Final Results

RNS Number : 0940H

Witan Investment Trust PLC

11 March 2015

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WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

This announcement contains regulated information

Chairman and Chief Executive's Report

Highlights

· NAV total return of 6.6% outperformed the benchmark's return of 5.5%

· NAV total return over the last five years of 70.2%, 15.7% ahead of the benchmark

· Dividend increased by 6.9% to 15.4p, 6.4% ahead of the rate of inflation

· The 40^th consecutive year of increased dividends

· Share price rerated from a 6.1% discount to a 1.3% premium

Summary

In the year to 31 December 2014 Witan delivered a net asset value (NAV) total return of 6.6%, 1.1% more than our benchmark's total return of 5.5% and 5.4% more than the 1.2% return on the FTSE All-Share Index of UK shares. The share price total return was 15.1%, enhanced by the move during the year from a 6.1% discount at the end of 2013 to a 1.3% premium at the year-end. The total dividend for the year is 15.4 pence per share (2013: 14.4 pence), an increase of 6.9%, including the fourth interim dividend of 4.6 pence declared in February 2015 and payable on 2 April 2015. This marks the 40th consecutive year of rising dividends at Witan, with the current dividend per share more than 40 times that paid in 1974.

Over the past 5 years Witan has achieved an NAV total return of +70.2%, compared with the +54.5% return from our benchmark over this period. 2014 also marked the 10th anniversary of Witan's adoption of a multi-manager investment approach. Over the 10 years to the end of 2014, shareholders have enjoyed an NAV total return of 143.8%, compared with the benchmark's return of 117.0%.

In a year when market sentiment was less positive than in 2013, with no consistent market direction, investment selection was particularly important. Overall our managers outperformed, with additional contributions from the investment in Japanese equity market futures and the use of gearing.

The investment markets in 2014

Equity markets delivered returns in 2014 that were generally modest in sterling terms. The US was the standout exception among major centres, with a market rise of over 10% boosted further by the dollar's strength to deliver 20% returns in sterling terms. Japan, by contrast, saw an 8% rise in its market index almost totally eroded by yen weakness. The UK and Europe delivered small positive total returns in sterling terms.

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WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

Chairman's and Chief Executive's Report continued

One common factor was the degree of anticipation already factored into share prices following the strong market rises in 2013. Economic growth fell short of forecasts for much of 2014, either temporarily (for example the harsh US winter weather in the first quarter), or more persistently, where economies were held back by higher taxes (in Japan) and, in Europe, by earlier currency strength and relatively tight monetary and fiscal policies. Stock markets found it hard to make progress as a result, other than the US, where economic activity accelerated as the year progressed.

2014 was also punctuated by a number of political and economic events. Early in the year, Russia's annexation of the Crimea and involvement in a civil conflict in Eastern Ukraine led to the imposition of economic sanctions restricting trade and financial flows. These had a greater commercial impact in Europe than elsewhere, in addition to the apprehension caused by Russia's proximity. In the Middle East, political consensus continued to elude a number of countries of strategic regional importance (such as Egypt and Syria) as well as oil producing countries.

Until the summer, this served to push up oil prices, especially after extreme political elements made startling territorial gains in Iraq, threatening disruption to oil production. This marked a turning point for oil prices, since once the insurgents were pushed back markets focused upon the oversupply in the oil market. This had resulted from significant production growth, especially by US shale oil companies, allied to weaker growth in the demand for oil as a result of slower than expected global growth. Oil prices halved in the second half of the year, presenting a significant headwind for the UK stock market, given its heavy oil sector weighting. Concern about the financial system's loan exposure to oil producers vied for investors' attention with the alternative conclusion that a fall in oil prices represented a significant benefit to consumers of oil and should boost growth in 2015.

A final ingredient to a slightly unsettling year was the slowdown in the Chinese economy. Whilst this appeared to be a controlled process, with the authorities gradually easing policy in response to weaker growth, the fear of a more disorderly collapse remained, due to the poorly-controlled boom in lending during recent years. This did not prevent the previously-depressed Chinese domestic stock market from rising over 50% during the year, but the impact of China's slower growth on commodity prices and the effect of the mood of official austerity on demand for global consumer products cast shadows over markets elsewhere.

Witan's strategy during the year was to remain fully invested into what we believed to be improving economic conditions, taking advantage of periods of weakness earlier in the year to increase our gearing, which rose from 7% to 10%.

The discount, share buybacks and treasury shares

The Company's discount (relative to the NAV excluding income, with debt at market value) was 6.1% at the end of 2013 and, on the same basis, our shares traded at a premium of 1.3% at the end of 2014. The average discount for the year was 2.2% (2013: 8.3%).

As a result of this rerating, the Company was able to reissue shares held in treasury and to issue new shares at a premium to NAV to meet investor demand, making this the first year since 1996 that the Company has had more shares in issue at the end of the year than at the start.

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WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

Chairman's and Chief Executive's Report continued

Regulatory changes

In accordance with the Alternative Investment Fund Managers Directive ('AIFMD'), the Company has appointed Witan Investment Services Limited as its Alternative Investment Fund Manager ('AIFM') and has appointed BNP Paribas Securities Services London Branch as its depositary. There are a number of consequent changes in the presentation of the Annual Report which are set out in the more detailed sections of the Strategic Report and the Directors' Report which follow.

AGM

Our Annual General Meeting will be held at Merchant Taylors' Hall on Thursday 30 April 2015 at 2.30 pm. Formal notice of the meeting will be sent to shareholders when the Annual Report is published. We look forward to the opportunity to meet you then for the Company's 107th AGM.

Outlook

In retrospect, 2014 appears to have been a transition year, between the eager anticipation of improving conditions factored into markets in 2013 and the achievement of those improvements which has occurred somewhat more slowly than hoped.

Economic growth was generally stronger last year than in 2013 but failed to buoy already elevated spirits. Europe remained dogged by economic differences between the more competitive and the weaker countries (notably Greece) and by the lack of consensus over how to manage the stresses. The crisis with Russia has undermined confidence at a vulnerable point in this process. Japan's economy has yet to recover momentum following the tax rise a year ago, while investors are focused on whether the re-elected Prime Minister Abe will implement reform measures to boost his country's growth potential. The UK grew more strongly than most in 2014 but faces political uncertainty in the form of the forthcoming general election as well as equity market pressures from the significant exposure to mining and oil companies. On a more positive note, the decline in sterling will help companies with exports and overseas earnings.

One of the greatest surprises in 2014 was that, in an environment of improving economic growth and speculation of interest rate rises in the US and the UK (albeit so far unfulfilled), government bond yields declined from what were already low levels. This can perhaps be rationalised by a reassessment of how long the current period of low interest rates needs to be to sustain convalescent economies around the world and by the low level of inflation, affected by the recent plunging oil price. Nonetheless, the market has been troubled periodically by concerns that low bond yields might be a warning of coming recession, although the distortions caused by quantitative easing policies appear a likelier explanation. The fact that central banks in Japan and Europe are set to be buyers of government bonds even as the US Federal Reserve withdraws from the market means that supply-demand factors are set to remain positive for another year. This does not mean bonds represent good value from an investment point of view but if yields remain suppressed it would provide a continuing boon for companies and governments seeking to borrow at current low rates.

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WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

Chairman's and Chief Executive's Report continued

Outlook continued

2015 begins with a similar question to that a year ago - will the world economy grow sufficiently to meet expectations for corporate profits growth and to enable debt-laden Western economies to get on top of their problems? Geopolitical events have complicated the normal economic judgments during 2014 and risks remain but the fall in the oil price has the capacity, if sustained, to generate a growth surprise in economies that have so far failed to recover as rapidly as normal from the 2009 recession.

Harry Henderson Andrew Bell

Chairman Chief Executive

10 March 2015

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WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

Strategic Report

Companies are required to publish a Strategic Report, which should provide a description of the objectives which its strategy is designed to deliver for shareholders, the business model and the outlook for the year ahead. It should also include analysis of the Company's performance during the year, relative to the key elements of its business strategy. This report falls into four main sections:

1. Strategy

2. Business model

3. Performance and principal developments in 2014

4. Corporate and operational structure

Witan is an Investment Trust, which was founded in 1909 and has been listed on the London Stock Exchange since 1924. It is managed by the Executive team of its Alternative Investment Fund Manager, Witan Investment Services Limited (WIS), under the control and supervision of the Company's Board of Directors.

1. Strategy

The Company's strategy is to create value for shareholders, by addressing the investment objective, by adding value in pursuing that objective and by communicating effectively with existing and potential shareholders.

The Company invests its shareholders' funds primarily in a broad geographical spread of global equity markets. The objective is to profit from opportunities created by global economic growth and to outperform a representative equity benchmark, thereby generating long-term capital growth for shareholders, together with an income that rises faster than the rate of inflation.

