## Global Opportunities Trust plc
## Annual Report and Financial Statements
### for the year ended 31 December 2025
### WHY INVEST IN GLOBAL OPPORTUNITIES TRUST?
## The Company’s investment objective is to provide
## shareholders with an attractive real long-term total
## return by investing globally in undervalued asset
## classes. The portfolio is managed without reference
## to the composition of any stock market index.
### Key facts about the Company:
### • An investment trust with three independent Non-Executive Directors and a
### portfolio managed by Goodhart Partners.
### • Dr Sandy Nairn, with over 40 years of global equity experience, has day-to-day
### responsibility for the management of the portfolio as part of the Goodhart
### Partners’ team.
### • A flexible mandate to seek out undervalued assets of all kinds. The Company
### invests in a range of assets across both public and private markets throughout
### the world. These assets include both listed and unquoted securities, investments
### and interests in other investment companies and investment funds (including
### limited partnerships and offshore funds) as well as bonds and cash.
### • Annualised Net Asset Value (‘NAV’) Total Return of 8.2% since launch in 2003.
### • NAV Total Return of 10.3% in 2025.
### • Close alignment of interest between the Directors, Portfolio Manager
### and Shareholders.
### CONTENTS
Financial Highlights 2
Strategic Report
Chair’s Statement 3
Portfolio Manager’s Report 5
Portfolio of Investments 6
Top 10 Holdings 7
Distribution of Investments 9
Long Term Performance 10
Strategic Review 11
Governance Report
Board of Directors 18
Directors’ Report 19

| Remuneration Report | 22 |
| --- | --- |
| Corporate Governance Report | 26 |
| Report of the Audit and Management Engagement Committee | 31 |

Statement of Directors’ Responsibilities 35
Independent Auditor’s Report 36
Financial Statements
Income Statement 43
Balance Sheet 44
Statement of Changes in Equity 45
Statement of Cash Flow 46
Notes to the Financial Statements 47
Additional Information
Corporate Information 62
Shareholder Information 63
Glossary of Terms and Alternative Performance Measures 64
Annual General Meeting
Notice of Annual General Meeting 66
Notes to the Notice of Annual General Meeting 68
# **FINANCIAL HIGHLIGHTS**  
for the year ended 31 December 2025

**NET ASSET VALUE PER SHARE** – cum inc.

**+7.5%**

**NET ASSET VALUE TOTAL RETURN** (with dividends added back)*

**+10.3%**

**SHAREHOLDERS' FUNDS**

**£117.5m**

**SHARE PRICE DISCOUNT TO NET ASSET VALUE***

**16.1%**

|   | 31 December 2025 | 31 December 2024 | % Change  |
| --- | --- | --- | --- |
|  Net assets/shareholders' funds (£) | **117,454,000** | 109,295,000 | +7.5  |
|  Shares in issue | **29,222,180** | 29,222,180 | –  |
|  Net asset value per share – cum inc. (pence)* | **401.9** | 374.0 | +7.5  |
|  Net asset value total return (with dividends added back) (%)* | **10.3** | 4.1 | n/a  |
|  Share price (pence) | **337.0** | 286.0 | +17.8  |
|  Dividend per share (pence) | **10.3** | 10.0 | +3.0  |
|  Share price total return (with dividends added back) (%)* | **21.9** | -2.4 | n/a  |
|  Share price discount to net asset value (%)* | **16.1** | 23.5 | n/a  |
|  Ongoing charges ratio (%)* | **0.8** | 0.7 | n/a  |

* Alternative Performance Measure. For definitions please refer to the Glossary of Terms and Alternative Performance Measures on pages 64 and 65.

2
# CHAIR'S STATEMENT

## Introduction

I am pleased to present the Company's Annual Report and Financial Statements for the year ended 31 December 2025.

## Investment performance

The Company's Net Asset Value ('NAV') Total Return grew by 10.3% during the year, with a shareholder return of 21.9% being recorded as the discount to NAV narrowed. In comparison, the FTSE All-World Index Total Return rose by 14.6% and the Bloomberg Global Bond Index declined slightly. Equity markets broadened with non-US equities providing strong performance.

Shareholders should note however that the Company has no stated benchmark against which it seeks to outperform. Its objective is to achieve real long-term total return through investing in undervalued global securities. In this regard, the Company's NAV Total Return over the past three years has averaged 5.2% despite the Company retaining a defensive investment posture, achieved through a combination of high cash levels and the nature of the equity holdings.

As at 31 December 2025 the Company had net assets of £117.5 million. The NAV per ordinary share was 401.9p and the middle market price per share on the London Stock Exchange was 337.0p, representing a discount to NAV of 16.1%.

Further details on the investment performance of the Company during the year under review are provided in the Portfolio Manager's Report on page 5 of this report.

## Management arrangements

During 2025 the Board undertook a detailed review of its regulatory structure and management arrangements with the then Executive Director, Dr Sandy Nairn. Following this extensive review the Board transitioned from operating as a self-managed investment trust under the small registered UK alternative investment fund manager ('AIFM') regime to appoint an external AIFM with effect from 2 January 2026. Juniper Partners Limited ('Juniper') were appointed as AIFM with the portfolio management responsibilities delegated to Goodhart Partners LLP ('Goodhart' or the 'Portfolio Manager'). As part of the transition Dr Nairn ceased to be Executive Director but continues to have day-to-day responsibility for the management of the portfolio as part of the Goodhart investment team, supported by the wider Goodhart team and resources.

There were no changes to the Company's investment objective and policy or investment approach as part of the transition. However, the change in regulatory status removed certain constraints associated with its previous status, including the ability to use gearing and hedge the portfolio. As a result, the Company now has greater

flexibility (within the parameters of its investment objective and policy) in the use of derivative instruments within its portfolio for efficient portfolio management, including for the purposes of hedging and leverage, when conditions demand to support the Company's long term growth strategy. We have now put in place new arrangements which provide enhanced governance and risk management oversight.

## Discount

Although there were no share buybacks conducted during the year, the Board remains of the opinion that having the option to utilise share buybacks as a discount control mechanism is important and is therefore requesting that shareholders approve a renewal to this authority at the forthcoming Annual General Meeting ('AGM').

## Increased final dividend

The total return per ordinary share for the year ended 31 December 2025 was 37.9p (2024: 14.9p), comprising a revenue return of 7.8p per share and a capital return of 30.1p per share. The Board is proposing a final dividend of 10.3p per share, representing a 3% increase on the year following the prior year's doubling of the dividend. Subject to the approval of the payment of the final dividend by shareholders at the AGM, the dividend will be paid on 29 May 2026 to those shareholders on the register at the close of business on 1 May 2026. This dividend is fully covered by the Company's revenue reserves and exceeds the minimum that the Company is obliged to distribute under law to maintain its investment trust status.

## Board composition

As noted above Dr Nairn ceased to be a full-time executive and Director of the Company on 2 January 2026 in connection with the transition of the management arrangements. The Board therefore now consists of three independent Non-Executive Directors. The Board believes that its size and composition remain appropriate for the activities of the Company and the Board retains a good balance of skills and business experience to enable it to operate effectively. As such, all three Directors will be standing for re-election at the forthcoming AGM and further details on the Directors can be found on page 18.

## Annual General Meeting

This year's AGM will be held on 14 May 2026 at the offices of Juniper Partners Limited, 28 Walker Street, Edinburgh EH3 7HR at 12 noon. The Notice of AGM, containing full details of all business to be conducted at the meeting, is set out on pages 66 and 67 of this report. Further details on the ordinary and special resolutions that are being proposed under special business at the AGM can be found in the Directors' Report on page 21.

3
### CHAIR’S STATEMENT – continued
In addition to the formal business of the meeting, Once again, we would like to thank our shareholders
Dr Nairn will provide a short presentation to for their continued support and look forward to the
shareholders on the performance of the Company over day when the investment landscape is more attractive.
the past year, as well as an outlook for the future. Periodically, investment articles are posted on the
Company’s website when we encounter investment
The AGM is an opportunity for shareholders to ask
issues worthy of comment and we would encourage
questions of both the Board and of the Portfolio Manager,
shareholders to sign up to the website to receive such
and as always, the Board would welcome your attendance.
notifications during the year.
If you are unable to attend the AGM in person, I would
encourage you to vote in favour of all resolutions by Form Recent geopolitical events must have served to increase
of Proxy and appointing me (as Chair of the meeting) as the potential for market declines. The potential for US
your proxy to ensure your vote is registered. actions in the Gulf to cause widening and sustained
conflict is meaningful, irrespective of whether resolution
Outlook
is reached in the near-term.
Equity markets continued to make progress during
2025. However, valuations remain high and government Keep up to date
finances remain stretched whilst the political Shareholders can keep up to date on the performance
environment, if anything, is even more uncertain. US of the portfolio through the Company’s website at
growth has been sustained by the surge in AI-related www.globalopportunitiestrust.com where you will find
infrastructure spending, which is unlikely to be sustained information on the Company, a monthly factsheet and
whilst there are signs of economic weakness in the regular updates from Dr Nairn.
non-technology segments of the economy. As such,
As always, the Board welcomes communication from
we believe the stance employed by the Company’s
shareholders and I can be contacted directly through the
Portfolio Manager remains appropriate. The aim is to
Company Secretary at cosec@junipartners.com.
deliver positive returns in a rising market, but to be
prepared to react if and when market declines occur and
opportunities become available.
As we noted last year, the Board authorised a series
Cahal Dowds
of initiatives to address the widening discount to NAV.
Chair
We are pleased to report that the efforts to increase
investors’ awareness of the Company appear to be
23 March 2026
having an impact, with the discount to NAV shrinking
significantly over the year. These initiatives will be
continued through 2026.
Note: You can scan the QR code using the camera on your smartphone, click on the website address once
it appears and you will be taken directly to the sign up page to receive Company information.
4
### PORTFOLIO MANAGER’S REPORT
Background and context at any time. The most likely outcome is a declaration
The year was another where global equities produced of victory by the US but a continued theocratic and
strong returns, although in 2025 the contributors to increasingly hostile state left behind. This would create a
global markets broadened from the relatively narrow meaningful risk of internecine conflict which could easily
range that were so important in 2024. In particular, non- spread across the region. That markets with elevated
US equity returns showed some strength. In aggregate, valuations have remained relatively unconcerned is
the Company produced a NAV total return of 10.3% remarkable.
and, with the discount narrowing, a shareholder return
The portfolio
of 21.9%. For comparative purposes, the FTSE All-World
The portfolio remained defensive during the year,
Index Total Return was 14.6% and the Bloomberg
reflecting our views, but the equity component still
Aggregate Bond Index -0.4%.
managed to produce strong returns. In arithmetical
The political environment was dominated by the actions terms this was driven by the returns from the top five
of President Trump where tariff policy, in particular, performing stocks (Danieli, Intel, Alibaba, Orange and
induced significant concerns as threats and actions Lloyds) increasing by almost 80%, as compared with the
fluctuated wildly. Just as concerning was the increased average decline of just under 20% from the five worst
pressure exerted on the Federal Reserve in an attempt performing stocks (Azelis, Breedon, Jet2, Bakkafrost and
to subvert its actions to the desires of the White Whitbread). New holdings added to the portfolio include
House. This probably played some role in the decline Cicor Technologies, the European electronic solutions
of the dollar over the period. Equity markets, on the company, Carlsberg, the brewer, which has derated
other hand, had clearly become relatively immune to significantly and Laboratorios Farmaceutico ROVI, the
Presidential whims. There are two potential reasons, European specialised pharmaceutical company.
the first being that markets have come to the ‘TACO’
Looking at the thematic contribution to portfolio
(Trump Always Chickens Out) view. The second is
performance there was strong performance from
a simple one of complacency, following from the
‘defence’ and ‘digital’ discount, particularly Alibaba and
extended period of good returns. Neither provides
Intel. ‘European value’ on the other hand contained four
much confidence. In the UK, the newly elected Labour
of the worst five stocks, albeit the aggregate negative
Government, handed a sweeping majority, seemed
contribution was minimal due to the appreciation of
to quickly find itself almost paralysed by competing
Danieli, the machine and technology supplier to the
factions within the party, leading to a damaging series
metal industry. The European value stocks were all
of U-turns.
cyclical and their inclusion was partly to act as a hedge
Most governments remain constrained by the debt against the defensive nature of much of the portfolio.
overhang built up since the Global Financial Crisis period It is important for the portfolio that it has the ability
and this is the main contributor to the political tensions to generate returns in all environments, which means
associated with any discussion of fiscal policy. The that the various components all play an important
macro environment therefore remains fragile. On the role. Over the period and particularly during the fourth
other hand, hope has been provided by the emergence quarter the Company’s positioning became more
of AI and its potential to enhance productivity and defensive, reflecting some of the appreciation that had
hence economic growth. Whilst some segments of the been recorded.
market may have become over-exuberant, on the back
Future prospects
of this, it is a transformative technology which will have
That double digit returns were recorded with a
a profound impact over the coming decades. As the
defensively-oriented portfolio is pleasing, but we remain
exuberance works its way out the system and capital
of the view that the real opportunities are yet to appear
shortage works its way in we anticipate opportunities
and we retain the dry powder accordingly. We are also
will emerge in this area.
pleased that the marketing efforts are beginning to bear
More recently the Trump administration has embarked fruit as more investors come to appreciate the unique
on military operations in both Venezuela and Iran and characteristics of the Company.
an aggressive policy towards Cuba. All of these events
increase uncertainty, but clearly the war with Iran carries
the highest risk given the strategic implications on oil
supplies from the Gulf. This combines with the apparent
Dr Sandy Nairn
lack of clear strategic objectives. Whilst not helpful in
Goodhart Partners
improving the geopolitics of the Gulf it does make a US
exit strategy much simpler since success can be declared 23 March 2026
Dr Nairn served as the Executive Director until his resignation on 2 January 2026 but continues to have day-to-day responsibility for the
management of the Company’s portfolio, as a member of the Goodhart team.
5
## PORTFOLIO OF INVESTMENTS

as at 31 December 2025

|  Company | Sector | Country of Incorporation | Valuation £'000 | % of Net assets  |
| --- | --- | --- | --- | --- |
|  AVI Japanese Special Situations Fund^{1} | Financials | Japan | 11,185 | 9.5  |
|  Volunteer Park Capital Fund SCSp^{2} | Financials | Luxembourg | 8,275 | 7.1  |
|  Unilever | Consumer Staples | United Kingdom | 3,326 | 2.8  |
|  Orange | Communication Services | France | 3,296 | 2.8  |
|  Carlsberg | Consumer Staples | Denmark | 2,416 | 2.1  |
|  GQG Partners Inc. | Financials | United States | 2,345 | 2.0  |
|  Dassault Aviation | Industrials | France | 2,292 | 1.9  |
|  Terveystalo | Health Care | Finland | 2,134 | 1.8  |
|  Philips | Health Care | Netherlands | 2,062 | 1.8  |
|  Nestlé | Consumer Staples | Switzerland | 2,050 | 1.7  |
|  Bakkafrost | Consumer Staples | Denmark | 2,025 | 1.7  |
|  Verizon Communications | Communication Services | United States | 1,974 | 1.7  |
|  Laboratorios Farmaceutico ROVI | Health Care | Spain | 1,889 | 1.6  |
|  ENI | Energy | Italy | 1,797 | 1.5  |
|  Viscofan | Consumer Staples | Spain | 1,743 | 1.5  |
|  Sanofi | Health Care | France | 1,722 | 1.5  |
|  Qinetiq | Industrials | United Kingdom | 1,718 | 1.5  |
|  TotalEnergies | Energy | France | 1,654 | 1.4  |
|  Danieli | Industrials | Italy | 1,630 | 1.4  |
|  General Dynamics | Industrials | United States | 1,554 | 1.3  |
|  Alibaba Group | Consumer Discretionary | Hong Kong | 1,542 | 1.3  |
|  RTX | Industrials | United States | 1,509 | 1.3  |
|  Cicor Technologies | Technology | Switzerland | 1,458 | 1.2  |
|  Jet2 | Industrials | United Kingdom | 1,140 | 1.0  |
|  The Magnum Ice Cream Company | Consumer Staples | Netherlands | 181 | 0.2  |
|  **Equity Investments** |  |  | **62,917** | **53.6**  |
|  **Liquidity Fund Investments** |  |  | **36,510** | **31.1**  |
|  **Total Investments** |  |  | **99,427** | **84.7**  |
|  **Cash and other Net Assets** |  |  | **18,027** | **15.3**  |
|  **Net Assets** |  |  | **117,454** | **100.0**  |

$^{1}$ Sub-Fund of Gateway UCITS Funds PLC

$^{2}$ Luxembourg Special Limited Partnership

6
### TOP 10 HOLDINGS
As at 31 December 2025
AVI Japanese Special Situations Fund
% of Net Assets: 9.5
Sector: Financials
AVI Japanese Special Situations is an open-ended fund in an Irish UCITS structure, launched in April 2024. Its
investment objective is to achieve long-term capital appreciation through investing in a portfolio of over-capitalised
small-cap Japanese equities.
Volunteer Park Capital Fund SCSp
% of Net Assets: 7.1
Sector: Financials
Volunteer Park Capital Fund SCSp is a Luxembourg registered special limited partnership which invests in established
General Partners (‘GPs’) of private capital funds. VPC targets the small to low-mid GP market ($500m-$3bn AUM),
being established boutique investment management companies primarily domiciled in North America.
Unilever
% of Net Assets: 2.8
Sector: Consumer Staples
Unilever is a manufacturer and supplier of fast-moving consumer goods. The company’s product portfolio
comprises food products, beauty, and personal care products, beverages, home care products, vitamins, minerals,
and supplements.
Orange
% of Net Assets: 2.8
Sector: Communication Services
Orange is a leading global telecommunications provider headquartered in France, offering mobile, fixed-line,
broadband, and IPTV services across Europe, Africa, and the Middle East. The company generates more than
€43 billion in annual revenue and is recognised for its strong network infrastructure and innovation focus. Through
Orange Business, the group also delivers enterprise services including cloud, cybersecurity, and data/AI solutions.
Carlsberg
% of Net Assets: 2.1
Sector: Consumer Staples
The Danish brewer Carlsberg has a portfolio of more than 180 brands and sells its products in more than 100
countries. It has a medium-term goal of delivering 4%–6% organic revenue growth and is rebuilding its gross
margins with the aid of strict cost control. Growth has been achieved in premium beer brands and in soft drinks
(which now includes Britvic, following its acquisition at the start of 2025). The company expects to extract further
cost and revenue synergies from the Britvic deal.
7
## TOP 10 HOLDINGS – continued

As at 31 December 2025

### GQG Partners Inc.

% of Net Assets: 2.0

Sector: Financials

GQG Partners is an asset management business which is headquartered in the US and listed in Australia. It is one of the managers of Alliance Witan's portfolio. Over the first half of 2025, money was still flowing into its funds, however, since then, GQG's assets under management have fallen and that has weighed on its share price. The attraction for GOT is GQG's defensive stance, which could set it up for future success. GQG is relatively underrepresented in the US mutual fund market, but outperformance in a downturn could help drive substantial inflows. The free float is relatively small, which means that good news could have a disproportionately positive effect on the share price.

### Dassault Aviation

![img-0.jpeg](img-0.jpeg)

% of Net Assets: 1.9

Sector: Industrials

Dassault Aviation is a leading French aerospace manufacturer specialising in military aircraft, business jets, and space systems, and is a key contributor to French national defense and technological sovereignty. Founded in 1929, the company designs and builds renowned platforms such as the Rafale multirole fighter and the Falcon family of business jets. Headquartered in Paris, Dassault Aviation employs approximately 14,600 people and has delivered more than 10,000 aircraft to 90 countries, maintaining a strong international footprint. The company is also a pioneer in digital engineering.

### Terveystalo

![img-1.jpeg](img-1.jpeg)

% of Net Assets: 1.8

Sector: Health Care

Terveystalo is the largest private healthcare service provider in Finland, offering comprehensive primary care, specialist care, occupational health, and well-being services. It also provides occupational health services in Sweden. The company serves corporate, private, and public sector customers, delivering both in-person care and 24/7 digital health services. Founded in 2001 and headquartered in Helsinki, Terveystalo continues to expand its integrated healthcare offering across Finland and Sweden.

### Philips

![img-2.jpeg](img-2.jpeg)

% of Net Assets: 1.8

Sector: Health Care

Koninklijke Philips is a leading Dutch health technology company. Originally a major electronics manufacturer, Philips has transformed into a focused provider of medical technologies and health solutions. The company operates globally across three core segments: Diagnosis & Treatment, Connected Care, and Personal Health, offering advanced systems such as MRI, CT, ultrasound, patient monitoring solutions, respiratory care devices, and consumer health products. Philips invests heavily in R&D and maintains a strong portfolio of patent rights, positioning itself as a global innovator in medical technology.

### Nestlé

% of Net Assets: 1.7

Sector: Consumer Staples

Nestlé is the world's largest food and beverage company. Its diverse portfolio spans coffee, dairy, pet care, culinary products, confectionery, infant nutrition, bottled water, and more, serving billions of consumers worldwide. In 2024, it reported annual revenues of approximately CHF 91–93 billion, reinforcing its leadership in the global food industry. The company positions itself as the "Good food, Good life" business, with a strong focus on nutrition, health, wellness, and sustainable practices across its more than 2,000 brands.

8
# DISTRIBUTION OF INVESTMENTS

as at 31 December 2025 (% of Net Assets)

## Sector Distribution

![img-3.jpeg](img-3.jpeg)

The figures detailed in the sector distribution pie chart represent the Company's exposure to those sectors through its investments and cash.

## Geographical Distribution

![img-4.jpeg](img-4.jpeg)

The figures detailed in the geographical distribution pie chart represent the Company's exposure to these countries or regional areas through its investments and cash.

The geographical distribution is based on each investment's principal stock exchange listing or domicile, except in instances where this would not give a proper indication of where its activities predominate.

* The geographical distribution of liquidity fund investments, cash and other net assets as at 31 December 2025 is based on currencies held in the following regions/countries:

### 2025

|  United Kingdom | 22.6%  |
| --- | --- |
|  North America | 21.4%  |
|  Europe ex UK | 2.3%  |
|  Japan | 0.1%  |
|   | 46.4%  |

### 2024

|  North America | 26.9%  |
| --- | --- |
|  United Kingdom | 6.3%  |
|  Europe ex UK | 1.0%  |
|  Japan | –  |
|   | 34.2%  |

9
# LONG TERM PERFORMANCE

## Ten-year Performance Chart

![img-5.jpeg](img-5.jpeg)

Source: Refinitiv Datastream

* Investment Objective and Policy changed on 17 December 2021

## Performance since inception

|  Year ended 31 December | Shareholders' funds | Net asset value per share | Share price per share | Share price discount to net asset value | Revenue return per share | Dividend per share | Ongoing charges ratio^{2}  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  2004^{1} | £26.1m | 116.4p | 110.5p | 5.1% | 0.6p | 0.4p | 1.7%  |
|  2005 | £52.2m | 156.2p | 154.5p | 1.1% | 1.1p | 0.8p | 1.5%  |
|  2006 | £58.8m | 172.8p | 170.0p | 1.6% | 2.1p | 1.8p | 1.2%  |
|  2007 | £57.7m | 177.2p | 160.0p | 9.7% | 2.7p | 2.3p | 1.1%  |
|  2008 | £46.4m | 150.4p | 132.5p | 11.9% | 3.9p | 3.1p | 1.1%  |
|  2009 | £50.7m | 175.9p | 172.0p | 2.2% | 2.7p | 2.4p | 1.0%^{6}  |
|  2010 | £51.6m | 188.2p | 186.8p | 0.7% | 3.2p | 2.8p | 1.3%  |
|  2011 | £95.1m | 169.9p | 167.0p | 1.7% | 5.0p | 4.2p | 0.8%^{7}  |
|  2012 | £91.8m | 183.1p | 175.5p | 4.2% | 3.9p | 3.9p | 1.1%  |
|  2013 | £112.6m | 233.6p | 230.0p | 1.5% | 2.7p | 2.7p | 1.1%  |
|  2014 | £112.1m | 236.0p | 234.6p | 0.6% | 3.7p | 3.3p | 1.1%  |
|  2015 | £118.4m | 239.8p | 234.5p | 2.2% | 3.1p | 3.1p | 1.0%  |
|  2016 | £143.8m | 300.2p | 293.0p | 2.4% | 5.3p | 5.3p^{2} | 1.0%  |
|  2017 | £148.8m | 337.7p | 320.0p | 5.2% | 5.3p | 5.3p | 0.9%  |
|  2018 | £131.8m | 308.8p | 301.5p | 2.3% | 6.9p | 6.5p^{2} | 0.9%  |
|  2019 | £132.0m | 320.8p | 310.0p | 3.4% | 8.1p | 7.5p^{3} | 1.0%  |
|  2020 | £119.1m | 308.4p | 284.0p | 7.9% | 4.9p | 6.0p | 1.0%  |
|  2021 | £116.1m | 317.9p | 291.0p | 8.5% | 4.4p | 5.0p | 1.1%  |
|  2022 | £106.1m | 363.2p | 314.0p | 13.5% | 5.3p | 5.0p | 0.6%  |
|  2023 | £106.4m | 364.1p | 298.0p | 18.2% | 5.3p | 5.0p | 0.7%  |
|  2024 | £109.3m | 374.0p | 286.0p | 23.5% | 7.4p | 10.0p | 0.7%  |
|  2025 | £117.5m | 401.9p | 337.0p | 16.1% | 7.8p | 10.3p^{4} | 0.8%  |

$^{1}$ Period 13 November 2003 to 31 December 2004. The Company commenced operations on the admission of its shares to trading on the London Stock Exchange on 15 December 2003.

