Annual Financial Report

LONDON STOCK EXCHANGE ANNOUNCEMENT

The Global Smaller Companies Trust PLC ("Company")

Statement of Audited Results

for the year ended 30 April 2025 and Final dividend announcement

Legal Entity Identifier: 2138008RRULYQP8VP386

Information disclosed in accordance with Disclosure Guidance and Transparency Rule 4.1

Financial highlights

Net Asset Value ('NAV') with debt at fair value total return of -4.8% (2024: +9.0%) versus -0.8% from the Benchmark (2024: +11.3%)

The NAV per share with debt at fair value fell to 167.1p from 178.1p.

Share price total return of -5.6% (2024: +12.7%)

The share price ended the year at 148.6p (2024: 160.2p).

Total dividend of 3.00p (2024: 2.81p)

55th consecutive annual increase, up by 6.8% (2024: up by 22.2%).

The Company's shares ended the year at a discount to the NAV of 11.0% (2024: 10.0%)

Date: 1 July 2025

Contact: Nish Patel

Columbia Threadneedle Investment Business Limited

020 7464 5000

Chairman's Statement

Although the past 12 months has been a challenging time for the portfolio, I am confident that the changes made have put your Company on a strong footing for the future. The Company's Net Asset Value ('NAV') total return (with long term borrowings at fair value) was -4.8% in the financial year. The total return from the Company's Benchmark, a blend of two indices, the MSCI All Country World ex UK Small Cap Index net (80%) and the Deutsche Numis UK Smaller Companies (excluding investment companies) Index (20%), was -0.8% for the year to 30 April 2025. Longer term total returns from the NAV, Benchmark and share price are shown in the following table, highlighting the strong returns that the asset class has delivered to patient investors.

Source: Columbia Threadneedle Investments

Financial markets continued to be affected by shifting geopolitics during the financial year ended 30th April 2025. Persistent inflation, wealth inequality and immigration were key issues leading to electorates unseating incumbent parties. Furthermore, the dramatic reorientation of American trade and foreign policy, following the election of Donald Trump, challenged the post-World War II international order and affects the outlook for inflation and economic growth. The new US government's approach to peace negotiations between Russia and Ukraine and its proposed territorial expansions overseas alarmed European allies. This was compounded by the US no longer being unequivocally committed to NATO Article 5 (collective defence). Consequently, this prompted European governments to increase their spending on defence in the years ahead. Despite new approaches by the US administration, conflicts in Ukraine and the Middle East are still ongoing. Only time will tell if President Trump's policies will work, however, it is clear that the benefits are uncertain and the costs are real. Recent events in Iran have further added to these difficulties.

In the UK the newly elected Labour government promised faster economic growth. However, tight budgetary constraints soon impacted progress on some of those initiatives, while ongoing imbalances in the labour market led to UK inflation remaining higher than hoped for. Populism was on the march in continental Europe, exemplified by the far right AFD party's unprecedented 20% share of the vote in Germany's general election.

For most of the financial year, major economies successfully navigated a higher interest rate environment and appeared to be on course for a 'soft landing.' Labour markets remained healthy with solid wage growth. Momentum in world economic growth slowed towards the end of the period as uncertainty over the new US administration's trade and foreign policy weighed on business and consumer sentiment.

With inflation moderating across developed markets, central banks started to ease monetary policy. The European Central Bank led in June, followed by other major central banks, resulting in cumulative cuts of 2.00% in the Eurozone, 1.00% in the US, and 0.75% in the UK. Japan remained an outlier, with a long awaited return to inflation leading to two rate hikes in the year by the Bank of Japan.

Unusually, despite most central banks lowering interest rates, 10 year government bond yields remained at elevated levels compared to the last 15 years. This reflected investor concerns over the future path of inflation and the size of government deficits. In the case of the US, lower demand from foreigners and diminished confidence in the country's 'safe haven' status and governance, raised yields on US Treasury bonds. Similarly, we saw a significant weakening in the US Dollar against major currencies.

