Jupiter Green Investment Trust plc ('the company')

Legal Entity Identifier: 549300MFRCR13CT1L845

Annual Financial Results for the year ended 31 March 2021

Financial Highlights for the year ended 31 March 2021

Performance (excluding dividend income) Since Launch 

* In September 2006, new ordinary shares totalling 1,058,859 were issued and in November 2006, new ordinary shares totalling 600,000 were issued. Investment performance adjusted for the new issues of Ordinary shares.

** In April, July and August 2007, new ordinary shares totalling 20,249,074 were issued and a total of 737,963 ordinary shares were cancelled in March 2008. Investment performance adjusted for the new issues and the subsequent cancellation of shares.

*** With effect from 2 September 2020 the company retrospectively changed its benchmark from the FTSE ET100 Total Return Index to the MSCI World Small Cap Index, both expressed in sterling terms.

^ Being the exercise price for the purposes of the 2022 subscription rights.

† A final dividend of 0.64p is subject to approval by shareholders at the Annual General Meeting to be held on 1 September 2021.

^▲ For definitions of the above Alternative Performance Measures please refer to the Glossary of Terms in the Annual Report & Accounts.

Strategic Report

Chairman's Statement

It is with pleasure that I present the Annual Report and Accounts for the Jupiter Green Investment Trust PLC for the twelve months to 31 March 2021.

The quite extraordinary period covered by this report, capturing almost the entirety of the COVID-19 global pandemic to date, has understandably dominated investor's thinking. A year ago, the world was plunged into the steepest economic contraction in decades, recovering hesitantly at times, and it was only the announcement of successful vaccine trials in November 2020 that gave investors more confidence in the future recovery. Even now, as millions of people across the world receive a vaccine every day, there are traumatic images and news stories from parts of the world still in the grip of the pandemic.

What is becoming clear, however, is that environmental solutions will be at the heart of recovery plans and key to a reinvigorated post-COVID economy. Not only does this represent an encouraging contrast to the years following the last major global crisis in 2008/9, but it also marks a very favourable long-term investment landscape for the company.

Europe, once again, appears to be taking the lead. On 16 September, the European Commission proposed reducing greenhouse gas emission by at least 55% by 2030 from 1990 levels, a hike on the 40% cut currently targeted. The European Union's €750bn recovery package also has climate change at its heart, including investment in renewable energy, clean hydrogen, batteries and sustainable energy infrastructure. In the UK, Boris Johnson has pledged to help the country "build back better", for example by investing in the infrastructure needed to build sufficient offshore wind farms to allow for the generation of enough electricity to power every home in the UK within a decade.

Meanwhile, the victory for Joe Biden in the US presidential election - and crucially also for the Democrats in Georgia's Senate race, which gave them the narrowest of majorities across Congress - represents a return to the climate change policy fold for the US. The US has already returned to the 2015 Paris Agreement on climate change, and President Biden's $2 trillion infrastructure and climate bill has profound implications for development on reducing carbon emissions, expanding sustainable housing and public transport.

In January 2021 the company was advised by the Investment Adviser, Jupiter Asset Management Limited, that Charlie Thomas, the fund manager of the company since 2006, would be leaving Jupiter to take on a new role. Further to this news, the board was pleased to announce that Jupiter fund manager Jon Wallace has been appointed to assume lead fund management responsibility for the company.

Jon is well known to the board, having worked closely with Charlie on the Trust since 2014 after joining Jupiter's Environmental Solutions team in 2009. Jon has an in-depth knowledge of the portfolio, and a strong expertise in seeking out the key innovators in the green technology space. We look forward to working closely with him to continue to deliver an exciting and differentiated investment opportunity for our growing shareholder base.

The board would like to extend its thanks to Charlie for his commitment to the company and its shareholders over the past 14 years, and wishes him the very best for his new challenge.

I am also pleased to note that Jupiter has committed to achieving net zero emissions by 2050 across its full range of investments and operations, including your own company, reflecting the urgent need to limit global warming to less than 1.5 degrees C in line with the Paris Agreement. The Investment Adviser has also aligned its strategy, purpose and principles with the UN Global Compact such that all investment decision-making and engagement is guided by the principles of the UNGC and all investee companies are expected to abide by the Compact's Ten Principles, committing to meeting fundamental responsibilities in the areas of human rights, labour, environment and anti-corruption.

Investment performance

During the twelve months under review the total return on the net asset value of the company's ordinary shares was 52.6%. This compares with an increase of 64.5% in the company's share price and a 61.0% gain for the company's new benchmark index, the MSCI World Small Cap Index.

As referenced in the interim report for this year, the change of benchmark was undertaken due to a shift in the investment focus of the company towards companies innovating to drive environmental solutions, many of which are classified as smaller companies. A review of the investment performance of the company over the course of the period, as well as further rationale on the adjustment in investment focus, is set out by Jon Wallace in the Investment Adviser's Review.

Dividend

On 2 September 2020, the board released a statement to the London Stock Exchange in which we explained that the changes to the investment focus of the company and the increasing bias towards smaller, innovative, companies were likely to provide the potential for higher capital growth while reducing the level of dividend income available for distribution to shareholders. As a result of the changes in the investment focus, the board has taken the decision to establish a dividend policy that would result in paying one final dividend per annum in October each year equal to the current revenue of the company. A resolution to declare a final dividend of 0.64p per share (2020: 1.30p) will be proposed at the company's Annual General Meeting ('AGM') on 1 September 2021. Subject to shareholder approval, the final dividend will be paid on 1 October 2021 to those shareholders on the register as at 17 September 2021.

Capital and Reserves

The board is mindful of the need to maintain a flexible approach to share buybacks in order to support the discount management policy. As at 31 March 2020, most of the capital of the company was held in a share premium account and was therefore not available for distribution to shareholders or for share buybacks.

The board obtained shareholder approval at the AGM on 16 September 2020 to cancel the balance on the share premium account of £29.7 million and to allocate this amount, less £16,275, to a distributable reserve account of the company in order to increase distributable reserves. These reserves can be used to make distributions by way of dividends to, or share buybacks from, shareholders. This is a common procedure employed by investment trust companies which has no impact on the net assets of the company. The cancellation of the share premium account was approved by Companies House with effect from 29 October 2020.

Shares in the company traded at a premium to net asset value for most of the period since October 2020 which allowed the directors to issue shares out of treasury to satisfy investor demand. The total amount raised through tap issuance up to 31 March 2021 was £3.2m.

