Annual Report and Financial Statements

for the year ended 31 December 2022

Global Opportunities Trust plc

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 benefits of the Company:

• A self-managed investment trust with an independent Board

• Experienced manager in Dr Sandy Nairn, Executive Director, with more than

35 years of global equity experience

• 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 (including index-linked

securities) and cash as appropriate

• Annualised Net Asset Value (‘NAV’) total return of 8.7% per annum since launch

in 2003

• Positive double digit NAV return in 2022 despite bear markets in both equities

and bonds

• Close alignment of interest between the Directors (who together own 17% of

the Company) and shareholders

WHY INVEST IN GLOBAL OPPORTUNITIES TRUST?

Financial Highlights 2

Strategic Report

Chairman’s Statement 3

Executive Director’s Report 6

Portfolio of Investments 9

Top 10 Holdings 10

Distribution of Investments 12

Long Term Performance 13

Strategic Review 14

Governance Report

Board of Directors 23

Directors’ Report 24

Remuneration Report

Corporate Governance Report

Report of the Audit and Management Engagement Committee

Statement of Directors’ Responsibilities 40

Independent Auditor’s Report 41

Financial Statements

Income Statement 48

Balance Sheet 49

Statement of Changes in Equity 50

Notes to the Financial Statements 51

Additional Information

Corporate Information 68

Shareholder Information 69

Risk Factors 70

Glossary of Terms and Alternative Performance Measures 71

Annual General Meeting

Notice of Annual General Meeting 73

Notes to the Notice of Annual General Meeting 75

CONTENTS

FINANCIAL HIGHLIGHTS

for the year ended 31 December 2022

NET ASSET VALUE PER SHARE

– cum inc. (pence)*

+14.2%

NET ASSET VALUE TOTAL RETURN

(with dividends added back)*

+15.8%

SHAREHOLDERS’ FUNDS

£106.1m

DISCOUNT TO NET ASSET VALUE*

13.5%

31December

2022

31December

2021

Change

Net assets/shareholders’ funds (£) 106,144,000 116,123,000 (8.6)

Shares in issue 29,222,180 36,527,725 (20.0)

Net asset value per share – cum inc. (pence)* 363.2 317.9 14.2

Net asset value total return (with dividends added back) (%)* 15.8 5.1

Share price (pence) 314.0 291.0 7.9

Dividend per share (pence) 5.0 5.0 –

Share price total return (with dividends added back) (%)* 9.8 4.6

Share price discount to net asset value (%)* (13.5) (8.5)

Ongoing charges ratio (%)* 0.9 1.1

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

pages 71 and 72.

I am pleased to present the Company’s Annual

Report and Financial Statements for the year ended

31 December 2022.

Introduction

The year under review has been one of significant

change for the Company. As you will read below,

the Board has overseen the Company’s transition to a

self-managed investment company at the same time

as global economies quickly entered a downturn with

many countries including the United Kingdom (‘UK’)

facing recession. We all gave a sigh of relief when the

world’s battle with the Covid pandemic appeared to

have been won and looked forward to a positive future,

however little did we know that markets were about

to enter a roller coaster period battling inflation, rising

interest rates, and the ongoing aftermath of Russia’s

invasion of Ukraine. In the UK, we also witnessed a

tumultuous political period, with the appointment of

two Prime Ministers within a matter of weeks, the latter

appointment following a disastrous budget statement

endorsed by the then Prime Minister Liz Truss which

caused market turmoil.

Transition to Self-Managed Investment Company

As previously detailed in the Half-Yearly Report for

the six months ended 30 June 2022, the Company

successfully transitioned to a self-managed investment

company on 8 June 2022 and is registered as a Small

Registered Alternative Investment Fund Manager by the

Financial Conduct Authority (‘FCA’). The Board is now

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.

Following receipt of approval from the FCA, several

changes were made to the Company’s service

providers. The agreement with Franklin Templeton

Investment Trust Management Limited in respect of its

appointment as Alternative Investment Fund Manager

was terminated, as was the Depositary Agreement with

Northern Trust Investor Services Limited. A new service

agreement was entered into with our Executive Director,

Dr Sandy Nairn, to manage the investment portfolio,

with Franklin Templeton Investment Management

Limited (‘Franklin Templeton’) appointed as Sub-Advisor

to assist with the management of the Company’s direct

equity holdings. In addition, J.P. Morgan Chase Bank

N.A. was appointed as Custodian, with Juniper Partners

Limited appointed as Administrator and Company

Secretary to the Company.

