CQS Natural
Resources Growth
and Income PLC
Annual Report
30 June 2022

FY 2022 - Highlights
Providing
shareholders with capital growth
and income predominantly from a portfolio of
mining and resource equities and of mining,
resource and industrial fixed income
securities.
+20.6%
Net asset value
Total return
+14.7%
Share price
Total return
+1.0%
Composite benchmark
Total return
+17.1%
Net asset value
Capital return
+9.0%
Share price
Capital return
3.2%
Dividend yield

CQS Natural Resources Growth and Income PLC
Our Objective
To provide shareholders
with capital growth and
income predominantly
from a portfolio of mining
and resource equities
and of mining, resource
and industrial fixed
interest securities.
Contents
4 Why Invest?
Strategic Report
5 Financial Highlights
6 Chairman’s Statement
7 Investment Manager’s Review
9 Top Ten Largest Holdings
11 Classification of Investment Portfolio
11 Classification by Sector
11 Classification by Stock Market Quotation
12 Investment Portfolio
17 Strategic Review
20 Environmental, Social and Governance (“ESG”)
Statement
22 Stakeholder Interests (s. 172 statement)
Directors’ Reports and Governance Reports
24 Board of Directors and Investment Manager
26 Directors’ Report
30 Statement of Directors’ Responsibilities
31 Statement of Corporate Governance
34 Report of the Audit Committee
36 Directors’ Remuneration Report
Auditor’s Report
38 Independent Auditor’s Report to the Members
of CQS Natural Resources Growth and Income
PLC
Financial Statements
43 Statement of Comprehensive Income
44 Balance Sheet
45 Statement of Changes in Equity
46 Cash Flow Statement
47 Notes to the Financial Statements
General Information and Annual General Meeting
61 Glossary of Terms and Definitions
62 Notice of Annual General Meeting
65 Report of the UK Investment Adviser Relating to
Matters under the Alternative Investment Fund
Managers’ Directive
67 Corporate Information

4
CQS NATURAL RESOURCES GROWTH AND INCOME PLC ANNUAL REPORT 30 JUNE 2022
Why Invest?
Investment objective
To provide shareholders with capital growth and income predominantly from a portfolio of mining and resource equities and of mining, resource
and industrial fixed interest securities.
Investment approach
The Company actively invests in global energy and mining companies, with a focus on total return, but it also pays a healthy dividend. The
flexible mandate allows the Company to shift its portfolio weighting between energy and mining, with the aim of maximising returns depending
on the point in the cycle, whilst providing relative value opportunities.
The closed end structure is well suited to allowing the investment management team to focus on the best returns profile, rather than liquidity
as is the case with ETF’s. The nature of this focus results in the Company holding a large proportion in names that fall just below major index or
ETF inclusion, adding additional upside potential should they become included. The portfolio is invested mostly in producers, with strong
earnings profiles and market caps around £300m to £2bn, although also below and above this range. The majority of holdings are listed in
North America or Australia.
Investment Management Team
The managers have considerable experience in the sector. Keith Watson, having studied applied physics, has focused on resources since 1992,
whilst Robert Crayfourd, a geologist, has invested in the sector since 2004. Ian Francis has many years of experience in investing in the
high-yield fixed interest sector.
The Investment Process
The investment process involves leveraging the macro understanding from being at CQS, a $17.7bn asset manager, supporting commodity
allocation decisions with hundreds of meetings a year with respective companies, as well as extensive historical knowledge on assets globally,
steering the bottom up stock picking. This allows them to pick the most attractive names that fit in to the macro overlay.
Benchmark Index
We aim over the medium term to outperform our benchmark index Composite index of 80 per cent EMIX Global Mining Index (sterling adjusted)
and 20 per cent Credit Suisse High Yield Index (sterling adjusted). Our portfolio and performance will diverge from the returns obtained simply
by investing in the index. Over the past year to 30 June 2022, the Company’s net asset value has outperformed the benchmark by 19.6% and
over five years it has outperformed by 9.5%.
Gearing
We selectively employ gearing with the aim of enhancing returns. The Company utilises a gearing facility of £25 million from Scotiabank.
Dividend
The Board considers that the dividend policy is very attractive to shareholders and therefore provides an element of share price stability. The
mix of fixed interest securities and growth stocks enables us to meet our commitment to pay regular quarterly dividends in addition to capital
growth.
The Company currently pays quarterly dividends which this year have totalled 5.6p per share, equalling the previous year.
A member of the Association of Investment Companies.

5
ANNUAL REPORT 30 JUNE 2022 CQS NATURAL RESOURCES GROWTH AND INCOME PLC
Financial Highlights Strategic Report
Financial Highlights
Total Return
*
Year to
30 June 2022
Year to
30 June 2021
Period
1 July 2017
to 30 June 2022
Net asset value 20.6% 83.1% 90.1%
Ordinary share price 14.7% 109.6% 107.8%
Composite index 1.0% 27.5% 80.6%
EMIX Global Mining Index (sterling adjusted) 1.2% 32.5% 99.8%
Credit Suisse High Yield Index (sterling adjusted) 0.0% 3.5% 17.9%
Capital Values 30 June 2022 30 June 2021 % change period
Net asset value per share (pence) 201.94p 172.40p 17.13%
Ordinary share price (mid market) (pence) 175.00p 160.50p 9.03%
Revenue and Dividends 30 June 2022 30 June 2021 % change period
Revenue earnings per ordinary share 5.2p 3.1p 66.45%
Dividends per ordinary share 5.6p 5.6p -%
Dividend Yield
*
3.2% 3.5%
Discount
*
(difference between share price and fully diluted net asset value) 13.3% 6.9%
Gearing
*
Gearing provided by bank loan 8.1% 11.4%
Ongoing charges
*
(as a percentage of average shareholders’ funds) 1.7% 1.8%
Period’s Highs/Lows
Year to
30 June 2022
High
Year to
30 June 2022
Low
Net asset value per share (pence) 253.42p 154.90p
Ordinary share price (mid market) (pence) 230.50p 128.25p
Discount 23.67% 0.95%
Dividend History Rate xd date Record date Payment date
Fourth interim 2022 1.82p 28 July 2022 29 July 2022 26 August 2022
Third interim 2022 1.26p 28 April 2022 29 April 2022 27 May 2022
Second interim 2022 1.26p 27 January 2022 28 January 2022 25 February 2022
First interim 2022 1.26p 28 October 2021 29 October 2021 30 November 2021
Total for year ending 2022 5.60p
Fourth interim 2021 1.82p 29 July 2021 30 July 2021 31 August 2021
Third interim 2021 1.26p 29 April 2021 30 April 2021 28 May 2021
Second interim 2021 1.26p 21 January 2021 22 January 2021 26 February 2021
First interim 2021 1.26p 22 October 2020 23 October 2020 30 November 2020
Total for year ending 2021 5.60p
* A glossary of the terms, including alternative performance measures, used can be found on page 61.
An alternative performance measure is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial
measure defined or specified in the applicable financial reporting framework.

6
CQS NATURAL RESOURCES GROWTH AND INCOME PLC ANNUAL REPORT 30 JUNE 2022
Strategic Report Chairman’s Statement
Chairman’s Statement
Highlights
• Net asset value total return of +20.6%
• Ordinary share price total return of +14.7%
• Dividend yield of 3.2%
Overview
This is my first report as Chairman of your Company and I would firstly
like to thank my predecessor, Richard Prickett, for his wise counsel,
excellent leadership and commitment to the Company over his tenure.
When we last wrote to Shareholders in early March of this year the
invasion of Ukraine by Russian forces had just begun and
this together with inflation fears and supply chain issues emerging
from the pandemic were pushing the prices of many commodities to
high levels. Since then, inflationary fears have continued, and
markets are now concerned over the fear of a global recession as
interest rates rise. As energy commodities such as oil and gas
continued to be strong, we saw industrial metals such as iron ore,
copper and steel give up most of their gains on slowdown fears.
Although the Company was not immune to these falls, the investment
managers made a timely switch in early 2022 by substantially reducing
copper weightings and increasing the exposure to energy names. The
result was that the Company managed to have a positive total return
for the first six months of 2022, which is to be commended in the face
of such a volatile market.
Shareholder and NAV returns for the year to 30 June 2022 were
positive and substantially ahead of our benchmark index. The
Investment Managers Review on pages 7 to 8 provides a good
summary of the factors influencing their decisions and both the team
and the Board believe there is a good prospect of further growth in
natural resources markets.
The Board
Paul Cahill was appointed as a Director of the Company on 23 June
2022 after the Board utilised an external search consultant to select
and review appropriate candidates. Paul brings a wealth of
experience in the natural resource sector to our deliberations.
Investment, Share Performance and Discount
The NAV total return to 30 June 2022 was a positive return of 20.6%
which compares to an increase in the composite benchmark of 1.0%.
The Company’s shares also had a positive return with the share price
rising from 160.5p as at 30 June 2021 to 175.0p at the end of June this
year. With dividends reinvested this results in a total return of 14.7%.
The discount between NAV and the share price widened during the
year as at 30 June 2022, the Company’s shares were trading at a
discount of 13.3%.
Dividends and Income
Income and dividends have always been a focus of the Company and
are now 2.8 times the amount paid per share in 2004.
The Board considers that the dividend policy is very attractive to
shareholders and therefore provides an element of share price
stability especially whilst other companies have been forced to cut
dividends. Therefore, for the year to 30 June 2022, we decided to
continue to pay quarterly dividends this year totalling 5.6p per share,
equalling the previous year.
Since the Manager is focused on generating both capital growth and
income from the portfolio, the dividend may not always be completely
covered by income. One of the benefits of having a closed ended
structure is that, in those circumstances, the Board is able to use
distributable reserves to meet any shortfall.
In the year to 30 June 2022 earnings per share were 5.16p which was
significantly better than the figure from 2021 which was 3.10p per share.
This meant that 0.44p of dividends were covered by the Company’s
distributable reserves.
The yield on the Company’s shares was 3.2% as at 30 June 2022.
Gearing
As at 30 June 2022 the gearing was 8.1% and the amount drawdown
under the Scotiabank facility was £17 million. The facility amount is
£25 million and runs until September 2023.
Annual General Meeting
The business of the AGM is summarised in the Directors’ Report on
pages 62 to 63. The AGM will be held at One Fleet Street Place,
London, EC4M 7WS at 11.00am on Thursday 15 December 2022. The
Board recommends that shareholders vote in favour of all resolutions
as each of the Directors intends to do in respect of their own shares.
Outlook
The economic and political environment is particularly uncertain at
present and unlikely to become less so in the immediate future.
Growth prospects have been stymied as many major economies that
do not have the benefit of a strong domestic energy production sector
are having to pay much increased prices to secure energy supply.
Your Company has benefitted this year with some well-timed sector
adjustments from our investment managers and at the time of
writing the portfolio is exposed primarily to the energy sector which
we believe is well placed. With inflation still high we have also
maintained our investment in the precious metals sector which
should afford a degree of protection from volatile markets.
I look forward to seeing Shareholders at the forthcoming Annual
General Meeting.
Helen Green
Chair
31 October 2022

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ANNUAL REPORT 30 JUNE 2022 CQS NATURAL RESOURCES GROWTH AND INCOME PLC
Investment Manager’s Review Strategic Report
Investment Manager’s Review
Summary
The overall NAV total return for the year to 30th June 2022 was a
positive 20.6% which compares to an increase in the composite
benchmark of 1.0%. The composite benchmark is made up of an 80%
weighting to the EMIX Global Mining Index which returned 1.2% and a
20% weighting to the Credit Suisse High Yield Index which ended the
financial year unchanged.
When we last reported to Shareholders in the early part of 2022, we
advised that the first six months of the Company’s financial year to
30 June 2022 had seen a backdrop of recovering economic growth
coupled with supply constraints. This sustained strong commodity
price momentum and Company performance with returns rising
15.2% over the interim period to end-December. Russia’s subsequent
invasion of Ukraine has played a pivotal role on markets and
Company returns. Driving further strong impetus to price rises of
energy, which represents the most significant Company exposure,
returns rose nearly 33% in the March quarter.
Since then, however, the quantum of energy price moves across the
energy complex has been such that the knock-on effect of broader
demand destruction has become a dominant driver of investor
sentiment. Notwithstanding ongoing geopolitical risks, the situation
has been further complicated by the start of a rate tightening cycle as
central banks attempt to quell rising inflation. Against this backdrop,
the Company returned a more modest 4.8% gain in the second half of
the year to the end of June.
Behind these figures the composition of performance has changed
significantly. Strong gains by metals exposed to energy transition
such as copper together with lithium and rare earth metal miners in
the first half of the year latterly shifted more in favour of traditional
sources of energy. Since the start of calendar 2022, and despite the
pull-back from recent peaks, the strongest commodities price gains
were all in the energy sector. At the time of writing crude prices are
up 14% year-to-date while gas prices in Europe, the US and Asia are
up 80%, 79% and 31% respectively. Still more impressive is the huge
250% rise in previously shunned thermal coal prices as regions have
scrambled for energy in any form. As a store of energy, battery grade
lithium prices have remained strong too, with Asian prices more than
doubling in the calendar year-to-date. This contrasts with industrial
metals such as copper whose price has fallen almost 25% over the
same timeframe.
Markets at the mercy of energy
Since the end of June access to energy is having wider repercussions.
While spot prices have attracted much attention, energy and power
price rises 1 and 2 years ahead have risen just as dramatically. In
addition, the immediate pain of higher prices is being spread out,
particularly for domestic consumers. As a result, inflation pressures
are set to remain “higher for longer”; a message now echoed in
central bank policy.
While energy transition policies are adapting to a more realistic pace
of change and accepting the need to use fossil fuels, a supply
response will take time to deliver. Meaningful gas supply is not
expected until 2024 when new projects in Qatar and Australia begin to
come on stream. In the crude oil sector commercial producers
remain focussed on shareholder returns and, in the face of mooted
windfall taxes, are understandably reluctant to invest in growth.
OPEC, led by Saudi Arabia, remains disciplined in pursuing margin
rather than market share. Output from Russia, the next largest crude
oil producer behind the US, appears challenged by technical
difficulties and recent data showed production declines are being
experienced from the region. The prospect of a wind-down of
inventory sales from the US Strategic Petroleum Reserve should also
remove a factor which has weighed on oil prices. Oil is currently one
of the cheapest forms of energy trading at around one sixth the level
of natural gas on an energy equivalent basis. Expansion in coal
production is also taking time with rising Mongolian output
dependent on completion of rail infrastructure connecting it to China
expected later next year.
Against continued supply side restraint, the primary mechanism for
rebalancing the energy market is via a slowdown in aggregate
demand. Reminiscent of the 1970’s, the extreme moves in energy
prices have more recently started to hobble growth expectations with
monetary policy tightening acting as a further drag.
Nations self-sufficient in energy supplies, particularly the US and
other petro-economies including Saudi Arabia and even Russia are
significantly better placed to withstand the resultant pressures. This
contrasts sharply with the “have not” energy importers, most notably
Europe but also key Asian economies, which face a self-reinforcing
inflationary spiral of worsening balance of payments weighing on
exchange rates, fuelling a need for even firmer action on monetary
policy. In such an environment, the most energy poor economies are
likely to bear the brunt of the slowdown and risk of recession.
Further exchange rate weakness remains a risk among these nations
as they compete for a shrinking piece of the pie. The UK is a prime
case in point, with the government’s recent mini budget seemingly a
first step down this path. Notably exchange rates have acted as a
tailwind for shareholders: sterling weakened 12% against the US
dollar in the financial year to end-June and has slipped another 8%
since.
Energy bias still preferred
Despite slower growth the energy sector continues to offer strong
return prospects and representing over 60% of Company assets
energy exposure is still preferred over more discretionary industrial
miners for the time being. Indeed, a broad theme of the recent
reporting season was earnings misses from miners, whose earnings
are being squeezed by significant cost pressures against a backdrop
of softer revenue guidance. As an illustration Rio Tinto, whose
earnings are dominated by iron ore, flagged 15% cost inflation in the
Pilbara region and also cut their dividend, a move followed by Anglo
American. In contrast, energy company results have generally
exceeded expectations, been able to absorb cost increases and
provided positive guidance.
A similar situation is evident with coal mining equities many of which
may be able to sustain extremely attractive free cash flow to support
a longer period of strong dividends. As an example, coal producer
Thungela recently announced a quarterly dividend of 302p per share,
equivalent to the price at which the position was initiated in 2021.
Despite rerating to nearly £16 at the time of writing, the shares still
offer a prospective dividend yield of approximately 20%.
At almost 7 % of assets at the time of writing, the largest individual
Company position is a holding in Precision Drilling. The investment is
highly geared to the increase in E&P activity as oil and gas producers
seek to replace output from depleting wells to simply maintain
production rates. Importantly, rising rig deployments and utilisation
are beginning to feed through to rig lease rates and earnings would
benefit further should commercial producers shift tack and seek to
grow production.
The Fund is also positioned indirectly in other energy activity related
sectors, notably crude and gas shipping which represented

8
CQS NATURAL RESOURCES GROWTH AND INCOME PLC ANNUAL REPORT 30 JUNE 2022
Strategic Report Investment Manager’s Review
Investment Manager’s Review (continued)
approximately 10% of NAV at the end of June. Limited new vessel
builds are acting to constrain capacity while ship values have risen
sharply with rising construction costs. Transportation needed to
deliver energy to regions in deficit is beginning to benefit charter
rates driving a substantial re-rating of the sector. Having traded at a
significant discount to the value of vessels last year stocks now stand
on reasonable premiums to their upgraded values. This rerating has
recently been accompanied by some M&A activity and crude shipper
Euronav, the largest holding in this sector, is currently in the process
of being acquired by competitor Frontline.
Clean energy delivering
Despite the rush for traditional energy the most notable single
contributor to returns over the year to end-June was Sigma Lithium
whose share price doubled in the financial year to end-June year and
which has risen another 80% since. Despite this, Sigma remains very
attractively valued.
Elsewhere the energy crisis has also spurred a sea change in
sentiment to similarly shunned nuclear power as governments
recognise the benefits of a more balanced power generation mix.
Japan’s announcement to accelerate its restart programme alongside
much improved local community backing, China’s accelerated reactor
build out and the US investment in domestically sourced fuel typify
the shift in perceptions towards this sector. With much improved
confidence in fuel demand and a requirement for higher prices to
incentivise a significant increase in output needed to address the
supply deficit projected towards the end of this decade, this clean
energy sector which represented some 7% of assets, remains
extremely well placed to deliver further gains.
Portfolio insurance premium, via gold equities, still
cheap
Given increased economic sensitivity to monetary policy, central
banks face a balancing act in their response to tame inflation.
Potentially reflecting this, prospective mid-single digit interest rates
remain below the levels necessary to quell inflation which are
running at nearly double this level. As a result, the risk of more
ingrained inflation or even stagflation has risen markedly.
Centred around energy security, geopolitical tensions remain high
and international relations are especially strained with Russia and
the Middle East. Signs of a US-China détente during the recent
economic slowdown, have receded after US representative Nancy
Pelosi agitated relations with her visit to Taiwan. US sanctions on Iran
further aggravates increasingly fragile Middle East and Chinese
relations. Such a situation raises the risk of central bank policy
missteps. Gold remains a useful diversifier for investors, especially
those in the UK where the sterling denominated price has latterly
performed well.
Based on spot prices, gold equities trade at some of the lowest
historical P/NAV valuations and continues to offer cheap portfolio
insurance against such risks and further fiat depreciation. For this
reason the Fund retains a healthy exposure to precious metals
equities which accounted for around nearly 17% of assets at the end
of June.
Exposure to base metals remains at historically low
levels
Stymied by regional lockdowns resulting from a zero-covid stance
China is also contending with problems in its over-leveraged property
development sector which has also experienced a more protracted
decline. This together with has rising costs, which have more recently
pressured dividends from the main producers, has meant that there
is little support for iron ore developers and producers and the Fund
continues to avoid exposure to this sector.
For the reasons outlined above there has been considerable
de-emphasis in the Fund’s base metal exposure, particularly copper
exposure, which currently stands at a modest 8% of assets. While we
believe limited mine development from this sector will present very
attractive opportunities to add back to positions in the future, in the
absence of a more positive backdrop for demand, relative valuations
need to be significantly more attractive to justify a shift back into
these equities.
Outlook
The Portfolio’s switch in emphasis towards traditional forms of
energy and a subsequent move away from industrial miners has
proved timely. Encompassing oil, gas, coal, clean energy sectors and
shipping, overall energy exposure now exceeds 60%. This is clearly
reflected by changes in the Company’s top holdings with First
Quantum replaced by Precision Drilling and Sigma Lithium coming in
second.
The outlook for sustained shareholder returns from this sector, as
evidenced by improving dividend pay-outs from a number of holdings
remains supportive for investors. At the time of writing returns have
risen another 14% since the end of June despite some deterioration
in broader demand which high energy prices have brought about.
Ian Francis, Keith Watson, Rob Crayfourd
New City Investment Managers
31 October 2022

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ANNUAL REPORT 30 JUNE 2022 CQS NATURAL RESOURCES GROWTH AND INCOME PLC
Top Ten Largest Holdings Strategic Report
Top Ten Largest Holdings
Valuation
30 June 2021
£’000
Purchases
£’000
Sales
£’000
Appreciation/
(depreciation)
£’000
Valuation
30 June 2022
£’000
Precision Drilling 2,704 3,498 - 4,499 10,701
US and Canadian land driller of shale oil and gas.
Operationally and financially geared to increased activity
by North American shale producers. Utilisation rates of
rigs are already high, so further activity should see higher
rates.
West African Resources 6,282 - - 1,807 8,089
The company has transitioned into a gold producer having
brought its Sanbrado discovery in Burkina Faso into
production under budget and on schedule.
Sigma Lithium Resources 6,961 - (10,689) 11,250 7,522
Soon to be lithium producer in Brazil for the electric
vehicle industry. The Company has offtake agreements
with major global battery manufacturers.
Diamondback Energy - 6,253 - 394 6,647
Large US shale oil producer focused in the Permian basin
in Texas. High quality acreage and management, with a
solid balance sheet, well placed to benefit from tighter
energy conditions. Strong capital returns program.
BW LPG 3,247 1,628 - 1,466 6,341
A large propane shipper. Propane, produced as a
by-product in US shale production is super cooled and
shipped globally. Much of this propane ends up in Asia.
The arbitrage between this pricing drives day rates, whilst
the company has a strong dividend policy.
REA Holding (note 1) 4,492 - - 1,314 5,806
The company cultivates oil palms and produces crude oil
palm and other palm products. The group’s core
plantations are located in Indonesia.
NexGen Energy 4,387 1,518 - (129) 5,776
The Company is a uranium exploration and development
company with a portfolio of projects that span the
Athabasca Basin in Saskatchewan, Canada.
Vermilion Energy - 4,947 - 509 5,456
European and Canadian oil and gas producer. With
sizeable European gas exposure, the company is well
placed to benefit from current tight gas market in Europe
due to the loss of Russian gas, with significant scope for
growth and dividends.
Lynas Corporation 3,098 1,163 (1,482) 2,148 4,927
Rare Earths producer with a mine in Australia and
process facility in Malaysia. Rare earths are used in super
magnets, key for EV’s and wind turbines as well as broad
consumer products.
Euronav (note 2) 4,847 968 (649) (263) 4,903
The world’s largest independent crude oil tanker company
Top ten investments 36,018 19,975 (12,820) 22,995 66,168
Note 1 - Includes REA Holdings 9% preference shares valued at £5,024,000, REA Finance 8.75% 31/08/2025 ** valued at £496,000, R.E.A.
Holdings valued at £252,000 and REA Holdings warrants*** valued at £34,000 value of REA holding updated above.
Note 2 - Includes Euronav valued at £4,429,000 and Euronav Luxembourg SA 6.25% 14/06/26 ** valued at £474,000.
** Denotes a Level 2 security
*** Denotes a Level 3 security

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CQS NATURAL RESOURCES GROWTH AND INCOME PLC ANNUAL REPORT 30 JUNE 2022
Strategic Report Top Ten Largest Holdings
Top Ten Largest Holdings (continued)
Precision Drilling
Precision Drilling owns a fleet of land rigs for oil and gas shale, in the
US, Canada and Middle East. They are well placed to benefit from
tightening fundamentals in the rig market, as producer activity picks
up due to stronger energy pricing. Despite a cautious stance from
E&P’s re adding production in North America, the rig market is
already tight, seeing strong day rates for Precision. Any further
tightening from here should support higher day rates and an
accelerated pay down of their debt. Beyond this the company will
focus on capital returns.
West African Resources
West African Resources has de-risked significantly since bringing its
core mine into production. The group is unhedged and with a low cost
of production will allow rapid payback on its project debt. The group
recently acquired some neighbouring exploration properties from
B2Gold. With 1.1 Moz of resource within trucking distance of the new
Sanbrado mine, the acquisition has significant potential to add
shareholder value. The group is benefitting from improved liquidity
and we believe the group’s producer status can deliver further
rerating relative to peers.
Sigma Lithium Resources
Sigma Lithium Resources is developing a lithium mine in Brazil, with
a very high grade product and scope for material expansion. This
product will be very suitable for the electric vehicle industry. Sigma
Lithium has a strategic alliance with Mitsui, for offtake of its product,
adding support through financing of the mine. First production will be
in mid 2022, whilst its ESG focus and hydro power source of energy,
will provide the best environmental credentials in the industry. It is
listed in Canada, but looking to add a further listing on the US Nasdaq
exchange.
Diamondback Energy
Diamondback Energy is a large US oil shale producer, in the Permian
basin, in Texas. They have high quality acreage and management, so
are well placed to benefit from current stronger energy pricing. The
implied oil price of $60/bbl is materially below current spot markets.
BW LPG
BW LPG is the worlds largest independent LPG shipper,
predominantly sending propane from the US and Middle East to Asia.
Propane is a by-product of shale production, so benefits from
increased activity in the US. Naptha switching at refiners and
displacing wood for propane as fuel in the likes of India are major
drivers of demand growth. The company has a strong capital returns
policy, primarily through dividends.
REA Holdings
We believe REA is a leading contributor to responsible palm oil
production globally. REA has a commitment to produce sustainably
and has also received RSPO certification. Following substantial cost
cutting measures the group is well placed to benefit from the recent
recovery in the crude palm oil price.
NexGen Energy
NexGen Energy’s tier 1 uranium development asset in the established
Athabasca Basin uranium mining district in Saskatchewan, Canada
has the potential to be the lowest cost uranium mine globally. Given
the low production cost and scalable output the Rook I deposit has
significant strategic value with potential to influence market pricing,
as evident from the recent feasibility study. As a zero carbon source of
energy, civil nuclear power generation and hence uranium, may gain
further traction in global energy mix.
Vermilion Energy
European and Canadian oil and gas producer. With sizeable European
gas exposure, the company is well placed to benefit from current
tight gas market in Europe due to the loss of Russian gas, with
significant scope for growth and dividends.
Lynas Corporation
Rare earths producer with a mine in Australia and process facility in
Malaysia. Rare earths are used in super magnets, key for EV’s and
wind turbines as well as broad consumer products.
Euronav NV
Crude oil shipper, with one of the largest fleets of the biggest class of
Very Large Crude Carrier (‘VLCC’) ships. They are a key beneficiary of
trade war related disruptions as it forces longer shipping routes and
increases day rates. Similarly which, if OPEC removes restricted
production quotas, or Iran and Venezuela ever see operations
improve, this would lead to a further improvement in day rates.
Strong cash generation from current day rates should result in a
sizeable dividend as evidenced by strong prior payout ratios. Its
current valuation is around 0.8x P/NAV, which means it could
accretively sell a vessel and buy back stock.

