Schroder BSC Social Impact Trust plc (the "Company")

Half Year Results

Schroder BSC Social Impact Trust plc (the "Social Impact Trust" or "Company") hereby submits its Half Year Report for the six months ended 31 December 2025 as required by the Financial Conduct Authority's Disclosure Guidance and Transparency Rule 4.2. The Half Year Report is available on the Company's webpages at https://www.schroders.com/sbsi and can be viewed using the following link:   http://www.rns-pdf.londonstockexchange.com/rns/8855Y_1-2026-3-31.pdf.

The Company has submitted a copy of its Half Year Report to the National Storage Mechanism and it will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism 

Highlights

·      NAV per share of 101.06 pence (30 June 2025: 102.94 pence) after dividend payment of 3.76 pence paid on 19 December 2025

·      NAV total return per share of 2.0% (six months to 31 December 2024: 0.3%)

·      NAV total return per share of 14.3% since inception (2.7% annualised)

·      Capital repayments totalling £3.8m were returned to the Company at NAV, from maturities and scheduled repayments mainly in the Debt & Equity for Social Enterprises asset class, as well as capital repayments from Social Outcomes Contracts as projects matured

·      100% of high impact investment portfolio aligns with the UN Sustainable Development Goals, with the majority of the portfolio aimed at reducing poverty and inequality (SDGs 1 & 10)

The report comes as the Board is carrying out a strategic review into the future of the Company, as announced on 2 July 2025 and updated on 4 September 2025 and 11 December 2025. The Board will continue to pursue alternative options and intends to include proposals for the future of the Company alongside the annual report and financial statements for the year ending 30 June 2026, to be published in October 2026.

Results Presentation

A recording of the Portfolio Manager discussing the results is available at https://schro.link/yd4bab. The slides used for the investor presentation is available at https://schro.link/y9k7wf.

Susannah Nicklin, Chair of Schroder BSC Social Impact Trust plc, said:

"Over the six months in review the Company has delivered a resilient NAV total return alongside significant positive impact for many people across the UK. From more affordable housing to top-quality live-in care, our portfolio of investments continues to deliver essential goods and services for vulnerable and underserved people every day. This period has also seen the Board and I, alongside our advisors, continuing to progress our strategic review of options for the Social Impact Trust's future, following a comprehensive consultation with shareholders. We now intend to include proposals for the future of the Company alongside the annual results, to be published in October, and would like to take this opportunity to again thank all our shareholders for their continued engagement."

About Schroder BSC Social Impact Trust plc 

The Company was launched in December 2020, to enable access to high social impact investment opportunities in private markets - tackling social challenges across the UK. The Company manages a diversified portfolio across asset classes, targeting sustainable returns, demonstrable social impact, and low correlation to traditional public markets. 

About Better Society Capital

Better Society Capital is the UK's leading social impact investor. Our mission is to grow the amount of money invested in tackling social issues and inequalities in the UK. We do this by investing our own capital and helping others invest for impact too.  

Since 2012, we have helped build a market that has directed more than £11 billion into social purpose organisations tackling issues from homelessness and mental health to childhood obesity and fuel poverty, a more than thirteen-fold increase. 

Further information about Better Society Capital can be found at www.bettersocietycapital.com 

About Schroders plc 

Schroders is a global investment manager which provides active asset management, wealth management and investment solutions, with £823.7 billion (€943.4 billion; $1107.9 billion) of assets under management at 31 December 2025. As a UK listed FTSE100 company, Schroders has a market capitalisation of circa £6.5 billion and operates across 38 locations. Established in 1804, Schroders remains true to its roots as a family-founded business. The Principal Shareholder Group continues to be a significant shareholder, holding approximately 44% of the issued share capital.

Schroders' success can be attributed to its diversified business model, spanning different asset classes, client types and geographies. The company offers innovative products and solutions through four core business divisions: Public Markets, Solutions, Wealth Management, and Schroders Capital, which focuses on private markets, including private equity, renewable infrastructure investing, private debt & credit alternatives, and real estate.

