TwentyFour Inc Fd Annual Report & Audited Financial Statements

 
TIDMTFIF 
 
TWENTYFOUR INCOME FUND LIMITED 
 
ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS 
 
For the year ended 31 March 2020 
 
LEI: 549300CCEV00IH2SU369 
 
(Classified Regulated Information, under DTR 6 Annex 1 section 1.1) 
 
The Company has today, in accordance with DTR 6.3.5, released its Report and 
Audited Financial Statements for the year ended 31 March 2020. The Report will 
shortly be available via the Company's Portfolio Manager's website 
www.twentyfouram.com and will shortly be available for inspection online at 
www.morningstar.co.uk/uk/NSM website. 
 
SUMMARY INFORMATION 
 
The Company 
 
TwentyFour Income Fund Limited (the "Company") was incorporated with limited 
liability in Guernsey, as a closed-ended investment company on 11 January 2013. 
The Company's shares were listed with a Premium Listing on the Official List of 
the UK Listing Authority and admitted to trading on the Main Market of the 
London Stock Exchange on 6 March 2013. 
 
Investment Objective and Investment Policy 
 
The Company's investment objective is to generate attractive risk adjusted 
returns principally through income distributions. 
 
The Company's investment policy is to invest in a diversified portfolio of 
predominantly UK and European Asset Backed Securities. 
 
At an Extraordinary General Meeting held on 10 May 2019, Shareholders agreed to 
pass a resolution to update the Company's Investment Policy. Amended Investment 
Policy details are outlined below. Details of the prior Investment Policy can 
be found in the Company's Annual Financial Statements for the year ended 31 
March 2019. 
 
The Company will maintain a Portfolio diversified by issuer, it being 
anticipated that the Portfolio will comprise at least 50 Asset Backed 
Securities at all times. 
 
The Portfolio must comply, as at each date an investment is made, with the 
following restrictions: 
 
(i)         no more than 20 per cent. of the Portfolio value will be backed by 
collateral in any single country (save that this restriction will not apply to 
Northern European countries); 
 
(ii)        no more than 10 per cent. of the Portfolio value will be exposed to 
any single Asset Backed Security or issuer of Asset Backed Securities, but 
provided that where more than 5 per cent. of the Portfolio value is exposed to 
a single Asset Backed Security, these Asset Backed Securities in respect of 
which more than 5 per cent. of the Portfolio value is exposed, may not, in 
aggregate, make up more than 40 per cent. of the total Portfolio value of the 
Company; 
 
(iii)       no more than 15 per cent. of the Portfolio value will be exposed in 
aggregate to instruments not deemed securities for the purposes of FSMA, 
provided that no more than 3 per cent. of the Portfolio value will be exposed 
to any single such instrument; and 
 
(iv)       up to 10 per cent. of the Portfolio value may be exposed to Asset 
Backed Securities backed by collateral from several countries where, in 
addition to countries within the UK and Europe, one or more of the countries is 
outside of the UK and Europe. 
 
As an exception to the requirements set out above the Portfolio Manager will be 
permitted to purchase new investments at any time when the Portfolio does not 
comply with one or more of those restrictions so long as, at the time of 
investment: 
 
·             the asset purchased would be compliant with the single country 
restriction above (even where following the purchase more than 20 per cent. of 
the Portfolio will be backed by collateral in another single country due to 
market movements); 
 
·             the asset purchased would be compliant with the single Asset 
Backed Security/issuer exposure restriction above (even where following the 
purchase more than 10 per cent. of 
 
the Portfolio value will be exposed to any single Asset Backed Security or 
issuer of Asset Backed Securities, provided that Asset Backed Securities within 
the Portfolio to which more than 5 per cent. of the Portfolio value is exposed, 
may not make up more than 40 per cent. of the total Portfolio value of the 
Company); and 
 
·             such purchase does not make the Portfolio, in aggregate, less 
compliant with any of (i), (ii), (iii) and (iv) above. 
 
Uninvested cash or surplus capital or assets may be invested on a temporary 
basis in: 
 
·             cash or cash equivalents, namely money market funds or short term 
money market funds (as defined in the 'Guidelines on a Common Definition of 
European Money Market Funds' published by the Committee of European Securities 
Regulators (CESR) and adopted by the European Securities and Markets Authority 
(ESMA)) and other money market instruments (including certificates of deposit, 
floating rate notes and fixed rate commercial paper of banks or other 
counterparties having a "single A" or higher credit rating as determined by any 
internationally recognised rating agency selected by the Board which, may or 
may not be registered in the EU); and 
 
·             any "government and public securities" as defined for the 
purposes of the FCA Rules. 
 
The Company may employ gearing or derivatives for investment purposes. 
 
The Company may, from time to time, use borrowing for investment opportunities 
and short-term liquidity purposes, which could be achieved through a loan 
facility or other types of collateralised borrowing instruments including 
repurchase transactions or stock lending. The Company may have more than one, 
loan, repurchase or stock loan facility in place. The Company is permitted to 
provide security to lenders in order to borrow money, which may be by way of 
mortgages, charges or other security interests or by way of outright transfer 
of title to the Company's assets. In this case, the Directors will restrict 
borrowing to an amount not exceeding 25 per cent. of the Company's Net Asset 
Value at the time of drawdown. Derivatives may be used for currency hedging 
purposes as set out below and for efficient portfolio management. 
 
In accordance with the Listing Rules, the Company can only make a material 
change to its investment policy with the approval of its Shareholders by 
Ordinary Resolution. 
 
Target Returns 
 
The Company has a target annual net total return on the Company's NAV of 
between 6% and 9% per annum, which includes quarterly dividends with a target 
yield each financial year of 6% or higher, of the Issue Price.* 
 
Ongoing Charges 
 
Ongoing charges for the year ended 31 March 2020 have been calculated in 
accordance with the Association of Investment Companies (the "AIC") recommended 
methodology. The ongoing charges for the year ended 31 March 2020 were 0.96% 
(31 March 2019: 0.95%). 
 
* The Issue Price being GBP1.00. This is a target only and not a profit forecast. 
There can be no assurance that this target will be met or that the Company pay 
any dividends at all. This target return should not be taken as an indication 
of the Company's expected or actual current or future results. The Company's 
actual return will depend upon a number of factors, including the number of 
Ordinary Shares outstanding and the Company's total expense ratio. Potential 
investors should decide for themselves whether or not the return is reasonable 
and achievable in deciding whether to invest in or retain or increase their 
investment in the Company. Further details on the Company's financial risk 
management can be found in note 17 for further detail. 
 
Shareholder Information 
 
Northern Trust International Fund Administration Services (Guernsey) Limited 
(the "Administrator") is responsible for calculating the NAV per share of the 
Company. The unaudited NAV per ordinary redeemable share will be calculated as 
at the close of business on the last business day of every week and the last 
business day of every month by the Administrator and will be announced by a 
Regulatory News Service the following business day. 
 
Financial Highlights 
 
                                                               31.03.20         31.03.19 
 
Total Net Assets                                           GBP475,369,856     GBP500,465,449 
 
Net Asset Value per share                                        94.19p          113.28p 
 
Share                                                            88.00p          115.28p 
price 
 
(Discount)/premium to Net Asset Value                            -6.57%            1.77% 
 
Dividends declared in respect of the year                         6.40p            6.45p 
 
As at 21 July 2020, the discount had moved to -0.18%. The estimated NAV per 
share and mid-market share price stood at 103.44p and 103.25p respectively. 
 
CHAIRMAN'S STATEMENT 
 
for the year ended 31 March 2020 
 
I am pleased to present my report on the Company's progress for the year ended 
31 March 2020. 
 
The Company's shares have typically traded at a premium since launch, and 
continued to do so during the first four months of the year, switching to a 
discount during the autumn due to a softening of the ABS market. This discount 
persisted until November 2019, due to a combination of NAV performance and a 
number of investors electing to participate in the three year exit facility, 
subsequently moving back to a premium. This premium continued into year-end and 
until the COVID-19 market sell-off in the latter part of the year. The large 
disparity between the Net Asset Value ("NAV") and the share price during March 
pushed the average discount during the year to 0.68%, and it moved in a range 
of +3.0% to -23.8% during the year. As at 21 July 2020, the discount had moved 
to -0.18%. The estimated NAV per share and mid-market share price stood at 
103.44p and 103.25p respectively. 
 
The Board is willing to continue to authorise the issuance of further shares 
based on the Portfolio Manager's confirmation that attractive investment 
opportunities are available in the market that enhance the portfolio. 
 
The NAV total return on the shares from launch to 31st March 2020 was 43.22% 
(including dividends paid). The NAV per share dropped 12.03% (including 

dividends paid) by year end largely driven by COVID-19 and the timing of the 
market sell-off relative to the Company's year-end. The income component of the 
return to investors remained strong; the Company declared three dividends of 
1.5p per share to cover the pro-rata minimum return of 6p per share, and 
announced a final dividend for the previous period covering all excess returns 
in respect of the year of 1.9p per share. 
 
The NAV performance of the Company has varied during the year. It was broadly 
positive during the first three months as European ABS spread performance 
caught up with corporate credit after a slow start to 2019, before some 
weakness was felt during August and September 2019, though prices rebounded 
strongly into the end of the year. However this has been completely 
overshadowed by the volatility felt across all financial markets since late 
February, as a result of the implications of a global shutdown in response to 
the COVID-19 pandemic. Fundamental performance of the asset pools and 
structures remained strong and stable at the period end, and ratings remained 
stable. However, a global recession is now expected and this will lead to an 
increase in arrears and loan defaults generally in both consumer and corporate 
lending markets, as well as a current increase in bonds being put on review for 
downgrade, which will likely lead to an increase in credit ratings downgrades 
in future. As an indication of the size of the move in spreads during the COVID 
market disruption, I understand that single-B rated CLOs, which are very much 
at the most volatile end of the Company's holdings, widened from a spread of 
795 basis points to over 2,000 basis points. They have since recovered to 
around 1,200 basis points. The impact of these kind of movements was a 20% 
reduction in the Company's NAV, with a subsequent ongoing recovery. 
 
As a result of the market moves seen at the end of the financial year, spreads 
in European ABS are now wider than they have generally been since the Company 
was launched. While underlying performance of the sector is expected to 
deteriorate, the dislocation between the performance implied by current pricing 
and what is expected means that the current opportunity set has become as, or 
more, interesting than it has been during the life of the Company. This will 
allow for additional capital to be issued should investor appetite demand it. 
 
Towards the end of the year I discussed with the Manager their transition to 
working from home, and was pleased to note, and observe from our ongoing 
interactions with them, that their systems were robust and allowed them to 
continue to manage the Portfolio with minimum impact as a result. I understand 
that from an early stage they planned to have the ability to work from home for 
the long term, albeit returning to their office once the effects of COVID-19 
have reduced to make it safe, efficient and optimal to do so. 
 
While I recognise the potential for volatility, in particular as the global 
lockdown and its impact on economic performance plays out, I believe the 
Company's structure remains an appropriate way for investors to invest in such 
assets. I remain confident of the Company's ability to fulfil its objectives. 
Although the market and portfolio have seen significant price volatility, we do 
not expect to see any of the investments default and so the loss to date is 
expected to be recovered as the portfolio's investments mature over subsequent 
periods. The Company's target continues to be to pay an annual dividend equal 
to the income generated by the portfolio. Short-term unrealised losses do not 
impact the Company's ability to pay a dividend. Should these losses endure for 
a longer period and should they subsequently be realised, it may be necessary 
to adjust the dividend target. The recovery of the Company's NAV post-year end 
has reduced the likelihood of this occurring. There has been no loss of 
expected income either, so the Company expects to pay dividends in line with 
its policy. 
 
Trevor Ash 
Chairman 
 
21 July 2020 
 
PORTFOLIO MANAGER'S REPORT 
For the year ended 31 March 2020 
 
Market Commentary 
 
The key themes that drove broader market sentiment through 2019 continued 
throughout the year, with central bank policy and the trade tariff dispute 
dominating the markets, while Brexit uncertainty remained heightened. A 
resolution to the US-China trade conflict emerged towards the end of the year, 
as did a convincing victory for the Conservative Party in the UK, which 
provided more certainty around the path of Brexit negotiations. These allowed 
for a more positive end to 2019 and start to 2020. However, shortly before the 
end of the period, the COVID-19 pandemic created significant market volatility 
as investors sold assets to create liquidity, and a global lockdown created the 
prospect of a global recession of uncertain length and severity. 
 
In April 2019, the Board of TwentyFour Income Fund announced the intention to 
issue new ordinary redeemable shares in response to ongoing demand, and due to 
the belief of both the Board and TwentyFour Asset Management that there was an 
opportunity to deploy additional funds with favourable returns. The capital 
raising of GBP80m saw significant demand, which was very successful against a 
backdrop of equity and wider market volatility during the subscription period. 
 
Sentiment in the European ABS market continued to improve throughout April 
2019, with the Brexit extension adding to the support following the successful 
refinancing of the large legacy Northern Rock mortgage portfolio transaction in 
March 2019. This strong technical support remained in contrast to the very 
limited amount of issuance in Q1, the market saw a healthy amount of 
well-diversified issuance. The UK market also saw its first Prime STS RMBS deal 
from Nationwide, which generated very strong demand. The deal was also notable 
in that it was the first publicly placed deal in the market referencing Sonia 
as its index, as opposed to Libor. The transition of UK issuers to the Sonia 
index increased during the period as expected, as the Bank of England continued 
to encourage a move away from fixing to Libor, which is due to be phased out at 
the end of 2021. 
 
May 2019 saw spreads perform initially on light supply, however as the pipeline 
built and corporate credit markets widened, the market started to see a little 
weakness seep into ABS performance. CLO issuance slowed but overall 
year-to-date performance, particularly in the AAA and mezzanine space, remained 
positive. Some of the focus on primary deals was at the shorter end, and there 
was a pick-up in CLO refinancing deals and continuation of the development of 
steeper tiering on a spread basis by manager, maturity and tranche rating. 
 
Markets rallied across the board in June 2019, with both risk-off and risk-on 
assets posting positive returns, as the Fed seemed to pacify the markets' call 
for lower rates, and as the outgoing ECB president, Mario Draghi, delivered a 
particularly dovish speech stating the ECB stood ready to act with additional 
stimulus if the outlook in Europe didn't improve. This naturally led to a 
strong rally in both European government bonds and credit, which filtered 
through to the European ABS market and later in the month we saw a compression 
in spreads. 
 
The momentum of primary ABS issuance continued unabated throughout July 2019 
against a fairly benign macro backdrop. With low levels of volatility, most 
deals were placed at the tighter end of guidance, with decent levels of 
oversubscription in mezzanine bonds in particular. Heavy issuance in CLOs led 
to spreads being a little weaker in the mezzanine tranches, which was 
understandable given the amount of supply. The deeper mezzanine spreads had 
been driven more by the manager and the quality of the underlying portfolio. 
Secondary spreads in the wider ABS market generally held in well over the 
month, trending sideways as opposed to widening in the face of heightened 
primary supply. 
 
Escalating trade wars, geopolitical events and deteriorating economic data 
combined to create a more vulnerable backdrop to risk markets through August 
2019, however the European ABS market was typically very quiet with virtually 
no primary public issuance. The market bounced back in September 2019 with a 
wide range of deals priced. Issuance over the month grossed around EUR9bn, 
subscription levels were very strong across all transactions, particularly in 
mezzanine bonds, and all tranches were priced at the tighter end of initial 
guidance. 
 
This positive tone continued through the autumn, buoyed by easing from the Fed 
and the announcement of a December 2019 general election in the UK to break the 
impasse in UK politics. The outlier in terms of spread performance continued to 
be BB and B rated CLOs, as supply continued to push spreads wider; however they 
later saw some reversal on a relative value basis to other markets. In contrast 
mezzanine consumer ABS performed well through autumn as dealers were low on 
inventory. 
 
Risk sentiment was positive in December 2019 as the US and China came to a 
'phase one' agreement on trade, cancelling tariff increases scheduled for 
mid-month. In addition a resounding success for the Conservatives in the UK 
election gave investors greater clarity around the direction of the Brexit 
negotiations. The ABS market was relatively quiet as expected. 
 
As 2019 ended the portfolio had been incrementally moved to a lower risk 
weighting, principally through a migration towards higher credit quality, and 
to a lesser extent shorter maturities. This had been in recognition of the 
continued build-up of risks external to the ABS market, including the Brexit 
negotiations, the US-China trade dispute and weakening macro-economic data, all 
of which had the potential to spill over into the ABS market as we had seen 
with similar periods in 2018 and 2016. 
 
For the first six weeks of 2020 the ABS market saw continued strong 

performance, characterised by heavily oversubscribed deals coming in the 
primary market and strong spread performance. However, this was against a 
backdrop of the lockdown of several cities in China as a response to the spread 
of COVID-19, and subsequently its spread on a global basis. By late February 
the ABS market saw a material reversion in risk sentiment, having previously 
lagged the negative moves seen in global equities and fixed income. Price 
declines were experienced across all parts of the market and the Company's 
portfolio. However there is a significant disconnect between the implied 
deterioration in loan pool performance of such price moves, and the current and 
expected performance of such pools. 
 
The impact on the market was two-fold. Initially there was significant demand 
for liquidity from portfolio managers who were experiencing outflows, and this 
was followed by hedge funds experiencing margin calls, creating forced selling 
and the depressing of prices immediately. As bank trading desks had come into 
the year relatively light on inventory, and having found it hard to add product 
in the competitive environment experienced at the start of the year, bid-offer 
spreads were pushed materially wider and with a lower risk tolerance as a 
result of regulatory capital requirements, material price declines were seen 
over the space of the next two weeks and markets became materially less liquid. 
The second effect was market pricing reflecting ongoing uncertainty around 
whether bonds would be called at their optional call dates, or whether the 
coupons would step-up and deals extend, which has the impact of further pushing 
prices down as the discounted price has to cover the required additional yield 
for a longer period of time. These moves were felt most strongly in the 
European CLO market, which always tends to experience the most volatility given 
its longer maturity profiles, its closer correlation with the European high 
yield market and its more specialised investor base. 
 
As the first quarter ended the market felt like it had found a degree of 
stability, with a wider range of bonds trading in the secondary market and a 
significant increase in liquidity as more participants, both bank trading desks 
and investors, sought to take advantage of spreads that were wider than they 
had been over the last decade. 
 
At year end, despite experiencing material price volatility, there were no 
defaulted assets nor any that were expected to default in future. 
 
Market Outlook 
 
The outlook is currently solely driven by the development of COVID-19 pandemic, 
which is likely to result in a global recession. The extent of the impact will 
be driven by the length of the global lockdown and the longevity of the impact 
of the economy. Specifically for the ABS market the impact on fundamental 
performance will be driven on the consumer side by obvious factors such as 
unemployment rates, but also by the extent to which lenders permit forbearance 
to distressed borrowers. It is worth noting that while headlines have made it 
clear lenders are being encouraged to offer forbearance, this has typically 
been lender policy anyway and is normally the first step in an arrears 
management process. This results in a deferral of interest payments rather than 
the permanent loss of interest or a default. It is for this reason that 
liquidity and general reserves are structured into ABS deals. 
 
Historically, in terms of corporate borrower risks, largely via allocation to 
CLOs, we have stress-tested transactions based on a dual approach of a severe 
recessionary scenario and assessing the level of underlying defaults that each 
tranche can withstand. As a result of the COVID-19 pandemic we have added a 
scenario that more specifically targets underperformance in sectors more 
directly impacted, including retail, tourism, and transport, among others. The 
modelling output points encouragingly towards the worst case scenarios being 
interest deferral on a limited number of exposures within the portfolio, with 
such interest accruing and subsequently being paid in full with all principal 
also repaid. We do expect to the see the leveraged loan market experience a 
material increase in CCC ratings, downgrades, which will hurt CLO equity, and 
likely keep CLO spreads wider for longer. 
 
While we are currently seeing an increase in primary market activity, these are 
largely transactions postponed as a result of the recent market closure, and we 
expect supply to be materially lower than in recent years during the second 
half of the year. This is as a result of lower loan origination volumes in 
consumer lending, and also as the cost of incubating CLOs on bank balance sheet 
should become more expensive and harder to source. This lack of supply could 
support prices over a medium-term timeframe. However, should market sentiment 
become driven by either extension or gradual release from lockdown, we would 
expect that to be a more immediate driver of ABS pricing. In addition it should 
be expected that there will be ratings downgrades as economic performance 
weakens. 
 
Although coming into 2020 positioned for a degree of market volatility, the 
Company was not positioned for the unforeseeable arrival of COVID-19 and its 
effect on financial markets everywhere. As such, whilst benefiting to an extent 
from the portfolio's lower risk position, like most in the sector, the company 
was exposed to the ensuing price volatility. However, the opportunity set as it 
currently exists is extremely attractive, and lagging performance seen in other 
parts of fixed income. In markets such as those seen recently, the closed-ended 
structure allows optimal support for the strategy to access strong credits 
which we believe to be currently fundamentally mispriced. 
 
TwentyFour Asset Management 
 
21 July 2020 
 
TOP TWENTY HOLDINGS 
 
as at 31 March 2020 
 
                                    Nominal/      Asset Backed    Fair Value Percentage 
                                                      Security                   of Net 
                                                                                  Asset 
Security                              Shares            Sector             GBP      Value 
 
OPTIMUM THREE '3 MEZ' FRN 19/03/  17,500,000    Non-Conforming    17,500,000       3.68 
2021                                                      RMBS 
 
VSK HOLDINGS LIMITED SER             989,000        Prime RMBS    17,497,574       3.68 
 
TULPENHUIS 0.0% 18/04/2051        19,531,679        Prime RMBS    17,283,870       3.64 
 
CAP. BRIDGE FIN. NO1 '1 MEZZ'     14,000,000   Buy-to-Let RMBS    13,230,000       2.78 
FRN 08/11/2018 
 
TAURUS CMBS SER 2020-NL1X CLS E   17,000,000              CMBS    11,282,663       2.37 
20/02/2030 
 
EQTY. RELEASE FNDG. NO 5 '5 B'    14,550,000        Prime RMBS    10,506,415       2.21 
FRN 14/07/2050 
 
VSK HLDGS. '1 C4-1' VAR 01/10/     1,250,000        Prime RMBS    10,057,719       2.12 
2058 
 
CHARLES STREET CONDUIT AST. B '1   9,500,000    Non-Conforming     9,595,000       2.02 
C' FRN 08/12/2065                                         RMBS 
 
TULPENHUIS SER 19-1 CL A 0.0% 13  10,000,000        Prime RMBS     8,981,884       1.89 
/09/2053 
 
SYON SECURITIES 19-1 B CLO FLT     8,979,281        Prime RMBS     8,609,155       1.81 
19/07/2026 
 
AUTOFLORENCE 1 SRL '1 F' 7.00%    12,000,000        Auto Loans     8,565,266       1.80 
25/12/2042 
 
AURORUS 2017 BV '1 G' FRN 11/8/    9,200,000      Consumer ABS     8,201,468       1.73 
2078 
 
E-CARAT 11 '11 E' FRN 18/05/2028   8,000,000        Auto Loans     7,388,000       1.55 
 
TRINI 2015-1X E '1X E' FRN 15/07   7,283,000    Non-Conforming     7,098,529       1.49 
/2051                                                     RMBS 
 
SC GERMANY CONSUMER 2016-1 UG '1   7,500,000      Consumer ABS     6,537,617       1.38 
E' FRN 13/09/2029 
 
TAURUS 2019-1 FR DAC '1FR E' FRN   7,173,277              CMBS     6,387,983       1.34 
02/02/2031 
 
CASTELL 2017-1 '1 F' FRN 25/10/    6,000,000    Non-Conforming     5,953,936       1.25 
2044                                                      RMBS 
 
SYON SECS. 19-1 Z FRN 19/07/2026   6,485,095        Prime RMBS     5,660,126       1.19 
 
MAN GLG EURO CLO V DAC '5X E'      9,700,000               CLO     5,598,292       1.18 
FRN 15/12/2031 
 
CHARLES STREET CONDUIT AST. B '1   5,500,000    Non-Conforming     5,541,250       1.17 
B' FRN 08/12/2065                                         RMBS 
 
The full portfolio listing as at 31 March 2020 can be obtained from the 
Administrator on request. 
 
* Definition of Terms 
 
'ABS' - Asset Backed Securities 
 
'CLO' - Collateralised Loan Obligations 
 
'CMBS' - Commercial Mortgage-Backed Securities 
 
'RMBS'- Residential Mortgage-Backed Securities 
 
BOARD MEMBERS 
 
Biographical details of the Directors are as follows: 
 
Trevor Ash - (Chairman) (age 74) 
 
Mr Ash is a resident of Guernsey and has over 30 years of investment 
experience. He is a Fellow of the Chartered Institute for Securities and 
Investment. He was formerly a managing director of Rothschild Asset Management 
(CI) Limited. Mr Ash retired as a director of NM Rothschild & Sons (CI) 
Limited, the banking arm of the Rothschild Group in the Channel Islands in 
1999. Since retirement, he has acted as a director of a number of hedge funds, 
fund of hedge funds, venture capital, derivative and other offshore funds 
including several managed or advised by Insight, JP Morgan and Merrill Lynch. 
Mr Ash was appointed to the Board on 11 January 2013. 
 