11
ANNUAL REPORT 30 JUNE 2022 CQS NATURAL RESOURCES GROWTH AND INCOME PLC
Classification of Investment Portfolio Strategic Report
Classification of Investment Portfolio
2022 % of total investments
2021 % of total investments
Classification by Stock Market Quotation
Classification by Sector
2022 % of total investments
Unquoted
Europe
UK
US
Australia
Canada
2021 % of total investments
Unquoted
Europe
UK
US
Australia
Canada
Oil & Gas
Gold
Shipping
Copper
Lithium
Coal
Uranium
Preference Shares
Rare Earth
Other
Oil & Gas
Gold
Shipping
Copper
Lithium
Uranium
Preference Shares
Base Metals
Zinc
Fixed Interest Securities
Other

12
CQS NATURAL RESOURCES GROWTH AND INCOME PLC ANNUAL REPORT 30 JUNE 2022
Strategic Report Investment Portfolio
Investment Portfolio
Company Sector
Valuation
£’000
Total Investments
%
Precision Drilling Oil & Gas 10,701 7.3
West African Resources Gold 8,089 5.5
Sigma Lithium Resources Lithium 7,522 5.1
Diamondback Energy Oil & Gas 6,647 4.5
BW LPG Shipping 6,341 4.3
REA Holding (note 1) Palm Oil 5,806 4.0
NexGen Energy Uranium 5,776 3.9
Vermilion Energy Oil & Gas 5,456 3.7
Lynas Corporation Rare Earth 4,927 3.4
Euronav (note 2) Shipping 4,903 3.3
Top ten investments 66,168 45.0
Talon Metals Nickel 4,144 2.8
Diversified Gas & Oil Oil & Gas 4,113 2.8
Foran Mining Copper 3,552 2.4
Emerald Resources Gold 3,252 2.2
EOG Resources Oil & Gas 3,101 2.1
Ero Copper Copper 2,867 2.0
First Quantum Minerals Copper 2,730 1.9
Ascendant Resources Zinc 2,708 1.9
Transocean Oil & Gas 2,564 1.8
Thungela Resources Coal 2,324 1.6
Top twenty investments 97,523 66.5
Peabody Energy Coal 2,282 1.6
Galena Mining Base Metals 2,244 1.5
Whitehaven Coal Coal 2,148 1.5
Firefinch
***
Lithium 1,891 1.3
Peyto Exploration & Development Oil & Gas 1,843 1.3
Pioneer Natural Resources Oil & Gas 1,837 1.3
2020 Bulkers Shipping 1,759 1.2
Fortuna Silver Mines Silver 1,645 1.1
Central Asia Metals Copper 1,637 1.1
Leo Lithium Lithium 1,607 1.1
Top thirty investments 116,416 79.5
MAG Silver Silver 1,501 1.0
Adventus Mining Copper 1,501 1.0
Pure Gold Mining Gold 1,495 1.0
Goodbulk
**
Shipping 1,455 1.0
New Hope Coal 1,408 1.0
PetroTal Corp Oil & Gas 1,394 1.0
Calidus Gold 1,212 0.8

13
ANNUAL REPORT 30 JUNE 2022 CQS NATURAL RESOURCES GROWTH AND INCOME PLC
Investment Portfolio Strategic Report
Company Sector
Valuation
£’000
Total Investments
%
Metals X Base Metals 1,169 0.8
Ur-Energy Uranium 1,146 0.8
Coronado Global Resources Coal 1,091 0.7
Top forty investments 129,788 88.6
Calibre Mining Gold 1,062 0.7
Frontline Oil & Gas 1,028 0.7
Red 5 Gold 977 0.7
Sabina Gold & Silver Gold 904 0.6
Base Resources Mineral Sands 898 0.6
Fission Uranium Uranium 808 0.6
Oceanagold Gold 761 0.5
Palladium One Mining Platinum 754 0.5
Trevali Mining Zinc 718 0.5
Integra Resources Gold 676 0.5
Top fifty investments 138,374 94.5
Westgold Resources Gold 665 0.5
Fenix Resources Iron 623 0.4
Americas Gold and Silver Silver 603 0.4
Odyssey Energy Oil & Gas 599 0.4
Vintage Energy Oil & Gas 576 0.4
Capstone Copper Copper 471 0.3
Platinum Gold Platinum 464 0.3
Gold Resource Gold 419 0.3
Oklo Resources Gold 403 0.3
Stavely Minerals Gold 389 0.3
Top sixty investments 143,586 98.1
Castile Resources Property Gold 361 0.2
Tharisa Platinum 358 0.2
Peregrine Gold Gold 317 0.2
Los Andes Copper Copper 288 0.2
Denison Mines Uranium 250 0.2
Nico Resources Oil & Gas 234 0.2
Bluestone Resources Gold 204 0.1
Galiano Gold Gold 146 0.1
NT Rig Holdco PTE 7.5% 31/12/23
***
Finance 112 0.1
Winsome Resources Lithium 110 0.1
Top seventy investments 145,966 99.7
Other investments 407 0.3
Total 146,373 100.0
Notes to the Investment Portfolio are on page 9.

14
CQS NATURAL RESOURCES GROWTH AND INCOME PLC ANNUAL REPORT 30 JUNE 2022
Strategic Report Investment Portfolio
Principal Risks and Uncertainties and Mitigation
Risks are inherent in the investment process, but it is important that
their nature and magnitude are understood so that risks can be
identified and controlled to the extent possible. The Board has
established a detailed framework to manage the key risks to which
the business is exposed with associated policies and processes
devised to mitigate those risks.
Principal risks and mitigations are discussed regularly at Board
meetings and the summarized conclusions of such a meeting held on
6 October 2022 are set out below.
Risk Description Controls
Investment and
Strategy Risk
The Board is responsible for deciding the investment
strategy to fulfil the Company’s objectives and
monitoring the performance of the Investment Manager.
Inappropriate strategy, including country and sector
allocation, stock selection and the use of gearing, could
lead to poor returns for shareholders.
To manage this risk the Board requires the Investment
Manager to provide an explanation of significant stock
selection decisions and the rationale for the composition
of the investment portfolio at each Board meeting, when
gearing levels are also reviewed. The Board monitors
the spread of investments to ensure that it is adequate
to minimise the risk associated with particular countries
or factors specific to particular sectors. The Investment
Manager also provides the Board and shareholders
with monthly factsheets which include an investment
commentary.
Market risk
leading to a loss
of share value
The Company’s assets consist principally of listed fixed
interest securities and equities. Its greatest risks are
consequently market related, with exposure to
movements in the prices of the Company’s investments
and the loss that the Company might suffer through
holding investments in the face of negative market
movements.
The Board relies upon the research capabilities of the
Investment Manager to build a portfolio, utilising
diversification, to mitigate market risk.
The Board monitors the implementation of the investment
strategy and reviews the performance of the portfolio on
an ongoing basis. The Investment Manager provides a
detailed presentation on a quarterly basis which records
both realised and unrealised gains and losses.
The Company’s share price discount to NAV is discussed
with the Investment Manager and Broker on a regular
basis with a view to taking action if considered appropriate.
The Investment Manager and Broker hold regular
shareholder meetings through which investor sentiment
can be assessed.
Sector Risk The largest part of the Company’s assets consist of
equity-related investments in companies, usually
mid and small cap companies, with a wide range of
commodity exposures. The prices of the underlying
commodities are often volatile and the companies can
be located in countries at risk of political instability.
The liquidity in the shares of the investee companies
is often restricted, meaning that it can be difficult to
buy or sell volumes of shares at the quoted price. The
Board seeks to mitigate this risk through the processes
described in the paragraph above on Investment and
Strategy Risk. In addition, the closed-ended structure
of the Company is an essential part of the Board’s
management of this risk, ensuring that parts of the
portfolio do not have to be sold to raise liquidity to fund
redemptions at short notice.
Political risk Political developments could affect the environment in
which the Company operates and negatively impact the
value of the Company’s investments and/or demand for its
shares. The conflict in Ukraine is having a major impact on
the global economy and has increased volatility in the
natural resources sector.
Political developments are closely monitored and
considered by the Board. The Board has a regular dialogue
with the Investment Manager to assess the impact of
geopolitical events and to evaluate both the risks and
opportunities that emerge.
Financial risk The Company’s investment activities expose it to a variety of
financial risks that include market price risk, foreign
currency risk, interest rate risk, liquidity risk and credit risk.
Further details of these risks and the ways in which they
are managed are disclosed in notes of the financial
statements.
Investment Portfolio (continued)

15
ANNUAL REPORT 30 JUNE 2022 CQS NATURAL RESOURCES GROWTH AND INCOME PLC
Investment Portfolio Strategic Report
Risk Description Controls
Market Demand Demand for shares in the Company declines due to
failure to meet investors’ objectives.
The Investment Manager regularly meets with investors to
discuss their objectives and some of those meetings are
attended by the Chair of the Board. The Board also receives
frequent feedback from the Company’s Broker on their
interactions with investors.
The Board monitors the share price and any signs of
demand reduction are discussed so that appropriate action
can be taken.
Periodically the Board holds a strategy meeting at which
the investment objectives and strategy are discussed.
Key person risk Performance of the Company may be negatively affected
by a change in the fund management team.
There are three fund managers who are responsible for day
to day portfolio management which reduces the risk of any
one fund manager’s departure.
Furthermore an Investment Committee at the Investment
Manager oversees key stock selection and could support the
Company in the event of a period of change.
The Management Engagement Committee of the Company
formally reviews the performance of the Investment
Manager annually.
Dividend and
earnings risk
The earnings that underpin the amount of dividends
declared and future dividend growth are generated by the
Company’s underlying portfolio.
One or more of the following factors could adversely
affect the Company’s earnings and, thereby, its ability to
declare a dividend:
• A contraction of available investment opportunities
suitable for the Company, given its investment
objective and its policy.
• The persistence of adverse market conditions or
government intervention during a macro-economic
crisis resulting in cuts to dividend income.
• Adverse changes to the tax treatments applicable to
the Company’s stream of investment and dividend
income.
This risk is heightened by the ongoing economic impact
of the conflict in Ukraine.
The Board has engaged with CQS, the Investment Manager,
to manage the Company’s portfolio and therefore depends
upon the Investment Manager to construct an appropriate
portfolio that will produce income allowing the Company to
meet its dividend target.
The Board monitors the implementation of the investment
strategy, reviewing the performance of the Investment
Manager on an ongoing basis and receiving a formal
presentation from the Investment Manager on a quarterly
basis.
The Board receives and reviews detailed income forecasts
prepared by the Investment Manager and Administrator at
each Board meeting and when the quarterly dividends are
declared.
Gearing risk The impact of a fall in the value of the underlying
investments on the NAV of the Company’s shares could
be exacerbated by the Company’s level of gearing. It
could also result in a breach of loan covenants.
Gearing levels and compliance with loan covenants are
monitored by the Administrator and the Investment
Manager on a monthly basis.
The Board reviews compliance with the gearing levels and
loan covenant compliance at regular Board meetings.
The Board sets the gearing limits. Gearing will not exceed
25% of Shareholders’ funds at the time of borrowing.
Regulatory risk A breach of regulatory rules could lead to a suspension
of the Company’s stock exchange listing or financial
penalties.
The Company Secretary monitors the Company’s
compliance with the Listing Rules of the UK Listing
Authority. Compliance with the Listing Rules is reviewed by
the Directors at each Board meeting and the Board
receives a quarterly report from the Investment Manager’s
Compliance Officer.

16
CQS NATURAL RESOURCES GROWTH AND INCOME PLC ANNUAL REPORT 30 JUNE 2022
Strategic Report Investment Portfolio
Risk Description Controls
Operational risk The Company relies upon the services provided by third
parties and is reliant on the internal control systems of
the Investment Manager and the Company’s other
service providers.
Failures at these third parties could adversely impact the
security and maintenance of, inter alia, the Company’s
assets, dealing and settlement procedures, and
accounting records .
The operating effectiveness of third party service providers
is regularly tested and monitored and reported on at each
Board meeting. The Audit Committee receives ISAE 3402
reports on the description of controls placed in operation,
their design and operating effectiveness on BNP’s Fund
Administration and Global and Local Custody services.
The Investment Manager delivers a risk based internal
audit plan which covers different areas of its operations
that are subject to internal audit, including front, middle
and infrastructure audits. Any areas of concern relevant to
the Company are discussed with the Audit Committee.
Cyber risk Cyber risk has previously been monitored as an element
of operational risk, but, given the heightened risk to
information security as cyber criminals become more
sophisticated, and increasing reliance on electronic
communication and storage of data, the Board now
consider cyber risk and data security as a principal risk
in its own right.
Due to the structure of our business model, all cyber risk
rests with our service providers. Our service providers are
highly regulated entities, nevertheless we have increased
monitoring and request annual confirmations that cyber
risk is appropriately controlled, and no significant incidents
impacting the Company have occurred.
Emerging risks
During Board discussions on principal risks and uncertainties, the
Board considered any risks that were not an immediate threat but
could arise in the longer term and have significant impact on the
ability of the Company to continue to meet its objectives. Focus areas
have been the continued rise of inflation and the ongoing conflict in
Ukraine. The Board regularly discusses these matters with the
Investment Manager, and receives feedback based on the Investment
Manager’s research, and discussions with Shareholders and the
Broker. The Board discussions include longer term impacts of climate
change on the Company’s portfolio and returns. The Investment
Manager’s ESG policy has been updated following CQS becoming a
signatory of the UK Stewardship Code. The Board will continue to
assess these emerging risks on a regular basis.
Investment Portfolio (continued)

17
ANNUAL REPORT 30 JUNE 2022 CQS NATURAL RESOURCES GROWTH AND INCOME PLC
Strategic Review Strategic Report
Strategic Review
Introduction
The Company operates under the guidelines for UK-listed Companies’
Annual Reports in accordance with The Companies Act 2006. This
Strategic Review is designed to provide information primarily about the
Company’s business and results for the year ended 30 June 2022. It
should be read in conjunction with the Chairman’s Statement on
page 6, and the Investment Manager’s Review on pages 7 to 8, which
give a detailed review of the investment activities for the year and look
to the future.
This year, we also discuss our approach to our stakeholder
responsibilities and the Board’s review of the Company’s purpose,
culture and values during the year for the first time, and in more
detail, on pages 22 and 23. We also discuss our approach to people,
social and governance matters and the environment in the Directors’
Report on page 20.
Business Model
The business model of the Company is described in more detail below.
Investment Objective
The Company seeks to provide shareholders with capital growth and
income predominantly from a portfolio of mining and resource equities
and of mining, resource and industrial fixed interest securities.
Investment Policy
The Company invests predominantly in mining and resource equities
and mining, resource and industrial fixed interest securities
(including, but not limited to, preference shares, loan stocks and
corporate bonds, which may be convertible and/or redeemable). The
Company may invest in companies regardless of country, sector or
size and the Company’s portfolio is constructed without reference to
the composition of any stock market index or benchmark. Exposure
to higher yielding securities may also be obtained by investing in
other sectors, including closed-end investment companies and
open-ended collective investment schemes.
The Company may, but is not obliged to, invest in derivatives, financial
instruments, money market instruments and currencies for the
purpose of efficient portfolio management.
The Company may acquire securities that are unquoted at the time of
investment but which are about to be, or are immediately convertible
at the option of the Company into securities which are, listed or
traded on a stock exchange, and may continue to hold securities that
cease to be quoted or listed if the Investment Manager considers this
appropriate. In addition, the Company may invest up to 10 per cent of
its gross assets in other securities that are unlisted or unquoted at
the time of investment.
The Company will not invest more than 15 per cent in aggregate of
the value of its total assets (measured at the time of investment) in
other investment trusts or investment companies which are listed on
the Official List except that this restriction does not apply to
investments in other investment trusts or investment companies
which themselves have published investment policies to invest no
more than 15 per cent of their total assets in other investment trusts
or investment companies which are listed on the Official List.
The Company may borrow up to 25 per cent of shareholders’ funds
(measured at the time of drawdown).
The Investment Manager expects that the Company will normally be
fully invested. However, during periods in which changes in economic
circumstances, market conditions or other factors so warrant, the
Company may reduce its exposure to securities and increase its
position in cash, money market instruments and derivative
instruments in order to seek protection from stock market falls.
The Company’s performance in meeting its objectives is measured
against key performance indicators (‘KPIs’) as set out on pages 4 and
5. The primary KPI against which shareholders’ returns are measured
is a composite benchmark weighted 80 per cent to the EMIX Global
Mining Index (sterling adjusted) and 20 per cent to the Credit Suisse
High Yield Index (sterling adjusted).
Viability Statement
In accordance with the provisions of the AIC Code, the Directors have
assessed the viability of the Company over a period longer than the
12 months required by the ‘Going Concern’ provision. The Board
conducted this viability review for a period of three years, such
timeframe being deemed most appropriate to the cycles within which
the Company’s investee companies operate and the sectors of the
economy in which the portfolio is concentrated. The Board continues
to consider that this period also reflects the long term objectives of
the Company, being a Company with no fixed life, whilst taking into
account the impact of uncertainties in the markets.
As discussed throughout the Strategic Review and this Annual Report
as a whole, the Directors monitor and discuss any effects of the
conflict in Ukraine, inflation rises and any longstanding implications
of the Covid-19 pandemic on the Company’s investment strategy,
outlook and financial position. This monitoring has considerably
informed the Directors’ viability assessment and statement this year.
However, the Directors do not expect there to be any significant
change to the current principal risks facing the Company.
Furthermore, the Directors do not envisage any change in strategy
which would prevent the Company from operating over the three year
period.
This is based on the assumption that there are no significant changes
in market conditions or the tax and regulatory environment that could
not reasonably have been foreseen. The Board also considers the
annual continuation vote should not be a factor to affect the three
year period given the ongoing support of major shareholders.
In making this statement the Board: (i) considered the continuation
vote to be proposed at the Annual General Meeting which the Board
considers will be voted in favour of by shareholders; and (ii) carried
out a robust assessment of the principal risks facing the Company.
These risks and their mitigations are set out on pages 14 to 16. The
principal risks identified as most relevant to the assessment of the
viability of the Company were those relating to a future macro-event
likely to have a material impact on the financial position of the
Company and the potential under-performance of the portfolio and its
effect on the ability to pay dividends. When assessing these risks the
Directors have considered the risks and uncertainties facing the
Company in severe but reasonable scenarios, taking into account the
controls in place and mitigating actions that could be taken.