Schroders aims to provide excellent investment performance to clients through active management. This means directing capital towards resilient businesses with sustainable business models, consistently with the investment goals of its clients. Schroders serves a diverse client base that includes pension schemes, insurance companies, sovereign wealth funds, endowments, foundations, high net worth individuals, family offices, as well as end clients through partnerships with distributors, financial advisers, and online platforms.

For further information, please contact:

Performance Summary (six months ended 31 December 2025)

Net Asset Value ("NAV") per share total return*

2.0%

Six months to 31 December 2024: 0.3%

Share price

64.50p

30 June 2025: 77.50p

Share price total return*

-12.4%

Six months to 31 December 2024: -8.6%

Share price discount to NAV per share*

36.2%

30 June 2025: 24.7%

Revenue return per share

1.24p

Six months to 31 December 2024: 2.28p

NAV per share*

101.06p

30 June 2025: 102.94p

* Alternative Performance Measure ("APM"), as defined by the European Securities and Markets Authority. Definitions of these performance measures, and other terms used in this report, are given on pages 24 and 25 together with supporting calculations where appropriate.

Chair's Statement

Introduction

Over the six-month period in review, the Company has extensively consulted with shareholders on our future strategic direction and continues to work with our AIFM, Portfolio Manager, and other advisers to explore options for delivering meaningful value, both in terms of financial performance and ongoing impact, against a difficult and evolving market backdrop. Meanwhile, our Portfolio Manager has continued to focus on managing the portfolio to maximise returns and impact generation. The Social Impact Trust delivered a NAV total return of 2.0%, driven by income generation across the portfolio and valuation uplifts to some of the Debt & Equity for Social Enterprises holdings. The Company paid out its largest dividend to date (3.76p per share) and saw an additional trust-level realisation at NAV.

Importantly, the portfolio also continued to have a positive impact on communities across the UK. In the period, our investees added further to the country's social and affordable housing stock, supported home care for adults with disabilities, and saw a number of Social Outcomes Contracts extended, expanding access to important public services to more underserved people. For illustration, please view the Company's Impact Map on the Company's web pages at schroders.com/SBSI.

Strategic review

When the Company was launched in 2020, it committed to providing shareholders with the opportunity to vote on the Company's continuation should the Company's shares trade, on average, at a discount in excess of 10% to NAV for the two-year period ending 31 December 2023 and in any subsequent two-year period. The average discount for the two years to 31 December 2025 was 23.8%.

Since July 2025, the Board has been undertaking a strategic review of the Company. This was initiated in response to the prolonged period of trading at a steep discount to NAV and difficulty expanding the shareholder base. Whilst we have demonstrably delivered against our impact goals and preserved capital in a challenging environment, our financial returns have not tracked to our target. Further, the wider UK investment trust market, particularly for private market strategies, has been unsupportive for many reasons, including consolidation in the wealth sector and the emergence of new types of investment vehicles. The entrenched discount has been undesirable for our shareholders and prevented the Company from raising additional capital, which was a strategic goal from IPO.

The persistent discount and these other market dynamics continued to play out in the period, with the Company experiencing a share price total return of -12.4% for the six months to 31 December 2025 and an average discount to NAV of 31.7%. The UK Investment Trust sector remains under pressure, and although there has been some recovery in certain areas, alternative asset strategies similar to ours have continued to suffer. These ongoing headwinds underpin the need for a robust and thoughtful review of the Company's future.

The strategic review has to date consisted of the Board, together with the AIFM, the Portfolio Manager, and other advisors engaging with shareholders and undertaking extensive work to explore alternative options, including alternative fund structures as well as a managed wind-down scenario, with a view to providing an optimal solution in response to the diverse shareholder feedback received.

The Board will continue to pursue alternative options and intends to update shareholders and outline proposals for the future of the Company alongside the Annual Report and Financial Statements for the year ending 30 June 2026, to be published in October 2026.

