Final Results

BlackRock Income & Growth Investment Trust plc
LEI: 5493003YBY59H9EJLJ16

Annual results announcement
for the year ended 31 October 2018

FINANCIAL HIGHLIGHTS

Attributable to ordinary shareholders	As at 31 October 2018	As at 31 October 2017	Change %
Assets
Net asset value per ordinary share	194.26p	209.96p	-7.5
- with dividends reinvested*			-4.5
Ordinary share price (mid-market)	183.00p	205.50p	-10.9
- with dividends reinvested*			-8.0
FTSE All-Share Index (total return)**	6,947.84	7,051.23	-1.5
Net assets (Â£â€™000)***	46,738	51,680	-9.6
Discount to net asset value	5.8%	2.1%
	========	========	========

	Year ended 31 October 2018	Year ended 31 October 2017	Change %
Revenue
Revenue profit per ordinary share	7.09p	6.63p	+6.9
Net profit after taxation (Â£â€™000)	1,724	1,668	+3.4
	--------	--------	--------
Dividends per ordinary share
Interim	2.50p	2.50p	â€“
Final	4.40p	4.10p	+7.3
	--------	--------	--------
Total dividends paid and payable	6.90p	6.60p	+4.5
	========	========	========

*        Net asset value and share price performance include the reinvestments of dividends.
**       The benchmark index.
***     The change in net assets reflects the market movements during the year and the purchase of the Companyâ€™s own shares.

CHAIRMANâ€™S STATEMENT

I present the annual report and financial statements of BlackRock Income and Growth Investment Trust plc for the year ended 31 October 2018.

PERFORMANCE
During the year the Companyâ€™s Net Asset Value per share (NAV) returned -4.5%. By comparison, the Companyâ€™s benchmark, the FTSE All-Share Index, returned -1.5% (all percentages are in sterling with dividends reinvested).

A detailed commentary on the portfolioâ€™s performance, its positioning, and the investment outlook for the forthcoming year can be found in the Investment Managerâ€™s report.

The performance of the portfolio has been disappointing this year. Relative underperformance largely arose from stock specific factors, and in particular the holdings in Patisserie Holdings and TP ICAP. Patisserie Valerie, as has been reported extensively, suffered an alleged significant fraud and the shares are currently suspended. TP ICAP released a trading update where, despite a good revenue performance, the outlook for cost growth was negative and the shares fell significantly. The holding has been sold.

Although relative performance over the five years to 31 October 2018 has been satisfactory, over the past three years, despite reasonable absolute returns, relative returns have failed to meet our expectations. This period has been characterised by the ongoing uncertainties surrounding Brexit, which have acted as a headwind for sterling assets as the currency has depreciated. Dollar-focused industries such as Mining and Oil, where the Company has had an underweight position, have performed better, but these are not sectors we favour over the long-term given the capital intensity of the two industries. This factor has combined with the ongoing political uncertainty impacting the portfolioâ€™s holdings in the Banks, Utilities and Retail sectors. The Investment Managers have confirmed that they will remain true to their long-term investment philosophy, building a portfolio based on fundamental analysis and conviction. They believe that, over the longer term, earnings and cash flow are the principal drivers of returns and they remain focused on improving relative investment performance.

REVENUE RETURN AND DIVIDENDS
The Companyâ€™s revenue return per share for the year to 31 October 2018 amounted to 7.09 pence compared with 6.63 pence for the previous year.

An interim dividend of 2.50 pence per share (2017: 2.50 pence) was distributed to shareholders on 3 September 2018. The Directors are mindful of shareholdersâ€™ desire for income in addition to capital growth and are proposing a final dividend per share of 4.40 pence (2017: 4.10 pence) giving total dividends for the year of 6.90 pence per share. This represents a 4.5% increase over the prior year (2017: 6.60 pence per share). Subject to approval at the Annual General Meeting, the final dividend will be paid on 15 March 2019 to shareholders on the Companyâ€™s register at the close of business on 8 February 2019 (ex-dividend date is 7 February 2019).

POLICY ON SHARE PRICE DISCOUNT
The Directors recognise the importance to investors that the Companyâ€™s share price should not trade at a significant discount to NAV, and therefore, in normal market conditions, may use the Companyâ€™s share buy back, sale of shares from treasury and share issue powers to seek to ensure that the share price is broadly in line with the underlying NAV.

The existing authority to buy back up to 14.99% of the Companyâ€™s issued share capital (excluding treasury shares) will expire at the conclusion of the 2019 Annual General Meeting and a resolution will be put to shareholders to renew the authority at that meeting. Currently, ordinary shares representing up to 35% of the Companyâ€™s issued ordinary share capital can be allotted as new ordinary shares or sold from treasury. It is proposed to renew this authority at the forthcoming Annual General Meeting.

During the year, a total of 554,600 ordinary shares were purchased at an average price of 201.50 pence per share, for a total consideration (including costs) of Â£1,117,000. These shares were placed in treasury for potential reissue, thereby saving the associated costs of an issue of new shares if demand arises. No shares were issued or sold from treasury this year. Subsequent to the year end, a further 13,445 ordinary shares have been purchased for a total consideration of Â£24,000. The average discount for the year to 31 October 2018 was 3.1% and the discount at the year-end was 5.8% which resulted in a share price return of -8.0% over the financial year. At the time of writing the discount is 2.8%.

GEARING
The Company operates a flexible gearing policy which depends on prevailing market conditions and is subject to a maximum level of 20% of net assets at the time of investment. The maximum gearing used during the year was 4.6% and at 31 October 2018 net gearing was 2.3%. The Company has in place a borrowing facility of up to Â£4 million, provided by ING Luxembourg S.A. At the year end and at the date of this report the Company has drawn down fully on the facility.

OUTLOOK
As you will read in the Investment Managerâ€™s report, the outlook for global economic growth looks positive in the near term, although growth rates are likely to vary across the major developed economies. However, global markets remain volatile, largely driven by heightened geopolitical tensions; in particular the threat of a continuation of the US/China trade-war, concerns over rising US interest rates, tightening financial conditions globally and a wind down of the quantitative easing and easy monetary policy seen in recent years.

In Europe, the UKâ€™s exit process from the European Union (â€˜EUâ€™) continues to contribute to volatility in both European and UK equity markets sentiment. At the time of writing the UK Government has yet to reach agreement with the EU on the terms of the Withdrawal Agreement. There remains substantial uncertainty on how the Brexit process will play out and its longer term impact on the UK economy, particularly the UK financial services sector. In this context it is worth remembering that the UK equity market derives well over two thirds of its revenues from currencies other than sterling and for our largest companies the principal driver of future returns will be events in the global rather than domestic economy. Further information on the Brexit process can be found in the Viability Statement.

As you will read in their report, the Investment Managers have been adjusting the portfolio, which is now slightly more defensively positioned, focusing on companies with dependable cashflow generation and balance sheet strength in anticipation of continued market volatility and more challenging economic conditions. However, their fundamental approach has not changed and the focus remains on bottom-up stock selection, assembling a portfolio of individual companies which, taken as a whole, should prove capable of growing the Companyâ€™s revenue and supporting dividend growth into the future. Your Board is fully supportive of this approach.

BOARD COMPOSITION
The Board consists of four independent Non-executive Directors. There have been no changes to the composition of the Board or its committees during the year. The Board has a succession plan in place which ensures that a suitable balance of skills, knowledge, experience, independence and diversity is achieved to enable the Board to effectively discharge its duties. Additionally, the Board is mindful of the revised UK Corporate Governance Code, applicable for accounting periods beginning on or after 1 January 2019. Further information on the Boardâ€™s policy on director tenure and succession planning can be found in the Directorsâ€™ Report in the Annual Report and Financial Statements. In accordance with best practice and developing corporate governance, the Directors have agreed to submit themselves to annual re-election. Therefore, all Directors will retire and will stand for re-election at the forthcoming Annual General Meeting (â€˜AGMâ€™).

Further information on the experience and background of the Directors can be found in their biographies on page 20 of the Annual Report and Financial Statements.

ANNUAL GENERAL MEETING
The Companyâ€™s Annual General Meeting will be held on Thursday, 14 March 2019 at 12.00 noon at the offices of BlackRock at 12 Throgmorton Avenue, London, EC2N 2DL. Details of the business of the meeting are set out in the Notice of Annual General Meeting on pages 72 to 75 of the Annual Report and Financial Statements. The Investment Manager will make a presentation to shareholders on the Companyâ€™s progress and the outlook for the year ahead.

JONATHAN CARTWRIGHT
Chairman
20 December 2018

STRATEGIC REPORT

The Directors present the Strategic Report of the Company for the year ended 31 October 2018.

INVESTMENT OBJECTIVE
The Companyâ€™s objective is to provide growth in capital and income over the long-term through investment in a diversified portfolio of principally UK listed equities.

BUSINESS AND MANAGEMENT OF THE COMPANY
BlackRock Income and Growth Investment Trust plc is an investment trust company that has a premium listing on the London Stock Exchange. Its principal activity is portfolio investment. Investment trusts, like unit trusts and OEICs, are pooled investment vehicles which allow exposure to a diversified range of assets through a single investment thus spreading, although not eliminating, investment risk.

Investment trusts, unlike unit trusts and OEICs, have the ability to borrow for investment purposes and to manage dividend distributions through revenue reserves. They also enjoy, unlike unit trusts and OEICs, the benefit of continuous dealing during market hours.

