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Our","page_number":6,"box":{"x":149,"y":329,"width":699,"height":9}},{"id":"b74f504d-daea-4d7f-ad7a-e987d5bb67f6","block_type":"box","text":"responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial","page_number":6,"box":{"x":150,"y":341,"width":697,"height":9}},{"id":"51e4dbfe-9c66-4dcd-a0eb-5e92fb86b2cd","block_type":"box","text":"statements section of our report. We are independent of the Company in accordance with the ethical requirements that are","page_number":6,"box":{"x":150,"y":353,"width":698,"height":9}},{"id":"0eaafe5f-0251-49ba-af2f-d627e8608c14","block_type":"box","text":"relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other","page_number":6,"box":{"x":150,"y":365,"width":698,"height":9}},{"id":"76a44842-a3ec-4f78-ad84-bbfbbcab35b5","block_type":"box","text":"ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is","page_number":6,"box":{"x":150,"y":377,"width":698,"height":9}},{"id":"b7654f89-bd2c-4abf-bead-4777599ed05d","block_type":"box","text":"sufficient and appropriate to provide a basis for our opinion.","page_number":6,"box":{"x":150,"y":389,"width":325,"height":9}},{"id":"775489ee-f099-4ab8-a50f-c75a4d8d0cf7","block_type":"box","text":"Conclusions Relating to Going Concern","page_number":6,"box":{"x":150,"y":414,"width":232,"height":9}},{"id":"a7eadf01-150e-4be3-8721-f078ae307818","block_type":"box","text":"Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that,","page_number":6,"box":{"x":150,"y":426,"width":697,"height":9}},{"id":"7a8822dc-625b-4ba2-a549-7d5859d5c568","block_type":"box","text":"individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at","page_number":6,"box":{"x":150,"y":438,"width":698,"height":9}},{"id":"ee414f1f-6568-45b8-b932-b8ddca63b4a3","block_type":"box","text":"least 12 months from when the financial statements are authorised for issue.","page_number":6,"box":{"x":150,"y":450,"width":418,"height":7}},{"id":"36a7fd0d-955c-412e-aa0b-f216754e5a51","block_type":"box","text":"Our responsibilities and the responsibilities of the Authorised Fund Manager with respect to going concern are described in the","page_number":6,"box":{"x":150,"y":475,"width":698,"height":9}},{"id":"b9c60931-6b54-4bee-985c-207e4d24b497","block_type":"box","text":"relevant sections of this report.","page_number":6,"box":{"x":150,"y":487,"width":168,"height":9}},{"id":"14c34760-a88e-4610-885c-ef011837e6dc","block_type":"box","text":"Other Information","page_number":6,"box":{"x":150,"y":512,"width":103,"height":7}},{"id":"1fa10871-0c06-42bc-8864-1aa3a3608ed6","block_type":"box","text":"The other information comprises the information included in the Annual Report and Financial Statements, other than the","page_number":6,"box":{"x":150,"y":524,"width":698,"height":9}},{"id":"98a51e27-dfa0-4255-8702-3458910c9e58","block_type":"box","text":"financial statements and our auditor’s report thereon. The Authorised Fund Manager is responsible for the other information","page_number":6,"box":{"x":149,"y":536,"width":698,"height":9}},{"id":"4eba1f7a-f559-45fd-a2ba-29243401a09a","block_type":"box","text":"contained within the Annual Report and Financial Statements. Our opinion on the financial statements does not cover the other","page_number":6,"box":{"x":150,"y":548,"width":698,"height":9}},{"id":"6143d5b7-205a-47e5-8c54-b643418b921f","block_type":"box","text":"information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance","page_number":6,"box":{"x":150,"y":560,"width":698,"height":9}},{"id":"66f279d0-b53f-4de1-a055-1cbda15ad57c","block_type":"box","text":"conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information","page_number":6,"box":{"x":150,"y":572,"width":697,"height":9}},{"id":"0fbf3b00-f23c-449e-bce5-0cb59ffe8bcb","block_type":"box","text":"is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise","page_number":6,"box":{"x":150,"y":584,"width":698,"height":9}},{"id":"bb3cedbd-0352-466f-ba5c-984b192fb67c","block_type":"box","text":"appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are","page_number":6,"box":{"x":150,"y":596,"width":698,"height":9}},{"id":"2a9e3208-1667-4041-939e-b059cf6b49f2","block_type":"box","text":"required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on","page_number":6,"box":{"x":150,"y":608,"width":697,"height":9}},{"id":"40b35f60-120d-4e7c-aaca-3ad06ce7eeb6","block_type":"box","text":"the work we have performed, we conclude that there is a material misstatement of this other information, we are required to","page_number":6,"box":{"x":150,"y":620,"width":698,"height":9}},{"id":"10e8af08-85c8-4f2f-9424-f10a33ae2323","block_type":"box","text":"report that fact.","page_number":6,"box":{"x":150,"y":632,"width":82,"height":9}},{"id":"fe421745-f86f-45ff-8f09-e4c6677ecf01","block_type":"box","text":"We have nothing to report in this regard.","page_number":6,"box":{"x":149,"y":644,"width":221,"height":9}},{"id":"ef8068bb-6c96-44d5-8bc5-38632e17d2a0","block_type":"box","text":"VT INVESTOR FUNDS ICVC","page_number":6,"box":{"x":149,"y":886,"width":160,"height":7}},{"id":"0325306c-4865-4386-8641-bd93348f28de","block_type":"box","text":"For the year ended 30 June 2026 4","page_number":6,"box":{"x":150,"y":899,"width":715,"height":9}},{"id":"bca3e3ff-62c4-433e-a167-34660cc689f1","block_type":"box","text":"INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDERS OF VT INVESTOR FUNDS ICVC (SUB-FUND VT","page_number":7,"box":{"x":150,"y":71,"width":698,"height":9}},{"id":"740f41af-d685-4bdc-9a1a-6254f7a21720","block_type":"box","text":"TYNDALL EUROPEAN UNCONSTRAINED FUND) (Continued)","page_number":7,"box":{"x":150,"y":83,"width":354,"height":9}},{"id":"e47cbe08-d812-415c-9fcf-441be0db3c4b","block_type":"box","text":"Opinion on Other Matters Prescribed by the COLL Regulations","page_number":7,"box":{"x":150,"y":122,"width":365,"height":9}},{"id":"faba8748-56cb-4136-88a0-d29c35603852","block_type":"box","text":"In our opinion, based on the work undertaken in the course of the audit:","page_number":7,"box":{"x":150,"y":134,"width":390,"height":9}},{"id":"3002f42d-2a3d-406b-abf1-4bc2112c2cd8","block_type":"box","text":"> Proper accounting records for the Company have been kept and the accounts are in agreement with those records;","page_number":7,"box":{"x":150,"y":147,"width":640,"height":9}},{"id":"ddd89db6-b0e3-44e3-a25a-ee8a20901a05","block_type":"box","text":"> We have received all the information and explanations which, to the best of our knowledge and belief, are necessary for the","page_number":7,"box":{"x":150,"y":159,"width":698,"height":9}},{"id":"63f39de5-0ff5-4103-8861-def185c51ede","block_type":"box","text":"purposes of our audit; and","page_number":7,"box":{"x":150,"y":171,"width":143,"height":9}},{"id":"1cf28846-2248-42ba-9a8f-a721e49f981c","block_type":"box","text":"> The information given in the report of the Authorised Fund Manager for the year is consistent with the financial statements.","page_number":7,"box":{"x":150,"y":183,"width":680,"height":9}},{"id":"6a1606fd-4898-4e91-8599-737b9e9b2f1f","block_type":"box","text":"Responsibilities of the Authorised Fund Manager","page_number":7,"box":{"x":150,"y":220,"width":287,"height":9}},{"id":"5275ee73-9a28-4a11-8435-f1ad62150ccb","block_type":"box","text":"As explained more fully in the Authorised Fund Manager’s responsibilities statement set out on page 2, the Authorised Fund","page_number":7,"box":{"x":149,"y":232,"width":698,"height":9}},{"id":"3a60490b-cc63-4cb2-8993-a2a9e339e843","block_type":"box","text":"Manager is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view,","page_number":7,"box":{"x":150,"y":244,"width":697,"height":9}},{"id":"2a2474ed-51ea-4fd4-8696-a5e5c753a272","block_type":"box","text":"and for such internal control as the Authorised Fund Manager determines is necessary to enable the preparation of financial","page_number":7,"box":{"x":150,"y":256,"width":697,"height":9}},{"id":"3f1dae0e-edf8-470e-90ea-26399e85dc00","block_type":"box","text":"statements that are free from material misstatement, whether due to fraud or error.","page_number":7,"box":{"x":150,"y":268,"width":451,"height":9}},{"id":"9855f51b-1a41-4953-b63e-1d335aa09967","block_type":"box","text":"In preparing the financial statements, the Authorised Fund Manager is responsible for assessing the Company’s ability to","page_number":7,"box":{"x":150,"y":292,"width":698,"height":9}},{"id":"ece6c69c-ce2e-43c0-b618-63319f58641e","block_type":"box","text":"continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of","page_number":7,"box":{"x":150,"y":304,"width":698,"height":9}},{"id":"4afe87ef-91fd-433c-8fb1-d3869f49ba2f","block_type":"box","text":"accounting unless the Authorised Fund Manager either intends to wind up the Company or to cease operations, or has no","page_number":7,"box":{"x":150,"y":316,"width":698,"height":9}},{"id":"92023e6f-ed02-4ebb-b937-d4662db91a97","block_type":"box","text":"realistic alternative but to do so.","page_number":7,"box":{"x":150,"y":328,"width":173,"height":7}},{"id":"48ab1729-39a2-48f0-b38e-c23a344bff88","block_type":"box","text":"Auditor Responsibilities for the Audit of the Financial Statements","page_number":7,"box":{"x":149,"y":353,"width":382,"height":9}},{"id":"06bc54aa-6122-42e3-8a2a-e5358602e113","block_type":"box","text":"Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material","page_number":7,"box":{"x":150,"y":365,"width":697,"height":10}},{"id":"49f8170f-b21c-4539-a652-68d495dcf8c1","block_type":"box","text":"misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance","page_number":7,"box":{"x":150,"y":377,"width":698,"height":9}},{"id":"1037d8cb-f9e1-4d14-a67c-797608a10edb","block_type":"box","text":"is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a","page_number":7,"box":{"x":150,"y":389,"width":698,"height":9}},{"id":"23c13544-9fe7-437a-a8c3-f50c94f301c7","block_type":"box","text":"material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or","page_number":7,"box":{"x":150,"y":401,"width":698,"height":9}},{"id":"7bbf3265-e771-4e36-9277-68ce66a74997","block_type":"box","text":"in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these","page_number":7,"box":{"x":150,"y":413,"width":698,"height":9}},{"id":"507d4d8d-2404-4b46-900a-0791404ee116","block_type":"box","text":"financial statements.","page_number":7,"box":{"x":149,"y":425,"width":113,"height":7}},{"id":"f6cb1351-1481-44ad-94bc-35bbdf064450","block_type":"box","text":"A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting","page_number":7,"box":{"x":149,"y":450,"width":698,"height":9}},{"id":"2342c1b4-1f78-4a73-b32a-2ac91cbefe31","block_type":"box","text":"Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.","page_number":7,"box":{"x":150,"y":462,"width":634,"height":9}},{"id":"bb26492f-e082-44b7-8937-1be67bfdefb0","block_type":"box","text":"Extent to which the audit was considered capable of detecting irregularities, including fraud","page_number":7,"box":{"x":150,"y":487,"width":539,"height":9}},{"id":"9a3fc0a6-4a81-4344-815f-75887f1a2de4","block_type":"box","text":"Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our","page_number":7,"box":{"x":150,"y":499,"width":698,"height":9}},{"id":"d8c7cac4-38a9-45e0-bf9d-90e92556f90e","block_type":"box","text":"responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to","page_number":7,"box":{"x":150,"y":511,"width":698,"height":9}},{"id":"a470af27-7b6a-4788-b39d-088b30baf1c6","block_type":"box","text":"which our procedures are capable of detecting irregularities, including fraud, is detailed below.","page_number":7,"box":{"x":149,"y":523,"width":513,"height":9}},{"id":"e65bbec4-d9d3-4b26-afd9-a04ddc7ee9c1","block_type":"box","text":"We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or","page_number":7,"box":{"x":149,"y":548,"width":699,"height":9}},{"id":"25b2f2e0-12a7-45e1-b277-18f10182fcd9","block_type":"box","text":"recognise non-compliance with laws and regulations by considering their experience, past performance and support