Shareholders were given the opportunity to subscribe for new ordinary shares on 1 April 2021 on the basis of one new ordinary share for every ten held. The subscription price was 173.31p. Subscriptions were received from shareholders resulting in the issue of 1,182,328 shares from treasury on this occasion. As a result of both tap issuance in the period and subscription share issuance, the share capital of the company increased by £5.2m. Since 31 March 2021 a further 342,000 shares have been issued (excluding the subscription exercise), raising the share capital by a further £0.9m. While this represents good progress against the company's strategic objective to increase the size of the company the board recognises that the size of the company remains at the lower end of the size which is attractive to institutional and wealth management investors. More work is therefore planned to grow the company and on 14 June 2021 the board was given increased authority by shareholders to issue new shares, in addition to its existing authority passed at the last annual general meeting. This new authority will allow the board to continue to satisfy the demand for shares in the company up to the next annual general meeting on 1 September.

Gearing

Gearing is defined as the ratio of a company's long term debt less cash held compared to its equity capital, expressed as a percentage. The effect of gearing is that, in rising markets, the company tends to benefit from any growth of the company's investment portfolio above the cost of borrowing. Conversely, in falling markets the company suffers more if the company's investment portfolio underperforms the borrowing cost.

On 24 August 2020 the company entered into a revolving loan facility agreement with Royal Bank of Scotland International Limited for £5 million which the investment adviser has been authorised by the board to draw down for investment purposes. The facility to gear the company's investment portfolio is deployed tactically by the investment adviser with a view to enhancing shareholder returns. The directors have determined that the maximum level of gearing will be 25% of the company's total assets at the time of drawdown.

As at 31 March 2021 the company's net gearing level was 0% (being the amount of drawn down bank debt, less cash held on the balance sheet pending investment on that date, as a proportion of the company's total assets).

Outlook

With the UN COP26 conference on the horizon, the issue of climate change is an area of unusual unanimity among world leaders. The UK has recently announced more ambitious targets towards net zero emissions, and even China - by far the world's biggest carbon emitter - has shifted policy, committing to be carbon neutral by 2060. These commitments are to be welcomed, but it is crucial that these promises are delivered upon. We live on a planet that has finite resources, which we are already over-consuming. The debate surrounding these critical issues will evolve over the next decade and will ultimately impact business models, with major implications across a wide variety of industries.

Climate change is a long-term problem that will need long-term solutions, which is why we feel that environmental themes can present multi- year, indeed even multi-decade, opportunities. Jon Wallace and his team will look to take advantage of any underappreciated opportunities that arise as a result of ongoing market turmoil with an eye towards generating long-term returns for the company's shareholders. As we have seen in the past, unprecedented change can create significant investment opportunities across each of the seven investment themes that comprise the portfolio.

Michael Naylor

Chairman

5 July 2021

Investment Adviser's Review

Market review

The period under review began with the extraordinary global market turbulence triggered by the COVID-19 pandemic. Global equities sold off sharply in March 2020 as many economies went into lockdowns, although markets rebounded strongly in April, led by US equities. Unprecedented levels of swift support from both government and central banks, coupled with a gradual easing in lockdown measures, underpinned an especially strong recovery in growth and technology stocks.

While investor sentiment weakened somewhat in September and October, November marked a pivotal moment for the pandemic following successful COVID-19 vaccine trials; investors began to shift their focus towards a world post COVID-19. A Biden victory in the US presidential election at the beginning of November was also supportive for markets as it was viewed as the more 'market- friendly' outcome. Equities continued to trend higher in December, supported by ongoing global vaccine rollouts.

Moving into 2021, global equities rose over Q1, supported by successful rollouts of COVID-19 vaccines in the US and UK, and ongoing supportive fiscal and monetary policy. Bullish sentiment about greater economic growth expected later this year was further boosted by significant fiscal stimulus from the new Biden administration in the US in March. A $1.9trn stimulus package was swiftly passed as well as plans for a further $2trn package of infrastructure measures aiming to address the long-term effects of the pandemic and reinvigorate productivity and the economy in the US. Lowly valued parts of the market fared well, as did smaller companies.

Environmental solutions were a big theme over the period, becoming a central feature of economic recovery programmes of many countries. In the US for example, Biden's $2trn infrastructure proposal would mark a step change in the use of environmental solutions such as clean energy in the transportation, electricity and building sectors. In September, the European Commission announced that by 2030 it aimed to reduce greenhouse gas emissions by at least 55% from 1990 levels, compared to its previous target of 40%. The EU's recovery package also embeds action on climate change by including investment in renewable energy, clean hydrogen, batteries and sustainable energy infrastructure. China unexpectedly pledged to be carbon neutral by 2060.

Investment review

Our company's approach to investing in environmental solutions remains focused on seven sustainable themes:

·      Circular economy: solutions for sustainable materials and resource stewardship

·      Clean energy: generation, storage and distribution

·      Water: conservation and management

·      Mobility: technologies and services for sustainable movement

·      Energy efficiency: enabling a low carbon transition

·      Sustainable agriculture, nutrition and health: solutions protecting natural resources and well-being

·      Environmental services: pollution control, testing and impact management

The COVID-19 pandemic and its associated economic crisis have triggered an acceleration in a number of structural sustainability trends in which the company is invested, including: sustainable agriculture, nutrition and health, sustainable mobility, clean energy, environmental services and the circular economy.

As a result, during the period under review we increased the company's investment focus on companies which are innovating technological solutions to environmental challenges ('innovators') and those companies that already have a proven solution set to continue rapid growth within their addressable markets ('accelerators'). We believe this should deliver higher capital growth and overall higher returns to shareholders, with a focus on delivering an above-market total return. We expect lower dividend payments as a result of this approach.

A natural feature of these changes is a greater focus on smaller and mid-size companies which are often at the forefront of the innovation driving environmental solutions. In light of this, the benchmark of the company is now the MSCI World Small Cap Index. We believe this widely-used index will provide a more suitable and understandable reference point by which investors can assess the performance of the company in the long-term.

Portfolio transition over the 12 month period

'Innovator' and 'Accelerator' companies were a dominant driver of returns over the period, with contribution notably strong from those companies in the Clean Energy and Circular Economy themes. Amongst the top performers were wind turbine maker Vestas, offshore wind developer Orsted, and fuel cell technology leader Ceres Power, all of which sit in the Clean Energy theme.

In the Circular Economy theme, Re:NewCell also contributed significantly to overall performance. Alongside Ceres Power, Re:NewCell is a newcomer to the company that embodies an 'Innovator' stage company, bringing new solutions to the mass textile industry that enable recycling of clothing materials in a true 'circular' model. This solution will, we believe, begin to positively address the deep sustainability challenges within the global textile industry.