Over the course of the strategic review, the Board has instructed the Portfolio Manager not to make any new investments that would extend the maturity of the portfolio. Currently, approximately 60% of the NAV is committed to or invested in funds with a duration beyond 2030. The Portfolio Manager continues to manage the existing portfolio in accordance with the Company's investment policy. Given the anticipated liquidity profile of the portfolio, the timing of the announcement is not expected to result in any material delay in returning capital to shareholders.

Impact preservation and financial performance remain of utmost importance to the Company as we evaluate options for its future and seek to balance shareholder needs.

I would like to sincerely thank our shareholders for their continued engagement during this time.

Growth of impact economy

The UK Government is continuing to show a welcome interest in and a support for impact investing. In November 2025 the Government launched the Office for the Impact Economy (the "Office"), which provides a single front door for impact investors, philanthropy and purpose-driven businesses to partner with the Government and grow their social impact across the UK. The Office was created following recommendations from the Social Investment Advisory Group and is housed in the Cabinet Office. This initiative should support future demand for high-impact investments such as those in our portfolio.

Portfolio updates, exits, and NAV performance

The Company delivered a resilient NAV performance over the half year. The NAV total return for the period was 2.0%, bringing NAV total return since inception to 14.3% (2.7% annualised). NAV per share as of 31 December 2025 was 101.06p (102.94p at 30 June 2025), following the 3.76p dividend payment made on 19 December 2025. The Board recognises that the NAV total return has not achieved the target level set out at IPO, due largely to a long-term challenging macro-environment and increased discount rates. The macro-economic environment continued to negatively affect the high impact property investments in the period, with ongoing high construction material prices and the residual impact of developer insolvencies driving valuation declines in some of these investments. However, proactive portfolio management, reflected in improved performance of investments following restructurings (a new growth trajectory for the Bridges Inclusive Growth Fund ("Bridges IGF"), and improved operating performance at Thera Trust resulting in a significant repayment tranche and removal of provision) has led to increases in valuation for the Debt & Equity for Social Enterprises portion of the portfolio. Social Outcomes Contracts continued to perform well.

During the period, there was one realisation at NAV, with a full repayment of the Triodos bond issue, as well as a significant scheduled repayment of the Thera Trust bond. There was further deployment of previously committed capital, into affordable housing across funds in our portfolio, as well as a new investment under the new strategy of the restructured Bridges IGF into Alina Homecare. Alina focuses on delivering high quality care to the elderly and disabled, whilst ensuring a supportive environment for its carers.

Discount management

Despite the Company's positive NAV performance, the share price has been under further pressure during the period. The Board has continued to operate the buyback programme during the period, buying back 1,859,413 shares at a cost of £1,309,458 and the average discount of 31.5%, contributing 0.74p to NAV per share. Since period end, the Company has repurchased a further 320,052 shares. The Board sees this as a helpful way to provide market liquidity and make accretive returns to ongoing shareholders.

Outlook

Challenges remain in the macro-economic backdrop, including continued heightened geo-political uncertainty in light of recent events, with meaningful implications for inflation and other economic factors. Whilst this and the strategic review continues, our Portfolio Manager remains focused on managing the underlying portfolio: mitigating risks, maximising the underlying value, and preserving the ongoing impact of the Company's investments.

The Company continues to have a unique offering and this, together with the support for the impact economy from the Government, further reinforces our conviction that the Company's underlying assets remain an attractive proposition for investors. We continue to be grateful for our shareholders' support for this strategy, and the Board will continue to invite dialogue with investors as we work towards the conclusion of our strategic review.

Susannah Nicklin

Chair

30 March 2026

Portfolio Managers' Review

Portfolio performance

The NAV total return for the six-month period to 31 December 2025 was 2.0%. This resulted in a NAV total return since the 22 December 2020 IPO of 14.3%, or 2.7% annualised. Overall, the Company's NAV per share fell from 102.94p to 101.06p following a dividend payment of 3.76p in the period (based on the earnings of the Company in the year ended 30 June 2025), as set out in the NAV per share performance bridge below.