Ian Burns - (Non-executive Director, Senior Independent Director and Chairman 
of the Audit Committee) (age 60) 
 
Mr Burns is a resident of Guernsey and a fellow of the Institute of Chartered 
Accountants in England and Wales and a member of the Society of Trust and 
Estate Planners. He is a founder and Executive Director of Via Executive 
Limited, a specialist management consulting company and managing director of 
Regent Mercantile Holdings Limited, a privately owned investment company. Mr 

Burns is currently a non-executive director of London listed River and 
Mercantile UK Micro Cap Limited and FastForward Innovations Limited (AIM) and a 
number of private investment funds. Mr Burns was appointed to the Board on 17 
January 2013. 
 
Richard Burwood - (Non-executive Director) (age 52) 
 
Mr Burwood is a resident of Guernsey with over 25 years' experience in banking 
and investment management. During 18 years with Citibank London, Mr Burwood 
spent 11 years as a fixed income portfolio manager spanning both banks/finance 
investments and Asset Backed Securities. Mr Burwood has lived in Guernsey since 
2010, initially working as a portfolio manager for EFG Financial Products, 
managing the treasury department's ALCO Fixed Income portfolio. From 2011 to 
2013, Mr Burwood worked as the Business and Investment Manager for Man 
Investments, Guernsey. In January 2014, Mr Burwood joined the board of 
RoundShield Fund, a Guernsey private equity fund, focused on European small to 
mid-cap opportunities. In August 2015, he became a Board Member of Funding 
Circle SME Income Fund, which provides investors access to a diversified pool 
of SME loans originated through Funding Circle's marketplaces in the UK, US and 
Europe. Mr Burwood also serves on the boards of Habrok, a hedge fund 
specialising in Indian equities, and EFG International Finance, a structured 
note issuance company based in Guernsey. Mr Burwood was appointed to the Board 
on 17 January 2013. 
 
Joanne Fintzen - (Non-executive Director) (age 50) 
 
Ms Fintzen is a resident of the United Kingdom, with extensive experience of 
the finance sector and the investment industry. She trained as a Solicitor with 
Clifford Chance and worked in the Banking, Fixed Income and Securitisation 
areas. She joined Citigroup in 1999 providing legal coverage to an asset 
management division. She was subsequently appointed as European General Counsel 
for Citigroup Alternative Investments where she was responsible for the 
provision of legal and structuring support for vehicles which invested $100bn 
across asset-backed securities as well as hedge funds investing in various 
different strategies in addition to private equity and venture capital funds. 
Ms Fintzen was appointed to the Board on 7 January 2019. 
 
DISCLOSURE OF DIRECTORSHIPS IN PUBLIC COMPANIES LISTED ON RECOGNISED STOCK 
EXCHANGES 
 
The following summarises the Directors' directorships in other public 
companies: 
 
Company Name                                                              Stock Exchange 
 
Trevor Ash (Chairman) 
 
Sherbourne Investors (Guernsey) B Limited                                 London 
 
Sherbourne Investors (Guernsey) C Limited                                 London 
 
Ian Burns 
 
FastForward Innovations Limited                                           London and Berlin 
 
River and Mercantile UK Micro Cap                                         London 
Limited 
 
Richard Burwood 
 
Funding Circle SME Income Fund Limited, and its associated funding        London 
vehicles: 
 
- Basinghall Lending DAC                                                  Dublin 
 
- Tallis Lending DAC                                                      Dublin 
 
STRATEGIC REPORT 
 
For the year ended 31 March 2020 
 
The Directors submit to the Shareholders their Strategic Report for the year 
ended 31 March 2020. 
 
Business Model and Strategy 
 
The Company is a closed-ended investment company, incorporated with limited 
liability in Guernsey. The Company has been granted exemption from income tax 
within Guernsey. It is the intention of the Directors to continue to operate 
the Company so that each year this tax-exempt status is maintained. 
 
Investment Objectives and Policy 
 
The Company's investment objective and policy is set out in the Summary 
Information. 
 
High Income 
 
The Ordinary Redeemable Shares are designed to offer a high dividend yield. The 
Board intends to pay quarterly interim dividends with equal amounts paid in 
June, September and December each year, with a final dividend paying the 
remaining income being paid in March. 
 
It is intended that the Company's income will consist wholly or mainly of 
investment income. The Directors intend to distribute substantially all of the 
Company's income after expenses and tax to the holders of the Ordinary Shares. 
 
The full year dividend per share for 2020 totalled 6.40p (2019: 6.45p) 
representing a yield of 97.65% on the total comprehensive income for the year. 
This dividend is in accordance with the dividend policy approved by 
shareholders at an extraordinary shareholders meeting in May 2019. 
 
Long Term Growth in Capital Value 
 
The asset value of the Company's portfolio is heavily influenced by external 
macro-economic factors. The Directors meet with the Investment Manager and 
Investment Advisers regularly to discuss the portfolio. Additional details are 
covered in the Chairman's Statement and Investment Advisers' Report. 
 
Business Environment 
 
Principal Risks, Emerging Risks and Uncertainties 
 
The Board is responsible for the Company's system of internal financial and 
reporting controls and for reviewing its effectiveness. The Board is satisfied 
that by using the Company's risk matrix as its core element in establishing the 
Company's system, internal financial and reporting controls while monitoring 
the investment limits and restrictions set out in the Company's investment 
objective and policy, that the Board has carried out a robust assessment of the 
principal risks and uncertainties facing the Company. The Board also regularly 
meets to discuss any emerging risks affecting the Company and to establish 
effective controls to manage them. 
 
Market Risk 
 
The underlying investments comprised in the portfolio are subject to market 
risk. The Company is therefore at risk that market events may affect 
performance and in particular may affect the value of the Company's investments 
which are valued on a marked to market basis. Market risk is risk associated 
with changes in market prices, including spreads, interest rates, economic 
uncertainty, changes in laws and political (national and international) 
circumstances. While the Company, through its investments in Asset Backed 
Securities, intends to hold a diversified portfolio of assets, any of these 
factors including specific market events, such as the global financial crisis 
and levels of sovereign debt, the ongoing negotiations over the UK's exit from 
the EU and the global COVID-19 pandemic, may have a material impact which could 
be materially detrimental to the performance of the Company's investments. As 
the process of the UK leaving the EU has no precedent, the Board and the 
Portfolio Manager regularly assess the risks and ongoing uncertainties and 
expect an ongoing period of market uncertainty as the implications are 
processed. 
 
The implications of the COVID-19 pandemic are discussed in further detail 
below. 
 
Under extreme market conditions the portfolio may not benefit from 
diversification. 
 
Liquidity Risk 
 
Investments made by the Company may be relatively illiquid and this may limit 
the ability of the Company to realise its investments and in turn pay 
dividends. Substantially all of the assets of the Company are invested in Asset 
Backed Securities. There may be no active market in the Company's interests in 
Asset Backed Securities. The Company does not have redemption rights in 
relation to any of its investments. As a consequence, the value of the 
Company's investments may be materially adversely affected. This risk is 
mitigated by active cash management and close monitoring. 
 
Credit Risk 
 
The Company may not achieve the Dividend Target and investors may not get back 
the full value of their investment because it is invested in Asset Backed 
Securities comprising debt securities issued by companies, trusts or other 
investment vehicles which, compared to bonds issued or guaranteed by 
governments, are generally exposed to greater risk of default in the repayment 
of the capital provided to the issuer or interest payments due to the Company. 
The amount of credit risk is indicated by the issuer's credit rating which is 
assigned by one or more internationally recognised rating agencies. This does 
not amount to a guarantee of the issuer's creditworthiness but generally 
provides a strong indicator of the likelihood of default. Securities which have 
a lower credit rating are generally considered to have a higher credit risk and 
a greater possibility of default than more highly rated securities. There is a 
risk that an internationally recognised rating agency may assign incorrect or 
inappropriate credit ratings to issuers. Issuers often issue securities which 
are ranked in order of seniority which, in the event of default, would be 
reflected in the priority in which investors might be paid back. The level of 
defaults in the portfolio and the losses suffered on such defaults may increase 
in the event of adverse financial or credit market conditions. 
 
In the event of a default under an Asset Backed Security, the Company's right 
to recover under the Asset Backed Security will depend on the ability of the 
Company to exercise any rights that it has against the borrower under the 
insolvency legislation of the jurisdiction in which the borrower is 
incorporated. As a creditor, the Company's level of protection and rights of 
enforcement may therefore vary significantly from one country to another, may 
change over time and may be subject to rights and protections which the 
relevant borrower or its other creditors might be entitled to exercise. Refer 
to the Investment Objective and Investment Policy for information regarding 
investment restrictions currently in place in order to manage credit risk. The 
credit ratings on the Company's underlying investments are disclosed in note 
17. 
 
Foreign Currency Risk 
 
The Company is exposed to foreign currency risk through its investments in 
predominantly Euro denominated assets. The Company's share capital is 

denominated in Sterling and its expenses are incurred in Sterling. The 
Company's financial statements are maintained and presented in Sterling. 
Amongst other factors affecting the foreign exchange markets, events in the 
Eurozone may have an impact upon the value of the Euro which in turn will 
impact the value of the Company's Euro denominated investments. The Company 
manages its exposure to currency movements by using spot and forward foreign 
exchange contracts, which are rolled forward periodically. 
 
Reinvestment Risk 
 
The Portfolio Manager is conscious of the challenge to reinvest any monies that 
result from principal and income payments and to minimise reinvestment risk as 
much as possible. Cash flow analysis is conducted on an ongoing basis and is an 
important part of the Portfolio Management process, ensuring such proceeds can 
be invested efficiently and in the best interests of the Company. 
 
The Portfolio Manager expects amortisations of around GBP45m over the next 12 
months, however, while market conditions are always subject to change, the 
Portfolio Manager does not currently foresee reinvestment risk significantly 
impacting the yield and affecting each quarter's minimum dividend. The 
Portfolio Manager also recognises the need to be opportunistic as and when 
market conditions are particularly favourable in order to reinvest any 
proceeds. 
 
Operational risks 
 
The Company is exposed to the risk arising from any failures of systems and 
controls in the operations of the Portfolio Manager, Administrator, AIFM, 
Custodian and the Depositary amongst others. The Board and its Audit Committee 
regularly review reports from the Portfolio Manager, AIFM, the Administrator, 
Custodian and Depositary on their internal controls, in particular, focussing 
on changes in working practices arising from the present COVID-19 pandemic. The 
Administrator, Custodian and Depositary will report to the Portfolio Manager 
any operational issues which will be brought to the Board for final approval as 
required. Since the COVID-19 pandemic outbreak, service providers have deployed 
business resilience policies to good effect and thus enabled continued business 
support with limited disruption to service. 
 
Accounting, legal and regulatory risks 
 
The Company is exposed to the risk that it may fail to maintain accurate 
accounting records or fail to comply with requirements of its Admission 
document and fail to meet listing obligations. The accounting records prepared 
by the Administrator are reviewed by the Portfolio Manager. The Portfolio 
Manager, Administrator, AIFM, Custodian, Depositary and Corporate Broker 
provide regular updates to the Board on compliance with the Admission document 
and changes in regulation. Changes in the legal or the regulatory environment 
can have a major impact on some classes of debt. The Portfolio Manager monitors 
this and takes appropriate action. 
 
Income recognition risk 
 
The Board considers income recognition to be a principal risk and uncertainty 
of the Company as the Portfolio Manager estimates the remaining expected life 
of the security and its likely terminal value, which has an impact on the 
effective interest rate of the Asset Backed Securities which in turn impacts 
the calculation of interest income. The Board asked the Audit Committee to 
consider this risk with work undertaken by the Audit Committee as discussed in 
the Audit Committee Report. As a result of the work undertaken by the Audit 
Committee, the Board is satisfied that income is appropriately stated in all 
material aspects in the Financial Statements. 
 
Cyber security risks 
 
The Company is exposed to risk arising from a successful cyber-attack through 
its service providers. The Company requests of its service providers that they 
have appropriate safeguards in place to mitigate the risk of cyber-attacks 
(including minimising the adverse consequences arising from any such attack), 
that they provide regular updates to the Board on cyber security, and conduct 
ongoing monitoring of industry developments in this area. The Board is 
satisfied that the Company's service providers have the relevant controls in 
place to mitigate this risk. 
 
Coronavirus Risk (COVID-19) 
Given recent events, COVID-19 changed from being an emerging risk to a 
principal risk, which has impacted global commercial activities. 
 
The Board has been monitoring the development of COVID-19 outbreak and has 
considered the impact it has had to date on the Company, and will continue to 
have on the future of the Company and the performance of the Portfolio. 
Notwithstanding the impact the outbreak has already caused on the Company's 
share price and NAV performance, there remains continued uncertainty about the 
development and scale of the COVID-19 outbreak. 
 
From an operational perspective, the Company uses a number of service 
providers. These providers have established, documented and regularly tested 
Business Resiliency Policies in place, to cover various possible scenarios 
whereby staff cannot turn up for work at the designated office and conduct 
business as usual. Since the COVID-19 pandemic outbreak, service providers have 
deployed these alternative working policies to ensure continued business 
service. 
 
Future Prospects 
 
The Board's main focus is to generate attractive risk adjusted returns 
principally through income distributions. The future to the Company is 
dependent upon the success of the investment strategy. The investment outlook 
and future developments are discussed in both the Chairman's Statement and the 
Portfolio Managers' report. 
 
Board Diversity 
 
When appointing new Directors and reviewing the Board composition, the 
Nomination Committee considers, amongst other factors, diversity, balance of 
skills, knowledge, gender, social and ethnic background and experience. The 
Nomination Committee however does not consider it appropriate to establish 
targets or quotas in this regard. As at 31 March 2020, the Board comprised of 
one female and three male Directors. The Company has no employees. 
 
Environmental, Social and Governance 
 
The Board") recognises the importance of Environmental, Social and Governance 
("ESG") factors in the investment management industry and the wider economy as 
whole. The Company is a closed-ended investment company with a limited purpose 
and without employees. As such, it is the view of the Board that the direct 
environmental and social impact of the Company is limited and that ESG 
considerations are most applicable in respect of the asset allocation decisions 
made for its portfolio. The Board is of the view that ESG factors should be 
considered when making an investment decision. The Company has appointed the 
Portfolio Manager to advise it in relation to all aspects relevant to the 
Investment Portfolio. The Portfolio Manager has a formal ESG framework which 
incorporates ESG factors into its investment process. The Portfolio Manager has 
an ESG steering group representing all areas of its business, which is governed 
by its Executive Committee. 
 
The Company does not have executive directors or employees. It has entered into 
contractual arrangements with a network of third parties (the "Service 
Providers") who provide services to it. The Service Providers, all have ESG 
policies in place. The Board undertakes annual due diligence on, and ongoing 
monitoring of, all such Service Providers including obtaining a confirmation 
that each such Service Provider complies with relevant laws regulations and 
good practice. 
 
Engagement and Voting 
 
Wherever possible, on behalf its investors, the Company is committed to 
actively engaging at a corporate, industry and regulatory level. The Company 
has contracted the Portfolio Manager to do this. It is noted that the 
Investment Portfolio is comprised primarily of fixed income assets. The voting 
rights attributable to these types of securities are usually limited in scope, 
and the opportunity to engage at a corporate level shall therefore in most 
cases be via interaction with senior management of companies during the due 
diligence process. 
 
The Company engages on behalf of its investors at industry and regulatory level 
primarily through its Service Providers, including the Portfolio Manager, the 
administrator, and through the TFIF membership of the Association of Investment 
Companies. 
 
Further details of the ESG policies and practices of the Portfolio Manager can 
be found at: 
 
https://twentyfouram.com/about/our-responsible-investment-policy/ 
 
https://twentyfouram.com/about/ 
our-corporate-and-social-responsibility-statement/ 
 
https://twentyfouram.com/2019/09/11/esg-at-twentyfour/ 
 
Position and Performance 
 
PRIIPs KIDs 
 
The Company has published a Key Information Document ("KID") in compliance with 
the Packaged Retail and Insurance-based Investment Products ("PRIIPs") 
Regulation. The KID can be found on the Company website at the below web 
address: 
 
https://twentyfouram.com/funds/twentyfour-income-fund/fund-literature/ 
 
The process for calculating the risks, cost and potential returns are 
prescribed by regulation. The figures in the KID may not reflect the expected 
returns for the Company and anticipated returns cannot be guaranteed. 
 
Key Performance Indicators ("KPIs") 
 
At each Board meeting, the Directors consider a number of performance measures 
to assess the Company's success in achieving its objectives. Below are the main 
KPIs which have been identified by the Board for determining the progress of 
the Company: 
 
·     Net Asset Value 
 
·     (Losses)/Earnings Per Share 
 
·     Share Price 
 
·     Discount/Premium to Net Asset Value 
 
·     Ongoing Charges 
 
·     Dividends Declared 
 
Net Asset Value 
 
The Net Asset Value ("NAV") per Ordinary Redeemable Share, including revenue 
reserve, at 31 March 2020 was 94.19p, based on net assets as at this date of GBP 
475,369,856 divided by number of Ordinary Redeemable Shares in issue of 

504,714,809 (31 March 2019: 113.28p based on net assets of GBP500,465,449 divided 
by number of Ordinary Redeemable Shares in issue of 441,814,151). 
 
Share Price 
 
The Share Price is the price per share per Ordinary Redeemable Share trading on 
the London Stock Exchange. 
 
On 31 March 2020, the share price was 88.00p (31 March 2019: 115.28p). 
 
(Loss)/Earnings per Share per Ordinary Redeemable Share - Basic and Diluted 
 
Losses/earnings per Ordinary Redeemable Share is calculated by dividing the net 
loss for the year of GBP64,860,249 (31 March 2019: net gain of GBP6,968,851) by the 
weighted average number of shares for the year of 503,905,681 (31 March 2019: 
402,734,014). 
 
Discount/Premium to NAV 
 
The discount/premium to NAV is a percentage difference in share price per share 
to the net asset value per share. It is calculated by subtracting the share 
price from the NAV per share and dividing it by the NAV per share. If the share 
price is lower than the NAV per share, the shares are trading at a discount. If 
the share price is higher than the NAV per Share, the shares are trading at a 
premium. 
 
On 31 March 2020, the discount to NAV was 6.57% (31 March 2019: premium of 
1.77%). 
 
Ongoing Charges 
 
Ongoing charges for the year ended 31 March 2020 have been calculated in 
accordance with the Association of Investment Companies (the "AIC") recommended 
methodology. The ongoing charges represent the Company's management fee and all 
other operating expenses, excluding finance costs, share issue or buyback costs 
and non-recurring legal and professional fees, expressed as a percentage of the 
average of the weekly net assets during the year. 
 
The ongoing charges for the year ended 31 March 2020 were 0.96% (31 March 2019: 
0.95%). The ongoing charges were calculated as follows: 
 
                                                             31.03.2020       31.03.2019 
 
                                                                      GBP                GBP 
 
Ongoing Charges 
 
Average NAV for the year (a)                                562,229,359      461,023,317 
 
Total expenses                                                5,775,322        4,733,417 
 
Less: Expenses not recognised as part of 
the 
 
AIC Ongoing Charges Methodology                               (378,898)        (291,371) 
 
Total recognised expenses (b)                                 5,396,424        4,442,046 
 
Ongoing Charges (b/a)                                             0.96%            0.95% 
 
Dividends 
 
The Company maintains a dividend target of 6% of the issue price of 100.00p per 
year. If the target for the year is not met, a Continuation Vote is required. 
 
The dividend yield for the year ended 31 March 2020 was 6.40% (31 March 2019: 
6.45%) meaning that the Company met its dividend target for the current year. 
During the year the following dividends were paid: 
 
Period to           Dividend        Net     Record date     Ex-dividend        Pay date 
                    rate per   dividend                            date 
                       Share    payable 
                     (pence)        (GBP) 
 
28 June 2019          0.0150  7,845,962    19 July 2019    18 July 2019    31 July 2019 
 
30 September 2019     0.0150  7,570,722 18 October 2019 17 October 2019 31 October 2019 
 
31 December 2019      0.0150  7,570,722 16 January 2020 17 January 2020 31 January 2020 
 
29 March 2020         0.0190  9,589,581   16 April 2020   17 April 2020   30 April 2020 
 
The Directors will continue to monitor the appropriateness of the dividend 
policy. 
 
Viability Statement 
 
Under the UK Corporate Governance Code, the Board is required to make a 
"viability statement" which considers the Company's current position and 
principal risks and uncertainties combined with an assessment of the prospects 
of the Company in order to be able to state that they have a reasonable 
expectation that the Company will be able to continue in operation over the 
period of their assessment. The Board considers that three years is an 
appropriate period to assess the viability of the Company given the uncertainty 
of the investment world and the strategy period. In selecting this period the 
Board considered the environment within which the Company operates and the 
risks associated with the Company. 
 
The Company's prospects are driven by its business model and strategy. The 
Company's aim is to provide investors with an attractive level of income with a 
high degree of certainty around that income and a focus on capital preservation 
in uncertain times, by investing in less liquid, high yielding asset backed 
securities. 
 
The Board's assessment of the Company over the three year period has been made 
with reference to the Company's current position and prospects, the Company's 
strategy, and the Board's risk appetite having considered each of the Company's 
principal risks, emerging risks and uncertainties summarised in Strategic 
Report Principal Risks and Uncertainties. 
 
The Board has also considered the Company's expected cash flows, income flows, 
its likely ability to pay dividends and analysis of the portfolio with 
reference to: 
 
·     liquidity analysis, including but not limited to, the changes in 
liquidity of the Company over time based on the liquidity of the underlying 
assets; 
 
·     foreign exchange analysis, including but not limited to, monitoring the 
effectiveness of the Company's foreign exchange hedging strategy; 
 
·     credit analysis, including but not limited to, analysing the current 
credit ratings and credit rating outlooks of the underlying securities by the 
main rating agencies, as well as sufficient diversification across sectors; 
 
·     valuation analysis, including but not limited to, assessing the pricing 
accuracy of the underlying securities; and 
 
·     Significant accounting judgements, estimates and assumptions, including 
but not limited to, the fair value of securities not quoted in an active 
market, estimated life of asset backed securities and determination of 
observable inputs. 
 
In this context, the Board's central case is that the prospects for economic 
activity will remain such that the investment objective, policy and strategy of 
the Company will be viable for the foreseeable future through a period of at 
least three years from the year end, 31 March 2020. 
 
In making this judgement, the Board has assessed that the main risks to the 
viability of the Company are key global and market uncertainties driven by 
factors external to the Company which in turn can impact on the liquidity and 
NAV of the investment portfolio. A simulation has been designed to estimate the 
impact of these uncertainties on the NAV of the Company at times of stress, 
such as the UK's exit from the EU and the expected impact of COVID-19, based on 
historical performance data, using techniques which analyse how changes in the 
Company's ability to generate income (by assessing different levels of 
reinvestment rates available as well as changes in FX income generation, over a 
3-year period) would impact the annual dividend the Company is able to 
generate. All of the foregoing has been considered against the background of 
the Company's dividend target. 
 
Key assumptions covered by the Board in relation to the viability of the 
Company include: 
 
Dividend Target 
 
The ongoing viability of the Company and the validity of the going concern 
basis depend on the Company meeting its dividend target annually during the 
three-year period. In the event that the Company does not meet the dividend 
target annually, as disclosed in note 20, during the three-year period an 
Ordinary Resolution will be put to the Shareholders, at the AGM following any 
reporting period in which the dividend target is not met, with the continuation 
vote requirements set out in note 17. 
 
The Company's ability to continue to meet its dividend target is further 
disclosed in the Chairman's Statement. 
 
Realisation Opportunity 
 
The most recent realisation opportunity (full details are set out in note 17) 
occurred on 
12 September 2019. The next realisation opportunity is due to occur in 
September 2022. 
 
Loss for the Year 
 
During the year, the Company made a total comprehensive loss of GBP64,860,249 
(year ended 31st March 2019: a gain of GBP6,968,851). The majority of these 
losses were unrealised, were incurred between 21 February 2020 and 31 March 
2020 and resulted in an overall fall in the Company's NAV per share of -16.98%. 
Subsequent to year end, the drop in NAV per share between 21 February 2020 and 
30 June 2020 had recovered to -6.81%, evidencing some signs of recovery in the 
market. 
 
Market Uncertainty 
 
In the period 21 February 2020 to 31 March 2020, the largest contributor to the 
drop in market value was the Collateralised Loan Obligations ("CLOs") which 
contributed to a NAV per Share reduction of approximately -12.5% and a total 
return on the asset class of approximately -36.9%. This class of investment 
did, however, see the highest level of recovery post year end with the CLOs 
held by the Company delivering a total return of approximately +40.7% from 31 
March 2020 to 30 June 2020, which contributed approximately +11.6% to the 
overall NAV per Share total return during this post year-end period. 
 