The Company is an Alternative Investment Fund in accordance with the Alternative Investment Fund Managers Directive (AIFMD). BlackRock Fund Managers Limited (the Manager) is the Companyâ€™s Alternative Investment Fund Manager. The management of the investment portfolio and the administration of the Company have been contractually delegated to the Manager. The Manager, operating under guidelines determined by the Board, has direct responsibility for decisions relating to the running of the Company and is accountable to the Board for the investment, financial and operating performance of the Company.

The Company delegates fund accounting services to BlackRock Investment Management (UK) Limited (BIM (UK) or the Investment Manager), which in turn sub-delegates these services to the Fund Accountant, The Bank of New York Mellon (International) Limited and also sub-delegates registration services to the Registrar, Computershare Investor Services PLC. Other service providers include the Depositary, The Bank of New York Mellon (International) Limited. Prior to 1 November 2017, the entity appointed as the Companyâ€™s Depositary was BNY Mellon Trust & Depositary (UK) Limited. Details of the contractual terms with these service providers are set out in the Directorsâ€™ Report on pages 21 and 22 of the Annual Report and Financial Statements.

BUSINESS MODEL
The Company invests in accordance with the investment objective. The Board is collectively responsible to shareholders for the long-term success of the Company and is its governing body. There is a clear division of responsibility between the Board and the Manager. Matters reserved for the Board include setting the Companyâ€™s strategy, including its investment objective and policy, setting limits on gearing, capital structure, governance, and appointing and monitoring the performance of service providers, including the Manager.

The Companyâ€™s business model follows that of an externally managed investment trust, therefore the Company does not have any employees and outsources its activities to third party service providers, including the Manager which is the principal service provider.

INVESTMENT STRATEGY AND POLICY
The Companyâ€™s policy is that the portfolio will usually consist of approximately 30-60 securities and will only invest in UK securities, which include the shares of companies listed, domiciled or carrying out the majority of their business in the UK.

The Company may hold a maximum of 10% of the issued ordinary share capital of any company. No more than 15% of the gross asset value of the Company may be invested in the securities of any one issuer, calculated at the time of any relevant investment. Cash or non-benchmark stocks may not exceed 10% of the net asset value of the Company. Each stock held is subject to a lower limit of 0% and an upper limit of plus 4 percentage points against its weighting in the FTSE All-Share Index on an ongoing basis, subject to an absolute sector weighting upper limit of 20% of the Companyâ€™s net assets at any time.

The Company may deal in derivatives, including options, futures, contracts for difference and derivatives not traded on or under the rules of a recognised or designated investment exchange for the purpose of efficient portfolio management. Derivatives and exchange traded funds may be dealt in only with the prior consent of the Board.

The performance of the Company is measured by reference to the FTSE All-Share Index (the Index) on a total return basis. The Company achieves an appropriate spread of risk by investing in a diversified portfolio of securities.

No material change can be made to the investment policy without the approval of shareholders by ordinary resolution.

INVESTMENT APPROACH AND PROCESS
In assembling the Companyâ€™s portfolio, a relatively concentrated approach to investment is adopted to ensure that the fund managerâ€™s best ideas contribute significantly to returns. We believe that it is the role of the portfolio overall to achieve a premium level of yield rather than every individual company within it. This gives increased flexibility to invest where returns are most attractive. This relatively concentrated approach results in a portfolio which differs substantially from the Index and in any individual year, the returns will vary, sometimes significantly from those of the Index. Over longer periods the objective is to achieve returns greater than the Index.

The foundation of the portfolio, approximately 70% by value, is in high free cash flow companies that can sustain cash generation and pay a growing yield whilst aiming to deliver a double digit total return. Additionally, the investment managers seek to identify and invest 20% by value of the portfolio in â€˜growthâ€™ companies that have significant barriers to entry and scalable business models that enable them to grow consistently. Turnaround companies are also sought, at around 10% by value, which represent those companies that are out of favour by the market, facing temporary challenges with high yields/very low valuations, but with recovery potential. The return from this segment is expected to contribute meaningfully to returns over time.

Gearing and Borrowings
The appropriate use of gearing can add value and the Company may, from time to time, use borrowings to achieve this. The Board is responsible for the level of gearing in the Company and reviews the position at every meeting. Gearing, including borrowings and gearing through the use of derivatives (which requires prior Board approval), when aggregated with underwriting participations, will not exceed 20% of the net asset value at the time of investment, drawdown or participation. Any borrowing, except for short term liquidity purposes, is used for investment purposes or to fund the purchase of the Companyâ€™s own shares.

The Company has entered into a new two year unsecured sterling revolving credit facility of Â£4 million, provided by ING Luxembourg S.A., to replace the existing facility which expired on 31 October 2018. At the date of this report the new facility is fully drawn down.

PERFORMANCE
Details of the Companyâ€™s performance for the year are given in the Chairmanâ€™s Statement. The Investment Managerâ€™s report includes a review of the main developments during the year, together with information on investment activity within the Companyâ€™s portfolio.

RESULTS AND DIVIDENDS
The Companyâ€™s revenue earnings for the year amounted to 7.09p per share (2017: 6.63p per share). The total loss for the year, after taxation, was Â£2,220,000 (2017: profit of Â£6,474,000) of which the revenue return amounted to Â£1,724,000 (2017: Â£1,668,000) and the capital loss amounted to Â£3,944,000 (2017: profit of Â£4,806,000). Details of dividends paid and declared in respect of the year are set out in the Chairmanâ€™s Statement.

KEY PERFORMANCE INDICATORS
A number of performance indicators (KPIs) are used to monitor and assess the Companyâ€™s success in achieving its objectives and to measure its progress and performance.

The principal KPIs are described below:

Performance against the benchmark
The performance of the portfolio together with the performance of the Companyâ€™s net asset value and share price are reviewed at each Board meeting and compared to the return of the Companyâ€™s benchmark, the FTSE All-Share Index.

Premium/discount to NAV
At each meeting the Board monitors the level of the Companyâ€™s premium or discount to NAV and considers strategies for managing any premium or discount. Further details of the discount policy are provided on page 4 of the Annual Report and Financial Statements. In the year to 31 October 2018, the Companyâ€™s share price to NAV traded in the range of a premium of 0.4% to a discount of 6.9%, both on a cum income basis. The Company bought back a total of 554,600 ordinary shares during the year at an average discount of 4.8% and at an average price of 201.11p per share. The total consideration (including costs) was Â£1,117,000. A further 13,445 ordinary shares have been bought back since the year end for a total consideration of Â£24,000. No shares were issued or sold from treasury.

Ongoing charges
The ongoing charges represent the Companyâ€™s management fee and all other recurring operating and investment management expenses, excluding finance costs, expressed as a percentage of average net assets.

The Board reviews the ongoing charges and monitors the expenses incurred by the Company at each meeting. The Board also compares the level of ongoing charges against those of its peers.

Performance
The Board also regularly reviews the Companyâ€™s performance attribution analysis to understand how performance was achieved. This provides an understanding of how components such as sector exposure, stock selection and asset allocation impact performance.

The table below provides performance information for the current and prior year. Further details are provided in the Investment Managerâ€™s Report.

Alternative performance measures (see glossary on pages 76 and 77 of the Annual Report and Financial Statements).

	Year ended 31 October 2018	Year ended 31 October 2017
NAV per share¹	194.26p	209.96p
Share price²	183.00p	205.50p
Net asset value total return^3#	-4.5%	13.8%
Share price total return^3#	-8.0%	14.8%
Change in benchmark index⁴	-1.5%	13.4%
Discount to net asset value	5.8%	2.1%
Revenue return per share	7.09p	6.63p
Dividends per share	6.90p	6.60p
Ongoing charges⁵	1.10%	1.08%
	========	========

1        Calculated in accordance with AIC guidelines.
2        Mid-market share price.
3        This measures the Companyâ€™s share price and NAV total return, which assumes dividends paid by the Company have been reinvested.
4        FTSE All-Share Index (total return).
5        Ongoing charges represent the Companyâ€™s management fee and all other recurring operating and investment management expenses, excluding transaction charges and finance costs, expressed as a percentage of average net assets.
#        Refer to the glossary on pages 76 and 77 of the Annual Report and Financial Statements.

Performance against the Companyâ€™s peers
Whilst the principal objective is to achieve growth in capital and income relative to the benchmark, the Board also monitors performance relative to a range of competitor funds, particularly those also within the AIC UK Equity Income sector.

PRINCIPAL RISKS
The Company is exposed to a variety of risks and uncertainties. The Board has in place a robust process to identify, assess and monitor the principal risks of the Company. A core element of this process is the Companyâ€™s risk register which identifies the risks facing the Company and assesses the likelihood and potential impact of each risk and the controls established for mitigation. A residual risk rating is then calculated for each risk. The risk register is regularly reviewed and the risks reassessed. The risk environment in which the Company operates is also monitored and regularly appraised. New risks are also added to the register as they are identified which ensures that the document continues to be an effective risk management tool.

The risk register, its method of preparation and the operation of key controls in the Managerâ€™s and third party service providers systems of internal control are reviewed on a regular basis by the Audit Committee. In order to gain a more comprehensive understanding of the Managerâ€™s and other third party service providersâ€™ risk management processes and how these apply to the Companyâ€™s business. The Audit Committee periodically receives presentations from BlackRockâ€™s Internal Audit and Risk & Quantitative Analysis functions. The Audit Committee also reviews Service Organisation Control (SOC 1) reports from the Companyâ€™s service providers.