The US economy was, however, supported by higher asset prices, fiscal spending and artificial intelligence-related capital expenditure. In contrast the US housing sector was hurt by higher interest rates. The UK economy was challenged by low productivity growth, stubborn services inflation and higher costs for businesses, although signs of life did appear towards the end of the financial year. European economies continued to be divided, with tourism-focussed countries performing well but the more industrial driven countries challenged by elevated energy costs, competition from China and now tariffs. However, Germany's suspension of its "debt brake" and commitment to approximately €900 billion in spending on defence and infrastructure could prove to be a turning point for "The Old Continent". Wage growth in Japan helped domestic consumption. In addition, the lower yen encouraged inbound tourism and the end of negative interest rates helped the country's financial sector.

China continued to face challenges with weak consumer confidence, although during the year the government increased efforts to stimulate the economy and the property market showed signs of stabilisation. Taiwan benefitted from the ongoing investment cycle in artificial intelligence. Growth in India, which has been strong for some time, lost a little momentum this year and interest rates were cut as inflation moderated. In Latin America, stubborn inflation and concerns over the fiscal deficit held back Brazil. On the other hand, in Argentina, sentiment improved as President Javier Milei's deregulation and deficit reduction efforts bore fruit.

Performance and the Discount

The Lead Manager's Review starting on page 14 of the Annual Report and Financial Statements covers the year from a market and portfolio view in detail. The chart below shows how our regional portfolios performed in the year compared to their relevant local smaller company indices. Relative to local small cap market returns, performance in the UK and Europe was disappointing and actions which have been taken to address this are outlined in the Lead Manager's Review. North America was slightly behind the regional index. In Japan, the portfolio's one remaining third party fund was insourced in the financial year, resulting in this geography now being completely managed by Columbia Threadneedle Investments' internal Japanese equities team. It was pleasing to see early success from this transition with the Japanese portfolio delivering strong outperformance in the financial year. The Rest of World, while down, delivered relative outperformance in the period.

Source: Columbia Threadneedle Investments

*Performance of the Rest of World portfolio is shown here against both the Asian and Latin American smaller company indices.

†See Lead Manager's Review in the Annual Report and Financial Statements

Over the last few years UK investment trust company discounts have widened, given increased caution around the economic and geopolitical outlook and the ongoing trend towards passive, index-based global investment funds. There have been outflows from UK based equity funds in general and smaller company funds in particular have been hurt by this trend. Starting the financial year at 10.0%, your Company's discount widened slightly to 11.0%. The wider discount meant that on a total return basis the Company's share price fell by 5.6% over the year.

The Board continues to believe that a consistently applied approach to share buy-backs is in the best interests of shareholders, providing liquidity for those in need of an exit along with NAV accretion to remaining holders. The pace of buy-backs was again stepped up compared to previous years with some 47.3m shares bought back, representing 9.6% of the starting share capital (2024: 30.2m shares) repurchased across some 222 trading days, enhancing the NAV per share by 1.0% in the process. The chart on page 11 of the Annual Report and Financial Statements illustrates the Company's discount (and premium) over the last 10 years and that of the wider investment trust sector, providing a reminder that discounts/premiums in the investment trust sector tend to be cyclical. The Board is fully cognisant that the discount is currently wider than its target of 5% or less in normal market conditions. To address this, the Company has increased its efforts on marketing and PR, aiming to attract interest in the shares from both existing and new investors. Share repurchasing is another tool employed by the Company to address the discount. The Manager has also taken measures to improve investment performance relative to the Company's Benchmark, these include: changes within the investment team, a reduction in the number of investments held by the Company, refinement of the Company's approach to selling investments and increased use of additional resources within Columbia Threadneedle Investments.

Dividends

The companies in the portfolio continue to deliver healthy levels of income as a result of their cash generative nature. Following on from the 2.9% increase in the interim dividend, the Board has decided to recommend the payment of a final dividend of 2.30p, meaning the full year payment will be up by 6.8% to 3.00p. This will be paid to shareholders on 20 August 2025 and will be the 55th consecutive increase in the Company's dividend.

Gearing Policy

The Board remains of the view that making use of our borrowing powers over the long term will serve to enhance shareholder returns as markets rise over time. The Manager is also able to make use of the facility to take advantage of new investment opportunities and for funding buy-backs without being forced to make immediate, simultaneous disposals. At the end of the financial year, effective gearing was 5.3% compared to 4.7% a year earlier, reflecting use of cash for share buy-backs. Borrowings were made up of £35m 2.26% sterling loan notes maturing in 2039 and £16.1m of drawings in US dollars, Yen and Euros under our revolving credit facility. Reflecting the predominantly fixed rate nature of the debt, our borrowing costs remain low.