available.","page_number":7,"box":{"x":150,"y":560,"width":687,"height":9}},{"id":"5791521b-7c8f-4aaa-854c-2c426a9a4829","block_type":"box","text":"All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning","page_number":7,"box":{"x":149,"y":584,"width":698,"height":9}},{"id":"6c6117bc-66b6-4faa-9967-439f550d5811","block_type":"box","text":"stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance","page_number":7,"box":{"x":150,"y":596,"width":698,"height":9}},{"id":"096a9e32-f13c-4ef8-991d-5f6893dc90d5","block_type":"box","text":"with laws and regulations throughout the audit.","page_number":7,"box":{"x":149,"y":608,"width":254,"height":9}},{"id":"f3b35b14-9dad-4a28-b25b-0a24bd49a1b0","block_type":"box","text":"We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and the sector in","page_number":7,"box":{"x":149,"y":632,"width":698,"height":9}},{"id":"31365022-f2c0-412a-adfa-7424144aca12","block_type":"box","text":"which it operates, focusing on those provisions that had a direct effect on the determination of material amounts and","page_number":7,"box":{"x":149,"y":644,"width":698,"height":9}},{"id":"7011e94e-72a5-4e32-925d-9c641c0230a2","block_type":"box","text":"disclosures in the financial statements. The most relevant frameworks we identified include:","page_number":7,"box":{"x":150,"y":656,"width":499,"height":7}},{"id":"3ef29f1e-c46a-4859-af0a-9fe402e2a287","block_type":"box","text":"> UK Generally Accepted Accounting Practice including Financial Reporting Standard 102 and the IA Statement of","page_number":7,"box":{"x":150,"y":668,"width":699,"height":9}},{"id":"a3c2c44b-91a5-49ea-b975-3915a5559020","block_type":"box","text":"Recommended Practice for Authorised Funds;","page_number":7,"box":{"x":150,"y":680,"width":252,"height":8}},{"id":"6cb6da28-7d0f-459c-8d69-c007f05a2d9d","block_type":"box","text":"> the Financial Conduct Authority’s Collective Investment Schemes Sourcebook; and","page_number":7,"box":{"x":150,"y":692,"width":465,"height":9}},{"id":"57743df5-c768-432d-95a0-715d0d4c07da","block_type":"box","text":"> the Company’s Prospectus.","page_number":7,"box":{"x":150,"y":704,"width":161,"height":9}},{"id":"b0315c21-9a1e-461d-9b7d-4e65892042ba","block_type":"box","text":"We gained an understanding of how the Company is complying with these laws and regulations by making enquiries of the","page_number":7,"box":{"x":149,"y":729,"width":699,"height":9}},{"id":"d196a67d-0e10-4fae-b6e5-5d32916be5de","block_type":"box","text":"Authorised Fund Manager. We corroborated these enquiries through our review of submitted returns, external inspections,","page_number":7,"box":{"x":149,"y":741,"width":698,"height":9}},{"id":"5be097f1-23f6-4f2b-a554-86f3be696481","block_type":"box","text":"relevant correspondence with regulatory bodies and the Company’s breaches register.","page_number":7,"box":{"x":150,"y":753,"width":471,"height":9}},{"id":"586c0f3b-34b3-47ff-98d9-61d89a7ad533","block_type":"box","text":"VT INVESTOR FUNDS ICVC","page_number":7,"box":{"x":149,"y":892,"width":160,"height":7}},{"id":"7024ee0b-e57d-4b80-93df-1593db3e9713","block_type":"box","text":"For the year ended 30 June 2026 5","page_number":7,"box":{"x":150,"y":904,"width":715,"height":9}},{"id":"057544a2-6f76-4d93-97d4-9fa31fe04d82","block_type":"box","text":"INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDERS OF VT INVESTOR FUNDS ICVC (SUB-FUND VT","page_number":8,"box":{"x":150,"y":71,"width":698,"height":9}},{"id":"54f179e4-dd70-4240-806c-4f0b9ee8cd93","block_type":"box","text":"TYNDALL EUROPEAN UNCONSTRAINED FUND) (Continued)","page_number":8,"box":{"x":150,"y":83,"width":354,"height":9}},{"id":"f1f89043-e64f-46f4-89c9-28082c098657","block_type":"box","text":"Auditor Responsibilities for the Audit of the Financial Statements (Continued)","page_number":8,"box":{"x":149,"y":122,"width":455,"height":9}},{"id":"e3ecd6ac-a93b-40a7-b4ee-4c71a98463f0","block_type":"box","text":"Extent to which the audit was considered capable of detecting irregularities, including fraud (Continued)","page_number":8,"box":{"x":150,"y":147,"width":610,"height":9}},{"id":"078555b8-4da8-42b3-aa50-cea4c2ee20b4","block_type":"box","text":"We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by","page_number":8,"box":{"x":149,"y":172,"width":699,"height":9}},{"id":"8feb44a7-f443-4a00-971b-5a3dd8bcd443","block_type":"box","text":"meeting with management and those charged with governance to understand where it was considered there was susceptibility","page_number":8,"box":{"x":150,"y":184,"width":698,"height":9}},{"id":"afb49c89-a7ad-49f8-a469-70440c91f810","block_type":"box","text":"to fraud. This evaluation also considered how the Authorised Fund Manager was remunerated and whether this provided an","page_number":8,"box":{"x":150,"y":195,"width":697,"height":10}},{"id":"2e8b9256-2006-45ea-b153-612407e4ff97","block_type":"box","text":"incentive for fraudulent activity. We considered the overall control environment and how the Authorised Fund Manager","page_number":8,"box":{"x":150,"y":207,"width":698,"height":9}},{"id":"0b6df8fa-4e76-46e8-ba78-f5ef456e0335","block_type":"box","text":"oversees the implementation and operation of controls. In areas of the financial statements where the risks were considered to","page_number":8,"box":{"x":150,"y":219,"width":698,"height":9}},{"id":"75cf61f9-7e38-4926-8cad-2dc2b5d4beaa","block_type":"box","text":"be higher, we performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:","page_number":8,"box":{"x":150,"y":231,"width":649,"height":9}},{"id":"8036044e-7066-471e-9416-3024ad1584ad","block_type":"box","text":"> management override of controls; and","page_number":8,"box":{"x":150,"y":256,"width":218,"height":9}},{"id":"9ebab989-7d36-4dc5-8493-f6fd98187692","block_type":"box","text":"> the completeness and classification of special dividends between revenue and capital.","page_number":8,"box":{"x":150,"y":268,"width":482,"height":9}},{"id":"f07fb245-c767-47c4-b749-94b8aad41669","block_type":"box","text":"In addition to the above, the following procedures were performed to provide reasonable assurance that the financial","page_number":8,"box":{"x":150,"y":293,"width":697,"height":9}},{"id":"9543a8c6-b220-4052-934d-fc0bf4f2acb4","block_type":"box","text":"statements were free of material fraud or error:","page_number":8,"box":{"x":150,"y":305,"width":255,"height":7}},{"id":"68cdcc68-67c3-4438-8c12-0b104370f024","block_type":"box","text":"> Reviewing the level of and reasoning behind the Company’s procurement of legal and professional services;","page_number":8,"box":{"x":150,"y":317,"width":602,"height":9}},{"id":"6875471b-2a57-472a-a4bd-f01a8917f8a8","block_type":"box","text":"> Performing audit procedures over the risk of management override of controls, including testing of journal entries and other","page_number":8,"box":{"x":150,"y":329,"width":698,"height":9}},{"id":"a1f230bc-7c9e-40ee-8dbe-e81b15468ba2","block_type":"box","text":"adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of","page_number":8,"box":{"x":150,"y":341,"width":698,"height":9}},{"id":"554da126-bd31-4b9f-9050-7e911e94240a","block_type":"box","text":"business, review of a pre sign-off Net Asset Valuation (NAV) statement for any unexpected activity and assessing judgements","page_number":8,"box":{"x":150,"y":353,"width":698,"height":9}},{"id":"595fb90a-6ff4-44f5-a7f5-70addfce90f3","block_type":"box","text":"made by the Authorised Fund Manager in its calculation of accounting estimates for potential management bias;","page_number":8,"box":{"x":150,"y":365,"width":612,"height":9}},{"id":"cf372800-29d3-4a88-b32e-6d927693ad73","block_type":"box","text":"> Using a third-party independent data source to assess the completeness of the special dividend population and determining","page_number":8,"box":{"x":150,"y":381,"width":697,"height":9}},{"id":"ec8521c2-d2f7-423d-b987-b761ddb26e37","block_type":"box","text":"whether special dividends recognised were revenue or capital in nature with reference to the underlying circumstances of the","page_number":8,"box":{"x":149,"y":393,"width":699,"height":9}},{"id":"94d013b7-6c06-459a-813b-d259c4c597b3","block_type":"box","text":"investee companies’ dividend payments;","page_number":8,"box":{"x":150,"y":405,"width":221,"height":9}},{"id":"5de2fba4-dab8-487b-b999-bc7e9016b50a","block_type":"box","text":"> Assessing the Company’s compliance with the key requirements of the Collective Investment Schemes Sourcebook and its","page_number":8,"box":{"x":150,"y":419,"width":698,"height":9}},{"id":"cec3cf4d-7932-4379-a6a9-c1165c2fbb15","block_type":"box","text":"Prospectus;","page_number":8,"box":{"x":150,"y":431,"width":64,"height":9}},{"id":"b50096c0-11b0-4909-89de-50ec40944c75","block_type":"box","text":"> Completion of appropriate checklists and use of our experience to assess the Company’s compliance with the IA Statement","page_number":8,"box":{"x":150,"y":443,"width":698,"height":9}},{"id":"a0430926-f212-4eba-9fd6-0d5f4c82c645","block_type":"box","text":"of Recommended Practice for Authorised Funds; and","page_number":8,"box":{"x":150,"y":455,"width":291,"height":8}},{"id":"bdc13725-1864-4472-ba41-47cdb48179a6","block_type":"box","text":"> Agreement of the financial statement disclosures to supporting documentation.","page_number":8,"box":{"x":150,"y":467,"width":440,"height":9}},{"id":"8fa5912c-1435-4249-8233-1de28eaf09ae","block_type":"box","text":"Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising","page_number":8,"box":{"x":150,"y":492,"width":697,"height":9}},{"id":"a5f46171-4136-446f-aba7-5afa1272a81f","block_type":"box","text":"that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from","page_number":8,"box":{"x":150,"y":504,"width":697,"height":9}},{"id":"2bbe46c3-bedb-4924-b3dd-d9aa80bff5c6","block_type":"box","text":"error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent","page_number":8,"box":{"x":150,"y":516,"width":698,"height":9}},{"id":"52d1a00b-d986-4719-bb3c-cb3e9b7706b0","block_type":"box","text":"limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the","page_number":8,"box":{"x":150,"y":528,"width":698,"height":9}},{"id":"d0e02903-c434-4880-8a34-498ae7bc6826","block_type":"box","text":"events and transactions reflected in the financial statements, the less likely we would become aware of it.","page_number":8,"box":{"x":150,"y":540,"width":574,"height":9}},{"id":"3f62edc0-517d-40cf-8c0e-1293a2025d46","block_type":"box","text":"Use of Our Report","page_number":8,"box":{"x":150,"y":577,"width":105,"height":9}},{"id":"f68bfc6a-802f-4b71-9bea-9d9205a4ee7c","block_type":"box","text":"This report is made solely to the Company's shareholders, as a body, in accordance with Rule 4.5.12 of the COLL Rules issued","page_number":8,"box":{"x":150,"y":589,"width":697,"height":9}},{"id":"f7a7d3a4-8ca2-438e-8de9-a11ee49334ed","block_type":"box","text":"by the Financial Conduct Authority under the Open-Ended Investment Companies Regulations 2001. Our audit work has been","page_number":8,"box":{"x":150,"y":601,"width":697,"height":9}},{"id":"e3294339-d6c4-4d36-a103-ce3dde502786","block_type":"box","text":"undertaken so that we might state to the Company’s shareholders those matters we are required to state to them in an","page_number":8,"box":{"x":150,"y":613,"width":697,"height":9}},{"id":"10e7f755-f2d9-489c-8677-878da9410370","block_type":"box","text":"auditor’s report and for no other purpose. 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The functional currency is Sterling.","page_number":9,"box":{"x":150,"y":183,"width":319,"height":9}},{"id":"ca63fa5c-ff83-4625-b6a7-5e19100c53c4","block_type":"box","text":"b)","page_number":9,"box":{"x":133,"y":208,"width":10,"height":9}},{"id":"8be3fe02-e8d7-4b44-aa7a-f478a9af6545","block_type":"box","text":"There are no material events that have been identified that may cast significant doubt about the Company's ability to continue","page_number":9,"box":{"x":150,"y":208,"width":691,"height":9}},{"id":"07767ad0-ba61-4400-b391-8f3e40a52b20","block_type":"box","text":"as a going concern for at least the next twelve months from the date these financial statements are authorised for issue. 