The Company employs an active multi-manager approach, allocating funds for investment by selected managers with differing styles and specialisations. The aim is to access the best available managers, including those not accessible on the same terms (or at all) to UK investors.

Witan's multi-manager approach was adopted in 2004, in the belief that no single manager was likely to excel in all markets and at all points in the economic cycle. Employing managers to invest in their areas of greatest competence has the potential to improve returns and to reduce risk relative to using a single manager across the investment waterfront.

Our approach is to balance different factors (such as quality, value or growth approaches and geographical exposure), aiming to profit from asset allocation and from managers' combined ability to outperform over time. We seek managers who can capture the longer term growth rewards from equity investment by focusing on fundamental share values rather than chasing short-term momentum.

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WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

Strategic Report continued

2. Business Model

The Company has appointed Witan Investment Services Limited (WIS) as its Alternative Investment Fund Manager ('AIFM') under the Alternative Investment Fund Managers Directive ('AIFMD'). As AIFM, WIS has responsibility for operating the Company's portfolio and risk management processes. WIS does, however, delegate certain portfolio management responsibilities to external portfolio managers. In addition to WIS delegating investment management to external portfolio managers, the Company uses an outsourced model for other corporate functions, such as fund accounting, custody and specialist professional services. These activities are overseen by the WIS and Witan Executive team, covering Investment, Operations and Marketing, headed by the Chief Executive Officer, who is a Director of the Company.

Whilst the external managers appointed are responsible for stock selection in their individual portfolios, WIS and the Company's Board are responsible for the overall delivery of performance to shareholders, through the following means:

- Setting the overall investment objective;

- Selecting competent managers, who are expected to outperform a suitable benchmark relating to the investment remit set by the Company;

- Operating appropriate portfolio and risk management arrangements to meet the requirements of the AIFMD and to maintain an effective overall system of risk management and corporate governance;

- Adjusting asset allocation according to opportunities that arise;

- The judicious use of borrowings with the aim of adding to performance;

- Direct investment in funds exposed to specialist asset categories;

- Controlled and selective use of exchange-traded derivatives to adjust asset allocation; and

- Clear communication of Witan's objective and its results to shareholders and potential investors.

The Board's and the Executive's role in investment management

As noted above, the Company has appointed its wholly-owned subsidiary WIS as its AIFM under the AIFMD. As such, WIS has responsibility for ensuring that portfolio and risk management of the Company are properly carried out, with appropriate safeguards to ensure the functional and hierarchical independence of those with portfolio and risk management responsibilities. The Board remains responsible for setting the investment strategy, policy and guidelines of the Company and the AIFM operates within these.

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WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

Strategic Report continued

The selection of individual investments is largely delegated to external managers, subject to investment limits and guidelines which reflect the particular mandate (e.g. UK or global equities) and the specific investment approach which the Company and its AIFM have selected (e.g. value, higher dividend yield, special situations). The managers are chosen by the Witan and WIS Boards after a disciplined selection process focused on the managers' scope to add value and their fit with the overall balance of the portfolio.

The overwhelming majority of the portfolio is managed in segregated accounts, held by the Company's depositary (via the custodian to whom it delegates safekeeping responsibilities) which enables the Company to view the portfolio as a whole and analyse its risks and opportunities as well as those at the level of each manager's portfolio. The operations of the custodian and the safeguarding of the Company's assets are further supervised by the depositary, appointed by Witan and its AIFM, in accordance with the requirements set out in the AIFMD.

At the end of 2014, the Company and its AIFM had 11 external investment managers, covering a range of investment remits. Information regarding the proportion of Witan's assets managed by each and of their performance during the year is set out on page 11.

A proportion, up to 10%, of the portfolio (at the time of investment) may be invested in collective funds selected by WIS, with the objective of outperforming Witan's equity benchmark. This portfolio is managed subject to limits set by the Board, and in accordance with portfolio and risk management processes established by Witan and the Company's AIFM. These investments may represent asset categories that are temporarily undervalued or funds which are viewed as attractive longer-term generators of superior returns.

The WIS Executive, overseen by and working within clear parameters set by the Board, also seeks to add to performance by adjusting the level of gearing employed, by the selective use of exchange-traded derivatives to alter the asset allocation and by the use of specialist funds to gain exposure to areas underrepresented in the rest of the portfolio. In essence, the Company seeks to have sufficient levers to pull to take advantage of investment opportunities that may arise, in addition to the total returns arising from the investment managers' portfolios, which are expected to be the most significant driver of the Company's performance.

Our selected benchmark

The Company's benchmark is a combination of global equity markets, which reflect the investment universe from which most of the portfolio holding are chosen. Since October 2007 the benchmark (based on the FTSE All-World indices) has been:

40% UK

20% North America

20% Europe ex-UK

20% Asia Pacific.

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WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

Strategic Report continued

This reflects an investment policy that balances investment in the UK market (both for its domestic and international exposure) with access to growth in other regions of the world.

It should be emphasised that the portfolio is actively managed and not designed to track any index or combination of market indices. Performance can be expected to vary, sometimes considerably, from that of the benchmark, while aiming for outperformance in the longer term.

Performance information for other commonly used indices is also given in the key performance indicators summary section on page 25.

3. Performance and Principal Developments in 2014

Success in implementing the Company's strategy is monitored against a range of Key Performance Indicators (KPIs) which are viewed as significant measures of success over the longer term. Although performance relative to the KPIs is also monitored over shorter periods, it is success over the long-term that is viewed as more important, given the inherent volatility of short-term investment returns. The principal financial KPIs are set out below, with a report (in italics) of Witan's performance against them during 2014. With respect to non-financial measures, details of the Company's policies and performance in relation to its obligations under the UK Corporate Governance Code are set out in the Corporate Governance Statement in the Annual Report.

Key Performance Indicators

A. Investment performance

● Outperformance compared with Witan's equity benchmark. The Company seeks to achieve at least 2% p.a. outperformance in NAV total return and shareholder total return terms over the long-term. In 2014, Witan achieved 1.1% NAV total return outperformance relative to its combined global equity benchmark (see page 25) and a shareholder total return 9.6% above that of the benchmark. NAV performance, although beating the benchmark, was below the 2% outperformance sought. This followed a particularly strong result in 2013.

● A positive long-term total return, after inflation, for shareholders. In 2014, Witan shareholders enjoyed a NAV total return of 6.6% and, owing to the narrowing of the discount, a shareholder total return of 15.1%. Inflation was 0.5% in the year to December 2014. Returns over the longer term are set out on page 25 and indicate that this objective has also been met over the past 3 and 5 year periods.

● Long-term investment outperformance by the individual managers relative to the relevant benchmark. In 2014, seven of the eleven third party delegated managers outperformed their benchmarks. The managers' returns since appointment are set out in the table on page 11. Further details are set out on pages 10 to 11.

B. Annual growth in the dividend per share ahead of the rate of inflation In 2014, the dividend increased by 6.9%, compared with an inflation rate of 0.5% in the year to December 2014. Further details are set out on page 12.

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WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

Strategic Report continued

C. A positive contribution to investment returns from the use of borrowings. The Company employed average gearing of 9% during the year, which contributed 0.7% to returns. After taking account of the (mostly structural) costs of borrowing the contribution was 0.1%. Further details are set out on page 13.

D. A discount to NAV of 10% or less (compared with the NAV excluding income, with debt at market value) The discount on this basis averaged 2.2% during 2014, the shares ending the year on a 1.3% premium, compared with at 6.1% discount at the end of 2013. Further details are set out on page 15.

E. A competitive level of ongoing charges, below the costs of other multi-manager funds, balancing the need to pay for high quality investment management with the aim of keeping the costs of managing the business as low as possible. In 2014, the ongoing charges figure ('OCF') was 0.74% excluding performance fees (2013: 0.69%) and 0.96% including performance fees (2013: 1.12%). This compares with the average OCF of 1.45% in the IA Global equity funds sector and 0.79% (0.81% including performance fees) for the AIC Global sector. Further details are set out on page 17.

Performance summary and attribution

Whereas 2013 had been a vintage year for equity investors, 2014 was one when the investment climate was more volatile, requiring careful attention in order to achieve a positive outcome. The US was the most significant riser amongst the main equity markets (total return in sterling 20%), while sterling total returns in most other regions were between zero and 5%. The gross portfolio return (before costs) was 8.0%. This performance was made up of contributions from the combined managers' portfolios (with seven out of our 11 third party delegated managers outperforming their benchmarks), from asset allocation and from the gain on the investment in Japanese equity index futures. The contribution from gearing (0.7%) was sufficient to offset the drag from the Company's mostly fixed borrowing costs.

