Imara Asset Management (UK) Limited

Directors' Report for the Year Ended 30 April 2026

The directors present their report and the financial statements for the year ended 30 April 2026.

Principal activity

The principal activity of the company is investment fund management.

Directors of the company

The directors, who held office during the year, were as follows:

R R Matthews (ceased 31 August 2025)

H A Fleming

H J Wulfsohn

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 UK adopted International Financial Reporting Standards (IFRSs). 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 apply them consistently;
• make judgements and accounting estimates that are reasonable and prudent;
• state whether applicable UK adopted International Financial Reporting Standards (IFRSs) 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.

Going concern

The company is reliant on the support of its parent undertaking, whcih has confirmed it will continue to support the company for a period of twelve months from the date of signing the financial statements.

The directors have concluded that with the financial supoort from its parent undertakingm the company continues as a going concern.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

The auditors Vale & West Accountancy Services Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Imara Asset Management (UK) Limited

Directors' Report for the Year Ended 30 April 2026 (continued)

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the board on 20 August 2026 and signed on its behalf by:

H A Fleming
Director

Imara Asset Management (UK) Limited

Independent Auditor's Report to the Members of Imara Asset Management (UK) Limited

Opinion

We have audited the financial statements of Imara Asset Management (UK) Limited (the 'company') for the year ended 30 April 2026, which comprise the Income Statement, Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows, and 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 UK adopted International Financial Reporting Standards (IFRSs).

In our opinion the financial statements:

•	give a true and fair view of the state of the company's affairs as at 30 April 2026 and of its loss for the year then ended;
•	have been properly prepared in accordance with UK adopted IFRSs; 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 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Imara Asset Management (UK) Limited

Independent Auditor's Report to the Members of Imara Asset Management (UK) Limited (continued)

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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 2, 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.

Auditor 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 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.

Imara Asset Management (UK) Limited

Independent Auditor's Report to the Members of Imara Asset Management (UK) Limited (continued)

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

- 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 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 Financial Conduct Authority regulation, the Companies Act 2006, taxation legislation and , employment legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries 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 regulations.

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.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry 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 than those that arise from error as they may involve deliberate concealment or collusion.

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

Imara Asset Management (UK) Limited

Independent Auditor's Report to the Members of Imara Asset Management (UK) Limited (continued)

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.

Jason Pyke FCA (Senior Statutory Auditor)
For and on behalf of Vale & West Accountancy Services Limited, Statutory Auditor
Victoria House
26 Queen Victoria Street
Reading
Berkshire
RG1 1TG

21 August 2026

Imara Asset Management (UK) Limited

Income Statement for the Year Ended 30 April 2026

	Note	2026 £	2025 £
Revenue		171,282	179,008
Cost of sales		(156,417)	(163,486)
Gross profit		14,865	15,522
Administrative expenses		(40,788)	(42,045)
Other operating income		15,415	15,697
Operating loss	3	(10,508)	(10,826)
Loss before tax		(10,508)	(10,826)
Income tax expense	5	-	-
Loss for the year		(10,508)	(10,826)

The above results were derived from continuing operations.

There was no other comprehensive income during the year (2025: £nil).

Imara Asset Management (UK) Limited

(Registration number: 04777975)
Statement of Financial Position as at 30 April 2026

	Note	30 April 2026 £	30 April 2025 £
Assets
Current assets
Trade and other receivables	6	92,499	98,106
Cash and cash equivalents	7	2,936	6,499
		95,435	104,605
Equity and liabilities
Equity
Share capital	8	(80,000)	(80,000)
Retained earnings		(7,473)	(17,981)
Total equity		(87,473)	(97,981)
Current liabilities
Trade and other payables	10	(7,962)	(6,624)
Total equity and liabilities		(95,435)	(104,605)

Approved by the board on 20 August 2026 and signed on its behalf by:

H A Fleming
Director

Imara Asset Management (UK) Limited

Statement of Changes in Equity for the Year Ended 30 April 2026

Share capital
£

Retained earnings
£

Total
£

At 1 May 2024

80,000

28,807

108,807

Loss for the year

-

(10,826)

(10,826)

Other comprehensive income

-

-

-

Total comprehensive income

-

(10,826)

(10,826)

