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

Results and dividends

The profit before tax for the year ended 31 March 2026 amounted to £45,275 (31 March 2025: £78,262). The directors do not recommend the payment of a dividend. The company balance sheet as detailed on page 11 shows shareholder's funds amounting to £343,685 at 31 March 2026 (31 March 2025: £298,889 ).

Centricus Asset Management Limited (“CAM”) is an FCA-regulated investment grade platform, supporting portfolio managers, from early stage launches through to award winning strategies. CAM is the asset management arm of the Centricus group (“Centricus”). Centricus is a leading global alternative investment platform backed by a broad range of sophisticated, long-term global investors and works in partnership with management teams and a network of advisers to generate superior absolute returns across all asset classes, geographies and economic cycles.

Centricus is focused across four main business segments: Advisory, Structured Finance, Private Equity and Asset Management. It is organised into four verticals: Financial Services, Technology, Structured Finance, and CMES (Consumer, Media, Entertainment and Sports).

Centricus Financial Investments 2 LP holds £1,059,920 in A1 £0.50 Ordinary shares with voting rights of 75%. Centricus Financial Investments 2 LP holds £300,000 in B2 Ordinary shares that do not carry voting.

Ian Hannam holds £706,613 in B1 Ordinary shares of £1.00 with voting rights of 25%. He also holds £250,000 in B2 Ordinary shares. Cum Marte Minerva Ltd, a trust company controlled by Ian Hannam holds £1,319,890 in B2 Ordinary shares of £0.781. The B2 Ordinary shares do not carry any voting rights.

Centricus Services UK Limited (“CSUK”) is the London-based services company and a 100% subsidiary of Centricus. It employs analysts and corporate financiers who are not partners in Centricus. CSUK occupies the same office space and through a Transfer Pricing Agreement shares the running costs of the London office.

CAM has an agreement with Centricus Partners LP (CPLP) in which CAM is paid a fixed rate fee based on the number of FCA regulated employees holding Senior Management or Certified Functions in the group who benefit from the compliance oversight provided by CAM. This agreement resulted in revenue of £256,791 in the year to 31 March 2026 (31 March 2025: £197,755 ).

CAM continued to transfer a large proportion of CAM’s salary costs to CSUK as the compliance and legal professionals employed by CAM were used by Centricus in the development of deal structures.

Centricus is committed to rebuilding its assets under management and introducing new strategies and will during this rebuilding phase provide all necessary support to ensure both the capital and liquidity obligations under the FCA regulations are met.

Principal risks and uncertainties

Management continue to monitor the cost base, capital position and liquidity of the company in line with its regulatory requirements. Management also monitor the following principle risks:

• Market risk represented by a fall in valuation of assets under management following a market downturn leading to lower management fees.

• Foreign exchange risk as a result of some of the company’s assets and liabilities being denominated in currencies other than sterling (its reporting currency).

• Interest rate risk which is minimal as the company does not rely on borrowings to meet operating expenditure and does not make loans to clients.

• Credit risk from a defaulting debtor. One key credit exposure is the cash balances maintained with regulated UK banking institutions and to mitigate this we deposit monies with Barclays bank.

• Operational risk which is mitigated through key policies and procedures and a risk-based compliance monitoring programme.

Going concern

As at 31 March 2026, the company held cash balances of £215,651 (31 March 2025: £171,697). Total Capital and Reserves are £343,685 at 31 March 2026 (2025: £298,889).

The directors have prepared forecasts for the period ending 31 October 2027. The forecasts include the unavoidable running costs of the company. These forecasts include a recharge of costs to CSUK as their share of the occupancy costs of Centricus’ London Head Office. Additionally, the company has an agreement with Centricus Partners LP (CPLP) for which CAM is paid a fixed rate fee based on the number of FCA regulated employees holding Senior Management or Certified Functions in the group who benefit from the compliance oversight provided by CAM to these individuals. This agreement will generate between £269k to £285k of revenue each year.

The combination of the CPLP revenue and the recharge of running costs means CAM is budgeted to make a small profit in 2027 and 2028 and a small loss in 2029. CAM’s capital base of £343,685 at 31 March 2026 means that CAM can continue for a number of years as a going concern.

Key performance indicators

The company considers assets under management, investment performance, income from investment management fees and operating profit as the key performance indicators of the business.

Financial risk management

The company's operations expose it to certain financial risks. The directors consider financial risks regularly and seek to manage the effects on the financial performance of the company.

For the year to 31 March 2026 turnover was £256,791 (31 March 2025: £197,755) as a result of the company entering into an agreement with Centricus Partners LP (CPLP) for which CAM is paid a fixed rate fee based on the number of FCA regulated employees holding Senior Management or Certified Functions in the group who benefit from the compliance oversight provided by CAM.

This revenue coupled with administrative expenses of £183,569 meant the company produced a profit before taxation of £45,275 for the year to 31 March 2026 (31 March 2025: £78,262).

