CT Private Equity Trust PLC

LEI: 2138009FW98WZFCGRN66

Unaudited results for the half year ended 30 June 2025

Financial Highlights

·    NAV of 674.16p per Ordinary Share as at 30 June 2025, a total return for the six-month period of -2.5%.

·    Share price total return for the six-month period of +0.1%.

·      Dividend yield of 5.9% based on the period end share price (1).

·    Total quarterly dividends of 14.02p per Ordinary Share year to date.

·    Quarterly dividend of 7.01p paid on 31 July 2025

·    Quarterly dividend of 7.01p to be paid on 31 October 2025

(1)      Calculated as dividends of 7.01p paid on 31 January 2025, 7.01p paid on 30 April 2025, 7.01p paid on 31 July 2025 and 7.01p payable on 31 October 2025, divided by the Company's share price of 474.00p as at 30 June 2025.

Chairman's Statement

Introduction

This report is for the six-month period ended 30 June 2025. At the period end, the Net Asset Value ("NAV") of CT Private Equity Trust PLC ("the Company") was £482.0m giving a NAV per share of 674.16p. Taking account of dividends paid, the NAV total return for the six-month period was -2.5%. The share price total return for the period was 0.1%.

During the period the Company made new investments, either through funds or as co-investments, totalling £31.2m. Realisations and associated income totalled £27.1m. Outstanding undrawn commitments at the year-end were £177.9m of which £26.4m was to funds where the investment period had expired. At 30 June the Company had net debt of £100.2m.

For the six-month period ended 30 June 2025, the Company has recorded a small negative NAV total return. This was largely attributed to negative foreign exchange movements (-1.1%) and finance cost and expenses (-1.3%), with the value of the portfolio broadly flat over the period. It is worth remembering that only approximately 10% of valuations are fully up to date 30 June 2025 valuations, with the remainder based on 31 March adjusted for cashflows, this is typical due to the time lag of valuations.

The economic and political backdrop remain uncertain and complex. Tariff-related uncertainty has reduced deal activity as managers prioritise assessing and mitigating the impact of actual and potential tariffs on their existing portfolios, resulting in deals being delayed, cancelled or renegotiated. Despite this backdrop there is evidence of a continued mild recovery in market activity from the lows of early 2023. Realisations are usually at a significant premium to recent carrying value and so have the benefit of enhancing NAV as well as strengthening the balance sheet and creating more shareholder value.

Capital Allocation

Since its foundation, the Company has been both innovative and proactive with regard to its capital strategy. The Board regularly reviews the Company's capital allocation, weighing the relative merits of using capital for share buybacks versus new investment whilst protecting and growing the dividend.

The Company's innovative dividend policy was introduced in 2012 and remains the cornerstone of the Company's capital allocation policy. A dividend of 7.01p was paid on 31 July 2025 and in accordance with the Company's dividend policy, the Board declares a further quarterly dividend of 7.01p per ordinary share, payable on 31 October 2025 to Shareholders on the register on 3 October 2025 with an ex-dividend date of 2 October 2025. Together with the last three dividends paid, this represents a dividend yield of 5.9% based on the period end share price.

Financing

The Company's borrowing facility is composed of a €60m term loan with RBSI and a £95 million revolving credit line with RBSI and State Street. The term of the facility is due to expire in February 2027.

The Company had net debt at 30 June 2025 of £100.2m (31 December 2024: £76.5m). This represents gearing of 17.2% (31 December 2024: 13.2%). The Company retains approximately £34m of headroom in its borrowing facility. The current debt level is eminently manageable and is expected to reduce as exit activity recovers.

Outlook

Your Company has demonstrated resilience through the first half of the year, and there are good grounds for confidence that meaningful gains can be achieved in the second half, particularly if greater market stability supports a sustained recovery in deal activity.  Public equity markets have already recorded substantial gains this year, further widening the illiquidity discount in private equity valuations.  Should public equities maintain their upward trajectory and private market exit activity improve, we anticipate a narrowing of this discount and a significant rebound in private equity valuations.

Despite the current uncertainty, your Company is well positioned.  The portfolio is diversified, modestly valued, and predominantly composed of profitable, high-growth businesses in attractive sectors.  These companies are led by experienced management teams, supported by our investment partners, and remain agile in adapting to evolving market conditions.

