Schroder Income Growth Fund plc
Annual Report and Financial Statements
For the year ended 31 August 2025

Investment objective
The principal objectives of Schroder Income Growth Fund plc (the
“Company”) are to provide real growth of income in excess of the rate
of inflation, and capital growth as a consequence of the rising income.
Why invest in the Company?
The Company has grown its dividend for 30 consecutive years, since
it was launched in 1995 – a feat that has earned it a place on the
Association of Investment Companies’ list of dividend heroes 1 .
Benefit from consistent rising income.
The Company has delivered reliable dividend growth for
shareholders in each of the last 30 years, allowing investors to
capture the significant power of long-term compounding.
Rely on decades of deep expertise.
Managed by Schroders’ Head of UK Equities, Sue Noffke, with
support from an investment team with deep experience.
Capture long-term capital growth.
Strong long-term performance through successful
stock-picking, with the team repeatedly adding value across
the market cap spectrum.
Scan this QR code on your smartphone camera to
sign-up to receive regular updates on
Schroder Income Growth Fund plc
The investment objective of the Company is set out above and on page 25. For details on the Company’s investment policy
please see the KID. This report includes the investment policy which you should read in conjunction with the KID before
investing; these are also available on Schroders’ website.
Past performance is not a guide to future performance and may not be repeated.
The value of investments and the income from them may go down as well as up and investors may not get back the
amounts originally invested. Exchange rate changes may cause the value of investments to fall as well as rise. Performance
data does not take into account any commissions and costs, if any, charged when units or shares of any fund, as applicable,
are issued and redeemed. Relevant risks as associated with this Company are shown on page 88 and should be carefully
considered before making any investment.
1 Latest Dividend Hero award date: 26 September 2025. The Association of Investment Companies’ dividend heroes are the investment companies that have
consistently increased their dividends for 20 or more years in a row.

Schroder Income Growth Fund plc Annual Report and Financial Statements 2025
Section 1: Overview
Performance Summary 5
Chairman’s Statement 6
Ten-Year Financial Record 9
Section 2: Investment Manager’s Review
Investment Manager’s Review 12
Investment Approach and Process 18
Investment Portfolio 20
Section 3: Strategic Report
The Company 24
Stakeholder Engagement – Section 172 Report 28
Risk Report 32
Conclusion 36
Section 4: Governance
Board of Directors 40
Directors’ Report 42
Audit and Risk Committee Report 45
Management Engagement Committee Report 48
Nomination Committee Report 49
Remuneration Committee Report 51
Directors’ Remuneration Report 52
Statement of Directors’ Responsibilities
in respect of the Annual Report and Financial
Statements 55
Section 5: Financial Statements
Independent Auditor’s Report 58
Statement of Comprehensive Income 63
Statement of Changes in Equity 64
Statement of Financial Position 65
Notes to the Financial Statements 66
Section 6: Other Information (Unaudited)
Annual General Meeting – Recommendations 80
Notice of Annual General Meeting 81
Explanatory Notes to the Notice of Meeting 82
De nitions of Terms and Alternative
Performance Measures 84
Information about the Company 86
Risk Disclosures 88
Contents
1
10
22
56
38
78
2
This is not a sustainable product for the purposes of the Financial Conduct Authority (“FCA”) rules.
References to the consideration of sustainability factors and environment, social and governance
(“ESG”) integration should not be construed as a representation that the Company seeks to achieve
any particular sustainability outcome.

Schroder Income Growth Fund plcCAnnual Report and Financial Statements 2025
2
Section 1: Overview Section 1: Overview

Schroder Income Growth Fund plcCAnnual Report and Financial Statements 2025 3
Section 1: Overview
Performance Summary 5
Chairman’s Statement 6
Ten-Year Financial Record 9
Section 1: Overview

Schroder Income Growth Fund plcCAnnual Report and Financial Statements 2025
4
Section 1: Overview

Schroder Income Growth Fund plcCAnnual Report and Financial Statements 2025 5
Performance Summary
At 31 August 2025
Total Returns (including dividends reinvested)
Section 1: Overview
Net Asset Value (NAV)
per share total return
9.6%
(31 August 2024: 19.0%)
Dividend growth for the year
3.5%
(31 August 2024: 2.9%)
Share price
319.00p
(31 August 2024: 299.00p)
Net revenues
after taxation
£8.67m
(31 August 2024: £8.08m)
Share price total return
12.9%
(31 August 2024: 17.7%)
Share price discount to
NAV per share*
8.2%
(31 August 2024: 10.4%)
Gearing*
10.4%
(31 August 2024: 12.2%)
Dividends per share
14.70p
(31 August 2024: 14.20p)
Revenue earnings per share
12.55p
(31 August 2024: 11.64p)
Ongoing charges ratio*
0.78%
(31 August 2024: 0.79%)
Some of the nancial measures above are classi ed as Alternative Performance Measures, as de ned by the European Securities and
Markets Authority and are indicated with an asterisk (*). De nitions of these performance measures, and other terms used in this report,
are given on page 84, together with supporting calculations where appropriate.

Schroder Income Growth Fund plcCAnnual Report and Financial Statements 2025
6
Section 1: Overview
Chairman’s Statement
I am pleased to present the annual results of Schroder Income
Growth Fund plc for the year ended 31 August 2025. Despite
facing external challenges throughout the year, UK equities have
continued to deliver attractive returns. During the year, your
Board has achieved material improvements in fees and discount
management policy which are laid out further below.
Performance
During the year under review, your Company achieved an NAV
total return of 9.6%, while the share price total return reached
12.9%, bene tting from a narrowing discount to NAV. This
compares favourably with the FTSE All-Share Total Return Index,
which delivered a return of 12.6% over the same period. Portfolio
income saw an increase of 6.1% over the year, following a decline
in the previous period. This recovery is encouraging, especially in
the context of subdued dividend growth across the broader
UKMmarket. Such conditions re ect the growing trend towards
share buybacks and the impact of a weaker dollar on overseas
earnings.
Your Company marked the milestone of its 30 th Mconsecutive year
of dividend increases, having raised its dividend every year since
launch. This consistent track record places your Company among
the AIC’s dividend heroes and re ects the careful use of reserves
and the resilience of our investment approach. Since Sue NoFke
assumed responsibility for the portfolio in July 2011, NAV and
share price total returns have risen by 197.9% and 200.8%
respectively, signi cantly ahead of the FTSE All-Share Index’s
return of 168.0% over the same period.
As your Board, we remain focused on protecting shareholders’
interests and proactively engage in regular discussions with your
Investment Manager to review investment performance. For
further details, please refer to the Investment Manager’s Review
on page 12.
Revenue, dividends, and smoother distribution
Dividends per share for the nancial year amounted to 14.70p,
representing a 3.5% increase over the previous year. Your
Company’s principal objective is to provide income growth above
the rate of in ation, and capital growth as a result of rising
income. Over both 10- and 30-year periods, dividends have
outpaced in ation, ensuring shareholders’ income has grown in
real terms. Earnings per share rose by 7.8% to 12.55p compared
to the prior period. The dividend of 14.70p was 0.85x covered by
earnings. Upon payment of the fourth interim dividend on
31MOctober 2025, the revenue reserve stood at £4.3 million,
equivalent to 6.33p per ordinary share or more than ve months
of the annual dividend.
In December 2024, your Board outlined its intention to deliver
aMsmoother dividend distribution for the 2025 nancial year.
InMline with this commitment, the rst, second, and third interim
dividends were increased from 2.5 pence per share for the 2024
nancial year to 3.25 pence per share for the 2025 nancial year.
This change allowed shareholders to receive a larger proportion
of the total dividend earlier in the year through the rst three
interim payments.
Whilst your Board recognises that the environment for income
generation, both in the UK and globally, has changed
considerably, we are committed to supporting shareholders
through a progressive dividend policy. It is becoming more
challenging for dividend income alone to bridge the gap between
earnings per share and the dividend level sought by your Board,
particularly when aiming to increase the annual dividend. Several
factors contribute to this: companies are now more prudent,
demonstrating higher dividend cover and lower payout ratios
than previously; many are focusing on share buybacks rather than
dividend increases; special dividends have reverted to more
sustainable levels; and nancing costs have risen as interest rates
have normalised.
This is not the rst occasion on which your Company has drawn on
reserves to enhance the dividend. Although the ability of
investment trusts toMsmooth income by managing reserves
carefully is a key advantage over open-ended funds, your Board is
mindful that using these reserves must be approached prudently
and is not a substitute for growing underlying income.
Notwithstanding the challenges, your Company remains in
aMrobust position, with healthy total distributable reserves and
good underlying income growth per share, both of which continue
to support a progressive dividend policy and the Company’s
principal objectives. Over the longer term, your Company has
consistently achieved its objective of real income growth above
in ation and your Board remains focused on this target.
Ewen Cameron Watt
Chairman
“Both your Board and Investment Manager are
confident that the portfolio is well positioned to
continue delivering real growth of income and
competitive total returns. Our diversified income base,
disciplined stock selection, and long history of
successfully navigating varied market cycles provide
a solid foundation as your Company enters
a fourth decade.”

Schroder Income Growth Fund plcCAnnual Report and Financial Statements 2025 7
Section 1: Overview
Enhancing shareholder returns
Your Board’s principal purpose is to act in shareholders’ interests.
This responsibility includes taking measures to manage costs –
which are after all a tax on investment returns. In this respect,
IMam pleased to report on some material actions taken this year to
enhance returns for shareholders. These can broadly be divided
between fee reductions and discount management.
Investment fee reduction
In May 2025, your Board was pleased to announce that with eFect
from 1MSeptember 2025, your Company’s investment
management fee would be reduced from 0.45% to 0.40%, and
that the separate fee for company secretarial and administration
services would be removed. Just as importantly, the basis on
which fees were charged would be adjusted from aMcharge on
NAV to the lower of market capitalisation or NAV. As a result, if the
shares trade at a discount to NAV, this is an additional bene t to
shareholders. This change introduces a fee structure and aMtotal
expense ratio that are highly competitive within the industry.
These adjustments are expected to enhance returns per share.
Since I joined your Board in 2017, we have reduced the rate for
investment management services, the largest single component
of costs, by more than 45%.
Discount management
In May 2025, your Board also unveiled aMmore active approach to
managing the volatility and level of the share price discount to NAV,
seeking to keep the discount within single digits in normal market
conditions. The average share price discount to NAV was 10.0%
during the year, closing at 8.2% at the nancial year end. Your
Board continues to monitor the discount closely and, when
appropriate, implements share buybacks. Over the year, your
Company repurchased 1,406,191 ordinary shares to be held in
treasury, representing 2.0% of the issued share capital, for a total
consideration of £4,286,077. The average price paid per share was
£3.08. In the nancial year 2025, your Company’s share
repurchases contributed to a 0.18% accretion in NAV. Your Board
will continue to buy back shares when this action meaningfully
enhances asset value per share. As at 6 November 2025, your
Company’s share price discount to NAV was 8.2%.
Gearing
Your Company has a one-year £30 million revolving credit facility
with The Bank of Nova Scotia, London Branch, eFective from
September 2025. The average level of gearing during the year
was 12.1%, with your Company nishing the year with gearing at
10.4%. Even in a higher interest rate environment in 2024/5,
gearing has contributed positively to returns by 1.1%. Recent rate
cuts and a renegotiated loan agreement mean that, all other
things being equal, nance charges will be lower this year.
Continuation vote
As stipulated in your Company’s Articles of Association, your Board
will propose a resolution at the forthcoming Annual General
Meeting for your Company to continue as an investment trust for
another ve years.
These are times of considerable change and scrutiny of the
investment trust sector. Your Board has debated these industry
changes long and hard. Our view that continuation is justi ed has,
at its core, considerations of potential shareholder outcomes. We
believe these are a function of the overall investment opportunity,
associated costs, maximisation of your Company’s balance sheet
to support dividend growth, and the commitment of your
Manager to UK equity management.
The UK equity market remains one of the cheapest major stock
markets. Cheapness in itself does not guarantee future returns.
However, the UK market oFers diversi cation of the highly
concentrated US market where a handful of stocks dominate
overall returns. UK company management recognises this
opportunity, with the highest level of share buybacks among
major stock markets to existing market capitalisation. We see this
as a vote of con dence in the medium-term outlook.
One of your Company’s aims is to raise dividends paid to you in
real terms. There is, we think, an excessive focus on revenue
reserves in assessing prospects for such growth. Most major
investment sectors focus on pay outs to their bene ciaries based
on total return, which is capital plus income received. We agree
with this approach, taking the view that all reserves generated
from investment returns are available for shareholders. As such
we note that future dividends for your Company should logically
be based on total distributable reserves. These include capital
reserves of £208,571,000, revenue reserves of £7,673,000 (as at
31 August 2025), and in ows generated by your Investment
Manager. We do not believe that your best interests are served by
buying the highest yielding shares in the market irrespective of
their ability to grow dividends and history supports this belief.
Your Board believes that your Investment Manager is well
quali ed and suited to manage the portfolio and help your
Company achieve its investment objectives. Under the leadership
of Sue NoFke, Schroders’ Head of UK Equities, and her
experienced team, your Company has demonstrated strong
dividend growth deriving from successful stock-picking, and
consistent value creation across companies of all sizes. This
expertise has enabled reliable dividend growth for shareholders
for three decades, allowing them to bene t from the
compounding eFect over the long-term. Since Sue NoFke took
over management of the portfolio in July 2011, your Company has
outperformed the FTSE All-Share Total Return Index by 29.9%,
delivering an annualised rate of 8.0%. Your Board also believes
your Company is competitively positioned within its peer group
and its structure continues to provide signi cant bene ts to
shareholders.
Lastly, there is much talk about the bene ts of greater size of
investment companies. Lots of larger investment companies do
not have materially diFerent shareholder pro les from smaller
siblings. Your Board is not blind to the argument that there are
too many competing funds in sectors, including UKMequity
income, to allow for diFerentiation and therefore the possibility of
future shrinkage in the number of funds. We simply believe that
this process should be driven by considerations of potential
returns per share. We have a duciary duty to you as
shareholders to assess any opportunity or approach purely in
terms of overall shareholder interests and this guides us in any
consideration of structural change.
Accordingly, your Board unanimously recommends the
continuation of your Company as an investment trust for the next
ve years, and the Directors intend to vote their shares in favour
of continuation.

Schroder Income Growth Fund plcCAnnual Report and Financial Statements 2025
8
Section 1: Overview
Annual General Meeting (“AGM”)
Your Company’s 2025 AGM will be held at 12.30pm on Thursday,
11 December 2025 at 1MLondon Wall Place, London, EC2YM5AU.
Your Board strongly encourages shareholders to attend and
participate. Attendees will have the opportunity to hear
aMpresentation from your Investment Manager, and light
refreshments will be available.
All voting will be conducted by poll. Shareholders are encouraged
to register their vote with your Company’s registrar, either online
or via paper proxy forms, and to appoint the Chair of the meeting
as their proxy. Even if you are unable to attend the AGM in
person, you are still able to have your say by submitting your vote
in advance. Further details on voting procedures can be found in
the Notice of Meeting on pages 81 to 83. Any questions for your
Board may be submitted by email to
amcompanysecretary@schroders.com prior to the AGM.
For ongoing updates about your Company, shareholders are
invited to sign up to the Manager’s investment trusts update,
available at https://schro.link/scf_subscribe.
Results webinar
Shareholders are invited to join your Investment Manager,
SueMNoFke, for aMwebinar reporting on the year ended 31MAugust
2025 and to discuss the outlook for your Company’s portfolio. The
presentation will be followed by a live Q&AMsession.
The webinar will take place at 9:00am on Thursday, 13MNovember
2025. Registration is available at
https://www.schroders.events/SCF25 or by scanning the QR code
below:
Outlook
Global equity markets continue to be in uenced by events in the
US, but ongoing policy uncertainty and concentration risk from
aMsmall number of large technology companies have raised
questions about American exceptionalism. Early indications
suggest a shift in investor preferences, with other regions,
including the UK, beginning to show improved performance.
Low valuations in the UK stock market remain attractive to
international investors and fuel robust merger and acquisition
activity. Share buybacks are now aMconsistent feature of the
UKMmarket, and your Board notes increasing evidence that
well-executed programmes at good valuations can create lasting
value.
Both your Board and Investment Manager are con dent that the
portfolio is well positioned to continue delivering real growth of
income and competitive total returns. Our diversi ed income
base, disciplined stock selection, and long history of successfully
navigating varied market cycles provide a solid foundation as your
Company enters a fourth decade.
Ewen Cameron Watt
Chairman
10 November 2025

Schroder Income Growth Fund plcCAnnual Report and Financial Statements 2025 9
Section 1: Overview
Ten-Year Financial Record
At 31 August 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Shareholders’ funds (£’000) 196,490 216,718 216,740 204,458 170,324 219,915 205,100 203,932 231,561 236,246
NAV per share (pence) 286.06 315.51 315.54 297.66 246.71 316.59 295.26 293.58 333.54 347.32
Share price (pence) 257.00 293.63 301.00 273.00 242.00 316.50 289.00 267.50 299.00 319.00
Share price discount to NAV per share* (%) (10.2) (6.9) (4.6) (8.3) (1.9) 0.0 (2.1) (8.9) (10.4) (8.2)
Gearing* (%) 1 8.4 5.8 8.3 15.5 9.5 7.9 13.5 13.7 12.2 10.4
For the year ended 31 August 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Net revenue return after taxation (£’000) 8,299 9,107 8,767 9,744 8,042 8,370 9,697 9,130 8,084 8,665
Revenue return per share (pence) 12.08 13.26 12.76 14.19 11.69 12.08 13.96 13.14 11.64 12.55
Dividends per share (pence) 10.60 11.20 11.80 12.40 12.60 12.80 13.20 13.80 14.20 14.7
Ongoing charges* (%) 2 1.00 0.95 0.93 0.87 0.86 0.79 0.74 0.77 0.79 0.78
Performance 3 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
NAV total return* 100.0 108.4 123.9 128.9 126.5 109.7 147.4 143.4 149.4 177.7 194.8
Share price total return* 100.0 99.2 117.8 126.1 119.3 110.9 152.0 144.8 140.5 165.4 186.7
FTSE All-Share Index total return 100.0 111.7 127.7 133.7 134.3 117.3 148.9 150.4 158.3 185.2 208.5
1 Borrowings used for investment purposes, less cash, expressed as a percentage of net assets. If the amount so calculated is negative, this is shown as a “Net cash”
position.
2 Ongoing charges represents the management fee and all other operating expenses excluding nance costs and transaction costs, expressed as a percentage of the
average daily net asset values during the year.
3 Source: Morningstar. Rebased to 100 at 31 August 2015.
* Alternative Performance Measures.
NAV/share price/FTSE All-Share Index total returns
for the ten years ended 31 August 2025
Source: Morningstar. Rebased to 100 at 31 August 2015.
Dividends per share versus the rate of in ation for
the ten years ended 31 August 2025
Source: Morningstar/O8ce for National Statistics. Rebased to 100 at 31 August
2015.
80
100
120
140
160
180
200
220
Aug-25
Aug-24
Aug-23
Aug-22
Aug-21
Aug-20
Aug-19
Aug-18
Aug-17
Aug-16
Aug-15
NAV Total Return
Share Price Total Return
FTSE All-Share Total Return
90
100
110
120
130
140
150
Aug-25
Aug-24
Aug-23
Aug-22
Aug-21
Aug-20
Aug-19
Aug-18
Aug-17
Aug-16
Aug-15
CPI
Dividends per share

Schroder Income Growth Fund plcKAnnual Report and Financial Statements 2025
10
Section 2: Investment Manager’s Review

Schroder Income Growth Fund plcKAnnual Report and Financial Statements 2025 11
Section 2: Investment Manager’s Review
Investment Manager's Review 12
Investment Approach and Process 18
Investment Portfolio 20
Section 2: Investment Manager’s Review

Schroder Income Growth Fund plcKAnnual Report and Financial Statements 2025
12
Section 2: Investment Manager’s Review
Investment Manager’s Review
Introduction
During the year ended 31 August 2025, your Company achieved
aRNAV total returnRof 9.6%, with net income reinvested. This
performance is set against the FTSE All-Share Index, which
returned 12.6% over the same period. The share price total return
reached 12.9%, re ecting a narrowing discount to NAV.
Income
Total income from dividends increased by 6.1% to £10.3 million,
up from £9.7 million in the previous year. Ordinary dividend
income rose by 4.8%, marking a modest but welcome return to
growth after the prior year’s decline. The nancial sector was the
primary driver of this increase, with insurance and other nancials
contributing the most signi cant rise compared to last year. Banks
also delivered higher dividends and notable returns of surplus
capital via share buybacks. Conversely, lower exposure to the oils
and mining sectors resulted in subdued income contributions
from these areas in comparison to previous years.
Special dividends accounted for 1.8% of total income, slightly
higher than the previous year. These were received from
Lancashire, known for paying specials when performance allows,
and Assura, which issued a special dividend in connection with its
takeover by Primary Health Properties. This report further
elaborates on the growing preference among companies for
share buybacks as aRmethod of returning surplus capital to
shareholders, re ecting management’s recognition of the
long-term value created by retiring undervalued equity.
A diverse range of holdings contributed to the portfolio’s income
growth. Many nancial companies achieved double-digit dividend
increases, including NatWest, Standard Chartered, 3i, XPS
Pensions, and Prudential. Outside the nancial sector,
companies such as Cranswick, Tesco, Haleon, Telecom Plus,
BAE Systems, and IMI also recorded double-digit dividend
growth. Others, including Balfour Beatty, Bunzl, QinetiQ, RELX,
Pearson, GSK, AstraZeneca, and SSE, delivered high single-digit
dividend growth. Firms opting for lower single-digit increases
included Shell, BP, Legal & General, M&G, BT, Computacenter,
Unilever, Fevertree, Pets at Home, and Convatec. Some
holdings, such as Whitbread, Diageo, and Smith & Nephew,
maintained at dividends, while reductions were limited, with
National Grid being the most signi cant as it reset its dividend to
support major investment plans.
Market-wide, unfavourable exchange rates and a shift towards
share buybacks have acted as headwinds to UK dividends, with
fewer special dividends observed. Despite this, your Investment
Manager is pleased to report resumed dividend income growth
for your Company and increased diversi cation of income
sources. Financials remain aRkey contributor, but income was also
supported by businesses from consumer, healthcare, industrial,
andRutilities sectors. The top ten dividend payers made up 37.6%
of total income, down from 45.2% in the previous nancialRyear.
Sue Noffke
Head of UK Equities
Dividend delivery
Past performance is not a guide to future performance and may not be repeated.
Source:
¹Schroders, ONS for CPI in ation. August 1996 to August 2025. (Fund launched in March 1995, part year dividend excluded from calculation).
AIC = Association of Investment Companies. Latest dividend hero award date: 26 September 2025. The AIC dividend heroes are the investment companies that have
consistently increased their dividends for 20 or more years in a row.
Dividends per share (pence)
Dividends grown every year since 1996
Company 4.1% vs. of 2.5% 1
“Persistent low valuations have prompted a profound shift in
how UK companies allocate capital. London now leads the
world in share buybacks, with a broader range of businesses
returning capital through repurchases. When executed with
discipline – without compromising investment or balance sheet
strength – buybacks are proving powerful drivers of share
price and earnings growth. Complementing attractive levels
of dividend income, the result is a compelling total return story
for UK equities.”

Schroder Income Growth Fund plc K Annual Report and Financial Statements 2025 13
Section 2: Investment Manager’s Review
Market background
The review period was marked by notable events and volatility, but
the overall direction for UK equities was positive, mirroring trends
in other regional markets. Developments in the United States,
particularly the re-election of Donald Trump as President,
dominated headlines and shaped investor sentiment. Initial
optimism around pro-growth policies such as tax cuts and
deregulation soon gave way to concerns as the policy agenda
shifted towards trade, with the introduction of ‘Liberation Day’
tariIs in April sparking a global market correction and recession
fears. Nevertheless, markets rebounded strongly, with many,
including the UK, ending at or near record highs.
Political and trade uncertainties led to reconsideration of the ‘US
exceptionalism’ seen in recent years, as investors grew cautious
about over-reliance on the US and a handful of large technology
rms. This shift is re ected in relative performance tables: the UK,
though still perceived as a laggard, posted double-digit
annualised returns over the past ve years, and for the period
under review, UK and US returns were similar in common
currency terms.
Domestically, the UK began the period under a new Labour
government focused on economic growth. The rst Budget,
however, disappointed investors, with higher employer National
Insurance contributions and increases in the National Minimum
Wage dampening sentiment. Monetary policy was broadly
supportive, with interest rates trending lower, although in ation
remained too high for the Bank of England to ease policy
signi cantly. Despite scal challenges and slow growth, UK
equities performed well, bolstered by the global nature of
UK-listed companies, with approximately 75% of FTSE All-Share
revenues generated outside the UK.
International interest in UK equities, especially from US investors,
has increased over the period, attracted by generally low
valuations. Large caps bene tted most so far, but potential
remains for broader participation. While pro tability for UK
companies has been strong, earnings growth for larger,
international-facing businesses has been held back in sterling
terms by a weaker dollar. Consequently, large-cap share price
gains were mainly due to re-rating, resulting in even better
relative value among smaller companies, where your Investment
Manager continues to nd attractive opportunities.
Share buybacks remained prominent, with evidence mounting
that disciplined buyback programmes at low valuations are
starting to drive outperformance. Mergers and acquisitions
(“M&A”) activity also continued, especially among small and
mid-caps, as overseas and private equity buyers sought to
capitalise on low valuations. Sector consolidation was also notable
in areas like property and construction.
UK is attractive on a total shareholder yield return basis versus other major markets
Past performance is not a guide to future performance and may not be repeated.
Source: LSEG Datastream, Factset, Goldman Sachs Research. As at 31 August 2025. A share buyback is when a company buys its own shares from the market, reducing
the number of outstanding shares. This tends to increase the value of the remaining shares if demand remains constant or increases.
Portfolio performance
The portfolio achieved a positive absolute return but trailed the
FTSE All-Share Index. The main headwind was stock selection
among larger companies, as holdings not owned or
underweighted in the portfolio outperformed. Additionally, the
portfolio’s overweight position in mid and small-cap companies,
along with a corresponding underweight in large caps, hindered
relative performance. FTSE 100 companies returned 13.7%,
surpassing the FTSE 250’s 5.9% and FTSE Smaller Companies’
6.9%. This reversed the previous year’s trend, when small and
mid-cap exposure was more bene cial.
The timing of increased investment in smaller companies has yet
to pay oI, with mid-cap stocks displaying volatility since their
mid-2021 peak. Nevertheless, stock selection within small and
mid-caps has been positive since your Investment Manager took
over in July 2011. Despite lagging returns compared to the FTSE
100 this year, your Investment Manager remains con dent in the
strategy due to lower valuations, stronger long-term growth
prospects, and higher dividend yields among mid-caps. Many of
these companies have adopted share buybacks, expected to
support future earnings, dividend growth, and share prices. Over
the last 25 years, the FTSE 250 Index has delivered superior total
annualised returns of 7.6%, compared to the FTSE 100RIndex
return of 5.1%.
Past performance is not a guide to future performance and may not be repeated. For illustrative purposes only and not a recommendation
to buy or sell shares or sectors.