$^{2}$ Includes a special dividend of 1.0p.

$^{3}$ Includes a special dividend of 1.5p.

$^{4}$ Proposed dividend for the year.

$^{5}$ Ongoing charges ratio based on total expenses, excluding finance costs, transaction costs, synthetic costs and certain non-recurring items for the year as a percentage of the average monthly net asset value.

$^{6}$ Ongoing charges ratio 1.3% excluding VAT refund.

$^{7}$ The ongoing charges ratio would have been 1.0% if investment management fees of £236,000 had not been waived as a consequence of the merger with Anglo & Overseas plc.

10
### STRATEGIC REVIEW
Introduction Investment Objective
The purpose of this report is to provide shareholders with The Company’s investment objective is to provide
details of the Company’s strategy, objectives and business shareholders with an attractive real long-term total
model as well as the principal and emerging risks and return by investing globally in undervalued asset classes.
challenges the Company has faced during the year under The portfolio is managed without reference to the
review. It should be read in conjunction with the Chair’s composition of any stock market index.
Statement on pages 3 to 4, the Portfolio Manager’s
Investment Policy
Report on page 5 and the portfolio information on
The Company invests in a range of assets across both public
pages 6 to 10, which provide a review of the Company’s
and private markets throughout the world. These assets
investment activity and outlook.
include both listed and unquoted securities, investments
The Board is responsible for the stewardship of the and interests in other investment companies and investment
Company, including overall strategy, investment policy, funds (including limited partnerships and offshore funds) as
dividends, corporate governance procedures and risk well as bonds (including index-linked securities) and cash as
management. Biographies of the Directors can be found appropriate.
on page 18. The Board assesses the performance of the
Any single investment in the Company’s portfolio may not
Company against its investment objective at each Board
exceed 15% of the Company’s total assets at the time of
meeting by considering the key performance indicators
the relevant investment (the ‘Single Investment Limit’).
set out on pages 12 and 13 of this report.
The Company may invest in other investment companies or
Business and Status
funds and may appoint one or more sub-advisors to manage
The principal activity of the Company is to carry on
a portion of the portfolio if, in either case, the Board believes
business as an investment trust.
that doing so will provide access to specialist knowledge
The Company is registered in Scotland as a public limited that is expected to enhance returns. The Company will gain
company and is an investment company within the exposure to private markets directly and indirectly through
meaning of section 833 of the Companies Act 2006. The investments and interest in other investment companies
Company has been approved by HM Revenue & Customs and investment funds (including limited partnerships and
as an authorised investment trust under sections 1158 and offshore funds). The Company’s investment directly and
1159 of the Corporation Tax Act 2010 and the ongoing indirectly in private markets (including through investment
requirements for approved companies as detailed in Chapter companies and investment funds) shall not, in aggregate,
3 of Part 2 of the Investment Trust (Approved Company) exceed 30% of the Company’s total assets, calculated at the
(Tax) Regulations 2011. In the opinion of the Directors, the time of the relevant investment.
Company has conducted its affairs so as to enable it to
The Company will invest no more than 15% of its total
continue to maintain its status as an investment trust.
assets in other closed-ended listed investment companies
Throughout the year under review, the Company was (including investment trusts).
a self-managed investment company run by its Board
The Company may also invest up to 50% of its total assets
and is authorised by the Financial Conduct Authority
in bonds, debt instruments, cash or cash equivalents when
(‘FCA’) as a Small Registered Alternative Investment
the Board believes extraordinary market or economic
Fund Manager.
conditions make equity investment unattractive or while
With effect from 2 January 2026, the Company appointed seeking appropriate investment opportunities for the
Juniper as its AIFM with responsibility for portfolio portfolio or to maintain liquidity. The Single Investment
management services delegated to Goodhart as Portfolio Limit does not apply to cash or cash equivalents in
Manager. The Portfolio Manager has the responsibility such circumstances. In addition, the Company may
of investing and managing the assets of the Company in purchase derivatives for the purposes of efficient portfolio
accordance with the investment objective. In addition to management.
AIFM services, including risk management oversight, Juniper
From time to time, when deemed appropriate, the
also provide company secretarial and administration services
Company may borrow for investment purposes up to
with responsibility for managing the daily activities of the
the equivalent of 25% of its total assets. By contrast, the
Company. The Company also appoints the Depositary to
Company’s portfolio may from time to time have substantial
have responsibility for the safekeeping and monitoring of
holdings of debt instruments, cash or short-term deposits.
the assets.
The investment objective and policy are intended to ensure
The Company’s shares are listed on the closed-ended
that the Company has the flexibility to seek out value across
investment funds category of the Official List and traded
asset classes rather than being constrained by a relatively
on the main market of the London Stock Exchange.
narrow investment objective. The objective and policy
The Company is a member of the Association of allow the Company to be constrained in its investment
Investment Companies (‘AIC’), a trade body which selection only by valuation and to be pragmatic in portfolio
promotes investment companies and develops best construction by only investing in assets which the Portfolio
practice for its members. Manager considers to be undervalued on an absolute basis.
11
## STRATEGIC REVIEW – continued

### Investment Strategy

The Company's portfolio is managed without reference to any stock market index. Investments are selected for the portfolio only after extensive research by the Portfolio Manager. The Portfolio Manager's approach is long-term and focused on absolute valuation. The team aims to identify and invest in undervalued asset classes, and to have the patience to hold them until they achieve their long-term earnings potential or valuation.

### Dividend Policy

The Company does not have a stated dividend policy.

The Company's investment objective is to provide real long-term total return rather than income growth. As a result, the level of revenue generated from the portfolio will vary from year to year, and any dividend paid to shareholders is likely to fluctuate.

The Board is mindful that in order for the Company to continue to qualify as an investment trust, the Company is not permitted to retain more than 15% of eligible investment income arising during any accounting period. Accordingly, the Board will ensure that any declared dividend is sufficient to enable the Company to maintain its investment trust status.

### Management Arrangements

Previously, as a self-managed investment trust, the Board was fully responsible for the management of the Company and all required reporting to the FCA in respect of the safeguarding of the Company's assets.

As noted above, Juniper has been appointed as the Company's AIFM and will continue to provide company secretarial and administrative services to the Company on the terms of its existing agreement with the Company.

As AIFM, Juniper will receive an annual management fee of £60,000 per annum, plus a variable rate of 0.015% of net assets.

Goodhart has ceased to provide the investment sub-advisory services to the Company and is instead providing the portfolio management functions, as delegated by Juniper. These services include the introductory services in relation to private market investment opportunities provided under the previous arrangement. Goodhart will also continue to provide marketing services to the Company. Under the new management arrangements, Goodhart will receive a management fee equal to 0.50% of the Company's net assets per annum. Further information on Goodhart is available via their website at www.goodhartpartners.com.

As Juniper is a full-scope AIFM, the Company is also required to appoint a depositary, and JPMorgan Europe Limited has been appointed to perform this role. JPMorgan Chase Bank N.A. already acts as custodian to the Company and there has been no change to these arrangements.

Further details on the fees paid in the year to Goodhart and Dr Nairn are detailed on pages 23 and 24 and in Notes 3 and 19 on pages 50, 51 and 61 of this report.

### Portfolio Performance

Full details on the Company's activities during the year under review are contained in the Chair's Statement and Portfolio Manager's Report on pages 3 to 5. A list of all the Company's investments can be found on page 6. The portfolio consisted of 25 investments, excluding cash and other net assets as at 31 December 2025, thus ensuring that the Company has a suitable spread of investment risk.

A sector and geographical distribution of the Company's investments is shown on page 9.

### Key Performance Indicators

At each Board meeting, the Directors consider key performance indicators to assess whether the Company is meeting its investment objective.

The key performance indicators used to measure the performance of the Company over time are as follows:

#### Share Price Total Return

|  to 31 December 2025 | 1 year (%) | 3 years (%) | 5 years (%)  |
| --- | --- | --- | --- |
|  Global Opportunities Trust plc | 21.9 | 14.6 | 31.6  |
|  AIC Flexible Investments peer group^{1} | 13.6 | 18.3 | 33.2  |
|  FTSE All-World Index Total Return* | 14.6 | 58.9 | 76.7  |

#### NAV Total Return

|  to 31 December 2025 | 1 year (%) | 3 years (%) | 5 years (%)  |
| --- | --- | --- | --- |
|  Global Opportunities Trust plc | 10.3 | 16.6 | 42.0  |
|  AIC Flexible Investments peer group^{1} | 8.8 | 23.0 | 42.4  |
|  FTSE All-World Index Total Return* | 14.6 | 58.9 | 76.7  |

$^{1}$ Source: theaic.co.uk & Morningstar. The Company is classified by the Association of Investment Companies in its Flexible Investment sector. This sector's performance indicators have been shown for comparative purposes only.

* The Company does not formally benchmark its performance against a specific index, the FTSE All-World Index Total Return (in sterling) has been shown for comparative purposes only.

12
## STRATEGIC REVIEW – continued

|  Share Price Discount to NAV as at 31 December | 2025 (%) | 2024 (%) | 2023 (%)  |
| --- | --- | --- | --- |
|  Global Opportunities Trust plc | 16.1 | 23.5 | 18.2  |
|  AIC Flexible Investments peer group^{1} | 21.1 | 22.0 | 18.3  |

|  Ongoing Charges Ratio to 31 December | 2025 (%) | 2024 (%) | 2023 (%)  |
| --- | --- | --- | --- |
|  Global Opportunities Trust plc | 0.8 | 0.7 | 0.7  |
|  AIC Flexible Investments peer group^{1} | 0.9 | 0.9 | 0.9  |

$^{1}$ Source: theaic.co.uk & Morningstar. The Company is classified by the Association of Investment Companies in its Flexible Investment sector. This sector's performance indicators have been shown for comparative purposes only.

The long-term performance of the Company can be found on page 10 of this report.

Further information on the above key performance indicators can be found in the Glossary of Terms and Alternative Performance Measures on pages 64 and 65.

### Gearing

The Company did not have any borrowings and did not use derivative instruments for currency hedging during the year ended 31 December 2025.

### Principal Risks

In order to monitor and manage the risks facing the Company, the Board maintains and formally reviews on a semi-annual basis a risk register. There have been no new principal risks identified during the year, however, the Board is currently monitoring a small number of emerging risks: corporate strategy at risk from hedge funds/arbitrageurs seeking to build their positions and impose changes; and shareholder returns at risk from increasing expenses, if the Company cannot grow out of its current small size. The new management arrangements, as referred to in the Chair's Report, are expected to provide enhanced governance and risk management oversight, including reduction in Key Person Risk from 2 January 2026.

The principal risks and uncertainties facing the Company, together with a summary of the mitigating actions and controls in place to manage these risks, and how these risks have changed over the year are set out below:

|  Principal Risks | Mitigation and Controls  |
| --- | --- |
|  **Geopolitical Risk** Heightened geopolitical tensions, including the ongoing conflicts in Ukraine and the Middle East, coupled with new trade tariffs introduced by the US, could have an adverse impact on global markets and impact the Company's portfolio. **No change to this risk** | The Board regularly reviews the Company's portfolio, including geographical split, and its performance against its stated investment objective. The Portfolio Manager has experience of managing a range of global and regional equity strategies and ensures that the portfolio has exposure to various geographies and sectors, in order to reduce risk relative to less-diversified portfolios.  |
|  **Investment and Strategy Risk** There can be no guarantee that the investment objective of the Company, to provide shareholders with an attractive real long-term total return by investing globally in undervalued asset classes, will be achieved. **No change to this risk** | The Board meets regularly to discuss and challenge the portfolio performance and strategy and to receive investment updates from the Portfolio Manager. The Board receives quarterly reports detailing all portfolio transactions and any other significant changes in the market or stock outlooks.  |

13
### STRATEGIC REVIEW – continued
Principal Risks Mitigation and Controls
Key Person Risk The Board frequently considers succession planning.
Dr Nairn has been the lead portfolio manager of the Dr Nairn retains day-to-day responsibility for the
Company from its launch in 2003. investment management of the Company and the
Portfolio Manager has a dedicated investment and
A change in key investment management personnel
marketing team supporting the Company. The Board
who are involved in the management of the Company’s
are in regular contact with the Portfolio Manager (who
portfolio could impact on future performance and the
attends Board meetings) and would be informed of any
Company’s ability to deliver on its investment strategy.
proposed changes in personnel. The Portfolio Manager
is also in regular contact with underlying investment
fund managers.
The additional expertise at Goodhart is expected to
enhance the Company’s ability to execute against
No change to this risk
its strategy.
Financial and Economic Risk The Board receives regular updates on the composition
The Company’s investments are impacted by financial and of the Company’s investment portfolio and market
economic factors including market prices, interest rates, developments from the Portfolio Manager. Investment
foreign exchange rates, liquidity and inflation, which performance is continually monitored specifically in the
could cause losses within the portfolio. light of emerging risks throughout the period.
The Board regularly reviews and agrees policies for
managing market price risk, interest rate risk, foreign
exchange risk, liquidity risk and inflationary risk. These are
No change to this risk
further explained in Note 16 to the financial statements.
Discount Volatility Risk The Board actively monitors the discount at which the
As referred to in the Chair’s Statement, the Company’s Company’s shares trade, and is committed to using its
share price discount to NAV narrowed during the year. powers to allot or repurchase the Company’s shares. The
Board may use share buybacks, when appropriate, to
The Board recognises that it is in the long-term interests
narrow the discount to NAV at which the shares trade.
of shareholders to reduce discount volatility and believes
This will be done in conjunction with creating new
that the prime driver of discounts over the longer term is
demand and being aware of the liquidity of the shares.
investment performance. An inappropriate or unattractive
objective and strategy may have an adverse effect on The Board’s commitment to allot or repurchase shares
shareholder returns or cause a reduction in demand for is subject to it being satisfied that any offer to allot or
the Company’s shares, both of which could lead to a purchase shares is in the best interests of shareholders of
widening of the discount. the Company as a whole, the Board having the requisite
authority pursuant to the Articles of Association and
relevant legislation to allot or purchase shares, and all
other applicable legislative and regulatory provisions.
Details of any shares purchased into Treasury by the
Company are set out in Note 13.
The Board approved a significantly enhanced marketing
plan and budget, in March 2025, which is managed by
Goodhart and has assisted with improving demand for
No change to this risk
the Company’s shares.
14
### STRATEGIC REVIEW – continued
Principal Risks Mitigation and Controls
Regulatory Risk Compliance with the Company’s regulatory obligations
The Company operates in an evolving regulatory is monitored on an ongoing basis by the Company
environment and faces a number of regulatory risks. Secretary and other professional advisers as required
who report to the Board regularly.
Failure to qualify under the terms of sections 1158 and
1159 of the CTA may lead to the Company being subject The Directors note the corporate offence of failure to
to capital gains tax. A breach of the Listing Rules may prevent tax evasion and believe all necessary steps have
result in censure by the FCA and/or the suspension of the been taken to prevent facilitation of tax evasion.
Company’s shares from listing.
The Directors are aware of their responsibilities relating
If all price sensitive issues are not disclosed in a timely to price sensitive information and would consult with
manner, this could create a misleading market in the their advisers if any potential issues arose. This includes
Company’s shares. ensuring compliance with the Market Abuse Regulation.
The Company Secretary would notify the Board
No change to this risk
immediately if it became aware of any disclosure issues.
Under the new management arrangements, the Board
has agreed service levels with Juniper in its capacity as
AIFM and Company Secretary to ensure compliance
with all applicable rules. Juniper has delegated portfolio
management responsibilities to Goodhart. The Portfolio
Manager has a comprehensive market abuse policy and
any potential breaches of this policy would be promptly
reported to the Board.
Operational Risk The Board regularly receives and reviews management
There are a number of operational risks associated with information on third parties which the Company
the fact that third parties undertake the Company’s Secretary compiles. In addition, each of the third
administration and custody functions. Operational risks parties, where available, provides a copy of its report on
include cyber security, IT systems failure and inadequacy internal controls to the Board each year. Any breaches
of oversight and control. The main risk is that third in controls which have resulted in errors or incidents are
parties may fail to ensure that statutory requirements, required to be notified to the Board along with proposed
such as compliance with the Companies Act 2006 and remediation actions.
the FCA requirements, are met.
The Company employs the Administrator to prepare all
financial statements of the Company and meets with
the Auditor at least once a year to discuss all financial
matters, including appropriate accounting policies.
The Company is a member of the AIC, a trade body
which promotes investment trusts and also develops
best practice for its members.
The Portfolio Manager and the Company’s third-party
suppliers have contingency plans to ensure the continued
No change to this risk
operation of the business in the event of disruption.
Culture The Board seeks to ensure the alignment of the
The Chair leads the Board and is responsible for its Company’s purpose, values and strategy with the culture
overall effectiveness in directing the Company. He of openness, debate and integrity through ongoing
demonstrates objective judgement, promotes a culture dialogue, and engagement with shareholders, the
of openness and debate, and facilitates effective Portfolio Manager and the Company’s other service
contributions by all Directors. In liaison with the providers. As detailed in the Corporate Governance
Company Secretary, the Chair ensures that the Directors Report on pages 26 to 30, the Company has adopted a
receive accurate, timely and clear information. The number of policies, practices and behaviours to facilitate
Directors are required to act with integrity, lead by a culture of good governance and ensure that this
example and promote this culture within the Company. is maintained.
15
### STRATEGIC REVIEW – continued
The culture of the Board is considered as part of as far as possible, at all shareholder meetings of
the annual performance evaluation process which investee companies. The Company follows the relevant
is undertaken by each Director. The culture of the applicable regulatory and legislative requirements in the
Company’s service providers is also considered by the UK, with the guiding principles being to make proxy
Board during the annual review of their performance voting decisions which favour proposals that will lead to
and while considering their continuing appointment. In maximising shareholder value while avoiding any conflicts
the context of the Portfolio Manager, particular attention of interest. Voting decisions are taken on a case-by-
is paid to environmental, social and governance, case basis by the Portfolio Manager on behalf of the
engagement and proxy voting policies. Additional Company. The key issues on which the Portfolio Manager
information on the Board’s approach to environmental, focuses are corporate governance, including disclosure
social and governance matters is detailed below. and transparency, board composition and independence,
control structures, remuneration, and social and
Directors and Gender Representation
environmental issues.
The Directors of the Company and their biographical
details are set out on page 18. As at 31 December 2025, The Portfolio Manager considers a wide range of factors
the Board of Directors of the Company comprised two when making investment decisions including an investee
male and two female Directors. The appointment of any company’s ESG credentials.
new Director is made in accordance with the Company’s
In making fund investment decisions, the Portfolio
diversity policy as detailed on page 28.
Manager’s assessment includes analysing the fund
Employees and Human Rights manager’s ESG cultural buy-in, its ESG process,
The Board recognises the requirement under the procedures and reporting, its engagement with
Companies Act 2006 to detail information about human underlying portfolio companies and an operational due
rights, employees and community issues, including diligence review of the relevant manager and fund.
information about any policies it has in relation to
Duty to Promote the Success of the Company
these matters and the effectiveness of these policies.
Under section 172 of the Companies Act 2006, the
During the year, the Company had one employee,
Directors have a duty to act in the way they consider,
Executive Director Dr Nairn. All the remaining Directors
in good faith, would be most likely to promote the
are Non-Executive. The Company has outsourced all its
success of the Company for the benefit of its members
functions to third-party service providers. The Company
as a whole, and in doing so have regard (amongst other
has therefore not reported further in respect of these
matters) to:
provisions.
• the likely consequences of any decision they
Modern Slavery Statement
make in the long term;
The Company is not within the scope of the Modern
Slavery Act 2015 because it has not exceeded the
• the need to foster the Company’s business
turnover threshold and therefore no further disclosure is
relationships with its stakeholders, which
required in this regard.
includes the shareholders, the Portfolio
Manager and other relevant parties as listed
Greenhouse Gas Emissions
below;
The Company has no greenhouse gas emissions to
report from its operations, nor does it have responsibility
• the need to act independently by exercising
for any other emission-producing sources under the
reasonable skill and judgement;
Companies Act 2006 (Strategic Report and Directors’
Report) Regulations 2013.
• the impact of the Company’s operations on the
community and the environment;
Environmental, Social and Governance (‘ESG’)
The Company seeks to invest in companies that are well
• the requirement to avoid a conflict of interests;
managed with high standards of corporate governance.
The Board believes this creates the proper conditions to • the desirability of the Company maintaining a
enhance long-term value for shareholders. The Company reputation for high standards of business conduct;
adopts a positive approach to corporate governance and
• the need to act fairly between members of the
engagement with companies in which it invests.
Company; and
In pursuit of the above objective, the Board believes
• the need to declare any interests in proposed
that proxy voting is an important part of the corporate
transactions.
governance process and considers seriously its obligation
to manage the voting rights of companies in which
it is invested. It is the policy of the Company to vote,
16
### STRATEGIC REVIEW – continued
Stakeholder Engagement Service Providers
During the year, the Company had one employee, its The Company’s day-to-day operational functions are
Executive Director, Dr Nairn. As an investment trust, delegated to several third-party service providers, each
the Company has no customers or physical assets; the engaged under separate contracts. In addition to the
primary stakeholders are the shareholders, the Portfolio Portfolio Manager, the Company’s principal third-party
Manager, and other third-party service providers. The service providers include the AIFM, Administrator,
Company also engages with its investee companies Auditor, Company Secretary, Custodian and Registrar.
where appropriate. The Board engages with its service providers to develop
and maintain positive and productive relationships, and
Shareholders
to ensure that they are well informed in respect of all
Communication and regular engagement with
relevant information about the Company’s business and
shareholders are given a high priority by the Board. The
activities. The Board, through its Audit and Management
Portfolio Manager seeks to maintain regular contact
Engagement Committee, keeps the ongoing
with major shareholders and is always available to enter
performance, fees and continuing appointment of these
into dialogue with all shareholders. A regular dialogue
service providers under continual review and conducts
is also maintained with the Company’s institutional
an annual appraisal of all third-party service providers.
shareholders and private client asset managers through
the Portfolio Manager, who regularly reports to the Board Corporate Broker
on significant contact, the views of shareholders and any The Company appointed Cavendish Capital Markets
changes to the composition of the share register. Limited (‘Cavendish’) as corporate broker and financial
adviser to the Company on 3 February 2025. Under this
All shareholders are encouraged, if possible, to attend and
appointment, Cavendish advises the Company on the
vote at the AGM and at any other general meetings of
trading in the Company’s shares and is working with the
the Company (if any), during which the Board is available
Portfolio Manager to build relationships with new retail
to discuss issues affecting the Company. Shareholders
investors and wealth management clients.
wishing to communicate directly with the Board should
contact the Company Secretary by e-mail or post, details Investee Companies
of which can be found on page 62. The Chair is available The Portfolio Manager assists with the day-to-day
throughout the year to respond to shareholders, including management of the Company’s equity investment
those who wish to speak with him in person. Copies of portfolio. As such, the Portfolio Manager has
the Annual and Half-Yearly Reports are currently issued responsibility for engaging with investee companies on
to shareholders and are also available, along with the behalf of the Company. The Portfolio Manager does
monthly factsheets for downloading from the Company’s so in consideration of the principles set out in the UK
website at www.globalopportunitiestrust.com. The Stewardship Code 2020.
Company also releases portfolio updates to the market on
The Board recognises the importance of engagement
a monthly basis.
with investee companies. The Board is aware of evolving
Portfolio Manager expectations in this regard and is committed to working
The Non-Executive Directors believe that maintaining a close with the Portfolio Manager, in relation to future
and constructive working relationship with the Portfolio engagement on behalf of the Company.
Manager is crucial to promoting the long-term success of
The above methods for engaging with stakeholders are
the Company in an effective and responsible way. This
kept under review by the Directors and discussed on
ensures the interests of all current and potential stakeholders
a regular basis at Board meetings to ensure that they
are properly taken into account when decisions are made.
remain effective.
Dr Nairn attends all Board meetings and provides reports
on investments, performance, marketing, operational
For and on behalf of the Board
and administrative matters. Other representatives of the
Portfolio Manager are available to attend Board meetings
upon request. An open discussion regarding such matters
is encouraged, both at Board meetings and by way of Cahal Dowds
ongoing communication between the Directors and the Chair
Portfolio Manager. Board members are encouraged to
share their knowledge and experience with the Portfolio 23 March 2026
Manager, and where appropriate, the Board adopts a tone
of constructive challenge. The Board keeps the ongoing
performance of the Portfolio Manager under continual
review and conducts an annual appraisal of the firm.
17
# BOARD OF DIRECTORS

**Charles (Cahal) Dowds**$^{1,2,3}$  
**Independent Non-Executive Director**  
Chair of the Board  
Date of appointment: 18 May 2021

Cahal qualified as a chartered accountant with Touche Ross and co-founded Rutherford Manson Dowds in 1986, advising on a significant number of large, complex transactions, in the UK and internationally. Rutherford Manson Dowds was acquired by Deloitte in 1999. He led Deloitte's UK advisory corporate finance business from 2005 before becoming chairman. He also set up and created the UK strategy and vision for Deloitte Private Markets.

