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the","page_number":13,"box":{"x":104,"y":218,"width":804,"height":14}},{"id":"15c763fa-5615-4c8e-8e07-9d70b74d6579","block_type":"box","text":"Statement of Financial Position, the Statement of Comprehensive Income, the Statement of Changes","page_number":13,"box":{"x":105,"y":235,"width":803,"height":13}},{"id":"1476afbc-7069-4112-b3f6-b149de9473dd","block_type":"box","text":"in Net Assets Attributable to Holders of Redeemable Participatin","page_number":13,"box":{"x":104,"y":251,"width":504,"height":13}},{"id":"3f84afa5-54ea-466c-aaa9-5575f5cfa854","block_type":"box","text":"g Shares, the Statement of Cash Flows","page_number":13,"box":{"x":608,"y":251,"width":300,"height":13}},{"id":"4fc325c9-1730-4617-acf2-c69781a23c12","block_type":"box","text":"for the financial year ended 31 October 2025 and the related notes to the financial statements, 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and","page_number":13,"box":{"x":165,"y":430,"width":516,"height":13}},{"id":"eb23aa14-7ce8-4ac1-8fb7-a5d88772c0bb","block_type":"box","text":"•","page_number":13,"box":{"x":136,"y":450,"width":7,"height":6}},{"id":"0ad76ff3-b4f6-4c5d-a30d-8ae79a93e2a7","block_type":"box","text":"have been properly prepared in accordance with the requirements of the Companies Act 2014,","page_number":13,"box":{"x":165,"y":448,"width":743,"height":13}},{"id":"1c371d58-3495-4f07-8893-1bd1c39c2bdb","block_type":"box","text":"European Communities (Undertaking for Collective Investment in Transferable Securities)","page_number":13,"box":{"x":165,"y":464,"width":743,"height":13}},{"id":"8fb3a050-e4d1-448c-8a54-c12243d1a341","block_type":"box","text":"Regulations 2011 and the Central Bank (Supervision and Enforcement) Act 2013","page_number":13,"box":{"x":165,"y":480,"width":626,"height":13}},{"id":"074d37e6-16ca-421d-9fc4-2efdd1b9bc4a","block_type":"box","text":"(Section 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(‘ISAs","page_number":13,"box":{"x":104,"y":560,"width":804,"height":13}},{"id":"d34ff704-b9e6-4152-9984-7761b6a7f8c8","block_type":"box","text":"(Ireland)) and applicable law. Our responsibilities under those standards are further described in the","page_number":13,"box":{"x":106,"y":576,"width":802,"height":13}},{"id":"df2da75b-f902-4add-b44c-dcc9502b7dea","block_type":"box","text":"‘Auditor’s responsibilities for the audit of the financial","page_number":13,"box":{"x":105,"y":592,"width":448,"height":14}},{"id":"5ea913be-2723-4aee-a9f6-f372a9aef9cd","block_type":"box","text":"statements’ section of our report. We are","page_number":13,"box":{"x":563,"y":592,"width":345,"height":14}},{"id":"49395eed-d645-4df4-962b-20fdc8c2d369","block_type":"box","text":"independent of the","page_number":13,"box":{"x":104,"y":608,"width":154,"height":14}},{"id":"5527cd93-ac39-4783-a6ff-85184a704270","block_type":"box","text":"company in accordance with the ethical requirements that are relevant to our audit","page_number":13,"box":{"x":263,"y":608,"width":645,"height":14}},{"id":"547b3585-101f-4223-a841-20e0725bec06","block_type":"box","text":"of the financial statements in Ireland, including the Ethical Standard for Auditors (Ireland) issued by","page_number":13,"box":{"x":105,"y":625,"width":803,"height":13}},{"id":"18bec83d-d88a-4806-b704-ae61894d91f5","block_type":"box","text":"the Iri","page_number":13,"box":{"x":105,"y":641,"width":44,"height":9}},{"id":"3e2cd3da-a378-46a5-9e4a-7cfb0ba57bb6","block_type":"box","text":"rish Auditing and Accounting Supervisory Authority (IAASA), and the ethical pronouncements","page_number":13,"box":{"x":149,"y":641,"width":759,"height":13}},{"id":"de73f132-218a-47bf-8c3f-b7f90351b487","block_type":"box","text":"established by Chartered Accountants Ireland, applied as determined to be appropriate in the","page_number":13,"box":{"x":105,"y":657,"width":803,"height":13}},{"id":"445beb6b-b837-443b-ae3d-938af1ed26b1","block_type":"box","text":"circumstances for the entity. We have fulfilled our other ethical respons","page_number":13,"box":{"x":105,"y":673,"width":548,"height":13}},{"id":"d8b5fe87-befb-43ba-b4a9-b477f4e6a882","block_type":"box","text":"ibilities in accordance with these","page_number":13,"box":{"x":655,"y":673,"width":253,"height":9}},{"id":"72d3705a-faeb-4240-940f-b232a1ab17e1","block_type":"box","text":"requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to","page_number":13,"box":{"x":105,"y":689,"width":803,"height":13}},{"id":"a8ac3c4e-bbe8-4b91-b3cd-61301d7e11c4","block_type":"box","text":"provide