18
CQS NATURAL RESOURCES GROWTH AND INCOME PLC ANNUAL REPORT 30 JUNE 2022
Strategic Report Strategic Review
When considering the risk of under-performance, the Board carried
out a series of stress tests and detailed financial modelling including
in particular the effects of any substantial future falls in investment
value on the ability to re-pay and re-negotiate borrowings, potential
breaches of loan covenants and the maintenance of dividend
payments. The Company has a loan facility in place to provide gearing
until September 2023. The Board believes that the Company will be
able to renew the facility at that time. Should the facility not be able to
be refinanced the Board believes any outstanding amount can be
repaid in an orderly fashion through liquidating investments without
significant investor detriment.
The Board considered the Company’s portfolio and concluded that the
diverse nature of investments held gives stability and liquidity along
with flexibility to be able to react positively to market and political
forces outside of the Board’s control.
The Board also considered the impact of potential regulatory change
and the controls in place surrounding significant third party providers,
including the fund manager.
The Board also noted the liquidity risk in the portfolio where the
percentage of Level 1 listed investments held at the year end was
83.4%.
The Scotiabank loan had expired on 17 September 2021 but new
terms have been agreed for a further two years until 17 September
2023.
Based on the Company’s processes for monitoring investment
revenue and costs, with the use of frequent revenue forecasts, and
the Investment Manager’s compliance with the investment objective
and policies, the Directors have concluded that there is a reasonable
expectation that the Company will be able to continue in operation
and meet its liabilities as they fall due for a period of three years from
the date of approval of this Report.
Performance Measurement and
Key Performance Indicators (“KPI’s”)
The Board uses a number of performance measures to assess the
Company’s success in meeting its objectives. The tables and data on
page 5 show how the Company has performed against those KPIs,
and a glossary of terms and alternative performance measures is
included on page 61. The KPI’s used to measure progress and
performance over time, and which are comparable to those reported
by other investment trusts are as follows:
Investment Performance
To assess investment performance, the Board monitors the net asset
value (NAV) performance of the ordinary shares relative to that of its
benchmark index. The Company invests principally in equity-related
investments in companies, usually mid and small cap companies, with
a wide range of commodity exposures as well as a number of fixed
interest securities. After investigation the Board has concluded that
there are no indices truly representative of the Company’s diversified
small and mid-cap commodities equity focus or its high-yielding
securities portfolio. It has therefore chosen an approximate composite
proxy, being 80 per cent of the EMIX Global Mining Index (sterling
adjusted) and 20 per cent of the Credit Suisse High Yield Index
(sterling adjusted). Given that only a very small proportion of the
Company’s portfolio overlaps with the composite benchmark,
Shareholders should expect a significant degree of convergence away
from the benchmark return.
The performance of the NAV and composite benchmark are shown in
the graphs on page 4 with statistics also shown on page 5.
NAV and Share Price Performance
Net Asset Value Total Return and
Share Price Total Return v Composite Index
0
50
100
150
200
250
300
CQS Natural Resources Growth and Income plc net asset value total return
Composite Index total return
CQS Natural Resources Growth and Income plc share price total return
Jun
22
Mar
22
Dec
21
Sep
21
Jun
21
Mar
21
Dec
20
Sep
20
Jun
20
Mar
20
Dec
19
Sep
19
Jun
19
Mar
19
Dec
18
Sep
18
Jun
18
Mar
18
Dec
17
Sep
17
Jun
17
Source: BNP Paribas S.A., Jersey Branch
• Dividends per share
The Board currently intends to at least maintain the level of dividend
paid by the Company in recent years in future years. The continuing
ability of the Company to do so is monitored on a quarterly basis.
During the year under review dividends per share totalling 5.60
pence per share were declared (2021: 5.60 pence).
• Ongoing charges
The ongoing charges are a measure of the total expenses incurred
by the Company expressed as a percentage of the average
shareholders’ funds over the year. The Board regularly reviews the
ongoing charges and monitors all Company expenses. For the year
under review ongoing charges were 1.7% (2021: 1.8%).
These KPIs fall within the definition of “Alternative Performance
Measures” (APMs) under guidance issued by the European Securities
and Markets Authority (ESMA) and additional information explaining
how these are calculated is set out in the Glossary on page 61.
The Directors have carefully selected these KPIs as in their view these
combine to provide the most appropriate measures of performance,
both in terms of managing the business and presentation to
shareholders and stakeholders. The Board is satisfied that
performance against each measure has been satisfactory in the
context of the events in the financial year. Further information
regarding forward looking assessments for the KPIs can be found in
the Chairman’s Statement and Investment Manager’s Review.
Future Prospects
The Chairman’s Statement on page 6 and the Investment Manager’s
Review on pages 7 to 8 include a review of developments during the
year as well as information on investment activity within the
Company’s portfolio and the factors likely to affect the future
performance of the Company.
Strategic Review (continued)

19
ANNUAL REPORT 30 JUNE 2022 CQS NATURAL RESOURCES GROWTH AND INCOME PLC
Strategic Review Strategic Report
Social, Community, Employee Responsibilities
and Environmental Policy
The Directors recognise that their first duty is to act in the best financial
interests of the Company’s shareholders and to achieve good financial
returns against acceptable levels of risk, in accordance with the
objectives of the Company.
In asking the Company’s Investment Manager to deliver against these
objectives, the Directors have also requested that the Investment
Manager take into account the broader social, ethical and environmental
issues of all companies within the Company’s portfolio, acknowledging
that companies failing to manage these issues adequately run a long
term risk to the sustainability of their businesses.
More specifically, to access capital they now expect companies to
demonstrate ethical conduct, effective management of their
stakeholder relationships, responsible management and mitigation
of social and environmental impacts, as well as due regard for wider
societal issues. The Investment Manager is increasingly expected to
engage with investee companies around these themes, in line with
the expectations of the UK Stewardship Code.
The Company’s Investment Manager, CQS (UK) LLP, has in turn stated
that they view environmental, social and governance (“ESG”) factors
as a key driver of financing costs, valuations and performance, while
also being capable of acting as a lever to shape and influence the
world for generations to come. The integration and assessment of
ESG factors is a crucial part of this commitment, and a key factor in
their decision-making. Through embedding ESG into the investment
process the Investment Manager seeks to enhance their ability to
identify value, investment opportunities and, critically, to generate the
best possible returns for their clients. CQS (UK) LLP as signatory to
the internationally recognised Principles for Responsible Investment
(“PRI”), fully supporting all of the PRIs.
As an investment trust with its current structure the Company has no
direct social, community, employee or environmental responsibilities
of its own.
Modern Slavery Act 2015
As an investment vehicle the Company does not provide goods or
services in the normal course of business and does not have customers.
Accordingly, the Directors consider that the Company does not fall
within the scope of the Modern Slavery Act 2015 and is not, therefore,
obliged to make a slavery and human trafficking statement.
Board Diversity
Details of the Directors of the Company on 30 June 2022, all of whom
(with the exception of Paul Cahill) held office throughout the year are
set out on page 24.
The Board consists of three male Directors and two female Directors,
which represents a gender diversity ratio of 40% and means
composition of the Board already exceeds the expectations of Lord
Davies’s ‘Women on Boards’ review.
The Board acknowledges that diversity in the Boardroom and the
workplace is also an increasingly important area of focus today for
UK business, and also a key theme of the latest update of the Code.
Whilst the current composition of the Board, which is stable, is very
diverse in terms of experience and background, it is not ethnically
diverse. The Board is committed to keeping this under review when
considering future board appointments, whilst always basing any
recruitment on merit. The Company has no directly employed staff,
however, the Board is kept informed of and monitors diversity based
policies at each of its principal third party advisors.
By order of the Board
Helen Green
Chair
31 October 2022

20
CQS NATURAL RESOURCES GROWTH AND INCOME PLC ANNUAL REPORT 30 JUNE 2022
Strategic Report Environmental, Social and Governance (“ESG”) Statement
Environmental, Social and Governance (“ESG”) Statement
Introduction
CQS Natural Resources Growth and Income plc (“the Company”) is a UK
listed investment company whose objective is to provide shareholders
with capital growth and income from a portfolio of mining and resource
equities and mining, resource, industrial and other fixed interest
securities. The Company has appointed CQS (UK) LLP (“CQS”) as its
investment manager. The Board of Directors confirms that the
Company places the highest regard to ESG factors in the investment
decision making process and this focus plays a key role in the execution
of its investment strategy. The Board recognises the importance to
society and shareholders the need to invest in companies that are
environmentally and socially responsible with clear governance
structures. The Board believes the integration of ESG factors in the
investment process provides enhanced financial returns for
shareholders through deeper, more informed investment decisions.
The Board has reviewed and agreed the ESG approach adopted by
CQS and a summary of this approach is set out below.
CQS Responsible Investment Policy incorporating
our ESG Statement
CQS is committed to operating in a responsible manner embedding
strong and clear governance, and conducting our business in a
sustainable way. In our role as an investment manager, we view ESG
factors as key drivers influencing financing costs, risk assessment
valuations and performance, while also acting as a lever to shape and
influence the world for generations to come.
The assessment, integration and engagement of ESG factors is a
crucial part of the Responsible Investment commitment across the
CQS investment platform, both in public and privately held companies,
and a key factor in our decision-making. By embedding Responsible
Investment into our investment process we enhance our ability to
identify value, investment opportunity, risk and, critically, to generate
the best possible returns and outcomes for our clients.
Our ESG process specifically looks at ESG factors through integration
in our sector research process, including modelling and internal ratings
with ESG methodologies applied to both public and private debt.
Methodologies include analysing the relative importance and risk
posed by any identified ESG issue. Research notes are stored in
accessible form and available for use across the Front Office. Discussion
and debate is encouraged during the ESG internal analysis, both
within the CQS Research team and with Portfolio Managers.
Portfolio Managers are required to consider (to an appropriate degree
having regard to their investment strategy) ESG risks as part of their
investment decision making. This includes, but is not limited to
• Environmental: Climate Change, Water Stress, Biodiversity and Land
Use, Toxic Emissions and Waste and Environment Opportunities
and other relevant sustainability risks or opportunities
• Social: Labour management, Health and Safety, Privacy and Data
Security, Stakeholder Opposition and Social Opportunities, Diversity
and relevant sustainability risks.
• Governance: Corporate Governance and Corporate Behaviour
including Ethics, Corruption, Instability, Diversity and Remuneration.
Five-Stage ESG Investment Process
Environmental, Social and Governance (ESG) Policy applies to all strategies across the CQS platform
1 2 3 4 5
Incorporate Evaluate Decide Engage Monitor
Incorporation of third-
party ESG metrics and
data into CQS’ systems
Evaluation of ESG
factors in our sector
research process
includes modelling,
analysis, internal
ratings and deployment
into our front office
systems. We
demonstrate to
companies whom we
research that CQS is
serious about ESG
Portfolio Managers
consider research
analysis as part of
investment decision
making
Changing corporate
behaviour towards
identified ESG risks and
issues may involve proxy
voting, influence or
control positions, and
ultimately making a
decision to not trade,
change exposure or exit
a position altogether
Periodic research
re-assessments
A watching brief across
news wires for developing
ESG considerations
Weekly proprietary
fund-level ESG risk
reporting for our portfolio
management and
research teams
Standards and Codes
CQS is a signatory to and/or supporter of the following:
• United Nations: Principles for Responsible Investment (“UN PRI”)
• Task Force on Climate-Related Financial Disclosures (“TCFD”)
• CDP (“CDP”, formerly Carbon Disclosure Project)
• Standards Board for Alternative Investments (“SBAI”, formerly HFSB)
• Climate Action 100+
• UK stewardship code

21
ANNUAL REPORT 30 JUNE 2022 CQS NATURAL RESOURCES GROWTH AND INCOME PLC
Environmental, Social and Governance (“ESG”) Statement Strategic Report
Specific Statement from the CQS Investment
Managers with regard to the Company
Natural resources companies are exposed to ESG risk given the
nature of their business. Companies that demonstrate social value
creation and good governance – through responsible and active ESG
management – go some way in mitigating that risk. Moreover, they
are more likely to attract capital which will differentiate them from
their peers on a relative valuation basis, a trend that we expect to
continue today and over the long term.
It is our responsibility to effectively analyse and monitor investee
companies’ financial and non¬financial (ESG) performance. ESG
disclosure is an important consideration when analysing investment
opportunities and we are committed to evolving our approach in support
of our ESG principles. We follow the CQS firm-wide five-stage ESG
investment integration process but are also guided by the following
principals which have been agreed with the Board of the Company.
• to engage directly in dialogue with companies to understand their
ESG approach, their ambition and disclosure, and to table questions
or concerns;
• to specifically question Human Rights including Indigenous Peoples;
• to use internal and third party data and ratings providers;
• to vote at shareholder meetings; and
• only as a last resort, exclude companies from our investment universe.
At the time of writing 64% of the Company’s portfolio is covered by
MSCI for their ESG rating service. MSCI have a minimum 65% threshold
before we are able to provide a meaningful MSCI ESG rating for the
portfolio. We monitor this closely and engage to try and increase the
percentage of the portfolio covered.
Company Specific Example : In the next section, we highlight one of our
recent engagements that we have had with a portfolio company to
provide a flavour of how active engagement can create positive
outcomes.
Portfolio Example
Global Copper Company
MSCI ESG Rating BBB
The Investment Manager believes that copper is the preferred metal of the green economy. The Fund has an investment in a company that owns
and operates a global portfolio of copper assets. Together with CQS’s ESG team the Investment Manager identified a number of issues that they
addressed with company management over a number of meetings. The details of the engagement are set out below and we believe that the
implementation of proposed changes will allow the company to improve its MSCI ESG rating and attract new shareholders.
Identified Issues Engagement Objectives E, S or G Progress
A Coal Fired Power Plant as the
main source of power at a new
major operation.
Better understand management’s
decision-making process during
planning of construction.
E
The company provided additional disclosure that
gave context to acquisition of the asset, decisions
made by prior ownership, and suitability of other
power sources at the time of construction.
The Company has now outlined plans to convert half
the power to renewables by 2025 and fully convert to
a mixture of natural gas and renewables by 2030.
The conversion is expected to be funded by cash flow.
All future brownfield projects will be 100%
powered by renewable energy.
While environmental measures
such as emissions, energy
usage, and water stress are
tracked annually, there are no
set targets to reduce them from
current or historical levels.
Requesting the company set
TCFD-aligned emissions targets,
as well as energy usage, and water
stress which are standardized to
output to allow for growing
production volumes.
E
In January 2022, the company formally published
absolute emissions reduction targets of 30%
reduction by 2025 and 50% by 2030. Their plans for
all future brownfield projects to use renewable energy,
as well as initiatives within mining operations such
as trolley assist to reduce fuel usage, will help them
to achieve this.
They now send their head of ESG to investor
conferences, another sign that they are taking this
very seriously.
Company does not incorporate
ESG objectives into incentive
based compensation for
management.
Using the targets mentioned in
point (2) as a first step in
incorporating ESG goals into
incentive compensation.
G
Now decarbonisation targets have been set, a next
step is to incorporate these targets into executive
remuneration.
Board Structure has been
highlighted by MSCI as needing
additional independence.
Conduct additional diligence of the
board concerns with MSCI, and if
needed suggesting the company
consider adding board seats for
independent directors and
consideration of term limits.
G
Conversations with MSCI led us to believe that Board
concerns were formulaic regarding age and tenor,
and did not warrant a request to the company to
change board composition. We have alerted the
Company to MSCI’s standards, so they can better
consider future board decisions.

22
CQS NATURAL RESOURCES GROWTH AND INCOME PLC ANNUAL REPORT 30 JUNE 2022
Strategic Report Stakeholder Interests (s. 172 statement)
Stakeholder Interests (s. 172 statement)
Stakeholder Activity or mitigation in year
Shareholders • the Board operates an investment strategy designed to deliver outperformance over the medium to longer
term, based on exposure to valuable commodity markets;
• shareholders’ rights are protected under the Company’s Articles of Association which require any proposal
that may materially change those rights to be subject to prior approval by a majority of shareholders in
general meeting; and
• shareholders are given opportunities to attend meetings with the Board and also to attend, ask questions
and vote at the Annual General Meeting of the Company.
Suppliers The Board regularly evaluates the performance of its key panel of third party professional service providers.
Community & Environment The Board’s appointed investment manager is committed to integrating environmental, social and
governance themes into both its research engagement and investment activities. CQS is also a signatory to
the Principles for Responsible Investment. These areas are further discussed on page 20.
Other
Stakeholders
• the Board seeks to maintain the highest levels of corporate governance through compliance with the
principles and provisions of both the AIC Code and, to the maximum extent practicable, the UK Code; and
• the Board is committed to responding promptly and transparently to any reputational or regulatory matter
that might arise affecting the Company, its future prospects or its investment activities.
The Board regularly reviews its responsibilities vis-à-vis section 172
of the Companies Act 2006, in conjunction with the Company Secretary.
The key areas, being only those relevant to the Company as a listed
investment trust, are applied to all relevant board decision-making:
(a) the likely consequences of any decision in the longer term;
(b) the need to foster the company’s business relationships with
suppliers, customers and others;
(c) the impact of the Company’s operations on the community and
the environment;
(d) the desirability of the Company maintaining a reputation for
high standards of business conduct; and
(e) the need to act fairly between members of the Company.
As a listed investment trust, the Directors consider the following as
supporting its approach to those key areas of these statutory
responsibilities:
Principal decisions
Set out below is the principal decision taken during the year which
the Board considers have had the greatest impact on the Company’s
long term success. The Board considers the factors outlined under
section 172 and the wider interests of stakeholders as a whole in all
decisions it takes on behalf of the Company.
Decision Stakeholder interests
Review of
Dividend policy
The Board recognises the importance
Shareholders place on the Company’s dividend
policy and is cognisant of the need to ensure the
viability of the dividend. It was agreed it was in the
best interests of the Company and Shareholders to
maintain the dividend in the year under review.
Relations with Shareholders
The Directors place a great deal of importance on communication
with shareholders. The Annual Report and Financial Statements are
widely distributed to other parties who have an interest in the
Company’s performance. Shareholders and investors may obtain up
to date information on the Company through the Investment
Manager’s website. The Company responds to letters from
shareholders on a wide range of issues.
A regular dialogue is maintained with the Company’s institutional
shareholders and with private client asset managers. Reference to
significant holdings in the Company’s ordinary shares can be found
under “Substantial Interests in the Company’s Shares” on page 26.
The Notice of the Annual General Meeting (‘AGM’) included within the
Annual Report and Accounts is sent out at least 20 working days in
advance of the AGM. All shareholders have the opportunity to put
questions to the Board or Investment Manager, either formally at the
Company’s AGM or subsequent to the meeting when teas and coffees
will be offered to shareholders if the meeting is not closed due to
pandemic restrictions. The Company Secretary is available to answer
general shareholder queries at any time throughout the year.
Purpose, Values and Culture
The Board and the Investment Manager have taken time during the
year to consider the expectations of the Code in the new areas of
corporate purpose, values and culture. Whilst of the opinion that the
Code’s requirements in these areas apply more stringently to
premium listed companies with their own operations, rather than
investment companies with limited operations, the Board have
identified the following for each on behalf of the Company:
Purpose – The Company’s purpose is defined as the Board working
collaboratively with the Investment Manager to deliver its agreed
investment approach within its chosen natural resource and mining
sectors of the global economy to generate capital growth and income
for investors, whilst cognisant of its regulatory, stakeholder and
societal responsibilities.

23
ANNUAL REPORT 30 JUNE 2022 CQS NATURAL RESOURCES GROWTH AND INCOME PLC
Stakeholder Interests (s. 172 statement) Strategic Report
Values – Given the Company’s status as a listed investment trust, and
lack of direct employees, the Company’s values are essentially those
of the Board and its interactions with its key third party advisers, which
are defined by trust, rigorous review, and foresight amongst others.
Culture – The Board emphasises open collaboration between directors
and the Company’s third party advisers to create an environment
conducive to effect decision-making. This also facilitates prompt and
appropriate response to material issues by the Board. Where necessary,
the Board challenges to ensure that performance is maintained on
behalf of investors and stakeholders.
Employees, Social, Human Rights and
Environmental Matters
As a UK listed investment trust, the Company has no direct employees
and accordingly it has no direct social or community impact and very
limited environmental impact from its operations. Nevertheless, the
Board determines that given the profile of the natural resource sectors
that the investment strategy focuses on, it is important that the
Investment Manager monitors performance across these areas,
specifically including human rights and health and safety performance,
in finalising investment decisions. The investment portfolio is also
increasingly focusing on low greenhouse gas businesses, commodities
and solutions.
Disclosure and transparency rules
Other information required to be disclosed pursuant to the Disclosure
Guidance and Transparency Rules has been placed in the Directors’
Report on pages 30 to 37 because it is information which refers to
events that have taken place during the course of the year.
By order of the Board
Helen Green
Chair
31 October 2022

24
CQS NATURAL RESOURCES GROWTH AND INCOME PLC ANNUAL REPORT 30 JUNE 2022
Directors’ Report and Governance Reports Board of Directors and Investment Manager
Board of Directors and Investment Manager
All of the Directors are non-executive and all are considered by the Board to be independent of the Investment Manager. The Board fulfils the
function of the Audit, Nomination and Management Engagement Committees.
Helen Green
Director and Chair of the Board
Length of service: 7 years – appointed a Director on 1 September
2015 and appointed Chair of the Board on 1 April 2022.
Experience: Helen is a Chartered Accountant and a director of Saffery
Champness, in Guernsey. She joined Saffery Champness in London in
1984, relocating to Guernsey in 2000.
Committee membership: Management Engagement Committee,
Nomination Committee
Remuneration: £33,000 per annum
All other public company directorships:
abrdn China Investment Company Limited
JPMorgan Global Core Real Assets Limited
Landore Resources Limited
Shared Directorships with any other Trust Directors: None
Shareholding in Company: 5,500 ordinary shares
Paul Cahill
Director
Length of service: 0 years – appointed a Director on 23 June 2022.
Experience: Paul is Chairman of the Advisory Board of Bacchus
Capital Advisers (an independent investment and merchant banking
platform focused on metals and mining); a non-executive director of
ASX-listed Ironbark Zinc Limited; and a Senior Adviser, Mineral
Resources for Mitsubishi Corporation. Paul has over 30 years of
experience in the natural resources sector, most of which with the
Anglo American Group in various senior roles including Group Head
of Business Development.
Committee membership: Audit Committee, Management
Engagement Committee, Nomination Committee
Remuneration: £25,000 per annum
All other public company directorships:
Ironbark Zinc Limited
Shared Directorships with any other Trust Directors: None
Shareholding in Company: None
Carole Cable
Director
Length of service: 5 years – appointed a Director on 1 October 2017.
Experience: Carole is a partner and co-head of the Energy and
Resources division at Brunswick Group LLP, where she advises
clients in the mining and oil/gas sector. Carole has had a 25 year
career connected to the mining and commodities sector, initially on
the sell side at JP Morgan and Credit Suisse. Carole is also a
non-executive director of Nyrstar NV, the global mining and multi
metals business, and the Chair of Women in Mining UK.
Committee membership: Audit Committee, Management
Engagement Committee, Nomination Committee
Remuneration: £25,000 per annum
All other public company directorships:
Nyrstar N.V.
Shared Directorships with any other Trust Directors: None
Shareholding in Company: None
Christopher Casey
Director and Chair of the Audit Committee
Length of service: 5 years – appointed a Director on 1 October 2017;
appointed Chair of the Audit Committee on 1 April 2022.
Experience: Christopher is currently Chairman of European Smaller
Companies Trust PLC, and a director of Black Rock North American
Income Trust PLC, Mobius Investment Trust plc, and Life Settlement
Assets PLC. Christopher was a KPMG partner until 2010. Since then
he has carried out a number of non-executive board roles including
chairman of China Polymetallic Mining Ltd.
Committee membership: Audit Committee – Chair, Management
Engagement Committee, Nomination Committee
Remuneration: £28,500 per annum
All other public company directorships:
European Smaller Companies Trust plc
BlackRock North American Income Trust Plc
Mobius Investment Trust plc
Life Settlement Assets PLC
Shared Directorships with any other Trust Directors: None
Shareholding in Company: 6,500 ordinary
Alun Evans
Director
Length of service: 8 years – appointed a Director on 26 September 2014.
Experience: Alun has worked in the investment management industry
for nearly 40 years. He began his career at Capel-Cure Myers moving
to Carr Sheppards Crosthwaite in 1990, where he became an executive
director in 1998. He joined Cheviot in 2009 as Business Development
Director, from which he retired in August 2017.
Committee membership: Audit Committee; Management Engagement
Committee; Nomination Committee
Remuneration: £25,000 per annum
All other public company directorships:
None
Shared Directorships with any other Trust Directors: None
Shareholding in Company: 10,540 ordinary shares

25
ANNUAL REPORT 30 JUNE 2022 CQS NATURAL RESOURCES GROWTH AND INCOME PLC
Board of Directors and Investment Manager Directors’ Report and Governance Reports
Investment Manager
CQS Cayman Limited Partnership (“CQS”) was appointed as the
Company’s Investment Manager in 2007 and with the agreement of the
Board, since then the function has been delegated to CQS (UK) LLP,
trading as NCIM.
NCIM, is part of the CQS Group, a global diversified asset manager,
running multiple strategies with, as at 31 August 2022, assets of
US$17.7 billion under management.
With effect from 19 May 2019, the Company entered into a new
investment management agreement to appoint CQS (UK) LLP as its
Investment Manager. The previous investment management agreement
with CQS was terminated.
Ian Francis, Keith Watson and Rob Crayfourd have day-to-day
responsibility for managing the Company’s portfolio.
Ian Francis joined the NCIM team in 2007. He has over 40 years’
investment experience, primarily in the fixed interest and convertible
spheres, and his career has included Collins Stewart, West LB
Panmure, James Capel and Hoare Govett.
Keith Watson joined the NCIM team in 2013 from Mirabaud Securities
where he was a Senior Natural Resource Analyst. Prior to Mirabaud,
Keith was Director of Mining Research at Evolution Securities.
Previous to this, he was a top-ranked business services analyst at
Dresdner Kleinwort Wasserstein, Commerzbank and Credit Suisse/
BZW. Keith began his career in 1992 as a portfolio manager and
research analyst at Scottish Amicable Investment Managers. Keith
has a BSc (Hons) in Applied Physics from Durham University.
Robert Crayfourd joined the NCIM team in 2011. He holds a BSc in
Geological Sciences from the University of Leeds and is a CFA holder
with over 13 years’ experience, having previously worked for the
Universities Super Annuation Scheme and HSBC Global Asset
Management where he focused on the resource sector.
Alternative Investment Fund Managers Directive
(AIFMD)
The Company has appointed CQS (UK) LLP, a subsidiary of CQS, as the
Company’s alternative investment fund manager (“AIFM”). The AIFM
has received its approval from the FCA to act as AIFM of the Company.
A requirement of the AIFMD is for the Company to appoint a
depositary, which will oversee the custody and cash arrangements
and other AIFMD required depositary responsibilities. The Board
appointed BNP Paribas on 15 September 2020 to act as the
Company’s depositary.
As part of the process the investment management agreement was
updated and builds in the regulatory requirements arising as a result
of the appointment of the AIFM.
Further AIFMD disclosures are shown on page 65.
The Directors present their Annual Report and the audited financial
statements for the year ended 30 June 2022. The financial statements
have been prepared in accordance with United Kingdom Accounting
Standards, including Financial Reporting Standard 102, and the
relevant provisions of the Companies Act, 2006.
Corporate Governance
The Statement of Corporate Governance is set out on pages 31 to 33
and forms part of this Report.
Principal Activity and Status
The Company is registered as a public limited company in terms of the
Companies Act 2006 (number: 02978531). It is an investment company
as defined by Section 833 of the Companies Act 2006. It carries on the
business of an investment trust and has been approved under Sections
1158 and 1159 of the Corporation Tax Act 2010 by HM Revenue and
Customs as such, subject to continuing to meet eligibility requirements.
The Directors are of the opinion that the Company has conducted its
affairs in a manner compliant with the conditions for continued
approval and intends to continue to do so.
The Company has a premium listing on the London Stock Exchange,
within the Financial Services sector, and is identified by the TIDM or
ticker symbol ‘CYN’. The Company’s ISIN is GB0000353929 and
SEDOL is 0035392.
As an investment company that is managed and marketed in the
United Kingdom, the Company is an Alternative Investment Fund
(“AIF”) falling within the scope of, and subject to, the requirements
of the Alternative Investment Fund Managers Directive (“AIFMD”).
Further details are provided in the AIFMD Disclosures on page 65.
The Company’s shares are eligible for inclusion in a New Individual
Savings Account (NISA). The Company is a member of the Association
of Investment Companies (‘AIC’).