As required by the UK Corporate Governance Code (2016 Code), the Board has undertaken a robust assessment of the principal risks facing the Company, including those that would threaten its business model, future performance, solvency or liquidity. The principal risks have been described in the table on pages 9 and 10 of the Annual Report and Financial Statements, together with an explanation of how they are managed and mitigated. The Board will continue to assess these risks on an ongoing basis.

The current risk register includes a range of risks which are categorised under the following headings:

investment performance;
income/dividend;
gearing;
legal and regulatory compliance;
operational;
market; and
financial.

Principal Risk	Mitigation/Control
Investment performance The Board is responsible for: - setting the investment strategy to fulfil the Companyâ€™s objective; and - monitoring the performance of the Investment Manager and the implementation of the investment strategy. An inappropriate investment strategy may lead to: - poor performance compared to the Benchmark Index and the Companyâ€™s peer group; - a widening discount to NAV; - a reduction or permanent loss of capital; and - dissatisfied shareholders and reputational damage.	To manage this risk the Board: - regularly reviews investment performance; - regularly reviews the Companyâ€™s investment mandate and long-term strategy; - is required to provide prior consent to the use of derivatives and exchange traded funds; - has set investment restrictions and guidelines which the Investment Manager monitors and regularly reports on; - reviews changes in gearing and the rationale for the composition of the investment portfolio; - monitors the maintenance of an adequate spread of investments in order to minimise the risks associated with factors specific to particular sectors, based on the diversification requirements inherent in the investment policy; and - monitors the discount to NAV and use of the granted buy back powers.
Income/Dividend The amount of dividends and future dividend growth will depend on the Companyâ€™s underlying portfolio. Changes in the composition of the portfolio, any change in the tax treatment of the dividends or interest received by the Company may alter the level of dividends received by shareholders.	The Board monitors this risk through the receipt of detailed income forecasts and considers the level of income at each meeting. The Company also has a revenue reserve and powers to pay dividends from capital which could potentially be used to support the Companyâ€™s dividend if required.
Gearing The Companyâ€™s investment strategy may involve the use of gearing to enhance investment returns. Gearing may be generated through borrowing money or increasing levels of market exposure through the use of derivatives. The Company currently has an unsecured revolving credit facility with ING Luxembourg S.A. The use of gearing exposes the Company to the risks associated with borrowing. Gearing provides an opportunity for greater returns where the return on the Companyâ€™s underlying assets exceeds the cost of borrowing. It is likely to have the opposite effect where the return on the underlying assets is below the cost of borrowings. Consequently, the use of borrowings by the Company may increase the volatility of the NAV.	To manage this risk the Board has limited gearing, including borrowings and gearing through the use of derivatives, to 20% of NAV at the time of investment, drawdown or participation. The Investment Manager will only use gearing when confident that market conditions and opportunities exist to enhance investment returns.
Legal and Regulatory Compliance The Company has been approved by HM Revenue & Customs as an investment trust, subject to meeting the relevant eligibility conditions and operating as an investment trust in accordance with sections 1158 and 1159 of the Corporation Tax Act 2010. As such, the Company is exempt from capital gains tax on the profits realised from the sale of its investments. Any breach of the relevant eligibility conditions could lead to the Company losing investment trust status and being subject to corporation tax on capital gains realised within the Companyâ€™s portfolio. The Company is required to comply with the provisions of the Companies Act 2006, the Alternative Investment Fund Managers Directive, the Market Abuse Regulation, the UK Listing Rules and the FCAâ€™s Disclosure Guidance & Transparency Rules. Any serious breach could result in the Company and/or the Directors being fined or the subject of criminal proceedings or the suspension of the Companyâ€™s shares which would in turn lead to a breach of the Corporation Tax Act 2010.	Compliance with the accounting rules affecting investment trusts are regularly monitored. The Investment Manager monitors investment movements, the level and type of forecast income and expenditure and the amount of proposed dividends, if any, to ensure that the provisions of Chapter 4 of Part 24 of the Corporation Tax Act 2010 are not breached. The results are reported to the Board at each meeting. The Company Secretary and the Companyâ€™s professional advisers provide regular reports to the Board in respect of compliance with all applicable rules and regulation. Following authorisation under the Alternative Investment Fund Managersâ€™ Directive (AIFMD), the Company and its appointed Alternative Investment Fund Manager (AIFM) are subject to the risks that the requirements of this Directive are not correctly complied with. The Board and the AIFM also monitor changes in government policy and legislation which may have an impact on the Company. The Market Abuse Regulation came into force across the EU on 3 July 2016. The Board has taken steps to ensure that individual Directors (and their Persons Closely Associated) are aware of their obligations under the regulation and has updated internal processes, where necessary, to ensure the risk of non-compliance is effectively mitigated.
Operational The Company relies on the services provided by third parties. Accordingly, it is dependent on the control systems of the Manager, and of The Bank of New York Mellon (International) Limited (the Fund Accountant, Depositary, and Custodian), who maintain the Companyâ€™s assets, dealing procedures and accounting records. The security of the Companyâ€™s assets, dealing procedures, accounting records and adherence to regulatory and legal requirements depend on the effective operation of the systems of these third party service providers. Disruption to the accounting, payment systems or custody records, as a result of a cyber-attack or otherwise, could prevent the accurate reporting and monitoring of the Companyâ€™s financial position.	Due diligence is undertaken before contracts are entered into with third party service providers. Thereafter, the performance of the provider is subject to regular review and reports to the Board. The Bank of New York Mellonâ€™s and BlackRockâ€™s internal control processes are regularly tested and monitored throughout the year and are evidenced through their Service Organisation Control (SOC 1) reports, which are subject to review by an Independent Service Assurance Auditor. The SOC 1 reports provide assurance in respect of the effective operation of internal controls. These reports are regularly reviewed by the Audit Committee. The Companyâ€™s assets are subject to a strict liability regime and in the event of a loss of assets, the Depositary must return assets of an identical type or the corresponding amount, unless able to demonstrate the loss was a result of an event beyond its reasonable control. The Board reviews the overall performance of the Manager, Investment Manager and all other third party service providers on a regular basis and compliance with the Investment Management Agreement regularly. The Board also considers the business continuity arrangements of the Companyâ€™s key service providers.
Market Market risk arises from volatility in the prices of the Companyâ€™s investments. It represents the potential loss the Company might suffer through realising investments at a time of negative market movements. There is also the potential for the Company to suffer loss through holding investments in a period of negative market movements.	The Board considers the diversification of the portfolio, asset allocation, stock selection, and levels of gearing on a regular basis and has set investment restrictions and guidelines which are monitored and reported on by the Investment Manager. The Board monitors the implementation and results of the investment process with the Investment Manager.
Financial The Companyâ€™s investment activities expose it to a variety of financial risks that include interest rate risk.	Details of these risks are disclosed in note 15 to the financial statements, together with a summary of the policies for managing these risks.

VIABILITY STATEMENT
In accordance with provision C.2.2 of the UK Corporate Governance Code, the Directors have assessed the prospects of the Company over a longer period than the 12 months referred to by the â€˜Going Concernâ€™ guidelines.

The Board conducted this review for the period up to the AGM in 2024, being a five year period from the date that this annual report will be approved by Shareholders. This period has been selected as it is aligned to the Companyâ€™s objective of achieving long-term growth in capital and income. In making this assessment the Board has considered the following factors:

the Companyâ€™s principal risks as set out above;
the ongoing relevance of the Companyâ€™s investment objective in the current environment; and
the level of demand for the Companyâ€™s shares.

The Company is required to undertake a continuation vote in 2023 and has also reviewed the potential impact that this may have on the Companyâ€™s viability. Particular consideration has been given to the following:

good communication with major shareholders; at the present time there has been no indication that the continuation vote will not be successful; and
at the close of business on 19 December 2018, the Companyâ€™s shares were trading at a discount to NAV of 2.8%.

Having considered the above factors, the Board believes that the scheduled continuation vote does not have a detrimental impact on the Companyâ€™s viability.

The Board has also considered a number of financial metrics in its assessment, including:

the level of ongoing charges, both current and historical;
the level at which the shares trade relative to NAV;
the level of income generated;
future income forecasts; and
the liquidity of the portfolio.

The Board has concluded that the Company would be able to meet its ongoing operating costs as they fall due as a consequence of:

a liquid portfolio; and
overheads which comprise a small percentage of net assets.

Therefore, the Board has concluded that even in exceptionally stressed operating conditions, the Company would comfortably be able to meet its ongoing operating costs as they fall due.

However, investment companies may face other challenges. These include regulatory changes, changes to the tax treatment of investment trusts, a significant decrease in size due to substantial share buy back activity, which may result in the Company no longer being of sufficient market capitalisation to represent a viable investment proposition or no longer being able to continue in operation.

THE UKâ€™S EXIT FROM THE EUROPEAN UNION
The Board has considered the potential impact on the Company of the UKâ€™s decision to leave the European Union (the â€˜EUâ€™) following a referendum held on 23 June 2016 (â€˜Brexitâ€™). The result has led to political and economic instability and volatility in the financial markets of the United Kingdom and more broadly across Europe. This has also led to weakening in consumer, corporate and financial confidence in such markets as the UK finalises the terms of its exit from the EU. The extent of any potential negative impact will depend in part on the nature of the arrangements that are put in place between the UK and the EU following any eventual Brexit deal, or alternatively a â€˜No Dealâ€™ outcome, and the extent to which the UK continues to apply laws that are based on EU legislation.