NAV per share (pence) progression 1 July 2025 - 31 December 2025

The table on the next page under the heading "High Impact Portfolio" shows the performance of the investments in the high impact portfolio in the period. The main drivers of financial performance in the six-month period to 31 December 2025 were:

-    The Debt & Equity for Social Enterprises asset class, which includes the Company's more mature investments, contributed 1.87p to NAV per share in the period. Within this asset class, Bridges IGF had the largest contribution to returns (0.89p per share), thanks to strong trading in the underlying portfolio companies, New Reflexions and Alina Homecare (a new investment made in August 2025 by the fund under its refreshed strategy). Furthermore, the contribution from Bridges IGF reflects the benefit of a catch-up mechanism, agreed with the fund manager and approved by all fund investors, to allow early investors (including the Company) to be compensated for the negative adjustment previously incurred when the fund was restructured. The catch-up mechanism allows for a larger allocation of the fund's profit to earlier investors and should provide a full recovery of the negative restructuring adjustment over time. The second largest contributor to the positive performance was the Charity Bond portfolio (0.63p per share), following the partial repayment at par of the restructured Thera Trust bond, and the removal of a provision held against the bond.

-    In the High Impact Housing asset class, just over one third of commitments are into funds earlier in their life cycle, with funds being deployed towards the development or acquisition of safe and affordable homes, and thus still in their ramp-up phase. This is reflected in the returns realised to date in the asset class. The High Impact Housing asset class contributed 0.17p per share in the period. In the sector, residential property yields and discount rates, and therefore valuations, have remained broadly stable in the period. Construction sector insolvencies have reduced slightly compared to 2024 but remain materially higher than pre-pandemic levels. Combined with the still-elevated construction materials prices, the residual impact of developer insolvencies accounts for negative NAV per share contribution of the Man Community Housing Fund (-0.35p per share).

-    Social Outcomes Contracts continued to perform strongly, delivering a positive contribution to NAV per share of 0.32p per share in the period.

Portfolio cash flows and balance sheet

Capital repayments

During the period under review, capital repayments totalling £3.8m were returned to the Company at NAV, with the majority coming from maturities and scheduled repayments in the Debt & Equity for Social Enterprises asset class. This included the full repayment of the Triodos Bank UK bond after it reached maturity (a Company-level realisation), and a scheduled partial repayment from Thera Trust within the Charity Bond Portfolio. There were also further amortisation payments from the other debt investments and capital repayments from Social Outcomes Contracts as projects matured.

As the strategic review progresses, we continue to manage the portfolio prudently: no new commitments are being made that would lengthen portfolio maturity, and repaid capital is held in Money Market Funds ("MMFs") which generated an average return of 3.94% over the period under review. These funds are earmarked to meet outstanding commitments to existing investments (£10.6m) and to support the share buyback programme or other return of capital the Board may determine as part of the strategic review.

Drawdowns to fund existing commitments

•     The majority of the capital (£1.5m) was drawn into Bridges IGF to fund its new investment into Alina Homecare, as well as to fund an organic growth opportunity within New Reflexions (further detail on these investments is included in the "Social impact" section of this review).

•     Within Social Outcomes Contracts, further investment was made into projects supporting young people at risk of homelessness, improving the quality of life of people living with long term health conditions via social prescribing¹, and delivering improvements on the challenges of refugee integration. The Bridges Social Outcomes Fund II was a net distributor of capital after capital distributions from existing projects.

Share buy-back programme

The Company's Board continued its share buyback programme, buying 1,859,413 shares in the period under review. The share buybacks contributed 0.74p to the NAV per share.

Liquidity management

To avoid holding unproductive cash while awaiting drawdowns from our private fund investments, the Company allocates up to 20% of net assets to a portfolio of liquid investments ("Liquidity Assets"). These investments are selected to generate returns, meet high ESG standards, and remain compliant with the Company's investment policy. Eligible investments include bond funds, real estate investment trusts, infrastructure trusts, and other liquid instruments including MMFs.