Risk of Credit Losses 
 
The Portfolio Manager acknowledges that the risk of credit impairment and 
losses has increased due to the Covid-19 pandemic and continues to stress test 
the holdings of the Company, under new scenarios that specifically address the 
impact of the pandemic on individual loan pools, and analyse the performance of 
the underlying investments. Whilst future coupon interest deferrals may be seen 
on some specific deals, primarily CLOs, to date the Company expects any 
deferrals to be fully paid during the lifetime of each deal and that no credit 
losses are expected to occur , based on current information, on  all 
investments that the Company holds. 
 
Between 31 March 2020 and the date of signing, the Company's portfolio 

witnessed no defaults and no deferrals of interest payments. 
 
Section 172 statement 
 
Although the Company is domiciled in Guernsey, the Board has considered the 
guidance set out in the AIC Code in relation to Section 172 of the Companies 
Act 2006 in the UK. Section 172 of the Companies Act requires that the 
Directors of the Company act in the way they consider, in good faith, is most 
likely to promote the success of the Company for the benefit of all 
stakeholders, including suppliers, customers and shareholders. 
 
Further information as to how the Board has had regard to the S172 factors: 
 
Section 172 factor       Key examples                  Location 
 
Consequences of          Investment Objectives and     Summary Information 
decisions in             Policy 
 
the long term            Future Prospects              Strategic Report 
 
                         Dividend policy               Note 20 
 
                         Viability Statement           Strategic Report 
 
Fostering business       Shareholders; Key Service     Strategic Report; 
relationships with       Providers                     AGM; Monthly 
suppliers, customers and                               Factsheet and 
other stakeholders                                     Commentary 
 
Impact of operations on  Environmental, Social and     Strategic Report 
the community and the    Governance 
environment 
 
 
Maintaining high         Corporate Governance          Directors' Report 
standard of business 
conduct 
 
 
Key Service Providers 
 
The Company does not have any employees and as such the Board delegates 
responsibility for its day to day operations to a number of key service 
providers. The activities of each service provider are closely monitored by the 
Board and they are required to report to the Board at set intervals. 
 
The Board also meets at least annually to consider the long- term strategy of 
the business, incorporating presentations and discussion on longer-term 
opportunities and threats to the business. Focus is placed on emerging risks 
which have the potential to disrupt the business model. 
 
Signed on behalf of the Board of Directors on 21 July 2020 by: 
 
Trevor Ash 
Chairman 
 
Ian Burns 
Director 
 
DIRECTORS' REPORT 
 
The Directors present their Annual Report and Audited Financial Statements for 
the year ended 31 March 2020. 
 
Business Review 
 
The Company 
 
TwentyFour Income Fund Limited (the "Company") was incorporated with limited 
liability in Guernsey, as a closed-ended investment company on 11 January 2013. 
The Company's Shares were listed with a Premium Listing on the Official List of 
the UK Listing Authority and admitted to trading on the Main Market of the 
London Stock Exchange on 6 March 2013. 
 
Investment Objective and Policy 
 
The Company's investment objective and policy is set out in the Summary 
Information. 
 
Discount/Premium to NAV 
 
The Board monitors and manages the level of the share price discount/premium to 
NAV. In managing this, the Company operates a share buyback facility whereby it 
may purchase, subject to various terms as set out in its Articles and in 
accordance with The Companies (Guernsey) Law, 2008, up to 14.99% of the 
Company's Ordinary Redeemable Shares in issue immediately following Admission 
for trading on the London Stock Exchange. On 12 September 2019, a realisation 
opportunity was made under which investors were offered an opportunity to 
realise all or part of their Shareholding in the Company, with Shareholders 
opting to redeem 18,349,342 shares for a consideration of GBP20,050,326. 
Subsequently, the realisation opportunity, where shareholders may apply to 
redeem shares up to 56 days before the relevant annual general meeting date of 
the Company (the "Reorganisation Date"), will be offered at the annual general 
meeting of the Company every three years subject to the aggregate NAV of the 
continuing Ordinary Redeemable Shares on the last Business Day before 
Reorganisation being not less than GBP100 million. 
 
The next realisation opportunity is due to take place in September 2022. 
 
Following the publication of the updated AIC Code in February 2019, in the 
event that 20% or more of the Shareholder votes have been cast against a Board 
recommendation for a resolution, the Company should explain, when announcing 
the voting results, what actions it intends to take to consult Shareholders in 
order to understand the reasons behind the result. An update on the views 
received from Shareholders and actions taken should be published no later than 
six months after the Shareholder meeting. The Board should then provide a final 
summary in the annual report and, if applicable, in the explanatory notes to 
resolutions at the next Shareholder meeting on what impact the feedback has had 
on any decision, action or resolution subsequently proposed. There were no 
Board recommendations during the year which received such voting. 
 
Shareholder Information 
 
Shareholder information is set out in the Summary Information. 
 
Going Concern 
 
The Directors believe that it is appropriate to adopt the going concern basis 
in preparing the Financial Statements in view of the Company's holdings in cash 
and cash equivalents and the liquidity of investments and the income deriving 
from those investments, meaning the Company has adequate financial resources 
and suitable management arrangements in place to continue as a going concern 
for at least twelve months from the date of approval of the Financial 
Statements. 
 
The Company also achieved its dividend target of 6% of the issue price for the 
year ended 
31 March 2020, meaning that as per the Company's Articles, a Continuation Vote 
is not required. 
 
The Company's continuing ability to continue meeting its dividend target, along 
with the Company's ability to continue as a going concern, in light of the 
COVID-19 pandemic has been considered as part of the Viability Statement 
assessment. No material doubts to going concern have been identified. 
 
On 31 March 2020, the Company's cash balance was 0.30% of total net assets 
(2019: 7.29%). 
 
Post-year end, the Company has maintained a positive cash balance and continues 
to meet liabilities when they fall due. The Portfolio Manager considers that 
cash management plays a key part in the management of the fund and continuingly 
monitors such liabilities, such as the Company's quarterly dividends. 
 
Results 
 
The results for the year are set out in the Statement of Comprehensive Income. 
The Directors proposed dividends of GBP32,576,987 in respect of income available 
for distribution earned during the year ended 31 March 2020, a breakdown of 
which can be found in note 20. Dividends declared during the year amount to GBP 
31,822,157 as recognised in the Statement of Changes in Equity. 
 
Income available for distribution in any quarter comprises (a) the accrued 
income of the portfolio for the period, and (b) an additional amount to reflect 
any income purchased in the course of any share subscriptions that took place 
during the period (so as to ensure that the income yield of the shares is not 
diluted as a consequence of the issue of new shares during an income period) 
and (c) any income on the foreign exchange contracts created by the LIBOR 
differentials between each foreign currency pair, less (d) total expenditure 
for the period. 
 
The Company pays a dividend based on income earned, therefore even though the 
retained earnings balance as at 31 March 2020 was negative, this was caused by 
unrealised losses incurred towards the end of the year. These losses started to 
recover post year-end and have not affected the Company's ability to meet its 
dividend target. 
 
Portfolio Manager 
 
The Company entered into a Portfolio Management Agreement with TwentyFour Asset 
Management LLP, the Portfolio Manager, on 29 May 2014. Pursuant to this 
agreement, the Portfolio Manager is entitled to a portfolio management fee paid 
monthly in arrears, at a rate of 0.75% per annum of the lower of NAV, which is 
calculated as of the last business day of each month, or market capitalisation 
of each class of shares. For additional information, refer to note 15. 
 
The Board considers that the interests of Shareholders, as a whole, are best 
served by the continued appointment of the Portfolio Manager to achieve the 
Company's investment objectives. 
 
Alternative Investment Fund Manager 
 
Alternative investment fund management services have been provided by Maitland 
Institutional Services Limited ("Maitland") since their appointment as 
Alternative Investment Fund Manager ("AIFM") on 29 May 2014. The AIFM fee is 
payable quarterly in arrears at a rate of 0.07% of the NAV of the Company below 
GBP50 million, 0.05% on Net Assets between GBP50 million and GBP100 million and 0.03% 
on Net Assets in excess of GBP100 million. For additional information refer to 
note 16. 
 
Custodian and Depositary 
 
Custodian and Depositary services are provided by Northern Trust (Guernsey) 
Limited. The terms of the Depositary agreement, allow Northern Trust (Guernsey) 
Limited to receive professional fees for services rendered. For additional 
information, refer to note 16. 
 
Directors 
 
The Directors of the Company during the year and at the date of this Report are 
set out in Corporate Information. 
 
Directors' and Other Interests 
 
As at 31 March 2020, Directors of the Company held the following numbers of 
Ordinary Redeemable Shares beneficially: 
 
Directors' and Other Interests 
 
                                                                 Number           Number 
                                                                     of               of 
                                                                 Shares           Shares 
 
                                                               31.03.20         31.03.19 
 
Trevor Ash                                                       58,734           50,000 
 
Ian Burns                                                        29,242           29,242 
 

Richard                                                          22,476            5,000 
Burwood 
 
Joanne Fintzen                                                   17,476                - 
 
Corporate Governance 
 
The Board is committed to high standards of corporate governance and has 
implemented a framework for corporate governance which it considers to be 
appropriate for an investment company in order to comply with the principles of 
the UK Corporate Governance Code (the "UK Code"). The Company is also required 
to comply with the Code of Corporate Governance (the "GFSC Code") issued by the 
Guernsey Financial Services Commission. 
 
The UK Listing Authority requires all UK premium listed companies to disclose 
how they have complied with the provisions of the UK Code. This Corporate 
Governance Statement, together with the Going Concern Statement, Viability 
Statement and the Statement of Directors' Responsibilities, indicate how the 
Company has complied with the principles of good governance of the UK Code and 
its requirements on Internal Control. 
 
The Company is a member of the AIC and by complying with the 2019 AIC Code of 
Corporate Governance ("the AIC Code") is deemed to comply with both the UK Code 
and the GFSC Code. 
 
The Board has considered the principles and recommendations of the AIC Code and 
considers that reporting against these will provide appropriate information to 
Shareholders. To ensure ongoing compliance with these principles the Board 
reviews a report from the Corporate Secretary at each quarterly meeting, 
identifying how the Company is in compliance and identifying any changes that 
might be necessary. 
 
The AIC updated its Code on 5 February 2019 to reflect revised Principles and 
Provisions included in the UK Corporate Governance Code which was revised in 
2018. These changes applied from 
March 2019 onwards 
 
The AIC Code and the AIC Guide are available on the AIC's website, 
www.theaic.co.uk. The UK Code is available in the Financial Reporting Council's 
website, www.frc.org.uk. 
 
Throughout the year ended 31 March 2020, the Company has complied with the 
recommendations of the 2019 AIC Code and thus the relevant provisions of the UK 
Code, except as set out below. 
 
The UK Code includes provisions relating to: 
 
·     the role of the Chief Executive; 
 
·     Executive Directors' remuneration; 
 
·     Annually assessing the need for an internal audit function; 
 
·     The means for the workforce to raise concerns 
 
·     Remuneration Committee; and 
 
·     Nomination Committee. 
 
For the reasons set out in the AIC Guide, the Board considers the first three 
provisions are not relevant to the position of the Company as it is an 
externally managed investment company. The Company has therefore not reported 
further in respect of these provisions. The Board is satisfied that any 
relevant issues can be properly considered by the Board. 
 
The fourth point is not applicable to the Company, as it has no employees. 
 
The Board, as a whole, fulfils the function of a Nomination and Remuneration 
Committee and therefore no separate Nomination or Remuneration Committees are 
considered necessary, as disclosed in the Directors' Report. 
 
Details of compliance with the AIC Code are noted below. There have been no 
other instances of non-compliance, other than those noted above. 
 
The Company's risk exposure and the effectiveness of its risk management and 
internal control systems are reviewed by the Audit Committee at its meetings 
and annually by the Board. The Board believes that the Company has adequate and 
effective systems in place to identify, mitigate and manage the risks to which 
it is exposed. 
 
Role, Composition and Independence of the Board 
 
The Board is the Company's governing body and has overall responsibility for 
maximising the Company's success by directing and supervising the affairs of 
the business and meeting the appropriate interests of Shareholders and relevant 
stakeholders, while enhancing the value of the Company and also ensuring 
protection of investors. A summary of the Board's responsibilities is as 
follows: 
 
·     statutory obligations and public disclosure; 
 
·     strategic matters and financial reporting; 
 
·     risk assessment and management including reporting compliance, 
governance, 
 
monitoring and control; and 
 
·     other matters having a material effect on the Company. 
 
The Board's responsibilities for the Annual Report and Audited Financial 
Statements are set out in the Statement of Directors' Responsibilities. 
 
The Board currently consists of four non-executive Directors, all of whom are 
considered to be independent of the Portfolio Manager and as prescribed by the 
Listing Rules. 
 
The Board considers it has the appropriate balance of diverse skills and 
experience, independence and knowledge of the Company and the wider sector, to 
enable it to discharge its duties and responsibilities effectively and that no 
individual or group of individuals dominates decision making. The Chairman is 
responsible for leadership of the Board and ensuring its effectiveness. Ian 
Burns served as Senior Independent Director throughout the year. 
 
Chairman 
 
The Chairman is Trevor Ash. The Chairman of the Board must be independent for 
the purposes of Chapter 15 of the Listing Rules. Trevor Ash is considered 
independent because he: 
 
·     has no current or historical employment with the Portfolio Manager; and 
 
·     has no current directorships in any other investment funds managed by the 
Portfolio Manager; 
 
The current Company policy for the maximum tenure of Chairman is nine years, 
which is in accordance with the AIC Code. 
 
Biographies of all the Directors can be found in Board Members. 
 
Board Role and Composition 
 
The Board is required to ensure that the Annual Report and Audited Financial 
Statements, taken as a whole, are fair, balanced and understandable and provide 
the information necessary for Shareholders to assess the Company's position and 
performance, business model and strategy. In seeking to achieve this, the 
Directors have set out the Company's investment objective and policy and have 
explained how the Board and its delegated Committees operate, and how the 
Directors review the risk environment within which the Company operates and set 
appropriate risk controls. Furthermore, throughout the Annual Report and 
Audited Financial Statements the Board has sought to provide further 
information to enable Shareholders to have a fair, balanced and understandable 
view. 
 
The Board has contractually delegated responsibility for the management of its 
investment portfolio, the arrangement of custodial and depositary services and 
the provision of accounting and company secretarial services. 
 
The Board is responsible for the appointment and monitoring of all service 
providers to the Company. 
 
The Directors are kept fully informed of investment and financial controls and 
other matters by all services providers that are relevant to the business of 
the Company and should be brought to the attention of the Directors. 
 
The Company has adopted a policy that the composition of the Board of 
Directors, which is required by the Company's Articles, comprises of at least 
two persons, that at all times a majority of the Directors are independent of 
the Portfolio Manager and any company in the same group as the Portfolio 
Manager; the Chairman of the Board of Directors is free from any conflicts of 
interest and is independent of the Portfolio Manager and of any company in the 
same group as the Portfolio Manager; and that no more than one director, 
partner, employee or professional adviser to the Portfolio Manager or any 
company in the same group as the Portfolio Manager may be a Director of the 
Company at any one time. 
 
The Board has also given careful consideration to the recommendations of the 
Davies Review. The Board has reviewed its composition and believes that the 
current appointments provide an appropriate range of skills, experience and 
diversity. In order to maintain its diversity, the Board is committed to 
continuing its implementation of the recommendations of the Davies Review as 
part of its succession planning over future years and by complying with the 
disclosure requirement of DTR 7.2.8 in terms of the Company's diversity policy. 
 
Directors' Attendance at Meetings 
 
The Board holds quarterly Board meetings, to discuss general management, 
structure, finance, corporate governance, marketing, risk management, 
compliance, asset allocation and gearing, contracts and performance. The 
quarterly Board meetings are the principal source of regular information for 
the Board enabling it to determine policy and to monitor performance, 
compliance and controls but these meetings are also supplemented by 
communication and discussions throughout the year. 
 
A representative of the Portfolio Manager, AIFM, Administrator, Custodian and 
Depositary and Corporate Broker attends each Board meeting either in person or 
by telephone thus enabling the Board to fully discuss and review the Company's 
operation and performance. Each Director has direct access to the Portfolio 
Manager and Company Secretary and may, at the expense of the Company, seek 
independent professional advice on any matter. 
 
Both appointment and removal of these parties is to be agreed by the Board as a 
whole. 
 
The Audit Committee meets at least twice a year, the Management Engagement 
Committee meets at least once a year and a dividend meeting is held quarterly. 
In addition, ad hoc meetings of the Board to review specific items between the 
regular scheduled quarterly meetings can be arranged. 
 
Between formal meetings there is regular contact with the Portfolio Manager, 
AIFM, Administrator, Custodian and Depositary and the Corporate Broker. 
 
Attendance at the Board and Committee meetings during the year was as follows: 
 
                            Quarterly Board   Audit Committee        Management  Ad hoc Committee 

                                   Meetings          Meetings        Engagement          Meetings 
                                                                      Committee 
                                                                       Meetings 
 
                             Held  Attended    Held  Attended    Held  Attended    Held  Attended 
 
Trevor Ash                      4         4       3         3       1         1       7         6 
 
Ian Burns                       4         4       3         3       1         1       7         5 
 
Richard Burwood                 4         4       3         3       1         1       7         5 
 
Joanne Fintzen                  4         4       3         3       1         1       7         6 
 
The number of meetings held indicates the meetings held during each Director's 
membership of the relevant Board or Committee during the year ended 31 March 
2020. 
 
Board Performance and Training 
 
During the prior year, the Board commissioned a review of its performance by 
external evaluation practitioner Trust Associates Limited. The review 
determined the Board's approach to corporate governance and its supervision of 
its regulatory compliance to be good. The review also determined the Board to 
be effective with independent thought and action with the right balance of 
skills and experience necessary for its proper functioning and the safeguarding 
of Shareholders' interests. 
 
Retirement and Re-Election 
 
Under the terms of their appointment, each Director is required to seek 
re-election on an annual basis. At the 19 September 2019 Annual General 
Meeting, Trevor Ash, Ian Burns and Richard Burwood were re-elected to the 
Board. At the same Annual General Meeting, Joanne Fintzen was elected to the 
Board for the first time, having been appointed Director on 7 January 2019. The 
Company may terminate the appointment of a Director immediately on serving 
written notice and no compensation is payable upon termination of office as a 
director of the Company becoming effective. 
 
Election of Directors 
 
The election of Directors is set out in the Directors' Remuneration Report. 
 
UK Criminal Finances Act 2017 
 
In respect of the UK Criminal Finances Act 2017 which has introduced a new 
Corporate Criminal Offence of 'failing to take reasonable steps to prevent the 
facilitation of tax evasion', the Board confirms that it is committed to zero 
tolerance towards the criminal facilitation of tax evasion. 
 
The Board also keeps under review developments involving other social and 
environmental issues, such as the General Data Protection Regulation ("GDPR"), 
which came into effect on 25 May 2018, and Modern Slavery, and will report on 
those to the extent they are considered relevant to the Company's operations. 
There are no findings to report at year end. 
 
Board Committees and their Activities 
 
Terms of Reference 
 
All Terms of Reference of the Board's Committees are available from the 
Administrator upon request. 
 
Management Engagement Committee 
 
The Board has established a Management Engagement Committee with formal duties 
and responsibilities. The Management Engagement Committee commits to meeting at 
least once a year and comprises the entire Board, with Richard Burwood serving 
as Chairperson. These duties and responsibilities include the regular review of 
the performance of and contractual arrangements with the Portfolio Manager and 
other service providers and the preparation of the Committee's annual opinion 
as to the Portfolio Manager's services. 
 
The Management Engagement Committee carried out a review of the performance and 
capabilities of the Portfolio Manager and other service providers at its 19 
September 2019 meeting and recommended the continued appointment of TwentyFour 
Asset Management LLP as Portfolio Manager is in the interest of Shareholders. 
The Committee also recommended that the appointment of all the Company's 
current service providers should continue. 
 
Audit Committee 
 
An Audit Committee has been established consisting of all Directors with Ian 
Burns appointed as Chairman. Trevor Ash, the Chairman of the Board is a member 
of the Audit Committee, as he is an independent, non-executive Director. The 
terms of reference of the Audit Committee provide that the committee shall be 
responsible, amongst other things, for reviewing the Interim and Annual 
Financial Statements, considering the appointment and independence of external 
auditors, discussing with the external auditors the scope and results from the 
audit and reviewing the Company's compliance with the AIC Code. 
 
Further details on the Audit Committee can be found in the Audit Committee 
Report. 
 
Nomination Committee 
 
There is no separate Nomination Committee, as all Directors are considered 
non-executive and independent. The Board as a whole fulfils the function of a 
Nomination Committee. Whilst the Directors take the lead in the appointment of 
new Directors, any proposal for a new Director will be discussed and approved 
by all members of the Board. 
 
Remuneration Committee 
 
In view of its non-executive and independent nature, the Board considers that 
it is not appropriate for there to be a separate Remuneration Committee. The 
Board as a whole fulfils the functions of the Remuneration Committee, although 
the Board has included a separate Directors' Remuneration Report of these 
Financial Statements. 
 
International Tax Reporting 
 
For purposes of the US Foreign Account Tax Compliance Act, the Company 
registered with the US Internal Revenue Service ("IRS") as a Guernsey reporting 
Foreign Financial Institution ("FFI"), received a Global Intermediary 
Identification Number (8V9U53.99999.SL.831), and can be found on the IRS FFI 
list. 
 
The Common Reporting Standard ("CRS") is a global standard developed for the 
automatic exchange of financial account information developed by the 
Organisation for Economic Co-operation and Development ("OECD"), which has been 
adopted in Guernsey and which came into effect on 1 January 2016. 
 
The Board ensures that the Company is compliant with Guernsey regulations and 
guidance in this regard. 
 
Strategy 
 
The strategy for the Company is to target less liquid, higher yielding asset 
backed securities. These securities, whilst fundamentally robust, do not offer 
enough liquidity for use in the typical daily mark-to-market UCITs funds, but 
are well suited to a traded closed-ended vehicle, where investors can obtain 
liquidity by trading shares on the London Stock Exchange. This part of the 
fixed income market has been largely overlooked and therefore represents 
attractive relative value. The strategy aims to generate a dividend in the 
Reporting Period ending 31 March 2020 of 6 pence per Ordinary Share and in each 
subsequent Reporting Period such Dividend Target as the Directors determine at 
their absolute discretion from time to time, with all excess income being 
distributed to investors at the year-end of the Company. 
 
Internal Controls 
 
The Board is ultimately responsible for establishing and maintaining the 
Company's system of internal financial and operating control and for 
maintaining and reviewing its effectiveness. The Company's risk matrix 
continues to be the core element of the Company's risk management process in 
establishing the Company's system of internal financial and reporting control. 
The risk matrix is prepared and maintained by the Board which initially 
identifies the risks facing the Company and then collectively assesses the 
likelihood of each risk, the impact of those risks and the strength of the 
controls operating over each risk. The system of internal financial and 
operating control is designed to manage rather than to eliminate the risk of 
failure to achieve business objectives and by their nature can only provide 
reasonable and not absolute assurance against misstatement and loss. 
 
These controls aim to ensure that assets of the Company are safeguarded, proper 
accounting records are maintained and the financial information for publication 
is reliable. The Board confirms that there is an ongoing process for 
identifying, evaluating and managing the significant risks faced by the 
Company. 
 
This process has been in place for the year under review and up to the date of 
approval of this Annual Report and Audited Financial Statements and is reviewed 
by the Board and is in accordance with the AIC Code. 
 
The AIC Code requires Directors to conduct at least annually a review of the 
Company's system of internal financial and operating control, covering all 
controls, including financial, operational, compliance and risk management. The 
Board has evaluated the systems of internal controls of the Company. In 
particular, it has prepared a process for identifying and evaluating the 
significant risks affecting the Company and the policies by which these risks 
are managed. The Board also considers whether the appointment of an internal 
auditor is required and has determined that there is no requirement for a 
direct internal audit function. 
 
The Board has delegated the day to day responsibilities for the management of 
the Company's investment portfolio, the provision of depositary services and 
administration, registrar and corporate secretarial functions including the 
independent calculation of the Company's NAV and the production of the Annual 
Report and Financial Statements which are independently audited. 
 
Formal contractual agreements have been put in place between the Company and 
providers of these services. Even though the Board has delegated responsibility 
for these functions, it retains accountability for these functions and is 
responsible for the systems of internal control. At each quarterly Board 
meeting, compliance reports are provided by the Administrator, Company 
Secretary, Portfolio Manager, AIFM and Depositary. The Board also receives 
confirmation from the Administrator of its accreditation under its Service 
Organisation Controls 1 report. 
 

The Company's risk exposure and the effectiveness of its risk management and 
internal control systems are reviewed by the Audit Committee at its meetings 
and annually by the Board. The Board believes that the Company has adequate and 
effective systems in place to identify, mitigate and manage the risks to which 
it is exposed. Principal Risks and Uncertainties are set out below. 
 