In 2014 he was also appointed vice chairman of Deloitte UK, until his retirement in 2018. He is a past President of the Institute of Chartered Accountants of Scotland. He is a non-executive director and chairman of MarktoMarket Valuations Limited and chairman of Continuum Advisory Partners Limited.

**Hazel Cameron**$^{1,2,3}$  
**Independent Non-Executive Director**  
Chair of the Nomination Committee  
Chair of the Remuneration Committee  
Date of appointment: 18 May 2021

Hazel qualified as a chartered accountant with Arthur Andersen, before moving into corporate finance with British Linen Bank and then into private equity investing, initially with 3i in 1993. She was subsequently UK head of San Francisco-based technology investment fund Bowman Capital, before performing the same role for Cross Atlantic Capital Partners, a US technology venture capital company. She is currently venture partner at Gresham House and a non-executive director of Continuum Advisory Partners Limited.

**Katie Folwell-Davies**$^{1,2,3}$  
**Independent Non-Executive Director**  
Chair of the Audit and Management  
Engagement Committee  
Date of appointment: 26 April 2023

Katie qualified as a chartered accountant with Touche Ross gaining experience in both audit and forensic services before a twenty-year career in corporate finance advisory. She has international experience across financial and business services having operated in the private sector and for government. She became a member of the corporate finance advisory executive with responsibilities including chief talent officer and retired as a Deloitte senior partner in 2020 taking up the role of investment partner at Twenty 20 Capital, an internationally focussed private capital investment fund.

She has held a number of board positions as well as representing Deloitte as a CBI Council Member, chairing the City Women's club in London and is currently chair of the annual international TALiNT industry awards recognising excellence across the recruitment industry.

**Directors who served on the Board during 2025**

During the year, Dr Sandy Nairn served as Executive Director until his resignation with effect from 2 January 2026.

$^{1}$ Member of the Audit and Management Engagement Committee

$^{2}$ Member of the Nomination Committee

$^{3}$ Member of the Remuneration Committee

18
# DIRECTORS' REPORT

The Directors present their Annual Report and Financial Statements for the year ended 31 December 2025. In accordance with the Companies Act 2006, the Listing Rules and the Disclosure Guidance and Transparency Rules, the Corporate Governance Report, Directors' Remuneration Report, Report from the Audit and Management Engagement Committee and the Statement of Directors' Responsibilities should be read in conjunction with one another, and the Strategic Report. As permitted by legislation, some of the matters normally included in the Directors' Report have instead been included in the Strategic Report, as the Board considers them to be of strategic importance.

## Directors

The Directors in office at the date of this report are as shown on page 18.

## Corporate Governance

The Company's Corporate Governance Report is set out on pages 26 to 30 and forms part of the Directors' Report.

## Results and Dividends

The results for the year are set out in the Financial Statements on pages 43 to 46 and the Notes to the Accounts on pages 47 to 61. The Board recommends the payment of a final dividend of 10.3p to shareholders for approval at this year's AGM. Subject to shareholder approval, the final dividend will be paid on 29 May 2026 to shareholders who are on the register of members as at close of business on 1 May 2026 with an ex-dividend date of 30 April 2026.

## Share Capital

At 31 December 2025, the Company's issued share capital comprised 64,509,642 ordinary shares of one penny each, of which 35,287,462 ordinary shares are held in Treasury. Shares held in Treasury do not carry voting rights, therefore the total voting rights of the Company at 31 December 2025 was 29,222,180.

As at 20 March 2026, the total voting rights of the Company remain unchanged at 29,222,180.

There are no restrictions concerning the transfer of securities in the Company; no restrictions on voting rights; no special rights with regard to control attached to securities; no agreements between holders of securities that may restrict their transfer or voting rights, as known to the Company; and no agreements which the Company is party to that might affect its control following a successful takeover bid.

At general meetings of the Company, on a show of hands every shareholder who is present in person or by proxy shall have one vote and on a poll every shareholder present in person shall have one vote for every share held.

## Share Issuances/Block Listing

No ordinary shares were issued by the Company during the year under review. Since 31 December 2025 until 20 March 2026, being the last practical date prior to the publication of this report, no ordinary shares have been issued by the Company.

On 11 October 2005, the Company applied for a block listing of 1,300,000 ordinary shares on the main market of the London Stock Exchange. As at 31 December 2025, a balance of 745,830 shares may be issued under this block listing.

## Share Buy-Backs

No share buy backs were undertaken by the Company during the year under review. Since 31 December 2025 until 20 March 2026, being the last practical date prior to the publication of this report, no ordinary shares have been bought back by the Company.

## Treasury Shares

Holding shares in Treasury enables a company to cost-effectively issue shares that might otherwise have been cancelled. The total number of ordinary shares held in Treasury as at 31 December 2025, including those shares bought back in prior accounting periods, was 35,287,462 shares. The Board has not set a limit on the number of ordinary shares that can be held in Treasury at any one time.

No shares were issued from Treasury during the year under review.

## Major Shareholders

As at 31 December 2025, the Company has been informed by the following shareholders who hold a notifiable interest in the voting rights of the Company:

|  Shareholder | Number of Shares | % of Total Voting Rights  |
| --- | --- | --- |
|  Dr Sandy Nairn* | 4,719,822 | 16.15  |
|  1607 Capital Partners LLC | 3,450,607 | 11.81  |
|  Noble Grossart Investments Limited | 2,468,676 | 8.45  |

* In addition to Dr Nairns holding in the Company, Mrs S Nairn, a Person Closely Associated to Dr Nairn, holds 726,888 ordinary shares (2.50%) in the Company.

The above percentage figures are based on total voting rights of 29,222,180 ordinary shares.

No updates on notifiable interests in the voting rights of the Company have been received post year end.

19
### DIRECTORS’ REPORT – continued
Remuneration and Related Parties a period of five years is an appropriate period to consider
for the purpose of the long-term viability statement.
Details in respect of the Directors’ remuneration are set
out in the Directors’ Remuneration Report on pages 22 to
In making its assessment the Board took comfort from
25. Details of any related party transactions are detailed in
the results of a series of stress tests that considered the
Note 19 on page 61 of the Financial Statements.
impact of severe market downturn scenarios on the
Company’s financial position. The Board also considered
Goodhart was deemed to be a related party of the
the following factors detailed below:
Company by virtue of providing investment advisory
services to the Company. Transition of the portfolio
• the Company’s current financial position;
management responsibilities in respect of the Company,
from the previous position of sub-advisor, was a relevant • the principal and emerging risks the Company
related party transaction which fell within UKLR 8.2.1R faces, as detailed in the Strategic Review on
(as modified by UKLR 11.5.4R). The Independent pages 3 to 17 and in Note 16 on pages 58 to
Directors, having been so advised by Cavendish Capital 60 of the Financial Statements;
Markets Limited, considered that the related party
• that the portfolio comprises principally of
transaction was fair and reasonable as far as shareholders
investments traded on major global stock
were concerned. In providing its advice to the
markets, private markets, liquidity funds and
Independent Directors, Cavendish Capital Markets Limited
cash, and that there is a satisfactory spread
took into account the Independent Directors’ commercial
of investments. The maximum investment in
assessment of the related party transaction.
private markets shall not, in total, exceed 30%
of the Company’s total assets;
There are no other transactions with related parties to
report since the financial year end. • that the expenses of the Company are
predictable and modest in comparison with the
Going Concern assets and there are no capital commitments
The Company’s business activities, together with foreseen which would alter that position;
the factors likely to affect its future development,
• that the Company has no employees. All of the
performance and position, are set out in the Strategic
Directors are Non-Executive and independent,
Report on pages 3 to 17. In addition, Notes 16 and 17
and consequently do not have any employment-
on pages 58 to 61 provide details on how the Company
related liabilities or responsibilities; and
manages its exposure to financial risks and manages its
capital. The Company’s principal and emerging risks are • that, should performance be less than the Board
set out in the Strategic Review on pages 13 to 15. The considers to be acceptable, there are appropriate
Directors have reviewed revenue forecasts and budgets, rights, under the Investment Management
and these have been stressed based on various scenarios. Delegation Agreement, to replace the Portfolio
The Company’s assets consist principally of a diversified Manager. The Board is comfortable that should the
portfolio of listed equity shares, a Japanese equities fund lead portfolio manager become unavailable, for
investment, private market investments, liquidity funds any reason, the resources available at Goodhart
and cash, which, with the exception of private market would mitigate any risk.
investments, in most circumstances are realisable within
The Board considers that, following its assessment, there
a short period of time and exceed its liabilities by a
is a reasonable expectation that the Company will be
significant amount.
able to continue in operation and meet its liabilities as
After due consideration of the above factors, and they fall due over the five-year period of its assessment.
the information detailed in the long-term viability
Disclosure of Information to the Auditor
statement below, the Directors have concluded that
In accordance with section 418 (2) of the Companies
the Company has adequate resources to continue in
Act 2006, each Director confirms that, so far as they are
operational existence for the foreseeable future, being
aware, there is no relevant audit information of which
a period of at least 12 months from the date of the
the Company’s Auditor is unaware; and, each Director
signing of this Annual Report and Financial Statements.
has taken all the steps that they ought to have taken as
For this reason, the Directors have adopted the going
a Director of the Company in order to make themselves
concern basis in preparing the Financial Statements.
aware of any relevant audit information and to establish
Long-term Viability Statement that the Company’s Auditor is aware of that information.
The Directors have assessed the prospects of the Company
Financial Risk Management
over a period longer than one year. The Board considers
Information about the Company’s financial risk
that, for a company with an investment objective to
management is set out in Note 16 on pages 58 to 60 of
provide shareholders with an attractive real long-term
the Financial Statements.
return by investing globally in undervalued asset classes,
20
### DIRECTORS’ REPORT – continued
Annual General Meeting The Company is seeking shareholder approval
This year’s AGM will be held at the offices of Juniper to repurchase up to 4,380,404 ordinary shares,
Partners Limited, 28 Walker Street, Edinburgh EH3 7HR representing approximately 14.99% of the Company’s
on Thursday, 14 May 2026 at 12 noon. The Board would current issued share capital (excluding ordinary shares
welcome your attendance at the AGM as it provides held in Treasury).
shareholders with an opportunity to ask questions of both
The decision as to whether to repurchase any ordinary
the Board and of the Portfolio Manager.
shares will be at the absolute discretion of the Board.
Resolutions 1 to 8 inclusive deal with the ordinary Ordinary shares repurchased under this authority may
business of the meeting, namely the receipt of the either be held by the Company in Treasury for resale
Annual Report and Financial Statements, the Directors or cancelled. The Company will fund any purchases by
Remuneration Report, the payment of a final dividend, utilising existing cash resources or loan facilities.
the re-election of the Directors of the Company, the
Ordinary shares held in Treasury will only be reissued at
re-appointment of the Auditor, and to authorise the
a premium to the prevailing net asset value per share at
remuneration of the Auditor.
the time of issue and at a price not less than the market
In addition to the ordinary business, resolutions relating bid price at the time of purchase.
to the following special business will be proposed:
Resolution 12: Notice of General Meetings
Resolution 9: Authority to Allot New Shares The Board believes that it is in the best interests of
The Directors are seeking to renew their authority to allot shareholders of the Company to have the ability to
ordinary shares up to a maximum aggregate nominal call meetings on 14 clear days’ notice should a matter
amount of £97,407 which represents approximately one- require urgency. The Board will therefore, as last
third of the current issued share capital of the Company year, propose a resolution at the AGM to approve the
(excluding ordinary shares held in Treasury). The Directors reduction in the minimum notice period from 21 clear
believe that it would be beneficial to the Company for days to 14 clear days for all general meetings other than
them to allot ordinary shares whenever they consider annual general meetings. The Directors do not intend to
that it would be in the best interests of the Company’s use the authority unless immediate action is required.
shareholders to do so. Ordinary shares will only be issued
The approval will be effective until the Company’s
at a premium to the prevailing net asset value per share at
next AGM. The Company will also need to meet
the time of issue.
the requirements for electronic voting under the
Resolution 10: Authority to Disapply Pre-emption Shareholders’ Rights Directive before it can call a general
Rights meeting on 14 clear days’ notice.
This resolution seeks authority for the Directors to allot
The authorities sought under resolutions 9 to 12
ordinary shares up to an aggregate nominal amount
will expire at the conclusion of the 2027 Annual
of £29,222 without first offering them to existing
General Meeting.
shareholders. This represents approximately 10% of the
current issued share capital. Ordinary shares will only be
The full text of resolutions is set out in the Notice of
issued at a premium to net asset value at the time of issue.
Annual General Meeting on pages 66 and 67. The
Board considers the resolutions proposed to be in the
Resolution 11: Authority to Repurchase Shares
best interests of the Company and its shareholders as a
This resolution seeks shareholder approval for the Company
whole and recommends that shareholders vote in favour
to renew the power to purchase its own ordinary shares.
of each of these resolutions, as the Directors intend to
The Directors believe that the ability of the Company
do in respect of their own holdings.
to purchase its own ordinary shares in the market will
potentially benefit all shareholders of the Company. The
By order of the Board
purchase of ordinary shares at a discount to the underlying
net asset value would enhance the net asset value on
the remaining ordinary shares if they were cancelled on
repurchase or reissued (as Treasury shares) at a lesser Juniper Partners Limited
discount than that on which they were first repurchased. Company Secretary
23 March 2026
21
# REMUNERATION REPORT

The Board is pleased to present the Company's Remuneration Report for the year ended 31 December 2025 which has been prepared in accordance with the Companies Act 2006.

The Company's Auditor is required to audit certain disclosures provided. Where disclosures have been audited, they are indicated as such. The Auditor's opinion is included in their report on pages 36 to 42.

## Remuneration Committee

A Remuneration Committee has been established by the Board. The primary responsibility of the Remuneration Committee is to review the remuneration of the Directors of the Company to ensure that they remain commensurate, having regard to the time commitment and responsibilities of each role, and are comparable to the level of fees paid to executive and non-executive directors of other investment companies of a comparable size. Any proposed changes to Directors' fees are subject to approval by the Board as a whole.

The Terms of Reference of the Committee are available on the Company's website at: www.globalopportunitiestrust.com/shareholder-information/key-documents.

## Committee Members

The Remuneration Committee comprises of all the Non-Executive Directors of the Company, each of whom is considered independent. As permitted by the AIC Code, and due to the size of the Board, the Chair of the Board, Cahal Dowds, who was independent on appointment, is a member of the Committee. Hazel Cameron is Chair of the Committee.

## Remuneration Policy

The Company's remuneration policy is that fees payable to the Directors should be commensurate with the amount of time Directors are expected to spend on the Company's affairs, whilst seeking to ensure that fees are set at an appropriate level to enable candidates of a sufficient calibre to be recruited.

## Approval of Remuneration Policy

The Company is required to obtain shareholder approval for its remuneration policy every three years unless renewed, varied, or revoked by the shareholders beforehand. The remuneration policy was last approved by shareholders at the 2025 Annual General Meeting and will next be submitted for approval by shareholders at the 2028 Annual General Meeting.

The following table sets out the votes received in relation to the Remuneration Policy at the 2025 AGM:

|  Votes cast for* |   | Votes cast against |   | Total votes cast | Number of votes withheld  |
| --- | --- | --- | --- | --- | --- |
|  Number | % | Number | %  |   |   |
|  11,065,777 | 98.52 | 166,791 | 1.48% | 11,232,568 | 23,674  |

* Includes discretionary votes.

## Annual Remuneration of Non-Executive Directors

Each Non-Executive Director receives an annual fee by way of remuneration, payable quarterly in arrears. The Company does not award any other remuneration or benefits to its Non-Executive Directors. There are no bonus schemes, pension schemes, share option or long-term incentive schemes in place. Non-Executive Directors are entitled to be repaid all reasonable travel, hotel and other expenses properly incurred by them in or about the performance of their duties as director, including any expenses incurred in attending meetings of the Board and its Committees or general meetings of the Company.

During the year to 31 December 2025, the Non-Executive Directors of the Company received the following fees:

|  Chair of the Board: | £33,000  |
| --- | --- |
|  Non-Executive Director: | £25,000  |
|  Chair of the Audit and Management Engagement Committee: | +£3,000*  |
|  Chair of the Nomination Committee: | +£1,000*  |
|  Chair of the Remuneration Committee: | +£1,000*  |

* Additional remuneration paid to each of the respective committee Chair on top of their standard Non-Executive Director fee.

## Cap on Directors' Fees

Pursuant to the Articles of Association, the aggregate amount of fees to be paid to the Directors of the Company (excluding the re-imbursement of any incurred taxable expenses) are currently capped at £150,000 per annum, provided that such cap may be further amended by the shareholders by way of ordinary resolution.

## Non-Executive Directors' Appointment and Tenure

Each Non-Executive Director has a letter of appointment setting out the terms and conditions of their appointment. They are not entitled to any compensation in the event of termination of their appointment or loss of office, other than the payment of any outstanding fees.

## Annual Remuneration of the Executive Director

On 27 April 2022, Dr Nairn was appointed as an Executive Director of the Company. On 8 June 2022, following the transition of the Company to a self-managed investment company, Dr Nairn entered into a service agreement with the Company and assumed full responsibility for the investment management of the portfolio. Dr Nairn's service agreement was terminated on 2 January 2026 upon his resignation as a Director of the Company.

22
## REMUNERATION REPORT – continued

In consideration for his services to the Company as a full time Executive Director, Dr Nairn received a salary of £75,000 per annum (the 'Executive Salary') in addition to a £25,000 annual fee (in line with the fee paid to the Company's other non-executive directors).

### Executive Director's salary reduction

Given Dr Nairn's interests in Goodhart, it was agreed with him, in March 2023, that his salary would be reduced (such reduction equalling the entire salary, if necessary) by his share (through his minority interest

in Goodhart) of amounts credited in the same period in respect of (i) any carried interest on co-investments made by the Company alongside Goodhart and (ii) any partnership profit allocations attributable to Goodhart's net profits on fees earned from the Company (including the Company's existing investment in VPC). The evaluation of carried interest and other profits for the period ended 31 December 2025 was made in February 2026 and concluded there were none, for the period, therefore no salary reduction was required.

### Annual Report on Remuneration (audited)

A single figure for the total remuneration of each Director for the year ended 31 December 2025 is set out in the table below alongside the previous years' total remuneration for comparative purposes:

|  Director | Total 2025 |   | Total 2024  |   |
| --- | --- | --- | --- | --- |
|   |  Fees (£) | Salary (£) | Fees (£) | Salary (£)  |
|  Cahal Dowds | 33,000 | – | 33,000 | –  |
|  Hazel Cameron | 27,000 | – | 27,000 | –  |
|  Katie Folwell-Davies | 28,000 | – | 28,000 | –  |
|  Dr Sandy Nairn | 25,000 | 75,000 | 25,000 | 75,000  |
|   | **113,000** | **75,000** | **113,000** | **75,000**  |

### Annual Percentage Change in Total Remuneration

The table below shows the annual percentage change in total remuneration paid to the Non-Executive Directors over a five year period.

|  Director | Change in Total Remuneration (%)  |   |   |   |   |
| --- | --- | --- | --- | --- | --- |
|   |  2025 | 2024 | 2023 | 2022 | 2021  |
|  Chair | – | – | – | +11.9 | –  |
|  Audit and Management Engagement Chair | – | – | – | +14.3 | –  |
|  Remuneration and Nomination Committees Chair | – | – | – | +25.6 | –  |
|  Other Directors | – | – | – | +16.3 | –  |

### Review of Directors' fees

Directors' fees are reviewed every year and a detailed review was undertaken in March 2026. Following this review, fees have been increased to ensure that remuneration paid to Directors is in line with comparable peers, thus ensuring that the Company remains able to attract suitably qualified candidates for future Board vacancies. The agreed new fee rates shown in the table below took effect from 1 January 2026.

|  Director | Annual fee rates  |   |
| --- | --- | --- |
|   |  2026 | 2025  |
|  Chair | 41,250 | 33,000  |
|  Audit and Management Engagement Chair | 35,000 | 28,000  |
|  Remuneration and Nomination Committees Chair | 33,000 | 27,000  |

23
## REMUNERATION REPORT – continued

### Relative Importance of Directors' Fees

|  As at 31 December | 2025 (£) | 2024 (£)  |
| --- | --- | --- |
|  Non-Executive Directors' fees | 113,000 | 113,000  |
|  Executive Director and Management fees | 224,914 | 216,627  |
|  Buyback of ordinary shares | – | –  |
|  Annual dividend paid to shareholders | 2,922,218^{1} | 1,461,109^{2}  |

### Year on year change

|  As at 31 December | 2025 % | 2024 %  |
| --- | --- | --- |
|  Non-Executive Directors' fees | – | 4.5  |
|  Executive Director and Management fees | 3.8 | (0.8)  |
|  Buyback of ordinary shares | – | –  |
|  Annual dividend paid to shareholders | 100.0 | –  |

$^{1}$ A final dividend of 10.0p per ordinary share relating to the financial year ended 31 December 2024 was paid to shareholders on 30 May 2025.

$^{2}$ A final dividend of 5.0p per ordinary share relating to the financial year ended 31 December 2023 was paid to shareholders on 31 May 2024.

### Statement of Voting at the 2025 Annual General Meeting

The following sets out the shareholder votes received at the 2025 Annual General Meeting of the shareholders of the Company, in respect of the approval of the Directors' Remuneration Report:

|  Votes cast for |   | Votes cast against |   | Total votes cast | Number of votes withheld  |
| --- | --- | --- | --- | --- | --- |
|  Number | % | Number | %  |   |   |
|  11,165,848 | 99.41% | 66,720 | 0.59% | 11,232,568 | 23,674  |

### Directors' Interests (audited)

There is no requirement under the Company's Articles of Association, or the terms of appointment, for the Directors to hold shares in the Company.

