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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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BAOBAB INVESTMENT MANAGERS LTD
COMPANY INFORMATION
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BAOBAB INVESTMENT MANAGERS LTD
CONTENTS
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BAOBAB INVESTMENT MANAGERS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors present the company's strategic report for the year ended 31 December 2025.
Business review During the year ended 31 December 2025, Baobab Investment Managers Ltd generated revenues of £768k compared to £668k last year. Costs are considered well below average for the industry. The company established a Long-Term Incentive Plan (LTIP) in 2014 to facilitate staff recruitment and retention. The assets of the LTIP comprise shares in Baobab Global Fund Ltd, which are held in the LTIP for the benefit of the scheme members from time to time, pending such time as any shares may vest in individuals under the terms of the scheme. The Firm continues to be contracted to provide Investment Services and oversight of the Management of Baobab Global Fund which as of 31 December 2025, had assets under management of $218,792,862. The Firm also has an agreement with an individual who has a long-standing relationship with the directors to advise on additional capital, which was valued at CAD $72,131,187 as of 31 December 2025.
The Directors determine the business strategy and risk appetite along with the risk management policies and procedures. An identification of risks to the company are considered and the company’s resultant exposure is assessed after the application of both management and mitigation of these risks. Furthermore, the company then conducts a series of stress tests and scenario analyses on these risks to determine the effect they would have on the business.
If necessary, Baobab Investment Managers Ltd would allocate extra capital to the relevant risk, as per the risk and harm analysis. This process is conducted at regular Directors' meetings and the relevant policies and procedures updated where necessary. The Directors have identified concentration risk, and market risk, business risk, operational and financial risk as the main areas of risk of harm to the company and its clients. In terms of business risk Baobab Investment Managers Ltd is subject to business cycles and economic conditions which fluctuate over time and create a risk to the viability of the business, including circumstances such as fund closure or the loss of a key investor. Baobab Investment Managers Ltd has an investment services contract in place for the oversight of the management of the fund. The fund’s investment portfolio is significantly diversified in order to limit the impact of one investment or several investments on the income of Baobab Investment Managers Ltd or the performance experienced by investors over the long term. In terms of operational risk, Locum arrangements are in place with experienced professionals in the UK to ensure continuity of services in the event of key person risk crystallising. Risk, compliance and operational professionals are segregated from the investment team to overseas mitigation of human and technology related operational risks. In terms of general financial risk management maintains all its capital in cash holdings and through other investments, subject to prudent haircuts, to mitigate the risk of not being able to realise liquid assets to meet liabilities as they fall due. Cash flow is monitored at least monthly and management accounts used as an early trigger of liquidity strain. Baobab Investment Managers Ltd has concluded that its Tier 1 capital is sufficient to cover its own funds threshold requirement. Furthermore, the firm is satisfied it has sufficient liquid assets to meet its liquid assets threshold requirements at all times.
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BAOBAB INVESTMENT MANAGERS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The market for securing assets under management remains highly competitive. With these risks and uncertainties in mind we are confident that we will continue to grow the fund client’s assets under management due to the fund client’s historical track record and the company’s marketing ability.
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole. These being turnover, EBITDA margin and return on capital employed.
As the Directors of Baobab Investment Managers Ltd, we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, honourable, would be most likely to advocate the company’s achievements for the interest of its members as a whole, and to have regard to the long-term effect our decisions on the company and its stakeholders. This statement addresses the ways in which we as a Board outwork this responsibility.
One of the underlying principles of the company is that we follow an owner's approach. All members of the team are encouraged to act as owners of the business and as such investors in Baobab Global Fund. We are therefore collectively incentivised to strive for success as this is directly beneficial for all members of the team regardless of seniority or position. Furthermore, profits from Baobab Investment Managers’ are reinvested into the fund – benefiting everyone. We are a well-established business who judge performance and success over a three-to-five-year time period, therefore any decisions taken are done so through the lens of the long term impact and consequences. Since inception we have strived to develop long term relationships with all of those we interact with. We approach these relationships looking to be transparent, open and professional at all times and as a result of this approach we have an extremely strong network of business relationships many of which have been in place for a decade. Our business is built on the foundations of both the families of the employees but also those who choose to partner with us. We therefore strive for the highest levels of personal integrity, and we look for these same high standards in those we partner. As a small and agile business, we operate a policy of transparency amongst colleagues, this builds trust and confidence in each other. An example of this being our monthly management meetings which are attended by all staff where all topics are open for discussion. We set extremely high standards for both ourselves and those we partner with, all of which significantly promote success within the company as detailed above.
This report was approved by the board on 21 April 2026 and signed on its behalf.
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BAOBAB INVESTMENT MANAGERS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting 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;
∙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 to 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 profit for the year, after taxation, amounted to £135,424 (2024 - £241,382).
There were £165,605 dividends declared in the year.
The directors who served during the year were:
The company continues to provide services under its principal activities and seeks to continue to build upon its current client base which should result in continued revenue growth.