Costs

Ongoing charges (excluding performance fees from collective holdings) for the year reduced slightly over the year moving from 0.78% to 0.74%. Ongoing charges including performance fees from collective holdings were 0.74% (2024: 0.80%). We are pleased to report that these remain low compared to many smaller company funds in the market.

Responsible Investment

The Company is not an investment trust with ESG or sustainable characteristics. However, as part of its overall risk management process, the Manager integrates the consideration of financially material environmental, social, and governance ('ESG') factors into its research and investment process and encourages stronger ESG practices to be adopted by issuers through its engagement and voting activities. Some examples of this are outlined in the section on Responsible Investment on pages 24 to 27 of the Annual Report and Financial Statements.

Board Changes

Following the Annual General Meeting on 13 August 2024, Jo Dixon retired from the Board. Jo was Chair of the Audit and Management Engagement Committee and Senior Independent Director and following her retirement Nick Bannerman and Graham Oldroyd were appointed to these roles respectively.

As reported in the Half-Year Report, as part of its succession plan, and having followed a formal recruitment process, assisted by the use of professional search consultants, the Board was pleased to appoint Zoe King as a non-executive Director, with effect from 12 December 2024.

I was appointed to the Board on 1 June 2015 so have now served for just over ten years. In accordance with the Board's long-term planning, I will retire following the conclusion of the forthcoming Annual General Meeting on 15 August 2025. I am pleased to report that the Board intends to appoint Graham Oldroyd to succeed me as Chairman. Graham is currently the Senior Independent Director and has in-depth investment knowledge, expertise and experience in international investment management as well as leadership skills and has made a significant contribution to the Company since joining the board in October 2019. As a consequence, Bulbul Barrett has agreed to take on the role of Senior Independent Director, from Graham from the conclusion of the forthcoming AGM.

Cancellation of the Share Premium Account and Capital Redemption Reserve 

As I noted earlier, the pace of share buy-backs carried out by the Company has continued to increase as part of the Board's efforts to moderate discount volatility and to reduce the discount to NAV at which the Company's shares trade. The Company has a sizeable share premium account and capital redemption reserve, however these two reserve accounts are non-distributable. Cancelling the amounts standing to the credit of such reserves will provide the Company with additional flexibility as the resultant distributable reserves will be able to be used in future, if required, to fund share buy-backs, dividends and other returns of capital in accordance with applicable law. The Board is therefore seeking shareholder authority for the cancellation of the Company's share premium account and capital redemption reserve at the forthcoming Annual General Meeting.

Annual General Meeting

The Annual General Meeting will take place at Chartered Accountants' Hall, 1 Moorgate Place, London EC2R 6EA on Friday, 15 August 2025 at 12.00 noon. We hope as many shareholders as possible will attend. Nish Patel, the Lead Manager, will give a review of the year together with his view on the outlook. We will also be streaming the meeting live on the internet so that those shareholders who cannot attend in person will be able to view the proceedings. The live stream can be accessed by registering here: https://www.investormeetcompany.com/the-global-smallercompanies-trust-plc/register

Voting on all resolutions at the AGM will be conducted by way of a poll, the results of which will be announced and posted on the Company's website following the meeting. You are therefore encouraged to lodge your votes prior to the meeting by completing your form of proxy or form of direction in accordance with the instructions shown.

Shareholders who are unable to attend the AGM are requested to submit any questions they may have with regard to the resolutions proposed at the AGM or the performance of the Company in advance of the meeting to [email protected]. Following the AGM, the Lead Manager's presentation will be available on the Company's website at globalsmallercompanies.co.uk.

Outlook

The outlook for the world economy is complicated by the presence of numerous crosscurrents. What seems clear is that uncertainty is likely to remain high and there is a wide range of potential future outcomes.

There are several unanswered questions on which we may have more clarity in the coming 12 months. We don't yet know the final level of tariffs and what the impact of those might be on world economic growth and inflation. In recent years vast amounts of capital have been deployed on projects related to artificial intelligence and it will be interesting to see if those investments start to produce an adequate return this year. The size of fiscal deficits has been a concern for some time now and recent rising government bond yields suggest that the market is becoming more sensitive to this issue. This will be something to watch closely.

