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Margetts Select Strategy Fund
Annual Financial Statements
For the year ended 30 June 2026
Docusign Envelope ID: F0EE0FD0-64D8-8793-80B5-4ED7C6308D3B
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Fund Manager Margetts Fund Management Limited 1 Sovereign Court Graham Street Birmingham B1 3JR Tel: 0121 236 2380 Fax: 0121 236 2330 Company Registration No: 4158249 VAT No: (GB) 795 0415 16 (Authorised and regulated by the Financial Conduct Authority)
Directors of the Manager T J Ricketts M D Jealous A Ogunnowo J Harris (non - exec) L R Scott (non - exec) A Denny (non - exec) – – appointed on 7 January 2026
Trustee The Bank of New York Mellon (International) Limited 160 Queen Victoria Street London EC4V 4LA (A (Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority )
Administrator and Registrar Margetts Fund Management Limited 1 Sovereign Court Graham Street Birmingham B1 3JR Tel: 0121 236 2380 Fax: 0121 236 2330 (Authorised and regulated by the Financial Conduct Authority)
Auditors Moore Kingston Smith LLP 6 th Floor , 9 Appold Street London EC2A 2AP
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Contents
Fund Manager’s Report ................................ ................................ ................................ ................................ ............. 3 Statement of Manager’s Responsibilities ................................ ................................ ................................ ................... 8 Statement of Trustee’s Responsibilities and Trustee Report to Unitholders ................................ ................................ 9 Authorised Status ................................ ................................ ................................ ................................ .................... 10 Certification of Accounts by Directors of the Fund Manager ................................ ................................ ..................... 10 Value for Money Assessment ................................ ................................ ................................ ................................ ... 10 Task Force on Climate - related Financial Disclosures (‘TCFD’) ................................ ................................ .................... 10 Investor Notification ................................ ................................ ................................ ................................ ................ 10 Independent Auditor’s Report ................................ ................................ ................................ ................................ . 11 Portfolio Statement ................................ ................................ ................................ ................................ ................. 14 Financial Statements ................................ ................................ ................................ ................................ ............... 16 Notes to the Financial Statements ................................ ................................ ................................ ........................... 18 Distribution Table ................................ ................................ ................................ ................................ .................... 28 Net Asset Value per Unit and Comparative Tables ................................ ................................ ................................ .... 29 General Information ................................ ................................ ................................ ................................ ................ 31 Remuneration ................................ ................................ ................................ ................................ ......................... 32
Docusign Envelope ID: F0EE0FD0-64D8-8793-80B5-4ED7C6308D3B
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Fund Manager ’s Report
For the year ended 30 June 2026
Investment Objective The objective of the Margetts Select Strategy Fund is to provide long term (more than 5 years) capital growth.
Capital is at risk and there is no guarantee that the objective will be achieved.
Investment Policy The Fund will provide exposure to a range of economic sectors and geographic areas, across a wide range of assets. This inclu des shares , bonds, cash and near cash instruments. The Fund will be actively managed and therefore the manager will use their expertise to select investments, rather than tracking a stock exchange or index.
A minimum of 70% of the portfolio will be invested in collective investment schemes (which may include schemes operated by the manager, associates or controllers of the manager) to provide a minimum of 40% and a maximum of 85% exposure to shares . Usually, the allocation to shares will be close to the upper limit. A minimum of 30% of the portfolio will be invested in assets which are denominated in Sterling or hedged back to Sterling.
The Fund may also invest directly (maximum of 30%) in shares , bonds, cash, near cash instruments, investment trusts and structured products which may embed derivatives.
The Fund will be fully invested save for an amount to enable ready settlement of liabilities (including redemption of units) and efficient management of the Fund both generally and in relation to its objective. This amount will vary depending upon prevai li ng circumstances and although it would normally not exceed 10% of the total value of the Fund, there may be times when the Manager considers stock markets around the world to be overpriced or that a period of instability exists which presents unusu al risks . In such cases or during such periods, a higher level of liquidity may be maintained and, if considered prudent, the exposur e of cash or near cash instruments held would be increased. Unless market conditions were deemed unusually risky, the increased exp osure and period would not be expected to exceed 30% and six months respectively.
Performance Comparison There are three types of benchmarks which can be used:
1. A target - an index or similar factor that is part of a target a fund manager has set for a fund’s performance to match or exceed, which includes anything used for performance fee calculation
2. A constraint - an index or similar factor that fund managers use to limit or constrain how they construct a fund’s portfolio
3. A comparator - an index or similar factor against which a fund manager invites investors to compare a fund’s performance
The Fund does not have a performance target and is not constrained by any index, IA sector or similar factor.
The IA (Investment Association) Mixed Investment 40 - 85% Shares Sector is used as the comparator. This is considered appropriate for investors to use when comparing performance as the Fund is a member of this sector, which is made up of funds with a similar strategy as defined by the IA. The sector is not constructed as an Index, therefore as funds enter or leave the sector composition can change, but it is considered that the sector remains a useful and relevant comparator for investors to assess performance within a relevant peer group.
Investment Review
Source: Morningstar. Performance is bid to bid with income reinvested.
Margetts Select Strategy Fund Acc 16.36% Margetts Select Strategy Fund R Acc 17.09% Margetts Select Strategy Fund S Acc 17.46%
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Fund Manager’s Report (continued)
Benchmarks IA Mixed Investment 40 - 85% Shares 17.06%
Source: Morningstar. Performance is bid to bid with income reinvested.
The Margetts Select Strategy F und (the ‘Fund’) has provided a positive return over the period and rose in value by 17.09% (‘R Acc ’ share class). The F und performance is slightly ahead of the reference peer group, the IA Mixed Investment 40 - 85% Share sector, which rose by 17.06%.
This reporting period has seen the military might of the US humbled by Iran in much the same fashion as Russia continues to experience in Ukraine. Drone warfare has been a ‘game changer’ allowing nations with this technology to effectively defend against, and frustrate, a much better resourced adversary. Although the rhetoric from Donald Trump continues to be victorious, even some of his loyal supporters acknowledge the war has not gone to plan, and the current negotiation is likely to provide considerable concessions to Iran.
As the US approaches the mid - term elections in November, President Trump’s approval rating is at an all - time low of - 25% (as of the 2nd of August, outside of the reporting period) being below the same point of his previous term in 2017 ( - 9%) and Biden in 2021 ( - 15%). Inflation is the area of most concern to voters with approval at - 47% being directly linked to the effect of the Ir an war on energy costs and the ongoing imposition of tariffs. The likely outcome is that the Democrats secure a majority in the House of Representatives where they will be able to limit President Trump’s domestic policy, particularly through their contr ol of funding. However, they will have less direct influence over foreign policy which may push Trump further into this arena wh ere consequences for global investors are unpredictable. Despite the volatile global political environment, all major markets hav e generally increased in value.
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Fund Manager’s Report (continued)
In summary: • The catalysts for a rotation away from ‘Mag 7’ (Apple, Microsoft, Amazon, Alphabet (Google), Meta Platforms, Nvidia, and Tesla) into the wider market are coming into view as capital spending into Artificial Intelligence soars higher. The capital ‘parasites’ are becoming the capital ‘hosts’, increasing the risk of traditional index tracking underperformance due to index leadership rotation. • Company earnings are increasing, partly because of inflation, which is helping valuations improve on key measures such as price - to - earnings ratios. • Inflationary pressures are expected to remain elevated due to high government debt and underlying political causes deterring central banks from acting through rate increases, as the cause is seen as external to domestic interest rate policy. • The Trump MAGA movement is losing support, and a post - mid - terms loss of the ‘House’ could put additional attention on ‘erratic’ foreign policy, increasing risk, and possible reduction in allocation to US assets by global investors. • We continue to expect equity markets to trend higher, with some rotation away from AI into the broader market (ex - US large cap), whilst fixed interest markets trend sideways, or even lower for longer dated maturities.
