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NAV 5.0 Trade

BlackRock Smaller agencies occupy faith Plc - closing results | MB7-638 real Questions and VCE practice Test

BLACKROCK SMALLER corporations confidence PLC(criminal Entity Identifier: 549300MS535KC2WH4082)

information disclosed in line with Article 5 Transparency Directive and DTR four.1

Annual consequences announcement for the year ended 28 February 2019

performance record

28 February 2019 28 February 2018 change % performance internet asset cost per participate (debt at par value)1 1,407.88p 1,506.78p -6.6 web asset cost per participate (debt at par price, capital most effective)1,2 1,386.21p 1,487.48p -6.eight internet asset value per participate (debt at reasonable price)1,3 1,400.57p 1,500.04p -6.6 Numis Smaller businesses plus end (excluding investment businesses) Index1 5,231.ninety eight 5,seven hundred.eighty four -eight.2 ordinary participate price1,330.00p 1,325.00p +0.4 yr ended28 February 2019 12 months ended28 February 2018 change % profits and dividends earnings recrudesce per share33.67p 29.30p +14.nineinterim dividend per share12.00p 10.00p +20.0 Proposed final dividend per share19.20p 16.00p +20.0 complete dividends paid and payable 31.20p 26.00p +20.0 property total belongings much less latest liabilities (£'000) 716,287 796,112 -10.0 fairness shareholders' dollars (£'000) 674,089 721,442 -6.6 Ongoing fees ratio4 0.7% 0.7% - Ongoing fees ratio (including performance costs)fiveN/A 1.0% N/A Dividend yield 2.3% 2.0% Gearing four.9% 9.8%

1 Excludes salary reinvested.2 The capital most efficacious net asset price (NAV) is calculated with out earnings for the 12 months to 28 February 2019 and 28 February 2018 respectively, web of dividends paid in cherish of the necessary economic years. greater ingredient is given within the glossary. contained inside the annual report.3 The foundation of calculation for the unbiased value of the debt is disclosed in subsist awake 13 of the monetary statements and in the word list contained within the annual document.four Ongoing fees ratio calculated as a percentage of mediocre shareholders' funds and the usage of working costs, apart from performance fees, finance charges, transaction costs and taxation, based on AIC guidelines.5 With upshot from 1 March 2018, a performance fee is no longer charged. For the 12 months ended 28 February 2018, a performance payment become charged. tickle remark word 4 for additional details of the alternate.

Sources: BlackRock and Datastream.

CHAIRMAN'S statement

Your commerce has a brilliant record. For sixteen consecutive years it has outperformed its benchmark and extended its dividend. Over that duration, the NAV has elevated practically twelve-fold whereas the benchmark has expanded below 4-fold (all calculations with salary reinvested). The compound annual augment in dividends paid over the final ten years has been 20% once a year.

PERFORMANCEIt has been a difficult 12 months and it is disappointing that the company's net Asset price per participate fell with the aid of 6.6%1. although, the company outperformed its benchmark, the Numis Smaller corporations plus goal (with the exception of funding corporations) Index, which reduced with the aid of 8.2%1. All through the economic yr, your company's participate expense improved via 0.4percent1 to 1,330.00p per share.

The 12 months became characterised with the aid of an augment in volatility with gigantic declines in world markets at the birth of the 12 months offset with the aid of a rebound in April 2018. This turned into adopted by using additional colossal market falls in October and November 2018, driven by using geopolitical issues over the occupy an repercussion on of US activity fee rises, suspicion over alternate disputes and extending fears of a US recession. greater worthy augment stocks had been the most severely affected which impacted the portfolio's relative efficiency. in the UK, considerations over Brexit and a weaker currency resulted in markets lagging at the back of different world indices, with UK wee and mid-capitalisation corporations underperforming their larger peers. The FTSE goal All-Share Index fell by means of 12.4%1 in comparison with the FTSE 250 Index which fell by passage of 2.6percent1 and the FTSE 100 Index which fell by 2.2%1.

The relative outperformance of the company's NAV over the yr changed into largely attributable to respectable stock option. The superior particular person inventory performances got here from agencies with exposure to the oil fee as well as those engaged in economic services, manufacturing and statistics analytics. The greatest detractors from relative performance got here principally from groups in the retail sector which struggled in increasingly challenging buying and selling circumstances. greater particulars of the contributors to performance can furthermore subsist present in the funding supervisor's record.

considering that the monetary yr conclusion the enterprise's NAV as at 30 April 2019 has extended with the aid of 9.3p.c1, against an augment within the benchmark of four.0%1, and the proportion expense has risen by 9.6percent1.

The tables under betray your business's constant outperformance over its benchmark All the passage through the final sixteen years.

16 Consecutive Years of Outperformance

Feb 04 5.93 Feb 05 12.60 Feb 06 eight.92 Feb 07 11.42 Feb 08 6.forty nine Feb 09 1.ninety one Feb 10 four.88 Feb 11 34.25 Feb 12 2.eleven Feb 13 three.05 Feb 14 11.forty four Feb 15 4.21 Feb 16 7.03 Feb 17 four.60 Feb 18 eleven.60 Feb 19 0.90

BlackRock assumed management in December 2004.

source: BlackRock.

Outperformance percentages above are in keeping with NAV (debt at par) performance compared to benchmark efficiency each with revenue reinvested. ahead of 31 August 2007 the enterprise's benchmark became the FTSE SmallCap Index (excluding investment businesses); after this date the company adopted the Numis Smaller agencies plus end (with the exception of investment businesses) Index as its benchmark.

1 Percentages in sterling without earnings reinvested.

efficiency to 28 February 2019

1 Yearchange% three Yearschange% 5 Yearschange% 10 Yearschange% sixteen Yearschange% NAV per share1,2 -6.6 41.942.9519.1 897.nineBenchmark1 -eight.2 19.7 4.6 196.3 191.0 Share price1 0.4 54.1 forty six.5651.four 1,111.eight NAV per share2 (with salary reinvested) -four.eight forty nine.four 55.0 624.2 1,189.eight Benchmark (with earnings reinvested) -5.7 29.4 19.five282.2 336.nineShare rate (with income reinvested) 2.four sixty three.560.6 800.4 1,542.7

1 Percentages in sterling terms devoid of profits reinvested.2 Debt at par.

in addition to capital returns, the commerce has furthermore provided very unbelievable growth in salary.

The chart on web page 5 of the annual file illustrates the scope to build up, over the long run, an attractive annual salary from an funding within the company. however the initial dividend relent on the aspect of buy has been unremarkable, the mighty underlying boom in dividends over the years may End up in a aggressive relent on can saturate when compared with equity profits funds.

particularly, this chart indicates that £1,000 invested within the company on 31 March 2006 would occupy accelerated in value by passage of 354% in NAV phrases to 28 February 2019, whereas £1,000 invested in the median open-ended UK salary Fund would occupy accelerated by using simply 105%. The chart additionally demonstrates that while the relent on the company's shares changed into tons lessen on the begining of the duration, over time the business's dividend has grown at a an unpleasant lot quicker rate than open ended rivals in that sector. as a result, the relent on the buy cost on the investment in the enterprise would now subsist more than that on the median UK revenue Fund.

RETURNS AND DIVIDENDSThe enterprise's earnings recrudesce per participate for the year ended 28 February 2019 extended through 14.9% to 33.sixty seven pence per participate in comparison with 29.30 pence per participate for the outdated year.

typical dividends from portfolio agencies rose via 11.1%, while particular dividends obtained had been 50.7% better than in the outdated 12 months.

In October 2018 the Board declared an era in-between dividend of 12.00p per participate (2018: 10.00p per share). The directors are contented to hint the payment of a remaining dividend of 19.20p per participate (2018: 16.00p per share), making a total for the year of 31.20p, an augment of 20% over the overall dividends of 26.00p paid in the previous yr. discipline to shareholder approval, the final dividend should subsist paid on 12 June 2019 to shareholders on the register on 17 may additionally 2019; the ex-dividend date is sixteen may additionally 2019.

The compound annual enhance in dividends paid over the final ten years has been 20.0% once a year.

Your enterprise has now improved its dividends each year for every of the ultimate sixteen years.

GEARING AND SOURCES OF FINANCEThe commerce has a variety of borrowings and amenities in region to give equilibrium between long term and short term maturities and between fixed and floating rates of activity. fastened cost funding includes the enterprise's latest £15 million debenture, which matures in 2022, and £25 million senior unsecured mounted expense deepest placement notes issued in may furthermore 2017 at a chit of 2.74% with a 20 yr bullet maturity.

Shorter time era variable fee funding consists of a £35 million three-12 months revolving personal loan facility with Scotiabank (ireland) restricted and an uncommitted overdraft facility of £10 million.

it's the Board's end that gearing will now not exceed 15% of the internet property of the enterprise on the time of the drawdown of the imperative borrowings. under mediocre operating situations it is envisaged that gearing should subsist within a sweep of 0%-15% of internet belongings. Gearing stages and sources of funding are reviewed always and the Board continues to believe that reasonable gearing is in the future pastimes of shareholders. on the yr end, the company's gearing changed into four.9% of internet assets (2018: 9.8%).

DISCOUNTDuring the 12 months the proportion rate traded at a typical slit price of 7.9% to NAV. The slit price ranged between 1.1% and 12.3% and ended the yr at 5.0% (all measured against NAV with debt at reasonable price). The slit price has when you consider that narrowed to 4.8% as at 30 April 2019.

ANNUAL commonplace meeting (AGM)The AGM of the enterprise will subsist held at the offices of BlackRock at 12 Throgmorton Avenue, London EC2N 2DL on Tuesday, four June 2019 at 2.00 p.m.Mike Prentis and Roland Arnold, the Portfolio Managers, will subsist making a presentation to shareholders on the company's performance and the outlook for fairness markets. The administrators and representatives of the manager seem ahead to assembly shareholders informally after the meeting and i hope that as many shareholders as viable will pick to attend.

alternate IN CHAIRMAN AND BOARD COMPOSITIONAs prior to now announced, I aren't in the hunt for re-election on the company's subsequent AGM and should subsist stepping down from the Board with repercussion from the close of the AGM on 4 June 2019.

It has been a privilege to chair the enterprise for the previous 7 years. i want to thank All shareholders for their aid; and to thank my Board colleagues and the crew at BlackRock for helping rate my tenure as Chairman as beneficial and enjoyable because it most likely has been.

Having carefully regarded the composition of the Board and the requisite to ensure that an confiscate equilibrium of abilities, competencies, journey, independence and variety become maintained, the Board recently undertook a search and preference manner to identify a brand new Director. because of this, i'm delighted to welcome Mr Ronald Gould to the Board. Mr Gould joined with repercussion from 1 April 2019 and will subsist appointed Chairman following the AGM. He furthermore serves as a member of the enterprise's Audit1, Nomination and administration appointment Committees. Ron has a wealth of adventure within the monetary sector and is at present a non-government director of one Re Ltd and Chairman of consider Alliance Asia and Compliance Science restrained. He become previously Managing Director and head of the Promontory monetary group in China, CEO of Chi-X Asia Pacific, Senior Adviser to the uk economic features Authority, CEO of investment bank ABG Sundal Collier and vice president of Barclays monetary institution's asset administration activities.

further particulars of Mr Gould's legacy can subsist establish in the administrators' biographies section contained in the company's 2019 Annual file. guidance on the recruitment and preference technique undertaken and details of the Board's coverage on the re-election of directors, director tenure and succession planning can furthermore subsist present in the directors' file contained within the enterprise's 2019 Annual document.

PORTFOLIO manager SUCCESSIONAfter an extended and a success 32 12 months career as an investment supervisor, of which the final 14 years was with BlackRock, Mike Prentis has introduced his resolution to retire from the business. The Board would dote to retract the occasion to thank Mike for the fundamental contribution that he has made to the success of the company and congratulate him on a worthy funding list, exceptionally the sixteen consecutive monetary years of outperformance finished in managing the BlackRock Smaller businesses believe plc. they want Mike the entire model for the longer term.