Shareholder Engagement 
 
The Board welcomes Shareholders' views and places great importance on 
communication with its Shareholders. Shareholders wishing to meet the Chairman 
and other Board members should contact the Company's Administrator. 
 
The Portfolio Manager and Listing Sponsor maintain a regular dialogue with 
institutional Shareholders, the feedback from which is reported to the Board. 
 
The Company's Annual General Meeting ("AGM") provides a forum for Shareholders 
to meet and discuss issues of the Company and Shareholders with the opportunity 
to vote on the resolutions as specified in the Notice of AGM. The Notice of the 
AGM and the results are released to the London Stock Exchange in the form of an 
announcement. Board members will be available to respond to Shareholders' 
questions at the AGM. 
 
In addition, the Company maintains a website, www.twentyfourincomefund.com, 
which contains comprehensive information, including links to regulatory 
announcements, share price information, financial reports, investment objective 
and investor contacts. 
 
Significant Shareholdings 
 
Shareholders with holdings of more than 3.0% of the Ordinary Shares of the 
Company at 4 June 2020 (latest available) were as follows: 
 
Those invested directly or indirectly in 3.0% or more of the issued share 
capital of the Company will have the same voting rights as other holders of 
Shares. 
 
Disclosure of Information to Auditors 
 
The Directors who held office at the date of approval of these Financial 
Statements confirm that, so far as they are each aware, there is no relevant 
audit information of which the Company's auditor is unaware; and each Director 
has taken all the steps that they ought to have taken as a Director to make 
themselves aware of any relevant audit information and to establish that the 
Company's auditor is aware of that information. 
 
Independent Auditors 
 
A resolution for the reappointment of PricewaterhouseCoopers CI LLP will be 
proposed at the forthcoming AGM. 
 
Signed on behalf of the Board of Directors on 21 July 2020 by: 
 
Trevor Ash 
Chairman 
 
Ian Burns 
Director 
 
STATEMENT OF DIRECTORS' RESPONSIBILITIES 
 
The Directors are responsible for preparing the Annual Report and the Financial 
Statements in accordance with applicable Guernsey law and regulations. 
 
Guernsey company law requires the Directors to prepare Financial Statements for 
each financial year. Under that law they have elected to prepare the Financial 
Statements in accordance with International Financial Reporting Standards 
("IFRS") and applicable law. 
 
The Financial Statements are required by law to give a true and fair view of 
the state of affairs of the Company and of the profit or loss of the Company 
for that period. 
 
In preparing these Financial Statements, the Directors are required to: 
 
-      select suitable accounting policies and then apply them consistently; 
 
-      make judgements and estimates that are reasonable and prudent; 
 
-      state whether applicable accounting standards have been followed, 
subject to any material departures disclosed and explained in the Financial 
Statements; and 
 
-      prepare the Financial Statements on the going concern basis unless it is 
inappropriate to presume that the Company will continue in business. 
 
The Directors confirm that they have complied with these requirements in 
preparing the Financial Statements. 
 
The Directors are responsible for keeping proper accounting records which 
disclose with reasonable accuracy at any time the financial position of the 
Company and to enable them to ensure that the Financial Statements have been 
properly prepared in accordance with The Companies (Guernsey) Law, 2008. They 
have general responsibility for taking such steps as are reasonably open to 
them to safeguard the assets of the Company and to prevent and detect fraud and 
other irregularities. 
 
The Directors are responsible for the oversight of the maintenance and 
integrity of the corporate and financial information in relation to the Company 
website; the work carried out by the auditor does not involve consideration of 
these matters and, accordingly, the auditor accepts no responsibility for any 
changes that may have occurred to the financial statements since they were 
initially presented on the website. 
 
Legislation in Guernsey governing the preparation and dissemination of 
financial statements may differ from legislation in other jurisdictions. 
 
The Directors confirm that to the best of their knowledge: 
 
(a)  The Financial Statements have been prepared in accordance with IFRS and 
give a true and fair view of the assets, liabilities, financial position and 
profit or loss of the Company as at and for the year ended 31 March 2020; and 
 
(b)  The Annual Report includes information detailed in the Corporate 
Information, Summary Information, Chairman's Statement, Portfolio Manager's 
Report, Top Twenty Holdings, Board Members, Disclosure of Directorships in 
Public Companies Listed on Recognised Stock Exchanges, Strategic Report, 
Directors' Report, Statement of Directors' Responsibilities, Directors' 
Remuneration Report, Audit Committee Report, Alternative Investment Fund 
Manager's Report and Depositary Statement and provides a fair review of the 
information required by: 
 
(i)         DTR 4.1.8 and DTR 4.1.9 of the Disclosure and Transparency Rules, 
being a fair review of the Company business and a description of the principal 
risks and uncertainties facing the Company; and 
 
(ii)        DTR 4.1.11 of the Disclosure and Transparency Rules, being an 
indication of important events that have occurred since the end of the 
financial year and the likely future development of the Company. 
 
In the opinion of the Board, the Financial Statements taken as a whole, are 
fair, balanced and understandable and provide the information necessary to 
assess the Company's performance, business model and strategy. 
 
By order of the Board 
 
Trevor Ash 
Chairman 
 
Ian Burns 
Director 
 
21 July 2020 
 
DIRECTORS' REMUNERATION REPORT 
 
The Directors' remuneration report has been prepared on behalf of the Directors 
in accordance with the UK Code as issued by the UK Listing Authority. An 
ordinary resolution for the approval of the annual remuneration report will be 
put to the Shareholders at the AGM to be held on 
23 September 2020. 
 
Remuneration Policy 
 
The Company's policy in regard to Directors' remuneration is to ensure that the 
Company maintains a competitive fee structure in order to recruit, retain and 
motivate non-executive Directors of excellent quality in the overall interests 
of shareholders. 
 
The Directors do not consider it necessary for the Company to establish a 
separate Remuneration Committee. All of the matters recommended by the UK Code 
that would be delegated to such a committee are considered by the Board as a 
whole. 
 
It is the responsibility of the Board as a whole to determine and approve the 
Directors' fees, following a recommendation from the Chairman who will have 
given the matter proper consideration, having regard to the level of fees 
payable to non-executive Directors in the industry generally, the role that 
individual Directors fulfil in respect of Board and Committee responsibilities 
and the time committed to the Company's affairs. The Chairman's remuneration is 
decided and approved separately by the Board as a whole. 
 
No element of the Directors' remuneration is performance related, nor does any 
Director have any entitlement to pensions, share options or any long-term 
incentive plans from the Company. 
 
Remuneration 
 
The Directors of the Company are remunerated for their services at such a rate 
as the Directors determine, provided that the aggregate amount of such fees 
does not exceed GBP150,000 per annum. 
 
Directors are remunerated in the form of fees, payable quarterly in arrears, to 
the Director personally. No Directors have been paid additional remuneration 
outside the normal Directors' fees and expenses. 
 
In the year ended 31 March 2020, the Directors received the following annual 
remuneration in the form of Directors' fees: 
 
                                               Annual    Additional         Total 
                                                  Fee          Fees          Fees 
                                                    GBP             GBP             GBP 
 
Trevor Ash (Chairman of the Board)             40,000         5,000        45,000 
 
Ian Burns (Audit Committee Chairman)           37,500         5,000        42,500 
 
Richard Burwood                                35,000         5,000        40,000 
 
Joanne Fintzen                                 35,000         5,000        40,000 
 
Total                                         147,500        20,000       167,500 
 
The annual fees are GBP40,000 for the Chairman, GBP37,500 for Audit Committee 
Chairman, and GBP35,000 for all other Directors. 
 
In May 2019, each Director received a further GBP5,000 each in relation to 
additional work carried out on the issue of new shares. 
 
The remuneration policy set out above is the one applied for the year ended 31 
March 2020 and is not expected to change in the foreseeable future. 
 
Directors' and Officers' liability insurance cover is maintained by the Company 
on behalf of the Directors. 
 
The Directors were appointed as non-executive Directors by letters of 
appointment. Each Director's appointment letter provides that, upon the 
termination of his/her appointment, he/she must resign in writing and all 
records remain the property of the Company. The Directors' appointments can be 

terminated in accordance with the Articles and without compensation. There is 
no notice period specified in the Articles for the removal of Directors. The 
Articles provide that the office of director shall be terminated by, among 
other things: (a) written resignation; (b) unauthorised absences from board 
meetings for six months or more; (c) unanimous written request of the other 
directors; and (d) an ordinary resolution of the Company. 
 
Under the terms of their appointment, each Director is required to seek 
re-election on an annual basis. At the 19 September 2019 Annual General 
Meeting, Trevor Ash, Ian Burns and Richard Burwood were re-elected to the 
Board. At the same Annual General Meeting, Joanne Fintzen was elected to the 
Board for the first time, having been appointed Director on 7 January 2019. The 
Company may terminate the appointment of a Director immediately on serving 
written notice and no compensation is payable upon termination of office as a 
director of the Company becoming effective. 
 
The amounts payable to Directors shown in note 15 were for services as 
non-executive Directors. 
 
No Director has a service contract with the Company, nor are any such contracts 
proposed. 
 
Signed on behalf of the Board of Directors on 21 July 2020 by: 
 
Trevor Ash 
Chairman 
 
Ian Burns 
Director 
 
AUDIT COMMITTEE REPORT 
 
We present the Audit Committee's Report, setting out the responsibilities of 
the Audit Committee and its key activities for the year ended 31 March 2020. 
 
The Audit Committee has continued its detailed scrutiny of the appropriateness 
of the Company's system of risk management and internal controls, the 
robustness and integrity of the Company's financial reporting, along with the 
external audit process. The Committee has devoted time to ensuring that the 
internal financial and operating controls and processes have been properly 
established, documented and implemented. 
 
During the course of the year, the information that the Audit Committee has 
received has been timely and clear and has enabled the Audit Committee to 
discharge its duties effectively. 
 
The Audit Committee supports the aims of the UK Code and the best practice 
recommendations of other corporate governance organisations such as the AIC, 
and believes that reporting against the revised AIC Code allows the Audit 
Committee to further strengthen its role as a key independent oversight 
Committee. 
 
Role and Responsibilities 
 
The primary function of the Audit Committee is to assist the Board in 
fulfilling its oversight responsibilities. This includes reviewing the 
financial reports and other financial information and any significant financial 
judgement contained therein, before publication. 
 
In addition, the Audit Committee reviews the systems of internal financial and 
operating controls on a continuing basis that the Administrator, Portfolio 
Manager, AIFM, and Custodian Depositary and the Board have established with 
respect to finance, accounting, risk management, compliance, fraud and audit. 
The Audit Committee also reviews the accounting and financial reporting 
processes, along with reviewing the roles, independence and effectiveness of 
the external auditor. 
 
The ultimate responsibility for reviewing and approving the Annual and Interim 
Financial Statements remains with the Board. 
 
The Audit Committee's full terms of reference can be obtained by contacting the 
Company's Administrator. 
 
Risk Management and Internal Control 
 
The Board, as a whole, considers the nature and extent of the Company's risk 
management framework and the risk profile that is acceptable in order to 
achieve the Company's strategic objectives. As a result, it is considered that 
the Board has fulfilled its obligations under the AIC Code. 
 
The Audit Committee continues to be responsible for reviewing the adequacy and 
effectiveness of the Company's ongoing risk management systems and processes. 
Its system of internal controls, along with its design and operating 
effectiveness, is subject to review by the Audit Committee through reports 
received from the Portfolio Manager, AIFM and Custodian and Depositary, along 
with those from the Administrator and external auditor. 
 
Fraud, Bribery and Corruption 
 
The Audit Committee, in conjunction with the Management Engagement Committee, 
has relied on the overarching requirement placed on the service providers under 
the relevant agreements to comply with applicable law, including anti-bribery 
laws. A review of the service provider policies took place at the Management 
Engagement Committee Meeting, held on 19 September 2019. The Board receives 
regular confirmation from all service providers that there has been no fraud, 
bribery or corruption. 
 
Financial Reporting and Significant Financial Issues 
 
The Audit Committee assesses whether suitable accounting policies have been 
adopted and whether the Portfolio Manager has made appropriate estimates and 
judgements. The Audit Committee reviews accounting papers prepared by the 
Portfolio Manager and Administrator which provide details on the main financial 
reporting judgements. 
 
The Audit Committee also reviews reports by the external auditors which 
highlight any issues with respect to the work undertaken on the audit. 
 
The significant issues considered during the year by the Audit Committee in 
relation to the Financial Statements and how they were addressed are detailed 
below: 
 
(i) Valuation of investments: 
 
The Company's investments had a fair value of GBP481,313,740 as at 31 March 2020 
(31 March 2019: GBP491,596,605) and represent a substantial portion of net assets 
of the Company. As such this is the largest factor in relation to the 
consideration of the Financial Statements. These investments are valued in 
accordance with the accounting policies set out in note 2 to the Financial 
Statements. In March 2020, the committee carried out an on-site review of the 
revaluation processes, systems and controls at the London offices of the 
Portfolio Manager. By this and through regular reporting during the year by the 
Portfolio Manager, AIFM, Administrator, Custodian and Depositary the Audit 
Committee satisfied itself that both the sources of price information and 
valuation process itself are robust and reliable, and considered the valuation 
of the investments held by the Company as at 31 March 2020 to be reasonable. 
 
(ii) Income Recognition: 
 
The Audit Committee considered the calculation of income from investments 
recorded in the Financial Statements as at 31 March 2020. As disclosed in note 
3(ii)(b) of the Notes to the Financial Statements, the estimated life of Asset 
Backed Securities is determined by the Portfolio Manager, impacting the 
effective interest rate of the Asset Backed Securities which in turn impacts 
the calculation of income from investments. The Audit Committee reviewed the 
Portfolio Manager's process for determining the expected life of the Company's 
investments and found it to be reasonable based on the explanations provided 
and information obtained from the Portfolio Manager. The Audit Committee is 
therefore satisfied that income is correctly stated in the Financial 
Statements. 
 
As the extent of COVID-19 and its impact become ever more apparent the Audit 
Committee has also been working very closely with the Portfolio Manager to 
ensure the annual report and accounts remain valid and reflect Company's 
position as at the date of signing. 
 
Following a review of the presentations and reports from the Portfolio Manager 
and Administrator and consulting where necessary with the external auditor, the 
Audit Committee is satisfied that the Financial Statements appropriately 
address the critical judgements and key estimates (both in respect to the 
amounts reported and the disclosures). The Audit Committee is also satisfied 
that the significant assumptions used for determining the value of assets and 
liabilities have been appropriately scrutinised, challenged and are 
sufficiently robust. 
 
The Company's reporting currency is Sterling while a significant proportion of 
the investments owned are denominated in foreign currencies. The Company 
operates a hedging strategy designed to mitigate the impact of foreign currency 
rate changes on the performance of the fund. The Audit Committee has used 
information from the Administrator and Portfolio Manager to satisfy itself 
concerning the effectiveness of the hedging process, as well as to confirm that 
realised and unrealised foreign currency gains and losses have been correctly 
recorded. 
 
At the request of the Audit Committee, the Administrator confirmed that it was 
not aware of any material misstatements including matters relating to Financial 
Statement presentation. At the Audit Committee meeting to review the Annual 
Report and Audited Financial Statements, the Audit Committee received and 
reviewed a report on the audit from the external auditors. On the basis of its 
review of this report, the Audit Committee is satisfied that the external 
auditor has fulfilled its responsibilities with diligence and professional 
scepticism. The Audit Committee advised the Board that these Annual Financial 
Statements, taken as a whole, are fair, balanced and understandable. 
 
The Audit Committee is satisfied that the judgements made by the Portfolio 
Manager and Administrator are reasonable, and that appropriate disclosures have 
been included in the Financial Statements. 
 
Going Concern 
 
The going concern basis can be found in the Directors' Report. 
 
External Auditors 
 
The Audit Committee has responsibility for making a recommendation on the 
appointment, re-appointment and removal of the external auditors. 
PricewaterhouseCoopers CI LLP ("PwC") was appointed as the first auditors of 
the Company. During the year, the Audit Committee received and reviewed audit 
plans and reports from the external auditors. It is standard practice for the 
external auditors to meet privately with the Audit Committee without the 
Portfolio Manager and other service providers being present at each Audit 

Committee meeting. 
 
To assess the effectiveness of the external audit process, the auditors were 
asked to articulate the steps that they have taken to ensure objectivity and 
independence, including where the auditor provides non-audit services. The 
Audit Committee monitors the auditors' performance, behaviour and effectiveness 
during the exercise of their duties, which informs the decision to recommend 
reappointment on an annual basis. 
 
During the year, the Committee performed its annual review of the independence, 
effectiveness and objectivity of the external auditor and considered the 
Financial Reporting Council's ("FRC") Audit Quality Review of PwC's previous 
audit work. The Committee concluded that the effectiveness of the external 
auditor and the audit process were satisfactory and recommend to the Board the 
reappointment of PwC as external auditor for the 2020 financial year. Roland 
Mills became engagement partner for the 31 March 2019 audit. 
 
As a general rule, the Company does not utilise external auditors for internal 
audit purposes, secondments or valuation advice. Services which do not 
compromise auditor independence, such as tax compliance, tax structuring, 
private letter rulings, accounting advice, quarterly reviews and disclosure 
advice are normally permitted but will be pre-approved by the Audit Committee. 
 
The following tables summarise the remuneration paid to PwC and to other PwC 
member firms for audit and non-audit services during the year ended 31 March 
2020 and the year ended 31 March 2019. 
 
                                                               01.04.19 to      01.04.18 to 
                                                                  31.03.20         31.03.19 
 
PricewaterhouseCoopers CI LLP - Assurance work                           GBP                GBP 
 
          - Annual                                                  66,000           57,000 
audit 
 
          - Interim                                                 19,000           17,550 
review 
 
PricewaterhouseCoopers CI LLP - Non-assurance work 
 
          - Report accountant services for the new share            60,000                - 
issue on 
 
            12 September 2019 
 
          - Reportable Income                                        8,000            8,000 
calculation 
 
Ratio of audit to non-audit work                                  1 : 1.32          1 : 0.5 
 
The Audit committee has regular discussions with the auditor regarding their 
ongoing independence. The Audit Committee have noted the Revised Ethical 
Standard 2019 issued by the FRC in December 2019 have confirmed with the 
auditor that the impact on the current relationship with the auditor will 
remain largely unaffected with the largest impact being that the Reportable 
Income Distribution work undertaken above will have to be undertaken in future 
periods by a separate service provider and the Audit Committee will nominate 
and appoint a new service provider in due course. 
 
For any questions on the activities of the Audit Committee not addressed in the 
foregoing, a member of the Audit Committee remains available to attend each AGM 
to respond to such questions. 
 
The Audit Committee Report was approved by the Audit Committee on 21 July 2020 
and signed on behalf by: 
 
Ian Burns 
Chairman, Audit Committee 
 
21 July 2020 
 
ALTERNATIVE INVESTMENT FUND MANAGER'S REPORT 
 
Maitland Institutional Services Ltd acts as the Alternative Investment Fund 
Manager ("AIFM") of TwentyFour Income Fund Limited ("the Company") providing 
portfolio management and risk management services to the Company. 
 
The AIFM has delegated the following of its alternative investment fund 
management functions: 
 
·     It has delegated the portfolio management function for listed investments 
to TwentyFour Asset Management LLP. 
 
·     It has delegated the portfolio management function for unlisted 
investments to TwentyFour Asset Management LLP. 
 
The AIFM is required by the Alternative Investment Fund Managers Directive 
2011, 61/EU (the "AIFM Directive") and all applicable rules and regulations 
implementing the AIFM Directive in the UK (the "AIFM" Rules): 
 
·     to make the annual report available to investors and to ensure that the 
annual report is prepared in accordance with applicable accounting standards, 
the Company's articles of incorporation and the AIFM Rules and that the annual 
report is audited in accordance with International Standards on Auditing; 
 
·     be responsible for the proper valuation of the Company's assets, the 
calculation of the Company's net asset value and the publication of the 
Company's net asset value; 
 
·     to make available to the Company's shareholders, a description of all 
fees, charges and expenses and the amounts thereof, which have been directly or 
indirectly borne by them; and 
 
·     ensure that the Company's shareholders have the ability to redeem their 
share in the capital of the Company in a manner consistent with the principle 
of fair treatment of investors under the AIFM Rules and in accordance with the 
Company's redemption policy and its obligations. 
 
The AIFM is required to ensure that the annual report contains a report that 
shall include a fair and balanced review of the activities and performance of 
the Company, containing also a description of the principal risks and 
investment or economic uncertainties that the Company might face. 
 
AIFM Remuneration 
 
The AIFM is subject to a staff remuneration policy which meets the requirements 
of the AIFMD. The policy is designed to ensure remuneration practices are 
consistent with, and promote, sound and effective risk management. It does not 
encourage risk-taking which is inconsistent with the risk profiles, rules or 
instrument of incorporation of the funds managed, and does not impair the 
AIFM's compliance with its duty to act in the best interests of the funds it 
manages. 
 
The AIFM has reviewed the Remuneration Policy and its application in the last 
year which has resulted in no material changes to the policy or irregularities 
to process. 
 
This disclosure does not include staff undertaking portfolio management 
activities as these are undertaken by TwentyFour Asset Management LLP. The 
investment manager is required to make separate public disclosure as part of 
their obligations under the Capital Requirements Directive. 
 
The AIFM also acts as Authorised Corporate director (ACD) for non-AIFs. It is 
required to disclose the total remuneration it pays to its staff during the 
financial year of the fund, split into fixed and variable remuneration, with 
separate aggregate disclosure for staff whose actions may have a material 
impact to the risk profile of a fund or the AIFM itself. This includes 
executives, senior risk and compliance staff and certain senior managers. 
 
AIFM Remuneration 
 
                          Number of            Fixed                  Variable 
                        Beneficiaries 
 
Total remuneration           85              GBP5,516,000                GBP42,920 
paid by the ACD 
during the year 
 
Remuneration paid to          4               GBP909,000                 GBP2,500 
employees who are 
material risk takers 
 
Further information is available in the AIFM's Remuneration Policy Statement 
which can be obtained from www.maitlandgroup.com or, on request free of charge, 
by writing to the registered office of the AIFM. 
 
In so far as the AIFM is aware: 
 
·     there is no relevant audit information of which the Company's auditors or 
the Company's board of directors are unaware; and 
 
·     the AIFM has taken all steps that it ought to have taken to make itself 
aware of any relevant audit information and to establish that the auditors are 
aware of that information. 
 
We hereby certify that this report is made on behalf of the AIFM, Maitland 
Institutional Services Ltd. 
 
C O'Keeffe 
P.F. Brickley 
Directors 
Maitland Institutional Services Ltd 
 
21 July 2020 
 
REPORT OF THE DEPOSITARY TO THE SHAREHOLDERS 
 
for the year ended 31 March 2020 
 
Northern Trust (Guernsey) Limited has been appointed as Depositary to 
TwentyFour Income Fund Limited (the "Company") in accordance with the 
requirements of Article 36 and Articles 21(7), (8) and (9) of the Directive 
2011/61/EU of the European Parliament and of the Council of 8 June 2011 on 
Alternative Investment Fund Managers and amending Directives 2003/41/EC and 
2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (the "AIFM 
Directive"). 
 
We have enquired into the conduct of Maitland Institutional Services Limited 
(the "AIFM") and the Company for the year ended 31 March 2020, in our capacity 
as Depositary to the Company. 
 
This report including the review provided below has been prepared for and 
solely for the Shareholders in the Company. We do not, in giving this report, 
accept or assume responsibility for any other purpose or to any other person to 
whom this report is shown. 
 
Our obligations as Depositary are stipulated in the relevant provisions of the 
AIFM Directive and the relevant sections of Commission Delegated Regulation 
(EU) No 231/2013 (collectively the "AIFMD legislation") and The Authorised 
Closed Ended Investment Scheme Rules 2008. 
 
Amongst these obligations is the requirement to enquire into the conduct of the 
AIFM and the Company and their delegates in each annual accounting period. 
 
Our report shall state whether, in our view, the Company has been managed in 
that period in accordance with the AIFMD legislation. It is the overall 
responsibility of the AIFM and the Company to comply with these provisions. If 
the AIFM, the Company or their delegates have not so complied, we as the 
Depositary will state why this is the case and outline the steps which we have 
taken to rectify the situation. 
 
The Depositary and its affiliates are or may be involved in other financial and 
professional activities which may on occasion cause a conflict of interest with 

its roles with respect to the Company. The Depositary will take reasonable care 
to ensure that the performance of its duties will not be impaired by any such 
involvement and that any conflicts which may arise will be resolved fairly and 
any transactions between the Depositary and its affiliates and the Company 
shall be carried out as if effected on normal commercial terms negotiated at 
arm's length and in the best interests of Shareholders. 
 
