Annual Financial Report and Dividend Announcement

Global Smaller Cos. Trust PLC (The)

26 June 2026

 

LONDON STOCK EXCHANGE ANNOUNCEMENT

The Global Smaller Companies Trust PLC ("Company")

Statement of Audited Results

for the year ended 30 April 2026 and Final dividend announcement

Legal Entity Identifier: 2138008RRULYQP8VP386

Information disclosed in accordance with Disclosure Guidance and Transparency Rule 4.1.3

Financial highlights for the year ended 30 April 2026

Net Asset Value ('NAV') with debt at fair value total return of 21.0% (2025: -4.8%) versus 31.3% from the Benchmark (2025: -0.8%)

The NAV per share with debt at fair value increased to 198.8p from 167.1p.

Share price total return of 28.8% (2025: -5.6%)

The share price ended the year at 188.0p (2025: 148.6p).

Total dividend of 3.15p (2025: 3.00p)

56th consecutive annual increase, up by 5.0% (2025: up by 6.8%).

The Company's shares ended the year at a discount to NAV of 5.4% (2025: 11.0%)

Date:                26 June 2026

Contact:           Nish Patel                                                     

                        Columbia Threadneedle Investment Business Limited     

                        020 7464 5000

Chairman's Statement

Dear Shareholder,

Following the Annual General Meeting on 15th August 2025, the Chairman Anja Balfour retired from the Board and I was pleased to accept the Board's invitation to become Chairman. Anja was a director of your Company since 1st June 2015 and served as Chairman since 30th July 2020. I would like to thank Anja for her significant contribution and commitment to the Company throughout this time.

The universe of global smaller companies is very large, presenting our Lead Manager with a wealth of potential investment opportunities. In choosing between these, our Lead Manager seeks to invest in good quality, profitable businesses, when they become available at an attractive valuation, eschewing more speculative investments. This conservative approach can help mitigate against losses in a falling market, and supports long term growth in value. It has led to good investment returns over the longer term.

Performance: Total returns over the long-term
	1 year %	3 years %	5 years %	10 years %	25 years %
Company NAV total return	21.0	25.6	21.6	125.8	841.9
Benchmark* total return	31.3	45.1	37.5	164.0	788.9
Company share price total return	28.8	37.0	20.4	114.5	1,001.6

Source: Columbia Threadneedle Investments

* Benchmark - To 30 April 2026, a blend of two indices, the MSCI All Country World ex UK Small Cap Index (80% (net)) and the Deutsche Numis UK Smaller Companies (excluding investment companies) Index (20%).

The year to 30th April 2026 proved challenging for this investment style. The Company's Benchmark incorporates both high quality and lower quality companies. Good quality, profitable businesses of the type sought out by the Company performed well, but the market chose to favour and reward to an even greater degree more speculative investment in lower quality businesses of the type the Company actively seeks to avoid. In the year, the Company's NAV per share accordingly rose strongly, but nevertheless rose less than the Benchmark with its lower quality components. Taking the Company's long-term liabilities at fair value, the Company's NAV per share rose to 198.8p, a 21.0% total return for the twelve months, compared to a total return of 31.3% from the Benchmark. Evolving market perceptions around artificial intelligence's ('AI's') impact on various business models created a meaningful headwind, as did a rotation of capital away from profitable, well-established businesses into lower-quality, speculative companies of the kind we consciously try to avoid. These factors weighed on relative performance across most regions. The Lead Manager's Review, starting on page 14 of the Annual Report and Financial Statements, provides detail on the various drivers of returns over the period. The Company's discount narrowed from 11.0% to 5.4% at year end. The share price rose by 26.5% in the twelve months to 188.0p, producing a total return of 28.8% after adding dividends paid in the period.

Longer term total returns from the NAV, Benchmark and share price are shown in the table above, highlighting the strong returns that the asset class has delivered to patient investors.

The global economy demonstrated exceptional resilience in the period, with growth surpassing expectations despite mounting concerns over weaker employment, trade disruptions, conflicts and elevated valuations in some areas of financial markets. Economic vitality persisted amongst wealthier consumers, driven by appreciating equity markets and robust interest income. According to a report by Moody's Analytics, the top 10% of US income earners accounted for nearly half of all consumer spending. This bifurcation was also apparent in other developed economies. In contrast, inflationary pressures weighed more heavily on lower and middle-income households, constraining real purchasing power and prompting greater selectivity in spending.