Another addition to the portfolio was Borregaard, a Norwegian biorefinery also in the Circular Economy theme albeit closely linked to Sustainable Agriculture. Borregaard uses waste wood to develop wood-based substitutes for petroleum and we believe is an example of a compelling environmental solution with a large addressable market, but one that hasn't yet received the attention of the wider investment market. We believe it should benefit from the commitments of consumer goods companies to use more natural ingredients and avoid petroleum, as well as from supportive policy developments.

In other trading news, we added to our position in DSM (Sustainable Agriculture, Nutrition & Health). While we had previously bought shares in the company on broad market weakness, its continued shift to higher value nutrition markets under the new management line-up and a strengthened balance sheet give the company a strong platform to grow earnings in the medium term. During this time frame, we also believe it is set to benefit from emerging environmental solutions including those addressing challenges in the agriculture sector and aquaculture markets, both of which are now rapidly seeking to address a large (and growing) climate and broader environmental footprint.

Notable holdings that detracted from performance in absolute terms were Loop Industries (Circular Economy), East Japan Railway Company (Sustainable Mobility), Cranswick (Sustainable Agriculture Nutrition & Health), and Pennon Group (Water) - all of which are no longer held - as well as Teamviewer (Energy Efficiency).

Outlook

It has been encouraging to see how, over the course of the COVID-19 pandemic, the drivers of green investment have continued to gain momentum. This was by no means assured at the beginning of the review period, and stands in notable contrast to the years following the last major global crisis in 2008/9.

Looking beyond the many headlines of the heightened financial and political capital that is mobilising to address pressing environmental challenges such as climate change, it is now becoming clear that our investment opportunity is entering a new and decisive phase. The continued growth of environmental solutions that have for many years been central to global efforts to address related challenges, such as Clean Energy technologies, will of course continue to play a key role in achieving critical sustainability goals. However, they alone will be insufficient. Developing and applying new, innovative solutions towards 'hard to tackle' sectors of the economy that have to date made little progress transitioning to an environmentally sustainable pathway marks the next major challenge and one that brings with it a new opportunity set.

The company is well-positioned to take advantage in this evolving landscape, having the flexibility to meaningfully invest in smaller, 'innovator' stage companies as well as unquoted companies. While there are no unlisted companies in the portfolio currently, we are committed to investing in such opportunities in the future where we see the potential to achieve higher returns as well as adding diversity to the company's existing investments.

Jon Wallace

Fund Manager

Jupiter Asset Management Limited

Investment Adviser

5 July 2021

Investment Portfolio as at 31 March 2021

The holdings listed above are all equity shares unless otherwise stated

Cross Holdings in other Investment Companies

As at 31 March 2021, 1.1% of the company's total assets was invested in Greencoat Renewables, a UK listed investment company.

Whilst the requirements of the UK Listing Authority permit the company to invest up to 10% of the value of the total assets of the company (before deducting borrowed money) in other investment companies (including investment trusts) listed on the Main Market of the London Stock Exchange. It is the directors' current intention that the company invests not more than 5% in other investment companies.

Analysis of Investments by Investment Theme, Stage of Development, Geography and Economic Sector

Analysis of Investments by Investment Theme and Stage of Development

As at 31 March 2021

* Innovators are companies that are innovating technological change to environmental challenges. Accelerators are companies that already have a proven solution to environmental challenges and are set to continue rapid growth within their addressable market. Established leaders are larger companies which have developed a commanding presence in their chosen markets.

Analysis of Investments by Geography and Economic Sector

As at 31 March 2021

Strategic Review

The Strategic Report has been prepared in accordance with the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013.

The Strategic Report seeks to provide shareholders with the relevant information to enable them to assess the performance of the directors of the company during the period under review.

Business and Status

During the year the company carried on business as an investment trust with its principal activity being portfolio investment. The company has been approved by HM Revenue & Customs ('HMRC') as an investment trust subject to the company continuing to meet the eligibility conditions of sections 1158 and 1159 of the Corporation Taxes Act 2010 and the ongoing requirements for approved companies as detailed in Chapter 3 of Part 2 of the Investment Trust (Approved Company) (Tax) Regulations 2011. In the opinion of the directors, the company has conducted its affairs in the appropriate manner to retain its status as an investment trust.

The company is a public limited company and is an investment company within the meaning of section 833 of the Companies Act 2006. It is also an Alternative Investment Fund (AIF) for the purposes of the EU Alternative Investment Fund Managers Directive.

The company has a fixed share capital although it may issue or purchase its own shares subject to shareholder approval, usually sought annually although more recently on 14 June 2021, additional authority was obtained in a general meeting of the company.

The company is not a close company within the meaning of the provisions of the Corporation Tax Act 2010 and has no employees.

The company was incorporated in England & Wales on 12 April 2006 and started trading on 8 June 2006, immediately following the company's launch.

Reviews of the company's activities are included in the Chairman's Statement and Investment Adviser's Review.

There has been no significant change in the activities of the company during the year to 31 March 2021 and the directors anticipate that the company will continue to operate in the same manner during the current financial year.

Investment Objective

The investment objective of the company is to achieve capital growth and income, both over the long-term, through investment in a diverse portfolio of companies providing environmental solutions.

Investment Strategy

The investment adviser has adopted a bottom-up approach. The investment adviser, supported by Jupiter's Governance and Sustainability team, researches companies, ensuring that each potential investment falls within the company's stated investment policy. Consideration is also given to a potential investment's risk/return profile and growth prospects before an investment is made. Once companies operating within the appropriate theme have been identified and due diligence has been carried out, the investment adviser will decide whether a particular investment would be appropriate.

Investment Policy

The COVID-19 pandemic and its associated economic crisis have triggered an acceleration in a number of structural sustainability trends in which the company is invested. As a result, we have adjusted the company's investment focus towards a greater emphasis on companies which are innovating technological solutions to sustainability challenges ('innovators') and companies that are already rapidly delivering proven sustainable solutions in their markets ('accelerators'). A by-product of these changes will be a greater focus on smaller companies which are at the forefront of the innovation driving sustainable solutions.

The following investment restrictions are observed:

In accordance with the requirements of the UK Listing Authority, any material changes in the principal investment policies and restrictions of the company would only be made with the approval of shareholders by ordinary resolution.

Future Developments

It is the board's ambition to continue to grow the asset base of the company through a combination of organic growth of net asset value and issuance of new shares with a view to achieving the critical mass necessary to attract broader demand from large national discretionary wealth managers, and other long term institutional buyers of investment trust shares.

Benchmark Index

On 2 September 2020 the benchmark of the company was changed from the FTSE Environmental Technology 100 ('FTSE ET100') Total Return Index to the MSCI World Small Cap Index.

