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Murray Income Trust PLC an Investment Trust Founded in 1923 Aiming for High and Growing Income with Capital Growth

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Murray Income Trust PLC an Investment Trust Founded in 1923 Aiming for High and Growing Income with Capital Growth Murray Income Trust PLC An investment trust founded in 1923 aiming for high and growing income with capital growth Annual Report 30 June 2020 THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about the action you should take, you are recommended to seek your own independent financial advice from your stockbroker, bank manager, solicitor, accountant or other independent financial adviser authorised under the Financial Services and Markets Act 2000 (as amended by the Financial Services Act 2012) if you are in the United Kingdom or, if not, from another appropriately authorised financial adviser. If you have sold or otherwise transferred all your Ordinary shares in Murray Income Trust PLC, please forward this document together with the accompanying documents immediately to the purchaser or transferee, or to the stockbroker, bank or agent through whom the sale or transfer was effected for transmission to the purchaser or transferee. Visit our Website To find out more about Murray Income Trust PLC, please visit: murray-income.co.uk Investment Objective The Company aims for a high and growing income combined with capital growth through investment in a portfolio principally of UK equities. Murray Income Trust PLC 1 Contents Overview Overview Financial Highlights, Dividends and Financial Calendar 2 Strategic Report Chairman’s Statement 6 Investment Manager’s Report 11 Manager’s ESG Engagement 16 Investment Case Studies 17 Strategic Report Overview of Strategy 18 “The Company’s focus on quality should mean Promoting the Success of the Company 24 that it is particularly well placed to serve Results and Performance 26 shareholders who are searching for a reliable, Portfolio diversified and growing income stream.” Ten Largest Investments 29 Investment Portfolio 30 Neil Rogan, Chairman Investment Portfolio – By Sector 32 Portfolio Summary of Investment Changes During the Year 33 Governance Your Board of Directors 36 Prospective Directors 38 Directors’ Report 39 Statement of Corporate Governance 45 Directors’ Remuneration Report 46 Audit Committee’s Report 49 Governance Statement of Directors’ Responsibilities 52 Independent Auditors’ Report to the Members of Murray Income Trust PLC 53 “With our longer term investment horizon, we continue to put significant effort into Financial Statements Statement of Comprehensive Income 60 engagement with the companies in the Statement of Financial Position 61 portfolio to ensure that they are run in Statement of Changes in Equity 62 Statements Financial shareholders’ best interests.” Statement of Cash Flows 63 Notes to the Financial Statements 66 Charles Luke and Iain Pyle, Securities Financing Transactions disclosure 80 Aberdeen Asset Managers Limited, Investment Manager Corporate Information Information about the Manager 82 Investor Information 83 AIFMD Disclosures (Unaudited) 86 Information Corporate Alternative Performance Measures 87 Glossary of Terms 89 General Notice of Annual General Meeting 90 Additional Shareholder Information 96 General 2 Annual Report 2020 Financial Highlights, Dividends and Financial Calendar Financial Highlights Net asset value Share price Benchmark Ongoing chargesB total returnAB total returnAB total returnAC –5.3% –5.8% –13.0% 0.64% 2019 +7.9% 2019 +13.2% 2019 +0.6% 2019 0.65% Earnings per Dividend per share Discount to net Dividend yieldB share (revenue) asset valueB 30.5p 34.25p –5.0% 4.5% 2019 34.9p 2019 34.00p 2019 –4.3% 2019 4.0% A Total return as defined on page 87. B Considered to be an Alternative Performance Measure. Further details can be found on pages 87 and 88. C The Company’s benchmark is the FTSE All-Share Index. Net Asset Value per share Dividends per share Mid-market price per share 888.1 860.1 856.3 33.25 34.00 34.25 808.3 32.25 32.75 850.0 766.5 795.0 784.0 768.0 672.0 16 17 18 19 20 16 17 18 19 20 16 17 18 19 20 At 30 June – pence Year ended 30 June – pence At 30 June – pence Murray Income Trust PLC 3 Overview Dividends Rate XD date Record date Payment date Strategic Report First interim 2020 8.25p 21 Nov 2019 22 Nov 2019 20 Dec 2019 Second interim 2020 8.25p 20 Feb 2020 21 Feb 2020 20 Mar 2020 Third interim 2020 8.25p 21 May 2020 22 May 2020 19 Jun 2020 Fourth interim 2020 9.50p 20 Aug 2020 21 Aug 2020 18 Sep 2020 Total dividends 2020 34.25p Portfolio Financial Calendar Payment months of quarterly dividends Dec, Mar, Jun, Sep Governance Financial year end 30 Jun Annual General Meeting Nov Expected announcement of results for year ended 30 June 2021 Sep Statements Financial Information Information Corporate General 4 Annual Report 2020 Owned partly by SSE, a portfolio company, the Clyde Wind Farm in South Lanarkshire has 206 turbines with an installed capacity 522MW generating sufficient renewable energy to power over 290,000 homes. Murray Income Trust PLC 5 Strategic Report Murray Income Trust PLC is an investment trust whose Ordinary shares are listed on the premium segment of the London Stock Exchange. Murray Income Trust PLC was launched over 97 years ago; investment trusts are one of the oldest forms of collective investment in the world. 