The directors present their report and the audited financial statements for Stenham Asset Management (UK) Plc (registered number 02822010) (“the company") registered in England & Wales for the year ended 31 March 2026.

The company is a subsidiary of Stenham Asset Management Holdings Limited and its parent companies are SAM Global Limited and Boomerang Holdings Limited, both companies incorporated in Guernsey.

The principal activity of the company during the year was the provision of investment management services. The company has made a profit during the year under review.

Operating revenue

Profit before tax

As set out in the statement of comprehensive income on page 9, the company's operating revenue decreased from £2,296,267 to £2,275,636 compared to the prior year. The statement of financial position on page 11 shows that net assets of the company have increased from £573,509 to £710,553 over the year (2025: have increased from £324,750 to £573,509).

The company's activities expose it primarily to the financial risks of changes in equity values, interest rates and foreign exchange rates all of which will impact the fees earned by the company.

This risk is mitigated by the fact that the investment funds and client portfolios on which the company advises are invested predominantly in alternative investment strategies which are not directly correlated to markets. The risk is further mitigated by the fact that such investment funds and client portfolios are diversified across a wide range of strategies and individual managers.

The imposition of tariffs by the U.S. have triggered broad implications for global markets. Overall, we have adapted dynamically to the challenges and opportunities presented by the U.S. tariffs and shifting trade policies. As the U.S. continues to reshape its global trade position with greater focus on economic security and strategic independence, our business will remain on the front lines of risk management and market realignment.

Credit risk is the risk of loss resulting from the default of counterparty. Management consider the risk to be minimal as the main counterparty is a fellow subsidiary of the Stenham group.

Further details of the company's financial risk management objectives, its financial instruments and its exposures to credit risk, market risk, liquidity risk and foreign currency risk are set out in note 16 of the financial statements.

Registered Office:

180 Great Portland Street

London W1W 5QZ

The directors present their report and the audited financial statements for Stenham Asset Management (UK) Plc (“the company") a company limited by shares for the year ended 31 March 2026.

The company is authorised and regulated by the Financial Conduct Authority in the UK to undertake the business of advising on investments, arranging deals, managing investments and dealing in investments as agent.

In accordance with the Financial Conduct Authority's Prudential Sourcebook for Banks, Building Societies and Investment Firms (“BIPRU"), the firm is required to make annual disclosures regarding compliance with The Investment Firms Prudential Regime (“IFPR") in either these accounts or on any other publicly accessible forum such as the website of the Stenham Group. The firm has chosen the latter option by making its IFPR disclosures available on the Stenham website which can be found at www.stenhamassetmanagement.com. IFPR came into effect from 1 January 2022. Under the new regime, the company is defined as a Small and non-interconnected FCA investment firm (SNI). The company's capital adequacy requirement has been calculated differently under the new regime, however this has not had a major impact on the accounts.

Operating revenue

Profit before tax

The results for the year are set out in the statement of comprehensive income on page 9. Turnover for the year amounted to £2,275,636 (2025: £2,296,267). The company made a net profit after tax of £287,044 (2025 profit: £248,765). The directors declared a dividend paid during the year of £150,000 (2025: £Nil) and the remaining profit of £137,042 (2025: remaining profit of £248,765) was transferred to reserves.

The company's underlying businesses operated profitably during the year under review. The directors intend to continue to pursue established policies and anticipate further progress in future years.

The directors acknowledge the latest guidance on going concern. The company continues to monitor the current economic and business environment, and the directors are satisfied that the company's services will continue to be attractive to clients.

The company also has adequate liquid resources, with £1,066,677 (2025: £913,449) held in cash, to continue in business for at least 12 months from the approval of the financial statements. Accordingly, the directors continue and expect to continue to adopt the going concern basis in preparing this report and the financial statements.

The company is dependent on its relationship with other Stenham group companies. However, the Stenham group is in a strong financial position.

The company's activities expose it primarily to the financial risks of changes in equity values, interest rates and foreign exchange rates all of which will impact the fees earned by the company.