Management

The company has no employees and most of its day to day responsibilities are delegated to Jupiter Asset Management Limited ('JAM'), who act as the company's investment adviser and company secretary. Further details of the company's arrangement with JAM and the Alternative Investment Fund Manager ('AIFM'), Jupiter Unit Trust Managers Limited, can be found in the Notes to the accounts. Both JAM and JUTM are part of the Jupiter Group which comprises Jupiter Fund Management PLC and all of its subsidiaries ('Jupiter').

J.P. Morgan Europe Limited ('JPMEL') acts as the company's depository. The company has also entered into an outsourcing arrangement with J.P. Morgan Chase Bank N.A. ('JPMCB') for the provision of accounting and administration services.

Although JAM is named as the company secretary, JPMEL provides administrative support to the company secretary as part of its formal mandate to provide broader fund administration services to the company.

Viability Statement

In accordance with Provision 36 of the Code of Corporate Governance as issued by the Association of Investment Companies in February 2019 (the 'AIC Code'), the board has assessed the prospects of the company over a longer period than the twelve months required by the 'Going Concern' provision, reviewing the next two years in line with the three year cycle of the company continuation vote. The company's investment objective is to achieve capital growth and income, both over the long term and the board regards the company as a long-term investment.

The board has considered the company's business model including its investment objective and investment policy as well as the principal and emerging risks and uncertainties that may affect the company.

In addition, the board has considered the reporting produced by the Jupiter Investment Risk Team concerning a number of potential future scenarios resulting from the COVID-19 pandemic. The board continues to monitor income and expense forecasts for the company. The board has also assessed the operational resilience of its key service providers in light of COVID-19.

The board has noted that:

The board has therefore concluded that there is a reasonable expectation that the company will be able to continue in operation and meet its liabilities as they fall due over the next three years.

As part of its assessment, the Board has noted that shareholders will be required to vote on the continuation of the Company at the 2023 AGM.

Gearing

Gearing is defined as the ratio of a company's long-term debt less cash held compared to its equity capital, expressed as a percentage. The effect of gearing is that in rising markets a geared share class tends to benefit from any outperformance of the relevant company's investment portfolio above the cost of payment of the prior ranking entitlements of any lenders and other creditors. Conversely, in falling markets the value of the geared shares class suffers more if the company's investment portfolio underperforms the cost of those prior entitlements.

The company may utilise gearing at the director's discretion for the purpose of financing the company's portfolio and enhancing shareholder returns. In particular, the company may be geared by bank borrowings which will rank in priority to the ordinary shares for repayment on a winding up or other return of capital.

The Articles provide that, without the sanction of the company in a general meeting, the company may not incur borrowings above a limit of 25% of the company's total assets at the time of drawdown of the relevant borrowings.

Loan facility

On 24 August 2020 the company entered into a revolving loan facility agreement with Royal Bank of Scotland International Limited of £5 million which the investment adviser has been authorised by the board to draw down for investment purposes. The facility to gear the company's investment portfolio is deployed tactically by the investment adviser with a view to enhancing shareholder returns. The directors have determined that the maximum level of gearing will be 25% of the company's total assets at the time of drawdown. The finance costs shown in the Statement of Comprehensive Income are in respect of interest charges on the utilised balance along with the costs incurred for non-utilisation of the facility during the year to the end of the loan term.

Use of Derivatives

The company may invest in derivative financial instruments comprising options, futures and contracts for difference for investment, hedging and efficient portfolio management, as more fully described in the investment policy. There is a risk that the use of such instruments will not achieve the goals desired. Also, the use of swaps, contracts for difference and other derivative contracts entered into by private agreements may create a counterparty risk for the company. This risk is mitigated by the fact that the counterparties must be institutions subject to prudential supervision and that the counterparty risk on a single entity must be limited in accordance with the individual restrictions. There were no open derivatives at year end.

Currency Hedging

The company's accounts are maintained in sterling while investments and revenues are likely to be denominated and quoted in currencies other than sterling. Although it is not the company's present intention to do so, the company may, where appropriate and economic to do so, employ a policy of hedging against fluctuations in the rate of exchange between sterling and other currencies in which its investments are denominated.

Key Performance Indicators

At their quarterly board meetings the directors consider a number of performance indicators to help assess the company's success in achieving its objectives. The key performance indicators used to measure the performance of the company over time are as follows:

·      Net asset value changes over time;

·      Ordinary share price movement;

·      A comparison of ordinary share price and net asset value to benchmark;

·      Discount and premium to net asset value; and

·      Growth in assets under management.

In addition, a history of the net asset values, the price of the ordinary shares and the benchmark index are shown on the monthly factsheets which can be viewed on the investment adviser's website www.jupiteram.com/JGC and which are available on request from the company secretary.

Discount to Net Asset Value

The directors review the level of the discount or premium between the middle market price of the company's ordinary shares and their net asset value on a regular basis.

The directors have powers granted to them at the last AGM to purchase ordinary shares and either cancel or hold them in treasury as a method of controlling the discount to net asset value and enhancing shareholder value.

The company did not repurchase any ordinary shares for holding in treasury during the year under review.

Under the Listing Rules, the maximum price that may currently be paid by the company on the repurchase of any ordinary shares is 105% of the average of the middle market quotations for the ordinary shares for the five business days immediately preceding the date of repurchase. The minimum price will be the nominal value of the ordinary shares. The board is proposing that its authority to repurchase up to approximately 14.99% of its issued share capital should be renewed at the AGM. The new authority to repurchase will last until the conclusion of the AGM of the company in 2022 (unless renewed earlier). Any repurchase made will be at the discretion of the board in light of prevailing market conditions and within guidelines set from time to time by the board, the Companies Act, the Listing Rules and Model Code.

Treasury Shares

In accordance with the Companies (Acquisition of Own Shares) (Treasury Shares) Regulations 2003 (the 'Regulations') which came into force on 1 December 2003 any ordinary shares repurchased, pursuant to the above authority, may be held in treasury. These ordinary shares may subsequently be cancelled or sold for cash. This would give the company the ability to reissue shares quickly and cost effectively and provide the company with additional flexibility in the management of its capital. The company issued 1,185,000 ordinary shares from treasury during the year under review.

Principal Risks and Uncertainties

The Directors confirm that they have caried out a robust assessment of the emerging and principal risks facing the company, including those that would threaten its business model, future performance, solvency or liquidity. Most of these risks are market related and are similar to those of other investment trusts investing primarily in listed markers. The Audit Committee reviews the company's risk control summary at each meeting, and as part of this process, gives consideration to identifying emerging risks. Any emerging risks that are identified, that are considered to be of significance will be recorded on the company's Risk Control Summary with and mitigations. In carrying out this assessment, consideration is given to the market and the impact from the Coronavirus (COVID-19) outbreak.