The most attractive investments require little capital and provide significant profits. However, these businesses generally h ave few barriers to entry, so profits are quickly competed away. By contrast, businesses with high barriers to entry often requir e significant capital investment, for example pharmaceutical companies, where research and development costs are significant. I f we consider the growth of the World Wide Web in the late 1990s, there were several companies that made huge capital investments t o develop fibre optic infrastructure anticipating near endless demand for data. Companies such as Global Crossing (bankrupt in 2002), WorldCom (collapsed in 2002), BT (share price is now around 80% below its 2000 peak), AT&T (share price remains below its Y2K peak) and Verizon (share price remains below Y2K peak), amongst many others. The expectation of insatiable appetite for data was correct, so what went wrong for these business models?
Competition led to massive, synchronised capital investment resulting in acute inflation as the resources available to meet t he demand for a rapid global fibre optic roll - out were insufficient. The value achieved was poor, setting the scene for underwhelmi ng returns, further exacerbated by falling costs for fibre optic infrastructure as the supply chain shifted in response to demand. The situation then deteriorated further, as technological improvements allowed greater data transmission through existing inf rastructure, the emergence of competition from wireless (3G, 4G then 5G) and later satellite (Starlink) meaning the cost of data access remained low. As can be seen, capital investment is inherently risky and there is always a possibility th e business mode l will shift before the expected return on capital is achieved. Accordingly, equity markets generally ascribe a lower valuation multiple to capital - intensive businesses to reflect the additional risk whereas businesses with low capital investment and high margins are more attractive leading to higher valuations.
The capital investment into global data networks acted as ‘host’ for new business models which were able to leverage the investment of others to facilitate their business models as capital ‘parasites’. Businesses such as Meta, Apple, Netflix and Microsoft could not have thrived without consumers having rapid data access. However, the investment into AI is now turning these capital parasites into capital hosts and the numbers are bigger than anything previously seen in the history of the wor ld. The expected investment into AI this year by the Mag 7 alone is expected to be over $800bn and exceed $1 trillion in 2027. This equates to approximately 5% of US GDP and is larger than the entire US defence budget. By next year, it is likely the Mag 7 w ill see negative free cash flow as their investment into AI will exceed the cash generated from normal operations.
It is not clear whether the substantial investment into AI will lead to an attractive return on capital, this will depend on demand, competition and, perhaps most interestingly, the effect AI has on itself. Railways destroyed the value of canals and road t ransport had a similar effect on railways. The advances in AI are occurring quickly and de - valuing previous models. For example, has Google’s AI engine destroyed the value of the Google search engine? If so, did they have any choice given a competitor co ul d have achieved the same thing? Has the new Google AI search engine reduced advertising revenue as it is far more effective, therefore reducing the traffic created by the previous search engine? Is the investment into AI more about long term survival or wi ll it generate additional revenue and returns for investors?
What is becoming clear is that businesses in all sectors can benefit from the use of AI which is inexpensive, at least for no w, and improving efficiencies in a wide range of areas. The productivity benefits, and therefore profitability enhancement, will be progressive and will continue to accrue over time. Mainstream companies appear to be the new capital parasites, benefiting from the capital hosts of the AI leaders who may never be able to properly monetise their record - breaking capital spending. A rotati on of capital from highly valued, predominately US listed AI leaders, into the wider market where valuations are more modest, could be underway with further room to develop into a long - term trend. It is comforting to note that the AI leaders can afford the ir investment into AI from existing cash flows, so the prospect of a 2000s style market crash is unlikely but the future returns from these companies are dependent on growing revenues.
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Fund Manager’s Report (continued)
The cost - of - living crisis is a key platform topic for the latest Prime Minister of the United Kingdom as inflationary pressures persist at home and globally. Andy Burnham is the seventh Prime Minister to occupy No. 10 in 10 years following the dismissal of Keir Starmer by the Labour parliamentary party. It is difficult to think of a current political policy which is not inflation ary at the present time. Russia’s ongoing invasion of Ukraine, the US attacks on Iran, Israel’s Palestinian conflict, climate chan ge initiatives, US trade wars, associated responses and ever - increasing debt of developed countries are all examples. Central banks are reluctant to increase interest rates to tackle inflation due to the risk of causing economic damage combined with concern the measures will be ineffective, given much of the inflation risk is seen as external. Furthermore, central banks also underestim ate the long - term inflation consequences of expanding the money supply (quantitative easing) following the global financial crisis in 2008/9 and Covid in 2019/22. Therefore, it is expected that inflation will remain elevated, diminishing t he prospects for fixed interest investments whilst benefitting equities where earnings are generally inflation protected due to business pricing power.
As negotiations to re - open the Strait of Hormuz continue, it has become clear that the total defeat of Iran has not been possible and the US will need to make some uncomfortable concessions to reach a deal. The popularity of Donald Trump has been in declin e since he took office last year with a recent pronounced dip linked to instigating attacks on Iran. Current polls suggest th e Democrats will take a majority in the House of Representatives at the forthcoming mid - term elections on the 3rd of November. In t his case, the Democrats will have much greater power in relation to the domestic agenda, for example they could frustrate President Trump with impeachment proceedings or block funding for his policies. The prospects for US politics to descend into bitter p oint scoring are high and it is likely to turn the President’s attention to foreign policy where his powers will be largely unaffected. Trust in the US amongst allies has deteriorated due to trade wars, reversals to agreements, criticism of NATO and hostil e threats over Greenland with prospects of any improvement looking doubtful.
The US has dominated global markets since the current world order was established at the conclusion of the Second World War. As such, the Dollar is the global reserve currency and the US stock market represents around 70% of global listed financial a ssets by value, despite the US only accounting for around 4% of global population and 12% of trade. This position developed due to the trust of US allies and confidence in the application of law and justice. In an era of diminishing trust in US leadership, this concentration of investment could reverse. For over two decades index tracking strategies have increased in popularity as investors have been attracted to the combination of low cost and attractive returns. The S&P 500 has performed strongly as leading com panies have continued to grow profits and increase their valuations with the Mag 7 now accounting for 34% of the S&P 500, being a multiple of 243 times their value on an equally weighted basis.
From time to time, leadership within indices changes generally causing performance to fall below an equally weighted index or against actively managed funds. If investors see a divergence between attractive returns and low cost, which way are they lik ely t o trend? This question is reminiscent of music hi - fi systems popular in the 1980s and 1990s where manufacturers concentrated on perfectly recreating the sound through high - quality speakers, gold plated connectors and graphic equalisers believing this motiv ated the end user. However, when the new MP3 format allowed listeners to store near unlimited songs, albeit at reduced quality, it became clear the quality of sound reproduction was secondary to the convenience of having a large music library. If there is a divergence between performance and cost, performance will be the overriding objective which may come as a surprise to those focused on cost reduction alone.
In summary, the environment of higher inflation, caused by historical loose monetary policy, current political tensions and r ecord capital investment, is enhancing earnings growth in all major markets. This provides a general tailwind for global equities a nd an ongoing headwind for fixed interest markets. Within global equity markets, the leadership of capital investment is changing a s the Mag 7 invest record capital into AI with clear benefits to business and mankind but risks as the revenue model is not y et evident. The US is suffering from a deterioration in trust, and this could also impact the premium enjoyed by US equities, especially if President Trump’s domestic powers are curbed at the mid - terms and his erratic approach shifts further towards foreig n policy.
Docusign Envelope ID: F0EE0FD0-64D8-8793-80B5-4ED7C6308D3B
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Fund Manager’s Report (continued)
Strategy
We continue to hold reduced allocations to fixed interest investments as these assets are negatively affected by rising inflationary pressure. Where held, the maturity profile is at the shorter end, as the inflationary effect is negligible, and the fixed r ate offered is above the expected rate of inflation to provide a real return.
Allocations to the US are underweight due to higher valuations, the dominance of AI driven stocks, and the difficulty predict ing which companies will achieve an economic return from their AI investments and how this will occur. Weightings are diversified away from US assets in favour of the UK, Asia and Emerging Markets which are more attractively valued and are expected to benefit broadly from AI as companies find efficiencies t hrough the implementation of this technology.
Within equity markets, we hold increased exposure to medium and smaller companies to reduce exposure to Mega - caps, particularly those investing record capital into AI development.
Margetts Fund Management Limited Fund Manager 10 September 2026
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Statement of Manager ’s Responsibilities
The Manager is responsible for preparing the Financial Statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
The Financial Conduct Authority’s Collective Investment Schemes Sourcebook (“COLL”) and FUND sourcebook requires the Manager to ensure that the Financial Statements for each accounting period give a true and fair view of the financial affairs of the Scheme and of the net income / expenses and of the net gains / losses on the property of the Scheme for that year.