Employment conditions softened through the summer of 2025, with younger job seekers bearing the brunt of the slowdown, whilst rate-sensitive industries, including residential property, continued to face headwinds. Inflation fell but remained above central bank targets. Whilst stubborn inflation led the Bank of Japan to raise its policy rate in the financial year, policymakers in many other regions reduced their borrowing costs in order to sustain economic momentum. The US Federal Reserve cut interest rates to three-year lows and a new Governor, Kevin Warsh, was formally appointed in May of this year. Despite lower interest rates, longer maturity sovereign bond yields stayed elevated, reflecting anxiety around the size of fiscal deficits and a possible re-emergence of price pressures. Gold and silver advanced 33% and 115% respectively, though both metals encountered sharp volatility in the latter part of the year.

Political developments once again influenced market sentiment throughout the period. There were multiple events, ranging from tariff announcements, threatened and actual military confrontations, fiscal stimulus programmes and movements away from long standing alliances and conventions. In late February, Israel and the US went into conflict with Iran. This led to damage to energy infrastructure in the Middle East and the effective closure of the Strait of Hormuz, a key waterway through which a significant portion of the World's commodities travel. Consequently, Brent oil surged to $111 a barrel from $61 at the start of the financial year. This changed the outlook for global growth, inflation and interest rates.

For the US, artificial intelligence ("AI") remained a dominant driver with related capital expenditure now accounting for a large part of total economic growth and offsetting headwinds from the unemployment rate climbing to a four-year high. Confidence remained low in the UK, with the economy still struggling with low productivity growth, persistent inflation, political uncertainty and higher taxes. Continental Europe was helped by fiscal stimulus, but growth was more gradual than anticipated because of American trade barriers, profitability challenges from an appreciating Euro and higher energy costs. In contrast, a depreciating Yen benefited Japanese corporations and sustained momentum in the nation's tourism industry. The election of Sanae Takaichi as Japan's prime minister brought the prospect of expansionary fiscal policy and this lifted sentiment. Corporate governance reforms continued to influence behaviour amongst Japanese companies positively. In the year, other countries within Asia also made progress in this area. Developing economies faced headwinds from trade-related uncertainty, with China experiencing particularly acute effects. This was somewhat counterbalanced by a weaker US Dollar. Fiscal stimulus measures in China coupled with technology sector investment strengthened confidence amongst Chinese enterprises and households. India experienced weakening consumption among middle and lower income groups and its central bank lowered borrowing costs in response. As important producers of technology hardware, South Korea and Taiwan benefitted greatly from the global boom in expenditure on AI.

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 table below shows how our regional portfolios performed in the year compared to their relevant local smaller company indices. Most of the Company's regional portfolios faced a trifecta of challenges in the year: a rapidly rising stock market in which lower beta holdings lagged, a movement away from perceived AI casualties to potential AI winners and an increase in speculative activity. This drove gains in higher risk businesses that were not owned by the Company and, disappointingly, returns across the regions were behind their local small cap indices. Working with the Board, the Lead Manager is taking steps to address this relative underperformance. These actions are detailed in the Lead Manager's Review.

Geographical performance (total return sterling adjusted)
for the year ended 30 April 2026
	Portfolio	Local smaller companies index†
North America	21.5%	38.6%
UK	8.9%	15.0%
Europe	20.0%	20.5%
Japan	22.1%	29.2%
Rest of World*	27.1%	35.9% (Asia Pacific ex Japan)    29.1% (Latin America)

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

In recent years, discounts across UK investment trust companies have come under considerable pressure, driven by a combination of economic and geopolitical uncertainty, a continued shift towards passive, index-based global investment strategies and broader outflows from UK equity funds - particularly those focused on smaller companies. Over the last two years, the Company has attempted to tackle this issue by increasing the pace of its share repurchase programme and by committing more resources to PR initiatives and marketing with the aim of attracting demand for its shares from both existing and new investors. It was very pleasing to see some results from these efforts, with the Company's discount narrowing from 11.0% at the start of the financial year to 5.4% on 30th April 2026.

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.

The Board and Company are committed to improving shareholder returns further, through taking several steps to address relative performance and by judiciously allocating capital to share repurchases and brand initiatives with the purpose of raising the Company's rating.