6 Annual Report 2020 Chairman’s Statement “I am pleased to report another very strong year of relative performance for the Company and a 47th consecutive year of dividend increases.” Neil Rogan, Chairman Murray Income Trust PLC 7 Overview Highlights Relative to our NAV per share, our share price moved between a 3.4% premium and a 6.9% discount over the year. The average ŗ Total dividends per share increased by 0.7% to 34.25p, Strategic Report the 47th year of consecutive increase. discount was 3.6%. Discounts widened across the UK Equity Income sector as the impact of the Covid-19 pandemic (“Covid- ŗ Dividend yield of 4.5%, based on the year end share price 19”) on dividends became clearer. of 768.0p. ŗ Share Price Total Return of -5.8% and Net Asset Value Total The people and process behind the Company are unchanged Return -5.3% both well ahead of the FTSE All-Share Index Total over the year. Charles Luke has been our lead manager since Return of -13.0%. 2006 and is supported as deputy by Iain Pyle. They form part of the six-strong UK Equity Income Team at Aberdeen Standard ŗ Our Manager, Aberdeen Standard Investments, has a strong, Portfolio long-established ESG process. The Company has been Investments which in turn is part of the sixteen-strong UK awarded a Morningstar Sustainability Rating of four out Equities team headed by Andrew Millington. It is worth repeating of five globes. that the 2017 merger between Aberdeen Asset Management PLC and Standard Life plc has resulted in a much-strengthened UK Review of the Year Equities team. Years of rehearsing for disaster recovery proved I am pleased to report another very strong year of relative invaluable when the decision was made at Aberdeen Standard performance for the Company and a 47th consecutive year of Investments to move to home working in March: the switch dividend increases. surprised everyone by proceeding without a hitch. Governance Net Asset Value (“NAV”) per share fell by 5.3% over the year in Environmental, Social and Governance (“ESG”) total return terms. While it is always disappointing to record ESG is one of the key components of Aberdeen Standard short term losses, we are reassured by the fact that our relative Investments’ philosophy as it seeks to mitigate risk and enhance performance was well ahead of the benchmark index (FTSE All- returns. The Company benefits from the significant amount of Share) return of -13.0%, on a total return basis. With the discount time and resource that the Manager dedicates to focusing on the of share price to NAV widening slightly from 4.3% to 5.0% over ESG characteristics of the companies in which they invest. ESG the year, the share price total return was -5.8%. Performance is considerations are deeply embedded in the company analysis Statements Financial explained in more detail in the Investment Manager’s Report but carried out by the Manager who is also able to draw on the the main contributing factor is Aberdeen Standard Investments’ expertise of more than 30 in-house ESG specialists. This results relentless focus on quality. Among the key characteristics for a in frequent dialogue with investee companies and helps to “quality” company for Aberdeen Standard Investments are the ensure that the companies in the portfolio are acting in the best strength of the business model, management and balance sheet. long term interests of their shareholders and society at large. The This has helped avoid the worst of the dividend shocks. Company has been awarded a Morningstar Sustainability Rating of four out of five. The Board declared, on 5 August 2020, a fourth interim dividend Information Information Corporate per share of 9.50p which makes a total for the year of 34.25p, an Proposed Combination with Perpetual Income & Growth increase of 0.7% on the 34.00p per share paid in the previous Investment Trust plc year. This will represent 47 consecutive years of dividend growth We are thrilled to have won a highly competitive tender run by and allows us to retain our place on the AIC’s list of Dividend the board of Perpetual Income and Growth Investment Trust plc Heroes, the investment trusts that have successfully increased (“PLI”). It is a recognition of the strength of the people, process their dividend each year for at least 20 years. Shareholders may and performance of our management team led by Charles Luke, recall that approval was given at the last AGM for the Company supported by Iain Pyle and the rest of their UK team at Aberdeen to pay four interim dividends, evenly spaced throughout the year, Standard Investments.
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