Witan Regulatory News (WTAN)

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WITAN INVESTMENT TRUST PLC

This announcement contains regulated information

Annual Financial Report for the year ended 31 December 2021

Chairman's Report

HIGHLIGHTS

· Full-year NAV total return of 15.8%. Share price total return 11.9%

· The benchmark returned 19.9%, led by the US, whose return was disproportionately driven by five companies

· Ten-year NAV total return of 233%, compared with 210% for the benchmark

· Share price discount to NAV 5.8% at year end (2020: 2.4%)

· The NAV uplift from share buybacks offset the majority of the Company's ongoing charges during the year

· Dividend increased by 2.8% to 5.6 pence, more than double that paid in 2011 and an unbroken run of increases since 1974

· Became a signatory to the Net Zero Asset Managers initiative in early 2022

Although this is the Annual Report for 2021, the outlook at the time of writing is dominated by the consequences flowing from the Russian invasion of Ukraine. Apart from the immediate suffering imposed on the Ukrainian people, the longer-term effects on international relations and economies are hard to predict. In investment terms, this calls for steady judgement and a long-term perspective.

Looking back, 2021 was a year of considerable progress for markets and it is pleasing to be able to report a 15.8% advance in your Company's NAV total return. However, progress was not smooth, with changing investor reactions to COVID-19 outbreaks, vaccination programmes, struggling global supply chains and rising interest rates causing erratic swings in market leadership.

The relative fortunes of 'COVID winners' and 'COVID losers' in the market tracked the fluctuations in news about the pandemic. The seasonal rise in cases in the Northern hemisphere and the rapid spread of the new Omicron variant meant that the year ended with renewed restrictions and a reversal in the share prices of companies linked to the reopening of economies.

These events were reflected in Witan's performance, which showed a strong absolute trend and was ahead of our global benchmark until the final furlong. Unfortunately, the last two months saw market leadership move away from the economically sensitive stocks which had served our managers well and a further dramatic shrinkage in the breadth of performance in the US market. Of the 500 companies in the index, in both 2020 and 2021 a disproportionate share of the US market's return (over 50% in 2020, over 30% in 2021) was generated by five technology-related stocks. This late correction meant Witan's NAV return was below the 19.9% return from our benchmark at the year-end.

We believe our managers were right to be positioned for a broadening of economic recovery as, following the technology leaders' strong performance in 2021, the 2022 earnings prospects for a wider range of companies looked set to improve. In the early weeks of 2022, there was a correction in the highly rated technology sector and better performance from sectors seen as beneficiaries from economic recovery, such as natural resources and financials. However, the Russian invasion of Ukraine shifted the focus from hopes of a recovery from COVID-19 to the uncertainties created by an outbreak of war in Europe. This has made the outlook much less predictable, with much

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WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2021

Chairman's Report (continued)

depending upon the duration, scale and outcome of the Russian aggression. Andrew Bell's CEO report covers these points as well as the macroeconomic backdrop in more detail.

The other aspect that impacted returns during the year was the widening of the discount. After a number of years during which the shares traded close to asset value, Witan is suffering from a sector-wide phenomenon of widening discounts despite the continuation of our share buyback programme. Your Board remains committed to this because we believe it offers heightened market liquidity and NAV enhancement for long-term holders.

Taking a longer-term perspective, since Witan adopted a multi-manager approach in 2004, we have beaten the returns on our benchmark and raised the dividend well ahead of the rate of inflation. Over the ten years to the end of 2021, Witan achieved a NAV total return of 233% and a share price total return of 255%, both of which exceeded the benchmark's 210% return.

RESPONSIBLE INVESTMENT

We have built on 2020's progress in formalising our engagement on Environmental, Social and Governance ('ESG') issues with our investment managers and continue to integrate ESG issues more deeply into our manager selection, investment analysis, risk management and the central oversight of our investment portfolio. Managing these risks is, in our view, inextricably bound up with the delivery of strong and sustainable returns for shareholders, not a separate activity.

The Responsible Investment section of the report is on pages 18 to 25 in the Annual Report. This highlights our activities in 2021 and shows the commitments your Board has made to the Net Zero Asset Managers initiative ('NZAM') and the UN Principles of Responsible Investment ('UNPRI'). It is notable that all our delegated external managers are signatories to the UNPRI and four out of eight have also committed to the NZAM in the past 12 months. These initiatives provide a structured framework for engagement and reporting on how we and our managers are addressing the regulatory and business risks associated with corporate governance, changing social attitudes towards business and meeting the objectives set out in the Paris Agreement on climate change.

However, I would like to concentrate here on Witan's attitude to Responsible Investment and our intentions for the future. As an investment company, we aim to make well-informed investment decisions that ensure that the pursuit of prosperity for our shareholders is not achieved at the expense of the planet or its people. Indeed, we believe companies which disregard this will fail to deliver sustainable returns to shareholders in the long term. Far from there being a conflict between good returns and responsible investing, managing your assets in line with these principles is key to achieving good returns that are sustainable in terms of businesses' strategies as well as the enterprises' wider acceptance by society.

We are therefore adopting a new target to ensure that Witan is managed in line with these beliefs. The target is that our portfolio will consist entirely of sustainable businesses (as defined on pages 20 and 21 of the Annual Report) by 2030 or earlier. This is in addition to the portfolio carbon reduction targets which we will commit to as a signatory to the NZAM. It is important to stress that this does not impose blanket exclusions on our managers (other than a prohibition on 'controversial weapons') as we believe that engagement with companies has a greater positive impact than divestment, as well as the potential for better returns for shareholders. We will, of course, continue

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WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2021

Chairman's Report (continued)

working with our managers to ensure ESG issues are accounted for, to hold them to account where necessary and if warranted make changes to the manager line-up.