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Interest on deposits is accounted for on an","page_number":9,"box":{"x":150,"y":305,"width":691,"height":9}},{"id":"c80c5716-7ead-4918-89a2-24b02e29d686","block_type":"box","text":"accruals basis. Rebates from the investment manager are allocated to revenue on an accruals basis. Rebates from the","page_number":9,"box":{"x":150,"y":317,"width":691,"height":9}},{"id":"7656bed0-e249-474b-a75c-d0db8f237bff","block_type":"box","text":"investment manager are then reallocated to capital, net of any tax effect for distribution purposes. Rebates from underlying","page_number":9,"box":{"x":150,"y":329,"width":691,"height":9}},{"id":"6724eadb-f011-41de-b117-96790d22013b","block_type":"box","text":"holdings are recognised on an accruals basis and are allocated to revenue or capital being decided by the allocation of the","page_number":9,"box":{"x":150,"y":341,"width":691,"height":9}},{"id":"2a6e17a5-c78c-4fda-bf9d-4996b027a758","block_type":"box","text":"expense in the underlying funds. All revenue is recognised at a gross amount that includes any withholding taxes. Gains and","page_number":9,"box":{"x":150,"y":353,"width":691,"height":9}},{"id":"7933d958-3d77-4a1e-88cd-8552338b4269","block_type":"box","text":"losses, including differences in valuation of investments held at the balance sheet date, including unrealised exchange","page_number":9,"box":{"x":150,"y":365,"width":691,"height":9}},{"id":"29df8596-b9b8-4dbe-b3d6-bdc1cd610a6d","block_type":"box","text":"differences, are treated as capital.","page_number":9,"box":{"x":150,"y":377,"width":185,"height":9}},{"id":"231ca9f0-5f8c-4d9c-81dc-7c489d7474fa","block_type":"box","text":"e)","page_number":9,"box":{"x":133,"y":402,"width":10,"height":9}},{"id":"fa22af40-3e94-4566-96e7-119a4bd8ee2f","block_type":"box","text":"The ordinary element of stocks received in lieu of cash dividends is recognised as revenue of the Sub-fund, and where","page_number":9,"box":{"x":150,"y":402,"width":691,"height":9}},{"id":"0e30338d-8a96-49fa-86ec-0df270f2c63c","block_type":"box","text":"applicable is included in the distribution. In the case of an enhanced stock dividend the value of the enhancement is treated","page_number":9,"box":{"x":150,"y":414,"width":691,"height":9}},{"id":"3fb18f81-cb11-4764-af68-797821e462ae","block_type":"box","text":"as capital.","page_number":9,"box":{"x":150,"y":426,"width":54,"height":9}},{"id":"8f312bf1-bba8-461c-b85c-74018dad7838","block_type":"box","text":"f)","page_number":9,"box":{"x":132,"y":450,"width":7,"height":9}},{"id":"b65ede1b-3896-46b5-b5f7-6e966dd1ac82","block_type":"box","text":"Special dividends are treated as either revenue or a repayment of capital depending on the facts of each particular case.","page_number":9,"box":{"x":150,"y":450,"width":690,"height":9}},{"id":"3e731ae0-7385-4819-8278-938d0ea2ddd9","block_type":"box","text":"Where the receipt of a special dividend results in a significant reduction in the capital value or where the distribution arises","page_number":9,"box":{"x":149,"y":462,"width":692,"height":9}},{"id":"a3d6e618-63f4-4397-8693-fa4060c2c42e","block_type":"box","text":"from an underlying capital event such as a merger or disposal these would typically be deemed as capital so as to ensure that","page_number":9,"box":{"x":149,"y":474,"width":692,"height":9}},{"id":"925ce418-efb3-455f-a6ac-942f8f07a098","block_type":"box","text":"the matching principle is applied to gains and losses. Otherwise, the special dividend would typically be recognised as","page_number":9,"box":{"x":150,"y":486,"width":691,"height":9}},{"id":"88bdb877-5318-4869-9ae8-a426fa22809e","block_type":"box","text":"revenue. Where special dividends are treated as revenue, they are included in the amount available for distribution. The tax","page_number":9,"box":{"x":150,"y":498,"width":692,"height":9}},{"id":"963fdbbf-436a-4078-b464-828fb86aa8d8","block_type":"box","text":"accounting treatment follows the principal amount.","page_number":9,"box":{"x":150,"y":510,"width":274,"height":9}},{"id":"73ecbd54-fefa-4f83-9d2f-904e37d5d451","block_type":"box","text":"g)","page_number":9,"box":{"x":132,"y":535,"width":11,"height":9}},{"id":"83318621-4aee-4fe4-ad35-e25c72247511","block_type":"box","text":"The listed investments are stated at their fair value at the balance sheet date. In deciding fair value, the valuation point is","page_number":9,"box":{"x":150,"y":535,"width":691,"height":9}},{"id":"ca29db88-d5e5-42ee-a15d-4e1ca8c92c4b","block_type":"box","text":"12pm on 30 June 2026 with reference to quoted bid prices from reliable external sources. Unlisted or suspended investments","page_number":9,"box":{"x":151,"y":547,"width":690,"height":9}},{"id":"6e7f80fa-1135-4dfc-87a0-d2afea133528","block_type":"box","text":"are valued by the AFM considering where appropriate, latest dealing prices, valuations from reliable sources, financial","page_number":9,"box":{"x":150,"y":559,"width":691,"height":9}},{"id":"3d4b50bd-1a2f-4e4d-a177-66e749b87cc1","block_type":"box","text":"performance, and other relevant factors.","page_number":9,"box":{"x":150,"y":571,"width":219,"height":9}},{"id":"35664632-1c50-49a9-a87a-947301dbeb97","block_type":"box","text":"h)","page_number":9,"box":{"x":133,"y":595,"width":10,"height":9}},{"id":"b6bd513d-fef5-43e8-a284-3ae45d81bd2d","block_type":"box","text":"All transactions in foreign currencies are converted into Sterling at the rate of exchange ruling at the dates of such","page_number":9,"box":{"x":149,"y":595,"width":692,"height":10}},{"id":"702d38b5-bf54-42bc-a445-8e1f05708621","block_type":"box","text":"transactions. 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This means that the daily price","page_number":9,"box":{"x":262,"y":790,"width":579,"height":9}},{"id":"3cedc262-1e81-47c9-83ff-f78a6afadfdb","block_type":"box","text":"of the Sub-fund is swung up or down, depending on whether there are net inflows or outflows, respectively. This means that","page_number":9,"box":{"x":150,"y":802,"width":691,"height":9}},{"id":"c7129a48-0211-4f48-848d-92a7ec24ff38","block_type":"box","text":"the costs of transactions in the underlying investments of the Sub-fund are borne by those entering or exiting, rather than","page_number":9,"box":{"x":150,"y":814,"width":691,"height":9}},{"id":"41b52db0-dcac-480a-a28d-9571aaad00d1","block_type":"box","text":"affecting the returns of existing shareholders. The dilution adjustment will be calculated by reference to the costs of dealing in","page_number":9,"box":{"x":150,"y":826,"width":691,"height":9}},{"id":"c772b8ce-649d-427f-8356-377a7d646a4a","block_type":"box","text":"the underlying investments of that fund, including any dealing spreads, and these can vary with market conditions. Any","page_number":9,"box":{"x":150,"y":838,"width":692,"height":9}},{"id":"61363ab5-80d5-4e94-a54d-fc63fb4b97ca","block_type":"box","text":"dilution adjustment accrued is to the benefit of the fund rather than the AFM.","page_number":9,"box":{"x":150,"y":850,"width":417,"height":9}},{"id":"5d75eaba-a1ce-4091-83f5-7512e296d7bf","block_type":"box","text":"VT INVESTOR FUNDS ICVC","page_number":9,"box":{"x":149,"y":888,"width":160,"height":7}},{"id":"a7935461-2ee9-4201-a7f3-890d233e544a","block_type":"box","text":"For the year ended 30 June 2026","page_number":9,"box":{"x":150,"y":900,"width":182,"height":9}},{"id":"881f4c60-a99c-4588-9eff-cc701311ce0e","block_type":"box","text":"7","page_number":9,"box":{"x":859,"y":900,"width":6,"height":7}},{"id":"8af8ae34-c9a1-4560-ade3-b68a58a8e663","block_type":"box","text":"ACCOUNTING POLICIES (Continued)","page_number":10,"box":{"x":149,"y":71,"width":216,"height":9}},{"id":"65ec1e93-32ae-485e-b9c2-d3062d7c92ec","block_type":"box","text":"k)","page_number":10,"box":{"x":133,"y":109,"width":9,"height":9}},{"id":"98474231-137e-4957-8c57-ed6b4d66968f","block_type":"box","text":"Tax is provided using tax rates and laws which have been enacted or substantively enacted at the balance sheet date.","page_number":10,"box":{"x":150,"y":109,"width":646,"height":9}},{"id":"da735132-901c-4719-b99a-c31e07a622d0","block_type":"box","text":"l)","page_number":10,"box":{"x":133,"y":134,"width":5,"height":9}},{"id":"6ce670c4-73c2-4141-bcd2-ccf0b2298643","block_type":"box","text":"The Sub-fund currently issues Accumulation & Income shares. The Sub-fund goes ex dividend quarterly. The Sub-fund pays","page_number":10,"box":{"x":150,"y":134,"width":691,"height":9}},{"id":"bdc49c2f-dee6-415f-94c9-0ca942bf3a63","block_type":"box","text":"any income available to the shareholder two months in arrears, as a dividend distribution. Any revenue deficit at the year end","page_number":10,"box":{"x":150,"y":146,"width":691,"height":9}},{"id":"6ae52722-8be6-407a-b39d-62332e86f37e","block_type":"box","text":"is funded from capital.","page_number":10,"box":{"x":150,"y":158,"width":120,"height":9}},{"id":"e971c90e-3fa8-4cb2-8598-c9a7a4d01128","block_type":"box","text":"If a distribution remains unclaimed for a period of six years after it has become due, it will be forfeited and will revert to the","page_number":10,"box":{"x":150,"y":182,"width":691,"height":9}},{"id":"bf3fd0c1-857b-4210-8966-39e7ccb531e0","block_type":"box","text":"relevant Sub-fund or if it no longer exists the AFM). 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It is not intended that the use of derivatives for EPM","page_number":11,"box":{"x":358,"y":423,"width":468,"height":9}},{"id":"14ce30b2-a0c5-48bc-8399-8b41a124355b","block_type":"box","text":"purposes will increase the risk profile of the Fund.","page_number":11,"box":{"x":358,"y":435,"width":270,"height":9}},{"id":"320b5a98-94dd-447f-a148-afaf15564a6d","block_type":"box","text":"Performance Comparator","page_number":11,"box":{"x":150,"y":460,"width":148,"height":9}},{"id":"58ad5418-3727-47b5-8f66-9b757794f68b","block_type":"box","text":"The Sub-fund is not managed to or constrained by a benchmark, and nor does the","page_number":11,"box":{"x":358,"y":460,"width":469,"height":9}},{"id":"641bbcf3-bd4e-4067-b09a-56e8128c8405","block_type":"box","text":"AFM use a benchmark in order to assess performance.","page_number":11,"box":{"x":357,"y":472,"width":302,"height":9}},{"id":"20c66f5b-132a-4c31-b105-a3b7de6fbeba","block_type":"box","text":"However, many funds sold in the UK are grouped into sectors by the Investment","page_number":11,"box":{"x":358,"y":492,"width":469,"height":9}},{"id":"9914f372-f5dd-47c6-8d1d-aa6c0580dca3","block_type":"box","text":"Association (the “IA”) (the trade body that represents UK investment managers), to","page_number":11,"box":{"x":357,"y":504,"width":470,"height":9}},{"id":"9b36bbb9-e56d-4b98-b353-03ad78e3ba13","block_type":"box","text":"help investors to compare funds with broadly similar characteristics.","page_number":11,"box":{"x":358,"y":516,"width":370,"height":9}},{"id":"c87b8f00-cdae-4401-b655-f0cc1b247fb2","block_type":"box","text":"In order to assess the Sub-fund’s performance, investors may find it useful to","page_number":11,"box":{"x":358,"y":537,"width":469,"height":9}},{"id":"bc73d8ca-acba-4dee-b408-4939f5c58657","block_type":"box","text":"compare the Sub-fund against the performance of the IA Europe (ex UK) Sector,","page_number":11,"box":{"x":358,"y":549,"width":468,"height":9}},{"id":"a255d20b-2dc5-4144-8fd7-643881177e3c","block_type":"box","text":"which serves as a method of comparing the Sub-fund’s performance with other funds","page_number":11,"box":{"x":357,"y":561,"width":470,"height":9}},{"id":"0dec2223-6d61-4f55-94b7-1a8f87f1a073","block_type":"box","text":"which have broadly similar characteristics. The IA Europe (excluding UK) has been","page_number":11,"box":{"x":357,"y":573,"width":470,"height":9}},{"id":"8f1cb9b3-6eaa-4b0d-b8a0-b81db81dfd63","block_type":"box","text":"chosen as a comparator rather than the IA Europe (including UK), as it is not