Roland Arnold, who has worked carefully with Mike for 14 years and was appointed co-supervisor of the enterprise alongside him in April 2018, may subsist named as sole supervisor of the portfolio upon Mike's retirement at the AGM. Roland has an dazzling music checklist managing UK wee & mid-cap portfolios because 2006 and is supported by the huge substances of the united kingdom wee & Mid Cap group and the broader BlackRock platform.

OUTLOOKDespite a robust birth to 2019, markets are likely to continue to subsist volatile as monetary suspicion persists. in the UK, the harm to investor and buyer self faith wrought by the drawn out Brexit procedure means that the uk economic system can furthermore neatly lag behind different most necessary developed economies. however, their Portfolio Managers coincide with that despite the slowdown being confronted in the near term in many international locations, 2019 isn't likely to subsist a yr of world recession and that most most necessary economies will continue to grow within the medium term.

The enterprise's portfolio is smartly various by means of sector and geography, with a significant portion of revenues from portfolio businesses generated via distant places exposure. The Portfolio Managers focus of attention on neatly capitalised corporations with powerful management teams which are decent cash turbines and are therefore neatly positioned for the latest ambiance. Your Board is assured that the portfolio is constructed to proceed to produce moneymaking effects for shareholders.

If shareholders would dote to contact the Chairman for my piece tickle write to BlackRock Smaller businesses confidence plc, exchange position One, 1 Semple highway, Edinburgh EH3 8BL marked for the attention of the Chairman.

NICHOLAS FRYChairman2 may additionally 2019

1 based on premier corporate governance practice, Mr Gould will step down from the Audit Committee when he becomes Chairman on four June 2019.

funding supervisor'S file FOR THE yr ENDED 28 FEBRUARY 2019

MARKET assessment AND basic investment PERFORMANCEThe UK equity market has considered an augment in volatility from the fierce low stages witnessed in recent years. The early months of 2018 saw large declines in markets globally, adopted by a acute rebound in the birth of the 2nd quarter. October and November saw a said market promote-off, with essentially the most extreme falls saved for enormously rated/bigger momentum boom shares. This become a headwind to their boom biased investment trend. even as the rising US 10 12 months bond relent may additionally were a catalyst for the unload, there occupy been many components at play: issues around the tempo of US activity fee rises, suspicion over trade disputes, and fears about the electricity of the U.S. and chinese language economies.

performance REVIEWThe enterprise's NAV per participate (debt at par) fell by passage of 6.6% which compares to a plunge in the benchmark index of 8.2% and the FTSE 100 Index which diminished by 2.2%. (All percentages brought up devoid of salary reinvested).

despite the difficult ambiance for their approach All over the economic year, efficacious stock option enabled the company to carry its sixteenth consecutive year of outperformance relative to the benchmark. Key contributors to performance All the passage through the 12 months were IntegraFin, YouGov, Faroe Petroleum, Gulf Keystone Petroleum and AB Dynamics, with every contributing between 0.4% and nil.6% to relative performance.

IntegraFin, the united kingdom savings platform for fiscal advisers, became the largest contributor to performance All the passage through the year. considering deciding to buy the shares at the IPO ultimate year the company has delivered respectable outcomes, with the platform seeing continued robust net inflows regardless of the expanded tiers of volatility in the market. YouGov continues to carry stalwart organic growth and enhancing margins with earnings tremendously forward of consensus. The enterprise has been efficiently supplying on its fashion of expanding and constructing statistics analytics items for specialised sectors past its mediocre market analysis business. They accept as real with this offers a huge occasion for increase. Shares in Faroe Petroleum soared following a adversarial bid, which changed into sooner or later a success, from its largest shareholder, Norwegian oil and gasoline enterprise DNO. Shares in Gulf Keystone Petroleum rallied as its Shaikan oil territory is performing well, with accustomed construction above the upper End of suggestions for the enterprise's 2018 fiscal year. The company agreed an funding diagram to raise the box's creation over the subsequent 12-18 months, and with construction toil now underway, the commerce continues to subsist not off course to meet production pursuits through early 2020. AB Dynamics pronounced list full year income and adjusted profits, which extended with the aid of 51% and seventy eight% respectively year on 12 months, and administration commented on the positive outlook for the new economic 12 months. AB Dynamics is involved within the manufacture of trying out items for the international automotive industry, the position the circulate to extra autonomous vehicle applied sciences has pushed, and will proceed to pressure, an augment in automobile research and construction spend from which AB Dynamics is smartly positioned to advantage.

apart from these shares that were caught up in the falls of the fourth quarter of 2018, which in their portfolio had been commonly shares that without problems erased friendly points from earlier within the year, one of the most largest poverty-stricken contributors All through the yr were companies exposed to the difficult buying and selling ambiance facing UK agents. trend manufacturer Superdry, for instance, fell after the company issued a few income warnings All over the 12 months. Some aspects, such as the "Beast from the East" occupy been past their manage, despite the fact there were additionally paraphernalia concerns leading to clearance endeavor that impacted monstrous margins. With a want of clarity on the reply to these considerations, they offered the position All over the yr. Gear4Music, the uk's main enterprise of musical gadgets and add-ons, fell after the enterprise warned that salary for the 2019 economic 12 months are anticipated to subsist "somewhat below the 2018 fiscal yr". The enterprise delivered astonishing earnings boom of 41%, however the focus on gaining market participate got here at the can saturate of monstrous margins. moreover skill concerns in its York distribution centre between Black Friday and christmas, the position the enterprise failed to meet demand, held returned additional revenue increase.

ACTIVITYAs stated on the half-year, they had been expanding the awareness of the portfolio by means of promoting a brace of holdings where their conviction had weakened. They persisted to achieve this during the 2nd half of the economic 12 months and the number of holdings is now 122, down from 156 this time remaining 12 months.

all through the later degrees of 2018, they reduced the company's smooth of gearing based on the extended levels of market volatility, although extra currently we've started to reinvest the cash that they raised lower back into the market.

We bought a brand new holding via a putting in diverse gasoline & Oil, an owner and operator of onshore US oil and gasoline producing belongings. The company is focused on augment each organically and through acquisitions of mature, low risk wells, bettering operations and using efficiencies to enhance profitability.

an extra recent purchase is IG Design neighborhood, the largest reward packaging community on this planet. The commerce has generated unbelievable earnings growth throughout All regions globally, at the very time as furthermore making the most of effectivity improvements.

We purchased a new protecting in Future, the professional media publisher. The commerce has said astonishing salary in contemporary market updates, whereas its top-rated in category expertise platform should silent aid future biological growth in its attractive End markets.

we've persevered adding to their position in IntegraFin, after the IPO. They consider that the commerce is taking handicap of a pretty commerce backdrop; its differentiated company model and proprietary expertise offers an attractive long dash boom probability.

PORTFOLIO POSITIONINGPortfolio positioning is very an unpleasant lot as a result of inventory option. Sector positioning relative to the benchmark continues to subsist extensively unchanged from outdated reports, which they consider reflects the conviction that they now occupy in their core holdings. Relative to their benchmark we're obese fiscal capabilities organizations, media companies and industrial engineers. within the fiscal services sector their holdings occupy more of a spotlight on equities and outsourcing capabilities. Holdings involve IntegraFin, Premier Asset administration community, Liontrust Asset management, Polar Capital Holdings and XPS Pensions neighborhood. Their media agencies involve 4imprint community and next Fifteen Communications which might subsist each closely exposed to the USA, and YouGov which is adapting its commerce to changing consumer calls for opening up future channels for growth. Their engineering holdings consist of Bodycote, Trifast and AB Dynamics. These are All very internationally concentrated companies with potent market positions which are uncovered to desirable End markets.

We continue to subsist underweight in travel & amusement agencies, food producers, universal agents; many of these groups are a friendly deal extra UK focused. they are furthermore underweight utility and desktop functions agencies as ongoing suspicion might continue to occupy an upshot on enterprise funding decisions, such because it spend.

we've maintained a inordinate exposure to alien companies, with around half of the revenues of their portfolio originating from overseas. They continue to subsist cautious on the outlook for the uk. Their UK publicity is very deliberate, both uncovered to greater protecting companies, or to these profiting from grotesque structural or cyclical tendencies that can profit from the existing environment, reminiscent of large Yellow, Workspace community and Breedon.

Market Capitalisation of their Portfolio groups as at 28 February 2019

£0m to £200m 13.30 £200m to £600m fifty two.00 £600m to £1,500m 26.50 £1,500m + eight.20

source: BlackRock.

OUTLOOKThe expanded volatility prerogative through the 12 months became certainly a problem, in particular All over the closing quarter of 2018, given the sell-off in pleasant and boom shares. Markets occupy made a powerful birth to 2019, despite the fact they continue to confidence that extended tiers of volatility may persist.

whilst this has been an extended cycle there are few of the natural signals they might predict forward of a global recession. despite moderating expectations for real GDP boom, the international economy remains astonishing typical. the united states, which has been leading the cost in fuelling the international economic system for a few years is silent ahead of most different foremost economies.

We remain cautious on the united kingdom monetary system relative to different primary developed economies. As they 'development' alongside the Brexit timeline the outlook is silent doubtful. They for this intuition remark the possibility of below fashion monetary boom carrying on with for a while.

We conclude however remain confident in the outlook for the agencies in their portfolio given their exposure to market main world companies, that are operating in fascinating conclusion markets and dash by robust management teams. The market has become unforgiving of those organizations that fail to carry. it is for this intuition captious for us to subsist confident that the funding thesis for each and every of their holdings is silent intact. They furthermore retract comfort within the deserves of their confirmed investment process over the long term via All market circumstances. certainly one of their key funding criteria is stability sheet energy, so may silent suspicion persist, and as they movement to the later levels of the monetary cycle, they might predict investors to guard in financially potent companies: the nature of businesses of which their portfolio predominantly consists.

MIKE PRENTIS and ROLAND ARNOLDBlackRock funding management (UK) Limited2 may furthermore 2019


I will subsist retiring after the AGM in June, having served as Portfolio manager for more than sixteen years. It has been a absolutely pleasing adventure, and infrequently occupy I had a lackluster day. they are certainly fortunate that their investment universe has always included many quick becoming, really differentiated companies frequently dash by using enormously astounding and dynamic administration groups. For us the challenge has at All times been to fulfill these teams and start an funding position within the business. Their success over the years has been constructed on the success of these top notch organizations and their managements. i am very grateful to them; it definitely has been a privilege to meet them on an everyday basis. In a titanic universe, recognizing the rising winners is not at All times convenient, but many sell-facet brokers and analysts occupy helped us to identify and meet essentially the most unique groups. They too were key to the business's efficiency. Board members through the years occupy perpetually been very supportive to me, and i am certainly appreciative of Nick's unfailingly useful chairmanship. i am additionally grateful for the loyalty of shareholders; I actually occupy All the time loved assembly them on my visits around the UK, and naturally at the AGM. At BlackRock I occupy been lucky to subsist piece of a carefully knit group, with a transparent funding approach which everyone are bought into. during this length I occupy labored closely with Roland Arnold, and i desire Roly the best of success in the future as Portfolio supervisor of the business. i will wait a shareholder and may subsist conserving a keen activity in development.

MIKE PRENTIS2 can furthermore 2019



4imprint GroupMarketingPortfolio price£16,555,000Percentage of portfolio 2.3%

a leading corporation of promotional products operating just about wholly in the US market. It sells an extensive latitude of products to organizations and organisations of All sizes, customarily personalized with the valued clientele' brand or logo. Its augment is underpinned via quite a number data-pushed natural and affiliate marketing online.


IntegraFinFinancial ServicesPortfolio value£14,919,000Percentage of portfolio 2.1%

issuer of a leading funding platform, called Transact, to UK fiscal advisers and their purchasers through proprietary expertise, top class provider, a wide sweep of tax wrappers and an extensive election of assets.


