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REGISTERED NUMBER: 12843185 (England and Wales)

| Report of the Directors and |

| Financial Statements |

| for the Year Ended 30 September 2025 |

| for |

| Helford Depositary Services Ltd |

| Helford Depositary Services Ltd (Registered number: 12843185) |

Contents of the Financial Statements

for the Year Ended 30 September 2025

Page |

| Company Information | 1 |

| Report of the Directors | 2 |

| Report of the Independent Auditors | 3 |

| Statement of Income and Retained Earnings | 7 |

| Statement of Financial Position | 8 |

| Statement of Cash Flows | 9 |

| Notes to the Statement of Cash Flows | 10 |

| Notes to the Financial Statements | 11 |

| Helford Depositary Services Ltd |

Company Information

for the Year Ended 30 September 2025

| DIRECTORS: | A M Burke

| C M N Sailland

| REGISTERED OFFICE: | 128 City Road

| London

| EC1V 2NX

| REGISTERED NUMBER: | 12843185 (England and Wales)

| AUDITORS: | WP Audit Services LLP

| Chancery House

| 30 St Johns Road

| Woking

| Surrey

| GU21 7SA

| Helford Depositary Services Ltd (Registered number: 12843185) |

Report of the Directors

for the Year Ended 30 September 2025

The directors present their report with the financial statements of the company for the year ended 30 September 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of fund management activities.

DIVIDENDS

No dividends will be distributed for the year ended 30 September 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2024 to the date of this report.

A M Burke

C M N Sailland

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the 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 the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of 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 and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | 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 company'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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, WP Audit Services LLP, have indicated their willingness to continue in office.

ON BEHALF OF THE BOARD:

C M N Sailland - Director

19 January 2026

Report of the Independent Auditors to the Members of

Helford Depositary Services Ltd

Opinion

We have audited the financial statements of Helford Depositary Services Ltd (the 'company') for the year ended 30 September 2025 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 30 September 2025 and of its profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

Helford Depositary Services Ltd

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

Helford Depositary Services Ltd

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the

company's accounting policies, key drivers for profit and performance targets;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team and involving relevant internal specialists, including tax and IT specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included compliance with Financial Conduct Authority regulations.

Report of the Independent Auditors to the Members of

Helford Depositary Services Ltd

Audit response to the risks identified

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and verifying through obtaining supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management and external legal counsel concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reading minutes of meetings of those charged with governance, and reviewing regulatory correspondence with the Financial Conduct Authority;

- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of provisions; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists and significant component audit teams, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Stuart Wright (Senior Statutory Auditor)

for and on behalf of WP Audit Services LLP

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

19 January 2026

| Helford Depositary Services Ltd (Registered number: 12843185) |

Statement of Income and

Retained Earnings

for the Year Ended 30 September 2025

| 30/9/25 |  | 30/9/24

| Notes | £ | £ |

REVENUE | 126,500 |  | 108,250 |  |

Administrative expenses | (85,280 | ) | (57,966 | ) |

41,220 |  | 50,284 |  |

Other operating income | - |  | 600 |  |

OPERATING PROFIT | 6 | 41,220 |  | 50,884 |  |

Interest receivable and similar income | 5,494 |  | 3,275 |  |

PROFIT BEFORE TAXATION | 46,714 |  | 54,159 |  |

Tax on profit | 7 | (10,504 | ) | (10,837 | ) |

PROFIT FOR THE FINANCIAL YEAR | 36,210 |  | 43,322 |  |

Retained earnings at beginning of year | 80,518 |  | 65,571 |  |

Dividends | 8 | - |  | (28,375 | ) |

RETAINED EARNINGS AT END OF YEAR | 116,728 |  | 80,518 |  |

| Helford Depositary Services Ltd (Registered number: 12843185) |

Statement of Financial Position

30 September 2025

| 30/9/25 |  | 30/9/24

| Notes | £ | £ |

CURRENT ASSETS

Debtors | 9 | 23,162 |  | 30,255 |  |

Prepayments and accrued income | 13,500 |  | 8,000 |  |

Cash at bank | 245,334 |  | 203,446 |  |

281,996 |  | 241,701 |  |

CREDITORS

Amounts falling due within one year | 10 | (30,168 | ) | (26,083 | ) |

NET CURRENT ASSETS | 251,828 |  | 215,618 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 251,828 |  | 215,618 |  |

CAPITAL AND RESERVES

Called up share capital | 11 | 114 |  | 114 |  |

Share premium | 12 | 134,986 |  | 134,986 |  |

Retained earnings | 12 | 116,728 |  | 80,518 |  |

SHAREHOLDERS' FUNDS | 251,828 |  | 215,618 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 19 January 2026 and were signed on its behalf by:

C M N Sailland - Director

| Helford Depositary Services Ltd (Registered number: 12843185) |

Statement of Cash Flows

for the Year Ended 30 September 2025

| 30/9/25 |  | 30/9/24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 48,265 |  | 67,558 |  |

Tax paid | (11,871 | ) | (15,913 | ) |

Net cash from operating activities | 36,394 |  | 51,645 |  |

Cash flows from investing activities

Sale of tangible fixed assets | - |  | 2,000 |  |

Interest received | 5,494 |  | 3,275 |  |

Net cash from investing activities | 5,494 |  | 5,275 |  |

Cash flows from financing activities

Amount withdrawn by directors | - |  | (105 | ) |

Equity dividends paid | - |  | (28,375 | ) |

Net cash from financing activities | - |  | (28,480 | ) |

Increase in cash and cash equivalents | 41,888 |  | 28,440 |  |

Cash and cash equivalents at beginning of year | 2 | 203,446 |  | 175,006 |  |

Cash and cash equivalents at end of year | 2 | 245,334 |  | 203,446 |  |

| Helford Depositary Services Ltd (Registered number: 12843185) |

Notes to the Statement of Cash Flows

for the Year Ended 30 September 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 30/9/25 |  | 30/9/24