26
CQS NATURAL RESOURCES GROWTH AND INCOME PLC ANNUAL REPORT 30 JUNE 2022
Directors’ Report and Governance Reports Directors’ Report
Directors’ Report
Results and Dividends
Details of the Company’s results and dividends paid are shown on
page 37 of this Report.
Dividend Policy
Subject to market conditions and the Company’s performance, financial
position and financial outlook, it is the Directors’ intention to pay an
attractive level of dividend income to Shareholders on a quarterly basis.
The Company intends to continue to pay all dividends as interim
dividends. A resolution to approve this dividend policy will be proposed
at the Annual General Meeting (‘AGM’).
Directors
Biographical details of the Directors, all of whom are non-executive,
can be found on page 24.
Mr R Prickett resigned from the Board effective on the 31 March 2022
with Mrs H Green assuming the position of Chair of the Board and
Mr C Casey taking over the role of Audit Chair. Mr P Cahill was
subsequently appointed to the Board on 23 June 2022 following an
extensive recruitment process undertaken using an independent
recruitment agency.
As explained in more detail under Corporate Governance on pages 31
to 33, the Board has agreed that all Directors will retire annually.
Mrs H Green, Ms C Cable, Mr P Cahill, Mr C Casey, Mr A Evans, will
retire at the Annual General Meeting and, being eligible, offer
themselves for re-election for a further year.
The Directors believe that each of the Directors brings a significant
range of business, financial and management skills and experience
to the Company and enable the Board to provide effective strategic
leadership and proper guidance of the Company. The Board confirms
that, following the annual evaluation process set out in the Corporate
Governance Statement on page 31 the performance of each of these
Directors continues to be effective and demonstrates commitment to
the role. The Board therefore believes that it is in the interests of
shareholders that these Directors are re-elected.
None of the Directors is entitled to compensation for loss of office on
the takeover of the Company. None of the Directors has a service
contract with the Company.
The Directors exercise the powers conferred by the Company’s Articles
of Association and UK Company Law to manage the Company’s
interest for the benefit of shareholders and stakeholders. Further
information regarding the proposed changes to those authorities this
year can be found on page 30.
Directors and Officers Insurance
The Company has a Directors and Officers insurance policy in respect
of liabilities that may attach to them in their capacity as Directors of
the Company. This covers any liabilities that may arise to a third party
for negligence, default or breach of trust or duty. This policy has been
in force throughout the year under review and remains in place as at
the date of this report. For more information see note 4.
Conflicts of Interest
The Board has a procedure for identifying, reporting and addressing
conflicts of interest, or potential conflicts. It considers that the
procedure has worked effectively during the year under review and
intends to continue to review all notified situations on an annual basis.
Directors’ Remuneration Policy and Report
The Directors’ Remuneration Report is set out on pages 36 and 37. An
advisory ordinary resolution to approve the report will be put to
shareholders at the Company’s AGM. The Company is also required
to put the Directors’ Remuneration Policy to a binding shareholder
vote on a triennial basis. The Remuneration Policy was approved by
shareholders at the AGM held in 2021 and will continue to apply for
the next financial year to 30 June 2023.
Directors’ responsibilities
The Directors’ responsibilities in preparing these financial statements
are stated on page 30.
Capital Structure
As at 30 June 2022 there were 66,888,509 ordinary shares of 25 pence
each in issue. The ordinary shares give shareholders the entitlement
to all of the capital growth in the Company’s net assets and to all the
Company’s income that is resolved to be distributed.
Substantial Interests in the Company’s Shares
In accordance with the FCA’s Disclosure and Transparency Rule
5.1.2R as at 30 June 2022, the Company had received the following
notifications of interests in 3% or more of the voting rights attached to
the Company’s issued share capital.
The Company has not been advised of any changes to these notified
interests between 30 June 2022 and the date of this report.
Substantial Interests
Ordinary shares Number held % held
Hargreaves Lansdown
Asset Mgt 14,672,409 21.94
Interactive Investor 11,121,210 16.63
A J Bell Securities 6,004,616 8.98
Charles Stanley 4,164,232 6.23
Armstrong Investments 4,125,000 6.17
HSDL, stockbrokers 2,238,319 3.35
Barclays Smart Investor 2,143,139 3.20

27
ANNUAL REPORT 30 JUNE 2022 CQS NATURAL RESOURCES GROWTH AND INCOME PLC
Directors’ Report Directors’ Report and Governance Reports
Management and Management Fees
As part of its strategy for achieving its objectives, the Board has
delegated the management of the investment portfolio to CQS (UK) LLP,
trading as New City Investment Managers (NCIM), with Ian Francis,
Keith Watson and Rob Crayfourd as the portfolio managers.
The Board keeps under review the appropriateness of the Investment
Manager’s appointment. In doing so the Management Engagement
Committee considers the investment performance of the Company
and the capability and resources of the Investment Manager to deliver
satisfactory investment performance. It also considers the length of the
notice period of the investment management contract and the fees
payable to the Investment Manager, together with the standard of the
other services provided. The Directors are satisfied with the Investment
Manager’s ability to deliver satisfactory investment performance, and
the quality of other services provided. It is therefore their opinion that
the continuing appointment of the Investment Manager on the terms
agreed is in the interests of shareholders as a whole.
Since 3 April 2018 the Company’s annual management fee has been
1.2 per cent on net assets up to £150 million; 1.1 per cent on net
assets above £150 million and up to £200 million; 1.0 per cent on net
assets above £200 million and up to £250 million; and, 0.9 per cent on
net assets above £250 million.
The administration of the Company has been delegated to BNP
Paribas S.A., Jersey Branch. Equiniti act as the Company’s share
registrar.
Change of Control
There are no agreements which the Company is party to that might
be affected by a change of control of the Company.
Exercise of Voting Powers
The Investment Manager, in the absence of explicit instruction from the
Board, is empowered to exercise discretion in the use of the Company’s
voting rights in respect of investee companies. The underlying aim of
exercising such voting rights is to protect the return from an investment.
Principal risks
The key risks faced by the Company are set out in the Strategic Review
on pages 14 to 16. The Board and Audit Committee regularly review
the Company’s emerging and principal risks and consider related
changes in the Company’s risk profile.
Since 2004, shareholders have been given the opportunity to vote on
an Ordinary Resolution to continue the Company as an investment
trust at each Annual General Meeting of the Company.
Such a resolution has been proposed as Resolution 11 within the
notice of Annual General Meeting on pages 62 to 63. The Directors
recommend that shareholders vote in favour of continuation, as they
intend to do so in respect of their own beneficial shareholdings.
Discussions with the Company’s significant shareholders also
suggest their support for the continuation vote, as in previous years. If
the resolution is not passed, the Board will put forward proposals to
liquidate, open-end or otherwise reconstruct the Company.
After making enquiries of the Company’s Investment Manager, and
having considered the Company’s investment objective, nature of the
investment portfolio and expenditure projections, the Directors
consider that the Company has adequate resources to continue in
operational existence for the foreseeable future. For this reason, and
in light of the Company’s long term investment record, the Directors
are satisfied that it is appropriate to adopt the going concern basis in
preparing the accounts, notwithstanding that the Company is subject
to an annual continuation vote as described above.
In forming this opinion, the Directors spent considerable time during
the financial year, together with the Investment Manager, reviewing
the conflict in Ukraine, inflation rises and any longstanding
implications of the Covid-19 pandemic for the Company’s financial
position, liquidity, investment strategy and dividend policy. The
Investment Manager also kept the Board regularly updated as to the
implications for the portfolio investee companies where these had
been disclosed.
These regular reviews established that the global pandemic now has
a reduced impact on the Company’s portfolio of investee companies,
many of which have now restarted production after previous
restrictions. The Company’s dividend income streams have improved
over the last 12 months and the Board believes that the Company is
well placed to withstand the wider economic effects of the Ukraine
conflict and any ongoing effects of the pandemic. The Board were
therefore comfortable to declare the fourth quarterly interim dividend
payment, to be drawn from the Company’s strong reserves, and also
firmly feel it is appropriate to adopt the going concern basis as at 30
June 2022.
The Company has renewed its unsecured loan facility with Scotiabank
Europe Plc (“Scotiabank”) for a further two years following its expiry
on the 17 September 2021.

28
CQS NATURAL RESOURCES GROWTH AND INCOME PLC ANNUAL REPORT 30 JUNE 2022
Directors’ Report and Governance Reports Directors’ Report
Financial Statements
The Directors’ responsibilities regarding the financial statements and
safeguarding of assets are set out on page 30.
Streamlined Energy and Carbon Reporting
The Company is categorised as a lower energy user under the HMRC
Environmental Reporting Guidelines March 2019 and is therefore not
required to make the detailed disclosures of energy and carbon
information set out within the guidelines. The Company’s energy and
carbon information is therefore not disclosed in this report.
Global Greenhouse Gas Emissions
The Company has no greenhouse gas emissions to report from its
operations for the year ended 30 June 2022 (as per the prior year),
nor does it have responsibility for any other emissions producing
sources under the Companies Act 2006 (Strategic Report and
Directors’ Reports) Regulations 2013 (including those within the
underlying investment portfolio). The Company’s approach with
regard to the environmental standards and performance of investee
companies is discussed in more detail in the section headed
Stewardship Code on page 32.
Listing Rule 9.8.4
Listing Rule 9.8.4 requires the Company to include certain information
in a single identifiable section of the Annual Report or a cross-reference
table indicating where the information is set out. The Directors
confirm that there were no disclosures to be made in this regard.
Annual General Meeting
The Notice of the Annual General Meeting is contained on pages 62
to 64.
Continuation Vote
The Directors are required to propose an Ordinary Resolution at the
forthcoming Annual General Meeting that the Company shall continue
in being an investment trust. Accordingly, the Directors are proposing
Resolution 11, as an Ordinary Resolution.
Resolutions relating to the following items of special business will
also be proposed at the forthcoming AGM.
Directors’ Authority to Allot Shares
The Directors are seeking authority to allot shares. Resolution 12 will,
if passed, authorise the Directors to allot new shares up to an
aggregate nominal amount of £1,672,000 per annum being 10 per
cent of the total issued shares as at the date of the Notice of the
Annual General Meeting.
In response to the shareholder vote at the 2021 AGM, the Board clarifies
and reconfirms that it would not, under any ordinary circumstance,
seek to issue shares at a discount to net asset value per share. In the
unlikely circumstance that the Directors consider such an action to be
in the interests of shareholders, it would seek a specific enabling, or
ratifying, authority to do so from shareholders.
Authority to disapply pre-emption rights
Resolution 13, which is a Special Resolution, will, if passed, renew
the Directors’ existing authority to make allotments of shares or sell
shares from treasury for cash without first offering them to existing
holders in proportion to their existing holdings.
Resolution 13 authorises the Directors to allot new ordinary shares
for cash or to sell shares held by the Company in treasury, otherwise
than to existing shareholders on a pro rata basis up to an aggregate
nominal amount of £836,100 which is equivalent to 3,344,405 ordinary
shares and represents 5% of the Company’s ordinary share capital as
at the date of the Notice of Annual General Meeting.
These authorities will continue in effect until the conclusion of the
Annual General Meeting in 2023. The Directors do not have any
immediate plans to issue further ordinary shares in the Company.
Directors’ Authority to Buy Back Shares
The Company did not purchase any shares for cancellation during
the year.
Resolution 14, as set out in the notice of the Annual General Meeting,
seeks renewal of the Company’s authority to purchase its own shares.
The renewed authority to make market purchases will be in respect
of 10,026,525 ordinary shares being approximately 14.99 per cent of
the issued ordinary shares of the Company in issue as at the date of
the Annual General Meeting.
The price paid for the shares will not be less than the nominal value
of 25p per share nor more than the higher of (i) 105 per cent of the
average middle market quotations taken from and calculated by
reference to the London Stock Exchange Daily Official List for the five
business days immediately preceding the day on which the Ordinary
Share is contracted to be purchased or (ii) the price of the last
independent trade or (iii) the highest current independent bid. This
power will only be exercised if, in the opinion of the Directors, a
purchase would result in an increase in net asset value per share and
be in the interests of the shareholders as a whole. Any shares
purchased under this authority will be cancelled immediately on
completion of the purchase or held in treasury. The Directors have no
current intention of utilising this authority. This authority will expire at
the conclusion of the Annual General Meeting of the Company in 2023.
Notice of Meeting
Resolution 15, which is a Special Resolution, will be proposed to
authorise the Directors to call general meetings of the Company
(other than Annual General Meetings), on 14 clear days’ notice.
The Company will also need to meet the Companies Act 2006
requirements for electronic voting before it may call a general
meeting on 14 clear days’ notice. The Directors confirm that, in the
event that a general meeting is called, they will give as much notice
as is practicable and will only utilise the authority granted by
Resolution 15 in limited and time sensitive circumstances.
Directors’ Report (continued)

29
ANNUAL REPORT 30 JUNE 2022 CQS NATURAL RESOURCES GROWTH AND INCOME PLC
Directors’ Report Directors’ Report and Governance Reports
Recommendation
Your Board considers the passing of the resolutions to be proposed at
the Annual General Meeting is likely to promote the success of the
Company for the benefit of its members as a whole and are in the
best interests of the Company and its shareholders as a whole.
Accordingly, the Directors unanimously recommend that
shareholders should vote in favour of the resolutions, as they intend
to do in respect of their own beneficial shareholdings.
Disclosure of Information to the Auditor
As required by Section 418 of the Companies Act 2006 each of the
Directors who held office at the date of approval of this Directors’
Report confirm that, so far as each of the Directors is aware, there is
no relevant information of which the Company’s auditors are unaware
and the Directors have taken all the steps that they ought to have
taken as Directors to make themselves aware of any relevant audit
information and to establish that the Company’s auditors are aware of
that information.
Independent Auditors
The Auditor, BDO LLP is willing to continue in office as the Auditor
and a resolution to reappoint BDO LLP and authorise the Directors to
determine the Auditor’s remuneration for the ensuing year, will be
proposed at the Annual General Meeting.
By Order of the Board
Helen Green
Chair
31 October 2022

30
CQS NATURAL RESOURCES GROWTH AND INCOME PLC ANNUAL REPORT 30 JUNE 2022
Directors’ Report and Governance Reports Statement of Directors’ Responsibilities
Statement of Directors’ Responsibilities
The Directors are responsible for preparing the Annual Report and the
financial statements in accordance with applicable law and regulation.
Company Law requires the Directors to prepare financial statements
for each financial year. Under that law the Directors have prepared
the financial statements in accordance with United Kingdom
Generally Accepted Accounting Practice (United Kingdom Accounting
Standards, comprising FRS 102 “The Financial Reporting Standard
applicable in the UK and Republic of Ireland”, and applicable law).
Under Company Law the Directors must not approve the financial
statements unless they are satisfied that they give a true and fair view
of the state of affairs of the Company and of the profit or loss of the
Company for that year. In preparing the financial statements, the
Directors are required to:
• select suitable accounting policies and then apply them consistently;
• state whether applicable United Kingdom Accounting Standards,
comprising FRS 102, have been followed, subject to any material
departures disclosed and explained in the financial statements;
• make judgements and accounting estimates that are reasonable
and prudent;
• prepare the financial statements on the going concern basis unless
it is inappropriate to presume that the Company will continue in
business; and
• prepare a directors’ report, a strategic report and a directors’
remuneration report which comply with the requirements of the
Companies Act 2006.
The Directors are responsible for safeguarding the assets of the
Company and hence for taking reasonable steps for the prevention
and detection of fraud and other irregularities.
The Directors are also responsible for keeping adequate accounting
records that are sufficient to show and explain the Company’s
transactions and disclose with reasonable accuracy at any time the
financial position of the Company and enable them to ensure that the
financial statements and the Directors’ Remuneration Report comply
with the Companies Act 2006.The Directors are responsible for the
maintenance and integrity of the Company’s website. Legislation in
the UK governing the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions.
Website publication
The directors are responsible for ensuring the annual report and the
financial statements are made available on a website. Financial
statements are published on the Company’s website in accordance
with legislation in the UK governing the preparation and
dissemination of financial statements, which may vary from
legislation in other jurisdictions. The maintenance and integrity of the
Company’s website is the responsibility of the directors. The
Directors’ responsibility also extends to the ongoing integrity of the
financial statements contained therein.
Directors’ confirmations
The Annual Report includes a fair review of the development and
performance of the business and the financial position of the
Company, together with a description of the principal risks and
uncertainties that they face.
The Directors consider that the annual report and accounts, taken
as a whole, is fair, balanced and understandable and provides the
information necessary for shareholders to assess the Company’s
position and performance, business model and strategy.
In the case of each Director in office at the date the Director’s Report
is approved:
• so far as the Director is aware, there is no relevant audit
information of which the Company’s auditors are unaware; and
• they have taken all the steps that they ought to have taken as a
Director in order to make themselves aware of any relevant audit
information and to establish that the Company’s auditors are aware
of that information
On behalf of the Board
Helen Green
Chair
31 October 2022

31
ANNUAL REPORT 30 JUNE 2022 CQS NATURAL RESOURCES GROWTH AND INCOME PLC
Statement of Corporate Governance Directors’ Report and Governance Reports
Statement of Corporate Governance
Introduction
The UK Listing Authority requires all listed companies to describe how
they have complied with the principles of the UK Corporate Governance
Code published in 2018 (“the UK Code”), which is available on the
Financial Reporting Council’s website: www.frc.org.uk. The UK Code
covers in particular the annual reappointment of Directors, Board
diversity, external evaluation, the Board’s responsibilities in relation
to risk, and a clear explanation of business model and strategy.
The Association of Investment Companies also published a Code of
Corporate Governance (“AIC Code”), in February 2019, and a Corporate
Governance Guide for Investment Companies (“AIC Guide”) which are
available on the AIC’s website: www.theaic.co.uk. The AIC Code, as
explained by the AIC Guide, addresses all of the principles set out in
Section 1 of the UK Governance Code, as well as setting out additional
principles and recommendations on issues that are of specific
relevance to investment companies.
The Company has reported performance against the 2018 version of
the Code and the 2019 version of the AIC Code, which considerably
focus board’s governance considerations on their company’s purpose,
culture, values, people where applicable, diversity and the integration
of each of these thematic principles.
Statement of Compliance
The Board has considered the principles and recommendations of
both the UK Code and the AIC Code and believes that the Company
has complied with the applicable provisions throughout the year
under review and up to the date of this report except as below.
The UK Code includes provisions relating to:
• The role of the chief executive;
• Executive directors’ remuneration, including formation of a separate
board committee and appointment of a remuneration consultant;
• The need for an internal audit function, including controls
framework; and
• The appointment of a Senior Independent Director.
As the AIC Code acknowledges in setting out additional provisions
relevant to the industry, the above exceptions are not believed to be
automatically relevant to externally managed investment companies.
The directors, having regularly reviewed the Company’s compliance,
are therefore comfortable that the Company applies in full with both
the UK Code and the AIC Code. This report further describes how this
compliance is achieved.
The Board
The Chair is responsible for the leadership of the Board and ensuring
its effectiveness on all aspects of its role. Given the size and composition
of the Board it is not felt necessary to appoint a Senior Independent
Director. All Directors, are considered by the Board to be independent
of the Investment Manager. Each of the Directors is independent in
character and judgement and, there are no relationships, or
circumstances which the Board considers likely to affect the
judgement of the independent Directors.
New Directors receive an induction from the Company Secretary in
good time after joining the Board, and all Directors receive other
relevant training as necessary on an ongoing basis.
The Board takes the view that independence is not compromised by
length of tenure and that experience and continuity can add significantly
to the Board’s strength.
During the year ended 30 June 2022 the Board met seven times. In
addition, there were four Audit Committee meetings, two Management
Engagement Committee meetings, and two Nomination Committee
meetings. Between meetings the Board maintains regular contact
with the Investment Manager. Two additional meetings were held
where a committee was formed for the signing of loan documents
and signing of the accounts.
Directors have attended Board and Committee meetings during the
year ended 30 June 2022 as follows (with their eligibility to attend the
meeting in brackets).
Audit
Committee
Management
Engagement
Committee
Nomination
Committee
Board
Meeting
R Pricket
1
– 1(1) 1(1) 2(3)
Helen Green
2
3 (3) 2(2) 2(2) 7(7)
C Cable 4 (4) 2(2) 2(2) 7(7)
P Cahill
3*
– – – –
C Casey 4(4) 2(2) 2(2) 7(7)
A Evans 4(4) 2(2) 2(2) 6(7)
1
Retired 31 March 2022.
2
Appointed as Chair 31 March 2022.
3
Appointed to the Board 23 June 2022.
4
Appointed as Chair of the Audit Committee 31 March 2022.
*
Attended as a spectator.
The Board has a schedule of matters reserved to it for decision and the
requirement for Board approval on these matters is communicated
directly to the senior staff of the Investment Manager. Such matters
include strategy, borrowings, treasury and dividend policy. Full and
timely information is provided to the Board to enable the Directors to
function effectively and to discharge their responsibilities. The Board
also reviews the financial statements, performance and revenue budgets.
The Board has put in place necessary procedures to conduct, on an
annual basis, an appraisal of the Chairman of the Board as well as
a performance evaluation of the Board as a whole, the individual
Directors and the Board Committees. This was conducted through a
questionnaire and discussions based assessment process. The
Chairman regularly reviews and agrees with each Director their
training and development needs. The annual evaluation of the Board and
the Directors has been completed and the Directors have concluded
that the Board continues to function effectively and individually.
The Board has reviewed the Chairman’s and Directors’ other
commitments and is satisfied that the Chairman and other Directors
are capable of devoting sufficient time to the Company.
There is an agreed procedure for Directors to take independent
professional advice if necessary and at the Company’s expense.
This is in addition to the access which every Director has to the advice
and services of the Company Secretary, BNP Paribas S.A., Jersey
Branch, which is responsible to the Board for ensuring that Board
procedures are followed and that applicable rules and regulations are
complied with.
The Board has reviewed the Company’s internal controls and principal
risks and uncertainties. These are described in the Strategic Report
on pages 14 to 16.