In preparing the Financial Statements the Manager is required to:
• select suitable accounting policies and apply them consistently;
• make judgments and estimates that are reasonable and prudent;
• comply with the Prospectus, generally accepted accounting principles and applicable accounting standards subject to any material departures which are required to be disclosed and explained in the Financial Statements;
• comply with the disclosure requirements of the Statement of Recommended Practice for Financial Statements and Authorised Funds;
• keep proper accounting records which enable it to demonstrate that the accounts as prepared comply with the above requirements;
• prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Scheme will continue in operation; and
• manage the Fund (Alternative Investment Fund [AIF]) and undertake risk management for the Fund in accordance with the AIFM directive, the Alternative Investment Fund Managers Regulations 2013, and the FCA rules.
The Manager is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Scheme and to enable them to ensure that the Financial Statements comply with the COLL and FUND Sourcebooks. The Manager is also responsible for safeguarding the assets of the Scheme and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This function is performed by the Manager , and references to the Manager inc lude the AIFM as applicable.
In so far as the Manager is aware:
• There is no relevant audit information of which the Scheme’s auditors are unaware; and
• The Manager has taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
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Statement of Trustee’s Responsibilities and T Trustee Report to Unit holders
For the year ended 30 June 2026
The Trustee must ensure that the Fund is managed in accordance with the Financial Conduct Authority’s Collective Investment Schemes Sourcebook, and, from the 22 nd July 2014 the Investment Funds Sourcebook, the Financial Services and Markets Act 2000, as amended, (together “the Regulations”), the Fund’s Trust Deed and Prospectus (together “the Scheme documents”) as detailed below.
The T Trustee must in the context of its role act honestly, fairly, professionally, independently and in the interests of the Fund and its investors.
The Trustee is responsible for the safekeeping of all custodial assets and maintaining a record of all other assets of the Fund in accordance with the Regulations.
The Trustee must ensure that:
• the Fund’s cash flows are properly monitored and that cash of the Fund is booked into the cash accounts in accordance with the Regulations;
• the sale, issue, repurchase and cancellation of units are carried out in accordance with the Regulations;
• the value of units of the Fund are calculated in accordance with the Regulations;
• any consideration relating to transactions in the Fund’s assets is remitted to the Fund within the usual time limits;
• the Fund’s income is applied in accordance with the Regulations; and
• the instructions of the A Authorised Fund Manager (“the AFM”) are carried out (unless they conflict with the Regulations).
The Trustee also has a duty to take reasonable care to ensure that the Fund is managed in accordance with the Scheme documents and the Regulations in relation to the investment and borrowing powers applicable to the Fund .
Having carried out such procedures as we consider necessary to discharge our responsibilities as Trustee of the Fund , it is our opinion, based on the information available to us and the explanations provided, that in all material respects the Fund , acting through the AIFM:
i. has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Fund’s units and the application of the Fund’s income in accordance with the Regulations and the Scheme documents of the Fund ; and
ii. has observed the investment and borrowing powers and restrictions applicable to the Fund in accordance with the Regulations and Scheme documents of the Fund .
For and on behalf of The Bank of New York Mellon (International) Limited 160 Queen Victoria Street London EC4V 4LA
Manager 16 October 2026
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Authorised Status
The Margetts Select Strategy Fund is an Authorised Unit Trust Scheme established on 10 February 1995.
The Fund is classed as a Non - UCITS Retail Scheme, which complies with the requirements of the FCA FUND and COLL handbooks. Unit holders are not liable for the debts of the Fund.
Certification of Accounts by Directors of the Fund Manager
This report is signed in accordance with the requirements of the Collective Investment Schemes Sourcebook (COLL) as issued and amended by the Financial Conduct Authority.
M D Jealous A Ogunnowo
Margetts Fund Management Limited 16 October 2026
Value for Money Assessment
U nder rules set out within the Collective Investment Schemes sourcebook (COLL), we are required to conduct an AoV at least annually on each fund and report publicly on our conclusions. The AoV review covers the 7 pillars defined within the sourcebo ok: Performance, Quality of Service, AFM Costs, Economies of Scale, Comparable Market Rates, Comparable Services and Classes of Units. Each Sub - fund within the range is assessed independently against each of the pillars.
We conducted our latest assessment as at the accounting year - end date of the fund.
Actions i dentified in the previous r eview There were no actions identified in the previous AoV review.
Margetts Select Strategy Fund We believe that the Sub - fund is delivering overall value to investors across all assessed pillars.
We assess the Sub - fund’s costs against similar funds within the IA sector it is most aligned with. Despite the Ongoing Charge s Figure (OCF) being higher than the average for peers within the sector, the assessment concluded that value is still being delivered for the Comparable Market Rates pillar.
On this basis, w e believe that charges are justified based on the assessment and no remedial action has been identified at this time.
Task Force on Climate - related Financial Disclosures (‘TCFD’)
In accordance with current Financial Conduct Authority rules, the Fund Manager is required to publish its own TCFD report and that of each F und. The report can be found by visiting our website https://investors.mgtsfunds.com/disclosures . The TCFD disclosure of each F und is reviewed on an annual basis and may not include F unds that were launched or transferred to Margetts after the review.
Investor Notification
Effective 29 August 2025, the Margetts Opes Income Fund merged into the Margetts Select Strategy Fund (the ‘Fund’) increasing the net assets of the Fund by £9 million.
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Independent Auditor’s Report
To the unit holders of the Margetts Select Strategy Fund
Opinion We have audited the financial statements of the Margetts Select Strategy Fund (‘the Fund’), for the year ended 30 June 2026 which comprise the Statement of Change in Net Assets Attributable to Unit h olders, the Balance Sheet, the Statement of Total Return, the related notes including significant accounting policies and the Distribution Tables. The financial reporting framework that has been applied in their preparation is applicable law and United Kin gdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) and the Statement of Recommended Practice ‘Financial Sta tements of Authorised Funds’ issued by the Investment Association (the ‘Statement of Recommended Practice for Authorised Funds’).
In our opinion the financial statements: • give a true and fair view of the financial position of the Fund’s affairs as at 30 June 2026 and of the net income and net capital gains on the property of the Fund for the year then ended;
• have been properly prepared in accordance with the Statement of Recommended Practice relating to Authorised Funds, the rules of the Collective Investment Schemes Sourcebook issued by the Financial Conduct Authority, the Prospectus, and United Kingdom Gener ally Accepted Accounting Practice;
Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the F und in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other eth ical responsibi lities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern In auditing the financial statements, we have concluded that the Fund Manager ’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the F und’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Fund Manager with respect to going concern are described in the relevant sections of this report.
Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Fund Manager is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Authorised Fund Manager ’s Report In our opinion, the information given in the Fund Manager ’s Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
Opinion on matters required by the Collective Investment Schemes Sourcebook In our opinion, we have obtained all the information and explanations we consider necessary for the purpose of the audit.
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Independent Auditor’s Report (continued)
Collective Investment Schemes Sourcebook Exception Reporting Under the Collective Investment Schemes sourcebook we are also required to report to you if, in our opinion: • proper accounting records have not been kept; or • the financial statements are not in agreement with the accounting records.
We have no exceptions to report arising from this responsibility
Responsibilities of the Authorised Fund Manager As explained more fully in the Fund Manager ’s responsibilities statement, the Fund Manager is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Fund Manager determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Fund Manager is responsible for assessing the F und’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Fund Manager either intends to liquidate the Fu nd or to cease operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individuall y or in aggregate, they could reasona bly be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basi s for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the F und’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Fund Manager .
• Conclude on the appropriateness of the Fund Manager ’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the F und’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to mod ify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the F und to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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Independent Auditor’s Report (continued)
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non - compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent t o which our procedures are capable of detecting irregularities, including fraud is detailed below.
• The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and de tection of fraud rests with both management and those charged with governance of the F und.
Our approach was as follows: • We obtained an understanding of the legal and regulatory requirements applicable to the F und and considered that the most significant are the Collective Investment Scheme Sourcebook, UK financial reporting standards as issued by the Financial Reporting Council, UK taxation legislation, and the Prospectus.