Shareholder Equity as of 31 March 2026 was £343,685 an increase of £44,796 or 15% compared to £298,889 on 31 March 2025.

The successful implementation of the business model of CAM is dependent upon the sourcing and nurturing of investment manager talent, as well as the support of a skilled team who provide the administrative, compliance, risk and trade processing, and also a branded and effective investor relations portal. The Board is committed to rebuilding its operational capacity in response to the nature and size of any acquired AUM and/or the introduction of Portfolio Managers to the platform.

This report was approved by the board on _____________ and signed on its behalf.

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 asset management.

The results for the year are set out on page 9.

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:

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

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.

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.

We have audited the financial statements of Centricus Asset Management Limited (the 'company') for the year ended 31 March 2026 which comprise the profit and loss account, 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 profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation

• We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

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.

Centricus Asset Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor Smithson Tower, Smithson Plaza, 25 St James' Street, London, SW1A 1HA.

These financial statements have been prepared under the historical cost convention and 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

As at 31 March 2026, the company held cash balances of £215,651 (31 March 2025: £17true1,697). Total Capital and Reserves are £343,685 at 31 March 2026 (2025: £298,889).

The directors have prepared forecasts for the period ending 31 October 2027. The forecasts include the unavoidable running costs of the company. These forecasts include a recharge of costs to CSUK as their share of the occupancy costs of Centricus’ London Head Office. Additionally, the company has an agreement with Centricus Partners LP (CPLP) for which CAM is paid a fixed rate fee based on the number of FCA regulated employees holding Senior Management or Certified Functions in the group who benefit from the compliance oversight provided by CAM to these individuals. This agreement will generate between £269k to £283k of revenue each year.

The combination of the CPLP revenue and the recharge of running costs means CAM is budgeted to make a small profit in 2027 and 2028 and a small loss in 2029. CAM’s capital base of £343,685 at 31 March 2026 means that CAM can continue for a number of years as a going concern.

Turnover is recognised to the extent that it is probable that the economic benefit will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover comprises revenue recognised by the company in respect of intra-group services provided to Centricus Partners LP during the period.

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives using the straight line method. The estimated useful lives range as follows:

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.

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each year for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

The tax expense for the year comprises of current and deferred tax. Tax is recognised in the Income Statement, except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:

• The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

• Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of liabilities acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquried and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the Income Statement when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Rentals payable under operating leases are charged to profit or loss on a straight line basis over the term of the relevant lease.

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each year end foreign currency monetary items are translated using the closing rate. Non monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income Statement except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Income Statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Income Statement within 'other operating income'.

Interest income

Interest income is recognised in the Income Statement using the effective interest method.

Debtors

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

Creditors

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

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.

An analysis of the company's turnover is as follows:

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

Their aggregate remuneration comprised:

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

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

The deferred tax liability set out above relates to accelerated capital allowances.

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.

Rentals paid under operating leases are charged to the profit and loss on a straight line basis over the period of the lease.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Centricus Asset Management Limited (CAM) held the lease for the second floor of Byron House, 7-9 St James's Street, London, SW1A 1EE until it expired on the 11 July 2026.  A parent company, Centricus Partners Company GP Limited (acting in its capacity as general partner of Centricus Partners LP), acquired the underlease to 6th Floor, Smithson Tower, Smithson Plaza, St James's Street, London SW1A 1HA, on 2 July 2026.  The Smithson Tower is now the location for all Centricus' London operations including CAM which is permitted to share occupation of the premises as part of the group of this parent company.

During the year to 31 March 2026 Centricus Services UK Limited, a sister company within the Centricus Group, jointly occupied the 2nd Floor of Byron House and agreed under a transfer pricing agreement to contribute to the cost of occupying the floor. These costs amounted to £2,267,729 (31 March 2025: £1,632,957). The amount due from Centricus Services UK Limited at 31 March 2026 was £197,441 (31 March 2025: £90,030).

During the period to 31 March 2026 Centricus Partners LP (CPLP) paid a fixed rate fee to CAM based on the number of FCA regulated employees holding Senior Management or Certified Functions in the group who benefit from the compliance oversight provided by CAM to these individuals. This amounted to £256,791 (31 March 2025: £197,755). The amount payable to CAM at 31 March 2026 was £nil (31 March 2025: £nil).

These disclosures are prepared in accordance with the public disclosure requirements of IFPR set out in MIDIDPRU 8. As a small and non-interconnected FCA investment (SNI) firm the disclosure requirements should be appropriate to the firm’s size and internal organisation, and to the nature, scope and complexity of its activities. As noted in the firm’s annual financial statements for the year ended 31 March 2026 the firm does not have any assets under management (AUM) during the year. This significantly reduces the complexity of its activities and related risks.

The disclosures are prepared on an individual basis i.e. the company is not part of a UK consolidation group and are based on information as of 31 March 2026.

These disclosures are published annually in the company’s annual financial statements.