The directors present the strategic report for the year ended 31 March 2026.

Halo Global Asset Management Ltd ('the Company') is the investment advisor for the VT Halo Asia Growth Fund. This service had previously been provided by Halo Investment Management LLP. The Company received FCA approval on 1 March 2019 and took on its role from 1 April 2019.

Halo Global Asset Management Ltd is a specialist Investment Manager with a particular focus on Emerging Asian Consumer stocks that benefit from the growing middle class. Halo seeks to capture the benefit of the rising middle class in Asia and their spending power.

The Directors fully understand the risks of a business which is linked to the ebbs and flows of market sentiment and the volatility that entails. The most obvious is persistent market weakness impacting directly on the income stream by way of reduced management fees, and the increased likelihood of redemptions in such scenarios. It is also likely to curtail our ability to raise assets from new clients. Given this inherent volatility we aim to maintain a flexible cost base to help mitigate these circumstances if they occur.

The company had turnover of £250,850 a decrease of 51.3% year on year with a loss of £161,201. The directors have considered the recoverability of deferred tax in relation to such losses, and the decision has been made to no longer recognise the asset in the financial statements.

Funds under management at 31 March 2026 were £17.6m having declined from £26.8m on 31 March 2025, which was a combination of markets declining and the strategy witnessing redemptions from clients. We have seen large withdrawals from key clients and it has been partly over the concern the Asian region would struggle to perform in a strong US Dollar environment, together with geopolitical risks over the Iran war, with Emerging Asia being exposed due to its reliance on energy imports from the Middle East. Although we expect the geopolitical issues to continue to make headlines along with President Trumps’ tariff agenda, Asia as a region continues to grow strongly. Interest in the region is low and the consumption theme currently remains low as investor appetite and attention is being driven by AI and subsequent capex spend, where we have little exposure. We thus continue to see extremely good value in our markets as corporate profit growth continues to be robust and markets are now as cheap as they were during Covid in some cases. The currencies have also declined significantly over the last twelve months driven by the capital outflows as investors rotate their money elsewhere. We expect that once a deal is struck and the Strait of Hormuz opens up, these countries will benefit from lower oil prices and interest is likely to return given the extremely cheap valuations on offer. This will be especially relevant if investors start to question further the capex spend on AI and the ability to make a decent return on capital. If investors return this should help the currencies strengthen, enable the Central Banks to reduce interest rates and stimulate their economies and improve consumer confidence. We thus expect some positive performance over the next 12 months.

We are currently talking to a number of potential investors and expect some to invest in the Fund in due course.

The balance sheet shows that the company’s net assets at the year-end were £184,402, a decrease from £345,603 at 31 March 2025.

Going concern

The directors have reviewed the going concern position of the company. Their conclusion is detailed on Page 12, within accounting policies (1.2).

The Board of Directors, in line with their duties under s172 of the Companies Act 2006, act in a way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard to a range of matters when making decisions for the long term. Key decisions and matters that are of strategic importance to the Company are appropriately informed by s172 factors.

• The likely consequences of long-term decision making

• The interests of the Company’s employees

• The need to foster the Company’s business relationships with suppliers, clients and others

• The impact of the Company’s operations on the community and the environment

• The desirability of the Company maintaining a reputation for high standards of business conduct

• The need to act fairly between members of the Company

The Directors meet regularly to discuss their duties and they can access professional advice on these from independent providers if necessary and fulfil their duties through a governance framework. The nature of the Company’s activities and regulatory environment it operates in necessitates that high levels of business conduct, ethics and integrity is maintained and this is monitored by the Directors regularly.

Other points we consider are:

• Investor satisfaction - The current investors in the Halo Asia Growth Fund that we have been appointed to manage on behalf of Valu-Trac have continued to maintain their holdings and we expect them to remain investors based on the regular communication we have. We believe that the performance fully appreciates our goals and ability to deliver the performance expected of the strategy over the long term.

• All employees continue to have shares in the company. The Board remains keen to see the employees increase their equity stakes overtime. Regular meetings and reviews are held with all employees to ensure that their skills are developed, performance managed and health and well being maintained in the workplace.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 March 2026.

The principal activity of the company continued to be that of fund management activities.

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Cash flows, and in turn the liquidity of the company, are a direct product of the level of assets under management. Cash flow forecasts are prepared and reviewed to ensure that the Company maintains sufficient funds to meet its operational and financial obligations as they fall due.