YouGovData analyticsPortfolio cost£14,805,000Percentage of portfolio 2.1%

a global issuer of survey facts and professional facts analytics. The commerce become recently named one of the crucial world's top 25 research organizations.


critical Asia MetalsDiversified mining companyPortfolio price£13,820,000Percentage of portfolio 2.0%

A foundation metals producer with copper belongings in Kazakhstan and zinc and lead property in North Macedonia. The enterprise is one of the lowest cost producers in the trade, and the potent stability sheet and cash era has viewed the group traditionally recrudesce money to shareholders.


huge YellowSelf storagePortfolio value£13,663,000Percentage of portfolio 1.9%

provider of self-storage options for each people and businesses, in enormously seen and obtainable places. it's focused on London and the South East. The commerce has a market leading company, included by high limitations to entry when it comes to constrained land availability and planning restrictions, and has generated efficacious working cash flows over the long run.


Robert WaltersRecruitmentPortfolio value£13,244,000Percentage of portfolio 1.9%

a world specialist expert recruitment consultancy. The commerce operates across 30 countries and employs over four,one hundred people, providing services across everlasting, meantime and contract toil placements. The commerce is seeing respectable augment in most territories with over 70% of web fee income derived from outdoor the uk.


advanced medical SolutionsManufacturingPortfolio cost£12,220,000Percentage of portfolio 1.7%

a leading developer and manufacturer of resourceful and technologically advanced products for the global advanced wound care, surgical and wound closure markets. It manufactures a titanic sweep of items including those marketed beneath the brands ActivHeal, LiquiBand and RESORBA.


Fuller Smith & TurnerPub and hotel operatorPortfolio value1£11,355,000Percentage of portfolio 1.6%

A pub and inn operator that owns and operates over 380 pubs, resorts and inns across London and South East England.

1 A Shares.


Morgan SindallConstructionPortfolio price£eleven,349,000Percentage of portfolio 1.6%

A progress and regeneration neighborhood using over 6,600 americans whose activies latitude from interior healthy-out and refurbishment projects to foremost urban regeneration schemes.


Workspace GroupCommercial propertyPortfolio price£11,321,000Percentage of portfolio 1.6%

Workspace is a FTSE 250 actual property investment confidence providing supple toil areas. The commerce owns sixty five properties throughout 3.8m sq. toes. in London.

All percentages replicate the cost of the holding as a percentage of total investments. together, the ten largest investments characterize 18.eight% of total investments (ten biggest investments as at 28 February 2018: sixteen.5%). All holdings are in regular shares except otherwise stated.



company activity

Marketvalue£'000 % of totalportfolio 4imprint group supply of promotional merchandise within the US 16,555 2.3 IntegraFin Provision of an investment platform for monetary advisers 14,919 2.1 YouGov Provision of survey information professional statistics analytics 14,805 2.1 crucial Asia Metals creation of foundation metals with operations in Kazakhstan and North Macedonia 13,820 2.0 large Yellow Provision of self-storage facilities13,663 1.9Robert Walters Provision of expert knowledgeable recruitment facilities13,244 1.nineadvanced scientific answersDevelopment and supply of items for the world wound saturate and wound closure markets 12,220 1.7 Fuller Smith & Turner - A sharesownership of and management of pubs in the London enviornment and South East England eleven,355 1.6 Morgan Sindall provide of workplace appropriate out, progress and concrete regeneration amenities11,349 1.6 Workspace community provide of bendy workspace to businesses in London 11,321 1.6 Liontrust Asset managementProvision of asset control11,319 1.6 Zotefoams Manufacture of light-weight go-linked polyolefin obstruct foams and microcellular substances generationeleven,070 1.6 Bodycote Provision of thermal processing amenities10,757 1.5Polar Capital Holdings expert asset control10,676 1.fiveNext Fifteen Communications Provision of digital communications amenities10,624 1.fiveDechra prescription drugs building and provide of pharmaceutical and different items concentrated on the veterinary market10,570 1.5Premier Asset management neighborhood Retail asset management10,389 1.5Diversified fuel & Oil possession and operation of onshore US oil and fuel producing assets 10,359 1.fiveStock Spirits community development and manufacture of branded spirits peculiarly in jap Europe 9,790 1.4 Avon Rubber creation of defense masks and dairy linked products 9,770 1.four Johnson carrier community Provision of material apartment and related services9,692 1.4 Savills Provision of property services9,689 1.four Trifast Manufacture and distribution of industrial fastenings 9,455 1.3 RWS Holdings Provision of translation and localisation, intellectual property uphold solutions and life sciences language amenities9,254 1.three Vesuvius Provision of metallic hobble engineering functions and solutions to the metal and foundry industries 9,one hundred fifteen 1.3 futuresupply of content material for the technology, leisure, creative arts, home activity and education sectors using a proprietary technology platform 8,955 1.three Hill & Smith production of infrastructure items and supply of galvanising amenitieseight,773 1.2 Ibstock Manufacture of clay bricks and concrete products 8,679 1.2 GB group Provision of identification verification software and solutions8,421 1.2 Gulf Keystone Petroleum Operation of oil producing belongings in the Kurdistan region of Iraq eight,361 1.2 Oxford instruments Design and manufacture of paraphernalia and systems for trade and researcheight,296 1.2 Alliance Pharma Distribution of pharmaceutical and healthcare products 8,162 1.2 Treatt development and manufacture of constituents for the flavour and scent industry8,108 1.2 Ocean Wilsons possession and administration of ports and connected vessels in Brazil eight,094 1.1 DiscoverIE Design and manufacture of specialist components for electronics functions 7,879 1.1 IG Design community Design and provide of greetings products 7,876 1.1 Coats community Manufacture of industrial thread 7,349 1.0 Breedon provide of structure components7,252 1.0 Tarsus organisation of exhibitions, conferences, schooling, publishing and on-line media 7,a hundred and eighty 1.0 AB Dynamics construction and provide of expert automotive testing techniques 7,069 1.0 XPS Pensions neighborhood Pension consulting and management7,068 1.0 ECO Animal healthconstruction, registration and advertising of pharmaceutical products for international animal health markets 6,995 1.0 Clarkson Provision of delivery services6,833 1.0 St. Modwen residences funding in, and structure of belongings6,710 1.0 young & Co's Brewery - Non-balloting possession of pubs within the London area four,369 0.9Young & Co's Brewery - A shares2,148 James Fisher and Sons Provision of ingenious marine options and specialised engineering facilities6,414 0.nineMattioli Woods Provision of wealth management amenities5,868 0.8 Huntsworth deliver of marketing and research functions basically to the pharmaceuticals sector 5,837 0.eight Grafton Operation of builders retailers within the UK, eire and Netherlands 5,779 0.8 Eland Oil & gasolineProduction of oil in onshore Nigeria 5,688 0.8 ------------------ ------------------ 50 greatest investments 469,943 66.5 ------------------ ------------------ closing investments 237,207 33.5 ------------------ ------------------ complete 707,a hundred and fifty 100.0 =========== ===========

a complete listing of All the business's most recent portfolio holdings is given at the enterprise's site at the following hyperlink: blackrock.com/uk/particular person/literature/guidelines/brsct-portfolio-disclosure.pdf.


At 28 February 2019, the company did not grasp any fairness investments comprising greater than 3% of any enterprise's participate capital aside from as disclosed within the table under:

safety Description % of Shares Held Gear4Music (Holdings) 4.99 Premier Asset management neighborhood 4.86 Cloudcall community four.71 Filta community Holdings 4.67 Northbridge Industrial facilities4.67 Capital Drilling four.57 Castleton technologyfour.56 Tatton Asset control4.50 Quartix Holdings four.36 WLL London four.32 Nexus Infrastructure four.32 americaera4.31 Trifast four.29 metropolis of London funding community 4.21 Miton neighborhood four.17 Zotefoams three.84 Liontrust Asset management3.seventy four TheWorks.co.ukthree.sixty five Anpario three.sixty one Maxcyte three.49 Fuller Smith and Turner three.forty one Robert Walters three.24 Curtis Banks group three.20 Duke Royalty Ltd 3.19 Angling Direct three.14 central Asia Metals 3.13 Treatt three.13 Ten leisure group 3.11 YouGov three.00 =========


Sector % ofportfolio Oil & gas producers4.5Oil device, features & Distribution 0.5 -------------- Oil & gas5.0 -------------- chemical substances 2.7 Mining three.7 -------------- fundamental materials6.4 -------------- building & constituents5.6 Aerospace & Defence 2.6 digital & Electrical accessories2.fiveregular Industrials 2.3 Industrial Engineering 5.8 Industrial Transportation three.0 help services9.1 -------------- Industrials 30.9 -------------- beverages 1.four family unit items & home building 1.8 personal items 0.5entertainment items 2.3 -------------- client goods 6.0 -------------- health saturate gadget & amenitiesthree.3 pharmaceuticals & Biotechnology four.4 -------------- health Care 7.7 -------------- universal agents 1.6 Media 9.6 commute & amusement three.9 -------------- customer amenities15.1 -------------- fiscal facilities16.3 actual estate investment & services3.6 true estate investment Trusts four.0 -------------- Financials 23.9 -------------- utility & computing device facilitiesfour.6 -------------- technologyfour.6 -------------- gas, Water & Multiutilities 0.4 -------------- Utilities 0.4 -------------- completea hundred.0 =========

evaluation of Portfolio value via Sector


Benchmark (Numis SmallerCompanies, plus goal(ex investment corporations)Index) Oil & fuel5.0 6.3 basic parts6.4 6.nineIndustrials 30.nine21.1 client goods 6.0 10.2 health Care 7.7 5.0 buyer facilities15.1 18.1 Financials 23.921.0 generationfour.6 eight.eight Utilities 0.four 0.8 Telecommunications 0 1.8

supply: BlackRock.

investment measurement

number of investments Market value of investmentsas % of portfolio £0m to £1m 4.00 0.40 £1m to £2m 12.00 2.60 £2m to £3m 12.00 4.30 £3m to £4m 23.00 11.60 £4m to £5m 12.00 eight.00 £5m to £6m 13.00 10.00 £6m to £7m 5.00 four.70 £7m to £8m 7.00 7.30 £8m to £9m 9.00 10.70 £9m to £10m 7.00 9.40 £10m to £11m 6.00 9.00 £11m to £12m 5.00 eight.00 £12m to £13m 1.00 1.70 £13m to £14m three.00 5.80 £14m to £15m 2.00 4.20 £16m to £17m 1.00 2.30

supply: BlackRock.


The administrators present the Strategic file of the enterprise for the year ended 28 February 2019. The end of the Strategic record is to provide shareholders with the counsel to examine how the administrators occupy carried out their duty to advertise the success of the commerce for the collective profit of shareholders.

principal ACTIVITYThe commerce carries on enterprise as an investment occupy assurance and its predominant recreation is portfolio investment. funding trusts, dote unit trusts and OEICs, are pooled funding vehicles which permit publicity to a various sweep of assets through a solitary funding, as a result spreading, besides the fact that children now not casting off funding possibility.

OBJECTIVEThe enterprise's best goal is to obtain future capital boom for shareholders via investment peculiarly in smaller UK quoted corporations.

No fabric alternate can subsist made to the company's funding purpose with out shareholder approval.

strategy, commerce mannequin AND funding POLICYTo achieve its investment purpose the commerce invests predominantly in UK Smaller organizations that are listed on the London inventory change or on the option funding Market (purpose), with a restrict on the stage of goal investments that may subsist held in the portfolio of 50% of the portfolio by means of price. The enterprise can furthermore also reclaim money into securities which might subsist listed remote places but occupy a secondary UK quotation. youngsters investments are primarily in companies listed on regarded stock exchanges, the funding manager may furthermore additionally reclaim money into unquoted securities with the prior approval of the Board. At 28 February 2019 the company didn't cling any unquoted investments in its portfolio.

enterprise MODELThe business's enterprise mannequin follows that of an externally managed funding occupy faith. hence, the company does not occupy any employees and outsources its activities to third party provider providers including the supervisor, who is the foremost carrier issuer. The administration of the funding portfolio and the administration of the enterprise were contractually delegated to the supervisor who in circle (with the consent of the company) has delegated Definite investment administration and different ancillary functions to the investment supervisor. The manager, operating under guidelines decided by the Board, has direct accountability for the selections concerning the every day working of the enterprise and is accountable to the Board for the funding, economic and working performance of the business.