At 30 April 2025

80,000

17,981

97,981

	Share capital £	Retained earnings £	Total £
At 1 May 2025	80,000	17,981	97,981
Loss for the year	-	(10,508)	(10,508)
Other comprehensive income	-	-	-
Total comprehensive income	-	(10,508)	(10,508)
At 30 April 2026	80,000	7,473	87,473

Imara Asset Management (UK) Limited

Statement of Cash Flows for the Year Ended 30 April 2026

	Note	2026 £	2025 £
Cash flows from operating activities
Loss for the year		(10,508)	(10,826)
Working capital adjustments
Decrease in trade and other receivables	6	5,607	19,178
Increase/(decrease) in trade and other payables	10	1,338	(29,188)
Cash generated from operations		(3,563)	(20,836)
Income taxes paid	5	-	(40)
Net cash flow from operating activities		(3,563)	(20,876)
Net decrease in cash and cash equivalents		(3,563)	(20,876)
Cash and cash equivalents at 1 May		6,499	27,375
Cash and cash equivalents at 30 April		2,936	6,499

Imara Asset Management (UK) Limited

Notes to the Financial Statements for the Year Ended 30 April 2026

1	General information

The company is a private company limited by share capital, incorporated and domiciled in England and Wales.

The address of its registered office is:
Victoria House
26 Queen Victoria House
Reading
Berkshire
RG1 1TG

These financial statements were authorised for issue by the board on 20 August 2026.

2	Accounting policies

Basis of preparation

These financial statements have been prepared in accordance with UK-adopted international accounting standards and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in Pound Sterling (£), which is also the functional currency of the company.

Principal activity

The principal activity of the company is regulated investment fund management.

The company is a subsidiary undertaking of Imara Holdings Ltd, formerly known as FWA Financial Limited, (incorporated in Mauritius) and is included in the consolidated financial statements of Imara Holdings Limited which are publicly available from the company's principal place of business.

Going concern

The company is reliant on the support of its parent undertaking, whcih has confirmed it will continue to support the company for a period of twelve months from the date of signing the financial statements.

The directors have concluded that with the financial supoort from its parent undertakingm the company continues as a going concern.

Changes in accounting policy

None of the standards, interpretations and amendments effective for the first time from 1 May 2025 have had a material effect on the financial statements.

None of the standards, interpretations and amendments which are effective for periods beginning after 1 May 2025 and which have not been adopted early, are expected to have a material effect on the financial statements.

Imara Asset Management (UK) Limited

Notes to the Financial Statements for the Year Ended 30 April 2026 (continued)

2	Accounting policies (continued)

Revenue recognition

Revenue is earned from investment fund management advisory services and recognised in the period the services are performed.

Revenue is measured at the transaction price, being the fair value of consideration received or receivable exclusive of value added tax.. This revenue is recognised in the accounting period when the services are rendered at an amount that reflects the consideration to which the entity expects to be entitled in exchange for fulfilling its performance obligations to customers.

Foreign currency transactions and balances

Transactions in currencies other than the functional currency of the company are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are recognised in profit or loss. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Taxation

Income tax expense consists of the sum of current tax and deferred tax.

Current tax is based on taxable profit for the year. Taxable profit differs from profit as reported for accounting purposes because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible.

Current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. A provision is recognised for tax matters that are uncertain if it is considered probable that there will be a future outflow of funds to a tax authority. The provision is measured at the best estimate of the amount expected to become payable. The assessment is based on the judgement of tax professionals within the company.

Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised.

The carrying amount of deferred tax assets is reviewed at each reporting 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 based on tax laws and rates that have been enacted or substantively enacted at the reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.

Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.

Imara Asset Management (UK) Limited

Notes to the Financial Statements for the Year Ended 30 April 2026 (continued)

2	Accounting policies (continued)

Trade receivables

Trade and other receivables where payment is due within one year do not constitute a financing transaction and are recorded at the undiscounted amount expected to be received, less attributable transaction costs. Any subsequent impairment is recognised as an expense in profit or loss.

If payment is due after more than one year or if there is any other indication of a financing transaction, trade and other receivables are recorded initially at fair value less attributable transaction costs. In this situation, fair value is equal to the amount expected to be received, discounted at a market-related interest rate.