How the Liquidity Assets portfolio has evolved

When the Company launched in late 2020, interest rates and inflation were at historic lows, so the Liquidity Assets portfolio was initially invested in fixed income funds to generate a modest yield above cash. As inflation rose sharply through 2021 and 2022, we added renewable energy trusts, which tend to benefit from higher energy prices and inflation, and shifted our bond exposure away from fixed-rate towards floating-rate instruments (including MMFs), which perform better in a rising rate environment. This repositioning served the portfolio well as the Bank of England raised rates sharply through 2023.

As the rate-cutting cycle became apparent in 2024-25, we took profits on our floating-rate bond holdings, while retaining our renewable energy trust positions, which paid attractive income yields (contributing to the Company's dividend payments). Throughout this period, any additional capital returned was invested into MMFs, as we saw interest rates remaining "higher for longer".

Current position

As at 31 December 2025, the Liquidity Assets portfolio² was valued at £12.0m, representing 15% of NAV. This was invested across bond funds and renewable energy trusts (£3.3m) and MMFs and cash holdings (£8.7m). The vast majority (92%) of the portfolio is in instruments whose returns are linked to floating interest rates and/or inflation.

During the period, the Liquidity Assets portfolio detracted 0.52p from overall Company performance. This reflected weakness in the share prices of our renewable energy trust holdings, which detracted from the dividend income they generated on a total returns basis.

¹     NHS definition: Social prescribing is a key component of Universal Personalised Care. It is an approach that connects people to activities, groups, and services in their community to meet the practical, social and emotional needs that affect their health and wellbeing.

²     Please note that, for the purpose of portfolio management reporting, this includes money market funds (current asset investments) and cash at bank and in hand. These are reported separately to other liquidity assets, for the purpose of financial reporting, on page 12 under the Investment Portfolio and on page 18 under the Balance Sheet.

Social impact

The portfolio continues to deliver strong social impact performance benefiting more disadvantaged groups across four key impact themes:

-              reducing poverty and inequality;

-              good health and wellbeing;

-              education, training and decent work; and

-              a just transition to net zero.

Since launch, the Company's investments have supported 196 social organisations benefiting 422,000 people of whom 98% are from underserved or disadvantaged backgrounds; generating £238m of value on public and household savings and benefits, and providing 34,500 people with affordable decent homes since Company inception³. We aim to work with organisations with deep experience in tackling social issues in the local context, as we believe this reduces risk. The average delivery track record of organisations in the portfolio is 20 years⁴. These organisations have built strong relationships with local stakeholders, deep knowledge of the social issues they are addressing, and are trusted by their beneficiaries.

Social outcomes reported in the period include:

•     Within the Bridges IGF portfolio, the fund made its first new investment since the restructuring in 2024 into Alina Homecare. Alina is a provider of high-quality hourly homecare and live-in care for vulnerable individuals, supporting independence and quality of life. It delivered 1.2m of hours of care to over 2,900 people in 2025, allowing elderly adults to live independently and improve their quality of life. Alina operates 52 branches across the South of England. Furthermore, existing portfolio company New Reflexions completed its acquisition of Smoothstone Care and Education Ltd, a specialist Learning Disability schools business. Smoothstone operates three high quality schools focused on better outcomes for pupils with complex learning disabilities.

•     The CBRE UK Affordable Housing Fund is now fully committed, exchanging on a further 152 new build houses within an existing development asset in the period, culminating in the delivery of a total of 365 affordable homes across the whole asset. All homes are above the National Minimum Space Standards, are expected to achieve an EPC 'A' rating and are heated through an air source heat pump system. At fund level, 40% of all homes are located in local authority areas with the highest level of need, and on average, homes are affordable to 70% of local households.

We will be publishing a full review of the Company's social impact performance in our fifth social impact report in 2026.

Outlook

As the Company remains under strategic review, we continue to manage the portfolio in line with the investment policy, with a focus on safeguarding the value of your investments, managing risks and continuing to deliver significant impact where it is most needed.