the","page_number":11,"box":{"x":358,"y":585,"width":469,"height":9}},{"id":"bc3b3695-92b0-4a8a-a007-399eced35c4d","block_type":"box","text":"intention of the Sub-fund to have a large exposure to UK equities that generate their","page_number":11,"box":{"x":358,"y":597,"width":470,"height":9}},{"id":"6424cf68-f690-4e43-be9a-b4a965eab1d4","block_type":"box","text":"revenue in the UK.","page_number":11,"box":{"x":358,"y":609,"width":101,"height":7}},{"id":"3eded4c3-7de0-4e7d-8d4e-c63d2c708aee","block_type":"box","text":"Accounting date","page_number":11,"box":{"x":149,"y":639,"width":96,"height":9}},{"id":"3d40fc97-440d-4b6a-bffe-80c0c6892f0b","block_type":"box","text":"Final: 30 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£1,000,000","page_number":12,"box":{"x":358,"y":141,"width":110,"height":9}},{"id":"21549478-a19b-45d9-96c5-76f882b587cd","block_type":"box","text":"Class Z: £10,000,000","page_number":12,"box":{"x":358,"y":153,"width":116,"height":9}},{"id":"19931db5-532c-45d8-ad92-8e333e9eeca5","block_type":"box","text":"Top-up:","page_number":12,"box":{"x":150,"y":174,"width":44,"height":9}},{"id":"3058fe69-e1cb-4684-83fb-a0e96bba9f8b","block_type":"box","text":"Class A: £100","page_number":12,"box":{"x":358,"y":174,"width":76,"height":7}},{"id":"94d9754f-eef7-42ca-bf6f-3e7ade7d29db","block_type":"box","text":"Class F: £1,000","page_number":12,"box":{"x":358,"y":186,"width":86,"height":8}},{"id":"149f15de-bae3-42df-ad62-d4469f2f8839","block_type":"box","text":"Class Z: 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annum;","page_number":12,"box":{"x":358,"y":418,"width":156,"height":9}},{"id":"5b088028-1933-4baf-9e5f-f43517d296ae","block_type":"box","text":"Class F – 0.55% per annum;","page_number":12,"box":{"x":358,"y":430,"width":155,"height":9}},{"id":"9d564b42-7b94-4677-94e8-387af0d3afc1","block_type":"box","text":"Class Z – 0.35% per annum,","page_number":12,"box":{"x":358,"y":442,"width":155,"height":9}},{"id":"8c365ec3-d0d1-4c39-ba80-67b31949f77c","block_type":"box","text":"the above percentages being percentages of the Net Asset Value of the Sub-fund","page_number":12,"box":{"x":358,"y":462,"width":468,"height":9}},{"id":"1042225f-9b86-4e89-8c30-ead0b9290bc1","block_type":"box","text":"attributable to the relevant Class (all amounts plus VAT if applicable).","page_number":12,"box":{"x":358,"y":474,"width":378,"height":9}},{"id":"137ec823-d28c-473a-a3b9-58915e7c1385","block_type":"box","text":"VT INVESTOR FUNDS ICVC - VT TYNDALL EUROPEAN UNCONSTRAINED 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In the event of negative inflation, this fee will","page_number":12,"box":{"x":150,"y":506,"width":676,"height":9}},{"id":"9b4a375e-6cf2-470d-ab61-12a7c63924b3","block_type":"box","text":"remain unchanged. At 30 June 2026, the fixed element of the fee was £67,057.","page_number":12,"box":{"x":150,"y":518,"width":435,"height":9}},{"id":"e9e157a0-2b05-4dfe-8602-1254c44b19a5","block_type":"box","text":"INVESTMENT MANAGER'S REVIEW","page_number":13,"box":{"x":150,"y":71,"width":209,"height":7}},{"id":"fa04d37e-817d-4cdb-9554-e9d9b5f645b8","block_type":"box","text":"Performance overview","page_number":13,"box":{"x":150,"y":109,"width":131,"height":7}},{"id":"52019e50-358c-4daf-bc5d-2695eb9802eb","block_type":"box","text":"Over the 12 months to 30 June 2026, the VT Tyndall European Unconstrained Fund (A Share Class, Accumulation) rose","page_number":13,"box":{"x":150,"y":122,"width":691,"height":9}},{"id":"65563d59-7680-4f88-a616-0a7d396f4687","block_type":"box","text":"13.84%^, compared with a 17.71% increase for the IA Europe Excluding UK sector. While the Fund underperformed the","page_number":13,"box":{"x":151,"y":134,"width":690,"height":9}},{"id":"85d8eee9-a41e-480c-a2d7-7e1dd5e36f23","block_type":"box","text":"sector over the period, returns were driven by a broad range of holdings across sectors and themes.","page_number":13,"box":{"x":150,"y":146,"width":547,"height":9}},{"id":"887fb662-186e-4c46-be02-a83ee719c734","block_type":"box","text":"The principal contributors to performance were AI-related and electrification names, including Prysmian, Infineon, Asta","page_number":13,"box":{"x":150,"y":170,"width":691,"height":9}},{"id":"e7b19222-a4e3-4a4a-a167-c854068fef44","block_type":"box","text":"Energy, Friedrich Vorwerk and Munters, alongside financials such as Raiffeisen Bank International, Allfunds (subsequently","page_number":13,"box":{"x":150,"y":182,"width":692,"height":9}},{"id":"269ee1e4-ee72-43ac-acaa-855f8980d41d","block_type":"box","text":"acquired by Deutsche Börse), DWS, Bank of Ireland and Banca Monte dei Paschi di Siena. The Fund's lack of exposure to","page_number":13,"box":{"x":150,"y":194,"width":691,"height":9}},{"id":"4b191813-7c6f-441c-b165-efb70d23be70","block_type":"box","text":"ASML, Europe's largest listed company, was the principal detractor relative to the comparator.","page_number":13,"box":{"x":149,"y":206,"width":515,"height":9}},{"id":"10595327-eccb-41b4-b2ea-46d484060c09","block_type":"box","text":"At the stock level, performance was held back by Talga Group, where limited progress on customer contracts and financing","page_number":13,"box":{"x":149,"y":231,"width":692,"height":9}},{"id":"86bf92b9-d31f-4b82-b1be-23a2c513634b","block_type":"box","text":"weighed on the shares despite more encouraging newsflow since the period end, and by Steyr Motors, amid broader","page_number":13,"box":{"x":149,"y":243,"width":693,"height":9}},{"id":"2a80a5dc-b6df-4e31-bcf0-a3ca75d905fa","block_type":"box","text":"weakness across the European defence sector and order delays. Bond-proxy holdings Infrastrutture Wireless Italiane, Cibus","page_number":13,"box":{"x":149,"y":255,"width":692,"height":9}},{"id":"20a55fe0-b200-4486-9403-cbd284b5ed3f","block_type":"box","text":"and Vonovia also detracted, as did Mowi and Salmar, reflecting weaker salmon prices.","page_number":13,"box":{"x":150,"y":267,"width":471,"height":9}},{"id":"06bcb861-8c62-47b4-8dce-ae2d0498a02c","block_type":"box","text":"Investment review","page_number":13,"box":{"x":150,"y":292,"width":106,"height":7}},{"id":"8b6b11bc-2971-46c5-84b1-898128947c8a","block_type":"box","text":"Portfolio activity during the period reflected a series of thematic rotations, with the Fund continuing to focus on structural","page_number":13,"box":{"x":150,"y":304,"width":691,"height":9}},{"id":"a113fcef-e5b4-4fca-a14a-cfafbe3712de","block_type":"box","text":"themes across primarily European small and mid-cap equities.","page_number":13,"box":{"x":150,"y":316,"width":340,"height":9}},{"id":"4b1c8d56-add9-4a35-86c8-055ae89256ab","block_type":"box","text":"Following the escalation and subsequent de-escalation of the conflict involving Iran, we made a number of contrarian","page_number":13,"box":{"x":150,"y":341,"width":691,"height":9}},{"id":"ca560012-c5d0-4962-bed1-cbe0cde9a46c","block_type":"box","text":"purchases in names we believe had become oversold, namely Ryanair, Befesa and Boliden. We also started new positions in","page_number":13,"box":{"x":150,"y":353,"width":691,"height":9}},{"id":"f4c03f58-c3a3-45b2-bcb4-9332a7b0ff3d","block_type":"box","text":"companies we believe stand to benefit structurally from a more complex global oil and energy distribution landscape such as","page_number":13,"box":{"x":150,"y":365,"width":691,"height":9}},{"id":"f28ccb89-c4ea-4c9f-95b4-4c550d0060fc","block_type":"box","text":"Royal Vopak and Capital Tankers.","page_number":13,"box":{"x":150,"y":377,"width":186,"height":9}},{"id":"53234071-1536-40f4-9649-6f27dc9ee1bb","block_type":"box","text":"We also built exposure to the structural obesity and wellness theme, initiating positions in Novo Nordisk, Laboratorios Rovi,","page_number":13,"box":{"x":149,"y":401,"width":692,"height":9}},{"id":"02abca14-0fe0-464a-82d2-1c40dd6233ab","block_type":"box","text":"Glanbia and Bachem. These are businesses we believe are well placed to benefit from continued growth in GLP-1 related","page_number":13,"box":{"x":150,"y":413,"width":691,"height":9}},{"id":"30ce2b37-5346-4404-bc50-58ded32cc747","block_type":"box","text":"demand and broader wellness trends.","page_number":13,"box":{"x":150,"y":425,"width":205,"height":7}},{"id":"8ea3cef8-2d52-4875-ba56-ab2d4b8fb187","block_type":"box","text":"Within the defence sector, we rotated into what we regard as more attractively valued names, adding Indra Sistemas and","page_number":13,"box":{"x":149,"y":450,"width":692,"height":9}},{"id":"c2267751-e8a8-49dd-89d0-814c64e73dac","block_type":"box","text":"Steyr Motors, having sold out German defence holdings Renk and Hensoldt in the previous period following strong share price","page_number":13,"box":{"x":150,"y":462,"width":691,"height":9}},{"id":"7ea2010e-339e-487a-953d-10bfe9b0f990","block_type":"box","text":"performances.","page_number":13,"box":{"x":150,"y":474,"width":77,"height":9}},{"id":"48e7a502-37f2-4c73-9b1e-5bed164b5a1d","block_type":"box","text":"On the sales side, we exited three holdings following takeover approaches: Allfunds (acquired by Deutsche Börse), Inpost and","page_number":13,"box":{"x":150,"y":499,"width":691,"height":9}},{"id":"5009de03-7b58-45a4-a4f4-7a837766d9fc","block_type":"box","text":"Banca Monte dei Paschi di Siena. We also exited bond-proxy names, including Vonovia, Infrastrutture Wireless Italiane and","page_number":13,"box":{"x":150,"y":511,"width":691,"height":9}},{"id":"6cd75ed0-ea6b-4db8-adb4-e962cfd8984a","block_type":"box","text":"Sveafastigheter, reflecting our view of rising interest rate risk, and took profits in several AI and electrification winners,","page_number":13,"box":{"x":150,"y":523,"width":691,"height":9}},{"id":"2501cca3-85e7-4fec-a2ce-0a2cd114e30e","block_type":"box","text":"including Siemens Energy, Prysmian, Schneider Electric and BE Semiconductor Industries, following strong gains.","page_number":13,"box":{"x":150,"y":535,"width":624,"height":9}},{"id":"784ab012-3207-42a9-b65a-723602f6cb21","block_type":"box","text":"Finally, we exited several holdings for stock-specific reasons, including Eramet, Hexatronic, Alstom and BFF Bank, where","page_number":13,"box":{"x":150,"y":547,"width":691,"height":9}},{"id":"f3413ca4-be72-43f1-b08c-fc47587aceb3","block_type":"box","text":"company-specific developments led us to conclude that the original investment case no longer held.","page_number":13,"box":{"x":150,"y":559,"width":546,"height":9}},{"id":"20015108-429d-447f-9b6f-4194282f6e98","block_type":"box","text":"Investment outlook","page_number":13,"box":{"x":150,"y":584,"width":112,"height":7}},{"id":"3e0a8776-19c9-41fb-b9b6-9992024ef184","block_type":"box","text":"The outlook for European equities entering the second half of the calendar year is improving. The de-escalation of tensions in","page_number":13,"box":{"x":150,"y":602,"width":691,"height":9}},{"id":"28639fc7-7803-44c2-a81b-61978276fb9b","block_type":"box","text":"the Middle East, and the accompanying fall in energy prices, has removed a significant source of uncertainty for the region.","page_number":13,"box":{"x":150,"y":614,"width":691,"height":9}},{"id":"e1f489cd-6a04-43e4-9cda-da3962a29263","block_type":"box","text":"Recent downside surprises in inflation data also suggest the European Central Bank is unlikely to significantly raise interest","page_number":13,"box":{"x":150,"y":626,"width":692,"height":9}},{"id":"e88ae866-9d88-47d1-9c2a-10019e4b7755","block_type":"box","text":"rates this year, which we believe should prove supportive for both bonds and equities.","page_number":13,"box":{"x":150,"y":638,"width":468,"height":9}},{"id":"4b377b9d-37f3-4f78-a95c-d5a07571ad5d","block_type":"box","text":"That said, market leadership remains narrowly concentrated in a small number of highly valued semiconductor and technology","page_number":13,"box":{"x":150,"y":669,"width":692,"height":9}},{"id":"914f7fc0-fb4b-425e-967a-b57e48014c20","block_type":"box","text":"names, leaving the broader market vulnerable should sentiment towards the AI theme falter.","page_number":13,"box":{"x":150,"y":681,"width":503,"height":9}},{"id":"b2e47a61-2e59-4160-9d7f-c9ea9a39a5cd","block_type":"box","text":"Against