STS Global Income & Growth Trust plc

LEI: 549300UZ1Y7PPQYJGE19

Results for the year ended 31 March 2026

The Board of STS Global Income & Growth Trust plc (the 'Company') is pleased to announce the Company's results for the year ended 31 March 2026.

Summary

·    The Company's share price returned (2.5)% over the year, behind of the return from the Lipper Global - Equity Global Income Index of 13.5%. The net asset value total return was (4.6)%.

·    The Company pays quarterly dividends to provide investors with a regular income. The Board has announced a fourth quarterly dividend of 2.152p per ordinary share which will be paid on 3 July 2026 to shareholders on the register on 5 June 2026. The total dividend for the year will be 8.452p per share, an increase of 1.0% from the prior year and 48.3% since the dividend was rebased in 2021 and represents a yield of 3.8% on the closing share price of 224p.

·    A significant reduction in the Company's Ongoing Charges Ratio from 0.80% to 0.66% of net assets per annum, a fall of 18%.

Chair's Statement

This is my first annual report as your Chair, and I wish the circumstances were more favourable. Over the year to 31 March 2026, your Company's share price fell by 2.5% and the net asset value per share by 4.6%, against a return from the Lipper Global - Equity Global Income Index of 13.5%. This represents a material shortfall and is disappointing.

It is, however, important to distinguish between share price performance and the underlying business performance of the companies in our portfolio. They have continued to demonstrate strong fundamentals but have been out of favour in a market environment that has rewarded very different characteristics.

At the same time, the Board has modestly increased the dividend for the year, resulting in a yield of 3.8% for the year to 31 March 2026 reflecting our continued focus on providing a yield that is appropriately positioned for the sector.

My intention in this report is to set out what has happened this year, why the Board believes the cause is identifiable and, more importantly, why we continue to have conviction in the investment approach. I will also set out the actions the Board has taken this year to protect shareholders' interests.

Performance

The past year has been characterised by market disruption - from the announcement of the tariff programme in the US to the Iran conflict. Global equity markets have produced strong returns, but these have been concentrated in a relatively narrow group of sectors. Gains were focused in energy, utilities, as well as businesses benefiting directly from the capital expenditure boom in AI which are sectors that, for reasons of cyclicality, capital intensity or unproven end-market economics, your Company does not own. By contrast, many of the high-quality, cash-generative businesses that the Company favours were marked down on fears relating to disruption from AI and pressure on consumers. We believe this divergence reflects a combination of short-term macroeconomic factors and evolving market narratives, rather than a fundamental deterioration in the quality of the businesses we own. The Managers' Review, which follows this statement, sets out in detail why we believe the competitive advantages of these businesses remain intact.

The Board has spent considerable time during the year reviewing and challenging the Manager's approach. We remain confident that the Company's strategy is the right one for long-term value creation. Periods of underperformance are an inevitable feature of any differentiated investment approach. The Board's role is to ensure that such periods are properly understood, that the strategy remains appropriate, and that it is being executed with discipline. Based on our work this year, we are satisfied on all three fronts.

In that context, it is worth reiterating why shareholders choose to invest in STS Global Income & Growth Trust:

·    The Company is designed to steadily grow your investment over time through investment in a focused portfolio of high-quality global companies. These are companies with strong returns on capital, resilient cash flows and the ability to compound value.

·    The Company targets a growing income stream. The Board remains committed to providing shareholders with a dependable quarterly dividend, with a current yield of 3.8%

·    The Company seeks to defend shareholder value in an uncertain world. The emphasis on resilient business models, strong balance sheets and disciplined capital allocation is intended to provide a degree of downside protection through economic cycles.

·    The Company's discount control mechanism has worked as intended in a year when many Investment Trusts have traded at wide and persistent discounts. Together with share buybacks that have been modestly accretive to those who have remained invested, providing a clear structural advantage.