Richard Gray

Chairman

Manager's Review

Introduction

The first half of the year witnessed continued geopolitical uncertainty. The threat of tariffs has undermined consumers, businesses and investor confidence. The full impact of tariffs that have been imposed are still to be seen, but they are likely to create a headwind for most businesses either directly or through second order impacts such as lower GDP growth, higher inflation and interest rates remaining higher for longer.

Against this complex backdrop global private equity markets have remained resilient, with an increase in deal value, albeit deal volume has declined. Activity is increasingly concentrated in areas less exposed to tariffs such as healthcare, infrastructure and technology-enabled services. Investors continue to pay premium prices for 'must have' companies demonstrating strong growth in recurring revenues, high margins and strong cash generation. Exit markets more generally remain challenging.

New Investments

Two new fund commitments and one new co-investment were made during the period. €10m was committed to Castle Mount Impact Partners LP ("CMIP"), a global mid-market co-investment fund with an impact mandate. The fund, which is managed by Columbia Threadneedle Investments Private Equity, will invest in companies that make a measurable impact within three themes: Environmental Sustainability, Health & Wellbeing and Equality & Inclusion. A fully commercial investment return is targeted alongside demonstrable real world positive impact aligned with the UN Sustainable Development Goals, which will be measured and reported to investors. This innovative new fund brings together the Manager's longstanding expertise in co-investment and responsible investment. As this fund is managed by the same team as CT Private Equity Trust PLC there will be no fee chargeable to the Company on the value of this investment and no carried interest deducted from the Company's participation in the fund.

In May €5m was committed to Queka Real Partners II, a Spanish lower mid-market buyout fund. This emerging manager was founded in 2018 by a combination of Spanish private equity veterans and well-known serial entrepreneurs. Our commitment was made at the final close of the fund, which has now completed three investments, which are off to a strong start.

£1.7m was invested in Finnish IT services company Frendy. This is a co-investment alongside Procuritas, the long-established Nordic mid-market specialist. Frendy was formed by Procuritas in 2021 through the amalgamation of 10 companies with the aim of consolidating the fragmented IT services market in Finland. Procuritas' investment thesis has taken longer than expected  but growth is now coming through driven by the transition to the cloud and strong demand for cyber-security. More companies have been added to the group and a growing proportion of revenues are on a recurring subscription basis. Your Company had the opportunity to invest at an attractive valuation with the expectation of a relatively short holding period.

There were a number of drawdowns for new investments and follow-ons by the funds in our portfolio. The total drawn in the six months was £31.2m, which is 13% below the £35.9m drawn in the first half of 2024.

The recent trend for private equity to focus on technology, mainly software and life-sciences oriented companies, continues unabated. These sectors are becoming increasingly prominent in the global economy and the secular growth offered by these companies' products and services is proving a strong attraction.

Software experts Axiom have called £1.8m for BlackRainbow, a UK-based investigation management and intelligence platform whose cloud-based software is used by governments, police and investigation teams within corporates. SEP VI called £1.4m for two companies: Springtime, an Austrian accounts payable software company and Restrata a UK-based critical event and business resilience software provider. Continuing the software theme, Volpi III called £1.2m for two companies; Bluestar, a Danish product life cycle software company and Telematrix, an Austrian provider of software for public transport. Kester Capital Fund III called £1.0m for Re-flow, a provider of field service management and software largely used for applications related to critical infrastructure. Inflexion Partnership Capital Fund III called £1.2m for Easy Fairs (an international events company headquartered in Brussels) and Global Data (a UK healthcare data and analytics company). August Equity VI called £1.5m for two UK investments, Impact Futures (training in healthcare and education sectors) and Fargo (intermodal transport management software used by shipping and logistics companies). CMIP drew £1.1m for Kee Safety (fall from height safety equipment and protection systems), the first investment in the fund, which is led by Inflexion. Magnesium I called £0.7m for ABEC Group (a UK headquartered energy efficiency and building management services provider for data centres).

Verdane Edda invested £0.5m in Eversports, a DACH focused software and bookings platform for sports facilities which facilitates the management of courts, activities and bookings. In the consumer sector, Piper Private Equity have called £0.6m for Yard Sale Pizza, a chain of 14 shops in London that also delivers by e-bike and partners with 160 pubs and bars across the city. The plan is to roll out the brand across London and other cities. An additional investment of £0.7m was made in 1Med the Apposite-led co-investment to fund the add-on acquisition of Italian clinical research organisation LB Research which specialises in pharmaceuticals and medical devices. In Finland Vaaka IV called £0.7m for Axitare (medical dispensing robots) and Lemon Tree (accounting services and software for small businesses). In Norway Procuritas VII called £1.0m for Energima (HVAC and energy efficiency services).