Dividends

The companies in the portfolio continue to deliver healthy levels of income as a result of their cash generative nature. Consequently, the Board has decided to recommend the payment of a final dividend of 2.45p per share, meaning the full year payment will be up by 5.0% to 3.15p per share. This will be paid to shareholders on 18 September 2026 and will be the 56th consecutive year of increases in the Company's dividend.

Share Repurchases and Gearing Policy

The Board continues to believe that a consistently applied approach to share buy-backs is in the best interests of shareholders, supporting liquidity for those in need of an exit along with NAV accretion to remaining holders. 29.1m shares (representing 6.5% of the Company's share capital at the start of the period) were bought back in the financial year (2025: 47.3m), across some 179 trading days, enhancing the NAV per share by 0.7% in the process.

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 Company's borrowing facilities 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 2.5% compared to 5.3% a year earlier, reflecting higher stock market levels. Borrowings were made up of £35m 2.26% sterling loan notes maturing in 2039 and £15.7m of drawings in US dollars, Yen and Euros under our revolving credit facility. Given the predominantly fixed rate nature of the debt, our borrowing costs remain low.

Costs

Ongoing charges (excluding the underlying costs of collective holdings) for the year increased slightly, moving from 0.62% to 0.63%. Ongoing charges including the costs of collective holdings were 0.78% (2025: 0.74%). We are pleased to report that these remain low compared to many smaller company funds in the market.

Responsible Investment

Your Company seeks to operate with high standards of governance. In order to maintain freedom to invest in businesses operating in a wide range of sectors on a global basis, it does not specifically designate itself as being bound by rigid Environmental, Social and Governance ('ESG'), Sustainability or Impact investing criteria. As part of its overall risk management process, the Manager nevertheless integrates the consideration of financially material environmental, social, and governance 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 25 to 29 of the Annual Report and Financial Statements.

Board Changes

On Anja Balfour's retirement from the Board at the close of our Annual General Meeting on 15th August 2025, I became Chairman of the Board and Chairman of the Nomination Committee. Bulbul Barrett was appointed Senior Independent Director.

Cancellation of the Share Premium Account and Capital Redemption Reserve 

Following approval from shareholders at its Annual General Meeting held on 15th August 2025, the Company completed the court process required to cancel its share premium account and capital redemption reserve. These reserve accounts were non-distributable. Cancelling them has created additional distributable reserves, providing the Company with additional flexibility, if required, to fund future share buybacks, dividends and other returns of capital in accordance with applicable law. This increase in our distributable reserves became effective on 4th December 2025.

Change of Corporate Broker

During the year, on 5th December 2025, the Board appointed Investec Bank plc as the Company's sole corporate broker in place of Stifel Nicolaus Europe Limited.

Change of Benchmark

In April 2026, the Board of the Company announced that, following a review of its performance measurement framework, the Company's Benchmark would change to the MSCI ACWI Small Cap Index Net in GBP, with effect from 1st May 2026, the commencement of the Company's next financial year. Up until the end of this reporting period, the Company's Benchmark has been a blend of two indices, namely the MSCI All Country World ex UK Small Cap Index (80% (net)) and the Deutsche Numis UK Smaller Companies (excluding investment companies) Index (20%). This Benchmark change better represents the current composition of the global smaller company equity market, given that the UK is now a much smaller percentage of total world stock market capitalisation. It also reduces complexity and increases clarity in our reporting to shareholders.

Annual General Meeting

The Annual General Meeting will take place at Chartered Accountants' Hall, 1 Moorgate Place, London EC2R 6EA on Tuesday, 15th September 2026 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-smaller-companies-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 [e-mail].

 Following the AGM, the Lead Manager's presentation will be available on the Company's website at www.globalsmallercompanies.co.uk.

Outlook

Despite a challenging backdrop of geopolitical tensions, rising inflationary pressures, elevated interest rates and concerns over government deficits, the global economy has shown considerable resilience and corporate earnings growth has, in aggregate, remained healthy. Higher asset prices, strong corporate and household balance sheets, significant investment in AI and stimulus programmes across various parts of the world have all played a role in sustaining economic momentum.

However, the persistence of each of these supporting factors remains uncertain, and as a consequence the range of potential future outcomes is wide. The key debates amongst investors at present are whether the substantial capital being deployed into AI will ultimately generate adequate returns, the future direction of inflation and the likely response by monetary authorities, rising geopolitical tensions and their significant potential economic ramifications, and how governments will address the challenge of large and growing fiscal deficits.