Basis of Depositary Review 
 
The Depositary conducts such reviews as it, in its reasonable discretion, 
considers necessary in order to comply with its obligations and to ensure that, 
in all material respects, the Company has been managed (i) in accordance with 
the limitations imposed on its investment and borrowing powers by the 
provisions of its constitutional documentation and the appropriate regulations 
and (ii) otherwise in accordance with the constitutional documentation and the 
appropriate regulations. Such reviews vary based on the type of Fund, the 
assets in which a Fund invests and the processes used, or experts required, in 
order to value such assets. 
 
Review 
 
In our view, the Company has been managed during the period, in all material 
respects: 
 
       (i) in accordance with the limitations imposed on the investment and 
borrowing powers of the 
 
            Company by the constitutional documents; and by the AIFMD 
legislation; and 
 
       (ii) otherwise in accordance with the provisions of the constitutional 
documents; and the AIFMD 
 
legislation. 
 
For and on behalf of 
Northern Trust (Guernsey) Limited 
 
21 July 2020 
 
INDEPENT AUDITOR'S REPORT 
 
TO THE MEMBERS OF TWENTYFOUR INCOME FUND LIMITED 
 
Report on the audit of the financial statements 
 
______________________________________________________________________________________ 
 
Our opinion 
 
In our opinion, the financial statements give a true and fair view of the 
financial position of TwentyFour Income Fund Limited (the "company") as at 31 
March 2020, and of its financial performance and its cash flows for the year 
then ended in accordance with International Financial Reporting Standards and 
have been properly prepared in accordance with the requirements of The 
Companies (Guernsey) Law, 2008. 
 
What we have audited 
 
The company's financial statements comprise: 
 
  * the statement of financial position as at 31 March 2020; 
  * the statement of comprehensive income for the year then ended; 
  * the statement of changes in equity for the year then ended; 
  * the statement of cash flows for the year then ended; and 
  * the notes to the financial statements, which include a description of the 
    significant accounting policies. 
 
______________________________________________________________________________________ 
 
Basis for opinion 
 
We conducted our audit in accordance with International Standards on Auditing 
("ISAs"). Our responsibilities under those standards are further described in 
the Auditor's responsibilities for the audit of the financial statements 
section of our report. 
 
We believe that the audit evidence we have obtained is sufficient and 
appropriate to provide a basis for our opinion. 
 
Independence 
 
We are independent of the company in accordance with the ethical requirements 
that are relevant to our audit of the financial statements of the company, as 
required by the Crown Dependencies' Audit Rules and Guidance. We have fulfilled 
our other ethical responsibilities in accordance with these requirements. 
 
______________________________________________________________________________________ 
Our audit approach 
 
Overview 
 
______________________________________________________________________________________ 
 
                Materiality 
                Overall materiality was GBP8.1 million which represents 1.75% of net 
                assets. 
                 ___________________________________________________________________ 
                Audit scope 
                The company is incorporated and based in Guernsey. 
 
                We conducted our audit of the financial statements from information 
                provided by Northern Trust International Fund Administration Services 
                (Guernsey) Limited (the "Administrator") to whom the Board of 
                directors (the "Board") has delegated the administration function. The 
                company engages TwentyFour Asset Management LLP (the "Portfolio 
                Manager") to manage the investment portfolio. We had significant 
                interaction with both the Administrator and the Portfolio Manager 
                during our audit. 
 
                We conducted all of our audit work in Guernsey. 
                __________________________________________________________________ 
                Key audit matters 
                Risk of fraud in interest income on financial assets at fair value 
                through profit or loss. 
 
                Valuation of investments. 
 
                The Board's consideration of the potential impact of COVID-19. 
 
 
Audit scope 
 
As part of designing our audit, we determined materiality and assessed the 
risks of material misstatement in the financial statements. In particular, we 
considered where the directors made subjective judgements; for example, in 
respect of significant accounting estimates that involved making assumptions 
and considering future events that are inherently uncertain. As in all of our 
audits, we also addressed the risk of management override of internal controls, 
including among other matters, consideration of whether there was evidence of 
bias that represented a risk of material misstatement due to fraud. 
 
We tailored the scope of our audit in order to perform sufficient work to 
enable us to provide an opinion on the financial statements as a whole, taking 
into account the structure of the company, the accounting processes and 
controls, and the industry in which the company operates. 
 
Materiality 
 
The scope of our audit was influenced by our application of materiality. An 
audit is designed to obtain reasonable assurance whether the financial 
statements are free from material misstatement. Misstatements may arise due to 
fraud or error. They are considered material if individually or in aggregate, 
they could reasonably be expected to influence the economic decisions of users 
taken on the basis of the financial statements. 
 
Based on our professional judgement, we determined certain quantitative 
thresholds for materiality, including the overall company materiality for the 
financial statements as a whole as set out in the table below. These, together 
with qualitative considerations, helped us to determine the scope of our audit 
and the nature, timing and extent of our audit procedures and to evaluate the 
effect of misstatements, both individually and in aggregate on the financial 
statements as a whole. 
 
Overall Company materiality               GBP8.1 million (2019: GBP11.3 million) 
 
How we determined it                      1.75% of net assets (2019: 2.25% of net 
                                          assets) 
 
Rationale for the materiality benchmark   We believe that net assets is the most 
                                          appropriate benchmark because this is the 
                                          key metric of interest to investors.  We 
                                          reduced materiality for the current year 
                                          end to reflect the increase in fraud and 
                                          other risks that uncertain and volatile 
                                          financial markets can have on businesses. 
 
We agreed with the Audit Committee that we would report to them misstatements 
identified during our audit above GBP404,500, as well as misstatements below that 
amount that, in our view, warranted reporting for qualitative reasons. 
 
Key audit matters 
 
Key audit matters are those matters that, in our professional judgment, were of 
most significance in our audit of the financial statements of the current 
period. These matters were addressed in the context of our audit of the 
financial statements as a whole, and in forming our opinion thereon, and we do 
not provide a separate opinion on these matters. 
 
Key audit matter                How our audit addressed the Key audit matter 
 
Risk of fraud in interest       We assessed the accounting policy for the 
income on financial assets at   recognition of interest income for compliance with 
fair value through profit or    International Financial Reporting Standards and 
loss                            planned and executed our audit procedures to ensure 
                                that interest income had been accounted for in 
Interest income earned in       accordance with the stated accounting policy. 
respect of financial assets     We held discussions with the Portfolio Manager to 
designated as at fair value     understand and evaluate the processes in place for 
through profit or loss is       recognising interest income and to understand the 
recognised in the statement of  estimates made by the Portfolio Manager in respect 
comprehensive income using the  of the expected life of the Asset Backed Securities, 
effective interest rate method  expected timing of prepayments and expected 
(GBP33.0 million) as set out in   defaults. 
note 2(i) to the financial      On a sample basis, we verified key inputs into the 
statements.                     effective interest rate models prepared by the 
                                Portfolio Manager and adopted by the company. We 
The requirement to estimate the also verified through recalculation the arithmetic 
expected cash flows when        accuracy of the models and the resultant interest 
forming an effective interest   income summary prepared by the Portfolio Manager. 
rate model is subject to        In assessing the Portfolio Manager's estimates with 

significant management estimate respect to the expected life of the Asset Backed 
and judgement, as detailed in   Securities, expectations on timing of prepayments, 
note 3(ii)(b) to the financial  expected defaults and the impact of COVID-19 
statements and could be open to thereon, we obtained supporting documentation to 
manipulation by management.     corroborate the Portfolio Manager's estimates on a 
                                sample basis. 
As a result, we have designated We also selected a targeted sample of securities to 
the risk of fraud in interest   assess if there had been any significant changes to 
income on financial assets at   the expected repayment dates from the prior year. 
fair value through profit or    Where there had been changes, we obtained supporting 
loss (the Asset Backed          explanations and analysis to support those changes. 
Securities) as a significant    No significant issues or concerns were identified in 
audit risk.                     our testing which required reporting to those 
                                charged with governance. 
 
Valuation of investments        We understood and evaluated the internal control 
                                environment in place at the Administrator and the 
Investments are designated as   Portfolio Manager over the valuation of the 
financial assets at fair value  investment portfolio. 
through profit or loss and are  We assessed the accounting policy for investment 
disclosed separately on the     valuation for compliance with International 
statement of financial position Financial Reporting Standards and planned and 
(GBP481.3 million).               executed our audit procedures to ensure that the 
                                valuation of investments were accounted for in 
Investments comprise of a       accordance with the stated accounting policy. 
diverse portfolio of Asset      We tested the valuation of investments by using PwC 
Backed Securities and are fair  UK's asset pricing team to reprice all of the 
valued in accordance with the   investment portfolio valuations. Prices were 
policies set out in note 2(e)   obtained by our pricing team from a range of 
to the financial statements,    sources, including exchange traded and consensus 
and the fair value of           prices. 
investments and movement        Where PwC UK's asset pricing team were unable to 
therein are further disclosed   obtain independent prices (either due to licensee 
in notes 9 and 17 respectively. access restrictions or the fact that certain 
                                investments are bespoke privately priced deals), or 
Investments represent the most  where the prices obtained by PwC UK's asset pricing 
significant balance on the      team exceeded our initial tolerable variance 
statement of financial position threshold per investment (i.e. the initial threshold 
and are not listed.  Investment for differences between the values reported and the 
valuations are subject to       repricing obtained for which we undertake further 
estimate based on management's  investigation), the engagement team sought and 
judgements and assumptions      received supporting evidence for these specific 
underlying each security, as    prices from the Administrator and/or the Portfolio 
detailed under note 3(ii)(a) to Manager. 
the financial statements.       In doing so, we also assessed the independence, 
                                reputation and reliability of the sources of the 
Owing to the level of           supporting evidence provided in these instances. 
subjectivity that could be      All variances exceeding our tolerable threshold were 
applied in fair valuing         evaluated as being reasonable in light of the 
investments, the risk of        supporting evidence obtained and evaluated. 
manipulation or error could be  In executing our investment repricing testing, where 
material and as a result we     we noted that investments were based on prices 
have designated the valuation   published at dates prior to the reporting date, we 
of investments as a significant performed additional audit procedures so as to 
audit risk.                     ensure that updated prices had been received 
                                subsequent to the year end, and that those prices 
                                were not materially different to the prices used at 
                                the reporting year end. 
                                In order to determine the ongoing reliability of the 
                                investment valuations from year to year, we also, 
                                for a sample of disposals, compared the sales 
                                transaction price to the most recently recorded 
                                valuation prior to the disposal, which allowed us to 
                                assess the reliability of the valuation data and 
                                process for the previous valuation point. 
                                During the year, the Board refined their investment 
                                fair value hierarchy policy (the hierarchy 
                                disclosure required by International Financial 
                                Reporting Standards), which saw more granularity 
                                applied in deciding about what observable inputs are 
                                used in determining whether a price of an investment 
                                is level 3 (based on unobservable data) or level 2 
                                (unquoted but based on observable data for the same 
                                / similar instruments). 
                                We obtained the Board's approved fair value 
                                hierarchy policy and we engaged with the Board and 
                                the Portfolio Manager to understand the drivers for 
                                amending the principles therein. We also tested the 
                                Portfolio Manager's year-end process for assigning 
                                an appropriate level to each security in accordance 
                                with the policy, by evaluating a sample of the fair 
                                value hierarchy changes from Level 3 to Level 2. 
                                We also discussed and evaluated management's 
                                approach to assessing and, if necessary, measuring 
                                the impact of COVID-19 on the fair value of the 
                                investment portfolio. 
                                No significant issues or concerns were noted with 
                                regard to the valuation of financial assets at fair 
                                value through profit or loss which required 
                                reporting to those charged with corporate 
                                governance. 
 
The Board's consideration of    We obtained from the Portfolio Manager and Board the 
the potential impact of         latest assessment and conclusions with respect to 
COVID-19                        the statements of going concern and viability 
                                respectively. 
The Board and the Portfolio     We discussed with the Portfolio Manager and the 
Manager have considered the     Board the critical estimates and judgements applied 
potential impact of events that in their latest assessments so we could understand 
have been caused by the         and challenge the rationale and underlying factors 
pandemic, COVID-19, on the      incorporated and the sensitivities applied as a 
current and future operations   result of COVID-19. 
of the company. In doing so,    We inspected the viability assessment provided to 
the Board together with the     evaluate its consistency with our understanding of 
Portfolio Manager have made     the operations of the company, the investment 
estimates and judgements that   portfolio and with any market commentary already 
are critical to the outcomes of made by the Portfolio Manager. 
these considerations with a     We considered the appropriateness of the disclosures 
particular focus on the         made by the Portfolio Manager and the Board in 
company's ability to continue   respect of these assessments including the current 
as a going concern for a period and potential impact of COVID-19. 
of at least 12 months from the  We confirmed that the directors have analysed and 
date of approval of these       are satisfied with the business continuity plans of 
financial statements.           all key service providers as part of their COVID-19 
                                operational resilience review. 
As a result of the impact of    In discussing, challenging and evaluating the 
COVID-19 on the wider financial estimates and judgments made by the Portfolio 
markets and the company's share Manager and the Board, we noted the following 
price, we have determined the   factors that were considered to be fundamental in 
Board's consideration of the    their consideration of the potential impact of 
potential impact of COVID-19    COVID-19 on the current and future operations of the 
(including their associated     company and which support the statements of going 
estimates and judgements) to be concern and viability respectively: 
a key audit matter. 
                                In the period from 21 February to 31 March 2020, the 
                                Board noted the company's NAV per share was 
                                negatively impacted by the market volatility caused 
                                by COVID-19, dropping by 17% in March 2020 
                                (predominantly driven by the valuation of the 
                                collateralised loan obligations ("CLOs") in the 
                                portfolio,which contributed an overall drop of 13% 

                                in the NAV). However, the Board considered the fact 
                                that the NAV had largely recovered, increasing by 
                                10% during the three months post year end (the CLOs 
                                had recovered significantly, contributing a 11% 
                                increase in NAV per share) as a positive indicator 
                                to support both the viability and going concern 
                                assessments of the company; 
                                The Board have confirmed with the company's service 
                                providers that they have appropriate business 
                                continuity plans in place and that they have shifted 
                                to working from home or other flexible working 
                                arrangements. The Board have deemed these business 
                                continuity plans to be operating effectively, 
                                especially in Guernsey where there have been no new 
                                cases of COVID-19 reported for over 70 days. The 
                                Portfolio Manager, Board and Administrator do not 
                                anticipate any issues and staff working from home 
                                have access to all relevant systems and 
                                functionalities; 
                                As at 31 March 2020 the Board noted that the company 
                                had cash and cash equivalents of 0.30% of total net 
                                assets, and that post year end the company has 
                                maintained a positive cash balance and continues to 
                                meet liabilities when they fall due; and 
                                Subsequent to the year end, the company has also 
                                raised, with the authority of the Board, additional 
                                capital of GBP3.5m by issuing 3.8m shares, which the 
                                Board believes further demonstrates the company's 
                                viability to investors. 
                                Based on our procedures and the information 
                                available at the time of the Board's approval of the 
                                financial statements, we have not identified any 
                                matters to report with respect to the Board's 
                                consideration and disclosure of the impact of 
                                COVID-19 on the current and future operations of the 
                                company. 
 
Other information 
 
The directors are responsible for the other information. The other information 
comprises all the information included in the Annual Report and Audited 
Financial Statements (the "Annual Report") but does not include the financial 
statements and our auditor's report thereon. 
 
Our opinion on the financial statements does not cover the other information 
and we do not express any form of assurance conclusion thereon. 
 
In connection with our audit of the financial statements, our responsibility is 
to read the other information identified above and, in doing so, consider 
whether the other information is materially inconsistent with the financial 
statements or our knowledge obtained in the audit, or otherwise appears to be 
materially misstated. If, based on the work we have performed, we conclude that 
there is a material misstatement of this other information, we are required to 
report that fact. We have nothing to report in this regard. 
 
______________________________________________________________________________________ 
 
Responsibilities of the directors for the financial statements 
 
The directors are responsible for the preparation of the financial statements 
that give a true and fair view in accordance with International Financial 
Reporting Standards, the requirements of Guernsey law and for such internal 
control as the directors determine is necessary to enable the preparation of 
financial statements that are free from material misstatement, whether due to 
fraud or error. 
 
In preparing the financial statements, the directors are responsible for 
assessing the company's ability to continue as a going concern, disclosing, as 
applicable, matters related to going concern and using the going concern basis 
of accounting unless the directors either intend to liquidate the company or to 
cease operations, or have no realistic alternative but to do so. 
 
______________________________________________________________________________________ 
 
Auditor's responsibilities for the audit of the financial statements 
 
Our objectives are to obtain reasonable assurance about whether the financial 
statements as a whole are free from material misstatement, whether due to fraud 
or error, and to issue an auditor's report that includes our opinion. 
Reasonable assurance is a high level of assurance, but is not a guarantee that 
an audit conducted in accordance with ISAs will always detect a material 
misstatement when it exists. Misstatements can arise from fraud or error and 
are considered material if, individually or in aggregate, they could reasonably 
be expected to influence the economic decisions of users taken on the basis of 
these financial statements. 
 
As part of an audit in accordance with ISAs, we exercise professional judgement 
and maintain professional scepticism throughout the audit. We also: 
 
·     Identify and assess the risks of material misstatement of the financial 
statements, whether due to fraud or error, design and perform audit procedures 
responsive to those risks, and obtain audit evidence that is sufficient and 
appropriate to provide a basis for our opinion. The risk of not detecting a 
material misstatement resulting from fraud is higher than for one resulting 
from error, as fraud may involve collusion, forgery, intentional omissions, 
misrepresentations, or the override of internal control; 
 
·     Obtain an understanding of internal control relevant to the audit in 
order to design audit procedures that are appropriate in the circumstances, but 
not for the purpose of expressing an opinion on the effectiveness of the 
company's internal control; 
 
·     Evaluate the appropriateness of accounting policies used and the 
reasonableness of accounting estimates and related disclosures made by the 
directors; 
 
·     Conclude on the appropriateness of the directors use of the going concern 
basis of accounting and, based on the audit evidence obtained, whether a 
material uncertainty exists related to events or conditions that may cast 
significant doubt on the company's ability to continue as a going concern over 
a period of at least twelve months from the date of approval of the financial 
statements. If we conclude that a material uncertainty exists, we are required 
to draw attention in our auditor's report to the related disclosures in the 
financial statements or, if such disclosures are inadequate, to modify our 
opinion. Our conclusions are based on the audit evidence obtained up to the 
date of our auditor's report. However, future events or conditions may cause 
the company to cease to continue as a going concern, and 
 
·     Evaluate the overall presentation, structure and content of the financial 
statements, including the disclosures, and whether the financial statements 
represent the underlying transactions and events in a manner that achieves fair 
presentation. 
 
We communicate with those charged with governance regarding, among other 
matters, the planned scope and timing of the audit and significant audit 
findings, including any significant deficiencies in internal control that we 
identify during our audit. 
 
We also provide those charged with governance with a statement that we have 
complied with relevant ethical requirements regarding independence, and to 
communicate with them all relationships and other matters that may reasonably 
be thought to bear on our independence, and where applicable, related 
safeguards. 
 
From the matters communicated with those charged with governance, we determine 
those matters that were of most significance in the audit of the financial 
statements of the current period and are therefore the key audit matters. We 
describe these matters in our auditor's report unless law or regulation 
precludes public disclosure about the matter or when, in extremely rare 
circumstances, we determine that a matter should not be communicated in our 
report because the adverse consequences of doing so would reasonably be 
expected to outweigh the public interest benefits of such communication. 
 
______________________________________________________________________________________ 
 
Use of this report 
 
This independent auditor's report, including the opinions, has been prepared 
for and only for the members as a body in accordance with Section 262 of The 
Companies (Guernsey) Law, 2008 and for no other purpose. We do not, in giving 
these opinions, accept or assume responsibility for any other purpose or to any 
other person to whom this report is shown or into whose hands it may come save 
where expressly agreed by our prior consent in writing. 
 
______________________________________________________________________________________ 
 
Report on other legal and regulatory requirements 
 
Company Law exception reporting 
 
Under The Companies (Guernsey) Law, 2008 we are required to report to you if, 
in our opinion: 
 
·     we have not received all the information and explanations we require for 
our audit; 
 
·     proper accounting records have not been kept; or 
 
·     the financial statements are not in agreement with the accounting 
records. 
 
We have no exceptions to report arising from this responsibility. 
 

Listing Rules of the Financial Conduct Authority (FCA) 
 
The company has reported compliance against the 2019 AIC Code of Corporate 
Governance (the "Code") which has been endorsed by the UK Financial Reporting 
Council as being consistent with the UK Corporate Governance Code for the 
purposes of meeting the company's obligations, as an investment company, under 
the Listing Rules of the FCA. 
 
We have nothing material to add or draw attention to in respect of the 
following matters which we have reviewed based on the requirements of the 
Listing Rules of the FCA: 
 
·     The directors' confirmation that they have carried out a robust 
assessment of the principal and emerging risks facing the company, including a 
description of the principal risks, what procedures are in place to identify 
emerging risks, and an explanation of how those risks are being managed or 
mitigated, and 
 
·     The directors' explanation as to how they have assessed the prospects of 
the company, over what period they have done so and why they consider that 
period to be appropriate, and their statement as to whether they have a 
reasonable expectation that the company will be able to continue in operation 
and meet its liabilities as they fall due over the period of their assessment, 
including any related disclosures drawing attention to any necessary 
qualifications or assumptions. 
 
We have nothing to report having performed a review of the directors' statement 
that they have carried out a robust assessment of the principal and emerging 
risks facing the company and the directors' statement in relation to the 
longer-term viability of the company. Our review was substantially less in 
scope than an audit and only consisted of making inquiries and considering the 
directors' process supporting their statements; checking that the statements 
are in alignment with the relevant provisions of the Code; and considering 
whether the statements are consistent with the knowledge and understanding of 
the company and its environment obtained in the course of the audit. 
 
Additionally, we have nothing to report in respect of our responsibility to 
report when: 
 
·     The directors' statement relating to Going Concern in accordance with 
Listing Rule 9.8.6R(3) is materially inconsistent with our knowledge obtained 
in the audit; 
 
·     The statement given by the directors that they consider the Annual Report 
taken as a whole to be fair, balanced and understandable, and provides the 
information necessary for the members to assess the company's position and 
performance, business model and strategy is materially inconsistent with our 
knowledge of the company obtained in the course of performing our audit; 
 
·     The section of the Annual Report describing the work of the Audit 
Committee does not appropriately address matters communicated by us to the 
Audit Committee, and 
 
·     The directors' statement relating to the company's compliance with the 
Code does not properly disclose a departure from a relevant provision of the 
Code specified, under the Listing Rules, for review by the auditors. 
 
Roland Mills 
For and on behalf of PricewaterhouseCoopers CI LLP 
Chartered Accountants and Recognised Auditor 
Guernsey, Channel Islands 
 
21 July 2020 
 
STATEMENT OF COMPREHENSIVE INCOME 
 
for the year ended from 31 March 2020 
 
                                                             01.04.19 to      01.04.18 to 
                                                                31.03.20         31.03.19 
 
                                                   Note                GBP                GBP 
 
Income 
 
Interest income on financial assets at fair                   32,730,424       27,168,323 
value through profit and loss 
 
Net foreign currency (losses)/gains                  8       (7,819,207)        7,321,109 
 
Net losses on financial assets at fair value         9      (83,996,144)     (22,787,164) 
through profit or loss 
 
Total income                                                (59,084,927)       11,702,268 
 
Portfolio management fees                           15       (4,228,263)      (3,462,140) 
 
Directors' fees                                     15         (167,500)        (138,917) 
 
Administration and secretarial fees                 16         (280,875)        (236,007) 
 
Audit fees                                                      (66,000)         (57,000) 
 
Custody fees                                        16          (56,377)         (46,696) 
 
Broker fees                                                     (54,167)         (45,895) 
 
AIFM management fees                                16         (199,294)        (174,555) 
 
Depositary fees                                     16          (78,012)         (65,143) 
 
Legal and professional fees                                     (55,911)        (337,373) 
 
Listing fees                                                    (92,079)         (59,300) 
 
Registration fees                                               (45,635)         (26,857) 
 
Other expenses                                                 (451,209)         (83,534) 
 
Total expenses                                               (5,775,322)      (4,733,417) 
 
Total comprehensive (loss)/income for the year              (64,860,249)        6,968,851 
 
(Loss)/Earnings per Ordinary Redeemable Share - 
 
Basic & Diluted                                      4          (0.1287)           0.0173 
 
 
All items in the above statement derive from continuing operations. 
 
The notes form an integral part of these Financial Statements. 
 
