M&G CREDIT INCOME INVESTMENT TRUST PLC The 2018 UK Corporate Governance Code also requires Directors to ensure that the Annual Report and audited Financial Statements are fair, balanced and understandable In order to reach a conclusion on this matter, the Board has requested that the Audit Committee advise on whether it considers that the Annual Report and audited Financial Statements fulfil these requirements The process by which the Audit Committee has reached these conclusions is set out in the Corporate Governance Statement in the full Annual Report and Accounts. As a result, the Board has concluded that the Annual Report and audited Financial Statements for the year ended 31 December 2020, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the Company's position, performance, business model and strategy.
On behalf of the Board
David Simpson
Chairman
27 April 2021
NON-STATUTORY ACCOUNTS
The financial information set out below does not constitute the Company's statutory accounts for the year ended 31 December 2020 but is derived from those accounts. The statutory accounts will be delivered to the Registrar of Companies in due course. The Auditors have reported on those accounts; their report was (i) unqualified, (ii) did not include a reference to any matters to which the Auditors drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under Section 498 (2) or (3) of the Companies Act 2006. The text of the Auditors' report can be found in the Company's full Annual Report and Accounts at www.mandg.co.uk/ creditincomeinvestmenttrust.
Income statement
Year ended 31 December Period from 17 July
2020 2018
to 31 December 2019
Note Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Net gains on investments 9 - 2,714 2,714 - 3,593 3,593
Net losses on derivatives 9 - (1,368) (1,368) - (221) (221)
Net currency (losses)/gains (7) 451 444 (19) (78) (97)
Income 3 5,195 - 5,195 4,530 - 4,530
Investment management fee 4 (714) - (714) (678) - (678)
Other expenses 5 (464) - (464) (706) - (706)
Net return on ordinary activities before finance costs and
taxation 4,010 1,797 5,807 3,127 3,294 6,421
Finance Cost 6 (24) - (24) - - -
Net return on ordinary activities before taxation
3,986 1,797 5,783 3,127 3,294 6,421
Taxation on ordinary activities 8 - - - (1) - (1)
Net return attributable to Ordinary Shareholders after taxation
3,986 1,797 5,783 3,126 3,294 6,420
Net return per Ordinary Share (basic and diluted)a
2 2.88p 1.30p 4.18p 2.55p 2.69p 5.24p
a Return figures have been calculated using weighted average shares for the year 1 January 2020 to 31 December 2020 and for the period 14 November 2018 to 31 December 2019.
The total column of this statement represents the Company's profit and loss account. The "Revenue" and "Capital" columns represent supplementary information provided under guidance issued by the Association of Investment Companies.
All revenue and capital items in the above statement derive from continuing operations.
The Company has no other comprehensive income and therefore the net return on ordinary activities after taxation is also the total comprehensive income for the period.
The notes below form an integral part of these Financial Statements.
Statement of financial position
As at 31 December 2020 As at 31 December 2019
Note GBP'000 GBP'000 GBP'000 GBP'000
Non-current assets
Investments at fair value through profit or loss 9 140,091 126,793
Current assets
Derivative financial assets held at fair value through profit or 9 225 523
loss
Receivables 10 1,345 1,092
Cash and Cash Equivalents 10 7,278 4,877
8,848 6,492
Current liabilities
Payables 10 (2,311) (1,053)
(2,311) (1,053)
Net current assets 6,537 5,439
Net assets 146,628 132,232
Capital and reserves
Called up share capital 11 1,447 1,300
Share premium 42,217 28,229
Special distributable reserve 12 98,499 99,000
Capital reserve 11 3,349 1,968
Revenue reserve 1,116 1,735
Total shareholders' funds 146,628 132,232
Net Asset Value per Ordinary Share (basic and diluted) 2 101.40p 101.72p
The notes below form an integral part of these Financial Statements.
Approved and authorised for issue by the Board of Directors on 27 April 2021 and signed on its behalf by: David Simpson
Chairman
Company registration number: 11469317
27 April 2021
Statement of changes in equity
Called up Ordinary Share Special Capital Revenue
Year ended 31 December 2020 Share capital premium distributable reserve reserve Total
reserve
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 31 December 2019 1,300 28,229 99,000 1,968 1,735 132,232
Ordinary Shares issued during the 11 147 13,945 - - - 14,092
year
Purchase of Ordinary Shares to be - - (129) - - (129)
held in treasury
Initial public offering costs - 43 - - - 43
written off
Net return attributable to - - - 1,797 3,986 5,783
shareholders
Dividends paid 7 - - (372) (416) (4,605) (5,393)
Balance at 31 December 2020 1,447 42,217 98,499 3,349 1,116 146,628
Period from 17 July 2018 to Called up Ordinary Share Special Capital Revenue
Share capital premium distributable reserve reserve Total
31 December 2019 reserve
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 17 July 2018 - - - - - -
Initial public offering cost - (1,592) - - - (1,592)
Ordinary Shares issued 11 1,300 128,839 - - - 130,139
during the period
Cancellation of share - (99,000) 99,000 - -
premium
Cancellation of share - (18) - - - (18)
premium costs
Net return attributable to - - - 3,294 3,126 6,420
shareholders
Dividends paid 7 - - - (1,326) (1,391) (2,717)
Balance at 31 December 2019 1,300 28,229 99,000 1,968 1,735 132,232 The notes below form an integral part of these Financial Statements.
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