• We obtained an understanding of how the F und complies with these requirements by discussions with management and those charged with governance.
• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
• We inquired of management and those charged with governance as to any known instances of non - compliance or suspected non - compliance with laws and regulations.
• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of no n compliance with laws and regulations that are not closely related to events and transactions reflected in the financial state ment s. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting f rom error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through co llusion.
Use of our report This report is made solely to the unitholders of the Fund, as a body, in accordance with Rule 4.5.12 of the Collective Investment Scheme Sourcebook (COLL) of the Financial Conduct Authority (FCA). Our audit work has been undertaken so that we might state t o the Fund’s unitholders those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Fund and the Fund's members as a body, for our audit work, for this report, or for the opinions we have formed.
Robert Wood (Senior Statutory Auditor) For and on behalf of Moore Kingston Smith LLP Chartered Accountant and Statutory Auditor 6 th Floor, 9 Appold Street London EC2A 2AP 16 October 2026
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Portfolio S tatement
As at 30 June 2026 % OF NET ASSETS HOLDING INVESTMENT VALUE (£) 30.06.2026 30.06.2025 COLLECTIVE INVESTMENT SCHEMES £ CORPORATE BOND 6,781,333 L&G SHORT DATED STERLING CORPORATE BOND INDEX FUND C ACC
4,599,100 4.42
3,958,544 ROYAL LONDON STERLING CREDIT Z ACC 4,678,999 4.49 TOTAL £ CORPORATE BOND 9,278,099 8.91 9.0 0
ASIA PACIFIC EXCLUDING JAPAN 1,463,215 ABERDEEN ASIA PACIFIC ENHANCED INDEX B ACC 4,586,886 4.4 0 107,601 BAILLIE GIFFORD PACIFIC B ACC 2,464,072 2.37 3,149,672 SCHRODER ASIAN INCOME FUND W ACC 2,426,822 2.3 3 95,947 SCHRODER INSTITUTIONAL PACIFIC I ACC 2,505,187 2.4 0 TOTAL ASIA PACIFIC EXCLUDING JAPAN 11,982,96 7 11.5 0 11.8 0
EUROPE EXCLUDING UK 329,614 BLACKROCK EUROPEAN DYNAMIC FUND FX ACC 1,202,265 1.15 140,970 HSBC EUROPEAN INDEX FUND ACC C 2,626,007 2.52 19,201 JANUS HENDERSON EUROPEAN SMR COMS G ACC 1,064,499 1.0 3 1,460,513 LEGAL & GENERAL EUROPEAN EQUITY INCOME FUND C CLASS ACC
1,387,925 1.33
TOTAL EUROPE EXCLUDING UK 6,280,696 6.03 5.98
GLOBAL EMERGING MARKETS 4,896,109 UBS GLOBAL EMERGING MARKETS EQUITY C ACC 6,372,776 6.1 2 TOTAL GLOBAL EMERGING MARKETS 6,372,776 6.1 2 5.99
MONEY MARKETS 1,684,405 ROYAL LONDON SHORT TERM MONEY MARKET Y ACC 2,047,226 1.97 TOTAL MONEY MARKETS 2,047,226 1.97 2.10
NORTH AMERICA 437,094 INVESCO US ENHANCED INDEX FUND (UK) F ACC 1,030,9 30 0.99 3,675,872 LEGAL & GENERAL S&P 500 US EQUAL WEIGHT INDEX FUND CLASS C UNITS GBP ACC
2,178,689 2.09
11,987 VANGUARD U.S. EQUITY INDEX FUND INSTITUTIONAL PLUS GBP ACC
6,258,367 6.01
TOTAL NORTH AMERICA 9,467,986 9.09 10.15
NORTH AMERICAN SMALLER COMPANIES 199,694 ARTEMIS US SMALLER COMPANIES FUND I ACC GBP 1,107,343 1.0 6 TOTAL NORTH AMERICAN SMALLER COMPANIES 1,107,343 1.0 6 -
UK ALL COMPANIES 93,423 BLACKROCK UK EQUITY I ACC 11,799,799 11.33 3,339,895 ISHARES UK EQUITY INDEX FUND (UK) D ACC 13,813,136 13.2 6 11,931,483 LEGAL & GENERAL UK MID CAP INDEX C ACC 9,265,990 8. 89 TOTAL UK ALL COMPANIES 34,878,925 33. 48 33. 27
UK EQUITY INCOME 4,888,757 SCHRODER INCOME FUND L ACC GBP 6,898,035 6.62 TOTAL UK EQUITY INCOME 6,898,035 6.62 6.65
UK GILTS 214,204 GOLDMAN SACHS ACCESS UK GILTS 1 - 10 YEARS UCITS ETF 2 9,256,826 8.89 TOTAL UK GILTS 9,256,826 8.89 9.00
UK SMALLER COMPANIES 283,586 JP MORGAN UK SMALLER COMPANIES I - NET ACC 4,682,007 4. 49 TOTAL UK SMALLER COMPANIES 4,682,007 4. 49 4.53
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% OF NET ASSETS HOLDING INVESTMENT VALUE (£) 30.06.2026 30.06.2025 GOVERNMENT OR PUBLIC BONDS GOVERNMENT 767,000 UK TREASURY 4.25% 12/07/27 1 768,726 0.7 4 TOTAL GOVERNMENT 768,726 0.7 4 -
PORTFOLIO OF INVESTMENTS 103,021,61 2 98.9 0 98.47 NET CURRENT ASSETS 1,149,305 1. 10 1.53 TOTAL NET ASSETS 104,170,917 100.00 100.00 The investments have been valued in accordance with note 1(b). The investments are collective investment schemes and are not traded on the regulated securities market unless stated otherwise. 1 Bonds 2 Exchange tra ded fund s
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Financial Statements
Statement of Total Return
For the year ended 30 June 2026
Notes 01.07.2025 to 30.06.2026
01.07.202 4 to 30.06.202 5 Income £ £ £ £ Net capital gains 4 14,752,552 4,450,429 Revenue 6 2,653,640 3,307,193 Expenses 7 (739,925) (830,335) Net revenue before taxation 1,913,715 2,476,858 Net revenue after taxation 1,913,715 2,476,858 Total return before distributions 16,666,267 6,927,287 Finance costs: Distributions 9 (1,913,718) (2,476,861) Change in net assets attributable to unitholders from investment activities 14,752,549 4,450,426
Statement of Change in Net Asset s Attributable to Unitholders
For the year ended 30 June 2026 01.07.2025 to 30.06.2026
01.07.202 4 to 30.06.202 5 £ £ £ £ Opening net assets attributable to unitholders 98,717,067 110,686,498
Amounts receivable on issue of units 12,741,733 3,546,562 Amounts payable on cancellation of units (23,877,987) (22,325,428)
Dilution adjustment - 7,224 (11,136,254) (18,771,642) Change in net assets attributable to unitholders from investment activities 14,752,549 4,450,426
Retained distribution on accumulation units 1,837,555 2,351,785 Closing net assets attributable to unitholders 104,170,917 98,717,067
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Balance Sheet
As at 30 June 2026 Notes 30.06.2026 30.06.2025 Assets £ £ £ £ Investment assets 103,021,612 97,211,577 Debtors 10 1,307,351 30,403 Cash and bank balances 1,358,670 1,719,009 Total other assets 2,666,021 1,749,412 Total assets 105,687,633 98,960,989
Liabilities Creditors 11 1,516,716 243,922 Total other liabilities 1,516,716 243,922 Net assets attributable to unitholders 104,170,917 98,717,067
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Notes to the Financial Statements
As at 30 June 2026
1 Accounting Policies
a) Basis of Preparation
The Financial Statements have been prepared in accordance with the following: (i) FRS 102 “The Financial Reporting Standards Applicable in the UK and Republic of Ireland” (ii) The Statement of Recommended Practice (“SORP”) for Financial Statements of UK Authorised Funds issued by the Investment Association in May 2014 and amended in June 2017 (iii) The FCA's Collective Investment Schemes Sourcebook (''COLL'') (iv) The FCA's Investment Funds Sourcebook (''FUND'') (v) The Fund's Trust Deed
The Financial Statements have been prepared under the historical cost basis, as modified by the revaluation of investments and certain financial instruments at fair value.
b) Valuation of investments
Listed investments are valued at bid market value on the Balance Sheet date net of any accrued interest which is included in the Balance Sheet as an income related item.