This risk is mitigated by the fact that the investment funds and client portfolios on which the company advises are invested predominantly in alternative investment strategies which are not directly correlated to markets. The risk is further mitigated by the fact that such investment funds and client portfolios are diversified across a wide range of strategies and individual managers.

The imposition of tariffs by the U.S. have triggered broad implications for global markets. Overall, we have adapted dynamically to the challenges and opportunities presented by the U.S. tariffs and shifting trade policies. As the U.S. continues to reshape its global trade position with greater focus on economic security and strategic independence, our business will remain on the front lines of risk management and market realignment.

Credit risk is the risk of loss resulting from the default of counterparty. Management consider the risk to be minimal as the main counterparty is a fellow subsidiary of the Stenham group.

Further information on the company's financial risk management and exposures to credit, liquidity, market and currency risks is provided in note 16 of the financial statements.

Details of issued share capital are shown in note 12. The company has one class of ordinary shares, which carry no right to fixed income. Each share carries the right to one vote at general meetings of the company.

The directors of the company during the year and up to the date of this report are as follows:

T.K. Beck

R. Patel (Appointed 1 April 2026)

S. Price (Appointed 4 August 2025)

S. Chim (Resigned 31 March 2026)

The company made qualifying third party indemnity provisions for the benefit of its directors which were made during the year and remains in force at the date of this report.

Details of significant events since the statement of financial position date are contained in note 19 to the financial statements.

Deloitte LLP was reappointed as the independent auditor on 20 May 2026.

Each of the persons who is a director at the date of approval of the financial statements confirms that:

• so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware; and

• the director has taken all steps he ought to have taken as director to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

Deloitte LLP have expressed their willingness to continue in office as auditors and appropriate arrangement are being made for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.

180 Great Portland Street

London W1W 5QZ

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 International Financial Reporting Standards (“IFRS") Accounting Standards, as issued by the International Accounting Standards Board (“IASB"). 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, International Accounting Standard 1 requires that directors:

properly select and apply accounting policies;

present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

provide additional disclosures when compliance with the specific requirements of the financial reporting framework are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and

make an assessment of the company's ability to continue as a going concern.

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 for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The principal accounting policies are summarised below. They have all been consistently applied to all periods presented.

The financial statements of Stenham Asset Management (UK) Plc have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

In the current year, the company has adopted all of the new and revised standards effective in the year.

At the date of authorisation of these financial statements, certain new and revised Standards and Interpretations which have not been applied in these financial statements were in issue but not yet effective.

The following accounting standards and updates were applicable in the current period but did not have a material impact on the company:

Amendments to IAS 21: Lack of exchangeability

At the date of authorisation of these financial statements, the company has not applied the following new and revised IFRS Accounting Standards that have been issued but are not yet effective:

IFRS 18: Presentation and Disclosure in Financial Statements is effective for annual reporting periods beginning on or after 1 January 2027. The directors are currently assessing the impact of IFRS 18 on the presentation and disclosure of the financial statements. IFRS 18 is not expected to affect the recognition or measurement of assets, liabilities, income or expenses.

IFRS 19: Subsidiaries without Public Accountability Disclosures

Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial Instruments

Amendments to IAS 7: Cost method

IAS 12: The Company has considered the amendments to IAS 12 Income Taxes arising from the OECD Pillar Two model rules and has applied the mandatory temporary exception from recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes; the amendments have no material impact on the financial statements.

The directors do not expect that the adoption of the standards listed above will have a material impact on the financial statements of the company in future periods.

The company's underlying businesses operated profitably during the year under review. The directors intend to continue to pursue established policies and anticipate further progress in future years.

The directors acknowledge the latest guidance on going concern. The company continues to monitor the current economic and business environment, and the directors are satisfied that the company's services will continue to be attractive to clients. The company also has adequate liquid resources, with £1,066,677 (2025: £913,449) held in cash, to continue in business for at least 12 months from the approval of the financial statements. Accordingly, the directors continue and expect to continue to adopt the going concern basis in preparing this report and the financial statements.

The company is dependent on its relationship with other Stenham group companies. However, the Stenham group is in a strong financial position.