The interests of the Directors and any connected persons in the ordinary shares of the Company are shown below:

|  Director | 31 December 2025 | 31 December 2024  |
| --- | --- | --- |
|  Cahal Dowds | 34,987 | 34,987  |
|  Hazel Cameron | 24,626 | 24,626  |
|  Katie Folwell-Davies | – | –  |
|  Dr Sandy Nairn^{1} | 4,719,822 | 4,684,822  |

$^{1}$ In addition to the above beneficial shareholdings, Mrs S Nairn, a Person Closely Associated to Dr Nairn, holds 729,666 ordinary shares (2.50%) in the Company.

None of the Non-Executive Directors were a party to or had any interest in any contract or arrangement with the Company at any time during the year or subsequently. As disclosed on page 22, Dr Nairn had a service agreement with the Company in respect of his appointment as Executive Director, until his resignation on 2 January 2026.

24
### REMUNERATION REPORT – continued
Ten-year Performance
The below graph compares the share price total return (assuming all dividends are reinvested) to shareholders,
against the UK Retail Price Index and the total return of the FTSE All-World Index. The UK Retail Price Index has been
selected as the objective of the Company is to provide shareholders with an attractive real long-term total return by
investing globally in asset classes. Although the Company has no formal benchmark, the FTSE All-World Index has
been selected as it is considered to represent a broad equity market index against which the performance of the
Company’s assets may be compared.
The following graph tracks a rolling ten-year performance to the financial year end under review:
50%
0%
20242022202120202019201820172016 2023 2025
FTSE All World Index Total Return Share Price Total Return UK Retail Price Index
The Remuneration Report comprising pages 22 to 25 has been approved and signed on behalf of the Board by:
Hazel Cameron
Chair of the Remuneration Committee
23 March 2026
250%
200%
150%
100%
25
### CORPORATE GOVERNANCE REPORT
Introduction The Board seeks to ensure that it has an appropriate
The Company is a member of the Association of balance of skills and experience, and considers that,
Investment Companies (the ‘AIC’). collectively, it has substantial recent and relevant
experience of investment trusts and financial and public
The AIC Corporate Governance Code issued in August
company management. The Chair, Cahal Dowds, is
2024 (‘AIC Code’) provides a framework of best
deemed by his fellow independent Board members to be
practice for investment companies and can be found
independent and to have no conflicting relationships. He
at www.theaic.co.uk. The Financial Reporting Council
does not have any other significant commitments that
(‘FRC’) has confirmed that AIC member companies
would affect the time he can commit to the Company’s
who report against the AIC Code will be meeting
affairs. The role and responsibilities of the Chair are
their obligations in relation to the 2024 UK Corporate
clearly defined and set out in writing, a copy of which is
Governance Code.The Company has complied with the
available on the Company’s website.
Principles and recommended Provisions of the AIC Code
during the year ended 31 December 2025 (with the Board Composition
exception of Provision 34, regarding board oversight of As at 31 December 2025 the Board comprised three
the risk management and internal controls framework, Non-Executive Directors, all of whom are considered to
which will come into effect for accounting periods be independent, and one Executive Director.
beginning on or after 1 January 2026).
Other than their letters of appointment, none of the
The Board does not consider it appropriate for a senior Non-Executive Directors have a contract of service with
independent director to be appointed, as recommended the Company nor has there been any other contract or
by provision 6.2.14 of the AIC Code, due to its small arrangement between the Company and any Non-
size. The Board does not consider it appropriate for Executive Director at any time during the year.
an external evaluation of the Board to be carried out
The Company’s Executive Director, Dr Nairn, had a
as recommended by provision 7.2.26 of the AIC Code
service agreement in place with the Company, further
as it believes the current evaluation process to be
details on which are outlined on page 22. Dr Nairn’s
objective and rigorous. The Board, the members of
agreement was terminated on 2 January 2026 upon his
which meet formally at least four times a year and are
resignation as a Director of the Company.
in regular contact as required, is also of the view that its
composition is suitably diverse and effective.
Board Committees
The Board has created the following Committees which
Board of Directors
have written terms of reference detailing their respective
Under the leadership of the Chair, the Board is
responsibilities, copies of which are available on the
collectively responsible for the long-term sustainable
Company’s website www.globalopportunitiestrust.com.
success of the Company, generating value for
shareholders and contributing to wider society. It
Audit and Management Engagement Committee
establishes the purpose, values and strategic aims of the
The Audit and Management Engagement Committee
Company and satisfies itself that these and its culture are
comprises all Non-Executive Directors of the Company
aligned. The Board ensures that the necessary resources
and is chaired by Katie Folwell-Davies.
are in place for the Company to meet its objectives and
fulfil its obligations to shareholders within a framework
The Report of the Audit and Management Engagement
of high standards of corporate governance and effective
Committee which details the role of the committee and
internal controls. The Board is responsible for the
the work it has undertaken during the year under review
determination of the Company’s investment policy and
can be found on pages 31 to 34 of this report.
strategy and has overall responsibility for the Company’s
activities, including the review of investment activity and Nomination Committee
performance, and the control and supervision of the The Nomination Committee comprises all Non-Executive
Portfolio Manager and other key suppliers. Directors of the Company and is chaired by Hazel Cameron.
26
### CORPORATE GOVERNANCE REPORT – continued
The primary responsibilities of the Nomination Committee Remuneration Committee
are to review the structure, size and composition The Remuneration Committee comprises all
(including the skills, knowledge, diversity and experience) Non-Executive Directors of the Company and is
of the Board and make recommendations to the Board chaired by Hazel Cameron.
with regard to any adjustments that are deemed
The Remuneration Report and Policy contains details of
necessary; to give full consideration to succession planning
the role of the Remuneration Committee and the work
for directors in the course of its work, taking into account
it has undertaken during the year under review can be
the challenges and opportunities facing the Company
found on pages 22 to 25 of this report.
and the skills and expertise needed on the Board; and be
responsible for identifying and nominating for approval of
Meeting Attendance
the Board, candidates to fill board vacancies as and when
The Board meets in person at least four times a year to
they arise.
receive and review reports from the Portfolio Manager,
Administrator, and the Company’s other service
In addition, the Nomination Committee is responsible
providers on a full range of relevant matters, including
for the annual performance evaluation of the Board and
investments, marketing, administration, risks and
its Committees.
regulatory updates. Additional meetings are held on an
ad-hoc basis as required.
Details of Director attendance at Board and Committee meetings during the year under review are as follows:
Audit and
Management
Engagement Nomination Remuneration
Board Committee Committee Committee
Cahal Dowds 4/4 3/3 1/1 1/1
Hazel Cameron 4/4 3/3 1/1 1/1
Katie Folwell-Davies 4/4 3/3 1/1 1/1
Dr Sandy Nairn 4/4 n/a n/a n/a
In addition to the above scheduled meetings, several ad-hoc Board meetings were held during the year. These
meetings discussed the investment management arrangements and the Company’s portfolio.
Performance Evaluation This process consisted of a series of appraisal meetings
In accordance with the AIC Code, an evaluation of the and discussions between the Chair and each of the
Non-Executive Directors of the Company is undertaken other Directors (including the Executive Director). The
on an annual basis. independence of the Non-Executive Directors and their
ability to commit sufficient time to the Company’s activities
The Board does not consider the use of external
was considered as part of the evaluation process. The
consultants to conduct the performance evaluation
ability of Non-Executive Directors to provide constructive
necessary as it is of the opinion that the use of an external
challenge, strategic guidance, to offer specialist guidance
consultant is unlikely to provide any meaningful advantage
and to hold third parties to account was also evaluated
over the process that has been adopted. However, the
during the evaluation process. The performance of the
option of doing so will be regularly reviewed.
Chair was similarly evaluated by the other Directors, led by
the Chair of the Nomination Committee. The composition
A process of performance evaluation has been undertaken,
and performance of the Board Committees were also
by way of questionnaire, by which the performance of
assessed as part of the evaluation process.
the Chair, each Director, the Audit and Management
Engagement Committee, the Nomination Committee, the
Following completion of the evaluation process, the
Remuneration Committee (the ‘Board Committees’), and
Board concluded that all Non-Executive Directors remain
the Board as a whole, have been evaluated in respect of
independent, contribute effectively, have the skills and
the year ended 31 December 2025.
experience relevant to the leadership and direction of
the Company and can commit sufficient time to the
Company’s activities.
27
### CORPORATE GOVERNANCE REPORT – continued
In addition, the Non-Executive Directors reviewed the Committee were held by women. The role
performance of the Executive Director, Dr Nairn. As part of Chair of the Board was held by a man.
of the review, the Non-Executive Directors considered The Company has not appointed a senior
the overall performance of the portfolio against the independent director for the reasons given on
Company’s investment objective and that of the page 26.
Company’s peer group in the AIC Flexible Investment
• At least one individual on the Board is from
Sector. The Non-Executive Directors also considered
a minority ethnic background: the Company
Dr Nairn’s interaction with the Board and the quality of
does not meet this target. In view of its small
reporting and information provided to the Board for its
size, which it considers appropriate, and the
quarterly meetings and on an ad-hoc basis. Following
infrequency with which Board appointments are
its review, the Non-Executive Directors concluded that
made, the Board is aware that achieving this
the performance of Dr Nairn as Executive Director was
target is more challenging. It will however be
in line with expectations and that they look forward to
mindful of this target when making any future
continuing to work closely with Dr Nairn and the team at
appointments.
Goodhart, as the Company’s Portfolio Manager.
The following tables set out the data on the diversity
Diversity Policy
of the Directors on the Company’s Board in accordance
The Board regularly reviews its composition and
with Listing Rule 6.6.6R(10) as at 31 December 2025.
effectiveness. As part of its review, it considers
This data has been collected through direct consultation
succession planning; identification of the skills and
with the Board.
experience required to meet future opportunities; the
challenges facing the Company; and those individuals
Number of Percetage
who might best provide them. The Board supports the

|  |  | Number | Percentage |  |  | senior |  |  | of senior |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| recommendations of the Hampton-Alexander Review |  | of Board |  | of the | positions on |  |  | positions of |  |  |
| on gender diversity and the Parker Review on ethnic | Gender | members |  | Board | the Board |  |  |  | the Board |  |
| representation on boards. The Board acknowledges |  |  |  |  |  |  | 1 |  |  |  |
|  | Men 2 50% 1 |  |  |  |  |  |  |  |  | 25% |
| the benefits of boardroom diversity, encompassing |  |  |  |  |  |  | 2 |  |  |  |
|  | Women 2 50% 0 |  |  |  |  |  |  |  |  | –% |

characteristics such as skillset, geographical and industry
experience, social background, ethnicity, race and gender
Number of Percetage
and has agreed that whilst these characteristics will be
Number Percentage senior of senior
taken into account for any new Director appointments, of Board of the positions on positions of
the priority would be appointment on merit against the Gender members Board the Board the Board
requirements of the role. Therefore, although the Board White
is mindful of the targets in the FCA’s Listing Rules that the British
Company is required to report against, no measurable or other
1
targets in relation to Board diversity have been set. White 4 100% 1 25%
1
Board Composition The Company only has one of the senior roles specified by
The FCA Listing Rules now include a requirement for the Listing Rules, that is the position of Chair of the Board,
which is held by Cahal Dowds.
companies to report against diversity and inclusion targets
2
The Company considers that the chairs of its three permanent
on a comply or explain basis. Outlined below is an overview
sub-committees are all senior positions and are held by
of the targets and the Company’s compliance or otherwise
women, however, these are not included in the table.
as at its chosen reference date of 31 December 2025, in
accordance with Listing Rule 6.6.6(R):
Chair and Directors’ Tenure Policy
• At least 40% of the individuals on the The Board has set a Tenure Policy which covers both the
Board are women: the Company meets Chair and all Non-Executive Directors.
this target with its Board composition being
The Board considers that length of service does not
50% female.
necessarily compromise the independence or contribution
• At least one senior Board position is held of the directors of investment trust companies where
by a woman: in line with other investment experience and continuity can be a significant strength.
trusts, the Board considers the Chair of the
Board and the chair roles of its permanent The Board is mindful of the AIC Code in relation to the
committees to be senior positions. As at tenure of Directors (including the Chair). The Board
31 December 2025, the roles of Chair of does not consider it appropriate that Directors should
the Audit and Management Engagement be appointed for a specific term, however, in normal
Committee, Chair of the Nomination circumstances all Directors (including the Chair) will
Committee and Chair of the Remuneration not serve in excess of nine years from their date of
appointment.
28
### CORPORATE GOVERNANCE REPORT – continued
Succession Planning The Board strongly recommends the re-election of
The Board believes that its composition and the skill each of the independent Non-Executive Directors
set of the three incumbent Directors is appropriate for of the Company on the basis of their expertise and
the activities of the Company. Furthermore, at the time experience in investment matters, their independence
of the 2026 AGM, no Director will have served for a and their continuing effectiveness and commitment to
period greater than five years. Although no changes are the Company.
therefore being proposed to its composition, succession
Induction of Directors and Ongoing Training
planning is continuously considered as part of the
The Board has agreed a procedure for the induction
Board’s responsibilities.
and training of new Board appointees and training
requirements are dealt with as required.
Date of Tenure at
Director Appointment 2026 AGM
Company Secretary
Cahal Dowds 18 May 2021 5 Years
The Board also has direct access to the advice and
Hazel Cameron 18 May 2021 5 Years
services from the Company Secretary, Juniper Partners
Katie Folwell-Davies 26 April 2023 3 Years Limited, who are responsible for ensuring that Board
procedures are followed and that the applicable
Re-election and Appointment of Directors regulations are complied with. The Company Secretary is
In accordance with the AIC Code, the Board has also responsible to the Board for ensuring timely delivery
adopted the policy of requiring each Director to stand of information and reports and also for compliance with
for re-election on an annual basis to allow shareholders the statutory obligations of the Company.
to decide on the appropriateness of the composition of
Conflicts of Interest
the Board. Any new Directors appointed during the year
A Director must avoid a situation in which he or she has,
are automatically subject to election at the first AGM
or can have, a direct or indirect interest that conflicts, or
following their appointment.
may conflict, with the Company’s interests (a ‘situational
Following completion of the performance evaluation, it conflict’). The Articles of Association give the Directors
is considered that each Director has the necessary skills authority to approve such situations, where appropriate.
and experience, and continues to contribute effectively It is the responsibility of each individual Director to avoid
to the management of the Company. In addition, it is an unauthorised situational conflict arising. He or she
believed that the Board has the relevant expertise and must request authorisation from the Board as soon as he
sufficient time to provide the appropriate leadership and or she becomes aware of the possibility of a situational
direction for the Company. conflict arising.
In accordance with the Board’s policy, Cahal Dowds, The Board is responsible for considering Directors’
Hazel Cameron and Katie Folwell-Davies will stand for requests for authorisation of situational conflicts and for
re-election as Non-Executive Directors of the Company deciding whether or not the situational conflict should
at the 2026 AGM. be authorised. The factors considered include whether
the situational conflict could prevent the Director from
The Board acknowledges that Cahal Dowds and Hazel properly performing her/his duties, whether it has, or
Cameron are both directors of Continuum Advisory could have, any impact on the Company and whether it
Partners Limited (‘Continuum’), a private limited could be regarded as likely to affect the judgement and/
company. Katie Folwell-Davies, has considered their or actions of the Director in question. When the Board
respective roles with Continuum and has determined is deciding whether to authorise a conflict or potential
that, notwithstanding their common directorship, both conflict, only Directors who have no interest in the
Cahal and Hazel continue to provide expert and valued matter being considered are able to take the relevant
contributions to Board deliberations, that they both decision, and in taking the decision the Directors
remain independent and that this independence, both must act in a way they consider, in good faith, will be
of character and judgement, is not impaired by their most likely to promote the Company’s success. The
common directorship. This assessment will be kept Directors are able to impose limits or conditions when
under review. giving authorisation if they think this is appropriate in
the circumstances.
29
### CORPORATE GOVERNANCE REPORT – continued
A register of conflicts/potential conflicts of interest is The Company’s principal and emerging risks are set
maintained by the Company Secretary and is reviewed at out in the Strategic Review on pages 13 to 15 and in
each Board meeting. Directors are required to confirm at Note 16 on pages 58 to 60 of the Financial Statements.
these meetings whether there has been any change to In arriving at its judgement of what risks the Company
their position. faces, the Board has considered the Company’s
operations in the light of the following factors:
Insurance and indemnity
The Board has formalised arrangements under which • the nature and extent of risks which it regards
the Directors, in the furtherance of their duties, may as acceptable for the Company to bear within
seek independent professional advice at the expense of its overall business objective;
the Company.
• the likelihood of such risks becoming a reality;
The Company also maintains directors’ and officers’
• the Company’s ability to reduce the incidence
liability insurance, which includes cover of defence
and impact of risk on its performance; and
expenses.
• the cost to the Company and benefits related
The Company’s Articles of Association provide the
to the Company and third parties operating the
Directors of the Company, subject to the provisions of
relevant controls.
UK legislation, with an indemnity in respect of liabilities
which they may sustain or incur in connection with their
Against this background, the Board has split the review
appointment. Apart from this, there are no qualifying
of risk and associated controls, within the Company’s risk
third-party indemnity provisions in force.
assessment matrix, into four sections reflecting the nature
of the risks being addressed. These sections are as follows:
Risk Management and Internal Control Review
The Directors acknowledge that they have overall
• corporate strategy;
responsibility for the Company’s risk management
and internal control systems and for reviewing
• published information, compliance with laws
their effectiveness.
and regulations;
An ongoing process, in accordance with the FRC
• relationship with service providers; and
Guidance on Risk Management, Internal Control and
Related Financial and Business Reporting, has been • investment and business activities.
implemented for identifying, evaluating and managing
The system of internal control can only be designed
the principal and emerging risks faced by the Company.
to manage rather than eliminate the risk of failure to
This process has been in place throughout the year ended
achieve business objectives and therefore can provide
31 December 2025, and up to the date that the Financial
only reasonable, but not absolute, assurance against
Statements were approved, and is regularly reviewed
fraud, material misstatement or loss.
by the Board, through the Audit and Management
Engagement Committee. Key procedures established with
By the means of the procedures set out above, the
a view to providing effective financial control have also
Board confirms that it has reviewed the effectiveness of
been in place for the year ended 31 December 2025 and
the Company’s systems of internal controls for the year
up to the date the Financial Statements were approved.
ended 31 December 2025, and to the date of approval
of this Annual Report.
The risk management process and systems of internal
control are designed to manage rather than eliminate
On behalf of the Board
the risk of failure to achieve the Company’s investment
objective. It should be recognised that such systems can
only provide reasonable, not absolute, assurance against
material misstatement or loss.
Cahal Dowds
Internal Control Assessment Process
Chair
Risk assessment and the review of internal controls are
undertaken by the Board, through delegation to the 23 March 2026
Audit and Management Engagement Committee, in the
context of the Company’s overall investment objective.
The review covers the key business, operational,
compliance and financial risks facing the Company.
30
### REPORT OF THE AUDIT AND MANAGEMENT ENGAGEMENT COMMITTEE
As Chair of the Audit and Management Engagement Audit
Committee, I am pleased to present the Committee’s • To review and approve the annual audit plan
report to shareholders for the year ended 31 December and ensure that it is consistent with the scope
2025. of the audit engagement, including planned
levels of materiality and proposed resources;
Committee Members
and
The Audit and Management Engagement Committee
comprises of all the Non-Executive Directors of the • To assess the effectiveness of the external
Company, each of whom is considered independent. audit process, the approach taken to the
As permitted by the AIC Code, and due to the size appointment or reappointment of the external
of the Board, the Chair of the Board, Cahal Dowds, auditor, length of tenure of the audit firm,
who was independent on appointment, is a member when a tender was last conducted and advance
of the Committee. Katie Folwell-Davies is Chair of the notice of any retendering plans.
Committee.
Going Concern and Viability
All Committee members consider that, individually • To consider the appropriateness of the going
and collectively, they are appropriately experienced to concern basis of accounting in preparing
fulfil their role on the Committee. All members of the the Annual Report and half yearly financial
Committee are qualified accountants. Each member statements and to identify any material
contributes recent financial experience gained from uncertainties to the Company’s ability to
senior positions in the finance sector. continue to do so over a period of at least
12 months from the date of approval of the
The Committee met three times during the financial year
financial statements; and
ended 31 December 2025.
• To review the disclosures included in the Annual
The Committee invites the Company’s Auditor, the
Report and financial statements in relation to
Portfolio Manager, Juniper Partners Limited and any
the long-term viability of the Company.
other of its service providers, as required, to attend and
report to the Committee on relevant matters. Internal Control and Risk Management
• To conduct a robust assessment of the
Role of the Audit and Management Engagement
Company’s principal and emerging risks and
Committee
confirm in the Annual Report that it has
The primary responsibilities of the Audit and
completed this assessment; and
Management Engagement Committee are as follows:
• To review the Company’s risk management and
Financial
internal financial controls, their adequacy and
• To review the contents of the Annual Report
effectiveness and report on such review in the
and half yearly financial statements and advise
Annual Report.
the Board on whether, taken as a whole, are
fair, balanced and understandable and provides Service Providers
the information necessary for shareholders • To review the performance of the Company’s
to assess the Company’s position and service providers against their individual terms
performance, business model and strategy; of service.
• To report on any significant issues that it has The Terms of Reference of the Committee are
considered in relation to the annual and half available on the Company’s website at:
yearly financial statements and how these were https://globalopportunitiestrust.com/shareholder-
addressed; and information/key-documents
• To make whatever recommendations to the
Board it deems appropriate and to compile
a report to shareholders to be included in
the Company’s Annual Report and financial
statements.
31
### REPORT OF THE AUDIT AND MANAGEMENT ENGAGEMENT COMMITTEE
### – continued
Significant Accounting Matters
The following significant accounting matters were considered by the Committee during the year under review.
Significant matter How the issue was addressed
Valuation, existence, and The valuation of investments is undertaken in accordance with the accounting
ownership of investments policies as detailed in Note 1 to the accounts. The Board receives regular updates
on the investment portfolio from the Portfolio Manager. The Portfolio Manager is
responsible for the portfolio’s ongoing compliance with investment policy limits and
will report any breaches to the Board / Committee. The Company also receives a
quarterly valuation for its level 3 security from the Portfolio Manager. The valuation
of the level 3 security and its underlying investments is reviewed by the Board.
The Administrator reconciles the investment portfolio against the Custody account
on a daily basis and will report any reconciliation breaks to the Board / Committee.
The Company’s Board of Directors has approved the fair value of the level 3
investment through confirmation from the Portfolio Manager on the valuation of
the level 3 investment.
Recognition of investment The recognition of investment income is undertaken in accordance with accounting
income policy Note 1 to the accounts.
The Committee reviewed detailed revenue forecasts as prepared by the
Administrator and considered the allocation of dividend income between revenue
and capital.
Calculation of investment The investment management fee was calculated in accordance with the Investment
management fee Management Agreement. The Board reviews expense schedules and the investment
management fee calculation.
Compliance with Sections To ensure that the Company continues to meet the criteria for investment trust
1158 and 1159 status, the Committee reviewed the Company’s compliance with Sections 1158 and
1159 of the Corporation Tax Act 2010.
The Committee receives quarterly reporting from the Administrator detailing the
Company’s continuing compliance with Sections 1158 and 1159. Throughout
the financial year under review, the Company has maintained its status as an
investment trust.
Going Concern/Long Term The Committee reviewed the appropriateness of the adoption of the Going Concern
Viability basis in preparing the accounts. The Committee recommended to the Board that
the adoption of the Going Concern basis remained appropriate (see Going Concern
statement on page 20).
The Committee also assessed the Long-Term Viability of the Company as detailed on
page 20 and recommended to the Board its expectation that the Company would
remain in operation for the five-year period of the assessment.
Internal Controls During the year, the Committee reviewed and updated, where appropriate, the
Company’s risk assessment. This is done on an ongoing basis. For information on
how this review was undertaken, see page 30.
The Company does not have an internal audit function as most of its day-to-day
operations are delegated to third parties, all of whom have their own internal
control procedures. The Committee discussed whether it would be appropriate
to establish an internal audit function and agreed that the existing system of
monitoring and reporting by third parties remains appropriate and sufficient.
32
### REPORT OF THE AUDIT AND MANAGEMENT ENGAGEMENT COMMITTEE
### – continued
Auditor Appointment and Tenure Audit Fee
Johnston Carmichael LLP was appointed as Auditor to The audit fee for the year ended 31 December 2025 was
the Company on 22 April 2020. The audit partner, with £39,500 (2024: £37,500).
effect from the year ended 31 December 2023, has been
Fair, Balanced and Understandable
Richard Sutherland. Rotation of the audit partner will take
As a result of the work performed, the Audit and
place every five years in accordance with the Financial
Management Engagement Committee has concluded
Reporting Council’s Revised Ethical Standard 2024.
that the Annual Report and Financial Statements for
There are no contractual obligations that would restrict the year ended 31 December 2025, taken as a whole,
the Committee in selecting an alternative external are fair, balanced and understandable and provide the
auditor. The Committee reviews the re-appointment of information necessary for shareholders to assess the
the Auditor annually to ensure that the external audit Company’s position and performance, business model
remains effective and independent. and strategy, and has reported on these findings to
the Board. The Board’s conclusions in this respect are
Assessment of the External Audit Process
set out in the Statement of Directors’ Responsibilities
In conducting its review of the audit of the Company by
on page 35.
Johnston Carmichael LLP, the Committee considered:
Internal Control and Risk Management
• the audit plan for the year, including the audit
The Committee considered the effectiveness of the
team and approach to significant risks;
control environments of the Company’s key service
providers during the year.
• the Auditor’s arrangements for any conflicts of
interest;
The Board has therefore established an ongoing process
designed to meet the particular needs of the Company
• the extent of any non-audit services (all non-
in managing the risks to which it is exposed, consistent
audit services are subject to pre-approval by the
with the internal control guidance issued by the Financial
Committee; there were no non-audit services in
Reporting Council. The process relies principally on a risk
the reporting year); and
based system of internal control whereby a test matrix
is created that identifies the key functions carried out by
• the statement by the Auditor confirming that
the Company and other service providers, the individual
they remain independent within the meaning of
activities undertaken within those functions, the risks
the regulations and their professional standards.
associated with each activity and the controls employed
With regards to the effectiveness of the audit process, to minimise those risks.
the Committee reviewed:
A formal annual review of the Company’s risk-based
• the fulfilment by the Auditor of the agreed system of internal controls is carried out by the Board
audit plan; and includes consideration of internal control reports
issued by the service providers, where applicable.
• the audit findings report issued by the Auditor
on the audit of the Annual Report and Financial Such review procedures have been in place throughout
Statements for the year ended 31 December the financial year and up to the date of approval of
2025; and the Annual Report, and the Board is satisfied with
their effectiveness. These procedures are designed to
• feedback from the Chair of the Committee and
manage, rather than eliminate, risk and, by their nature,
the Administrator on the audit of the Company.
can provide only reasonable, not absolute, assurance
against material misstatement or loss. The Company
The Committee concluded that the audit of the Company
does not have an internal audit function as the Audit
was in line with expectations and that the Auditor
and Management Engagement Committee believes
remained independent. Accordingly, the Board approved
that the Company’s structure does not warrant such a
the Committee’s recommendation that a resolution in
function. This is reviewed by the Committee annually.
respect of the re-appointment of Johnston Carmichael
LLP be put to shareholders for approval at the Annual
General Meeting to be held on 14 May 2026.
33
### REPORT OF THE AUDIT AND MANAGEMENT ENGAGEMENT COMMITTEE
### – continued
Review of Service Providers
The Committee reviews the performance of the Company’s
service providers to ensure that they continue to comply
with their terms of service, that their fees remain
competitive, and that their continued appointment is in the
best interests of shareholders.
Following completion of its review of the Company’s
service providers, no matters of concern were raised to the
Board, and the Committee confirmed that the continuing
appointment of these service providers was in the best
interests of shareholders.
Annual Evaluation
The activities of the Audit and Management Engagement
Committee were considered as part of the Board appraisal
process. The conclusion from the appraisal was that the
Committee continued to operate effectively, with the right
balance of membership, experience, and skills.
Katie Folwell-Davies
Chair of the Audit and Management Engagement
Committee
23 March 2026
34
### STATEMENT OF DIRECTORS’ RESPONSIBILITIES
The Directors are responsible for preparing the Annual The Directors are responsible for the maintenance
Report and the Financial Statements in accordance with and integrity of the corporate and financial
applicable UK law and regulations. information included on the Company’s website,
www.globalopportunitiestrust.com. The work carried
The Companies Act 2006 (the ‘Law’) requires the
out by the Auditor does not include consideration of
Directors to prepare Financial Statements for each
these matters and, accordingly, the Auditor accepts
financial period. Under that Law, they have elected to
no responsibility for any changes that may have
prepare the Financial Statements in accordance with
occurred to the Financial Statements since they were
UK Accounting Standards (United Kingdom Generally
initially presented on the website. Legislation in the
Accepted Accounting Practice), including FRS 102 “The
UK governing the preparation and dissemination of
Financial Reporting Standard applicable in the UK and
financial statements may differ from legislation in other
Republic of Ireland”.
jurisdictions.
Under the Law, the Directors must not approve the
Each of the Directors, who are listed on page 18 of this
Financial Statements unless they are satisfied that they
report, confirm to the best of their knowledge that:
give a true and fair view of the state of affairs of the
Company and of the profit or loss of the Company for • the Financial Statements, prepared in
that period. accordance with the applicable set of UK
Accounting Standards, give a true and fair view
In preparing these Financial Statements, the Directors
of the assets, liabilities, financial position and
are required to:
profit or loss of the Company;
• select suitable accounting policies and then
• the Annual Report includes a fair view of the
apply them consistently;
development and performance of the business
and the position of the Company together
• make judgements and estimates that are
with a description of the principal risks and
reasonable and prudent;
uncertainties that the Company faces; and
• state whether applicable UK Accounting
• in the opinion of the Board, the Annual Report
Standards have been followed, subject to any
and Financial Statements taken as a whole,
material departures disclosed and explained in
is fair, balanced and understandable and
the Financial Statements; and
provides the information necessary to assess the
Company’s performance, business model and
• prepare the Financial Statements on the
strategy.
going concern basis unless it is inappropriate
to presume that the Company will continue
On behalf of the Board
in business.
The Directors are responsible for keeping adequate
accounting records that are sufficient to show and
explain the Company’s transactions and disclose with
Cahal Dowds
reasonable accuracy at any time the financial position
Chair
of the Company and enable them to ensure that its
Financial Statements comply with the Law and include
23 March 2026
the information required by the Listing Rules of the
Financial Conduct Authority. They are also responsible
for safeguarding the assets of the Company and hence
for taking reasonable steps for the prevention and
detection of fraud and other irregularities.
Under applicable law and regulations, the Directors
are also responsible for preparing a Strategic Report,
Directors’ Report, Remuneration Report and Corporate
Governance Statement that comply with that law and
those regulations.
35
### INDEPENDENT AUDITOR’S REPORT
to the members of Global Opportunities Trust plc
Opinion We conducted our audit using information maintained
We have audited the financial statements of Global and provided by Juniper Partners Limited (the “Company
Opportunities Trust plc (“the Company”), for the year Secretary” and “Administrator”) Goodhart Partners LLP
ended 31 December 2025, which comprise the Income (the” Sub-Advisor” during the period), and JP Morgan
Statement, Balance Sheet, Statement of Changes Chase Bank (the ”Custodian”), to whom the Company
in Equity, Statement of Cash Flow and Notes to the has delegated the provision of services.
Financial Statements, including significant accounting
We tailored the scope of our audit to reflect our
policies. The financial reporting framework that has
risk assessment, taking into account such factors as
been applied in their preparation is applicable law
the types of investments within the Company, the
and United Kingdom Accounting Standards, including
involvement of the Administrator, the accounting
Financial Reporting Standard 102 The Financial
processes and controls, and the industry in which the
Reporting Standard applicable in the UK and Republic of
Company operates.
Ireland (United Kingdom Generally Accepted Accounting
Practice).
The scope of our audit was influenced by our application
of materiality. We set certain quantitative thresholds
In our opinion the financial statements:
for materiality. These together with qualitative
• Give a true and fair view of the state of the considerations, helped us to determine the scope of our
Company’s affairs as at 31 December 2025 and audit and the nature, timing, and extent of our audit
of its return for the year then ended; procedures on the individual financial statement line
items and disclosures and in the evaluation of the effect
• Have been properly prepared in accordance
of misstatements, both individually and in aggregate on
with United Kingdom Generally Accepted
the financial statements as a whole.
Accounting Practice; and
Key audit matters
• Have been prepared in accordance with the
Key audit matters are those matters that, in our
requirements of the Companies Act 2006.
professional judgement, were of most significance in
our audit of the financial statements of the current
Basis for opinion
period and include the most significant assessed risks
We conducted our audit in accordance with
of material misstatement (whether or not due to fraud)
International Standards on Auditing (UK) (ISAs
that we identified. These matters included those which
(UK)) and applicable law. Our responsibilities under
had the greatest effect on: the overall audit strategy; the
those standards are further described in the Auditor
allocation of resources in the audit; and directing the
responsibilities for the audit of the financial statements
efforts of the engagement team. These matters were
section of our report. We are independent of the
addressed in the context of our audit of the financial
Company in accordance with the ethical requirements
statements as a whole, and in forming our opinion
that are relevant to our audit of the financial statements
thereon, we do not provide a separate opinion on
in the UK, including the FRC’s Ethical Standard, as
these matters.
applied to listed public interest entities, and we have
fulfilled our other ethical responsibilities in accordance
We summarise below the key audit matters in arriving
with these requirements. We believe that the audit
at our audit opinion above, together with how our audit
evidence we have obtained is sufficient and appropriate
addressed these matters and the results of our audit
to provide a basis for our opinion.
work in relation to these matters.
Our approach to the audit
We planned our audit by first obtaining an
understanding of the Company and its environment,
including its key activities delegated by the Board to
relevant approved third-party service providers and the
controls over provision of those services.
36
## INDEPENDENT AUDITOR'S REPORT – continued