The Board has also considered the impact of potential changes in law, regulation and taxation and the matter of foreign exchange risk. They have determined that although there are a number of potential risks associated with the Brexit process, any transition following any agreement, and the legal, fiscal and regulatory landscape thereafter, they do not believe that this represents a material threat to the Companyâ€™s strategy and business model, nor do they believe that the Investment Manager would be materially impeded in achieving the Companyâ€™s investment objective. The longer term process of implementing the political, economic and legal framework that is agreed between the UK and the EU is likely to lead to continuing uncertainty and periods of exacerbated volatility in both the UK and in wider European markets.

Based on the results of their analysis, the Directors have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the period of their assessment.

FUTURE PROSPECTS
The Boardâ€™s main focus is the achievement of income and capital growth. The future performance of the Company is dependent upon the success of the investment strategy.

The outlook for the Company is discussed in the Chairmanâ€™s Statement and in the Investment Managerâ€™s Report.

SOCIAL, COMMUNITY AND HUMAN RIGHTS ISSUES
As an investment trust, the Company has no direct social or community responsibilities.

However, the Company believes that it is in shareholdersâ€™ interests to consider environmental, social and governance factors and human rights issues when selecting and retaining investments. Details of the Companyâ€™s policy on socially responsible investment are set out on page 32 of the Annual Report and Financial Statements.

MODERN SLAVERY ACT
As an investment vehicle the Company does not provide goods or services in the normal course of business, and does not have customers. Accordingly, the Directors consider that the Company is not required to make any slavery or human trafficking statement under the Modern Slavery Act 2015. In any event, the Board considers the Companyâ€™s supply chain, dealing predominantly with professional advisers and service providers in the financial services industry, to be low risk in relation to this matter.

DIRECTORS, GENDER REPRESENTATION AND EMPLOYEES
The Directors of the Company on 31 October 2018, all of whom held office throughout the year, are set out in the Governance Structure and Directorsâ€™ biographies on page 20 of the Annual Report and Financial Statements.

The Board recognises the importance of having a range of experienced Directors with the right skills and knowledge to enable it to fulfil its obligations. As at 31 October 2018, the Board consisted of four male Directors. The Company does not have any employees.

BY ORDER OF THE BOARD
KEVIN MAYGER
FOR AND ON BEHALF OF
BLACKROCK INVESTMENT MANAGEMENT (UK) LIMITED
Company Secretary
20 December 2018

RELATED PARTY TRANSACTIONS

BlackRock Fund Managers Limited (BFM) provides management and administration services to the Company under a contract which is terminable on six monthsâ€™ notice. BFM has (with the Companyâ€™s consent) delegated certain portfolio and risk management services, and other ancillary services, to BlackRock Investment Management (UK) Limited (BIM (UK)). Further details of the investment management contract are disclosed in the Directorsâ€™ Report on pages 21 and 22 of the Annual Report and Financial Statements.

The investment management fee is levied quarterly, based on 0.60% per annum of the Companyâ€™s market capitalisation. The investment management fee due for the year ended 31 October 2018 amounted to Â£291,000 (2017: Â£297,000). At the year end, Â£146,000 was outstanding in respect of the management fee (2017: Â£225,000).

The Company held an investment in the BlackRock Institutional Cash Series plc - Sterling Liquidity Fund of Â£3,400,000 (2017: Â£1,062,000) which for the year ended 31 October 2018 and 31 October 2017 has been presented in the financial statements as a cash equivalent.

In addition to the above services, BlackRock has provided the Company with marketing services. The total fees paid or payable for these services for the year ended 31 October 2018 amounted to Â£49,000 including VAT (2017: Â£22,000). Marketing fees of Â£33,000 including VAT were outstanding at 31 October 2018 (2017: Â£22,000).

The Board consists of four non-executive Directors, all of whom are considered to be independent of the Investment Manager by the Board. None of the Directors has a service contract with the Company. For the year ended 31 October 2018, the Chairman received an annual fee of Â£28,750 (2017: Â£28,000), the Chairman of the Audit Committee received an annual fee of Â£23,250 (2017: Â£22,500) and each of the other Directors received an annual fee of Â£19,750 (2017: Â£19,000). Directorsâ€™ fees were last increased with effect from 1 November 2017.

Disclosures of the Directorsâ€™ interests in the ordinary shares of the Company and fees and expenses payable to the Directors are set out in the Directorsâ€™ Remuneration Report on pages 26 to 28 of the Annual Report and Financial Statements. At 31 October 2018, Â£7,000 (2017: Â£7,000) was outstanding in respect of Directorsâ€™ fees.

As at 31 October 2018 and 2017, the Directorsâ€™ interests in the Companyâ€™s ordinary shares were as follows:

	31 October 2018	31 October 2017
J H Cartwright	20,000	20,000
N R Gold	20,000	20,000
G M Luckraft	â€“	â€“
C R Worsley	987,539¹	987,539¹

1. Including a non-beneficial interest in 655,500 ordinary shares.

All of the holdings of the Directors and their families are beneficial, except as stated. No changes to these holdings had been notified up to the date of this report.

The information in the table above has been audited.

STATEMENT OF DIRECTORSâ€™ RESPONSIBILITIES IN RESPECT OF THE ANNUAL REPORT AND FINANCIAL STATEMENTS

The Directors are responsible for preparing the Annual Report and Financial Statements in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice, including FRS 102 The Financial Reporting Standard applicable in the UK and Ireland.

Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company as at the end of each financial year and of the profit or loss of the Company for that year.

In preparing these financial statements, the Directors are required to:

present fairly the financial position, financial performance and cash flows of the Company;
select suitable accounting policies and apply them consistently;
present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Companyâ€™s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Directors are also responsible for preparing the Strategic Report, the Directorsâ€™ Report, the Directorsâ€™ Remuneration Report, the Corporate Governance Statement and the Report of the Audit Committee in accordance with the Companies Act 2006 and applicable regulations, including the requirements of the Listing Rules and the Disclosure Guidance and Transparency Rules.

The Directors have delegated responsibility to the Manager for the maintenance and integrity of the Companyâ€™s corporate and financial information included on the BlackRock website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Each of the Directors, whose names are listed in the Annual Report and Financial Statements, confirm 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 profit or loss of the Company; and
the Strategic Report contained in the Annual Report and Financial Statements includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.

The 2016 UK Corporate Governance Code requires Directors to ensure that the Annual Report and Financial Statements are fair, balanced and understandable. In order to reach a conclusion on this matter, the Board has requested that the Audit Committee advise on whether it considers that the Annual Report and Financial Statements fulfils these requirements. The process by which the Audit Committee has reached these conclusions is set out in the Audit Committeeâ€™s report on pages 35 and 36 of the Annual Report and Financial Statements. As a result, the Board has concluded that the Annual Report and Financial Statements for the year ended 31 October 2018, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the Companyâ€™s position and performance, business model and strategy.

FOR AND ON BEHALF OF THE BOARD
JONATHAN CARTWRIGHT
Chairman
20 December 2018

INVESTMENT MANAGERâ€™S REPORT

PERFORMANCE
Over the year to 31 October 2018, the Company saw a NAV return of -4.5% and share price return of -8.0%, underperforming the FTSE All-Share Index which returned -1.5% for the period. All returns in sterling terms with dividends reinvested.

MARKET REVIEW
Despite a strong run up into the start of 2018, this year has brought a return of volatility to markets. UK equities have lagged global markets with headwinds including Brexit negotiations, which were a source of division across the UK political spectrum. Brexit-related concerns have put pressure on sterling, which weakened against the US dollar and helped the FTSE 100 Index touch a new intra-day high in May. More recently, a sharp sell-off in October affected equity markets globally and took the UK market into negative territory. There were many factors at play which triggered the recent correction; rising bond yields, concerns around the pace of US interest rate rises, ongoing trade conflict between the US and China and worries over the Italian budget. Rising economic uncertainty, coinciding with near-term political risks, combined with tightening financial conditions mean we expect volatility to remain a key feature in global markets.

CONTRIBUTORS TO PERFORMANCE
Patisserie Holdings was the largest detractor for the period with an investigation having been opened in connection with alleged fraudulent accounting activity. The company has raised funds through an equity placing and secured additional loan funding from its Chairman, Luke Johnson, to improve liquidity whilst the investigation is ongoing. TP ICAP saw a significant share price decline in July following a disappointing trading statement. The increased market volatility that we have seen has failed to come through to revenue growth for TP ICAP as was expected. The business has had additional issues with costs, with downgrades to cost saving synergies, and increases to interest and broker compensation costs. Inchcape has suffered as a slowdown in new and used car sales in the UK. Strength across parts of Europe helped to offset declines in the UK but this was not enough to put the brakes on the challenging back-drop for new car vehicle margins. Inchcapeâ€™s distribution business remains a high-quality business with a net cash balance sheet.

Infrastructure investor, John Laing Group, has seen its share price rise significantly over the period. Earlier in the period the company announced a rights issue to raise Â£210m for future investment and more recently they have confirmed that the pipeline for new investments continues to look encouraging for the rest of the year. The latest results demonstrated an increase in net asset value after a large gain on the disposal of one of their assets. An underweight exposure to Vodafone has helped relative performance for the period as the shares have continued to tumble. Italian competitor Iliad announced incredibly aggressive pricing which far undercuts Vodafoneâ€™s cheapest offer and competition in Spain also remains a risk to profitability. Additionally, the acquisition of Libertyâ€™s European assets was debt funded, increasing the leverage in the business. Tesco has performed strongly over the year as the business continues to demonstrate improved cash flow and a reduction in debt levels. We believe the Booker acquisition is additive to the investment case both financially and strategically.