The commerce delegates fund accounting features to BIM (UK), which in circle sub-delegates these functions to BNYM. other service suppliers involve the Depositary (also BNYM) and the Registrar, Computershare Investor features PLC. just before 1 November 2017, the entity appointed as the company's Depositary was BNY Mellon occupy faith & Depositary (UK) confined (BNYMTD). The Depositary has sub-delegated the availability of custody services to the Asset Servicing division of BNYM. particulars of the contractual phrases with the supervisor and the Depositary and extra particulars of the sub-delegation preparations in region governing custody services are set out within the directors' file contained within the business's 2019 Annual report.

investment POLICYThe manager has adopted a constant investment procedure, specializing in respectable first-class growth businesses which are trading well; inventory alternative is the fundamental focus of attention however consideration is furthermore given to sector weightings and underlying themes. while there are not any set limits on particular person sector exposures in opposition t the business's benchmark, a agenda of sector weightings is presented at each and every Board assembly for assessment. In making consume of the funding purpose, the investment manager expects the enterprise to subsist fully invested and to borrow as and when appropriate. The commerce seeks to obtain a suitable spread of investment possibility through investing in a brace of holdings throughout a number of sectors.

change TO THRESHOLD LIMITPreviously, the commerce couldn't cling more than 5% of the proportion capital of any commerce wherein it has an investment. The Board has authorized a transformation to this restrict whereby this restrict could subsist expanded to 6%. The intent for the trade is to provide the portfolio manager extra flexibility on the margin when investing in preparatory Public choices, where the restrict can lead to the company being undersubscribed for regularly occurring offerings when applications are scaled again. because the modification does not constitute a cloth alternate in funding policy requiring (inter alia) approval of shareholders at a prevalent assembly of the company, it's going to retract instant effect.

in addition, while the company may dangle shares in different listed investment corporations (including funding trusts) the Board has agreed that the company will no longer invest more than 15% of its complete belongings in different UK listed funding companies. The funding supervisor will no longer deal in derivatives with out the prior approval of the Board and derivative instruments, such as alternatives and futures contracts, occupy not been used prerogative through the year.

efficiency is measured in opposition t an acceptable benchmark, the Numis Smaller businesses plus goal (except for funding groups) Index.

funding PHILOSOPHYThe funding manager seeks to determine groups which it believes occupy sophisticated long-term augment possibilities and the administration in belt to retract handicap of these potentialities. here is carried out through monitoring market newsflow carefully, looking for signals of outperformance, and by working intently with BlackRock's community of brokers. originally, if the funding manager is sufficiently impressed with a corporation's prospects, it's going to seem to subsist to retract a wee position, constantly 0.25% to 0.50% of the business's internet belongings, in a new preserving. These holdings can subsist intently monitored, and participants of the portfolio administration group will meet with administration on a daily foundation. If these corporations continue to prosper and profit from opportunities, the funding manager will step by step add to the portfolio conserving. where preparatory expectations are disillusioned, the preserving should subsist bought. The anticipation is that every retaining will grow to subsist a core keeping over time; one which meets the funding supervisor's standards for high first-rate boom businesses. These criteria are proven within the 'guidance wheel' diagram set out within the Strategic record contained within the enterprise's 2019 Annual document.

Valuation is a key consideration; it's necessary now not to overpay for brand new holdings. besides the fact that children, funding fundamentals are furthermore crucial and the funding supervisor may well subsist prepared to pay what appears dote a high rate if it believes that long term boom possibilities are very effective. generally, a company might subsist held within the portfolio if it meets the criteria for core holdings; in respect of contemporary investments, the funding manager will confidence even if they've the handicap to fulfill these standards. Holdings will subsist offered if there are concerns that the investment case has modified in a negative method. Holdings will subsist decreased the position the position size becomes too large and raises issues about risk and diversification. The accustomed goal is for portfolio holdings not to exceed three% of the company's internet property (aside from cash fund investments held for money administration applications). as the investments within the portfolio become bigger over time, the Portfolio supervisor will proceed to examine augment potentialities in evaluation to smaller companies operating within similar markets. New holdings requisite to occupy a market cap underneath £2bn, youngsters holdings that circulation above that stage might subsist maintained featuring the funding adheres to the customary thesis, and is silent the most appealing chance that can furthermore subsist discovered amongst a similar peer neighborhood. in keeping with the instructions, the Portfolio supervisor will promote any stock that enters the FTSE a hundred inside thirty days of entry.

The investment supervisor believes that constant outperformance can subsist achieved by using employing a mixture of bottom-up and exact-down analysis, based mostly upon potent fundamental analysis.

In structure a sturdy portfolio the investment manager will additionally believe the macro-financial historical past, working with strategists, economists and different groups internally and externally to remember this superior. It additionally works carefully with BlackRock's risk crew to verify the dangers in the constitution of the portfolio. Any necessary adjustments could subsist made to the portfolio to subsist certain that it is structured in an confiscate means from a macro and possibility aspect of view.

GEARING POLICYThe Board believes that gearing can add value over the long term. In may additionally 2017, the commerce issued £25 million senior unsecured mounted price deepest placement notes (the "Notes") at a coupon of two.74% with a 20 12 months bullet maturity. here's besides the business's £15 million debenture maturing in 2022. Variable price financing available to the commerce carries a £35 million three-year revolving loan facility with Scotiabank (ireland) restrained and an uncommitted overdraft facility of £10 million with The monetary institution of titanic apple Mellon (foreign) limited.

The advantages of gearing are mentioned and the helpful stage agreed with the supervisor regularly. it's putative that gearing will not exceed 15% of the net assets of the enterprise on the time of the drawdown of the crucial borrowings and at the steadiness sheet date gearing stood at 4.9% of web belongings (with debt at par). under standard operating cases, it is envisaged that gearing may subsist within a sweep between 0%-15% of internet belongings.

PORTFOLIO ANALYSISA minute analysis of the portfolio has been offered above.

PERFORMANCEDetails of the business's performance including the dividend are set out within the Chairman's remark. The Chairman's commentary and the funding manager's file form piece of this Strategic report and involve a overview of the main tendencies prerogative through the year, along side assistance on funding undertaking within the business's portfolio.

consequences AND DIVIDENDSThe outcomes for the enterprise are set out within the income statement within the monetary Statements. the full internet loss for the 12 months, after taxation, was £33,946,000 (2018: earnings £a hundred thirty five,381,000) of which the salary recrudesce amounted to £sixteen,123,000 (2018: profit of £14,029,000), and the capital loss amounted to £50,069,000 (2018: profit £121,352,000).

The company's income recrudesce amounted to 33.67p per participate (2018: 29.30p). The administrators hint the saturate of a ultimate dividend of 19.20p per participate as set out within the Chairman's observation.

KEY performance INDICATORSAt each Board meeting, the administrators coincide with a few efficiency measures to verify the company's success in reaching its aims. the key efficiency indications (KPIs) used to measure the progress and performance of the commerce over time and that are similar to these stated with the aid of other investment trusts are set out beneath.

Key performance indicatorsYear ended28 February 2019 yr ended28 February 2018 NAV per participate (debt at par cost)1 -6.6% 20.eight% NAV per participate (debt at reasonable price)1 -6.6% 21.2% NAV per participate (debt at par cost, capital most effective)1 -6.8% 20.7% NAV per participate total recrudesce efficiency (debt at reasonable cost) -four.9% 23.2% Share cost0.4% 25.0% Benchmark return1 -8.2% eight.three% standard contract to NAV with debt at unbiased price 7.9% 13.0% revenue recrudesce per share33.67p 29.30p ---------------- ---------------- Ongoing prices ratio2,3 0.7% 0.7% ---------------- ---------------- Ongoing charges ratio3 (together with performance expenses) n/a 1.0% ========== ==========

1 with out revenue reinvested.2 Calculated as a percentage of standard shareholders' dollars and using operating fees, with the exception of efficiency charges, finance expenses, transaction prices and taxation in line with AIC instructions.3 With repercussion from 1 March 2018 the business's administration payment and efficiency fee preparations changed. the brand new fee basis is set out in solemnize 4 of the fiscal Statements, and the performance saturate changed into removed.

Sources: BlackRock and Datastream.

moreover, the Board constantly experiences many indices and ratios to abide in intuition the influence on the business's relative efficiency of the quite a lot of add-ons akin to asset allocation and stock selection. The Board furthermore stories the efficiency and ongoing costs of the commerce in opposition t a peer group of UK smaller businesses trusts and open-ended cash.

The directors recognize that it is within the lengthy-time era pursuits of shareholders that shares conclude not alternate at a titanic slit price to their current net asset cost. All through the 12 months the shares traded between a reduction of 1.1% and a discount of 12.three%, ending the year at 5.0% (in keeping with NAV with debt at unbiased price).

The Board believes that the most excellent fashion of addressing the contract over the long term is to create exact for the shares within the secondary market. To this End the investment manager is devoting considerable endeavor to broadening the consciousness of the business's astounding sights, specifically to wealth managers and to the broader retail shareholder market. Over the remaining eight years, the variety of shares held via retail shareholders has expanded from 29.5% (as at 28 February 2011) to sixty two.three% at 28 February 2019.

major RISKSThe commerce is uncovered to a lot of risks and uncertainties. As required by the uk company Governance Code (the united kingdom Code) the Board has in region a stalwart ongoing technique to examine and video array the fundamental risks of the enterprise including people who would intimidate its company mannequin, future efficiency, solvency or liquidity. A core aspect of this system is the company's chance register which identifies the risks facing the company, the chance and handicap strike of each risk and the controls relative for mitigation. A residual possibility score is calculated for every chance.

The chance register, its fashion of instruction and the operation of key controls in BlackRock's and third-birthday celebration carrier providers' systems of interior manage are reviewed on a daily groundwork by passage of the Audit Committee. in an endeavor to gain a greater finished figuring out of BlackRock's and other third-birthday celebration carrier providers' chance management procedures and how these practice to the company's enterprise, BlackRock's internal audit department offers an annual presentation to the Audit Committee Chairman environment out the results of testing performed on the topic of BlackRock's interior manage tactics. The Audit Committee furthermore periodically receives presentations from BlackRock's chance & Quantitative evaluation team and stories service supplier control (SOC 1) reviews from the company's service providers. The present chance register categorises the business's main areas of risk as follows:

· funding efficiency possibility;

· Market risk;

· revenue/dividend risk;

· felony & compliance chance;

· Operational risk;

· fiscal possibility; and

· advertising and marketing risk.