to the members of Global Opportunities Trust plc

|  Key audit matter | How our audit addressed the key audit matter and our conclusions  |
| --- | --- |
|  **Valuation of Level 1 and Level 2 Investments** (As described on page 32 in the Report of the Audit and Management Engagement Committee and as per the accounting policy on page 48 and Note 8). The valuation of the Level 1 listed investments portfolio was £43.5m (2024: £50.8m) and the valuation of the Level 2 investments portfolio was £47.7m (2024: £35.3m) as at 31 December 2025. As this is the largest component of the Company's Balance Sheet and a key driver of the Company's net assets and total return, this has been designated as a key audit matter, being one of the most significant assessed risks of material misstatement due to error. There is a further risk that investments held at fair value may not be actively traded and the quoted prices may not be reflective of their fair value. | In order to address the risks associated with the valuation of the Level 1 and Level 2 investment portfolio, our audit procedures included: - Obtaining and assessing controls reports provided by Juniper Partners Limited (as Administrator) to evaluate the design and implementation of key controls for the valuation of Level 1 and Level 2 investments; - Comparing market prices and exchange rates applied to all Level 1 and Level 2 investments held at 31 December 2025 to an independent third-party source and recalculating the investment valuations; and - Obtaining average trading volumes from an independent third-party source for all Level 1 investments held at year end and assessing trading activity as evidence of the existence of an active market. From our completion of the procedures, we identified no material misstatements in relation to the valuation of Level 1 and Level 2 investments.  |
|  **Valuation and Ownership of Level 3 Investment** (As described on page 32 in the Report of the Audit and Management Engagement Committee and as per the accounting policy on page 48 and Note 8). The valuation of the Level 3 investment was £8.3m (2024: £8.1m) as at 31 December 2025. As this is a large component of the Company's Balance Sheet, a key driver of the Company's net assets and total return, and management are required to use judgement to estimate the valuation of the Level 3 investment, this has been designated a key audit matter, being one of the most significant assessed risks of material misstatement due to fraud or error. Additionally, there is a fraud risk that the investments recorded as held by the Company may not represent property of the Company. | In order to address the risks associated with the valuation and ownership of the Level 3 investment, our audit procedures included: - Performing a walkthrough of the Level 3 investment valuation and ownership process at the Administrator to evaluate the design and implementation of key controls; - Testing how management made their estimate of the fair value of the Level 3 investment, which is an interest in a private equity fund, by agreeing the inputs to management's estimate to supporting evidence. These inputs included;     - the net asset value of the fund at its latest available measurement date closest to the Company's year end; and     - movements in the fund value between the fund's latest measurement date and the Company's year end, as confirmed by correspondence with the underlying fund manager. - Evaluating management's assessment of the underlying fund manager's approach to determining the fair value of the underlying investments in the fund. - Obtaining evidence that the NAV of the underlying investment was audited by a registered auditor and reviewing the auditor's opinion for any modifications; - Assessing the sufficiency and appropriateness of the evidence obtained by management, as well as their conclusions with respect to the alignment of the methodology applied to International Private Equity and Venture Capital Valuation (IPEV) Guidelines; and - Agreeing the Level 3 investment holding to a direct confirmation from the underlying fund manager. From our completion of these procedures, we identified no material misstatements in relation to the valuation and ownership of the level 3 investment.  |

37
## INDEPENDENT AUDITOR'S REPORT – continued

to the members of Global Opportunities Trust plc

|  Key audit matter | How our audit addressed the key audit matter and our conclusions  |
| --- | --- |
|  **Revenue Recognition, including allocation of special dividends as revenue or capital returns** (as described on page 32 in the Report of the Audit and Management Engagement Committee and as per the accounting policy on page 47 and Note 2). Investment income recognised up to 31 December 2025 amounted to £2.9m (2024: £2.3m), predominantly derived of dividend income from listed investments of £1.7m (2024: £1.6m). The remaining £1.2m (2024: £0.7m) related to income from liquidity funds. Revenue-based performance metrics are often one of the key performance indicators for stakeholders. The investment income received by the Company during the year directly impacts these metrics and the minimum dividend required to be paid by the Company. There is a risk that revenue is incomplete, did not occur or is inaccurate through failure to recognise income entitlements or failure to appropriately account for their treatment. It has therefore been designated as a key audit matter, being one of the most significant assessed risks of material misstatement due to error. Additionally, there is a fraud risk of incorrect allocation of special dividends as revenue or capital returns, as judgement is required in determining their allocation within the Income Statement. | In order to address the risk associated with revenue recognition and the allocation of special dividends as revenue or capital returns, our audit procedures included: - Obtaining and assessing the controls reports provided by Juniper Partners Limited (as Administrator) to evaluate the design and implementation of key controls; - Assessing whether income was recognised and disclosed in accordance with the financial reporting framework, including the AIC SORP and the Company's accounting policies; - Recalculating 100% of dividends due to the Company based on investment holdings throughout the year, exchange rates as agreed to independent third-party sources, and announcements made by investee companies; - Agreeing a sample of dividends received to bank statements; - Reconciling and agreeing income from liquidity funds throughout the year to bank statements; and - Assessing the completeness of the special dividend population with reference to independent third-party data and determined whether special dividends recognised were revenue or capital in nature with reference to the underlying commercial circumstances of the investee companies' dividend payment. From our completion of these procedures, we identified no material misstatements in relation to revenue recognition, including allocation of special dividends as revenue or capital returns.  |

### Our application of materiality

We define materiality as the magnitude of misstatement in the financial statements that makes it probable that the economic decisions of a reasonably knowledgeable person would be changed or influenced. We use materiality in determining the nature and extent of our work and in evaluating the results of that work.

|  Materiality measure | Value  |
| --- | --- |
|  **Materiality for the financial statements as a whole** We have set materiality 1% of net assets as we believe that net assets is the primary performance measure used by investors and is the key driver of shareholder value. We determined the measurement percentage to be commensurate with the risk and complexity of the audit and the Company's listed status. | £1.17m (2024: £1.09m)  |
|  **Performance materiality** Performance materiality represents amounts set by the auditor at less than materiality for the financial statements as a whole, to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceeds materiality for the financial statements as a whole. In setting this we consider the Company's overall control environment, our past experience of the audit that indicates a lower risk of material misstatements. Based on our judgement of these factors, we have set performance materiality at 75% (2024: 75%) of our overall financial statement materiality. | £0.88m (2024: £0.82m)  |

38
### INDEPENDENT AUDITOR’S REPORT – continued
to the members of Global Opportunities Trust plc
Materiality measure Value
Specific materiality £0.12m
Recognising that there are transactions and balances of a lesser amount which could
(2024: £0.12m)
influence the understanding of users of the financial statements we calculate a lower
level of materiality for testing such areas.
Specifically, given the importance of the distinction between revenue and capital for the
Company, we also applied a separate testing threshold for the revenue column of the
Income statement, set as the higher of 5% of the revenue return before taxation and our
Audit Committee Reporting Threshold.
We have also set a specific materiality in respect of related party transactions and
Directors’ remuneration.
We used our judgement in setting these thresholds and considered our past experience of
the audit, the history of misstatements and industry benchmarks for specific materiality.
Audit Committee reporting threshold £0.06m
We agreed with the Audit Committee that we would report to them all differences in
(2024: £0.05m)
excess of 5% of overall materiality in addition to other identified misstatements that
warranted reporting on qualitative grounds, in our view. For example, an immaterial
misstatement as a result of fraud.
During the course of the audit, we reassessed initial materiality and found no reason to alter the basis of calculation
used at year-end.
Conclusions relating to going concern • Obtaining and recalculating management’s
In auditing the financial statements, we have concluded assessment of the Company’s ongoing
that the Directors’ use of the going concern basis of maintenance of investment trust status; and
accounting in the preparation of the financial statements
• Assessing the adequacy of the Company’s going
is appropriate. Our evaluation of the Directors’
concern disclosures included in the Annual
assessment of the Company’s ability to continue to
Report.
adopt the going concern basis of accounting included:
Based on the work we have performed, we have not
• Evaluating management’s method of assessing
identified any material uncertainties relating to events
going concern, including consideration of
or conditions that, individually or collectively, may cast
market conditions and macro-economic
significant doubt on the Company’s ability to continue as
uncertainties;
a going concern for a period of at least twelve months
• Assessing and challenging the forecast from when the financial statements are authorised
cashflows and associated sensitivity modelling for issue.
used by management in support of their going
In relation to the Company’s reporting on how it has
concern assessment by reference to supporting
applied the UK Corporate Governance Code, we have
documentation, Board approved budgets, our
nothing material to add or draw attention to in relation
own understanding of the Company and the
to the Directors’ statement in the financial statements
economic environment in which it operates,
about whether the Directors considered it appropriate to
and the results of other audit work;
adopt the going concern basis of accounting.
• Assessing the plausibility of mitigating actions
Our responsibilities and the responsibilities of the
identified by management as available to them
Directors with respect to going concern are described in
to continue as a going concern if downside
the relevant sections of this report.
uncertainties were to crystallise;
• Assessing the accuracy of management’s
forecasting by comparing the reliability of past
forecasts to actual results;
• Performing arithmetical and consistency checks
on management’s base forecast;
39
### INDEPENDENT AUDITOR’S REPORT – continued
to the members of Global Opportunities Trust plc
Other information • The financial statements and the part of the
The other information comprises the information Directors’ Remuneration Report to be audited
included in the Annual Report and Financial Statements are not in agreement with the accounting
other than the financial statements and our auditor’s records and returns; or
report thereon. The Directors are responsible for the
• Certain disclosures of Directors’ remuneration
other information contained within the Annual Report
specified by law are not made; or
and Financial Statements. Our opinion on the financial
statements does not cover the other information and,
• We have not received all the information and
except to the extent otherwise explicitly stated in
explanations we require for our audit; or
our report, we do not express any form of assurance
conclusion thereon. Our responsibility is to read the
• A corporate governance statement has not
other information and, in doing so, consider whether
been prepared by the Company.
the other information is materially inconsistent with
the financial statements or our knowledge obtained Corporate governance statement
in the course of the audit, or otherwise appears to We have reviewed the Directors’ statement in relation
be materially misstated. If we identify such material to going concern, longer-term viability and that part
inconsistencies or apparent material misstatements, of the Corporate Governance Statement relating to
we are required to determine whether this gives rise the entity’s compliance with the provisions of the UK
to a material misstatement in the financial statements Corporate Governance Code specified for our review by
themselves. If, based on the work we have performed, the Listing Rules.
we conclude that there is a material misstatement of this
Based on the work undertaken as part of our audit, we
other information, we are required to report that fact.
have concluded that each of the following elements
We have nothing to report in this regard. of the Corporate Governance Statement is materially
consistent with the financial statements or our
Opinions on other matters prescribed by the
knowledge obtained during the audit:
Companies Act 2006

| In our opinion, the part of the Directors’ Remuneration | • The Directors’ statement with regards to |  |
| --- | --- | --- |
| Report to be audited has been properly prepared in |  | the appropriateness of adopting the going |
| accordance with the Companies Act 2006. |  | concern basis of accounting and any material |

uncertainties identified set out on page 20;
In our opinion, based on the work undertaken in the
course of the audit: • The Directors’ explanation as to its assessment
of the Company’s prospects, the period this
• The information given in the Strategic Report
assessment covers and why the period is
and the Directors’ Report for the financial year
appropriate set out on page 20;
for which the financial statements are prepared
is consistent with the financial statements; and • The Directors’ statement on fair, balanced and
understandable set out on page 35;
• The Strategic Report and the Directors’ Report
have been prepared in accordance with • The Directors’ statement on whether it has a
applicable legal requirements. reasonable expectation that the Company will
be able to continue in operation and meets its
Matters on which we are required to report by
liabilities set out on page 21;
exception
In the light of the knowledge and understanding of the • The Board’s confirmation that it has carried
Company and its environment obtained in the course of out a robust assessment of the emerging and
the audit, we have not identified material misstatements principal risks set out on page 13;
in the Strategic Report or the Directors’ Report.
• The section of the Annual Report that
We have nothing to report in respect of the following describes the review of the effectiveness of risk

| matters in relation to which the Companies Act 2006 |  |  |  | management and internal control systems set |
| --- | --- | --- | --- | --- |
| requires us to report to you if, in our opinion: |  |  |  | out on page 30; and |
|  | • Adequate accounting records have not been |  | • The section describing the work of the Audit |  |
|  |  | kept by the Company, or returns adequate for |  | and Management Engagement Committee set |
|  |  | our audit have not been received from branches |  | out on pages 31 to 34. |

