this represents a total return of 8.2% over the past six months and 12.1% over the last twelve months, a creditable outcome. Whilst the Company does not have a formal benchmark, other than to beat the RPI index over the medium term, the performance has exceeded the rise of 7.7% in the MSCI UK Index over the past six months, but has lagged the 24.1% return from this index over the past year as equities bounced back strongly after the initial collapse at the start of the pandemic. The RPI has risen by 4.9% over the last year. The Company’s returns over the last six months have been boosted by strong performance from the equity portfolio, notably the property funds, which have predominantly inflation-linked income-based returns.

The demand for the Company’s shares has continued, and net assets have grown from £634.0m at 5 April 2021 to £842.2m at 5 October 2021, with net issuance of £167.0m demonstrating the attractiveness of the Company’s relatively defensive positioning.  Activity under the Discount Control Policy (‘DCP’) was all on issuance as the Company bought back no shares during the period. Our DCP continues to work well and has provided liquidity in the market for both buyers, and potential sellers, of the Company’s shares, as well as covering the costs of the DCP and contributing to performance. 

The growth in the net assets has continued to drive down the ongoing charges ratio (‘OCR’). There is a significant cost benefit now that the assets are well over the £500m threshold and are subject to the reduced 0.3% per annum management fee above this level.  We are very pleased at the Company’s competitive cost basis and the liquidity of the fund, both of which support a very creditable total return performance over short, medium and longer terms, despite very challenging market conditions.

Governance update

As noted in our annual report Alastair Laing, who is one of the co-managers of the Company, stepped down from the Board at the AGM held in July 2021. The Board is now fully independent of the Manager, and continues to operate with four highly engaged members; we will keep it as such for the time being, but will continue to review both the make-up of the Board and succession planning.

The Board works closely with the Manager and the other agents of the Company to ensure that the Company’s operations are resilient and that the portfolio is robust to meet challenges and opportunities that have arisen during the pandemic.

At the AGM, shareholders approved a clarification of the wording of the Company’s investment objectives. The objective is now to preserve, and over time to grow shareholders’ real wealth. As preserving shareholders’ real wealth is core to the investment objective, greater emphasis is placed on avoiding loss than on maximising returns. Achieving the investment objective implies returns at least in line with inflation over the short term and significantly ahead of inflation over the long term.

The Board has reviewed the annual reporting timetable and concluded that using a period end which coincides with monthly and quarterly reporting is more appropriate than the historic basis, which coincided with fiscal year end. The Board is therefore proposing to change the Company’s year end to 31 March. This change brings the accounting reference date into line with month-end performance reporting adopted by the investment trust sector more generally. The next set of audited financial statements of the Company will cover the period to 31 March 2022. A change in accounting reference period does not require shareholder approval.

The Company, through the Board and its Manager, strives to achieve high standards of Corporate Governance. ESG is very important and the Manager has core principles that underpin its investment practices and commitments to be a responsible investor. The Manager seeks to be a good steward of clients’ assets and believes that a considered and active approach helps make better investment decisions. The Manager is a signatory to the UN PRI, is very engaged in the investments it makes and is recognised as an active investor.


There has been some rotation in equity markets globally, away from market leading technology stocks, which have been the beneficiary of lockdown, towards more traditional industries which should recover as the world economies open up again. However, there has been a sharp rise in inflation and there is a likelihood that Central Banks will increase interest rates at some stage, albeit slowly and modestly given the high debt levels. Our Manager is less sure that the rise in inflation will be as ‘transient’ as some Central Banks suggest. As the Manager explains in its report, bond yields have risen as a consequence, hence our Manager has reduced the amount in corporate debt and preference shares in the portfolio.

Market returns have been considerably higher than might have been expected over the last few years, especially with the impacts of a global pandemic to contend with. We do not, however, believe that this relative strength can last indefinitely, although above inflation returns could continue for a while yet. Pricing volatility is higher, and this calls for patient, long term investing, often ignoring shorter-term market sentiments.

We remain steadfastly cautious, given the many challenges in the world, and our priority remains to protect shareholders’ capital.  We believe that our Manager can navigate tricky markets applying both skill and patience. Our aim is to continue to provide shareholders with an absolute return over the medium to longer term, through careful stock selection and asset allocation, as the Company has done over a track record of some decades.