a basis for our opinion.","page_number":13,"box":{"x":104,"y":705,"width":252,"height":13}},{"id":"2325d4cf-e166-4b6c-ad3c-083b1c597e21","block_type":"box","text":"Docusign Envelope ID: 875434C5-EE14-4E9B-BB98-8D0A67716EEC","page_number":13,"box":{"x":29,"y":13,"width":417,"height":9}},{"id":"58984b0c-4aee-4d2f-86ea-55c43e4d9c17","block_type":"box","text":"Independent auditor’s report to the members of SPARX","page_number":14,"box":{"x":105,"y":135,"width":745,"height":22}},{"id":"ad152d99-5ce7-43b7-8575-b024d826fed9","block_type":"box","text":"Funds Plc","page_number":14,"box":{"x":105,"y":163,"width":129,"height":16}},{"id":"ab0f0aed-9374-4b11-badc-0cdcac637ad0","block_type":"box","text":"13","page_number":14,"box":{"x":497,"y":952,"width":15,"height":9}},{"id":"09e4080e-021c-46b8-a714-6b174f21fd47","block_type":"box","text":"Conclusions relating to going concern","page_number":14,"box":{"x":105,"y":238,"width":324,"height":13}},{"id":"3d86632d-a942-41b0-90c0-2af83cc513e5","block_type":"box","text":"In auditing the financial statements, we have concluded that the director’s use of going concern basis","page_number":14,"box":{"x":105,"y":254,"width":803,"height":13}},{"id":"64cf2cb0-e6f3-4c3b-ad10-d20fdf3c9e8d","block_type":"box","text":"of accounting in the preparation of the financial statements is appropriate.","page_number":14,"box":{"x":105,"y":270,"width":578,"height":13}},{"id":"9a1817e7-b2ab-43f7-8c14-583dbbe56c25","block_type":"box","text":"Based on the work we have performed, we have not identified any material uncertainties relating to","page_number":14,"box":{"x":104,"y":305,"width":804,"height":13}},{"id":"b7c98267-e4f8-422a-a4cb-223141fb4e29","block_type":"box","text":"events or conditions that, individually or collectively, may cast significant doubt on the Company’s","page_number":14,"box":{"x":105,"y":321,"width":803,"height":13}},{"id":"e7fa2ac2-83fc-4642-8f0a-094af467d81a","block_type":"box","text":"ability to continue as a going concern for a period of a","page_number":14,"box":{"x":105,"y":337,"width":435,"height":13}},{"id":"1a270945-f1b5-422f-a672-1cade24494d9","block_type":"box","text":"t least twelve months from the date when the","page_number":14,"box":{"x":541,"y":337,"width":367,"height":10}},{"id":"3756c5ff-d734-4eae-915d-ee1a2648a4ab","block_type":"box","text":"financial statements are authorised for issue.","page_number":14,"box":{"x":105,"y":353,"width":343,"height":10}},{"id":"3683f22e-73dd-4e09-b773-18fbc4394a74","block_type":"box","text":"Our responsibilities and the responsibilities of the directors with respect to going concern are described","page_number":14,"box":{"x":105,"y":388,"width":803,"height":13}},{"id":"a00c7799-0ffe-4462-88fb-d6fbc7baca13","block_type":"box","text":"in the relevant sections of this report.","page_number":14,"box":{"x":104,"y":404,"width":291,"height":13}},{"id":"6cb03130-999a-4a98-81fc-d179b21583f7","block_type":"box","text":"Other information","page_number":14,"box":{"x":105,"y":437,"width":155,"height":9}},{"id":"eb1fc8f2-6096-4c6d-91c6-4fab9c556130","block_type":"box","text":"Other information comprises information included in the annual report, other than the financial","page_number":14,"box":{"x":105,"y":453,"width":803,"height":13}},{"id":"158d5a31-e6ce-4dfe-915e-c33709165e08","block_type":"box","text":"statements and the auditor’s report thereon, such as Directors’ Report, Investment Advisor’s Report","page_number":14,"box":{"x":105,"y":468,"width":803,"height":14}},{"id":"ca80c8a2-6adf-4026-be0f-cc124386e69d","block_type":"box","text":"and Annual Depositary Report to the Shareholders. The Direct","page_number":14,"box":{"x":105,"y":485,"width":526,"height":13}},{"id":"f28a4d47-91b9-4639-b2d8-4afe427736f2","block_type":"box","text":"ors are responsible for the other","page_number":14,"box":{"x":632,"y":485,"width":276,"height":13}},{"id":"f93eda84-98d0-4b22-903f-a2152a07bbf8","block_type":"box","text":"information. Our opinion on the financial statements does not cover the other information and, except","page_number":14,"box":{"x":104,"y":501,"width":804,"height":13}},{"id":"b03f9f36-aa94-436c-9e04-81685a966a04","block_type":"box","text":"to the extent otherwise explicitly stated