Collective investment schemes are valued at quoted bid prices for dual priced funds and at quoted prices for single priced funds, on the last business day of the accounting period.
Delisted instruments are valued by the Fund Manager considering, where appropriate, latest dealing prices, valuations from reliable sources, financial performance, and other relevant factors.
Equities and bonds are valued at bid value on the balance sheet date using publicly available pricing information.
Structured products are initially recognised at transaction price and subsequently at fair value. This is determined using observable market inputs where available, including quoted prices for identical or similar instruments.
Cash and cash equivalents comprise cash at bank, demand deposits and other short - term highly liquid investments that are readily convertible to known amounts of cash, and which are subject to an insignificant risk of changes in value. This may include inve stments in money market funds where these are held for the purpose of meeting short - term cash commitments and meet the definition of cash equivalents. Money market funds held for investment purposes are classified as investments.
c) Functional and Presentation Currency
Items included in the Financial Statements are measured using the currency of the primary economic environment in which the Fund operates (the "functional currency"). The Financial Statements are presented in Pounds sterling, which is the Fund's functional and presentation currency.
d) Realised and Unrealized Gains and Losses
Realised gains and losses are calculated as the proceeds from disposal less book cost. Unrealised gains and losses are calculated with reference to the original recorded value of the asset or liability, and only the element of gains or loss within the accounting period is recorded in the Financial Statements. All unrealised and realised gains and losses are capital in nature and do not fo rm part of the Fund’s distributable income.
e) Foreign Exchange Rates
Transactions in foreign currencies are recorded in Pound Sterling at the rate ruling at the date of the transactions. Assets and liabilities expressed in foreign currencies at the end of the accounting period are translated into Pound Sterling at the closi ng middle exchange rates ruling on that date.
1 Accounting Policies (continued)
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f) Recognition of Revenue
(i) Dividends from quoted equity and non - equity shares are recorded net of any attributable tax credits when the security is quoted ex - dividend. Overseas dividends, received after deduction of withholding tax, are presented gross of taxation, with the related tax impact reflected within the tax charge. Special dividends are classified as either revenue or capital based on the nature and circumstances of the dividend received.
(ii) Property Income Distribution is recognised gross.
(iii) Distributions from collective investment schemes are recognised when the schemes are quoted ex distributions. Equalisation returned with the distribution is deducted from the cost of investment and does not form part of the distributable revenue. Accumulat ion of revenue relating to accumulation units or shares held in collective investment schemes is recognised as revenue and included in the amount available for distribution. Reportable income from funds with ‘Reporting Fund’ status for UK tax purposes is r ecognised when the information is made available by the Reporting Fund.
(iv) Interest on debt securities is recognised on an accrual basis, reflecting the effective yield of the investment and classified as revenue. Under the effective yield method, any discount or premium on the purchase price is amortised or accreted over the rem aining life of the investment, based on estimated future cash flows. Interest on bank and other cash deposits is recognised on an accrual basis.
(v) Rebates of annual management charges on underlying investments are recognised on an accrual basis where the amount can be reliably estimated and receipt is probable. Where this is not the case, rebates are recognised on a cash receipt basis .
(vi) Special dividends are reviewed on a case - by - case basis in determining whether the amount is revenue or capital in nature. Where there is evidence to treat all or some of such receipts as revenue, such amounts are recognised as dividend revenue of the Fund . Any tax treatment would follow the accounting treatment of the principal amount.
(vii) Returns from derivative contracts and structured products are accounted for in accordance with the motives and circumstances of the transaction. The net distributions or dividends from the underlying instrument attached to total return swaps are recognized as revenue. The net interest receivable or payable on interest rate swaps is accounted for on an accruals basis and is included within revenue.
g) Treatment of Expenses
Annual Management Charge is deducted from Income for all F unds, unless otherwise stated in the Fund prospectus. All other expenses are charged against Income except for costs associated with the purchase and sale of investments which are charged against Capital.
The majority of expenses are recorded on an accrual basis; however, the Fund may incur additional allowable expenses which are charged as and when they are incurred.
h) Allocation of Revenue and Expense to Multiple Share Classes
Any revenue or expense not directly attributable to a particular share class will be allocated pro - rata to the net assets of the relevant share classes unless a different allocation method is more appropriate.
All share classes are ranked side by side and have no particular right or terms attached, including on winding up.
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1 Accounting Policies (continued)
i) Taxation
(i) The Fund is treated as a corporate shareholder with respect to its underlying holdings and its income is subject to streaming into franked and unfranked.
(ii) Corporation tax is provided at 20% on income, other than the franked portion of distributions from collective investment schemes, after deduction of deductible expenses.
(iii) Deferred tax is provided in respect of timing differences that have originated but have not been reversed at the Balance Sheet date. Deferred tax assets are recognised only to the extent that they are more likely than not to be recoverable. Deferred tax as sets and liabilities are not discounted to reflect the time value of money.
j) Financial Derivative Instrument
(i) Currency contracts Realised gains or losses, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, are recorded upon delivery or receipt of the currency or, if a spot or forward curren cy contract is offset by entering another spot or forward currency contract with the same broker, upon settlement of the net gain or loss.
(ii) Futures and Options contracts - Futures and Options contracts are marked to market daily and an appropriate gain or loss for the change in value (‘variation margin’) is recorded by the Fund as realised.
(iii) Efficient portfolio management Where appropriate, certain permitted transactions such as derivatives or forward currency t transactions are used for efficient management. Where such transactions are used to protect or enhance revenue, the revenue and expenses derived therefrom are included in ‘Revenue’ or ‘Expenses’ in the statement of total return. Where such transactions are u sed to protect or enhance capital, the gains and losses derived therefrom are included in ‘Net capital gains’ in the statement of total return. Any positions on such transactions open at the period end are reflected in the Balance Sheet at their mark to mar ket value.
k) Going Concern
The Fund Manager is of the opinion that it is appropriate to continue to adopt a going concern basis in the preparation of the accounts as the assets of the Fund consist predominantly of securities which are readily realisable and, accordingly, the Fund has adequate finan cial resources to continue in operational existence for the foreseeable future.
l) Use of Estimates and Judgements
In the application of the Fund’s accounting policies as detailed above, management is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily available from other sources. The estimat es and associated assumptions are based on historical experience and other factors considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
No critical judgements have been made by management in applying the accounting policies of the Fund. Furthermore, there are no significant areas of estimation uncertainty affecting the carrying amounts of assets and liabilities as at reporting date.
m) Dilution Adjustment
The Fund Manager may require a dilution adjustment on the purchase and redemption of units if, in its opinion, the existing unit holders (for purchases) or remaining unit holders (for redemptions) might otherwise be adversely affected. For example, the dilution adjustment may be charged in the following circumstances: where the scheme property of the Fund is in continual decline; where the Fund is experiencing large levels of net p urchases relative to its size; on ‘large deals’; in any case where the Fund Man ager is of the opinion that the interests of existing or remaining unit holders require the imposition of a dilution adjustment.
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1 Accounting Policies (continued)
n) Cash Flow Statement
The Fund is exempt from the requirement to produce a Cash Flow Statement in accordance with Section 7 of FRS 102.
2 Distribution Policy
Basis of Distribution The Fund will distribute all revenue disclosed in the Financial Statements (less expenses and taxation) subject to an adjustment for other expenses deemed to be of a capital nature. Should expenses and taxation exceed revenue, there will be no distribution and the shortfall will be met from Capital.
Income earned in an interim accounting period may not all be distributed immediately but retained and used to ensure that distributions paid throughout the year are broadly similar. This policy of 'smoothing' may be used. Interim distributions may be made at the Fund Manager ’s discretion.
Equalisation Equalisation applies to only to units purchased during the distribution period. It is the average amount of income included in the purchase price of all group 2 units and is refunded to holders of these units as a return of capital. Being capital, it is no t liable to UK income tax and must be deducted from the cost of the units for UK capital gain tax purposes.
Unclaimed Distributions All distributions unclaimed for a period of six years after having become due for payment shall be forfeited and shall revert to the capital of the Fund in accordance with COLL.