32
CQS NATURAL RESOURCES GROWTH AND INCOME PLC ANNUAL REPORT 30 JUNE 2022
Directors’ Report and Governance Reports Statement of Corporate Governance
Committees of the Board
The Board has three principal committees: the Audit Committee, the
Management Engagement Committee and the Nomination Committee.
The terms of reference for these committees are available via the
Company Secretary.
A separate remuneration committee has not been established as the
Board consists of only five non-executive directors. The whole Board
is responsible for setting directors’ fees in accordance with the
Remuneration Policy set out on page 36, which is subject to periodic
shareholder approval.
Audit Committee
The Audit Committee comprises all directors, with the exception of
the Chair of the Board, and is Chaired by Christopher Casey. Further
details are provided in the Report of the Audit Committee on pages 34
and 35.
Management Engagement Committee
A separate Management Engagement Committee, which is chaired by
Mrs Green and comprises the full Board, has been established. The
Management Engagement Committee annually reviews matters
concerning the management contract which exists between the
Company and the Investment Manager. Details of the Management
Agreement are shown in note 3 to the financial statements.
Nomination Committee
The Nomination Committee is chaired by Mrs Green and comprises
the full Board. Possible new Directors are identified against the
requirements of the Company’s business and the need to have a
balanced Board. The Terms of Reference of the Nomination Committee
are available on request. External search consultants may be used to
assist in the appointment of new Directors.
Every Director is entitled to receive appropriate training as deemed
necessary. A Director appointed during the year is required, under the
provisions of the Company’s Articles of Association, to retire and seek
election by shareholders at the next Annual General Meeting. In 2011,
the Board decided that all Directors would retire annually and, if
appropriate, seek re-election.
Stewardship Code
The Financial Reporting Council (“FRC”) published “The UK Stewardship
Code” (“Code”) for institutional shareholders in September 2012. The
purpose of the Code is to enhance the quality of engagement between
institutional investors and companies to help improve long-term returns
to shareholders and the efficient exercise of governance responsibilities.
The FRC is encouraging institutional investors to make a statement of
their commitment to the Code. The Board has delegated responsibility
for actively monitoring the activities of investee companies to the
Investment Manager. The Investment Manager is responsible for
reviewing, on a regular basis, the annual reports, circulars and other
publications produced by the investee companies, and for attending
company meetings. This includes environmental, social and governance
matters, as further discussed on page 20. The Investment Manager,
in the absence of explicit instruction from the Board, is empowered to
use discretion in the exercise of the Company’s voting rights.
The Investment Manager’s policy is to assess each voting opportunity
individually and to vote only in cases where it is believed that the
Company’s best interests need to be protected. The Board has
reviewed, and endorses, the Investment Manager’s Statement of
Compliance with the Code, which appears on the Investment
Manager’s website, at www.ncim.co.uk.
The Board receives reports from the Investment Manager on the
exercise by the Investment Manager of the Company’s voting rights.
Bribery Prevention
The Board confirms it has zero tolerance to bribery and corruption in
its business activities and take its responsibility to prevent bribery
very seriously.
Criminal Finances Act 2017
In line with the requirements of The Criminal Finances Act 2017, the
Directors confirm that the Company has a commitment to zero
tolerance towards the criminal facilitation of tax evasion.
Principal decisions
The principal decisions set out on page 22 outlines decisions taken
during the year which the Board considers have the greatest impact
on the Company’s long term success. The Board considers the factors
outlined under section 172 and the wider interests of stakeholders as
a whole in all decisions it takes on behalf of the Company.
Review of Dividend Policy
The Board recognises the importance Shareholders place on the
Company’s dividend policy and is cognisant of the need to ensure the
viability of the dividend. It was agreed it was in the best interests of
the Company and Shareholders to maintain the dividend in the year
under review.
Relations with Shareholders
The Directors place a great deal of importance on communication
with shareholders. The Annual Report and Financial Statements
are widely distributed to other parties who have an interest in the
Company’s performance. Shareholders and investors may obtain up
to date information on the Company through the Investment Manager’s
website. The Company responds to letters from shareholders on a
wide range of issues.
A regular dialogue is maintained with the Company’s institutional
shareholders and with private client asset managers. Reference to
significant holdings in the Company’s ordinary shares can be found
under “Substantial Interests in the Company’s Shares” on page 26.
The Notice of the Annual General Meeting (‘AGM’) included within the
Annual Report and Accounts is sent out at least 20 working days in
advance of the meeting. All shareholders have the opportunity to put
questions to the Board or Investment Manager, either formally at the
Company’s AGM or subsequent to the meeting when teas and coffees
will be offered to shareholders if the meeting is not closed due to
pandemic restrictions. The Company Secretary is available to answer
general shareholder queries at any time throughout the year.
Statement of Corporate Governance (continued)

33
ANNUAL REPORT 30 JUNE 2022 CQS NATURAL RESOURCES GROWTH AND INCOME PLC
Statement of Corporate Governance Directors’ Report and Governance Reports
Purpose, Values and Culture
The Board and the Investment Manager have taken time during the
year to consider the expectations of the Code in the new areas of
corporate purpose, values and culture. Whilst of the opinion that the
Code’s requirements in these areas apply more stringently to
premium listed companies with their own operations, rather than
investment companies with limited operations, the Board have
identified the following for each on behalf of the Company:
Purpose – The Company’s purpose is defined as the Board working
collaboratively with the Investment Manager to deliver its agreed
investment approach within its chosen natural resource and mining
sectors of the economy to generate capital growth and income for
investors, whilst cognisant of its regulatory, stakeholder and
societal responsibilities.
Values – Given the Company’s status as a listed investment trust, and
lack of direct employees, the Company’s values are essentially those
of the Board and its interactions with its key third party advisers, which
are defined by trust, rigorous review, and foresight amongst others.
Culture – The Board emphasises open collaboration between directors
and the Company’s third party advisers to create an environment
conducive to effect decision-making. This also facilitates prompt and
appropriate response to material issues by the Board. Where
necessary, the Board challenges to ensure that performance is
maintained on behalf of investors and stakeholders.
Employees, Social, Human Rights and
Environmental Matters
As a UK listed investment trust, the Company has no direct employees
and accordingly it has no direct social or community impact and very
limited environmental impact from its operations. Nevertheless, the
Board determines that given the profile of the natural resource
sectors that the investment strategy focuses on, it is important that
the Investment Manager monitors performance across these areas,
specifically including human rights and health and safety performance,
in finalising investment decisions. The investment portfolio is also
increasingly focusing on low greenhouse gas businesses, commodities
and solutions.
Disclosure and transparency rules
Other information required to be disclosed pursuant to the Disclosure
Guidance and Transparency Rules has been placed in the Directors’
Report on pages 26 to 28 because it is information which refers to
events that have taken place during the course of the year.
By Order of the Board
Helen Green
Chair
31 October 2022

34
CQS NATURAL RESOURCES GROWTH AND INCOME PLC ANNUAL REPORT 30 JUNE 2022
Directors’ Report and Governance Reports Report of the Audit Committee
Report of the Audit Committee
Composition of the Audit Committee
An Audit Committee has been established with written terms of
reference and comprises four non-executive Directors, Mr C Casey
(Chair), Ms C Cable, Mr P Cahill and Mr A Evans. The Audit
Committee members have recent and relevant financial experience,
and the Audit Committee as a whole has competence relevant to the
sector in which the Company operates. The terms of reference of the
Audit Committee are reviewed and reassessed for their adequacy on
an annual basis and are disclosed on the Company’s website. Further
copies are available on request.
Role of the Audit Committee
A summary of the Committee’s main audit review functions is
shown below:
• to review and monitor the internal control systems and risk
management systems on which the Company is reliant;
• to consider annually whether there is a need for the Company to
have its own internal audit function;
• to monitor the integrity of the Half Year Report and Annual Report
of the Company by reviewing, and challenging where necessary, the
actions and judgements of the Investment Manager
and Administrators;
• to meet with the external Auditor, BDO LLP (“BDO”) to review their
proposed audit programme of work and their findings. The Board
shall also use this as an opportunity to assess the effectiveness of
the audit process;
• to develop and implement the policy on the engagement of the
external Auditor to supply non-audit services;
• to review an annual statement from the Investment Manager and
Administrator detailing the arrangements in place whereby the
staff of the Investment Manager and of the Administrator may, in
confidence, escalate concerns about possible improprieties in
matters of financial reporting or other matters;
• to make recommendations in relation to the appointment of the
external Auditor and to approve the remuneration and terms of
engagement of the external Auditor; and,
• to monitor and review annually the external Auditor’s independence,
objectivity, effectiveness, resources and qualification.
Half Year Report and Annual Report
The Board of Directors are responsible for preparing the Half Year
Report and Annual Report. The Audit Committee advises the Board on
the form and content of the Annual Report and Financial Statements,
any issues which may arise and any specific areas which require
judgement.
Auditor
As part of its review of the scope and results of the audit, during the
year the Audit Committee considered and approved BDO’s plan for the
audit of the financial statements for the year ended 30 June 2022. At
the conclusion of the audit BDO did not highlight any issues to the Audit
Committee which would cause it to qualify its audit report. BDO issued
an unqualified audit report which is included on pages 38 to 42.
It has been agreed that all non-audit work to be carried out by BDO
must be approved in advance by the Audit Committee and any special
projects must also be approved in advance. KPMG provided tax
services for the Company during the year, independently of BDO as
the Auditor.
As part of the review of auditor independence and effectiveness, BDO
has confirmed that it is independent of the Company and has complied
with relevant auditing standards. In evaluating BDO, the Audit
Committee has taken into consideration the standing, skills and
experience of the firm and the audit team. The Audit Committee, from
direct observation and enquiry of the Investment Manager and
Administrator, is satisfied that BDO provides effective independent
challenge in carrying out its responsibilities.
Following professional guidelines, the audit partner rotates after five
years. The audit partner is in his first year of appointment.
Significant issues considered regarding the Annual
Report and Financial Statements
During the year, the Audit Committee considered a number of
significant issues and areas of key audit risk in respect of the Annual
Report and Financial Statements. The Audit Committee reviewed the
external audit plan and concluded that the appropriate areas of audit
risk relevant to the Company had been identified by the Auditor. The
Committee also discussed the audit procedures and plan with the
Auditor and that suitable control procedures had been put in place to
obtain reasonable assurance that the financial statements as a whole
would be free of material misstatements. The table below sets out
the key areas of risk identified and also explains how these were
addressed.
Significant issue How the issue was addressed
The accuracy of the
valuation of the
investment
portfolio
Listed investments are valued using stock
exchange prices provided by third party
pricing vendors. Unquoted or illiquid
investments, if any, are valued by the
Directors based on recommendations from
the CQS Valuation Committee. The Board
reviews detailed portfolio valuations at each
of its Board meetings and receives
confirmation from the Administrator that the
pricing basis is appropriate, in line with
relevant accounting standards as adopted by
the Company and that the carrying values are
materially correct. The Board also relies on
the Administrator’s controls which are
documented in an annual internal controls
report which is reviewed by the Audit
Committee.

35
ANNUAL REPORT 30 JUNE 2022 CQS NATURAL RESOURCES GROWTH AND INCOME PLC
Report of the Audit Committee Directors’ Report and Governance Reports
Significant issue How the issue was addressed
The risk of
misappropriation
of assets and
unsecured
ownership of
investments
The Depositary is responsible for the financial
instruments held in its custody. The
Depositary reports to the Committee twice a
year. The Committee reviews reports from its
service providers on key controls over the
assets of the Company and will take action to
address any significant issues that are
identified in these reports, which may include
direct discussions with representatives of the
relevant service providers to obtain more
detailed information surrounding any matters
of concern and gaining assurance that
appropriate remediation action has been
taken. Any significant issues are reported by
the Manager to the Committee. The Manager
has put in place procedures to ensure that
investments can only be made to the extent
that the appropriate contractual and legal
arrangements are in place to protect the
Company’s assets. The Depositary is
responsible for financial restitution for the
loss of financial instruments held in custody.
The risk that
income is
overstated,
incomplete or
inaccurate through
failure to recognise
proper income
entitlements or to
apply the
appropriate
accounting
treatment for
recognition of
income
The Board reviews income forecasts,
including special dividends, and receives
explanations from the Manager for any
variations or significant movements from
previous forecasts and prior year figures. The
Committee also reviews the facts and
circumstances of all special dividends to
determine the revenue/capital treatment. The
Committee also reviews an ISAE 3402 Report
from the Company’s Administrator and
Custodian, BNP Paribas SA. These reports
include information on the control processes
in place to ensure the accurate recording of
income, and any exceptions are highlighted to
the Committee and will be investigated
further to ensure that appropriate
remediation action has been taken where
relevant.
The risk that the
Company’s
continuation vote is
not passed at the
AGM in December
2022.
The Company’s Broker and Investment
Manager meet with institutional holders on a
regular basis and have received no indication
that these investors will vote against
continuation. Approximately 50.9% of the
Company’s shares are held through execution
only platforms; the Board and the Broker
have received no indication that these
investors will vote against continuation.
Internal Controls
The Board is ultimately responsible for the Company’s system of
internal control and for reviewing its effectiveness. Following
publication of the Financial Reporting Council’s “Internal Control:
Revised Guidance for Directors on the Combined Code” (the “FRC
guidance”) the Board confirms that there is an ongoing process for
identifying, evaluating and managing the significant risks faced by the
Company. This process has been in place for the year under review
and up to the date of approval of this Annual Report and is regularly
reviewed by the Board and accords with the FRC Guidance.
The key components designed to provide effective internal control are
outlined below:
• BNP Paribas S.A., Jersey Branch as Company Secretary and
Administrator together with the Investment Manager prepares
forecasts and management accounts which allow the Board to
assess the Company’s activities and review its performance;
• the Board and Investment Manager have agreed clearly defined
investment criteria, specified levels of authority and exposure
limits. Reports on these issues, including performance statistics
and investment valuations, are regularly submitted to the Board
and there are meetings with the Investment Manager as appropriate;
• as a matter of course the Investment Manager’s compliance
department continually reviews the Investment Manager’s
operations and reports to the Board on a quarterly basis;
• written agreements are in place which specifically define the roles
and responsibilities of the Investment Manager, Administrator and
other third party service providers;
• the Board has considered the need for an internal audit function
but, because of the compliance and internal control systems in
place at the Investment Manager and the Administrator, has
decided to place reliance on the Investment Manager’s and the
Administrator’s systems and their internal audit procedures.
The Audit Committee has established a set of ongoing processes
designed to meet the particular needs of the Company in managing
the risks to which it is exposed. The process is one whereby the
Investment Manager has identified the key risks to which the
Company is exposed, and recorded them on a risk matrix together
with the controls employed to mitigate these risks. A residual risk
rating has been applied to each risk. The Audit Committee is
responsible for reviewing the risk matrix and associated controls
before recommending to the Board for consideration and approval,
challenging the Investment Manager’s assumptions to ensure a
robust internal risk management process.
The Audit Committee formally reviewed the updated risk matrix
during the year and will continue to do so on an annual basis. Regular
reports will be provided to the Audit Committee highlighting material
changes to risk ratings.
During the year, the Audit Committee also discussed and reviewed
the internal controls frameworks in place at the Investment Manager
and the Administrator. Discussions focused on three lines of defence:
assurances at operational level; internal oversight; and independent
objective assurance. The Audit Committee concluded that these
frameworks were appropriate for the identification, assessment,
management and monitoring of financial and regulatory risks,
with particular regard to the protection of the interests of the
Company’s shareholders.
Internal control systems are designed to meet the Company’s particular
needs and the risks to which it is exposed. Accordingly, the internal
control systems are designed to manage rather than eliminate the
risk of failure to achieve business objectives and by their nature can
only provide reasonable and not absolute assurance against
mis-statement and loss.
Christopher Casey
Chair of the Audit Committee
31 October 2022

36
CQS NATURAL RESOURCES GROWTH AND INCOME PLC ANNUAL REPORT 30 JUNE 2022
Directors’ Report and Governance Reports Directors’ Remuneration Report
Directors’ Remuneration Report
The Board presents the Directors’ Remuneration Report for the year
ended 30 June 2022 which has been prepared in accordance with
sections 420-422 of the Companies Act 2006.
Statement by the Chair
The remuneration of the Directors has been set in order to attract
individuals of a calibre appropriate to the future development of the
Company. The Company’s policy on Directors’ remuneration, together
with details of the remuneration of each Director, is shown below.
An ordinary resolution for the approval of this Report will be put to
the members at the forthcoming Annual General Meeting.
Remuneration Committee
The full Board acts as the Remuneration Committee whose Chair is
the Chair of the Company. The determination of the Directors’ fees is
a matter dealt with by the whole Board.
Directors’ Remuneration Policy
The Board’s policy is that the remuneration of Directors should reflect
the experience of the Board as a whole, be fair and comparable to
that of other relevant investment trusts that are similar in size and
have similar investment objectives and structures. Furthermore, the
level of remuneration should be sufficient to attract and retain the
Directors needed to oversee properly the Company and to reflect the
specific circumstances of the Company, the duties and responsibilities
of the Directors and the value and amount of time committed to the
Company’s affairs.
The fees for the non-executive Directors are determined within the
limits set out in the Company’s Articles of Association. The present limit
is £175,000 per annum in aggregate and the approval of shareholders in
a general meeting would be required to further increase this limit. At
the prevailing level of Directors’ fees the aggregate amount paid to the
Company’s Directors during the year to 30 June 2022 was £130,951.92.
Non-executive Directors are not eligible for bonuses, pension benefits,
share options, long¬term incentive schemes or other benefits. It is
the Board’s policy that Directors do not have service contracts, but
new Directors are provided with a letter of appointment which are
kept on the Company Secretary’s system.
The terms of Directors’ appointments and the Company’s Articles of
Association provide that Directors should retire and be subject to
election at the first Annual General Meeting after their appointment.
Directors are obliged to retire by rotation, and to offer themselves for
re-election by shareholders at least every three years after that. Any
Director who has served on the Board for more than nine years will
offer himself for re-election annually. However, the Board has agreed
that all Directors will retire annually and, if appropriate, seek re-election.
There is no notice period and no provision for compensation upon
early termination of appointment.
Director
Date of Initial
Appointment
Due date
for Re-election
R Prickett 30 November 2006 n/a
C Cable 1 October 2017 AGM 2022
P Cahill 23 June 2022 AGM 2022
C Casey 1 October 2017 AGM 2022
A Evans 26 September 2014 AGM 2022
H Green 1 September 2015 AGM 2022
Annual Report on Directors’ Remuneration
Directors’ Emoluments (audited)
The Directors who served in the year received the following fees:
2022
£’000
2021
£’000
R Prickett
2, 4
24 32
C Cable 25 24
P Cahill
5
1 n/a
C Casey
1
26 24
H Green
3
30 27
A Evans 25 24
Totals 131 131
The amounts paid by the Company to the Directors were for services
as non-executive Directors excluding expenses.
1
Chair of the Audit Committee.
2
Fees paid to European Sales Company Ltd.
3
Fees paid to Saffery Champness Management International Limited.
4
Retired from the Board 31 March 2022.
5
Appointed to the Board 23 June 2022.
For the year ended 30 June 2022, the annual remuneration payable
was as follows:
£
Chair 33,000
Chair of the Audit Committee 28,500
Director 25,000
2020
£’000
2021
£’000
%
Increase
2022
£’000
%
Increase
125 131 4.8 131 –
The Committee has agreed that no changes will be made to the
Board’s remuneration with effect from 1 July 2022.

37
ANNUAL REPORT 30 JUNE 2022 CQS NATURAL RESOURCES GROWTH AND INCOME PLC
Directors’ Remuneration Report Directors’ Report and Governance Reports
Relative Importance of Spend on Pay
The table below sets out, in respect of the financial year ended
30 June 2022 and the preceding financial year:
a) the remuneration paid to the Directors; and
b) the distribution made to shareholders by way of dividend.
Year ended
30 June 2022
£
Year ended
30 June 2021
£
%
Change
Total remuneration 131,000 131,000 –
Dividend 3,746,000 3,746,000 –
Directors’ Interests (audited)
Biographies of the Directors are shown on page 24. The interests (all
of which were beneficial) of the Directors who held office at the
year-end in the shares of the Company were as follows: All of the
Directors holdings are beneficial. No changes to these holdings have
been reported up to the date of this report.
Ordinary shares
2022
Ordinary shares
2021
C Cable – –
P Cahill – n/a
C Casey 6,500 6,500
A Evans 10,540 10,540
H Green 5,500 5,500
Company Performance
The Board is responsible for the Company’s investment strategy and
performance, although the management of the Company’s investment
portfolio is delegated to the Investment Manager through the
investment management agreement, as referred to in the Directors’
Report on page 25.
The following graph compares for the five years to 30 June 2022 the
share price total return (assuming all dividends are reinvested) to
ordinary shareholders compared to the total shareholder return on a
notional investment made up of shares of the same kinds and number
as those by reference to which a composite index, weighted as to
80 percent EMIX Global Mining Index (sterling adjusted) and
20 percent Credit Suisse High Yield Index (sterling adjusted), is
calculated. This composite index was chosen as it represents a
comparable mix of mining and resource equities and fixed interest
securities.
0
50
100
150
200
250
300
CQS Natural Resources Growth and Income plc net asset value total return
Composite Index total return
CQS Natural Resources Growth and Income plc share price total return
Jun
22
Mar
22
Dec
21
Sep
21
Jun
21
Mar
21
Dec
20
Sep
20
Jun
20
Mar
20
Dec
19
Sep
19
Jun
19
Mar
19
Dec
18
Sep
18
Jun
18
Mar
18
Dec
17
Sep
17
Jun
17
Source: BNP Paribas S.A., Jersey Branch.
Voting at Annual General Meeting
In accordance with the Companies Act 2006, the Company is required
to seek shareholder approval of its remuneration policy on a triennial
basis. An ordinary resolution for the approval of the remuneration
policy was approved by shareholders at the AGM held on 9 December
2021, with 99.48% of votes cast (including votes cast at the Chair’s
discretion) in favour and 0.39% votes cast against. It is the Board’s
intention that the remuneration policy will be put forward for approval
at the next Annual General Meeting scheduled to take place on the
15 December 2022.
The Directors’ Remuneration report was last approved by
shareholders at the AGM held on 14 December 2021 with 98.38% of
the votes cast (including votes cast at the Chair’s discretion) in favour
and 1.62% votes cast against.
An ordinary resolution for the approval of the Annual Report on
Directors’ Remuneration will be put to an advisory shareholder vote
at the forthcoming AGM.
Approval
The Directors’ Remuneration Report on pages 36 to 37 was approved
by the Board of Directors and signed on its behalf on 31 October 2022.
Helen Green
Chair

38
CQS NATURAL RESOURCES GROWTH AND INCOME PLC ANNUAL REPORT 30 JUNE 2022
Auditor’s Report Independent Auditor’s Report to the Members of CQS Natural Resources Growth and Income PLC
Independent Auditor’s Report to the Members
of CQS Natural Resources Growth and Income PLC
Opinion on the financial statements
In our opinion the financial statements:
• give a true and fair view of the state of the Company’s affairs as at
30 June 2022 and of its profit for the year then ended;
• have been properly prepared in accordance with United Kingdom
Generally Accepted Accounting Practice; and
• have been prepared in accordance with the requirements of the
Companies Act 2006.
We have audited the financial statements of CQS Natural Resources
Growth and Income plc (the ‘Company’) for the year ended 30 June
2022 which comprise the Statement of Comprehensive Income, the
Balance Sheet, the Statement of Changes in Equity, the Cash Flow
Statement and notes to the financial statements, including a
summary of significant accounting policies. The financial reporting
framework that has been applied in their preparation is applicable
law and United Kingdom Accounting Standards, including Financial
Reporting Standard 102 The Financial Reporting Standard applicable
in the UK and Republic of Ireland (United Kingdom Generally
Accepted Accounting Practice).
Basis for opinion
We conducted our audit in accordance with International Standards on
Auditing (UK) (ISAs) (UK)) and applicable law. Our responsibilities
under those standards are further described in the Auditor’s
responsibilities for the audit of the financial statements section of our
report. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion. Our audit
opinion is consistent with the additional report to the audit committee.
Independence
Following the recommendation of the Audit Committee, we were
appointed by the Board of Directors on 23 May 2017 to audit the
financial statements for the year ended 30 June 2017 and subsequent
financial years. In respect of the year ended 30 June 2022 we were
reappointed as auditor by the members of the Company at the annual
general meeting held on 14 December 2021. The period of total
uninterrupted engagement including retenders and reappointments is
six years, covering the years ending 30 June 2017 to 30 June 2022. We
remain independent of the Company in accordance with the ethical
requirements that are relevant to our audit of the financial statements
in the UK, including the FRC’s Ethical Standard as applied to listed
public interest entities, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. The non-audit
services prohibited by that standard were not provided to the Company.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the
Directors’ use of the going concern basis of accounting in the
preparation of the financial statements is appropriate. Our evaluation
of the Directors’ assessment of the Company’s ability to continue to
adopt the going concern basis of accounting included:
• Evaluating the appropriateness of the Directors’ method of
assessing the going concern in light of market volatility and the
present uncertainties in economic recovery created by the Covid-19
pandemic and geo-political unrest by reviewing the information
used by the Directors in completing their assessment including the
liquidity of the investment portfolio;
• Challenging management’s assumptions and judgements made by
performing an independent liquidity analysis of the investment
portfolio; and
• Assessing whether the Company can meet its short-term
obligations using management’s forecasted expenditure as a base;
• Corroborating key inputs into management’s assessment to source
documentation;
• Challenging management’s assessment of the likelihood of the
continuation vote passing by considering, specifically:
o Historic record on the annual vote and the percentage by which it
passed recently (98.5% in the prior year) as well as relative
stability of the shareholder register;
o Continued performance of the company relative to benchmark
and previous years in which the vote had passed; and
o Correspondence with the company’s broker which references
their discussions with major shareholders and the vote is likely
to pass.
• Assessing the reasonability of the 12-month period covered by
management’s review in conjunction with the expected upcoming
continuation vote; and
• Reviewed the appropriateness of disclosures in the financial
statements.
Based on the work we have performed, we have not identified any
material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the
Company’s ability to continue as a going concern for a period of at
least twelve months from when the financial statements are
authorised for issue.
In relation to the Company’s reporting on how it has applied the UK
Corporate Governance Code, we have nothing material to add or draw
attention to in relation to the Directors’ statement in the financial
statements about whether the Directors considered it appropriate to
adopt the going concern basis of accounting.
Our responsibilities and the responsibilities of the Directors with
respect to going concern are described in the relevant sections of this
report.
Overview
2022 2021
Key audit matters Valuation and ownership of investments
✓ ✓
Revenue Recognition
✓ ✓
Materiality
Company financial statements as a whole
£1,350,000 (2021: £1,150,000) based on 1% (2021: 1%) of net assets

39
ANNUAL REPORT 30 JUNE 2022 CQS NATURAL RESOURCES GROWTH AND INCOME PLC
Independent Auditor’s Report Auditor’s Report
An overview of the scope of our audit
Our audit was scoped by obtaining an understanding of the Company
and its environment, including the Company’s system of internal
control, and assessing the risks of material misstatement in the
financial statements. We also addressed the risk of management
override of internal controls, including assessing whether there was
evidence of bias by the Directors that may have represented a risk of
material misstatement.
Key audit matters
Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the financial
statements of the current period and include the most significant
assessed risks of material misstatement (whether or not due to
fraud) that we identified, including those which had the greatest effect
on: the overall audit strategy, the allocation of resources in the audit,
and directing the efforts of the engagement team. These matters
were addressed in the context of our audit of the financial statements
as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.
Key audit matter How the scope of our audit addressed the key audit matter
Valuation and ownership of investments
Note 1(d) and note 9
We consider the valuation and ownership of
investments (note 9) to be the most significant
audit area as investments represent the most
significant balance in the financial statements
and underpin the principal activity of the
Company.
The valuation of investments is a key accounting
estimate where there is an inherent risk of
management override arising from the
investment valuations. The risk is reduced for the
quoted investments which are valued by the
administrator. However, the level 2 and level 3
valuations are prepared by CQS (UK) LLP, who
receive a fee based on the net asset value of the
Company increasing the risk of management
override. Furthermore, the valuation of level 2
and level 3 investments is subject to the
Investment Manager’s judgement.
In respect of each of the quoted investment valuations (£144,030k) of total investment
portfolio) we have:
• Checked the year end valuation to externally quoted prices from independent sources.
• Considered contra indicators of value which suggest that the year-end price is not the
most appropriate indication of fair value such as potential liquidity issues;
• Confirmed the investment holdings to independently received third party confirmation
from the custodian; and
• Recalculated the investment value as at year end by multiplying the independently
confirmed holdings with external bid prices.
In respect of each of the fixed income and preference share valuations (£1,875k) of the
total investment portfolio) we have:
• Checked the year end valuation to externally quoted prices from independent
sources;
• Considered contra indicators of value which suggest that the year-end price is not the
most appropriate indication of fair value such as potential liquidity issues;
• Considered the impact on the valuation of any non-performance of the investment
and/or defaults on interest payments; and
• Confirmed the investment holdings to independently received third party confirmation
from the custodian.
In respect of each of the derivative (Warrant) investments (£468k) of the total investment
portfolio we have:
• Challenged whether the valuation methodology was the most appropriate in the
circumstances under the International Private Equity and Venture Capital Valuation
(“IPEV”) Guidelines;
• Confirmed the investment holdings to independently received third party confirmation
from the custodian; and
• Recalculated the investment value as at year end for arithmetic accuracy.
Key observations
Based on our procedures performed we did not identify any matters to suggest that the
valuation and ownership of investments was not appropriate.