Schroder Income Growth Fund plcKAnnual Report and Financial Statements 2025
14
Section 2: Investment Manager’s Review
Five top/bottom relative performers
Weight
Portfolio relative Relative
weight 1
to index performance 2
Impact 3
(%) (%) (%) (%)
Standard Chartered 4.0 +3.1 +69.8 +1.6
Burberry 1.9 +1.7 +79.6 +0.9
Balfour Beatty 2.6 +2.5 +32.9 +0.7
BT 2.5 +2.1 +50.2 +0.7
Lloyds Banking Group 3.9 +2.2 +30.2 +0.7
Weight
Portfolio relative Relative
weight 1
to index performance 2
Impact 3
(%) (%) (%) (%)
Rolls-Royce 0.0 –2.5 +105.7 –1.9
Taylor Wimpey 2.1 +1.9 –48.7 –1.1
British American Tobacco 0.0 –2.6 +46.9 –1.0
Pets at Home 1.9 +1.8 –36.3 –0.8
Hollywood Bowl 1.9 +1.9 –33.6 –0.7
Past performance is not a guide to future performance and may not be repeated. For illustrative purposes only and not a recommendation
to buy or sell shares.
Source: Schroders, Aladdin.
¹Average weights over the period.
2
Total return of the stock relative to the FTSE All-Share TR over the period.
3
Contribution to performance relative to the FTSE All-Share TR.
Positive contributors included an overweight position in the
nancials sector and eIective stock selection. Banks generally
delivered robust dividend increases and share buybacks,
enhancing shareholder returns. Standard Chartered was the
largest contributor, with your Investment Manager adding to the
position after share price weakness late last year; the shares
subsequently performed strongly as Asian economic data
improved, and global growth concerns eased. Lloyds Banking
Group, as well as life insurance groups Prudential and Legal &
General, also contributed positively.
Burberry rebounded from being a major detractor last year.
Following strategic missteps and weak trading, the company
underwent a management change. Your Investment Manager
engaged extensively with Burberry and increased the holding when
market sentiment was negative. Early signs of operational
improvement have been re ected in the share price, despite a
challenging luxury goods environment and a suspended dividend.
Balfour Beatty also performed well. The company remains
attractively valued, bene ts from strong management, and has
renegotiated key contracts for more predictable returns and
reduced risk. Its disciplined capital allocation, progressive
dividend policy, and sustained share buybacks (over a fth of
shares repurchased in ve years) have supported growth in
earnings and dividends per share.
Conversely, some consumer discretionary holdings detracted
from returns. Pets at Home’s share price fell due to higher
employment costs introduced in the Autumn Budget, aIecting
sentiment towards its retail operations. However, your Investment
Manager sees value in its veterinary business, which it believes is
underappreciated by the market. Uncertainty was heightened by
a Competition & Markets Authority review of the veterinary sector,
but your Investment Manager continues to see attractive
prospects for this part of the business. Post-period end, the
company’s CEO departed, with the chair stepping in temporarily.
Hollywood Bowl’s performance was aIected by seasonal factors,
with consumers preferring outdoor activities during a warm and
dry spring and summer. Your Investment Manager remains
optimistic about experiential leisure and sees growth potential in
the company’s Canadian expansion.
Taylor Wimpey faced sector-wide headwinds in UK
housebuilding, with policy support slow to materialise, mortgage
rates remaining high, and sluggish planning approvals. Despite
this, your Investment Manager holds the position for its valuation
and yield, anticipating potential capital appreciation if conditions
improve.
The absence of holdings in some strong-performing index
constituents also impacted relative returns. Rolls-Royce continued
its recovery, with new leadership implementing transformation
plans faster than anticipated, and future demand for defence and
nuclear business exciting investors. Your Investment Manager
continues to evaluate the investment case but has not yet found
an attractive valuation driven entry point. Furthermore, British
American Tobacco outperformed, supported by price rises in its
traditional business and next-generation products, though your
Investment Manager prefers opportunities elsewhere due to
concerns about the sustainability of growth.
M&A activity continued, re ecting attractive valuations and
overseas interest. Private equity and trade buyers were active,
notably in property, with Assura subject to competing bids. Your
Investment Manager supported the oIer from Primary Health
Properties, believing it would create a stronger listed entity, and
retained the position post-deal. The portfolio also bene ted from
Unite’s bid for Empiric Student Properties, still ongoing at the
time of writing.
Shifting capital allocation preferences
Your Investment Manager has observed aRsigni cant shift in
UKRcompanies’ capital allocation preferences in response to low
valuations. More businesses are directing surplus cash towards
share buybacks, alongside or instead of dividend growth. While
share buybacks have long been common in the US, the UK is now
adopting this approach, with Japan and Europe following suit to
aRlesser extent.
Past performance is not a guide to future performance and may not be repeated. For illustrative purposes only and not a recommendation
to buy or sell shares or sectors.

Schroder Income Growth Fund plcKAnnual Report and Financial Statements 2025 15
Section 2: Investment Manager’s Review

Schroder Income Growth Fund plcKAnnual Report and Financial Statements 2025
16
Section 2: Investment Manager’s Review
Share buybacks reduce the number of shares outstanding,
increasing each remaining shareholder’s proportion of ownership
and enhancing earnings and dividends per share. The main
reasons for buybacks are to return surplus capital, exploit
undervaluation, boost per share metrics, and signal
management’s con dence in the future.
The trend is broadening, with buybacks occurring across more
sectors and among mid and small-cap companies as well as large
ones. At year-end, 31 out of 47Rholdings, 67% of portfolio value,
engaged in buybacks, up from 29 holdings (60%) in 2024 and
17RholdingsR(38%) in 2023.
Businesses with disciplined, long-term buyback programmes are
beginning to show share price outperformance and enhanced
earnings and dividend per share growth. Banks, for example,
were among the best performing sectors, with all portfolio banks
conducting buybacks and making strong dividend increases. Your
Investment Manager believes total shareholder returns (dividends
plus buybacks) from banks could equate to as much as a quarter
of their current market value over the next three years. UK bank
valuations remain subdued compared to their long-term history
and international peers.
Insurers and nancials like Legal & General, Prudential, ICG,
and TP ICAP also have the capital strength for buybacks and
growth investment. Oil majors Shell and BP are returning
signi cant capital, with Shell having reduced its share count by
over 25% since 2020. Shell’s dividend was cut in 2020 but has
since more than doubled, while the total dividend cost is now less
than half of pre-cut levels due to the reduced share count.
Buybacks span medical technology rms Smith & Nephew and
Convatec, consumer-facing businesses such as Whitbread,
Pearson, and Unilever, and industrials like BAE Systems and
Balfour Beatty.
However, buybacks do not automatically lead to better
performance. They are bene cial only at appropriate prices and
should not override core business investment or be funded by
debt. Maintaining and improving the quality of existing
operations, as well as supporting future growth, should remain
the priority. About one-third of the portfolio did not conduct
buybacks, prioritising capital expenditure (utilities), returning
pro ts via dividends (high-yield companies), or constrained by
high valuations or balance sheet limitations.
Portfolio activity
During the review period, your Investment Manager added
15Rnew holdings and exited 12 positions. Four new consumer
staples holdings were introduced, capitalising on excellent
franchises after aRperiod of underperformance.
Diageo was reintroduced after further share price weakness,
presenting aRcompelling valuation. Near-term pro t expectations
have been reset, with the destocking cycle advanced, suggesting
sales recovery is possible. The appointment of an experienced
CFO is expected to drive eDciencies and improve returns.
Fevertree Drinks, a premium mixer brand, was added. Following
this purchase aRdistribution partnership with Molson Coors was
announced, providing capital light growth potential in the
US, Renabling more cash returns to shareholders.
Tesco was purchased for its attractive income generation, with
aRroughly 4% dividend yield and ongoing buybacks. Its
competitive position supports market share gains and targeted
promotions, potentially yielding high-margin advertising
revenues.
Associated British Foods (“ABF”) owns diverse assets, including
Primark, grocery brands, and specialty ingredients. Primark has
notable geographic expansion potential, and management can
unlock further value by streamlining and addressing
underperforming divisions.
To fund increased consumer staples exposure, trims were made in
utilities, telecoms, pharmaceuticals, and banking. Drax Group was
exited after a strong share run, as its Bioenergy projects require
signi cant government support and US policy shifts made the
risk-reward less attractive. BT Group was trimmed after
outperformance, with improved communication under a new CEO
enhancing market appreciation of its value as bre broadband
investments begin to generate cash. Exposure to GSK was reduced
early in the period due to disappointing vaccine sales and earnings
downgrades, despite settling litigation at lower-than-expected cost.
Standard Chartered was reduced after strong performance from
a previously increased position but remains a top active holding.
Strategy and outlook
The past year brought external challenges, including scal
pressures, persistent in ation, and geopolitical uncertainty.
Despite these headwinds, UK equities delivered attractive
absolute and competitive relative returns, challenging the
perception of persistent UK market underperformance.
Valuations remain attractive, despite strong recent returns, the
UKRtrades at average historic valuations – around 15% below
Europe and well below the US. Your Investment Manager sees
particular opportunities among mid-caps trading at depressed
levels due to UK macroeconomic pressures, creating potential for
mispriced businesses with upside.
Financials account for about a third of the portfolio, including
banks, insurers, and asset managers with both global and local
exposure. Holdings such as Standard Chartered, Prudential,
ICG, and TP ICAP combine valuation support, earnings growth,
attractive yields, and signi cant buybacks. XPS Pensions bene ts
from structural change and demand in bulk annuities. Your
Investment Manager believes these holdings will underpin
attractive shareholder returns.
The portfolio also has signi cant, overweight positions in
healthcare, with Convatec and Smith & Nephew delivering
positive progress. Smith & Nephew’s three-year turnaround is
gaining traction, with improvements in orthopaedics, sports
medicine, wound management, and cash generation supporting
returns. AstraZeneca is a major holding, supported by a broad
pipeline and con dence in achieving 2030 revenue goals. Smaller
positions include GSK and Haleon.
The portfolio remains underweight in energy and basic industries,
where commodities prices have been under pressure, and
industrials, though new holdings include BAE Systems, IMI, and
Intertek. Utilities holdings include National Grid and SSE,
oIering growth opportunities and solid returns.
Overall, your Company is invested across attractively valued
companies with robust growth prospects and a clear commitment
to improving shareholder returns.
The backdrop includes risks from global trade dynamics,
geopolitical tensions, persistent scal pressures, and stubborn
in ation, contributing to volatility. However, volatility does not
preclude progress, as history shows equity markets can advance
despite turbulence.
The opportunity set is key. International investors are
reconsidering heavy US exposure, seeking value, growth,
Past performance is not a guide to future performance and may not be repeated. For illustrative purposes only and not a recommendation
to buy or sell shares or sectors.

Schroder Income Growth Fund plcKAnnual Report and Financial Statements 2025 17
Section 2: Investment Manager’s Review
resilience, and diversi cation elsewhere. The UK oIers these
qualities and could bene t if investors diversify.
Momentum is building in domestic policy, with new initiatives to
foster long-term investment and reinvigorate the UK’s capital
markets. The “Leeds Reforms” aim to encourage investment in
productive assets, modernise regulatory frameworks, and
promote more eDcient capital deployment. These measures,
alongside renewed competitiveness and market reform, signal
policy support for UK economic growth. Early evidence suggests
con dence is returning to UK listings, with recent IPOs and
mergers reinforcing aRmore constructive market environment and
highlighting the UK’s “self-help” potential.
Against this backdrop, your Investment Manager is con dent in
the UK market’s ability to reward patient, long-term investors.
With attractive valuations, improving fundamentals, and
supportive capital markets policy, the outlook is constructive. This
con dence is re ected in ongoing gearing and the unique
bene ts of the investment trust structure, such as income
smoothing, which should continue to add value for shareholders.
Your Investment Manager remains focused on building a
diversi ed portfolio of fundamentally mispriced UKRopportunities,
aiming to grow income ahead of in ation and capital through
rising income.
Schroder Investment Management Limited
10 November 2025
Past performance is not a guide to future performance and may not be repeated. For illustrative purposes only and not a recommendation
to buy or sell shares or sectors.

Schroder Income Growth Fund plcKAnnual Report and Financial Statements 2025
18
Section 2: Investment Manager’s Review
Investment process
Your Company’s investment team look beyond today’s highest
dividend payers to provide attractive levels of yield and future
income growth. By utilising a barbell approach to income
generation, diversi cation is achieved by allocating towards
mispriced opportunities in capital growth and income. Your
Investment Manager aims to balance the companies with
aRsustainably high yield with those that oIer a lower dividend
today but with greater growth prospects.
Your Investment Manager seeks to identify and invest in
mispriced situations through fundamental research. While
macroeconomic outcomes are diDcult to predict precisely, your
Investment Manager monitors the risk to your Company’s
holdings using their experience gained over multiple economic
cycles. Your Investment Manager maintains a focus on
constructing aRdiversi ed portfolio consisting of their highest
conviction stock picks for the long term, within the constraints of
delivering your Company’s required income objective.
Your Company’s investment approach is based on your
Investment Managers’ belief that stock markets are ineDcient,
whilst your Investment Manager believes it can exploit such
ineDciencies by conducting primary research, through disciplined
portfolio construction, and taking a long-term view. Your
Company’s lead Investment Manager, Sue NoIke, is head of
UKRequities, head of the Prime UKRequity team, has been a
member of Schroders’ UK Equity team for over 30Ryears and has
been managing your Company’s portfolio since 2011. Your
Company’s investment team employs aRrigorous and disciplined
investment process aiming to deliver consistent outperformance
with low volatility against set objectives.
There are four areas the investment team believe brings an edge
to their investment performance:
1. Behavioural: Long-term mindset with an average holding
period of ve years allows the team to capture opportunities
peers miss when short-term uncertainty clouds judgment
1
.
Your investment team have aRbehavioural advantage that has
been exploited over many years. The average holding period for
your Company’s holdings is around ve years compared with
aRsustained shortening of holding periods within the market.
Your investment team is prepared to invest where the next
three to six months looks uncertain, but the ve-year outlook is
positive. These are opportunities your Company steps into when
con dent in the destination, believing that under researched
mid-caps represent some of the best opportunities. Over time,
an outsized portion of the alpha generated by the underlying
portfolio of Schroder Income Growth Fund plc has come from
mid-cap companies.
2. Style Neutral: Pragmatic, style-neutral approach to investing,
focusing on mispricing rather than following ‘value’ or ‘growth’
labels.
The investment team believes that the industry terms ‘value’ and
‘growth’ create ineDciencies to take advantage of, and to deliver
the best risk adjusted returns. Style neutrality allows the team to
focus on where the opportunities are and act independently of
whichever ‘factor’ is in favour. Mispricing can occur in a high
growth company on high headline multiples of earnings and
cash ows, or a mature business priced below market multiples.
There are examples of both types of company in your
Company’s portfolio. Over the years the team have had success
identifying mispricings where fundamentally sound companies
encounter a serious but temporary problem. They are unafraid
to take aRcontrarian view when backed by research. The
investment team believes that style neutrality helps deliver
consistent alpha generation which gives our clients a smoother
experience, reducing the chances of selling prematurely.
3. A rigorously implemented, repeatable process: The
foundations of the investment process have been stable since
2006, though signi cant incremental enhancements have been
made.
The investment process is built on the belief that a collaborative,
team-based approach is key to avoiding rash decisions. All buy
and sell decisions must be unanimous across the portfolio
Investment Managers. Unanimity creates a high hurdle for buy
decisions and a shared responsibility for all holdings.
Performance is therefore worn collectively, creating
psychological safety. Every week, the investment team hold
twoRportfolio construction meetings where existing positions
and new ideas are debated. The team review portfolios, re ect
on company meetings and examine mistakes for learning
opportunities. A key aspect of the team’s edge is both
recognising and avoiding the situations and environments they
struggle to perform in.
4. Active Ownership: The team’s long holding periods helps
them to aIect change where appropriate, prevent bad
outcomes and ensure alignment of incentives.
Active Ownership at Schroders means engaging with
companies to encourage responsible behaviour and enhance
our investment edge. Your Company’s average ve year holding
period means it can build meaningful relationships with
management and the board of directors
1
. Through these
long-term relationships your investment team believes your
Company’s proposals are given more serious consideration.
Moreover, engagements are investor-led as your investment
team prefer to engage directly on issues they identify. Active
Ownership is focused on aligning the interests of management
teams and stakeholders with shareholders. This can prevent
bad outcomes and gives an alternative insight into company
culture. The investment team’s experience is that active
ownership has encouraged companies to assess their capital
allocation priorities and has helped elicit value release over time.
Investment Approach and Process
1
Source: Schroders based on average of last ten calendar years name turnover.

Schroder Income Growth Fund plcKAnnual Report and Financial Statements 2025 19
Section 2: Investment Manager’s Review
Our engagement record with portfolio companies
The diagram below shows examples of companies engaged with during year to 31RAugust 2025.
Source: Schroders, data from 31 August 2024 to 31 August 2025. For illustrative purposes only and should not be viewed as a recommendation to buy or sell. Logos are
the property of the companies shown. List is not exhaustive and shows selected engagements held in the Company’s portfolio. Engagement is investor led and supported
by our active ownership specialists.
Our voting record
The table below shows the number of company meetings and resolutions your Company voted on in the last one and three years.
2025 % 2023-2025 %
Meetings 46 – 138 –
Resolutions 941 – 2,824 –
Votes with management 927 98.5 2,786 98.6
Votes against management 12 1.3 39 1.4
Abstein 1 0.1 0 0.0
Did not vote 1 0.1 0 0.0
Data shown for Company nancial years ending 31 August.
Where your Investment Manager votes against management on
behalf of your Company, in most cases this has been to oppose
the re-election of a director or to oppose the remuneration
report. Your Investment Manager will oppose the re-election of
aRdirector for several reasons including ‘over-boarding’, where it
believes a director holds too many board positions at once so are
unable to dedicate suDcient time to each. In the case of
remuneration, your Investment Manager pushes for
management teams to have rm alignment with shareholders.
Climate related disclosures
On 30 June 2025, the Company’s AIFM produced a product level
disclosure consistent with the Task Force on Climate-Related
Financial Disclosures for the period 1 January 2024 to
31RDecember 2024. This can be found here:
https://mybrand.schroders.com/m/68370b63f93d6992/original/TC
FD-GB72399M-Schroder-Income-Growth-Fund-20241231.pdf

£’000 %
Schroder Income Growth Fund plcKAnnual Report and Financial Statements 2025
20
Section 2: Investment Manager’s Review
Investment Portfolio
At 31 August 2025
Financials
HSBC 15,009 5.8
Lloyds Banking Group 9,976 3.8
Standard Chartered 9,016 3.5
Prudential 1
8,779 3.4
ICG 7,972 3.1
3i Group 7,488 2.9
TP ICAP 5,727 2.2
Legal & General 4,933 1.9
Intesa Sanpaolo 2
4,479 1.7
NatWest 3,529 1.4
Lancashire 3,186 1.2
XPS 3,146 1.2
3i Infrastructure 2,516 1.0
Total Financials 85,756 33.1
Healthcare
AstraZeneca 17,047 6.6
Convatec 4,898 1.9
GSK (GlaxoSmithKline) 4,632 1.8
Smith & Nephew 4,371 1.7
Haleon 3,423 1.3
Total Healthcare 34,371 13.3
Consumer Discretionary
Burberry 6,045 2.3
Taylor Wimpey 4,910 1.9
Whitbread 4,897 1.9
Hollywood Bowl 4,370 1.7
International Consolidated Airlines 3,670 1.4
Pets at Home 3,302 1.3
Pearson 2,975 1.1
Total Consumer Discretionary 30,169 11.6
Consumer Staples
Unilever 9,255 3.6
Tesco 5,605 2.2
Diageo 3,838 1.5
Cranswick 3,701 1.4
Fever-Tree Drinks 2,653 1.0
Associated British Foods 2,650 1.0
Total Consumer Staples 27,702 10.7
Companies in bold represent the 20 largest investments, which by value account for 62.8% (2024: 66.9%) of total investments.
All companies are headquartered in the UK unless otherwise stated. All investments are equities, listed on a recognised stock
exchange.

Schroder Income Growth Fund plcKAnnual Report and Financial Statements 2025 21
Section 2: Investment Manager’s Review
£’000 %
Industrials
Balfour Beatty 6,801 2.6
QinetiQ 6,713 2.6
IMI 3,507 1.4
Intertek 2,580 1.0
BAE Systems 1,858 0.7
Total Industrials 21,459 8.3
Energy
Shell 10,672 4.1
BP 5,591 2.2
Total Energy 16,263 6.3
Utilities
National Grid 8,829 3.4
SSE 4,282 1.6
Telecom Plus 3,217 1.2
Total Utilities 16,328 6.2
Technology
RELX 7,317 2.8
Computacenter 2,146 0.8
Total Technology 9,463 3.6
Real Estate
Empiric Student Property 4,972 1.9
Primary Healthcare Properties 3,430 1.3
Total Real Estate 8,402 3.2
Basic Materials
Rio Tinto 4,961 1.9
Total Basic Materials 4,961 1.9
Telecommunications
BT 4,762 1.8
Total Telecommunications 4,762 1.8
Total investments 259,636 100.0
1
Prudential plc is headquartered in London and Hong Kong.
2
Intesa Sanpaolo is headquartered in Turin.

Schroder Income Growth Fund plc@Annual Report and Financial Statements 2025
22
Section 3: Strategic Report

Schroder Income Growth Fund plc@Annual Report and Financial Statements 2025 23
Section 3: Strategic Report
The Company 24
Stakeholder Engagement – Section 172 Report 28
Risk Report 32
Conclusion 36
Section 3: Strategic Report

Schroder Income Growth Fund plc@Annual Report and Financial Statements 2025
24
Section 3: Strategic Report
The Company
Purpose, Values and Culture
The Company’s purpose is to create long-term shareholder
value.
The Company’s culture is driven by its values: transparency,
engagement and rigour, with collegial behaviour and constructive,
robust challenge. The values are all centred on achieving returns
for shareholders in line with the Company’s investment objective.
The Board also promotes the eAective management or mitigation
of the risks faced by the Company and, to the extent it does not
con ict with the investment objective, aims to structure the
Company’s operations with regard to all its stakeholders and take
account of the impact of the Company’s operations on the
environment and community.
As the Company has no employees and acts through its service
providers, its culture is represented by the values and behaviour
of the Board and third parties to which it delegates. The Board
aims to ful l the Company’s investment objective by encouraging
a culture of constructive challenge with all key suppliers and
openness with all stakeholders. The Board is responsible for
embedding the Company’s culture in the Company’s operations.
The Board recognises the Company’s responsibilities with respect
to corporate and social responsibility and engages with its
outsourced service providers to safeguard the Company’s
interests. As part of this ongoing monitoring, the Board receives
reporting from its service providers with respect to their anti-
bribery and corruption policies; Modern Slavery Act 2015
statements; diversity policies; and greenhouse gas and energy
usage reporting.
Business Model
The Board appointed Schroder Unit Trusts Limited (the “Manager”
or “AIFM”) to implement the investment strategy and to manage
the Company’s assets in line with the appropriate restrictions
placed on it by the Board, including limits on the type and relative
size of holdings which may be held in the portfolio and on the use
of gearing, cash, derivatives and other nancial instruments as
appropriate. The terms of the appointment are described more
completely in the Directors’ Report including delegation to the
Investment Manager. The Manager also promotes the Company
using its sales and marketing teams. The Board and Manager
work together to deliver the Company’s investment objective, as
demonstrated in the diagram below. The investment and
promotion processes set out in the diagram are described in
more detail below.
• Set objectives, strategy
and KPIs
• Appoints the Manager and
other service providers to
achieve objectives
• The Investment Manager implements
the investment strategy by following
an investment process
• Supported by strong research
and risk environment
• Regular reporting and
interaction with the Board The Board is focused on ensuring that:
• the Company remains attractive to investors
• the fees and ongoing charges
remain competitive
• Marketing and sales capability of
the Manager
• Support from the corporate
broker with secondary market
intervention to support discount/
premium management
• Portfolio and risk management
• Achievement of KPIs
• Use of gearing
• Discount/premium and liquidity
management through share
issuance and repurchase
Strategy Oversight
Promotion Investment
Competitiveness
S H AR EH O L D E R
VA L U E
Board

Schroder Income Growth Fund plc@Annual Report and Financial Statements 2025 25
Section 3: Strategic Report
Investment Trust Status
The Company carries on business as an investment trust. Its
shares are listed and admitted to trading on the main market
ofK the London Stock Exchange. It has been approved by
HMK Revenue & Customs as an investment trust in accordance
with section 1158 of the Corporation Tax ActK 2010, by way of
aK one-oA application and it is intended that the Company will
continue to conduct its aAairs in a manner which will enable it to
retain this status. The Company is domiciled in the UK and is an
investment company within the meaning of section 833 of the
Companies ActK 2006. The Company is not a “close” company for
taxation purposes.
Continuation Vote
It is not intended that the Company should have a limited life but
the Directors consider it desirable that the shareholders should
have the opportunity to review the future of the Company at
appropriate intervals. Accordingly, the Articles of Association
contain provisions requiring the Directors to put a proposal for
the continuation of the Company to shareholders at the AGM in
2025 and thereafter at ve yearly intervals.
Investment Model
Investment objective
The Company’s principal objectives are to provide real growth of
income in excess of the rate of in ation, and capital growth as
aK consequence of the rising income.
Investment policy
The investment policy of the Company is to invest primarily in
UKK equities but up to 20% of the portfolio may be invested in
equities listed on recognised stock exchanges outside the UK.
IfK considered appropriate, the Company may use equity related
instruments such as convertible securities and up to 10% of the
portfolio may be invested in bonds. In addition, up to 20% of total
income may be generated by short-dated call options written on
holdings in the portfolio. Put options comprising short-term
exchange-traded instruments on major stock market indices of an
amount up to the value of the Company’s borrowings may also be
utilised.
Investment Restrictions and Spread of Investment Risk
Risk in relation to the Company’s investments is spread as a result
of the Manager investing the Company’s portfolio with a view to
ensuring that the portfolio retains an appropriate balance to meet
the Company’s investment objectives. The key restrictions
imposed on the Manager include:
a) no more than 15% of the Company’s total net assets, at the
date of acquisition, may be invested in any one single
company;
b) no more than 10% of the value of the Company’s gross assets
may be invested in other listed investment companies unless
such companies have a stated investment policy not to invest
more than 15% of their gross assets in other investment
companies or investment trusts which are listed on the O2cial
List of the London Stock Exchange;
c) no more than 15% of the Company’s gross assets may be
invested in other investment companies or investment trusts
which are listed on the O2cial List of the London Stock
Exchange;
d) no more than 15% of the Company’s total net assets may be
invested in open-ended funds; and
e) no more than 25% of the Company’s total net assets may be
invested in the aggregate in unlisted investments and holdings
representing 20% or more of the equity capital of any
company.
The investment portfolio on pages 20 and 21 demonstrates that,
as at 31K August 2025, the Investment Manager invested in 46
UKK equity investments and one non-UK listed equity investment
spread across 11 industry sectors. The Board believes that the
diversity of the stocks, along with the above-mentioned
restrictions imposed on the Manager, achieve the objective of
spreading investment risk.