3 Risk Management Policies
In pursuing its investment objective, the Fund holds a number of financial instruments. The Funds’ financial instruments comprise securities held in accordance with the investment objectives and policies together with cash balances, debtors and creditors that arise directly from its operations, for example, in respect of sales and purchases awaiting settlement, amounts recei vable for issues and payable for redemptions and debtors for accrued income.
The main risks arising from the Fund’s financial instruments and the Fund Manager ’s policies for managing these risks are summarised below. These polices have been applied throughout the year.
The Fund is managed according to COLL 5 ‘Investment and Borrowing Powers’ which ensures the Fund achieves the statutory objective of protecting consumers by laying down the minimum standards for the investments that may be held by an authorised fund. In pa rticular: (a) the proportion of transferable securities and derivatives that may be held by an authorised fund is restricted if those transferable securities and derivatives are not listed on an eligible market the intention of this is to restrict the tran sferable securities and derivatives that cannot be accurately valued and readily disposed of; and (b) the authorised funds are required to comply with a number of investment rules that require the spreading of risk.
The main risks from the Fund’s holding of financial instruments with the Fund Manager ’s policy for managing these risks are set out below:
(i) Credit and Counterparty Risk – Certain transaction s in securities that the Fund enters into expose it to the risk that the counterparty will not deliver the investment for a purchase, or cash for a sale after the Fund has fulfilled its responsibilities. Adhering to investment guidelines and avoiding excessive exposure to one particular issuer can limit credit risk. The Fund only buys and sells investment through brokers which have been approved by the Fund Manager as an acceptable counterparty.
(ii) Interest Rate Risk – The risk that the value of the Fund’s investments will fluctuate because of interest rate changes. The value of fixed interest securities may be affected by changes in the interest rate environment, either globally or locally. Changes in the rate of return in one asset class may influence the valuation basis of other classes. The amount of income receivable from fixed interest securities and bank balances, or payable on bank overdrafts will be affected by fluctuations in interest rates. Numeri cal disclosure of the interest rate risk profile is made within Note 16 of the Financial Statements .
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3 Risk Management Policies (continued)
(iii) Foreign Currency Risk – A portion of the Fund’s assets and income are denominated in currencies other than Pounds sterling, which is the currency of unit s in the Fund. The income and capital value of the Fund’s investments can be significantly affected by foreign currency translation movements. The principal area where foreign currency risk could impact the Fund is movement in exchange rates affecting the value of investments. The Fund Manager has the responsibility for monitoring the foreign currency risk of the Fund and does thi s by reviewing the underlying exposure to foreign currencies on the security holdings and cash positions. Where it is considered necessary the manager will use forward foreign currency contracts to reduce the risk to this underlying foreign currency exposu re. The purpose of any forward foreign currency contract is to manage the currency risk arising from the Fund’s investment activities. Open positions, which are all covered, are included in the net current assets attributable to unit holders as shown in the Balance Sheet. Numerical disclosure of the foreign currency risk profile is made within Note 16 of the Financial Statements .
(iv) Liquidity Risk – The main liability of the Fund is the cancellation of any unit s that investors want to sell. Securities may have to be sold to fund such cancellations should insufficient cash be held at the bank to meet this obligation.
In addition, certain listed securities, and instruments, particularly securities and instruments of smaller capitalised or less seasoned issuers, may from time to time lack an active secondary market and may be subject to more abrupt or erratic price movem ents than securities of larger, more established companies or stock market averages in general. In the absence of an active secondary market the Fund’s ability to purchase or sell such securities at a fair price may be impaired or delayed.
(v) Market Price Risk – Market price is the risk that the value of the Fund’s investment holding will fluctuate because of changes in market prices caused by factors other than interest rate or foreign currency movement. Market price risk arises mainly from uncertainty about the future prices of financial instruments the Fund holds. It represents the potential loss the Fund might suffer through holding market positions in the face of price movements.
The Fund’s investment portfolio is exposed to market price fluctuations which are monitored by the Investment Manager in pursuance of the investment objective and policy as set out of the Prospectus.
Investment limits set out in the Trust Deed , Prospectus and in the rules contained in Collective Investment Schemes Sourcebook mitigate the risk of excessive exposure to any particular security or issuer.
(vi) Fair Value of Financial Assets and Financial Liabilities – There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value.
(vii) Leverage – In accordance with the Alternative Investment Fund Managers Directive (“AIFMD”) and the IA SORP issued in May 2014 and amended in June 2017 , as Fund Manager we are required to disclose any leverage of the Fund. Leverage is defined as any method by which the Fund increases its exposure through borrowing or the use of derivatives (calculated in accordance with the commitment method approach (AIFMR article 8)) di vided by the net asset s value.
The Fund’s exposure is defined with reference to the ‘Commitment’ method. Commitment method exposure is calculated as the sum of all positions of the Fund, including derivative after accounting for netting and hedging positions and is disclosed within Note 18 of the Financial Statements.
(viii) Operational risk – – Operational risk is the risk of loss arising from systems failure, human error, fraud or external events. When controls fail to perform, operational risks can cause damage to reputation, have legal or regulatory implications, or lead to financial loss. The Fund cannot eliminate operational risks but, through the continual review and assessment of its control environment, by monitoring and responding to potential risks, they can be managed.
High level controls include effective segregation of duties, trade confirmation checking and reconciliation procedures, incident reporting and oversight of delegated functions .
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4 Net Capital Gains 01.07.2025 to 30.06.2026
01.07.2024 to 30.06.2025 £ £ Proceeds from sales of investments during the year 59,202,407 73,321,324 Original cost of investments sold during the year (48,870,897) (62,617,254) Gains realised on investments sold during the year 10,331,510 10,704,070 Net appreciation thereon already recognised in prior periods (7,916,697) (9,396,376) Net realised appreciation for the year 2,414,813 1,307,694 Net unrealised appreciation for the year 12,338,55 4 3,142,735 Net gains on non - derivative securities 14,753,36 7 4,450,429 Net losses on currencies (815) Net capital gains 14,752,552 4,450,429
5 Purchases, Sales and Transaction Costs 01.07.2025 to 30.06.2026
01.07.2024 to 30.06.2025 £ £ Bonds Purchases excluding transaction costs 764,684 Commissions and charges: 0.02% [0.00%] 191 Trustee transaction charges: 0.00% [0.00%] 4 Purchases including transaction costs 764,879 -
Collective Investment Schemes Purchases excluding transaction costs 47,299,985 54,575,443 Commissions and charges: 0.00% [0.00%] 821 2,422 Trustee transaction charges: 0.00% [0.00%] 275 262 Purchases including transaction costs 47,301,081 54,578,127
Sales excluding transaction costs 59,212,793 73,315,691 Commissions and charges: 0.00% [0.00%] (514) (540) Trustee transaction charges: 0.00% [0.00%] (539) (617) Sales including transaction costs 59,211,740 73,314,534
Trustee transaction charges have been deducted in determining net capital Transaction charges are displayed as percentage of purchase/sale
Total commissions and charges: 0.00% [0.00%] 1,526 2,962 Total trustee transaction charges: 0.00% [0.00%] 81 8 879
Total charges displayed as percentage of average net assets ts value
Average portfolio dealing spread: 0.08% [0.08%]
6 Revenue 01.07.2025 to 30.06.2026
01.07.2024 to 30.06.2025 £ £ UK franked income 1,662,161 2,239,054 Bond interest 473,322 698,126 Overseas unfranked income 388,820 217,624 Rebate of annual management charges 32,194 38,182 Money market fund interest 83,289 109,693 Bank interest 13,854 4,514 Total revenue 2,653,640 3,307,193
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7 Expenses 01.07.2025 to 30.06.2026
01.07.2024 to 30.06.2025 £ £ Payable to the Manager, associates of the Manager and agents of either: Manager's periodic charge 695,870 709,199 Registration fees 32,683 33,085 Transfer Agency Fee 2,601 731,154 742,284 Payable to the Trustee associates of the Trustee and agents of either: Trustee's fee 20,285 39,340 Safe custody 6,736 6,209 27,021 45,549 Other expenses: FCA fee 82 54 Audit fee 9,507 7,298 AMC p ayable (27,839) 35,150 Total expenses 739,925 830,335
8 Taxation 01.07.2025 to 30.06.2026
01.07.2024 to 30.06.2025 £ £ a) Analysis of the tax charge for the year: UK Corporation tax - Current tax charge (note 8b) - Total tax charge - -
b) Factors affecting the tax charge for the year: Net revenue before taxation 1,913,715 2,476,858 Corporation tax at 20% 382,743 495,372
Effects of: Franked dividends (332,432) (447,811) Disallowable expenses - 7,030 Franked e xpense a djustment (5,568) Utilisation of excess management expenses (44,743) (54,591) Corporation tax charge - Current tax charge for the year (note 8a) - -
c) Provision for deferred taxation: No provision for deferred taxation has been made in the current or prior accounting year.
d) Factors that may affect future tax changes: The Fund has unutilised management expenses of £11,550,245 (prior year £11,773,961). The Fund does not expect to be able to utilise this in the foreseeable future.