Witan's NAV total return (after all costs) was 6.6%, which compares with 5.5% from the composite equity benchmark the Company uses for comparison purposes and just 1.2% from the FTSE All-Share Index which is widely followed by UK investors. Excluding the effect of the rise in the market value of Witan's quoted debt securities, the NAV total return was 7.0%, 1.5% ahead of the benchmark. The shareholder total return was 15.1%, boosted by the rerating from a 6.1% discount at the end of 2013 to a 1.3% premium at the end of 2014.

Combined portfolio composition

During the year the Company invested its assets with a view to spreading investment risk and in accordance with the investment policy. It has maintained a diversified portfolio in terms of stocks, sectors and geography. The portfolio has been actively managed by the investment managers, in accordance with their individual mandates, with overall asset allocation and risk being managed by the Executive team, within delegated limits from the Board and the Company's AIFM.

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WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

Strategic Report continued

The sector breakdown and regional exposure for the aggregated portfolio is shown in the Annual Report. The top 50 holdings across the combined Witan portfolio are set out in the Annual Report. They represented 41.2% of Witan's portfolio at 31 December 2014 (2013: 41.7%). These analyses highlight the substantial diversification provided by our range of managers and the broad geographical exposure. However, it is also important that diversification does not unduly dilute returns, since the purpose of using active managers is to outperform, which requires the portfolio to differ from the benchmark. One measure of active management in a portfolio is known as "active share". This indicates the degree to which a portfolio differs from its benchmark, with a portfolio identical to the benchmark having an active share of 0% while one with no holdings in common with its benchmark would have an active share of 100%. Although looking at active share at a particular point is an incomplete measure of the degree to which a portfolio is managed actively (let alone successfully), as a guide Witan's active share was circa 65% at the end of 2014. This is similar to the levels prevailing since 2011 but compares with a lower level (around 50%) at the end of 2009. The relative performance seen in recent years also demonstrates that Witan's aggregated portfolio retains an individual character distinct from the relevant indices.

A breakdown of the performance attribution in 2014 (based on the Company's financial statements) is shown in the table below.

Net asset value total return	+6.6%	Portfolio total return (gross)		+8.0%
Benchmark total return	+5.5%	Benchmark total return		+5.5%
		Relative investment performance		+2.5%
		Gearing impact	+0.7%
		Effect of changed market value of debt	-0.4%
		Share buybacks/issuance	+0.0%
				+0.3%
				+2.8%
		Borrowing costs	-0.6%
		Operating costs and tax	-1.1%
				-1.7%
Relative performance	+1.1%			+1.1%

Investment manager performance

Details of the manager structure in place at the end of 2014, showing the proportion of Witan's assets that each managed and the performance they achieved, are set out in the table on page 11:

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WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

Strategic Report continued

Investment manager	Value of Witan assets managed at 31.12.14 £m	% of Witan's assets under management at 31.12.14 (Note 1)	Performance in 2014 (%)	Benchmark performance in 2014 (%)	Performance since appointment (%) (Note 2)	Benchmark performance since appointment (%)
Artemis	152.4	9.6	2.9	1.2	11.3	5.4
Heronbridge	104.9	6.6	1.2	1.2	11.1	6.9
Lindsell Train	187.6	11.8	7.4	1.2	19.4	10.1
Lansdowne Partners	151.5	9.5	17.5	11.1	31.6	14.8
MFS	137.4	8.7	12.0	11.3	12.4	9.5
Pzena	155.1	9.8	8.4	11.3	8.9	11.4
Tweedy, Browne	51.1	3.2	8.1	11.3	8.4	11.4
Veritas	200.1	12.6	13.9	11.2	13.0	10.2
Marathon	116.5	7.3	1.9	0.3	10.4	8.2
Matthews	153.2	9.7	5.9	6.5	4.2	2.9
Trilogy	52.9	3.3	3.7	4.3	(3.3)	(0.8)
Witan Direct Holdings	106.3	6.7	5.3	5.5	8.8	7.8

Note 1 Percentages of Witan's investments managed, excluding the holdings in Polar Japan open ended funds (£19.8m, 1.2% of assets) and cash balances held centrally by Witan.

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

Manager structure and performance

The Company's delegated managers have a range of investment approaches and follow differing mandates set by the Company. Details of each manager's mandate, benchmark and investment style are shown below. Further details, including the date of appointment are shown in the manager summaries in the Annual Report.

All of the delegated managers were in place throughout the year. During the year, seven of the third party delegated managers outperformed their benchmarks, while four underperformed, along with the Direct Holdings. Lansdowne, Veritas and MFS delivered particularly strong absolute returns, also beating their global benchmarks. Our UK managers' outperformance was also helpful, particularly Lindsell Train, helping to offset the negative effect of the UK market's dull performance compared with global equities.

Equity mandate	Investment manager	Benchmark	Investment style
UK	Artemis Investment Management LLP	FTSE All-Share	Recovery/special situations
UK	Heronbridge Investment Management LLP	FTSE All-Share	Intrinsic value growth
UK	Lindsell Train Limited	FTSE All-Share	Long-term growth from undervalued brands
Global	Lansdowne Partners (UK) LLP	DJ Global Titans	Concentrated, benchmark-independent investment in developed markets
Global	MFS International (UK) Limited	FTSE All-World	Growth at an attractive price
Global	Pzena Investment Management LLC	FTSE All-Share	Systematic value
Global	Tweedy, Browne Company LLC	FTSE All-Share	Fundamental value
Global	Veritas Asset Management LLP	FTSE All-Share	Fundamental value, real return objective
Pan-European	Marathon Asset Management LLP	FTSE All-World Developed Europe	Capital cycles
Asia Pacific (including Japan)	Matthews International Capital Management LLC	MSCI Asia Pacific Free	Quality companies with dividend growth
Emerging Markets	Trilogy Global Advisers, LP	MSCI Emerging Markets	Fundamental, growth orientated
Directly-held investments	Witan's AIFM and Executive team	Witan's combined equity benchmark	Collective funds invested in mispriced or specialist assets, recovery situations

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WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

Strategic Report continued

Directly held investments

This portfolio, which held 6.3% of assets at the end of 2013, underperformed Witan's benchmark by 0.2% during 2014, with a return from the portfolio of 5.3%. Its proportion of the investment portfolio at the year-end was slightly higher at 6.7%, owing to net investments made during the year. The investment in Electra Private Equity ordinary shares was sold, while that in the same company's convertible bonds was increased. New investments were made in the JZ Capital Partners 6% convertible bond and in the quoted private equity vehicle SVG Capital, both of which have performed satisfactorily. Less positively, a holding in Black Rock World Mining Trust was initiated in September, as a means of increasing exposure to the mining sector, where the Company's portfolio has relatively little exposure. This has so far proved a premature decision, with a further fall in mining shares being exacerbated by a specific investment in that company's portfolio having to be written off. However, we believe the rationale for this investment holds true and accordingly we have added to the holding at lower valuation levels. The main investments are in listed private equity and related funds (Electra Private Equity, Princess Private Equity, SVG Capital, JZ Capital Partners and NB Distressed Debt Investment Fund), UK domestic recovery (Aberforth Geared Income Trust), three specialist sector funds (Polar Capital Insurance Fund, Blackrock World Mining Trust and Ludgate Environmental Fund Limited) and the convertible bonds of Edinburgh Dragon Investment Trust.

Dividend policy and performance in 2014

The Company's policy (subject to circumstances) is to increase its dividend per share in real terms, ahead of the increase in UK Consumer Price Index (CPI).

For 2014, the Board has declared a fourth interim dividend of 4.6 pence per share, to be paid to shareholders on 2 April 2015, making a total distribution for the year of 15.4 pence (2013: 14.4 pence). This represents an increase of 6.9%, 6.4% ahead of the 0.5% rate of CPI inflation in the year to December 2014. This is the 40th consecutive year that Witan has increased its dividend.

A chart in the Annual Report shows the growth in dividends over the past 10 years. Our dividend per share has grown ahead of the rise in the UK CPI in each year and cumulatively has grown by 79%, more than twice the 30% rise in consumer prices.

The Company pays dividends quarterly. The first three payments for 2015 (in June, September and December) will, in the absence of unforeseen circumstances, be paid at a rate of 3.85 pence per share (2014: 3.6 pence), being one quarter of the full year payment for 2014. The fourth payment (in March 2016) will be a balancing amount, reflecting the difference between the three quarterly dividends already paid and the payment decided for the full year.

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WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

Strategic Report continued

Policy on gearing and the use of derivatives

Employment of gearing

Purpose

The purpose of using borrowings is to improve (or "gear/ leverage") returns for shareholders, by achieving investment returns higher than the interest cost of the borrowings. Accordingly, attention is paid to using a level of gearing appropriate for market conditions (put simply, having more borrowings when markets are attractively valued and borrowing less at times when returns are expected to be poorer). In addition, a blend of long-term and short-term borrowings is used, to balance the certainty of cost associated with locking in fixed rates for longer periods with the flexibility of using short-term facilities which can be readily repaid when they are not required.