In North America, MidOcean VI called £0.5m mainly for Arnott's (suspension systems for light passenger vehicles). Pan-Atlantic investor Corsair also called £0.7m for follow-ons in two financial services companies; MJM (Polish insurance broker and MGA) and Composition Wealth (US wealth management). Level 5 Fund II and Purpose Brands called £0.8m for medical spa company Heyday. The company has 39 shops providing services such as dermaplaning and laser facials. TorQuest VI called £1.0m for its first two investments Mevotech and Athos. Mevotech is involved in the engineering, design and distribution of driveline, steering and suspension parts for the auto aftermarket. Athos is a funerary services company based in Quebec which is aiming to consolidate the fragmented Canadian market.

Realisations

The total of realisations and associated income in the six months was £27.1m. This compares with £52.3m at this point last year and £108.6m for the whole of 2024.

The major realisations in the quarter were diverse in nature. Inflexion through its Supplemental Fund V and Buyout Fund V returned £4.8m. This mainly came from air conditioning pumps and ancillaries provider Aspen Pumps (3.3x cost and 26% IRR) and liquid prescription medicine company Rosemont Pharmaceuticals (7.3x cost and 50% IRR).

Blue Point III returned £1.2m (6.9x cost and 32% IRR) with the sale of industrial services contractor Sylvan, which provides design, installation and maintenance of industrial projects for clients across a range of sectors in North America. This company was held for seven years and built profits through derisking the supply chain by strategic acquisitions. Interestingly it was bought and sold for around 4.0x EBITDA, with the valuation uplift driven by earnings growth.

Primary IV returned £1.1m (3.6x cost and 21% IRR) with the sale of speciality signage company Metamark. MVM VI returned £1.1m (4.0x cost and 216% IRR) from Gynesonics the developer of a minimally invasive medical device, Sonata, which is used for the treatment of uterine fibroids. Following a short holding period of just 15 months, the company was sold to Nasdaq listed Hologic. Vaaka III returned £0.9m through a recapitalisation of Framery, the Finland-based provider of soundproof office pods and workspaces.

FPE sold Zest an employee benefits software company returning £0.9m (2.8x cost and 29% IRR). MVM V exited Paragon 28, a medical device company specialising in applications related to surgical applications for the ankle and foot, returning £0.8m (2.2x cost and 20% IRR). A very long-standing holding dating back to 2008, Axitea (Italian security services) was sold by Stirling Square returning £1.3m (1.3x cost and 2% IRR). 

In France, Chequers Capital XVII sold ESTYA, a company involved in fire security, smoke extraction and video surveillance returning £0.8m (3.0x cost and 40% IRR). In Finland, Vaaka III exited Foreship, a marine engineering and consultancy business serving the cruise industry, returning £0.7m (1.9x cost and 12% IRR).

The portfolio also benefited from partial realisations with returns of capital from three of our co-investments; £3.1m from Sigma (electrical components) which was recapitalised with a partial return to investors, £1.4m from CARDO Group (social housing refurbishments) also following a recapitalisation and £0.9m of loan note interest from Weird Fish (casual clothing).

Valuation Changes

There were many changes in valuation over the period, though most were fairly small. It is worth noting that only 10.3% of valuations were as at 30 June 2025, with the remainder based on 31 March valuations adjusted for cashflows due to the typical time lag in reporting.

In our co-investment portfolio there were uplifts for CARDO Group +£1.8m, Accounts IQ (accountancy software) +£1.2m, Weird Fish +0.7m and Utimaco (cybersecurity and compliance solutions) +£0.6m. All were driven by strong trading. Dotmatics (software for R&D scientists) was also written up +£0.6m  reflecting estimated proceeds from its sale to Siemens, which completed on 1 July 2025.

In the funds portfolio there were notable uplifts from Kester II (+£1.0m), SEP V (+£1.3m), Piper VII (+£0.9m), Vaaka III (+£0.8m), Axiom I (+£0.8m) and Graycliff IV (+£0.7). These were driven by a combination of strong trading and realisations across the portfolios.