The revenue is measured at transaction price. The transaction price is the amount of consideration that the company expects to receive in exchange for the services rendered.

Turnover consists of principally, management fees and performance fees. Interest income is recognised in profit or loss using the effective interest rate method. Turnover is recognised at fair value and is derived from the provision of portfolio management services accounted for on a receivable basis.

Revenue is based on and charged through three different categories, 1) Assets under management - open ended funds where revenue is charged as a percentage of the assets under management, 2) Assets under management - closed ended funds where fees are also charged as a percentage of assets under management, 3) Service based fees where the revenue is charged based on an agreed fee structure for various services being provided. All revenue is recognised over time as the services are rendered and clients benefit from these services.

Performance fees are measured in line with contractual arrangements and are recognised when the right to receive them has been contractually established. The measurement dates are annual.

Accrued income represents the billable provision of services that are rendered and where performance obligations have been met but clients have not been invoiced at the reporting date. Accrued income is recorded based on agreed fees billed in arrears and time-based charge-out rates in force at the work date, less any specific provisions against the value of accrued income where recovery will not be made in full.

Deferred revenue represents fees in advance and upfront fees in respect of services due under contract and are time apportioned to the respective accounting periods, and those fees billed but not yet earned.

Interest income is recognised using the effective interest method. This is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, unless the assets subsequently became credit impaired. In the latter case, the effective interest rate is applied to the amortised cost of the financial asset. Interest is recognised on an accruals basis.

The financial statements are presented in Sterling, which is the functional and presentation currency of the company. In previous years, financial information was rounded to the nearest thousand. In these financial statements all financial information is rounded to the nearest Pound Sterling and not rounded to the nearest thousand, unless otherwise stated.

In the prior years, the financial statements were presented to the nearest thousand. In the current year, the financial statements are presented to the nearest pound.

Monetary assets and liabilities denominated in currencies other than Sterling have been translated into Sterling at the rates of exchange ruling at the statement of financial position date. Transactions during the period have been translated at the rates of exchange ruling at the date of the transaction. Any gains or losses arising on translation differences are included as an exchange gain or loss in the statement of comprehensive income.

Current tax is provided at amounts expected to be paid (or recovered) using the tax application rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred taxation is provided in full on timing differences that result in an obligation at the statement of financial position date to pay more tax, or a right to pay less tax, at a future date, at rates which apply when they crystallise based on tax rates and laws that have been enacted or substantially enacted by the statement of financial position date. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements.

Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements.

Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.

The company classifies its financial assets as financial assets amortised at cost. The classification is dependent on business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. Management determines the classification of its investments at the time of purchase and re-evaluates such designation at every reporting date.

Derivative instruments are classified as held for trading assets designated at fair value through profit or loss. Certain derivative instruments are held to hedge future foreign currency revenues and their accounting treatment is disclosed under the derivative financial instrument policy note.

Financial assets are measured at amortised cost if held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The company includes in this category short-term non-financing receivables including trade and other receivables.

Purchases and sales of financial assets are recognised on the trade date, which is when the company commits to purchase or sell the assets. Other financial assets are recognised when the company becomes party to the contractual provisions of the agreement and derecognised when the contractual rights to receive cash flows from the financial asset expire, or where the financial assets have been transferred, together with substantially all of the risks and rewards of ownership.

All financial assets are initially measured at fair value plus, in the case of financial assets not carried at fair value through profit or loss, transaction costs that are directly attributable to their acquisition. Financial assets carried at fair value through profit or loss are initially recognised at fair value and transaction costs are expensed in the statement of comprehensive income. After initial recognition, the company measures financial assets designated as at fair value through profit or loss at fair values without any deduction for transaction costs it may incur on their disposal.

The company classifies its financial liabilities at amortised cost. The classification is dependent on the substance of the contractual arrangements entered into.

Financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. Financial liabilities are subsequently measured at amortised cost.

The company derecognises financial liabilities when, and only when, the company's obligations are discharged, cancelled or they expire.