As at 31 December 2025, total commitments to high impact investments amounted to 99% of the NAV of the portfolio, and 85% of NAV was invested in high impact investments (with the remainder being held in Liquidity Assets to fulfil undrawn commitments, comprising 15% of NAV). We continue to see income generation in our portfolio, and expect to be in a position to pay a dividend in the guidance range of 2-3% yield on NAV per share for the current financial year ending 30 June 2026.

We are working with the Company's Board and advisors to outline proposals to shareholders for the future of the Company, which will be published at the same time as the Annual Report and Financial Statements for the year ended June 2026 in October. In the meantime, the portfolio remains almost fully committed to high impact investments, and capital repaid from maturing and exiting investments is invested in MMFs earning interest broadly in line with the Bank of England Base Rate.

As shown in this report, the Company's portfolio continues to deliver solid financial performance alongside positive impact outcomes, providing solutions to some of the UK's most significant challenges: access to decent housing, health and care, education and employment, and climate and energy resilience.

We continue to see strong need for the services our portfolio companies provide, in an environment of continued volatility (with geopolitical unrest giving rise to renewed concerns about rising energy and living costs) and persistent constraints on public spending. We believe the portfolio is well positioned to navigate the current environment of geopolitical uncertainty and renewed inflationary pressure, given its UK domestic focus, significant exposure to Government-backed income streams and real asset underpinning across property and renewable energy, while we continue to monitor the impact of rising input costs (in particular energy and wages) on our underlying investees.

Furthermore, we see growing momentum for catalysing new investment opportunities in partnership with a supportive Government, committed to working with private investment and the social sector.

Building on that momentum, and on Better Society Capital's 14-year track record of building and growing the social investment market in the UK from under £1bn to over £11bn⁵, we have set out our 2026-2030 strategy⁶, with a clear ambition to mobilise significantly more capital into social impact investment and positively impact millions of lives over the next decade, by acting as a trusted bridge between social need, policy and investment opportunity.

Working in partnership is key to growing the amount of money invested in tackling social issues and inequality in the UK, and we strongly believe that social impact investment has an important and distinctive role to play in investors' portfolios: offering access to proven, locally-focused UK impact opportunities that deliver tangible social outcomes alongside financial returns, with low correlation to mainstream markets and diversification benefits in volatile global conditions. We remain committed to helping investors access this investment opportunity.

Jeremy Rogers, Hermina Popa

Better Society Capital

30 March 2026

³               Source: SBSI Impact Report 2025.

⁴               Track record is the weighted average number of years in operation per investee.

⁵               BSC market sizing: https://bettersocietycapital.com/2024-market-sizing/

⁶               BSC 2026-2030 Strategy: https://bettersocietycapital.com/latest/our-2030-strategy/

Investment Portfolio

At 31 December 2025

¹     Debt investment and fixed income securities amounting to £18,614,000 are included at amortised cost, excluding any accrued interest. These include investments amounting to £11,965,000 which are listed, but traded in inactive markets.

²               Total investments comprise:

³               As at 31 December 2025, the Company's money market funds holding comprises solely the HSBC Sterling ESG Liquidity Fund.

Interim Management Statement

Principal risks and uncertainties

The Board has determined that the key risks for the Company are strategic risk, continuity risk, investment management risks, liquidity risk, valuation risk, cybersecurity risk, economic and market risk, and policy risk. These risks are set out on pages 33 to 36 of the Annual Report and Financial Statements for the year ended 30 June 2025.

The Company's principal risks and uncertainties, and their mitigation, have not changed materially since the publication, on 30 October 2025, of the Annual Report and Financial Statements for the year ended 30 June 2025, and are not expected to change materially for the remaining six months of the Company's financial year.

Going concern

The directors have assessed the principal risks and the impact of the emerging risks and uncertainties within the going concern assessment period, being the period to 31 March 2027, which is at least 12 months from the date of approval of the financial statements.