For and on behalf of the Board

Jean Matterson


12 November 2021

Investment Manager’s Report

Investment Review

All areas of the portfolio contributed to a strong period of returns but once again it was the risk assets that were notably strong. Property companies, which make up 20% of the portfolio, were really enjoying their moment in the sun. Three property companies were subject to bids in the period; GCP Student Living plc, Kungsleden AB and Deutsche Wohnen SE. There was a sharp increase in investor appetite for companies with secure inflation protected cash flows, explaining the strong performance of Tritax Big Box REIT plc, Secure Income REIT plc and LXI REIT plc. Property returns were so strong that we have marginally reduced our holdings in this area on the back of the gains.

Much of the proceeds of property sales have been recycled into a range of infrastructure opportunities. Infrastructure has some similarity in risk profile to property given its asset backing and long dated inflation protected cash flows. As property companies have re-rated from large discounts to premia the relative attraction of infrastructure has increased. New positions were built up via primary placings during a bonanza of issuance, including the IPO of Cordiant Digital Infrastructure Limited and placings in International Public Partnerships Limited, Digital 9 Infrastructure plc and the Renewables Infrastructure Group Limited. Of course the reason these infrastructure companies do not trade on higher ratings is precisely due to their frequent issuance. Even with this caveat, the opportunity to purchase these investments at close to NAV makes sense in an increasingly inflationary environment.

The most consequential economic development in the period has been the resurgence of inflation and the slow, but inevitable, recognition that it is not a transitory phenomenon. It is clear that supply chain issues will dog the global economy for a number of years. Soaring energy and power prices will be reflected in higher goods and services prices over the next 18 months. Employers are having to pay notably higher wages than before the Covid crisis to fill roles in the hospitality, healthcare and the travel industries. A year after the recovery of capital values in the residential property market there are signs that rents are increasing more briskly. As living standards are squeezed, the prospect of an increase in industrial action next year looms larger. Central bankers are now in a bind having overstated the case for transitory inflation they are now behind the curve in keeping price increases under control.

To sharpen the dilemma, the global economy is slowing sharply at the same time as inflation is accelerating. The zombie that is stagflation, long thought dead, is now ominously stirring. This stagflationary backdrop was one in which index-linked bonds performed well. Aided by the strength of the dollar, the holdings of US Treasury Inflation Protected Securities returned 9%. Even the holdings of short UK inflation-linked gilts delivered 4%. An astonishing return given their duration of two years.

The portfolio as a whole remains defensively positioned with a focus on inflation protection. After a period of impressive returns the prospects for further significant real gains look dimmer. Our current ambitions are simply to maintain the value of investors’ capital after fees, taxes and inflation. If we can achieve this ambition we are confident there will be more attractive opportunities in the future after a reset in the extremely elevated prices in the bond market, the equity market or possibly in both.

Peter Spiller          Alastair Laing        Christopher Clothier

12 November 2021

Interim Management Report

A review of the half year and the outlook for the Company can be found in the Chairman’s Statement and the Investment Manager’s Report.

Principal Risks and Uncertainties

The principal risks and uncertainties facing the Company were explained in detail within the Annual Report issued in May 2021. There remain uncertainties for the UK economy and financial markets particularly arising from the ongoing economic impact of the Covid pandemic. The directors continue to assess the implications for the Company, including the resilience of the reporting and control systems in place for the Manager and other key service providers. The directors continue to work with the agents and advisers to the Company to manage the risks, including any emerging risks the best they can. The directors are not aware of any new material risks or uncertainties for the Company and its investors other than those mentioned above and in the Chairman’s statement.

Related Party Transactions

Details of related party transactions are contained in the Annual Report issued in May 2021. There have been no material changes to be reported.

Going Concern

The Company’s investment objective and business activities, together with the main trends and factors likely to affect its development and performance are continuously monitored by the Board. The directors believe that the Company is well placed to manage its business risks and, having reassessed the principal risks, consider it appropriate to continue to adopt the going concern basis of accounting in preparing the interim financial information.