£ | £ |

| Profit before taxation | 46,714 |  | 54,159 |  |

| Depreciation charges | - |  | 544 |  |

| Loss on disposal of fixed assets | - |  | 2,244 |  |

| Finance income | (5,494 | ) | (3,275 | ) |

41,220 |  | 53,672 |  |

| Decrease in trade and other debtors | 1,593 |  | 7,725 |  |

| Increase in trade and other creditors | 5,452 |  | 6,161 |  |

| Cash generated from operations | 48,265 |  | 67,558 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Year ended 30 September 2025

| 30/9/25 |  | 1/10/24

£ | £ |

| Cash and cash equivalents | 245,334 |  | 203,446 |  |

| Year ended 30 September 2024

| 30/9/24 |  | 1/10/23

£ | £ |

| Cash and cash equivalents | 203,446 |  | 175,006 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1/10/24 | Cash flow | At 30/9/25

£ | £ | £ |

| Net cash |

| Cash at bank | 203,446 |  | 41,888 |  | 245,334 |  |

203,446 |  | 41,888 |  | 245,334 |  |

| Total | 203,446 |  | 41,888 |  | 245,334 |  |

| Helford Depositary Services Ltd (Registered number: 12843185) |

Notes to the Financial Statements

for the Year Ended 30 September 2025

1. | STATUTORY INFORMATION

| Helford Depositary Services Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | STATEMENT OF COMPLIANCE

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention.

| Turnover

| Turnover comprises fee income receivable for providing investment management, advisory and ancillary services. Income is recognised in accordance with the key terms of the governing agreements. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Helford Depositary Services Ltd (Registered number: 12843185) |

Notes to the Financial Statements - continued

for the Year Ended 30 September 2025

3. | ACCOUNTING POLICIES - continued

| Cash and cash equivalents

| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

| In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

| Financial Instruments

| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.

| Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial instruments are initially measured at transaction price.

| Debtors

| Short term debtors are measured at transaction price, less any impairment. Receivables are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

| Creditors

| Creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

4. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

| In the application of the company's accounting policies, which are described in note 3, the Directors are required to make judgements, estimates and assumptions which affect the amounts reported for assets and liabilities as at the period end date and the amounts reported for revenues and expenses during the period. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. However, the nature of the estimation means that actual outcomes could differ from these estimates.

| The Directors consider there to be no critical judgements, estimates and assumptions used in the preparation of these financial statements.

5. | EMPLOYEES AND DIRECTORS

| There were no staff costs for the year ended 30 September 2025 nor for the year ended 30 September 2024.

| The average number of employees during the year was as follows:

| 30/9/25 |  | 30/9/24

| Directors | 2 |  | 2 |  |

| 30/9/25 |  | 30/9/24

£ | £ |

| Directors' remuneration | - |  | - |  |

| Helford Depositary Services Ltd (Registered number: 12843185) |

Notes to the Financial Statements - continued

for the Year Ended 30 September 2025

6. | OPERATING PROFIT

| The operating profit is stated after charging:

| 30/9/25 |  | 30/9/24

£ | £ |

| Depreciation - owned assets | - |  | 544 |  |

| Loss on disposal of fixed assets | - |  | 2,244 |  |

| Auditors' remuneration | 7,500 |  | 6,000 |  |

| Auditors' remuneration for non audit work | 2,050 |  | 2,000 |  |

| Foreign exchange differences | 2,885 |  | 3,158 |  |

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 30/9/25 |  | 30/9/24

£ | £ |

| Current tax:

| UK corporation tax | 10,504 |  | 11,871 |  |

| Deferred tax | - |  | (1,034 | ) |

| Tax on profit | 10,504 |  | 10,837 |  |

8. | DIVIDENDS

| 30/9/25 |  | 30/9/24

£ | £ |

| Ordinary shares of £0.01 each

| Interim | - |  | 28,375 |  |

9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 30/9/25 |  | 30/9/24

£ | £ |

| Trade debtors | 21,500 |  | 27,250 |  |

| Prepayments | 1,628 |  | 2,966 |  |

| VAT | 34 |  | 39 |  |

23,162 |  | 30,255 |  |

10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 30/9/25 |  | 30/9/24

£ | £ |

| Trade creditors | 6,784 |  | 5,604 |  |

| Tax | 10,504 |  | 11,871 |  |

| Accruals | 12,040 |  | 8,000 |  |

| Other creditors | 475 |  | 243 |  |

| Directors' current accounts | 365 |  | 365 |  |

30,168 |  | 26,083 |  |

| Helford Depositary Services Ltd (Registered number: 12843185) |

Notes to the Financial Statements - continued

for the Year Ended 30 September 2025

11. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 30/9/25 |  | 30/9/24

| value: | £ | £ |

| 1,135 | Ordinary | £0.01 | 114 |  | 114 |  |

12. | RESERVES

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1 October 2024 | 80,518 |  | 134,986 |  | 215,504 |  |

| Profit for the year | 36,210 |  | 36,210 |  |

| At 30 September 2025 | 116,728 |  | 134,986 |  | 251,714 |  |

13. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is the Managing Director, Christophe Sailland.