The major hazards and uncertainties faced through the commerce throughout the monetary 12 months, at the side of the competencies effects, controls and mitigating components, are set out in the following desk.

fundamental risk Mitigation/manage funding efficiency riskReturns finished are reliant basically upon the efficiency of the portfolio.The Board is accountable for:· figuring out the investment strategy to fulfil the enterprise's purpose; and· monitoring the performance of the funding supervisor and the implementation of the investment strategy.An inappropriate investment strategy may additionally lead to:· unpleasant efficiency compared to the Benchmark Index and the enterprise's peer neighborhood;· a loss of capital; and· disappointed shareholders. To control this chance the Board:· continuously stories the business's investment mandate and long term strategy;· has set funding restrictions and instructions which the funding manager displays and regularly experiences on;· receives from the funding supervisor an everyday clarification of stock preference choices, portfolio publicity, gearing and any changes in gearing and the motive for the composition of the funding portfolio;· screens the upkeep of an satisfactory unfold of investments to subsist able to minimise the risks linked to factors particular to particular sectors, according to the diversification necessities inherent in the funding coverage; and· receives reviews displaying the company's performance in opposition t the benchmark. Market riskMarket risk arises from volatility in the prices of the business's investments influenced through alien money, interest expense or other cost movements. It represents the abilities loss the commerce might endure via conserving market positions in monetary devices in the visage of market movements.Market chance comprises the skills repercussion of movements which might subsist backyard the scope of the business's control. The Board considers asset allocation, stock option and degrees of gearing on a daily foundation and has set investment restrictions and guidelines that are monitored and stated on by the investment manager.The Board displays the implementation and effects of the investment fashion with the funding manager. salary/dividend riskThe amount of dividends and future dividend augment will depend on the efficiency of the business's underlying portfolio. furthermore, any trade within the tax medicine of the dividends or interest obtained through the company can furthermore in the reduction of the degree of dividends got by using shareholders. The Board monitors this possibility throughout the receipt of distinctive revenue forecasts and considers the stage of profits at each and every Board assembly.The company has huge income reserves which can subsist utilised. criminal & Compliance riskThe enterprise has been authorized by HM income & Customs as an funding occupy faith, topic to continuing to answer the significant eligibility situations and operates as an investment confidence according to Chapter 4 of half 24 of the agency Tax Act 2010. As such, the company is exempt from capital positive factors tax on the earnings realised from the sale of its investments.Any breach of the crucial eligibility situations could lead on to the commerce losing funding occupy faith popularity and being belt to enterprise tax on capital gains realised in the company's portfolio. In such event the investment returns of the commerce could subsist adversely affected.Any captious breach may result in the enterprise and/or the directors being fined or the territory of criminal proceedings or the suspension of the enterprise's shares which might in flip lead to a breach of the organization Tax Act 2010.Amongst other imperative legal guidelines and regulations, the company is required to conform to the provisions of the groups Act 2006, the election investment Fund Managers' Directive, the united kingdom record suggestions and Disclosure tips and Transparency rules and the Market misuse law. The investment supervisor screens investment actions and the quantity of proposed dividends to ensure that the provisions of Chapter four of piece 24 of the organization Tax Act 2010 aren't breached. The results are mentioned to the Board at each and every assembly.Compliance with the accounting rules affecting funding trusts is furthermore carefully and regularly monitored.The enterprise Secretary and the business's skilled advisers give mediocre reports to the Board in cherish of compliance with All applicable guidelines and rules. Operational riskIn mediocre with most other investment occupy assurance corporations, the enterprise has no personnel. The commerce hence depends on the functions provided with the aid of third events. accordingly, it is elegant on the control programs of the supervisor, the Depositary and the Fund Accountant who hold the business's assets, dealing strategies and accounting statistics.The protection of the company's assets, dealing processes, accounting facts and adherence to regulatory and prison requirements and the prevention of fraud depend upon the efficacious operation of the methods of these different third celebration provider suppliers.Failure by any carrier provider to carry out its obligations to the company could occupy a material opposed repercussion on the business's efficiency. Disruption to the accounting, price systems or custody statistics may steer clear of the accurate reporting and monitoring of the business's monetary position. Due diligence is undertaken earlier than contracts are entered into with third celebration provider providers. Thereafter, the efficiency of the company is belt to accustomed overview and reported to the Board.The Board reviews on a daily groundwork an evaluation of the fraud dangers that the company could probably subsist exposed to, and furthermore a abstract of the controls reclaim in vicinity by means of the manager, the Depositary, the Custodian, the Fund Accountant and the Registrar designed mainly to mitigate these risks.Most third-birthday celebration provider suppliers produce carrier commerce enterprise wield (SOC 1) stories to provide assurance related to the advantageous operation of internal controls as mentioned on by passage of their reporting accountants. These experiences are offered to the Audit Committee.The business's property are discipline to a strict liability regime and in the adventure of a loss of fiscal property held in custody, the Depositary ought to recrudesce assets of an identical classification or the corresponding volume, except in a position to exhibit the loss was as a result of the an suffer past its cost efficacious manage.The Board reports the accustomed efficiency of the manager, investment supervisor and All different third-party provider suppliers and compliance with the funding management settlement on a regular foundation.The Board additionally considers the company continuity preparations of the company's key carrier providers. monetary riskThe company's investment activities expose it to a number of monetary dangers that consist of activity fee, credit score and liquidity chance.extra particulars are disclosed in the note sixteen to the monetary statements contained within the business's 2019 Annual file, at the side of a summary of the guidelines for managing these dangers. details of those risks are disclosed in solemnize 16 to the monetary statements, in conjunction with a abstract of the policies for managing these hazards. advertising riskMarketing efforts are inadequate, conclude not comply with captious regulatory requirements, and fail to communicate appropriately with shareholders or achieve out to skills new shareholders leading to reduced exact for the enterprise's shares and a widening bargain. The Board focuses titanic time on communications with shareholders and reviewing advertising approach and initiatives. All funding believe marketing documents are topic to acceptable evaluation and authorisation.

VIABILITY STATEMENTIn accordance with provision C.2.2 of the united kingdom Code, the administrators occupy assessed the potentialities of the company over a longer era than the 12 months spoke of via the 'Going challenge' instructions. The Board conducted this evaluate for the era as much as the AGM in 2024 being a 5-12 months length from the date that this Annual document should subsist accredited by using shareholders. This assessment term has been chosen because it represents a medium-time era performance duration over which buyers in the smaller organizations sector frequently check with when making investment choices.

In making this assessment the Board has considered prerogative here elements:

· The enterprise's major hazards as set out above;

· The influence of a significant plunge in UK equity markets on the price of the business's investment portfolio;

· the continuing relevance of the enterprise's investment objective in the present environment; and

· The stage of exact for the company's generic shares.

The Board has additionally considered a brace of fiscal metrics, together with:

· The stage of latest and historical ongoing charges incurred with the aid of the business;

· The discount to NAV;

· The degree of profits generated via the business;

· Future income forecasts; and

· The liquidity of the company's portfolio.

The enterprise is an investment enterprise with a relatively liquid portfolio. As at 28 February 2019, the commerce held no unquoted investments and fifty eight.5% of the enterprise's portfolio investments were effortlessly realisable and listed on the London stock exchange. The closing forty one.5% that had been listed on the option funding Market are furthermore regarded to subsist with no exertion realisable. The enterprise has generally fixed overheads which comprise a extremely wee percent of web property. therefore, the Board has concluded that, even in peculiarly wired operating situations, the commerce would without problems subsist capable of meet its ongoing operating fees as they plunge due.

despite the fact, funding groups can furthermore visage different challenges, comparable to a titanic lessen in dimension due to gigantic participate purchase lower back pastime. The commerce has in belt the authority to purchase again as much as 14.99% of issued participate capital, however below present cases the Board does not envisage that this facility will deserve to subsist utilised. In making this assessment the Board has considered the company's efficiency which has outstripped the business's benchmark for the remaining sixteen consecutive years; the enterprise's participate fee has outperformed the benchmark index by 8.6% over three hundred and sixty five days, 34.4% over three years and forty one.9% over five years respectively (all efficiency calculations exclude revenue reinvestment).

based on the effects of their analysis, the administrators occupy an inexpensive expectation that the company could subsist able to continue in operation and meet its liabilities as they plunge due over the length of their assessment.

FUTURE PROSPECTSThe Board's leading focal point is to achieve future capital boom. the long dash efficiency of the enterprise is elegant upon the success of the funding approach and, to a huge extent, on the performance of economic markets. The outlook for the commerce in the subsequent twelve months is mentioned within the Chairman's remark and the investment manager's file above.

SOCIAL, group AND HUMAN RIGHTS ISSUESAs an investment occupy faith, the enterprise has no direct convivial or neighborhood obligations. however, the administrators believe that it's in shareholders' pastimes to consider human rights issues, environmental, convivial and governance matters when opting for and retaining investments. details of the company's coverage on socially liable funding are set out within the company Governance remark contained within the 2019 Annual file.

contemporary SLAVERY ACTAs an investment automobile the enterprise doesn't give goods or features in the mediocre route of business, and doesn't occupy purchasers. for this reason, the directors consider that the company is not required to rate any slavery or human trafficking commentary below the modern Slavery Act 2015. In any event, the Board considers the company's give chain, dealing predominantly with skilled advisers and repair suppliers in the monetary functions business, to subsist low chance relating to this subsist counted.

administrators, GENDER representation AND EMPLOYEESThe administrators of the commerce on 28 February 2019 are set out in the administrators' biographies set out in the Governance component of the 2019 Annual document. With repercussion from 1 April 2019 the Board incorporates four manful directors and two womanly administrators. With repercussion from four June 2019 when Mr Fry will retire from the Board, the Board will consist of three manful directors and two womanly directors. The company's coverage on sweep is determined within the corporate Governance remark contained inside the business's 2019 Annual record. The commerce doesn't occupy any government employees.

The Chairman's observation together with the investment manager's record kindhearted a piece of the Strategic report. The Strategic record changed into accredited through the Board at its meeting on 2 may additionally 2019.

through ORDER OF THE BOARDSARAH BEYNSBERGERFor and on behalf ofBlackRock funding administration (UK) LimitedCompany Secretary2 can furthermore 2019

linked celebration TRANSACTIONS

The manager become appointed because the enterprise's election funding Fund supervisor (AIFM) with repercussion from 2 July 2014. The supervisor has (with the enterprise's consent) delegated Definite portfolio and chance administration capabilities, and other ancillary features, to the investment supervisor. particulars of the expenses payable to the supervisor are set out in notice 4.

The supervisor gives management and administration services to the company under a contract which is terminable on six months' note. BFM has (with the business's consent) delegated Definite portfolio and chance administration functions, and other ancillary features, to BIM (UK). additional particulars of the investment administration contract are disclosed within the directors' report.

The investment administration saturate payable for the 12 months ended 28 February 2019 amounted to £four,590,000 (2018: £three,884,000). As set out in subsist awake four, with upshot from 1 March 2018 the enterprise no longer has any efficiency payment arrangements in location. The efficiency prices gathered for the yr ended 28 February 2018 totalled £1,794,000. at the duration conclusion, £2,099,000 was excellent in recognize of the management price (2018: £1,965,000). there occupy been no quantities wonderful in respect of the efficiency saturate at the length End as this ceased to apply from 1 March 2018. As at 28 February 2018 £1,794,000 became surprising in cherish of the efficiency fee.

apart from the above services, BlackRock offered the company with advertising and marketing features. the overall expenses paid or payable for these features for the yr ended 28 February 2019 amounted to £113,000 including VAT (2018: £a hundred and fifty five,000). advertising and marketing prices of £152,000 (2018: £189,000) were excellent at yr conclusion.

Disclosures of the administrators' pastimes within the common shares of the enterprise and charges and costs payable to the directors are set out within the directors' Remuneration document contained witin the 2019 Annual report. At 28 February 2019, an amount of £13,000 (2018: £13,000) changed into astounding in cherish of directors' charges.

The Board includes six non-executive directors, All of whom are regarded to subsist independent through the Board. not one of the administrators has a provider contract with the business. For the yr ended 28 February 2019, the Chairman acquired an annual fee of £40,000, the Chairman of the Audit Committee acquired an annual price of £30,000 and each different Director bought an annual price of £26,750. With upshot from 1 March 2019, the Chairman's payment improved to £42,500, the Chairman of the Audit Committee's fee increased to £32,500 and each of the other administrators' costs increased to £28,500.

As at 2 might furthermore 2019, except for Ronald Gould (who joined the Board on 1 April 2019), All individuals of the Board held shares within the company. Nicholas Fry held forty,000 common shares, Michael Peacock held 1,000 generic shares, Robbie Robertson held 91,062 regular shares, Caroline Burton held 5,500 common shares and Susan Platts-Martin held 2,000 mediocre shares.

remark OF directors' tasks IN respect OF THE ANNUAL file AND monetary STATEMENTS

The administrators are responsible for getting ready the Annual record and economic Statements according to apposite legislations and laws. company legislation requires the administrators to reclaim together fiscal statements for each economic year. below that law they occupy got elected to reclaim together the fiscal statements in keeping with apposite law and united kingdom Accounting specifications (uk frequently authorised Accounting practice).

below enterprise legislations the directors must not certify the economic statements until they're convinced that they supply a real and reasonable view of the situation of the enterprise as at the End of each and every economic 12 months and of the income or loss of the company for that 12 months.

In preparing those fiscal statements, the administrators are required to:

· existing fairly the fiscal place, monetary efficiency and money flows of the enterprise;

· pick suitable accounting guidelines after which practice them perpetually;

· existing tips, including accounting policies, in a manner that provides crucial, respectable, similar and comprehensible guidance;

· rate judgements and estimates which are within your budget and prudent;

· condition whether applicable UK Accounting necessities were followed, discipline to any fabric departures disclosed and defined in the monetary statements; and

· reclaim together the fiscal statements on the going issue groundwork except it's inappropriate to presuppose that the company will continue in business.

