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Invesco Perpetual UK Smaller Companies Investment Trust Plc ANNUAL FINANCIAL REPORT YEAR ENDED 31 JANUARY 2018 UK Smaller Co Covera4.Qxp 09/05/2018 16:52 Page IFC1

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Invesco Perpetual UK Smaller Companies Investment Trust Plc ANNUAL FINANCIAL REPORT YEAR ENDED 31 JANUARY 2018 UK Smaller Co Covera4.Qxp 09/05/2018 16:52 Page IFC1 UK Smaller Co_coverA4.qxp 09/05/2018 16:52 Page FC1 Invesco Perpetual UK Smaller Companies Investment Trust plc ANNUAL FINANCIAL REPORT YEAR ENDED 31 JANUARY 2018 UK Smaller Co_coverA4.qxp 09/05/2018 16:52 Page IFC1 CONTENTS Overview 01 The Company in Brief 02 Financial Highlights Strategic Report 05 Chairman’s Statement 08 Business Review 12 Portfolio Manager’s Report Investments 15 Investments in Order of Valuation Governance 17 Directors 18 The Company’s Governance Framework 19 Corporate Governance Statement 20 Audit Committee Chairman’s Letter 23 Directors’ Report 31 Directors’ Remuneration Report 34 Statement of Directors’ Responsibilities Financial Statements 35 Independent Auditor’s Report 41 Statement of Comprehensive Income 41 Statement of Changes in Equity 42 Balance Sheet 43 Statement of Cash Flows 44 Notes to the Financial Statements Other 56 Alternative Investment Fund Managers Directive Disclosures 57 Notice of Annual General Meeting 61 Shareholder Information 62 Advisers and Principal External Service Providers 63 Glossary of Terms If you have any queries about Invesco Perpetual UK Smaller Companies Investment Trust plc, or any of the other specialist funds managed by Invesco, please contact our Client Services Team on ☎ 0800 085 8677 www.invescoperpetual.co.uk/ipukscit www.theaic.co.uk Front Cover: Abstract granite, Cornwall. UK Smaller Co_pp01_07.qxp 09/05/2018 16:30 Page 01 INVESCO PERPETUAL UK SMALLER COMPANIES INVESTMENT TRUST PLC THE COMPANY IN BRIEF 01 Investment Objective Invesco Perpetual UK Smaller Companies Investment Trust plc is an investment trust whose investment objective is to achieve long-term total return for shareholders primarily by investment in a broad cross-section of small to medium sized UK quoted companies. Benchmark The Company aims to achieve long-term total returns which are in excess of its benchmark, the Numis Smaller Companies Index (excluding Investment Companies), with income reinvested. Dividend Policy The Company’s dividend policy is to distribute all available revenue earned by the portfolio in the form of dividends to shareholders. In addition, the Board has approved the use of the Company’s capital reserves to enhance dividend payments. Therefore, the total dividend, paid to shareholders on a quarterly basis, comprises income received from the portfolio, with any balance from capital reserves. Nature of the Company The Company is a public listed investment company whose shares are traded on the London Stock Exchange. The business of the Company consists of investing its funds according to the investment objective with the aim of spreading investment risk and generating a return for shareholders. The Company may use bank borrowings, the proceeds from which can also be invested with the aim of enhancing returns to shareholders. Such additional investment would increase the potential risk to shareholders should the value of the investments fall. The Company has contracted with an external investment manager, Invesco Fund Managers Limited (the ‘Manager’), to manage its investments and for the Company’s general administration. Other administrative functions are contracted to external service providers. The Company has a Board of non-executive directors who oversee and monitor the activities of the Manager and other service providers on behalf of shareholders and ensure that the investment objective and policy is adhered to. The Company has no employees. The Company’s Investment Style The Company’s investment style is: – to seek to identify well managed, financially strong companies which have unique propositions or clear competitive advantages, and whose share prices are reasonable in relation to their quality and potential for growth; – to moderate risk by investing in a wide range of stocks; and – to take advantage of anticipated market strength or special situations by the careful use of borrowings. The Company’s shares qualify to be considered as a mainstream investment product suitable for promotion to retail investors and are eligible for investment in an ISA. UK Smaller