Trade payables

Trade and other parables are initially recognised at transaction price and are subsequently remeasured to amortised cost.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Operating loss

Arrived at after charging/(crediting)

	2026 £	2025 £
Auditors' remuneration	7,308	7,176
Auditors' remuneration other non-audit services	2,944	2,794
Group management cost recovery	(15,415)	(4,947)

4	Staff costs

The average number of persons employed by the company (including directors) during the year, was 0 (2025: 0).

Imara Asset Management (UK) Limited

Notes to the Financial Statements for the Year Ended 30 April 2026 (continued)

5	Income tax

Tax charged/(credited) in the income statement

	2026 £	2025 £
Current taxation
UK corporation tax	-	-
Deferred taxation
Total deferred taxation	-	-
Tax expense/(receipt) in the income statement	-	-

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2025: the same as the standard rate of corporation tax in the UK) of 19% (2025: 19%).

The differences are reconciled below:

	2026 £	2025 £
Loss before tax	(10,508)	(10,826)
Corporation tax at standard rate	(1,997)	(2,057)
Increase from effect of expenses not deductible in determining taxable profit (tax loss)	48	-
Increase from effect of unrelieved tax losses carried forward	1,949	2,057
Total tax charge/(credit)	-	-

6	Trade and other receivables

Current assets	30 April 2026 £	30 April 2025 £
Trade receivables	48,995	50,023
Amounts due from group undertakings	35,466	40,045
Prepayments	2,040	2,040
Other receivables	5,998	5,998
	92,499	98,106

7	Cash and cash equivalents

	30 April 2026 £	30 April 2025 £
Cash at bank	2,936	6,499

Imara Asset Management (UK) Limited

Notes to the Financial Statements for the Year Ended 30 April 2026 (continued)

8	Share capital

Allotted, called up and fully paid shares

	30 April 2026		30 April 2025
	No.	£	No.	£
Ordinary of £1 each	60,000	60,000	60,000	60,000
Redeemable Preference of £1 each	20,000	20,000	20,000	20,000
	80,000	80,000	80,000	80,000

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
Ordinary shares are non-redeemable. The holders have the right to one vote per share and to receive dividends as declared from time to time. In the event of winding up, the ordinary shares rank equally for repayment with the redeemable preference shares.

Redeemable preference shares have the following rights, preferences and restrictions:
The directors hold an option to redeem the preference shares at nominal value at an unspecified date. The preference shares do not confer voting rights or automatic entitlement to dividends. In the event of winding up, the preference shares rank equally for repayment with the ordinary shares.

9

Reserves

	30 April 2026 £
At 1 May 2025	17,981
Loss for the year	(10,508)
At 30 April 2026	7,473

Retained earnings

The retained earnings reserve comprises all gains and losses and transactions with owners.

10	Trade and other payables

Current liabilities	30 April 2026 £	30 April 2025 £
Trade payables	930	-
Accrued expenses	7,032	6,624
	7,962	6,624

Imara Asset Management (UK) Limited

Notes to the Financial Statements for the Year Ended 30 April 2026 (continued)

11	Related party transactions

Summary of transactions with entities with joint control or significant interest

Imara Holdings (Pty) Ltd
During the year, the Company engaged in the following related party transactions with Imara Holdings (Pty) Ltd:

- Reimbursement of Group Operating Costs: £15,415 (2025: £4,947) for operating expenses disbursed by the company in the UK.
- Reimbursement of accounting fee: £3,300 (2025 : £3,600)
- Investment delegation fees: £134,095 (2025: £140,126) payable for services rendered.
- Insurance charges: A provisional charge of £6,186 (2025: £6,754) relating to insurance premiums payable.

As at the reporting date, the following balance was outstanding with Imara Holdings (Pty) Ltd:

- Receivable from Imara Holdings (Pty) Ltd: £35,466 (2025: £39,533).

12	Ultimate parent undertaking

The company's immediate and ultimate parent is Imara Holdings Limited (formerly known as FWA Financial Limited), incorporated in Mauritius.

The consolidated financial statements of Imara Holdings Limited are available from its registered office:

Imara Holdings Limited
C/O Imara Trust Company (Mauritius) Limited
9th Floor
NeXSky Building
Cybercity
Ebene
72201
Republic of Mauritius

Company Information	1
Directors' Report	2 to 3
Independent Auditor's Report	4 to 7
Income Statement	8
Statement of Financial Position	9
Statement of Changes in Equity	10
Statement of Cash Flows	11
Notes to the Financial Statements	12 to 17