2021 DIVIDEND

A fourth interim dividend of 1.52 pence was declared in February 2022, payable on 18 March 2022. As a result, the dividend for the year increased by 2.8% to 5.60 pence per share (2020: 5.45 pence), ahead of the 2.6% average rate of UK consumer price inflation during the year. This was partly funded using £14.6 million from our revenue reserves (in 2020 we used £19 million).

The Board expects portfolio dividends to recover further in coming years and it is the Company's intention to continue to make use of these retained earnings to increase the dividend to shareholders annually while cover is rebuilt. If necessary, realised capital reserves could also be used, as part of a defined path towards our dividends once again being fully funded by revenue earnings.

We have increased the dividend every year for the last 47 years. The latest dividend is more than double that paid in 2011 and well ahead of inflation over the period, albeit that dividend growth is likely to be slower in coming years as dividend cover is rebuilt.

BOARD COMPOSITION

The Board consists of eight directors, seven of whom are non-executive, representing a broad diversity in background, experience, ethnicity and gender. This fulfils the primary need to have the right balance of skills to oversee the Company's affairs while fully meeting formal corporate governance guidelines on diversity.

In terms of length of service on the Board, there is a balance to be struck between stability and change. Six of Witan's seven non-executive directors have been appointed within the past two to six years, while Suzy Neubert, our Senior Independent Director has, exceptionally, ten years' service on the Board, providing an essential element of continuity. All directors stand for re-election each year.

AGM

We very much look forward to being able to meet shareholders in person at this year's AGM, after two years when the AGM had to be conducted remotely. Our 114th Annual General Meeting will be held on 5 May 2022, at the Merchant Taylors' Hall. For those not able to attend in person, there will be the opportunity to attend the meeting virtually and put questions to the Board. Details will be included in the formal notice of the meeting which will be sent to shareholders at the end of March.

Andrew Ross

Chairman

15 March 2022

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WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2021

CEO's Review of the year

Recovery hopes clouded by Russian aggression

Although the Russian war against Ukraine currently overshadows the outlook for 2022, this report covers events in 2021. Where 2020 was defined by the shock of the pandemic and the search for a way to combat it, 2021 marked a turning of the tide, as vaccines, more effective treatment of the sick, help from fiscal and monetary stimulus and the adoption of new systems of working and routes to market began to alleviate the health consequences and economic costs of COVID-19. Progress was uneven, with some countries experiencing the worst of their outbreaks, while others saw improving trends. Consequently, despite the case numbers through the year showing signs of improvement in the severity associated with successive infection waves, the mood remained hesitant. This was clearly illustrated by the reaction to the more contagious Omicron variant towards the year end, with renewed lockdowns in some European economies and the reintroduction of travel restrictions.

As noted in the Chairman's Statement, fluctuating hopes for an end to the pandemic, and differing regional experience, were reflected in changeable trends within investment markets. An early rise in bond yields and cyclically sensitive stocks was reversed in the summer when a slowdown in economic growth played on fears of renewed recession and rekindled interest in highly rated faster-growing companies. This was followed in turn by a rise in inflation, as companies were unable to meet the surge in demand from reopening economies. There was unexpected disruption to production in key sectors, such as autos and semiconductors, and in labour markets, where several factors (including early retirement, reduced international mobility, health worries) have reduced the number of people seeking employment in a resurgent economy. Energy prices also rose sharply, as the growth in sustainable non-polluting sources of energy is not yet sufficient to accommodate the world's growing overall demand for energy at a time when oil and gas output has stalled due to supply restrictions from OPEC and the effect of several years of weak capital investment.

By the year end, some central banks began to curtail the exceptional liquidity support provided during the crisis and to raise interest rates in response to this rise in inflation, helped by confirmation of a revival in growth after the pause during the summer.

Nonetheless, the developed world's equity markets enjoyed a buoyant year, fuelled by abundant liquidity and sharply recovering earnings. Global equities finished the year up 20%, led by a 30% rise in the US. The UK (+ 19%) and Europe (+ 18%) also delivered a strong recovery. Emerging markets and Asia fared less well, owing to slower vaccination rates and lockdowns associated with successive pandemic waves. The Pacific Basin fell 2%, Japan rose only 2% and Emerging Markets declined by 1%.

WITAN'S PERFORMANCE

Witan's net asset value ('NAV') total return in 2021 was +15.8%. This strong absolute return was outstripped late in the year by the return on our global benchmark, which was 19.9%. Our share price total return was 11.9%, owing to the discount ending the year wider than at the end of 2020.

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WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2021

CEO's review of the year (continued)

For most of 2021, our performance was ahead of our global benchmark, but the end of the year coincided with renewed lockdowns and a setback to recovery hopes.

Despite the uncertainties created by Russia's aggression in Ukraine, our managers believe that being positioned for a recovery from the COVID-19 pandemic and the prospect of a broadening economic recovery is appropriate, although the timing has become less certain and the risks have increased. Witan's portfolio includes core holdings of quality growth companies offering compounding earnings growth, as well as exposure to sectors expected to benefit from the post-pandemic reopening of economies, from decarbonisation, and from the growth in infrastructure spending.

PRINCIPAL PERFORMANCE DRIVERS

The financial statements on pages 86 to 111 in the Annual Report (see extracts on pages 26 to 33 below) set out the required statutory reporting measures of the Company's financial performance.

A chart on page 11 of the Annual Report shows the contributions (in pence per share) attributable to the various components of investment performance and costs, which together add up to the rise from the 236.0 pence starting NAV to the year-end NAV of 267.4 pence, after the payment of dividends to shareholders.

A breakdown of the relative performance attribution in 2021 (based on the Company's financial statements) is shown in the table on page 6.