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25 Margetts Fund Management Limited
9 Finance Costs 01.07.2025 to 30.06.2026
01.07.2024 to 30.06.2025 £ £ Distributions Interim 911,917 1,437,265 Final 925,639 914,520 1,837,556 2,351,785 Amounts deducted on cancellation of units 156,280 156,603 Amounts received on issue of units (80,118) (31,527) Finance costs: Distribution 1,913,718 2,476,861 Total finance costs 1,913,718 2,476,861
Represented by: Net revenue after taxation 1,913,715 2,476,858 Balance of revenue brought forward 8 11 Balance of revenue carried forward (5) (8) Finance costs: Distribution 1,913,718 2,476,861
10 Debtors 30.06.2026 30.06.2025 £ £ Amounts receivable for issue of units 57,152 24,089 Amounts receivable for investment securities sold 1,247,966 -
Accrued revenue: Bond interest 2,233 Rebate of annual management charges - 6,314 2,233 6,314 Total debtors 1,307,351 30,403
11 Creditors 30.06.2026 30.06.2025 £ £ Amounts payable for cancellation of units 1,208,845 78,369 Amounts payable for investment securities purchased 185,641 -
Accrued expenses: Amounts payable to the Manager, associates and agents: Manager's periodic charge 57,621 53,246 Registration fees 8,317 2,986 65,938 56,232 Amounts payable to the Trustee, associates and agents: Trustee's fees 10,086 39,341 Transaction charges 74 397 Safe custody fee 2,357 1,523 12,51 7 41,261 Other expenses 43,775 68,060 Total creditors 1,516,716 243,922
12 Contingent Liabilities and Commitments
There were no contingent liabilities or outstanding commitments at the Balance Sheet date.
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Margetts Select Strategy Fund - fo for the year ended 30 June 2026
26 Margetts Fund Management Limited
1 3 Related Party Transactions
Margetts Fund Management Limited as Manager , is a related party, and acts as principal in respect of all transactions of unit s in the Fund . The aggregate monies received through issues and paid on cancellations are disclosed in the statement of change in net assets attributable to unitholders and N ote 9 .
Amounts paid to Margetts Fund Management Limited in respect of management services are disclosed in N ote 7 and amounts due at the end of the year in N ote 11 .
1 4 Unit holders’ Funds Acc R Acc S Acc Opening number of units 2,533,802 7,869,754 4,928,597 Units issued 117,797 299,08 7 421,352 Units converted (70,832) 64,262 Units redeemed (392,998) (1,485,197) (1,829,371) Units transferred on merger - - 1,342,475 Closing number of units 2,187,769 6,747,906 4,863,053
1 5 Post Balance Sheet Events
There were no material post Balance Sheet events which have a bearing on the understanding of the Financial Statements.
1 6 Risk Disclosures
Debt securities may be held by the underlying investments of the Fund . The Interest Rate Risk of these securities is managed by the relevant manager. The table below shows the Interest Rate Risk profile at the Balance Sheet date:
i. Interest Risk 30.06.2026 30.06.2025 £ £ Floating rate assets (Pounds sterling): 1,358,670 1,719,009
Assets on which interest is not earned (Pounds sterling): 103,560,23 7 97,241,980
Assets on which interest is earned ( P ounds sterling): 768,726 -
Liabilities on which interest is not paid (Pounds sterling): (1,516,716) (243,922)
Net Assets 104,170,917 98,717,067
The floating rate financial assets and liabilities comprise bank balances, which earn or pay interest at rates linked to the UK base rate and collective investment schemes that pay interest distributions.
There are no material amounts of non - interest - bearing financial assets and liabilities, other than collective investment schemes, which do not have maturity dates.
ii. Currency risk 30.06.2026 30.06.2025 £ £ Pounds Sterlin g 104,170,917 98,717,067 Net Assets 104,170,917 98,717,067
Fixed rate financial assets have the below weighted average yield and period for which income is fixed:
30.06.2026 30.06.2026 30.06.2025 30.06.2025 Years % Years % Pound sterling 1.44 4.25% - -
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27 Margetts Fund Management Limited
1 7 Fair Value Techniques
Basis of Valuation 30.06.202 6 30.06.202 6 30.06.202 5 30.06.202 5 Assets Liabilities Assets Liabilities £ £ £ £ Level 1: Quoted Prices 9,256,826 - 8,880,462 Level 2: Observable market data 93,764,786 - 88,331,115 Level 3: Unobservable data - - - 103,021,612 - 97,211,577 -
1 8 Periodic Disclosure
As required by FUND 3.2.5R the Manager is required to disclose certain information periodically in relation to the F und which is shown below.
At the end of the reporting period the percentage of the F und’s assets subject to special arrangements arising from their illiquid nature was 0% of the NAV.
There have been no new arrangements introduced for managing the liquidity of the F und.
The risk characteristics of the Fund are explained in the Prospectus.
In order to assess the sensitivity of the F und’s portfolio to the risks to which the Fund is or could be exposed, Margetts Fund Management Limited monitors relative value at risk, commitment, gross leverage and the results of stress tests.
The Manager has set limits considered appropriate to the risk profile of the Fund . Any breaches of these limits are investigated by the Margetts risk committee and appropriate action taken if necessary.
During the reporting period there have been no changes to the maximum level of leverage that the Fund can employ or any right of reuse of collateral or any guarantee granted under leveraging arrangements.
At the end of the reporting period the total amount of leverage, expressed as a ratio, calculated using the commitment approa ch was 0.99:1 and using the gross method was 0.99:1.
Leverage is limited to overdraft use and the gross exposure from EPM techniques. Although the Manager may use derivatives for EPM, no collateral arrangements are currently in place and no asset re - use arrangements are in place.
The maximum leverage expressed as the ratio of the exposure to net asset s value using the commitment method is 1. 1 :1 and using the gross method 2 :1.
1 9 Securities Financing Transactions (SFT) and Total Return Swaps (TRS)
The F und does not engage in securities financing transactions or loan securities or commodities to third parties.
There have been no arrangements made by the Trustee to discharge itself of contractual liability.
As at the Balance Sheet date, the amount of securities and commodities on loan as a proportion of total lendable assets is 0. 00%
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Margetts Select Strategy Fund - fo for the year ended 30 June 2026
28 Margetts Fund Management Limited
Distribution Table
For the year ended 30 June 2026 – in pence per unit
Final payment/allocation date 31 August 2026 Group 1 – – units purchased prior to 01.0 1 .202 6 Group 2 – – units purchased on or after 01.0 1. 202 6
Margetts Select Strategy Fund Acc Units Units Net Income Equalisation Allocated 31.08.2026 Allocated 31.08.2025 Group 1 3.9917 - 3.9917 3.6912 Group 2 - 3.9917 3.9917 3.6912
Margetts Select Strategy Fund R Acc Units Units Net Income Equalisation Allocated 31.08.2026 Allocated 31.08.2025 Group 1 6.6621 - 6.6621 5.9814 Group 2 4.3727 2.2894 6.6621 5.9814
Margetts Select Strategy Fund S Acc Units Units Net Income Equalisation Allocated 31.08.2026 Allocated 31.08.2025 Group 1 7.9941 - 7.9941 7.1069 Group 2 5.1194 2.8747 7.9941 7.1069
Interim payment/allocation date 28 February 2026 Group 1 – – units purchased prior to 01 .0 7 .202 5 Group 2 – – units purchased on or after 01.07.2025
Margetts Select Strategy Fund Acc Units Units Net Income Equalisation Allocated 28.02.2026 Allocated 28.02.2025 Group 1 3.4052 - 3.4052 6.2017 Group 2 2.1063 1.2989 3.4052 6.2017
Margetts Select Strategy Fund R Acc Units Units Net Income Equalisation Allocated 28.02.2026 Allocated 28.02.2025 Group 1 5.8798 - 5.8798 8.6962 Group 2 2.9341 2.9457 5.8798 8.6962
Margetts Select Strategy Fund S Acc Units Units Net Income Equalisation Allocated 28.02.2026 Allocated 28.02.2025 Group 1 7.1219 - 7.1219 9.8500 Group 2 2.9769 4.1450 7.1219 9.8500
Equalisation only applies to units purchased during the distribution period (group 2 units ). It represents the accrued income included in the purchase price of the units . After averaging it is returned with the distribution as a capital repayment. It is not liable to income tax but must be deducted from the cost of the units for capital gains tax purposes.