Limits

Although the Company has the legal power under its Articles of Association to borrow up to 100% of the adjusted total of shareholders' funds (which is also the maximum level of leverage set by its AIFM), with the objective of enhancing returns, this is subject to practical constraints including a test of prudence. The Board's longstanding policy is not to allow gearing (as defined on page 26) to rise to more than 20%, other than temporarily in exceptional circumstances. Over the past five years it has generally varied between 5% and 15% and where appropriate the Company may hold a small net cash position.

Structure

Witan has £110 million of structural debt, consisting of debenture, secured bond and preference share capital. The Company also has a £70 million one-year facility, providing additional flexibility over the level of gearing, as well as enabling the Company to borrow in other currencies than sterling, if deemed appropriate. Witan may either invest its borrowings fully, or neutralise their effect with cash balances (or the sale of equity index futures) according to its assessment of the markets. The Company's delegated managers are not permitted to borrow within their portfolios but may hold cash if deemed appropriate.

Action taken in 2014

Gearing was managed actively during the year. It was increased to take advantage of periods of market weakness and other opportunities, from 7.3% at the start of the year to 8.8% in June and 10.1% at the end of the year. The calculation of gearing takes account of the nominal value of any derivatives held, since this represents the size of the asset or liability to which the derivative provides exposure.

Gearing benefited performance during the year. Although the estimated contribution of 0.7% of shareholders' funds was only slightly greater than the interest costs borne (0.6%), the majority of the finance cost is fixed and would have had to be borne irrespective of whether the funds were invested, so the benefit was significant, especially in a year of modest returns.

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WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

Strategic Report continued

The one-year borrowing facility was increased from £50m to £70m, in view of the increased size of shareholders' funds and favourable borrowing conditions. The drawn balance on this was £45m at the year-end (2013: £10m).

At the end of 2013, the published gearing figure of 7.3% took account of a £35.2 million long position in the Nikkei Index futures, equivalent to 2.6% of net assets. Gearing excluding this position was 4.7%. Gross gearing (adding together the value of all positions (less cash), irrespective of whether they were an asset or a liability) was 7.3% at the end of 2013.

At the end of 2014, gross gearing on the same basis was 10.1%. This included a £34.7 million long position in Nikkei Index futures, equivalent to 2.4% of net assets. Further details of the accounting treatment for these positions are given in the Annual Report.

Use of Derivatives

Policy

Witan's policy on the use of derivatives emphasises simplicity, transparency, cost effectiveness and the minimisation of counterparty risk. Where financial instruments are available that help the Company to implement its investment policy (whether for the purpose of increasing exposure to a particular asset or for portfolio hedging) their use will be considered. In recent years, exchange-traded index futures have been the only instruments used. These give exposure to a particular market index, are relatively liquid to trade and depend upon the creditworthiness of the particular exchange, not an individual firm.

The use of index futures enables Witan to adjust its gearing rapidly, which helps investment flexibility. It also provides a means of adjusting asset allocation (by directing investment to particular markets). In both cases, the use of index futures enables the adjustments to be made without interfering with the assigned objectives for our investment managers, which are to pick stocks that will grow in value over the medium to long term and outperform their respective benchmarks. The operation of this investment area is the responsibility of the AIFM, acting under guidelines set by the Board. Transactions are reported to the Board as they occur, with the CEO and AIFM being accountable for the financial results. The Company's delegated managers are not permitted to make use of derivatives or to gear their portfolios.

Activity during 2014

At the end of 2013, the Company held a position in the Nikkei 225 Index futures contract, equivalent to approximately 2.6% of net assets. This had been put in place in early 2013, to increase our portfolio exposure to a market which we believed to be attractive and where our managers had relatively little stock exposure. This position was increased between March and May 2014, when Japan's market was particularly weak, in reaction to an increase in taxation in April. Later in the year, the exposure was reduced after the market rallied strongly in response to continued corporate profit growth and further economic stimulus measures. The position was equivalent to 2.4% of assets at the end of 2014.

Page 15 of 35

WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

Strategic Report continued

The Company takes full account of the effect of the nominal value of the futures contracts when calculating its gearing. The value of the investments (which are traded on official exchanges) is fully marked to market every day. The realised gain on index futures during the year is shown in the cash flow statement on page 30.

Market liquidity and discount policy

Witan is a member of the FTSE 250 index, with a market capitalisation of over £1.4 billion. The Board places great importance on the encouragement of a liquid market in Witan's shares on the London Stock Exchange. Considerable effort is devoted to communicating Witan's objective and performance clearly to shareholders and potential investors. Although there is a wide range of firms and online investment platforms through which the Company's shares may be held, the Company's subsidiary Witan Investment Services Limited also operates a savings plan for investing in Witan shares, details of which are set out in the Annual Report.

The Company has for many years made use of share buybacks, purchasing shares for cancellation when they have stood at a significant discount to the NAV (excluding income, with debt at market value), with the objective of achieving a sustainable and improving discount of 10% or less (subject to market conditions).

This policy has the direct effect of improving NAV per share with the additional strategic aims of mitigating volatility in the discount and bringing the share price closer to the NAV. The discount has shown an improving trend in recent years, particularly during 2013 and 2014, as illustrated in a chart in the Annual Report.

At the 2014 AGM, the Company sought and obtained shareholder approval to buy shares into treasury, for possible reissue if the shares were to trade at a premium in the future. Additionally, the Company obtained shareholder authority to issue shares, up to 10% of the starting total, provided that such shares were issued at a premium to net asset value.

During 2014, both authorities were used. During the summer months, the Company bought a total of 51,000 shares into treasury at discounts between 3% and 5%. These shares were subsequently sold at a premium to NAV to meet market demand in late October. In December, the shares traded at a premium for most of the month and 250,000 new shares were issued at a premium to NAV, to satisfy market demand. The criteria for the Company's transactions in its own shares will always be that it should be in shareholders' interests. Share buybacks and issuance are accretive to NAV per share and help contribute to liquidity in the trading of the Company's shares, while (in the case of new issuance) benefiting our ongoing charges figure by spreading the Company's fixed costs over a wider base.

Page 16 of 35

WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

Strategic Report continued

Marketing

The purpose of "marketing" is to communicate developments at the Company effectively to existing and potential shareholders, to help sustain a liquid market in our shares. Clear communication of the Company's investment objective and its success in executing its strategy makes it easier for investors to decide how Witan fits in with their own investment objectives. Other things being equal, this should help the shares to trade at a narrower discount, from which all shareholders benefit. If the shares trade on a premium, this creates the possibility of increasing the size of the Company by issuing new shares, with benefits in terms of greater liquidity as well as spreading costs.

In view of these potential benefits, the Company has felt for many years that it is beneficial to incur the limited costs of operating a marketing programme in order to disseminate information about our investment strategy and performance more widely. This programme communicates with private and professional investors, financial advisers and intermediaries using a range of media (including direct meetings, press interviews and advertising through traditional media and the internet). The Company also provides an informative and easy to use website (www.witan.com) to enable investors to make informed decisions about including Witan shares in their investment portfolios. The website includes a section focused on the requirements of Financial Advisers as well as information about the Witan Wisdom and Jump savings schemes operated by the Company's subsidiary, Witan Investment Services Limited.

Costs

Investment management fees

Each of the delegated managers is entitled to a base management fee rate, levied on the assets under management, and in some cases a performance fee, calculated according to investment performance relative to an appropriate benchmark. The agreements can be terminated on one month's notice (except one, for which a three month notice period applies). One of the investment mandates is operated via a fund vehicle, to simplify custody arrangements in emerging economies.

The base management fee rates for managers in place at the end of 2014 ranged from 0.2% to 0.8% per annum and the performance fees ranged from nil (the majority) to 20% of the relevant outperformance. The average base management fee, weighted according to the value of the funds under management, was 0.48% as at 31 December 2014 (2013: 0.47%). On a similar basis, the average performance fee is 6% of the outperformance of the relevant benchmark (2013: 6%), subject to capping of payments for any particular year.

As an illustration, if our managers uniformly outperformed their benchmarks by 3% after base management fees, this would generate a performance fee of 0.17% of net assets, giving total investment management fees of 0.65% (including a 0.48% base fee). The comparable estimate in 2013 was 0.66% (including a 0.47% base fee). The actual fees payable will of course vary according to the level of performance and the variation in performance between managers with higher or lower fees.

Page 17 of 35

WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

Strategic Report continued

Witan takes care to ensure the competitiveness of the fee rates it pays and that where higher fees are incurred they are linked to good performance, from which shareholders benefit. A majority of the managers have base fees alone (without performance fees) and a majority of the fee structures incorporate a "taper" whereby the average fee rate reduces as the portfolio grows.