Investment policy and process - Inappropriate investment policies and processes may result in under performance against the prescribed benchmark index and the company's peer group.

The board manages these risks by ensuring a diversification of investments and regularly reviewing the portfolio asset allocation and investment process. In addition, certain investment restrictions have been set and these are monitored as appropriate.

Investment Strategy and Share Price Movements - The company is exposed to the effect of variations in the price of its investments. A fall in the value of its portfolio will have an adverse effect on shareholders' funds. It is not the aim of the board to eliminate entirely the risk of capital loss, rather it is its aim to seek capital growth. The board reviews the company's investment strategy and the risk of adverse share price movements at its quarterly board meetings taking into account the economic climate, market conditions and other factors that may have an effect on the sectors in which the company invests. There can be no assurances that appreciation in the value of the company's investments will occur but the board seeks to reduce this risk.

COVID-19 - The COVID-19 pandemic poses additional risks to the company beyond the risks described under market risks above. They include liquidity risks to markets, and business continuity risks for the investment adviser. Each of these risks is being assessed on a day to day basis by the investment adviser.

Discount to Net Asset Value - A discount in the price at which the company's shares trade to net asset value would mean that shareholders would be unable to realise the true underlying value of their investment. As a means of controlling the discount to net asset value the board has established a buy- back programme which is under constant review as market conditions change.

Liquidity Risk - The company may invest in securities that have a very limited market which will affect the ability of the investment adviser to dispose of securities when it is no longer felt that they offer the potential for future returns. Likewise the company's shares may experience liquidity problems when shareholders are unable to realise their investment in the company because there is a lack of demand for the company's shares. At its quarterly meetings the board considers the current liquidity in the company's investments when setting restrictions on the company's exposure. The board also reviews, on a quarterly basis, the company's buy-back programme and in doing so is mindful of the liquidity in the company's shares.

Gearing Risk - The company's gearing can impact the company's performance by accelerating the decline in value of the company's net assets at a time when the company's portfolio is declining. Conversely gearing can have the effect of accelerating the increase in the value of the company's net assets at a time when the company's portfolio is rising. The company's level of gearing is under constant review by the board who take into account the economic environment and market conditions when reviewing the level.

Regulatory Risk - The company operates in a complex regulatory environment and faces a number of regulatory risks. A breach of section 1158 of the Corporation Tax Act 2010 could result in the company being subject to capital gains tax on portfolio movements. Breaches of other regulations such as the UKLA Listing rules, could lead to a number of detrimental outcomes and reputational damage. Breaches of controls by service providers such as the investment adviser could also lead to reputational damage or loss. The board monitors regulatory risks at its quarterly board meetings and relies on the services of its company secretary, JAM, and its professional advisers to ensure compliance with, amongst other regulations, the Companies Act 2006, the UKLA Listing Rules, the FCA's Disclosure Guidance and Transparency Rules and the Alternative Investment Fund Managers' Directive. In order to ensure that the company remains compliant, the board directly and via the Audit Committee/ Management Engagement Committee receives regular updates from the Investment Adviser and the company's other key service providers. The investment adviser is contractually obliged to ensure that its conduct of business conforms to applicable laws and regulations.

Credit and Counterparty Risk - The failure of the counterparty to a transaction to discharge its obligations under that transaction could result in the company suffering a loss.

Loss of Key Personnel - The day-to-day management of the company has been delegated to the investment adviser. Loss of the investment adviser's key staff members could affect investment return. The board is aware that JAM recognises the importance of its employees to the success of its business. Its remuneration policy is designed to be market competitive in order to motivate and retain staff and succession planning is regularly reviewed. The board also believes that suitable alternative experienced personnel could be employed to manage the company's portfolio in the event of an emergency.

Operational - Failure of the core accounting systems, or a disastrous disruption to the investment adviser's business or that of the administration provider JPMCB, could lead to an inability to provide accurate reporting and monitoring.

Financial - Inadequate financial controls could result in misappropriation of assets, loss of income and debtor receipts and inaccurate reporting of net asset value per share. The board annually reviews the investment adviser's report on its internal controls and procedures. Details of how the board monitors the operational services and financial controls of Jupiter and J.P. Morgan are included within the Internal Control section of the Report of the Directors in the Annual Report & Accounts. Enterprise risk is reviewed twice a year, taking into its remit emerging risks as they become immediate, whist still maintaining a long-term perspective where they are evolving at a fast rate. Climate change and its potential impacts is under scrutiny at every meeting, this being the very purpose of the company.

Capital Gains Tax Information

The closing price of the ordinary shares on the first date of dealing for capital gain tax purposes was 99p.

Directors

Details of the directors of the company and their biographies are set out in the Annual Report & Accounts.

The company's policy on board diversity is included in the Corporate Governance section of the Report.

As at 31 March 2021, the board comprises of one female and three male directors.

Employees, Environmental, Social and Human Rights issues

The company has no employees as the board has delegated the day to day management and administration functions to JUTM, JAM and other third-party suppliers. There are therefore no disclosures to be made in respect of employees.

Integration of Environmental, Social and Governance ('ESG') considerations into the Investment Adviser's Investment Process

Jupiter Asset Management Limited's approach to stewardship is borne out of a belief that allocating capital to well-governed companies with sustainable business models enhances the potential for positive, long-term outcomes for our clients and wider stakeholders. Effective stewardship allows us to make better informed investment decisions through the monitoring of assets, engagement with companies, ESG integration and partnerships with peers, industry bodies, and civil society groups. At Jupiter, the CIO function (CIO Office) has oversight on ESG matters for the fund management department. The Governance and Sustainability Team works with investment teams to help identify relevant ESG factors that might affect the business performance of investee companies. Stewardship is a factor in the personal objectives of Jupiter's investment personnel, and this includes fund managers and investment analysts. This means that stewardship priorities are well defined, integrated, and relevant to the investment approach.

Modern Slavery Act

The Modern Slavery Act 2015 requires certain companies to prepare a slavery and human trafficking statement. As the company has no employees and does not supply goods and services, it is not required to make such a statement.

Global Greenhouse Gas Emissions

The company has no greenhouse gas emissions to report from its operations as the day to day management and administration functions have been outsourced to third-parties and it neither owns physical assets, property nor has employees of its own. It therefore does not have responsibility for any other emissions producing sources under the Companies Act 2006 (Strategic Report on Directors' Reports) Regulations 2013.