The administrators are accountable for preserving satisfactory accounting records which are adequate to array and elaborate the company's transactions and betray with affordable accuracy at any time the fiscal position of the enterprise and allow them to subsist certain that the fiscal Statements and the administrators' Remuneration document comply with the companies Act 2006. they're additionally liable for safeguarding the belongings of the company and therefore for taking friendly value steps for the prevention and detection of fraud and other irregularities.

The directors are furthermore chargeable for making ready the Strategic document, directors' file, the administrators' Remuneration report, the company Governance commentary and the document of the Audit Committee in response to the groups Act 2006 and apposite rules, including the necessities of the list guidelines and the Disclosure advice and Transparency suggestions. The administrators occupy delegated responsibility to the supervisor for the preservation and integrity of the business's company and economic advice included on BlackRock's web page. law in the united kingdom governing the education and dissemination of monetary statements can furthermore fluctuate from law in different jurisdictions.

each and every of the administrators, whose names are listed in the Governance component to the 2019 Annual record, confirms that, to the better of their advantage:

· the economic Statements, prepared based on apposite accounting necessities, give a real and unbiased view of the belongings, liabilities, monetary position and income or want of the enterprise; and

· the Strategic file contained within the Annual record and economic Statements includes a unbiased assessment of the structure and performance of the commerce and the position of the company, together with an outline of the foremost dangers and uncertainties that it faces.

the united kingdom Code additionally requires directors to subsist certain that the Annual document and economic Statements are fair, balanced and understandable. in order to attain a conclusion on this subsist counted, the Board has requested that the Audit Committee hint on even if it considers that the Annual report and economic Statements fulfil these requirements. The technique during which the Committee has reached these conclusions is determined out within the Audit Committee's record contained inside the company's 2019 Annual file. as a result, the Board has concluded that the Annual record and economic Statements for the 12 months ended 28 February 2019, taken as a whole, are fair, balanced and comprehensible and provide the information integral for shareholders to investigate the enterprise's position, efficiency, commerce mannequin and approach.

FOR AND ON BEHALF OF THE BOARDNICHOLAS FRYChairman2 may additionally 2019

revenue remark FOR THE yr ENDED 28 FEBRUARY 2019

2019 2018 Notes earnings£'000 Capital£'000 complete£'000 profits£'000 Capital£'000 total£'000 (Losses)/good points on investments held at unbiased cost through income or loss - (44,856) (44,856) - 127,657 127,657 beneficial properties/(losses) on overseas change - sixteen sixteen - (8) (eight) profits from investments held at unbiased cost through income or loss three 18,434 - 18,434 16,235 21 sixteen,256 different income 3 one hundred thirty five - a hundred thirty five 16 - 16 ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- total revenue/(costs) 18,569 (44,840) (26,271) 16,251 127,670 143,921 ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- fees investment administration and performance fees four (1,147) (3,443) (four,590) (971) (four,707) (5,678) working bills5 (650) (29) (679) (625) (22) (647) ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- complete working charges (1,797) (3,472) (5,269) (1,596) (4,729) (6,325) ========= ========= ========= ========= ========= ========= web earnings/(loss) on accustomed activities earlier than finance charges and taxation sixteen,772 (forty eight,312) (31,540) 14,655 122,941 137,596 Finance charges (586) (1,757) (2,343) (530) (1,589) (2,119) ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- internet profit/(loss) on commonplace actions before taxation 16,186 (50,069) (33,883) 14,one hundred twenty five 121,352 one hundred thirty five,477 Taxation (sixty three) - (63) (ninety six) - (96) ========= ========= ========= ========= ========= ========= internet profit/(loss) on mediocre activities after taxation sixteen,123 (50,069) (33,946) 14,029 121,352 a hundred thirty five,381 ========= ========= ========= ========= ========= ========= earnings return/(loss) per generic participate (pence) 7 33.67 (104.57) (70.ninety) 29.30 253.forty five 282.seventy five ========= ========= ========= ========= ========= =========

the overall column of this statement represents the business's profit and loss account. The supplementary income and capital columns are both prepared beneath assistance posted by means of the association of investment agencies (AIC). All items within the above commentary derive from carrying on with operations. No operations occupy been received or discontinued All the passage through the yr. All earnings is attributable to the fairness holders of the company.

The web earnings/(loss) for the 12 months disclosed above represents the business's complete comprehensive profits/(loss).

remark OF changes IN equity FOR THE yr ENDED 28 FEBRUARY 2019


Calledup sharecapital£'000 Sharepremiumaccount£'000 Capitalredemptionreserve£'000 Capitalreserves£'000 Revenuereserve£'000


For the 12 months ended 28 February 2019 At 28 February 2018 12,498 38,952 1,982 646,791 21,219 721,442 total complete profits/(charges): internet (loss)/earnings for the yr - - - (50,069) 16,123 (33,946) Transactions with house owners, recorded without retard to fairness: Dividends paid1 6 - - - - (13,407) (13,407) ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- At 28 February 2019 12,498 38,952 1,982 596,722 23,935 674,089 ========= ========= ========= ========= ========= ========= For the yr ended 28 February 2018 At 28 February 2017 12,498 38,952 1,982 525,439 18,202 597,073 complete complete revenue: internet earnings for the yr - - - 121,352 14,029 one hundred thirty five,381 Transactions with house owners, recorded at once to equity: Dividends paid2 6 - - - - (eleven,012) (eleven,012) ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- At 28 February 2018 12,498 38,952 1,982 646,791 21,219 721,442 ========= ========= ========= ========= ========= =========

1 interim dividend paid in respect of the 12 months ended 28 February 2019 of 12.00p changed into declared on 29 October 2018 and paid on 26 November 2018. closing dividend paid in cherish of the year ended 28 February 2018 of sixteen.00p become declared on 27 April 2018 and paid on 15 June 2018.

2 era in-between dividend paid in recognize of the yr ended 28 February 2018 of 10.00p changed into declared on 30 October 2017 and paid on 15 December 2017. final dividend paid in cherish of the 12 months ended 28 February 2017 of 13.00p was declared on 2 may furthermore 2017 and paid on 19 June 2017.

stability SHEET AS AT 28 FEBRUARY 2019

Notes 2019£'000 2018£'000 fixed property Investments held at unbiased value via income or loss 707,one hundred fifty 792,060 ---------------- ---------------- existing belongings debtorseight 2,379 2,680 money and cash equivalents 11,719 13,792 ---------------- ---------------- 14,098 sixteen,472 ---------------- ---------------- creditors - amounts falling due inside twelve months 9 (four,961) (12,420) ---------------- ---------------- internet latest property 9,137 four,052 ---------------- ---------------- total property less current liabilities 716,287 796,112 ---------------- ---------------- creditors - amounts falling due after more than one year 10 (forty two,198) (74,670) ---------------- ---------------- internet belongings 674,089 721,442 ========= ========= Capital and reserves called up participate capital 11 12,498 12,498 Share premium account 38,952 38,952 Capital redemption reserve 1,982 1,982 Capital reserves 596,722 646,791 income reserve 23,935 21,219 ---------------- ---------------- total shareholders' money 674,089 721,442 ========= ========= internet asset value per accustomed participate (debt at par price) (pence) 7 1,407.88 1,506.seventy eight ========= ========= web asset cost per mediocre participate (debt at unbiased value) (pence) 7 1,four hundred.fifty seven 1,500.04 ========= =========

The economic statements occupy been accepted and accepted for hardship by using the Board of directors on 2 may furthermore 2019 and signed on its behalf by Nicholas Fry, Chairman and Michael Peacock, Director and Audit Committee Chairman.

BlackRock Smaller businesses confidence plc

Registered in Scotland, No. 6176

remark OF money FLOWS FOR THE 12 months ENDED 28 FEBRUARY 2019

2019£'000 2018£'000 working actions internet (loss)/profit earlier than taxation (33,883) a hundred thirty five,477 Add lower back finance fees 2,343 2,119 Losses/(positive factors) on investments held at unbiased price through earnings or loss 44,856 (127,678) web flow in alien alternate (16) 8 earnings of investments held at unbiased cost via profit or loss 330,276 273,726 Purchases of investments held at unbiased value via income or loss (295,132) (282,890) enhance in debtors (584) (183) (lessen)/increase in creditors (1,624) 1,486 Taxation on funding earnings (63) (ninety six) ---------------- ---------------- web money generated from operating actions forty six,173 1,969 ---------------- ---------------- Financing actions Proceeds from mortgage word problem - 25,000 difficulty fees of loan word - (278) net compensation of Scotiabank revolving credit facility (32,500) - activity paid (2,355) (1,908) Dividends paid (13,407) (11,012) ---------------- ---------------- internet cash (used in)/generated from financing actions (forty eight,262) eleven,802 ---------------- ---------------- (decrease)/enhance in money and cash equivalents (2,089) 13,771 cash and cash equivalents at starting of 12 months 13,792 29 effect of overseas change cost adjustments 16 (8) ---------------- ---------------- money and money equivalents at End of 12 months 11,719 13,792 ========= ========= comprised of: money at bank 1,535 three,813 BlackRock Institutional money train plc - Sterling Liquidity Fund ("money Fund") 10,184 9,979 ---------------- ---------------- eleven,719 13,792 ========= =========


1. primary ACTIVITYThe main activity of the company is that of an funding believe enterprise inside the which means of section 1158 of the supplier Tax Act 2010.

2. ACCOUNTING POLICIESThe necessary accounting policies adopted with the aid of the commerce are set out beneath.

(a) groundwork of preparationThe commerce presents its effects and positions below FRS 102, 'The fiscal Reporting accustomed apposite within the UK and Republic of eire' (FRS 102), which forms a piece of the revised frequently accredited Accounting apply (New UK GAAP) issued by the monetary Reporting Council (FRC) in 2013.

The economic statements had been organized on a going situation basis in keeping with FRS 102 and the revised observation of recommended succeed - 'economic Statements of investment confidence businesses and job Capital Trusts' (SORP) issued by the association of funding groups (AIC) in November 2014 and up-to-date in January 2017 and the provisions of the businesses Act 2006.

The predominant accounting guidelines adopted by using the commerce are set out below. until specified in any other case, the guidelines occupy been utilized perpetually All the passage through the yr and are per these utilized within the previous 12 months. All of the business's operations are of a continuing nature.

The business's monetary statements are introduced in sterling, which is the forex of the primary economic atmosphere by which the enterprise operates. All values are rounded to the closest thousand pounds (£'000) apart from the position otherwise stated.

(b) Presentation of revenue StatementIn order to more suitable mirror the activities of an funding occupy assurance commerce and in line with assistance issued by using the AIC, supplementary tips which analyses the profits statement between items of a income and a capital nature has been offered on the visage of the income commentary.

(c) Segmental reportingThe administrators are of the persuasion that the commerce is engaged in a solitary section of enterprise being funding enterprise.

(d) IncomeDividends receivable on fairness shares are treated as earnings for the year on an ex-dividend basis. where no ex-dividend date is available, dividends receivable on or earlier than the 12 months End are handled as earnings for the yr. Provisions are made for dividends now not expected to subsist acquired. The recrudesce on a debt protection is recognized on a time apportionment groundwork.

particular dividends are recognised on an ex-dividend basis and are handled as capital or revenue depending on the data or situations of each and every dividend.

Dividends are accounted for in line with section 29 of FRS 102 on the groundwork of revenue truly receivable. Dividends from remote places organizations proceed to subsist shown monstrous of withholding tax.

Deposit activity receivable is accounted for on an accruals foundation.

the position the company has elected to receive its dividends within the nature of extra shares as opposed to in money, the money equal of the dividend foregone is known within the income column of the earnings observation. Any extra within the price of the shares over the volume of the money dividend is acknowledged in capital reserves.