In such an uncertain and fragile environment, I believe shareholders can take comfort in the high quality, attractively valued portfolio of businesses that the Manager has assembled - one that is well positioned to navigate the inevitable challenges that the coming year may bring. We remain focused on delivering long-term value for shareholders and believe with the changes made that the Company is well placed to do so.

Graham Oldroyd
Chairman
25 June 2026

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 has carried out a robust review and assessment of the Company's principal and emerging risks and the uncertainties that could threaten its future success. This includes near-term risks such as those posed by geopolitical uncertainty and longer-term risks, such as climate change. The consequences for the Company's strategy, business model, liquidity, future prospects and long term viability form an integral part of this review.

The Board's processes for monitoring the principal risks and identifying emerging risks are set out on page 61 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, the impact on financial markets of US trade tariffs and the impact and use of artificial intelligence. 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: Functions such as administration, company secretarial, accounting and marketing services are carried out by the Manager, while other services are provided by third party suppliers, such as the custodian, registrar and depository.

The Board reviews and monitors the services provided and the effectiveness of service providers' processes through the review of internal controls reports. The performance of the Manager and the third party service providers are also evaluated by the Audit and Management Engagement Committee annually.

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. During the year, the Board received a presentation from the Manager's information security team on its information and cyber security programme. 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. In overall terms, this risk is considered 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, 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 US trade tariffs.

Unchanged throughout the year but this risk remains heightened.

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 44 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. 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 5.0%. In overall terms, this risk is considered unchanged.

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 geopolitical events could lead to falls and volatility in the Company's NAV.

Unchanged throughout the year.

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 44 of the Annual Report and Financial Statements.

Actions taken in the year: The Company is active buying in shares on a regular, ongoing basis in order to address any imbalance between the supply and demand of the Company's shares. During the year, the discount has tightened, and at 30 April 2026 was 5.4%. During the course of the year, the Manager has continued to increase marketing activity over a number of channels and this activity aims to stimulate demand for the Company's shares from existing and new investors. During the year, the Company also changed its corporate broker and appointed Investec Bank plc. In overall terms, this risk is considered unchanged.

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 2026, 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 and a further distributable reserve.

·      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 and Financial Statements for the year ended 30 April 2026 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

Graham Oldroyd

Chairman

25 June 2026

Income Statement

for the year ended 30 April	2026			2025
	Revenue	Capital	Total	Revenue	Capital	Total
	£'000s	£'000s	£'000s	£'000s	£'000s	£'000s
Gains/(losses) on investments	-	137,483	137,483	-	(53,702)	(53,702)
Foreign exchange (losses)/gains	(65)	328	263	(56)	431	375
Income	16,414	249	16,663	17,031	1,660	18,691
Management fee	(1,018)	(3,054)	(4,072)	(1,046)	(3,138)	(4,184)
Other expenses	(1,158)	(18)	(1,176)	(1,168)	(40)	(1,208)
Net return before finance costs and taxation	14,173	134,988	149,161	14,761	(54,789)	(40,028)
Finance costs	(345)	(1,034)	(1,379)	(378)	(1,133)	(1,511)
Net return on ordinary activities before taxation	13,828	133,954	147,782	14,383	(55,922)	(41,539)
Taxation on ordinary activities	(1,025)	-	(1,025)	(1,040)	-	(1,040)
Net return attributable to equity shareholders	12,803	133,954	146,757	13,343	(55,922)	(42,579)
Return per share (basic and diluted) - pence	2.95	30.88	33.83	2.84	(11.90)	(9.06)

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

for the year ended 30 April 2026
		Share	Capital					Total
	Share	premium	redemption	Distributable	Capital	Revenue		shareholders'
	capital	account	reserve	reserve	reserves	reserve		funds
	£'000s	£'000s	£'000s	£'000s	£'000s	£'000s		£'000s
Balance at 30 April 2025	15,513	212,639	16,158	-	472,553	19,952		736,815
Movements during the year ended 30 April 2026
Cancellation of Share premium account and transfer to Distributable reserve	-	(212,639)	-	212,639	-	-		-
Cancellation of Capital redemption reserve and transfer to Distributable reserve	-	-	(16,158)	16,158	-	-		-
Dividends paid	-	-	-	-	-	(13,177)		(13,177)
Shares repurchased by the Company and held in treasury	-	-	-	-	(50,336)	-		(50,336)
Net return attributable to equity shareholders	-	-	-	-	133,954	12,803		146,757
Balance at 30 April 2026	15,513	-	-	228,797	556,171	19,578		820,059