There were some downgrades amongst the co-investments. Some of these related to realisations at lower values than expected. Alessa (AML software) was down £2.0m as the sale ultimately proved valueless for equity holders. Alessa's small amount of proceeds were used to repay debtholders only. Amethyst Radiotherapy was down £1.1m, reflecting a lower-than-expected exit price. Agilico (managed print services) was also down by £1.7m reflecting reduced return expectations. Others were due to weaker trading. Accuvein (medical device for vein visualisation) was down £2.5m, due to underperformance compared to its budget and reduction in the valuation multiple by lead manager MVM Partners. TWMA (drill waste management) was down £1.4m, due to reduced activity in the UK offshore, Norway and UAE. Prollenium (medical aesthetics) was down £0.7m reflecting slower trading and the challenging consumer market.

There were also some downgrades in the funds, reflecting more challenging trading or company specific setbacks in the portfolio. Aliante 3 (-£1.4m), Kurma Biofund (-£0.6m), and Progressio II (-£0.6m) were the more notable.

Financing

Net debt at £100.2m equates to gearing of 17.2%. During the quarter realisations and drawdowns were closely matched although for the first half drawdowns (£31.2m) slightly exceeded realisations (£27.1m).

Several exits, which have occurred after the quarter end or are imminent, will noticeably improve the debt level. These include co-investments Amethyst Radiotherapy (£8.2m received in August) and Dotmatics (sale completed to Siemens on 1 July 2025, £4.7m holding value). There have also been strong exits in a number of funds: Inflexion has announced the sale of online discount market place Blue Light Card (3.6x cost and 42% IRR) and premium skin care brand Medik8 (4.5x cost and 38% IRR), August Equity agreed the sale of accountancy firm AAB (5.9x cost and >50% IRR) and SEP sold FundApps returning £2.1m (2.9x cost and 29% IRR).

Outlook

The private equity market has not been immune to wider economic events such as tariff fluctuations. The principal effect of this so far has been to heighten uncertainty, which manifests itself in deals being delayed, cancelled or renegotiated. This explains the lower-than-expected volumes of both exits and new deals so far this year. We continue to believe that many of the ingredients for a recovery are in place; however, greater stability and certainty are required for momentum to build.

The generally adverse economic effects of reduced free trade globally will take time to manifest, but combined with lower forecast economic growth, they will create a challenging environment. However, the underlying growth in the markets our companies address, and the competence of management teams to capture this growth profitably, means that value creation in the portfolio will continue over the long term. The Company's track record over nearly three decades covering many different economic phases attests to this. As we move into the second half of 2025 there are good prospects of increases in shareholder value.

Hamish Mair

Investment Manager

Columbia Threadneedle Investment Business Limited

Portfolio Summary

CT Private Equity Trust PLC

Statement of Comprehensive Income for the

half year ended 30 June 2025

The total column is the profit and loss account of the Company.

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

CT Private Equity Trust PLC

Statement of Comprehensive Income for the

half year ended 30 June 2024

The total column is the profit and loss account of the Company.

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

CT Private Equity Trust PLC

Statement of Comprehensive Income for the

year ended 31 December 2024

The total column is the profit and loss account of the Company.

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

CT Private Equity Trust PLC

Amounts Recognised as Dividends

CT Private Equity Trust PLC

Balance Sheet

CT Private Equity Trust PLC

Statement of Changes in Equity

CT Private Equity Trust PLC

Cash Flow Statement

Directors' Statement of Principal Risks and Uncertainties

The principal risks identified in the Annual Report and Accounts for the year ended 31 December 2024 were:

• Economic, macro and political;

• Liquidity and capital structure;

• Regulatory;

• Personnel issues;

• Fraud and cyber;

• Market;

• ESG; and

• Operational.

These risks are described in more detail under the heading "Principal Risks" within the Strategic Report in the Company's Annual Report and Accounts for the year ended 31 December 2024.

At present the global economy continues to suffer considerable disruption due to the war in Ukraine, events in the Middle East, and the threat of US trade tariffs. The Directors continue to review the key risk matrix for the Company which identifies the risks that the Company is exposed to, the controls in place and the actions being taken to mitigate them.

It is also noted that:

·    An analysis of the performance of the Company since 1 January 2025 is included within the Chairman's Statement and the Manager's Review.

·    The Company's borrowing facility is composed of a €60 million term loan and a £95 million multi-currency revolving credit facility. As at 30 June 2025 borrowings were £112.0 million. The interest rate payable is variable.

·    Note 9 details the Board's consideration for the continued applicability of the principle of Going Concern when preparing this report.