Schroder Income Growth Fund plc@Annual Report and Financial Statements 2025
26
Section 3: Strategic Report
Key Performance Indicators
The investment objective
The Board measures the development and success of the
Company’s business through achievement of the Company’s
investment objective, to provide real growth of income, being
growth of income in excess of the rate of in ation, and capital
growth as a consequence of the rising income, which is
considered to be the most signi cant key performance indicator
for the Company.
Commentary on performance against the investment objective
can be found in the Chairman’s Statement.
At each meeting, the Board considers aK number of performance
indicators to assess the Company’s success in achieving its
investment objective. These are as follows:
• NAV performance;
• Share price performance;
• Share price discount/premium; and
• Ongoing charges ratio.
These are classed as Alternative Performance Measures and their
calculations are explained in more detail on page 84.
The performance against these indicators is reported on page 9.
NAV and share price total return
At each meeting, the Board reviews the performance of the
portfolio in detail and discusses the views of the portfolio
managers with them.
Share price discount/premium to NAV per share
The Board reviews the level of discount/premium to NAV per
share at every board meeting and is alert to the value
shareholders place on maintaining as low a level of
discount/premium volatility as possible.
Ongoing charges
The Board reviews the Company’s ongoing charges to ensure that
the total costs incurred by shareholders in the running of the
Company remain competitive when measured against peer group
funds. An analysis of the Company’s costs, including management
fees, Directors’ fees and general expenses, is submitted to each
board meeting. Management and any performance fees payable
are reviewed at least annually.
Revenue and dividend policy
The net revenue return for the year, before nance costs and
taxation, was £9,353,000 (2024: £8,863,000). After deducting
nance costs and taxation the amount available for distribution to
shareholders was £8,710,000 (2024: £8,084,000) equivalent to net
revenue of 12.55p (2024: 11.64p) per ordinary share.
The Directors of the Company intend to continue to pay dividends
at the end of January, April, July and October in each year.
Although it is intended to distribute substantially all net income
after expenses and taxation, the Company may retain up to
aK maximum of 15% of the Company’s gross income in each year
as a revenue reserve to provide consistency in dividend policy.
ForK the year ended 31 August 2025, the Directors have declared
fourK interim dividends, totalling 14.70p (2024: 14.20p) per
ordinary share.
Promotion
The Company promotes its shares to aK broad range of investors
including discretionary wealth managers, private investors,
nancial advisers and institutions which have the potential to be
long-term supporters of the investment strategy. The Company
seeks to achieve this through its Manager and corporate broker,
which promote the shares of the Company through regular
contact with both current and potential shareholders.
These activities consist of investor lunches, one-on-one meetings,
regional road shows and attendance at conferences for
professional investors. In addition, the Company’s shares are
supported by the Manager’s wider marketing of investment
companies targeted at all types of investors. This includes
maintaining closeK relationships with adviser and execution-only
platforms, advertising in the trade press, maintaining
relationships with nancial journalists and the provision of digital
information on Schroders’ website. The Board also seeks active
engagement with investors, and meetings with the Chairman are
oAered to investors when appropriate.
Shareholders are encouraged to sign up to the Manager’s
Investment Trusts update, to receive information on the Company
directly https://schro.link/scf_subscribe.

Schroder Income Growth Fund plc@Annual Report and Financial Statements 2025 27
Section 3: Strategic Report
Corporate and Social Responsibility
The Board recognises the Company’s responsibilities with respect
to corporate and social responsibility and engages with its
outsourced service providers and other stakeholders to
safeguard the Company’s interests. As part of this ongoing
monitoring, the Board receives reports from its service providers
with respect to their diversity policies; anti-bribery and corruption
policies; Modern Slavery Act 2015 statements; nancial crime
policies; and greenhouse gas and energy usage reporting.
Diversity policy
The Board has adopted a diversity and inclusion policy which
seeks to promote diversity of gender, social and ethnic
backgrounds, cognitive and personal strengths. The Board
recognises that its debates and decision-making are greatly
enriched by a wider range of perspectives and thinking. The
Board will encourage any recruitment agencies it engages to nd
a range of candidates that meet the objective criteria agreed for
each appointment. Appointments will always be based on merit
alone. Candidates for board vacancies are selected based on their
skills and experience, which are matched against the balance of
skills and experience of the overall Board taking into account the
criteria for the role being oAered.
Statement on Board diversity – gender and ethnic
background
The Board has made a commitment to consider diversity when
reviewing the composition of the Board and notes the Listing
Rules requirements (UK LR 6.6.6(9) and (10)) regarding the targets
on board diversity:
• at least 40% of individuals on the board are women;
• at least one senior board position is held by a woman; and
• at least one individual on the board is from a minority ethnic
background.
The FCA de nes senior board positions as Chairman, Chief
Executive O2cer (“CEO”), Chief Financial O2cer (“CFO”) or Senior
Independent Director (“SID”). As an investment trust with no
executive o2cers, the Company has no CEO or CFO.
The Board has chosen to align its diversity reporting reference
date with the Company’s nancial year end and proposes to
maintain this alignment for future reporting periods. The
following information has been provided by each Director
through the completion of aK questionnaire.
As at 31 August 2025, the Company met all three criteria and
there have been no changes since 31 August 2025 to the date of
publication of the annual report and nancial statements.
The tables below set out the gender and ethnic diversity composition of the Board as at 31 August 2025 and at the date of this report.
Number of
Number of Percentage senior positions
1
Gender identity Board members of the Board on the Board
Men 2 50% 1
Women 2 50% 1
Not speci ed/prefer not to say – – –
Number of
Number of Percentage senior positions
1
Ethnic background Board members of the Board on the Board
White British or other White (including minority-white groups) 3 75% 2
Asian/Asian British 1 25% –
Other ethnic group, including Arab – – –
Not speci ed/prefer not to say – – –
1
The Company considers the positions of Chairman of the Board and the SID to be senior positions.
Financial crime policy
The Company continues to be committed to carrying out its
business fairly, honestly and openly and operates a nancial crime
policy covering bribery and corruption, tax evasion, money
laundering, terrorist nancing and sanctions, as well as seeking
con rmations that the Company’s service providers’ policies are
operating soundly.
Modern Slavery Act 2015
As an investment trust, 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
is not required to make any slavery or human tra2cking
statement under the Modern Slavery ActK 2015.
Greenhouse gas emissions and energy usage
As the Company outsources its operations to third parties, it
consumed less than 40,000 kWh during the year and so has no
greenhouse gas emissions, energy consumption or energy
e2ciency action toK report.

Schroder Income Growth Fund plc@Annual Report and Financial Statements 2025
28
Section 3: Strategic Report
Stakeholder Engagement – Section 172 Report
The Board has identi ed its key stakeholders as the Company’s
shareholders, the Investment Manager, other service providers,
the companies in which it invests, and the wider society and
environment. The table below explains how the Directors have
engaged with, and maintained high standards of business conduct
and fair treatment of, all stakeholders and outlines key activities
undertaken and decisions made by the Board during the year.
Shareholders
2024/25 application
In May 2025, the Company announced the
following measures to support shareholder
returns:
• A reduction in the investment
management fee and a change in the
basis of calculation
With eAect from 1 September 2025, the
investment management fee was reduced
from 0.45% to 0.40% and the basis of the fee
calculation changed from aK charge on the
Company’s NAV to the lower of market
capitalisation or NAV. The separate fee for
secretarial and administration services was
also removed.
• Tighter control of discount of share price
to NAV
The Board’s objective is to reduce the
discount’s volatility and look to maintain the
discount to NAV within a single-digit range, in
normal market conditions.
The Company repurchased 1,406,191
ordinary shares during the nancial year to be
held in treasury. This represented 2.0% of
issued share capital and contributed a 0.18%
uplift to the NAV. The Board continues to
monitor the discount closely and will take
appropriate action as required. Since the year
end, the Company repurchased a further
138,490 ordinary shares to be held in
treasury.
The AGM was held in person in 2024 and
questions and feedback from shareholders were
welcomed. The Board, along with the
Investment Manager, look forward to meeting
and interacting with more shareholders at the
forthcoming AGM in December 2025.
The Company’s web pages continued to be
refreshed and enhanced during the year to
optimise the user experience for shareholders
and investors. Shareholders can, via the
Company’s web pages, subscribe to the
Schroders’ investment trusts newsletter to
receive regular updates on the Company.
The Chairman of the Board met with some of the
Company’s major shareholders during the year
and since the year end. Their views were taken
into consideration as part of the Board’s duty to
ensure their interests were taken into account.
Engagement
AGM: The Company welcomes attendance and
participation from shareholders at the AGM.
Shareholders have the opportunity to meet the
Directors and the Manager and ask questions at
the AGM. The Board values the feedback it
receives from shareholders which is incorporated
into Board discussions.
Continuation vote: The Company holds
aK continuation vote every ve years to allow
shareholders to decide on the long-term future of
the Company. The last continuation vote took
place at the AGM held in 2020 with 99.74% of
votes cast in favour. The next continuation vote
will be proposed to shareholders at the
forthcoming AGM.
Publications: The annual and half year results
are available on the Company’s web page with
their availability announced via the London Stock
Exchange. Quarterly commentary on the
Company is also published on the Company’s
website. Daily NAV updates are issued to provide
shareholders with transparent information on the
Company’s portfolio. Feedback and/or questions
received from shareholders enable the Company
to evolve its reporting which, in turn, helps to
deliver transparent and understandable updates.
Shareholder communication: The Manager
communicates with shareholders periodically. All
investors are oAered the opportunity to meet the
Chairman, SID, or other Board members without
using the Manager or Company Secretary as
aK conduit, by writing to the Company’s registered
o2ce. The Board also corresponds with
shareholders by letter and email. The Board
receives regular feedback from its broker on
investor engagement and sentiment.
Investor relations updates: At every board
meeting, the Directors receive updates on the
share trading activity, share price performance
and any shareholders’ feedback, as well as any
publications or comments in the press. To gain
aK deeper understanding of the views of its
shareholders and potential investors, the
Investment Manager also undertakes investor
roadshows during the year.
Signi cance
Continued shareholder
support and engagement are
critical to the continuing
existence of the Company and
the delivery of the long-term
strategy.
During the year under review to 31 August 2025, the Board discharged its duty under
section 172 of the Companies Act 2006 to promote the success of the Company for the
benefit of its members as a whole, having regard to the interests of all stakeholders.

Schroder Income Growth Fund plc@Annual Report and Financial Statements 2025 29
Section 3: Strategic Report
Shareholders
The Investment Manager
The Investment Manager engaged with
aK number of its shareholders and investors
during the year and regular feedback was
provided to the Board. AK number of promotional
activities were undertaken during the year
including Investment Manager interviews,
webinars and coverage in key publications.
The Board continues to work with Kepler on
promoting the Company through its research
notes, which are published once a year, and
additionally through article, video, podcasts and
event materials.
Working with external partners: The Board
also engages some external providers, such as
investor communications advisors to obtain
aK more detailed view on speci c aspects of
shareholder communications, such as
developing more eAective ways to communicate
with investors.
2024/25 application
The Board reviewed the portfolio at each
quarterly meeting and maintains constructive
dialogue with the Investment Manaager.
The Board was able to increase its dividend for
the 30th consecutive year. The dividend of
14.70p was 0.85x covered by earnings. After
payment of the fourth interim dividend, the
revenue reserve was £4.3 million, representing
6.33p per ordinary share or over veK months of
the annual dividend.
Engagement
Maintaining a close and constructive working
relationship with the Investment Manager is
crucial as the Board and the Investment
Manager both aim to continue to achieve
consistent, long-term returns in line with the
investment objective. The board invites the
Investment Manager to attend all Board and
certain Committee meetings in order to update
the Directors on the performance of the
investments and the implementation of the
investment strategy and objective.
The Management Engagement Committee
reviews the performance of the AIFM and
Investment Manager, its remuneration and the
discharge of its contractual obligations at least
annually.
Important components in the Board’s
collaboration with the Investment Manager are:
• Encouraging open discussion with the
Investment Manager;
• Recognising that the interests of shareholders
and the Investment Manager (as well as of its
other clients) are, for the most part, well
aligned, adopting a tone of constructive
challenge, balanced when those interests are
not fully congruent by robust negotiation of the
Investment Manager’s terms of engagement;
and
• Drawing on Directors’ individual experience to
support the Investment Manager in its
monitoring and change management of
portfolio companies.
Signi cance
Holding the Company’s shares
oAers investors aK liquid
investment vehicle through
which they can obtain
exposure to the Company’s
diversi ed portfolio of
investment opportunities.
The Investment Manager’s
performance is critical for the
Company to deliver its
investment strategy
successfully and meet its
objective to provide real
growth of income, being
growth of income in excess of
the rate of in ation, and capital
growth as a consequence of
the rising income. The key
outsourced function is the
provision of investment
management services by the
Investment Manager, making it
aK signi cant stakeholder.

Schroder Income Growth Fund plc@Annual Report and Financial Statements 2025
30
Section 3: Strategic Report
Investee companies
Other service providers
Lender
2024/25 application
Under delegated authority from the Board, the
Management Engagement Committee reviewed
all material third party service providers.
During the year the Board considered the
potential bene ts of changing the Company’s
provider of depositary and custodian services.
The Board met with and reviewed J.P. Morgan
Europe Limited and agreed that it was in the
best interest of the Company to change
provider to J.P. Morgan Europe Limited with
eAect from 5K September 2025.
The Board considered the ongoing
appointments of its other service providers to
be in the best interests of the Company and its
shareholders as a whole and will continue to
monitor their progress in the year ahead.
Engagement
The Board maintains contact with its key
external providers, both through the Board and
Committee meetings, as well as outside of the
regular meeting cycle. Their advice, as well as
their needs and views, are routinely taken into
account. The need to foster business
relationships with key service providers is central
to Directors’ decision making as the Board of an
externally managed investment trust.
Signi cance
In order to operate as an
investment trust with aK listing
on the London Stock
Exchange, the Company relies
on a diverse range of advisers
to support meeting all relevant
obligations.
2024/25 application
During the year, gearing was regularly
considered. The Company entered into an
amendment and restatement agreement in
September 2025 with the Bank of Nova Scotia,
London Branch in respect of the £30 million
revolving credit facility entered into in
September 2024. The amendment and renewal
of the revolving credit facility was undertaken on
a secured basis.
Engagement
Considering how important the availability of
funding is, the Company aims to demonstrate to
lenders that it is a well-managed business and,
in particular, that the Board focuses regularly
and carefully on the management of risk.
The Manager manages the relationship with the
Company’s lender and reports to the Board at
each meeting and as and when required for
renewals of terms or negotiation of loan
covenants. The Manager provides a monthly
statement of compliance of the loan covenants
to the lender.
Signi cance
Availability of funding and
liquidity are crucial to the
Company’s ability to take
advantage of investment
opportunities as they arise.
2024/25 application
The Board received regular updates on
engagement with investee companies from the
Investment Manager at its board meetings.
During the year, the Investment Manager
engaged with many of its investee companies
and voted at shareholder meetings (further
details can be found on page 19).
Engagement
The Investment Management team conducts
face-to-face and/or virtual meetings with the
management teams of all investee companies to
understand current trading and prospects for
their businesses, and to ensure that their ESG
investment principles and approach are
understood.
The Investment Manager has discretionary
powers to exercise the Company’s voting rights
on resolutions proposed by the investee
companies within the Company’s portfolio. The
Investment Manager reports to the Board on
stewardship (including voting) issues and the
Board will question the rationale for voting
decisions made.
By active engagement and exercising voting
rights, the Investment Manager actively works
with companies to improve corporate standards,
transparency and accountability.
Signi cance
The Board is committed to
responsible investing and
actively monitors the activities
of investee companies through
its delegation to the
Investment Manager.

Schroder Income Growth Fund plc@Annual Report and Financial Statements 2025 31
Section 3: Strategic Report
Wider society and the environment
2024/25 application
The Board’s desire for greater engagement
reporting has resulted in the inclusion of case
studies showcasing how the Investment
Manager supports and integrates responsible
investing in its investment approach set out in
the annual report.
Engagement
The Board engages with the Investment
Manager at each board meeting in respect of its
ESG considerations on existing and new
investments.
Signi cance
Whilst strong long-term
investment performance is
essential for an investment
trust, the Board recognises
that to provide an investment
vehicle that is sustainable over
the long-term, both it and the
Investment Manager must
have regard to ethical and
environmental issues that
impact society. Hence ESG
considerations are integrated
into the Investment Manager’s
investment process and will
continue to evolve.

Schroder Income Growth Fund plc@Annual Report and Financial Statements 2025
32
Section 3: Strategic Report
Risk Report
Risk assessment and internal controls review by the
Board
Risk assessment includes consideration of the scope and quality
of the systems of internal control operating within key service
providers, and ensures regular communication of the results of
monitoring by such providers to the Audit and Risk Committee,
including the incidence of signi cant control failings or
weaknesses that have been identi ed at any time and the extent
to which they have resulted in unforeseen outcomes or
contingencies that may have a material impact on the Company’s
performance or condition. The internal control environment of
the Manager, the depositary, and the registrar are tested annually
by independent external auditors. The full reports are provided to
the Audit and Risk Committee alongside abridged summaries.
Although the Board believes that it has a robust framework of
internal control in place, this can provide only reasonable, and not
absolute, assurance against material nancial misstatement or
loss and is designed to manage, not eliminate, risk. Both the
principal risks and the monitoring system are also subject to
robust assessment at least annually. The last assessment took
place in November 2025.
During the year, the Board discussed and monitored a number of
risks which could potentially impact the Company’s ability to meet
its strategic objectives. The Board received updates from the
Investment Manager, Company Secretary, and other service
providers on emerging risks that could aAect the Company. The
Board was mindful of the risks posed by volatile markets,
geopolitical uncertainty, including the new US Administration,
in ation and corresponding interest rate levels which could aAect
the asset class. However, these are not factors which explicitly
impacted the Company’s performance. These risks are seen as
those that exacerbate existing risks and have been incorporated
where relevant in the table below.
No signi cant control failings or weaknesses were identi ed from
the Audit and Risk Committee’s ongoing risk assessment
throughout the nancial year and up to the date of this report.
The Board is satis ed that it has undertaken aK detailed review of
the risks facing the Company and that the internal control
environment continues to operate eAectively.
Actions taken by the Board and, where appropriate, its
Committees, to manage and mitigate the Company’s principal
risks and uncertainties are set out in the table below.
The “Change” column on the right highlights at a glance the
Board’s assessment of any increases or decreases in risk during
the year after mitigation and management. The arrows show the
risks as increased, decreased, or unchanged.
The Board, through its delegation to the Audit and Risk Committee, is responsible for the
Company’s system of risk management and internal control and for reviewing its effectiveness.
The Board has adopted a detailed matrix of principal risks affecting the Company’s business as
an investment trust and has established associated policies and processes designed to manage
and, where possible, mitigate those risks, which are monitored by the Audit and Risk
Committee on an ongoing basis. This system assists the Board in determining the nature and
extent of the risks it is willing to take in achieving the Company’s strategic objectives.

Schroder Income Growth Fund plc@Annual Report and Financial Statements 2025 33
Section 3: Strategic Report
Risk Mitigation and management Change
Strategic
Cost base
Continuation vote
Investment management
The Company’s investment objectives
may become out of line with the
requirements of investors, resulting in
aK wide discount of the share price to
underlying NAV per share.
The Board holds a separate annual strategy meeting to consider
the Company’s strategy and performance, the appropriateness of
the Company’s investment remit together with opportunities and
threats to its business. Share price relative to NAV per share is
monitored at quarterly board meetings and the use of buy back
authorities is considered on a regular basis.
During the year, the Board announced a tighter discount control
policy to manage the share price discount to NAV, with the Board
aiming to reduce volatility and maintain the discount within
aK single-digit range during normal market conditions.
The marketing and distribution activity is actively reviewed and
there is proactive engagement with shareholders.
The ongoing competitiveness of all service provider fees is subject
to periodic benchmarking against its competitors.
Annual consideration of management fee levels.
During the year, the Board negotiated a reduction in the
investment management fee from 0.45% to 0.40% and changed
the basis of the fee calculation from a charge on the Company’s
NAV to the lower of market capitalisation or NAV. The separate fee
for secretarial and administration services was also removed.
These changes took eAect from 1 September 2025, after the
Company’s nancial year end.
The transition of custodian and depositary to J.P. Morgan will also
contribute to an overall reduction in expenses.
The Company’s cost base could
become uncompetitive, particularly in
light of open-ended alternatives.
The Company’s Articles of Association
require the Board to put a proposal for
the continuation of the Company in its
current form to shareholders every
veK years.
The Manager and the corporate broker engage with shareholders
to understand investor sentiment and regularly provide feedback
to the Board.
The Chairman of the Board met with some of the Company’s
major shareholders during the year and since the year end and
took their views into consideration as part of the Board’s duty to
ensure their interests were taken into account.
Directors also engage directly with shareholders at the AGM to
understand their views.
Shareholders will
have the
opportunity to vote
on the
continuation of the
Company at the
forthcoming AGM
in December 2025.
Review of the Investment Manager’s compliance with the agreed
investment restrictions, investment performance and risk against
investment objectives and strategy; relative performance; the
portfolio’s risk pro le; and appropriate strategies employed to
mitigate any negative impact of substantial changes in markets.
Annual review of the ongoing suitability of the Manager, including
resources and key personnel risk.
The Investment Manager’s investment
strategy, if inappropriate, may result in
the Company underperforming the
market and/or peer group companies,
leading to the Company and its
objectives becoming unattractive to
investors.

Schroder Income Growth Fund plc@Annual Report and Financial Statements 2025
34
Section 3: Strategic Report
Risk Mitigation and management Change
Economic and market
ESG and climate change
Gearing
Custody
The risk pro le of the portfolio is considered and appropriate
strategies to mitigate any negative impact of substantial changes
in markets are discussed with the Manager.
There are inherent risks involved in stock selection. The
Investment Manager is experienced and has a long track record in
successfully investing in public equity holdings.
The Investment Manager monitors the impact of foreign currency
movements on the portfolio and is able to rebalance the portfolio
towards stocks which are less impacted by changes in foreign
currency exchange rates if required.
The Company is exposed to the eAect
of market uctuations due to the
nature of its business. AK signi cant fall
in equity markets could have an
adverse impact on the market value of
the Company’s underlying investments.
The portfolio will normally be fairly fully
invested and as such will therefore
inevitably be exposed to economic and
market risk. Changes in general
economic and market conditions, such
as currency exchange rates, interest
rates, in ation rates, industry conditions,
tax laws, political events and trends can
substantially and adversely aAect the
value of investments. Market risk
includes the potential impact of events
which are outside the Company’s control,
such as pandemics, civil unrest and wars.
The Investment Manager’s ESG policies, including those relating
to climate change, which have been adopted by the Company, are
fully integrated into the investment process, as set out in the
Strategic Report. Investments are valued at fair value and re ect
market participants’ views of ESG and climate change risk on the
Company’s portfolio investments. The Investment Manager
reports to the Board on ESG and climate change matters,
including engagement with investee companies. Any investor
feedback is also taken into consideration by the Board.
Failure by the Investment Manager to
identify potential ESG issues, including
the impact of climate change, could
impact shareholder returns due to
valuation issues in investee companies
and the Company’s shares becoming
less attractive to investors.
Gearing is monitored and strict restrictions on borrowings are
imposed: gearing continues to operate within pre-agreed limits so
as not to exceed 25% of shareholders’ funds.
The Company utilises a credit facility.
This arrangement increases the funds
available for investment through
borrowing. While this has the potential
to enhance investment returns in rising
markets, in falling markets the impact
could be detrimental to performance.
The depositary reports on the safe custody of the Company’s
assets, including cash and portfolio holdings, which are
independently reconciled with the Manager’s records.
The review of audited internal controls reports covering custodial
arrangements is undertaken.
An annual report from the depositary on its activities, including
matters arising from custody operations is reviewed.
Safe custody of the Company’s assets
may be compromised through control
failures by the depositary.