Statement of Directors’ Responsibilities

Each director confirms that, to the best of their knowledge:

The condensed set of financial statements has been prepared in accordance with Financial Reporting Standard 104 (Interim Financial Reporting);

The Half-Year Report includes a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.7R (indication of important events during the first six months of the financial year and description of principal risks and uncertainties for the remaining six months of the financial year) and includes a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.8R (disclosure of related party transactions and changes therein); and

The Half-Year Report, taken as a whole, is fair balanced and understandable and provides information necessary for shareholders to access the Company’s performance, position and strategy.

For and on behalf of the Board

Jean Matterson


12 November 2021

Distribution of Investment Funds

Distribution of assets of
£840,899,000 at 5 October 2021

             Currency Exposure

             Sterling US Dollar Euro Swedish Krona Japanese Yen Other Total (%)

Index-Linked      5.4      20.0    -           1.9          3.0     -      30.3

Conventional     13.0         -    -             -            -   0.5      13.5

Preference        6.4       0.3    -             -            -   0.2       6.9
Shares /

Funds /          35.4       4.9  3.6           1.7            -     -      45.6

Cash              1.7       0.6    -             -            -     -       2.3

Gold              1.4         -    -             -            -     -       1.4

Total            63.3      25.8  3.6           3.6          3.0   0.7     100.0

Distribution of assets of
£631,472,000 at 5 April 2021

             Currency Exposure

             Sterling US Dollar Euro Swedish Krona Japanese Yen Other Total (%)

Index-Linked      3.4      20.9    -           2.0          3.2   0.4      29.9

Conventional      6.2         -    -             -            -     -       6.2

Preference        9.1       1.2    -             -            -     -      10.3
Shares /

Funds /          37.5       1.1  5.2           2.2            -     -      46.0

Cash              5.8         -    -             -            -     -       5.8

Gold              1.8         -    -             -            -     -       1.8

Total            63.8      23.2  5.2           4.2          3.2   0.4     100.0


Investments of the Company

at 5 October 2021

The top ten investments in each asset category are listed below. The full
portfolio listing of the Company as at 5 October 2021 is published on the
Company's website