The company's foreign currency exposure is derived from its management of overseas investments for the Halo Global Asian Consumer Fund. There are fluctuations in the underlying Asian currencies against Sterling and this impacts the value of these investments when translated back into Sterling. The valuation of the Fund is impacted by these currency movements, which subsequently causes variability in the income to the Company as a result.

The company's principal assets are bank balances. The credit risk is limited because the counterparties are financial institutions with credit ratings and regulated by the Prudential Regulation Authority, whose parent is the Bank of England.

There have been no events affecting the company since the year end that require disclosure.

The company aims to continue its work as an investment advisor for the VT Halo Global Asian Consumer Fund and help grow returns for investors in the fund.

The auditor, Chavereys Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

The directors are responsible for preparing the annual report 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). 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;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• 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.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

We have audited the financial statements of Halo Global Asset Management Ltd (the 'company') for the year ended 31 March 2026 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 31 March 2026 and of its loss 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 Auditor's 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 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.

Opinions on other matters prescribed by the Companies Act 2006

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

We have nothing to report in respect of the following matters in relation to which 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.

As explained more fully in the directors' responsibilities statement, 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 is 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.

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.

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

The objectives of our audit include: to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

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

• We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the sector in which it operates. We determined that the most significant laws and regulations were those issued by the FCA, along with employment law, the Companies Act 2006 and FRS 102.

• We obtained an understanding of how the Company is complying with these legal and regulatory frameworks by making inquiries to the management of the Company. We corroborated our inquiries through our review of the FCA register, inquiries of management and review of board minutes.

• We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

  • Identifying and assessing the design-effectiveness of controls management has in place to prevent and detect fraud;

  • Understanding how those charged with governance considered and addressed the potential override of controls or other inappropriate influence over the financial reporting process;

  • Challenging assumptions and judgements made by management in its significant accounting estimates;

  • Identifying and testing journal entries, in particular any journal entries posted outside of the financial team; and

  • Assessing the extent of compliance with the relevant laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Halo Global Asset Management Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Wades House, Barton Stacey, Winchester, Hampshire, England, SO21 3RJ.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include current asset investments at fair value. The principal accounting policies adopted are set out below.

Following a reduction in Assets Under Management (‘AUM’) during the financial year and in view of the loss generated, the Directors have critically assessed the company’s financial position and forecasts to assess its ability to continue as a going concern. Revenue is projected to fall in the current year compared to the previous year. This projection is based on the current AUM and assumes no increase, in spite of the fact that there is a reasonable expectation of AUM increasing during the year ahead.true

To mitigate the impact of reduced revenue, the company has implemented cost reductions, including streamlining staffing costs and reducing research activities. As a result of these actions, the forecast for the year reflects a modest cash outflow against a strong opening cash balance, which the directors consider to be manageable.

The company continues to operate in a market with exposure to the Far East, where ongoing economic uncertainty, including trade tensions between China and the United States, presents a challenging backdrop. Nevertheless, the underlying strategy remains focused on long-term opportunities in the region. A potential further client inflow is under discussion and, if secured, would bring the business to a breakeven position for the year, though this has not been included in the forecasts.

Taking these factors into account, with particular note of the company’s current cash resources and adjusted cost base, the directors have a reasonable expectation that the company has adequate resources to meet its obligations as they fall due and therefore consider it appropriate to prepare the financial statements on a going concern basis.

Revenue comprises management fees and commissions in relation to the management of assets under the VT Halo Asia Growth Fund. Fees and commissions are typically based on a percentage of assets under management and are accrued daily or monthly as per contractual terms.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 deducting all of its liabilities.

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The principal area requiring the exercise of judgement by management is the assessment of whether it is probable that sufficient future taxable profits will arise against which tax losses carried forward can be utilised. In making this assessment, management has considered the Company's current trading position and forecast financial performance. Based on the information available at the reporting date, it has been concluded that the recognition criteria for a deferred tax asset are no longer met and accordingly no deferred tax asset has been recognised in respect of carried forward tax losses.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

At the year end date, there were unutilised tax losses amounting to £644,821 in relation to which no deferred tax asset has been recognised.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The shares have attached to them full voting and dividend rights. Each share is entitled to participate in a distribution arising from a winding up of the company. The shares do not confer any rights of redemption.

The share premium account is the excess consideration received in excess of the nominal value of the shares issued.

The profit and loss account represents cumulative profits and losses recognised through the company's profit and loss account, less distributions to shareholders.

During the year, rent of £5,000 (2025: £5,000) for office space was paid to a Director in the year. At the year end, £1,250 (2025: £1,250) has been recognised within accruals on the balance sheet.

By virtue of the shareholdings, there is no controlling party.