STATEMENT OF FINANCIAL POSITION 
 
as at 31 March 2020 
 
                                                           31.03.2020     31.03.2019 
 
                                            Note                    GBP              GBP 
 
Assets 
 
Current assets 
 
Financial assets at fair value through 
profit and loss 
 
- Investments                                 9        481,313,740       491,596,605 
 
- Derivative assets: Forward currency        18          14,398,192           52,575 
contracts 
 
Amounts due from broker                                                    3,908,529 
                                                            - 
 
Amounts due from shares issued                                             3,456,600 
                                                            - 
 
Other receivables                            10           3,737,798        3,112,577 
 
Cash and cash equivalents                                 1,409,267       36,505,984 
 
Total assets                                          500,858,997        538,632,870 
 
Liabilities 
 
Current liabilities 
 
Financial liabilities at fair value through 
profit and loss 
 
- Derivative liabilities: Forward currency   18           1,374,030        1,919,402 
contracts 
 
Amounts payable under repurchase agreements  12         23,175,944                 - 
 
Amounts due to brokers                                                    35,401,772 
                                                            - 
 
Other payables                               11             939,167          846,247 
 
Total liabilities                                        25,489,141       38,167,421 
 
Net assets                                             475,369,856       500,465,449 
 
Equity 
 
Share capital account                        13        530,491,915       459,436,544 
 
Retained earnings                                        (55,122,059)     41,028,905 
 
Total equity                                           475,369,856       500,465,449 
 
Ordinary Redeemable Shares in issue          13        504,714,809       441,814,151 
 
Net Asset Value per Ordinary Redeemable       6                94.19          113.28 
Share (pence) 
 
The Financial Statements were approved by the Board of Directors on 21 July 
2020 and signed on its behalf by 
 
Trevor Ash 
Chairman 
 
Ian Burns 
Director 
 
The notes form an integral part of these Financial Statements. 
 
STATEMENT OF CHANGES IN EQUITY 
 
for the year ended 31 March 2020 
 
                                                    Share        Retained 
                                                  capital 
 
                                                  account        earnings           Total 
 
                                      Note              GBP               GBP               GBP 
 
Balances at 1 April 2019                      459,436,544      41,028,905     500,465,449 
 
Issue of shares                        13      93,123,125               -      93,123,125 
 
Redemption of shares                   13    (20,050,326)               -    (20,050,326) 
 
Share issue costs                      13     (1,485,986)               -     (1,485,986) 
 
Dividend paid                                           -    (31,822,157)    (31,822,157) 
 
Income equalisation on new issues       5       (531,442)         531,442               - 
 
Total comprehensive loss for the                        -    (64,860,249)    (64,860,249) 
year 
 
Balances at 31 March 2020                     530,491,915    (55,122,059)     475,369,856 
 
                                                    Share        Retained 
                                                  capital 
 
                                                  account        earnings           Total 
 
                                                        GBP               GBP               GBP 
 
Balances at 1 April 2018                      407,509,059      62,504,072     470,013,131 
 
Issue of shares                                53,010,450               -      53,010,450 
 
Share issue costs                               (609,620)               -       (609,620) 
 
Dividend paid                                           -    (28,917,363)    (28,917,363) 
 
Income equalisation on new issues       5       (473,345)         473,345               - 
 

Total comprehensive gain for the                        -       6,968,851       6,968,851 
year 
 
Balances at 31 March 2019                     459,436,544      41,028,905     500,465,449 
 
The notes form an integral part of these Financial Statements. 
 
STATEMENT OF CASH FLOWS 
 
for the year ended 31 March 2020 
 
                                                  Note    01.04.19 to   from 01.04.18 
                                                             31.03.20     to 31.03.19 
                                                                    GBP               GBP 
 
Cash flows from operating activities 
 
Total comprehensive income for the year                  (64,860,249)       6,968,851 
 
Adjustments for: 
 
Net losses on investments                          9       84,217,916      22,787,164 
 
Amortisation adjustment under effective interest   9      (4,951,929)     (4,906,589) 
rate method 
 
Unrealised (gains)/losses on forward currency      8     (14,890,989)       5,799,890 
contracts 
 
Exchange gains on cash and cash equivalents                  (28,227)         (6,700) 
 
Decrease in other receivables                               (625,221)       (267,894) 
 
Increase/(decrease) other payables                            172,412           (662) 
 
Purchase of investments                                 (467,441,266)   (303,568,916) 
 
Sale of investments                                       366,964,901     277,963,536 
 
Net cash (used in)/generated from operating             (101,442,652)       4,768,680 
activities 
 
Cash flows from financing activities 
 
Proceeds from issue of Ordinary Redeemable                 96,579,725      49,553,850 
Shares 
 
Redemption of Ordinary Redeemable Shares                 (20,050,326)               - 
 
Share issue costs                                         (1,565,478)       (530,128) 
 
Dividend paid                                            (31,822,157)    (28,917,363) 
 
Increase in amounts payable under repurchase               23,175,944               - 
agreements 
 
Net cash inflow from financing activities                  66,317,708      20,106,359 
 
(Decrease)/Increase in cash and cash equivalents         (35,124,944)      24,875,039 
 
Cash and cash equivalents at beginning of the              36,505,984      11,624,245 
year 
 
Exchange gains on cash and cash equivalents                    28,227           6,700 
 
Cash and cash equivalents at end of the year                1,409,267      36,505,984 
 
The notes form an integral part of these Financial Statements. 
 
NOTES TO THE FINANCIAL STATEMENTS 
 
for the year ended 31 March 2020 
 
1.   General Information 
 
TwentyFour Income Fund Limited (the "Company") was incorporated with limited 
liability in Guernsey, as a closed-ended investment company on 11 January 2013. 
The Company's Shares were listed with a Premium Listing on the Official List of 
the UK Listing Authority and admitted to trading on the Main Market of the 
London Stock Exchange on 6 March 2013. 
 
The Company's investment objective and policy is set out in the Summary 
Information. 
 
The Portfolio Manager of the Company is TwentyFour Asset Management LLP (the 
"Portfolio Manager"). 
 
2.   Principal Accounting Policies 
 
      a) Statement of Compliance 
 
The Financial Statements have been prepared in accordance with International 
Financial Reporting Standards ("IFRS") as issued by the International 
Accounting Standards Board ("IASB") and are in compliance with The Companies 
(Guernsey) Law, 2008. 
 
b) Presentation of Information 
 
The Financial Statements have been prepared on a going concern basis under the 
historical cost convention adjusted to take account of the revaluation of the 
Company's financial assets and liabilities at fair value through profit or 
loss. 
 
c) Standards, Amendments and Interpretations Effective during the Year 
 
At the reporting date of these Financial Statements, the following standards, 
interpretations and amendments, were adopted for the year ended 31 March 2020: 
 
- IFRS 16 Leases 
 
The Company expects that the adoption of IFRS 16 in the future period will not 
have an impact on the Company's Financial Statements, as it does not hold any 
leases. 
 
d) Standards, Amendments and Interpretations Issued but not yet Effective 
 
At the reporting date of these Financial Statements, the following standards, 
interpretations and amendments, which have not been applied in these Financial 
Statements, were in issue but not yet effective: 
 
- IFRS 17 Insurance Contracts (Effective 1 January 2021) 
 
The Company expects that the adoption of IFRS 17 in the future period will not 
have an impact on the Company's Financial Statements, as it does not hold any 
insurance contracts. 
 
e) Financial Assets at Fair Value through Profit or Loss 
 
Classification 
 
The Company classifies its investments in debt securities and derivatives as 
financial assets at fair value through profit or loss. 
 
Financial assets and financial liabilities designated at fair value through 
profit or loss at inception are financial instruments that are not classified 
as held for trading but are managed and their performance is evaluated on a 
fair value basis in accordance with the Company's business model per IFRS 9. 
 
The Company's policy requires the Portfolio Manager and the Board of Directors 
to evaluate the information about these financial assets and liabilities on a 
fair value basis together with other related financial information. 
 
Recognition, Derecognition and Measurement 
 
Regular purchases and sales of investments are recognised on the trade date - 
the date on which the Company commits to purchase or sell the investment. 
Financial assets and financial liabilities at fair value through profit or loss 
are initially recognised at fair value. Transaction costs are expensed as 
incurred in the Statement of Comprehensive Income. Financial assets are 
derecognised when the rights to receive cash flows from the investments have 
expired or the Company has transferred substantially all risks and rewards of 
ownership. 
 
Investments in Asset Backed Securities are the purchase of an interest in pools 
of loans. The investment characteristics of Asset Backed Securities are such 
that principal payments are made more frequently than traditional debt 
securities. The principal may be repaid at any time because the underlying debt 
or other assets generally may be repaid at any time. 
 
The Company records these principal repayments as they arise and realises a 
gain or loss in the net gains on financial assets at fair value through profit 
or loss in the Statement of Comprehensive Income in the period in which they 
occur. 
 
The interest income arising on these securities is recognised within income in 
the Statement of Comprehensive Income. 
 
Fair Value Estimation 
 
Fair value is the price that would be received to sell an asset or paid to 
transfer a liability in an orderly transaction between market participants at 
the measurement date. Investments in Asset Backed Securities are fair valued in 
accordance with either i) or ii) below and the change in fair value, if any, is 
recorded as net gains/(losses) on financial assets/(liabilities) at fair value 
through profit or loss in the Statement of Comprehensive Income. 
 
i) Asset Backed Securities Traded or Dealt on an Active Market or Exchange 
 
Asset Backed Securities that are traded or dealt on an active market or 
exchange are valued by reference to their quoted mid-market price as at the 
close of trading on the reporting date as management deem the mid-market price 
to be a reasonable approximation of an exit price. 
 
ii) Asset Backed Securities not Traded or Dealt on an Active Market or Exchange 
 
Asset Backed Securities which are not traded or dealt on active markets or 
exchanges are valued by reference to their price, as at the close of business 
on the reporting date as determined by an independent price vendor. If a price 
cannot be obtained from an independent price vendor, or where the Portfolio 
Manager determines that the provided price is not an accurate representation of 
the fair value of the Asset Backed Security, the Portfolio Manager will source 
prices at the close of business on the reporting date from third party broker/ 
dealer quotes for the relevant security. 
 
Forward foreign currency contracts 
 
Forward foreign currency contracts are derivative contracts and as such are 
recognised at fair value on the date on which they are entered into and 
subsequently measured at their fair value. Fair value is determined by rates in 
active currency markets. All forward foreign currency contracts are carried as 
assets when fair value is positive and as liabilities when fair value is 
negative. Gains and losses on forward currency contracts are recognised as part 
of net foreign currency gains in the Statement of Comprehensive Income. 
 
f) Offsetting Financial Instruments 
 
Financial assets and liabilities are offset and the net amount reported in the 
Statement of Financial Position when there is a legally enforceable right to 
offset the recognised amounts and there is an intention to settle on a net 
basis or realise the asset and settle the liability simultaneously. 
 
g) Sale and Repurchase Agreements 
 
Securities sold subject to repurchase agreements are reclassified in the 
financial statements as pledged assets when the transferee has the right by 
contract or custom to sell or re-pledge the collateral. The counterparty 
liability is included under 'Amounts payable under repurchase agreements'. 
Securities purchased under agreements to resell are recorded separately under 
'due from agreements to resell'. These securities are valued at amortised cost 
on the Statement of Financial Position. The difference between the sale and the 
repurchase price is treated as interest and accrued over the life of the 
agreement using the effective interest method. 
 
h) Amounts Due from and Due to Brokers 
 
Amounts due from and to brokers represent receivables for securities sold and 

payables for securities purchased that have been contracted for but not yet 
settled or delivered on the statement of financial position date respectively. 
These amounts are recognised initially at fair value and subsequently measured 
at amortised cost using the effective interest method. 
 
i) Income 
 
Interest income is recognised on a time-proportionate basis using the effective 
interest method. Discounts received or premiums paid in connection with the 
acquisition of Asset Backed Securities are amortised into interest income using 
the effective interest method over the estimated life of the related security. 
 
The effective interest rate method is a method of calculating the amortised 
cost of a financial asset or financial liability and of allocating the interest 
income or interest expense over the relevant period. The effective interest 
rate is the rate that exactly discounts estimated future cash payments or 
receipts throughout the expected life of the financial instrument, or, when 
appropriate (see note 3(ii)(b)), a shorter period, to the net carrying amount 
of the financial asset or financial liability. When calculating the effective 
interest rate, the Company estimates cash flows considering the expected life 
of the financial instrument but does not consider future credit losses. The 
calculation includes all fees and points paid or received between parties to 
the contract that are an integral part of the effective interest rate and all 
other premiums or discounts. 
 
j) Cash and Cash Equivalents 
 
Cash and cash equivalents comprises cash in hand and deposits held at call with 
banks and other short-term investments in an active market with original 
maturities of three months or less and bank overdrafts. Bank overdrafts are 
shown in current liabilities in the Statement of Financial Position. 
 
k) Share Capital 
 
As there are only Ordinary Redeemable Shares in issue, which are redeemable at 
the discretion of the Board, the shares are presented as equity in accordance 
with IAS 32 - "Financial Instruments: Disclosure and Presentation". Incremental 
costs directly attributable to the issue of ordinary redeemable shares are 
shown in equity as a deduction, net of tax, from the proceeds and disclosed in 
the Statement of Changes in Equity. 
 
l) Foreign Currency Translation 
 
Functional and Presentation Currency 
 
Items included in the financial statements are measured using Sterling, the 
currency of the primary economic environment in which the Company operates (the 
"functional currency"). The Financial Statements are presented in Sterling, 
which is the Company's presentation currency. 
 
Transactions and Balances 
 
Foreign currency transactions are translated into the functional currency using 
the exchange rates prevailing at the dates of the transactions. Foreign 
currency assets and liabilities are translated into the functional currency 
using the exchange rate prevailing at the statement of financial position date. 
 
Foreign exchange gains and losses relating to the financial assets and 
liabilities carried at fair value through profit or loss are presented in the 
Statement of Comprehensive Income. 
 
m) Transaction Costs 
 
Transaction costs on financial assets at fair value through profit or loss 
include fees and commissions paid to agents, advisers, brokers and dealers. 
Transaction costs, when incurred, are immediately recognised in the Statement 
of Comprehensive Income. 
 
n) Segment Reporting 
 
Operating segments are reported in a manner consistent with the internal 
reporting provided to the chief operating decision-maker. The chief operating 
decision-maker, who is responsible for allocating resources and assessing 
performance of the operating segments, has been identified as the Board. The 
Directors are of the opinion that the Company is engaged in a single segment of 
business, being investments in Asset Backed Securities. The Directors manage 
the business in this way. Additional information can be found in note 19. 
 
o) Expenses 
 
All expenses are included in the Statement of Comprehensive Income on an 
accruals basis. Expenses incurred on the acquisition of investments at fair 
value through profit or loss are charged to the Statement of Comprehensive 
Income. All other expenses are recognised through profit or loss in the 
Statement of Comprehensive Income. 
 
p) Other Receivables 
 
Other receivables are amounts due in the ordinary course of business. If 
collection is expected in one year or less, they are classified as current 
assets. If not, they are presented as non-current assets. Other receivables are 
recognised initially at fair value and subsequently measured at amortised cost 
using the effective interest method, less any expected credit losses. 
 
q) Other Payables 
 
Other payables are obligations to pay for services that have been acquired in 
the ordinary course of business. Other payables are classified as current 
liabilities if payment is due within one year or less. If not, they are 
presented as non-current liabilities. Other payables are recognised initially 
at fair value and subsequently measured at amortised cost using the effective 
interest method. 
 
r) Dividend 
 
A dividend to the Company's Shareholders is recognised as a liability in the 
Company's financial statements and disclosed in the Statement of Changes in 
Equity in the period in which the dividends are approved by the Board. 
 
s) Income Equalisation on New Issues 
 
In order to ensure there are no dilutive effects on earnings per share for 
current Shareholders when issuing new shares, a transfer is made between share 
capital and income to reflect that amount of income included in the purchase 
price of the new shares. 
 
t) Treasury Shares 
 
The Company has the right to issue and purchase up to 14.99% of the total 
number of its own shares, as disclosed in note 13. 
 
Shares held in Treasury are excluded from calculations when determining (Loss)/ 
Earnings per Ordinary Redeemable Share or NAV per Ordinary Redeemable Share as 
detailed in notes 4 and 6. 
 
3.   Significant Accounting Judgements, Estimates and Assumptions 
 
The preparation of the Company's Financial Statements requires management to 
make judgements, estimates and assumptions that affect the reported amounts of 
revenues, expenses, assets and liabilities and the accompanying disclosures. 
Uncertainty about these assumptions and estimates could result in outcomes that 
require a material adjustment to the carrying amount of assets or liabilities 
affected in future periods. 
 
(i)   Judgements 
 
In the process of applying the Company's accounting policies, management has 
made the following judgements, which have the most significant effect on the 
amounts recognised in the Financial Statements: 
 
Functional Currency 
 
As disclosed in note 2(l), the Company's functional currency is Sterling. 
Sterling is the currency in which the Company measures its performance and 
reports its results, as well as the currency in which it receives subscriptions 
from its investors. Dividends are also paid to its investors in Sterling. The 
Directors believe that Sterling best represents the functional currency. 
 
(ii)  Estimates and Assumptions 
 
The key assumptions concerning the future and other key sources of estimation 
uncertainty at the reporting date, that have a significant risk of causing a 
material adjustment to the carrying amounts of assets and liabilities within 
the next financial year, are described below. The Company based its assumptions 
and estimates on parameters available when the Financial Statements were 
prepared. Existing circumstances and assumptions about future developments, 
however, may change due to market changes or circumstances arising which are 
beyond the control of the Company. Such changes are reflected in the 
assumptions when they occur. 
 
(a)  Fair value of Securities not Quoted in an Active Market 
 
The Company carries its investments in Asset Backed Securities at fair value, 
with changes in value being recognised in the Statement of Comprehensive 
Income. In cases where prices of Asset Backed Securities are not quoted in an 
active market, the Portfolio Manager will obtain prices determined at the close 
of business on the reporting date from an independent price vendor. The 
Portfolio Manager exercises its judgement on the quality of the independent 
price vendor and information provided. If a price cannot be obtained from an 
independent price vendor or where the Portfolio Manager determines that the 
provided price is not an accurate representation of the fair value of the Asset 
Backed Security, the Portfolio Manager will source prices from third party 
broker or dealer quotes for the relevant security. Where no third party price 
is available, or where the Portfolio Manager determines that the third-party 
quote is not an accurate representation of the fair value, the Portfolio 
Manager will determine the valuation based on the Portfolio Manager's valuation 
policy. This may include the use of a comparable arm's length transaction, 
reference to other securities that are substantially the same, discounted cash 
flow analysis and other valuation techniques commonly used by market 
participants making the maximum use of market inputs and relying as little as 
possible on entity-specific inputs. 
 
(b)  Estimated Life of Asset Backed Securities 
 
In determining the estimated life of the Asset Backed Securities held by the 
Company, the Portfolio Manager estimates the remaining life of the security 
with respect to expected prepayment rates, default rates and loss rates 
together with other information available in the market underlying the 
security. The estimated life of the Asset Backed Securities as determined by 
the Portfolio Manager, impacts the effective interest rate of the Asset Backed 
Securities which in turn impacts the calculation of income as discussed in note 
2(i). 
 
(c)  Determination of Observable Inputs 
 
In note 18, Fair Value Measurement, when determining the levels of investments 

within the fair value hierarchy, the determination of what constitutes 
'observable' requires significant judgement by the Company. The Company 
considers observable data to be market data that is readily available, 
regularly distributed or updated, reliable and verifiable, not proprietary, and 
provided by independent sources that are actively involved in the relevant 
market. 
 
4.   Earnings per Ordinary Redeemable Share - Basic & Diluted 
 
The earnings per Ordinary Redeemable Share - Basic and Diluted has been 
calculated based on the weighted average number of Ordinary Redeemable Shares 
of 503,905,681 (31 March 2019: 402,734,014) and a net loss of GBP64,860,249 (31 
March 2019: net gain of GBP6,968,851). 
 
5.   Income Equalisation on New Issues 
 
In order to ensure there are no dilutive effects on earnings per share for 
current Shareholders when issuing new shares, earnings are calculated in 
respect of accrued income at the time of purchase and a transfer is made from 
share capital to income to reflect this. The transfer for the year is GBP531,442 
(31 March 2019: GBP473,345). 
 
6.   Net Asset Value per Ordinary Redeemable Share 
 
The net asset value of each Share of GBP0.94 (31 March 2019: GBP1.13) is determined 
by dividing the net assets of the Company attributed to the Shares of GBP 
475,369,856 (31 March 2019: GBP500,465,449) by the number of Shares in issue at 
31 March 2020 of 504,714,809 (31 March 2019: 441,814,151). 
 
7.    Taxation 
 
The Company has been granted Exempt Status under the terms of The Income Tax 
(Exempt Bodies) (Guernsey) Ordinance, 1989 to income tax in Guernsey. Its 
liability for Guernsey taxation is limited to an annual fee of GBP1,200 (2019: GBP 
1,200). 
 
8.    Net Foreign Currency (Losses)/Gains 
 
                                                              01.04.19 to     01.04.18 to 
                                                                 31.03.20        30.03.19 
 
                                                                        GBP               GBP 
 
Movement on unrealised gain/(loss) on forward currency         14,890,990     (5,799,890) 
contracts 
 
Realised (gain)/loss on foreign currency contracts           (22,881,290)      13,239,682 
 
Unrealised foreign currency gain/(loss) on receivables/            84,289       (123,865) 
payables 
 
Unrealised foreign currency exchange gain on interest              86,804           5,182 
receivable 
 
                                                              (7,819,207)       7,321,109 
 
9.    Investments 
 
                                                                  As at             As at 
                                                               31.03.20          31.03.19 
 
Financial assets at fair value through profit or loss:                GBP                 GBP 
 
Unlisted Investments: 
 
Opening book cost                                           494,729,337       434,416,774 
 
Purchases at                                                432,039,494       331,409,934 
cost 
 
Proceeds on sale/principal repayment                      (363,056,372)     (279,264,771) 
 
Amortisation adjustment under effective interest rate         4,951,929         4,906,587 
method 
 
Realised gains on sale/principal                             16,068,714        11,564,064 
repayment 
 
Realised losses on sale/principal                           (4,590,916)       (8,303,251) 
repayment 
 
Closing book cost                                           580,142,186       494,729,337 
 
Unrealised gains on investments                               2,399,458         9,778,665 
 
Unrealised losses on investments                          (101,227,904)      (12,911,397) 
 
Fair value                                                  481,313,740       491,596,605 
 
 
 
 
                                                               01.04.19 to    01.04.18 to 
                                                                  31.03.20       30.03.19 
 
                                                                         GBP              GBP 
 
Realised gains on sale/principal                                16,068,714     11,564,064 
repayment 
 
Realised losses on sales/principal repayment                   (4,590,916)    (8,303,251) 
 
Movement in unrealised gains                                   (7,379,207)   (14,572,696) 
 
Movement in unrealised losses                                 (88,316,507)   (11,475,279) 
 
Net losses on financial assets at fair value through profit   (84,217,916)   (22,787,162) 
or loss 
 
10.  Other Receivables 
 
                                                                     As at           As at 
 
                                                                  31.03.20        31.03.19 
 
                                                                         GBP               GBP 
 
Coupon interest receivable                                       3,667,455       3,100,037 
 
Prepaid expenses                                                    70,343          12,540 
 
                                                                 3,737,798       3,112,577 
 
11.  Other Payables 
 
                                                                     As at          As at 
 
                                                                  31.03.20       31.03.19 
 
                                                                         GBP              GBP 
 
Portfolio management fees payable                                  699,688        560,933 
 
Custody fees payable                                                 5,628          3,806 
 
Administration and secretarial fees                                 66,848         58,542 
payable 
 
Audit fees payable                                                  66,000         57,000 
 
AIFM management fees payable                                        43,524         41,194 
 
Depositary fees payable                                              6,250          5,353 
 
Share issue costs payable                                                -         79,492 
 
General expenses payable                                            51,229         39,927 
 
                                                                   939,167        846,247 
 
12.  Amounts payable under repurchase agreements 
 
Following the publication of the latest prospectus on 12 April 2019, the 
Company is now authorised to enter into repurchase agreements. A repurchase 
agreement (Repo) is a short-term loan where both parties agree to the sale and 
future repurchase of assets within a specified contract period. Repurchase 
agreements may be entered into in respect of securities owned by the Company 
which are sold to and repurchased from counterparties on contractually agreed 
dates and the cash generated from this arrangement can be used to purchase new 
securities, effectively creating leverage. The Company still benefits from any 
income received, attributable to the security. 
 
13.  Share Capital 
 
Authorised Share Capital 
 
Unlimited number of Ordinary Redeemable Shares at no par value. 
 