The Company's external investment managers may use certain services which are paid for, or provided by, various brokers. In return, they may place business, including transactions relating to the Company, with those brokers.

Ongoing charges and costs

The ongoing charges figure ('OCF') (which is the recurring operating and investment management costs of the Company, expressed as a percentage of average net assets) was 0.74% in 2014 (2013: 0.69%). The increased OCF in 2014 principally reflects the full year effect of the manager and fee changes during 2013, which resulted in a higher average base fee, offset by a reduced number of performance fee arrangements. When performance fees due to the relevant external managers are included, the OCF was 0.96% in 2014 (2013: 1.12%).

This compares with the average OCF for 2014 of 1.45% in the IA Global equity funds sector (source: IA, Financial Express) and 0.79% (0.81% including performance fees) for the AIC Global sector (source: AIC).

Category of cost	2014 £m	2014 % of average net assets	2013 £m	2013 % of average net assets
Other expenses (excluding investment management expenses)	4.90	0.36	5.32	0.42
Less expenses relating to the subsidiary (whose expenses do not relate to the operation of the investment company).	(1.01)	(0.07)	(1.16)	(0.09)
Investment management base fees (note 4)	6.17	0.45	4.58	0.36
Ongoing Charges Figure (including investment management base fees)	10.06	0.74	8.74	0.69
Investment management performance fees (note 4)	3.00	0.22	5.49	0.43
Ongoing charges (including performance fees)	13.06	0.96	14.23	1.12
Portfolio transaction costs*	0.91	0.07	1.89	0.16
Relative outperformance during the year (valuing debt at market value)		+1.1%		+7.1%

* excludes (in 2013) non-recurring portfolio transition costs of £0.9m arising from the manager changes in 2013.

The Company exercises strict scrutiny and control over costs. Any negotiated savings in investment management or other fees directly reduce the costs for shareholders. Whilst this will not always generate the lowest absolute costs, the Board believes that it is in shareholders' interests to pay for managers who add value. The Board believes that the OCF during the year represented good value for money for shareholders given a further year of NAV total return outperformance.

There is continuing debate over the most appropriate measure of investment company costs, to enable investors to assess value for money and to make comparisons between funds. Consensus on how best to present a single figure for costs remains elusive, partly because of concerns that oversimplification might distort comparisons rather than facilitating them.

Page 18 of 35

WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

Strategic Report continued

In the meantime, the Company will continue to focus on the OCF (which is prepared in accordance with the AIC's recommended methodology) as a readily-understood measure of the underlying expenses of running the business. As last year, we are presenting the information on costs in a single table on page 17. This indicates the main cost headings in money terms and as a percentage of net assets. The figures for relative NAV total return performance are also included, for comparison purposes.

Priorities for the year ahead

In 2015, the key priorities for Witan include:

· Investment. Seek to build on the good returns achieved for shareholders in recent years, setting an appropriate strategic asset allocation to reflect changing opportunities in the world economy. Make use of a range of active managers to deliver our strategic objectives through a multi-manager structure. Continue to deliver dividend growth ahead of inflation;

· Communication. Communicate Witan's distinct and active investment approach and achievements effectively to existing and potential shareholders. In particular increase the focus on improving information for personal investors and financial advisers, where direct meetings are less practicable;

· Regulatory change.Continue to operate risk and investment management processes in compliance with the AIFMD, liaising closely with the Company's AIFM, Witan Investment Services Limited; and

· Client service. Provide good service to the corporate and individual clients of Witan Investment Services Limited.

4. Corporate and Operational Structure

As described earlier (page 5) Witan is an Investment Trust with a Premium Listing on the London Stock Exchange. It has a single, wholly-owned, subsidiary, Witan Investment Services Limited ('WIS') which acts as the Company's Alternative Investment Fund Manager.

Operational management arrangements

In addition to the appointment of delegated investment managers, Witan and WIS contract with third parties for the supporting services required, including:

· BNP Paribas Securities Services London Branch ('BNPSS') for global depositary services, custody, investment accounting and administration;

· Frostrow Capital LLP for company secretarial services;

· International Financial Data Services ('IFDS') Ltd. as the savings plan administrators of Witan Wisdom and Jump Savings;

· Specialist advisers used for media relations, advertising and investment manager research;

· The Company also takes specialist advice on regulatory compliance issues and, as required, procures legal, investment consulting, financial and tax advice.

Page 19 of 35

WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

Strategic Report continued

As with investment management, the contracts governing the provision of these services are formulated with legal advice and stipulate clear objectives and guidelines for the level of service required.

Premises and staffing

Since November 2005 the Company has had a lease on office premises at 14 Queen Anne's Gate, London SW1H 9AA, which is also the Company's registered office.

The Company's policy towards its employees is to attract and retain staff with the particular skills and expertise required to manage the affairs of an investment trust company. Details of the Company's remuneration policies and required disclosures are set out in the Directors' Remuneration Report in the Annual Report. Employees and those who seek to work within the Group are treated equally regardless of sex, marital status, creed, colour, race or ethnic origin. The Company has seven direct employees, four men and three women. The Board currently consists of seven non-executive directors (five men and two women) and the Chief Executive Officer, Andrew Bell, who is an employee. Given its outsourced model and small number of direct employees, the Group has no specific policies in respect of environmental or social and community affairs.

Witan Investment Services ('WIS')

Witan Investment Services Limited is a wholly-owned subsidiary of Witan Investment Trust plc ('Witan'). It is authorised and regulated by the Financial Conduct Authority ('FCA').

It was established in March 2005 to provide investment savings accounts and marketing services and to give investment advice to professional investors. From July 2014, as already noted, WIS became the Alternative Investment Fund Manager (AIFM) for Witan to fulfil the requirements of the AIFMD.

Prior to assuming the role of Witan's AIFM, WIS's principal activities have historically been to provide executive management services to the Boards of Witan and Witan Pacific Investment Trust plc ('Witan Pacific'), to communicate information about the companies to the market to increase investor interest in their shares and to operate cost-effective savings plans for investors to hold the shares.

WIS's operational objectives for 2015 are:

· to fulfil its investment and risk management responsibilities as Witan's AIFM;

· to provide a reliable and efficient investment savings platform for Witan and Witan Pacific investors;

· to provide suitable advice to the Boards of its corporate clients;

· to reduce the net operating costs for Witan; and

Page 20 of 35

WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

Strategic Report continued

· to seek appropriate business opportunities which can add value for shareholders.

WIS has two principal sources of income. These are savings plan revenues and the fees (as AIFM or Executive Manager and for marketing services) paid by its corporate clients, Witan and Witan Pacific. The main costs incurred by WIS are fees to the savings schemes administrator (IFDS), staff costs to provide the services described above and professional advice to ensure that its regulatory and accounting obligations are properly satisfied.

The savings plans provided for WIS clients are marketed under the Witan Wisdom and Jump Savings brands. They currently have over 23,500 accounts with assets of some £327 million invested.

Principal risks and uncertainties

Risks are inherent in investment and corporate management but it is important that their nature and magnitude is understood, in order that risks, particularly those which the Company does not wish to take, can be identified and either avoided or controlled. In accordance with the provisions of the AIFMD, WIS has established a Risk Committee in order to comply with its risk management and reporting obligations as Witan's AIFM. The Company has established a detailed framework of the key risks impinging on the business (principally investment, operational, financial and regulatory), with associated policies and processes devised to mitigate or manage those risks. This risk map is reviewed regularly by the Audit Committee along with the WIS Risk Committee, which report on issues arising to their respective boards, for action as necessary. The guiding principles remain watchfulness, proper analysis, prudence and a clear system of risk management.

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

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

Market and investment portfolio risks

Witan is set up to invest in UK and overseas equity markets on behalf of its shareholders. Equity exposure is unlikely to drop below 80%, in normal conditions. Therefore a key risk of investing in Witan is a general fall in equity prices, which could be exacerbated by gearing. Other risks, as with any international equity portfolio, are the investment portfolio's exposure to country, currency, industrial sector and stock specific factors. There are also risks associated with changes in Witan's share price discount or premium to NAV and the performance of its investment managers.

Page 21 of 35

WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

Strategic Report continued

The Board seeks to manage these risks through:

· appropriate asset allocation decisions, with a broadly diversified equity benchmark;

· manager diversification and regular reviews of the managers' competence;

· monitoring the global economic, geo-political and stock market outlook;

· active management of risk, whether to preserve capital or capitalise on opportunities;

· the application of relevant policies on gearing and liquidity; and

· the use of share buybacks and issuance to respond to market supply and demand.

During the year Andrew Bell (Witan's Chief Executive Officer (CEO) and WIS's principal portfolio manager) managed the overall business and the investment portfolio in accordance with limits and restrictions determined by the Board and its AIFM. The Board regularly reviews the matters delegated to Executive management, on which the CEO reports at each Board meeting. The Board also regularly reviews investment strategy and performance, supported by comprehensive management information including investment performance data and financial reports.