Witan benefited from maintaining a significant level of gearing during the year (amplifying our portfolio gains) and from taking advantage of the widening in our discount to buy back 8% of our shares, which generated an uplift in NAV of £10.7 million (offsetting the majority of our ongoing charges). In addition, the rise in gilt yields reduced the fair value of our fixed-rate debt, benefiting the debt at fair value NAV. By contrast, our external managers collectively underperformed significantly during the year, so our overall returns lagged our benchmark. The benefits of gearing and buybacks are meant to be the icing on the cake in performance terms, but in 2021 our cake did not fully rise to the occasion. This was a disappointing relative outcome in the short term. However, the portfolio is positioned for a normalisation of economic activity as the pandemic becomes less acute, while paying close attention to the new risks posed by Russia's invasion of Ukraine in late February.

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WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2021

CEO's review of the year (continued)

BREAKDOWN OF THE PERFORMANCE ATTRIBUTION IN 2021 (%)

(1) N.B. Figures may not sum due to rounding.

PORTFOLIO STRUCTURE AND MANAGER PERFORMANCE

Our portfolio is structured with c. 75% allocated to mainstream 'core' managers (five global, one UK) and the 25% balance allocated to specialist regional or sector managers; up to 15% may be invested in investment companies offering exposure to faster-growing or otherwise attractive asset categories.

There were no changes to the six core managers in 2021, although the allocation to Jennison was gradually increased. Their focus on companies with exceptional growth prospects is attractive for the long term and we have taken advantage of tactical opportunities to add to our small initial allocation (which reflected the elevated performance of growth companies at their appointment date in August 2020). During the first half of the year, we reduced the Lansdowne allocation on several occasions following outperformance and we added to Lindsell Train and GQG late in the year. This followed their underperformance of global equities which we do not expect to be sustained, although we can rationalise it given the cross-currents of 2021's markets (with quality growth portfolios being derated and emerging markets underperforming).

We sold the Matthews Asian portfolio in April and the Latitude global portfolio in October, the former to remove a previous structural overweighting of Asian equities, the latter to concentrate allocations upon our core global managers.

We increased our allocation to the GMO Climate Change fund in May and October, reflecting our increasing conviction in this as a long-term growth area. The fund has delivered strong returns since purchase in 2019 and 2021's price consolidation offered a good chance to increase our exposure.

We invested in two specialist funds during the year, both unavailable to individual investors. The first, in July, was an £18 million investment in Lindenwood, a fund managed by Greenoaks Capital Partners, a San Francisco based specialist technology investor. The fund invests in selected

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WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2021

CEO's review of the year (continued)

unquoted technology companies, seeking to identify future winners in the sector at an earlier stage rather than simply investing in the known leaders in the quoted markets. The second, in October, was to invest £20 million (1% of assets) in the Lansdowne Opportunities fund, a fund which invests in mostly unlisted companies capitalising on the intellectual property of the UK's leading universities. Lansdowne has long-established links in this area and the position was funded by realising assets from our existing Lansdowne global portfolio.

Our third-party managers implement mandates set by the Company. Each manager's mandate, benchmark, investment style and date of appointment are shown on pages 28 to 31 of the Annual Report. Their returns during the year and since appointment are set out in the table on page 8 below. Highly unusually, only one of our external managers (GQG) outperformed its benchmark during the year, despite many being ahead for most of the year. However, over the longer term since inception, most of the principal current managers have outperformed their benchmarks, despite a difficult performance environment in 2021. The exceptions are Lindsell Train (appointed with a global mandate at the start of 2020, after nine years successfully managing a UK portfolio for Witan) and Jennison (August 2020).

In the case of Lindsell Train, the market appeared to have an appetite for either fast-growing profitable technology stocks or selected cyclical sectors during 2021. The more steadily growing mainstream consumer areas favoured by Lindsell Train were bypassed and, after many years when this strategy performed well, they lagged the global benchmark by over 13% in 2021. There was also adverse sentiment towards several holdings such as London Stock Exchange (which completed a large acquisition in 2021) and some Japanese holdings (affected by COVID-related weak conditions in the Japanese and Chinese consumer markets). Jennison was ahead of the global market for much of the year but, reflecting its focus on fast-growing companies, performance was volatile, and the year-end coincided with a reversal in sentiment towards this area. The weakest absolute performance came from GQG's emerging markets portfolio. Although they outperformed the emerging market universe, emerging markets had to contend with extended COVID-19 disruption (partly owing to the delayed availability of vaccines) and with the lockdown and regulatory disruptions to China's economy during the year.

The markets are no respecters of financial reporting calendars, with a dip in our portfolio's relative performance coinciding with the year end. The changeable investment environment meant that out of 11 sectors in total, the only sectors to outperform global market indices in 2021 were information technology and financials, together with two smaller sectors (energy and real estate). This is an unusual assortment of 'winners' which is rarely held in combination by active managers. Without being remotely complacent, we believe Witan's external managers are well positioned, and appropriately diversified, to deliver outperformance in coming years and the Board is closely focused on securing a turnaround in the manager underperformance of the two pandemic years.

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WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2021

CEO's review of the year (continued)

INVESTMENT MANAGERS' PERFORMANCE

(1) Amount and percentage of Witan's investments managed, excluding centrally managed cash.

(2) The percentages are annualised where the date of appointment was more than one year ago.

DIRECTLY HELD INVESTMENTS

The return on the portfolio of directly managed investment company holdings was +19%, marginally lagging the 19.9% return from our composite benchmark but the best absolute portfolio return during the year. The listed private equity funds (amounting to 52% of the total) all delivered strong returns. Apax Global Alpha rose 23.9% and Princess Private Equity was up 21.6%. We trimmed the latter in December following a strong run. Electra Private Equity delivered a 56.7% return over the year, despite falling back during a period of market indigestion late in the year. This followed its split into two separate companies, Hostmore being the Fridays restaurant chain and Electra itself (renamed 'Unbound') consisting of an online retail platform including the Hotter Shoes brand.