Risk Mitigation and management Change
Accounting, legal and regulatory
Service provider
Cyber
The con rmation of compliance with relevant laws and regulations
by key service providers.
Shareholder documents and announcements, including the
Company’s published annual report are subject to stringent review
processes.
Procedures have been established to safeguard against disclosure
of inside information.
In order to continue to qualify as an
investment trust, the Company must
comply with the requirements of
section 1158 of the Corporation Tax
ActK 2010.
Breaches of the UK Listing Rules, the
Companies Act or other regulations
with which the Company is required to
comply, could lead to a number of
detrimental outcomes.
Service providers are appointed subject to due diligence
processes and with clearly-documented contractual arrangements
detailing service expectations.
Regular reports are provided by key service providers and the
quality of services provided are monitored.
Audited internal controls reports from key service providers,
including con rmation of business continuity arrangements, are
reviewed annually.
In respect of the transition of custodian, depositary and fund
administration services from HSBC to J.P. Morgan, a detailed
transition plan was put in place, closely monitored by the Manager
via a Risks, Assumptions, Issues and Dependencies (RAID) log. The
Board received quarterly progress updates on the transition, with
the Audit Committee Chair acting as the primary point of contact
between update cycles. All migration of nancial data from HSBC
to J.P. Morgan was subject to close oversight by the Company’s
external auditors.
The Company has no employees and
has delegated certain functions to a
number of service providers, principally
the Manager, depositary, and registrar.
Failure of controls and poor
performance of any service provider
could lead to disruption, reputational
damage or loss.
Operational risks may arise from the
transfer of custodian, depositary and
fund administration services to a new
service provider.
Operational risks
associated with the
transition of
custodian,
depositary, and
fund
administration
services from HSBC
to J.P. Morgan.
The Company’s service providers are all
exposed to the risk of cyber attacks.
Cyber attacks could lead to loss of
personal or con dential information or
disrupt operations.
Service providers report on cyber risk mitigation and management
at least annually, which includes con rmation of business
continuity capability in the event of a cyber attack.
In addition, the Board received presentations from the Manager,
the registrar and the safekeeping agent and custodian on cyber
risk.
Schroder Income Growth Fund plc@Annual Report and Financial Statements 2025 35
Section 3: Strategic Report

Schroder Income Growth Fund plc@Annual Report and Financial Statements 2025
36
Section 3: Strategic Report
Conclusion
Viability statement
The Directors have assessed the viability of the Company over
aK veK year period, taking into account the Company’s position at
31K August 2025 and the potential impacts of the principal risks
andK uncertainties it faces for the review period. The Directors
have assessed the Company’s operational resilience and they are
satis ed that the Company’s outsourced service providers will
continue to operate eAectively.
A period of ve years has been chosen asK the Board believes that
this re ects aK suitable time horizon for strategic planning, taking
into account the investment policy, liquidity of investments,
potential impact of economic cycles, nature of operating costs,
dividends and availability of funding.
In its assessment of the viability of the Company, the Directors
have considered each of the Company’s principal risks and
uncertainties detailed on pages 32 to 35 and in particular the
impact of a signi cant fall in UK equity markets on the value of the
Company’s investment portfolio. The Directors have considered
the Company’s income and expenditure projections and the fact
that the Company’s investments comprise readily realisable
securities which can be sold to meet funding requirements if
necessary and on that basis consider that veK years is an
appropriate time period. The Directors also considered the
bene cial tax treatment the Company is eligible for as an
investment trust. If changes to these taxation arrangements were
to be made it would aAect the viability of the Company to act as
an eAective investment vehicle.
Whilst the Company’s Articles of Association require that
aK proposal for the continuation of the Company be put forward
atK the AGM in 2025, the Directors have no present reason to
believe such aK resolution will not be passed by shareholders.
The Directors also considered a stress test in which the
Company’s NAV dropped by 50% and noted that, based on the
assumptions in the test, the Company would continue to be viable
over a ve year period. Based on the Company’s processes for
monitoring operating costs, the Board’s view that the Manager
has the appropriate depth and quality of resource to achieve
superior returns in the longer term, the portfolio risk pro le, limits
imposed on gearing, counterparty exposure, liquidity risk and
nancial controls, the Directors have concluded that there is
aK reasonable expectation that the Company will be able to
continue in operation and meet its liabilities as they fall due over
the ve year period of their assessment.
Going concern
The Directors have assessed the principal risks, the impact of the
emerging risks and uncertainties and the matters referred to in
the viability statement, including the continuation vote at the AGM
in December 2025. The Board have considered climate risk,
political risk and external market factors in their assessment.
Based on the work the Directors have performed, they have not
identi ed any material uncertainties relating to events or
conditions that, individually or collectively, may cast signi cant
doubt on the Company’s ability to continue as a going concern for
the period assessed by the Directors, being the period to
30K November 2026 which is at least 12K months from the date the
nancial statements were authorised for issue.
By order of the Board
Schroder Investment Management Limited
Company Secretary
10 November 2025

Schroder Income Growth Fund plc@Annual Report and Financial Statements 2025 37
Section 3: Strategic Report

Schroder Income Growth Fund plcDAnnual Report and Financial Statements 2025
38
Section 4: Governance

Schroder Income Growth Fund plcDAnnual Report and Financial Statements 2025 39
Section 4: Governance
Board of Directors 40
Directors’ Report 42
Audit and Risk Committee Report 45
Management Engagement Committee Report 48
Nomination Committee Report 49
Remuneration Committee Report 51
Directors’ Remuneration Report 52
Statement of Directors’ Responsibilities in respect of the Annual Report and Financial Statements 55
Section 4: Governance

1 Shareholdings are as at 10 November 2025. Full details of Directors’ shareholdings are set out in the Directors’ Remuneration Report on page 54.
Schroder Income Growth Fund plcDAnnual Report and Financial Statements 2025
40
Section 4: Governance
Board of Directors
Ewen Cameron Watt
Status: Independent non-executive
Chairman and Management
Engagement Committee Chairman
Length of service: Eight years – appointed
as a Director in December 2017.
Experience: Ewen was a managing
director at BlackRock, where he spent the
majority of his career (including
predecessor companies). From 2011 to
2016, he was chief investment strategist at
the BlackRock Investment Institute. Prior to
joining BlackRock, he held senior
investment roles in the UK and Hong Kong,
including as portfolio manager from 1995
to 2010 and head of Asian research for SG
Warburg from 1990 to 1995. Ewen is also
an independent adviser to a number of
endowments and pension funds. He began
his career as an analyst at EB Savory Miln in
1978.
Contribution to the Board and its
Committees: Ewen has extensive nancial
services and investment experience.
Committee membership: Audit and Risk,
Management Engagement, Nomination
and Remuneration Committees (Chairman
of the Management Engagement
Committee).
Remuneration for the year ended
31+August 2025: £40,000 per annum.
Number of shares held: 18,000. 1
June Aitken
Status: Independent non-executive
Director and Nomination Committee
Chairman
Length of service: Two years – appointed
as a Director in January 2023.
Experience: June has over 30 years’
experience with aNsuccessful equities
distribution platform background.
SheNworked in partnership with institutional
investors and subsequently co-founded an
investment management company focused
on environmental and responsible equity
mandates for pension funds and
endowments globally. She brings her
knowledge of the investment trust market,
including intermediary and retail investor
distribution, and experience of risk and
governance frameworks.
She has previously held non-executive roles
with BBGi Global Infrastructure SA,
Berkshire Capital ICAV, Asian Masters Fund,
Emerging Markets Masters Fund and
Aquarius Fund. June is currently audit
chairman of JPMorgan Asia Growth and
Income plc and chairman of CC Japan
Income & Growth Trust plc.
Contribution to the Board and its
Committees: June brings broad based
experience in investment trusts and
nancial services including distribution,
responsible investment and governance.
Committee membership: Audit and Risk,
Management Engagement, Nomination
and Remuneration Committees (Chairman
of the Nomination Committee).
Remuneration for the year ended
31+August 2025: £28,750 per annum.
Number of shares held: 11,457. 1
All Directors are
non-executive and
independent of the
Manager. All Directors are
members of the Audit
and Risk Committee, the
Management
Engagement Committee,
and the Nomination and
Remuneration
Committees.

Schroder Income Growth Fund plcDAnnual Report and Financial Statements 2025 41
Section 4: Governance
1 Shareholdings are as at 10 November 2025. Full details of Directors’ shareholdings are set out in the Directors’ Remuneration Report on page 54.
2 Mr McIntyre’s shareholding as at 10 November 2025 includes the holding of a connected person.
Fraser McIntyre
Status: Independent non-executive
Director and Audit and Risk Committee
Chairman
Length of service: Six years – appointed
as a Director in December 2019.
Experience: Fraser has over 30 years of
experience in nancial services, including
asset management, investment banking and
audit. He started his career auditing nancial
services companies with PwC before
working in the prime brokerage/equity
divisions of two investment banks, Goldman
Sachs and UBS. He has been COO at several
multi-billion dollar hedge funds where he
was responsible for overseeing all
operational areas of the business, including
nance and accounting, operations, risk,
legal and compliance. He has sat on a
number of fund and management company
boards whose investments covered a wide
range of asset classes across traditional and
alternative strategies.
Fraser is a Chartered Accountant. He has
held a variety of executive positions within
the nancial services sector, most recently
as Chief Operating O?cer of Cantab Capital
LLP. He also operates a consultancy
business advising hedge funds.
Contribution to the Board and its
Committees: Fraser brings his experience
in nancial services, including asset
management, investment banking and
audit.
Committee membership: Audit and Risk,
Management Engagement, Nomination
and Remuneration Committees (Chairman
of the Audit and Risk Committee).
Remuneration for the year ended
31+August 2025: £34,000 per annum.
Number of shares held: 24,715. 1,2
Victoria Muir
Status: Senior Independent
non-executive Director and
Remuneration Committee Chairman
Length of service: Six years – appointed
as a Director in July 2019.
Experience: Victoria is a Chartered Director
and a Fellow of the Institute of Directors
who has chaired or served on a number of
boards and committees, many regulated or
listed, in an executive or non-executive
capacity. She was an executive director of
Royal London Asset Management Ltd and
some of its sister companies, before
pursuing aNcareer as aNnon-executive
director. She is a director of Premier Miton
Global Renewables Trust plc and its
subsidiary PMGR Securities 2025 plc.
Victoria has 30Nyears of experience in
nancial services, including asset
management and inter-dealer broking. Her
experience covers aNbroad range of
products and services including investment
trusts, segregated accounts, pension funds,
insurance products, VCTs and hedge funds
and a wide breadth of asset classes across
both traditional and alternative
investments.
Contribution to the Board and its
Committees: Victoria brings her
experience in nancial services, particularly
asset management with a focus on
distribution, strategy and governance.
Committee membership: Audit and Risk,
Management Engagement, Nomination
and Remuneration Committees (Chairman
of the Remuneration Committee).
Remuneration for the year ended
31+August 2025: £28,750 per annum.
Number of shares held: 3,500. 1

Schroder Income Growth Fund plcDAnnual Report and Financial Statements 2025
42
Section 4: Governance
Directors’ Report
Directors and o!cers
Chairman
The Chairman is an independent non-executive Director who is
responsible for leadership of the Board and ensuring its
eFectiveness in all aspects of its role. The Chairman’s other
signi cant commitments are detailed on page 40. He has no
con icting relationships.
Senior Independent Director (“SID”)
The SID acts as a sounding board for the Chairman, meets with
major shareholders as appropriate, provides a channel for any
shareholder concerns regarding the Chairman and takes the lead
in the annual evaluation of the Chairman by the independent
Directors.
Company Secretary
Schroder Investment Management Limited provides company
secretarial support to the Board and is responsible for assisting
the Chairman with Board meetings and advising the Board with
respect to governance. The Company Secretary also manages the
relationship with the Company’s service providers, except for the
Manager. Shareholders wishing to lodge questions in advance of
the AGM are invited to do so by writing to the Company Secretary
at the address given on the outside back cover or by email to
amcompanysecretary@schroders.com.
Corporate governance statement
The Company is committed to high standards of corporate
governance and has implemented a framework for corporate
governance which it considers to be appropriate for an
investment trust.
The FCA requires all UK listed companies to disclose how they
have applied the principles and complied with the provisions of
the UKNCorporate Governance Code 2018 (the “UKNCode”) issued
by theNFinancial Reporting Council (“FRC”).
The Board has considered the principles and provisions of the
AICNCode of Corporate Governance (the “AICNCode”) which
addresses those set out in the UK Code, as well as setting out
additional Provisions on issues that are of speci c relevance to the
Company.
The Board considers that reporting against the Principles and
Provisions of the AIC Code, which has been endorsed by the FRC
provides more relevant information to shareholders.
The AIC Code is available on the AIC website (www.theaic.co.uk).
ItNincludes an explanation of how the AIC Code adopts the
principles and provisions set out in the UK Code to make them
relevant for investment companies.
The Board con rms that the Company has complied with the
AICNCode, in so far as they apply to the Company’s business,
throughout the year under review. As all of the Company’s
day-to-day management and administrative functions are
outsourced to third parties, it has no executive directors,
employeesNor internal operations and therefore has not
reportedNinNrespect of the following UK Code Provisions:
• the role of the executive directors and senior management;
• the need for an internal audit function; and
• executive directors’ remuneration.
Role and operation of the Board
The Board is the Company’s governing body; it sets the
Company’s strategy and is collectively responsible to shareholders
for its long-term success. The Board is responsible for appointing
and subsequently monitoring the activities of the Manager and
other service providers to ensure that the investment objective of
the Company continues to be met. The Board also ensures that
the Manager adheres to the investment restrictions set by the
Board and acts within the parameters set by it in respect of any
gearing. The Strategic Report on pages 24 to 36 sets out further
detail of how the Board reviews the Company’s strategy, risk
management and internal controls and also includes other
information required for the Directors’ Report, and is
incorporated by reference.
A formal schedule of matters speci cally reserved for decision by
the Board has been de ned and a procedure adopted for
Directors, in the furtherance of their duties, to take independent
professional advice at the expense of the Company.
The Chairman ensures that all Directors receive relevant
management, regulatory and nancial information in a timely
manner and that they are provided, on a regular basis, with key
information on the Company’s policies, regulatory requirements
and internal controls. The Board meets at least quarterly and
receives and considers reports regularly from the Manager and
other key advisers and ad hoc reports and information are
supplied to the Board as required.
Four board meetings are usually scheduled each year to deal with
matters including: the setting and monitoring of investment
strategy; approval of borrowings and/or cash positions; review of
investment performance; the level of discount of the Company’s
shares to underlying NAV; promotion of the Company; and
services provided by third parties. Additional meetings of the
Board are arranged as required.
The Board is satis ed that it is of su?cient size with an
appropriate balance of diverse skills and experience,
independence and knowledge of the Company, its sector and the
wider investment trust industry, to enable it to discharge its
duties and responsibilities eFectively and that no individual or
group of individuals dominates decision making.
The Board has approved a policy on Directors’ con icts of interest.
Under this policy, Directors are required to disclose all actual and
potential con icts of interest to the Board as they arise for
consideration and approval. The Board may impose restrictions or
refuse to authorise such con icts if deemed appropriate.
NoNDirectors have any connections with the Manager, shared
directorships with other Directors or material interests in any
contract which is signi cant to the Company’s business.
The Directors submit their annual report and financial statements of the Company for the year
ended 31 August 2025.

Schroder Income Growth Fund plcDAnnual Report and Financial Statements 2025 43
Section 4: Governance
Committees
In order to assist the Board in ful lling its governance
responsibilities, it has delegated certain functions to committees.
The roles and responsibilities of these committees, together with
details of work undertaken during the year under review, are
outlined over the next few pages.
The reports of the Audit and Risk Committee, Nomination
Committee, Remuneration Committee and Management
Engagement Committee are incorporated and form part of the
Directors’ Report. Each Committee’s eFectiveness was assessed,
and judged to be satisfactory, as part of the Board’s annual review
of the Board and its Committees.
Provision of information to the Auditor
The Directors at the date of approval of this report con rm that,
so far as each of them is aware, there is no relevant audit
information of which the Company’s Auditor is unaware; and each
Director has taken all the steps that he or she ought to have
taken as a Director in order to make himself or herself aware of
any relevant audit information and to establish that the
Company’s Auditor is aware of that information.
Directors’ attendance at meetings
The number of scheduled meetings of the Board and its Committees held during the nancial year, and the attendance of individual
Directors, is shown below. Whenever possible all Directors attend the AGM.
Audit Management
and Risk Engagement Nomination Remuneration
Board Committee Committee Committee Committee
Ewen Cameron Watt 4/4 2/2 1/1 1/1 1/1
June Aitken 4/4 2/2 1/1 1/1 1/1
Fraser McIntyre 4/4 2/2 1/1 1/1 1/1
Victoria Muir 4/4 2/2 1/1 1/1 1/1
In addition to the scheduled quarterly Board meetings, the Board met once during the year to review and focus on the Company’s
strategy and on additional occasions for ad-hoc business. The Board is satis ed that the Chairman and each of the other non-executive
Directors commit su?cient time to the aFairs of the Company to ful l their duties.
Key service providers
The Board has adopted an outsourced business model and has
appointed the following key service providers:
Manager
The Company is an Alternative Investment Fund as de ned by the
AIFM Directive and has appointed Schroder Unit Trusts Limited
(“SUTL”) as the Alternative Investment Fund Manager (“AIFM” or
“Manager”). In accordance with the terms of an AIFM agreement
which is governed by the laws of England and Wales, the
appointment can be terminated by either party on 12 months’
notice or on immediate notice in the event of certain breaches or
the insolvency of either party. As at the date of this report no such
notice had been given by either party. Details of the amounts paid
to the Manager are detailed in note 4 on page 68.
The Manager is authorised and regulated by the FCA and provides
portfolio management, risk management, accounting and
company secretarial services to the Company under the AIFM
agreement. The Manager also provides general marketing support
for the Company and manages relationships with key investors, in
conjunction with the Chairman, other Board members or the
corporate broker as appropriate. The Manager has delegated
investment management, accounting and company secretarial
services to another wholly owned subsidiary of Schroders plc,
Schroder Investment Management Limited. The Manager has
appropriate professional indemnity insurance cover in place.
The Schroders Group manages £776.6 billion (as at 30 June 2025)
on behalf of institutional and retail investors, nancial institutions
and high net-worth clients from around the world, invested in
aNbroad range of asset classes across equities, xed income,
multi-asset and alternatives.
Fees payable to the Manager
During the year under review, and under the terms of the AIFM
Agreement, a management fee was payable at a rate of 0.45% per
annum of chargeable assets. A further fee of £150,000 plus VAT
per annum was also payable to cover administration and
company secretarial fees.
The management fee payable in respect of the year ended
31NAugust 2025 amounted to £1,151,000 (2024: £1,090,000).
Details of all amounts payable to the Manager are set out in
noteN4 on page 68.
With eFect from 1 September 2025, the Manager shall be entitled
to a management fee per annum, calculated based on the lower
of 0.40% of (1) the Company’s market capitalisation; and (2) the
cum net asset value of the Company. Additionally, the separate
fee to cover administration and company secretarial fees is
removed.
The Board has reviewed the performance of the Manager during
the year under review and continues to consider that it has the
appropriate depth and quality of resource to deliver the
Company’s investment objectives over the longer term. Thus, the
Board considers that the Manager’s appointment under the
terms of the AIFM agreement, details of which are set out above,
is in the best interests of shareholders as a whole.
Depositary
With eFect from 5 September 2025, J.P. Morgan Europe Limited
were appointed to provide depositary and custodian services to
the Company, replacing HSBC Bank plc who had provided these
services for the year under review and up until 5 September 2025.
J.P. Morgan Europe Limited, which is authorised by the Prudential
Regulation Authority and regulated by the FCA and the Prudential

Schroder Income Growth Fund plcDAnnual Report and Financial Statements 2025
44
Section 4: Governance
Regulation Authority, carries out certain duties of aNdepositary
speci ed in the AIFM Directive including, in relation to the
Company:
• safekeeping of the assets of the Company which are entrusted to
it;
• cash monitoring and verifying the Company’s cash ows; and
• oversight of the Company and the Manager.
The Company, the Manager and the depositary may terminate the
depositary agreement at any time by giving 90 days’ notice in
writing. The depositary may only be removed from o?ce when
aNnew depositary is appointed by the Company.
Registrar
Equiniti Limited has been appointed as the Company’s registrar.
Equiniti’s services to the Company include share register
maintenance (including the issuance, transfer and cancellation of
shares as necessary), acting as agent for the payment of any
dividends, management of company meetings (including the
registering of proxy votes and scrutineer services as necessary),
handling shareholder queries and correspondence and
processing corporate actions.
Share capital and substantial share interests
During the year under review the Company repurchased a total of
1,406,191Nshares of 10 pence each which were placed in treasury.
As at 31NAugust 2025, the Company had 69,463,343 ordinary
shares of 10p in issue, of which 1,444,191 were held in treasury.
Since the year end, a further 138,490 shares have been
repurchased to be held in treasury and as at 10 November 2025,
the Company had 69,463,343 ordinary shares of 10p in issue, of
which 1,582,681 ordinary shares were held in treasury.
Accordingly, the total number of voting rights in the Company at
10 November 2025 is 67,880,662. Details of changes to the
Company’s share capital during the year under review are given in
note 14 to the nancial statements on pageN72. All shares in issue
rank equally with respect to voting, dividends and any distribution
on windingNup.
As at 31 August 2025, the Company has received noti cations in
accordance with the FCA Disclosure Guidance and Transparency
Rule 5.1.2R of the following interests in 3% or more of the voting
rights attached to the Company’s issued share capital. The
Company is reliant on investors to comply with these regulations,
and certain investors may be exempted from providing these. As
such, this should not be relied on as an exhaustive list of
shareholders holding above 3% of the Company’s voting rights.
% of
Number of voting
shares held 1 rights 1
1607 Capital Partners, LLC 3,507,871 5.14
Charles Stanley & Co. Limited 3,422,693 4.98
1
As at date of noti cation.
There have been no noti ed changes to the above holdings since
the year end.
Directors’ and o!cers’ liability insurance and
indemnities
Directors’ and o?cers’ liability insurance cover was in place for the
Directors throughout the year. The Company’s Articles of
Association provide, subject to the provisions of UK legislation, an
indemnity for Directors in respect of costs which they may incur
relating to the defence of any proceedings brought against them
arising out of their positions as Directors, in which they are
acquitted or judgment is given in their favour by the court. This is
aNqualifying third party indemnity provision and was in place
throughout the year under review and to the date of this report.
By order of the Board
Schroder Investment Management Limited
Company Secretary
10 November 2025

Schroder Income Growth Fund plcDAnnual Report and Financial Statements 2025 45
Section 4: Governance
Audit and Risk Committee Report
Ongoing risk review
All Directors are members of the Committee. Fraser McIntyre is the Chairman of the Committee. The Board has satis ed itself that at
least one of the Committee’s members has recent and relevant nancial experience and that the Committee as a whole has
competence relevant to the sector in which the Company operates. The AIC Code permits the Chairman of the Board to be a member
of the Committee, but not its chairman, provided that they were independent upon appointment. Given the Board’s size, the Directors
believe it is appropriate for the Chairman of the Board, who was independent on appointment, to remain a member of the Committee
and continue to bene t from his experience and knowledge.
The activities of the Committee were considered as part of the internally facilitated board appraisal process completed in accordance
with standard governance arrangements. The evaluation found that the Committee functioned well, with the right balance of
membership, skills and experience. The Committee’s terms of reference are available on the Company’s web pages:
www.schroders.co.uk/incomegrowth
Approach
The Committee’s key roles and responsibilities are set out in the table below.
Risk management and internal
controls
Principal and emerging risks and
uncertainties
To establish a process for identifying,
assessing, managing and monitoring
principal and emerging risks and
uncertainties of the Company, and an
explanation of how these are being
managed or mitigated.
Internal controls
The Committee is responsible for
reviewing the adequacy and eFectiveness
of the Company’s internal controls and the
whistleblowing procedures operated by
the AIFM and other services providers.
Financial reports and valuation
Financial statements
To monitor the integrity of the nancial
statements of the Company and any
formal announcements relating to the
Company’s nancial performance and
valuation.
Going concern and viability
To review the position and make
recommendations to the Board in relation
to whether it considers it appropriate to
adopt the going concern basis of
accounting in preparing its annual and half
year nancial statements.
The Committee is also responsible for
reviewing the disclosures made by the
Company in the viability statement.
Audit
Audit results
To discuss any matters arising from the
audit and recommendations made by the
Auditor.
Auditor appointment, independence
and performance
To make recommendations to the Board,
inNrelation to the appointment,
re-appointment, eFectiveness, any
non-audit services by the Auditor and
removal of the external Auditor. To review
their independence, and to approve their
remuneration and terms of engagement.
To review the audit plan and engagement
letter.
Review of external
auditors and their
work
Risk
management
Internal
controls
Accounting policies Half year and
annual reports and judgements
The responsibilities and work carried out by the Audit and Risk Committee during the year
under review are set out in the following report. The duties and responsibilities of the
Committee, which include monitoring the integrity of the Company’s financial reporting and
internal controls, are set out in further detail below:

Schroder Income Growth Fund plcDAnnual Report and Financial Statements 2025
46
Section 4: Governance
Application during the year
The Committee met twice during the year under review and the table below sets out how the Committee discharged its duties during
the year. Further details on attendance can be found on page 43.
Risk management and internal
controls
Principal and emerging risks and
uncertainties
Reviewed the principal and emerging risks
and uncertainties faced by the Company
together with the systems, processes and
oversight in place to manage and mitigate
them.
Service provider controls
Consideration of the operational controls
maintained by the Manager, depositary
and registrar.
Internal controls and risk
management
Consideration of several key aspects of
internal control and risk management
operating within the Manager, depositary
and registrar, including assurance reports
and presentations on these controls.
Financial reports and valuation
Recognition of investment income
Considered dividends received against
forecast and the allocation of special
dividends to income or capital.
Calculation of the investment
management fee
Consideration of methodology used to
calculate the fees, matched against the
criteria set out in the AIFM agreement.
Overall accuracy of the annual report
and nancial statements
Consideration of the annual report and
nancial statements and the letter from
the Manager in support of the letter of
representation to the Auditor.
Valuation and existence of holdings
Quarterly review of portfolio holdings and
assurance reports.
Audit
Meetings with the Auditor
The Auditor attended meetings to present
their audit plan and the ndings of the
audit. The Committee met the Auditor
without representatives of the Manager
present.
Effectiveness of the independent audit
process and Auditor performance
Evaluated the eFectiveness of the
independent audit rm and process prior
to making a recommendation that it
should be re-appointed at the forthcoming
AGM. Evaluated the Auditor’s performance
against agreed criteria including:
quali cation; knowledge, expertise and
resources; independence policies;
eFectiveness of audit planning; adherence
to auditing standards; and overall
competence, alongside feedback from the
Manager on the audit process.
Professional scepticism of the Auditor was
questioned and the Committee was
satis ed with the Auditor’s replies.
Auditor independence
Ernst & Young LLP has provided audit
services to the Company since it was
appointed on 17 May 2019.
The Auditor is required to rotate the senior
statutory auditor every ve years. There
are no contractual obligations restricting
the choice of external auditor. This is the
first year that the senior statutory auditor,
Jennifer Rogan, has conducted the audit of
the Company’s nancial statements.
The Committee was satis ed that there
were no circumstances that aFected the
independence or objectivity of the Auditor.
Audit tender
An audit tender was last undertaken in
2019.
Audit results
Met with and reviewed a comprehensive
report from the Auditor which detailed the
results of the audit, compliance with
regulatory requirements, safeguards that
have been established, including auditor
independence and objectivity and
compliance with the FRC Ethical Standard,
and on their own internal quality control
procedures.