40
CQS NATURAL RESOURCES GROWTH AND INCOME PLC ANNUAL REPORT 30 JUNE 2022
Auditor’s Report Independent Auditor’s Report
Our application of materiality
We apply the concept of materiality both in planning and performing our audit, and in evaluating the effect of misstatements. We consider
materiality to be the magnitude by which misstatements, including omissions, could influence the economic decisions of reasonable users that
are taken on the basis of the financial statements.
In order to reduce to an appropriately low level the probability that any misstatements exceed materiality, we use a lower materiality level,
performance materiality, to determine the extent of testing needed. Importantly, misstatements below these levels will not necessarily be
evaluated as immaterial as we also take account of the nature of identified misstatements, and the particular circumstances of their occurrence,
when evaluating their effect on the financial statements as a whole.
Based on our professional judgement, we determined materiality for the financial statements as a whole and performance materiality as follows:
Company financial statements
2022 2021
Materiality £1,350,000 £1,150,000
Basis for determining materiality 1% of Net Assets
Rationale for the benchmark applied As an investment trust, the net asset value is the key measure of performance for users of
the financial statements.
Performance materiality £1,012,500 £862,500
Basis for determining performance materiality 75% of materiality
Rationale for performance materiality • Number of unadjusted audit differences in prior year.
• Number of accounts subject to estimation.
Specific materiality
We also determined that for those items impacting Revenue return before tax, a misstatement of less than materiality for the financial
statements as a whole, specific materiality, could influence the economic decisions of users as it is a measure of the Company’s performance of
income generated from its investments after expenses. As a result, we determined materiality for these items to be £138,000 (2021: £217,500),
based on 5% of total expenditure (2021: 10% Revenue return before tax). We further applied a performance materiality level of 75% (2021: 75%)
of specific materiality to ensure that the risk of errors exceeding specific materiality was appropriately mitigated.
Reporting threshold
We agreed with the Audit Committee that we would report to them all individual audit differences in excess of £67,500 (2021: £57,500). We also
agreed to report differences below this threshold that, in our view, warranted reporting on qualitative grounds.
Other information
The directors are responsible for the other information. The other information comprises the information included in the Annual Report other
than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information
and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our
responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements, or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such
material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement
in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact.
We have nothing to report in this regard.
Independent Auditor’s Report (continued)

41
ANNUAL REPORT 30 JUNE 2022 CQS NATURAL RESOURCES GROWTH AND INCOME PLC
Independent Auditor’s Report Auditor’s Report
Corporate governance statement
The Listing Rules require us to review the Directors’ statement in relation to going concern, longer-term viability and that part of the Corporate
Governance Statement relating to the Company’s compliance with the provisions of the UK Corporate Governance Code specified for our review.
Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate Governance
Statement is materially consistent with the financial statements, or our knowledge obtained during the audit.
Going concern and longer-term viability • The Directors’ statement with regards to the appropriateness of adopting the going concern
basis of accounting and any material uncertainties identified set out on page 18; and
• The Directors’ explanation as to their assessment of the Company’s prospects, the period this
assessment covers and why the period is appropriate set out on page 18.
Other Code provisions • Directors’ statement on fair, balanced and understandable set out on page 31;
• Board’s confirmation that it has carried out a robust assessment of the emerging and
principal risks set out on page 28;
• The section of the annual report that describes the review of effectiveness of risk
management and internal control systems set out on page 35; and
• The section describing the work of the audit committee set out on page 35.
Other Companies Act 2006 reporting
Based on the responsibilities described below and our work performed during the course of the audit, we are required by the Companies Act 2006
and ISAs (UK) to report on certain opinions and matters as described below.
Strategic report and Directors’ report In our opinion, based on the work undertaken in the course of the audit:
• the information given in the Strategic report and the Directors’ report for the financial year
for which the financial statements are prepared is consistent with the financial statements;
and
• the Strategic report and the Directors’ report have been prepared in accordance with
applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained
in the course of the audit, we have not identified material misstatements in the strategic report
or the Directors’ report.
Directors’ remuneration In our opinion, the part of the Directors’ remuneration report to be audited has been properly
prepared in accordance with the Companies Act 2006.
Matters on which we are required to
report by exception
We have nothing to report in respect of the following matters in relation to which the
Companies Act 2006 requires us to report to you if, in our opinion:
• adequate accounting records have not been kept, or returns adequate for our audit have not
been received from branches not visited by us; or
• the financial statements and the part of the Directors’ remuneration report to be audited are
not in agreement with the accounting records and returns; or
• certain disclosures of Directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.

42
CQS NATURAL RESOURCES GROWTH AND INCOME PLC ANNUAL REPORT 30 JUNE 2022
Auditor’s Report Independent Auditor’s Report
Responsibilities of Directors
As explained more fully in the Statement of Directors’
Responsibilities, the Directors are responsible for the preparation of
the financial statements and for being satisfied that they give a true
and fair view, and for such internal control as the Directors determine
is necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible
for assessing the Company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless the Directors either
intend to liquidate the Company or to cease operations, or have no
realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial
statements
Our objectives are to obtain reasonable assurance about whether the
financial statements as a whole are free from material misstatement,
whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of
assurance but is not a guarantee that an audit conducted in
accordance with ISAs (UK) will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users
taken on the basis of these financial statements.
Extent to which the audit was capable of detecting
irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with
laws and regulations. We design procedures in line with our
responsibilities, outlined above, to detect material misstatements in
respect of irregularities, including fraud. The extent to which our
procedures are capable of detecting irregularities, including fraud is
detailed below:
We gained an understanding of the legal and regulatory framework
applicable to the Company and the industry in which it operates and
considered the risk of acts by the Company which were contrary to
applicable laws and regulations, including fraud. These included but
were not limited to be the Companies Act 2006, sections 1158 and
1159 of the Corporation Tax Act, the UK Listing rules, the DTR rules,
the applicable accounting framework, VAT and other tax legislation.
Our procedures included:
• agreement of the financial statement disclosures to underlying
supporting documentation;
• enquiries of management and those charged with governance
relating to the existence of any non-compliance with laws and
regulations;
• review of minutes of Board meetings throughout the period for any
instances of non-compliance with laws and regulations;
• obtaining an understanding of the control environment in
monitoring compliance with laws and regulations; and
• reviewing the calculation in relation to Investment Trust
compliance to check that the Company was meeting its
requirements to retain its Investment Trust Status.
We assessed the susceptibility of the financial statement to material
misstatement including fraud and considered the fraud risk area to
be management override of controls including the risk of bias in the
judgements and assumptions made in the valuation of investments.
Our audit approach included a blend of substantive testing, predictive
analytics and re-performance, which is well-placed to detect errors
arising from inappropriate journals or other transactions which could
be indicative of material fraud or management override. Our
procedures included:
• Reviewing the general ledger for large or unusual journals outside
of expectations and judgements made in the preparation of the
financial statements;
• Reviewing estimates and judgements, including those applied in
relation to the recoverability of long outstanding debtors and in
relation to the valuation of unquoted investments and warrants to
assess their appropriateness and the existence of any systematic
bias; Reviewing the unadjusted audit differences for indications of
bias or deliberate misstatement.
• Agreement of the financial statement disclosures to underlying
supporting documentation;
• Enquiry of the Administrator, Alternative Investment Fund Manager
(AIFM) and those Charged With Governance regarding any known
or suspected non-compliance with applicable laws and regulations;
• Testing of journal postings made during the year to supporting
documentation to identify potential management override of
controls;
• Review of minutes or Board meeting minutes throughout the
period for known or suspected instances of fraud; and
• Obtaining an understanding of the control environment in
monitoring compliance with laws and regulations.
Our audit procedures were designed to respond to risks of material
misstatement in the financial statements, recognising that the risk of
not detecting a material misstatement due to fraud is higher than the
risk of not detecting one resulting from error, as fraud may involve
deliberate concealment by, for example, forgery, misrepresentations
or through collusion. There are inherent limitations in the audit
procedures performed and the further removed non-compliance with
laws and regulations is from the events and transactions reflected in
the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the
Financial Reporting Council’s website at: www.frc.org.uk/
auditorsresponsibilities. This description forms part of our auditor’s
report.
Use of our report
This report is made solely to the Company’s members, as a body, in
accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our
audit work has been undertaken so that we might state to the
Company’s members those matters we are required to state to them
in an auditor’s report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to
anyone other than the Company and the Company’s members as a
body, for our audit work, for this report, or for the opinions we have
formed.
Chris Meyrick (Senior Statutory Auditor)
For and on behalf of BDO LLP, Statutory Auditor
London, United Kingdom
31 October 2022
BDO LLP is a limited liability partnership registered in England and
Wales (with registered number OC305127).
Independent Auditor’s Report (continued)

43
ANNUAL REPORT 30 JUNE 2022 CQS NATURAL RESOURCES GROWTH AND INCOME PLC
Statement of Comprehensive Income Financial Statements
Statement of Comprehensive Income
Year ended 30 June 2022 Year ended 30 June 2021
Notes
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Gains on investments held at fair value
through profit or loss 9 – 21,435 21,435 – 52,048 52,048
Exchange gains/(losses) – 70 70 – (25) (25)
Income 2 4,765 – 4,765 3,080 – 3,080
Investment management fee 3 (405) (1,214) (1,619) (285) (854) (1,139)
Other expenses 4 (626) – (626) (563) – (563)
Net return before finance costs and
taxation 3,734 20,291 24,025 2,232 51,169 53,401
Interest payable and similar charges 5 (83) (241) (324) (51) (152) (203)
Net return on ordinary activities
before taxation 3,651 20,050 23,701 2,181 51,017 53,198
Tax on ordinary activities 6 (202) – (202) (110) – (110)
Net return attributable to equity
shareholders 3,449 20,050 23,499 2,071 51,017 53,088
Return per ordinary share (pence) 8 5.16p 29.98p 35.14p 3.10p 76.27p 79.37p
The ‘total’ column of this statement represents the Company’s profit and loss account, prepared in accordance with UK GAAP.
All revenue and capital items in this statement derive from continuing operations.
A statement of other comprehensive income is not presented as all gains and losses of the Company have been reflected in the above Statement
of Comprehensive Income.
The accompanying notes are an integral part of the financial statements.

44
CQS NATURAL RESOURCES GROWTH AND INCOME PLC ANNUAL REPORT 30 JUNE 2022
Financial Statements Balance Sheet
Balance Sheet
Notes
As at
30 June 2022
£’000
As at
30 June 2021
£’000
Fixed assets
Investments at fair value through profit or loss 9 146,373 129,353
Current assets
Debtors 10 103 475
Cash at bank 6,111 2,887
6,214 3,362
Creditors: amounts falling due within one year 11 (515) (1,396)
Loan: amount falling due within one year 12 - (16,000)
Current liabilities (515) (17,396)
Creditors: amounts falling due after more than one year
Loan: amount falling due after one year (17,000) -
Net assets 135,072 115,319
Capital and reserves
Called-up share capital 13 16,722 16,722
Special distributable reserve 28,571 28,868
Share premium 4,851 4,851
Capital reserve 84,928 64,878
Revenue reserve – –
Equity shareholders’ funds 135,072 115,319
Net asset value per share 14 201.94p 172.40p
Company number: 02978531
These financial statements on pages 43 to 60 were approved by the Board of Directors and authorised for issue on 31 October 2022 and were
signed on its behalf by:
Helen Green
Chair
The accompanying notes are an integral part of the financial statements.

45
ANNUAL REPORT 30 JUNE 2022 CQS NATURAL RESOURCES GROWTH AND INCOME PLC
Statement of Changes in Equity Financial Statements
Statement of Changes in Equity
For the year ended 30 June 2022
Notes
Share
Capital
£’000
Share
premium
account
£’000
Special
distributable
reserve
£’000
Capital
reserve
£’000
Revenue
reserve
£’000
Total
£’000
Balance at 30 June 2021 16,722 4,851 28,868 64,878 – 115,319
Return on ordinary activities after
taxation – – – 20,050 3,449 23,499
Dividends paid 7 – – (297) – (3,449) (3,746)
Balance at 30 June 2022 16,722 4,851 28,571 84,928 – 135,072
For the year ended 30 June 2021
Notes
Share
Capital
£’000
Share
premium
account
£’000
Special
distributable
reserve
£’000
Capital
reserve
£’000
Revenue
reserve
£’000
Total
£’000
Balance at 30 June 2020 16,722 4,851 30,386 13,861 157 65,977
Return on ordinary activities after
taxation – – – 51,017 2,071 53,088
Dividends paid 7 – – (1,518) – (2,228) (3,746)
Balance at 30 June 2021 16,722 4,851 28,868 64,878 – 115,319
The special distributable reserve and the revenue reserve represents the amount of the Company’s reserves distributable by way of dividend.
The accompanying notes are an integral part of the financial statements.

46
CQS NATURAL RESOURCES GROWTH AND INCOME PLC ANNUAL REPORT 30 JUNE 2022
Financial Statements Cash Flow Statement
Cash Flow Statement
Notes
Year ended
30 June 2022
£’000
Year ended
30 June 2021
£’000
Operating activities
Investment income received 4,559 3,022
Deposit interest received 4 –
Investment management fees paid (1,438) (1,138)
Other payments (695) (428)
Net cash inflow from operating activities 2,430 1,456
Investing activities
Purchases of investments (64,641) (20,484)
Disposals of investments 68,425 20,862
Net cash inflow from investing activities 3,784 378
Financing activities
Equity dividends paid (3,746) (3,746)
Loan funding 12 1,000 4,000
Loan interest (314) (203)
Net cash (outflow)/inflow from financing activities (3,060) 51
Increase in net cash 3,154 1,885
Reconciliation of net cash flow movement to movement in net cash
Increase in cash in the year 3,154 1,885
Exchange gains/(losses) 70 (25)
Movement in net cash in the year 3,224 1,860
Opening cash at 1 July 2,887 1,027
Closing cash at 30 June 6,111 2,887
The accompanying notes are an integral part of the financial statements.

47
ANNUAL REPORT 30 JUNE 2022 CQS NATURAL RESOURCES GROWTH AND INCOME PLC
Notes to the Financial Statements Financial Statements
Notes to the Financial Statements
for the year ended 30 June 2022
1 Accounting policies
CQS Natural Resources Growth and Income PLC is a public company limited by shares, it was incorporated in accordance with the Laws of England
and Wales, details of the registered office are included on page 67.
A summary of the principal accounting policies adopted is set out below.
(a) Basis of accounting
The financial statements have been prepared in accordance with Financial Reporting Standard 102 and the Statement of Recommended Practice
(SORP) for “Financial Statements of Investment Trust Companies and Venture Capital Trusts” issued by the Association of Investment Companies
dated April 2021. They have also been prepared on a going concern basis and on the assumption that approval as an investment trust will continue
to be granted.
The Directors have, at the time of approving the financial statements, a reasonable expectation that the Company has adequate resources to
continue in operational existence for at least twelve months from the date of approval of these financial statements. Further detail is included in
the Directors’ Report on page 27.
(b) Financial assets
All financial assets are initially recognised at fair value net of transactions costs incurred. All financial assets are recorded at the date on which
the Company became party to the contractual requirements of the financial asset. Subsequently, they are measured at fair value through profit
or loss.
Cash and cash equivalents
Cash comprises cash in hand and demand deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to
known amounts of cash and that are subject to insignificant risk of change in value.
(c) Financial liabilities
All financial liabilities are initially recognised at fair value net of transaction costs incurred. All financial liabilities are recorded on the date on
which the Company becomes party to the contractual requirements of the financial liability.
Non-derivative financial liabilities such as loan equivalents, trade and other payables with fixed and determinable payments and not quoted in
an active market, are initially recognised at fair value (which is equivalent to cost) plus transaction costs that are directly attributable to the
acquisition and are subsequently carried at amortised cost. Bank loans are recognised at cost, being the fair value of the consideration received.
Any issue costs will be charged in the year in which they are incurred. The amounts falling due for repayment within one year are included under
“Loan: amount falling due within one year” in the Statement of Financial Position and amounts falling due after one year are included under “Loan:
amount falling due after more than one year” in the Statement of Financial Position.
(d) Fixed asset investments
Financial assets which comprise equity shares, convertible bonds and fixed income securities, are classified as held at fair value through profit
or loss as the financial assets are managed and their performance evaluated on a fair value basis in accordance with the Company’s investment
strategy and this is also the basis on which information about investments is provided internally to the Board.
Purchases or sales of financial assets are recognised/derecognised on the date the Company trades the investments. On initial recognition
investments are classified as fair value through profit or loss with any resultant gain or loss, including any gain or loss arising from a change in
exchange rates, recognised in the Statement of Comprehensive Income. For listed securities this is either the bid price or last traded price,
depending on the convention of the exchange on which the investment is listed, adjusted or accrued. Financial assets which are not listed or
where trading in the securities of an investee company is suspended are valued at the Board’s estimate of fair value in accordance with
International Private Equity and Venture Capital (IPEV) valuation guidance.
Unquoted financial assets are valued by the Directors on the basis of all the information available to them at the time of valuation. This includes
a review of the financial and trading information of the Company, covenant compliance, ability to pay the interest due and cash held. For
convertible bonds this also includes consideration of their discounted cash flows and underlying equity value based on information provided by
the Investment Manager.
(e) Income
Dividends receivable on equity shares are recognised as income on the date that the related investments are marked ex-dividend. Dividends
receivable on equity shares where no ex-dividend date is quoted are recognised as income when the Company’s right to receive payment is
established.
Fixed interest returns on non-equity shares are recognised on a time apportioned basis so as, if material, to reflect the effective interest rate on
those instruments. Any difference between acquisition cost and maturity value is recognised as revenue over the life of the security using the
effective yield basis of calculating amortisation. Other returns on non-equity shares are recognised when the right to the return is established.
The fixed return on a debt security is recognised on a time apportioned basis so as to reflect the effective interest rate on each such security.
Income from deposit interest and underwriting commission is recognised on an accruals basis.

48
CQS NATURAL RESOURCES GROWTH AND INCOME PLC ANNUAL REPORT 30 JUNE 2022
Financial Statements Notes to the Financial Statements
Notes to the Financial Statements (continued)
(f) Taxation
The charge for taxation is based on net revenue for the year. The tax effect of different items of income/gain and expenditure/loss is allocated
between capital and revenue on the same basis as the particular item to which it relates.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except:
• the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax
liabilities or other future taxable profits; and
• any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences.
Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Because the
Company intends each year to qualify as an investment trust under Chapter 4 of Part 24 of the Corporation Tax Act 2010 (previously S842 of the
Income and Corporation Taxes Act 1988), no provision is made for deferred taxation in respect of the capital gains that have been realised, or
are expected in the future to be realised, on the sale of fixed asset investments.
(g) Expenses
All expenses are accounted for on an accruals basis. Expenses are charged through the Statement of Comprehensive Income as a revenue item
except the following which are charged to capital:
• expenses which are incidental to the disposal of an investment are deducted from the disposal proceeds of the investment; and
• the Company charges 75 per cent of investment management fees to capital, in line with the Board’s expected long term return in the form of
capital gains and income respectively from the investment portfolio of the Company. This split has been reassessed annually and remains
appropriate. For further details refer to note 3.
(h) Dividend payments
Dividends paid by the Company on its shares are recognised in the financial statements in the period in which they are paid and are shown in
the Statement of Changes in Equity.
(i) Foreign currency
Transactions denominated in foreign currencies are recorded in the local currency at actual exchange rates at the date of the transaction.
Overseas assets and liabilities denominated in foreign currencies at the year end are reported at the rates of exchange prevailing at the year
end. Instruments held at fair value are translated at the rate prevailing at the time the fair value is determined. Any gain or loss arising from a
change in exchange rates subsequent to the date of a transaction and before the settlement date is included as an exchange gain or loss in
capital reserves. The functional currency of the Company, being its statutory reporting currency, is sterling.
(j) Finance costs
Finance costs are accounted for on an accruals basis. Finance costs of debt, insofar as they relate to the financing of the Company’s investments
or to financing activities aimed at maintaining or enhancing the value of the Company’s investments, are allocated between revenue and capital
in accordance with the Board’s expected long-term split of returns, in the form of income and capital gains respectively, from the Company’s
investment portfolio. For further details refer to note 5.
(k) Reserves
(a) Share capital – represents the nominal value of authorised and allocated, called-up and fully paid shares issued. The reserve is non
distributable.
(b) Share premium – the surplus of net proceeds received from the issuance of new shares over their par value is credited to this account and
the related issue costs are deducted from this account. The reserve is non-distributable.
(c) Capital reserve – The following are accounted for in this reserve:
• gains and losses on the realisation of investments;
• realised and unrealised exchange differences on transactions of a capital nature;
• capitalised expenses and finance costs, together with the related taxation effect; and
• increases and decreases in the valuation of investments held. The reserve is non-distributable.
(d) Special distributable reserve – created from the Court cancellation of the share premium account which had arisen from premiums paid at
launch. Available as distributable profits.
(e) Revenue reserve – the net profit/(loss) arising in the revenue column of the Statement of Comprehensive Income is added to or
deducted from this reserve. Available for paying dividends.
(l) Single segmental reporting
The company is engaged in a Single Segment of business, being investment business, consequently no business segmental analysis is provided.