not visited by us; or
40
### INDEPENDENT AUDITOR’S REPORT – continued
to the members of Global Opportunities Trust plc
Responsibilities of Directors We obtained an understanding of the legal and regulatory
As explained more fully in the Statement of Directors’ frameworks that are applicable to the Company and the
Responsibilities set out on page 35, the Directors sector in which it operates, focusing on those provisions
are responsible for the preparation of the financial that had a direct effect on the determination of material
statements and for being satisfied that they give a amounts and disclosures in the financial statements. The
true and fair view, and for such internal control as most relevant frameworks we identified include:
the Directors determine is necessary to enable the
• Companies Act 2006;
preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
• Financial Conduct Authority (FCA) listing and
In preparing the financial statements, the Directors
Disclosure Guidance and Transparency Rules
are responsible for assessing the Company’s ability to
(DTR);
continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going
• The principles of the UK Corporate Governance
concern basis of accounting unless the Directors either
Code applied by the AIC Corporate Governance
intend to liquidate the Company or to cease operations,
Code (the “AIC Code”);
or have no realistic alternative but to do so.
• Industry practice represented by the Statement
Auditor responsibilities for the audit of the
of Recommended Practice: Financial Statements
financial statements
of Investment Trust Companies and Venture
Our objectives are to obtain reasonable assurance about
Capital Trusts (“the SORP”) issued in July 2022;
whether the financial statements as a whole are free
from material misstatement, whether due to fraud or • The Company’s qualification as an investment
error, and to issue an auditor’s report that includes Trusts under section 1158 of the Corporation
our opinion. Reasonable assurance is a high level of Tax Act 2010; and
assurance but is not a guarantee that an audit conducted
• UK Generally Accepted Accounting Practice.
in accordance with ISAs (UK) will always detect a
material misstatement when it exists. Misstatements can
We gained an understanding of how the Company is
arise from fraud or error and are considered material if,
complying with these laws and regulations by making
individually or in the aggregate, they could reasonably
enquiries of management and those charged with
be expected to influence the economic decisions of users
governance. We corroborated these enquiries through
taken on the basis of these financial statements.
our review of relevant correspondence with regulatory
bodies and board meeting minutes.
A further description of our responsibilities for the audit
of the financial statements is located on the Financial
We assessed the susceptibility of the financial statements
Reporting Council’s website at: http://www.frc.org.uk/
to material misstatement, including how fraud might
auditorsresponsibilities. This description forms part of our
occur, by meeting with management and those charged
auditor’s report.
with governance to understand where it was considered
there was susceptibility to fraud. This evaluation also
Extent to which the audit was considered capable
considered how management and those charged
of detecting irregularities, including fraud
with governance were remunerated and whether
Irregularities, including fraud, are instances of non-
this provided an incentive for fraudulent activity. We
compliance with laws and regulations. We design
considered the overall control environment and how
procedures in line with our responsibilities, outlined
management and those charged with governance
above, to detect material misstatements in respect
oversee the implementation and operation of controls.
of irregularities, including fraud. The extent to which
In areas of the financial statements where the risks were
our procedures are capable of detecting irregularities,
considered to be higher, we performed procedures to
including fraud is detailed below.
address each identified risk. We identified a heightened
We assessed whether the engagement team collectively fraud risk in relation to:
had the appropriate competence and capabilities
• Management override of controls;
to identify or recognise non-compliance with laws
and regulations by considering their experience, past
• Valuation and ownership of level 3 investments;
performance and support available.
and
All engagement team members were briefed on relevant
• The allocation of special dividends as revenue or
identified laws and regulations and potential fraud
capital items.
risks at the planning stage of the audit. Engagement
team members were reminded to remain alert to any
indications of fraud or non-compliance with laws and
regulations throughout the audit.
41
### INDEPENDENT AUDITOR’S REPORT – continued
to the members of Global Opportunities Trust plc
Audit procedures performed in response to the risks Other matters which we are required to address
relating to the allocation of special dividends as revenue Following the recommendation of the Audit and
or capital items and the valuation and ownership of Management Engagement Committee, we were
level 3 investments are set out in the section on key appointed by the Board on 22 April 2020 to audit the
audit matters above, and audit procedures performed in financial statements for the year ended 31 December
response to the risk of management override of controls 2020 and subsequent financial periods. The period of
are included below. our total uninterrupted engagement is six years, covering
the year ended 31 December 2025.
In addition to the above, the following procedures were
performed to provide reasonable assurance that the The non-audit services prohibited by the FRC’s Ethical
financial statements were free of material fraud or error: Standard were not provided to the Company and we
remain independent of the Company in conducting
• Reviewing minutes of meetings of those
our audit.
charged with governance for reference to:
breaches of laws and regulation or for any Our audit opinion is consistent with the additional report
indication of any potential litigation and claims; to the Audit Committee.
and events or conditions that could indicate
Use of our report
an incentive or pressure to commit fraud or
This report is made solely to the Company’s members,
provide an opportunity to commit fraud;
as a body, in accordance with Chapter 3 of Part 16 of
• Reviewing the level of and reasoning behind the Companies Act 2006. Our audit work has been
the Company’s procurement of legal and undertaken so that we might state to the Company’s
professional services; members those matters we are required to state to
them in an auditor’s report and for no other purpose.
• Performing audit procedures over the risk of
To the fullest extent permitted by law, we do not accept
management override of controls, including
or assume responsibility to anyone other than the
testing of journal entries and other adjustments
Company and the Company’s members as a body, for
for appropriateness, recalculating the
our audit work, for this report, or for the opinions we
investment management fee, evaluating the
have formed.
business rationale of significant transactions
outside the normal course of business,
assessing judgements made by management
in their calculation of accounting estimates for
potential management bias, and incorporating Richard Sutherland (Senior Statutory Auditor)
an element of unpredictability within our audit For and on behalf of Johnston Carmichael LLP
testing by substantively testing an additional Statutory Auditor
sample of expenses to supporting evidence, Edinburgh, United Kingdom
including independently sourced data where
23 March 2026
relevant;
• Completion of appropriate checklists and use
of our experience to assess the Company’s
compliance with the Companies Act 2006 and
the Listing Rules; and
• Agreement of the financial statement
disclosures to supporting documentation.
Our audit procedures were designed to respond to
the risk of material misstatements in the financial
statements, recognising that the risk of not detecting
a material misstatement due to fraud is higher than
the risk of not detecting one resulting from error, as
fraud may involve intentional concealment, forgery,
collusion, omission or misrepresentation. There are
inherent limitations in the audit procedures performed
and the further removed non-compliance with laws and
regulations is from the events and transactions reflected
in the financial statements, the less likely we would
become aware of it.
42
# INCOME STATEMENT

for the year ended 31 December 2025

|   | Note | 2025 |   |   | 2024  |   |   |
| --- | --- | --- | --- | --- | --- | --- | --- |
|   |   |  Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000  |
|  Gains on investments at fair value through profit or loss | 8 | – | 10,875 | 10,875 | – | 2,123 | 2,123  |
|  Foreign exchange (losses)/gains on capital items |  | – | (2,027) | (2,027) | – | 136 | 136  |
|  Income | 2 | 3,338 | 71 | 3,409 | 2,996 | 33 | 3,029  |
|  Investment management fee | 3 | (45) | (105) | (150) | (42) | (99) | (141)  |
|  Other expenses | 4 | (799) | – | (799) | (591) | – | (591)  |
|  **Net return before finance costs and taxation** |  | **2,494** | **8,814** | **11,308** | **2,363** | **2,193** | **4,556**  |
|  **Finance costs** |  |  |  |  |  |  |   |
|  Interest payable and related charges |  | – | – | – | (7) | – | (7)  |
|  **Net return before taxation** |  | **2,494** | **8,814** | **11,308** | **2,356** | **2,193** | **4,549**  |
|  Taxation – overseas withholding tax | 5 | (227) | – | (227) | (204) | – | (204)  |
|  **Net return after taxation** |  | **2,267** | **8,814** | **11,081** | **2,152** | **2,193** | **4,345**  |
|  **Return per ordinary share** | 7 | **7.8p** | **30.1p** | **37.9p** | **7.4p** | **7.5p** | **14.9p**  |

All revenue and capital items in the above statement derive from continuing operations.

The total column of this statement is the profit and loss account of the Company.

The revenue and capital return columns are prepared under guidance issued by the Association of Investment Companies Statement of Recommended Practice.

A separate Statement of Comprehensive Income has not been prepared as all gains and losses are included in the Income Statement.

The Notes on pages 47 to 61 form part of these Financial Statements.

43
# BALANCE SHEETas at 31 December 2025

|   | Note | 2025 £'000 | 2024 £'000  |
| --- | --- | --- | --- |
|  **Fixed asset investments** |  |  |   |
|  Investments at fair value through profit or loss | 8 | 99,427 | 94,186  |
|  **Current assets** |  |  |   |
|  Debtors | 10 | 367 | 411  |
|  Cash at bank and short-term deposits |  | 17,830 | 16,506  |
|   |  | **18,197** | **16,917**  |
|  **Current liabilities** |  |  |   |
|  Creditors | 11 | (170) | (1,808)  |
|   |  | **(170)** | **(1,808)**  |
|  **Net current assets** |  | **18,027** | **15,109**  |
|  **Net assets** |  | **117,454** | **109,295**  |
|  **Capital and reserves** |  |  |   |
|  Called-up share capital | 12 | 645 | 645  |
|  Share premium |  | 1,597 | 1,597  |
|  Capital redemption reserve |  | 14 | 14  |
|  Special reserve |  | 9,760 | 9,760  |
|  Capital reserve |  | 101,288 | 92,474  |
|  Revenue reserve |  | 4,150 | 4,805  |
|  **Total shareholders' funds** |  | **117,454** | **109,295**  |
|  **Net asset value per ordinary share** | 14 | **401.9p** | **374.0p**  |

The Financial Statements on pages 43 to 61 were approved by the Board of Directors on 23 March 2026 and signed on its behalf by:

**Cahal Dowds** Chair

Registered in Scotland No. SC259207

The Notes on pages 47 to 61 form part of these Financial Statements.

44
### STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2025
Capital

|  | Share |  | Share | redemption |  | Special |  | Capital |  | Revenue |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  | 1 |  | 1 |  |  | 1 |  |
|  | capital | premium |  |  | reserve | reserve |  | reserve |  | reserve |  |  | Total |
| Year ended 31 December 2025 Note | £’000 |  | £’000 |  | £’000 | £’000 |  | £’000 |  |  | £’000 |  | £’000 |

At 1 January 2025 645 1,597 14 9,760 92,474 4,805 109,295
Net return after taxation – – – – 8,814 2,267 11,081
Dividends paid 6 – – – – – (2,922) (2,922)
At 31December 2025 645 1,597 14 9,760 101,288 4,150 117,454
Capital

|  | Share |  | Share | redemption |  | Special |  | Capital |  | Revenue |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  | 1 |  | 1 |  |  | 1 |  |
|  | capital | premium |  |  | reserve | reserve |  | reserve |  | reserve |  |  | Total |
| Year ended 31 December 2024 Note | £’000 |  | £’000 |  | £’000 | £’000 |  | £’000 |  |  | £’000 |  | £’000 |

At 1 January 2024 645 1,597 14 9,760 90,281 4,114 106,411
Net return after taxation – – – – 2,193 2,152 4,345
Dividends paid 6 – – – – – (1,461) (1,461)
At 31December 2024 645 1,597 14 9,760 92,474 4,805 109,295
1
Distributable reserves total £107,099,000 (2024: £100,167,000). The Capital reserve comprises realised gains of £93,189,000
(2024: £85,602,000), which are distributable, and unrealised gains of £8,099,000 (2024: £6,872,000), which are not
immediately distributable.
The Notes on pages 47 to 61 form part of these Financial Statements.
45
# STATEMENT OF CASH FLOW

for the year ended 31 December 2025

|   | Note | Year ended 31 December 2025 |   | Year ended 31 December 2024  |   |
| --- | --- | --- | --- | --- | --- |
|   |   |  £'000 | £'000 | £'000 | £'000  |
|  Cash flows from operating activities  |   |   |   |   |   |
|  Net return on ordinary activities before taxation |  |  | 11,308 |  | 4,549  |
|  Adjustments for:  |   |   |   |   |   |
|  Gains on investments | 8 | (10,875) |  | (2,123) |   |
|  Interest payable |  | – |  | 7 |   |
|  Purchases of investments* | 8 | (46,046) |  | (60,433) |   |
|  Sales of investments* | 8 | 50,068 |  | 34,122 |   |
|  Dividend income | 2 | (1,769) |  | (1,601) |   |
|  Other income | 2 | (1,640) |  | (1,428) |   |
|  Dividend income received |  | 1,716 |  | 1,612 |   |
|  Other income received |  | 1,619 |  | 1,335 |   |
|  (Increase)/decrease in receivables |  | (2) |  | 2 |   |
|  Increase in payables |  | 19 |  | 1 |   |
|  Overseas withholding tax deducted |  | (152) |  | (174) |   |
|   |  |  | (7,062) |  | (28,680)  |
|  Net cash flows from operating activities |  |  | 4,246 |  | (24,131)  |
|  Cash flows from financing activities  |   |   |   |   |   |
|  Equity dividends paid from revenue |  | (2,922) |  | (1,461) |   |
|  Interest paid |  | – |  | (7) |   |
|  Net cash flows from financing activities |  |  | (2,922) |  | (1,468)  |
|  Net increase/(decrease) in cash and cash equivalents |  |  | 1,324 |  | (25,599)  |
|  Cash and cash equivalents at the start of the year |  |  | 16,506 |  | 42,105  |
|  Cash and cash equivalents at the end of the year |  |  | 17,830 |  | 16,506  |

* Receipts from the sale of, and payments to acquire, investment securities have been classified as components of cash flows from operating activities because they form part of the Company's dealing operations. Amounts include liquidity fund investment subscriptions and redemptions. A breakdown of investments purchases and sales can be seen on pages 53 to 55.

The Notes on pages 47 to 61 form part of these Financial Statements.

46
### NOTES TO THE FINANCIAL STATEMENTS
at 31 December 2025
1 Accounting policies
Statement of compliance
Global Opportunities Trust plc is a company incorporated in Scotland. The Company is registered as a public
limited company and is an investment company within the terms of section 833 of the Companies Act 2006
(“the Act”). The registered office is detailed on page 62. The nature of the Company’s operations and its
principal activities are set out in the Strategic Review on pages 11 to 17.
The Company’s Financial Statements have been prepared under FRS 102 “The Financial Reporting Standard
applicable in the UK and Republic of Ireland” and in accordance with the Act and with the Statement of
Recommended Practice issued by the AIC (the “AIC SORP”).
The comparative figures for the Financial Statements are for the year ended 31 December 2024.
Going concern
The financial statements have been prepared on a going concern basis and on the basis that approval as an
investment trust company will continue to be met.
The Directors have made an assessment of the Company’s ability to continue as a going concern and are satisfied
that the Company has adequate resources to continue in operational existence for a period of at least 12 months
from the date when these financial statements were approved.
The Directors have noted that the Company, holding a portfolio consisting principally of liquid listed investments
and cash balances, is able to meet the obligations of the Company as they fall due, any future funding
requirements and finance future additional investments. The Company is a closed end fund, where assets are not
required to be liquidated to meet day-to-day redemptions.
The Directors have completed stress tests assessing the impact of changes and scenario analysis to assist them in
determination of going concern. In making this assessment, the Directors have considered severe but plausible
downside scenarios that have been financially modelled. These tests apply to any set of circumstances in which
asset value and income are significantly impaired. The conclusion was that in a severe but plausible downside
scenario, the Company could continue to meet its liabilities. Whilst the economic future is uncertain, and the
Directors believe that it is possible the Company could experience further reductions in income and/or market
value, the opinion of the Directors is that this should not be to a level which would threaten the Company’s
ability to continue as a going concern.
The Directors are not aware of any material uncertainties that may cast significant doubt on the Company’s
ability to continue as a going concern, having taken into account the liquidity of the Company’s investment
portfolio and the Company’s financial position in respect of its cash flows and investment commitments.
Therefore, the financial statements have been prepared on the going concern basis.
Segmental reporting
The Directors are of the opinion that the Company is engaged in a single segment of business, being investment
business. The Company primarily invests in listed companies.
Income recognition
Dividend and other investment income is included as revenue on the ex-dividend date, the date the Company’s
right to receive payment is established. Dividends from overseas companies are shown gross of withholding
tax. Where the Company has elected to receive scrip dividends in the form of additional shares rather than in
cash, the amount of the cash dividend foregone is recognised as income. Any excess or shortfall compared to
the cash dividend is recognised as capital. Special dividends are reviewed on an individual basis to determine
whether they should be accounted for as revenue or capital. Income from private equity holdings is recognised
upon notification of irrevocable income distribution by the general partner. Interest income and rebate income
is included on an accruals basis.
47
### NOTES TO THE FINANCIAL STATEMENTS – continued
at 31 December 2025
1 Accounting policies – continued
Expenses and finance costs
All management expenses and finance costs are accounted for on an accruals basis. The Company charges
30% of management fees and finance costs related to borrowings to revenue in the Income Statement and
70% to capital in the Income Statement. All other operating expenses and finance costs are charged to revenue
in the Income Statement, except costs that are incidental to the acquisition or disposal of investments, which
are charged to capital in the Income Statement. Transaction costs are included within the gains and losses on
investments, as disclosed in the Income Statement.
Investments
In accordance with FRS 102, Sections 11 and 12, all investments held by the Company are designated as held at
fair value upon initial recognition and are measured at fair value through profit or loss in subsequent accounting
periods. Investments are initially recognised at cost, being the fair value of the consideration given.
After initial recognition, investments are measured at fair value, with changes in the fair value of investments
recognised in the Income Statement and allocated to capital. Realised gains and losses on investments sold are
calculated as the difference between sales proceeds and cost.
For investments actively traded in organised financial markets, fair value is generally determined by reference to
Stock Exchange quoted market bid prices at the close of business on the Balance Sheet date, without adjustment
for transaction costs necessary to realise the asset. Investments which are not listed, or which are not frequently
traded, are valued at the Directors’ best estimate of fair value. In arriving at their estimate, the Directors make
use of recognised valuation techniques including the utilisation of valuations of such investments from the
relevant investment manager or general partner.
For unquoted investments, the Portfolio Manager plays a key role in providing the Board with assurance that
the valuation policy and methodology adopted is reasonable and in accordance with both the International
Private Equity and Venture Capital Association (“IPEV”) Guidelines and generally accepted accounting standards.
The Board meets annually with the Portfolio Manager and AIFM to review and challenge the assumptions
behind the proposed asset valuations. In addition, the Portfolio Manager engages in regular discussions with
the manager of each of the underlying portfolio investments and considers the valuation methodologies
adopted, which comprise net assets and discounted cash flows. The value of each portfolio investment is
determined in accordance with the Fund Valuation Policy, dated 24 November 2025, which was established and
is implemented by the Portfolio Manager. Where formal valuations are not completed as at the Balance Sheet
date, the last available valuation is adjusted to reflect any cash flows and changes in circumstances from the last
formal valuation date to arrive at the estimate of fair value. Additional information on unquoted investments is
detailed in Note 8.
Foreign currency
The Financial Statements have been prepared in sterling, rounded to the nearest £’000, which is the functional
and reporting currency of the Company. Sterling is the currency of the primary economic environment in which
the Company operates.
Transactions denominated in foreign currencies are converted to sterling at the actual exchange rate as at the
date of the transaction. Assets and liabilities denominated in foreign currencies at the year end are reported
at the rate of exchange at the Balance Sheet date. Any gain or loss arising from a change in exchange rates
subsequent to the date of the transaction is included as a gain or loss in the capital reserve or revenue reserve
as appropriate.
Taxation
The charge for taxation is based on the net revenue for the year and takes into account taxation deferred or
accelerated because of timing differences between the treatment of certain items for accounting and taxation
purposes. Full provision for deferred taxation is made under the liability method, without discounting, on all timing
differences between taxable profits and total comprehensive income that have arisen but not been reversed by the
Balance Sheet date, unless such provision is not permitted by FRS 102. Deferred tax assets are only recognised if it
is considered more likely than not that there will be suitable profits from which the future reversal of the underlying
timing differences can be deducted. Timing differences are differences arising between the Company’s taxable profits
and its results as stated in the Financial Statements which are capable of reversal in one or more subsequent periods.
48
### NOTES TO THE FINANCIAL STATEMENTS – continued
at 31 December 2025
1 Accounting policies – continued
Cash at bank and short-term deposits
Cash at bank and short-term deposits comprise cash at bank and short-term deposits with an original maturity
date of three months or less.
Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable within one year are recorded at transaction
price. Any losses arising from impairment are recognised in the Income Statement in other operating expenses.
Dividends payable to Shareholders
Dividends payable are accounted for when they become a liability of the Company. Final dividends are
recognised in the period in which they have been approved by Shareholders in a general meeting. Interim
dividends are recognised in the period in which they have been declared and paid.
Own shares held in Treasury
From time to time, the Company buys back shares and holds them in Treasury for potential sale at a later date
or for cancellation. The consideration paid and received for these shares is accounted for in Shareholders’ funds
and, in accordance with the AIC SORP, the cost has been allocated to the Company’s special reserve. The cost of
shares sold from Treasury is calculated by taking the average cost of shares held in Treasury at the time of sale.
Any difference between the proceeds from shares sold from Treasury and above average cost is taken to share
premium.
Judgements and key sources of estimation uncertainty
The preparation of the Financial Statements requires the Company to make judgements, estimates and
assumptions that affect the application of policies and reported amounts in the financial statements. The
estimates and associated assumptions are based on historical experience and various other factors that are
believed to be reasonable under the circumstances, the results of which form the basis of making judgements
about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may
differ from these estimates.
The areas requiring judgement and estimation in the preparation of the financial statements are: the valuation of
unquoted investments; and recognising and classifying unusual or special dividends received as either revenue or
capital in nature. The policy for the valuation of unquoted investments is detailed in the investments section of
Note 1 and additional information is detailed in Note 8. The accounting policy for special dividends is detailed in
the income recognition section of Note 1.
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 period if the revision affects both current and future periods.
Reserves
Share premium
The share premium account represents the accumulated premium paid for shares issued in previous periods
above their nominal value less issue expenses.
This is a reserve forming part of the non-distributable reserves. The following items are taken to this reserve:
• costs associated with the issue of equity; and
• premium on the issue of shares.
Capital redemption reserve
The capital redemption reserve represents non-distributable reserves that arise from the purchase and
cancellation of shares.
49
# NOTES TO THE FINANCIAL STATEMENTS – continued

at 31 December 2025

## 1 Accounting policies – continued

### Special reserve

The special reserve was created by a reduction in the share premium account by order of the High Court. The costs of share buy backs, including shares acquired through the tender offer, and any related stamp duty and transaction costs, if applicable, are charged to the special reserve. The special reserve is distributable.

### Capital reserve

The following are taken to the capital reserve through the capital column in the Income Statement:

#### Capital reserve – other, forming part of the distributable reserves:

- gains and losses on the realisation of investments;
- realised exchange differences of a capital nature;
- 70% of management fees and finance costs related to borrowings; and
- expenses, together with related taxation effect, charged to this account in accordance with the above policies.

#### Capital reserve – not distributable:

- net movement arising from changes in the fair value of investments; and
- unrealised exchange differences of capital nature.

### Revenue reserve

The revenue reserve represents the surplus of accumulated profits and is distributable.

## 2 Income

|   | 2025 |   |   | 2024  |   |   |
| --- | --- | --- | --- | --- | --- | --- |
|   |  Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000  |
|  **Income from investments** |  |  |  |  |  |   |
|  UK dividend income | 460 | – | 460 | 573 | – | 573  |
|  Overseas dividend income | 1,238 | 27 | 1,265 | 1,008 | 20 | 1,028  |
|  Liquidity fund income | 1,219 | – | 1,219 | 711 | – | 711  |
|  Income from investments | 2,917 | 27 | 2,944 | 2,292 | 20 | 2,312  |
|  **Total income comprises** |  |  |  |  |  |   |
|  Income from investments | 2,917 | 27 | 2,944 | 2,292 | 20 | 2,312  |
|  Bank interest | 421 | – | 421 | 662 | – | 662  |
|  Rebate income^{1} | – | 44 | 44 | 42 | 13 | 55  |
|   | 3,338 | 71 | 3,409 | 2,996 | 33 | 3,029  |

$^{1}$ Rebates of annual management charges from managed investment funds held in the investment portfolio.

## 3 Management fee

|   | 2025 |   |   | 2024  |   |   |
| --- | --- | --- | --- | --- | --- | --- |
|   |  Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000  |
|  Management fee | 45 | 105 | 150 | 42 | 99 | 141  |
|   | 45 | 105 | 150 | 42 | 99 | 141  |

50
# NOTES TO THE FINANCIAL STATEMENTS – continued

at 31 December 2025

## 3 Management fee – continued

As the Company's Sub-Advisor, during the year ended 31 December 2025, Goodhart Partners LLP ("Goodhart") was entitled to a fee paid quarterly in arrears at the rate of 0.12% per annum of the market value of equity securities, and 0.12% of the value of cash and other current assets. No performance fee was due.

The Company's investment in the Volunteer Park Capital Fund SCSp was excluded from the market value of equity securities, prior to calculation of the management fees payable by the Company to Goodhart, being an investment in private markets, as prescribed by the sub-advisory agreement.