On behalf of the Board

Richard Gray

Chairman

Statement of Directors' Responsibilities in Respect of the Interim Report

We confirm that to the best of our knowledge:

• the condensed set of financial statements have been prepared in accordance with applicable UK-adopted International Accounting Standards on a going concern basis and give a true and fair view of the assets, liabilities, financial position and return of the Company;

• the Chairman's Statement, Manager's Review and the Directors' Statement of Principal Risks and Uncertainties (together constituting the Interim Management Report) include a fair review of the information required by the Disclosure Guidance and Transparency Rule ('DTR') 4.2.7R, being an indication of important events that have occurred during the first six months of the financial year and their impact on the financial statements;

• the Directors' Statement of Principal Risks and Uncertainties is a fair review of the principal risks and uncertainties for the remainder of the financial year; and

• the half-yearly report includes a fair review of the information required by DTR 4.2.8R, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the Company during the period, and any changes in the related party transactions described in the last Annual Report that could do so.

On behalf of the Board

Richard Gray

Chairman

Notes (unaudited)

1.    The condensed company financial statements have been prepared on a going concern basis in accordance with International Financial Reporting Standard ('IFRS') IAS 34 'Interim Financial Reporting' and the accounting policies set out in the statutory accounts for the year ended 31 December 2024. The condensed financial statements do not include all of the information and disclosures required for a complete set of IFRS financial statements and should be read in conjunction with the financial statements for the year ended 31 December 2024, which were prepared in accordance with the Companies Act 2006 and UK adopted international accounting standards.

2.    Earnings for the six months to 30 June 2025 should not be taken as a guide to the results for the year to 31 December 2025.

3.    Investment management fee:

4.     Finance costs:

5.    The return per Ordinary Share is based on a net loss on ordinary activities after taxation of £12,762,000 (30 June 2024 - profit £1,249,000; 31 December 2024 - profit £19,669,000) and on 71,502,938 (30 June 2024-72,193,155; 31 December 2024 -71,845,834) shares, being the weighted average number of Ordinary Shares in issue during the period.   

6.    The net asset value per Ordinary Share is based on net assets at the period end of £482,043,000 (30 June 2024 - £496,433,000; 31 December 2024 - £504,829,000) and on 71,502,938 (30 June 2024 - 71,502,938; 31 December 2024 - 71,502,938 shares, being the number of Ordinary Shares in issue at the period end.

7.   The fair value measurements for financial assets are categorised into different levels in the fair value hierarchy based on inputs to valuation techniques used.  The different levels are defined as follows:

Level 1 reflects financial instruments quoted in an active market.

Level 2 reflects financial instruments whose fair value is evidenced by comparison with other observable current market transactions in the same instrument or based on a valuation technique whose variables includes only data from observable markets.

Level 3 reflects financial instruments whose fair value is determined in whole or in part using a valuation technique based on assumptions that are not supported by prices from observable market transactions in the same instrument and not based on available observable market data.

There were no transfers between levels in the fair value hierarchy in the period ended 30 June 2025. Transfers between levels of the fair value hierarchy are deemed to have occurred at the date of the event that caused the transfer.

Valuation techniques

Quoted fixed asset investments held are valued at bid prices which equate to their fair values. When fair values of publicly traded equities are based on quoted market prices in an active market without any adjustments, the investments are included within Level 1 of the hierarchy.  The Company invests primarily in private equity funds and co-investments via limited partnerships or similar fund structures.  Such vehicles are mostly unquoted and in turn invest in unquoted securities.  The fair value of a holding is based on the Company's share of the total net asset value of the fund or share of the valuation of the co-investment calculated by the lead private equity manager on a quarterly basis. The lead private equity manager derives the net asset value of a fund from the fair value of underlying investments. The fair value of these underlying investments and the Company's co-investments is calculated using methodology which is consistent with the International Private Equity and Venture Capital Valuation Guidelines ('IPEG'). In accordance with IPEG these investments are generally valued using an appropriate multiple of maintainable earnings, which has been derived from comparable multiples of quoted companies or recent transactions. The Columbia Threadneedle private equity team has access to the underlying valuations used by the lead private equity managers including multiples and any adjustments. The Columbia Threadneedle private equity team generally values the Company's holdings in line with the lead managers but may make adjustments where they do not believe the underlying managers' valuations represent fair value. On a quarterly basis, the Columbia Threadneedle private equity team present the valuations to the Board. This includes a discussion of the major assumptions used in the valuations, which focuses on significant investments and significant changes in the fair value of investments. If considered appropriate, the Board will approve the valuations.