this backdrop, we remain focused on identifying quality businesses at sensible valuations, particularly domestically","page_number":13,"box":{"x":149,"y":705,"width":693,"height":9}},{"id":"c796f914-3287-4f5d-abdc-3faa7ff1feae","block_type":"box","text":"oriented small and mid-cap companies geared into the structural themes such as the rewiring of European supply chains,","page_number":13,"box":{"x":150,"y":717,"width":691,"height":9}},{"id":"3b2fdef4-e5f3-4f7c-8450-0f894bf44ab0","block_type":"box","text":"German fiscal expansion, European strategic autonomy, and the region's ongoing investment in defence and energy","page_number":13,"box":{"x":150,"y":729,"width":692,"height":9}},{"id":"ab28eb07-f270-48cb-b78a-fd12b20ccdbe","block_type":"box","text":"infrastructure.","page_number":13,"box":{"x":150,"y":741,"width":74,"height":7}},{"id":"f8943ac2-0698-4915-826a-d887f59a9642","block_type":"box","text":"Tyndall Investment Management","page_number":13,"box":{"x":150,"y":779,"width":179,"height":9}},{"id":"941fcdc3-120e-4ec4-9f0e-b3f2e10162cc","block_type":"box","text":"Investment Manager to the Sub-fund","page_number":13,"box":{"x":150,"y":791,"width":200,"height":9}},{"id":"19b8e136-2617-446a-93a3-e7ee335d9e8c","block_type":"box","text":"7 July 2026","page_number":13,"box":{"x":150,"y":804,"width":62,"height":9}},{"id":"5187500a-9079-4e12-9825-11dff40c27ca","block_type":"box","text":"^Performance is based on Dealing NAV (opening) to Dealing NAV (closing)","page_number":13,"box":{"x":150,"y":841,"width":410,"height":9}},{"id":"daf3fdc1-c171-4c2c-8417-c7852d5553ec","block_type":"box","text":"VT INVESTOR FUNDS ICVC - VT TYNDALL EUROPEAN UNCONSTRAINED FUND","page_number":13,"box":{"x":149,"y":892,"width":466,"height":7}},{"id":"d6ee4743-7853-43b8-ba5d-65fa6637eb3d","block_type":"box","text":"For the year ended 30 June 2026 11","page_number":13,"box":{"x":150,"y":905,"width":712,"height":9}},{"id":"57a79c88-c79e-494a-a861-69114c86e1d1","block_type":"box","text":"PERFORMANCE RECORD","page_number":14,"box":{"x":150,"y":71,"width":152,"height":7}},{"id":"a61eec7c-b128-4833-a659-7d4484c2796b","block_type":"box","text":"Class A (Accumulation)","page_number":14,"box":{"x":150,"y":121,"width":137,"height":9}},{"id":"e1948e44-11e5-4f8d-9a90-20d89369b2b1","block_type":"box","text":"Year ended 30 June","page_number":14,"box":{"x":504,"y":109,"width":115,"height":7}},{"id":"0e6ba6fc-2c29-4c56-a861-a3d28ba2d5bb","block_type":"box","text":"2026","page_number":14,"box":{"x":593,"y":121,"width":26,"height":7}},{"id":"e98e74d5-8cfc-490c-bb3f-8582d533ab9f","block_type":"box","text":"Year ended 30 June","page_number":14,"box":{"x":626,"y":109,"width":116,"height":7}},{"id":"4ccc26b3-9c77-46bb-a59d-09aea64cfe77","block_type":"box","text":"2025","page_number":14,"box":{"x":715,"y":121,"width":27,"height":7}},{"id":"3b3813b4-f1f2-4f59-b20a-94e566691688","block_type":"box","text":"Year ended 30 June","page_number":14,"box":{"x":749,"y":109,"width":115,"height":7}},{"id":"a318459e-b874-46ae-9ade-6b11a7e217c1","block_type":"box","text":"2024","page_number":14,"box":{"x":838,"y":121,"width":26,"height":7}},{"id":"2f276dfa-34b5-4157-811a-88e211652587","block_type":"box","text":"Changes in net assets per share GBp GBp GBp","page_number":14,"box":{"x":150,"y":146,"width":714,"height":9}},{"id":"c07125cc-84c2-4fe0-aeb7-237271272597","block_type":"box","text":"Opening net asset value per share** 139.3057 116.7489 108.6342","page_number":14,"box":{"x":218,"y":159,"width":645,"height":9}},{"id":"020a471d-4732-422f-bf2c-f6e94b44e0d2","block_type":"box","text":"Return before operating charges 19.8730 23.8627 9.1853","page_number":14,"box":{"x":219,"y":172,"width":644,"height":9}},{"id":"c9cdb555-bdf8-4db3-812e-de0314d57ce5","block_type":"box","text":"Operating charges (note 1) (1.5145) (1.3059) (1.0706)","page_number":14,"box":{"x":218,"y":184,"width":646,"height":9}},{"id":"6525b092-aea5-4424-958d-286df4aaba68","block_type":"box","text":"Return after operating charges * 18.3585 22.5568 8.1147","page_number":14,"box":{"x":219,"y":197,"width":644,"height":9}},{"id":"db0652ba-5f8a-4e61-aae7-5db51d5f370c","block_type":"box","text":"Closing net asset value per share*** 157.6642 139.3057 116.7489","page_number":14,"box":{"x":218,"y":222,"width":646,"height":9}},{"id":"297456d3-d95c-41a0-af07-2334f6e6e5d5","block_type":"box","text":"Retained distributions on accumulated shares 3.4944 4.3928 4.1644","page_number":14,"box":{"x":219,"y":235,"width":644,"height":7}},{"id":"e54bb662-2970-43db-9717-b43cc1ab2437","block_type":"box","text":"*after direct transaction costs of: 0.4158 0.2689 0.2367","page_number":14,"box":{"x":218,"y":259,"width":646,"height":7}},{"id":"8280bc04-eda5-41bb-be1d-c24eb65c720f","block_type":"box","text":"Performance","page_number":14,"box":{"x":150,"y":283,"width":70,"height":7}},{"id":"1bb27c1c-c5d2-4ac2-b868-51ab02603c95","block_type":"box","text":"Return after charges 13.18% 19.32% 7.47%","page_number":14,"box":{"x":219,"y":295,"width":644,"height":9}},{"id":"bb1af0f0-385a-4a4f-ab57-7aa20f776a49","block_type":"box","text":"Other information","page_number":14,"box":{"x":150,"y":319,"width":94,"height":7}},{"id":"9e5e437b-0e7a-43b6-8d78-f0ee9cbfaf28","block_type":"box","text":"Closing net asset value £2,268,653 £1,331,485 £424,260","page_number":14,"box":{"x":218,"y":331,"width":645,"height":9}},{"id":"247ad833-91a9-4930-8944-7e03912f04d4","block_type":"box","text":"Closing number of shares 1,426,021 630,231 363,396","page_number":14,"box":{"x":218,"y":344,"width":646,"height":9}},{"id":"45ce526c-4774-4ff9-b265-f50b5a1a7e5b","block_type":"box","text":"Operating charges (note 2) 1.02% 1.02% 0.95%","page_number":14,"box":{"x":218,"y":355,"width":645,"height":10}},{"id":"c2d3e593-0e87-438d-ac58-1a3f2abcd910","block_type":"box","text":"Direct transaction costs 0.28% 0.21% 0.21%","page_number":14,"box":{"x":218,"y":367,"width":645,"height":8}},{"id":"1464dc32-8623-484e-b2b3-3682824f0df7","block_type":"box","text":"Prices","page_number":14,"box":{"x":150,"y":392,"width":33,"height":7}},{"id":"c0cfc4b4-e6a9-4fc3-a404-6281e69fc52f","block_type":"box","text":"Highest share price 166.2473 139.3057 122.8215","page_number":14,"box":{"x":219,"y":403,"width":645,"height":9}},{"id":"79aec602-baf9-4b5b-a2c0-e76571b20101","block_type":"box","text":"Lowest share price 137.1221 110.9986 95.7494","page_number":14,"box":{"x":218,"y":415,"width":646,"height":9}},{"id":"0070366b-3e60-41d2-80ad-df76c8064011","block_type":"box","text":"Class A (Income)","page_number":14,"box":{"x":150,"y":488,"width":99,"height":9}},{"id":"2cfeef80-e149-4a6b-a014-507fdfd17714","block_type":"box","text":"Year ended 30 June","page_number":14,"box":{"x":504,"y":475,"width":115,"height":7}},{"id":"5678c104-612a-4096-8640-66c4bd1ef076","block_type":"box","text":"2026","page_number":14,"box":{"x":593,"y":488,"width":26,"height":7}},{"id":"b6d8759e-6886-454e-819f-08fa89de4937","block_type":"box","text":"Year ended 30 June","page_number":14,"box":{"x":626,"y":475,"width":116,"height":7}},{"id":"e7ea9e75-327a-4ccf-bcd1-28e36fb042f1","block_type":"box","text":"2025","page_number":14,"box":{"x":715,"y":488,"width":27,"height":7}},{"id":"9641004e-b3e8-495d-9f20-6ea00fd93d96","block_type":"box","text":"Year ended 30 June","page_number":14,"box":{"x":749,"y":475,"width":115,"height":7}},{"id":"2bae047b-81ee-49d0-b5fa-f52387e5debc","block_type":"box","text":"2024","page_number":14,"box":{"x":838,"y":488,"width":26,"height":7}},{"id":"ed86157a-20dc-4d56-a912-df6cb4fe34dc","block_type":"box","text":"Changes in net assets per share GBp GBp GBp","page_number":14,"box":{"x":150,"y":512,"width":714,"height":9}},{"id":"20dd2199-4fb2-488a-9fd6-553df6b7de9b","block_type":"box","text":"Opening net asset value per share** 114.5566 99.3041 95.7184","page_number":14,"box":{"x":218,"y":524,"width":645,"height":9}},{"id":"d8647ac6-29e1-43c4-9a37-f43b0a7af9f2","block_type":"box","text":"Return before operating charges 16.2523 20.0475 8.1590","page_number":14,"box":{"x":219,"y":537,"width":644,"height":9}},{"id":"e926a60b-1d2b-43b6-ba5c-3e136816202c","block_type":"box","text":"Operating charges (note 1) (1.2307) (1.0907) (0.9264)","page_number":14,"box":{"x":218,"y":549,"width":646,"height":9}},{"id":"d348519c-2ba0-4973-820c-53332ec3b492","block_type":"box","text":"Return after operating charges * 15.0216 18.9568 7.2326","page_number":14,"box":{"x":219,"y":562,"width":644,"height":9}},{"id":"24c9af92-4782-4f89-b0eb-42f4c6a2069f","block_type":"box","text":"Distribution on income shares (2.8194) (3.7043) (3.6469)","page_number":14,"box":{"x":218,"y":574,"width":646,"height":9}},{"id":"588c4773-8618-411c-a793-cf0765c15078","block_type":"box","text":"Closing net asset value per share*** 126.7588 114.5566 99.3041","page_number":14,"box":{"x":218,"y":585,"width":644,"height":9}},{"id":"7078ed49-69f1-4524-b277-cbcd420ccff9","block_type":"box","text":"*after direct transaction costs of: 0.3378 0.2246 0.2048","page_number":14,"box":{"x":218,"y":610,"width":646,"height":7}},{"id":"42874649-dccc-46f1-8a68-6955d2b60075","block_type":"box","text":"Performance","page_number":14,"box":{"x":150,"y":635,"width":70,"height":7}},{"id":"96dec67f-d48d-4e75-8abe-e0d905c1f735","block_type":"box","text":"Return after charges 13.11% 19.09% 7.56%","page_number":14,"box":{"x":219,"y":647,"width":644,"height":9}},{"id":"aab32d9e-2421-4d70-9309-54fa3efc68da","block_type":"box","text":"Other information","page_number":14,"box":{"x":150,"y":670,"width":94,"height":8}},{"id":"2c989041-266b-4cd5-9666-98e6d81831ae","block_type":"box","text":"Closing net asset value £88,716 £447,706 £52,885","page_number":14,"box":{"x":218,"y":682,"width":646,"height":9}},{"id":"84335711-6c56-45b3-bbd4-14f48acb851f","block_type":"box","text":"Closing number of shares 69,988 390,817 53,255","page_number":14,"box":{"x":218,"y":694,"width":646,"height":9}},{"id":"3e71dfe9-780f-4a37-92ae-e695e314fd98","block_type":"box","text":"Operating charges (note 2) 1.02% 1.02% 0.95%","page_number":14,"box":{"x":218,"y":706,"width":645,"height":9}},{"id":"f4a7982f-528d-4f2e-9700-e1350d7752dd","block_type":"box","text":"Direct transaction costs 0.28% 0.21% 0.21%","page_number":14,"box":{"x":218,"y":718,"width":645,"height":8}},{"id":"39621e9d-8b29-46d4-93c1-1eab9085d0a0","block_type":"box","text":"Prices","page_number":14,"box":{"x":150,"y":742,"width":33,"height":7}},{"id":"185ad542-de80-4890-b262-d107f5df1523","block_type":"box","text":"Highest share price 135.5816 116.7660 107.1948","page_number":14,"box":{"x":219,"y":754,"width":645,"height":9}},{"id":"da035bac-cdbd-4047-9ffe-4e9b7a84f6cb","block_type":"box","text":"Lowest share price 112.7832 93.4055 84.0761","page_number":14,"box":{"x":218,"y":766,"width":644,"height":9}},{"id":"f2988e1c-416d-4156-8f30-3a3baf66f71f","block_type":"box","text":"**the opening net asset value per share reported is the official net asset value per share","page_number":14,"box":{"x":150,"y":826,"width":481,"height":9}},{"id":"976c32de-252e-44bc-a47a-e2510b3399e5","block_type":"box","text":"***the closing net asset value per share aligned to the balance sheet 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95.7295","page_number":15,"box":{"x":218,"y":426,"width":523,"height":9}},{"id":"c9c920bb-94a3-45af-9101-091950ecef53","block_type":"box","text":"1","page_number":15,"box":{"x":150,"y":460,"width":2,"height":4}},{"id":"00c79ecb-d655-4cdd-b49d-9a53883c0c91","block_type":"box","text":"Share class relaunched 28 October 2024","page_number":15,"box":{"x":158,"y":462,"width":224,"height":7}},{"id":"9b751a83-f572-4c9b-95c4-0f00342e3c93","block_type":"box","text":"Class F (Income)","page_number":15,"box":{"x":150,"y":511,"width":97,"height":9}},{"id":"7f967286-2671-4d8c-a275-2c5dc25fbcf1","block_type":"box","text":"Year ended 30 June","page_number":15,"box":{"x":504,"y":498,"width":115,"height":7}},{"id":"b508647e-3942-4cab-93b3-870ff1643ab9","block_type":"box","text":"2026","page_number":15,"box":{"x":593,"y":510,"width":26,"height":7}},{"id":"f1d5cb7e-6d31-47cc-bb94-deb4adf331af","block_type":"box","text":"Year