49
ANNUAL REPORT 30 JUNE 2022 CQS NATURAL RESOURCES GROWTH AND INCOME PLC
Notes to the Financial Statements Financial Statements
(m) Critical accounting estimates and judgements
The preparation of the financial statements necessarily requires the exercise of judgement both in application of accounting policies which are
set out above and in the selection of assumptions used in the calculation of estimates. These estimates and judgements are reviewed on an
ongoing basis and are continually evaluated based on historical experience and other factors.
However, actual results may differ from these estimates. The only significant accounting estimate and judgement is the valuation of the unquoted
and level 2 investments which is described in note 1(d) above.
The main judgements and estimates used in calculating the price of the Warrants are:
Firstly, the derivative valuation model used to value the warrants. The Investment Manager has selected the Black Scholes Model to value the
unlisted warrants as this is a widely accepted warrant valuation model to use.
Secondly, the inputs into the Black-Scholes model as outlined below.
For any unlisted securities the time to maturity to estimate the historic volatility required in the calculations underpinning the Black Scholes Pricing
Model is used. The volatility of the underlying equity is obtained, and if this is not available or is not reflective, due to a lack of liquidity etc., then
the Company will look to use the volatility of the parent company or an appropriate proxy.
For any securities with a maturity greater than 1 year the 90 day Volatility is used and for any securities with a maturity less than 1 year the 60 days
Volatility is used. These have been deemed appropriate periods to use, as often using the time to expiry has captured market or firm events that
have artificially inflated the volatility which has in turn inflated the valuation. If the period used still yields an unreflective level of volatility, then
the volatility period used is overridden. When appropriate to extend the period the time to maturity is used, up to a maximum of 400 days, which
is in line with Bloomberg’s option and warrant valuation model assumptions.
In determining the risk free rate, the swap price discount curve is used for the relevant currency which is derived from data retrieved from Bloomberg.
The swap curve in the Warrant Currency is deemed an appropriate method for approximating the yield curve for the following reasons:
• There is sufficient liquidity and depth of pricing to provide reliable valuations for the Swap curves for the points and currencies that the
Company currently requires.
• Using Swaps allows for the same discount rate methodology to be used across the range of maturities of the Warrant portfolio, whereas
using other instruments to construct a yield curve would typically be more limited across different tenors. This is relevant the current
portfolio as there is a wide range of time-to-maturities.
• Using Swaps allows for the same discount rate methodology to be used across different currencies, which is applicable to the Company’s
current portfolio which contain Warrants listed and traded in a range of currencies.
2 Income
2022
£’000
2021
£’000
Income from investments
*
UK dividend income 160 176
Preference share dividend income 492 169
Overseas dividend income 3,751 2,102
Overseas fixed interest 358 633
4,761 3,080
Other income
†
Deposit interest 4 –
4 –
Total income 4,765 3,080
Total income comprises:
Dividends 4,403 2,447
Fixed interest securities 358 633
Deposit interest 4 –
4,765 3,080
*
All investment income arises on investments valued at fair value through profit or loss.
†
Other income on financial assets not valued at fair value through profit or loss.

50
CQS NATURAL RESOURCES GROWTH AND INCOME PLC ANNUAL REPORT 30 JUNE 2022
Financial Statements Notes to the Financial Statements
Notes to the Financial Statements (continued)
3 Investment Management Fees
2022
Revenue
£’000
2022
Capital
£’000
2022
Total
£’000
2021
Revenue
£’000
2021
Capital
£’000
2021
Total
£’000
Investment management fee 405 1,214 1,619 285 854 1,139
The Company’s Investment Manager is CQS which in turn has delegated this function to NCIM. The contract between the Company and CQS
may be terminated by either party giving not less than six months’ notice of termination.
The Company’s annual management fee is 1.2 per cent on net assets up to £150m; 1.1 per cent on net assets above £150m and up to £200m; 1.0
per cent on net assets above £200m and up to £250m; and, 0.9 per cent on net assets above £250m.
The balance due to CQS for management fees at the year end was £296,000 (2021: £115,000) as per the Investment Management Agreement.
Investment management fees have been allocated 75% to capital and 25% to revenue (2021: 75% capital, and 25% revenue).
4 Other Expenses (including irrecoverable VAT)
2022
Revenue
£’000
2022
Capital
£’000
2022
Total
£’000
2021
Revenue
£’000
2021
Capital
£’000
2021
Total
£’000
Secretarial and administration fees 141 – 141 124 – 124
Directors’ fees 131 – 131 131 – 131
Employer’s National Insurance contributions 3 – 3 2 – 2
Auditor remuneration: – fees payable for the audit
ofthe annual accounts 65 – 65 35 – 35
Tax advisor remuneration for tax services 10 – 10 10 – 10
Directors’ and Officers’ liability insurance 11 – 11 7 – 7
Registrar fees 19 – 19 19 – 19
Custody fees 32 – 32 38 – 38
Depositary fees 50 – 50 46 – 46
Promotional activities 40 – 40 34 – 34
Stock exchange fees 22 – 22 18 – 18
Advisory and legal fees 76 – 76 76 – 76
Irrecoverable VAT – – – 18 – 18
Other 26 – 26 5 – 5
626 – 626 563 – 563
No pension contributions were payable in respect of any of the Directors.
The Company does not have any employees.
5 Interest Payable
2022
Revenue
£’000
2022
Capital
£’000
2022
Total
£’000
2021
Revenue
£’000
2021
Capital
£’000
2021
Total
£’000
Interest on bank loan 83 241 324 51 152 203
Interest payable on the bank loan has been allocated 75% to capital and 25% to revenue (2021: 75% capital, and 25% revenue).

51
ANNUAL REPORT 30 JUNE 2022 CQS NATURAL RESOURCES GROWTH AND INCOME PLC
Notes to the Financial Statements Financial Statements
6 Tax on Ordinary Activities
2022
Revenue
£’000
2022
Capital
£’000
2022
Total
£’000
2021
Revenue
£’000
2021
Capital
£’000
2021
Total
£’000
Corporation tax (163) – (163) – – –
Overseas taxation 365 – 365 110 – 110
202 – 202 110 – 110
Reconciliation of Tax Charge
The tax assessed for the year is the current standard rate of corporation tax in the UK. A reconciliation of the total tax charge is set out below:
2022
Total
£’000
2021
Total
£’000
Return on ordinary activities before taxation 23,701 53,198
Corporation tax at 19% (2021: 19%) 4,503 10,108
Effects of:
Non taxable income (837) (465)
Non taxable gains (4,073) (9,889)
Overseas withholding tax 365 110
Excess management expenses (deferred tax not recognised) 420 241
Non taxable exchange(gains)/losses (13) 5
Corporation tax (163) –
Current year tax charge 202 110
Due to the Company’s status as an Investment Trust, and the intention to continue meeting the conditions required to obtain approval in the
foreseeable future, the Company has not provided for deferred tax on capital gains and losses arising on the revaluation or disposal of investments.
At 30 June 2022 the Company had surplus management expenses of £11,440,000 (2021: £9,508,000) on which no deferred tax asset has been
recognised.
7 Dividends
2022
Revenue
£’000
2021
Revenue
£’000
Amounts recognised as distributions to equity holders in the year:
Fourth interim dividend for the year ended 30 June 2021 of 1.82p (2020 – 1.82p) per ordinary share 1,217 1,217
First interim dividend for the year ended 30 June 2022 of 1.26p (2021 – 1.26p) per ordinary share 843 843
Second interim dividend for the year ended 30 June 2022 of 1.26p (2021 – 1.26p) per ordinary share 843 843
Third interim dividend for the year ended 30 June 2022 of 1.26p (2021 – 1.26p) per ordinary share 843 843
3,746 3,746
Amounts relating to the year but not paid at the year end:
Fourth interim dividend for the year ended 30 June 2022 of 1.82p (2021 – 1.82p) per ordinary share 1,217 1,217
In accordance with FRS 102 the fourth interim dividend has not been included as a liability in these accounts and will be recognised in the
period in which it is paid.

52
CQS NATURAL RESOURCES GROWTH AND INCOME PLC ANNUAL REPORT 30 JUNE 2022
Financial Statements Notes to the Financial Statements
Notes to the Financial Statements (continued)
8 Return per Ordinary Share
Return per ordinary share attributable to shareholders reflects the overall performance of the Company in the year.
Year ended
30 June 2022
£’000
Year ended
30 June 2021
£’000
Revenue return 3,449 2,071
Capital return 20,050 51,017
Total return 23,499 53,088
Number Number
Weighted average number of ordinary shares in issue 66,888,509 66,888,509
Revenue return per ordinary share (pence) 5.16 3.10
Capital return per ordinary share (pence) 29.98 76.27
Total return per ordinary share (pence) 35.14 79.37
For the years ended 30 June 2022 and 30 June 2021 there was no dilution to the revenue return per ordinary share. Additionally, for the year
ended 30 June 2022 and 30 June 2021 there was no dilution to the capital return per ordinary share.
9 Investments
2022
£’000
2021
£’000
Equity shares 139,005 115,513
Fixed income securities 1,875 7,770
Preference shares 5,024 5,652
Warrants 469 418
146,373 129,353
Included above are unquoted investments of value £60,000 (2021: £53,000).
The Company does not intend to acquire securities that are unquoted or unlisted at the time of investment with the exception of securities
which, at the time of acquisition, are intending to list on a stock exchange or securities which are convertible into quoted securities. However,
the Company may continue to hold securities that cease to be quoted or listed if the Investment Manager considers this to be appropriate.
All investments are designated fair value through profit or loss at initial recognition, therefore all gains and losses arise on investments
designated at fair value through profit or loss.
FRS 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland requires an analysis of investments valued at fair value
based on the reliability and significance of information used to measure their fair value. The level is determined by the lowest (that is the least
reliable or independently observable) level of input that is significant to the fair value measurement for the individual investment in its entirety
as follows:
l Level 1 – investments quoted in an active market;
l Level 2 – investments whose fair value is based directly on observable current market prices or indirectly being derived from market
prices; and
l Level 3 – investments whose fair value is determined using a valuation technique based on assumptions that are not supported by
observable current market prices or based on observable market data.
If the market value of the Level 3 investments fell by 5 per cent, the impact on the profit or loss and the net asset value would have been negative
£0.12 million (2021: negative £0.01 million). If the value of the Level 3 investments rose by the same amount, the effect would have been equal
and opposite. 5% has been selected as this level of change is considered to be reasonable based on observations of current market conditions.

53
ANNUAL REPORT 30 JUNE 2022 CQS NATURAL RESOURCES GROWTH AND INCOME PLC
Notes to the Financial Statements Financial Statements
As at 30 June 2022
Level 1
£’000
Level 2
£’000
Level 3
£’000
Total
£’000
Financial assets at fair value through profit or loss
Quoted equities 135,599 1,455 1,891 138,945
Quoted preference shares 5,024 – – 5,024
Quoted bonds – 1,763 112 1,875
Quoted warrants 47 – – 47
Unquoted equities – – 60 60
Unquoted warrants – – 422 422
Total 140,670 3,218 2,485 146,373
As at 30 June 2021
Level 1
£’000
Level 2
£’000
Level 3
£’000
Total
£’000
Financial assets at fair value through profit or loss
Quoted equities 114,313 1,147 – 115,460
Quoted preference shares 5,652 – – 5,652
Quoted bonds – 7,770 – 7,770
Quoted warrants 72 62 – 134
Unquoted equities – – 53 53
Unquoted warrants – – 284 284
Total 120,037 8,979 337 129,353
In line with the revised SORP issued in April 2021, the presentations of gains and losses arising from disposals of investments and gains and
losses on revaluation of investments have now been combined. Please see Accounting Policies note 1(a) on page 47.
The company received £68,289,000 (2021: £20,862,000) from investments sold in the year. The book cost of these investments when they were
purchased was £64,590,000 (2021: £15,090,000).
The Level 3 investments at the year end, along with the respective valuation methods utilised are as follows:
The fair value of Level 3 financial assets has been determined by reference to valuation techniques described in note 1(d) of these financial
statements. Judgement has been exercised in each of these valuations in determining the most appropriate valuation methodology and inputs
into the valuation models used.
All other level 3 securities have been priced at nil, in the absence of any indicators of higher value. There are normal voting rights attached to all
level 3 equity holdings which are directly proportionate to the % holding in the company. The respective interests in these holdings are detailed above.
These securities are priced using evaluated prices from a third party vendor, together with a price comparison made to secondary and tertiary
evaluated third party sources. Evaluated prices are in turn based on a variety of sources, including broker quotes and benchmarks. As a result
these investments are disclosed as Level 2 – recognising that the fair values of these investments are not as visible as quoted equity investments
and their higher inherent pricing risk. However, this does not mean that the fair values shown in the portfolio valuation are not achievable at
point of sale.
The gains and losses included in the above table have all been recognised within gains/(losses) on investments in the Statement of Comprehensive
Income on page 43. The Directors believe that the use of reasonable possible alternative assumptions for its Level 3 holdings would not result in
a valuation significantly different from the valuation included in these financial statements.
Gains/(losses) on investments
2022
£’000
2021
£’000
Realised gains on sale 31,722 4,878
Unrealised (losses)/gains on investments (10,287) 47,170
Gains on investments 21,435 52,048
During the year the Company incurred transaction costs on the purchases of £65,000 (2021: £14,000) and transaction costs on sales of £58,000
(2021: £15,000).

54
CQS NATURAL RESOURCES GROWTH AND INCOME PLC ANNUAL REPORT 30 JUNE 2022
Financial Statements Notes to the Financial Statements
Notes to the Financial Statements (continued)
10 Debtors
2022
£’000
2021
£’000
Amounts due from brokers – 136
Prepayments and accrued income 69 175
Overseas tax recoverable 22 153
VAT recoverable 12 11
103 475
11 Creditors: Amounts Falling Due Within One Year
2022
£’000
2021
£’000
Amounts due to brokers 52 897
Corporation tax – 163
Other creditors 463 336
515 1,396
Included within other creditors is £296,000 (2021: £115,000) due to CQS in respect of management fees.
12 Bank Loan Facility
2022
£’000
2021
£’000
Bank loan facility 17,000 16,000
The Company has an unsecured loan facility with Scotiabank Europe Plc (“Scotiabank”). The facility expired on 17 September 2021 and has been
renewed for a further two years expiring on the 17 September 2023.
As at the year end the unsecured loan facility had a limit of £25 million of which £17 million was drawn down at the year end, £12 million at a
rate of 2.39% fixed until 19 September 2022 and £5 million at a rate of 2.64% fixed until 26 September 2022.
At the date this Report was approved £17 million was drawn down under this facility at a rate of 3.14% fixed until 20 December 2022.
During the year the covenants of the loan facility have been met. The following are the covenants for the facility:
• the borrower shall not permit the adjusted asset coverage to be less than 3.5 to 1;
• the borrower shall not permit the net asset value to be less than £45,000,000; and
• the loan facility is rolled over every three months and can be cancelled at any time.

55
ANNUAL REPORT 30 JUNE 2022 CQS NATURAL RESOURCES GROWTH AND INCOME PLC
Notes to the Financial Statements Financial Statements
13 Share Capital
2022
Shares
2022
£’000
Allotted, called up and fully-paid
Total issued ordinary shares of 25p each as at 1 July 2021 66,888,509 16,722
Total issued ordinary shares of 25p each
as at 30 June 2022 66,888,509 16,722
Capital management policies and procedures
The Company’s capital management objectives are:
• to ensure that the Company will be able to continue as a going concern; and
• to maximise the capital return to its equity shareholders through an appropriate balance of equity capital and debt. The Board normally seeks
to limit gearing to 25% of net assets, maximum gearing during the course of the year was 15.7% and was 8.1% at 30 June 2022.
The Board monitors and reviews the broad structure of the Company’s capital on an ongoing basis. This review includes the nature and planned
level of gearing, which takes account of the Investment Manager’s views on the market, and the extent to which revenue in excess of that which
is required to be distributed should be retained. The Company has no externally imposed capital requirements.
The capital of the Company is managed in accordance with its investment policy detailed in the Strategic Review on page 17.
14 Net Asset Value per Ordinary Share
The net asset value per ordinary share is based on net assets of £135,072,000 (2021: £115,319,000) and on 66,888,509 (2021: 66,888,509) ordinary
shares, being the number of ordinary shares in issue at the year end.
15 Financial Instruments
The Company’s financial instruments comprise its investment portfolio, cash balances, bank facilities and debtors and creditors that arise directly
from its operations. As an investment trust the Company holds a portfolio of financial assets in pursuit of its investment objective. The Company
can make use of flexible borrowings for short term purposes to achieve improved performance in rising markets and to seek to enhance the
returns to shareholders, when considered appropriate by the Investment Manager. The downside risk of borrowings may be reduced by raising
the level of cash balances held.
Financial assets designated at fair value through profit or loss (see note 9) are held at fair value. For listed securities trading actively, fair value
is considered to be equivalent to the most available recent bid price. Where listed securities are not trading actively, multiple broker quotes are
referencing to estimate fair value. For unlisted securities, this is determined by the Board using valuation techniques based on unobservable inputs.
The fair value of other receivables cash and cash equivalent and other payables is represented by their carrying value in the Balance Sheet shown
on page 44. These are short term financial assets and liabilities whose carrying value approximate fair value.
The main risks that the Company faces arising from its financial instruments are:
(i) market price risk, being the risk that the value of investment holdings will fluctuate as a result of changes in market prices caused by factors
other than interest rate or currency rate movements;
(ii) interest rate risk, being the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates;
(iii) foreign currency risk, being the risk that the value of investment holdings, investment purchases, investment sales and income will fluctuate
because of movements in currency rates;
(iv) credit risk, being the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered
into with the Company; and
(v) liquidity risk, being the risk that the bank may demand re-payment of a loan or that the Company may not be able to quickly liquidate
its investments.

56
CQS NATURAL RESOURCES GROWTH AND INCOME PLC ANNUAL REPORT 30 JUNE 2022
Financial Statements Notes to the Financial Statements
Notes to the Financial Statements (continued)
2022
£’000
2021
£’000
Financial assets
Investment portfolio 146,373 129,353
Cash at bank and on deposit 6,111 2,887
Amounts due from brokers – 136
Accrued income 53 164
Other debtors 50 175
Financial liabilities
Loan 17,000 16,000
Amounts due to brokers 52 897
Other creditors 463 336
Market price risk
Market price risk arises mainly from uncertainty about future prices of financial instruments held. It represents the potential loss the Company
might suffer through holding market positions in the face of price movements. To mitigate the risk the Board’s investment strategy is to select
investments for their fundamental value. Stock selection is therefore based on disciplined accounting, market and sector analysis, with the
emphasis on long term investments. An appropriate spread of investments is held in the portfolio in order to reduce both the statistical risk and
the risk arising from factors specific to a country or sector. The Investment Manager actively monitors market prices throughout the year and
reports to the Board, which meets regularly in order to consider investment strategy.
Investment and portfolio performance are discussed in more detail in the Investment Manager’s Review and further information on the investment
portfolio is set out on pages 12 to 13.
If the investment portfolio valuation fell by 5% at 30 June 2022 (5 per cent 2021), the impact on the profit or loss and the net asset value would
have been negative £7.3 million (2021: negative £6.5 million). If the investment portfolio valuation rose by 5 per cent the impact would have been
equal and opposite. The calculations are based on the portfolio valuation as at the respective balance sheet dates and are not representative of
the year as a whole, and may not be reflective of future market conditions.
5% sensitivity has been selected as this level of change is considered to be reasonable based on observations of current market conditions.
Interest rate risk
Financial assets
Bond yields and their prices are determined by market perception as to the appropriate level of yields given the economic background. Key
determinants include economic growth prospects, inflation, the Government’s fiscal position, short term interest rates and international market
comparisons. The Investment Manager takes all these factors into account when making any investment decisions as well as considering the
financial standing of the potential investee company.
Returns from bonds are fixed at the time of purchase, as the fixed coupon payments are known, as are the final redemption proceeds.
Consequentially, if a bond is held until its redemption date, the total return achieved is unaltered from its purchase date. However, over the life
of a bond the market price at any given time will depend on the market environment at that time. Therefore, a bond sold before its redemption
date is likely to have a different price to its purchase level and a profit or loss may be incurred.
The Company’s exposure to floating interest rates gives rise to cash flow interest rate risk and its exposure to fixed interest rates gives rise to
fair value interest rate risk. Interest rate risk on fixed rate interest instruments is considered to be part of market price risk as disclosed above.
If the bank base rate had increased by 0.5 per cent, the impact on the profit or loss would have been a loss of £54,000 (2021: £66,000). If the
bank base rate had decreased by 0.5 per cent, the impact on the profit or loss would have been equal and opposite. The calculations are based
on borrowings as at the respective balance sheet dates and are not representative of the year as a whole.
Floating rate
When the Company retains cash balances they are held in floating rate deposit accounts. The benchmark rate which determines the interest
payments received on cash balances is the bank base rate for the relevant currency for each deposit.
Financial liabilities
The Company may utilise the bank facility to meet any liabilities due. The Company has borrowed in sterling at a variable rate based on the UK
bank base rate. The Board sets borrowing limits to ensure gearing levels are appropriate to market conditions and reviews these on a regular basis.

57
ANNUAL REPORT 30 JUNE 2022 CQS NATURAL RESOURCES GROWTH AND INCOME PLC
Notes to the Financial Statements Financial Statements
Fixed rate
The Company holds fixed interest investments and has fixed interest liabilities. The fixed interest liabilities are disclosed in note 12.
2022
£’000
2022
Weighted
average
interest
rate(%)
*
2022
Weighted
average
period for
which the
rate is
fixed
(years)
2021
£’000
2021
Weighted
average
interest
rate(%)
*
2021
Weighted
average
period for
which the
rate is
fixed
(years)
Assets:
Fixed income and convertible securities 1,875 7.5 2.0 7,770 8.4 5.0
* The “weighted average interest rate” is based on the current yield of each asset, weighted by their market value.
Foreign currency risk
The Company invests in overseas securities and may hold foreign currency cash balances which give rise to currency risks. The Company does
not hedge its currency exposure and as a result the movement of exchange rates between pounds sterling and the other currencies in which
the Company’s investments are denominated may have a material effect, unfavourable or favourable, on the returns otherwise experienced on
the investments made by the Company. Although the Investment Manager may seek to manage all or part of the Company’s foreign exchange
exposure, there is no assurance that this can be performed effectively. Foreign currency exposure at 30 June 2022 was as follows:
30 June 2022
Investments
£’000
Cash
£’000
Net
current
assets
£’000
Total
£’000
Sensitivity
Impact
5%
£’000
Sensitivity
Impact
-5%
£’000
Canadian Dollar 60,651 – (28) 60,623 3,031 (3,031)
US Dollar 21,767 141 85 21,993 1,100 (1,100)
Australian Dollar 35,404 3 – 35,407 1,770 (1,770)
Norwegian Krone 10,582 – – 10,582 529 (529)
European Euro 3,732 – 111 3,843 192 (192)
Brazilian Real – 16 – 16 1 (1)
132,136 160 168 132,464 6,623 (6,623)
30 June 2021
Investments
£’000
Cash
£’000
Net
current
assets
£’000
Total
£’000
Sensitivity
Impact
5%
£’000
Sensitivity
Impact
-5%
£’000
Canadian Dollar 64,221 5 4 64,230 3,212 (3,212)
US Dollar 12,877 59 197 13,133 657 (657)
Australian Dollar 30,310 815 (795) 30,330 1,517 (1,517)
Norwegian Krone 7,530 70 – 7,600 380 (380)
European Euro 3,752 21 115 3,888 194 (194)
Brazilian Real – 5 – 5 – –
118,690 975 (479) 119,186 5,960 (5,960)

58
CQS NATURAL RESOURCES GROWTH AND INCOME PLC ANNUAL REPORT 30 JUNE 2022
Financial Statements Notes to the Financial Statements
Notes to the Financial Statements (continued)
If the value of the currencies had strengthened against the pound in the portfolio by 5 per cent, the impact on the profit or loss and the net asset
value would have been negative £6.6 million (2021: negative £6.0 million). If the value of sterling had strengthened by the same amount the
effect would have been equal and opposite. The calculations are based on the portfolio valuation, cash balances and net current assets/
(liabilities) as at the respective balance sheet dates and are not representative of the year as a whole, and may not be reflective of future market
conditions.
5% sensitivity has been selected as this level of change is considered to be reasonable based on observations of current market conditions.
The Investment Manager does not intend to hedge the Company’s foreign currency exposure at the present time.
Credit risk
Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into with
the Company. The Investment Manager has in place a monitoring procedure in respect of counterparty risk which is reviewed on an ongoing basis.
The carrying amounts of financial assets best represent the maximum credit risk exposure at the balance sheet date.
At the reporting date, the Company’s financial assets exposed to credit risk amounted to the following:
2022
£’000
2021
£’000
Fixed interest investments 1,875 7,770
Cash and cash equivalents 6,111 2,887
Balances due from brokers – 136
Interest, dividends and other receivables 103 339
8,089 11,132
As at 30 June 2022 and as at 31 October 2022 there were no debtors that were past due.
Credit risk arising on transactions with brokers relates to transactions awaiting settlement. Risk relating to unsettled transactions is considered
to be small due to the short settlement period involved and the high credit quality of the brokers used. The Board monitors the quality of service
provided by the brokers used to further mitigate this risk.
The cash held by the Company and all the assets of the Company which are traded on a recognised exchange are held by BNP Paribas, the Company’s
custodian. Bankruptcy or insolvency of the custodian may cause the Company’s rights with respect to securities held by the custodian to be
delayed or limited. The Board monitors the Company’s risk by reviewing the custodian’s internal control reports. Should the credit quality or the
financial position of BNP Paribas deteriorate significantly the Investment Manager will move the cash holdings to another bank.
BNP Paribas is rated A+ by Standard & Poor’s (04/2022), AA- by Fitch (09/2022) and Aa3 rated by Moody’s (07/2022).
There were no significant concentrations of credit risk to counterparties as at 30 June 2022 and as at 30 June 2021. No individual investment
exceeded 7.3 per cent of net assets as at 30 June 2022 (2021: 8.2 per cent).
As at 30 June 2022, for equity investments representing >1% of the total investments, the Company held 3 per cent or more of issued share capital
of the following companies:
Value per CQS
£’000
Percentage
held
REA Holdings 9% 31/12/49 5,024 6.84%
Galena Mining 2,244 5.20%
Ascendant Resources Inc 1,826 14.53%
Adventus Mining 1,501 3.90%

59
ANNUAL REPORT 30 JUNE 2022 CQS NATURAL RESOURCES GROWTH AND INCOME PLC
Notes to the Financial Statements Financial Statements
Liquidity risk
The Company’s liquidity risk is managed on an ongoing basis by the Investment Manager in accordance with policies and procedures in place as
described in the Directors’ Report. The Company’s overall liquidity risks are monitored on a quarterly basis by the Board. The Company maintains
sufficient cash and readily realisable securities to pay accounts payable and accrued expenses.
The contractual maturities of the financial liabilities at each Balance Sheet date, based on the earliest date on which payment can be required,
were as follows:
30 June 2022
Three months
or less
£’000
More than three
months but less
than one year
£’000
More than
one year
£’000
Total
£’000
Current liabilities 515 – – 515
Loan – – 17,000 17,000
515 – 17,000 17,515
30 June 2021
Three months
or less
£’000
More than three
months but less
than one year
£’000
More than
one year
£’000
Total
£’000
Current liabilities 1,233 – 163 1,396
Loan 16,000 – – 16,000
17,233 – 163 17,396
16 Net debt reconciliation
As at
30 June 2021
£’000
Currency
differences
£’000
Cash flows
£’000
As at
30 June 2022
£’000
Cash and cash equivalents 2,887 70 3,154 6,111
Bank loan repayable within one year (16,000) - (1,000) (17,000)
(13,113) 70 2,154 (10,889)
As at
30 June 2020
£’000
Currency
differences
£’000
Cash flows
£’000
As at
30 June 2021
£’000
Cash and cash equivalents 1,027 (25) 1,885 2,887
Bank loan repayable within one year (12,000) - (4,000) (16,000)
(10,973) (25) (2,115) (13,113)

60
CQS NATURAL RESOURCES GROWTH AND INCOME PLC ANNUAL REPORT 30 JUNE 2022
Financial Statements Notes to the Financial Statements
Notes to the Financial Statements (continued)
17 Related Party Transactions
The following are considered related parties: the Board of Directors (‘the Board’) and CQS/New City Investment Managers (‘the Investment Manager’).
Details of the fee arrangement with the Investment Manager is included within the Directors’ Report under the heading Management and
Management Fees and is disclosed in note 3.
There are no other transactions with the Board other than aggregated remuneration for services as Directors as disclosed in the Directors’
Remuneration Report on pages 36 and 37, and as set out in the note 4 to the accounts. The beneficial interests of the Directors in the ordinary
shares of the Company are disclosed on page 37.
The balance due to Directors for fees at the year end was £10,000 (2021: £16,000).
18 Post Balance Sheet Events
The Board has evaluated subsequent events for the Company through to 31 October 2022, the date the financial statements were available to be
issued, and has concluded that the material events listed below do not require adjustment of the financial statements.
Dividend declaration
The fourth interim dividend of 1.82 pence per share was announced on 13 July 2022 and paid on 26 August 2022 to Shareholders on the register
on 29 July 2022, having an ex-dividend date of 28 July 2022.