Positively, as deregulation takes hold, taxes are potentially cut and tariffs are finalised, the prospects for the US could improve. We now seem to have some political stability in the UK and strong consumer balance sheets, low exposure to tariffs and housing sector reform are all supportive factors for this economy. For Europe, rising fiscal spending and lower energy costs could also be helpful. Implementation of some of Mario Draghi's proposals for increased European competitiveness would be very welcome. Our expectation is that over the longer term, Japan will continue to benefit from corporate reform and a return to inflation. Finally, the weakening of the US Dollar is not all bad news, as this has historically been helpful for Emerging Markets and the Company has good exposure to this region.

Many of the factors that kept inflation benign for several years now appear to be reversing. Investors should take comfort that if the environment has changed, your Company is well prepared. Its portfolio of high quality companies have pricing power, robust balance sheets and strong free cash flow generation. Although last year was a difficult year, the Board is reassured that the portfolio is well diversified by sector and geography and the Manager is very well resourced. As illustrated in the Lead Manager's report, by refining the investment team approach and introducing a portfolio with higher conviction, the Manager can take advantage of the very best investment opportunities whatever is happening in the world.

Anja BalfourChairman30 June 2025

Forward-looking statements

This document may contain forward-looking statements with respect to the financial condition, results of operations and business of the Company. Such statements involve risk and uncertainty because they relate to future events and circumstances that could cause actual results to differ materially from those expressed or implied by forward-looking statements. The forward-looking statements are based on the Directors' current view and on information known to them at the date of this document. Nothing should be construed as a profit forecast.

Principal and Emerging Risks and Long-Term Viability: Five Year Horizon

The Board's processes for monitoring the principal risks and identifying emerging risks are set out on page 57 of the Annual Report and Financial Statements and in note 23 to the financial statements. Any emerging risks that are identified and that are considered to be of significance are included on the Company's risk assessment together with any mitigations. These principal and emerging risks are reviewed regularly by the Audit and Management Engagement Committee and by the Board. During the year, such risks included ongoing macroeconomic and geopolitical concerns and the impact on financial markets of US trade tariffs. The principal risks are largely unchanged from those reported in the prior year. Those identified as most relevant to the assessment of the Company's future prospects and viability were those relating to inappropriate business strategy, potential investment portfolio under-performance and its effect on the Company's share price discount/premium and dividends, as well as threats to security over the Company's assets.

Principal Risk: Service providers and systems security - Errors, fraud or control failures at service providers or loss of data through business continuity failure or cyber attacks could damage reputation or investors' interests or result in loss. Cyber risks remain heightened.

Unchanged throughout the year.

Mitigation by strategy: The ancillary functions of administration, company secretarial, accounting and marketing services are all carried out by the Manager. Custody and depositary services are provided by third party suppliers.

The Board reviews and monitors the services provided and the effectiveness of service providers' processes through the review of internal controls reports and internal efficiency KPIs.

Actions taken in the year: The Audit and Management Engagement Committee and the Board have regularly reviewed the Company's risk management framework with the assistance of the Manager. Regular control reports are provided by the Manager which cover risk, compliance and oversight of its own third-party service providers, including IT security and cyber-threats. Reports from the Depositary, which is liable for the loss of any of the Company's securities and cash held in custody unless resulting from an external event beyond its reasonable control, were reviewed. The Board is satisfied that the continuity arrangements of all key suppliers continued to work well and as such, this risk is unchanged.

Principal Risk: Investment performance - Inappropriate business strategy or policy, or ineffective implementation, could result in poor returns for shareholders. Failure to access the targeted market or meet investor needs or expectations, including Responsible Investment and climate change in particular, leading to significant pressure on the share price. Political risk factors could also impact performance as could market shocks such as those experienced in relation to Covid-19 and the US trade tariffs.

Increase in risk during the year.

Mitigation by strategy: Under our Business Model, a manager is appointed with the capability and resources to manage the Company's assets, asset allocation, gearing, stock and sector selection and risk. The individual regional investment portfolios are managed to provide in combination a well-diversified, lower volatility and lower risk overall portfolio structure. The Board holds a separate strategy meeting each year and considers investment policy review reports from the Manager at each Board meeting. The performance of the Company relative to its Benchmark, its peers and inflation is a KPI measured by the Board on an ongoing basis and is reported on page 42 of the Annual Report and Financial Statements.