                                                             £'000 % of assets

Top 10 Index-Linked Government Bonds

UK Treasury 0.125% 2024                                     32,092        3.8%

USA Treasury 0.125% 2026                                    12,041        1.4%

Japan Treasury 0.1% 2029                                    10,941        1.3%

USA Treasury 1.375% 2044                                    10,705        1.3%

USA Treasury 0.75% 2045                                     10,553        1.3%

USA Treasury 0.125% 2026                                    10,523        1.2%

US Treasury 2.0% 2026                                       10,236        1.2%

USA Treasury 0.625% 2023                                     9,057        1.1%

Japan Treasury 0.1% 2028                                     7,887        0.9%

UK Treasury 1.875% 2022                                      7,354        0.9%

                                                           121,389       14.4%

Top 10 Conventional Government Bonds

UK Treasury 07/03/22                                         9,997        1.2%

UK Treasury 22/11/21                                         6,999        0.8%

UK Treasury 29/11/21                                         6,999        0.8%

UK Treasury 28/02/22                                         6,998        0.8%

UK Treasury 21/02/22                                         6,998        0.8%

UK Treasury 18/10/21                                         6,000        0.7%

UK Treasury 31/01/22                                         5,999        0.7%

UK Treasury 11/10/21                                         5,000        0.6%

UK Treasury 01/11/21                                         5,000        0.6%

UK Treasury 08/11/21                                         5,000        0.6%

                                                            64,990        7.6%

Top 10 Preference Shares / Corporate Debt

NB Private Equity 2022 (zero dividend preference shares)     4,445        0.5%

National Grid 1.25% 2021 (corporate debt)                    4,259        0.5%

Severn Trent 1.3% 2022 (corporate debt)                      3,599        0.4%

Burford Capital 6.5% 2022 (corporate debt)                   3,100        0.4%

Aberdeen Asian Smaller Companies 2.25% 2025 (corporate       2,930        0.4%

Burford Capital 6.125% 2024 (corporate debt)                 2,902        0.3%

Acorn Income Fund 2022 (zero dividend preference shares)     2,614        0.3%

Places for People Capital Markets 1% 2022 (corporate debt)   2,513        0.3%

Burford Capital 6.125% 2025 (corporate debt)                 2,489        0.3%

Bruntwood Investments 6.0% 2025 (corporate debt)             2,386        0.3%

                                                            31,237        3.7%


Top 10 Funds / Equities

iShares MSCI Japan ESG Screened UCITS ETF  37,290   4.4%

Grainger                                   18,265   2.2%

North Atlantic Smaller Companies           17,496   2.1%

Secure Income REIT                         16,620   2.0%

Vonovia                                    16,351   1.9%

iShares Core FTSE 100 ETF                  15,804   1.9%

Vanguard FTSE 100 UCITS ETF                15,614   1.9%

GCP Student Living                         11,508   1.4%

PRS REIT                                   10,226   1.2%

Tritax Eurobox                              9,663   1.1%

                                          168,837  20.1%


Wisdomtree Physical Swiss Gold             11,450   1.4%

Other investments                         424,092  50.5%

Cash                                       18,904   2.3%

Total assets                              840,899 100.0%


Income Statement

                                  6 months ended 5 October 2021(unaudited)

                                  Revenue     Capital                  Total

                                    £’000       £’000                  £’000

Net gains on investments                 -    42,713                   42,713

Net currency gains                       -       147                      147

Investment income (note 2)           7,261         -                    7,261

Gross return                         7,261    42,860                   50,121

Investment management fee          (1,646)         -                  (1,646)

Other expenses                       (345)         -                    (345)

Net return before tax                5,270    42,860                   48,130

Tax charge on net return             (218)         -                    (218)

Net return attributable to equity    5,052    42,860                   47,912

Net return per
Ordinary Share (note 3)             32.60p   276.55p                  309.15p


Income Statement

                                   6 months ended 5 October 2020 (unaudited)

                                   Revenue  Capital                     Total

                                     £’000    £’000                     £’000

Net gains on investments                 -   39,137                    39,137

Net currency losses                      -     (80)                      (80)

Investment income (note 2)           4,933        -                     4,933

Gross return                         4,933   39,057                    43,990

Investment management fee          (1,256)        -                   (1,256)

Other expenses                       (306)        -                     (306)

Net return before tax                3,371   39,057                    42,428

Tax charge on net return             (211)        -                     (211)

Net return attributable to equity    3,160   39,057                    42,217

Net return per
Ordinary Share (note 3)             26.61p  328.87p                   355.48p


Income Statement

                  Year ended 5 April 2021 (audited)

                                                Revenue  Capital    Total

                                                  £’000    £’000    £’000

Net gains on investments                              -   57,452   57,452

Net currency losses                                   -    (116)    (116)

Investment income (note 2)                        9,942        -    9,942

Gross return                                      9,942   57,336   67,278

Investment management fee                       (2,604)        -  (2,604)

Other expenses                                    (612)        -    (612)

Net return before tax                             6,726   57,336   64,062

Tax charge on net return                          (396)        -    (396)

Net return attributable to equity shareholders    6,330   57,336   63,666

Net return per
Ordinary Share (note 3)                          51.04p  462.35p  513.39p

The total column of this statement represents the Income Statement of the Company. The Revenue return and Capital return columns are supplementary to this and are prepared under guidance issued by the Association of Investment Companies.

All revenue and capital items in the above statement derive from continuing operations.

There are no gains or losses other than those recognised in the Income Statement.

Statement of Changes in Equity (unaudited)

for the six months ended 5 October 2021

              Called-up  Share premium     Capital
                  share        account  redemption   Capital  Revenue
                capital                    reserve  reserve*  reserve    Total

                  £’000          £’000       £’000     £’000    £’000    £’000

Balance at 6      3,453        463,437          16   158,378    8,762  634,046
April 2021

Net return            -              -           -    42,860    5,052   47,912
to equity
and total
income for
the period

New shares          848        166,142           -         -        -  166,990
issued (note

Dividends             -              -           -         -  (6,771)  (6,771)
paid (note 4)

Total               848        166,142           -         -  (6,771)  160,219
with owners
directly in