Section 172 Statement

Under section 172 of the Companies Act 2006, the directors have a duty to act in good faith and to promote the success of the company for the benefit of its shareholders as a whole. This includes taking into consideration the likely consequences of their decisions on the long term and on the company's stakeholders such as its shareholders, employees and suppliers, while acting fairly between shareholders. The directors must also consider the impact of the company's decisions on the environment, the community and its reputation for maintaining high standards of business conduct.

The company ensures that the directors are able to discharge this duty by, amongst other things, providing them with relevant information and training on their duties. The company also ensures that information pertaining to it is provided, as required, to the directors as part of the information presented in regular board meetings in order that stakeholder considerations can be factored into the board's decision making. The directors' responsibilities are also set out in the schedule of matters reserved for the board and the terms of reference of its committees, both of which are reviewed regularly by the board. At all times the directors can access as a board, or individually, advice from its professional advisers including the company secretary and independent external advisers.

The company's investment objective, to achieve capital and income growth over the long-term, supports the directors' statutory obligations to consider the long term consequences of the company's decisions. How the long-term focus of the company is achieved, is set out in more detail above where the investment adviser's approach to environmental, social and governance issues is explained in the section entitled Integration of ESG considerations into the investment adviser's investment process. This approach is fundamental to the company achieving long-term success for the benefit of all of its stakeholders.

The company's corporate purpose is to generate a total return by investing in companies which are developing and implementing solutions for the world's environmental challenges. The company is also aware of its own potential impact on the environment and has a number of practical policies in place to reduce that impact. Examples include the use and sharing of electronic documents by the board rather than printing documentation and the provision of electronic copies of the annual report and accounts which are available to shareholders and others on the company website. Where physical copies of the annual and half yearly financial reports are made, they use materials and processes designed to both minimise the environmental impact and to maximise the recycling potential as described in more detail on the inside back cover of this document. The proxy voting form previously printed in the annual report and accounts and posted back to the registrars has been removed and shareholders are invited to vote via the registrar's secure portal. In the last year, as a result of the COVID-19 pandemic, all board meetings were held virtually, reducing travel and associated pollution. In normal circumstances, the board would however, expect to meet physically twice each year. The directors as a matter of course continue to seek new opportunities and to make use of new technologies and processes that will further enhance environmental operation of the company.

Engagement with stakeholders and the effect on principal decisions

The Shareholders - The shareholders of the company are both institutional and retail in nature and details of those with substantial shareholdings are detailed in the Annual Report & Accounts.

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The board believe that shareholders have a vital role in encouraging a higher level of corporate performance and is committed to listening to the views of its shareholders and giving useful and timely information by providing open and accessible channels of communication including those listed below.

The AGM - The company encourages participation from shareholders at its AGMs where they can communicate directly with the directors and investment adviser. Given the environmental ethos of the company shareholders are encouraged to submit their votes by proxy ahead of the meeting, or attend the meeting remotely, rather than attending in person. The board and investment adviser welcome your questions which may be submitted to Magnus.Spence@jupiteram.com. Subject to confidentiality, we will respond to any questions submitted either direct or by publishing our response on the company's website. All views of the shareholders will be taken into consideration and action taken where appropriate.

Online Information - The recently refreshed company website (www.jupiteram.com/JGC) contains the Annual and Half Yearly Financial Report along with monthly factsheets and commentaries and video updates from the investment adviser. The daily NAV per share, monthly top ten portfolio listings, dividend announcements and various regulatory announcements can be found on the regulatory news service of the London Stock Exchange. Jupiter Green Investment Trust PLC JGC Stock | London Stock Exchange.

Shareholder Communications

Shareholders can raise issues or concerns at any time by writing to the Chairman or the Senior Independent Director at the registered office.

Further details about how the board incorporates the views of the company's shareholders in its decision- making process can be found in the UK Stewardship Code and the Exercise of Voting Powers section. Further information about how the board ensures that each director develops an understanding of the views of the company's shareholders and can be found in the section entitled Shareholder Relations of Annual Report & Accounts.

The Investment Adviser

The investment management function is critical to the long-term success of the company. The board and the investment adviser maintain an open and constructive relationship, with meetings taking place a minimum of four times per annum with monthly updates and additional meetings as circumstances require. The Audit Committee meets at least twice a year and as part of its role considers the internal controls put in place by the investment adviser. The 'Management of the company' section in the Annual Report & Accounts details the board's consideration of the investment adviser's performance, its terms of appointment and their annual assessment of its continued stewardship of the portfolio and its oversight of the administrative functions.

The day to day responsibilities of the company are delegated to the investment adviser who is the key service provider and supplies investment management, administration and company secretarial services. The investment adviser oversees the activities of the company's other third-party suppliers on behalf of the company and maintains open and collaborative relationships to maintain quality, efficiency and cost control through regular communication with dedicated members of the investment adviser's operational teams. The board regularly reviews reports from its investment adviser, the AIFM, the depositary, the company broker, the investor relations research provider and the auditors. These provide vital information concerning changes in market practice or regulation which affect the company and assist the board in its decision-making process. Representatives from these providers attend company board meetings and give presentations on a regular basis enabling in depth discussions concerning both their findings and their performance.

The board reviews the culture and values of the investment adviser as part of its ongoing assessment of its performance to ensure these are aligned to those of the board. Further information on the investment adviser's culture and values can be found in the 'Integration of ESG considerations into the investment adviser's investment process' section.

Other Third-Party Suppliers

As an externally managed investment company with no employees or physical assets, the principal stakeholders of the company are its shareholders, investment adviser, AIFM, depositary, custodian, administrator and registrar. The continuance, or otherwise, of engagement of key third-party service providers are principal decisions taken by the board every year.

Principal Decisions

The directors take into account the s172 considerations in all material decisions of the company ensuring in board discussions that appropriate attention is given to the short and long- term benefits for stakeholders. Examples of this can be seen as follows:

·      Pandemic: During the COVID-19 pandemic the board requested that the investment adviser increase the frequency of its monitoring of key suppliers to ensure the safety of working conditions and continuity of operational functions. The board decided to increase its monitoring of the portfolio and is in more frequent discussion with the investment adviser.

·      Change in Investment Policy: Discussions with the investment adviser about COVID-19 and its associated economic crisis highlighted an acceleration of sustainability trends in which the company is invested. As a result, the board decided to change the investment focus of the company to take full advantage of this acceleration. This adjustment involves investing in companies which are either innovating technological solutions to sustainability challenges ('innovators') or companies that are already rapidly delivering proven sustainable solutions in their markets ('innovators'). These changes resulted in a greater focus on smaller companies.

·      Change of Index: In light of the greater focus on smaller capitalization stocks, the board decided that it would be in the interests of shareholders to change the benchmark of the company to the MSCI World Small Cap Index. This decision was taken by the board to provide investors with a more suitable and understandable reference point to assess the performance of the company.