The directors have taken into consideration the controls and monitoring processes in place, the Company's level of working capital, undrawn commitments and other payables, the level of operating expenses (a significant proportion which are variable costs and would reduce in the event of a market downturn), the Company's cash flow forecasts and the liquidity of the Company's investments.

The directors have assessed the timing and quantum of cashflows from an orderly realisation of assets in the event that liquidity is required to be increased during the going concern assessment period.

The Company is undertaking a strategic review. The strategic review remains ongoing and given the potential for structural change, the directors consider that this introduces material uncertainty over the Company's future operations within the period that going concern is being assessed. The Board further notes that any change to investment policy and structure would be subject to the shareholders' approval and therefore not guaranteed. This indicates that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. If shareholders vote for the Company not to continue operating in its normal course of business, then the Company may be unable to realise its assets and discharge its liabilities in the normal course of business.

The Board intends to table recommended proposals on the future of the Company at the same time as the Annual Report and Financial Statements for the year ended June 2026 in October. Although the directors will be looking to put forward proposals that have the broad support of shareholders, there can be no assurance that the proposals will pass.

The directors believe the use of the going concern basis is appropriate, as they believe that the Company has sufficient assets to continue in existence and satisfy liabilities as they fall due although the Board recognises that this conclusion is subject to the outcomes of the strategic review and shareholder approvals.

Related party transactions

During the six months ended 31 December 2025, there have been no related party transactions to report.

Directors' responsibility statement

The directors confirm that, to the best of their knowledge, this set of condensed financial statements has been prepared in accordance with United Kingdom Generally Accepted Accounting Practice, in particular with Financial Reporting Standard 104 "Interim Financial Reporting" and with the Statement of Recommended Practice, "Financial Statements of Investment Companies and Venture Capital Trusts" issued in July 2022 and that this Interim Management Report includes a fair review of the information required by 4.2.7 R and 4.2.8 R of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

The half-yearly financial report has not been audited nor reviewed by the Company's auditor.

Signed on behalf of the Board of directors

Susannah Nicklin

Chair

30 March 2026

Income Statement

for the six months ended 31 December 2025 (unaudited)

The "Total" column of this statement is the profit and loss account of the Company. The "Revenue" and "Capital" columns represent supplementary information prepared under guidance issued by The Association of Investment Companies. The Company has no other items of other comprehensive income, and therefore the net return/(loss) after taxation is also the total comprehensive income for the period.

All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period.

Statement of Changes in Equity

For the six months ended 31 December 2025 (unaudited)

Balance Sheet

at 31 December 2025 (unaudited)

* For details of the prior period restatement, please refer to note 2.

Registered in England and Wales as a public company limited by shares.

Company registration number: 12902443

Cash Flow Statement

For the six months ended 31 December 2025 (unaudited)

Notes to the Financial Statements

for the six months ended 31 December 2025 (unaudited)

1. Accounts

The information contained within the accounts in this half year report has not been audited or reviewed by the Company's independent auditor.

The figures and financial information for the year ended 30 June 2025 are extracted from the latest published accounts of the Company and do not constitute statutory accounts for that year. Those accounts have been delivered to the Registrar of Companies and included the report of the auditor which was unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act 2006.

2. Accounting policies

Basis of accounting

The accounts have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice, in particular with Financial Reporting Standard 104 "Interim Financial Reporting" and with the Statement of Recommended Practice "Financial Statements of Investment Trust Companies and Venture Capital Trusts" issued by the Association of Investment Companies in July 2022.

All of the Company's operations are of a continuing nature.

The accounting policies applied to these accounts are consistent with those applied in the accounts for the year ended 30 June 2025.

Going concern

The directors have assessed the principal risks and the impact of the emerging risks and uncertainties within the going concern assessment period, being the period to 31 March 2027, which is at least 12 months from the date of approval of the financial statements.

The directors have taken into consideration the controls and monitoring processes in place, the Company's level of working capital, undrawn commitments and other payables, the level of operating expenses (a significant proportion which are variable costs and would reduce in the event of a market downturn), the Company's cash flow forecasts and the liquidity of the Company's investments.