61
ANNUAL REPORT 30 JUNE 2022 CQS NATURAL RESOURCES GROWTH AND INCOME PLC
Glossary of Terms and Definitions General Information and Annual General Meeting
Glossary of Terms and Definitions
Gearing Total assets (as below) less all cash (including UK Treasury Stock) divided by shareholders’ funds.
Asset Cover The value of a company’s net assets available to repay a certain security. Asset cover is usually expressed as a
multiple and calculated by dividing the net assets available by the amount required to repay the specific security.
Discount/Premium The amount by which the market price per share of an investment trust is lower or higher than the net asset value
per share. The discount or premium is normally expressed as a percentage of the net asset value per share.
Dividend Cover Earnings per share (per the revenue column) divided by dividends per share expressed as a ratio.
Dividend Yield The annual dividend expressed as a percentage of the share price.
Net Asset Value or NAV The value of total assets less liabilities. Liabilities for this purpose included current and long-term liabilities.
To calculate the net asset value per Ordinary share the net asset value is divided by the number of shares in issue.
Ongoing Charges Ratio A measure of all operating costs incurred in the reporting period, calculated as a percentage of average net
assets in that year. Operating costs exclude costs suffered within underlying investee funds, costs of buying
and selling investments, interest costs, taxation and the costs of buying back or issuing ordinary shares.
Price/Earnings Ratio The ratio is calculated by dividing the middle-market price per share by the earnings per share.
The calculation assumes no change in earnings but in practice the multiple reflects the stock market’s view of
a company’s prospects and profit growth potential.
Prior Charges The name given to all borrowings including debentures, loan and short term loans and overdrafts that are to be
used for investment purposes, reciprocal foreign currency loans, currency facilities to the extent that they are
drawn down, index-linked securities, and all types of preference or preferred capital and the income shares of
split capital trusts, irrespective of the time until repayment.
Redemption Yield The measure of the annualised total return on the current price of a security up to the date of its repayment.
The calculation is based on aggregated income and capital returns, no account being taken of taxation.
Total Assets Total assets less current liabilities (excluding prior charges as defined above).
Total Return The share total return involves reinvesting the net dividend in the month that the share price goes xd. The NAV
total return involves investing the same net dividend in the NAV of the trust on the date to which that dividend
was earned, eg quarter end, half year or year end date.

62
CQS NATURAL RESOURCES GROWTH AND INCOME PLC ANNUAL REPORT 30 JUNE 2022
General Information and Annual General Meeting Notice of Annual General Meeting
Notice of Annual General Meeting
Notice is hereby given that the 27th Annual General Meeting of CQS Natural Resources Growth and Income PLC will be held at One Fleet Place,
London EC4M 7WS on 15 December 2022 at 11.00am to consider the following resolutions.
Ordinary Business
As ordinary business, to consider and, if thought fit, pass the
following resolutions which will be proposed as Ordinary Resolutions:
1. To receive and adopt the Directors’ report and financial statements
for the year ended 30 June 2022, together with the auditor’s report
thereon.
2. To approve the Company’s Dividend Policy.
3. To approve the Directors’ Remuneration Report for the year ended
30 June 2022.
4. To re-elect Mrs H F Green , who retires annually, as a Director.
5. To re-elect Mrs C Cable, who retires annually, as a Director.
6. To re-elect Mr P R Cahill, who retires annually, as a Director.
7. To re-elect Mr C M Casey, who retires annually, as a Director.
8. To re-elect Mr A G Evans, who retires annually, as a Director.
9. To re-appoint BDO LLP as Independent Auditor of the Company.
10. To authorise the Directors to determine their remuneration.
Special Business
As special business, to consider and if thought fit, pass the following
resolutions, which will be proposed as Ordinary Resolutions:
11. That the Company continues as an investment trust pursuant to
the undertaking given by the Board in 2003.
12. That, in substitution for any existing authority, but without prejudice
to the exercise of any such authorisation prior to the date of this
resolution, the Directors of the Company be and they are hereby
generally and unconditionally authorised, in accordance with
Section 551 of the Companies Act 2006 (“the Act”), to allot shares
in the Company and to grant rights to subscribe for or to convert
any security into shares in the Company (together being “relevant
securities”), up to an aggregate nominal amount of £1,672,000,
such authorisation to expire at the conclusion of the next annual
general meeting of the Company to be held in 2023, unless
previously revoked, varied or renewed by the Company in general
meeting, save that the Company may, at any time prior to the
expiry of such authorisation, make an offer or enter into an
agreement which would or might require relevant securities to be
allotted or granted after the expiry of such authority and the
Directors of the Company may allot or grant relevant securities in
pursuance of such an offer or agreement as if such authorisation
had not expired.
As special business, to consider and if thought fit, pass the following
resolutions which will be proposed as Special Resolutions:
13. That, subject to the passing of resolution 12 above, and in
substitution for any existing power but without prejudice to the
exercise of any such power prior to the date of this resolution, the
Directors of the Company be and they are hereby empowered, in
accordance with Sections 570 and 573 of the Companies Act 2006
(the ‘Act’), to allot equity securities (as defined in Section 560 of
the Act) either pursuant to the authorisation under Section 551 of
the Act conferred on the Directors of the Company by such
resolution numbered 12, or by way of a sale of treasury shares, in
each case for cash, as if Section 561(1) of the Act did not apply to
any such allotment:
(i) other than pursuant to sub-paragraph (ii) below, up to an
aggregate nominal amount of £836,100 (representing
approximately 5 per cent of the present issued share capital of
the Company); or
(ii) in connection with an offer of equity securities open for
acceptance for a period fixed by the Directors of the Company
to the holders of ordinary shares in the share capital of the
Company on a fixed record date in proportion (or as nearly as
practicable) to their respective holdings of ordinary shares (but
subject to such exclusions or other arrangements as the
Directors of the Company may consider necessary or expedient
to deal with any legal problems under or resulting from the
application or apparent application of the laws of any territory
or the requirements of any regulatory body or any stock
exchange in any territory or in connection with fractional
entitlements or otherwise howsoever);
such power to expire at the conclusion of the next annual general
meeting of the Company to be held in 2023 unless previously
revoked, varied or renewed by the Company in general meeting,
save that the Company may, at any time prior to the expiry of
such power, make an offer or enter into an agreement which
would or might require equity securities to be allotted after the
expiry of such power and the Directors of the Company may allot
equity securities in pursuance of such an offer or agreement as
if such power had not expired.
14. That, in substitution for any existing authority but without prejudice
to the exercise of any such authority prior to the date of this
resolution, the Company be and is hereby authorised in accordance
with Section 701 of the Companies Act 2006 (the “Act”) to make
market purchases (within the meaning of Section 693 of the Act) of
ordinary shares of 25p each in the capital of the Company and to
cancel or hold in treasury such shares provided that:
(i) the maximum number of ordinary shares hereby authorised to
be purchased shall be 14.99 per cent of the issued share capital
of the Company as at the date of the passing of this resolution;
(ii) the minimum price which may be paid for an ordinary share
is 25p;

63
ANNUAL REPORT 30 JUNE 2022 CQS NATURAL RESOURCES GROWTH AND INCOME PLC
Notice of Annual General Meeting General Information and Annual General Meeting
(iii) the maximum price (exclusive of expenses) which may be paid
for an ordinary share shall not be more than the higher of (i) 5
per cent above the average of the middle market quotations for
an ordinary share on the London Stock Exchange Daily Official
List for the five business days immediately preceding the date
on which any such purchase is made and (ii) the higher of the
last independent trade and the highest current bid on the
London Stock Exchange;
(iv) the authority hereby conferred shall expire on 31 December
2023 or, if earlier, at the conclusion of the Annual General
Meeting of the Company to be held in 2023 unless such
authority is renewed, varied or revoked by the Company in
general meeting prior to such time; and
(v) the Company may make a contract to purchase ordinary
shares under the authority hereby conferred prior to the expiry
of such authority which will or may be executed wholly or
partly after the expiration of such authority and may make a
purchase of ordinary shares pursuant to any such contract.
15. That, a general meeting other than an Annual General Meeting
may be called on not less than 14 clear days’ notice.
BNP Paribas S.A., Jersey Branch
Secretary
10 Harewood Avenue
London, NW1 6AA
31 October 2022
Notes
1. Information about this meeting is available from the Investment
Manager’s website www.ncim.co.uk/city-natural-resources-high-
yield-trust/
2. A member entitled to attend and vote at the AGM is entitled to
appoint one or more proxies to attend, speak and vote in his stead.
Where more than one proxy is appointed, each proxy must be
appointed to exercise the rights attached to a different Share or
Shares. A proxy need not be a member of the Company. It is hoped
that by the date of the AGM restrictions due to Covid-19 will have
eased. However, should this not be the case the AGM may have to
be held as a closed meeting. In this eventuality shareholders, their
proxies and corporate representatives will not be admitted to the
meeting and it is recommended that shareholders exercise their
votes by means of registering them with the Company’s registrar
ahead of the meeting, online or by completing paper proxy forms,
and appoint the Chair of the meeting as their proxy.
3. A form of proxy is enclosed for use at the above meeting.
Completion and return of the form of proxy will not prevent a
member from attending the meeting and voting in person. To be
effective, the form of proxy, duly executed, must be lodged at the
address shown on the form of proxy not later than 48 hours
(excluding non-working days) before the time of the meeting.
4. The right to vote at the meeting is determined by reference to the
Company’s register of Members as at 6.30 pm on 13 December
2022. Changes to entries on the register after that time should be
disregarded in determining the rights of any member to attend
and vote at the meeting.
5. As at 9.00 am on 31 October 2022, the Company’s issued share
capital comprised 66,888,509 ordinary shares of 25 pence each.
Each ordinary share carries the right to one vote at a general meeting
of the Company, and therefore, the total number of voting rights in
the Company as at 9.00 am on 31 October 2022 is 66,888,509.
6. As a member, you have the right to put questions at the meeting
relating to the business being dealt with at the meeting.
7. Any person to whom this notice is sent who is a person nominated
under section 146 of the Companies Act 2006 to enjoy information
rights (a “Nominated Person”) may, under an agreement between
them and the member by whom they were nominated, have a right
to be appointed (or to have someone else appointed) as a proxy for
the meeting. If a Nominated Person has no such proxy appointment
right or does not wish to exercise it, they may, under any such
agreement, have a right to give instructions to the member as to
the exercise of voting rights.
8. The statement of the rights of members in relation to the
appointment of proxies in notes 2 and 3 above does not apply to
Nominated Persons. The rights described in these paragraphs can
only be exercised by members of the Company.
9. CREST members who wish to appoint a proxy or proxies by
utilising the CREST electronic proxy appointment service may do
so for the meeting and any adjournment(s) thereof by utilising the
procedures described in the CREST Manual which can be viewed
at www.euroclear.com. CREST personal members or other CREST
sponsored members, and those CREST members who have
appointed a voting service provider(s), should refer to their CREST
sponsor or voting service provider(s), who will be able to take the
appropriate action on their behalf.
10. In order for a proxy appointment made by means of CREST to be
valid, the appropriate CREST message (a “CREST Proxy Instruction”)
must be properly authenticated in accordance with Euroclear UK
& Ireland Limited’s (“EUI”) specifications and must contain the
information required for such instructions, as described in the
CREST Manual. The message must be transmitted so as to be
received by the issuer’s agent (ID-RA19) by the latest time for the
receipt of proxy appointments specified in note 3 above. For this
purpose, the time of receipt will be taken to be the time (as
determined by the timestamp applied to the message by the
CREST Applications Host) from which the issuer’s agent is able to
retrieve the message by enquiry to CREST in the manner prescribed
by CREST.

64
CQS NATURAL RESOURCES GROWTH AND INCOME PLC ANNUAL REPORT 30 JUNE 2022
General Information and Annual General Meeting Notice of Annual General Meeting
11. CREST members and, where applicable, their CREST sponsors or
voting service providers should note that EUI does not make
available special procedures in CREST for any particular messages.
Normal system timings and limitations will therefore apply in relation
to the input of CREST Proxy Instructions. It is the responsibility of
the CREST member concerned to take (or, if the CREST member is
a CREST personal member or sponsored member or has appointed
a voting service provider(s), to procure that his CREST sponsor or
voting service provider(s) take(s)) such action as shall be necessary
to ensure that a message is transmitted by means of the CREST
system by any particular time. In this connection, CREST members
and, where applicable, their CREST sponsors or voting service
providers are referred, in particular, to those sections of the CREST
Manual concerning practical limitations of the CREST system
and timings.
12. The Company may treat as invalid a CREST Proxy Instruction in the
circumstances set out in Regulation 35(5)(a) of the Uncertificated
Securities Regulations 2001 (as amended).
Institutional investors may be able to appoint a proxy electronically
via the Proxymity platform, a process which has been agreed by
the Company and approved by the Registrar. Further information
regarding Proxymity can be found on www.proxymity.io. Proxies
must be lodged by 11 am. on Tuesday 13 December 2022 in order
to be considered valid. Before appointing a proxy via this process
investors will need to have agreed to Proxymity’s associated terms
and conditions. It is important to read these carefully as investors
will be bound by them and they will govern the electronic
appointment of proxies.
13. No Director has a service contract with the Company but copies
of Directors’ letters of appointment will, if possible, be available
inspection for at least 15 minutes prior to the meeting and during
the meeting.
14. Under section 338 of the Companies Act 2006, members may
require the Company to give, to members of the Company entitled
to receive this notice of meeting, notice of a resolution which may
properly be moved and is intended to be moved at the meeting.
Under Section 338A of that Act, members may request the Company
to include in the business to be dealt with at the meeting any
matter (other than a proposed resolution) which may properly be
included in the business.
15. It is possible that, pursuant to requests made by members of the
Company under Section 527 of the Companies Act 2006, the
Company may be required to publish on a website a statement
setting out any matter relating to: (i) the audit of the Company’s
accounts (including the auditor’s report and the conduct of the
audit) that are to be laid before the meeting or (ii) any circumstances
connected with an auditor of the Company ceasing to hold office
since the previous meeting at which annual accounts and reports
were laid in accordance with Section 437 of the Companies Act
2006. The Company may not require the members requesting any
such website publication to pay its expenses in complying with
Sections 527 or 528 of the Companies Act 2006. Where the
Company is required to place a statement on a website under
Section 527 of the Companies Act 2006, it must forward the
statement to the Company’s auditor not later than the time when
it makes the statement available on the website. The business
which may be dealt with at the meeting includes any statement
that the Company has been required under Section 527 of the
Companies Act 2006 to publish on a website.
16. In accordance with Section 311A of the Companies Act 2006, the
contents of this notice of meeting, details of the total number of
shares in respect of which members are entitled to exercise voting
rights at the AGM and, if applicable, any members’ statements,
members’ resolutions or members’ matters of business received
by the Company after the date of this notice will be available on
the Company’s website www.ncim.co.uk.
17. You may not use any electronic address provided either in this
Notice of Meeting or any related documents (including the Form of
Proxy) to communicate with the Company for any purposes other
than those expressly stated.
Notice of Annual General Meeting (continued)

65
ANNUAL REPORT 30 JUNE 2022 CQS NATURAL RESOURCES GROWTH AND INCOME PLC
Report of the UK Investment Adviser General Information and Annual General Meeting
Report of the UK Investment Adviser Relating to Matters
under the Alternative Investment Fund Managers’ Directive
City Natural Resources Growth and Income PLC
For the year ended 30 June 2022
Risk management systems
The Company’s Annual Report and Pre-investment Disclosure
Document sets out the risks to which the Company is exposed. The
UK Investment Manager employs risk management disciplines which
monitor the Company’s portfolio and to quantify and manage the
associated market and other risks. A permanent independent
department has been established by the UK Investment Manager to
perform the risk management function. The risk management and
performance analysis team (“RMPA”) is led by the Chief Risk Officer
and is functionally and hierarchically separate from the operating
units of the portfolio managers of the Company.
RMPA is a dedicated control function over the operating units of the
Investment Manager and is not involved in the performance activities
of the Company. RMPA has designed, documented and implemented
effective risk management policies, processes and procedures in
order to identify, quantify, analyse, monitor, report on and manage all
material risks relevant to the Company’s investment strategy. The
systems include third party vendor applications such as Tradar,
Sungard Front Arena and MSCI Risk Metrics, complemented with a
number of proprietary applications.
Material changes to information required to be made
available to investors of the Company
No material changes.
Assets of the Company subject to special
arrangements arising from their illiquid nature
There are no assets of the Company which are subject to special
arrangements arising from their illiquid nature.
Remuneration
The AIFM has adopted a remuneration policy which meets the
requirements of the Directive and has been in place for the current
financial year of the Company. The variable remuneration period of
the AIFM ended on 31 December 2021 and therefore coincides with
the financial year of the Company.
The remuneration process is overseen by the remuneration committee
(comprised predominately of independent non-executive parties).
An internal working group encompassing senior management is
responsible for gathering relevant information (both quantitative and
qualitative) to evaluate the performance (both short and long term) of
individuals, teams and the AIFM as a whole, against external market
benchmarks and to utilise this to develop proposals for fixed and
variable remuneration for all staff. The remuneration committee receives
these proposals and the supporting information and is responsible for
independently reviewing and scrutinising the proposals and evidence
provided in line with the AIFM’s stated objectives and developing its
final recommendations for delivery to the governing body of the AIFM
and other entities associated with the AIFM.
The variable remuneration of all staff in excess of a threshold, which
includes those individuals categorised as remuneration code staff
(“code staff”), is subject to the following:
• deferred payment of up to 50% of the variable remuneration for a
period of 3 years,
• deferred remuneration is linked to funds managed by the AIFM,
• the breaching of certain covenants may lead to forfeiture of
deferred remuneration, and
• a claw-back provision of deferred remuneration in certain
circumstances including future performance issues by the individuals.
The below information provides the total remuneration paid by the
AIFM (and any delegates) for the year ending, December 31, 2021
This has been presented in line with the information available to the
Company. There is no allocation made by the AIFM to each AIF and as
such the disclosure reflects the remuneration paid to individuals who
are partly or fully involved in the AIF, as well as staff of any delegate
to which the firm has delegated portfolio management and/or risk
management responsibilities in relation to the AIF.
Of the total AIFM remuneration paid of $92.9m for the year ending
December 31, 2021 to 248 individuals (full time equivalent), $34.5m
has been paid as fixed remuneration determined based upon the FCA
guidance with the remainder being paid as variable remuneration.
The AIFM has assessed the members of staff whom it determines to
be code staff in line with AIFMD as reflected in SYSC 19b.3.4R. Senior
management and staff engaged in the control functions are identified
based upon their roles and responsibilities within the AIFM and the
delegates. With respect to investment professionals, in determining
whether such staff are code staff, due consideration is taken of the
allocated capital and trading limits that apply to the funds managed and
whether the individuals report into and seek consent for investment
decisions from others who are themselves code staff. There are 16.6
individuals (full time equivalent) who meet this definition and these
individuals have collectively been compensated $45.1m.
Not all individuals are directly remunerated by the AIFM due to the
structure of the AIFM entity, however in the interests of meeting the
underlying requirement of this disclosure all staff involved have been
assessed as if directly remunerated by the AIFM.

66
CQS NATURAL RESOURCES GROWTH AND INCOME PLC ANNUAL REPORT 30 JUNE 2022
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67
ANNUAL REPORT 30 JUNE 2022 CQS NATURAL RESOURCES GROWTH AND INCOME PLC
Corporate Information General Information and Annual General Meeting
Corporate Information
Registered Number
02978531
Registered in England & Wales
Registered Office
10 Harewood Avenue
London
NW1 6AA
Directors
Helen Green (Chairman)
Carole Cable
Paul R Cahill
Christopher M Casey (Chair, Audit Committee)
Alun G Evans
Investment Manager
CQS (UK) LLP
4th Floor
One Strand
London WC2N 5HR
Secretary and Administrator
BNP Paribas S.A, Jersey Branch
IFC 1
The Esplanade
St Helier
Jersey
JE1 5BP
Solicitors
Dentons UK and Middle East LLP
One Fleet Place
London EC4M 7WS
Financial Adviser and Corporate Broker
finnCap
1 Bartholomew Close
London
EC1A 7BL
Bankers
BNP Paribas
10 Harewood Avenue
London NW1 6AA
Scotiabank
201 Bishopsgate
London EC2M 3NS
Custodian and Depositary
BNP Paribas
10 Harewood Avenue
London NW1 6AA
Auditor
BDO LLP
55 Baker Street
London W1U 7EU
Tax Advisor
KPMG LLP
20 Castle Street
Edinburgh EH1 2EG
AIFM
CQS (UK) LLP
4th Floor
One Strand
London WC2N 5HR
Registrars
Equiniti
Aspect House
Spencer Road, Lancing
West Sussex BN99 6DA
Shareholder helpline UK: 0371 384 2030
**
Shareholder helpline overseas: +44 121 415 7047
Shareholder Information
Net Asset Value/Share Price
The net asset value of the Company’s ordinary shares may be
obtained by contacting CQS on 0207 201 6900 or by email at
clientservice@cqsm.com or alternatively by visiting the Company’s
web site at www.ncim.co.uk.
Website
www.ncim.co.uk
**
Calls from outside the UK will be charged at international rates. Other telephone
provider costs may vary. Lines open 8.30am to 5.30pm, Monday to Friday.

CQS Natural
Resources Growth
and Income PLC