ended 30 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0.21%","page_number":15,"box":{"x":218,"y":739,"width":645,"height":7}},{"id":"3906c30d-42a2-483e-aa43-caaab4f2ffb5","block_type":"box","text":"Prices","page_number":15,"box":{"x":150,"y":762,"width":33,"height":7}},{"id":"af3a8fcc-5b15-433d-a247-6d8a475c7229","block_type":"box","text":"Highest share price","page_number":15,"box":{"x":219,"y":774,"width":105,"height":9}},{"id":"71d0b54b-4341-4ee6-bbbb-6bd450f5892e","block_type":"box","text":"146.5598","page_number":15,"box":{"x":569,"y":774,"width":50,"height":7}},{"id":"cfa707d5-17ca-4199-8b99-d7864971522c","block_type":"box","text":"126.0217","page_number":15,"box":{"x":692,"y":774,"width":49,"height":7}},{"id":"b226cc7d-3488-412f-aedb-6c397b7dcc29","block_type":"box","text":"115.4696","page_number":15,"box":{"x":814,"y":774,"width":50,"height":7}},{"id":"cdb02317-f620-47aa-8620-c1fcbd3628ae","block_type":"box","text":"Lowest share price 121.7994 100.7754 90.4526","page_number":15,"box":{"x":218,"y":787,"width":646,"height":8}},{"id":"338d91ab-1dc7-4277-968b-27122eb6ef0b","block_type":"box","text":"**the opening net asset value per share reported is the official net asset value per share","page_number":15,"box":{"x":150,"y":822,"width":481,"height":9}},{"id":"1c961ca4-30a4-4fef-9dce-44979ef4c4d9","block_type":"box","text":"***the closing net asset value per share aligned to the balance sheet total.","page_number":15,"box":{"x":150,"y":834,"width":405,"height":9}},{"id":"f0c4073b-51a2-4e45-95e1-9dff08960f86","block_type":"box","text":"VT INVESTOR FUNDS ICVC - VT TYNDALL EUROPEAN UNCONSTRAINED FUND","page_number":15,"box":{"x":149,"y":894,"width":466,"height":7}},{"id":"c0da7466-a5e0-4ac2-9a2b-75f1e67cb332","block_type":"box","text":"For the year ended 30 June 2026","page_number":15,"box":{"x":150,"y":906,"width":182,"height":9}},{"id":"092b572a-dc57-4bb7-9271-c898e6e8ad36","block_type":"box","text":"13","page_number":15,"box":{"x":852,"y":906,"width":12,"height":7}},{"id":"35e1fd39-b2b8-4f4c-b8f3-6f5f2f51c4b0","block_type":"box","text":"PERFORMANCE RECORD (Continued)","page_number":16,"box":{"x":150,"y":70,"width":224,"height":9}},{"id":"6eab126c-06f5-4059-87e6-3f38e991ceb4","block_type":"box","text":"Class Z (Accumulation)","page_number":16,"box":{"x":150,"y":134,"width":136,"height":9}},{"id":"bfe61109-d1a9-47bb-8857-a4858b053075","block_type":"box","text":"Year ended 30 June","page_number":16,"box":{"x":504,"y":121,"width":115,"height":7}},{"id":"8cd4f137-929f-4faa-a1a9-e22283efcfe8","block_type":"box","text":"2026","page_number":16,"box":{"x":593,"y":133,"width":26,"height":8}},{"id":"b0f821f9-14f2-41b1-b80f-e6bb5ffc7ff1","block_type":"box","text":"Year ended 30 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£","page_number":25,"box":{"x":590,"y":399,"width":97,"height":7}},{"id":"68ee827a-f4a7-4f6e-ab0b-67964807c8c0","block_type":"box","text":"Amounts payable on cancellation of shares 8,653 3","page_number":25,"box":{"x":156,"y":424,"width":527,"height":9}},{"id":"ee6475fc-c46f-432b-80cf-e0970dfb9758","block_type":"box","text":"Amounts payable on outstanding trades 904,865 -","page_number":25,"box":{"x":156,"y":437,"width":527,"height":9}},{"id":"14935fba-06dd-45db-9139-acf0aef5f313","block_type":"box","text":"Payable to the Authorised Fund Manager,","page_number":25,"box":{"x":157,"y":462,"width":241,"height":9}},{"id":"abec4da4-6a4f-4d09-b161-7a3e5140ca65","block_type":"box","text":"associates of the Authorised Fund Manager,","page_number":25,"box":{"x":156,"y":475,"width":258,"height":9}},{"id":"d92ce60d-741e-4d51-b746-bb0f2f065ce5","block_type":"box","text":"and agents of either of them:","page_number":25,"box":{"x":156,"y":487,"width":168,"height":9}},{"id":"9098ced0-5155-4180-a9ef-a7fc3af0fedb","block_type":"box","text":"Annual management charge 38,593 23,210","page_number":25,"box":{"x":156,"y":500,"width":527,"height":9}},{"id":"3907d290-ca9a-4f73-8f54-a48d6ea8c422","block_type":"box","text":"Payable to the depositary, associates of the","page_number":25,"box":{"x":157,"y":525,"width":255,"height":9}},{"id":"3e7bd6eb-3da5-47e7-b0d5-c89751451ec7","block_type":"box","text":"depositary, and agents of either of them:","page_number":25,"box":{"x":156,"y":537,"width":237,"height":9}},{"id":"686c868a-a2dd-4ff3-b632-5f5fdc452bbe","block_type":"box","text":"Depositary fee 1,480 1,529","page_number":25,"box":{"x":157,"y":550,"width":526,"height":9}},{"id":"a333edce-5686-4eac-8688-4ace426a31ac","block_type":"box","text":"Safe custody and other custodian charges 683 5,318","page_number":25,"box":{"x":156,"y":563,"width":527,"height":9}},{"id":"29edcd15-5491-466e-a87f-d8688fa07387","block_type":"box","text":"2,163 6,847","page_number":25,"box":{"x":563,"y":575,"width":120,"height":9}},{"id":"d89bd3f6-723e-4874-a9ce-c62f12804541","block_type":"box","text":"Audit fee 11,541 11,400","page_number":25,"box":{"x":156,"y":600,"width":527,"height":9}},{"id":"13e83501-1bb7-4050-8f3f-865cf0f2e0cb","block_type":"box","text":"Other accrued expenses 2,174 6,617","page_number":25,"box":{"x":156,"y":613,"width":527,"height":9}},{"id":"56ad25a6-663e-4c55-be49-49528c68b1fc","block_type":"box","text":"Total creditors","page_number":25,"box":{"x":156,"y":637,"width":78,"height":7}},{"id":"9e380c92-83cd-401e-84a3-cb4d3036972b","block_type":"box","text":"967,989","page_number":25,"box":{"x":549,"y":637,"width":44,"height":9}},{"id":"8a0e301b-d5df-46cf-a20c-c92160a6897a","block_type":"box","text":"48,077","page_number":25,"box":{"x":646,"y":637,"width":37,"height":9}},{"id":"68e502d4-de6f-44ed-a99e-c2b3710b9702","block_type":"box","text":"VT INVESTOR FUNDS ICVC - VT TYNDALL EUROPEAN UNCONSTRAINED FUND","page_number":25,"box":{"x":156,"y":888,"width":466,"height":8}},{"id":"0fed7fd4-a11f-461c-8342-22585f615bbb","block_type":"box","text":"For the year ended 30 June 2026 23","page_number":25,"box":{"x":157,"y":901,"width":709,"height":9}},{"id":"b91b0df0-df24-4822-abb6-6b3dc77847ef","block_type":"box","text":"NOTES TO THE FINANCIAL STATEMENTS (Continued)","page_number":26,"box":{"x":157,"y":71,"width":318,"height":9}},{"id":"7e53549d-05e6-433e-9f9d-2dec0f701b1b","block_type":"box","text":"10 Risk management policies","page_number":26,"box":{"x":138,"y":108,"width":172,"height":9}},{"id":"5cf148fe-1e08-4302-a1e0-2853e53ca444","block_type":"box","text":"Market price risk","page_number":26,"box":{"x":157,"y":218,"width":97,"height":9}},{"id":"fc6fe95b-a642-4e30-8e1b-b0e69a1c49e0","block_type":"box","text":"Foreign currency risk","page_number":26,"box":{"x":157,"y":422,"width":125,"height":9}},{"id":"e4690c99-97e8-4263-a345-a551ec1236dc","block_type":"box","text":"Net currency assets and liabilities consist of:","page_number":26,"box":{"x":157,"y":532,"width":241,"height":9}},{"id":"f90dcac9-75a5-4999-a855-3e7423449b34","block_type":"box","text":"30.06.2026 30.06.2025 30.06.2026 30.06.2025 30.06.2026 30.06.2025","page_number":26,"box":{"x":345,"y":591,"width":510,"height":7}},{"id":"925cb687-763a-4e8e-ab3b-a11c7fe3cfb3","block_type":"box","text":"Sterling 43,528 2,288,245 - - 43,528 2,288,245","page_number":26,"box":{"x":156,"y":603,"width":707,"height":9}},{"id":"f2006a90-bf12-415a-8a51-a777cfbf0406","block_type":"box","text":"Australian Dollar - - 1,030,548 800,180 1,030,548 800,180","page_number":26,"box":{"x":156,"y":616,"width":706,"height":8}},{"id":"1b97cc74-7bb8-44b1-8b51-01c3fcb28c5d","block_type":"box","text":"Swiss Franc (434,034) - 2,536,989 - 2,102,955 -","page_number":26,"box":{"x":156,"y":629,"width":707,"height":9}},{"id":"6625f407-6a6b-4473-a581-bb33f06a56ee","block_type":"box","text":"Euro 1,687,047 176,842 26,391,821 29,494,395 28,078,868 29,671,237","page_number":26,"box":{"x":157,"y":641,"width":705,"height":8}},{"id":"7351a910-be01-4dd4-9f0e-46225aaff2dd","block_type":"box","text":"Danish Krone - - 1,392,144 741,317 1,392,144 741,317","page_number":26,"box":{"x":157,"y":654,"width":705,"height":8}},{"id":"6434ed05-682d-47fd-87ab-3403a9fbd10f","block_type":"box","text":"Norwegian Krone 25,574 - 2,799,568 2,059,595 2,825,142 2,059,595","page_number":26,"box":{"x":157,"y":666,"width":705,"height":9}},{"id":"27f2f99b-356f-48d8-80a0-06babc1911a8","block_type":"box","text":"Swedish Krona - - 1,731,549 4,777,337 1,731,549 4,777,337","page_number":26,"box":{"x":156,"y":679,"width":706,"height":8}},{"id":"9a7c94e6-b0f5-44a9-82b4-94483d3113fb","block_type":"box","text":"Total 1,322,115 2,465,087 35,882,619 37,872,824 37,204,734 40,337,911","page_number":26,"box":{"x":156,"y":691,"width":705,"height":9}},{"id":"b1a49a73-9e1c-4bae-aab6-55434282ba48","block_type":"box","text":"VT INVESTOR FUNDS ICVC - VT TYNDALL EUROPEAN UNCONSTRAINED FUND","page_number":26,"box":{"x":156,"y":886,"width":466,"height":7}},{"id":"0ee13c2d-8d6d-4e7c-b538-df13126fd3e2","block_type":"box","text":"For the year ended 30 June 2026 24","page_number":26,"box":{"x":157,"y":899,"width":709,"height":9}},{"id":"504fa2a1-6f58-4af8-8d79-9e4caf8ac749","block_type":"box","text":"In pursuing its investment objective as stated on page 9, the Sub-fund holds a number of financial instruments. The Sub-fund's","page_number":26,"box":{"x":157,"y":120,"width":709,"height":10}},{"id":"a1f9841c-3a69-4701-9e76-cde67231c9ab","block_type":"box","text":"financial instruments comprise securities and other investments, cash balances, debtors and creditors that arise directly from its","page_number":26,"box":{"x":156,"y":132,"width":710,"height":9}},{"id":"833b2ec9-3b13-4d8e-a7ea-4e1940791c6a","block_type":"box","text":"operations, for example, in respect of sales and purchases awaiting settlement, amounts receivable for issues and payable for","page_number":26,"box":{"x":156,"y":144,"width":711,"height":9}},{"id":"70534942-92b7-4bbc-8fda-912d6bf17b39","block_type":"box","text":"redemptions and debtors for accrued revenue.","page_number":26,"box":{"x":157,"y":156,"width":252,"height":9}},{"id":"452ba464-4f66-497a-a095-6bc346884fbe","block_type":"box","text":"Adherence to investment guidelines and to investment and borrowing powers set out in the Instrument of Incorporation, the","page_number":26,"box":{"x":156,"y":322,"width":710,"height":9}},{"id":"13be4f19-3f23-4159-888d-88ee200bf3a4","block_type":"box","text":"Prospectus and in the rules of the Financial Conduct Authority's Collective Investment Schemes Sourcebook mitigates the risk of","page_number":26,"box":{"x":157,"y":334,"width":710,"height":9}},{"id":"f1dd53bb-81ec-468d-920b-728abcaaf68b","block_type":"box","text":"excessive exposure to any particular type of security or issuer.","page_number":26,"box":{"x":156,"y":346,"width":341,"height":9}},{"id":"776717f9-4f50-4122-b4e1-17f7fd11b65e","block_type":"box","text":"The Sub-fund's investment portfolio is invested in equities that are registered overseas and/or denominated in overseas","page_number":26,"box":{"x":156,"y":471,"width":710,"height":9}},{"id":"9cb293ba-f286-4eea-a1d4-9f93f05c5551","block_type":"box","text":"currencies and the balance sheet can be affected by movements in foreign exchange rates. The AFM may seek to manage","page_number":26,"box":{"x":156,"y":483,"width":710,"height":9}},{"id":"d075a792-32a5-4034-aa1f-513d6aa1420b","block_type":"box","text":"exposure to currency movements by using forward exchange contracts or by hedging the Sterling value of investments that are","page_number":26,"box":{"x":156,"y":495,"width":710,"height":9}},{"id":"f10a6cc9-cb47-436d-a201-4e33f90dea58","block_type":"box","text":"priced in other currencies. Revenue received in other currencies is converted to Sterling on or near the date of receipt.","page_number":26,"box":{"x":157,"y":507,"width":646,"height":9}},{"id":"14dd2906-106f-4917-9c60-9257e2155fba","block_type":"box","text":"If market prices at the balance sheet date had been 10% higher or lower while all other variables remained constant, the return","page_number":26,"box":{"x":157,"y":373,"width":709,"height":9}},{"id":"1a384072-e08e-4037-bf76-db58b8ec9d56","block_type":"box","text":"attributable