Liquidity

The Company's portfolio consists mainly of securities that are readily realisable. The Company and its AIFM regularly review possible liquidity needs (for example to cover operational costs, loan servicing and repayment, shareholder dividends and share buybacks) relative to the Company's portfolio income and the significance of possible liquidity calls relative to the value and tradability of the Company's assets. Given that most of the likely liquidity requirements are readily foreseeable (for example, loan payments and dividends are timetabled), while others (such as share buybacks) are subject to the Company's discretion, the Board is satisfied that unexpected liquidity needs are not significant relative to the size of the Company's portfolio and that they could be readily met without compromising normal portfolio management practice.

Operational

Many of the Group's financial systems are outsourced to third parties, principally BNP Paribas Securities Services ('BNPSS'). Disruption to the accounting, payment systems or custody records operated by BNPSS could prevent the accurate reporting and monitoring of the Company's financial position. BNPSS as the Company's depositary has a key responsibility for monitoring such issues on behalf of the Company and its AIFM, WIS. Details of how the Board monitors the services provided by its suppliers, and the key elements designed to provide effective internal control, are explained further in the Corporate Governance Statement.

Page 22 of 35

WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

Strategic Report continued

Corporate governance

The Board takes its own regulatory responsibilities very seriously and regularly reviews the main points of compliance against requirements.

Details of the Company's compliance with corporate governance best practice are set out in the Corporate Governance Statement in the Annual Report. The Board conducts an annual internal assessment of the effectiveness of its governance processes in managing the Company and enabling it to evolve in response to future challenges. There is also a 3-yearly independent external review, the most recent of which was conducted in late 2013. See the Annual Report for further details.

Operational and regulatory risks are regularly and extensively reviewed by Witan's Audit Committee. WIS is subject to its own operating rules and regulations and is regulated by

the FCA. From 2014, WIS has become the AIFM for Witan, which has entailed it becoming more closely involved in a wide range of Witan's operations. The Company has established a modus operandi for the effective coordination of these responsibilities, which has been adapted to ensure full compliance with the AIFMD's requirements without duplication of effort and will continue to be adapted in the light of experience.

Operationally the multi-manager structure is robust, as the investment managers, the custodian and the fund accountants keep their own records which are regularly reconciled. The depositary, AIFM and the Board provide additional checks and risk management safeguards. Management monitors the activities of all third parties and reports any significant issues to the Board.

Accounting, legal and regulatory

In order to qualify as an investment trust the Company must comply with sections 1158-59 of the Corporation Tax Act 2010 ('CTA'). A breach of these sections could result in the Company losing investment trust status and, as a consequence, capital gains realised within the Company's portfolio would be subject to Corporation Tax. The criteria are monitored by the CEO and AIFM and reviewed at each Board meeting. The Company also carefully and regularly monitors compliance with the accounting rules affecting investment trusts.

The Company is required to comply with the provisions of the Companies Act 2006 ('Companies Act'), and the Company must also comply with the UK Listing Authority's Listing Rules and Disclosure Rules ('UKLA Rules'). A breach of the Companies Act could result in the Company and/or the directors being fined or becoming the subject of criminal proceedings. Breach of the UKLA Rules could result in the suspension of the Company's shares which would in turn lead to a breach of the provisions of the CTA.

These legal and regulatory requirements offer significant protection for shareholders. The Board relies on the CEO, the AIFM, the Company Secretary and the Group's professional advisers to ensure compliance with all applicable rules. WIS is regulated by the Financial Conduct Authority to act as the AIFM for Witan, for the marketing and administration of savings plans and the provision of investment advice to professional clients.

Page 23 of 35

WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

Strategic Report continued

Going concern

The assets of the Company consist mainly of securities that are readily realisable and, accordingly, the Company has adequate financial resources to continue in operational existence for the foreseeable future. Therefore, the directors believe that it is appropriate to continue to adopt the going concern basis in preparing the financial statements. In reviewing the position as at the date of this report, the Board has considered the guidance on this matter issued by the Financial Reporting Council.

Approval

This report was approved by the Board of Directors on 10 March 2015 and is signed on its behalf by:

H M Henderson

Chairman

A L C Bell

Chief Executive Officer

10 March 2015

Page 24 of 35

WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

Statement of Directors' Responsibilities

in respect of the Annual Report and the financial statements

Responsibility statement

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

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

· the Strategic Report includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description (on pages 20 to 22) of the principal risks and uncertainties that they face; and

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

For and on behalf of the Board

H M Henderson

Chairman

10 March 2015

A L C Bell

Chief Executive Officer

10 March 2015

Page 25 of 35

WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

Corporate key performance indicators

Share price and net asset value (NAV)	31 December 2014	31 December 2013	% Change
Share price	753.5p	669.0p	+12.6
NAV per ordinary share (debt at par value)	760.3p	725.2p	+4.8
NAV per ordinary share (debt at market value)	749.2p	717.6p	+4.4
Premium/(discount) (NAV including income, debt at market value)	0.6%	(6.8)%
Premium/(discount) (NAV excluding income, debt at market value) ^(A)	1.3%	(6.1)%

(A) The average discount on this basis in 2014 was 2.2% (2013: 8.3%). (Source: Datastream)

Total return performance

	1 year % Return	3 years % Return	5 years % Return
Total shareholder return^(B)	15.1	80.5	91.8
Net asset value total return^(C)	6.6	59.9	70.2
Benchmark^(D)	5.5	44.0	54.5
FTSE All-Share Index^(E)	1.2	37.3	51.8
FTSE World (ex UK) Index^(E)	12.3	54.2	68.9

(B) Source: Datastream. The movement in ordinary share price adjusted to include the reinvestment of dividends.

(C) Source: Datastream/Witan. The movement in the net asset value per share adjusted to include the reinvestment of dividends.

(D) Source: Witan. The benchmark is a composite of four indices: the FTSE All-Share Index 40%, the FTSE All-World North America Index 20%, the FTSE All-World Europe (ex UK) Index 20% and the FTSE All-World Asia Pacific Index 20%.

(E) Source: Datastream. See also FTSE International for conditions of use (www.ftse.com).

Dividend information

2014

2013

% Change

Revenue per share

15.9p

15.4p

+3.2%

Dividend per share

15.4p

14.4p

+6.9%

2015 Dividend schedule*

Ex-Dividend Date	Pay Date	Dividend Type	Dividend Payable per share
05/03/2015	02/04/2015	Fourth Interim (2014)	4.60p
21/05/2015	18/06/2015	First Interim	3.85p
20/08/2015	18/09/2015	Second Interim	3.85p
19/11/2015	18/12/2015	Third Interim	3.85p

* Please note that the dates and amounts for the first, second and third interim dividends could be subject to change.

Page 26 of 35

WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

Other financial information

	2014	2013	% change
Net assets	£1,441,247,000	£1,372,944,000	+5.0
Number of ordinary shares in issue	189,561,000	189,311,000	+0.1
Gearing^(A)	10.1%	7.3%
Ongoing charge excluding performance fee	0.74%	0.69%
Ongoing charge including performance fee	0.96%	1.12%

(A) The difference between shareholders' funds and the total market value of the investments (including the face value of futures positions) expressed as a percentage of shareholders' funds.

Page 27 of 35

WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

Consolidated Statement of Comprehensive Income

for the year ended 31 December 2014

	Year ended 31 December 2014			Year ended 31 December 2013
	Revenue return £'000	Capital return £'000	Total £'000	Revenue return £'000	Capital return £'000	Total £'000
Investment income (note 2)	38,297	-	38,297	37,943	-	37,943
Other income (note 3)	1,440	-	1,440	1,449	-	1,449
Gains on investments held at fair value through profit or loss	-	79,073	79,073	-	289,871	289,871
	----------	----------	----------	----------	----------	----------
Total income	39,737	79,073	118,810	39,392	289,871	329,263

Expenses
Management fees (note 4)	(1,541)	(7,623)	(9,164)	(1,146)	(8,925)	(10,071)
Other expenses	(4,798)	(101)	(4,899)	(5,216)	(101)	(5,317)
	----------	----------	----------	----------	----------	----------
Profit before finance costs and taxation	33,398	71,349	104,747	33,030	280,845	313,875

Finance costs	(2,115)	(6,095)	(8,210)	(2,144)	(6,185)	(8,329)
	----------	----------	----------	----------	----------	----------
Profit before taxation	31,283	65,254	96,537	30,886	274,660	305,546

Taxation	(1,218)	-	(1,218)	(1,623)	-	(1,623)
	----------	----------	----------	----------	----------	----------
Profit attributable to equity holders of the parent company	30,065	65,254	95,319	29,263	274,660	303,923
	----------	----------	----------	----------	----------	----------

Earnings per ordinary share (note 5)	15.88p	34.47p	50.35p	15.44p	144.96p	160.40p
	======	======	======	======	======	======

The total column of this statement represents the Group's Statement of Comprehensive Income, prepared in accordance with IFRSs as adopted by the European Union.