Balance at 5      4,301        629,579          16   201,238    7,043  842,177
October 2021

for the six months ended 5 October 2020

              Called-up  Share premium     Capital
                  share        account  redemption   Capital  Revenue
                capital                    reserve  reserve*  reserve    Total

                  £’000          £’000       £’000     £’000    £’000    £’000

Balance at 6      2,903        362,726          16    97,081    7,333  470,059
April 2020

Net return            -              -           -    39,057    3,160   42,217
to equity
and total
income for
the period

New shares          178         31,456           -         -        -   31,634
issued (note

Shares                -            309           -     4,041        -    4,350
from treasury
(note 6)

Dividends             -              -           -         -  (4,901)  (4,901)
paid (note 4)

Total               178         31,765           -     4,041  (4,901)   31,083
with owners
directly in

Balance at 5      3,081        394,491          16   140,179    5,592  543,359
October 2020

*The Capital reserve balance at 5 October 2021 includes unrealised gains on fixed asset investments of £62,538,000 (5 October 2020 – gains of £28,718,000 and 5 April 2021 – gains of £38,200,000).

Statement of Financial Position (unaudited)

at 5 October 2021

                                          (unaudited)     (unaudited)  (audited)

                                       5 October 2021  5 October 2020    5 April

                                                £’000           £’000      £’000

Fixed assets

Investments held at fair value through        821,995         509,624    594,230
profit or loss

Current assets

Debtors                                         4,523           2,527      3,895

Cash at bank and in hand                       18,904          39,314     37,242

                                               23,427          41,841     41,137

Creditors: amounts falling due within         (3,245)         (8,106)    (1,321)
one year

Net current assets                             20,182          33,735     39,816

Total assets less current liabilities         842,177         543,359    634,046

Capital and reserves

Called-up share capital                         4,301           3,081      3,453

Share premium account                         629,579         394,491    463,437

Capital redemption reserve                         16              16         16

Capital reserve                               201,238         140,179    158,378

Revenue reserve                                 7,043           5,592      8,762

Total equity shareholders’ funds              842,177         543,359    634,046

Net asset value per Ordinary Share           4,894.6p        4,409.0p   4,590.2p

The Half-Year Financial Report for the six months ended 5 October 2021 was approved by the Board of Directors on 12 November 2021 and signed on its behalf by:

Jean Matterson


12 November 2021

Cash Flow Statement (unaudited)

for the six months ended 5 October 2021

                                         (unaudited)     (unaudited)  (audited)

                                      6 months ended  6 months ended       Year
                                      5 October 2021  5 October 2020      ended
                                                                        5 April

                                               £’000           £’000      £’000

Net cash outflow from operations             (1,756)         (1,665)    (3,211)
before dividends & interest (note 5)

Dividends received                             5,168           3,196      6,641

Interest received                              1,800           1,885      3,916

Tax paid                                           -               -       (90)

Net cash inflow from operating                 5,212           3,416      7,256

Payments to acquire investments            (413,107)       (178,212)  (372,428)

Receipts from sale of investments            230,037         149,755    269,854

Net cash outflow from investing            (183,070)        (28,457)  (102,574)

Equity dividends paid                        (6,771)         (4,901)    (4,901)

Net proceeds from the issue of               166,291          35,615    103,820
Ordinary shares

Net cash inflow from financing               159,520          30,714     98,919

(Decrease)/increase in cash and cash        (18,338)           5,673      3,601

Cash and cash equivalents at start of         37,242          33,641     33,641

Cash and cash equivalents at end of           18,904          39,314     37,242

Notes to the Financial Statements

1              Basis of preparation

The condensed Financial Statements for the six months to 5 October 2021 comprise the Income Statement, the Statement of Changes in Equity, the Statement of Financial Position and the Cash Flow Statement, together with the notes set out below. They have been prepared in accordance with FRS 104 ‘Interim Financial Reporting’, the AIC’s Statement of Recommended Practice issued in April 2021 (“SORP”), UK Generally Accepted Accounting Principles (“UK GAAP”) and using the same accounting policies as set out in the Company’s Annual Report and Accounts at 5 April 2021.

Fair Value

Under FRS 102 and FRS 104, investments have been classified using the following fair value hierarchy:

Level 1: valued using unadjusted quoted prices in active markets for identical assets.