I am delighted to report that the transition to a

self-managed investment company ran smoothly with

no disruption to the management of the investment

portfolio. All the new service providers are now fully

embedded in the Company’s operations and the new

arrangements are functioning well.

Finally, you will have noted that with effect from

9 June 2022, the Company changed its name to Global

Opportunities Trust plc.

Further details of the transition can be found on page 21

of this report.

Update on Management Arrangements

I am pleased to announce that Dr Nairn is now a full

time executive of the Company, having resigned from

his executive position with Franklin Templeton.

The Company will be serving notice to terminate its

investment management agreement with Franklin

Templeton and the global listed equities portion of the

Company’s portfolio will be managed by Dr Nairn going

forward. The Company thanks Franklin Templeton for its

services to date and throughout the Company’s transition

to a self-managed structure.

The Company has also entered into a strategic relationship

with Goodhart Partners LLP (‘Goodhart’) through which

Goodhart will introduce opportunities in the private

markets to the Company. As part of this strategic

relationship, Goodhart has also been appointed to provide

investment sub-advisory services to the Company to assist

Dr Nairn in managing the global listed equities mandate.

The Board believes that these arrangements provide a

number of benefits for shareholders:

• Dr Nairn’s appointment as a full time

executive gives clear focus to the Company’s

management structure.

• The strategic relationship with Goodhart will

help to develop significantly the opportunities

available to the Company under the part of its

portfolio investing in private capital markets

and specialist funds.

• It is anticipated that these arrangements will

reduce the Company’s ongoing charges ratio

from 0.9 per cent. to 0.8 per cent. (based on

the Company’s net asset value as at 24 March

2023 and on the assumption that the Company

becomes fully invested when valuations allow).

The fees to be paid to Dr Nairn and Goodhart are

detailed in Note 20 on pages 66 and 67 of this report.

Investment Performance

As at 31 December 2022 the Company had net assets of

£106.1 million, the net asset value (‘NAV’) per ordinary

share (‘share’) was 363.2p and the middle market price

per share on the London Stock Exchange was 314.0p,

representing a 13.5% discount to NAV.

CHAIRMAN’S STATEMENT

This is the first full year of the Company operating under

its expanded investment policy. As was articulated in

the shareholder circular which preceded the changes,

the Board felt strongly that such were the excessive

conditions in asset markets, greater flexibility was

required in order to protect shareholder capital. I

am pleased to report that the results for 2022 have

supported this view, with the NAV total return of the

Company appreciating by 15.8% and the share price

total return, with dividends reinvested, rising by 9.8%.

This was against a backdrop of synchronised declines in

almost all asset classes. Shareholders should note that

a substantial component of the positive return relates

to the decline of sterling. However, even without the

currency effect, the assets of the Company would have

appreciated.

Further details on the investment performance of the

Company can be found in the Executive Director’s

Report on pages 6 to 8.

Association of Investment Companies (‘AIC’)

PeerGroup

As a result of the changes to the Company’s investment

policy, with effect from November 2022, the Company’s

AIC peer group changed from the Global Sector to the

Flexible Investment Sector.

Final Dividend

A resolution to declare a final dividend of 5.0p per

share will be proposed at the Annual General Meeting

(‘AGM’) on 26 April 2023. If approved by shareholders,

the dividend will be payable on 31 May 2023 to

shareholders on the register of members on 12 May

2023. The ex-dividend date is 11 May 2023. The cost of

this dividend is covered by the Company’s distributable

revenues during the financial year under review and

exceeds the minimum that the Company is obliged to

distribute under applicable law to maintain its status as

an investment trust.

Succession Planning

David Ross recently advised the Board of his intention to

retire as a Director of the Company. David has served as

a Director of the Company since 1 June 2014 and will

retire following the conclusion of this year’s AGM.

On behalf of the Board, I would like to thank David for

his significant contribution to the Company during his

tenure and wish him well for the future.

Following David informing the Board of his intention to

retire, the Nomination Committee undertook a search

for a replacement non-executive Director. Having

considered several exceptional candidates, the Nomination

Committee recommended that Katie Folwell-Davies be

appointed as a non-executive Director of the Company.

The Board has approved Katie’s appointment in principle

subject to shareholders electing her as a Director of the

Company at the 2023 AGM.

Further details on Katie’s background and experience

can be found on page 22.

Other than David, all remaining Directors are offering

themselves for re-election at the forthcoming AGM.