Actions taken in the year: Columbia Threadneedle Investments has been retained as Manager and continues to deliver on the Company's objective over the medium and long term, notwithstanding the more difficult investment environment over the past year. At each meeting of the Board, the Directors consider and discuss the Company's investment performance with Nish Patel, the Lead Manager, and also meet with the Managers of the regional portfolios during the year. Marketing and investor relations campaigns continued throughout the year, including presentations by the Lead Manager to wealth managers, private clients and institutions across the country. Detailed reports provided by the Lead Manager have been reviewed by the Board at each of its meetings. Continuing income generation from the investment portfolio over the year and the healthy level of distributable reserves has resulted in the dividend for the year increasing by 6.8%. In overall terms, this risk is considered increased.

Principal Risk: Discount/premium - A significant share price discount or premium to the Company's NAV per share, or related volatility, could lead to high levels of uncertainty or speculation and the potential to reduce investor confidence. Increased uncertainty in markets due to an event such as Covid-19 could lead to falls and volatility in the Company's NAV.

Unchanged throughout the year but this risk has remained heightened.

Mitigation by strategy: The Board has established share buy-back and share issue policies, together with a dividend policy, which aim to moderate the level and volatility of the share price discount or premium to the NAV per share and it seeks shareholder approval each year for the necessary powers to implement those policies. The discount/premium to NAV at which the Company's shares trade is a KPI measured by the Board on an ongoing basis and is reported on page 42 of the Annual Report and Financial Statements.

Actions taken in the year: Despite actively buying in shares on a regular, ongoing basis in order to address the imbalance between the supply and demand of the Company's shares, the discount has remained wider than desired. During the course of the year, the Manager has continued to increase marketing activity over a number of channels and has enhanced the messaging around the core investment proposition. This activity aims to stimulate demand for the Company's shares from existing and new investors. Given the continued higher prevailing discount level the risk is considered to have remained heightened during the year.

Long-Term Viability: Five Year Horizon

Through a series of stress tests ranging from moderate to extreme scenarios, including the impact of market shocks and based on historical information, but forward looking over the five years commencing 1 May 2025, the Board assessed the risks of:

· Sustained high levels of inflation.

· Potential illiquidity of the Company's portfolio.

· Substantial falls in investment values on the ability to meet loan covenant requirements and to repay and re-negotiate funding.

· Significant falls in income on the ability to continue paying steadily-rising dividends and maintaining adequate revenue reserves.

The Board also took into consideration the operational robustness of its principal service providers and the effectiveness of business continuity plans in place, potential effects of regulatory changes and the potential threat from competition.

Based on its assessment and evaluation of the Company's future prospects, the Board has a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the coming five years. This period has been chosen because it is consistent with the advice provided by many investment advisers, that investors should invest in equities for a minimum of five years. The Company's business model, strategy and the embedded characteristics listed below have helped define and maintain the stability of the Company over many decades. The Board expects this to continue and will continue to assess viability over subsequent five year rolling periods.

· The Company has a long-term investment strategy under which it invests mainly in readily realisable, publicly listed securities and which restricts the level of borrowings.

· The Company's business model and strategy are not time limited and, as a global investment trust company, are unlikely to be adversely impacted as a direct result of political uncertainties.

· The Company is inherently structured for long-term outperformance, rather than short-term opportunities, with five years considered as a sensible time-frame for measuring and assessing long-term investment performance.

· The Company is able to take advantage of its closed-end investment trust structure, such as having borrowing arrangements in place and the ability to secure additional finance in excess of five years.

· There is rigid monitoring of the headroom under the Company's bank borrowing financial covenants.

· Regular and robust review of revenue and expenditure forecasts is undertaken throughout the year against a backdrop of large revenue and capital reserves.

· The Company retains title to all assets held by the Custodian which are subject to further safeguards imposed on the Depositary.

Statement of Directors' Responsibilities in Respect of the Financial Statements

In accordance with Chapter 4.1.12 of the Disclosure Guidance and Transparency Rules the Directors confirm, in respect of the annual report for the year ended 30 April 2025 of which this statement of results is an extract, to the best of their knowledge that:

· the financial statements, prepared in accordance with applicable accounting standards, give a true and fair view of the assets, liabilities, financial position and return of the Company;

· the Strategic Report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces; and

· in the opinion of the Directors the Annual Report and Financial Statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the Company's position and performance, business model and strategy.