(e) ExpensesAll costs, together with finance charges, are accounted for on an accruals groundwork. charges occupy been charged fully to the revenue column of the profits observation, except as follows:

· prices which might subsist incidental to the acquisition or disposal of an funding are handled as capital. details of transaction expenses on the purchases and earnings of investments are proven in notice 10 to the monetary Statements contained within the 2019 Annual file;

· costs are handled as capital where a connection with the upkeep or enhancement of the value of the investments can furthermore subsist demonstrated;

· the funding management saturate and finance costs occupy been allotted seventy five% to the capital column and 25% to the profits column of the income commentary according to the Board's anticipated future slit up of returns, in the kindhearted of capital gains and revenue respectively, from the funding portfolio.

(f) TaxationThe tax price represents the sum of the tax presently payable and deferred tax. The tax currently payable is based on the taxable income for the 12 months. Taxable profit differs from internet earnings as mentioned in the salary remark since it excludes gadgets of income or expenses which are taxable or deductible in other years and it extra excludes objects that are in no passage taxable or deductible. The enterprise's legal responsibility for current tax is calculated the usage of tax charges that had been applicable on the steadiness sheet date.

Deferred taxation is acknowledged in admire of All timing transformations at the monetary reporting date, the position transactions or pursuits that outcome in an duty to pay extra taxation sooner or later or prerogative to less taxation sooner or later occupy took position at the equilibrium sheet date. Deferred tax is measured on a non-discounted basis, at the commonplace tax rates that are anticipated to practice in the intervals during which the timing changes are expected to reverse according to tax charges and legal guidelines that occupy been enacted or substantively enacted by passage of the stability sheet date. here is territory to deferred taxation property best being acknowledged if it is considered more seemingly than now not that there should subsist apposite earnings from which the long dash reversal of the timing transformations will furthermore subsist deducted.

(g) Investments held at reasonable value via profit or lossThe company's investments are categorised as held at reasonable price via income or loss in accordance with section eleven and 12 of FRS 102 and are managed and evaluated on a unbiased price foundation according to its funding approach.

All investments are specific upon initial recognition as held at unbiased value through earnings or loss. Purchases of investments are acknowledged on a alternate date groundwork. revenue of assets are known at the change date of the disposal. Proceeds could subsist measured at reasonable cost, which will subsist considered as the proceeds of the sale less any transaction prices.

The unbiased value of the monetary investments is in response to their quoted bid price at the equilibrium sheet date on the change on which the funding is quoted, with out deduction for the estimated future selling costs.

Unquoted investments are valued by means of the administrators at unbiased value the usage of alien inner most fairness and undertaking Capital Valuation instructions. This policy applies to All latest and non latest asset investments of the business.

changes in the value of investments held at reasonable cost through profit or loss and friendly points and losses on disposal are recognized in the income statement as 'features or losses on investments held at unbiased value through income or loss'. additionally protected within this heading are transaction prices when it comes to the buy or sale of investments.

The unbiased value hierarchy carries here three tiers:

degree 1 - Quoted market price for similar contraptions in lively markets

degree 2 - Valuation innovations using observable inputs

stage three - Valuation techniques using significant unobservable inputs

(h) Dividends payableUnder section 32 of FRS 102 remaining dividends should now not subsist collected within the economic statements until they occupy been approved with the aid of shareholders before the stability sheet date. Dividends payable to equity shareholders are recognised in the statement of changes in fairness when they occupy got been authorized with the aid of shareholders and occupy develop into a liability of the enterprise. meantime dividends are known within the monetary statements in the length in which they're paid.

(i) international currency translationIn accordance with belt 30 of FRS 102, the company is required to nominate a useful alien money, being the forex wherein the company predominately operates. The practical and reporting currency is sterling, reflecting the primary monetary environment wherein the company operates. Transactions in alien currency are translated into sterling on the prices of exchange ruling on the date of the transaction. overseas alien money fiscal assets and liabilities are translated into sterling on the costs of exchange ruling at the stability Sheet date. gains and losses thereon are recognised in the capital column of the revenue commentary and brought to the capital reserve.

(j) Shares repurchased and held in TreasuryThe full cost of shares repurchased and held in treasury is charged to capital reserves. the position treasury shares are because of this reissued, any surplus is taken to the participate top class account.

(okay) DebtorsDebtors involve revenue for future settlement, other debtors and pre-payments and accumulated earnings within the regular direction of enterprise. If assortment is anticipated in twelve months or less, they are classified as existing property. If not, they are presented as non-latest assets.

(l) CreditorsCreditors involve purchases for future contract, activity payable, participate buyback fees and accruals within the standard route of company. creditors, loans and debentures are categorised as collectors - quantities due inside one year if fee is due within three hundred and sixty five days or less (or in the ordinary working cycle of the commerce if longer). If not, they're introduced as collectors - quantities falling due after more than 12 months.

(m) money and money equivalentsCash includes cash in hand and on exact deposits and monetary institution overdrafts repayable on demand. money equivalents encompass short time period, tremendously liquid investments, which are effortlessly convertible to customary amounts of cash and which are belt to a mere chance of changes in value.

(n) essential accounting estimates and judgementsThe enterprise makes estimates and assumptions concerning the future. The ensuing accounting estimates and assumptions will, via definition, seldom equal the connected exact results. Estimates and judgements are continually evaluated and are in accordance with obsolete journey and different components, together with expectations of future movements and that are believed to subsist reasonably priced under the situations. The administrators don't confidence that any accounting judgements or estimates occupy a titanic risk of inflicting a cloth adjustment to the carrying quantity of belongings and liabilities in the subsequent fiscal 12 months.

3. earnings

2019£'000 2018£'000 investment earnings: UK listed dividends 14,020 eleven,654 UK listed scrip dividends fifty four 144 UK listed special dividends 1,372 591 Property income dividends 777 879 distant places listed dividends 2,053 2,473 overseas listed scrip dividends - 70 overseas listed particular dividends 158 424 ---------------- ---------------- 18,434 sixteen,235 ---------------- ---------------- other salary: bank attention14 1 pastime from the money Fund 121 15 ---------------- ---------------- a hundred thirty five 16 ---------------- ---------------- total18,569 sixteen,251 ========= =========

No special dividends occupy been acknowledged in capital prerogative through the year (2018: £21,000).

Dividends and hobby acquired in profit the era amounted to £17,762,000 and £128,000 (2018: £15,829,000 and £15,000) respectively.

Comparative figuresInterest of £121,000 (2018: £15,000) from the cash Fund has been reclassified from "salary from investments held at reasonable cost via earnings or loss" to "different revenue" within the salary remark. This reclassification had no repercussion on the salary recrudesce for the respective periods or the net property as at 28 February 2019.

4. funding management AND efficiency fees

2019 2018 earnings£'000 Capital£'000 total£'000 salary£'000 Capital£'000 complete£'000 funding administration fee1,147 three,443 4,590 971 2,913 three,884 efficiency fee - - - - 1,794 1,794 ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- entire1,147 3,443 4,590 971 four,707 5,678 ========= ========= ========= ========= ========= =========

Up unless 28 February 2018, the investment management fee turned into in accordance with a cost of 0.65% of the first £50 million of the enterprise's assets, decreasing to 0.50% above this degree. The payment price was applied to an asset amount calculated as complete assets (except existing year profits) much less the current liabilities of the enterprise (the "payment Asset quantity").

The saturate was calculated on the fee of 1 quarter of 0.sixty five% of the saturate Asset amount up to the initial threshold of £50 million, and one quarter of the fee rate of 0.50% increased by means of the payment Asset volume in extra thereof at the conclusion of every quarter. The funding management fee was allotted seventy five% to the capital column and 25% to the income column of the salary observation.

A efficiency fee became calculated on the cost of 10% of the annualised extra performance over the benchmark for both years previous the existing monetary 12 months end, utilized to the typical property of the business. ordinary belongings were described as the saturate Asset amount originally of the year and on the yr conclusion date delivered together and divided with the aid of two. The price become payable annually in April and was capped at 0.25% of mediocre belongings.

The annualised extra efficiency against the company's benchmark for both years ended 28 February 2018 was 9.0% (28 February 2017: 7.0%). The saturate become confined through the 0.25% cap and £1,794,000 became accrued for the year ended 28 February 2018.

performance costs occupy been entirely allotted to the capital column of the salary remark because the performance was predominantly generated through capital returns of the funding portfolio.

With upshot from 1 March 2018, the enterprise has not been charged a efficiency payment and, from the very date, the investment administration fee has been in line with a cost of 0.6% of the first £750 million of the saturate Asset quantity, decreasing to 0.5% above this stage. The fee is calculated on the expense of one quarter of 0.6% of the fee Asset volume up to the preparatory threshold of £750 million, and one quarter of 0.5% of the saturate Asset amount in excess thereof, at the conclusion of each quarter. The funding management fee is allocated seventy five% to the capital column and 25% to the profits column of the salary commentary.

5. operating costs

2019£'000 2018£'000 Taken to profits: Custody expenses 6 fiveDepositary prices ninety eight 94 Auditor's remuneration: - audit facilities27 27 - non audit services1 6 three Registrar's charge41 26 administrators' emoluments 155 155 advertising prices 113 a hundred and fifty five broker fees 36 36 stock alternate listings 21 14 Printing and Postage 24 14 different administrative expenses 123 ninety six ---------------- ---------------- 650 625 ========= ========= Taken to capital: Custody transaction expenses 29 22 ---------------- ---------------- 679 647 ========= ========= The enterprise's ongoing fees - calculated as a percent of ordinary shareholders' cash and the usage of operating fees, apart from performance costs, finance fees, transaction fees and taxation occupy been: 0.7% 0.7% ---------------- ---------------- The company's ongoing fees - calculated as a percentage of generic shareholders' funds and using operating fees, together with efficiency fees2, and apart from finance prices, transaction charges and taxation occupy been: N/A 1.0% ========= =========

1 fees for non audit features relate to the debenture compliance toil conducted by means of the Auditors and a review by passage of the Auditors in cherish of the occupy an repercussion on of the new management price arrangements (as set out in subsist awake 4).2 With upshot from 1 March 2018, a efficiency fee is no longer charged. At 28 February 2018, a efficiency saturate become charged. tickle remark subsist awake 4 for further particulars of the alternate.


Dividends paid on fairness shares: checklist date charge date 2019£'000 2018£'000 2017 ultimate of 13.00p 19 may furthermore 2017 19 June 2017 - 6,224 2018 era in-between of 10.00p 10 November 2017 15 December 2017 - 4,788 2018 ultimate of 16.00p 18 may furthermore 2018 15 June 2018 7,661 - 2019 era in-between of 12.00p 9 November 2018 26 November 2018 5,746 - ---------------- ---------------- 13,407 eleven,012 ========= =========

The administrators occupy proposed a closing dividend of 19.20p per participate in cherish of the yr ended 28 February 2019. The proposed dividend will subsist paid, topic to shareholders' approval on 12 June 2019, to shareholders on the enterprise's register on 17 may 2019. The proposed final dividend has now not been blanketed as a liability in these monetary statements, as closing dividends are most efficacious recognised within the monetary statements when they occupy been authorised through shareholders.

the overall dividends payable in admire of the year which kindhearted the basis of deciding upon retained salary for the applications of section 1158 of the organization Tax Act 2010 and belt 833 of the organizations Act 2006, and the volume proposed for the year ended 28 February 2019 meet the significant requirements as set out during this law.

Dividends paid or proposed on equity shares: 2019£'000 2018£'000 meantime dividend paid 12.00p (2018: 10.00p) 5,746 4,788 ultimate dividend proposed of 19.20p per share* (2018: sixteen.00p) 9,193 7,661 ---------------- ---------------- 14,939 12,449 ========= =========

* based mostly upon forty seven,879,792 ordinary shares (aside from treasury shares) in challenge on 2 may furthermore 2019.

All dividends paid or payable are allotted from the business's distributable reserves.