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BAOBAB INVESTMENT MANAGERS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The company is aware that our clients, staff, and suppliers are an important part of our operations. We strive to build longstanding and sustainable relationships with both to ensure mutual benefit, and to be honest and transparent in line with our culture. We treat customers and suppliers fairly.
The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.
There have been no significant events affecting the Company since the year end.
Charitable Donations During the year the company made charitable donations totalling £101,700 (2024 - £22,701).
During the year Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors. Barnes Roffe Audit Limited will be reappointed in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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BAOBAB INVESTMENT MANAGERS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BAOBAB INVESTMENT MANAGERS LTD
We have audited the financial statements of Baobab Investment Managers Ltd (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Analysis of net debt, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, 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 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.
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BAOBAB INVESTMENT MANAGERS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BAOBAB INVESTMENT MANAGERS LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Strategic report or the Directors' report.
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BAOBAB INVESTMENT MANAGERS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BAOBAB INVESTMENT MANAGERS LTD (CONTINUED)
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 an Auditor's report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙The engagement partner ensured that the engagement team collectively had the appropriate competence,capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector;
∙We focused on specific laws and regulations, which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, FCA Handbookrules and ISO standards;
∙We assessed the extent of compliance with laws and regulations identified above through making enquires of management and inspecting legal correspondence and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual suspected and alleged fraud; and
∙Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulation.
∙To address the risk of fraud through management bias and override of controls, we:
∙Performed analytical procedures to identify any unusual or unexpected relationships;
∙Tested journal entries to identify unusual transactions;
∙Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
∙Investigated the rationale behind significant or unusual transactions.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial statements, the less likely it is that we would become aware of non-compliance.
Auditing standards also limit the audit procedures to identify non-compliance with laws and regulations toenquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect that those that arise from errors as they may involve deliberate concealment or collusion.
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BAOBAB INVESTMENT MANAGERS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BAOBAB INVESTMENT MANAGERS LTD (CONTINUED)
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 Auditor's 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 an Auditor's report 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Level 41A
Tower 42
25 Old Broad Street
London
EC2N 1HQ
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BAOBAB INVESTMENT MANAGERS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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BAOBAB INVESTMENT MANAGERS LTD
REGISTERED NUMBER: 07456530
BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 26 form part of these financial statements.
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BAOBAB INVESTMENT MANAGERS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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BAOBAB INVESTMENT MANAGERS LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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BAOBAB INVESTMENT MANAGERS LTD
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2025
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BAOBAB INVESTMENT MANAGERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Baobab Investment Managers Ltd ("the Company") is a Company limited by shares, incorporated in England and Wales. Its registered office is Leytonstone House, Leytonstone, London, England, E11 1GA.
The principal activity of Baobab Investment Managers Ltd is that of fund management.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis. The directors have considered the operating surplus for the period and statement of financial position at the accounting date and reviewed forecasts and are satisfied that the company is in a position to meet its liabilitiesas they fall due over the next twelve months. In arriving at this conclusion, the Directors have taken account of current and anticipated financial performance in the current economic conditions, and the company’s reserves position. The directors are of the view that should there be a need to meet current liabilities then the fixed asset investment will be sold for cash. The directors have concluded that it remains appropriate to prepare the financial statements on the going concern basis.
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BAOBAB INVESTMENT MANAGERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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BAOBAB INVESTMENT MANAGERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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BAOBAB INVESTMENT MANAGERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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BAOBAB INVESTMENT MANAGERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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BAOBAB INVESTMENT MANAGERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
The company operates a Long Term Incentive Plan “LTIP” for its employees. Employees will accrue rights to the plan subject to meeting certain conditions in the course of employment. The Incentive is held in the balance sheet until such time the vesting criteria are met. The company accrues a provision in the balance sheet for any amounts reserved for its employees. Any movement in value in the LTIP Investment is accounted for through the profit and loss account, and a corresponding adjustment is made to the accrued provision.
Critical accounting estimates and assumptions: The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. There are however considered to be no areas subject to such material judgement and estimation uncertainty.
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BAOBAB INVESTMENT MANAGERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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BAOBAB INVESTMENT MANAGERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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BAOBAB INVESTMENT MANAGERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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BAOBAB INVESTMENT MANAGERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
10.Taxation (continued)
There were no factors that may affect future tax charges.
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BAOBAB INVESTMENT MANAGERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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BAOBAB INVESTMENT MANAGERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Share premium account
Profit and loss account
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BAOBAB INVESTMENT MANAGERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The company operates a defined contribution pension scheme for its directors and employees. The assets of the schemes are held separately from those of the company in an independently administered fund.
During the year contributions to the scheme totalled £5,846 (2024 - £5,729). There were £Nil (2024 - £Nil) contributions outstanding at the year end.
The sole controlling party is M Van Blerk by virtue of their shareholding of 45% and Baobab Investment Managers Holdings Limited shareholding of 45% which M Van Blerk owns 100% of shareholding, comprising 90% ownership of the company.
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