·      Issuances: The board was granted authority to issue shares at the 2020 AGM in September. In November 2020 the company's share price traded at or above net asset value affording the company the opportunity to grow the company through new equity issuance. In order to allow a quick decision to be made to satisfy investor demand for issuance in the market the board resolved to delegate authority, within certain parameters, to the investment adviser. Share issuances commenced in November 2020.

·      Change of Broker: In order to support the long-term growth of the company, the board reviewed its broker arrangements. Following presentations from several brokers, the board decided to appoint finnCap Limited as the company's brokers and Kepler Partners LLP as its retail marketer. Since appointment, the board has received frequent updates from finnCap and Kepler and has regularly discussed the marketing strategy of the company to support the growth of the company and engagement with shareholders. The board believes that these appointments will provide the board with the relevant expertise to support its strategy to grow the company.

·      Public Relations: The board has appointed SEC Newgate to provide public relations support to engage with media channels to increase coverage of the company in the press. The board believes this will increase the awareness of the company its investment strategy and holdings among investors which should help to grow the size of the company over time.

·      New Loan Facility: On 24th August 2020, the board announced that the company had secured a £5 million loan facility to replace its expired loan facility. In discussion with the investment adviser the board took the decision to enter into a new loan in order to support the growth of the company to accelerate investment in companies which meet the criteria of its changed investment focus.

·      Change to Dividend Policy: As set out in the previous annual report, the dividend policy has been under regular review by the board. As a result of the changes in the investment focus, the board has taken the decision to establish a dividend policy that would result in paying one final dividend per annum in October each year equal to the current year profits of the company.

In Summary

The structure of the board and its various committees and the decisions it makes are underpinned by the duties of the directors under s172 on all matters. The board firmly believes that the sustainable long-term success of the company depends upon taking into account the interests of all the company's key stakeholders.

Michael Naylor

Chairman

5 July 2021

Statement of Directors' Responsibilities

The directors are responsible for preparing the Annual Report and financial statements in accordance with applicable United Kingdom law and International Accounting Standards ('IAS') in conformity with the Companies Act 2006.

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the return or loss of the company for that period.

In preparing those financial statements, the directors are required to:

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website www.jupiteram.com/JGC. The work carried out by the auditors does not include consideration of the maintenance and integrity of the website and accordingly the auditors accept no responsibility

for any changes that have occurred to the financial statements when they are presented on the website.

The financial statements are published on www.jupiteram.com/JGC, which is a website maintained by Jupiter Asset Management Limited. Visitors to the website need to be aware that legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements 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 detection of fraud and other irregularities.

Under applicable law and regulations, the directors are also responsible for preparing a Strategic Report, Directors' Report, Directors' Remuneration Report and Statement of Corporate Governance that comply with that law and those regulations.

Each of the directors, confirm to the best of their knowledge that:

By order of the board

Michael Naylor

Chairman

5 July 2021

Statement of Comprehensive Income for the year ended 31 March 2021

The total column of this statement is the income statement of the company, prepared in accordance with IAS in conformity with the Companies Act 2006. The supplementary revenue return and capital return columns are both prepared under guidance produced by the Association of Investment Companies (AIC). All items in the above statement derive from continuing operations.

No operations were acquired or discontinued during the year.

All income is attributable to the equity holders of Jupiter Green Investment Trust PLC. There are no minority interests.

Statement of Financial Position as at 31 March 2021

* Under the company's Articles of Association, dividends may be paid out of any distributable reserve of the company.

Approved by the board of directors and authorised for issue on 5 July 2021 and signed on its behalf by:

Michael Naylor

Chairman

Company Registration Number 05780006

Statement of Changes in Equity for the year ended 31 March 2021

Dividends paid during the period were paid out of revenue reserves.

* In order to simplify the presentation of the capital and reserves of the company, the balance on the share premium £29.7 million, transferred to the capital account of the retained earnings during the year ended 31 March 2021. This transfer had no impact on the level of distributable reserves or on the net assets of the company.

Dividends paid during the period were paid out of revenue reserves.

** In order to simplify the presentation of the capital and reserves of the company, the balance on the special reserve of £24.3 million, which was established in 2006 out of the share premium account, was transferred to the capital account of the retained earnings during the year ended 31 March 2020.This transfer had no impact on the net assets of the company.

Cash Flow Statement for the year ended 31 March 2020

Notes to the accounts

1.   Accounting policies

The Accounts comprise the financial results of the company for the year to 31 March 2021. The Accounts are presented in pounds sterling, as this is the functional currency of the company. The Accounts were authorised for issue in accordance with a resolution of the directors on 5 July 2021. All values are rounded to the nearest thousand pounds (£'000) except where indicated.

The accounts have been prepared in accordance with International accounting standards ('IAS') in conformity with the requirements of the Companies Act 2006.

Where presentational guidance set out in the Statement of Recommended Practice (SORP) for Investment Trusts issued by the Association of Investment Companies (AIC) in October 2019 is consistent with the requirements of International Accounting Standards in conformity with the Companies Act 2006, the directors have sought to prepare the financial statements on a basis compliant with the recommendations of the SORP.

The financial statements have been prepared on a going concern basis. In considering this, the directors took into account the company's investment objective, risk management policies and capital management policies, the diversified portfolio of readily realisable securities which can be used to meet short-term funding commitments and the ability of the company to meet all of its liabilities and ongoing expenses as for the period to 31 July 2022.

(a)  Income recognition

Income includes dividends from investments quoted ex-dividend on or before the date of the Statement of Financial Position.

Dividends receivable from equity shares are taken to the revenue return column of the Statement of Comprehensive Income.

Special dividends are treated as repayment of capital or as revenue depending on the facts of each particular case.

(b)  Presentation of Statement of Comprehensive Income

In order to better reflect the activities of an investment trust company and in accordance with guidance issued by the Association of Investment Companies (AIC), supplementary information which analyses the Statement of Comprehensive Income between items of revenue and capital nature has been presented alongside the statement.

An analysis of retained earnings broken down into revenue (distributable) items and capital (distributable) items is given in Note 19 in the Annual Report & Accounts. Investment Management fees and finance costs are charged 75 per cent. to capital and 25 per cent. to revenue (2020: 75 per cent. to capital and 25 per cent. to revenue). All other operational costs (including administration expenses to capital) are charged to revenue.

(c)  Basis of valuation of investments

Investments are recognised and derecognised on a trade date where a purchase and sale of an investment is under contract whose terms require delivery of the investment within the timeframe established by the market concerned, and are initially measured at cost, being the consideration given.