7. RETURNS/(LOSSES) AND web ASSET price PER generic SHARERevenue and capital salary/(loss) per participate are proven below and were calculated using prerogative here:

12 months ended28 February 2019 year ended28 February 2018 earnings recrudesce attributable to mediocre shareholders (£'000) 16,123 14,029 ---------------- ---------------- Capital (loss)/return as a result of accustomed shareholders (£'000) (50,069) 121,352 ---------------- ---------------- complete (loss)/profit because of accustomed shareholders (£'000) (33,946) one hundred thirty five,381 ---------------- ---------------- equity shareholders' money (£'000) 674,089 721,442 ---------------- ---------------- The weighted typical variety of regular shares in hardship All through every year on which the recrudesce per generic participate become calculated was: forty seven,879,792 forty seven,879,792 ---------------- ---------------- The exact variety of commonplace shares in hardship at the End of each and every year on which the undiluted net asset price turned into calculated changed into: 47,879,792 47,879,792 ---------------- ---------------- profits recrudesce per participate (pence) 33.sixty seven 29.30 ---------------- ---------------- Capital recrudesce per participate (pence) (104.fifty seven) 253.45 ---------------- ---------------- complete (loss)/return per participate (pence) (70.90) 282.75 ========= ========= As at28 February 2019 As at28 February 2018 net asset cost per commonplace participate (debt at par value) (pence) 1,407.88 1,506.78 ---------------- ---------------- internet asset value per common participate (debt at reasonable value) (pence) 1,400.57 1,500.04 ---------------- ---------------- net asset value per common participate (debt at par cost, capital best) (pence) 1,386.21 1,487.48 ---------------- ---------------- regular participate fee (pence) 1,330.00 1,325.00 ========= =========


2019£'000 2018£'000 revenue for future settlement 1,322 2,207 Prepayments and accrued income 982 411 Taxation recoverable 75 sixty two ---------------- ---------------- 2,379 2,680 ========= =========

9. collectors - amounts FALLING DUE inside twelve months

2019£'000 2018£'000 Purchases for future settlement 2,187 7,982 activity payable 269 309 accrued expenditure 2,505 4,129 ---------------- ---------------- 4,961 12,420 ========= =========

10. collectors - amounts FALLING DUE AFTER greater than 12 months

2019£'000 2018£'000 7.75% debenture inventory 2022 15,000 15,000 Unamortised debenture stock topic costs (50) (64) ---------------- ---------------- 14,950 14,936 ---------------- ---------------- 2.seventy four% personal loan notice 2037 25,000 25,000 Unamortised mortgage word situation costs (252) (266) ---------------- ---------------- 24,748 24,734 ---------------- ---------------- Revolving mortgage facility - Scotiabank 2,500 35,000 ---------------- ---------------- wholeforty two,198 seventy four,670 ========= =========

The unbiased cost of the 7.75% debenture stock using the final purchasable quoted present expense from the London inventory change as at 28 February 2019 changed into 125p per debenture (2018: 127p), a total of £18,750,000 (2018: £19,050,000). The unbiased cost of the 2.74% personal loan subsist awake has been decided in accordance with a comparative relent for UK Gilts for equivalent era maturity and spreads, and as at 28 February 2019 equated to a valuation of 97.78p per subsist awake (2018: 95.38p), a total of £24,445,000 (2018: £23,845,000).

The £15 million debenture stock become issued on eight July 1997. hobby on the inventory is payable in equal half every year instalments on 31 July and 31 January in each yr. The inventory is secured by a first floating saturate over the complete of the belongings of the enterprise and is redeemable at par on 31 July 2022.

The £25 million mortgage word become issued on 24 can furthermore 2017. pastime on the note is payable in equal half every year instalments on 24 may and 24 November in each and every yr. The mortgage note is unsecured and is redeemable at par on 24 may furthermore 2037.

The enterprise has in location a £35 million three yr multi-forex revolving personal loan facility with Scotiabank (ireland) restricted. As at 28 February 2019, £2.5 million of the ability had been utilised (2018: £35 million). below the amended contract the termination date of this facility is the third anniversary of the advantageous date being can furthermore 2021. pastime on this facility is reset each three months and is currently charged on the price of 1.68% (2018: 1.forty seven%).

The commerce furthermore has purchasable an uncommitted overdraft facility of £10 million with BNYM, of which £nil had been utilised at 28 February 2019 (2018: £nil).

eleven. called UP participate CAPITAL

Ordinarysharesin issuenumber Treasurysharesnumber

complete sharesnumber

Nominalvalue£'000 allotted, referred to as up and utterly paid participate capital comprised: commonplace shares of 25p each and every: At 28 February 2018 forty seven,879,792 2,113,731 forty nine,993,523 12,498 ---------------- ---------------- ---------------- ---------------- At 28 February 2019 47,879,792 2,113,731 49,993,523 12,498 ========= ========= ========= =========

all through the yr no generic shares had been purchased for cancellation or placed in or cancelled out of treasury (2018: nil).

The regular shares (excluding any shares held in treasury) carry the prerogative to gain hold of any dividends and occupy one voting confiscate per regular share. There are not any restrictions on the voting rights of the common shares or on the switch of commonplace shares.

12. VALUATION OF monetary INSTRUMENTSFinancial assets and economic liabilities are either carried in the steadiness Sheet at their unbiased price (investments) or at an volume which is a reasonable approximation of reasonable cost (due from brokers, dividends and interest receivable, because of brokers, accruals, cash at bank and monetary institution overdrafts). belt 11 of FRS 102 requires the enterprise to categorise unbiased value measurements the consume of a unbiased cost hierarchy that reflects the importance of inputs utilized in making the measurements. The valuation innovations used via the commerce are explained within the accounting policies word 2 of the monetary Statements contained within the 2019 Annual document.

Categorisation in the hierarchy has been decided on the groundwork of the lowest stage input it truly is huge to the reasonable cost measurement of the captious asset.

The unbiased price hierarchy has here levels:

stage 1 - Quoted market expense for identical contraptions in energetic marketsA monetary instrument is regarded as quoted in an energetic market if quoted fees are with ease and often accessible from an change, dealer, broker, trade community, pricing carrier or regulatory agency and those prices characterize actual and regularly occurring market transactions on an arm's size foundation. The commerce doesn't regulate the quoted rate for these devices.

degree 2 - Valuation recommendations using observable inputsThis category contains devices valued using quoted costs for similar gadgets in markets that are considered less energetic; or other valuation options where giant inputs are directly or in some passage observable from market facts.

degree three - Valuation options the consume of huge unobservable inputsThis category includes All instruments the position the valuation approach comprises inputs now not according to observable information and these inputs might occupy a significant repercussion on the instrument's valuation.

This class furthermore contains devices which are valued based on quoted prices for identical gadgets the position tremendous entity decided changes or assumptions are required to replicate alterations between the devices and gadgets for which there isn't any energetic market. The funding manager considers observable information to subsist that market information that's simply attainable, consistently allotted or updated, responsible and verifiable, not proprietary, and supplied by passage of unbiased sources that are actively involved within the imperative market.

The smooth in the reasonable price hierarchy within which the reasonable value dimension is categorised in its entirety is determined on the basis of the lowest stage input it truly is titanic to the reasonable price dimension. For this aim, the magnitude of an enter is classified towards the reasonable price dimension in its entirety. If a unbiased price measurement uses observable inputs that require large adjustment in keeping with unobservable inputs, that dimension is a smooth three size.

Assessing the significance of a specific enter to the reasonable price size in its entirety requires judgement, for the intuition that components particular to the asset or liability.

The table beneath sets out reasonable value measurements the consume of FRS 102 reasonable cost hierarchy.

fiscal belongings at unbiased value through income or loss as at 28 February 2019 level 1£'000 level 2£'000 degree three£'000 complete£'000 fairness investments 707,a hundred and fifty - - 707,150 ---------------- ---------------- ---------------- ---------------- total707,one hundred fifty - - 707,150 ========= ========= ========= ========= fiscal property at unbiased value through income or loss as at 28 February 2018 degree 1£'000 level 2£'000 stage 3£'000 total£'000 fairness investments 792,060 - - 792,060 ---------------- ---------------- ---------------- ---------------- entire792,060 - - 792,060 ========= ========= ========= =========

there were no transfers between stages for monetary assets throughout the year recorded at unbiased value as at 28 February 2019 and 28 February 2018. The company didn't dangle any degree 3 securities All the passage through the economic yr or as at 28 February 2019 (2018: nil).

13. TRANSACTIONS WITH THE supervisor AND THE funding MANAGERThe manager became appointed because the business's alternative funding Fund supervisor (AIFM) with upshot from 2 July 2014. The manager has (with the company's consent) delegated certain portfolio and possibility management services, and different ancillary functions, to the funding manager. details of the costs payable to the supervisor are set out in subsist awake four.

The manager provides management and administration capabilities to the commerce below a contract which is terminable on six months' subsist aware. BFM has (with the enterprise's consent) delegated Definite portfolio and chance management features, and other ancillary features, to BIM (UK). additional details of the investment administration contract are disclosed within the directors' report.

The funding management fee payable for the 12 months ended 28 February 2019 amounted to £four,590,000 (2018: £3,884,000). As set out in solemnize 4, with repercussion from 1 March 2018 the company now not has any performance fee preparations in area. The performance charges collected for the 12 months ended 28 February 2018 totalled £1,794,000. on the era conclusion, £2,099,000 become grotesque in respect of the administration fee (2018: £1,965,000). there were no quantities awesome in respect of the performance payment at the length conclusion as this ceased to solemnize from 1 March 2018. As at 28 February 2018 £1,794,000 turned into extraordinary in admire of the efficiency charge.

in addition to the above capabilities, BlackRock offered the commerce with advertising and marketing features. the full costs paid or payable for these features for the yr ended 28 February 2019 amounted to £113,000 together with VAT (2018: £a hundred and fifty five,000). advertising and marketing expenses of £152,000 (2018: £189,000) were brilliant at year end.

14. linked events DISCLOSURES AND TRANSACTIONS WITH DIRECTORSDisclosures of the administrators' interests in the accustomed shares of the enterprise and charges and prices payable to the administrators are set out within the administrators' Remuneration record. At 28 February 2019, an volume of £13,000 (2018: £13,000) became spectacular in admire of directors' expenses.

15. CONTINGENT LIABILITIESThere were no contingent liabilities at 28 February 2019 (2018: nil).

16. book OF NON-STATUTORY debts

The economic suggestions contained in this announcement does not picture statutory money owed as described in piece 435 of the businesses Act 2006.

The figures set out above had been mentioned upon with the aid of the auditors. The comparative figures are extracts from the audited economic statements of BlackRock Smaller groups believe plc for the yr ended 28 February 2018, which had been filed with the Registrar of corporations. The document of the auditors for the years ended 28 February 2018 and 28 February 2019 contain no qualification or remark under belt 498(2) or (three) of the companies Act 2006. The 2018 Annual report and monetary Statements might subsist filed with the Registrar of groups after the Annual well-liked meeting.

17. ANNUAL record AND monetary STATEMENTS

Copies of the Annual record and economic Statements may subsist sent to members shortly and will subsist obtainable from The enterprise Secretary, BlackRock Smaller groups confidence plc, 12 Throgmorton Avenue, London EC2N 2DL.

18. ANNUAL regularly occurring assembly

The Annual generic assembly of the commerce might subsist held at 12 Throgmorton Avenue, London EC2N 2DL on four June 2019 at 2:00 p.m.

critical information

This announcement includes internal advice as described beneath the Market misuse legislation (european) No. 596/2014.


The Annual document and monetary Statements will furthermore subsist accessible on the BlackRock funding management web site at http://www.blackrock.co.uk/brsc. Neither the contents of the manager's website nor the contents of any web site purchasable from hyperlinks on the supervisor's web page (or every other website) is integrated into, or varieties piece of, this announcement.

For extra advice, tickle contact:

Melissa Gallagher, Managing Director, Closed End dollars, BlackRock funding management (UK) LimitedTel: 020 7743 3893

Mike Prentis, BlackRock funding management (UK) LimitedTel: 020 7743 2312

Roland Arnold, BlackRock investment administration (UK) LimitedTel: 020 7743 5113

Press enquiries:

Lucy Horne, Lansons Communications - Tel: 020 7294 3689E-mail: lucyh@lansons.com

2 may additionally 2019

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