Lowering the cost of ownership

One area where the Board has been able to take direct action this year is cost. Ongoing charges have fallen from 0.80% to 0.66% of net assets, per annum, a reduction of 18%. The saving reflects a combination of factors: the lower management fee rates agreed with Troy Asset Management (moving from a tiered structure to a flat fee of 0.40% of net assets); the negotiation of a reduced fee with the registrar; and a continued drive from the Management Engagement Committee to benchmark every material service contract. We believe 0.66% positions the Company competitively within its peer group and will continue to look for further savings where they can be achieved without compromising the quality of service to shareholders.

Dividend

The Board has declared a fourth interim dividend of 2.152p, bringing the total dividend for the year to 8.452p. This represents an increase of approximately 1% on the previous year's 8.368p. On the closing share price of 224p, the dividend represents a yield of approximately 3.8%.

In determining the dividend, the Board considered both the income generated by the portfolio during the year and the flexibility afforded by the Company's structure as an investment trust with a portion of the distribution funded from capital. The Board remains focused on delivering a level of income that is appropriate for the sector and aligned with the Company's objective, while ensuring that this approach is sustainable over the long term.

Discount Control Mechanism (DCM) and buybacks

One of the defining features of the Company is its discount control mechanism. During the year the Company bought back 7.8 million shares at a total cost of £18.7 million, at an average discount of 1.2% and issued 0.6 million shares for net proceeds of £1.5m, at an average premium of 0.9%. This ensured that shareholders were able to access liquidity at close to net asset value, even in a period of weaker performance.

The Board considers the DCM to be an important feature of the Company. It provides shareholders with confidence that their ability to realise their investment is not dependent on prevailing market sentiment. In the current environment, where discounts elsewhere in the sector have widened, that structural advantage has become more valuable.

Gearing

The Company's three-year multi-currency revolving credit facility of £20 million (with a £5 million accordion option) expires in September 2026. The Board intends to seek renewal of a facility in the coming months on broadly equivalent terms, maintaining the same level of available gearing capacity.

Shareholder engagement

I would like to thank shareholders for their continued support during a challenging year. The Board, the Manager and I have engaged with many of you over the period, through individual and group meetings as well as our investor seminar. We are fortunate to have a loyal, engaged and long-term shareholder base. The quality of that dialogue, and the perspective with which shareholders have approached a difficult year, is something we do not take for granted.

Outlook

While the Company is managed with a long-term horizon, the Board believes it is worth highlighting a number of themes that are likely to shape outcomes over the coming years.

The most striking feature of markets today is the degree to which returns have become concentrated in a small number of sectors and companies. Such periods can persist, sometimes for longer than seems reasonable, but history suggests they do not endure indefinitely. At the heart of this concentration sits the AI investment cycle, where capital expenditure on infrastructure is now running at unprecedented levels. In the Board's view the extent to which that spending translates into durable profits remains an open question - and one whose answer will be an important determinant of future market leadership.

A consequence of these dynamics is that valuation dispersion across markets is unusually wide. The gap between highly valued, capital-intensive businesses and more established, cash-generative companies is greater than it has been for some time. This creates both risk and opportunity, and it reinforces the importance of valuation discipline. It also reminds us why the qualities the Manager seeks - durable competitive advantages of the kind conferred by strong brands, network effects and high switching costs - tend to matter most when capital becomes harder to come by. Companies with these characteristics have historically demonstrated resilience across cycles, and the Board expects them to become more appreciated by investors.

Underlying all of this is a more general point about capital discipline. Periods of abundant capital are also periods in which capital is most easily misallocated, and the Board accordingly places significant weight on the ability of both portfolio companies and the Manager to allocate capital effectively, with a clear focus on long-term returns.

This has been a difficult year in terms of performance, and we do not take that lightly. The Board, however, remains confident in the Company's strategy. Additionally, we have taken clear steps to improve cost efficiency and continue to focus on delivering long-term value for shareholders. Finally, I would like to thank shareholders - for your patience, your questions, and your continued support. The Manager and I are always available to discuss any aspect of the Company.

Sarah Harvey

18 May 2026

Managers' Review

This 12-month period began with global equity markets falling in response to the shock of tariff announcements by President Trump and finished amidst the uncertainty of the Iran war. Despite these events, equity returns were decent, led by energy, utilities and materials, as well as companies benefitting from the artificial intelligence (AI) capital expenditure boom. These are not sectors we favour owing to their cyclicality and capital intensity, as well as concerns relating to the sustainability of current AI spending in the absence of a clear path to acceptable returns on the vast sums invested.