Cash and cash equivalents comprise cash balances and call deposits.

In the application of the company's accounting policies, which are described in note 1, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 company's costs are, to some extent, determined by intra-company agreements. A transfer pricing methodology has been adopted to reflect the commercial arm's length value of intra-company activities undertaken by the business. While professional advice has been obtained, the application of any transfer pricing methodology involves an element of judgement. Total estimated costs for the year under review was £1,198,833 (2025: £1,957,453).

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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. There are no other critical accounting estimates or judgements.

(Registration Number 02822010)

Financial Statements for the year ended 31 March 2026

The company's turnover was mainly derived from its principal activity, the provision of investment management services.

Fees payable to Deloitte LLP were £26,625 (2025: £25,150) with £19,515 relating to the audit of the financial statements (2025: £19,000) and £7,110 for the provision of tax services (2025: £6,150) for the year ended 31 March 2026.

The principal activity of the company during the year was the provision of investment management services. The principal activity was carried out by the directors. The directors received no remuneration during the year. The directors are remunerated through employment with other entities within the group.

The company had no employees in the current year (2025: Nil).

Interest received is earned on loans and receivables (including cash and bank balances).

(Registration Number 02822010)

Financial Statements for the year ended 31 March 2026

(Registration Number 02822010)

Financial Statements for the year ended 31 March 2026

The following are the major deferred tax assets recognised by the company and movements thereon during the current reporting year.

The company has recognised a deferred tax asset of £980 (2025: £1,194) as the directors are of the opinion that the timing of the future profitability of the company is sufficiently determinable at the accounting reference date to justify the recognition of a deferred tax asset as at 31 March 2026.

The amounts due from group companies are interest free and unsecured, with no fixed date of repayment.

Trade receivables, other debtors and amounts due from related companies have a low risk of credit default and therefore no expected credit losses were recognised.

¹ In the prior year, value added tax was presented with prepaid expenses and accrued income. In the current year, the company has presented value added tax separately. Due to the immateriality of the reclassification, the prior year value added tax was not retrospectively reclassified. The reclassification does not impact the statement of financial position.

Carrying amounts are considered equivalent to their fair value.

Cash and cash equivalents comprise cash held by the company and short-term bank deposits. The carrying amount of these assets is considered equivalent to their fair value.

(Registration Number 02822010)

Financial Statements for the year ended 31 March 2026

The ordinary shares are entitled to one vote per share and equal shares in dividend and capital distributions.

The amounts due from group companies are interest free and unsecured, with no fixed date of repayment.

Carrying amounts are considered equivalent to their fair value.

Having regard to the fact that managing risk is an inherent part of the company's activities, risk management and the ongoing improvement in corresponding control structures remain a key focus of management in building a successful and sustainable business. The Board recognises that risk management is a dynamic process and that the risk framework should be robust enough to effectively manage and react to change in an efficient and timely manner.

Formalisation of a risk management framework is the responsibility of the company and the Board of directors. The framework ensures:

risk-taking within levels acceptable to the company;

efficient liquidity management and control of funding costs; and

improved risk management and control.

Senior management take an active role in the risk management process and are responsible for the implementation, ongoing maintenance of and ultimate compliance with the risk process as it applies to the business. Regular Board meetings are held to consider any risk developments.

The company participates in the Stenham group's (being Stenham Asset Management Holdings Limited and subsidiaries) risk management framework.

(Registration Number 02822010)

Financial Statements for the year ended 31 March 2026

The nature of key risks to which the company is exposed are categorised as follows:

Market risk is the potential change in the value of a financial instrument resulting from changes in market conditions. The company's activities expose it primarily to the financial risks of changes in equity values, interest rates and foreign exchange rates all of which will impact the fees earned by the company.

The board mitigates market risk in its investment funds and client portfolios by diversifying investments across a wide range of strategies and individual managers.

Revenue is partially dependent on the level of assets under management, as well as the performance of the investments managed by the company relative to various benchmarks. The value of these investments fluctuates with market movements and foreign exchange rates.