Schroder Income Growth Fund plcDAnnual Report and Financial Statements 2025 47
Section 4: Governance
Risk management and internal
controls
Compliance with the investment trust
qualifying rules in S1158 of the
Corporation Tax Act 2010
Consideration of the Manager’s report
con rming compliance.
Financial reports and valuation
Fair, balanced and understandable
Reviewed the annual report and nancial
statements to advise the Board whether it
was fair, balanced and understandable.
Reviewed whether performance measures
were re ective of the business, whether
there was adequate commentary on the
Company’s strengths and weaknesses and
that the annual report and nancial
statements, taken as a whole was
consistent with the Board’s view of the
operation of the Company.
Going concern and viability
Reviewed the position and made
recommendations to the Board in relation
to whether it considered it appropriate to
adopt the going concern basis of
accounting in preparing its annual and half
year report, including the consideration of
the upcoming continuation vote.
The Committee is also responsible for
reviewing the disclosures made by the
Company in the viability statement.
Audit
Provision of non-audit services by the
Auditor
The Committee has reviewed the FRC’s
Guidance on Audit Committees and has
formulated a policy on the provision of
non-audit services by the Company’s
Auditor. The Committee has determined
that the Company’s appointed Auditor will
not be considered for the provision of
certain non-audit services, such as
accounting and preparation of the
nancial statements, internal audit and
custody. The Auditor may, if required,
provide other non-audit services which will
be judged on a case-by-case basis.
The Auditor did not provide any non-audit
services to the Company during the year
under review.
Consent to continue as Auditor
Ernst & Young LLP indicated to the
Committee its willingness to continue to
act as Auditor.
Recommendations made to, and approved by, the Board:
• The Committee recommended that the Board approve the annual and half year report and nancial statements.
• The Committee recommended that the going concern assumption be adopted in the annual report and nancial statements and the
explanations set out in the viability statement.
• As a result of the work performed, the Committee has concluded that the annual report and nancial statements for the year ended
31NAugust 2025, taken as aNwhole, is fair, balanced and understandable and provides the information necessary for shareholders to
assess the Company’s position, performance, business model and strategy, and has reported on these ndings to the Board. The
Board’s conclusions in this respect are set out in the Statement of Directors’ Responsibilities on page 55.
• Having reviewed the performance of the Auditor as described above, the Committee considered it appropriate to recommend the
Auditor’s re-appointment. Resolutions to re-appoint Ernst & Young LLP as Auditor to the Company, and to authorise the Directors to
determine their remuneration will be proposed at the forthcoming AGM.
By order of the Board
Fraser McIntyre
Chairman of the Audit and Risk Committee
10 November 2025

Schroder Income Growth Fund plcDAnnual Report and Financial Statements 2025
48
Section 4: Governance
Management Engagement Committee Report
All Directors are members of the Committee. Ewen Cameron Watt is the Chairman of the Committee. The activities of the Committee
were considered as part of the internally facilitated board appraisal process completed in accordance with standard governance
arrangements. The evaluation found that the Committee functioned well, with the right balance of membership, skills and experience.
Its terms of reference are available on the Company’s web pages, www.schroders.co.uk/incomegrowth.
Approach
The Committee’s key roles and responsibilities are set out in the table below.
Application during the year
Recommendations made to, and approved by, the Board:
• That the ongoing appointment of the Manager on the terms of the AIFM agreement, was in the best interests of shareholders as
aNwhole.
• That with eFect from 1 September 2025, the investment management services fee be reduced, the basis for its calculation be amended,
and the separate secretarial and administration fee be eliminated.
• That the Company’s service providers’ performance remained satisfactory.
Oversight of the Manager
The Committee:
• reviews the Manager’s performance, over the short and long
term, against the reference index, peer group and the market.
• considers the reporting it has received from the Manager
throughout the year, and the reporting from the Manager to the
shareholders.
• assesses management fees on an absolute and relative basis,
receiving input from the Company’s broker, including peer group
and industry gures, as well as the structure of the fees.
• reviews the appropriateness of the Manager’s contract, including
terms such as notice period.
• assesses whether the Company receives appropriate
administrative, accounting, company secretarial and marketing
support from the Manager.
Oversight of other service providers
The Committee reviews the performance and competitiveness of
the following service providers on at least an annual basis:
• Depositary and custodian
• Corporate broker
• Registrar
• Lender
The Committee also receives a report from the Company
Secretary on ancillary service providers, and considers any
recommendations.
The Committee notes the Audit and Risk Committee’s review of
the Auditor.
Oversight of the Manager
The Committee undertook a detailed review of the Manager’s
performance and agreed that it has the appropriate depth and
quality of resource to deliver superior returns over the longer
term.
The Committee reviewed the terms of the AIFM agreement and
agreed they remained t for purpose. The Committee also engaged
with the Manager and, eFective 1 September 2025, agreed
aNreduction in the investment management services fee, a change
in the basis of its calculation, and the elimination of the separate
secretarial and administration fee.
The Committee reviewed the other services provided by the
Manager and agreed they were satisfactory.
Oversight of other service providers
With eFect from 5 September 2025, J.P. Morgan Europe Limited
was appointed to provide depositary and custodian services to
the Company, replacing HSBC Bank plc.
The annual review of each of the service providers was
satisfactory.
The Committee noted that the Audit and Risk Committee had
undertaken a detailed evaluation of the internal controls of the
Manager, registrar, and depositary and custodian.
The Management Engagement Committee is responsible for (1) the monitoring and oversight
of the Manager’s performance and fees, and confirming the Manager’s ongoing suitability,
and (2) reviewing and assessing the Company’s other service providers, including reviewing
their fees.

Schroder Income Growth Fund plcDAnnual Report and Financial Statements 2025 49
Section 4: Governance
Nomination Committee Report
The Nomination Committee is responsible for (1) the recruitment, selection and induction of
Directors, (2) their assessment during their tenure, and (3) the Board’s succession.
Selection and ongoing assessment of Directors
All Directors are members of the Committee. June Aitken is the Chairman of the Committee. The activities of the Committee were
considered as part of the internally facilitated board appraisal process completed in accordance with standard governance
arrangements. The evaluation found that the Committee functioned well, with the right balance of membership, skills and experience.
Its terms of reference are available on the Company’s web pages, www.schroders.co.uk/incomegrowth.
Approach
The Committee’s key roles and responsibilities are set out in the table below.
Selection and induction
• The Committee prepares a job
speci cation for each role and considers
the use of an independent recruitment
rm. For the Chairman and Chairmen of
the Committees, the Committee also
considers current Board members.
• Job speci cation outlines the knowledge,
professional skills, personal qualities
and experience requirements.
• Potential candidates are assessed
against the Company’s diversity policy.
• The Committee discusses the long list,
invites a number of candidates for
interview and makes a recommendation
to the Board.
• The Committee reviews the induction
and training of new Directors.
Board evaluation
• The Committee assesses each Director
annually and considers if an external
evaluation should take place.
• Evaluation focuses on whether each
Director continues to demonstrate
commitment to their role and provides
aNvaluable contribution to the Board
during the year, taking into account time
commitment, independence, con icts
and training needs.
• Following the evaluation, the Committee
provides a recommendation to
shareholders with respect to the annual
re-election of Directors at the AGM.
• All Directors retire at the AGM and their
re-election is subject to shareholder
approval.
Succession
• Taking into consideration diversity and
the need for regular refreshment and
orderly succession, the Board’s policy is
that, in ordinary circumstances, no
individual should serve longer than
nineNyears as a Director of the Company.
Extensions beyond this period may be
considered where the Board believes it
is in the best interests of the Company.
Each Director will be subject to annual
re-election at the AGM.
• The Committee reviews the Board’s
current and future needs at least
annually. Should any need be identi ed
the Committee will initiate the selection
process.
• The Committee oversees the handover
process for retiring Directors.
Application of
succession policy
Selection Induction Annual
evaluation
Annual review of
succession policy

Schroder Income Growth Fund plcDAnnual Report and Financial Statements 2025
50
Section 4: Governance
Application during the year
Selection and induction
• No Director recruitment processes took
place in the year under review.
Board evaluation
• The annual Board evaluation, including
evaluation of its Committees, was
undertaken in July 2025 and concluded
that the Board and its Committees
functioned well, with the right balance of
membership, skills and experience. For
the year under review, the evaluation
was undertaken internally by the
completion of questionnaires.
• The Committee also reviewed each
Director’s time commitment and
independence by reviewing a complete
list of appointments, including pro bono,
not for pro t roles, to ensure that each
Director remained free from con ict and
had su?cient time available to
discharge each of their duties eFectively.
During the review, the Committee was
also mindful of the concept of
‘overboarding’ and considered the time,
nature and complexity of each Director’s
other roles and concluded that it did not
believe that any of the Directors were
overboarded.
• The Committee considered each
Director’s contributions, and noted that
in addition to extensive experience as
professionals and non-executive
Directors, each Director had valuable
skills and experience, as detailed in their
biographies on pages 40 and 41.
• All Directors were considered to be
independent in character and
judgement and the Committee reviews
this information annually.
• Based on its assessment, the Committee
provided individual recommendations
for each Director’s re-election.
Succession
• The Committee believes it is important
for the Board to have the appropriate
skills and diversity and has reviewed
composition and succession plans with
these in mind.
• The Board has complied with the FCA
Listing Rule in relation to diversity and
provided necessary disclosures on
pageN27.
• The Committee reviewed the succession
policy and agreed it was still t for
purpose.
Recommendations made to, and approved by, the Board:
• That all Directors continue to demonstrate commitment to their roles, provide a valuable contribution to the deliberations of the Board,
contribute towards the Company’s long-term success, and remain free from con icts with the Company and its Directors and should all
be recommended for re-election by shareholders at the forthcoming AGM.

Schroder Income Growth Fund plcDAnnual Report and Financial Statements 2025 51
Section 4: Governance
Remuneration Committee Report
The Remuneration Committee is responsible for making recommendations to the Board about
the remuneration of the Directors.
All Directors are members of the Committee. Victoria Muir is the Chairman of the Committee. The activities of the Committee were
considered as part of the internally facilitated board appraisal process completed in accordance with standard governance
arrangements. The evaluation found that the Committee functioned well, with the right balance of membership, skills and experience.
Its terms of reference are available on the Company’s web pages, www.schroders.co.uk/incomegrowth.
Approach
The Committee’s key roles and responsibilities are set out in the table below.
Directors’ fees
• The Committee determines and agrees with the Board the framework or broad policy for the remuneration of the Directors. The
objective of the policy shall be to ensure that members of the Board are, in a fair and responsible manner, rewarded for their
individual contributions to the success of the Company. No Director shall be involved in any decisions as to their own remuneration
outcome.
• The Committee reviews the ongoing appropriateness and relevance of the remuneration policy.
• The Committee reviews Director remuneration annually and makes recommendations on the fees paid to non-executive Directors in
light of Directors’ workloads, levels of responsibility and industry norms.
• The Committee ensures that each year the Remuneration Report is put to shareholders for approval as an advisory vote at the AGM,
and the remuneration policy is put to shareholders for approval every three years at the AGM.
Application during the year
Directors’ fees
• The remuneration framework, as set out in the Directors’ Remuneration Report, was unchanged during the year.
• Subject to shareholder approval, by way of an ordinary resolution at the forthcoming AGM, that the maximum aggregate level of fees
paid to Directors be increased from £150,000 per annum to £200,000.
• The Committee reviewed Directors’ fees, using external benchmarking, and recommended that Directors’ fees be increased with
eFect from 1 September 2025.
• The Remuneration Report will be put to shareholders for approval at the forthcoming AGM.
Recommendations made to, and approved by, the Board:
• That the remuneration framework and remuneration policy remained appropriate.
• That the Remuneration Report should be put to shareholders for approval as an advisory vote at the forthcoming AGM.
• That the maximum aggregate level of fees paid to Directors be increased from £150,000 per annum to £200,000 subject to shareholder
approval by way of an ordinary resolution at the forthcoming AGM. The Board believes that to enable exibility in respect of succession
planning, and in particular to recruit new Directors from time to time, that it is prudent to keep remuneration at or around market levels,
providing for modest fee increases in the future and also for a higher level of aggregate fees during years where new Directors are
appointed as part of the Board’s succession planning.
• That Directors’ fees be increased to the following with eFect from 1 September 2025: Chairman £42,500; Audit and Risk Committee
Chairman £35,000; Director £29,500.

Schroder Income Growth Fund plcDAnnual Report and Financial Statements 2025
52
Section 4: Governance
Directors’ Remuneration Report
Introduction
The Directors’ remuneration policy is subject to a binding vote
every three years. The shareholders approved the Directors’
remuneration policy at the 2023 AGM and the current policy
provisions will apply until the policy is next considered by
shareholders at the AGM in 2026. For reasons detailed in the
Remuneration Committee Report on page 51, the Board is
seeking approval from shareholders at the forthcoming AGM to
increase the Directors’ aggregate annual remuneration cap of
£150,000 to £200,000.
The Board notes that Article 95 provides that the fee cap can be
increased by way of ordinary resolution, rather than requiring the
Company to amend its Articles of Association with the approval of
a special resolution. If this ordinary resolution is passed, the
aggregate level contained in the remuneration policy will change
to £200,000. The current policy is below.
Additionally, an ordinary resolution to approve this report will be
put to shareholders at the forthcoming AGM.
At the AGM held on 13 December 2023, 97.74% of the votes cast
(including votes cast at the Chairman’s discretion) in respect of
approval of the Directors’ remuneration policy were in favour,
while 2.26% were against. 15,180 votes were withheld.
At the AGM held on 11 December 2024, 98.21% of the votes cast
(including votes cast at the Chairman’s discretion) in respect of
approval of the Directors’ Remuneration Report for the year
ended 31NAugust 2024 were in favour, while 1.79% were against.
46,493 votes were withheld.
Directors’ remuneration policy
The determination of the Directors’ fees is the responsibility of the
Remuneration Committee, which makes recommendations to the
Board.
It is the Remuneration Committee’s policy to determine the level
of Directors’ remuneration having regard to amounts payable to
non-executive directors in the industry generally, the role that
individual Directors ful l in respect of Board and Committee
responsibilities, and time committed to the Company’s aFairs,
taking into account the aggregate limit of fees set out in the
Company’s Articles of Association. This aggregate level of
Directors’ fees is currently set at £150,000 per annum and any
increase in this level requires approval by the Board and the
Company’s shareholders. The Chairman of the Board and the
Chairman of the Audit and Risk Committee each receive fees at
aNhigher rate than the other Directors to re ect their additional
responsibilities. Directors’ fees are set at aNlevel to recruit and
retain individuals of su?cient calibre, with the level of knowledge,
experience and expertise necessary to promote the success of
the Company in reaching its short and long-term strategic
objectives.
Any Director who performs services which in the opinion of the
Directors are outside the scope of the ordinary duties of
aNdirector, may be paid additional remuneration to be determined
by the Directors, subject to the previously mentioned fee cap.
The Board and its committees exclusively comprise non-executive
Directors. No Director past or present has an entitlement to
aNpension from the Company and the Company has not, and does
not intend to, operate a share scheme for Directors or to award
any share options or long-term performance incentives to any
Director. No Director has a service contract with the Company,
although Directors have a letter of appointment. Directors do not
receive exit payments and are not provided with any
compensation for loss of o?ce. No other payments are made
toNDirectors other than the reimbursement of reasonable
out-of-pocket expenses incurred in attending to the Company’s
business.
The Board did not consult with any individual shareholders before
setting this remuneration policy, although feedback from the
Company’s Manager and corporate broker on shareholder views
was considered. Any speci c comments on the policy received
from shareholders would be considered on a case-by-case basis.
Implementation of policy
The terms of Directors’ letters of appointment are available for
inspection at the Company’s registered o?ce address during
normal business hours and during the AGM at the location of
such meeting.
As the Company does not have any employees, no employee pay
and employment conditions were taken into account when
setting this remuneration policy and no employees were
consulted in its construction.
Directors’ fees are reviewed annually and take into account
research from third parties on the fee levels of directors of peer
group companies, as well as industry norms and factors aFecting
the time commitment expected of the Directors. New directors
are subject to the provisions set out in this remuneration policy.
Directors' report on remuneration
This report sets out how the remuneration policy was
implemented during the year ended 31 August 2025.
On behalf of the Board, I am pleased to present the Directors’ Remuneration Report for the
year ended 31 August 2025. This Report has been prepared in accordance with Sections
420-422 of the Companies Act 2006 and the Large and Medium-sized Companies and
Groups (Accounts and Reports) Regulations 2008.

Schroder Income Growth Fund plcDAnnual Report and Financial Statements 2025 53
Section 4: Governance
Fees paid to Directors
The following amounts were paid by the Company to Directors for their services in respect of the year ended 31 August 2025 and the
preceding nancial year. Directors’ remuneration is all xed; they do not receive any variable remuneration. The performance of the
Company over the nancial year is presented on inside front cover and page 5, under the heading “Performance Summary”.
Change in annual fee over
Fees Taxable bene ts 1 Total years ended 31 August
2025 2024 2025 2024 2025 2024 2025 2024 2023 2022 2021
Director £ £ £ £ £ £ % % % % %
Ewen Cameron Watt
(Chairman) 2 40,000 38,000 2,101 1,721 42,101 39,721 6.0 14.7 32.3 9.0 (1.1)
June Aitken 3 28,750 28,000 – – 28,750 28,000 2.7 54.7 0.0 n/a n/a
Fraser McIntyre 34,000 33,000 539 482 34,539 33,482 3.2 (0.8) 8.5 12.6 71.3
Victoria Muir 28,750 28,000 792 704 29,542 28,704 2.9 0.0 10.3 8.3 (1.2)
131,500 127,000 3,432 2,907 134,932 129,907
1 Comprise amounts reimbursed for expenses incurred in carrying out business for the Company, and which have been grossed up to include PAYE and NI contributions.
2 Appointed Chairman on 15 December 2022.
3 Appointed to the Board on 1 January 2023.
The information in the above table has been audited.
Consideration of matters relating to Directors’ remuneration
Directors’ remuneration was last reviewed by the Remuneration Committee and the Board in July 2025. The members of the Committee
and Board at the time that remuneration levels were considered were as set out on pages 40 and 41. Although no external advice was
sought in considering the levels of Directors’ fees, information on fees paid to directors of other investment trusts managed by
Schroders and peer group companies provided by the corporate broker was taken into consideration together with independent third
party research.
Following this review, the Board agreed the Remuneration Committee’s recommendation that with eFect from 1 September 2025,
Directors’ annual fees should be increased to £42,500 for the Chairman, £35,000 for the Audit and Risk Committee Chairman and
£29,500 for Directors.
The Remuneration Committee believes that the level of increase and resulting fees appropriately re ects prevailing market rates for an
investment trust of the Company’s size, the increasing complexity of regulation and resultant time spent by the Directors on Company
matters, and will also enable the Company to attract appropriately experienced additional Directors in the future.
The maximum level of fees payable, in aggregate, to the Directors of the Company is currently £150,000 per annum. Subject to
shareholder approval at the forthcoming AGM, this will increase to £200,000 per annum.
Directors’ annual report on remuneration
Expenditure by the Company on remuneration and distributions to shareholders
The table below compares the remuneration payable to Directors to distributions paid to shareholders during the year under review
and the prior nancial year. In considering these gures, shareholders should take into account the Company’s investment objectives.
Year ended Year ended
31 August 31 August
2025 2024 Change
£000 £000 %
Remuneration payable to Directors 135 130 3.8
Distributions paid to shareholders
– Dividends 10,089 9,860
– Share buybacks 4,312 102
Distributions paid to shareholders 14,401 9,962 44.6

Performance graph
A graph showing the Company’s share price total return compared with the FTSE All-Share Index total return, over the last ten years, is
set out below, per Schedule 8, section 18, 4 (c) of the Companies Act 2006. The FTSE All-Share Index has been selected as an
appropriate comparison based on the composition of the Company’s investment portfolio.
Source: Morningstar. Rebased to 100 at 31 August 2015.
Directors’ share interests
The Company’s Articles of Association do not require Directors to own shares in the Company. The interests of Directors, including
those of connected persons, at the beginning and end of the nancial year under review are set out below.
At At
31 August 1 September
2025 1
+ 2024 1
+
Ewen Cameron Watt 18,000 13,000
June Aitken 11,287 10,680
Fraser McIntyre 24,480 16,140
Victoria Muir 3,500 3,500
1
Ordinary shares of 10p each.
Since the year ended 31 August 2025, Ms Aitken purchased 170 ordinary shares through a dividend reinvestment plan (DRIP).
Following this purchase, Ms Aitken’s interests increased to 11,457 ordinary shares in the Company. Further, a connected person to
MrNMcIntyre purchased 235 ordinary shares through a DRIP. Following this purchase, Mr McIntyre’s interests increased to 24,715
ordinary shares in the Company. There have been no other noti ed changes to Directors’ interests in the shares of the Company.
The information in the above table has been audited.
Victoria Muir
Chairman of the Remuneration Committee
10 November 2025
Share price total return Benchmark total return
80
100
120
140
160
180
200
220
Aug-25 Aug-24 Aug-23 Aug-22 Aug-21 Aug-20 Aug-19 Aug-18 Aug-17 Aug-16 Aug-15
Schroder Income Growth Fund plcDAnnual Report and Financial Statements 2025
54
Section 4: Governance

Schroder Income Growth Fund plcDAnnual Report and Financial Statements 2025 55
Section 4: Governance
Statement of Directors’ Responsibilities in respect
of the Annual Report and Financial Statements
Company law requires the Directors to prepare nancial
statements for each nancial year. Under that law, the Directors
have prepared the nancial statements in accordance with United
Kingdom Generally Accepted Accounting Practice (United
Kingdom Accounting Standards and applicable law). Under
company law, the Directors must not approve the nancial
statements unless they are satis ed that they give a true and fair
view of the state of aFairs of the Company and of the return or
loss of the Company for that period. InNpreparing these nancial
statements, the Directors are required to:
• select suitable accounting policies and then apply them
consistently;
• state whether applicable UK Accounting Standards have been
followed, subject to any material departures disclosed and
explained in the nancial statements; and
• make judgements and accounting estimates that are
reasonable and prudent.
The Directors are responsible for keeping adequate accounting
records that are su?cient to show and explain the Company’s
transactions and disclose with reasonable accuracy at any time
the nancial position of the Company and enable them to ensure
that the nancial statements and the Directors’ Remuneration
Report comply with the Companies Act 2006.
The Directors are also 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 Manager is responsible for the maintenance and integrity of
the Company’s web pages. Legislation in the United Kingdom
governing the preparation and dissemination of nancial
statements may diFer from legislation in other jurisdictions.
Directors’ statement
Each of the Directors, whose names and functions are listed on
pagesN40 and 41, con rm that to the best of their knowledge:
• the nancial statements, which have been prepared 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), give a true and fair view of the assets, liabilities, nancial
position and loss of the Company;
• the annual report and nancial statements includes a fair
review of the development and performance of the business
and the position of the Company, together with a description of
the principal and emerging risks and uncertainties that it faces;
and
• the annual report and nancial statements, 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.
On behalf of the Board
Ewen Cameron Watt
Chairman
10 November 2025
The Directors are responsible for preparing the annual report and the financial statements in
accordance with applicable law and regulation.

Schroder Income Growth Fund plc Annual Report and Financial Statements 2025
56
Section 5: Financial Statements

Schroder Income Growth Fund plc Annual Report and Financial Statements 2025 57
Section 5: Financial Statements
Independent Auditor’s Report 58
Statement of Comprehensive Income 63
Statement of Changes in Equity 64
Statement of Financial Position 65
Notes to the Financial Statements 66
Section 5: Financial Statements

Opinion
We have audited the nancial statements of Schroder Income
Growth Fund plc for the year ended 31 August 2025 which
comprise the Statement of comprehensive income, the Statement
of changes in equity, Statement of Financial Position and the
related notes 1 to 22, including a summary of signi cant
accounting policies. The nancial reporting framework that has
been applied in their preparation is applicable law and United
Kingdom Accounting Standards including FRS 102 “The Financial
Reporting Standard applicable in the UK and Republic of Ireland”
(United Kingdom Generally Accepted Accounting Practice).
In our opinion, the nancial statements:
• give a true and fair view of the company’s a airs as at
31 August 2025 and of its pro t 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.
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 nancial
statements section of our report. We believe that the audit
evidence we have obtained is su cient and appropriate to
provide a basis for our opinion.
Independence
We are independent of the company in accordance with the
ethical requirements that are relevant to our audit of the nancial
statements in the UK, including the FRC’s Ethical Standard as
applied to public interest entities, and we have ful lled our other
ethical responsibilities in accordance with these requirements.
The non-audit services prohibited by the FRC’s Ethical Standard
were not provided to the company and we remain independent of
company in conducting the audit.
Conclusions relating to going concern
In auditing the nancial statements, we have concluded that the
directors’ use of the going concern basis of accounting in the
preparation of the nancial 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
the following procedures;
• Con rmation of our understanding of the Company’s going
concern assessment process and engagement with the
Directors and the Company Secretary to determine if all key
factors were considered in their assessment.
• Inspection of the Directors’ assessment of going concern,
including the revenue forecast, for the period to 30 November
2026 which is at least 12 months from the date the nancial
statements will be authorised for issue. In preparing the
revenue forecast, the Company has concluded that it is able to
continue to meet its ongoing costs as they fall due.
• Review of the factors and assumptions, including the impact of
the current economic environment, as applied to the revenue
forecast and the liquidity assessment of the investments. We
considered the appropriateness of the methods used to
calculate the revenue forecast and the liquidity assessment and
determined, through testing of the methodology and
calculations, that the methods, inputs and assumptions utilised
are appropriate to be able to make an assessment for the
Company.
• Consideration of the mitigating factors included in the revenue
forecasts that are within the control of the Company. We
reviewed the Company’s assessment of the liquidity of
investments held and evaluated the Company’s ability to sell
those investments in order to cover working capital
requirements should revenue decline signi cantly.
• Review of Directors’ assessment of the risk of breaching the
debt covenants as a result of a reduction in the value of the
Company’s portfolio. We recalculated the Company’s
compliance with debt covenants in the scenarios assessed by
the Directors and performed reverse stress testing in order to
identify what factors would lead to the Company breaching the
nancial covenants.
• Assess the impact of the upcoming continuation vote at the
December 2025 AGM on the going concern basis of
preparation, by considering the current and historical
performance of the Company and reviewing the Directors’
communications with shareholders regarding their sentiment
for the continuation vote and considering the Directors’
assessment of the likelihood of success of the continuation
vote against the going concern assumption.
• Review of the Company’s going concern disclosures included in
the annual report in order to assess that the disclosures were
appropriate and in conformity with the reporting standards.
Based on the work we have performed, we have not identi ed any
material uncertainties relating to events or conditions that,
individually or collectively, may cast signi cant doubt on the
company’s ability to continue as a going concern for a period
assessed by the directors, being the period to 30 November 2026
which is at least 12 months from when the nancial statements
are authorised for issue.
In relation to the company’s reporting on how they have applied
the UK Corporate Governance Code, we have nothing material to
add or draw attention to in relation to the directors’ statement in
the nancial 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. However, because not all future events or conditions
can be predicted, this statement is not a guarantee as to the
company’s ability to continue as a going concern.
Overview of our audit approach
Key audit matters • Risk of incomplete or inaccurate
revenue recognition, including the
classi cation of special dividends as
revenue or capital items in the
Statement of Comprehensive Income.
• Risk of incorrect valuation or ownership
of the investment portfolio.
Materiality • Overall materiality of £2.36 million
which represents 1% of shareholders’
funds.
Schroder Income Growth Fund plc Annual Report and Financial Statements 2025
58
Section 5: Financial Statements
Independent Auditor’s Report
to the Members of Schroder Income Growth Fund plc