Our holding in Schroder Real Estate Investment Trust rose 45.3%, having been depressed by poor sentiment towards the sector during the pandemic lockdowns. We added significantly to the position at that time, since when the dividend has increased, the NAV has risen, and the shares' discount has narrowed.

The BlackRock World Mining Trust delivered a return of 17.5% over the year. This masks a period of significant earlier strength, when we reduced our exposure before adding to it again during the summer, when the mining sector weakened. The trust, although invested in an energy intensive

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WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2021

CEO's review of the year (continued)

sector, is managed according to best ESG practice and gives Witan exposure to metals (notably copper) that are essential to electrification programmes and reducing the carbon intensity of the world economy. On the environmental theme, we invested 1% of assets in the VH Sustainable Energy Opportunities fund, to take advantage of growing investment in power generation which does not require fossil fuels.

On the downside, after a strong 2020, Syncona had a disappointing year in share price terms but not before we significantly pruned the position at elevated prices. 2021's weak performance was principally due to a reduction in its premium to NAV from over 30% at the start of the year to an estimated 6% at the year end. The NAV fell by 4% during the year, owing to substantial declines in three holdings listed on the Nasdaq market, where early-stage biotech stocks were out of favour. The pandemic had delayed trials of their innovative drug treatments, but a number of results are expected during 2022 which will determine future progress. Towards the year end, Syncona agreed the sale of their largest holding, Gyroscope Therapeutics, to the Swiss pharmaceutical company Novartis, for a price which represented a 55% IRR on Syncona's investment and resulted in a 16% uplift to its prevailing NAV. This continued the management team's successful record of profitable exits from investments. Despite the price falls in its quoted holdings, which weighed on its overall 2021 NAV performance, we believe Syncona gives Witan access to a differentiated and successful investment area that mainstream managers cannot offer.

The remaining holding of note, the NB Distressed Debt fund, which represents under 0.4% of assets, is in run-off, awaiting the optimal opportunity to realise the remaining investments. Its total return over the year was 4.4%.

The portfolio held 10.2% of assets at the start of the year and was 10.9% of the investment portfolio at the end of 2021. Over the period since March 2010, it has delivered a compound annual

return of 12%, outperforming Witan's benchmark by 1.9% p.a. Aside from performance, it gives Witan's shareholders exposure to specialist asset categories that our core managers (and many shareholders themselves) do not cover.

GEARING ACTIVITY DURING THE YEAR

Gearing was varied according to opportunity during the year, ranging from 9.1% to 13.4%. The average of 10.7% boosted returns by 1.8% in the year, or 1.6% after taking account of the (mostly fixed) interest charges. Gearing has contributed positively to returns in eight out of the past ten years, as illustrated in the KPI chart on page 5 of the Annual Report.

Under its Articles of Association, the Company may borrow up to 100% of the adjusted total of shareholders' funds. However, the Board's longstanding policy is not to allow gearing (as defined on page 115 of the Annual Report) to be more than 20%, other than temporarily in exceptional circumstances. Where appropriate, the Company may hold a net cash position.

At the end of 2020, net gearing (the total value of borrowings less cash) was 12.3% of net assets. At the end of 2021, gearing (on the same basis) was 11.3%.

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WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2021

CEO's review of the year (continued)

STRUCTURE OF BORROWINGS

The Company has fixed-rate borrowings (including £2.6 million preference shares) of £158 million, consisting principally of:

The Company has a £150 million one-year borrowing facility, providing additional flexibility over the level of gearing, as well as enabling the Company to borrow in currencies other than sterling, if deemed appropriate. The drawn balance was £98 million at the end of 2021 (2020: £109 million). The average interest rate on the Company's fixed-rate borrowings is 3.0% (2020: 3.0%). The average interest rate, including short-term borrowings, is currently 2.1% (2020: 2.0%).

Witan will either invest its borrowings fully or neutralise their effect with cash balances according to its assessment of the markets. The Company's third-party managers are not permitted to borrow within their portfolios but may hold cash.

DERIVATIVES ACTIVITY

There was no derivatives investment activity during the year.

DIVIDEND AND REVENUE PERFORMANCE

The Company has already paid three quarterly dividends of 1.36 pence per share in respect of 2021, which, together with the fourth interim dividend of 1.52 pence per share, increases the total distribution for the year to 5.60 pence (2020: 5.45 pence). At the end of 2020, retained revenue reserves were £52 million (after deducting the fourth interim dividend payment). The purpose of such reserves is to enable income payments to shareholders to be supported during leaner times, and £14.6 million was used towards funding the 2021 dividend (2020: £19.0 million).

Revenue earnings per share rose by almost 17% to 3.6 pence per share in 2021, with the recovery quickening through the year. The recovery in revenue earnings has facilitated an increase in the dividend, an increased level of dividend cover and a lower call on past revenue reserves.

The Board has reviewed the prospects for portfolio dividend growth in 2022 and future years and, recognising the importance for many shareholders of a reliable and growing income, intends to use revenue reserves to bridge what is expected to be a narrowing gap between portfolio revenue earnings and the dividends paid to shareholders. The Board anticipates dividend cover improving each year, alongside continued annual dividend growth.

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WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2021

CEO's review of the year (continued)

2022 DIVIDENDS

The first three quarterly payments for 2022 (in June, September and December) will, in the absence of unforeseen circumstances, be paid at a rate of 1.40 pence per share (2021: 1.36 pence), being one quarter of the 5.60 pence per share full-year payment for 2021. The fourth payment (in March 2023) will be a balancing amount, reflecting the difference between the three quarterly dividends already paid and the payment decided for the full year.

WITAN'S SHARES IN THE MARKET - LIQUIDITY AND DISCOUNTS

Witan is a member of the FTSE 250 Index, with a market capitalisation of over £1.8 billion.