The directors have assessed the timing and quantum of cashflows from an orderly realisation of assets in the event that liquidity is required to be increased during the going concern assessment period.

The Company is undertaking a strategic review. The strategic review remains ongoing and given the potential for structural change, the directors consider that this introduces material uncertainty over the Company's future operations within the period that going concern is being assessed. The Board further notes that any change to investment policy and structure would be subject to the shareholders' approval and therefore not guaranteed. This indicates that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. If shareholders vote for the Company not to continue operating in its normal course of business, then the Company may be unable to realise its assets and discharge its liabilities in the normal course of business.

The Board intends to table recommended proposals on the future of the Company at the same time as the Annual Report and Financial Statements for the year ended June 2026 in October. Although the directors will be looking to put forward proposals that have the broad support of shareholders, there can be no assurance that the proposals will pass.

The directors believe the use of the going concern basis is appropriate, as they believe that the Company has sufficient assets to continue in existence and satisfy liabilities as they fall due although the Board recognises that this conclusion is subject to the outcomes of the strategic review and shareholder approvals.

Prior period adjustment

An unquoted investment with a value of £3,506,000 that was classified as "Investments held at fair value through profit or loss" has been restated to be classified as "Investments held at amortised cost" for the six-month period ended 31 December 2024. As such investments held at fair value through profit or loss for the six-month period ended 31 December 2024 have decreased by £3,506,000, and investments held at amortised cost have increased by the same amount. There is no impact on other line items in the Balance Sheet, no impact on NAV, nor on profit and loss.

3. Taxation

The Company's effective corporation tax rate is nil, as deductible expenses exceed taxable income. The Company intends to continue meeting the conditions required to retain its status as an Investment Trust Company, and therefore no provision has been made for deferred tax on any capital gains or losses arising on the revaluation or disposal of investments.

4. Return per share

5. Dividends paid

¹     The 2025 interim dividend amounted to £3,049,000. However the amount actually paid was £2,987,000, as shares were repurchased into treasury after the accounting date but prior to the dividend record date.

No dividend has been declared in respect of the six months ended 31 December 2025.

6. Called-up share capital

7. Net asset value per share

8. Financial instruments measured at fair value

The Company's financial instruments within the scope of FRS 102 that are held at fair value comprise its investment portfolio.

FRS 102 requires that financial instruments held at fair value are categorised into a hierarchy consisting of the three levels below. A fair value measurement is categorised in its entirety on the basis of the lowest level input that is significant to the fair value measurement.

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

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

Level 3 - valued using inputs that are unobservable.

The Company's investment portfolio was categorised as follows:

There have been no transfers between Levels 1, 2 or 3 during the period (year ended 30 June 2025 and period ended 31 December 2024: nil).

9. Uncalled capital commitments

At 31 December 2025, the Company had uncalled capital commitments amounting to £10,607,907 (30 June 2025: £11,825,000 and 31 December 2024: £15,662,000) in respect of follow-on investments, which may be drawn down or called by investee entities, subject to agreed notice periods.

10. Events after the interim period that have not been reflected in the financial accounts for the interim period

In March 2026, after the balance sheet date, Greensleeves Homes Trust have exercised their right under the issue document of their charity bond to extend the maturity by two years, from 31 March 2026 to 31 March 2028, increasing the coupon rate by 1% to 5.25%. This amendment does not require any changes to the figures included in the financial statements.

Apart from the above, the directors are not aware of any events since the balance sheet date which either require changes to be made to the figures included in the financial statements or to be disclosed by way of note.

30 March 2026

For further information:

Sunny Chou

Schroder Investment Management Limited

E-mail: AMCompanySecretary@Schroders.com

Issued by Schroder Investment Management Limited. Registration No 1893220 England.

Authorised and regulated by the Financial Conduct Authority.  For regular updates by e-mail please register online at www.schroders.com for our alerting service.

ENDS