Conversely, many of the high quality and resilient sectors we favour have suffered over this period owing to fears relating to disruption from AI, pressure on the consumer from rising interest rates and energy costs, and some idiosyncratic issues. Software companies such as ADP, Paychex and Amadeus declined, as did consumer staples companies such as Diageo and Unilever. This polarisation of performance resulted in the Trust's share price falling by 2.5% compared to the peer group return of +13.5%. This is clearly a disappointing result, and we apologise to shareholders for the poor return.

We think there are reasons to question the wisdom and longevity of this divergence. The sectors currently performing are benefitting from current events, but we question the long-term value these businesses generate in terms of returns on capital. As an example in the energy sector, it is sobering to note that BP is trading at the same price level as it did in 1999 - excluding dividends, this business has not compounded capital at all in 27 years. We see the current weakness in our holdings as temporary and believe their underlying quality will in time reassert itself. Their competitive advantages will prove more resilient than currently thought, and the intensity of the AI threat may weaken should current spending moderate.

The essence of a quality-focused investment strategy is to buy companies that can keep competitors at bay through structural advantages that make them hard to compete against. This enables them to maintain better economics than is normally the case in a competitive economy. Examples include network effects (when a product or service becomes more useful as more people use it, for example, Amadeus), switching costs (ADP, Paychex), cost advantages (Rentokil, which can outcompete smaller competitors through the density of their network), intangible assets such as brands (Diageo, Reckitt Benckiser, Unilever) or patents (Novartis, Novo Nordisk), and scale efficiencies (Sysco). These advantages are difficult to achieve and similarly difficult to disrupt.

Software is perhaps the best current example of a misunderstood sector. It is characterised by high margins, attractive returns on capital, and often executes a vital function for a relatively low outlay relative to a company's overall cost base. The sector has recently come under intense pressure owing to the perceived threat of AI disruption. While acknowledging that AI is a transformational technology, we believe the threat is currently being overly discounted by investors.

Paychex and ADP, two of the companies we own, handle critical workflows relating to payroll, tax, benefits and insurance. The software responsible must be exactly correct every time, and meet regulatory compliance within each jurisdiction. This results over time in a vast pool of proprietary data which can shape an in-house AI capability. These companies are not just selling software but regulatory compliance, trust and certainty - attributes not lightly given up.

Amadeus, the world's leading travel technology company, benefits similarly. Its Global Distribution System enjoys powerful network effects between thousands of travel agents and airlines. Its Passenger Service System is the operational core of a full-service airline, handling everything from reservations to frequent flyer programmes. To replace this software is akin to transplanting a nervous system whilst continuing to fly millions of passengers - not something undertaken lightly.

Beyond individual business models, there is the overarching issue of potential over-investment in AI infrastructure (semi-conductors, data centres, networking and connectors and power sources). The largest technology companies are expected to spend approximately $650bn in 2026 on build-out. Yet, excluding the hyperscalers, the software companies underpinning this hardware spend (e.g. OpenAI, Anthropic, DeepSeek) are generating a fraction of the revenues needed to sustain it. The capex-to-sales ratio for this industry, even using optimistic estimates, implies companies making large losses. This is simply unsustainable. Either revenues and profits must become apparent soon, or expenditure will be curtailed. The implications of such a potential misallocation of capital cannot be overstated. Should AI spending fall, it will likely hurt the companies that have hitherto benefitted and may well allow software companies to recover.

While our underperformance is disappointing, it leaves the portfolio representing excellent value. The portfolio generates a free cash flow yield of 5.9%, a material premium to the MSCI World Index at 4.0%, despite a significantly higher return on equity (30.3% vs 15.8%). It is impossible to know when the contrasting fortunes of our holdings and the wider market may change, but this combination of quality and value should be recognised in time.

Portfolio

The top performers over the year were British American Tobacco, Rentokil, Novartis, CME Group and Admiral Group.

British American Tobacco appreciated by 46%, as investors continued to reward its transformation from a tobacco company into a nicotine consumer products business. The valuation remains attractive, combined with consistent free cash flow growth and a healthy dividend.