                                                                  As at                   As at 
 
                                                               31.03.20                31.03.19 
 
                                                                      GBP                       GBP 
 
Ordinary Redeemable Shares 
 
Share Capital at the beginning of the                        459,436,544            407,509,059 
year 
 
Issued Share Capital                                          93,123,125             53,010,450 
 
Redeemed Share Capital                                      (20,050,326) 
                                                                                              - 
 
Share issue costs                                            (1,485,986)              (609,620) 
 
Income equalisation on new issues                              (531,442)              (473,345) 
 
Total Share Capital at the end of the                        530,491,915            459,436,544 
year 
 
 
Issued Share Capital 
 
                                                                      As at           As at 
 
                                                                   31.03.20        31.03.19 
 
                                                                     Shares          Shares 
 
Ordinary Redeemable Shares 
 
Shares at the beginning of the year                           441,814,151       395,814,151 
 
Issue of Shares                                                81,250,000        46,000,000 
 
Redemption of Shares                                         (18,349,342)                 - 
 
Total Shares in issue at the end of the                       504,714,809       441,814,151 
year 
 
 
 
 
                                                                   As at         As at 
 
                                                                31.03.20      31.03.19 
 
                                                                       GBP             GBP 
 
Treasury Shares 
 
Treasury Share capital at the beginning of the year           43,083,300    43,083,300 
 
Total Treasury Share capital at the end of the                43,083,300    43,083,300 
year 
 
 
 
                                                                   As at          As at 
 
                                                                31.03.20       31.03.19 
 
                                                                  Shares         Shares 
 
Treasury Shares 
 
Treasury Shares at the beginning of the year                  39,000,000     39,000,000 
 
Total Shares at the end of the                                39,000,000     39,000,000 
year 
 
The Share Capital of the Company consists of an unlimited number of Shares with 
or without par value which, upon issue, the Directors may designate as: 
Ordinary Redeemable Shares; Realisation Shares or such other class as the Board 

shall determine and denominated in such currencies as shall be determined at 
the discretion of the Board. 
 
As at 31 March 2020, one share class has been issued, being the Ordinary 
Redeemable Shares of the Company. 
 
The Ordinary Redeemable Shares carry the following rights: 
 
a) the Ordinary Redeemable Shares carry the right to receive all income of the 
Company attributable to the Ordinary Redeemable Shares. 
 
b) the Shareholders present in person or by proxy or present by a duly 
authorised representative at a general meeting has, on a show of hands, one 
vote and, on a poll, one vote for each Share held. 
 
c) 56 days before the annual general meeting date of the Company in each third 
year (the "Reorganisation Date"), the Shareholders are entitled to serve a 
written notice (a "Realisation Election") requesting that all or a part of the 
Ordinary Redeemable Shares held by them be redesignated to Realisation Shares, 
subject to the aggregate NAV of the continuing Ordinary Redeemable Shares on 
the last business day before the Reorganisation Date being not less than GBP100 
million. A Realisation Notice, once given is irrevocable unless the Board 
agrees otherwise. If one or more Realisation Elections be duly made and the 
aggregate NAV of the continuing Ordinary Redeemable Shares on the last business 
day before the Reorganisation Date is less than GBP100 million, the Realisation 
will not take place. Shareholders do not have a right to have their shares 
redeemed and shares are redeemable at the discretion of the Board. The next 
realisation opportunity is due to occur at the end of the next three year term, 
at the date of the AGM in September 2022. 
 
The Company has the right to issue and purchase up to 14.99% of the total 
number of its own shares at GBP0.01 each, to be classed as Treasury Shares and 
may cancel those Shares or hold any such Shares as Treasury Shares, provided 
that the number of Shares held as Treasury Shares shall not at any time exceed 
10% of the total number of Shares of that class in issue at that time or such 
amount as provided in the Companies Law. 
 
On 24 January 2017, the Company issued and purchased 39,000,000 Ordinary Shares 
of GBP0.01 at a price of 110.47p, to be held in treasury. The total amount paid 
to purchase these shares was GBP43,083,300 and has been deducted from the 
Shareholders' equity. The Company has the right to re-issue these shares at a 
later date. All shares issued were fully paid. 
 
On 12 September 2019, a realisation opportunity took place where the Company 
purchased and immediately cancelled 18,349,342 Ordinary Shares at a total cost 
of GBP20,050,326. 
 
Shares held in Treasury are excluded from calculations when determining 
Earnings per Ordinary Redeemable Share or NAV per Ordinary Redeemable Share, as 
detailed in notes 4 and 6. 
 
14. Analysis of Financial Assets and Liabilities by Measurement Basis 
 
                                            Assets at fair      Amortised 
                                             value through 
 
                                           profit and loss           cost           Total 
 
                                                         GBP              GBP               GBP 
 
31 March 2020 
 
Financial Assets as per Statement of 
Financial Position 
 
Financial assets at fair value through 
profit or loss: 
 
- Investments                                  481,313,740              -     481,313,740 
 
- Derivative assets: Forward currency           14,398,192              -      14,398,192 
contracts 
 
Other receivables (excluding prepayments)                -      3,667,455       3,667,455 
 
 
Cash and cash equivalents                                -      1,409,267       1,409,267 
 
                                               495,711,932      5,076,722     500,788,654 
 
 
 
                                            Liabilities at      Amortised 
                                                fair value 
                                                   through 
 
                                           profit and loss           cost           Total 
 
                                                         GBP              GBP               GBP 
 
Financial Liabilities as per Statement 
of Financial Position 
 
Financial liabilities at fair value 
through profit or loss: 
 
- Derivative liabilities: Forward                1,374,030              -       1,374,030 
currency contracts 
 
Amounts payable under repurchase                         -     23,175,944      23,175,944 
agreements 
 
Other payables                                           -        939,167         939,167 
 
                                                 1,374,030     24,115,111      25,489,141 
 
 
 
                                               Assets at fair     Loans and 
                                                value through 
 
                                              profit and loss   receivables          Total 
 
                                                            GBP             GBP              GBP 
 
31 March 2019 
 
Financial Assets as per Statement of 
Financial Position 
 
Financial assets at fair value through 
profit or loss: 
 
- Investments                                     491,596,605             -    491,596,605 
 
- Derivative assets: Forward currency                  52,575             -         52,575 
contracts 
 
Amounts due from broker                                     -     3,908,529      3,908,529 
 
Amounts due from shares issued                              -     3,456,600      3,456,600 
 
Other receivables (excluding prepayments)                   -     3,100,037      3,100,037 
 
Cash and cash equivalents                                   -    36,505,984     36,505,984 
 
                                                  491,649,180    46,971,150    538,620,330 
 
 
 
                                            Liabilities at          Other 
                                                fair value      financial 
                                                   through 
 
                                           profit and loss    liabilities           Total 
 
                                                         GBP              GBP               GBP 
 
Financial Liabilities as per Statement 
of Financial Position 
 
Financial liabilities at fair value 
through profit or loss: 
 
- Derivative liabilities: Forward                1,919,402              -       1,919,402 
currency contracts 
 
Amounts due to brokers                                   -     35,401,772      35,401,772 
 
Other payables                                           -        846,247         846,247 
 
                                                 1,919,402     36,248,019      38,167,421 
 
15.  Related Parties 
 
a) Directors' Remuneration & Expenses 
 
The Directors of the Company are remunerated for their services at such a rate 
as the Directors determine. The aggregate fees of the Directors will not exceed 
GBP150,000 per annum. Due to the additional work carried out in respect of the 
share issues completed on 12 May 2019, this was exceeded. Each Director 
received a further GBP5,000 each in relation to additional, exceptional work 
carried out on the issue of new shares. 
 
Until 31 December 2018, the annual fees were GBP35,000 payable to Mr Ash, the 
Chairman, GBP32,500 to Mr Burns as Chairman of the Audit Committee and GBP30,000 
for all other Directors. 
 
Effective from 1 January 2019, the annual fees are GBP40,000 for the Chairman, GBP 
37,500 for Chairman of the Audit Committee, and GBP35,000 for all other 
Directors. 
 
During the year ended 31 March 2020, Directors fees of GBP167,500 (31 March 2019: 
GBP138,917) were charged to the Company, of which GBPNil (31 March 2019: GBPNil) 
remained payable at the end of the year. 
 
b) Shares Held by Related Parties 
 
As at 31 March 2020, Directors of the Company held the following shares 
beneficially: 
 
                                                     Number                                  Number 
                                                                               of Shares                               of Shares 
 
                                                                                31.03.20                                31.03.19 
 
Trevor Ash                                                                        58,734                                  50,000 
 
Ian Burns                                                                         29,242                                  29,242 
 
Richard Burwood                                                                   22,476                                   5,000 
 
Joanne Fintzen                                                                    17,476                                       - 
 
As at 31 March 2020, the Portfolio Manager held Nil Shares (31 March 2019: Nil 
Shares) and partners and employees of the Portfolio Manager held 2,753,384 
Shares (31 March 2019: 1,797,760 Shares), which is 0.55% (31 March 2019: 0.41%) 
of the Issued Share Capital." 
 
c) Portfolio Manager 
 
The portfolio management fee is payable to the Portfolio Manager, TwentyFour 
Asset Management LLP, monthly in arrears at a rate of 0.75% per annum of the 
lower of NAV, which is calculated weekly on each valuation day, or market 
capitalisation of each class of shares. Total portfolio management fees for the 
year amounted to GBP4,228,263 (31 March 2019: GBP3,462,140) of which GBP699,688 (31 
March 2019: GBP560,933) is due and payable at the year end. The Portfolio 
Management Agreement dated 29 May 2014 remains in force until determined by the 
Company or the Portfolio Manager giving the other party not less than twelve 
months' notice in writing. Under certain circumstances, the Company or the 
Portfolio Manager is entitled to immediately terminate the agreement in 
writing. 
 
The Portfolio Manager is also entitled to a commission of 0.15% of the 
aggregate gross offering proceeds plus any applicable VAT in relation to any 

issue of new Shares, following admission, in consideration of marketing 
services that it provides to the Company. During the year, the Portfolio 
Manager received GBP110,744 (31 March 2019: GBP79,516) in commission. 
 
16.  Material Agreements 
 
a) Alternative Investment Fund Manager 
 
The Company's Alternative Investment Fund Manager (the "AIFM") is Maitland 
Institutional Services Limited. In consideration for the services provided by 
the AIFM under the AIFM Agreement the AIFM is entitled to receive from the 
Company a minimum fee of GBP20,000 per annum and fees payable quarterly in 
arrears at a rate of 0.07% of the NAV of the Company below GBP50 million, 0.05% 
on Net Assets between GBP50 million and GBP100 million and 0.03% on Net Assets in 
excess of GBP100 million. During the year ended 31 March 2020, AIFM fees of GBP 
199,294 (31 March 2019: GBP174,555) were charged to the Company, of which GBP43,524 
(31 March 2019: GBP41,194) remained payable at the end of the year. 
 
b) Administrator and Secretary 
 
Administration fees are payable to Northern Trust International Fund 
Administration Services (Guernsey) Limited monthly in arrears at a rate of 
0.06% of the NAV of the Company below GBP100 million, 0.05% on Net Assets between 
GBP100 million and GBP200 million and 0.04% on Net Assets in excess of GBP200 million 
as at the last business day of the month subject to a minimum GBP75,000 each 
year. In addition, an annual fee of GBP25,000 is charged for corporate governance 
and company secretarial services. Total administration and secretarial fees for 
the year amounted to GBP280,875 (31 March 2019: GBP236,007) of which GBP66,848 (31 
March 2019: GBP58,542) is due and payable at end of the year. 
 
c) Depositary 
 
Depositary fees are payable to Northern Trust (Guernsey) Limited, monthly in 
arrears, at a rate of 0.0175% of the Net Asset Value of the Company up to GBP100 
million, 0.0150% on Net Assets between GBP100 million and GBP200 million and 
0.0125% on Net Assets in excess of GBP200 million as at the last business day of 
the month subject to a minimum GBP25,000 each year. Total depositary fees and 
charges for the year amounted to GBP78,012, (31 March 2019: GBP65,143) of which GBP 
6,250 (31 March 2019: GBP5,353) is due and payable at the year end. 
 
The Depositary is also entitled to a Global Custody fee of a minimum of GBP8,500 
per annum plus transaction fees. Total Global Custody fees and charges for the 
year amounted to GBP56,377 (31 March 2019: GBP46,696) of which GBP5,628 (31 March 
2029: GBP3,806) is due and payable at the year end. 
 
17.  Financial Risk Management 
 
The Company's objective in managing risk is the creation and protection of 
Shareholder value. Risk is inherent in the Company's activities, but it is 
managed through an ongoing process of identification, measurement and 
monitoring. 
 
The Company's financial instruments include investments designated at fair 
value through profit or loss and cash and cash equivalents. The main risks 
arising from the Company's financial instruments are market risk, credit risk 
and liquidity risk. The techniques and instruments utilised for the purposes of 
efficient portfolio management are those which are reasonably believed by the 
Board to be economically appropriate to the efficient management of the 
Company. 
 
Market risk 
 
Market risk embodies the potential for both losses and gains and includes 
currency risk, interest rate risk, reinvestment risk and price risk. The 
Company's strategy on the management of market risk is driven by the Company's 
investment objective. The Company's investment objective is to generate 
attractive risk adjusted returns principally through investment in Asset Backed 
Securities. 
 
(i) Price Risk 
 
The underlying investments comprised in the portfolio are subject to market 
risk. The Company is therefore at risk that market events may affect 
performance and in particular may affect the value of the Company's investments 
which are valued on a mark to market basis. Market risk is risk associated with 
changes in market prices or rates, including interest rates, availability of 
credit, inflation rates, economic uncertainty, changes in laws, national and 
international political circumstances such as the recent UK vote to leave the 
EU. The Company's policy is to manage price risk by holding a diversified 
portfolio of assets, through its investments in Asset Backed Securities. 
 
The Company's policy also stipulates that no more than 5% of the Portfolio 
value can be exposed to any single Asset Backed Security or issuer of Asset 
Backed Securities. 
 
The price of an Asset Backed Security can be affected by a number of factors, 
including: (i) changes in the market's perception of the underlying assets 
backing the security; (ii) economic and political factors such as interest 
rates and levels of unemployment and taxation which can have an impact on the 
arrears, foreclosures and losses incurred with respect to the pool of assets 
backing the security; (iii) changes in the market's perception of the adequacy 
of credit support built into the security's structure to protect against losses 
caused by arrears and foreclosures; (iv) changes in the perceived 
creditworthiness of the originator of the security or any other third parties 
to the transaction; (v) the speed at which mortgages or loans within the pool 
are repaid by the underlying borrowers (whether voluntary or due to arrears or 
foreclosures). 
 
(ii) Interest Rate Risk 
 
Interest rate risk arises from the possibility that changes in interest rates 
will affect the fair value of financial assets at fair value through profit or 
loss. 
 
The tables below summarise the Company's exposure to interest rate risk: 
 
                                  Floating     Fixed rate    Non-interest          Total 
                                      rate                        bearing 
 
As at 31 March 2020                      GBP              GBP               GBP              GBP 
 
Financial assets at fair       481,313,740              -               -    481,313,740 
value through profit or 
loss 
 
Derivative assets                        -              -      14,398,192     14,398,192 
 
Other receivables                        -              -       3,667,455      3,667,455 
 
Cash and cash equivalents        1,409,267              -               -      1,409,267 
 
Repurchase agreements                    -   (23,175,944)               -   (23,175,944) 
 
Other payables                           -              -       (939,167)      (939,167) 
 
Derivative                               -              -     (1,374,030)    (1,374,030) 
liabilities 
 
Net current assets             482,723,007   (23,175,944)      15,752,450    475,299,513 
 
 
 
                                    Floating rate           Fixed rate       Non-interest           Total 
                                                                                  bearing 
 
As at 31 March 2019                             GBP                    GBP                  GBP               GBP 
 
Financial assets at fair              491,596,605                                             491,596,605 
value through profit or                                              -                  - 
loss 
 
Derivative assets                               -                                  52,575          52,575 
                                                                     - 
 
Amounts due from broker                         -                    -          3,908,529       3,908,529 
 
Other receivables                               -                    -          3,112,577       3,112,577 
 
Cash and cash equivalents              36,505,984                                              36,505,984 
                                                                     -                  - 
 
Capital Shares sold                             -                    -          3,456,600       3,456,600 
receivable 
 
Amounts due to broker                           -                    -       (35,401,772) 
                                                                                             (35,401,772) 
 
Other payables                                  -                    -          (846,247) 
                                                                                                (846,247) 
 
Derivative liabilities                                                        (1,919,402) 
                                                -                    -                        (1,919,402) 
 
Net current assets                    528,102,589                            (27,637,140)     500,465,449 
                                                                     - 
 
The Company only holds floating rate financial instruments and when short-term 
interest rates increase, the interest rate on a floating rate will increase. 
The time to re-fix interest rates ranges from 1 month to a maximum of 6 months 
and therefore the Company has minimal interest rate risk. However the Company 
may choose to utilise appropriate strategies to achieve the desired level of 
interest rate exposure (the Company is permitted to use, for example, interest 
rate swaps to accomplish this). The value of asset backed securities may be 
affected by interest rate movements. Interest receivable on bank deposits or 
payable on bank overdraft positions will be affected by fluctuations in 
interest rates, however the underlying cash positions will not be affected. 
 
The Company's continuing position in relation to interest rate risk is 
monitored on a weekly basis by the Portfolio Manager as part of its review of 
the weekly NAV calculations prepared by the Company's Administrator. 
 
(iii) Foreign Currency Risk 
 
Foreign currency risk is the risk that the value of a financial instrument will 
fluctuate due to changes in foreign exchange rates. The Company invests 
predominantly in non-Sterling assets while its Shares are denominated in 

Sterling, its expenses are incurred in Sterling. Therefore the Statement of 
Financial Position may be significantly affected by movements in the exchange 
rate between Euro and Sterling. The Company manages the exposure to currency 
movements by using spot and forward foreign exchange contracts, rolling forward 
on a periodic basis. 
 
                             Contract values     Outstanding  Mark to market   Unrealised 
                                                   contracts      equivalent       gains/ 
                                                                                 (losses) 
 
                                  31.03.2020      31.03.2020      31.03.2020   31.03.2020 
 
Two Sterling forward foreign currency 
 
contracts totalling: 
 
     Settlement date            EUR326,624,710    GBP303,716,264    GBP289,333,128  GBP14,383,136 
     27 May 2020 
 
                                                                                        - 
 
Five Euro forward foreign currency 
 
contracts totalling: 
 
     Settlement date           (EUR37,688,881)   (GBP34,743,774)   (GBP33,385,845) (GBP1,357,929) 
     27 May 2020 
 
One US Dollar forward foreign currency 
 
contracts totalling: 
 
     Settlement date               ($30,229)       (GBP25,399)       (GBP24,354)     (GBP1,045) 
     27 May 2020 
 
                                                                              GBP13,024,162 
 
 
 
                             Contract values     Outstanding  Mark to market   Unrealised 
                                                   contracts      equivalent    (losses)/ 
                                                                                    gains 
 
                                  31.03.2019      31.03.2019      31.03.2019   31.03.2019 
 
Eight Sterling forward foreign currency 
 
contracts totalling: 
 
     Settlement date            EUR323,454,001    GBP276,923,458    GBP278,836,592 (GBP1,913,134) 
     18 April 2019 
 
Five Euro forward foreign currency 
 
contracts totalling: 
 
     Settlement date            (EUR3,409,319)    (GBP2,901,682)    (GBP2,937,841)      GBP36,159 
     2 April 2019 
 
     Settlement date 
 
     18 April 2019                (EUR768,162)      (GBP658,623)      (GBP662,201)       GBP3,578 
 
Spot contracts receivable                                                          GBP6,570 
 
                                                                             (GBP1,866,827) 
 
As at 31 March 2020 and as at 31 March 2019, the Company held the following 
assets and liabilities denominated in Euro: 
 
                                                                  As at              As at 
 
                                                             31.03.2020         31.03.2019 
 
Assets:                                                               GBP                  GBP 
 
Investments                                                 252,846,022        291,455,842 
 
Cash and cash equivalents                                       359,043            345,503 
 
Other receivables                                             2,622,172          2,402,677 
 
Amounts due to broker                                                 -       (22,186,772) 
 
Less: Open forward currency contracts                     (255,947,284)      (275,236,551) 
 
                                                                               (3,219,301) 
                                                              (120,047) 
 
The tables below summarise the sensitivity of the Company's assets and 
liabilities to changes in foreign exchange movements between Euro and Sterling 
at 31 March 2020 and 31 March 2019. The analysis is based on the assumption 
that the relevant foreign exchange rate increased/decreased by the percentage 
disclosed in the table, with all other variables held constant. This represents 
management's best estimate of a reasonable possible shift in the foreign 
exchange rates, having regard to historical volatility of those rates. 
 
                                                                         As at        As at 
 
                                                                    31.03.2020   31.03.2019 
 
                                                                             GBP            GBP 
 
Impact on Statement of Comprehensive Income in response to a: 
 
 
- 10% increase                                                         250,527      395,422 
 
- 10% decrease                                                         284,951    (232,137) 
 
Impact on Statement of Changes in Equity in response to a: 
 
- 10% increase                                                         250,527      395,422 
 
- 10% decrease                                                         284,951    (232,137) 
 
(iv) Reinvestment Risk 
 
Reinvestment risk is the risk that future coupons from a bond will not be 
reinvested at the prevailing interest rate when the bond was initially 
purchased. 
 
A key determinant of a bond's yield is the price at which it is purchased and, 
therefore, when the market price of bonds generally increases, the yield of 
bonds purchased generally decreases. As such, the overall yield of the 
portfolio, and therefore the level of dividends payable to Shareholders, would 
fall to the extent that the market prices of Asset Backed Securities generally 
rise and the proceeds of Asset Backed Securities held by the Company that 
mature or are sold are not able to be reinvested in Asset Backed Securities 
with a yield comparable to that of the portfolio as a whole. 
 
Price Sensitivity Analysis 
 
The following details the Company's sensitivity to movement in market prices. 
The analysis is based on a 5% increase or decrease in market prices. This 
represents management's best estimate of a reasonable possible shift in market 
prices, having regard to historical volatility. 
 
At 31 March 2020, if the market prices had been 5% higher with all other 
variables held constant, the increase in the net assets attributable to equity 
Shareholders would have been GBP24,119,725 (31 March 2019: GBP24,579,830). An equal 
change in the opposite direction would have decreased the net assets 
attributable to equity Shareholders by the same amount. 
 
Actual trading results may differ from the above sensitivity analysis and those 
differences may be material. 
 
Credit Risk 
 
Credit risk refers to the risk that a counterparty will default on its 
contractual obligations resulting in financial loss to the Company. The Company 
has a credit policy in place and the exposure to credit risk is monitored on an 
on-going basis. 
 
The main concentration of credit risk to which the Company is exposed arises 
from the Company's investments in Asset Backed Securities. The Company is also 
exposed to counterparty credit risk on forwards, cash and cash equivalents, 
amounts due from brokers and other receivable balances. At the year end, one of 
the Company's investments in Asset Backed Securities was impaired (31 March 
2019: one). 
 
The Company's policy to manage this risk is by no more than 20% of the 
portfolio value being backed by collateral in any single country (save that 
this restriction will not apply to Northern European countries). The Company 
also manages this credit risk by no more than 5% of the portfolio being exposed 
to any single Asset Backed Security or issuer of Asset Back Securities and no 
more than 10% of the portfolio value being exposed to instruments not deemed 
securities for the purposes of the Financial Services and Market Act 2000. 
 
Portfolio of Asset Backed Securities by ratings category using the highest 
rating assigned by 
 
Standard and Poor's ("S&P"), Moody's Analytics (Moody's") or Fitch Ratings 
("Fitch"): 
 
                                                              31.03.20      31.03.19 
 
AAA                                                              3.28%         2.03% 
 
AA+                                                              0.39%             - 
 
AA                                                                   -         0.29% 
 
AA-                                                              3.93%         1.49% 
 
A+                                                               0.99%         1.59% 
 
A                                                                4.01%         4.78% 
 
A-                                                               3.51%         3.96% 
 
BBB+                                                             4.22%         6.18% 
 
BBB                                                              3.21%         5.40% 
 
BBB-                                                             5.91%         7.04% 
 
BB+                                                              5.30%         2.52% 
 
BB                                                               9.48%        14.88% 
 
BB-                                                              5.60%         1.62% 
 
B+                                                               2.78%         3.86% 
 
B                                                               16.07%        21.73% 
 
B-                                                               2.34%         1.73% 
 
CCC+                                                             1.24%         1.24% 
 
CCC                                                              0.35%         0.38% 
 
NR*                                                             27.39%        19.28% 
 
                                                               100.00%       100.00% 
 
*The non-rated exposure within the Company is managed in exactly the same way 
as the exposure to any other rated bond in the portfolio. A bond not rated by 
any of Moody's, S&P or Fitch does not necessarily translate as poor credit 
quality. Often smaller issues/tranches, or private deals which the Company 
holds, won't apply for a rating due to the cost of doing so from the relevant 
credit agencies. The Portfolio Managers have no credit concerns with the 

unrated, or rated, bonds currently held. 
 
To further minimise credit risk, the Portfolio Manager undertakes extensive due 
diligence procedures on investments in Asset Backed Securities and monitors the 
on-going investment in these securities. The Company may also use credit 
default swaps to mitigate the effects of market volatility on credit risk. 
 