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29 Margetts Fund Management Limited
Net Asset Value per Unit and Comparative Tables
Accumulation 01.07.2025 to 01.07.2024 to 01.07.2023 to Change in net assets per unit 30.06.2026 30.06.2025 30.06.2024 Opening net asset value per unit 591.2142 555.3418 498.0000 Return before operating charges * 106.7239 44.6724 65.3718 Operating charges (10.0600) (8.8000) (8.0300) Return after operating charges 96.6639 35.8724 57.3418 Distribution (7.3969) (9.8929) (9.2129) Retained distribution on acc units 7.3969 9.8929 9.2129 Closing net asset value per unit 687.8781 591.2142 555.3418 * After direct transaction costs of 0.0143 0.0211 0.0011
Performance Return after charges 16.35% 6.46% 11.51%
Other Information Closing net asset value (£) 15,049,184 14,980,19 5 18,768,752 Closing number of units 2,187,769 2,533,802 3,379,676 OCF ^ 1.86% 1.93% 2.00% Direct transaction costs 0.00% 0.00% 0.00%
Prices Highest unit price (pence) 690.25 591.41 562.08 Lowest unit price (pence) 588.49 515.39 485.13
R Accumulation 01.07.2025 to 01.07.2024 to 01.07.2023 to Change in net assets per unit 30.06.2026 30.06.2025 30.06.2024 Opening net asset value per unit 649.1619 605.9889 540.0200 Return before operating charges * 116.4393 47.9830 70.3489 Operating charges (5.5700) (4.8100) (4.3800) Return after operating charges 110.8693 43.1730 65.9689 Distribution (12.5419) (14.6776) (13.5423) Retained distribution on acc units 12.5419 14.6776 13.5423 Closing net asset value per unit 760.0312 649.1619 605.9889 * After direct transaction costs of 0.0157 0.0232 0.0013
Performance Return after charges 17.08% 7.12% 12.22%
Other Information Closing net asset value (£) 51,286,195 51,087,439 58,676,438 Closing number of units 6,747,906 7,869,754 9,682,757 OCF ^ 1.08% 1.15% 1.22% Direct transaction costs 0.00% 0.00% 0.00%
Prices Highest unit price (pence) 762.40 649.32 612.87 Lowest unit price (pence) 646.18 565.08 527.13
^The OCF stated for the year ended 30 June 2026 does not include costs incurred by underlying closed ended funds. Where prior year OCFs included such costs, those figures may not be directly comparable year on year. Cost associated with investments in closed - ended funds were 0.32%
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30 Margetts Fund Management Limited
Net Asset Value per Unit and Comparative Tables (continued)
S Accumulation 01.07.2025 to 01.07.2024 to 01.07.2023 to Change in net assets per unit 30.06.2026 30.06.2025 30.06.2024 Opening net asset value per unit 662.4488 616.4414 547.6200 Return before operating charges * 118.3515 48.3874 70.9714 Operating charges (2.7800) (2.3800) (2.1500) Return after operating charges 115.5715 46.0074 68.8214 Distribution (15.1160) (16.9569) (15.5749) Retained distribution on acc units 15.1160 16.9569 15.5749 Closing net asset value per unit 778.0203 662.4488 616.4414 * After direct transaction costs of 0.0159 0.0237 0.0013
Performance Return after charges 17.45% 7.46% 12.57%
Other Information Closing net asset value (£) 37,835,538 32,649,433 33,241,308 Closing number of units 4,863,053 4,928,597 5,392,452 OCF ^ 0.68% 0.75% 0.82% Direct transaction costs 0.00% 0.00% 0.00%
Prices Highest unit price (pence) 780.32 662.61 623.21 Lowest unit price (pence) 659.41 576.25 535.11
^The OCF stated for the year ended 30 June 2026 does not include costs incurred by underlying closed ended funds. Where prior year OCFs included such costs, those figures may not be directly comparable year on year. Cost associated with investments in closed - ended funds were 0.32%
Risk Warning An investment in Unit Trust should be regarded as a medium to long term investment. Investors should be aware that the price of units and the income from them can fall as well as rise and investors may not receive back the full amount invested. Past perfor mance is not a guide to future performance.
Fund Performance The performance of the F und is shown in the Fund Manager’s Report.
Synthetic Risk and Reward Indicator
The risk and reward score is based on past performance and calculated in accordance with European legislation. It may not be a reliable indication of the future risk profile.
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Margetts Select Strategy Fund - fo for the year ended 30 June 2026
31 Margetts Fund Management Limited
General Information
Valuation Point The Valuation Point of the Fund is at 08:30 each business day. Valuations may be made at other times with the Trustee’s approval.
Buying and Selling of Units The Manager will accept orders to buy or sell units on normal business days between 9.00am and 5.00pm and transactions will be effected at prices determined by the following valuation. Instructions to buy or sell units may be made either in writing to: Margetts Fund Management Limited, PO Box 17067, Birmingham, B2 2HL or by telephone on 0345 607 6808. A contract note will be issued by close of business on the next business day after the dealing date to confirm the trans action.
Prices The most recent prices of units are published on the Margetts website at https://investors.mgtsfunds.com/ , selecting the Literature and Prices tab.
Other Information The Trust Deed , Prospectus, Key Investor Information Document, Supplementary Information Document and the latest annual and interim reports may be inspected at the offices of the Manager , with a copy available, free of charge, on written request.
The register of unit holders can be inspected by unitholders during normal business hours at the offices of the Administrator.
The Head Office of the Fund is at 1 Sovereign Court, Graham Street, Birmingham B1 3JR and is also the address of the place in the United Kingdom for service on the Fund of notices or other documents required or authorised to be served on it.
The base currency of the Fund is pounds (£) sterling.
The maximum unit capital of the Fund is currently £10,000,000,000 and the minimum is £1,000. Units in the Fund have no par value and therefore the unit capital of the Fund at all times equals the Fund ’s current net asset s value.
Unit holders who have any complaints about the operation of the Fund should contact the Manager or the Trustee in the first instance. In the event that a unit holder finds the response unsatisfactory, they may make their complaint direct to the Financial Ombudsman Service at Exchange Tower, London E14 9SR or email to: complaint.info@financial - ombudsman.org.uk or by telephone to 0800 023 4567.
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Margetts Select Strategy Fund - fo for the year ended 30 June 2026
32 Margetts Fund Management Limited
Remuneration
In accordance with the requirements of FUND 3.3.5(5) the total amount of remuneration paid by the Manager to its staff for the financial year ended 30 September 2025 is: £ Fixed Remuneration 4,885,437 Variable Remuneration 1,644,132
Total 6,529,569
Full - Time Equivalent number of staff 86
Analysis of senior management £ Senior management 2,093,525 Staff whose actions may have a material impact on the funds Other -
The remuneration for senior management has been calculated in accordance with the Remuneration Policy and is reviewed annually. The remuneration policy and, where required by the FCA, how benefits are calculated together with details of the remuneration co mmittee can be found on the website: www.margetts.com . A paper copy of this is available free of charge upon request by writing to the compliance officer at 1 Sovereign Court, Graham Street, Birmingham B1 3JR. No material changes were made to the Policy or irregularities reported at the last review.
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