TRANSACTIONS
During the period new positions included water company United Utilities Group, and hospitality business, Whitbread. Additionally, we added to a number of positions including Royal Dutch Shell, Weir Group, Standard Chartered and AstraZeneca. We have reduced holdings in financials, HSBC Holdings and Admiral and have taken profits in highly US-exposed positions that have performed well, including Carnival and Ferguson. We have made a number of sales over the period, including in DS Smith, CRH, Diageo and BT Group. Overall, the portfolio remains positioned towards companies with dependable cashflow generation, balance sheet strength and trusted management teams in what we expect to be a more demanding and volatile investment environment.

OUTLOOK
We are broadly positive on global markets and expect continued global growth in the near term, albeit in a less synchronised fashion across the G7 nations and at a lower level than in the recent past. The trend of steady growth has provided a solid backdrop for equity market returns, which have also been helped by loose financial conditions from supportive governments and central banks. However political uncertainty is rising which, combined with tightening financial conditions (led by the US Federal Reserve), means that we expect continued market volatility. This provides us, as active managers of a concentrated portfolio, with the opportunity to invest at attractive valuations in high-quality cash generative businesses, with robust balance sheets, that can weather various market cycles and help to deliver long-term capital and income growth for our clients.

We continue to like cash generative consumer staple companies, especially those exposed to the emerging market consumer given the prevalent demographic trends in those markets. These companies often generate substantial cash flow which allows them to invest in innovation, marketing and distribution to ensure the longevity of their brands while also paying attractive and growing dividends to shareholders. We have also sought exposure to infrastructure and construction spend whilst at the same time we are watching for signs of overheating in the US and monitoring the slowdown in China. US construction spend remains well below long-term averages and initiatives to boost this spend features prominently on the political agenda. We also note that inflationary pressures are starting to build and therefore we seek those companies with sufficient pricing power and efficiency potential to withstand rising costs. As the last few months have demonstrated, it is crucial to be selective and to focus on those companies that are strong operators; those that provide a differentiated service or product and that boast a strong balance sheet.

ADAM AVIGDORI AND DAVID GOLDMAN
BLACKROCK INVESTMENT MANAGEMENT (UK) LIMITED
20 December 2018

TEN LARGEST INVESTMENTS AS AT 31 OCTOBER 2018

Royal Dutch Shell â€˜Bâ€™: 6.8% (2017: 4.2%) is an oil and gas company based in the UK. The company operates in both Upstream and Downstream industries. Upstream is engaged in searching for and recovering crude oil and natural gas, the liquefaction and transportation of gas. Downstream is engaged in manufacturing, distribution and marketing activities for oil products and chemicals.

British American Tobacco: 5.5% (2017: 6.3%) is one of the worldâ€™s leading tobacco groups, with more than 200 brands in the portfolio selling in approximately 180 markets worldwide.

RELX: 4.9% (2017: 4.3%) is a global provider of professional information solutions that includes publication of scientific, medical, technical and legal journals. It also has the worldâ€™s leading exhibitions, conference and events business.

Unilever: 4.3% (2017: 4.1%) is a global supplier of food, home and personal care products with more than 400 brands focused on health and wellbeing.

BP Group: 4.1% (2017: 2.8%) is a multinational oil and gas company that is vertically integrated and operates in all areas of the industry including exploration, production, refining, distribution, trading and renewable energy.

GlaxoSmithKline: 4.0% (2017: 2.6%) is a science-led global healthcare company focussed on researching, developing and manufacturing innovative pharmaceutical medicines, vaccines and consumer healthcare products.

John Laing Group: 4.0% (2017: 3.1%) is an international originator, active investor and manager of infrastructure projects. Its business is focussed on major transport, social and environmental infrastructure projects awarded under governmental public-private partnership programmes and renewable energy projects, across a range of international markets including the UK, Europe, Asia Pacific and North America.

Lloyds Banking Group: 3.9% (2017: 4.5%) is a UK-based financial services group, providing a wide range of banking and financial services, focused on personal and commercial customers. Its main business activities are retail, commercial and corporate banking, general insurance and life insurance, pensions and investment provision.

AstraZeneca: 3.9% (2017: 2.0%) is an Anglo-Swedish multinational pharmaceutical company with its headquarters in the UK. It is a science-led biopharmaceutical business with a portfolio of products for major disease areas including cancer, cardiovascular, infection, neuroscience and respiratory.

Prudential: 3.4% (2017: nil) is a multinational life insurance and financial services company which aims to meet the long-term savings and protection needs of a growing middle class and ageing population across Asia, the US, Europe and the UK.

All percentages reflect the value of the holding as a percentage of total investments as at 31 October 2018. Together, the ten largest investments represent 44.8% (2017: 39.3%) of total investments.

DISTRIBUTION OF INVESTMENTS AS AT 31 OCTOBER 2018

ANALYSIS OF PORTFOLIO BY SECTOR

	% of investments by value	Benchmark
Oil & Gas Producers	11.9	13.4
Pharmaceuticals & Biotechnology	10.8	8.4
Banks	8.8	10.3
Food Producers	6.5	1.2
Tobacco	6.5	4.2
Support Services	6.5	4.5
Media	6.0	3.3
Financial Services	5.7	3.4
Life Insurance	5.5	3.4
Industrial Engineering	4.6	0.8
Household Goods & Home Construction	4.0	3.2
Non-life Insurance	3.5	1.3
Travel & Leisure	3.4	4.7
Food & Drug Retailers	3.1	1.6
Gas, Water & Multiutilities	2.9	2.0
Mining	2.6	7.3
General Retailers	1.8	1.9
Forestry & Paper	1.5	0.3
Personal Goods	1.3	2.4
Electronic & Electrical Equipment	1.0	0.5
Chemicals	0.9	0.8
Software & Computer Services	0.6	1.0
Construction & Materials	0.6	1.4

Sources: BlackRock and Datastream.

INVESTMENT SIZE

	Number of investments	% of investments by value
< Â£1m	20	24.3
Â£1m to Â£2m	18	54.2
Â£2m to Â£3m	3	14.7
Â£3m to Â£4m	1	6.8

Source: BlackRock.

INVESTMENTS AS AT 31 OCTOBER 2018

	Market value Â£â€™000	% of investments
Oil & Gas Producers
Royal Dutch Shell â€˜Bâ€™	3,247	6.8
BP Group	1,953	4.1
Diversified Gas & Oil	501	1.0
	--------	--------
	5,701	11.9
	--------	--------
Pharmaceuticals & Biotechnology
GlaxoSmithKline	1,921	4.0
AstraZeneca	1,861	3.9
Shire	1,380	2.9
	--------	--------
	5,162	10.8
	--------	--------
Banks
Lloyds Banking Group	1,877	3.9
Standard Chartered	1,050	2.2
HSBC Holdings	790	1.7
Barclays	482	1.0
	--------	--------
	4,199	8.8
	--------	--------
Food Producers
Unilever	2,067	4.3
Associated British Foods	1,055	2.2
	--------	--------
	3,122	6.5
	--------	--------
Tobacco
British American Tobacco	2,607	5.5
Imperial Brands	497	1.0
	--------	--------
	3,104	6.5
	--------	--------
Support Services
Rentokil Initial	1,323	2.8
Ferguson	1,222	2.6
De La Rue	534	1.1
	--------	--------
	3,079	6.5
	--------	--------
Media
RELX	2,328	4.9
Ascential	548	1.1
	--------	--------
	2,876	6.0
	--------	--------
Financial Services
John Laing Group	1,911	4.0
Premier Asset Management Group	831	1.7
	--------	--------
	2,742	5.7
	--------	--------
Life Insurance
Prudential	1,621	3.4
Phoenix Group	983	2.1
	--------	--------
	2,604	5.5
	--------	--------
Industrial Engineering
Bodycote	1,160	2.4
Weir Group	1,030	2.2
	--------	--------
	2,190	4.6
	--------	--------
Household Goods & Home Construction
Reckitt Benckiser	1,219	2.5
Taylor Wimpey	728	1.5
	--------	--------
	1,947	4.0
	--------	--------
Non-life Insurance
Hiscox	1,170	2.5
Admiral Group	484	1.0
	--------	--------
	1,654	3.5
	--------	--------
Travel & Leisure
Whitbread	893	1.9
Carnival	678	1.4
Patisserie Holdings*	72	0.1
	--------	--------
	1,643	3.4
	--------	--------
Food & Drug Retailers
Tesco	1,495	3.1
	--------	--------
	1,495	3.1
	--------	--------
Gas, Water & Multiutilities
United Utilities Group	1,376	2.9
	--------	--------
	1,376	2.9
	--------	--------
Mining
BHP	1,221	2.6
	--------	--------
	1,221	2.6
	--------	--------
General Retailers
Inchcape	882	1.8
	--------	--------
	882	1.8
	--------	--------
Forestry & Paper
Mondi	718	1.5
	--------	--------
	718	1.5
	--------	--------
Personal Goods
Superdry	631	1.3
	--------	--------
	631	1.3
	--------	--------
Electronic & Electrical Equipment
Oxford Instruments	485	1.0
	--------	--------
	485	1.0
	--------	--------
Chemicals
Elementis	448	0.9
	--------	--------
	448	0.9
	--------	--------
Software & Computer Services
Accesso Technology	281	0.6
	--------	--------
	281	0.6
	--------	--------
Construction & Materials
Forterra	270	0.6
	--------	--------
	270	0.6
	--------	--------
Total investments	47,830	100.0
	=====	=====

* Suspended investment held at fair value (please see note 15 in the Annual Report and Financial Statements for further information).