Rentokil also performed well; its US integration challenges following the Terminix acquisition are now improving, with operations returning to growth and retention metrics strengthening.

Novartis delivered a return of 26% as investors began to appreciate the consistency of its free cash flow growth and, trading on a 6% free cash flow yield, the shares remain good value.

CME Group benefitted from increased market volatility and the structural growth in the use of futures and options.

Admiral Group demonstrated excellent pricing discipline during the recent insurance cycle, taking market share from less nimble competitors. It is a high-quality company with a respected management team and a strong record of execution. This mix of quality, consistency, and balanced income and capital returns make Admiral an attractive investment for the Trust.

The largest negative contributors were Paychex, Amadeus IT Group, ADP, Relx and Novo Nordisk.

Except for Novo Nordisk, the falls were driven by investor fears about AI disruption rather than any real deterioration in these businesses.

Paychex and ADP fell on concerns that AI could disrupt both their business models and labour markets. We believe investors underestimate the strength of their competitive advantages. Both companies have also proved resilient through past recessions, enabling them to compound capital and income reliably over time. In our view, both stocks offer good value.

Amadeus, as stated above, is deeply integrated into the global travel industry's operations and would be difficult to displace, which in our view makes it relatively resilient to AI-related disruption. The recent weakness in the shares likely reflects the pressures facing the airline industry because of the conflict in Iran rather than any change in the company's fundamentals. We view this as temporary and continue to see long-term growth in global travel as an attractive driver for Amadeus.

Relx provides specialist data and analytics to professionals in law, healthcare and financial services. We believe AI will strengthen rather than weaken its position in these demanding, accuracy-critical industries.

Novo Nordisk is different - its shares fell following genuine setbacks, including a disappointing drug trial and it lost US market share to Eli Lilly. However, at 78% below peak and trading on ten times earnings, we believe the selloff is vastly overdone for a company at the forefront of treating obesity and diabetes.

We established four new investments during the year.

Nike was purchased during the Liberation Day sell-off. The company has suffered from well-documented strategic missteps under prior management, but new CEO Elliott Hill is executing a credible turnaround - rebalancing channels, restoring bold marketing, and reconnecting with sport. The core brand remains intact. The shares are still down over 70% from peak.

Sysco, the dominant US food distributor, was initiated as consumer weakness in the restaurant sector drove the valuation to attractive levels. The recently announced acquisition of Restaurant Depot is strategically sound but adds leverage; we are evaluating.

IG Group is a business we have owned before, exiting previously over capital allocation concerns. New CEO Breon Corcoran has refocused the business effectively, and despite strong performance since October 2023, the shares remain compelling.

Novo Nordisk was our most recent addition. The shares trade at 10x forward earnings despite the company's strong position in GLP-1 weight loss drugs and global diabetes. The oral formulation of Wegovy launched in January 2026 at $149/month, and with a net cash balance sheet and an active buyback underway, we see a high-quality franchise at a compelling valuation.

Outlook

Markets are navigating an unusually complex environment. The US and Israeli military engagement with Iran has disrupted shipping through the Strait of Hormuz, triggering an oil price spike that has materially shifted the inflation and interest rate outlook. Where markets had previously anticipated several rate cuts, expectations have now narrowed considerably. History is clear: sustained elevated oil prices ultimately compress demand and act as a tax on growth. We believe the oil spike will prove relatively short-lived, either because of an end to hostilities or an economic slowdown, though significant damage can be inflicted in the interim.

We would caution against viewing current events in isolation. This crisis is unfolding against the backdrop of a profound structural shift in the global economy. The post-Cold War dividend of globalisation, cheap labour, low inflation and US-guaranteed security is unwinding. In its place, we see a world that is more fragmented, more inflationary, and requiring substantial investment in defence and supply chain resilience, at a time when government balance sheets are already stretched. US Treasury yields rose during the Iran crisis rather than falling - a notable departure from historical behaviour - while the dollar's safe-haven premium has diminished. We interpret this as evidence that the US is losing its position as the favoured destination for global capital.