Annual General Meeting

This year’s AGM will be held at The Bonham Hotel,

35 Drumsheugh Gardens, Edinburgh EH3 7RN on

26 April 2023 at 12 noon. Notice of the AGM,

containing full details of all business to be conducted

at the meeting, is set out on pages 73 and 74 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 pages 24 to 26.

In addition to the formal business of the meeting,

Dr Nairn will provide a short presentation to

shareholders on the performance of the Company over

the past year as well as an outlook for the future.

The AGM is a great opportunity for shareholders to

ask questions of both the Board and of the Executive

Director, and as always, the Board would welcome

your attendance.

If you are unable to attend the AGM in person, I would

encourage you to vote in favour of all resolutions by

Form of Proxy and to appoint me as chair of the meeting

to ensure your vote counts.

Outlook

Whilst it is highly likely that there will be significant

rallies in asset prices as inflation falls in response to

monetary policy, the world should continue to be

viewed with caution. The probability of a prolonged

recession appears much more likely than markets

currently seem to be discounting, and as such the

primary investment focus of the Company remains one

of capital preservation. In times of economic stress,

pessimism sets in and liquidity tends to evaporate.

However, notwithstanding this, the new investment

flexibility enjoyed by the Company will allow it to take

any opportunities that may appear along this path.

Whilst the Company’s NAV rose substantially over

the period, the share price movement lagged and

the discount to NAV widened as a consequence. The

Board believes that the Company now represents a

unique proposition for investors and the Company

will be increasing its efforts to raise awareness, which

we believe will attract new investors and help address

the question of the discount. We would like to thank

shareholders for their patience and support over the

period and we look to the future with optimism.

CHAIRMAN’S STATEMENT – continued

Keep in Touch

Shareholders can keep up to date on the performance

of the portfolio through the Company’s monthly

factsheet which can be accessed via the website at

www.globalopportunitiestrust.com. The Company’s

website has recently been refreshed and updated and I

would encourage shareholders to visit the new site.

As always, the Board welcomes communication from

shareholders and I can be contacted directly through the

Company Secretary at cosec@junipartners.com.

Cahal Dowds

Chairman

28 March 2023

Background

This is the first full year for the Company following

receipt of shareholder approval to change the

investment objectives and policy. The Company’s original

investment objective and policy were set in 2003 and

reflected investment conditions that prevailed at that

time. The intention back in 2003 was explicitly to

avoid constraints that could periodically undermine the

performance of a portfolio when on valuation grounds

it became difficult to identify attractively priced public

equity securities. For this reason, the Company has

always had the ability to own cash, bonds and make

some limited investments in unlisted equity securities,

where appropriate.

The extended period of negative real interest rates that

followed the financial crisis of 2008 resulted in a more

extreme and generalised overvaluation of asset classes

than I have seen in living memory. It extended from

equities to bonds, property and alternatives and to both

listed and unlisted markets. This is what I, and others,

have referred to as the ‘Everything Bubble’ and we know

now that it reached a climax and finally popped at the

end of 2021.

As a consequence of these extreme valuations the

Company held significant levels of cash, cash being

the only practical way to protect downside risk under

the existing policy, but with the drawback that cash

generated negative real returns. It was for this reason

that I proposed, and the Board agreed, that more

flexibility in the investment policy was both necessary

and desirable if the Company was to simultaneously

preserve shareholder capital and take advantage of

opportunities that existed, or would emerge over time.

The additional degree of freedom that the new

investment policy has given us since it was approved by

shareholders in December 2021 has proved invaluable in

enabling the Company to deliver a positive double digit

NAV return in a year when both equities and bonds have

witnessed declines of more than 10%. As previously

mentioned in the Chairman’s Statement on page 4, at

the AIC’s suggestion, the Company has changed its peer

group from the Global to the Flexible Investment sector.

However it may be worth emphasising that in normal

market conditions we remain firm believers in the value

of publicly listed equities as generators of portfolio

wealth.