in our report, we do not express any form of assurance","page_number":14,"box":{"x":105,"y":517,"width":803,"height":13}},{"id":"454c288f-19de-450c-8075-7cac85d65b38","block_type":"box","text":"conclusion thereon.","page_number":14,"box":{"x":105,"y":533,"width":159,"height":10}},{"id":"f91272b4-a695-4d38-bda4-06e3a6d20125","block_type":"box","text":"Our responsibility is to read the other information and, in doing so, consider whether the other","page_number":14,"box":{"x":105,"y":549,"width":803,"height":13}},{"id":"bd92abba-dbec-4822-9452-4b209106bd6b","block_type":"box","text":"information is materially inconsistent with the financial statements or our knowledge obtained in the","page_number":14,"box":{"x":104,"y":565,"width":804,"height":13}},{"id":"f66bd44e-fdec-4892-99c9-194c1aa2911e","block_type":"box","text":"course of the audit, or otherwise appears to be materiall","page_number":14,"box":{"x":105,"y":581,"width":467,"height":13}},{"id":"de290bad-358a-4c9f-9c3c-6493de69baa7","block_type":"box","text":"y misstated. If we identify such material","page_number":14,"box":{"x":573,"y":581,"width":335,"height":13}},{"id":"3a398825-255f-44ad-8a9f-566534074cf0","block_type":"box","text":"inconsistencies or apparent material misstatements, we are required to determine whether there is a","page_number":14,"box":{"x":104,"y":597,"width":804,"height":13}},{"id":"fb48dc92-8b00-4714-8a84-ec71c0312512","block_type":"box","text":"material misstatement in the financial statements or a material misstatement of the other information.","page_number":14,"box":{"x":105,"y":613,"width":803,"height":10}},{"id":"b8ef55bd-4d54-4c33-b657-b82e203506b8","block_type":"box","text":"If, based o","page_number":14,"box":{"x":105,"y":629,"width":85,"height":12}},{"id":"faf56007-c83c-4cab-bf86-67929d2fe1cf","block_type":"box","text":"n the work we have performed, we conclude that there is a material misstatement of this","page_number":14,"box":{"x":191,"y":629,"width":717,"height":13}},{"id":"14e71da3-709b-4158-9363-799d984b4a7f","block_type":"box","text":"other information, we are required to report that fact.","page_number":14,"box":{"x":105,"y":645,"width":416,"height":14}},{"id":"7e08062e-6ef1-4706-bb51-8aa5bb41e8bc","block_type":"box","text":"We have nothing to report in this regard","page_number":14,"box":{"x":104,"y":678,"width":316,"height":13}},{"id":"b32fb663-9607-4426-890c-b30e61b65133","block_type":"box","text":".","page_number":14,"box":{"x":421,"y":686,"width":2,"height":1}},{"id":"ef7b8c50-09e0-4a27-8c76-41f3c74e7f21","block_type":"box","text":"Opinion on the matters prescribed by the Companies Act 2014","page_number":14,"box":{"x":105,"y":710,"width":534,"height":13}},{"id":"66cd250b-d918-4ede-b5d3-93142eea3941","block_type":"box","text":"We have obtained all the information and explanations which to the best of our knowledge and 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financial","page_number":14,"box":{"x":165,"y":844,"width":743,"height":14}},{"id":"e4b8832b-dbc1-40e2-95fa-0563ce58638f","block_type":"box","text":"statements.","page_number":14,"box":{"x":166,"y":863,"width":85,"height":7}},{"id":"b07bf065-d578-4c10-80e3-f55970e6bad6","block_type":"box","text":"Based on our knowledge and understanding of the company and its environment","page_number":14,"box":{"x":262,"y":861,"width":646,"height":13}},{"id":"f636343d-cb59-4619-a69f-9b93363c8602","block_type":"box","text":"obtained in the course of the audit, we have not identified any material misstatements in the","page_number":14,"box":{"x":166,"y":877,"width":742,"height":13}},{"id":"197ae18c-9da9-45df-ba02-6d759b3c6933","block_type":"box","text":"Directors’ report.","page_number":14,"box":{"x":165,"y":893,"width":135,"height":13}},{"id":"074a77b1-0eea-4674-93fe-2111eee3e9c4","block_type":"box","text":"Docusign Envelope ID: 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sections","page_number":15,"box":{"x":104,"y":222,"width":804,"height":13}},{"id":"bc248030-f54c-428f-a2fe-44f16059acb3","block_type":"box","text":"305 to 312 of the Act, which relate to disclosure of directors’ remuneration and transactions with","page_number":15,"box":{"x":105,"y":238,"width":803,"height":12}},{"id":"fb0348c4-37db-4a63-86e3-848da386c58a","block_type":"box","text":"directors, have not been complied with by the company. 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