to ordinary shareholders and equity for the year ended 30 June 2026 would have increased/decreased by £3,588,262","page_number":26,"box":{"x":156,"y":385,"width":710,"height":9}},{"id":"ae00084d-8faa-491f-a4ef-c1925d610f22","block_type":"box","text":"(30 June 2025: £3,787,282).","page_number":26,"box":{"x":157,"y":397,"width":153,"height":9}},{"id":"e1f48cfd-de86-4e53-bc32-a1fb0ea37799","block_type":"box","text":"Foreign currency risk is the risk that the value of the Sub-fund's investment holdings will fluctuate as a result of changes in foreign","page_number":26,"box":{"x":157,"y":434,"width":709,"height":9}},{"id":"f14858e8-b140-4ddb-ab87-0f7d1ff6f5da","block_type":"box","text":"currency exchange rates.","page_number":26,"box":{"x":156,"y":446,"width":138,"height":9}},{"id":"47645882-4972-4344-a94f-d18a75be948b","block_type":"box","text":"The Sub-fund's investment portfolio is exposed to market price fluctuations, which are monitored by the AFM in pursuance of the","page_number":26,"box":{"x":156,"y":288,"width":710,"height":9}},{"id":"6fbf3f37-3cec-4e52-9bf3-aee50041f932","block_type":"box","text":"investment objective and policy as set out in the Prospectus.","page_number":26,"box":{"x":157,"y":300,"width":331,"height":9}},{"id":"a8392c4e-c132-437a-b925-6e267a9801f4","block_type":"box","text":"The main risks arising from the Sub-fund's financial instruments, those of its underlying holdings and the AFM's policies for","page_number":26,"box":{"x":156,"y":181,"width":711,"height":9}},{"id":"ac7401b6-0040-44ab-9900-b991d9fb12a2","block_type":"box","text":"managing these risks are summarised below. These policies have been applied throughout the year.","page_number":26,"box":{"x":157,"y":193,"width":548,"height":9}},{"id":"21020573-98fb-4d66-8458-dba44cef895d","block_type":"box","text":"Market price risk is the risk that the value of the Sub-fund's investment holdings will fluctuate as a result of changes in market","page_number":26,"box":{"x":157,"y":230,"width":710,"height":9}},{"id":"428d7f11-4b72-44cc-a782-732f234e27bd","block_type":"box","text":"prices caused by factors other than interest rate or foreign currency movement. Market price risk arises mainly from uncertainty","page_number":26,"box":{"x":157,"y":242,"width":710,"height":9}},{"id":"d6dc17f0-cc05-4023-bbd7-e8e49576471f","block_type":"box","text":"about future prices of financial instruments the Sub-fund holds. It represents the potential loss the Sub-fund might suffer through","page_number":26,"box":{"x":156,"y":254,"width":710,"height":9}},{"id":"eff6b8a5-ea9d-4075-a883-3986865641cb","block_type":"box","text":"holding market positions in the face of price movements.","page_number":26,"box":{"x":157,"y":266,"width":308,"height":9}},{"id":"4dc59c8a-91b5-4e34-a2e5-08eabc93c84a","block_type":"box","text":"A portion of the net assets of the Sub-fund is denominated in currencies other than sterling with the effect that the balance sheet","page_number":26,"box":{"x":156,"y":736,"width":711,"height":9}},{"id":"006f7988-4658-401f-af1f-020838ca08b9","block_type":"box","text":"and total return can be affected by currency movements. If foreign exchange rates at the balance sheet date had been 10%","page_number":26,"box":{"x":156,"y":748,"width":710,"height":9}},{"id":"8d84e377-8991-4f2c-b2c3-de332b19ca35","block_type":"box","text":"higher or lower while all other variables remained constant, the return attributable to ordinary shareholders and equity for the year","page_number":26,"box":{"x":157,"y":760,"width":710,"height":9}},{"id":"78dcfea4-4103-4ffc-97c8-dc410cdcbbc3","block_type":"box","text":"ended 30 June 2026 would have increased/decreased by £3,692,789 (30 June 2025: £3,804,967).","page_number":26,"box":{"x":156,"y":772,"width":540,"height":9}},{"id":"fa56e037-8023-4124-9485-5128ed0288ae","block_type":"box","text":"£","page_number":26,"box":{"x":776,"y":578,"width":7,"height":7}},{"id":"5adf3851-a272-44b9-a098-a26fff188eec","block_type":"box","text":"Net monetary assets and","page_number":26,"box":{"x":348,"y":553,"width":144,"height":9}},{"id":"ef57c9b1-f312-4dcf-aee5-4ca717e4da24","block_type":"box","text":"liabilities Non-monetary assets","page_number":26,"box":{"x":394,"y":566,"width":268,"height":9}},{"id":"84b5d6ce-5ead-48ae-a2de-0ea9c3ffbfa6","block_type":"box","text":"Total net assets and","page_number":26,"box":{"x":721,"y":553,"width":117,"height":8}},{"id":"f85e0e6f-da13-4f52-9531-b8e107a127b8","block_type":"box","text":"liabilities","page_number":26,"box":{"x":754,"y":566,"width":52,"height":7}},{"id":"590a3eb1-434a-4794-9140-f05279db74a1","block_type":"box","text":"£ £","page_number":26,"box":{"x":416,"y":578,"width":187,"height":7}},{"id":"9af0236d-5325-412f-84fc-b34b71c9ed6c","block_type":"box","text":"NOTES TO THE FINANCIAL STATEMENTS (Continued)","page_number":27,"box":{"x":157,"y":71,"width":318,"height":9}},{"id":"96ea9a78-b7d2-43a9-b1c5-1d81ffedd103","block_type":"box","text":"10 Risk management policies (Continued)","page_number":27,"box":{"x":138,"y":108,"width":244,"height":9}},{"id":"327b5162-5ab0-4fce-87e9-26519343d1e6","block_type":"box","text":"Interest rate risk","page_number":27,"box":{"x":157,"y":134,"width":95,"height":7}},{"id":"e41d3675-d27e-478e-9876-80e9cf1127a7","block_type":"box","text":"The table below details the interest rate risk profile at the balance sheet date:","page_number":27,"box":{"x":156,"y":269,"width":421,"height":9}},{"id":"32da1134-16dd-4a18-bed5-a2231f97dbda","block_type":"box","text":"30.06.2026","page_number":27,"box":{"x":536,"y":293,"width":61,"height":7}},{"id":"bf8555ac-f3c3-45b8-91cc-aba39b427d06","block_type":"box","text":"30.06.2025","page_number":27,"box":{"x":626,"y":293,"width":61,"height":7}},{"id":"b141418d-1ee5-4b02-b587-30d24a339d73","block_type":"box","text":"£","page_number":27,"box":{"x":591,"y":306,"width":6,"height":7}},{"id":"ed01a4bd-2f30-4abb-afa2-8b4529560b95","block_type":"box","text":"£","page_number":27,"box":{"x":681,"y":306,"width":6,"height":7}},{"id":"cc7f4af4-6429-4c47-8742-bdfad00b46e2","block_type":"box","text":"Financial assets floating rate","page_number":27,"box":{"x":157,"y":319,"width":156,"height":9}},{"id":"56a559ee-1af8-4e32-8417-8fbf76063921","block_type":"box","text":"1,397,433","page_number":27,"box":{"x":544,"y":318,"width":53,"height":8}},{"id":"361bd3e3-5e18-46e3-bc0e-274435041ffb","block_type":"box","text":"2,676,700","page_number":27,"box":{"x":633,"y":318,"width":54,"height":8}},{"id":"1dac4aaf-9be9-444b-b3b2-d94dca63b2de","block_type":"box","text":"Financial assets interest bearing instruments","page_number":27,"box":{"x":157,"y":331,"width":244,"height":9}},{"id":"f99aebb5-ca70-4351-8f80-d1aa57179cb0","block_type":"box","text":"-","page_number":27,"box":{"x":594,"y":335,"width":3,"height":1}},{"id":"38b680bf-3a5d-4741-ae83-bc986bf5e1ed","block_type":"box","text":"-","page_number":27,"box":{"x":684,"y":335,"width":3,"height":1}},{"id":"50d4ea25-6a57-41ce-953c-37d7d7a2d1dd","block_type":"box","text":"Financial assets non-interest bearing instruments","page_number":27,"box":{"x":157,"y":344,"width":269,"height":9}},{"id":"839d7592-3ab6-4207-8b64-f05122410d7f","block_type":"box","text":"37,606,383","page_number":27,"box":{"x":536,"y":343,"width":61,"height":9}},{"id":"ae0176ff-bf28-4b0d-be21-d52279bf64fb","block_type":"box","text":"38,591,516","page_number":27,"box":{"x":626,"y":343,"width":61,"height":9}},{"id":"0e5116f7-3b70-4d6c-82b8-4d8d79009909","block_type":"box","text":"Financial liabilities non-interest bearing instruments (1,799,082) (930,305)","page_number":27,"box":{"x":157,"y":356,"width":529,"height":9}},{"id":"af1629c4-fb99-44e3-814c-9f9f6449f19d","block_type":"box","text":"Financial liabilities floating rate - -","page_number":27,"box":{"x":157,"y":369,"width":526,"height":9}},{"id":"7370cc94-b747-4555-bf53-3cf29af407dd","block_type":"box","text":"37,204,734","page_number":27,"box":{"x":536,"y":380,"width":61,"height":9}},{"id":"5be7d78d-9349-4cf9-baf9-9538f255aab4","block_type":"box","text":"40,337,911","page_number":27,"box":{"x":626,"y":380,"width":59,"height":9}},{"id":"84ec4814-6943-4340-9d39-0c31e89b3a48","block_type":"box","text":"Maturity of financial liabilities","page_number":27,"box":{"x":157,"y":456,"width":172,"height":9}},{"id":"4a119b7d-f74c-4d9b-a728-8107bc366ea4","block_type":"box","text":"Liquidity risk","page_number":27,"box":{"x":157,"y":494,"width":75,"height":9}},{"id":"5ef27ad3-992f-4e63-881a-a53272668a37","block_type":"box","text":"Credit risk","page_number":27,"box":{"x":156,"y":554,"width":61,"height":7}},{"id":"94d260af-b200-48f3-80b1-59aedf19287a","block_type":"box","text":"VT INVESTOR FUNDS ICVC - VT TYNDALL EUROPEAN UNCONSTRAINED FUND","page_number":27,"box":{"x":156,"y":889,"width":466,"height":7}},{"id":"b486fb5b-7038-42e3-810e-1ab825cdcb20","block_type":"box","text":"For the year ended 30 June 2026 25","page_number":27,"box":{"x":157,"y":902,"width":709,"height":9}},{"id":"be1b2f2b-ab1a-4537-a0df-55174e3a8f5f","block_type":"box","text":"Certain transactions in securities that the Sub-fund enters into expose it to the risk that the counterparty will not deliver the","page_number":27,"box":{"x":156,"y":565,"width":710,"height":9}},{"id":"1305e173-b84c-4529-bceb-393e2306d47d","block_type":"box","text":"investment for a purchase, or cash for a sale after the Sub-fund has fulfilled its responsibilities. The Sub-fund only buys and sells","page_number":27,"box":{"x":157,"y":577,"width":709,"height":9}},{"id":"c2f23901-ca6f-476e-9178-65bd44237acc","block_type":"box","text":"investments through brokers which have been approved by the AFM as acceptable counterparties and fund management","page_number":27,"box":{"x":157,"y":589,"width":710,"height":9}},{"id":"12cd0170-52f6-4465-b51e-6cbefbdf2354","block_type":"box","text":"companies. In addition, limits are set to the exposure to any individual broker that may exist at any time and changes in brokers'","page_number":27,"box":{"x":156,"y":601,"width":710,"height":9}},{"id":"67853e44-4c93-4913-8f31-1fabc929def6","block_type":"box","text":"financial ratings are reviewed.","page_number":27,"box":{"x":156,"y":613,"width":162,"height":9}},{"id":"05c80c8f-fdff-42be-a4cf-64ae45b15782","block_type":"box","text":"The financial liabilities of the Sub-fund as at 30 June 2026 are payable either within one year or on demand.","page_number":27,"box":{"x":156,"y":469,"width":589,"height":9}},{"id":"a582dc97-ae6c-4df8-986a-3faccbbbe42c","block_type":"box","text":"Interest rate risk is the risk to portfolio value due to changes in interest rates. The magnitude of the exposure from an adverse","page_number":27,"box":{"x":157,"y":147,"width":709,"height":9}},{"id":"e5c82fd7-b9ab-4afc-8ed7-3c59ce71c934","block_type":"box","text":"change in interest rates depends on the sensitivity of the instrument to changes in interest rates as well as the absolute change in","page_number":27,"box":{"x":156,"y":159,"width":710,"height":9}},{"id":"eaf5c40a-8a3e-4b8a-9235-cb108f990b61","block_type":"box","text":"interest rates. In general, values of long-term instruments are more sensitive to interest rate changes than the values of short","page_number":27,"box":{"x":157,"y":171,"width":709,"height":9}},{"id":"e33596fd-f079-4de0-b161-c7323c2b18b4","block_type":"box","text":"term instruments.","page_number":27,"box":{"x":156,"y":183,"width":95,"height":7}},{"id":"3bb322d2-26aa-406f-a25e-844eb0b25bc0","block_type":"box","text":"The Sub-fund takes on interest rate risk when the investment manager believes the expected returns compensate for the risk,","page_number":27,"box":{"x":156,"y":208,"width":710,"height":9}},{"id":"02b5b22e-2786-44d4-88de-4eb2ed7e4ace","block_type":"box","text":"limited by the investment objective, policy and any prospectus rules. The investment manager monitors the level of interest rate","page_number":27,"box":{"x":157,"y":220,"width":709,"height":9}},{"id":"b3c29942-3bdc-42ee-9da6-e036b0940903","block_type":"box","text":"risk in the