The fair values of all of the Company's other financial assets and liabilities are not materially different from their carrying values in the balance sheet.

Significant unobservable inputs for Level 3 valuations

The Company's unlisted investments are all classified as Level 3 investments. The fair values of the unlisted investments have been determined principally by reference to earnings multiples, with adjustments made as appropriate to reflect matters such as the sizes of the holdings and liquidity. The weighted average earnings multiple for the portfolio as at 30 June 2025 was 10.9 times EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) (30 June 2024: 11.0 times EBITDA; 31 December 2024: 11.3 times EBITDA).

The significant unobservable input used in the fair value measurement categorised within Level 3 of the fair value hierarchy together with a quantitative sensitivity analysis are shown below:

* The sensitivity analysis refers to an amount added or deducted from the input and the effect this has on the fair value.

The fair value of the Company's unlisted investments is sensitive to changes in the assumed earnings multiples. The managers of the underlying funds assume an earnings multiple for each holding. An increase in the weighted average earnings multiple would lead to an increase in the fair value of the investment portfolio and a decrease in the multiple would lead to a decrease in the fair value.

The following table shows a reconciliation of all movements in the fair value of financial instruments categorised within Level 3 between the beginning and the end of the period:

8.    Share Capital:

9.    In assessing the going concern basis of accounting the Directors have had regard to the guidance issued by the Financial Reporting Council. They have considered the current cash position of the Company, the availability of the Company's loan facility and compliance with its banking covenants. They have also considered period end cash balances and forecast cashflows, the operational resilience of the Company and its service providers and the annual dividend.

As at 30 June 2025, the Company had outstanding undrawn commitments of £177.9 million. Of this amount, approximately £26.4 million is to funds where the investment period has expired and the Manager would expect very little of this to be drawn. Of the outstanding undrawn commitments remaining within their investment periods, the Manager would expect that a significant amount will not be drawn before these periods expire. The Company has a committed borrowing facility comprising a term loan of €60 million and a revolving credit facility of £95 million. This facility is due to expire in February 2027.

At 30 June 2025 the Company had fully drawn the term loan of €60 million and had drawn £61.4 million of the revolving credit facility, leaving £33.6 million of the revolving credit facility available. This available proportion of the facility can be used to fund any shortfall between the proceeds received from realisations and drawdowns made from funds in the Company's portfolio or funds required for co-investments. Under normal circumstances this amount of 'headroom' in the facility would be more than adequate to meet any such shortfall.

At present the global economy continues to suffer disruption due to the war in Ukraine, events in the Middle East,  and the threat of US trade tariffs and the Directors have given serious consideration to the consequences of these for the private equity market in general and for the cashflows and asset values of the Company specifically over the next twelve months. The Company has a number of loan covenants and at present the Company's financial situation does not suggest that any of these covenants are close to being breached.

Furthermore, the Directors have considered in detail a number of remedial measures that are open to the Company which it may take if such a covenant breach appears possible. These include reducing commitments and raising cash through engaging with the private equity secondaries market. The Managers have considerable experience in the private equity secondaries market through the activities of the Company and through the management of other private equity funds. The Directors have considered other actions which the Company may take in the event that a covenant breach was imminent including taking measures to increase the Company's asset base through an issuance of equity either for cash or pursuant to the acquisition of other private equity assets.

The Directors have also considered the likelihood of the Company making alternative banking arrangements with its current lenders or another lender. Having considered the likelihood of the events which could cause a covenant breach and the remedies available to the Company, the Directors are of the view that the Company is well placed to manage such an eventuality satisfactorily.

Based on this information the Directors believe that the Company has the ability to meet its financial obligations as they fall due for a period of at least twelve months from the date of approval of these financial statements. Accordingly, these financial statements have been prepared on a going concern basis.

10.  These are not statutory accounts in terms of Section 434 of the Companies Act 2006 and have not been audited or reviewed by the Company's auditors. The information for the year ended 31 December 2024 has been extracted from the latest published financial statements which received an unqualified audit report and have been filed with the Registrar of Companies. No statutory accounts in respect of any period after 31 December 2024 have been reported on by the Company's auditors or delivered to the Registrar of Companies. The Half-Year Report will be available shortly at the Company's website address, www.ctprivateequitytrust.com.

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