The Board has always paid attention to discount-related issues and has, over many years, made significant use of share buybacks, when Witan's shares have stood at a discount as well as being prepared to issue shares at a premium to NAV to meet demand from investors. Both actions are accretive to NAV, provide liquidity in the market and help to moderate discount volatility.

WITAN INVESTMENT TRUST DISCOUNT TREND

The discount trend during the past five years is illustrated in a chart on page 15 of the Annual Report. Although the discount narrowed in the second half of 2021, it remained wider than the pre-pandemic trend (along with many of our peers), despite the more positive market environment. Witan was active in buying back shares, helping to moderate the level of the discount, as well as delivering an uplift to NAV. During the year 63.7 million shares were bought back (8% of the total at the start of the year), at an average 7% discount to NAV, which resulted in an uplift to NAV of £10.7 million, or 1.4 pence per share. For perspective, this sum exceeds the investment management fees paid to our external managers, offsetting the majority of the Company's ongoing charges.

The discount finished the year at 5.8% (2020: 2.4%) and the average discount during the year was 6.9% (2020: 6.0%).

Discounts are affected by many factors outside the Company's control but where it is in shareholders' interests (taking account of market conditions), the Company remains prepared to buy back shares at a discount to NAV or to issue shares (though only at a premium). It remains a long-term objective to create sustainable liquidity in Witan's shares at or near to asset value and the robust actions taken over the past two years are evidence of this continuing commitment.

OUTLOOK

The early weeks of 2022 saw a contrast between the accelerating numbers of cases of COVID-19 and increasing hopes that the Omicron variant responsible was less of a threat to most of those infected. Effective vaccines and improved therapeutic treatments for those most affected offer hope that 2022 will be the year when the world learns to coexist with a virus that is becoming endemic. This, of course, depends upon the continued global vaccine rollout, wider availability of treatments for those most seriously affected and immunity holding up against future mutations of the virus.

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Annual Financial Report for the year ended 31 December 2021

CEO's review of the year (continued)

The reopening in many economies that was interrupted in 2021 seems likely to resume in 2022, which will deliver significant recoveries in the service sectors which have been most affected, notably travel and hospitality. Supply disruptions (caused by the speed of the bounce-back in growth during 2021, allied to the impact of COVID-19 on component factories, ports and transport logistics) are moderating, allowing a recovery in key manufacturing sectors, including autos.

On top of this hoped-for cyclical rebound, there are two new drivers of future growth, namely the interrelated areas of infrastructure and measures to combat global warming. Over coming decades, the power generation, heating and cooling of premises and transportation sectors are set to be re-engineered to reduce dependence on coal and hydrocarbons.

This will create opportunities in the emergent industries as well as obsolescence risks for incumbents. The US is also set to embark on a programme of repairing and renewing its ageing civil engineering infrastructure, while the EU has agreed a €750 billion Next Generation EU investment programme to help support economies adversely affected by the pandemic.

Resurgent growth, damaged production systems (due to COVID-19 effects) and an energy crisis caused by premature disinvestment in oil and gas have caused inflation to surge in many economies. This has been exacerbated by the surge in energy prices following Russia's military aggression in Ukraine. Whilst some of the inflation drivers may be transient, others are potentially structural - the cheapness of goods from emerging markets is waning, supply chains are being shortened, pandemic- related changes in the workforce may endure and governments seem set to run bigger deficits.

Central bank policy is turning. The Bank of England has raised rates twice and the US Federal

Reserve is phasing out its liquidity-boosting bond purchases and signalling rate rises during 2022. The resulting rise in bond yields has implications for equities as well as for relative returns within the markets. Rapidly growing companies (in many cases 'pre-profit') have been rerated in recent years due to a lower discount rate being applied to the major proportion of their value represented by sales far into the future. We have seen a reality check for some of the most optimistically valued parts of the markets at a time of improving dividend cheques from the laggards. As investors in undervalued growth (rather than cheapness alone) we have been surprised by the widening disparity in ratings within the markets.

We believe central banks will stop short of aggressive rises as, given the debt burden in major economies, high rates would rapidly impact growth. This is aside from the hard-to-forecast effect of the Russian invasion on economic confidence, particularly in Europe. Furthermore, moderate inflation is an effective way to reduce debt burdens, particularly if (as in the decades after the Second World War) it coincides with consistent economic growth. Both governments and central banks seem likely to seek (or condone) faster inflation than the 2% norm of recent decades, while hoping that government bond yields remain low. This policy, of financial repression, depends upon buyers of government bonds either being surprised by inflation or being under pressure to hold them (e.g. requirements for banks to hold gilts as liquidity, pension funds and insurers matching assets and liabilities).

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WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2021

CEO's review of the year (continued)

Although equity market valuations are high by historic standards, interest rates remain exceptionally low. Rising interest rates will shift the burden onto earnings growth to offset potential PE derating, acting as a headwind for equities, presumably more so where valuations have expanded the most speculatively. With the exceptional liquidity injections of recent years now being withdrawn by central banks, amid rate increases aimed at tackling unexpectedly high inflation, 2022 already looked like a year when a more selective, value-conscious approach to equities was called for, while bond yields below prevailing inflation rates appeared increasingly hard to justify. Added to this, the actual and potential ramifications of the Russian military aggression against Ukraine make the immediate outlook less predictable, calling for steady judgement, a long-term approach and a focus on distinguishing substance from mirage in investment terms.

Andrew Bell

Chief Executive Officer

15 March 2022

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WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2021

Strategic Report

PRINCIPAL RISKS AND UNCERTAINTIES

The directors have carried out a robust assessment of the emerging and principal risks facing the Company, including those that would threaten its business model, future performance, solvency, liquidity or reputation. These risks, and the actions taken to mitigate them, are set out below.