Sub-fund on a regular basis. In addition any cash deposits in the Sub-fund are linked to SONIA, ensuring interest","page_number":27,"box":{"x":157,"y":232,"width":710,"height":9}},{"id":"03d4aba8-99df-4dd4-8d0b-a6ee1f060b11","block_type":"box","text":"income increases as interest rates increase.","page_number":27,"box":{"x":157,"y":244,"width":240,"height":7}},{"id":"03d56c22-c1d7-4dbb-b9a1-b1f088430026","block_type":"box","text":"At 30 June 2026, if interest rates increased or decreased by 0.25%, with all other variables remaining constant, then the net","page_number":27,"box":{"x":156,"y":419,"width":711,"height":9}},{"id":"703977d1-d5fe-4128-8dee-d23ba86c33b5","block_type":"box","text":"assets attributable to shareholders of the Sub-fund would increase or decrease by approximately £2,628 (30 June 2025: £6,692).","page_number":27,"box":{"x":156,"y":431,"width":705,"height":9}},{"id":"bb1c9793-bcd5-4576-9b7b-cbca0299b1da","block_type":"box","text":"The Sub-fund's assets comprise mainly of readily realisable securities. The main liability of the Sub-fund is the redemption of any","page_number":27,"box":{"x":156,"y":506,"width":711,"height":9}},{"id":"49efbfbb-870d-4b16-8802-06e7d1fa9dae","block_type":"box","text":"shares that the investors wish to sell. Assets of the Sub-fund may need to be sold if insufficient cash is available to finance such","page_number":27,"box":{"x":156,"y":518,"width":710,"height":9}},{"id":"e24d76de-6ee5-46b3-94c8-61e4111e65ea","block_type":"box","text":"redemptions.","page_number":27,"box":{"x":157,"y":530,"width":69,"height":9}},{"id":"07f49969-55b7-40ea-98ba-bf926f20ce4d","block_type":"box","text":"Credit risk also arises on cash held within financial institutions. Credit risk on cash balances is mitigated by ensuring that cash is","page_number":27,"box":{"x":156,"y":637,"width":710,"height":9}},{"id":"e8480113-edb9-45d6-8ed7-85f3bc0d8eb4","block_type":"box","text":"held with financial institutions that are at least investment grade credit related.","page_number":27,"box":{"x":157,"y":649,"width":424,"height":9}},{"id":"d4ec24af-ed2d-4ef1-87be-2d4b66ba1ccf","block_type":"box","text":"NOTES TO THE FINANCIAL STATEMENTS (Continued)","page_number":28,"box":{"x":157,"y":71,"width":318,"height":9}},{"id":"1486e3cf-ed4a-47ff-949b-f02939925669","block_type":"box","text":"10 Risk management policies (Continued)","page_number":28,"box":{"x":138,"y":108,"width":244,"height":9}},{"id":"73597658-4823-4900-881b-b87e1269abcc","block_type":"box","text":"Fair value disclosure","page_number":28,"box":{"x":157,"y":134,"width":121,"height":7}},{"id":"2240f2fa-21e3-4c3f-86ec-0d7af370cdb3","block_type":"box","text":"Level 1: Unadjusted quoted price in an active market for an identical instrument;","page_number":28,"box":{"x":157,"y":190,"width":437,"height":9}},{"id":"b9321fa6-7b97-413e-9189-3b92b6fae457","block_type":"box","text":"Level 2: Valuation techniques using observable inputs other than quoted prices within level 1;","page_number":28,"box":{"x":157,"y":203,"width":509,"height":9}},{"id":"066d0f0b-58f1-4c6a-826f-0f5892d8cdf7","block_type":"box","text":"Level 3: Valuation techniques using unobservable inputs.","page_number":28,"box":{"x":157,"y":215,"width":311,"height":9}},{"id":"34f26edc-e736-4c2c-8c79-704a224dcaec","block_type":"box","text":"Assets","page_number":28,"box":{"x":534,"y":246,"width":40,"height":7}},{"id":"c0f71ae5-c2d8-4559-a545-160f10a84117","block_type":"box","text":"(£000's)","page_number":28,"box":{"x":532,"y":258,"width":45,"height":9}},{"id":"05381e0b-c282-4978-8fa9-71194b1f55a0","block_type":"box","text":"Liabilities","page_number":28,"box":{"x":617,"y":246,"width":56,"height":7}},{"id":"b95f881e-4b76-4f10-92cd-deda03f42ee4","block_type":"box","text":"(£000's)","page_number":28,"box":{"x":622,"y":258,"width":45,"height":9}},{"id":"6a172a1a-5d6d-4c20-b034-8ca800034f18","block_type":"box","text":"Assets","page_number":28,"box":{"x":714,"y":246,"width":40,"height":7}},{"id":"9f4962e2-604c-4416-bb06-58328de12f23","block_type":"box","text":"(£000's)","page_number":28,"box":{"x":712,"y":258,"width":45,"height":9}},{"id":"6ee1ecd8-957a-4545-87aa-5e1fda4df5fc","block_type":"box","text":"Liabilities","page_number":28,"box":{"x":797,"y":246,"width":56,"height":7}},{"id":"24ed0afb-a87d-4b27-96a0-06e0c09d64f4","block_type":"box","text":"(£000's)","page_number":28,"box":{"x":802,"y":258,"width":45,"height":9}},{"id":"b532deef-6968-406b-b7f0-7f59a6d1dcc7","block_type":"box","text":"35,883 - 37,873 -","page_number":28,"box":{"x":556,"y":282,"width":307,"height":9}},{"id":"3be1961c-bbd8-42c2-b35b-50b4305b0e5e","block_type":"box","text":"- - - -","page_number":28,"box":{"x":590,"y":311,"width":273,"height":0}},{"id":"1b05f6f3-26e4-4172-8553-24304676c938","block_type":"box","text":"35,883 - 37,873 -","page_number":28,"box":{"x":556,"y":319,"width":307,"height":9}},{"id":"189951d6-8f61-418f-b20a-3b9bf0de4374","block_type":"box","text":"^Talga Group Ltd (Options May25) - asset can not be traded and therefore valued at a nil price.","page_number":28,"box":{"x":156,"y":344,"width":521,"height":9}},{"id":"04d310df-07f3-4432-b8b6-e98e7ae23a1c","block_type":"box","text":"11 Shares held","page_number":28,"box":{"x":138,"y":382,"width":87,"height":7}},{"id":"70fb3a21-e6f2-4116-b250-512ac253924f","block_type":"box","text":"Class A Accumulation Income","page_number":28,"box":{"x":156,"y":407,"width":530,"height":7}},{"id":"28608c4a-d755-4c89-9cd8-69b57d3f0c89","block_type":"box","text":"Opening shares at 01.07.2025 630,231 390,817","page_number":28,"box":{"x":156,"y":420,"width":527,"height":9}},{"id":"ca112287-8b99-423d-98b0-1a40b7d9d86f","block_type":"box","text":"Shares issued during the year 1,479,300 80,004","page_number":28,"box":{"x":156,"y":432,"width":527,"height":9}},{"id":"4c15cf2b-c6aa-4661-9683-0f1fa63c6ca4","block_type":"box","text":"Shares cancelled during the year (683,510) (400,833)","page_number":28,"box":{"x":156,"y":445,"width":530,"height":9}},{"id":"892b0389-5f4b-40ba-9215-4ebf826d8864","block_type":"box","text":"Shares converted during the year - -","page_number":28,"box":{"x":156,"y":457,"width":527,"height":9}},{"id":"1c0b90f1-53c9-4c06-a6fe-c91aacb4fef1","block_type":"box","text":"Closing shares as at 30.06.2026 1,426,021 69,988","page_number":28,"box":{"x":156,"y":470,"width":527,"height":9}},{"id":"9d226ab1-ab55-4611-abc7-34707f2e2289","block_type":"box","text":"Class F Accumulation Income","page_number":28,"box":{"x":156,"y":491,"width":530,"height":7}},{"id":"d1700339-2fcd-471e-821b-0722b52a5be6","block_type":"box","text":"Opening shares at 01.07.2025 133,962 22,973,428","page_number":28,"box":{"x":156,"y":504,"width":527,"height":9}},{"id":"14bbf9fd-cc7c-4424-b2b4-ff8d0e654e1b","block_type":"box","text":"Shares issued during the year 551,714 427,927","page_number":28,"box":{"x":156,"y":516,"width":527,"height":9}},{"id":"4748c640-845c-49af-a0bd-dd67a06a4aa5","block_type":"box","text":"Shares cancelled during the year (299,353) (7,908,724)","page_number":28,"box":{"x":156,"y":529,"width":530,"height":9}},{"id":"2fa86b3b-06f1-464b-b641-3f79824c1768","block_type":"box","text":"Shares converted during the year - -","page_number":28,"box":{"x":156,"y":542,"width":527,"height":9}},{"id":"42740352-925f-45f3-b565-f3d120fa5301","block_type":"box","text":"Closing shares as at 30.06.2026 386,323 15,492,631","page_number":28,"box":{"x":156,"y":554,"width":525,"height":9}},{"id":"d6e9ce3a-0027-459e-b0cd-7b77cd53c6cf","block_type":"box","text":"Class Z Accumulation Income","page_number":28,"box":{"x":156,"y":573,"width":530,"height":7}},{"id":"d3a6474d-29a2-4710-97b4-2bcc388103d7","block_type":"box","text":"Opening shares at 01.07.2025 643,861 8,132,110","page_number":28,"box":{"x":156,"y":585,"width":526,"height":10}},{"id":"7c0b212e-4c37-437a-be23-378080043a3d","block_type":"box","text":"Shares issued during the year 354,611 2,310,772","page_number":28,"box":{"x":156,"y":598,"width":526,"height":9}},{"id":"d32c497e-3218-403c-9687-4469c0edc8c7","block_type":"box","text":"Shares cancelled during the year (22,309) (1,362,645)","page_number":28,"box":{"x":156,"y":611,"width":530,"height":9}},{"id":"579c0b0a-0663-4786-887c-08de1e402f70","block_type":"box","text":"Shares converted during the year (542,932) 583,540","page_number":28,"box":{"x":156,"y":623,"width":526,"height":9}},{"id":"9000aa5a-d8c1-4d42-a011-c38c019e903b","block_type":"box","text":"Closing shares as at 30.06.2026 433,231 9,663,777","page_number":28,"box":{"x":156,"y":636,"width":527,"height":9}},{"id":"4d1bd4ba-d2e6-4caf-b1ee-27dd42154c76","block_type":"box","text":"12 Contingent assets and liabilities","page_number":28,"box":{"x":138,"y":674,"width":206,"height":9}},{"id":"38a40a1b-9bc0-4ada-a9e8-186f37cd310b","block_type":"box","text":"13 Post balance sheet events","page_number":28,"box":{"x":138,"y":724,"width":171,"height":7}},{"id":"590949a4-e7ac-465f-be4a-7f77fd443075","block_type":"box","text":"Share class","page_number":28,"box":{"x":156,"y":767,"width":68,"height":7}},{"id":"f09062e7-4cb2-464a-aba6-0a61eb729b5a","block_type":"box","text":"GBp GBp","page_number":28,"box":{"x":572,"y":779,"width":205,"height":9}},{"id":"5a8449e7-a090-4ef9-b2e3-b6c5a8cf3879","block_type":"box","text":"Class A (Accumulation) 157.6642p 161.8912p","page_number":28,"box":{"x":156,"y":792,"width":620,"height":9}},{"id":"899bece6-f30e-4090-b042-9ba5b172232a","block_type":"box","text":"Class A (Income) 126.7588p 130.2812p","page_number":28,"box":{"x":156,"y":804,"width":620,"height":9}},{"id":"634698f0-89b5-47de-a849-dcc3defa964b","block_type":"box","text":"Class F (Accumulation) 136.2653p 139.9854p","page_number":28,"box":{"x":156,"y":817,"width":620,"height":9}},{"id":"83a9a189-2485-4fe2-8091-8d103d1f56b3","block_type":"box","text":"Class F (Income) 137.0392p 140.7658p","page_number":28,"box":{"x":156,"y":830,"width":620,"height":9}},{"id":"2306ad60-ceba-4708-a1e4-492c098f467c","block_type":"box","text":"Class Z (Accumulation) 141.1909p 145.1136p","page_number":28,"box":{"x":156,"y":842,"width":620,"height":9}},{"id":"a17625e3-a1b3-44ca-8d15-50df3b77d5f6","block_type":"box","text":"Class Z (Income) 129.1243p 132.6991p","page_number":28,"box":{"x":156,"y":855,"width":620,"height":9}},{"id":"44c49dc9-f05d-41ac-b098-c628260328b5","block_type":"box","text":"VT INVESTOR FUNDS ICVC - VT TYNDALL EUROPEAN UNCONSTRAINED FUND","page_number":28,"box":{"x":156,"y":880,"width":466,"height":7}},{"id":"5cd1bfc3-fb41-4d81-9b12-ee371d12b75b","block_type":"box","text":"For the year ended 30 June 2026 26","page_number":28,"box":{"x":157,"y":893,"width":709,"height":8}},{"id":"33646fec-1bad-4a52-826b-487753804988","block_type":"box","text":"30.06.2025","page_number":28,"box":{"x":750,"y":234,"width":61,"height":7}},{"id":"86fce97f-dccf-4f7c-8ba7-99564dbecc2d","block_type":"box","text":"Total","page_number":28,"box":{"x":156,"y":319,"width":28,"height":7}},{"id":"e8ad6d1c-e055-4090-ab2e-be74efbbda3b","block_type":"box","text":"As indicated in the accounting policies in Note 1, the investments have been valued at the closing valuation point on 30 June","page_number":28,"box":{"x":156,"y":736,"width":710,"height":9}},{"id":"f880362a-b20e-4c64-b370-1c5091143960","block_type":"box","text":"2026. Since that date, the Sub-fund's quoted price has moved as follows:","page_number":28,"box":{"x":156,"y":748,"width":400,"height":9}},{"id":"0fe1691f-b2ae-4ab2-b741-aef21171f1dd","block_type":"box","text":"Price at 30 June 2026 Price at 29 September 2026","page_number":28,"box":{"x":473,"y":767,"width":304,"height":9}},{"id":"1bbe3f88-4612-4165-b7b3-0ec43353377e","block_type":"box","text":"The fair value hierarchy is intended to prioritise the inputs that are used to measure the fair value of assets and liabilities. The","page_number":28,"box":{"x":156,"y":147,"width":710,"height":9}},{"id":"f01ff3b5-c5e0-4917-a076-05a681b3d670","block_type":"box","text":"highest priority is given to quoted prices and the lowest priority to un-observable inputs. 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