Alongside geopolitical turbulence, we believe the AI capital expenditure cycle is showing signs of strain. The hyperscalers have seen free cash flow decline sharply as debt-financed infrastructure spending accelerates, while large language models are proliferating and, in our view, may become commoditised. Should AI-related capital expenditure slow, the reversal could weigh meaningfully on markets significantly supported by this theme. US equity valuations remain a further concern - the Shiller PE ratio stood at 37.2x at end of March 2026, while market capitalisation relative to GDP reached 2.18x, levels historically associated with disappointing long-term returns.

Recent portfolio performance has lagged the peer group, reflecting structural underweights to energy, near-term weakness in consumer staples, and AI-related tailwinds to IT hardware companies and headwinds to some software holdings. We view these as transitory pressures rather than a permanent feature of markets. We retain high conviction in the quality and compounding capacity of our underlying businesses. The portfolio trades on a 5.9% free cash flow yield, attractive in absolute terms and relative to the broader market, and we believe it is well positioned to demonstrate resilience should the risks outlined above crystallise.

James Harries and Tomasz Boniek

18 May 2026

For further information contact:

Troy Asset Management

Investment Manager

Tel:  0207 499 4030

Juniper Partners Limited

Company Secretary

Tel:  0131 378 0500

Responsibility statement

The directors confirm that to the best of their knowledge:

·     the financial statements, prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company;

·     the annual report, including the strategic report, includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal and emerging risks and uncertainties that it faces; and

·     the annual report and financial statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the Company's performance, business model and strategy.

Principal risks and uncertainties

The Company's business model is longstanding and resilient to most of the short-term uncertainties that it faces, which the Board believes are effectively mitigated by its internal controls and the oversight of the Manager, as described in the table below. The principal and emerging risks and uncertainties are therefore largely longer term and driven by the inherent uncertainties of investing in global equity markets.

The Board believes that it is able to respond to these longer-term risks and uncertainties with effective mitigation so that both the potential impact and the likelihood of these seriously affecting shareholders' interests are materially reduced.

Operational and management risks along with a review of potential emerging risks, are regularly monitored at Board meetings and the Board's planned mitigation measures for the principal and emerging risks are described in the table below. As part of its annual strategy meeting, the Board carries out a robust assessment of the principal and emerging risks facing the Company, including those that would threaten its business model, future performance, solvency or liquidity.

The Board maintains a risk register and also carries out a detailed risk analysis as part of its annual strategy meeting. The Board has identified the following principal and emerging risks to the Company:

Following the ongoing assessment of the principal and emerging risks facing the Company, and its current position, the Board is confident that the Company will be able to continue in operation and that the processes of internal control that the Company has adopted and oversight by the Manager and the Company Secretary continues to be effective.

Going Concern

The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Chairman's statement, Manager's review, Strategic report and the Report of the directors in the annual report.

The Company has a three-year multi-currency revolving credit facility for £20 million, with an additional £5 million accordion option, which expires in September 2026. As at 31 March 2026 £15.1 million had been drawn under this facility in the following currencies: £1.5 million, €4.5 million and US$12.75 million. The Company has adequate financial resources in the form of readily realisable listed securities and as a result the directors assess that the Company is able to continue in operational existence without the facilities.

In accordance with the 2019 AIC Code of Corporate Governance, the directors have undertaken a rigorous review of the Company's ability to continue as a going concern. The Company's assets consist of a diverse portfolio of listed equity shares which, in most circumstances, are realisable within a very short timescale. The directors are mindful of the principal and emerging risks and uncertainties disclosed on pages 16 to 18 of the annual report and also considered the potential impact of increased tariffs. They have reviewed revenue forecasts (adjusted for various sensitivities) and they believe that the Company has adequate financial resources and a suitably liquid investment portfolio to continue its operational existence for the foreseeable future, and at least 12 months from the date the financial statements are authorised for issue.

The Statement of comprehensive income, Statement of financial position, Statement of changes in equity and Statement of cash flow follow.

Statement of comprehensive income

The total columns of this statement are the profit and loss accounts of the Company.

The revenue and capital items are presented in accordance with the Association of Investment Companies ('AIC') Statement of Recommended Practice (SORP 2022).