Risks are inherent in investment and corporate management. It is important to identify risks and ways to control or avoid them. Witan Investment Services Limited ('WIS') has a Risk Committee in order to monitor compliance with its risk management and reporting obligations as Witan's Alternative Investment Fund Manager ('AIFM'). The Company maintains a framework of the key risks, with the policies and processes devised to monitor, manage and mitigate them where possible. Its detailed risk map is reviewed regularly by the Audit Committee and the WIS Risk Committee, which report on pertinent issues to their respective Boards.

The guiding principles remain watchfulness, proper analysis, prudence and a clear system of risk management.

Where appropriate, the Witan and WIS Boards meet jointly to cover matters of common interest. The WIS Board consists of seven non-executive directors and one executive director who are also directors of Witan, and one executive director who is a Company employee.

The Board's policy on risk management has not materially changed during the course of the reporting period and up to the date of this report.

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WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2021

Strategic Report continued

The Company's key risks fall broadly under the following categories:

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CORPORATE AND OPERATIONAL STRUCTURE

Witan is an investment trust with a Premium Listing on the London Stock Exchange. It has a single, wholly owned subsidiary, Witan Investment Services Limited ('WIS') which acts as the Company's Alternative Investment Fund Manager ('AIFM').

The overwhelming majority of the portfolio is in segregated accounts, held in custody by the Company's depositary. The operations of the custodian and the safeguarding of the Company's assets are supervised by the depositary.

OPERATIONAL MANAGEMENT ARRANGEMENTS

In addition to the appointment of third-party investment managers, Witan and WIS contract with third parties for other services, including:

· BNP Paribas Securities Services London Branch for depositary services, custody, investment accounting and administration;

· Frostrow Capital LLP for company secretarial services;

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· RepRisk and Sustainalytics for ESG monitoring of its investment holdings; and

· specialist advice on regulatory compliance issues and, as required, procure legal, investment consulting, financial and tax advice.

The service quality and value received from major service providers are reviewed regularly by the Board.

The contracts governing the provision of all services are formulated with legal advice and stipulate clear objectives and guidelines for the service required.

STAFFING

The Company's policy towards its employees is to attract and retain staff with the skills and expertise required to manage the affairs of an investment trust company. Details of the Company's remuneration policies and required disclosures are set out in the Directors' Remuneration Report on pages 60 to 71 of the Annual Report. Employees and those who seek to work at Witan are treated equally regardless of age, gender, race, disability, marital status, sexual orientation and religion. The Company has six direct employees, three men and three women. The Board currently consists of seven non-executive directors (four men and three women) and the Chief Executive Officer, Andrew Bell, who is an employee. Given its outsourced model and the small number of direct employees, the Group has no employment-related specific policies in respect of environmental or social and community affairs. However, as described elsewhere, an increased focus on environmental, social and governance issues has been formalised by the Company's membership of the Institutional Investors Group on Climate Change since July 2019, a signatory to the UN-supported Principles for Responsible Investment from February 2020 and a commitment to Net Zero Asset Managers initiative in early 2022.

WITAN INVESTMENT SERVICES

WIS is authorised and regulated by the Financial Conduct Authority. It is authorised to act as Witan's AIFM, to provide marketing services and to give investment advice to professional investors.

WIS's principal activities are acting as Witan's AIFM, providing executive management services to the Board of Witan and communicating information about the Company to the market.

WIS's operational objectives for 2021 were:

● to fulfil its responsibilities as Witan's AIFM; and

● to control the net operating costs for Witan.

In 2021, WIS's principal sources of income were the fees (as AIFM or Executive Manager and for marketing services) paid by Witan Investment Trust plc. The main costs incurred were staff costs and professional advice to ensure compliance with regulatory and accounting obligations.

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COSTS

INVESTMENT MANAGEMENT FEES

Each of the third-party managers is entitled to a management fee, based on the assets under management. The agreements can be terminated on one to three months' notice. The base fee rates for managers in place at the end of 2021 ranged from 0.30 % to 0.60 % per annum. The weighted average base fee was 0.51 % as at 31 December 2021 (2020: 0.51%). One manager, (covering 6% of Witan's portfolio), has a performance-related fee, which is subject to capping in any particular year.

Witan takes care to ensure the competitiveness of the fees it pays. Most of the fee structures incorporate a 'taper' whereby the average fee rate reduces as the portfolio grows.

The Company's investment managers may use services which are paid for, or provided by, various brokers. They may place business, including transactions relating to the Company, with those brokers. Under the requirements of MiFID II, broker-provided services (other than the execution of transactions) must either be minor non-monetary benefits or, for research received by investment managers and charged to the Company, separately accounted for.

ONGOING CHARGES AND COSTS

The Company's established measure of the costs of operation is the Ongoing Charges Figure ('OCF'). This represents the recurring costs of operating the business (principally the investment management fees paid to our external managers as well as the Company's fixed and variable overhead costs), as a percentage of net assets. This is calculated in accordance with the AIC's guidelines and provides a consistent basis for the comparison of costs from one year to the next and relative to other investment companies.

The OCF was 0.71% in 2021, 9% lower than the previous year (2020: 0.78%). When performance fees due to third-party managers are included, the OCF was 0.73% in 2021 (2020: 0.82%). The sole manager with a performance fee structure significantly outperformed during 2020 and early 2021. This generated the payment of a performance fee for that manager (which has a lower base fee than comparable managers).

The main cost headings within the OCF are set out on page 21. The figures for transaction costs, borrowing costs and the pro rata ongoing charges of underlying funds are also included in the table, for easy reference. All the costs measured showed an improvement on the previous year, either increasing by less than the growth in net assets or declining in absolute terms.

The Company exercises strict scrutiny and control over costs. The Board believes that the OCF during the year represents good value for money for shareholders, taking account of longer-term performance.