The Portfolio

Against this background, the portfolio has been

structured to significantly reduce absolute downside

risk as we wait for the ‘Everything Bubble’ to deflate

or burst. Since the change of investment policy, the

volatility of the portfolio has fallen to around half that of

the broad global equity market. It now comprises four

‘levers’ that are carefully calibrated to try and create a

coherent exposure for current market conditions:

• The first is a direct equity portfolio that is

positioned defensively. At the beginning of the

year, the largest concentrations were in areas

such as telecoms and health care where cash-

flow and earnings were reasonably predictable

and valuations were not excessive. Through

the year, we added to energy and defence as

tensions grew in eastern Europe. Despite the

signals coming out of Russia, most market

participants seemed to ignore the threat of

the invasion of Ukraine. Whilst it was plausible

that Russia could simply have been making

heavy threats to gain a negotiated advantage,

it was instructive that markets focussed on the

most optimistic outcome. This was yet another

sign of the prevailing complacency in asset

markets. As a consequence, we felt it prudent

to make some portfolio changes to mitigate the

potential risks. We have avoided the temptation

to invest in optically cheaper companies with

lower long-term earnings visibility, more

cyclicality, or balance sheet risks. The time to

add this type of risk will come, but now is too

early in our opinion.

• The second lever is an investment in the

Templeton European Long-Short Equity Fund

(‘European Long-Short Fund’). The portfolio

now has approximately 15% of its assets

invested in this fund. At initial investment the

proportion was around 10%, but appreciation

has caused this to increase. The strategy

deployed by this fund is unusual and distinctive.

It primarily generates returns from the ‘spread’

between high and low quality European listed

smaller companies, with very little overall

market exposure. It operates with a relatively

high gross exposure and is run by a portfolio

manager with a strong track record as a

short-seller. The strategy is volatile, but has the

potential to produce outsized returns during

adverse markets. This type of strategy became

unfashionable after the 2008 financial crisis

because low interest rates made it relatively

easy for low quality businesses to refinance

themselves. As interest rates normalise at

higher levels, however, we believe the upside

opportunity is very significant and it diversifies

the market exposure embedded in the direct

equity portfolio well.

EXECUTIVE DIRECTOR’S REPORT

• The third lever is an exposure to private equity

assets through the Volunteer Park Capital

Fund (‘VPC Fund’). We are very wary about

the valuation of private assets, so it is perhaps

counter-intuitive that the Company should

now have invested in a private equity fund.

However, the VPC Fund is not a straight

investment in private companies. Instead, it

invests in the General Partner of private capital

fund management businesses. These businesses

benefit from very long term ‘contractual’

revenues on the private capital funds that

they manage. The manager of the VPC Fund

seeks to structure its investments to capture

the upside of this long term and highly visible

revenue with very little downside risk. The

market opportunity here lies in the small deal

size which means there is little competition to

VPC from larger players for whom potential

deals lie below their threshold of interest. In

terms of risk/return the exposure fits neatly

between the direct equity portfolio and the

European Long-Short Fund. Its objective is to

generate positive absolute returns regardless of

market direction.

• The final lever is cash. This exposure has grown

progressively over recent years as the ever-rising

level of asset valuations caused the opportunity

set of undervalued assets to shrink. For most of

the year cash has been held in currencies other

than sterling, reflecting the difficult economic

issues we believed faced the UK. Once the

currency reacted to the ‘Truss government

debacle’ and sterling fell sharply towards

parity, the Company converted some of its US

dollar exposure back to sterling. We expect to

continue to hold a high cash position until we

can clearly see value emerge in other assets.

The current risk in the portfolio is that if equity markets

were to rise sharply, any gains in the portfolio would lag

significantly, and in an extreme set of conditions could

actually decline. However, we continue to see the risks

in asset markets to be asymmetric to the downside and

the portfolio is designed to preserve capital and hence

allow the maximum ability to take advantage of the

opportunities that will emerge once the markets have

fully normalised again. Historical experience underlines

the extraordinary extent of the asset price bubble which

more than a decade of continued financial repression

has produced, so it will most likely take more than

one year of market falls to restore something like the

traditional equilibrium.

Performance

The Company’s performance over the year was in line

with its objectives. The portfolio tended to lag in weeks

when markets were rising but still provided a positive

absolute return. When markets were falling the portfolio

reassuringly proved its defensive qualities, often not

falling at all. In doing so the portfolio outperformed

broad equity markets by a comfortable margin. It is

notable that 2022 proved to be a very difficult year for

bond markets as well, given the impact of rising interest

rates. The positive correlation between bonds and

equities undermined the ability of traditional balanced

funds to diversify away any of their equity exposure,

something that the portfolio was able to do as a result

of the timely change in its investment policy. If we look

at the ‘levers’ discussed above the performance of each

was as follows:

• Direct equities: returned just over 12%.

• European Long-Short Fund: appreciated by

over 60%.

• Private Equity: since initial investment in the

VPC Fund, which took place just prior to the

end of 2021, the value of the holding has

appreciated by 14% against the purchase price

of December 2021.