Co_pp01_07.qxp 09/05/2018 16:30 Page 02 02 FINANCIAL HIGHLIGHTS The Benchmark Index of the Company is the Numis Smaller Companies Index (excluding Investment Companies) with income reinvested AT 31 JANUARY 2018 2017 CHANGE Net asset value(1) (NAV) per share 543.6p 454.1p +19.7% Shareholders’ funds(2) (£’000) 178,571 241,603 –26.1% Share price 520.0p 432.0p +20.4% Discount(1) 4.3% 4.9% Gearing(1): – gross gearing nil nil – net gearing nil nil – net cash 3.1% 3.1% Maximum authorised gearing 8.4% 6.2% FOR THE YEAR ENDED 31 JANUARY 2018 2017 Total return (with income reinvested): NAV(1)(3) +23.9% +21.3% Benchmark Index(1)(3) +15.1% +18.6% FTSE All-Share Index(3) +11.3% +20.1% Share price(3) +24.8% +24.0% Return(1) and dividend per ordinary share: Revenue return 8.36p 7.37p Capital return 96.65p 70.83p Total return 105.01p 78.20p First interim dividend 3.55p 3.45p Second interim dividend 3.55p 3.45p Third interim dividend 3.55p 3.45p Final dividend 10.15p 6.75p Total dividends 20.80p 17.10p +21.6% Dividend payable for the year (£’000): – from revenue 3,573 3,924 – from capital 3,260 5,175 6,833 9,099 Capital dividend as a % of year end net assets 1.8% 2.1% Ongoing charges(1) – excluding performance fee 0.82% 0.82% Performance fee 1.27% 0.44% Notes: (1) The term is defined in the Glossary on page63. (2) Includes the tender offer of 38.26% of the Company’s shares in issue in June 2017. (3) Source: Thomson Reuters Datastream (‘Datastream’). UK Smaller Co_pp01_07.qxp 09/05/2018 16:30 Page 03 INVESCO PERPETUAL UK SMALLER COMPANIES INVESTMENT TRUST PLC 03 Cumulative Ten Year Share Price and NAV Performance vs Benchmark (Total Return) Figures have been rebased to 100 at 31 January 2008 (Source: Datastream) 450 Share Price Net Asset Value 400 Benchmark Index FTSE All Share 350 300 250 200 150 100 50 Jan-18 Jan-17 Jan-16 Jan-15 Jan-14 Jan-13 Jan-12 Jan-11 Jan-10 Jan-09 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Five Year Dividend History Discount Since 31 January 2013 22p [20.80p] 3% 20p 5% Announced new 18p 17.10p dividend policy (10 March 2015) 16p 7% 14.30p 13.75p 14p 12p 9% 10p 11% 8p 6.50p 6p 13% 4p 15% 2p 2014 2015 2016 2017 2018 The dividends shown above are those proposed in respect 17% of each year, and are in pence per share. Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Source: Datastream. Five Year Dividend Yield History Yield Since 31 January 2013 Peer Group Average vs Company 5% 4.5 IPU 4.2% Peer Group 4.0% 4.0% 4.0% 4% 4.0 Average 3.5 3% Announced new 3.0 dividend policy (10 March 2015) 2.1% 2% 2.5 1% 2.0 1.5 0% 2014 2015 2016 2017 2018 1.0 The dividend yield is based on the total dividend for the Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 year and the year end share price. Source: Datastream/Invesco Perpetual. UK Smaller Co_pp01_07.qxp 09/05/2018 16:30 Page 04 04 Ten Year Historical Record NET REVENUE RETURN TOTAL AVAILABLE DIVIDENDS SHARE- NET ASSET PERFORM- GROSS FOR ON SHARES(1) HOLDERS VALUE PER SHARE ONGOING ANCE TO 31 INCOME SHAREHOLDERS COST RATE FUNDS SHARE PRICE CHARGES FEE JANUARY £’000 £’000 £’000 p £’000 p p % % 2009 3,666 3,560 3,075(2) 5.30(2) 84,348 144.7 107.0 0.93 1.18 2010 2,909 2,477 2.472 4.30 111,281 193.7 150.5 0.86 – 2011 2,985 2,312 2,399 4.30 133,999 242.9 195.0 0.86 – 2012 3,590 2,852 2,676 5.00 126,771 237.6 187.5 0.89 0.31 2013 4,123 3,370 3,193 6.00 152,034 285.7 246.5 0.87 – 2014 4,555 3,673 3,459 6.50 195,749 367.9 316.8 0.83 – 2015(3) 4,468 3,930 7,316 13.75 196,914 370.1 328.3 0.83 0.73 2016 5,331 4,779 7,609 14.30 207,657 390.3 362.0 0.82 1.01 2017 4,523 3,924 9,099 17.10 241,603 454.1 432.0 0.82 0.44 2018(4) 4,116 3,573 6,833 20.80 178,571 543.6 520.0 0.82 1.27 (1) The dividends shown above are those proposed in respect of each year. (2) Includes a special dividend of 1.2p per ordinary share in respect of VAT recovered on management fees. (3) Dividend policy changed 2015. (4) The 38.26% tender offer in June 2017 is reflected in the decrease in shareholder’s funds at the year end. Ten Year Total Return Performance THREE FIVE TEN 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YEARS YEARS YEARS Share Price % –33.3 46.7 33.2 –1.7 34.6 31.4 5.8 16.2 24.0 24.8 79.8 149.8 330.9 Net Asset Value (NAV) % –29.2 40.1 28.6 –0.8 22.4 31.6 2.2 11.7 21.3 23.9 67.9 125.8 249.7 Benchmark Index % –36.7 62.8 28.7 –1.8 25.6 31.8 –2.6 3.8 18.6 15.1 41.7 82.0 198.0 Variance (NAV to Index) % 7.5 –22.7 –0.1 1.0 –3.2 –0.2 4.8 7.8 2.7 8.8 26.2 43.8 51.7 Source: Datastream.
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