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The UK version of the EU PRIIPS regulations, which are applicable to UK Investment Companies, mandate the preparation of a Key Information Document ('KID') calculated on a formulaic basis, which contains a different measure of costs from the OCF, averaged over longer periods rather than specific to one year. The other principal differences between the OCF and the KID measure are the inclusion of transaction costs, borrowing costs, and the underlying costs of holdings in other collective investments.

The Company's investment performance is reported after all costs, however measured.

ANALYSIS OF COSTS

(1) This cost represents an estimate of the pro rata attributable fees charged by the managers of the external

specialist collective funds held within the portfolio.

N.B. Figures may not sum due to rounding.

VIABILITY STATEMENT

In accordance with the UK Corporate Governance Code, the Board has assessed the prospects of the Company over a longer period than the 12 months required by the 'going concern' provision.

The Company's current position and prospects are set out in the Chairman's and Chief Executive Officer's reports and the Strategic Report. The principal risks are set out on pages 15 to 18.

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The Board has considered the Company's financial position and its ability to liquidate its portfolio and meet its expenses as they fall due and notes the following:

● The portfolio consists of investments traded on major international stock exchanges and there

is a spread of investments. In normal conditions, the current portfolio could be liquidated to the extent of more than 83% within five trading days and there is no expectation that the nature of the investments held will be materially different in future.

● The closed-ended nature of the Company means that, unlike an open-ended fund, it does not need to realise investments when shareholders wish to sell their shares.

● The Board has considered the viability of the Company under various scenarios, including periods of acute stock market and economic volatility such as experienced in 2020, and concluded that it would expect to be able to ensure the financial stability of the Company through the benefits of having a diversified portfolio of listed and realisable assets. As illustrated in note 14 to the accounts in the Annual Report, the Board has considered price sensitivity risk (the sensitivity of the profit after taxation for the year and the value of the shareholders' funds to changes in the fair value of the Group's investments) and foreign currency sensitivity (the sensitivity to changes in key exchange rates to which the portfolio is exposed).

● In addition to its cash balances, which were £33 million at 31 December 2021 (2020: £35 million), the Company has a short-term bank facility which can be used to meet its liabilities, and fixed-rate financing in the form of secured notes and cumulative preference shares. With the exception of the short-term facility, this financing will remain in place until at least 2035. Details of the Company's current and non-current liabilities are set out in note 13 to the accounts in the Annual Report.

● The expenses of the Company are predictable and modest in comparison with the assets and there are no capital commitments currently foreseen which would alter that position.

As well as considering the principal risks on pages 15 to 18 and the financial position of the Company, the Board has made the following assumptions in considering the Company's longer-term viability:

● The Company's remit of investing in the securities of global listed companies will continue to be an activity to which investors will wish to have exposure.

● Investors will continue to want to invest in closed-ended investment trusts.

● The performance of the Company will continue to be satisfactory. The Board is able to replace any of the current investment managers when it considers it appropriate to do so.

● The Company will continue to have access to adequate capital when required.

● The Company will continue to be able to fund share buybacks when required.

● The Company bought back 63.7 million ordinary shares in 2021 at a cost of £153.5 million and experienced no problem with liquidity in doing so. It had shareholders' funds in excess of £1.9 billion at the end of 2021.

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Based on the results of its review and taking into account the long-term nature of the Company and its financing, the Board has a reasonable expectation that the Company will be able to continue its operations and meet its expenses and liabilities as they fall due for the foreseeable future, taken to mean at least the next five years. The Board has chosen this period after reviewing its investment policy and evaluating the investment cycle and the ability to deliver the Company's objectives over the short to medium term. Forecasting over longer periods is imprecise. The Board has no information to suggest this judgement will need to change in the coming five years. The Board's long-term view of viability will, of course, be updated each year in the Annual Report.

GOING CONCERN

In light of the conclusions drawn in the foregoing statement on liquidity risk on page 17 and the Viability Statement, the Company has adequate financial resources to continue in operational existence for at least the next 12 months from the date of this Report. Therefore, the directors believe that it is appropriate to continue to adopt the going concern basis in preparing the financial statements. In reviewing the position as at the date of this report, the Board has considered the guidance on this matter issued by the Financial Reporting Council.

APPROVAL

This report was approved by the Board of directors on 15 March 2022 and is signed on its behalf by:

15 March 2022

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Annual Financial Report for the year ended 31 December 2021

Statement of Directors' Responsibilities

in respect of the Annual Report and the financial statements

Responsibility statement

The directors as at the date of the Annual Report confirm to the best of their knowledge that:

· the financial statements, prepared in accordance with UK-adopted International Accounting Standards as adopted by the EU, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole; and

· the Strategic Report includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description (on pages 15 to 18) of the principal risks and uncertainties that they face.

The directors also confirm that the financial statements, taken as a whole, are fair, balanced and understandable, and provide the information necessary for shareholders to assess the Company's position, performance, business model and strategy.

By order of the Board

A J Ross

Chairman

A L C Bell

Chief Executive

15 March 2022

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Financial Highlights as at 31 December 2021

Key data

(1) Source: Morningstar. (2) Source: Morningstar. See also MSCI for conditions of use (www.msci.com).

(3) Alternative performance measure: The financial statements on pages 86 to 111 of the Annual Report set out the required statutory reporting measures of the Company's financial performance. In addition, the Board assesses the Company's performance against a range of criteria which are viewed as particularly relevant for investment trusts, which are summarised in the key performance indicators on pages 4 and 5 of the Annual Report. Definitions of the terms used are set out and a reconciliation of the NAV per ordinary share (debt at par value) to the NAV per ordinary share (debt at fair value) are shown in note 18 on page 108 the Annual Report.

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Consolidated Statement of Comprehensive Income

for the year ended 31 December 2021

The total column of this statement represents the Group's Consolidated Statement of Comprehensive Income prepared in accordance with UK-adopted International Accounting Standards.