An overview of the scope of our audit
Tailoring the scope
Our assessment of audit risk, our evaluation of materiality and our allocation of performance materiality determine our audit scope for
the company. This enables us to form an opinion on the nancial statements. We take into account size, risk pro le, the organisation of
the company and e ectiveness of controls, the potential impact of climate change and changes in the business environment when
assessing the level of work to be performed. All audit work was performed directly by the audit engagement team.
Climate change
Stakeholders are increasingly interested in how climate change will impact the Company. The Company has determined that the impact
of climate change could a ect the Company’s investments and the overall investment process. This is explained on page 34 in the Risk
report. All of these disclosures form part of the “Other information,” rather than the audited nancial statements. Our procedures on
these unaudited disclosures therefore consisted solely of considering whether they are materially inconsistent with the nancial
statements or our knowledge obtained in the course of the audit or otherwise appear to be materially misstated, in line with our
responsibilities on “Other information”.
In planning and performing our audit we assessed the potential impacts of climate change on the Company’s business and any
consequential material impact on its nancial statements.
Our audit e ort in considering climate change was focused on the adequacy of the Company’s disclosures in the nancial statements
as set out in note 1(a) and conclusion that there was no material impact of climate change on the valuation of investments. We also
challenged the Directors’ considerations of climate change risks in their assessment of viability and associated disclosures.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most signi cance in our audit of the nancial
statements of the current period and include the most signi cant assessed risks of material misstatement (whether or not due to
fraud) that we identi ed. These matters included those which had the greatest e ect on: the overall audit strategy, the allocation of
resources in the audit; and directing the e orts of the engagement team. These matters were addressed in the context of our audit of
the nancial statements as a whole, and in our opinion thereon, and we do not provide a separate opinion on these matters.
Key observations communicated
Risk Our response to the risk to the Audit and Risk Committee
The results of our procedures identi ed
no material misstatements in relation to
the risk of incomplete or inaccurate
revenue recognition, including
classi cation of special dividends as
revenue or capital items in the Statement
of Comprehensive Income.
We performed the following
procedures:
We obtained an understanding of the
Manager’s and Administrator’s processes
and controls surrounding revenue
recognition and classi cation of special
dividends by performing walkthrough
procedures.
For all dividends received and accrued,
we recalculated the dividend income by
multiplying the investment holdings at the
ex-dividend date, traced from the
accounting records, by the dividend per
share, which was agreed to an
independent data vendor. We also agreed
all exchange rates to an external source
where applicable and, for all dividends
received and accrued, we agreed the
amounts to bank statements.
To test completeness of recorded income,
we tested that dividends had been
recorded for each investee company held
during the year with reference to investee
company announcements obtained from
an independent data vendor.
For all accrued dividends, we reviewed the
investee Company announcements to
assess whether the entitlement arose
prior to 31 August 2025.
We performed a review of the income and
acquisition and disposal reports produced
by the Administrator to identify all special
dividends received and accrued. The
Company received two special dividends
in the period, and both amounts were
below our testing threshold.
Incomplete or inaccurate revenue
recognition, including the
classi cation of special dividends as
revenue or capital items in the
Statement of Comprehensive Income
As described in the Audit and Risk
Committee Report (page 45); Accounting
policies (note 1 to the nancial statements
pages 66 and 67).
The total revenue from investments for
the year to 31 August 2025 was
£10.33 million (2024: £9.74 million),
consisting entirely of dividend income
from listed equity investments.
The Company received special dividends
amounting to £0.18 million (2024:
£0.33 million) fully classi ed as revenue
(2024: £0.05 million was classed as
revenue and £0.28 million was classed as
capital).
The investment income receivable by the
Company during the year directly a ects
the Company’s revenue return. There is
a risk of incomplete or inaccurate
recognition of revenue through the failure
to recognise proper income entitlements
or to apply an appropriate accounting
treatment.
In addition, the Directors may be required
to exercise judgment in determining
whether income receivable in the form of
special dividends should be classi ed as
‘revenue’ or ‘capital’ in the Statement of
Comprehensive Income.
Schroder Income Growth Fund plc Annual Report and Financial Statements 2025 59
Section 5: Financial Statements

Key observations communicated
Risk Our response to the risk to the Audit and Risk Committee
There have been no changes to the areas of audit focus raised in the above risk table from the prior year.
Our application of materiality
We apply the concept of materiality in planning and performing the audit, in evaluating the e ect of identi ed misstatements on the
audit and in forming our audit opinion.
Materiality
The magnitude of an omission or misstatement that, individually or in the aggregate, could reasonably be expected to in uence the
economic decisions of the users of the nancial statements. Materiality provides a basis for determining the nature and extent of our audit
procedures.
We determined materiality for the company to be £2.36 million (2024: £2.32 million), which is 1% (2024: 1%) of shareholders’ funds. We
believe that shareholders’ funds provides us with materiality aligned to the key measure of the Company’s performance.
Performance materiality
The application of materiality at the individual account or balance level. It is set at an amount to reduce to an appropriately low level the
probability that the aggregate of uncorrected and undetected misstatements exceeds materiality.
On the basis of our risk assessments, together with our assessment of the company’s overall control environment, our judgement was
that performance materiality was 75% (2024: 75%) of our planning materiality, namely £1.77 million (204: £1.74 million). We have set
performance materiality at this percentage due to our past experience of working with the key service providers which therefore
indicates a lower risk of misstatements, both corrected and uncorrected.
Given the importance of the distinction between revenue and capital for investment trusts, we have also applied a separate testing
threshold for the revenue column of the Statement of Comprehensive Income which is calculated as 5% of net return before tax. We
determined this to be £0.43 million (2024 £0.40 million).
Reporting threshold
An amount below which identi ed misstatements are considered as being clearly trivial.
We agreed with the Audit and Risk Committee that we would report to them all uncorrected audit di erences in excess of £0.12 million
(2024: £0.12 million), which is set at 5% of planning materiality, as well as di erences below that threshold that, in our view, warranted
reporting on qualitative grounds.
We evaluate any uncorrected misstatements against both the quantitative measures of materiality discussed above and in light of other
relevant qualitative considerations in forming our opinion.
Other information
The other information comprises the information included in the annual report, other than the nancial statements and our auditor’s
report thereon. The directors are responsible for the other information contained within the annual report.
The results of our procedures identi ed
no material misstatements in relation to
the risk of incorrect valuation or
ownership of the investment portfolio.
We obtained an understanding of the
Administrator’s processes and controls
surrounding investment valuation and
legal title by performing walkthrough
procedures.
For all listed investments in the portfolio
we compared the market prices and
exchange rates applied to an
independent pricing vendor and
recalculated the investment valuations as
at the year end. We reviewed the prices
for all investments in the portfolio to
identify prices that have not changed
within ve business days from year end to
verify whether the listed price is a valid
fair value. Our testing identi ed no prices
which had not changed, and no stale
prices were identi ed.
We compared the Company’s investment
holdings at 31 August 2025 to
independent con rmations received
directly from the Company’s Custodian
and Depositary.
Risk of incorrect valuation or
ownership of the investment portfolio
As described in the Audit and Risk
Committee’s Report (page 45); Accounting
policies (note 1 to the nancial statements
pages 66 and 67).
The valuation of the investment portfolio
at 31 August 2025 was £259.6 million
(2024: £258.4 million) consisting entirely
of listed equities.
The valuation of investments held in the
investment portfolio is the key driver of
the Company’s net asset value and total
return.
Incorrect investment pricing, or failure to
maintain proper legal title of the
investments held by the Company, could
have a signi cant impact on the portfolio
valuation and the return generated for
shareholders.
The fair value of listed investments is
determined using quoted market bid
prices at close of business on the last
business day of the year.
Schroder Income Growth Fund plc Annual Report and Financial Statements 2025
60
Section 5: Financial Statements

Our opinion on the nancial statements does not cover the other
information and, except to the extent otherwise explicitly stated in
this 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 nancial 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 nancial statements themselves. If, based on the work we
have performed, we conclude that there is a material
misstatement of the other information, we are required to report
that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the
Companies Act 2006
In our opinion the part of the directors’ remuneration report to be
audited has been properly prepared in accordance with the
Companies Act 2006.
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 nancial year for which the nancial statements
are prepared is consistent with the nancial statements; and
• the strategic report and Directors’ reports have been prepared
in accordance with applicable legal requirements.
Matters on which we are required to report by
exception
In the light of the knowledge and understanding of the company
and its environment obtained in the course of the audit, we have
not identi ed material misstatements in the strategic report or
directors’ report.
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 nancial 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 speci ed by law
are not made; or
• we have not received all the information and explanations we
require for our audit.
Corporate Governance Statement
We have reviewed 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 speci ed for
our review by the UK Listing Rules.
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 nancial
statements or our knowledge obtained during the audit:
• Directors’ statement with regards to the appropriateness of
adopting the going concern basis of accounting and any
material uncertainties identi ed set out on page 36;
• 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 36;
• Director’s statement on whether it has a reasonable
expectation that the Company will be able to continue in
operation and meets its liabilities set out on page 36;
• Directors’ statement on fair, balanced and understandable set
out on page 47;
• Board’s con rmation that it has carried out a robust
assessment of the principal and emerging risks set out on
page 32;
• The section of the annual report that describes the review of
e ectiveness of risk management and internal control systems
set out on pages 45 to 47; and;
• The section describing the work of the audit and risk committee
set out on pages 45 to 47.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement
set out on page 55, the directors are responsible for the
preparation of the nancial statements and for being satis ed
that they give a true and fair view, and for such internal control as
the directors determine is necessary to enable the preparation of
nancial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the nancial 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
nancial statements
Our objectives are to obtain reasonable assurance about whether
the nancial 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 in uence
the economic decisions of users taken on the basis of these
nancial statements.
Explanation as to what extent the audit was
considered 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 irregularities, including
fraud. 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 or intentional misrepresentations, or through
collusion. The extent to which our procedures are capable of
detecting irregularities, including fraud is detailed below.
However, the primary responsibility for the prevention and
detection of fraud rests with both those charged with governance
of the company and management.
• We obtained an understanding of the legal and regulatory
frameworks that are applicable to the company and
determined that the most signi cant are United Kingdom
Generally Accepted Accounting Practice, the Companies
Act 2006, the UK Listing Rules, UK Corporate Governance Code,
the Association of Investment Companies’ Code and Statement
Schroder Income Growth Fund plc Annual Report and Financial Statements 2025 61
Section 5: Financial Statements

of Recommended Practice, Section 1158 of the Corporation
Tax Act 2010 and The Companies (Miscellaneous Reporting)
Regulations 2018.
• We understood how the Company is complying with those
frameworks through discussions with the Audit and Risk
Committee and Company Secretary, review of board minutes
and the Company’s documented policies and procedures.
• We assessed the susceptibility of the company’s nancial
statements to material misstatement, including how fraud
might occur by considering the key risks impacting the nancial
statements. We identi ed a fraud risk with respect to
incomplete or inaccurate revenue recognition through
incorrect classi cation of special dividends as revenue or capital
in the Statement of Comprehensive Income. Further discussion
of our approach is set out in the key audit matter above.
• Based on this understanding we designed our audit
procedures to identify non-compliance with such laws and
regulations. Our procedures involved review of the Company
Secretary’s reporting to the directors with respect to the
application of the documented policies and procedures and
review of the nancial statements to ensure compliance with
the reporting requirements of the Company.
A further description of our responsibilities for the audit of the
nancial statements is located on the Financial Reporting
Council’s website at https://www.frc.org.uk/auditorsresponsibilities.
This description forms part of our auditor’s report.
Other matters we are required to address
• Following the recommendation from the audit and risk
committee, we were appointed by the company on 5 July 2019
to audit the nancial statements for the year ending 31 August
2019 and subsequent nancial periods.
The period of total uninterrupted engagement including
previous renewals and reappointments is seven years, covering
the years ending 31 August 2019 to 31 August 2025.
• The audit opinion is consistent with the additional report to the
audit and risk committee.
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.
Jennifer Rogan
(Senior statutory auditor)
for and on behalf of Ernst & Young LLP,
Statutory Auditor Edinburgh
10 November 2025
Schroder Income Growth Fund plc Annual Report and Financial Statements 2025
62
Section 5: Financial Statements

Schroder Income Growth Fund plc Annual Report and Financial Statements 2025 63
Section 5: Financial Statements
Statement of Comprehensive Income
for the year ended 31 August 2025
2025 2024
Revenue Capital Total Revenue Capital Total
Note £’000 £’000 £’000 £’000 £’000 £’000
Gains on investments held at fair value through pro t or loss 2 – 13,373 13,373 – 30,756 30,756
Net foreign currency (losses)/gains – (12) (12) – 23 23
Income from investments 3 10,332 – 10,332 9,742 275 10,017
Other interest receivable and similar income 3 92 – 92 142 – 142
Gross return 10,424 13,361 23,785 9,884 31,054 40,938
Management fee 4 (460) (691) (1,151) (436) (654) (1,090)
Administrative expenses 5 (611) – (611) (585) – (585)
Net return before nance costs and taxation 9,353 12,670 22,023 8,863 30,400 39,263
Finance costs 6 (643) (965) (1,608) (779) (1,168) (1,947)
Net return before taxation 8,710 11,705 20,415 8,084 29,232 37,316
Taxation 7 (45) – (45) – – –
Net return after taxation 8,665 11,705 20,370 8,084 29,232 37,316
Return per share (pence) 9 12.55 16.96 29.51 11.64 42.09 53.73
The “Total” column of this statement is the pro t and loss account of the Company. The “Revenue” and “Capital” columns represent
supplementary information prepared under guidance issued by The Association of Investment Companies. The Company has no other
items of other comprehensive income, and therefore the net return after taxation is also the total comprehensive income for the year.
All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued
in the year.
The notes on pages 66 to 77 form an integral part of these nancial statements.

Called-up Capital Warrant Share
share Share redemption exercise purchase Capital Revenue
capital premium reserve reserve reserves reserves reserve Total
Note £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
At 31 August 2023 6,946 9,449 2,011 1,596 34,936 137,112 11,882 203,932
Repurchase of ordinary shares into
treasury – – – – (102) – – (102)
Net return after taxation – – – – – 29,232 8,084 37,316
Dividends paid in the year 8 – – – – – – (9,585) (9,585)
At 31 August 2024 6,946 9,449 2,011 1,596 34,834 166,344 10,381 231,561
Repurchase of ordinary shares into
treasury – – – – (4,312) – – (4,312)
Net return after taxation – – – – – 11,705 8,665 20,370
Dividends paid in the year 8 – – – – – – (11,373) (11,373)
At 31 August 2025 6,946 9,449 2,011 1,596 30,522 178,049 7,673 236,246
The notes on pages 66 to 77 form an integral part of these nancial statements.
Schroder Income Growth Fund plc Annual Report and Financial Statements 2025
64
Section 5: Financial Statements
Statement of Changes in Equity
for the year ended 31 August 2025

2025 2024
Note £’000 £’000
Fixed assets
Investments held at fair value through pro t or loss 10 259,636 258,409
Current assets
Debtors 11 1,658 1,909
Cash and cash equivalents 12 1,520 1,692
3,178 3,601
Current liabilities
Creditors: amounts falling due within one year 13 (26,568) (30,449)
Net current liabilities (23,390) (26,848)
Total assets less current liabilities 236,246 231,561
Net assets 236,246 231,561
Capital and reserves
Called-up share capital 14 6,946 6,946
Share premium 15 9,449 9,449
Capital redemption reserve 15 2,011 2,011
Warrant exercise reserve
1
15 1,596 1,596
Share purchase reserve 15 30,522 34,834
Capital reserves 15 178,049 166,344
Revenue reserve 15 7,673 10,381
Total equity shareholders’ funds 236,246 231,561
Net asset value per share (pence) 16 347.32 333.54
1
A non distributable equity reserve which was created prior to 31 December 2003 when the Company issued shares with warrants attached.
These nancial statements were approved and authorised for issue by the Board of Directors on 10 November 2025 and signed on its
behalf by:
Ewen Cameron Watt
Chairman
The notes on pages 66 to 77 form an integral part of these nancial statements.
Registered in England and Wales as a public company limited by shares Company registration number: 03008494
Schroder Income Growth Fund plc Annual Report and Financial Statements 2025 65
Section 5: Financial Statements
Statement of Financial Position
at 31 August 2025

1. Accounting policies
(a) Basis of accounting
Schroder Income Growth Fund plc (“the Company”) is registered in England and Wales as a public company limited by shares. The
Company’s registered o ce is 1 London Wall Place, London EC2Y 5AU.
The nancial statements are prepared in accordance with the Companies Act 2006, United Kingdom Generally Accepted Accounting
Practice (“UK GAAP”), in particular in accordance with Financial Reporting Standard (FRS) 102 “The Financial Reporting Standard
applicable in the UK and Republic of Ireland”, and with the Statement of Recommended Practice “Financial Statements of Investment
Trust Companies and Venture Capital Trusts” (the “SORP”) issued by the Association of Investment Companies in July 2022. All of the
Company’s operations are of a continuing nature.
The nancial statements have been prepared on a going concern basis under the historical cost convention, with the exception of
investments which are measured at fair value through pro t or loss. The Directors believe that the Company has adequate resources to
continue operating until 30 November 2026, which is at least 12 months from the date of approval of these nancial statements. In
forming this opinion, the Directors have taken into consideration: the controls and monitoring processes in place; the Company’s low
level of debt and other payables; the low level of operating expenses, comprising largely variable costs which would reduce pro rata in
the event of a market downturn; and that the Company’s assets comprise cash and readily realisable securities quoted in active
markets. The Directors have also considered the continuation vote scheduled at the forthcoming Annual General Meeting and have no
present reason to believe such a resolution will not be passed by shareholders. The Directors have considered the impact of ESG and
climate change as a principal risk and have concluded that there was no further impact of climate change to be taken into account as
the investments are valued based on market pricing. Further details of Directors' considerations regarding this are given in the
Chairman’s Statement, Investment Manager’s Review, Going Concern Statement, Viability Statement and under the Principal and
Emerging Risks and Uncertainties in the Strategic Report.
The Company has not presented a statement of cash ows, as it is not required for an investment trust which meets certain conditions;
in particular that substantially all of the Company’s investments are highly liquid and carried at fair value.
The nancial statements are presented in sterling and amounts have been rounded to the nearest thousand.
The accounting policies applied to these nancial statements are consistent with those applied in the nancial statements for the year
ended 31 August 2024.
Other than the Directors’ assessment of going concern, no signi cant judgements, estimates or assumptions have been required in the
preparation of the nancial statements for the current or preceding nancial year.
(b) Valuation of investments
The Company’s investments are classi ed as fair value through pro t and loss in accordance with FRS 102. Upon initial recognition the
investments are measured at the transaction price, excluding expenses incidental to purchase which are written o to capital at the
time of acquisition. Subsequently the investments are valued at fair value, which are quoted bid prices for investments traded in active
markets. Fair value gains or losses are recognised in the capital column of the statement of comprehensive income.
All purchases and sales are accounted for on a trade date basis.
(c) Accounting for reserves
Gains and losses on sales of investments, and the management fee or nance costs allocated to capital, are included in the statement
of comprehensive income and dealt with in capital reserves within “Gains and losses on sales of investments”. Increases and decreases
in the valuation of investments held at the year end are included in the statement of comprehensive income and dealt with in capital
reserves within “Investment holding gains and losses”.
Foreign exchange gains and losses on cash and deposit balances are included in the statement of comprehensive income and in
capital reserves.
(d) Income
Dividends receivable from equity shares are included in revenue on an ex-dividend basis except where, in the opinion of the Board, the
dividend is capital in nature, in which case it is included in capital.
Dividends from overseas companies are included gross of any withholding tax.
Where the Company has elected to receive scrip dividends in the form of additional shares rather than in cash, the amount of the cash
dividend foregone is recognised in revenue. Any excess in the value of the shares received over the amount of the cash dividend is
recognised in capital.
Deposit interest outstanding at the year end is calculated and accrued on a time apportionment basis using market rates of interest.
(e) Expenses
All expenses are accounted for on an accruals basis. Expenses are allocated wholly to revenue with the following exceptions:
• The management fee is allocated 40% to revenue and 60% to capital in line with the Board’s expected long-term split of revenue and
capital return from the Company's investment portfolio. The Board reviews this allocation on an annual basis.
Schroder Income Growth Fund plc Annual Report and Financial Statements 2025
66
Section 5: Financial Statements
Notes to the Financial Statements

• Expenses incidental to the purchase and sale of an investment are written o to capital at the time of acquisition or disposal. These
expenses are commonly referred to as transaction costs and comprise brokerage commission and stamp duty. Details of transaction
costs are given in note 10 on page 70.
(f) Finance costs
Finance costs, including any premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals
basis using the e ective interest method in accordance with FRS 102.
Finance costs are allocated 40% to revenue and 60% to capital in line with the Board’s expected long-term split of revenue and capital
return from the Company’s investment portfolio. The Board reviews this allocation on an annual basis.
(g) Financial instruments
Cash at bank and in hand may comprise cash, demand deposits and cash equivalents. Cash equivalents are highly liquid investments
with a short-term maturity of three months or less, that are readily convertible to a known amount of cash and subject to insigni cant
risk of changes in value.
Cash equivalents comprise the Company’s investment in HSBC’s Sterling Liquidity Fund of £202,000 (2024: £944,000) which is managed
as part of the Company’s cash and cash equivalents as de ned under FRS 102: 7.2.
Other debtors and creditors do not carry any interest, are short-term in nature and are accordingly stated at nominal value, with
debtors reduced by appropriate allowances for estimated irrecoverable amounts.
Bank loans are classi ed as nancial liabilities at amortised cost. They are initially measured at the proceeds received, net of direct issue
costs, and subsequently measured at amortised cost using the e ective interest method.
(h) Taxation
The tax charge for the year is based on amounts expected to be received or paid.
Deferred tax is accounted for in accordance with FRS 102.
Deferred tax is provided on all timing di erences that have originated but not reversed by the accounting date.
Deferred tax liabilities are recognised for all taxable timing di erences but deferred tax assets are only recognised to the extent that it
is probable that taxable pro ts will be available against which those timing di erences can be utilised.
Deferred tax is measured at the tax rate which is expected to apply in the periods in which the timing di erences are expected to
reverse, based on tax rates that have been enacted or substantively enacted at the accounting date and is measured on an
undiscounted basis.
(i) Value added tax (“VAT”)
Expenses are disclosed inclusive of the related irrecoverable VAT.
(j) Foreign currency
In accordance with FRS 102, the Company is required to determine a functional currency in which the Company predominantly
operates. The Board has determined that sterling is the Company’s functional currency and the presentational currency of the nancial
statements. The functional currency is the currency of the primary economic environment in which the company operates.
Transactions denominated in foreign currencies are converted at actual exchange rates as at the date of the transaction. Monetary
assets, liabilities and investments held at fair value, denominated in foreign currencies at the year end are translated at the rates of
exchange prevailing at the year end.
(k) Dividends payable
Dividends on equity shares are recognised as a deduction of equity when the liability to pay the dividends arises. Consequently, interim
dividends are recognised when paid and nal dividends when approved in the general meeting.
2. Gains on investments held at fair value through profit or loss 2025 2024
£’000 £’000
Gains on sales of investments based on historic cost 3,444 3,099
Losses/(gains) recognised in investment holdings in the previous year in respect of investments sold in the year (7,344) (3,014)
(Losses)/gains on sales of investments based on the carrying value at the previous statement of nancial
position date (3,900) 85
Unrealised gains recognised in respect of investments continuing to be held 17,273 30,671
Gains on investments held at fair value through pro t or loss 13,373 30,756
Schroder Income Growth Fund plc Annual Report and Financial Statements 2025 67
Section 5: Financial Statements

3. Income 2025 2024
£’000 £’000
Income from investments:
UK dividends 10,013 8,736
UK special dividends 181 51
Overseas dividends 138 839
Scrip dividends – 116
10,332 9,742
Other interest receivable and similar income:
Deposit interest 87 107
Other income 5 35
92 142
Capital:
Special dividends allocated to capital – 275
Total income 10,424 10,159
4. Management fee 2025 2024
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Management fee 460 691 1,151 436 654 1,090
The basis for calculating the management fee is set out in the Directors’ Report on page 43. Under the terms of the AIFM Agreement,
a management fee is payable at a rate of 0.45% per annum of chargeable assets. As disclosed in note 22, e ective 1 September 2025,
the management fee was reduced from 0.45% to 0.40% and fees will be charged on the lesser of market capitalisation or cum NAV of
the Company.
5. Administrative expenses 2025 2024
£’000 £’000
Administration expenses 418 399
Directors’ fees 132 127
Auditor’s remuneration for the audit of the Company’s nancial statements
1
61 59
611 585
1
Includes £10,000 (2024: £10,000) irrecoverable VAT.
6. Finance costs 2025 2024
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Interest on bank loans 643 965 1,608 779 1,168 1,947
Schroder Income Growth Fund plc Annual Report and Financial Statements 2025
68
Section 5: Financial Statements

7. Taxation
(a) Analysis of charge for the year 2025 2024
£’000 £’000
Irrecoverable overseas tax 45 –
Tax charge for the year 45 –
(b) Factors affecting tax charge for the year
The tax assessed for the year is lower (2024: lower) than the Company’s applicable rate of corporation tax for the year of 25%
(2024: 25%).
The factors a ecting the current tax charge for the year are as follows:
2025 2024
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Net gain/return on ordinary activities before taxation 8,710 11,705 20,415 8,084 29,232 37,316
Net gain/return on ordinary activities before taxation multiplied by
the Company’s applicable rate of corporation tax for the year
of 25% (2024: 25%) 2,178 2,926 5,104 2,021 7,308 9,329
E ects of:
Capital losses on investments – (3,340) (3,340) – (7,695) (7,695)
Income not chargeable to corporation tax (2,504) – (2,504) (2,339) (69) (2,408)
Unrelieved expenses 326 414 740 318 456 774
Irrecoverable overseas tax 45 – 45 – – –
Tax charge for the year 45 – 45 – – –
(c) Deferred tax
The Company has an unrecognised deferred tax asset of £10,719,000 (2024: £9,979,000) based on a main rate of corporation tax of
25% (2024: 25%).
The unrecognised deferred tax asset has arisen due to the cumulative excess of deductible expenses over taxable income. Given the
composition of the Company’s portfolio, it is not likely that this asset will be utilised in the foreseeable future and therefore no asset has
been recognised in the nancial statements.
Given the Company’s status as an investment trust, no provision has been made for deferred tax on any capital gains or losses arising
on the revaluation or disposal of investments.
8. Dividends
(a) Dividends paid and declared 2025 2024
£’000 £’000
2024 fourth interim dividend of 6.7p (2023: 6.3p) 4,651 4,376
First interim dividend of 3.25p (2024: 2.5p) 2,256 1,737
Second interim dividend of 3.25p (2024: 2.5p) 2,238 1,737
Third interim dividend of 3.25p (2024: 2.5p) 2,228 1,737
Total dividends paid in the year 11,373 9,585
2025 2024
£’000 £’000
Fourth interim dividend declared of 4.95p (2024: 6.7p) 3,367 4,651
All dividends paid and declared to date have been paid, or will be paid, out of revenue pro ts.
Schroder Income Growth Fund plc Annual Report and Financial Statements 2025 69
Section 5: Financial Statements