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

The Company does not have any other comprehensive income and hence net return attributable to ordinary shareholders, as disclosed above, is the same as the Company's total comprehensive income.

Statement of financial position

Statement of changes in equity

* These reserves are distributable with the exception of the unrealised portion of the capital reserve, which is non-distributable.

Statement of cash flow

^* Receipts from the sale of, and payments to acquire, investment securities have been classified as components of cash flows from operating activities because they form part of the Company's dealing operations.

Notes:

1.            Significant accounting policies

The financial statements are prepared in accordance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice (Accounting Standards 'UK GAAP') including Financial Reporting Standard (FRS) 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' (the 'SORP') issued by the Association of Investment Companies in July 2022. All of the Company's operations are of a continuing nature.

The financial statements have been prepared on a going concern basis under the historical cost convention, as modified by the revaluation of investments held at fair value through profit or loss. In preparing these financial statements the directors have considered the impact of climate change on the value of the listed investments that the Company holds. As the portfolio consists of listed equities, which are valued using quoted bid prices for investments in an active market, the fair value reflects the market participants' view of climate change risk.

The Company's assets consist of a diverse portfolio of listed equity shares which, in most circumstances, are realisable within a very short timescale. The directors have reviewed revenue forecasts and they believe that the Company has adequate financial resources to continue its operational existence for the foreseeable future, and at least 12 months from the date the financial statements are authorised for issue.

The principal accounting policies are set out in Note 1 to the annual report. These policies have been applied consistently throughout the current and prior year.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no critical accounting estimates or judgements.

Functional currency - the Company is required to determine a functional currency, being the currency in which the Company predominately operates. The Board has determined that sterling is the Company's functional currency, which is also the currency in which these financial statements are prepared. This is also the currency in which all expenses and dividends are paid in.

2.            Returns and net asset value

3.            Dividends

The distributable reserves as at 31 March 2026 are £100,934,000, of this £4,811,000 will be used to fund the third and fourth interim dividends. The amount reflected above for the cost of the proposed fourth interim dividend for 2026 is based on 112,300,415 ordinary shares, being the number of ordinary shares in issue excluding those held in treasury at the date of this report. The articles of association of the Company permit dividends to be paid out of capital.

4.            Investments at fair value

Under FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', an entity is required to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy shall have the following levels:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2: other significant observable inputs (including quoted prices for similar investments, interest rates, prepayments, credit risk, etc); or

Level 3: significant unobservable inputs (including the Company's own assumptions in determining the fair value of investments). The financial assets measured at fair value through profit or loss are grouped into the fair value hierarchy as follows:

5.            Share capital

There were 7,776,000 shares bought back during the year to 31 March 2026 at a cost of £18,702,000 (2025: 19,356,000 shares at a cost of £43,870,000). 625,000 shares were issued from treasury in the year for net proceeds of £1,525,000 (2025: no shares were issued). The share premium represents the surplus amount over the nominal value of the issued share capital, net of any related issuance costs.

6.            Related party transactions

With the exception of the management and secretarial fees, directors' fees and directors' shareholdings (disclosed on page 35 of the annual report), there have been no related party transactions during the year, or in the prior year.

The management fee payable in respect of the year ended 31 March 2026 was £1,342,000 (2025: £1,135,000), of which £351,000 (2025: £694,000) was outstanding at the year-end. The secretarial and directors' fees payable in respect of the year ended 31 March 2026 are detailed in note 4. The amount outstanding at the year end for secretarial fees and directors' fees was £6,000 (2025: £6,000) and £nil (2025: £nil) respectively.

7.            Further information

These are not statutory accounts in terms of Section 434 of the Companies Act 2006.  Full audited accounts for the year to 31 March 2026 will be sent to shareholders in May 2026 and will be available for inspection at 28 Walker Street, Edinburgh EH3 7HR, the registered office of the Company. The full annual report and accounts will be available on the Company's website www.stsplc.co.uk. A copy will also shortly be available for inspection at the National Storage Mechanism at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

The audited accounts for the year ended 31 March 2026 will be lodged with the Registrar of Companies.