The value of assets under management held by the company at the statement of financial position date are as follows:

The company's ability to operate as a provider of investment management services would be impaired as a result of regulatory failings. The regulatory risk of the company is managed by the compliance function. The company has a governance structure in place, supported by a risk framework that allows for the identification, control and mitigation of material risk resulting from a number of factors.

The adequacy and effectiveness of the company's policies procedures, systems and controls to identify and meet relevant regulatory requirements is constantly assessed, a process supported by a tailored and ongoing compliance monitoring programme.

The company is exposed to foreign currency transaction exposure risk.

Transaction exposures arise when a business undertakes a transaction in a currency other than its functional currency. To manage foreign exchange risk all non-Sterling revenues, net of non-Sterling expenses are usually converted to Sterling (GBP) promptly on receipt.

(Registration Number 02822010)

Financial Statements for the year ended 31 March 2026

The main currencies in which the company transacts are Sterling (GBP) and US Dollars (USD). Currency exposures are monitored on an ongoing basis. The carrying amounts of the company's foreign-currency- denominated monetary assets and liabilities at the reporting date are shown as follows:

During the year, the following rates applied and the sensitivity of the company's statement of financial position as at the year end to a 10% movement in exchange rates is as follows:

This sensitivity analysis, shown before tax and non-controlling interest, reflects the potential impact on statement of financial position items only.

Interest rate risk refers to the impact of interest rate changes on future cash flows and earnings from interest- bearing assets and liabilities. Interest earned by the company is a result of the Stenham group's financing decisions.

Financial assets and liabilities that are sensitive to interest rate risk comprise only cash balances.

The company monitors interest rate risk on an ongoing basis and cash is placed with high credit-rated financial institutions or invested. Management considers interest rate risk to be minimal.

(Registration Number 02822010)

Financial Statements for the year ended 31 March 2026

The repricing profile of assets and liabilities sensitive to interest rate fluctuations is presented in the table below. Interest-bearing assets and liabilities are allocated to time periods by reference to the earlier of the next contractual interest rate repricing date and the maturity or settlement date. Non-interest bearing assets and liabilities are allocated according to known or estimated settlement dates.

A 2% increase represents management's assessment of the reasonably possible change in interest rates. The table depicts the sensitivity of a 2% parallel shift in all applicable rates.

Credit risk is the risk of loss resulting from the default of a counterparty due to insufficient liquidity to settle their fees. The company manages this exposure through regular reviews of the unpaid invoices.

Other assets that expose the company to credit risk consist principally of cash deposits and trade receivables. Cash is placed on deposit with high credit-rated financial institutions (BBB- and above).

(Registration Number 02822010)

Financial Statements for the year ended 31 March 2026

The ageing of current financial assets at the reporting date is set out below:

Liquidity risk refers to the ability to meet funding obligations as they fall due.

A summary of the company's undiscounted liquidity profile is reflected in the table below. Assets and liabilities are allocated according to their contractual maturity dates.

(Registration Number 02822010)

Financial Statements for the year ended 31 March 2026

The company manages its capital to ensure that the company will be able to continue as a going concern and satisfy all regulatory capital requirements while maximising the return to stakeholders. The company's overall strategy remains unchanged from previous years.

The capital structure of the company consists of equity, comprising issued capital, reserves and accumulated profits as disclosed in the statement of changes in equity.

The company maintains sufficient capital to meet regulatory fixed overhead requirement which in the opinion of its directors is sufficient to meet its commitments and to withstand the risks to which its business is subject.

Throughout the year and as at 31 March 2026, the company did not have any external debt (2025: £Nil).

During the year the company entered into various transactions with related parties in the ordinary course of business.

The company's intermediate holding company is Stenham Asset Management Holdings Limited and its parent companies are SAM Global Limited and Boomerang Holdings Limited, all companies incorporated in Guernsey.

(Registration Number 02822010)

Financial Statements for the year ended 31 March 2026

These financial statements were approved for issuance by the Board, subsequent events have been evaluated up to the date of signing. No significant events have been identified or noted to have occurred between the Statement of financial position date and the date of signature of these financial statements.