All investments are in ordinary shares unless otherwise stated.
The total number of holdings as at 31 October 2018 was 42 (31 October 2017: 46).
As at 31 October 2018 the Company did not hold any equity interests representing more than 3% of any companyâ€™s share capital.

INCOME STATEMENT FOR THE YEAR ENDED 31 OCTOBER 2018

	Notes	Revenue 2018 Â£â€™000	Revenue 2017 Â£â€™000	Capital 2018 Â£â€™000	Capital 2017 Â£â€™000	Total 2018 Â£â€™000	Total 2017 Â£â€™000
(Losses)/gains on investments held at fair value through profit or loss		â€“	â€“	(3,682)	5,050	(3,682)	5,050
Losses on foreign exchange		â€“	â€“	(1)	â€“	(1)	â€“
Income from investments held at fair value through profit or loss	3	2,053	1,987	â€“	â€“	2,053	1,987
Other income	3	21	13	â€“	â€“	21	13
		--------	--------	--------	--------	--------	--------
Total income		2,074	2,000	(3,683)	5,050	(1,609)	7,050
		--------	--------	--------	--------	--------	--------
Expenses
Investment management fees	4	(73)	(74)	(218)	(223)	(291)	(297)
Other operating expenses	5	(265)	(252)	(7)	(5)	(272)	(257)
		--------	--------	--------	--------	--------	--------
Total operating expenses		(338)	(326)	(225)	(228)	(563)	(554)
		--------	--------	--------	--------	--------	--------
Net profit/(loss) on ordinary activities before finance costs and taxation		1,736	1,674	(3,908)	4,822	(2,172)	6,496
Finance costs	6	(12)	(6)	(36)	(16)	(48)	(22)
		--------	--------	--------	--------	--------	--------
Net profit/(loss) on ordinary activities before taxation		1,724	1,668	(3,944)	4,806	(2,220)	6,474
Taxation		â€“	â€“	â€“	â€“	â€“	â€“
		========	========	========	========	========	========
Net profit/(loss) on ordinary activities after taxation	8	1,724	1,668	(3,944)	4,806	(2,220)	6,474
		========	========	========	========	========	========
Earnings/(loss) per ordinary share (pence) â€“ basic and diluted	8	7.09	6.63	(16.22)	19.09	(9.13)	25.72
		========	========	========	========	========	========

The total column of this statement represents the Companyâ€™s profit and loss account. The supplementary revenue and capital columns are both prepared under guidance published by the Association of Investment Companies (AIC). All items in the above statement derive from continuing operations. No operations were acquired or discontinued during the year. All income is attributable to the equity holders of the Company.

The net profit/(loss) for the year disclosed above represents the Companyâ€™s total comprehensive (loss)/income.

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 OCTOBER 2018

	Notes	Called up share capital Â£â€™000	Share premium account Â£â€™000	Capital redemption reserve Â£â€™000	Capital reserve Â£â€™000	Special reserve Â£â€™000	Revenue reserve Â£â€™000	Total Â£â€™000
For the year ended 31 October 2018
At 31 October 2017		329	14,819	220	13,907	19,784	2,621	51,680
Total comprehensive income:
Net (loss)/profit for the year		â€“	â€“	â€“	(3,944)	â€“	1,724	(2,220)
Transactions with owners, recorded directly to equity:
Ordinary shares purchased into treasury	9	â€“	â€“	â€“	â€“	(1,109)	â€“	(1,109)
Share purchase costs	9	â€“	â€“	â€“	â€“	(8)	â€“	(8)
Dividends paid^(a)	7	â€“	â€“	â€“	â€“	â€“	(1,605)	(1,605)
		--------	--------	--------	--------	--------	--------	--------
At 31 October 2018		329	14,819	220	9,963	18,667	2,740	46,738
		--------	--------	--------	--------	--------	--------	--------
For the year ended 31 October 2017
At 31 October 2016		329	14,819	220	9,101	21,272	2,566	48,307
Total comprehensive income:
Net profit for the year		â€“	â€“	â€“	4,806	â€“	1,668	6,474
Transactions with owners, recorded directly to equity:
Ordinary shares purchased into treasury	9	â€“	â€“	â€“	â€“	(1,480)	â€“	(1,480)
Share purchase costs	9	â€“	â€“	â€“	â€“	(8)	â€“	(8)
Dividends paid^(b)	7	â€“	â€“	â€“	â€“	â€“	(1,613)	(1,613)
		--------	--------	--------	--------	--------	--------	--------
At 31 October 2017		329	14,819	220	13,907	19,784	2,621	51,680
		--------	--------	--------	--------	--------	--------	--------

(a) Interim dividend paid in respect of the six months ended 30 April 2018 of 2.50p per share was declared on 25 June 2018 and paid on 3 September 2018. Final dividend paid in respect of the year ended 31 October 2017 of 4.10p per share was declared on 20 December 2017 and paid on 9 March 2018.
(b) Interim dividend paid in respect of the six months ended 30 April 2017 of 2.50p per share was declared on 26 June 2017 and paid on 1 September 2017. Final dividend paid in respect of the year ended 31 October 2016 of 3.90p per share was declared on 21 December 2016 and paid on 10 March 2017.

BALANCE SHEET AS AT 31 OCTOBER 2018

	Notes	2018 Â£â€™000	2017 Â£â€™000
Fixed assets
Investments held at fair value through profit or loss		47,830	53,177
		--------	--------
Current assets
Debtors		167	487
Cash and cash equivalents		3,442	1,192
		--------	--------
		3,609	1,679
		--------	--------
Creditors â€“ amounts falling due within one year
Bank loan		(4,000)	(2,000)
Other creditors		(701)	(1,176)
		--------	--------
		(4,701)	(3,176)
		--------	--------
Net current liabilities		(1,092)	(1,497)
		--------	--------
Net assets		46,738	51,680
		========	========
Capital and reserves
Called up share capital	9	329	329
Share premium account	10	14,819	14,819
Capital redemption reserve	10	220	220
Capital reserve	10	9,963	13,907
Special reserve	10	18,667	19,784
Revenue reserve	10	2,740	2,621
		--------	--------
Total shareholdersâ€™ funds	8	46,738	51,680
		--------	--------
Net asset value per ordinary share (pence)	8	194.26	209.96
		========	========

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2018

	Notes	2018 Â£â€™000	2017 Â£â€™000
Operating activities
Net (loss)/profit before taxation		(2,220)	6,474
Add back finance costs		48	22
Losses/(gains) on investments held at fair value through profit or loss		3,682	(5,050)
Net losses on foreign exchange		1	â€“
Special dividends allocated to capital		92	â€“
Sales of investments		25,978	15,700
Purchases of investments		(24,517)	(14,427)
Decrease in other debtors		15	14
Decrease in other creditors		(53)	(3)
		--------	--------
Net cash generated from operating activities		3,026	2,730
		--------	--------
Financing activities
Ordinary shares purchased into treasury		(1,109)	(1,480)
Share purchase costs paid		(8)	(9)
Drawdown of bank loan		2,000	â€“
Interest paid		(53)	(17)
Dividends paid	7	(1,605)	(1,613)
		--------	--------
Net cash used in financing activities		(775)	(3,119)
		--------	--------
Increase/(decrease) in cash and cash equivalents		2,251	(389)
		--------	--------
Cash and cash equivalents at the start of the year		1,192	1,581
Effect of foreign exchange rate changes		(1)	â€“
		--------	--------
Cash and cash equivalents at end of the year		3,442	1,192
		--------	--------
Comprised of:
Cash at bank		42	130
Cash Fund*		3,400	1,062
		--------	--------
		3,442	1,192
		--------	--------

* Cash Fund represents funds held on deposit with the BlackRock Institutional Cash Series plc â€“ Sterling Liquidity Fund.

NOTES TO THE FINANCIAL STATEMENTS

1. PRINCIPAL ACTIVITY
The principal activity of the Company is that of an investment trust company within the meaning of section 1158 of the Corporation Tax Act 2010.

2. ACCOUNTING POLICIES
The principal accounting policies adopted by the Company are set out below.

(a) Basis of preparation
The financial statements have been prepared on a going concern basis in accordance with â€˜The Financial Reporting Standard applicable in the UK and Republic of Irelandâ€™ (FRS 102) and the revised Statement of Recommended Practice â€“ â€˜Financial Statements of Investment Trust Companies and Venture Capital Trustsâ€™ (SORP) issued by the Association of Investment Companies (AIC) in November 2014 and updated in January 2017, and the provisions of the Companies Act 2006.

The principal accounting policies adopted by the Company are set out below. Unless specified otherwise, the policies have been applied consistently throughout the year and are consistent with those applied in the preceding year. All of the Companyâ€™s operations are of a continuing nature.

The Companyâ€™s financial statements are presented in sterling, which is the currency of the primary economic environment in which the Company operates. All values are rounded to the nearest thousand pounds (Â£â€™000) except where otherwise indicated.