8. Dividends (continued)
(b) Dividends for the purposes of Section 1158 of the Corporation Tax Act 2010 (“Section 1158”)
The requirements of Section 1158 are considered on the basis of dividends declared in respect of the nancial year as shown below.
The revenue available for distribution by way of dividend for the year is £8,665,000 (2024: £8,804,000).
2025 2024
£’000 £’000
First interim dividend of 3.25p (2024: 2.5p) 2,256 1,737
Second interim dividend of 3.25p (2024: 2.5p) 2,238 1,737
Third interim dividend of 3.25p (2024: 2.5p) 2,228 1,735
Fourth interim dividend of 4.95p (2024: 6.7p) 3,367 4,651
Total dividends of 14.7p (2024: 14.2p) per share 10,089 9,860
9. Return per share 2025 2024
£’000 £’000
Revenue return 8,665 8,084
Capital return 11,705 29,232
Total return 20,370 37,316
Weighted average number of ordinary shares in issue during the year 69,031,408 69,449,119
Revenue return per share (pence) 12.55 11.64
Capital return per share (pence) 16.96 42.09
Total return/gain per share (pence) 29.51 53.73
10. Investments held at fair value through profit or loss 2025 2024
£’000 £’000
Opening book cost 208,306 207,268
Opening investment holding gains 50,103 22,446
Opening fair value 258,409 229,714
Analysis of transactions made during the year
Purchases at cost 84,955 25,189
Sales proceeds (97,101) (27,250)
Gains on investments held at fair value 13,373 30,756
Closing fair value 259,636 258,409
Closing book cost 199,604 208,306
Closing investment holding gains 60,032 50,103
Closing fair value 259,636 258,409
All investments are listed on a recognised stock exchange.
Sales proceeds amounting to £97,101,000 (2024: £27,250,000) were receivable from disposals of investments in the year. The book cost
of these investments when they were purchased was £93,657,000 (2024: £24.151,000). These investments have been revalued over
time and until they were sold any unrealised gains/losses were included in the fair value of the investments.
Schroder Income Growth Fund plc Annual Report and Financial Statements 2025
70
Section 5: Financial Statements

The following transaction costs, comprising stamp duty and brokerage commission were incurred during the year:
2025 2024
£’000 £’000
On acquisitions 381 130
On disposals 39 13
420 143
11. Debtors 2025 2024
£’000 £’000
Dividends and interest receivable 1,639 1,901
Other debtors 19 8
1,658 1,909
The Directors consider that the carrying amount of debtors approximates to their fair value.
12. Cash and cash equivalents 2025 2024
£’000 £’000
Cash at bank 1,318 748
Money market fund 202 944
1,520 1,692
As at 31 August 2025, the Company held shares in the HSBC Sterling Liquidity fund with a market value of £202,000 (31 August 2024:
£944,000), which is managed as part of the Company’s cash and cash equivalents as de ned under FRS 102:7.2.
13. Creditors: amounts falling due within one year 2025 2024
£’000 £’000
Bank loan 26,000 30,000
Repurchases of the Company’s own shares awaiting settlement 104 –
Other creditors and accruals 464 449
26,568 30,449
The bank loan comprises £26.0 million drawn down on the Company’s secured revolving credit facility with The Bank of Nova Scotia,
London Branch.
Prior to the start of the new loan agreement with The Bank of Nova Scotia, London Branch, e ective 20 September 2024, and
maturity date 19 September 2025, the Company had an unsecured revolving credit facility with SMBC Bank International plc (2024:
£30.0 million).
The new facility is secured and is subject to covenants and restrictions which are customary to a facility of this nature. Further details of
this facility are given in note 20(a)(i) on page 74.
The Directors consider that the carrying amount of creditors falling due within one year approximates to their fair value.
Schroder Income Growth Fund plc Annual Report and Financial Statements 2025 71
Section 5: Financial Statements

14. Called-up share capital 2025 2024
£’000 £’000
Ordinary shares allotted, called up and fully paid:
Ordinary shares of 10p each
Opening balance of 69,425,343 (2024: 69,463,343) shares 6,946 6,946
Repurchase of 1,406,191 (2024: 38,000) shares held in treasury (141) (4)
Subtotal of 68,019,152 (2024: 69,425,343) shares 6,805 6,942
1,444,191 (2024: 38,000) shares held in treasury 141 4
Total of 69,463,343 (2024: 69,463,343) shares 6,946 6,946
15. Reserves Capital reserves
Gains and Investment
Capital Warrant Share losses on holding
Share redemption exercise purchase sales of gains and Revenue
premium
1
reserve
1
reserve
1
reserve
2
investments
2
losses
3
reserve
4
Year ended 31 August 2025 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Opening balance 9,449 2,011 1,596 34,834 116,241 50,103 10,381
Losses on sales of investments based on the carrying value
at the previous statement of nancial position date – – – – (3,900) – –
Net movement in investment holding gains and losses – – – – – 17,273 –
Transfer on disposal of investments – – – – 7,344 (7,344) –
Realised exchange losses on currency balances – – – – (12) – –
Management fee and nance costs allocated to capital – – – – (1,656) – –
Share repurchases into treasury – – – (4,312) – – –
Dividends paid – – – – – – (11,373)
Retained revenue for the year – – – – – – 8,665
Closing balance 9,449 2,011 1,596 30,522 118,017 60,032 7,673
The Company’s Articles of Association permit dividend distributions out of realised capital pro ts.
1
These reserves are not distributable.
2
These are realised (distributable) capital reserves which may be used to repurchase the Company’s own shares or distributed as dividends.
3
This reserve comprises holding gains on liquid investments (which may be deemed to be realised) and other amounts which are unrealised. The reserve is
predominantly distributable.
4
The revenue reserve may be distributed as dividends or used to repurchase the Company’s own shares.
Schroder Income Growth Fund plc Annual Report and Financial Statements 2025
72
Section 5: Financial Statements

Capital reserves
Gains and Investment
Capital Warrant Share losses on holding
Share redemption exercise purchase sales of gains and Revenue
premium
1
reserve
1
reserve
1
reserve
2
investments
2
losses
3
reserve
4
Year ended 31 August 2024 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Opening balance 9,449 2,011 1,596 34,936 114,666 22,446 11,882
Gains on sales of investments based on the carrying
value at the previous statement of nancial position date – – – – 85 – –
Net movement in investment holding gains and losses – – – – – 30,671 –
Transfer on disposal of investments – – – – 3,014 (3,014) –
Realised exchange gains on currency balances – – – – 23 – –
Management fee and nance costs allocated to capital – – – – (1,822) – –
Share repurchase into treasury – – – (102) – – –
Special dividends allocated to capital – – – – 275 – –
Dividends paid – – – – – – (9,585)
Retained revenue for the year – – – – – – 8,084
Closing balance 9,449 2,011 1,596 34,834 116,241 50,103 10,381
The Company’s Articles of Association permit dividend distributions out of realised capital pro ts.
1
These reserves are not distributable.
2
These are realised (distributable) capital reserves which may be used to repurchase the Company’s own shares or distributed as dividends.
3
This reserve comprises holding gains on liquid investments (which may be deemed to be realised) and other amounts which are unrealised. The reserve is
predominantly distributable.
4
The revenue reserve may be distributed as dividends or used to repurchase the Company’s own shares.
16. Net asset value per share 2025 2024
£’000 £’000
Net assets attributable to shareholders (£’000) 236,246 231,561
Shares in issue at the year end 68,019,152 69,425,343
Net asset value per share (pence) 347.32 333.54
17. Transactions with the Manager
Under the terms of the AlFM Agreement, the Manager is entitled to receive a management fee. Details of the basis of the calculation
are given in the Directors’ Report on page 43. Any investments in funds managed or advised by the Manager or any of its associated
companies are excluded from the assets used for the purpose of the calculation and therefore incur no fee. As at year end, the
Company did not have any investments in funds managed or advised by the Manager or any of its associated companies (2024: nil).
The management fee payable in respect of the year ended 31 August 2025 amounted to £1,151,000 (2024: £1,090,000) of which
£294,000 (2024: £291,000) was outstanding at the year end.
The Manager is entitled to receive a further fee to cover administration and company secretarial costs. Refer to note 22 for details of
a change to this fee.
The secretarial fee payable for the year amounted to £142,000 (2024: £180,000) of which £38,000 (2024: £45,000) was outstanding at
the year end.
No Director of the Company served as a director of any member of the Schroder Group at any time during the year.
18. Related party transactions
Details of the remuneration payable to Directors are given in the Directors’ Remuneration Report on pages 52 to 54 and details of
Directors’ shareholdings are given in the Directors’ Remuneration Report on page 54. Details of transactions with the Manager are
given in note 17 above. There have been no other transactions with related parties during the year (2024: nil).
Schroder Income Growth Fund plc Annual Report and Financial Statements 2025 73
Section 5: Financial Statements

19. Disclosures regarding financial instruments measured at fair value
The Company’s nancial instruments within the scope of FRS 102 that are held at fair value comprise its investment portfolio.
FRS 102 requires nancial instruments to be categorised into a hierarchy consisting of the three levels below.
Level 1 - valued using unadjusted quoted prices in active markets for identical assets.
Level 2 - valued using observable inputs other than quoted prices included within Level 1.
Level 3 - valued using inputs that are unobservable.
Details of the valuation techniques used by the Company are given in note 1(b).
At 31 August 2025, all investments in the Company’s portfolio are categorised as Level 1 (2024: same).
20. Financial instruments’ exposure to risk and risk management policies
The Company’s objectives are set out on the inside front cover of this report. In pursuing these objectives, the Company is exposed to
a variety of nancial risks that could result in a reduction in the Company’s net assets or a reduction in the pro ts available for dividends.
These nancial risks include market risk (comprising interest rate risk and other price risk), liquidity risk and credit risk. The Directors’
policy for managing these risks is set out below. The Board coordinates the Company’s risk management policy. The Company has no
signi cant direct exposure to foreign exchange risk on monetary items. The objectives, policies and processes for managing the risks
and the methods used to measure the risks that are set out below, have not changed from those applying in the comparative year.
The Company’s classes of nancial instruments may comprise the following:
• investments in equity shares which are held in accordance with the Company’s investment objectives;
• short-term debtors, creditors and cash arising directly from its operations; and
• loans drawn on a facility, the purpose of which are to assist with nancing the Company’s operations.
(a) Market risk
The fair value or future cash ows of a nancial instrument held by the Company may uctuate because of changes in market prices.
This market risk comprises two elements: interest rate risk and other price risk. Information to enable an evaluation of the nature and
extent of these two elements of market risk is given in parts (i) and (ii) of this note, together with sensitivity analysis where appropriate.
The Board reviews and agrees policies for managing these risks and these policies have remained unchanged from those applying in
the comparative year. The Manager assesses the exposure to market risk when making each investment decision and monitors the
overall level of market risk on the whole of the investment portfolio on an ongoing basis.
(i) Interest rate risk
Interest rate movements may a ect the level of income receivable on cash deposits and the interest payable on variable rate
borrowings when interest rates are re-set.
Management of interest rate risk
Liquidity and borrowings are managed with the aim of increasing returns to shareholders. The board’s policy is to permit gearing up to
25% where gearing is de ned as borrowings used for investment purposes, less cash, expressed as a percentage of net assets. Any
amount drawn on the facility would normally be for a one month period, at the end of which the drawdown may be rolled over, adjusted
or repaid, and the interest rate is re-set. These amounts have been included in the analysis below, although the exposure to interest
rate changes is not signi cant as any drawings can be repaid at the end of the one month period under the terms of this exible
arrangement.
Interest rate exposure
The exposure of nancial assets and nancial liabilities to oating interest rates, giving cash ow interest rate risk when rates are re-set,
is shown below:
2025 2024
Exposure to oating interest rates: £’000 £’000
Cash and cash equivalents 1,520 1,692
Creditors falling due within one year: bank loan (26,000) (30,000)
Total exposure (24,480) (28,308)
Cash balances earn interest at a oating rate based on the Sterling Overnight Index Average (2024: Sterling Overnight Index Average).
The Company agreed to a new £30.0 million secured revolving credit facility with The Bank of Nova Scotia, London Branch, e ective
20 September 2024. Interest payable is calculated at the aggregate of the compounded daily Risk Free Rate (“RFR”), plus a margin.
Amounts are normally drawn down on the facility for a one month period, at the end of which it may be rolled over or adjusted. At
31 August 2025, the Company had drawn down £26.0 million (2024: £30.0 million), for a one month period at an interest rate of 5.03%
(2024: 6.28%) per annum.
Schroder Income Growth Fund plc Annual Report and Financial Statements 2025
74
Section 5: Financial Statements

The above year end amounts are not representative of the exposure to interest rates during the current or comparative year as the
level of cash balances and drawings on the facility have uctuated. The maximum and minimum exposure during the year was as
follows:
2025 2024
£’000 £’000
Minimum debit interest rate exposure during the year – net debt (24,387) (24,828)
Maximum debit interest rate exposure during the year – net debt (29,295) (29,635)
Interest rate sensitivity
The following table illustrates the sensitivity of the return after taxation for the year and net assets to a 1.0% (2024: 1.0%) increase or
decrease in interest rates in regards to the Company’s monetary nancial assets and nancial liabilities. This level of change is
considered to be a reasonable illustration based on observation of current market conditions. The sensitivity analysis is based on the
Company’s monetary nancial instruments held at the statement of nancial position date which are exposed to interest rate
movements, with all other variables held constant.
2025 2024
1.0% 1.0% 1.0% 1.0%
increase decrease increase decrease
in rate in rate in rate in rate
Statement of comprehensive income – return after taxation £’000 £’000 £’000 £’000
Revenue return (89) 89 (103) 103
Capital return (156) 156 (180) 180
Total return after taxation (245) 245 (283) 283
Net assets (245) 245 (283) 283
Due to UK interest rates declining by 1.0% over the course of the year, the interest rate sensitivity has been kept at 1.0%.
In the opinion of the Directors, this sensitivity analysis may not be representative of the Company’s future exposure to interest rate
changes as the level of cash balances and drawings on the facility will uctuate.
(ii) Other price risk
Market price risk includes changes in market prices, other than those arising from interest rate risk, which may a ect the value of
investments.
Management of market price risk
The Board meets on at least four occasions each year to consider the asset allocation of the portfolio and the risk associated with
particular industry sectors. The investment management team has responsibility for monitoring the portfolio, which is selected in
accordance with the Company’s investment objective and seeks to ensure that individual stocks meet an acceptable risk/reward pro le.
Market price risk exposure
The Company’s total exposure to changes in market prices at 31 August comprised the following:
2025 2024
£’000 £’000
Investments held at fair value through pro t or loss 259,636 258,409
The above data is broadly representative of the exposure to market price risk during the year.
Concentration of exposure to market price risk
An analysis of the Company’s investments is given on pages 20 and 21. The portfolio principally comprises securities of companies
listed on the London Stock Exchange and accordingly there is a concentration of exposure to economic conditions in the UK. However
it should be noted that many of these companies conduct much of their business overseas. Furthermore, up to 20% of the portfolio
may be listed on overseas stock exchanges.
Market price risk sensitivity
The following table illustrates the sensitivity of the return after taxation for the year and net assets to an increase or decrease of 20%
(2024: 20%) in the fair values of the Company’s investments. This level of change is considered to be a reasonable illustration based on
observation of current market conditions. The sensitivity analysis is based on the Company’s exposure through equity investments and
includes the impact on the management fee but assumes that all other variables are held constant.
2025 2024
20% 20% 20% 20%
increase decrease increase decrease
in fair in fair in fair in fair
value value value value
Statement of comprehensive income – return after taxation £’000 £’000 £’000 £’000
Revenue return (93) 93 (93) 93
Capital return 51,787 (51,787) 51,542 (51,542)
Total return after taxation and net assets 51,694 (51,694) 51,449 (51,449)
Change in net asset value 21.9% (21.9%) 22.2% (22.2%)
Schroder Income Growth Fund plc Annual Report and Financial Statements 2025 75
Section 5: Financial Statements

20. Financial instruments’ exposure to risk and risk management policies (continued)
(b) Liquidity risk
This is the risk that the Company will encounter di culty in meeting its obligations associated with nancial liabilities that are settled by
delivering cash or another nancial asset.
Management of liquidity risk
Liquidity risk is not signi cant as the Company’s assets comprise mainly readily realisable securities, which can be sold to meet funding
requirements if necessary. The facility is also available to provide liquidity at short notice. The Board’s policy is for the Company to
remain fully invested in normal market conditions. The facility may be used to manage working capital requirements and to gear the
Company as appropriate.
Liquidity risk exposure
Contractual maturities of undiscounted nancial liabilities, based on the earliest date on which payment can be required are as follows:
2025 2024
Three Three
months months
or less or less
Creditors: amounts falling due within one year £’000 £’000
Other creditors and accruals 558 444
Bank loan – including interest 26,109 30,157
26,667 30,601
(c) Credit risk
Credit risk is the risk that the failure of the counterparty to a transaction to discharge its obligations under that transaction could result
in loss to the Company.
Management of credit risk
This risk is not signi cant and is managed as follows:
Portfolio dealing
The Company invests in markets that operate a “Delivery Versus Payment” settlement process which mitigates the risk of losing the
principal of a trade during settlement. The Manager continuously monitors dealing activity to ensure best execution, which involves
measuring various indicators including the quality of trade settlement and incidence of failed trades. Counterparties must be
pre-approved by the Manager’s credit committee.
Exposure to the custodian
The custodian of the Company’s assets is HSBC Bank plc which has long-term Credit Ratings of AA- with Fitch and A3 with Moody’s.
Refer to note 22 for details of a change to the custodian. The Company’s investments are held in accounts which are segregated from
the custodian’s own trading assets. If the custodian were to become insolvent, the Company’s right of ownership of its investments is
clear and they are therefore protected. However the Company’s cash balances are all deposited with the custodian as banker and held
on the custodian’s balance sheet. Accordingly, in accordance with usual banking practice, the Company will rank as a general creditor to
the custodian in respect of cash balances.
Credit risk exposure
The following amounts shown in the statement of nancial position, represent the maximum exposure to credit risk at the current and
comparative year end.
2025 2024
Statement Statement
of nancial Maximum of nancial Maximum
position exposure position exposure
£’000 £’000 £’000 £’000
Current assets
Debtors – dividends and interest receivable and other debtors 1,658 1,658 1,909 1,909
Cash and cash equivalents 1,520 1,520 1,692 1,692
3,178 3,178 3,601 3,601
No debtors are past their due date and none have been written down or deemed to be impaired.
(d) Fair values of nancial assets and nancial liabilities
All nancial assets and liabilities are either carried at fair value or the amount in the statement of nancial position is a reasonable
approximation of fair value.
Schroder Income Growth Fund plc Annual Report and Financial Statements 2025
76
Section 5: Financial Statements

21. Capital management policies and procedures
The Company’s objectives, policies and processes for managing capital are unchanged from the preceding year.
The Company’s debt and capital structure comprises the following:
2025 2024
£’000 £’000
Debt
Bank loan 26,000 30,000
Equity
Called-up share capital 6,946 6,946
Reserves 229,300 224,615
236,246 231,561
Total debt and equity 262,246 261,561
The Company’s capital management objectives are to ensure that it will continue as a going concern and to maximise the return to its
equity shareholders through an appropriate level of gearing.
The Board’s policy is to permit gearing up to 25% where gearing is de ned as borrowings used for investment purposes, less cash,
expressed as a percentage of net assets.
2025 2024
£’000 £’000
Borrowings used for investment purposes, less cash 24,480 28,308
Net assets 236,246 231,561
Gearing 10.4% 12.2%
The Board, with the assistance of the Manager, monitors and reviews the broad structure of the Company’s capital on an ongoing basis.
This review includes:
• the planned level of gearing, which takes into account the Manager’s views on the market;
• the need to buy back the Company’s own shares for cancellation or to hold in treasury, which takes into account the share price
discount;
• the opportunities for issues of new shares; and
• the amount of dividend to be paid, in excess of that which is required to be distributed.
22. Events after the accounting date that have not been reflected in the financial statements
E ective 1 September 2025, the management fee was reduced from 0.45% to 0.40%. Such fees will be charged on the lesser of market
capitalisation or cum NAV of the Company.
In addition, e ective the same date, the separate fee for secretarial and administration services was eliminated.
The depositary, administration and custody services of the Company transitioned from HSBC Bank plc to J.P. Morgan Europe Limited
and JPMorgan Chase Bank, N.A., London Branch e ective 5 September 2025.
There have been no other events since the statement of nancial position date which either require changes to be made to the gures
included in the nancial statements or to be disclosed by way of note.
Schroder Income Growth Fund plc Annual Report and Financial Statements 2025 77
Section 5: Financial Statements

Schroder Income Growth Fund plc Annual Report and Financial Statements 2025
78
Section 6: Other Information (Unaudited)

Schroder Income Growth Fund plc Annual Report and Financial Statements 2025 79
Section 6: Other Information (Unaudited)
Annual General Meeting – Recommendations 80
Notice of Annual General Meeting 81
Explanatory Notes to the Notice of Meeting 82
De nitions of Terms and Alternative Performance Measures 84
Information about the Company 86
Risk Disclosures 88
Section 6: Other Information (Unaudited)

Schroder Income Growth Fund plc Annual Report and Financial Statements 2025
80
Section 6: Other Information (Unaudited)
Annual General Meeting – Recommendations
The AGM of the Company will be held on Thursday, 11 December
2025 at 12:30 p.m. The formal Notice of Meeting is set out on
pages 81 to 83.
The following information is important and requires your
immediate attention. If you are in any doubt about the action you
should take, you should consult an independent nancial adviser,
authorised under the Financial Services and Markets Act!2000.
If!you have sold or transferred all of your ordinary shares in the
Company, please forward this document with its accompanying
form of proxy at once to the purchaser or transferee, or to the
stockbroker, bank or other agent through whom the sale or
transfer was e ected, for onward transmission to the purchaser
or transferee.
Ordinary business
Resolutions 1 to 12 are all ordinary resolutions
Resolutions 1 to 12 are ordinary resolutions. Resolution 2
concerns the Remuneration Report, on pages 52 to 54.
Resolutions 3 to 6 invite shareholders to re-elect each of the
Directors for another year. The re-elections have been
recommended by the Nomination Committee on pages 49 and 50
(their biographies are set out on pages 40 and 41). Resolutions 7
and 8 concern the re-appointment and remuneration of the
Company’s Auditor, discussed in the Audit and Risk Committee
Report on pages 45 to 47. Resolution!9 relates to an advisory vote
in respect of the Company’s dividend policy.
Special business
Resolution 10: Continuation (ordinary resolution)
In accordance with the Company’s Articles of Association, the
Directors are required to put forward a proposal for the
continuation of the Company to shareholders at ve yearly
intervals. The Board considers that the long-term investment
objectives of the Company remain appropriate and that the
current Manager has delivered superior returns over the last
ve!years and remains well placed to continue to do so over the
long-term. An ordinary resolution has therefore been proposed at
the AGM to agree that the Company should continue as an
investment trust for a further ve year period.
Resolution 11: Increase in the Directors’ aggregate
annual remuneration cap (ordinary resolution)
The Board are proposing an increase to the Directors’ aggregate
annual remuneration cap from £150,000 to £200,000 per annum.
The Board believes it is prudent to maintain remuneration at
market levels to support exible succession planning and the
recruitment of new Directors. This approach allows for modest fee
increases in the future and accommodates higher aggregate fees
in years when new appointments are made.
Resolution 12: Directors’ authority to allot shares
(ordinary resolution) and Resolution 13: power to
disapply pre-emption rights (special resolution)
The Directors are seeking authority to allot a limited number of
unissued ordinary shares for cash without rst o ering them to
existing shareholders in accordance with statutory pre-emption
procedures.
Appropriate resolutions will be proposed at the forthcoming AGM
and are set out in full in the Notice of AGM. An ordinary resolution
will be proposed to authorise the Directors to allot shares up to
a!maximum aggregate nominal amount of £678,806.62 (being
10% of the issued share capital, excluding shares held in treasury,
as at the date of the Notice of the AGM). A special resolution will
also be proposed to give the Directors authority to allot securities
for cash on a non pre-emptive basis up to a maximum aggregate
nominal amount of £678,806.62 (being 10% of the Company’s
issued share capital, excluding shares held in treasury, as at the
date of the Notice of the AGM).
The Directors do not intend to allot shares pursuant to these
authorities other than to take advantage of opportunities in the
market as they arise and only if they believe it to be advantageous
to the Company’s existing shareholders to do so. Shares issued
under this authority will only be issued at a premium to the NAV
(cum income) per share after taking into account the costs of
issue, and will not result in any dilution of NAV per share.
If approved, both of these authorities will expire at the conclusion
of the AGM in 2026 unless renewed, varied or revoked earlier.
Resolution 14: authority to make market purchases
of the Company’s own shares (special resolution)
At the AGM held on 11 December 2024, the Company was
granted authority to make market purchases of up to 10,405,660
ordinary shares of 10p each for cancellation. 1,536,681 shares
have been brought back under this authority and the Company
therefore has remaining authority to purchase up to 8,868,979
ordinary shares. This authority will expire at the forthcoming AGM.
The Directors believe it is in the best interests of the Company
and its shareholders to have a general authority for the Company
to buy back its ordinary shares in the market as they keep under
review the share price discount to NAV and the purchase of
ordinary shares. A!special resolution will be proposed at the
forthcoming AGM to give the Company authority to make market
purchases of up to 14.99% of the ordinary shares in issue as at
the date of the Notice of the AGM. The Directors will exercise this
authority only if the Directors consider that any purchase would
be for the bene t of the Company and its shareholders, taking
into account relevant factors and circumstances at the time. Any
shares so purchased would be cancelled or held in treasury.
If!renewed, the authority to be given at the 2025 AGM will lapse at
the conclusion of the AGM in 2026 unless renewed, varied or
revoked earlier.
Resolution 15: notice period for general meetings
(special resolution)
Resolution 15 set out in the Notice of AGM is a special resolution
and will, if passed, allow the Company to hold general meetings
(other than annual general meetings) on a minimum notice
period of 14!clear days, rather than 21 clear days as required by
the Companies Act 2006. The approval will be e ective until the
Company’s next AGM to be held in 2026. The Directors will only
call general meetings on 14!clear days’ notice when they consider
it to be in the best interests of the Company’s shareholders and
will only do so if the Company o ers facilities for all shareholders
to vote by electronic means and when the matter needs to be
dealt with expediently.
Recommendations
The Board considers that the resolutions relating to the above
items of business are in the best interests of shareholders as
a!whole. Accordingly, the Board unanimously recommends to
shareholders that they vote in favour of the resolutions to be
proposed at the forthcoming AGM, as they intend to do in respect
of their own bene cial holdings.