The Company manages its counterparty exposure in respect of cash and cash 
equivalents and forwards by investing with counterparties with a "single A" or 
higher credit rating. All cash is currently placed with The Northern Trust 
Company. The Company is subject to credit risk to the extent that this 
institution may be unable to return this cash. The Northern Trust Company is a 
wholly owned subsidiary of The Northern Trust Corporation. The Northern Trust 
Corporation is publicly traded and a constituent of the S&P 500. The Northern 
Trust Corporation has a credit rating of A+ from Standard & Poor's and A2 from 
Moody's. 
 
The Company's maximum credit exposure is limited to the carrying amount of 
financial assets recognised as at the statement of financial position date, as 
summarised below: 
 
                                                               As at           As at 
 
                                                            31.03.20        31.03.19 
 
                                                                   GBP               GBP 
 
Investments                                              481,313,740     491,596,605 
 
Cash and cash equivalents                                  1,409,267      36,505,984 
 
Unrealised gains on derivative assets                     14,398,192          52,575 
 
Capital Shares sold receivable                                     -       3,456,600 
 
Amounts due from broker                                            -       3,908,529 
 
Other receivables                                          3,667,455       3,112,577 
 
                                                         500,788,654     538,632,870 
 
Investments in Asset Backed Securities that are not backed by mortgages present 
certain risks that are not presented by Mortgage-Backed Securities ("MBS"). 
Primarily, these securities may not have the benefit of the same security 
interest in the related collateral. Therefore, there is a possibility that 
recoveries on defaulted collateral may not, in some cases, be available to 
support payments on these securities. The risk of investing in these types of 
Asset Backed Securities is ultimately dependent upon payment of the underlying 
debt by the debtor. 
 
Liquidity Risk 
 
Liquidity risk is the risk that the Company may not be able to generate 
sufficient cash resources to settle its obligations in full as they fall due or 
can only do so on terms that are materially disadvantageous. 
 
Investments made by the Company in Asset Backed Securities may be relatively 
illiquid and this may limit the ability of the Company to realise its 
investments. Investments in Asset Backed Securities may also have no active 
market and the Company also has no redemption rights in respect of these 
investments. The Company has the ability to borrow to ensure sufficient cash 
flows. 
 
The Portfolio Manager considers expected cash flows from financial assets in 
assessing and managing liquidity risk, in particular its cash resources and 
trade receivables. Cash flows from trade and other receivables are all 
contractually due within twelve months. 
 
The Portfolio Manager maintains a liquidity management policy to monitor the 
liquidity risk of the Company. 
 
Shareholders have no right to have their shares redeemed or repurchased by the 
Company, however Shareholders may elect to realise their holdings as detailed 
under note 12 and the Capital Risk Management section of this note. 
 
Shareholders wishing to release their investment in the Company are therefore 
required to dispose of their shares on the market. Therefore there is no risk 
that the Company will not be able to fund redemption requests. 
 
                              Up to 1 month       1-6 months          6-12         Total 
                                                                    months 
 
As at 31 March 2020                       GBP                GBP             GBP              GBP 
 
Financial 
liabilities 
 
Repurchase agreements                     -     (23,175,944)             -   (23,175,944) 
 
Unrealised loss on derivative             -      (1,374,030)             -    (1,374,030) 
liabilities 
 
Other payables                    (873,167)         (66,000)             -      (939,167) 
 
Total                             (873,167)     (24,615,974)             -   (25,489,141) 
 
 
 
                                   Up to 1      1-6 months   6-12 months          Total 
                                     month 
 
As at 31 March 2019                      GBP               GBP             GBP              GBP 
 
Financial liabilities 
 
Amounts due to brokers                   -    (35,401,772)             -   (35,401,772) 
 
Unrealised loss on derivative  (1,919,402)               -             -    (1,919,402) 
liabilities 
 
Share issue costs payable         (79,492)               -             -       (79,492) 
 
Other payables                   (709,755)        (57,000)             -      (766,755) 
 
Total                          (2,708,649)    (35,458,772)             -   (38,167,421) 
 
Capital Risk Management 
 
The Company manages its capital to ensure that it is able to continue as a 
going concern while following the Company's stated investment policy and when 
considering and approving dividend payments. The capital structure of the 
Company consists of Shareholders' equity, which comprises share capital and 
other reserves. To maintain or adjust the capital structure, the Company may 
return capital to Shareholders or issue new Shares. There are no regulatory 
requirements to return capital to Shareholders. 
 
(i) Share Buybacks 
 
The Company has been granted the authority to make market purchases of up to a 
maximum of 14.99% of the aggregate number of Ordinary Redeemable Shares in 
issue immediately following Admission at a price not exceeding the higher of 
(i) 5% above the average of the mid-market values of the Ordinary Redeemable 
Shares for the 5 business days before the purchase is made or, (ii) the higher 
of the price of the last independent trade and the highest current investment 
bid for the Ordinary Redeemable Shares. 
 
In deciding whether to make any such purchases the Directors will have regard 
to what they believe to be in the best interests of Shareholders as a whole, to 
the applicable legal requirements and any other requirements in its Articles. 
The making and timing of any buybacks will be at the absolute discretion of the 
Board and not at the option of the Shareholders, and is expressly subject to 
the Company having sufficient surplus cash resources available (excluding 
borrowed moneys). The Listing Rules prohibit the Company from conducting any 
share buybacks during close periods immediately preceding the publication of 
annual and interim results. 
 
(ii)Realisation Opportunity 
 
The realisation opportunity shall be at the annual general meeting of the 
Company in each third year, with the next realisation opportunity being in 
2022, subject to the aggregate NAV of the continuing Ordinary Redeemable Shares 
on the last Business Day before Reorganisation being not less than GBP100 
million. 
 
It is anticipated that realisations will be satisfied by the assets underlying 
the relevant shares being managed on a realisation basis, which is intended to 
generate cash for distribution as soon as practicable and may ultimately 
generate cash which is less than the published NAV per Realisation Share. 
 
In the event that the Realisation takes place, it is anticipated that the 
ability of the Company to make returns of cash to the holders of Realisation 
Shares will depend in part on the ability of the Portfolio Manager to realise 
the portfolio. 
 
(iii) Continuation Votes 
 
In the event that the Company does not meet the dividend target in any 
financial reporting period as disclosed in note 19, the Directors may convene a 
general meeting of the Company where the Directors will propose a resolution 
that the Company should continue as an Investment Company. 
 
18.  Fair Value Measurement 
 
All assets and liabilities are carried at fair value or at carrying value which 
equates to fair value. 
 
IFRS 13 requires the Company 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 has the following levels: 
 
(i)  Quoted prices (unadjusted) in active markets for identical assets or 
liabilities (Level 1). 
 
(ii) Inputs other than quoted prices included within Level 1 that are 
observable for the asset or liability, either directly (that is, as prices) or 
indirectly (that is, derived from prices including interest rates, yield 
curves, volatilities, prepayment speeds, credit risks and default rates) or 
other market corroborated inputs (Level 2). 
 
      (iii) Inputs for the asset or liability that are not based on observable 
market data (that is, unobservable inputs) (Level 3). 
 
      The following tables analyse within the fair value hierarchy the 
Company's financial assets and liabilities (by class) measured at fair value 
for the years ended 31 March 2020 and 31 March 2019. 
 
                                   Level 1         Level 2        Level 3           Total 
 
                                         GBP               GBP              GBP               GBP 
 
Assets 
 
Financial assets at fair value 
through profit or loss: 
 
Asset Backed Securities: 
 
Auto Loans                               -      32,285,510              -      32,285,510 
 
Buy-to-Let RMBS                          -      40,427,053     13,230,000      53,657,053 
 
CLO                                      -     120,859,988              -     120,859,988 
 

CMBS                                     -      26,893,521              -      26,893,521 
 
Consumer ABS                             -      22,929,793              -      22,929,793 
 
Non-Conforming RMBS                      -      75,825,971     32,636,250     108,462,221 
 
Prime RMBS                               -      58,006,237     53,821,054     111,827,291 
 
Student Loans                            -       4,398,363              -       4,398,363 
 
Forward currency contracts               -      14,398,192              -      14,398,192 
 
Total assets as at 31 March 2020         -     396,024,628     99,687,304     495,711,932 
 
Liabilities 
 
Financial liabilities at fair 
value through profit or loss: 
 
Forward currency contracts               -       1,374,030              -       1,374,030 
 
Total liabilities as at 31 March 
2020                                     -       1,374,030              -       1,374,030 
 
 
 
 
                                Level 1         Level 2        Level 3             Total 
 
                                      GBP               GBP              GBP                 GBP 
 
Assets 
 
Financial assets at fair 
value through profit or 
loss: 
 
Asset Backed Securities: 
 
Auto Loans                            -       7,497,786              -         7,497,786 
 
Buy-to-Let RMBS                       -      33,617,638      4,274,394        37,892,032 
 
CLO                                   -     146,496,116     22,634,620       169,130,736 
 
CMBS                                  -      19,075,885              -        19,075,885 
 
Consumer ABS                          -      23,338,586     23,069,273        46,407,859 
 
Non-Conforming RMBS                   -     140,656,997      5,738,296       146,395,293 
 
Prime RMBS                            -      58,566,061      4,964,961        63,531,022 
 
Student Loans                         -       1,665,992              -         1,665,992 
 
Forward currency contracts            -          52,575              -            52,575 
 
Total assets as at 31 March 
2019                                  -     430,967,636     60,681,544       491,649,180 
 
 
Liabilities 
 
Financial liabilities at 
fair value through profit or 
loss: 
 
Forward currency contracts            -       1,919,402              -         1,919,402 
 
Total liabilities as at 31            -       1,919,402              -         1,919,402 
March 2019 
 
Asset Backed Securities which have a value based on quoted market prices in 
active markets are classified in Level 1. At the end of the period, no Asset 
Backed Securities held by the Company are classified as Level 1. 
 
Asset Backed Securities which are not traded or dealt on organised markets or 
exchanges are classified in Level 2 or Level 3. Asset Backed securities priced 
at cost are classified as Level 3. Asset Backed securities with prices obtained 
from independent price vendors, where the Portfolio Manager is able to assess 
whether the observable inputs used for their modelling of prices are accurate 
and the Portfolio Manager has the ability to challenge these vendors with 
further observable inputs, are classified as Level 2. Prices obtained from 
vendors who are not easily challengeable or transparent in showing their 
assumptions for the method of pricing these assets, are classified as Level 3. 
Asset Backed Securities priced at an average of two vendors' prices are 
classified as Level 3. 
 
Where the Portfolio Manager determines that the price obtained from an 
independent price vendor is not an accurate representation of the fair value of 
the Asset Backed Security, the Portfolio Manager may source prices from third 
party broker or dealer quotes and if the price represents a reliable and an 
observable price, the Asset Backed Security is classified in Level 2. Any 
broker quote that is over 20 days old is considered stale and is classified as 
Level 3. 
 
There were no transfers between Level 1 and 2 during the period, however 
transfers between Level 2 and Level 3 occur based on the Portfolio Manager's 
ability to obtain a reliable and observable price as detailed above. 
 
Due to the inputs into the valuation of Asset Backed Securities classified as 
Level 3 not being available or visible to the Company, no meaningful 
sensitivity on inputs can be performed. 
 
The following tables present the movement in Level 3 instruments for the years 
ended 
31 March 2020 and 31 March 2019 by class of financial instrument. 
 
               Opening                     Net     Net realised   Net unrealised     Transfer   Transfer out      Closing 
                        balance       (sales)/      (loss)/gain      (loss)/gain   into Level        Level 3      balance 
                                     purchases     for the year     for the year            3 
                                                    included in      included in 
                                                  the Statement    the Statement 
                                                             of               of 
                                                  Comprehensive    Comprehensive 
                                                     Income for       Income for 
                                                        Level 3          Level 3 
                                                    Investments      Investments 
                                                     held at 31       held at 31 
                                                     March 2020       March 2020 
 
                              GBP              GBP                GBP                GBP            GBP              GBP            GBP 
 
    Buy-to-Let        4,274,394              -        (174,921)        (665,079)   14,070,000    (4,274,394)   13,230,000 
          RMBS 
 
           CLO       22,634,620    (5,449,568)          370,380         (75,297)            -   (17,480,135)            - 
 
  Consumer ABS       23,069,273   (16,895,241)        2,111,559      (1,418,094)            -    (6,867,497)            - 
 
Non-Conforming        5,738,296     26,232,265           30,555           81,957    5,000,000    (4,446,823)   32,636,250 
          RMBS 
 
    Prime RMBS        4,964,961     35,943,410     (12,178,465)        9,066,264   20,989,827    (4,964,943)   53,821,054 
 
   Total at 31       60,681,544     39,830,866      (9,840,892)        6,989,751   40,059,827   (38,033,792)   99,687,304 
    March 2020 
 
               Opening                     Net     Net realised   Net unrealised     Transfer   Transfer out      Closing 
                        balance          sales      gain/(loss)     loss for the   into Level        Level 3      balance 
                                                   for the year    year included            3 
                                                    included in           in the 
                                                  the Statement     Statement of 
                                                             of    Comprehensive 
                                                  Comprehensive       Income for 
                                                     Income for          Level 3 
                                                        Level 3      Investments 
                                                    Investments       held at 31 
                                                     held at 31       March 2019 
                                                     March 2019 
 
                              GBP              GBP                GBP                GBP            GBP              GBP            GBP 
 
    Buy-to-Let       11,415,545    (8,065,099)           28,579         (35,795)    2,532,194    (1,601,030)    4,274,394 
          RMBS 
 
           CLO       26,925,077    (9,451,515)          686,952      (2,306,438)   12,393,095    (5,612,551)   22,634,620 
 
  Consumer ABS        4,624,151    (4,623,230)         (38,963)      (1,498,289)   24,605,604              -   23,069,273 
 
Non-Conforming       56,869,802   (17,570,445)          195,998        (220,758)    5,785,031   (39,321,332)    5,738,296 
          RMBS 
 
    Prime RMBS       27,739,640    (3,856,534)        1,847,870      (1,615,836)    2,685,927   (21,836,106)    4,964,961 
 
 Student Loans        1,605,746              -                -                -            -    (1,605,746)            - 
 
   Total at 31      129,179,961   (43,566,823)        2,720,436      (5,677,116)   48,001,851   (69,976,765)   60,681,544 
    March 2019 
 
The tables below analyse within the fair value hierarchy the Company's assets 
and liabilities not measured at fair value at 31 March 2020 and 31 March 2019 
but for which fair value is disclosed. 
 
The assets and liabilities included in the below table are carried at amortised 
cost; their carrying values are a reasonable approximation of fair value. 
 
Cash and cash equivalents include cash in hand and deposits held with banks. 
 
Amounts due to brokers and other payables represent the contractual amounts and 
obligations due by the Company for settlement of trades and expenses. Amounts 
due from brokers and other receivables represent the contractual amounts and 
rights due to the Company for settlement of trades and income. 
 
                                       Level 1        Level 2       Level 3          Total 
 
                                             GBP              GBP             GBP              GBP 
 
Assets 
 
Cash and cash                        1,409,267              -             -      1,409,267 
equivalents 
 
Other receivables                            -      3,667,455             -      3,667,455 
 
Total assets as at 31 March 2020     1,409,267      3,667,455             -      5,076,722 
 
Liabilities 
 
Other payables                               -        939,167             -        939,167 
 
Total liabilities as at 31 March             -        939,167             -        939,167 
2020 
 

                                       Level 1        Level 2       Level 3          Total 
 
                                             GBP              GBP             GBP              GBP 
 
Assets 
 
Cash and cash                       36,505,984              -             -     36,505,984 
equivalents 
 
Amounts due from brokers                     -      3,908,529             -      3,908,529 
 
Amounts due from shares issued               -      3,456,600             -      3,456,600 
 
Other receivables                            -      3,112,577             -      3,112,577 
 
Total assets as at 31 March 2019    36,505,984     10,477,706             -     46,983,690 
 
Liabilities 
 
Amounts due to brokers                       -     35,401,772             -     35,401,772 
 
Other payables                               -        846,247             -        846,247 
 
Total liabilities as at 31 March             -     36,248,019             -     36,248,019 
2019 
 
19.  Segmental Reporting 
 
             The Board is responsible for reviewing the Company's entire 
portfolio and considers the business to have a single operating segment. The 
Board's asset allocation decisions are based on a single, integrated investment 
strategy, and the Company's performance is evaluated on an overall basis. 
 
The Company invests in a diversified portfolio of Asset Backed Securities. The 
fair value of the major financial instruments held by the Company and the 
equivalent percentages of the total value of the Company are reported in the 
Top Twenty Holdings. 
 
Revenue earned is reported separately on the face of the Statement of 
Comprehensive Income as investment income being interest income received from 
Asset Backed Securities. 
 
20.  Dividend Policy 
 
The Board intends to distribute an amount at least equal to the value of the 
Company's income available for distribution arising each quarter to the holders 
of Ordinary Redeemable Shares. For these purposes, the Company's income will 
include the interest payable by the Asset Backed Securities in the Portfolio 
and the amortisation of any discount or premium to par at which an Asset Backed 
Security is purchased over its remaining expected life, prior to its maturity. 
However there is no guarantee that the dividend target for future financial 
years will be met or that the Company will pay any dividends at all. 
 
Dividends paid with respect to any quarter comprise (a) the accrued income of 
the portfolio for the period, and (b) an additional amount to reflect any 
income purchased in the course of any share subscriptions that took place 
during the period.  Including purchased income in this way ensures that the 
income yield of the shares is not diluted as a consequence of the issue of new 
shares during an income period and (c) any income on the foreign exchange 
contracts created by the LIBOR differentials between each foreign currency 
pair, less (d) total expenditure for the period. 
 
The Company, being a Guernsey regulated entity, is able to pay dividends out of 
capital. Nonetheless, the Board carefully considers any dividend payments made 
to ensure the Company's capital is maintained in the longer term. Careful 
consideration is also given to ensuring sufficient cash is available to meet 
the Company's liabilities as they fall due. 
 
The Board expects that dividends will constitute the principal element of the 
return to the holders of Ordinary Redeemable Shares. 
 
Under The Companies (Guernsey) Law, 2008, the Company can distribute dividends 
from capital and revenue reserves, subject to the net asset and solvency test. 
The net asset and solvency test considers whether a company is able to pay its 
debts when they fall due, and whether the value of a company's assets is 
greater than its liabilities. The Board confirms that the Company passed the 
net asset and solvency test for each dividend paid. 
 
The Company declared the following dividends in respect of distributable profit 
for the year ended 31 March 2020: 
 
Period to         Dividend Net dividend     Record date     Ex-dividend        Pay date 
                  rate per  payable (GBP)                            date 
                     Share 
                       (GBP) 
 
28 June 2019        0.0150    7,845,962    19 July 2019    18 July 2019    31 July 2019 
 
30 September        0.0150    7,570,722 18 October 2019 17 October 2019 31 October 2019 
2019 
 
31 December         0.0150    7,570,722 16 January 2020 17 January 2020 31 January 2020 
2019 
 
29 March 2020       0.0190    9,589,581   16 April 2020   17 April 2020   30 April 2020 
 
21.  Ultimate Controlling Party 
 
       In the opinion of the Directors on the basis of shareholdings advised to 
them, the Company has no ultimate controlling party. 
 
22.  Subsequent Events 
 
These Financial Statements were approved for issuance by the Board on 21 July 
2020. Subsequent events have been evaluated until this date. 
 
On 20 April 2020, 2,500,000 new Ordinary Redeemable Shares were issued for a 
total of GBP2,297,000. 
 
On 29 April 2020, 1,300,000 new Ordinary Redeemable Shares were issued for a 
total of GBP1,209,390. 
 
On 30 April 2020, the Company paid a dividend as detailed in note 20. 
 
On 9 July 2020, the Company announced a dividend of 1.50p per share. This will 
be paid on 31 July 2020. 
 
As at 21 July 2020, the published NAV per Ordinary Share for the Company was 
103.44p. This represents a rise of 9.94% (NAV as at 31 March 2020: 94.09p). 
 
In the early months of 2020, the COVID-19 outbreak adversely impacted global 
commercial activities. The fluidity of the situation precludes any prediction, 
however it is foreseen that the pandemic will continue to have an adverse 
impact on the global economic and market conditions. The Directors continue to 
monitor the situation and its impact on the Company. 
 
GLOSSARY OF TERMS AND ALTERNATIVE PERFORMANCE MEASURES 
 
Alternative Performance Measures ("APMS") 
 
In accordance with ESMA Guidelines on Alternative Performance Measures ("APMs") 
the Board has considered what APMs are included in the Annual Report and 
Audited Financial Statements which require further clarification. APMs are 
defined as a financial measure of historical or future financial performance, 
financial position or cash flows, other than a financial measure defined or 
specified in the applicable financial reporting framework. The APMs included in 
the annual report and accounts, is unaudited and outside the scope of IFRS. 
 
Discount/Premium 
 
If the share price of an investment company is lower than the NAV per share, 
the shares are said to be trading at a discount. The size of the discount is 
calculated by subtracting the share price from the NAV per share and is usually 
expressed as a percentage of the NAV per share. If the share price is higher 
than the NAV per share, the shares are said to be trading at a premium. 
 
Dividends Declared 
 
Dividends declared are the dividends that are announced in respect of the 
current accounting period. They usually consist of 4 dividends: three interim 
dividends in respect of the periods to June, September and December, in which 
the Company aims to declare a fixed dividend of 1.5 pence per share; and a 
final dividend declared in respect of March where the residual income for the 
year is distributed. 
 
Dividend Yield 
 
Dividend yield is the percentage of dividends declared in respect of the 
period, divided by the initial share issue price of 100.00 pence. The Company 
maintains an annual dividend yield target of 6% or higher and if it does not 
meet this target at the end of an accounting year, a Continuation Vote is held 
for all Shareholders. 
 
Net Asset Value ("NAV") 
 
NAV is the assets attributable to Shareholders expressed as an amount per 
individual share. NAV is calculated using the accounting standards speci?ed by 
International Financial Reporting Standards ("IFRS") and consists of total 
assets, less total liabilities. 
 
NAV per Share 
 
NAV per share is calculated by dividing the total net asset value of GBP 
461,913,505 (2019: GBP500,465,449) by the number of shares at the end of the year 
of 504,714,809 units (2019: 441,814,151). This produces a NAV per share of 
91.52p (2019: 113.28p), which was a decrease of 19.21%. 
 
Ongoing Charges 
 
The ongoing charges represent the Company's management fee and all other 
operating expenses, excluding finance costs, expressed as a percentage of the 
average of the daily net assets during the year (see Strategic Report). The 
Board continues to be conscious of expenses and works hard to maintain a 
sensible balance between good quality service and cost. 
 
Total Return per Share 
 
Total return per share represents is calculated by adding the increase or 
decrease in NAV per share with the dividend per share and dividing it by the 
dividend per share at the start of the period. 
 
CORPORATE INFORMATION 
 
Directors                                  Custodian, Principal Banker and Depositary 
Trevor Ash (Chairman)                      Northern Trust (Guernsey) Limited 
Ian Burns (Senior Independent Director)    PO Box 71 
Richard Burwood                            Trafalgar Court 
Joanne Fintzen                             Les Banques 
                                           St Peter Port 
                                           Guernsey, GY1 3DA 
 
Registered Office                          Administrator and Company Secretary 
PO Box 255                                 Northern Trust International Fund 
Trafalgar Court                            Administration 
Les Banques                                Services (Guernsey) Limited 
St Peter Port                              PO Box 255 
Guernsey, GY1 3QL                          Trafalgar Court 
                                           Les Banques 
                                           St Peter Port 
                                           Guernsey, GY1 3QL 
 
Alternative Investment Fund Manager        Broker and Financial Adviser 
("AIFM")                                   Numis Securities Limited 

Maitland Institutional Services Limited    The London Stock Exchange Building 
Hamilton Centre                            10 Paternoster Square 
Rodney Way                                 London, EC4M 7LT 
Chelmsford, CM1 3BY 
 
Portfolio Manager                          Independent Auditor 
TwentyFour Asset Management LLP            PricewaterhouseCoopers CI LLP 
8th Floor, The Monument Building           PO Box 321 
11 Monument Street                         Royal Bank Place 
London, EC3R 8AF                           1 Glategny Esplanade 
                                           St Peter Port 
                                           Guernsey, GY1 4ND 
 
UK Legal Advisers to the Company           Receiving Agent 
Eversheds Sutherland (International) LLP   Computershare Investor Services PLC 
1 Wood Street                              The Pavilions 
London, EC2V 7WS                           Bridgwater Road 
                                           Bristol, BS13 8AE 
 
Guernsey Legal Advisers to the Company  Registrars 
Carey Olsen                             Computershare Investor Services 
Carey House                             (Guernsey) Limited 
Les Banques                             1st  Floor 
St Peter Port                           Tudor House 
Guernsey, GY1 4BZ                       Le Bordage 
                                        St Peter Port 
                                        Guernsey, GY1 1DB 
 
 
 
 
END 
 

(END) Dow Jones Newswires

July 22, 2020 02:01 ET (06:01 GMT)