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

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

All items in the above statement derive from continuing operations.

The net profit for the year of the Company was £95,319,000 (2013: £303,923,000).

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

Page 28 of 35

WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

Consolidated and individual company statements of changes in equity

for the year ended 31 December 2014

Group: Year ended 31 December 2014
	Ordinary	Share	Capital	Other
	share	premium	redemption	capital	Revenue
	capital	account	reserve	reserves	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Total equity at 31 December 2013	47,328	16,237	46,498	1,208,931	53,950	1,372,944
Total comprehensive income:
Profit for the year	-	-	-	65,254	30,065	95,319
Transactions with owners,
recorded directly to equity:
Ordinary dividends paid (note 7)	-	-	-	-	(28,947)	(28,947)
Buybacks of ordinary shares	-	-	-	(363)	-	(363)
Issue of ordinary shares	62	1,869	-	363	-	2,294
	--------	---------	---------	------------	---------	------------
Total equity at 31 December 2014	47,390	18,106	46,498	1,274,185	55,068	1,441,247

Company: Year ended 31 December 2014
	Ordinary	Share	Capital	Other
	share	premium	redemption	capital	Revenue
	capital	account	reserve	reserves	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Total equity at 31 December 2013	47,328	16,237	46,498	1,209,070	53,811	1,372,944
Total comprehensive income:
Profit for the year	-	-	-	65,409	29,910	95,319
Transactions with owners,
recorded directly to equity:
Ordinary dividends paid (note 7)	-	-	-	-	(28,947)	(28,947)
Buybacks of ordinary shares	-	-	-	(363)	-	(363)
Issue of ordinary shares	62	1,869	-	363	-	2,294
	--------	---------	---------	------------	---------	------------
Total equity at 31 December 2014	47,390	18,106	46,498	1,274,479	54,774	1,441,247

Group: Year ended 31 December 2013
	Ordinary	Share	Capital	Other
	share	premium	redemption	capital	Revenue
	capital	account	reserve	reserves	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Total equity at 31 December 2012	47,520	16,237	46,306	938,708	57,076	1,105,847
Total comprehensive income:
Profit for the year	-	-	-	274,660	29,263	303,923
Transactions with owners,
recorded directly to equity:
Ordinary dividends paid (note 7)	-	-	-	-	(32,389)	(32,389)
Buybacks of ordinary shares	(192)	-	192	(4,437)	-	(4,437)
	--------	---------	---------	------------	---------	------------
Total equity at 31 December 2013	47,328	16,237	46,498	1,208,931	53,950	1,372,944

Company: Year ended 31 December 2013
	Ordinary	Share	Capital	Other
	share	premium	redemption	capital	Revenue
	capital	account	reserve	reserves	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Total equity at 31 December 2012	47,520	16,237	46,306	938,734	57,050	1,105,847
Total comprehensive income:
Profit for the year	-	-	-	274,773	29,150	303,923
Transactions with owners,
recorded directly to equity:
Ordinary dividends paid (note 7)	-	-	-	-	(32,389)	(32,389)
Buybacks of ordinary shares	(192)	-	192	(4,437)	-	(4,437)
	--------	---------	---------	------------	---------	------------
Total equity at 31 December 2013	47,328	16,237	46,498	1,209,070	53,811	1,372.944

Page 29 of 35

WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

Consolidated and Individual Company Balance Sheets

for the year ended 31 December 2014

	Group	Company	Group	Company
	31 December	31 December	31 December	31 December
	2014	2014	2013	2013
	£'000	£'000	£'000	£'000
Non current assets
Investments held at fair value through profit or loss	1,552,278	1,553,472	1,436,962	1,438,001
	--------------	--------------	---------------	--------------
Current assets
Other receivables	6,931	6,922	6,695	6,548
Cash and cash equivalents	46,554	45,136	57,532	56,372
	-----------	-----------	----------	----------
	53,485	52,058	64,227	62,920
	-----------	-----------	----------	----------

Total assets	1,605,763	1,605,530	1,501,189	1,500,921
	---------------	---------------	--------------	--------------

Current liabilities
Other payables	(9,088)	(8,855)	(7,873)	(7,605)
Bank loan	(45,000)	(45,000)	(10,000)	(10,000)
	----------	----------	----------	----------
	(54,088)	(53,855)	(17,873)	(17,605)
	----------	----------	----------	----------
Total assets less current liabilities	1,551,675	1,551,675	1,483,316	1,483,316

Non current liabilities
At amortised cost:
8½ per cent. Debenture Stock 2016	(44,581)	(44,581)	(44,584)	(44,584)
6.125 per cent. Secured Bonds due 2025	(63,292)	(63,292)	(63,233)	(63,233)
3.4 per cent. cumulative preference shares of £1	(2,055)	(2,055)	(2,055)	(2,055)
2.7 per cent. cumulative preference shares of £1	(500)	(500)	(500)	(500)
	----------	----------	----------	----------
	(110,428)	(110,428)	(110,372)	(110,372)
	----------	----------	----------	----------
Net assets	1,441,247	1,441,247	1,372,944	1,372,944


Equity attributable to equity holders
Ordinary share capital	47,390	47,390	47,328	47,328
Share premium account	18,106	18,106	16,237	16,237
Capital redemption reserve	46,498	46,498	46,498	46,498
Retained earnings:
Other capital reserves	1,274,185	1,274,479	1,208,931	1,209,070
Revenue reserve	55,068	54,774	53,950	53,811
	----------	----------	----------	----------
Total equity	1,441,247	1,441,247	1,372,944	1,372,944


Net asset value per ordinary share	760.31p	760.31p	725.23p	725.23p

Page 30 of 35

WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

Consolidated and Individual Company Cash Flow Statements

for the year ended 31 December 2014

	Group	Company	Group	Company
	2014	2014	2013	2013
	£'000	£'000	£'000	£'000
Operating activities
Profit before taxation	96,537	96,537	305,546	305,546
Interest paid	8,210	8,210	8,329	8,329
Gains on investments held at fair value through profit or loss	(79,073)	(79,228)	(289,871)	(289,984)
Net (purchases)/ sales of investments held at fair value through profit or loss	(38,165)	(38,165)	50,630	50,630
Net gain from futures contracts	6,413	6,413	4,465	4,465
Scrip dividends included in investment income	(1,200)	(1,200)	(1,256)	(1,256)
(Increase)/decrease in other receivables	(302)	(440)	(6)	53
Increase in other payables	956	991	2,752	2,757
	----------	-----------	-----------	-----------
Net cash (outflow)/inflow from operating activities before interest and taxation	(6,624)	(6,882)	80,589	80,540

Interest paid	(8,149)	(8,149)	(8,285)	(8,285)
Tax on overseas income	(1,962)	(1,962)	(1,624)	(1,624)
Recovery of prior years' French withholding tax	581	581	-	-
	----------	-----------	-----------	-----------
Net cash (outflow)/inflow from operating activities	(16,154)	(16,412)	70,680	70,631
	----------	-----------	-----------	-----------
Financing activities
Equity dividends paid	(28,947)	(28,947)	(32,389)	(32,389)
Buybacks of ordinary shares	(363)	(363)	(4,617)	(4,617)
Issue proceeds of ordinary shares	365	365	-	-
Drawdown/(repayment) of loans	35,000	35,000	(11,000)	(11,000)
	----------	-----------	-----------	-----------
Net cash inflow/(outflow) from financing activities	6,055	6,055	(48,006)	(48,006)
	----------	-----------	-----------	-----------

(Decrease)/increase in cash and cash equivalents	(10,099)	(10,357)	22,674	22,625
Cash and cash equivalents at the start of the year	57,532	56,372	36,420	35,309
Effect of foreign exchange rate changes	(879)	(879)	(1,562)	(1,562)
	----------	-----------	-----------	-----------
Cash and cash equivalents at the end of the year	46,554	45,136	57,532	56,372

Page 31 of 35

WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

Notes to the Financial Statements

for the year ended 31 December 2014

1. Accounting policies

The financial statements of the Group have been prepared in accordance with International Financial Reporting Standards ('IFRSs') as adopted by the European Union and therefore the Group financial statements comply with Article 4 of the EU IAS Regulation. These comprise standards and interpretations approved by the International Accounting Standards Board ('IASB'), together with interpretations of the International Accounting Standards and Standing Interpretations Committee approved by the International Accounting Standards Committee ('IASC') that remain in effect, to the extent that they have been adopted by the European Union.