for the year ended 30 April 2025
		Share	Capital				Total
	Share	premium	redemption	Capital	Revenue		shareholders'
	capital	account	reserve	reserves	reserve		funds
	£'000s	£'000s	£'000s	£'000s	£'000s		£'000s
Balance at 30 April 2024	15,513	212,639	16,158	605,607	20,145		870,062
Movements during the year ended 30 April 2025
Dividends paid	-	-	-	-	(13,536)		(13,536)
Shares repurchased by the    Company and held in treasury	-	-	-	(77,132)	-		(77,132)
Net return attributable to equity shareholders	-	-	-	(55,922)	13,343		(42,579)
Balance at 30 April 2025	15,513	212,639	16,158	472,553	19,952		736,815

Balance Sheet

at 30 April		2026		2025
		£'000s		£'000s
Fixed assets
Investments		839,649		774,733
Current assets
Debtors		13,732		3,685
Cash at bank and in hand		19,238		12,490
Total current assets		32,970		16,175
Creditors: amounts falling due within one year
Bank loans		(15,700)		(16,050)
Creditors		(1,860)		(3,043)
Total current liabilities		(17,560)		(19,093)
Net current assets/(liabilities)		15,410		(2,918)
Total assets less current liabilities		855,059		771,815
Creditors: amounts falling due after more than one year
Loan notes		(35,000)		(35,000)
Net assets		820,059		736,815
Capital and reserves
Share capital		15,513		15,513
Share premium account		-		212,639
Capital redemption reserve		-		16,158
Distributable reserve		228,797		-
Capital reserves		556,171		472,553
Revenue reserve		19,578		19,952
Total shareholders' funds		820,059		736,815
Net asset value per share (debt at par value) - pence		196.01		164.67

Statement of Cash Flows

for the year ended 30 April			2026	2025
			£'000s	£'000s
Cash flows used in operating activities before dividends received and interest paid			(6,853)	(6,500)
Dividends received			15,941	18,262
Interest received			411	349
Interest paid			(1,367)	(1,516)
Cash inflows from operating activities			8,132	10,595
Investing activities
Purchases of investments			(256,632)	(310,330)
Sales of investments			318,300	393,096
Cash inflows from investing activities			61,668	82,766
			69,800	93,361
Financing activities
Ordinary dividends paid			(13,177)	(13,536)
Cash paid for share buybacks into treasury			(49,788)	(78,318)
Cash outflows from financing activities			(62,965)	(91,854)
Net movement in cash at bank and in hand			6,835	1,507
Cash at bank and in hand at the beginning of the year			12,490	11,021
Effect of movement in foreign exchange			(87)	(38)
Cash at bank and in hand at the end of the year			19,238	12,490
Represented by:
Cash at bank			4,833	3,740
Short-term deposits less than 3 months			14,405	8,750
Cash at bank and in hand at the end of the year			19,238	12,490

Notes

1    Return per share

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

	Year ended	Year ended
	30 April 2026	30 April 2025
	£'000s	£'000s
Revenue return attributable to shareholders - £'000s	12,803	13,343
Capital return attributable to shareholders - £'000s	133,954	(55,922)
Total return attributable to shareholders - £'000s	146,757	(42,579)
Revenue return per share - pence	2.95	2.84
Capital return per share - pence	30.88	(11.90)
Total return per share - pence	33.83	(9.06)
Weighted average number of ordinary shares in issue                         during the period	433,797,468	469,806,386

2    Dividend

The Directors have proposed a final dividend in respect of the year ending 30 April 2026 of 2.45p per share, payable on 18 September 2026 to all shareholders on the register at close of business on 7 August 2026, with an ex-dividend date of 6 August 2026. The recommended final dividend is subject to approval by shareholders at the Annual General Meeting.

3    Investments

	Total (Level 1*) £'000s
Cost at 30 April 2025	665,736
Gains at 30 April 2025	108,997
Fair value of investments at 30 April 2025	774,733
Movements in the year:
Purchases at cost	255,307
Sales proceeds	(328,339)
Gains on investments sold in period	53,593
Gains on investments held at period end	84,355
Fair value of investments at 30 April 2026	839,649
	Total £'000s
Cost at 30 April 2026	646,297
Gains at 30 April 2026	193,352
Fair value of investments at 30 April 2026	839,649

* Level 1 includes investments listed on any recognised stock exchange or quoted on AIM in the UK. Level 2 includes investments for which the quoted price has been suspended. Level 3 includes any unquoted investments which are held at Directors' valuation. There were no investments held which are valued in accordance with level 2 or level 3.