During the year ended 31 December 2025, the management fees payable totalled £150,000 (2024: £141,000). At 31 December 2025, there was £34,000 outstanding payable (2024: £32,000) in relation to management fees.

During the year ended 31 December 2025, the fees payable to the Administrator, as detailed in Note 4, totalled £191,000 (2024: £185,000). At 31 December 2025, there was £17,000 outstanding payable to the Administrator (2024: £16,000) in relation to administration fees.

## 4 Other expenses

|   | 2025 £'000 | 2024 £'000  |
| --- | --- | --- |
|  Fees and expenses (net of VAT) for: |  |   |
|  Secretarial and Administration services | 191 | 185  |
|  Directors' fees | 113 | 113  |
|  Executive Director's salary | 75 | 75  |
|  Audit services | 40 | 38  |
|  Other expenses | 380 | 180  |
|   | 799 | 591  |

Directors' remuneration and outstanding amounts are detailed in the Directors' Remuneration Report.

## 5 Taxation

a) Analysis of charge in year

|   | 2025 |   |   | 2024  |   |   |
| --- | --- | --- | --- | --- | --- | --- |
|   |  Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000  |
|  **Current tax** |  |  |  |  |  |   |
|  Overseas tax suffered | 227 | – | 227 | 204 | – | 204  |
|   | 227 | – | 227 | 204 | – | 204  |

51
## NOTES TO THE FINANCIAL STATEMENTS – continued

at 31 December 2025

### 5 Taxation – continued

b) The current taxation charge for the year differs from applying the standard rate of Corporation Tax in the UK of 25.0% (2024: 25.0%). The differences are explained below:

|   | 2025 |   |   | 2024  |   |   |
| --- | --- | --- | --- | --- | --- | --- |
|   |  Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000  |
|  Net return before taxation | 2,494 | 8,814 | 11,308 | 2,356 | 2,193 | 4,549  |
|  Theoretical tax at UK corporation tax rate of 25.0% (2024: 25.0%) | 624 | 2,204 | 2,828 | 589 | 548 | 1,137  |
|  Effects of: |  |  |  |  |  |   |
|  – UK dividends that are not taxable | (115) | – | (115) | (143) | – | (143)  |
|  – Foreign dividends that are not taxable | (310) | (18) | (328) | (252) | (5) | (257)  |
|  – Non-taxable investment gains | – | (2,212) | (2,212) | – | (565) | (565)  |
|  – Unrelieved excess expenses | (199) | 26 | (173) | (194) | 22 | (172)  |
|  – Overseas tax suffered | 227 | – | 227 | 204 | – | 204  |
|   | 227 | – | 227 | 204 | – | 204  |

At 31 December 2025, the Company had no unprovided deferred tax liabilities (2024: £nil). At that date, based on current estimates and including the accumulation of net allowable losses, the Company had tax losses of £11,962,000 (2024: £12,697,000) that are available to offset future taxable revenue. A deferred tax asset of £2,990,500 (2024: £3,174,250) based on the main rate of 25% (2024: 25%), has not been recognised because the Company is not expected to generate sufficient taxable income in future periods in excess of the available deductible expenses and accordingly, the Company is unlikely to be able to reduce future tax liabilities through the use of existing surplus losses.

Deferred tax is not provided on capital gains and losses arising on the revaluation or disposal of investments because the Company meets (and intends to continue for the foreseeable future to meet) the conditions for approval as an investment trust company, pursuant to sections 1158 and 1159 of the Corporation Tax Act 2010.

### 6 Dividends

|   | 2025 £'000 | 2024 £'000  |
| --- | --- | --- |
|  Declared and paid |  |   |
|  Amounts recognised as distributions to Ordinary Shareholders in the year. |  |   |
|  2024 final dividend of 10.0p per share paid on 30 May 2025 (2024: year ended 31 December 2023 final dividend of 5.0p paid on 31 May 2024). | 2,922 | 1,461  |
|   | 2,922 | 1,461  |
|   | 2025 £'000 | 2024 £'000  |
|  Proposed |  |   |
|  Detailed below is the proposed final dividend per share in respect of the year ended 31 December 2025, which is the basis on which the requirements of section 1159 of the Corporation Act 2010 are considered. |  |   |
|  2025 final dividend of 10.3p per share (2024 final dividend of 10.0p per share). | 3,010 | 2,922  |

52
### NOTES TO THE FINANCIAL STATEMENTS – continued
at 31 December 2025
6 Dividends – continued
The Directors recommend a final dividend of 10.3p per share for the year ended 31 December 2025 (2024:
final dividend of 10.0p per share, paid on 30 May 2025). Subject to Shareholder approval at the Annual
General Meeting to be held on 14 May 2026, the dividend will be payable on 29 May 2026 to Shareholders
on the register at the close of business on 1 May 2026. The ex-dividend date will be 30 April 2026. Based on
29,222,180 shares, being the number of shares in issue (excluding shares held in Treasury) at 20 March 2026,
being the latest practical date prior to the publication of this report, the total dividend payment will amount to
£3,010,000. The proposed dividend will be paid from the revenue reserve.
7 Return per share
2025 2024

|  | Net |  |  |  |  | Per |  | Net |  |  |  |  | Per |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| return |  | Number of |  |  | share |  | return |  | Number of |  |  | share |  |
|  |  |  |  | 1 |  |  |  |  |  |  | 1 |  |  |
| £’000 |  |  | shares |  | pence |  | £’000 |  |  | shares |  | pence |  |

Revenue return after taxation 2,267 29,222,180 7.8 2,152 29,222,180 7.4
Capital return after taxation 8,814 29,222,180 30.1 2,193 29,222,180 7.5
Total return after taxation 11,081 29,222,180 37.9 4,345 29,222,180 14.9
¹ Weighted average number of ordinary shares, excluding shares held in Treasury, in issue during the year.
8 Investments
2025 2024
£’000 £’000
Equity investments 62,917 71,899
Liquidity fund investments 36,510 22,287
Total investments 99,427 94,186
2025 2024
£’000 £’000
Analysis of investment portfolio movements
Opening book cost 87,583 54,044
Changes in fair value of investments 6,603 10,039
Opening fair value 94,186 64,083
Movements in the year:
Purchases at cost 44,434 62,102
Sales – proceeds (50,068) (34,122)
– realised gains on sales 7,694 5,559
Changes in fair value of investments 3,181 (3,436)
Closing fair value 99,427 94,186
2025 2024
£’000 £’000
Closing book cost 89,643 87,583
Changes in fair value of investments 9,784 6,603
Closing fair value 99,427 94,186
53
### NOTES TO THE FINANCIAL STATEMENTS – continued
at 31 December 2025
8 Investments – continued
The Company sold equity investments in the year ended 31 December 2025 for a total of £41,289,000 (2024:
£25,141,000). The book cost of these investments when purchased was £33,595,000 (2024: £19,582,000). These
investments have been revalued over time and until they were sold any unrealised gains or losses were included in the
fair value of investments.
The Company subscribed £23,002,000 to liquidity fund investments in the year ended 31 December 2025 (2024:
£31,268,000) and redeemed £8,779,000 (2024: £8,981,000). As at 31 December 2025, the Company held total
liquidity fund investments of £36,510,000 (2024: £22,287,000).
Within the equity investments detailed above, there is included the Company’s investment in the AVI Japanese Special
Situations Fund, a Sub-Fund of Gateway UCITS Funds PLC, as detailed in Note 9, which was valued at £11,185,000 at
31 December 2025 (2024: £12,987,000. As at 31 May 2025, the most recent year end of Gateway UCITS Funds PLC,
the amount of net assets of the company was €117,953,000 (31 May 2024: €69,215,000).
Equity investments also includes an unquoted investment in the Volunteer Park Capital Fund SCSp, a Luxembourg
Special Limited Partnership, as detailed in Note 9, which was valued at £8,275,000 at 31 December 2025 (2024:
£8,130,000). As at 31 December 2024, the most recent audited year end of the Volunteer Park Capital Fund
SCSp, the aggregate amount of capital and reserves was US$41,757,000 (2023: US$44,908,000). For the year to
31 December 2024 the profit for the year after tax and distributions was US$217,000 (2023: profit US$3,057,000).
Please see Note 19 for additional information on these two investments.

| 2025 | 2024 |
| --- | --- |
| Total | Total |
| £’000 | £’000 |

Analysis of capital gains and losses
Realised gains on sales 7,694 5,559
Changes in fair value of investments 3,181 (3,436)
10,875 2,123
Transaction costs
During the year, the Company incurred transaction costs of £17,000 (2024: £39,000) and £23,000 (2024:
£5,000) on purchases and sales of investments respectively. These amounts are included in gains on investments
at fair value, as disclosed in the Income Statement on page 43 of these Financial Statements.
Fair value hierarchy
In accordance with FRS 102, the Company must disclose the fair value hierarchy of financial instruments. The
different levels of the fair value hierarchy are as follows:
1 The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at
the measurement date.
2 Inputs other than quoted prices included within level 1 that are observable (developed using market data)
for the asset or liability, either directly or indirectly.
3 Inputs are unobservable (for which market data is unavailable) for the asset or liability.
The fair value measurement of financial instruments as at 31 December 2025, by the level in the fair value
hierarchy into which the fair value measurement is categorised is detailed below.
54
### NOTES TO THE FINANCIAL STATEMENTS – continued
at 31 December 2025
8 Investments – continued
Financial assets at fair value through profit or loss at 31December 2025
Level 1 Level 2 Level 3 Total
£’000 £’000 £’000 £’000
Investments 43,457 47,695 8,275 99,427
43,457 47,695 8,275 99,427
The Company’s level 2 investments at 31 December 2025 comprise its investment in the AVI Japanese Special
Situations Fund £11,185,000 and liquidity fund investments of £36,510,000.
Financial assets at fair value through profit or loss at 31December 2024
Level 1 Level 2 Level 3 Total
£’000 £’000 £’000 £’000
Investments 50,782 35,274 8,130 94,186
50,782 35,274 8,130 94,186
The Company’s level 2 investments at 31 December 2024 comprise its investment in the AVI Japanese Special
Situations Fund £12,987,000 and liquidity fund investments of £22,287,000.
Fair value of Level 3 investments

| 31December |  | 31December |  |
| --- | --- | --- | --- |
|  | 2025 |  | 2024 |
|  | £’000 |  | £’000 |

Opening fair value of investments 8,130 8,249
Purchases 88 43
Sales – (710)
Changes in fair value of investments 57 548
Closing fair value of investments 8,275 8,130
The Company’s level 3 investment is its investment in Volunteer Park Capital Fund SCSp.
9 Significant holdings
As detailed in Note 8, as at 31 December 2025, the Company owned 25% (2024: 25%) of the net assets of the
Volunteer Park Capital Fund SCSp, a Luxembourg Special Limited Partnership. The registered office of Volunteer
Park Capital Fund SCSp is 412F, route d’Esch, L-1471 Luxembourg, Grand Duchy of Luxembourg.
As at 31 December 2025, the Company owned 11.8% (2024: 50.9%) of the AVI Japanese Special Situations
Fund, a Sub-Fund of Gateway UCITS Funds PLC, whose registered office is 33 Sir John Rogerson’s Quay,
Dublin 2, Ireland.
The Company had no other holdings of 3.0% or more of the share capital of any portfolio companies.
10 Debtors
2025 2024
£’000 £’000
Prepayments and accrued income 134 112
Taxation recoverable 214 289
Dividend income receivable 19 10
367 411
Recoverable amounts do not carry any interest and are measured at amortised cost less any appropriate provision
for expected credit losses.
55
### NOTES TO THE FINANCIAL STATEMENTS – continued
at 31 December 2025
11 Creditors: amounts falling due within one year
2025 2024
£’000 £’000
Purchases of investments – 1,656
Management fees payable 34 32
Other creditors and accruals 136 120
170 1,808
12 Share capital

|  | Number |  |  | Number |  |
| --- | --- | --- | --- | --- | --- |
|  | of shares | 2025 |  | of shares | 2024 |
| Ordinary 1p |  | £’000 | Ordinary 1p |  | £’000 |

Allotted, called-up and fully paid:
At 1 January 64,509,642 645 64,509,642 645
At 31 December 64,509,642 645 64,509,642 645
The voting rights attached to the Company’s shares are detailed in the Directors’ Report on page 19.
Duration of the Company
The Company does not have a termination date or the requirement for any periodic continuation vote.
13 Own shares held in Treasury
Details of own shares purchased for and sold from Treasury are shown below:

|  | 2025 |  | 2024 |
| --- | --- | --- | --- |
| Number of |  | Number of |  |
|  | shares |  | shares |

At 1 January 35,287,462 35,287,462
Shares purchased for Treasury – –
At 31 December 35,287,462 35,287,462
During the year ended 31 December 2025, no shares (2024: none) were purchased for Treasury (2024: cost £nil)
and no shares were sold from Treasury (2024: none).
14 Net asset value per share
The NAV, calculated in accordance with the Articles of Association, is as follows:
2025 2024
pence pence
Share 401.9 374.0
The NAV is based on net assets of £117,454,000 (2024: £109,295,000) and on 29,222,180 (2024: 29,222,180)
shares, being the number of shares, excluding shares held in Treasury, in issue at the year end.
56
### NOTES TO THE FINANCIAL STATEMENTS – continued
at 31 December 2025
15 Analysis of financial assets and liabilities
Interest rate and currency profile
The interest rate and currency profile of the Company’s financial assets and liabilities were:
2025 2024

|  |  |  |  | Cash |  |  |  |  | Cash |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | No |  | flow |  |  | No |  | flow |  |
| interest |  |  | interest |  |  | interest |  | interest |  |  |
|  | rate |  | rate risk |  |  |  | rate | rate risk |  |  |
| exposure |  |  | exposure |  | Total | exposure |  | exposure |  | Total |
|  | £’000 |  |  | £’000 | £’000 | £’000 |  |  | £’000 | £’000 |

Equity shares
Sterling 17,369 – 17,369 32,780 – 32,780
Euro 20,401 – 20,401 15,572 – 15,572
US dollar 13,312 – 13,312 14,783 – 14,783
Hong Kong dollar 1,542 – 1,542 2,595 – 2,595
Japanese yen – – – 2,261 – 2,261
South Korean won – – – 1,789 – 1,789
Swiss franc 3,507 – 3,507 1,213 – 1,213
Norwegian krone 2,025 – 2,025 906 – 906
Australian dollar 2,345 – 2,345 – – –
Danish krone 2,416 – 2,416 – – –
Cash at bank and liquidity
fund investments
US dollar – 25,228 25,228 – 29,317 29,317
Sterling – 26,452 26,452 – 6,951 6,951
Swiss franc – 2,446 2,446 – 2,304 2,304
Euro – 129 129 – 121 121
Japanese yen – 85 85 – 91 91
South Korean won – – – – 9 9
Debtors
Euro 124 – 124 169 – 169
Swiss franc 90 – 90 118 – 118
US dollar 48 – 48 77 – 77
Sterling 105 – 105 37 – 37
South Korean won – – – 10 – 10
Creditors
Norwegian krone – – – (934) – (934)
Euro – – – (723) – (723)
Sterling (170) – (170) (151) – (151)
63,114 54,340 117,454 70,502 38,793 109,295
At 31 December 2025, the Company has undrawn financial commitments relating to its investment in Volunteer
Park Capital Fund SCSp of US$1,076,000, equivalent to £799,000 (2024: US$1,195,000, equivalent to £955,000).
At 31 December 2025, the Company had no financial liabilities other than the short-term creditors as stated
above. The carrying amount on the Balance Sheet approximates the fair value of all financial assets and liabilities.
57
## NOTES TO THE FINANCIAL STATEMENTS – continued

at 31 December 2025

### 15 Analysis of financial assets and liabilities – continued

The following exchange rates were used to convert investments, assets and liabilities to the functional currency of the Company which is sterling.

#### Foreign Exchange rates against sterling

|   | 2025 | 2024 | Change  |
| --- | --- | --- | --- |
|  US dollar | 1.35 | 1.25 | 8%  |
|  Euro | 1.15 | 1.21 | (5)%  |
|  Japanese yen | 211.05 | 196.65 | 7%  |
|  South Korean won | 1,940.80 | 1,847.60 | 5%  |
|  Swiss franc | 1.07 | 1.14 | (6)%  |
|  Norwegian krone | 13.55 | 14.22 | (5)%  |
|  Hong Kong dollar | 10.49 | 9.72 | 8%  |
|  Australian dollar | 2.02 | – | –  |
|  Danish krone | 8.57 | – | –  |

### 16 Risk analysis

The Company is exposed to various types of risk that are associated with financial instruments. The most important types are price risk, foreign currency risk and liquidity risk.

The Portfolio Manager monitors the financial risks affecting the Company on an ongoing basis within the policies and guidelines determined by the Board. The Directors receive financial information, which is used to identify and monitor risk, quarterly. The Company may enter into derivative contracts to manage risk. A description of the principal risks the Company faces and agreed policies for managing its risk exposures are set out below.

#### Price risk

The Company is exposed to market risk due to fluctuations in the price risk of its equity investments. Price risk arises mainly from uncertainty about future prices of financial instruments used in the Company's business. It represents the potential loss the Company might suffer through holding market positions in the face of price movements. The Portfolio Manager monitors the prices of financial instruments held by the Company on an ongoing basis.

The Portfolio Manager actively monitors market and economic data and reports to the Board, which considers investment policy on a regular basis. The NAV of the Company is issued daily to the London Stock Exchange and is also available on the Company's website at www.globalopportunitiestrust.com.

Details of the Company's investment portfolio as at 31 December 2025 are disclosed in the Portfolio of Investments on page 6.

The following table details the exposure to market price risk on the listed and unquoted equity investments in the portfolio:

|   | 2025 £'000 | 2024 £'000  |
| --- | --- | --- |
|  **Non-current equity investments held at fair value through profit or loss**  |   |   |
|  Listed direct investments | 43,457 | 50,782  |
|  Open-ended fund investments | 11,185 | 12,987  |
|  Unquoted fund investments | 8,275 | 8,130  |
|   | 62,917 | 71,899  |

58
# NOTES TO THE FINANCIAL STATEMENTS – continued

at 31 December 2025

## 16 Risk analysis – continued

### Price risk sensitivity analysis

If share prices and valuations on the listed and unquoted equity investments had decreased by 5.0%, on average, at the reporting date with all other variables remaining constant, the total return before taxation and therefore net assets would have decreased by the amounts shown below.

|   | 2025 £'000 | 2024 £'000  |
| --- | --- | --- |
|  **Income statement** |  |   |
|  Capital return | 3,146 | 3,595  |
|  Net assets | 3,146 | 3,595  |

An average increase of 5.0% in the equity investments portfolio valuation would have an equal and opposite effect on the total return before taxation and net assets.

### Foreign currency risk

The functional currency of the Company is sterling. The international nature of the Company's investment activities gives rise to a currency risk which is inherent in the performance of its overseas investments. The Company's overseas income is also subject to currency fluctuations.

It is not the Company's policy to hedge this risk on a continuous basis.

Details of the Company's foreign currency risk exposure as at 31 December 2025 are disclosed in Note 15.

If sterling had strengthened by 5.0% against all other currencies on 31 December 2025, with all other variables held constant, it would have the effect of reducing the total return before taxation and net assets by £3,685,000 (2024: £3,484,000). If sterling had weakened by 5.0% against all other currencies, there would have been an equal and opposite effect on the total return before taxation and net assets.

### Liquidity risk

The Company's policy with regard to liquidity is to ensure continuity of funding. Short-term flexibility is achieved through cash management.

Investments in private markets are more difficult to value than those in public markets. The valuations of the Company's interests in private markets used to calculate the NAV (which is calculated and published on a daily basis) will be based on the Company's 'fair values' of those interests, applying valuation techniques which are consistent with the International Private Equity and Venture Capital Valuation Guidelines. Such estimates, and any NAV published by the Company, may vary (in some cases materially) from realised or realisable values. Such private market investments are likely to be formally valued on a quarterly basis but this will depend on the nature of the specific investments.

Investments in private markets are less liquid than those in public markets. There may not be a secondary market for interests in private market investments. Such illiquidity may affect the Company's ability to vary its portfolio or dispose of or liquidate part of its portfolio, in a timely fashion (or at all) and at satisfactory prices in response to changes in economic or other conditions. If the Company were required to dispose of or liquidate an investment on unsatisfactory terms, it may realise less than the value at which the investment was previously recorded, which could result in a decrease in NAV.

There may be restrictions on the transfer of interests in private markets investments that mean that the Company will not be able to freely transfer its interests. For instance, the sale or transfer of interests in private market investments may be subject to the consent or approval of the issuer or (other) holders of the relevant interests, and obtaining such consent or approval cannot be guaranteed. Contractual restrictions on transfer may exist in shareholder agreements or the issuer's constitutional documents. Accordingly, if the Company were to seek to exit from any of its investments in private market investments, the sale or transfer of interest may be subject to delays or additional costs, or may not be possible at all.

Investments in illiquid assets may impact on the Company's ability to buy back its shares.

Liquidity risk is not considered to be significant as the Company's assets comprise mainly of readily realisable securities which, it is believed, can be sold freely to meet funding requirements if necessary. Securities listed on a recognised stock exchange have been valued at bid prices and exchange rates ruling at the close of business on 31 December 2025. In certain circumstances, the market prices at which investments are valued may not represent the realisable value of those investments, taking into account both the size of the Company's holding and the frequency with which such investments are traded.