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

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis, except for the revaluation of certain financial instruments. The principal accounting policies adopted are set out below. Where presentational guidance set out in the Statement of Recommended Practice Financial Statements of Investment Trust Companies and Venture Capital Trusts ('the SORP') issued by the Association of Investment Companies ('the AIC') in January 2009 is consistent with the requirements of IFRSs as adopted by the European Union, the directors have sought to prepare the financial statements on a basis compliant with the recommendations of the SORP.

Sources of estimation uncertainty

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

(b) Going concern

The Group's business activities, together with the factors likely to affect its future development and performance, are set out in the Strategic Report on pages 5 to 23. The financial position of the Group as at 31 December 2014 is shown in the balance sheet on page 29. The cash flows of the Group for the year ended 31 December 2014, which are not untypical, are set out on page 30. The Company had fixed debt and preference share capital totalling £110,428,000, as set out in the Annual Report; none of the borrowings is repayable before 2016. In 2014, the Group renewed a one-year secured multi-currency borrowing facility for £70 million, of which £45 million was drawn down at 31 December 2014 (2013: £10 million). Notes in the Annual Report set out the Group's risk management policies and procedures, including those covering currency risk, interest rate risk and liquidity risk. As at 31 December 2014 the Group's total assets less current liabilities exceeded its total non current liabilities by a multiple of over ten. The assets of the Group consist mainly of securities that are held in accordance with the Company's investment policy, as set out on the inside front cover. Most of these securities are readily realisable even in volatile markets. The directors, who have reviewed carefully the Group's budget and forecast for the coming year, consider that the Group has adequate financial resources to enable it to continue in operational existence for the foreseeable future. Accordingly, the directors believe that it is appropriate to continue to adopt the going concern basis in preparing the Group's accounts.

The consolidated financial statements incorporate the financial statements of the Company and the entity controlled by the Company (its subsidiary) made up to 31 December each year. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities. Where necessary, adjustments are made to the financial statements of the subsidiary to bring the accounting policies used by it into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation.

Page 32 of 35

WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

Notes to the Financial Statements continued

(d) Presentation of the Statement of Comprehensive Income

In order to better reflect the activities of an investment trust company, and in accordance with guidance issued by the AIC, supplementary information which analyses the Statement of Comprehensive Income between items of a revenue and capital nature has been presented alongside the Statement of Comprehensive Income. In accordance with the Company's Articles of Association, net capital returns may not be distributed by way of dividend. Additionally, the net revenue is the measure the directors believe appropriate in assessing the Group's compliance with certain requirements set out in section 1158 of the Corporation Tax Act 2010.

2. Investment income


	2014	2013
	£'000	£'000
Franked:
UK dividends from listed investments	16,160	15,529
UK special dividends from listed investments	346	1,392
UK dividends from unquoted investments	-	71
	-----------	-----------
	16,506	16,992
	-----------	-----------
Unfranked:
Overseas dividends from listed investments	19,592	18,622
Overseas special dividends from listed investments	128	372
Property income dividends	-	5
Scrip dividends from listed investments	1,200	1,256
Fixed interest and convertible bonds	871	696
	-----------	-----------
	21,791	20,951
	-----------	-----------
Total investment income	38,297	37,943

	2014	2013
	£'000	£'000
Analysis of investment income by geographical segment:
United Kingdom	17,409	17,815
North America	5,958	4,506
Continental Europe	7,515	8,214
Japan	1,218	922
Asia Pacific (ex Japan)	4,119	4,568
South America	389	445
Other	1,689	1,473
	-----------	-----------
Total investment income	38,297	37,943

3. Other income


	2014	2013
	£'000	£'000
Deposit interest	202	103
Stock lending income	140	147
Underwriting commission	-	13
Income from the subsidiary company's third party business	1,098	1,186
	-----------	-----------
	1,440	1,449

Page 33 of 35

WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

Notes to the Financial Statements continued

4. Management fees

	Year ended 31 December 2014			Year ended 31 December 2013
	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000

Management fees	1,541	4,625	6,166	1,146	3,438	4,584
Performance fees	-	2,998	2,998	-	5,487	5,487
	----------	-----------	-----------	----------	----------	-----------
	1,541	7,623	9,164	1,146	8,925	10,071

5. Earnings per ordinary share

The earnings per ordinary share figure is based on the net profit for the year of £95,319,000 (2013: £303,923,000) and on 189,302,044 ordinary shares (2013: 189,472,414), being the weighted average number of ordinary shares in issue during the year.

The earnings per ordinary share figure detailed above can be further analysed between revenue and capital, as below. The Company has no securities in issue that could dilute the return per ordinary share. Therefore the basic and diluted earnings per ordinary share are the same.

	2014	2013
	£'000	£'000

Net revenue profit	30,065	29,263
Net capital profit	65,254	274,660
	----------	------------
Net total profit	95,319	303,923

Weighted average number of ordinary shares in issue during the year	189,302,044	189,472,414
	2014	2013
	Pence	Pence
Revenue earnings per ordinary share	15.88	15.44
Capital earnings per ordinary share	34.47	144.96
	----------	----------
Total earnings per ordinary share	50.35	160.40

6. Issued Share Capital

The number of ordinary shares of 25p each in issue at 31 December 2014 was 189,561,000 (2013: 189,311,000).

Page 34 of 35

WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

Notes to the Financial Statements continued

7. Dividends

	2014 £'000	2013 £'000
Amounts recognised as distributions to equity holders in the year:
Second interim dividend for the year ended 31 December 2012 of 7.2p per ordinary share	-	13,665
Fourth interim dividend for the year ended 31 December 2013 of 4.5p per ordinary share	8,519	-
First interim dividend for the year ended 31 December 2014 of 3.6p (2013: 3.3p) per ordinary share*	6,798	6,229
Second interim dividend for the year ended 31 December 2014 of 3.6p (2013: 3.3p) per ordinary share	6,815	6,248
Third interim dividend for the year ended 31 December 2014 of 3.6p (2013: 3.3p) per ordinary share	6,815	6,247
	----------	----------
	28,947	32,389
	======	======
*includes a write-back of £17,000 (2013: £22,000) of dividends unclaimed for 12 years or more.


Fourth interim dividend for the year ended 31 December 2014 of 4.6p (2013: 4.5p) per ordinary share	8,727	8,519
	======	======

Total in respect of the year:
Set out below is the total dividend to be paid in respect of the year. This is the basis on which the requirements of section 1158 of the Corporation Tax Act 2010 are considered.

	2014 £'000	2013 £'000
Revenue profits available for distribution	30,065	29,263
First interim dividend for the year ended 31 December 2014 of 3.6p (2013: 3.3p) per ordinary share	(6,798)	(6,229)
Second interim dividend for the year ended 31 December 2014 of 3.6p (2013: 3.3p) per ordinary share	(6,815)	(6,248)
Third interim dividend for the year ended 31 December 2014 at 3.6p (2013: 3.3p) per ordinary share	(6,815)	(6,247)
Fourth interim dividend for the year ended 31 December 2014 of 4.6p (2013: 4.5p) per ordinary share	(8,727)	(8,519)
	----------	----------
Revenue retained for the year	910	2,020
	======	======

8. 2014 Accounts

The figures and financial information for 2014 are extracted from the Annual Report and Financial Statements for the year ended 31 December 2014 and do not constitute the statutory accounts for the year. The Annual Report and Financial Statements include the Report of the Independent Auditor which is unqualified and does not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006. The Annual Report and Financial Statements have not yet been delivered to the Registrar of Companies.

9. 2013 Accounts

The figures and financial information for 2013 are extracted from the published Annual Report and Financial Statements for the year ended 31 December 2013 and do not constitute the statutory accounts for that year. The Annual Report and Financial Statements have been delivered to the Registrar of Companies and included the Report of the Independent Auditor which was unqualified and did not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006.

Page 35 of 35

WITAN INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2014

Notes to the Financial Statements continued

10. Annual Report and Financial Statements

Copies of the Annual Report and Financial Statements will be posted to shareholders by the end of March 2015 and will be available on the Company's website (www.witan.com) or in hard copy format from the Registered Office, 14 Queen Anne's Gate, London, SW1H 9AA.

The Annual General Meeting will be held at 2.30 pm on Thursday, 30 April 2015 at Merchant Taylors' Hall, 30 Threadneedle Street, London EC2R 8JB.

For further information please contact:

Andrew Bell

Chief Executive Officer

Witan Investment Trust plc

Telephone: 020 7227 9770

Hannah Philp

Director of Marketing

Witan Investment Trust plc

Telephone: 020 7227 9770

Jason Nisse/Willa Malcolm

Newgate Communications

Telephone: 020 7680 6550

Email: witan@newgatecomms.com

- ENDS -

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

This information is provided by RNS

The company news service from the London Stock Exchange

END

FR JMMPTMBIBBIA

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Witan Inv Trust (WTAN)

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