Schroder Income Growth Fund plc Annual Report and Financial Statements 2025 81
Section 6: Other Information (Unaudited)
Notice of Annual General Meeting
Notice is hereby given that the Annual General Meeting of
Schroder Income Growth Fund plc will be held on Thursday,
11 December 2025 at 12:30 p.m. at 1 London Wall Place,
London EC2Y 5AU to consider the following resolutions of
which resolutions 1 to 12 will be proposed as ordinary
resolutions and resolutions 13 to 15 will be proposed as
special resolutions:
Ordinary business
1. To receive the Report of the Directors and the audited nancial
statements for the year ended 31 August 2025.
2. To approve the Directors’ Remuneration Report for the year
ended 31 August 2025.
3. To approve the re-election of Ewen Cameron Watt as a Director
of the Company.
4. To approve the re-election of June Aitken as a Director of the
Company.
5. To approve the re-election of Fraser McIntyre as a Director of
the Company.
6. To approve the re-election of Victoria Muir as a Director of the
Company.
7. To re-appoint Ernst & Young LLP as Auditor to the Company.
8. To authorise the Directors to determine the remuneration of
Ernst & Young LLP as Auditor to the Company.
9. To approve the Company’s dividend policy, as set out on
page!26 of the annual report and nancial statements for the
year ended 31 August 2025.
Special business
10. To consider, and if thought t, to pass the following resolution
as an ordinary resolution:
“THAT in accordance with the Articles of Association, the
Company should continue as an investment trust for a further
ve year period.”
11. To consider, and if thought t, to pass the following resolution
as an ordinary resolution:
“THAT in accordance with the Articles of Association, the
Company be authorised to increase the Directors’ aggregate
annual remuneration cap from £150,000 per annum to
£200,000.”
12. To consider, and if thought t, pass the following resolution as
an ordinary resolution:
“THAT in substitution for all existing authorities the directors be
generally and unconditionally authorised pursuant to section
551 of the Companies Act 2006 (the “Act”) to exercise all the
powers of the Company to allot relevant securities (within the
meaning of section 551 of the Act) up to an aggregate nominal
amount of £678,806.62 (being 10% of the issued ordinary share
capital, excluding shares held in treasury, at the date of this
Notice) for a period expiring (unless previously renewed, varied
or revoked by the Company in general meeting) at the
conclusion of the next Annual General Meeting of the Company,
but that the Company may make an o er or agreement which
would or might require relevant securities to be allotted after
expiry of this authority and the Board may allot relevant
securities in pursuance of that o er or agreement.”
13. To consider and, if thought t, to pass the following resolution
as a special resolution:
“THAT, subject to the passing of Resolution 12 set out above,
the directors be and are hereby empowered, pursuant to
Section 571 of the Act, to allot equity securities (including any
shares held in treasury) (as de ned in section 560(1) of the Act)
pursuant to the authority given in accordance with section 551
of the Act by the said Resolution 12 and/or where such
allotment constitutes an allotment of equity securities by virtue
of section 560(2) of the Act as if Section 561(1) of the Act did not
apply to any such allotment, provided that this power shall be
limited to the allotment of equity securities up to an aggregate
nominal amount of £678,806.62 (representing 10% of the
aggregate nominal amount of the share capital in issue at the
date of this Notice); and provided that this power shall expire at
the conclusion of the next Annual General Meeting of the
Company but so that this power shall enable the Company to
make o ers or agreements before such expiry which would or
might require equity securities to be allotted after such expiry.”
14. To consider and, if thought t, to pass the following resolution
as a special resolution:
“THAT the Company be and is hereby generally and
unconditionally 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 10p each in the capital of the Company (“Share”) at
whatever discount the prevailing market price represents to the
prevailing net asset value per Share provided that:
(a) the maximum number of Shares which may be purchased is
10,175,311, representing 14.99% of the Company’s issued
ordinary share capital as at the date of this Notice (excluding
treasury shares);
(b) the maximum price (exclusive of expenses) which may be
paid for a Share shall not exceed the higher of;
i) 105% of the average of the middle market quotations for
the Shares as taken from the London Stock Exchange
Daily O cial List for the ve business days preceding the
date of purchase; and
ii) the higher of the last independent bid and the highest
current independent bid on the London Stock Exchange;
(c) the minimum price (exclusive of expenses) which may be
paid for a Share shall be 10p, being the nominal value per
Share;
(d) this authority hereby conferred shall expire at the
conclusion of the next Annual General Meeting of the
Company in 2026 (unless previously renewed, varied or
revoked by the Company prior to such date);
(e) the Company may make a contract to purchase Shares
under the authority hereby conferred which will or may be
executed wholly or partly after the expiration of such
authority and may make a!purchase of Shares pursuant to
any such contract; and
(f) any Shares so purchased will be cancelled or held in treasury.”
15. To consider and, if thought t, to pass the following resolution
as a special resolution:
“THAT, a general meeting, other than an Annual General
Meeting, may be called on not less than 14 clear days’ notice.”
By order of the Board
For and on behalf of
Schroder Investment Management Limited
10 November 2025
Registered O ce:
1 London Wall Place,
London EC2Y 5AU
Registered Number: 03008494

Schroder Income Growth Fund plc Annual Report and Financial Statements 2025
82
Section 6: Other Information (Unaudited)
Explanatory Notes to the Notice of Meeting
1. Ordinary shareholders are entitled to attend and vote at the
meeting and to appoint one or more proxies, who need not be
a!shareholder, as their proxy to exercise all or any of their rights
to attend, speak and vote on their behalf at the meeting.
A proxy form is attached. Shareholders are encouraged to
appoint the Chairman as proxy.
If you wish to appoint a person other than the Chairman as
your proxy, please insert the name of your chosen proxy holder
in the space provided at the top of the form. If the proxy is
being appointed in relation to less than your full voting
entitlement, please enter in the box next to the proxy holder’s
name the number of shares in relation to which they are
authorised to act as your proxy. If left blank your proxy will be
deemed to be authorised in respect of your full voting
entitlement (or if this proxy form has been issued in respect of
a!designated account for a shareholder, the full voting
entitlement for that designated account). Additional proxy
forms can be obtained by contacting the Company’s Registrar,
Equiniti Limited, on +44!(0) !800!032!0641, or you may
photocopy the attached proxy form. Please indicate in the box
next to the proxy holder’s name the number of shares in
relation to which they are authorised to act as your proxy.
Please also indicate by ticking the box provided if the proxy
instruction is one of multiple instructions being given.
Completion and return of a form of proxy will not preclude
a!member from attending the Annual General Meeting and
voting in person.
On a vote by show of hands, every ordinary shareholder who is
present in person has one vote and every duly appointed proxy
who is present has one vote. On a poll vote, every ordinary
shareholder who is present in person or by way of a proxy has
one vote for every share of which he/she is a holder.
The “Vote Withheld” option on the proxy form is provided to
enable you to abstain on any particular resolution. However it
should be noted that a “Vote Withheld” is not a vote in law and
will not be counted in the calculation of the proportion of the
votes ‘For’ and ‘Against’ a resolution.
A proxy form must be signed and dated by the shareholder or
his or her attorney duly authorised in writing. In the case of
joint holdings, any one holder may sign this form. The vote of
the senior joint holder who tenders a vote, whether in person
or by proxy, will be accepted to the exclusion of the votes of the
other joint holder and for this purpose seniority will be
determined by the order in which the names appear on the
Register of Members in respect of the joint holding. To be valid,
proxy form(s) must be completed and returned to the
Company’s Registrars, Equiniti Limited, Aspect House, Spencer
Road, Lancing, West Sussex BN99 6DA, or in the enclosed
envelope, together with any power of attorney or other
authority under which it is signed or a copy of such authority
certi ed notarially, to arrive no later than 48 hours before the
time xed for the meeting, or an adjourned meeting.
Shareholders may also appoint a proxy to vote on the
resolutions being put to the meeting electronically by going to
Equiniti’s Shareview website, www.shareview.co.uk, and logging
in to your Shareview Portfolio. Once you have logged in, simply
click ‘View’ on the ‘My Investments’ page and then click on the
link to vote and follow the on-screen instructions. If you have
not yet registered for a!Shareview Portfolio, go to
www.shareview.co.uk and enter the requested information. It is
important that you register for a!Shareview Portfolio with
enough time to complete the registration and authentication
processes. Please note that to be valid, your proxy instructions
must be received by Equiniti no later than 12:30 pm on
9!December 2025. If you have any di culties with online
voting, !you should contact the shareholder helpline on
+44!(0) !800 032 0641.
If an ordinary shareholder submits more than one valid proxy
appointment, the appointment received last before the latest
time for receipt of proxies will take precedence.
Shareholders may not use any electronic address provided
either in this Notice of Annual General Meeting or any related
documents to communicate with the Company for any
purposes other than expressly stated.
Representatives of shareholders that are corporations will have
to produce evidence of their proper appointment when
attending the Annual General Meeting.
2. 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 him or her and the shareholder by whom
he or she was nominated, have a right to be appointed (or to
have someone else appointed) as a proxy for the Annual
General Meeting. If a Nominated Person has no such proxy
appointment right or does not wish to exercise it, he or she
may, under any such agreement, have a right to give
instructions to the shareholder as to the exercise of voting
rights.
The statement of the rights of ordinary shareholders in relation
to the appointment of proxies in note 1 above does not apply to
Nominated Persons. The rights described in that note can only
be exercised by ordinary shareholders of the Company.
3. Pursuant to Regulation 41 of the Uncerti cated Securities
Regulations 2001, the Company has speci ed that only those
shareholders registered in the Register of Members of the
Company at 6.30 p.m. on 9 December 2025, or 6.30 p.m.
two!days prior to the date of an adjourned meeting, shall be
entitled to attend and vote at the meeting in respect of the
number of shares registered in their name at that time.
Changes to the Register of Members after 6.30 p.m. on
9!December 2025 shall be disregarded in determining the right
of any person to attend and vote at the meeting.
4. CREST members who wish to appoint a proxy or proxies
through the CREST electronic proxy appointment service may
do so by using the procedures described in the CREST manual.
The CREST manual can be viewed at www.euroclear.com.
A!CREST message appointing a proxy (a “CREST proxy
instruction”) regardless of whether it constitutes the
appointment of a proxy or an amendment to the instruction
previously given to a previously appointed proxy must, in order
to be valid, be transmitted so as to be received by the issuer’s
agent (ID RA19) by the latest time for receipt of proxy
appointments.

Schroder Income Growth Fund plc Annual Report and Financial Statements 2025 83
Section 6: Other Information (Unaudited)
5. If you are an institutional investor you 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. For further information regarding Proxymity, please
go to www.proxymity.io. Your proxy must be lodged by
12:30!p.m. on 9 December 2025 in order to be considered valid.
Before you can appoint a proxy via this process you will need to
have agreed to Proxymity’s associated terms and conditions. It
is important that you read these carefully as you will be bound
by them and they will govern the electronic appointment of
your proxy.
6. Copies of the terms of appointment of the non-executive
Directors and a statement of all transactions of each Director
and of his/her family interests in the shares of the Company, will
be available for inspection by any member of the Company at
the registered o ce of the Company during normal business
hours on any weekday (English public holidays excepted) and at
the Annual General Meeting by any attendee, for at least
15!minutes prior to, and during, the Annual General Meeting.
None of the Directors has a contract of service with the
Company.
In addition, a copy of the Articles of Association of the Company
will be available for inspection.
7. The biographies of the Directors o ering themselves for
re-election are set out on pages 40 and 41 of the Company’s
annual report and nancial statements for the year ended
31!August 2025.
8. As at 10 November 2025, 69,463,343 ordinary shares of
10!pence each were in issue (of which 1,582,681 ordinary
shares were held in treasury). Therefore the total number of
voting rights of the Company as at 10 November 2025 was
67,880,662.
9. A copy of this notice of meeting, which includes details of
shareholder voting rights, together with any other information
as required under Section 311A of the Companies Act 2006, is
available from the Company’s web pages,
www.schroders.co.uk/incomegrowth.
10. Pursuant to Section 319A of the Companies Act 2006, the
Company must cause to be answered at the Annual General
Meeting any question relating to the business being dealt with
at the Annual General Meeting which is put by a member
attending the meeting, except in certain circumstances,
including if it is undesirable in the interests of the Company or
the good order of the meeting that the question be answered
or if to do so would involve the disclosure of con dential
information.
11. Members satisfying the thresholds in section 527 of the
Companies Act 2006 can require the Company to publish
a!statement on its website setting out any matter relating to:
(a) 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
(b) any circumstance connected with an auditor of the Company
ceasing to hold o ce since the last AGM, that the members
propose to raise at the Meeting. The Company cannot require
the members requesting the publication to pay its expenses.
Any statement placed on the website must also be sent to the
Company’s auditor no later than the time it makes its statement
available on the website. The business which may be dealt with
at the meeting includes any statement that the Company has
been required to publish on its website.
12. The Company’s privacy policy is available on its webpages
http://www.schroders.co.uk/incomegrowth.
Shareholders can contact Equiniti for details of how Equiniti
processes their personal information as part of the AGM.

Schroder Income Growth Fund plc Annual Report and Financial Statements 2025
84
Section 6: Other Information (Unaudited)
Definitions of Terms and Alternative
Performance Measures
The terms and performance measures below are those commonly used by investment
companies to assess values, investment performance and operating costs. Numerical
calculations are given where relevant. Some of the financial measures below are classified as
APMs as defined by the European Securities and Markets Authority. Under this definition,
APMs include a financial measure of historical financial performance or financial position, other
than a financial measure defined or specified in the applicable financial reporting framework.
APMs have been marked with an asterisk.
Net asset value (NAV) per share
The NAV per share of 347.32p (2024: 333.54p) represents the net
assets attributable to equity shareholders of £236,246,000 (2024:
£231,561,000) divided by the number of shares in issue of
68,019,152 (2024: 69,425,343).
The change in the NAV amounted to 4.1% (2024: 13.5%) over the
year. However, this performance measure excludes the positive
impact of dividends paid out by the Company during the year.
When these dividends are factored into the calculation, the
resulting performance measure is termed the “total return”. Total
return calculations and de nitions are given below.
Total return*
The combined e ect of any dividends paid, together with the rise
or fall in the share price or NAV per share. Total return statistics
enable the investor to make performance comparisons between
investment companies with di erent dividend policies. Any
dividends received by a shareholder are assumed to have been
reinvested in either the assets of the Company at its NAV per
share at the time the shares were quoted ex-dividend (to calculate
the NAV per share total return) or in additional shares of the
Company (to calculate the share price total return).
The NAV total return for the year ended 31 August 2025 is
calculated as follows:
Opening NAV at 31/08/2024 333.54p
Closing NAV at 31/08/2025 347.32p
NAV on Cumulative
Dividend received XD date XD date Factor factor
6.70p 03/10/2024 320.23p 1.0209 1.0209
3.25p 24/12/2024 308.10p 1.0105 1.0317
3.25p 03/04/2025 313.13p 1.0104 1.0424
3.25p 03/07/2025 335.25p 1.0097 1.0525
NAV total return, being the closing NAV,
multiplied by the factor, expressed as a
percentage increase in the opening NAV: 9.6%
The NAV total return for the year ended 31 August 2024 is
calculated as follows:
Opening NAV at 31/08/2023 293.58p
Closing NAV at 31/08/2024 333.54p
NAV on Cumulative
Dividend received XD date XD date Factor factor
6.30p 05/10/2023 284.17p 1.0222 1.0222
2.50p 28/12/2023 299.74p 1.0083 1.0307
2.50p 04/04/2024 308.09p 1.0081 1.0391
2.50p 04/07/2024 323.67p 1.0077 1.0471
NAV total return, being the closing NAV,
multiplied by the factor, expressed as a
percentage increase in the opening NAV: 19.0%
The share price total return for the year ended 31 August 2025 is
calculated as follows:
Opening share price at 31/08/2024 299.00p
Closing share price at 31/08/2025 319.00p
Share
price on Cumulative
Dividend received XD date XD date Factor factor
6.70p 03/10/2024 289.00p 1.0232 1.0232
3.25p 24/12/2024 278.50p 1.0117 1.0351
3.25p 03/04/2025 283.00p 1.0115 1.0470
3.25p 03/07/2025 309.50p 1.0105 1.0580
Share price total return, being the closing share price,
multiplied by the factor, expressed as a percentage
change in the opening share price: 12.9%

Schroder Income Growth Fund plc Annual Report and Financial Statements 2025 85
Section 6: Other Information (Unaudited)
The share price total return for the year ended 31 August 2024 is
calculated as follows:
Opening Share price at 31/08/2023 267.50p
Closing Share price at 31/08/2024 299.00p
Share
price on Cumulative
Dividend received XD date XD date Factor factor
6.30p 05/10/2023 255.00p 1.0247 1.0247
2.50p 28/12/2023 278.00p 1.0090 1.0339
2.50p 04/04/2024 264.00p 1.0095 1.0437
2.50p 04/07/2024 290.00p 1.0086 1.0527
Share price total return, being the closing share price,
multiplied by the factor, expressed as a percentage
change in the opening share price: 17.7%
Discount/premium*
The amount by which the share price of an investment trust is
lower (discount) or higher (premium) than the NAV per share. If
the shares are trading at a discount, investors would be paying
less than the value attributable to the shares by reference to the
underlying assets. A premium or discount is generally the
consequence of supply and demand for the shares on the stock
market. The discount or premium is expressed as a percentage of
the NAV per share. The discount at the year end amounted to
8.2% (2024: 10.4%), as the closing share price at 319.00p (2024:
299.00p) was lower than the closing NAV of 347.32p (2024:
333.54p).
Gearing*
The gearing percentage re ects the amount of borrowings (i.e.
bank loans or overdrafts) which the Company has drawn down
and invested in the market. This gure is indicative of the extra
amount by which shareholders’ funds would move if the
Company’s investments were to rise or fall. Gearing is de ned as:
borrowings used for investment purposes, less cash, expressed
as a percentage of net assets. The gearing gure at the relevant
year end is calculated as follows:
2025 2024
£’000 £’000
Borrowings used for investment
purposes, less cash 24,480 28,308
Net assets 236,246 231,561
Gearing 10.4% 12.2%
Leverage*
For the purpose of the Alternative Investment Fund Managers
(AIFM) Directive, leverage is any method which increases the
Company’s exposure, including the borrowing of cash and the use
of derivatives. It is expressed as the ratio of the Company’s
exposure to its net asset value and is required to be calculated
both on a “Gross” and a “Commitment” method. Under the Gross
method, exposure represents the sum of the absolute values of
all positions, so as to give an indication of overall exposure. Under
the Commitment method, exposure is calculated in a similar way,
but after netting o hedges which satisfy certain strict criteria.
Ongoing charges*
Ongoing Charges is calculated in accordance with the AIC’s
recommended methodology and represents the management fee
and all other operating expenses excluding nance costs and
transaction costs, amounting to £1,762,000 (2024: £1,675,000),
expressed as a percentage of the average daily net asset values
during the period of £225.2 million (2024: £211.7 million). Giving
an ongoing charges ratio of 0.78% (2024: 0.79%).

Information about the Company
Schroder Income Growth Fund plc Annual Report and Financial Statements 2025
86
Section 6: Other Information (Unaudited)
Web pages and share price information
Company has dedicated web pages, which may be found at
www.schroders.com/incomegrowth. The web pages are the
Company’s primary method of electronic communication with
shareholders. They contain details of the Company’s ordinary
share price and copies of the annual report and nancial
statements and other documents published by the Company as
well as information on the Directors, terms of reference of
committees and other governance arrangements. In addition, the
web pages contain links to announcements made by the
Company to the market and Schroders’ website.
The Company releases its NAV per share on both a cum and
ex-income basis to the market on a daily basis.
Share price information may also be found in the Financial Times
and on the Company’s web pages.
Association of Investment Companies
The Company is a member of the Association of Investment
Companies. Further information on the Association can be found
on its website, www.theaic.co.uk.
Individual Savings Account (“ISA”) status
The Company’s shares are eligible for stocks and shares ISAs.
Non-Mainstream Pooled Investments status
The Company currently conducts its a airs so that its shares can
be recommended by IFAs to ordinary retail investors in
accordance with the FCA’s rules in relation to non-mainstream
investment products and intends to continue to do so for the
foreseeable future. The Company’s shares are excluded from the
FCA’s restrictions which apply to non-mainstream investment
products because they are shares in an investment trust.
Financial calendar
Annual General Meeting December
Half year end 28 February
Half year results announced May
Financial year end 31 August
Annual results announced November
Alternative Investment Fund Managers
(“AIFM”) Directive
The AIFM Directive, as transposed into the FCA Handbook in the
UK, requires that certain pre-investment information be made
available to investors in Alternative Investment Funds (such as the
Company) and also that certain regular and periodic disclosures
are made. This information and these disclosures may be found
either below, elsewhere in this annual report and nancial
statements, or in the Company’s AIFM Directive information
disclosure document published on the Company’s web pages.
Remuneration disclosures
Quantitative remuneration disclosures to be made in this annual
report in accordance with FCA Handbook rule FUND3.3.5 may
also be found in the Company’s AIFMD information disclosure
document published on the Company’s web pages.
Publication of Key Information Document
(“KID”) by the AIFM
KIDs are designed to provide certain prescribed information to
retail investors, including details of potential returns under
di erent performance scenarios and a!risk/reward indicator. The
Company’s KID is available on its web pages.
How to invest
There are a number of ways to easily invest in the Company. The
Manager has set these out at https://www.schroders.com/invest-
in-a-trust/.
Complaints
The Company has adopted a policy on complaints and other
shareholder communications which ensures that shareholder
complaints and communications addressed to the Company
Secretary, the Chairman or the Board are, in each case,
considered by the Chairman and the Board.

Warning to shareholders
Companies are aware that their shareholders have received unsolicited telephone calls or correspondence concerning
investment matters. These are typically from overseas-based ‘brokers’ who target UK shareholders, o ering to sell them what
often turn out to be worthless or high risk shares or investments. These operations are commonly known as ‘boiler rooms’.
These ‘brokers’ can be very persistent and extremely persuasive. Shareholders are advised to be wary of any unsolicited advice,
o ers to buy shares at a discount or o ers of free company reports.
If you receive any unsolicited investment advice:
Make sure you get the correct name of the person and organisation • Check that they are properly authorised by the FCA before getting involved by visiting register.fca.org.uk • Report the matter to the FCA by calling 0800 111 6768 or visiting fca.org.uk/consumers/report-scam-unauthorised- rm • Do not deal with any rm that you are unsure about •
If you deal with an unauthorised rm, you will not be eligible to receive payment under the Financial Services Compensation
Scheme.
The FCA provides a list of unauthorised rms of which it is aware, which can be accessed at
fca.org.uk/consumers/unauthorised rmsindividualslist.
More detailed information on this or similar activity can be found on the FCA website at fca.org.uk/consumers/
protect-yourself-scams.
Directors
Ewen Cameron Watt (Chairman)
June Aitken
Fraser McIntyre
Victoria Muir
Registered o ce
1 London Wall Place
London EC2Y 5AU
Telephone: +44 (0)20 7658 6000
Email: amcompanysecretary@schroders.com
Advisers and service providers
Alternative Investment Fund Manager (the “Manager”)
Schroder Unit Trusts Limited
1 London Wall Place
London EC2Y 5AU
Investment Manager and Company Secretary
Schroder Investment Management Limited
1 London Wall Place
London EC2Y 5AU
Depositary and custodian
J.P. Morgan Europe Limited
25 Bank Street
London E14 5JP
Lending bank
The Bank of Nova Scotia, London Branch
201 Bishopsgate
6th Floor
London EC2M 3NS
Corporate broker
Peel Hunt LLP
7th Floor
100 Liverpool Street
London EC2M 2AT
Independent Auditor
Ernst & Young LLP
144 Morrison Street
Edinburgh
EH3 8EB
Registrar
Equiniti Limited
Aspect House
Spencer Road
Lancing
West Sussex BN99 6DA
Shareholder Helpline: 0371 032 0641*
Website: www.shareview.co.uk
*Calls to this number are free of charge from UK landlines.
Communications with shareholders are mailed to the address
held on the register. Any noti cations and enquiries relating to
shareholdings, including a change of address or other
amendment should be directed to Equiniti Limited at the above
address and telephone number.
Other information
Company number 03008494.
Shareholder enquiries
General enquiries about the Company should be addressed to
the Company Secretary at the Company’s registered o ce.
Dealing Codes
ISIN: GB0007915860
SEDOL 0791586
Ticker: SCF
Global Intermediary Identi cation Number (GIIN)
T34UKV.99999.SL.826
Legal Entity Identi er (LEI)
549300X1RTYYP7S3YE39
Privacy notice
The Company’s privacy notice is available on its web pages.
Schroder Income Growth Fund plc Annual Report and Financial Statements 2025 87
Section 6: Other Information (Unaudited)
www.schroders.co.uk/incomegrowth

Schroder Income Growth Fund plc Annual Report and Financial Statements 2025
88
Section 6: Other Information (Unaudited)
Risk Disclosures
Concentration risk The Company may be concentrated in a limited number of geographical regions, industry sectors, markets and/or
individual positions. This may result in large changes in the value of the Company, both up or down.
Counterparty risk The Company may have contractual agreements with counterparties. If a counterparty is unable to ful l their
obligations, the sum that they owe to the Company may be lost in part or in whole.
Currency risk If the Company’s investments are denominated in currencies di erent to the currency of the Company’s shares,
the Company may lose value as a result of movements in foreign exchange rates, otherwise known as currency
rates.
Derivatives risk Derivatives, which are nancial instruments deriving their value from an underlying asset, may be used to manage
the portfolio e ciently. A derivative may not perform as expected, may create losses greater than the cost of the
derivative and may result in losses to the Company.
Emerging markets Emerging markets, and especially frontier markets, generally carry greater political, legal, counterparty,
& frontier risk operational and liquidity risk than developed markets.
Gearing risk The Company may borrow money to make further investments, this is known as gearing. Gearing will increase
returns if the value of the investments purchased increase by more than the cost of borrowing, or reduce returns
if they fail to do so. In falling markets, the whole of the value in such investments could be lost, which would result
in losses to the Company.
Liquidity risk The price of shares in the Company is determined by market supply and demand, and this may be di erent to the
net asset value of the Company. In di cult market conditions, investors may not be able to nd a buyer for their
shares or may not get back the amount that they originally invested. Certain investments of the Company, in
particular the unquoted investments, may be less liquid and more di cult to value. In di cult market conditions,
the Company may not be able to sell an investment for full value or at all and this could a ect performance of the
Company.
Market risk The value of investments can go up and down and an investor may not get back the amount initially invested.
Operational risk Operational processes, including those related to the safekeeping of assets, may fail. This may result in losses to
the Company.
Performance risk Investment objectives express an intended result but there is no guarantee that such a result will be achieved.
Depending on market conditions and the macro economic environment, investment objectives may become more
di cult to achieve.
Share price risk The price of shares in the Company is determined by market supply and demand, and this may be di erent to the
net asset value of the Company. This means the price may be volatile, meaning the price may go up and down to a
greater extent in response to changes in demand.
Smaller companies Smaller companies generally carry greater liquidity risk than larger companies, meaning they are harder to buy
risk and sell, and they may also uctuate in value to a greater extent.

Schroder Investment Management Limited
1 London Wall Place, London EC2Y 5AU, United Kingdom
T +44 (0) 20 7658 6000
Important information: This document is intended to be for information purposes
only and it is not intended as promotional material in any respect. The material is not
intended as an offer or solicitation for the purchase or sale of any nancial
instrument. The material is not intended to provide, and should not be relied on for,
accounting, legal or tax advice, or investment recommendations. Information herein
is believed to be reliable but Schroders does not warrant its completeness or
accuracy. No responsibility can be accepted for errors of fact or opinion. Reliance
should not be placed on the views and information in the document when taking
individual investment and/or strategic decisions. Past performance is not a reliable
indicator of future results, prices of shares and the income from them may fall as well
as rise and investors may not get back the amount originally invested. Schroders has
expressed its own views in this document and these may change. Issued by Schroder
Investment Management Limited, 1 London Wall Place, London EC2Y 5AU, which is
authorised and regulated by the Financial Conduct Authority. For your security,
communications may be taped or monitored.
@schroders
schroders.com