The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies.

The Group does not have any other comprehensive income and hence the total profit, as disclosed above, is the same as the Group's total comprehensive income.

All items in the above statement derive from continuing operations.

All income is attributable to the equity holders of Witan Investment Trust plc, the parent company. There are no non-controlling interests.

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Consolidated and Individual Statements of Changes in Equity

for the year ended 31 December 2021

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Consolidated and Individual Balance Sheets

As at 31 December 2021

As permitted by section 408 of the Companies Act 2006, the Company has not presented its own income statement. The profit of the Company dealt with in the accounts of the Group amounted to £262,743,000 (2020: profit of £45,889,000).

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Consolidated and Individual Company Cash Flow Statements

for the year ended 31 December 2021

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Notes to the Financial Statements 

for the year ended 31 December 2021

1. Accounting policies

The financial statements of the Group and parent company have been prepared in accordance with UK-adopted International Accounting Standards ('IASs').

These financial statements are presented in pounds sterling because that is the currency of the primary economic environment in which the Group operates.

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis, except for the revaluation of certain financial instruments. The principal accounting policies adopted are set out in the financial statements. Where presentational guidance set out in the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' (the 'SORP') issued by the Association of Investment Companies (the 'AIC') in April 2021 is consistent with the requirements of IASs, the directors have sought to prepare the financial statements on a basis compliant with the recommendations of the SORP.

Judgements and sources of estimation uncertainty

In the application of the Group's accounting policies, management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not always readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may vary from these estimates.

The directors do not consider that there are any significant estimates or critical judgements in these financial statements.

(b) Going concern

The financial statements have been prepared on a going concern basis. The Group's business activities, together with the factors likely to affect its future development and performance, are set out in the Strategic Report in the Annual Report. The financial position of the Group as at 31 December 2021 is shown in the balance sheet on page 28. The cash flows of the Group for the year ended 31 December 2021 are not untypical and are set out on page 29.

(c) Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Company and the entity controlled by the Company (its subsidiary) made up to 31 December each year.

In accordance with IFRS 10 the Company has been designated as an investment entity on the basis that:

· It obtains funds from investors and provides those investors with investment management services;

· It commits to its investors that its business purpose is to invest solely for returns from capital appreciation and investment income; and

· It measures and evaluates performance of substantially all of its investments on a fair value basis.

The subsidiary of the Company was established for the sole purpose of operating or supporting the investment operations of the Company and is not itself an investment entity. Therefore, under the principles of IFRS 10, the Company has consolidated its subsidiary as it is a controlled entity that supports the investment activity of the investment entity.

Control is achieved where the Company is exposed, or has the right, to variable returns from its investment in the subsidiary and has the ability to affect those returns through its power to direct the relevant activities. Where necessary, adjustments are made to the financial statements of the subsidiary to bring the accounting policies used by it into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation.

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Notes to the Financial Statements continued

(d) Presentation of the Statement of Comprehensive Income

In order to better reflect the activities of an investment trust company, and in accordance with guidance issued by the AIC, supplementary information which analyses the Statement of Comprehensive Income between items of a revenue and capital nature has been presented alongside the Statement of Comprehensive Income. Additionally, the net revenue is the measure the directors believe appropriate in assessing the Group's compliance with certain requirements set out in section 1158 of the Corporation Tax Act 2010.

2. Investment income

3. Other income

At 31 December 2021 the total value of securities on loan by the Company for stock lending purposes was £57,111,000 (2020: £83,074,000). The maximum aggregate value of securities on loan at any time during the year ended 31 December 2021 was £188,480,000 (2020: £128,597,000). Collateral, revalued on a daily basis at a level equivalent to at least 105% (2020: 105%) of the market value of the securities lent, was provided against all loans.

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4. Management and performance fees

5. Earnings per ordinary share

The earnings per ordinary share figure is based on the net profit for the year of £262,743,000 (2020: profit of £45,889,000) and on 770,137,797 ordinary shares (2020: 841,523,451), 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. The Company has no securities in issue that could dilute the return per ordinary share. Therefore the basic and diluted earnings per ordinary share are the same.

6. Issued share capital

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Notes to the Financial Statements continued

7. Dividends

8. 2021 Accounts

The figures and financial information for 2021 are extracted from the Annual Report and financial statements for the year ended 31 December 2021 and do not constitute the statutory accounts for the year. The Annual Report and financial statements include the Report of the Independent Auditor which is unqualified and does not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006. The Annual Report and financial statements have not yet been delivered to the Registrar of Companies.

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9. 2020 Accounts

The figures and financial information for 2020 are extracted from the published Annual Report and financial statements for the year ended 31 December 2020 and do not constitute the statutory accounts for that year. The Annual Report and financial statements have been delivered to the Registrar of Companies and included the Report of the Independent Auditor which was unqualified and did not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006.

10. Annual report and financial statements

A copy of the Annual Report and financial statements to 31 December 2021 will shortly be available for inspection at the National Storage Mechanism (https://data.fca.org.uk/#/nsm/nationalstoragemechanism) and on the Company's website, www.witan.com

Copies of the Annual Report and financial statements will be posted to shareholders by the end of March 2022 and will be available on the Company's website (www.witan.com) or in hard copy format from the Registered Office, 14 Queen Anne's Gate, London, SW1H 9AA.

The Annual General Meeting will be held on Thursday 5 May 2022 at the Merchant Taylors' Hall, 30 Threadneedle Street, London EC2R 8JB. For further details regarding arrangements, see the Notice of AGM which will be published by the end of March 2022.

For further information please contact:

Andrew Bell

Chief Executive

Witan Investment Trust plc

Telephone: 020 7227 9770

Alexis Barling

Director of Marketing

Witan Investment Trust plc

Telephone: 020 7227 9770

- ENDS -

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.