On behalf of the Board

Anja Balfour

Chairman

30 June 2025

Income Statement

The total column of this statement is the profit and loss account of the Company.

All revenue and capital items in the above statement derive from continuing operations.

A statement of total comprehensive income is not required as all income and expenses of the Company have been reflected in the above statement.

Statement of Changes in Equity

Balance Sheet

Statement of Cash Flows

Notes

1 Return per share

Basic returns per share attributable to ordinary shareholders are based on the following data.

2 Dividend

The Directors have proposed a final dividend in respect of the year ending 30 April 2025 of 2.30p per share, payable on 20 August 2025 to all shareholders on the register at close of business on 11 July 2025, with an ex-dividend date of 10 July 2025. The recommended final dividend is subject to approval by shareholders at the Annual General Meeting.

3 Share capital

During the year ended 30 April 2025, 47,254,387 ordinary shares were repurchased and held in treasury incurring a cost of £77,132,000. Since the year end, and up to 26 June 2025 a further 3,499,088 ordinary shares have been bought back and held in treasury.

4 Net asset value per ordinary share

5 Going concern

In assessing the going concern basis of accounting, the Directors have had regard to the guidance issued by the Financial Reporting Council. They have also considered the Company's objective, strategy and policy, the current cash position of the Company, the availability of its loan facilities, compliance with its covenants and the operational resilience of the Company and its service providers. It is recognised that the Company is mainly invested in readily realisable, globally listed securities that can be sold, if necessary, to repay indebtedness.

Based on this information, the Directors believe that the Company has the ability to meet its financial obligations as they fall due for a period of at least twelve months from the date of approval of these financial statements. Accordingly, these financial statements have been prepared on a going concern basis.

6 Transactions with related parties and the Manager

The Board of Directors is defined as a related party. Under the FCA UK Listing Rules, the Manager is also defined as a related party. However, the existence of an independent Board of Directors demonstrates that the Company is free to pursue its own financial and operating policies and therefore under the AIC SORP, the Manager is not considered a related party for accounting purposes.

The Directors receive aggregated remuneration for services as Directors and for which there were no outstanding balances at the year end. There have been no transactions with related parties during the current financial year that have materially affected the financial position or performance of the Company during the year. The related party transactions are described in the Annual Report and Financial Statements.

Management fees to the Manager are set out in note 4 and note 13 in the Annual Report and Financial Statements, where accrued management fees are disclosed.

7 Financial Risk Management

The Company is an investment company, listed on the London Stock Exchange, and conducts its affairs so as to qualify in the United Kingdom (UK) as an investment trust under the provisions of Section 1158 of the Corporation Tax Act 2010. In so qualifying, the Company is exempted in the UK from corporation tax on capital gains on its portfolio of fixed asset investments.

The Company invests in smaller companies worldwide in order to secure a high total return. In pursuing the objective, the Company is exposed to financial risks which could result in a reduction of either or both of the value of the net assets and the profits available for distribution by way of dividend. These financial risks are principally related to the market (currency movements, interest rate changes and security price movements), liquidity and credit. The Board, together with the Manager, is responsible for the Company's risk management.

The full details of financial risks are contained in note 23 of the Annual Report and Financial Statements.

8 Annual Report and Financial Statements

This statement was approved by the Board on 30 June 2025. It is not the Company's statutory accounts. The statutory financial statements for the financial year ended 30 April 2025 have been approved and audited and received an independent auditor's report which was unqualified and did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report. The statutory financial statements for the financial year ended 30 April 2024 also received an independent auditor's report which was unqualified and did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report.

Ian Ridge

Columbia Threadneedle Investment Business Limited,

Company Secretary

30 June 2025

ENDS

A copy of the Annual Report and Financial Statements will be submitted to the National Storage Mechanism and will shortly be available for inspection at data.fca.org.uk/#/nsm/nationalstoragemechanism 

The Annual Report and Financial Statements for the year ended 30 April 2025 will be posted to shareholders and made available shortly on the Company's website at www.globalsmallercompanies.co.uk where up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found. Copies may also be obtained from the Company's registered office, Cannon Place, 78 Cannon Street, London EC4N 6AG.

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