4    Share capital

	Shares held in	Shares entitled	Total shares	Issued and fully
	treasury	to dividend	in issue	paid nominal
Equity share capital	Number	Number	Number	£'000s
Ordinary shares of 2.5p each
Balance at 30 April 2025	173,090,341	447,443,429	620,533,770	15,513
Shares repurchased by the Company and held in treasury	29,076,072	(29,076,072)	-	-
Balance at 30 April 2026	202,166,413	418,367,357	620,533,770	15,513

During the year ended 30 April 2026, 29,076,072 ordinary shares of 2.5p each were repurchased and held in treasury incurring a cost of £50,336,000. Since the year end, and up to 22 June 2026 a further 4,168,895 ordinary shares have been bought back and held in treasury.

5    Net asset value per ordinary share

	30 April 2026	30 April 2025
NAV with debt at par value
Net assets attributable at the year end - £'000s	820,059	736,815
Number of ordinary shares in issue at the year end, excluding shares held in treasury	418,367,357	447,443,429
Net asset value per share with debt at par value - pence	196.01	164.67

	30 April 2026	30 April 2025
NAV with debt at fair value
Net assets attributable at the year end - £'000s	820,059	736,815
Add back: Debt at par - £'000s	50,700	51,050
Deduct: Debt at fair value - £'000s	(39,072)	(40,392)
Net assets with debt at fair value - £'000s	831,687	747,473
Number of ordinary shares in issue at the year end, excluding shares held in treasury	418,367,357	447,443,429
Net asset value per share with debt at fair value - pence	198.79	167.05

6    Going concern

The Company's investment objective, strategy and policy are subject to a process of regular Board monitoring and are designed to ensure that the Company is invested mainly in readily realisable, listed securities and that the level of borrowings is restricted. The Company retains title to all assets held by the Custodian and agreements cover its borrowing facilities. Cash is held with banks approved and regularly reviewed by the Manager.

The Directors believe that, in light of the controls and monitoring processes that are in place, the Company has adequate resources to continue in operational existence for at least twelve months from the date of approval of the financial statements. In considering this, the Directors took into account the diversified portfolio of readily realisable securities which can be used to meet short-term funding commitments and the ability of the Company to meet all of its liabilities and ongoing expenses. For this reason, the Directors continue to adopt the going concern basis in preparing the financial statements.

7    Related Parties and transactions with 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, in accordance with which the financial statements are prepared, the Manager is not considered a related party for accounting purposes.

There are no transactions with the Board, who are the key management personnel of the Company, other than: aggregated remuneration for services as Directors as disclosed in the Remuneration Report on page 68 of the Annual Report and Financial Statements, and as set out in note 5 to the financial statements; and the beneficial interests of the Directors in the ordinary shares of the Company as disclosed on page 67 of the Annual Report and Financial Statements.  There are no outstanding balances with the Board at the year end.

During the financial year, Graham Oldroyd, who is the Chairman of the Company, was appointed as a non-executive director of Senior plc in which the Company had an investment which was valued at £1,788,000 at 30 April 2025. During the financial year this investment was sold.

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.

8    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.

9    Annual Report and Financial Statements and Annual General Meeting

This statement was approved by the Board on 25 June 2026. It is not the Company's full statutory financial statements in terms of Section 434 of the Companies Act 2006. The statutory Annual Report and Financial Statements for the financial year ended 30 April 2026 has 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 2025 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.

The Annual Report and Financial Statements for the year ended 30 April 2026 will be posted to shareholders and made available on the Company's website at www.globalsmallercompanies.co.uk

Copies may also be obtained from the Company's registered office, Cannon Place, 78 Cannon Street, London EC4N 6AG.

The Annual General Meeting of The Global Smaller Companies Trust PLC will take place at Chartered Accountants' Hall, 1 Moorgate Place, London EC2R 6EA on Tuesday, 15th September 2026 at 12.00 noon.

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

Ian Ridge

Columbia Threadneedle Investment Business Limited,

Company Secretary

25 June 2026

ENDS

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.

 

END