(b) Presentation of Income Statement
In order to reflect the activities of an investment trust company and in accordance with guidance issued by the AIC, supplementary information which analyses the Income Statement between items of a revenue and a capital nature has been presented alongside the Income Statement.

(c) Segmental reporting
The Directors are of the opinion that the Company is engaged in a single segment of business being investment business.

(d) Income
Dividends receivable on equity shares are treated as revenue for the year on an ex-dividend basis. Where no ex-dividend date is available, dividends receivable on or before the year end are treated as revenue for the year. Provisions are made for dividends not expected to be received.

Special dividends are recognised on an ex-dividend basis and treated as capital or revenue depending on the facts and circumstances of each dividend.

Dividends are accounted for in accordance with Section 29 of FRS 102 on the basis of income actually receivable, without adjustment for tax credits attaching to the dividend. Dividends from overseas companies continue to be shown gross of withholding tax.

Deposit interest receivable is accounted for on an accruals basis. Underwriting commission is recognised when the issue underwritten closes.

Where the Company has elected to receive its dividends in the form of additional shares rather than in cash, the cash equivalent of the dividend is recognised as revenue. Any excess in the value of the shares received over the amount of the cash dividend is recognised in capital.

(e) Expenses
All expenses are accounted for on an accruals basis. Expenses have been treated as revenue except as follows:

expenses which are incidental to the acquisition or disposal of an investment are treated as capital. Details of transaction costs on the purchases and sales of investments are disclosed in note 10 on page 56 of the Annual Report and Financial Statements;
the investment management fee has been allocated 75% to the capital column and 25% to the revenue column of the Income Statement in line with the Boardâ€™s expected long-term split of returns, in the form of capital gains and income respectively, from the investment portfolio.

(f) Finance costs
Finance costs are accounted for on an accruals basis. Finance costs are allocated, insofar as they relate to the financing of the Companyâ€™s investments, 75% to the capital column and 25% to the revenue column of the Income Statement, in line with the Boardâ€™s expected long-term split of returns, in the form of capital gains and income respectively, from the investment portfolio.

(g) Taxation
The current tax effect of different items of expenditure is allocated between capital and revenue on the marginal basis using the Companyâ€™s effective rate of corporation tax for the accounting period.

Deferred taxation is recognised in respect of all timing differences at the financial reporting date, where transactions or events that result in an obligation to pay more taxation in the future or right to less taxation in the future have occurred at the balance sheet date. Deferred tax is measured on a non-discounted basis, at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. This is subject to deferred taxation assets only being recognised if it is considered more likely than not that there will be suitable profits from which the future reversal of the timing differences can be deducted.

(h) Investments held at fair value through profit or loss
The Companyâ€™s investments are classified as held at fair value through profit or loss in accordance with Sections 11 and 12 of FRS 102 and are managed and evaluated on a fair value basis in accordance with its investment strategy.

All investments are designated upon initial recognition as held at fair value through profit or loss. Purchases of investments are recognised on a trade date basis. Sales are recognised at the trade date of the disposal and the proceeds are measured at fair value, which is regarded as the proceeds of the sale less any transaction costs.

The fair value of the financial investments is based on their quoted bid price at the balance sheet date on the exchange on which the investment is quoted, without deduction for the estimated future selling costs.

Changes in the value of investments held at fair value through profit or loss and gains and losses on disposal are recognised in the Income Statement as â€˜Gains or losses on investments held at fair value through profit or lossâ€™. Also included within this heading are transaction costs in relation to the purchase or sale of investments.

The fair value hierarchy consists of the following three levels:

Level 1 â€“ Quoted market price for identical instruments in active markets

Level 2 â€“ Valuation techniques using observable inputs

Level 3 â€“ Valuation techniques using significant unobservable inputs

(i) Debtors
Debtors include sales for future settlement, other debtors and pre-payments and accrued income in the ordinary course of business. If collection is expected in one year or less, they are classified as current assets. If not, they are presented as non-current assets.

(j) Creditors
Creditors include purchases for future settlements, interest payable, share buy back costs and accruals in the ordinary course of business. Creditors are classified as creditors â€“ amounts due within one year if payment is due within one year or less. If not, they are presented as creditors â€“ amounts due after more than one year.

(k) Dividends payable
Under Section 32 of FRS 102, final dividends should not be accrued in the financial statements unless they have been approved by shareholders before the balance sheet date. Dividends payable to equity shareholders are recognised in the Statement of Changes in Equity when they have been approved by shareholders and have become a liability of the Company. Interim dividends are only recognised in the financial statements in the period in which they are paid.

(l) Cash and cash equivalents
Cash comprises cash in hand and demand deposits. Cash equivalents include bank overdrafts repayable on demand and short term, highly liquid investments, that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

(m) Foreign currency translation
In accordance with Section 30 of FRS 102, the Company is required to nominate a functional currency being the currency in which the Company predominately operates. The functional and reporting currency is sterling, reflecting the primary economic environment in which the Company operates. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling on the date of the transaction. Foreign currency monetary assets and liabilities, and non-monetary assets held at fair value are translated into sterling at the rates of exchange ruling at the balance sheet date. Profits and losses thereon are recognised in the capital column of the Income Statement and taken to the capital reserve.

(n) Share repurchases
Shares repurchased and subsequently cancelled â€“ share capital is reduced by the nominal value of the shares repurchased, and the capital redemption reserve is correspondingly increased in accordance with section 733 Companies Act 2006. The full cost of the repurchase is charged to the special reserve.

Shares repurchased and held in treasury â€“ the full cost of the repurchase is charged to the special reserve. Where treasury shares are subsequently reissued, any surplus is taken to the share premium account.

(o) Critical accounting estimates and judgements
The preparation of the financial statements necessarily requires the exercise of judgement, both in application of accounting policies, which are set out above, and in the selection of assumptions used in the calculation of estimates. These estimates and judgements are reviewed on an ongoing basis and are continually evaluated based on historical experience and other factors. However, actual results may differ from these estimates.

The Directors do not believe any accounting judgements or estimates have been applied to this set of financial statements that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.

3. INCOME

	2018 Â£â€™000	2017 Â£â€™000
Investment income:
UK listed dividends	1,768	1,953
UK listed REITs	â€“	9
UK listed scrip dividends	22	25
UK listed special dividends	221	â€“
Overseas listed dividends	42	â€“
	--------	--------
	2,053	1,987
	--------	--------
Other income:
Interest from Cash Fund	12	4
Deposit interest	â€“	1
Underwriting commission	9	8
	--------	--------
	21	13
	--------	--------
Total	2,074	2,000
	========	========

Dividends and interest received in cash during the year amounted to Â£2,052,000 and Â£10,000 respectively (2017: Â£2,000,000 and Â£5,000).

Special dividends of Â£92,000 have been recognised in capital (2017: Â£nil) and deducted from investment costs.

Comparative Figures
Interest of Â£12,000 (2017: Â£4,000) from the Cash Fund has been reclassified from â€œIncome from investments held at fair value through profit or lossâ€ to â€œOther Incomeâ€ in the Income Statement. This reclassification had no impact on the revenue return for the respective periods or the net assets as at 31 October 2018 and 31 October 2017.

4. INVESTMENT MANAGEMENT FEES

	2018			2017
	Revenue Â£â€™000	Capital Â£â€™000	Total Â£â€™000	Revenue Â£â€™000	Capital Â£â€™000	Total Â£â€™000
Investment management fees	73	218	291	74	223	297
	--------	--------	--------	--------	--------	--------
	73	218	291	74	223	297
	========	========	========	========	========	========

Under the terms of the investment management agreement with BFM, BFM is entitled to a fee of 0.6% per annum of the Companyâ€™s market capitalisation. The investment management fee is allocated 75% to capital reserves and 25% to the revenue reserve. There is no additional fee for company secretarial and administration services.

5. OTHER OPERATING EXPENSES

	2018 Â£â€™000	2017 Â£â€™000
Taken to revenue:
Custody fees	2	1
Depositary fees	7	7
Audit fees	24	24
Registrarsâ€™ fee	23	23
Directorsâ€™ emoluments*	92	89
Marketing fees	49	22
Printing fees	21	21
Legal and professional fees	7	13
Other administration costs	40	52
	--------	--------
	265	252
	========	========
Taken to capital:
Transaction costs	7	5
	--------	--------
	272	257
	========	========
The Companyâ€™s ongoing charges, calculated as a percentage of average shareholdersâ€™ funds and using operating expenses and excluding transaction costs, finance costs and taxation were:	1.10%	1.08%
	--------	--------

* Further information on Directorsâ€™ emoluments can be found in the Directorsâ€™ Remuneration Report on pages 26 to 28 of the Annual Report and Financial Statements.

The Company has no employees.

6. FINANCE COSTS

	2018			2017
	Revenue Â£â€™000	Capital Â£â€™000	Total Â£â€™000	Revenue Â£â€™000	Capital Â£â€™000	Total Â£â€™000
Interest on sterling bank loan	12	36	48	6	16	22
	--------	--------	--------	--------	--------	--------
	12	36	48	6	16	22
	========	========	========	========	========	========

7. DIVIDENDS

	Record date	Payment date	2018 Â£â€™000	2017 Â£â€™000
2016 Final dividend of 3.90p	17 February 2017	10 March 2017	â€“	989
2017 Interim dividend of 2.50p	14 July 2017	1 September 2017	â€“	624
2017 Final dividend of 4.10p	2 February 2018	9 March 2018	999	â€“
2018 Interim dividend of 2.50p	27 July 2018	3 September 2018	606	â€“
			--------	--------
			1,605	1,613
			========	========

The Directors have proposed a final dividend of 4.40p per share in respect of the year ended 31 October 2018. The proposed final dividend will be paid, subject to shareholdersâ€™ approval, on 15 March 2019 to shareholders on the Companyâ€™s register on 8 February 2019. The proposed final dividend has not been included as a liability in these financial statements as final dividends are only recognised in the financial statements when they have been approved by shareholders, or in the case of interim dividends, recognised when paid to shareholders.