• Cash: the return was approximately 12%, the

appreciation reflecting that the majority was

held in US dollars over the period.

When considering these figures it is critical to remember

that the underlying instruments/investments have been

selected and blended to try and achieve a risk/reward

profile appropriate to conditions as we see them. Putting

this in simpler terms, as an example, when markets

fall we expect to see the private capital exposure

and cash remain stable, with the long-short holding

appreciating. Under these circumstances we anticipate

the equity holdings may also decline, but by significantly

less than the market and for this to be offset by the

other exposures. It also needs to be remembered that

sterling was weak through much of 2022, which had a

meaningfully positive impact on the returns.

The result of this, for calendar year 2022, was that the

Company’s NAV total return, including dividends, was

15.8%. The comparable figure for the MSCI AC World

index was -7.6%; for the Bloomberg Global Aggregate

Bond index -5.9%. Over the period, the Barclays Sterling

Overnight Cash index returned 1.4%.*

EXECUTIVE DIRECTOR’S REPORT – continued

*Sources: Refinitiv Datastream, Bloomberg

EXECUTIVE DIRECTOR’S REPORT – continued

Future Prospects

Given the undoubted economic difficulties facing

the world, it may seem paradoxical that I find myself

more excited about the investing future than for some

considerable time. Sir John Templeton, whose wisdom

and experience I was able to observe at first hand as

an employee early in my career, was always adamant

that high valuations were inimical to strong investment

performance in anything but the short term. It has

been dispiriting to have had to spend the last few years

observing how governments and central banks have

combined to create the conditions in which speculation,

the antithesis of sound money management principles,

has been able to run riot, creating a classic investment

bubble not just in equities, but – almost uniquely in

financial history – across virtually all asset classes at the

same time.

My renewed sense of confidence rests on what feels

like an inexorable trend back towards normality in

valuations. Normality in valuation means an investing

environment in which prices of assets are based on

their fundamental qualities rather than on other

extraneous factors. Whilst the trend may be inexorable,

history suggests that the process of adjustment back

to normality will contain powerful bear market rallies.

These are likely to be fuelled by a hope that inflation

can fall back to pre-bear market levels without any

meaningful adverse economic consequences and that

we can return to a world in which interest rates remain

indefinitely at negligible levels.

Unfortunately, it stretches credibility to think that we

can have a gentle glide path to normality after such an

extended period in which almost the entire focus was

on reward while scant attention was paid to risk. The

new environment is more likely to see a reversal of this

balance. The gilts market crisis in the autumn last year,

the bankruptcy of FTX, the cryptocurrency exchange,

and the more recent troubles at Silicon Valley Bank and

Credit Suisse, should not be seen as isolated incidents

but as symptoms of the profound if until now largely

hidden risks embedded in the global financial system.

Against the backdrop of global economic weakness

the excesses generated by a decade of easy money

will continue to be revealed. Interim rallies of the kind

we have seen in equity markets since the autumn can

prove very dangerous for investors unless they are

based on improvements in fundamental factors, such as

profitability, earnings and balance sheet strength. There

is as yet no evidence to support such a view.

In short, we are moving into a world in which free

money no longer drives all returns to unjustified heights.

I believe that we are in a transition back to one where

the traditional investing virtues will once again reign.

This is not about value versus growth or other factors

such as ‘quality’. It is simply about how much you are

willing to pay for the characteristics and future of an

asset. We look forward to the day where risk aversion

rises to the levels that disregard for risk reached in the

recent past. That will be the time that we again see an

abundance of attractive investable opportunities.

In my judgement we are not there yet, but the time is

coming. We will try to remain patient and prudent until

that time. Our proposition to shareholders is that, as

and when those opportunities present themselves, the

Company will be willing and ready to use the flexibility

that our investment policy creates to pursue them to the

full. We are tactically, not permanently, bearish. We will

seek to keep shareholders informed of our views as they

evolve via the website and shareholders can also opt in

there to receive these views electronically, should they

wish to do so.