Level 2: valued using observable inputs other than quoted prices included within Level 1.

Level 3: valued using inputs that are unobservable.

As at 5 October 2021 £819,786,000 (5 October 2020: £509,059,000; 5 April 2021: £593,804,000) of the Company’s investments were classified as Level 1 with £2,209,000 classified as Level 3 (5 October 2020: £565,000; 5 April 2021: £426,000). During the period, one asset (Gabelli Value Plus Investment Trust) was moved from Level 1 to Level 3 as it delisted.

2              Investment income

                                              (unaudited) (unaudited) (audited)

                                                 6 months    6 months      Year
                                                    ended       ended     ended
                                                5 October   5 October   5 April
                                                     2021        2020      2021

                                                    £’000       £’000     £’000

Income from investments

Interest from UK bonds                                900         740     1,329

Dividends from UK equity and non-equity             3,138       2,563     4,194

Interest from overseas bonds                        1,055         991     1,994

Dividends from overseas equity and non-equity       2,168         639     2,425

Total income                                        7,261       4,933     9,942

3              Net return per Ordinary share

The calculation of return per Ordinary share is based on results after tax divided by the weighted average number of shares in issue during the period of 15,497,952 (5 October 2020: 11,876,181, 5 April 2021: 12,401,011).

                The revenue, capital and total return per Ordinary Share is shown in the Income Statement.

4              Dividends paid

                                          (unaudited)    (unaudited) (audited)

                                       6 months ended 6 months ended      Year
                                            5 October      5 October     ended
                                                 2021           2020   5 April

                                                £’000          £’000     £’000

2020 dividend paid 17 July 2020 (42.0p              -          4,901     4,901
per share)

2021 dividend paid 16 July 2021 (45.0p          6,771              -         -
per share)

5              Reconciliation of net return before tax to net cash outflow from operations before dividends and interest

                                            (unaudited) (unaudited) (audited)

                                               6 months    6 months      Year
                                                  ended       ended     ended
                                              5 October   5 October   5 April
                                                   2021        2020      2021

                                                  £’000       £’000     £’000

Net return before tax                            48,130      42,428    64,062

Less capital gain before tax                   (42,860)    (39,057)  (57,336)

Decrease/(increase) in prepayments                    7        (44)        40

Increase in accruals and deferred income            106          20       114

Overseas withholding tax                           (25)        (16)      (28)

Increase in recoverable UK tax                        -         (3)       (5)

Dividends received                              (5,306)     (3,202)   (6,619)

Interest received                               (1,955)     (1,732)   (3,323)

Realised gains/(losses) on foreign currency         147        (59)     (116)

Net cash outflow from operations before         (1,756)     (1,665)   (3,211)
dividends and interest

6              Ordinary Shares

During the period the Company issued 3,393,039 new Ordinary shares of 25p each for proceeds totalling £166,990,000 and no Ordinary shares were issued from treasury (period to 5 October 2020: 712,300 new Ordinary shares of 25p each issued for proceeds totalling £31,634,000 and re-issued 102,300 Ordinary shares from treasury for proceeds of £4,350,000, year to 5 April 2021: 2,201,550 new Ordinary shares of 25p each issued for proceeds totalling £100,872,000 and re-issued 102,300 Ordinary shares from treasury or proceeds of £4,350,000).

During the period the Company did not repurchase any Ordinary shares (period to 5 October 2020 and year to 5 April 2021: nil). At 5 October 2021 no Ordinary shares were held in treasury (5 October 2020 and 5 April 2021: nil).

At 5 October 2021, there were 17,206,152 Ordinary shares in issue (5 October 2020: 12,323,863, 5 April 2021: 13,813,113).

7              General information

The financial information contained in this Half-Year Financial Report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The financial information for the half-years ended 5 October 2020 and 5 October 2021 has not been audited. The abridged financial information for the year ended 5 April 2021 has been extracted from the Company’s statutory accounts for that year, which have been filed with the Registrar of Companies. The report of the Auditors on those accounts was unqualified and did not contain a statement under either Section 498(2) or Section 498(3) of the Companies Act 2006.


Juniper Partners Limited

Company Secretary