The total dividends payable in respect of the year which form the basis of determining retained income for the purpose of section 1158 of the Corporation Tax Act 2010 and section 833 of the Companies Act 2006, and the amount proposed for the year ended 31 October 2018, meet the relevant requirements as set out in this legislation.

Dividends paid or declared on equity shares:	2018 Â£â€™000	2017 Â£â€™000
Interim paid of 2.50p (2017: 2.50p)	606	624
Final proposed of 4.40p* (2017: 4.10p)	1,058	999
	--------	--------
	1,664	1,623
	========	========

* Based on 24,046,223 ordinary shares (excluding treasury shares) in issue on 19 December 2018.

The proposed final dividend is based on the number of shares in issue at the year end. However, the dividend payable will be based on the number of shares in issue on the record date and will reflect any purchases and buy back of shares by the Company settled subsequent to the year end.

All dividends paid or payable are distributed from the Companyâ€™s revenue profits.

8. EARNINGS AND NET ASSET VALUE PER ORDINARY SHARE
Revenue, capital earnings and net asset value per ordinary share are shown below and have been calculated using the following:

	2018	2017
Net revenue profit attributable to ordinary shareholders (Â£â€™000)	1,724	1,668
Net capital (loss)/profit attributable to ordinary shareholders (Â£â€™000)	(3,944)	4,806
	--------	--------
Total (loss)/profit attributable to ordinary shareholders (Â£â€™000)	(2,220)	6,474
	--------	--------
Total shareholdersâ€™ funds (Â£â€™000)	46,738	51,680
	--------	--------
Earnings per share
The weighted average number of ordinary shares in issue during the year on which the earnings per ordinary share was calculated was:	24,306,961	25,166,474
	--------	--------
The actual number of ordinary shares in issue at the year end on which the net asset value was calculated was:	24,059,668	24,614,268
	--------	--------
The number of ordinary shares in issue, including treasury shares at the year end was:	32,933,932	32,933,932
	--------	--------
Calculated on weighted average number of ordinary shares:
Revenue profit (pence)	7.09	6.63
Capital (loss)/profit (pence)	(16.22)	19.09
	--------	--------
Total (pence)	(9.13)	25.72
	========	========

	As at 31 October 2018	As at 31 October 2017
Net asset value (pence)	194.26	209.96
	--------	--------
Ordinary share price (pence)	183.00	205.50
	--------	--------

There were no dilutive securities at the year end.

9. SHARE CAPITAL

	Ordinary shares number	Treasury shares number	Total shares	Nominal value Â£â€™000
Allotted, called up and fully paid share capital comprised:
Ordinary shares of 1 pence each
At 31 October 2017	24,614,268	8,319,664	32,933,932	329
Shares purchased and held in treasury	(554,600)	554,600	â€“	â€“
	--------	--------	--------	--------
At 31 October 2018	24,059,668	8,874,264	32,933,932	329
	========	========	========	========

During the year 554,600 ordinary shares were purchased and held in treasury (2017: 740,000 were purchased and placed in treasury) for a total consideration of Â£1,117,000 (2017: Â£1,488,000). No shares were cancelled from treasury during the year (2017: nil). Since the year end a further 13,445 ordinary shares have been bought back and held in treasury for a total consideration of Â£24,000.

10. RESERVES

			Distributable reserves
	Share premium account Â£â€™000	Capital redemption reserve Â£â€™000	Capital reserves arising on investments Â£â€™000	Capital reserves arising on revaluation of investments Â£â€™000	Special reserve Â£â€™000	Revenue reserve Â£â€™000
At 31 October 2017	14,819	220	5,685	8,222	19,784	2,621
Movement during the year:
Purchase of ordinary shares to be held in treasury	â€“	â€“	â€“	â€“	(1,109)	â€“
Share purchase costs	â€“	â€“	â€“	â€“	(8)	â€“
Net profit/(loss) for the year	â€“	â€“	789	(4,733)	â€“	1,724
Dividends paid during the year	â€“	â€“	â€“	â€“	â€“	(1,605)
	--------	--------	--------	--------	--------	--------
At 31 October 2018	14,819	220	6,474	3,489	18,667	2,740
	========	========	========	========	========	========

The share premium account and capital redemption reserve are not distributable profits under the Companies Act 2006. The special reserve and capital reserve may be used as distributable profits for all purposes and, in particular, for the repurchase by the Company of its ordinary shares and for payment as dividends.

11. Valuation of financial instruments
Financial assets and financial liabilities are either carried in the Balance Sheet at their fair value (investments) or at an amount which is a reasonable approximation of fair value (due from brokers, dividends and interest receivable, due to brokers, accruals, cash at bank, bank overdrafts and bank loans). Section 34 of FRS 102 requires the Company to classify fair value measurements using a fair value hierarchy that reflects the significance of inputs used in making the measurements. The valuation techniques used by the Company are explained in the accounting policies note above.

Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value measurement of the relevant asset.

The fair value hierarchy has the following levels:

Level 1 â€“ Quoted market price for identical instruments in active markets
A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency and those prices represent actual and regularly occurring market transactions on an armâ€™s length basis. The Company does not adjust the quoted price for these instruments.

Level 2 â€“ Valuation techniques using observable inputs
This category includes instruments valued using quoted prices for similar instruments in markets that are considered less active, or other valuation techniques where significant inputs are directly or indirectly observable from market data.

Level 3 â€“ Valuation techniques using significant unobservable inputs
This category includes all instruments where the valuation technique includes inputs not based on market data and these inputs could have a significant impact on the instrumentâ€™s valuation.

This category also includes instruments that are valued based on quoted prices for similar instruments where significant entity determined adjustments or assumptions are required to reflect differences between the instruments and instruments for which there is no active market. The Investment Manager considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement.

Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability. The determination of what constitutes â€˜observableâ€™ inputs requires significant judgement by the Investment Manager.

Fair values of financial assets and financial liabilities
The table below is an analysis of the Companyâ€™s financial instruments measured at fair value at the balance sheet date.

Financial assets at fair value through profit or loss at 31 October 2018	Level 1 Â£â€™000	Level 2 Â£â€™000	Level 3 Â£â€™000	Total Â£â€™000
Equity investments	47,758	â€“	72	47,830
	========	========	========	========

Financial assets at fair value through profit or loss at 31 October 2017	Level 1 Â£â€™000	Level 2 Â£â€™000	Level 3 Â£â€™000	Total Â£â€™000
Equity investments	53,177	â€“	â€“	53,177
	========	========	========	========

There was one transfer between levels for financial assets and financial liabilities during the year recorded at fair value as at 31 October 2018 (2017: none). The Company held one Level 3 security during the financial year and as at 31 October 2018 (2017: nil).

The investment in Patisserie Holdings has been classified as a Level 3 investment as the trading of shares in this company is suspended as at 31 October 2018. The investment has been fair valued by BlackRockâ€™s Pricing Committee and has been priced based on the transaction price of the shares placed by the company in a placing programme.

12. CONTINGENT LIABILITIES
There were no contingent liabilities at 31 October 2018 (2017: nil).

13. PUBLICATION OF NON-STATUTORY ACCOUNTS
The financial information contained in this announcement does not constitute statutory accounts as defined in the Companies Act 2006. The Annual Report and Financial Statements for the year ended 31 October 2018 will be filed with the Registrar of Companies after the Annual General Meeting.

The figures set out above have been reported upon by the auditor, whose report for the year ended 31 October 2018 contains no qualification or statement under section 498(2) or (3) of the Companies Act 2006.

The comparative figures are extracts from the audited financial statements of BlackRock Income and Growth Investment Trust plc for the year ended 31 October 2017, which have been filed with the Registrar of Companies, unless otherwise stated. The report of the auditor on those financial statements contained no qualification or statement under section 498 of the Companies Act.

14. ANNUAL REPORT
Copies of the Annual Report will be sent to members shortly and will be available from the registered office c/o The Company Secretary, BlackRock Income and Growth Investment Trust plc, 12 Throgmorton Avenue, London EC2N 2DL.

15. ANNUAL GENERAL MEETING
The Annual General Meeting of the Company will be held at 12 Throgmorton Avenue, London EC2N 2DL on Thursday, 14 March 2019 at 12.00 noon.

ENDS

The Annual Report will also be available on the BlackRock website at blackrock.co.uk/brig. Neither the contents of the Manager's website nor the contents of any website accessible from hyperlinks on the Manager's website (or any other website) is incorporated into, or forms part of, this announcement.

For further information, please contact:

Simon White, Managing Director, Investment Trusts, BlackRock Investment Management (UK) Limited
Tel: 020 7743 5284

Press enquires:

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

20 December 2018

12 Throgmorton Avenue
London
EC2N 2DL

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Blackrock Income And Growth Investment Trust (BRIG)

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