59
### NOTES TO THE FINANCIAL STATEMENTS – continued
at 31 December 2025
16 Risk analysis – continued
Liquidity fund investments may be redeemed daily on demand, with same day or next day settlement under
normal market conditions.
The maturity profile of the Company’s financial liabilities, including creditors, is as follows:

|  | As at |  | As at |
| --- | --- | --- | --- |
| 31December |  | 31December |  |
|  | 2025 |  | 2024 |
|  | £’000 |  | £’000 |

In one year or less 170 1,808
170 1,808
Other risks
Other risks the Company is exposed to that are associated with financial instruments are credit risk, interest rate
risk and gearing risk.
A description of these other risks is set out below.
Credit risk
Credit risk is the risk of financial loss to the Company if the contractual party to a financial instrument fails to
meet its contractual obligations.
The carrying amounts of financial assets best represent the maximum credit risk exposure at the Balance Sheet date.
Investment transactions are carried out with a large number of brokers whose creditworthiness is reviewed by
the Portfolio Manager. Transactions are ordinarily undertaken on a delivery versus payment basis whereby the
Company’s custodian bank ensures that the counterparty to any transaction entered into by the Company has
delivered on its obligations before any transfer of cash or securities away from the Company is completed.
Cash is only held at banks and in liquidity funds that have been identified by the Board as reputable and of high
credit quality.
The maximum exposure to credit risk as at 31 December 2025 was £54,707,000 (2024: £39,204,000). The
calculation is based on the Company’s credit risk exposure, being any liquidity fund investments, cash at bank
and short-term deposits and debtors, as at 31 December 2025 and this may not be representative of the year as
a whole. None of the Company’s assets are past due or impaired.
Interest rate risk
The Company’s assets and liabilities, excluding short-term debtors and creditors, may comprise financial
instruments which include investments in fixed income securities.
Details of the Company’s interest rate exposure as at 31 December 2025 are disclosed in Note 15. Surplus cash
can be invested in liquidity funds and time deposits.
If interest rates had reduced by 0.25% (2024: 0.25%) from those obtained as at 31 December 2025 it would
have the effect, with all other variables held constant, of decreasing the total return before taxation and
therefore net assets on an annualised basis by £136,000 (2024: £97,000). If there had been an increase in
interest rates of 0.25% (2024: 0.25%) there would have been an equal and opposite effect in the total return
before taxation and net assets. The calculations are based on cash at bank and short-term deposits as at
31 December 2025 and these may not be representative of the year as a whole.
Gearing risk
Gearing can be used to enhance long-term returns to Shareholders. The Company is permitted to employ
gearing should the Board feel it appropriate to do so, subject to the Alternative Investment Fund Regulations
2013, up to a maximum of 25% of total assets.
The use of gearing is likely to lead to volatility in the NAV, meaning that a relatively small movement either down
or up in the value of the Company’s total investments may result in a magnified movement in the same direction
of the NAV. The greater the level of gearing, the greater the level of risk and likely fluctuation in the share price.
At the year end, the Company had no gearing (2024: nil).
60
### NOTES TO THE FINANCIAL STATEMENTS – continued
at 31 December 2025
17 Capital management policies
The Company’s investment objective is to provide shareholders with an attractive real long-term total return by
investing globally in asset classes. The portfolio is managed without reference to the composition of any stock
market index. In pursuing this objective, the Board has a responsibility for ensuring the Company’s ability to
continue as a going concern. This involves the ability to: issue and buy back share capital within limits set by the
shareholders in general meeting; borrow monies in the short and long term; and pay dividends to shareholders
out of current year revenue earnings as well as out of brought-forward revenue reserves.
The Company’s capital is set out in the Balance Sheet on page 44.
The Company’s objectives for managing capital are the same as the previous year and have been complied with
throughout the year.
18 Transactions with the Portfolio Manager
Information with respect to transactions with the Portfolio Manager is detailed in Note 3 and in the Strategic
Report on page 12.
19 Related party transactions
Details in respect of the Directors’ remuneration are set out in Note 4 and in the Directors’ Remuneration Report
on page 22.
Dr Sandy Nairn was the Executive Director of the Company, until his resignation on 2 January 2026, but remains
a substantial shareholder.
The Company has invested in Volunteer Park Capital Fund SCSp (“VPC”). The Alternative Investment Fund
Manager of VPC is Goodhart Partners LLP (“Goodhart”). Goodhart Partners S.a.r.l. is the general partner to VPC
and is 100% owned by Goodhart.
The Company has invested in AVI Japanese Special Situations Fund (“AVI JSS”). The sub-investment manager of
AVI JSS is Asset Value Investors Ltd. (“AVI”). Goodhart maintains a minority interest in AVI of less than 25%.
Goodhart was appointed to provide sub-investment management services to the Company with effect from
31 May 2023. Goodhart has now ceased providing these investment sub-advisory services and is instead
providing the portfolio management functions delegated by Juniper with effect from 2 January 2026.
Dr Nairn is the sole controller of a company which holds a significant shareholding of more than 25% but not more
than 50% in Goodhart and may be a beneficiary of the management fees and carried interest payable to Goodhart-
related companies, with respect to the investments noted above. Given Dr Nairn’s interests in Goodhart, it was
agreed with him, in March 2023, that his salary would be reduced (such reduction equalling the entire salary, if
necessary) by his share (through his minority interest in Goodhart) of amounts credited in the same period in respect
of (i) any carried interest on co-investments made by the Company alongside Goodhart and (ii) any partnership
profit allocations attributable to Goodhart’s net profits on fees earned with respect to the investments noted above.
20 Post balance sheet events
With effect from 2 January 2026, the Company appointed Juniper Partners Limited as its full-scope AIFM and
Goodhart Partners LLP as its Portfolio Manager (previously Sub-Advisor). There are no proposed changes to the
Company’s investment objective and policy or investment approach as part of the transition.
As Juniper is a full-scope AIFM, the Company was also required to appoint a depositary and JPMorgan Europe
Limited is now performing this role, from the above date.
61
### CORPORATE INFORMATION

| Board of Directors | Depositary |
| --- | --- |
| Charles (Cahal) Dowds (Chair) | J.P. Morgan Europe Limited |
| Hazel Cameron | 25 Bank Street |
| Katie Folwell-Davies | Canary Wharf |

London
Portfolio Manager E14 5JP
Goodhart Partners LLP

| Queensland House | Registrar |
| --- | --- |
| 393 Strand | Computershare Investor Services PLC |
| London | The Pavilions |
| WC2R 0LT | Bridgwater Road |

Bristol
www.goodhartpartners.com
BS99 6ZZ
AIFM, Administrator, Company Secretary Tel: 0370 889 4069
and RegisteredOffice email: web.queries@computershare.co.uk
www.investorcentre.co.uk
Juniper Partners Limited
28 Walker Street
Edinburgh Solicitors
EH3 7HR Dickson Minto W.S.
6 St. Andrew Square
email: cosec@junipartners.com
Edinburgh
EH2 2BD
Broker
Cavendish Capital Markets Limited Company Details
One Bartholomew Close
Incorporated in Scotland
London
Company Registration No: SC259207
EC1A 7BL
ISIN: GB0033862573
Sedol: 3386257
Custodian and Banker Ticker: GOT
JP Morgan Chase Bank LEI: 2138005T5CT5ITZ7ZX58
25 Bank Street
Canary Wharf Website
London
www.globalopportunitiestrust.com
E14 5JP
An investment company as defined under section
Independent Auditor
833 of the Companies Act 2006.
Johnston Carmichael LLP
7-11 Melville Street The Company is a member of the Association of
Edinburgh Investment Companies.
EH3 7PE
62
### SHAREHOLDER INFORMATION
Investing in the Company Share Register Enquiries
The Company’s shares are traded on the London The register for the shares is maintained by Computershare
Stock Exchange and can be bought or sold through a Investor Services PLC. In the event of queries regarding
stockbroker or financial adviser. The shares are eligible your holding, please contact the Registrar on 0370 889
for inclusion in Individual Savings Accounts (‘ISAs’) and 4069 or email: web.queries@computershare.co.uk.
Self-Invested Personal Pensions (‘SIPPs’). The Company’s Changes of address can be made online by signing-in or
shares are available on various share trading platforms. registering at www.investorcentre.co.uk or by contacting
the Registrar by telephone. Alternatively, you can notify
Frequency of NAV Publication changes in name and/or address in writing to the Registrar,
The Company’s NAV is released daily to the London supported by appropriate documentation, at the address
Stock Exchange and published on the Company’s shown on the inside front cover. You can check your
website at www.globalopportunitiestrust.com. shareholding and find practical help on transferring shares
or updating your details at www.investorcentre.co.uk.
Portfolio Updates
Dividend Payments Direct to Your Bank
The Company’s portfolio holdings report, detailing a list
Shareholders may choose to receive dividend payments
of all investments, including sectoral and geographical
directly into their bank accounts instead of by
analyses, is released on a monthly basis to the London
cheque. Shareholders wishing to do so should contact
Stock Exchange. It is also published on the Company’s
the Registrar.
website at www.globalopportunitiestrust.com.
Key Dates
Share Price and Sources of Further Information
Half-year end 30 June
The Company’s share price is quoted daily in the
Half-yearly results announced August
Financial Times under “Investment Companies”.
Financial year end 31 December
Previous day closing price, daily NAV and other
Annual results announced March
portfolio information is published on the Company’s
Annual General Meeting May
website at www.globalopportunitiestrust.com.
Annual dividend paid May
Other useful information on investment trusts, such
as prices, NAVs and company announcements, can be
found on the websites of the London Stock Exchange
at www.londonstockexchange.com and the AIC at
www.theaic.co.uk.
Shareholder Information and Events
The Company’s website contains a vast amount of
information such as details of shareholder meetings,
factsheets, articles written by Dr Nairn as well as
the Annual and Interim Reports. You can access this
information via www.globalopportunitiestrust.com
or by scanning the below QR Code.
You can also subscribe to receive these updates direct
to your e-mail either by subscribing via the website or
by scanning the QR Code below.
63
### GLOSSARY OF TERMS AND ALTERNATIVE PERFORMANCE MEASURES
Alternative Performance Measures (‘APM’)
APMs are defined as being a ‘financial measure of historical or future financial performance, financial position, or
cash flows, other than a financial measure defined or specified in the applicable accounting framework.’
The APMs where detailed below as indicated with an * are used by the Board to assess the Company’s performance
against a range of criteria and are viewed as particularly relevant for an investment trust.
Alternative Investment Fund
An Alternative Investment Fund (‘AIF’) is a collective investment undertaking, including investment compartments of
such an undertaking, which (1) raises capital from a number of investors, with a view to investing it in accordance
with a defined investment policy for the benefit of those investors; and (2) does not require authorisation under the
UCITS regime.
Alternative Investment Fund Manager
An Alternative Investment Fund Manager (‘AIFM’) is an entity that provides certain investment services, including
portfolio and risk management services. AIFMs are responsible for managing investment products that fall within the
category of alternative investment funds and investment trusts, including the Company, are included in this.
Self-Managed Investment Company
An investment company whose assets are managed by its own team of managers or by the directors of the company,
rather than by an external fund manager.
Small Registered Alternative Investment Fund Manager
A Small Registered Alternative Investment Fund Manager does not carry on a regulated activity in respect of its
activities as an Alternative Investment Fund Manager for an AIF for which it is entitled to be registered. It is, however,
required to comply with certain requirements under the Alternative Investment Fund Managers Directive (‘AIFMD’)
(which mainly relate to reporting).
Benchmark Index
An index or other measure against which the performance of an investment company is compared or its objectives
are set. The Company has no stated benchmark index.
Discount or Premium*
The amount, expressed as a percentage, by which the Company’s share price is less than (discount) or greater than
(premium) the net asset value per share of the Company.
31 December 31December
2025 2024
Closing NAV per share (a) 401.9p 374.0p
Closing share price (b) 337.0p 286.0p
(Discount)/Premium c = (b – a) ÷ a (c) (16.1)% (23.5)%
Earnings per Share
Earnings per share are calculated by dividing the net return attributable to equity shareholders by the weighted
average number of shares in issue excluding shares held in Treasury.
Middle Market Share Price
The middle market share price is the mid-point between the buy and the sell prices of the Company’s shares.
Net Asset Value (‘NAV’) per share
The value of the Company’s net assets (total assets less total liabilities) divided by the number of shares in issue
excluding shares held in Treasury.
64
# GLOSSARY OF TERMS AND ALTERNATIVE PERFORMANCE MEASURES

### NAV/Share Price Total Return\*

NAV/Share price total return measures the increase/(decrease) in NAV per share/share price including any dividends paid in the period, which are assumed to be reinvested at the time that the share price is quoted ex-dividend.

|   | NAV | Share price  |
| --- | --- | --- |
|  Net asset value per share/share price as at 31 December 2024 (pence) | 374.0 | 286.0  |
|  Net asset value per share/share price as at 31 December 2025 (pence) | 401.9 | 337.0  |
|  Change in the period (%) | 7.5 | 17.8  |
|  Impact of dividend reinvested (%)^{†} | 2.8 | 4.1  |
|  **Total Return for the Period (%)** | **10.3** | **21.9**  |

$^{†}$ A dividend of 10.0p per share was paid on 30 May 2025 for the financial year ended 31 December 2024.

### Ongoing Charges Ratio\*

The sum of the management fee and all other administrative expenses expressed as a percentage of the average monthly net assets.

|   | 2025 | 2024  |
| --- | --- | --- |
|  Management fee (£000) | 150 | 141  |
|  Other expenses (£000) | 799 | 591  |
|  Non-recurring costs (£000) | (33) | –  |
|  Ongoing charges (£000) | (a) 916 | 732  |
|  Average net assets (£000) | (b) 113,785 | 107,904  |
|  **Ongoing charges ratio (%)** | **0.81** | **0.68**  |

### Total Assets

A measure of the size of an investment company. The total value of all assets held, less current liabilities, including income for the current year.

### Total Return

The combined effect of any dividends paid, together with the rise or fall in the share price or NAV. Total return statistics enable the investor to make performance comparisons between investment trusts with different dividend policies. Any dividends (after tax) received by a shareholder are assumed to have been reinvested in either additional shares of the investment trust at the time the shares go ex-dividend (the share price total return) or in the assets of the investment trust at its net asset value per share (the net asset value total return). Total return per share statistics are calculated on the basis of the weighted average number of shares in issue, excluding shares held in Treasury.

### Treasury Shares

Ordinary shares of the Company that have been repurchased by the Company and not cancelled but held in Treasury. These shares do not pay dividends, have no voting rights, and are excluded from the NAV per share calculation. Treasury shares can be sold at a later date to investors to raise new funds.

65
# NOTICE OF ANNUAL GENERAL MEETING

**NOTICE IS HEREBY GIVEN THAT the Annual General Meeting of Global Opportunities Trust plc (the 'Company') will be held at the offices of Juniper Partners Limited, 28 Walker Street, Edinburgh EH3 7HR on Thursday, 14 May 2026 at 12 noon.**

Shareholders will be asked to consider and, if thought fit, pass resolutions 1 to 9 which will be proposed as ordinary resolutions, and resolutions 10 to 12, which will be proposed as special resolutions:

1. That the audited Financial Statements of the Company for the year ended 31 December 2025 together with the Directors Report and Independent Auditor's Report be received.
2. That the Directors' Remuneration Report for the year ended 31 December 2025 be approved.
3. That a final dividend of 10.3p per ordinary share be paid in respect of the financial year ended 31 December 2025.
4. That Hazel Cameron be re-elected as a Non-Executive Director of the Company.
5. That Cahal Dowds be re-elected as a Non-Executive Director of the Company.
6. That Katie Folwell-Davies be re-elected as a Non-Executive Director of the Company.
7. That Johnston Carmichael LLP be re-appointed as Auditor of the Company.
8. That the Directors be authorised to agree the remuneration of the Auditor.

## Authority to allot new shares

9. That the Directors of the Company be and they are hereby generally and unconditionally authorised for the purposes of Section 551 of the Companies Act 2006 (the 'Act'), in substitution for and to the exclusion of any outstanding authority previously conferred on the Directors under Section 551 of the Act, to allot equity securities in the capital of the Company up to a maximum aggregate nominal amount of £97,407, being approximately one-third of the issued share capital of the Company (excluding Treasury shares) as at 20 March 2026 provided that this authority shall expire at the conclusion of the next Annual General Meeting of the Company after the passing of this resolution save that the Company may, before such expiry, make an offer or agreement which would or might

require shares to be allotted after such expiry and the Directors may allot shares in pursuance of such an offer or agreement as if the authority hereby conferred had not expired.

## Authority to disapply pre-emption rights on allotment of relevant securities

10. That the Directors of the Company be and are hereby granted power pursuant to Section 570 and/or Section 573 of the Companies Act 2006 (the 'Act') to allot equity securities (within the meaning of Section 560 of the Act) for cash either pursuant to the authority conferred by Resolution 9 or by way of a sale of Treasury shares, as if Section 561(1) of the Act did not apply to any such allotment, provided that this power shall be limited to:
(a) the allotment of equity securities up to an aggregate nominal amount of £29,222, being approximately 10% of the issued share capital of the Company (excluding Treasury shares) as at 20 March 2026; and
(b) in addition to the authority referred to in (a) above, an offer of equity securities by way of a rights issue or open offer to ordinary shareholders in proportion as nearly as may be practicable to their existing holdings subject to such limits or restrictions or other arrangements as the Directors may deem necessary or expedient to deal with any Treasury shares, fractional entitlements or securities represented by depositary receipts, record dates, legal, regulatory or practical problems in, or under the laws or requirements of, any territory or the requirements of any regulatory body or stock exchange or any other matter; provided that this authority shall expire at the conclusion of the next Annual General Meeting of the Company after the passing of this resolution save that the Company may, before such expiry, make an offer or agreement which would or might require equity securities to be allotted after such expiry and the Directors may allot equity securities in pursuance of such an offer or agreement as if the authority hereby conferred had not expired.

66
### NOTICE OF ANNUAL GENERAL MEETING – continued

| Authority to repurchase the Company’s ordinary |  | Notice of General Meeting |  |
| --- | --- | --- | --- |
| shares |  | 12. That a General Meeting other than the Annual |  |
| 11. That the Company be and is generally and |  |  | General Meeting may be called on not less than |
|  | unconditionally authorised in accordance with |  | 14 clear days’ notice. |

Section 701 of the Companies Act 2006 (the ‘Act’)
Shareholders are encouraged to vote in favour of all
to make one or more market purchases (within
resolutions by Form of Proxy and to appoint the chair
the meaning of Section 693 of the Act) of ordinary
of the meeting to ensure their vote counts. Details of
shares provided that:
how to complete and submit a Form of Proxy by post or
(a) the maximum aggregate number of shares online can be found in the Notes to the Notice of the
that may be purchased is 4,380,404 ordinary Annual General Meeting.
shares, being 14.99% of the issued share
By order of the Board
capital of the Company (excluding Treasury
shares) as at 20 March 2026 or, if lower, such
number as is equal to 14.99% of the issued
number of ordinary shares at the date of passing
Juniper Partners Limited
the resolution;
Company Secretary
(b) the minimum price which may be paid shall be
Registered Office:
one penny per ordinary share;
28 Walker Street
Edinburgh EH3 7HR
(c) the maximum price (excluding the expenses
of such purchase) which may be paid for each
23 March 2026
ordinary share is the higher of:
(i) 105% of the average middle market
quotations for such ordinary share taken from
the London Stock Exchange Daily Official
List for the five business days immediately
preceding the day on which such share is
purchased; and
(ii) the higher of the price of the last
independent trade in ordinary shares and
the highest current independent bid for such
shares on the London Stock Exchange; and
(d) unless renewed, the authority shall expire at
the conclusion of the next Annual General
Meeting of the Company after the passing of
this resolution save that the Company may, prior
to such expiry, enter into a contract to purchase
shares which will or may be completed or
executed wholly or partly after such expiry.
67
### NOTES TO THE NOTICE OF ANNUAL GENERAL MEETING
1. A member entitled to attend and vote at the Annual 6. Any corporation which is a member can appoint one
General Meeting (‘AGM’) may appoint one or more or more corporate representatives who may exercise
proxies to exercise all or any of her/his rights to on its behalf all of its powers as a member provided
attend, speak and vote at the AGM. A member can that they do not do so in relation to the same shares.
appoint more than one proxy in relation to the AGM,
7. The vote ‘Withheld’ is provided to enable you to
provided that each proxy is appointed to exercise the
abstain on any particular resolution. However, it
rights attaching to different shares held by her/him.
should be noted that a ‘Withheld’ vote is not a vote
A proxy need not be a member of the Company.
in law and will not be counted in the calculation
Completion and submission of an instrument
of the proportion of the votes ‘For’ and ‘Against’
appointing a proxy will not preclude a member from
a resolution.
attending and voting in person at the AGM. A Form
of Proxy is enclosed. The appointment of a proxy will 8. If you are an institutional investor, you may be able
not prevent a member from subsequently attending to appoint a proxy electronically via the Proxymity
and voting at the meeting in person. platform. For further information regarding
Proxymity, please go to www.proxymity.io. Your
2. In order to be a valid appointment of proxy, the
proxy must be lodged not less than 48 hours prior
Form of Proxy and the original (or a certified true
to the time of the Meeting (excluding non-working
copy) of any power of attorney or other authority, if
days) as specified in the Notice of Annual General
any, under which the Form of Proxy is signed must
Meeting in order to be considered valid. Before you
be received by post, by courier or (during normal
can appoint a proxy via this process you will need
business hours only) by hand at Computershare
to have agreed to Proxymity’s associated terms
Investor Services PLC, The Pavilions, Bridgwater
and conditions. It is important that you read these
Road, Bristol BS99 6ZY, no later than 12 May 2026
carefully as you will be bound by them and they will
at 12 noon (or, in the event of an adjournment,
govern the electronic appointment of your proxy.
the time which is 48 hours before the adjourned
meeting). 9. CREST members who wish to appoint a proxy
or proxies through the CREST electronic proxy
3. Electronic proxy voting is available for this meeting.
appointment service may do so for the Meeting and
Members can submit their proxy online at
any adjournment(s) thereof by using the procedures
www.investorcentre.co.uk/eproxy by following
described in the CREST Manual. CREST Personal
the instructions provided. Please note that any
Members or other CREST sponsored members,
electronic communication sent to the Company or to
and those CREST members who have appointed a
Computershare Investor Services PLC that is found
voting service provider(s), should refer to their CREST
to contain a computer virus will not be accepted.
sponsor or voting service provider(s), who will be
The use of the internet service in connection with
able to take the appropriate action on their behalf.
the AGM is governed by Computershare Investor
10. In order for a proxy appointment or instruction made
Services PLC’s conditions of use as set out on
using the CREST service to be valid, the appropriate
its website.
CREST message (a ‘CREST Proxy Instruction’) must be
4. Any person to whom this Notice is sent who is
properly authenticated in accordance with CRESTCo’s
a person nominated under Section 146 of the
specifications and must contain the information
Companies Act 2006 to enjoy information rights
required for such instructions, as described in the
(a Nominated Person) may, under an agreement
CREST Manual. The message, regardless of whether
between him/her and the shareholder by whom he/
it constitutes the appointment of a proxy or an
she was nominated, have a right to be appointed (or
amendment to the instruction given to a previously
to have someone else appointed) as a proxy for the
appointed proxy must, in order to be valid, be
Meeting. If a Nominated Person has no such proxy
transmitted so as to be received by the Company’s
appointment right or does not wish to exercise it, he/
agent ID (3RA50) no later than 48 hours (excluding
she may, under any such agreement, have a right to
non-working days) as specified in the Notice of Annual
give instructions to the shareholder as to the exercise
General Meeting and any adjournment. For this
of voting rights.
purpose, the time of receipt will be taken to be the
time (as determined by the timestamp applied to the
5. In the case of joint holders of a share the vote of
message by the CREST Applications Host) from which
the senior who tenders a vote, whether in person or
the Company’s agent is able to retrieve the message
by proxy, shall be accepted to the exclusion of the
by enquiry to CREST in the manner prescribed by
votes of the other joint holders and, for this purpose,
CREST. After this time any change of instructions
seniority shall be determined by the order in which
to proxies appointed through CREST should be
the names stand in the register of members in
communicated to the appointee through other means.
respect of the joint holding.
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## NOTES TO THE NOTICE OF ANNUAL GENERAL MEETING – continued

11. CREST members and, where applicable, their CREST sponsors or voting service providers should note that CRESTCo does not make available special procedures in CREST for any particular messages. Normal system timings and limitations will therefore apply in relation to the input of CREST Proxy Instructions. It is the responsibility of the CREST member concerned to take (or, if the CREST member is a CREST personal member or sponsored member or has appointed a voting service provider(s), to procure that his CREST sponsor or voting service provider(s) take(s)) such action as shall be necessary to ensure that a message is transmitted by means of the CREST system by any particular time. In this connection, CREST members and, where applicable, their CREST sponsors or voting service providers are referred, in particular, to those sections of the CREST Manual concerning practical limitations of the CREST system and timings.

12. The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out in Regulation 35(5)(a) of the Uncertificated Securities Regulations 2001.

13. Resolutions 1 to 9 are proposed as ordinary resolutions which, to be passed, require more than half of the votes cast to be in favour of the resolution. Resolutions 10 to 12 are proposed as special resolutions which, to be passed, require at least three-quarters of the votes cast to be in favour of the resolution.

14. Biographical details of the Directors seeking election and re-election can be found on page 18 of the Annual Report and Financial Statements.

15. The Company must cause to be answered at the Annual General Meeting any question relating to the business being dealt with at the Annual General Meeting which is put by a member attending the meeting, except in certain circumstances, including if it is undesirable, in the interests of the Company or the good order of the meeting, that the question be answered or if to do so would involve the disclosure of confidential information.

16. Shareholders are also invited to submit their questions to the Board in advance of the Annual General Meeting and the answers to these questions will be posted on the Company's website after the meeting. Please submit questions to the Board using the email address cosec@junipartners.com.

17. As at 20 March 2026 (being the last practicable date prior to the publication of this document) the total number of Ordinary shares in issue and the total number of voting rights was 29,222,180.

18. If you have disposed of your holding in the Company, the Notice of Annual General Meeting should be passed on to the person through whom the sale or transfer was effected for transmission to the purchaser or transferee.

19. A copy of this notice, and other information required by section 311A of the Companies Act 2006, can be found at www.globalopportunitiestrust.com

20. Should you have any queries about voting or require a paper copy of the Form of Proxy, please contact Computershare Investor Services PLC whose contact details can be found on page 62 of the Annual Report and Financial Statements.

69
Contact
Global Opportunities Trust PLC
28 Walker Street
Edinburgh
EH3 7HR
e-mail: cosec@junipartners.com
www.globalopportunitiestrust.com