All investments are classified as held at fair value through profit or loss. All investments are measured at fair value with changes in their fair value recognised in the Statement of Comprehensive Income in the period in which they arise. The fair value of listed investments is based on their quoted bid price at the reporting date without any deduction for estimated future selling costs.

Foreign exchange gains and losses on fair value through profit and loss investments are included within the changes in the fair value of the investments.

For investments that are not actively traded and/or where active stock exchange quoted bid prices are not available, fair value is determined by reference to a variety of valuation techniques. These techniques may draw, without limitation, on one or more of: the latest arm's length traded prices for the instrument concerned; financial modelling based on other observable market data; independent broker research; or the published accounts relating to the issuer of the investment concerned.

(d)  Cash and cash equivalents

Cash comprises cash in hand and demand deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to insignificant risks of changes in value.

(e)  Foreign currencies

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing on the dates of the transactions. At the date of each Statement of Financial Position, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on that date. Non-monetary assets and liabilities carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Gains and losses arising on retranslation are included in the Statement of Comprehensive Income within the revenue or capital column depending on the nature of the underlying item.

(f)   Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the Statement of Comprehensive Income because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the date of the Statement of Financial Position.

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilised.

Investment trusts which have approval under Section 1158 of the Corporation Tax Act 2010 are not liable for taxation of capital gains.

(g)  Accounting developments

At the date of authorisation of the financial statements, the following amendment to the IAS Standards and Interpretations was assessed to be relevant and is effective for annual periods beginning on or after 1 January 2020:

IAS 1 and IAS 8 Amendments: Definition of Material

IAS 9, IAS 39 and IAS 7 Amendments: Interest Rate Benchmark Reform. These will be effective for the financial statements for the year ending 31 March 2022.

Standards issued but not yet effective: At the date of authorisation of the financial statements, the following standards and interpretations were assessed to be relevant and are all effective for annual periods beginning on or after 1 January 2021:

LIBOR

With LIBOR expected to be discontinued after the end of 2021, this being part of the loan facility interest calculation, a new reference rate will be implemented upon renewal of the loan facility in March 2022.

There are no other accounting standards, amendments, or interpretations effective, that have or will have material impact on these financial statements. Furthermore, the company has not been an early adopter of any such standards, amendments, and interpretations to existing standards prior to their effective date.

The directors expect that the adoption of the standards listed above will have either no impact or that any impact will not be material on the financial statements of the company in future periods.

2.   Significant accounting judgements, estimates and assumptions

Management have not applied any significant accounting judgements to this set of Financial Statements or those of the prior period other than the allocation of special dividends received between revenue and capital.

The allocation is dependent upon the underlying reason for the payment. Examples of capital events which would result in the dividend being allocated to capital is a return of capital to shareholders or proceeds from the disposal of assets. Examples of revenue events which would result in the dividend being allocated to revenue are the distribution of excess or exceptional profits in the year. The circumstances are reviewed by the manager who determines the appropriate allocation

The management make no other significant accounting estimates.

3.   Income

4.   Investment management fee

75% (2020: 75%) of the investment management fee is treated as a capital expense.

5.   Ongoing charges

6.     Earnings per ordinary share

The earnings per ordinary share figure is based on the net profit for the year of £17,808,000 (2020: net loss

£2,476,000) and on 19,094,849 (2020: 18,831,660) ordinary shares, being the weighted average number of ordinary shares in issue during the year.

The earnings per ordinary share figure detailed above can be further analysed between revenue and capital, as below.

Any ordinary shares to be issued under the ordinary subscription rules were anti-dilutive for the year ended 31 March 2021.

7.     Related parties

Jupiter Unit Trust Managers Limited ('JUTM'), the Alternative Investment Fund Manager, is a company within the same group as Jupiter Asset Management Limited ('JAM'), the investment adviser. JUTM receives an investment management fee as set out below.

JUTM is contracted to provide investment management services to the company subject to termination by not less than twelve months' notice by either party. The basis for calculation of the management fee charged to the company was adjusted with effect from 1 June 2018 from 0.75% of net assets per annum to a tiered fee amounting to 0.70% of net assets up to £150 million, reducing to 0.60% for net assets over £150 million and up to £250 million, and reducing further to 0.50% for net assets in excess of £250 million after deduction of the value of any Jupiter managed investments.

The management fee payable to JUTM for the period 1 April 2020 to 31 March 2021 was £309,169 (year to 31 March 2020: £262,995) with £62,307 (31 March 2020: £41,832) outstanding at period end.

The company has invested from time to time in funds managed by Jupiter Fund Management PLC or its subsidiaries. There were no such investments at the year-end (31 March 2020: £340,560). No investment management fee is payable by the company to Jupiter Asset Management Limited in respect of the company's holdings in investment trusts, open-ended funds and investment companies in respect of which Jupiter Investment Management Group Limited, or any subsidiary undertaking of Jupiter Investment Management Group Limited, receives fees as investment manager or investment adviser.

All transactions with related parties were carried out on an arm's length basis.

8.   Contingent liabilities and capital commitments

There were no contingent liabilities or capital commitments at 31 March 2021 (2020: Nil).

9.   Post balance sheet events

Since the year end (1 April to 28 June 2021) an additional 1,524,328 ordinary shares were re-issued from treasury.

10.  Annual Results

This Annual Results announcement does not constitute the company's statutory accounts for the years ended 31 March 2020 and 31 March 2021 but is derived from those accounts. Statutory accounts for the year ended 31 March 2020 have been delivered to the Registrar of Companies. The statutory accounts for the year ended 31 March 2020 and the year ended 31 March 2021 both received an audit report which was unqualified and did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying the report and did not include statements under Section 498 of the Companies Act 2006 respectively. The statutory accounts for the year ended 31 March 2021 have not yet been delivered to the Registrar of Companies and will be delivered following the Annual General Meeting.

The Annual General Meeting of the Company will be held on Wednesday, 1 September 2021.

11.  Availability of Annual Report and Accounts

A copy of the Annual Report & Accounts will also be available for download from the company's section of Jupiter Asset Management's website www.jupiteram.com/JGC

A copy of the Annual Report & Accounts will also be submitted to the FCA's National Storage Mechanism and will soon be available for inspection at:

https://data.fca.org.uk/#/nsm/nationalstoragemechanism

The Annual Report and Accounts will shortly be posted to those registered shareholders who have elected to receive a hard copy.

For further information, please contact:

Magnus Spence

Head of Investment Trusts & Alternatives

Jupiter Asset Management Limited, Company Secretary

investmentcompanies@jupiteram.com

020 3817 1000

6 July 2021

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