Dr Sandy Nairn

Executive Director

28 March 2023

PORTFOLIO OF INVESTMENTS

as at 31 December 2022

Company Sector Country

Valuation

£’000

% of

Net assets

Templeton European Long-Short Equity SIF

Financials Luxembourg 14,298 13.5

Volunteer Park Capital Fund SCSp

Financials Luxembourg 7,708 7.3

TotalEnergies Energy France 3,682 3.5

Unilever Consumer Staples United Kingdom 3,220 3.0

Sumitomo Mitsui Trust Holdings Financials Japan 2,685 2.5

ENI Energy Italy 2,528 2.4

Raytheon Technologies Industrials United States 2,503 2.4

Imperial Brands Consumer Staples United Kingdom 2,330 2.2

Nabtesco Industrials Japan 2,281 2.1

Novartis Health Care Switzerland 2,277 2.1

Samsung Electronics Information Technology South Korea 2,256 2.1

General Dynamics Industrials United States 2,256 2.1

Orange Communication Services France 2,187 2.1

Barrick Gold Materials Canada 2,036 1.9

Lloyds Banking Financials United Kingdom 1,958 1.8

Antofagasta Materials United Kingdom 1,932 1.8

Dassault Aviation Industrials France 1,902 1.8

Sanofi Health Care France 1,898 1.8

Panasonic Consumer Discretionary Japan 1,896 1.8

Murata Manufacturing Information Technology Japan 1,660 1.6

Tesco Consumer Staples United Kingdom 1,586 1.5

Daiwa House Industry Real Estate Japan 1,541 1.5

Verizon Communications Communication Services United States 1,509 1.4

Fresenius Medical Care Health Care Germany 1,154 1.1

Total investments 69,283 65.3

Cash and other net assets 36,861 34.7

Net assets 106,144 100.0

Luxembourg Specialised Investment Fund

Luxembourg Special Limited Partnership

Templeton European Long-Short Equity SIF

% of Net Assets

13.5

Sector

Financials

Templeton European Long-Short Equity SIF is a specialist fund managed by Franklin Templeton. The fund’s investment

objective is to achieve positive absolute returns with little to no correlation to traditional equity markets over the

medium to long term, by investing in long and short equity positions.

Volunteer Park Capital Fund SCSp

% of Net Assets

7.3

Sector

Financials

Volunteer Park Capital Fund SCSp invests in established General Partners (‘GPs’) of private capital funds. VPC targets

the small to low-mid GP market ($500m-$3bn AUM).

TotalEnergies

% of Net Assets

3.5

Sector

Energy

TotalEnergies is a multi-energy company that produces and markets fuels, natural gas and electricity. The company

is committed to providing better energy that is more affordable, more reliable, cleaner and accessible to as many

people as possible. Active in more than 130 countries, the company’s ambition is to become the major provider of

responsible energy.

Unilever

% of Net Assets

3.0

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.

Sumitomo Mitsui Trust Holdings

% of Net Assets

2.5

Sector

Financials

Sumitomo Mitsui Trust Holdings is a provider of trust banking, and other financial services. It provides asset

management, banking, advisory, and real estate services.

TOP 10 HOLDINGS

As at 31 December 2022

ENI

% of Net Assets

2.4

Sector

Energy

ENI is a global oil and gas super-player. The company engages in oil and natural gas exploration, field development

and production, as well as in the supply, trading and shipping of natural gas, LNG, electricity and fuels.

Raytheon Technologies

% of Net Assets

2.4

Sector

Industrials

Raytheon Technologies manufactures aircraft engines, avionics, aerostructures, cybersecurity, guided missiles,

air defense systems, satellites, and drones. The company is also a large military contractor, receiving a significant

portion of its revenue from the U.S. government.

Imperial Brands

% of Net Assets

2.2

Sector

Consumer Staples

Imperial Brands is a consumer goods company. The company offers a range of cigarettes and other tobacco products.

The company operates through two businesses: Tobacco & Next Generation Products (NGP) and Distribution.

Nabtesco

% of Net Assets

2.1

Sector

Industrials

Nabtesco is a Japanese engineering company that specialises in gearboxes, rotors, motors and robotics.

Novartis

% of Net Assets

2.1

Sector

Health Care

Novartis is a global healthcare company based in Switzerland that provides solutions to address the evolving needs

of patients worldwide.

TOP 10 HOLDINGS – continued

As at 31 December 2022

Sector Distribution

Health Care 5.0%

Financials 25.1%

Consumer Staples 6.7%

Cash and other net assets 34.7%*

Materials 3.7%

Real Estate 1.5%

Information Technology 3.7%

Industrials 8.4% Consumer Discretionary 1.8%

Energy 5.9%

Communication Services 3.5%

The figures detailed in the sector distribution pie chart represent the Company’s exposure to those sectors.

Geographical Distribution

United Kingdom 10.3%

Europe ex UK 35.6%

North America 7.8%

Asia Pacific ex Japan 2.1%

Japan 9.5%

Cash and other net assets 34.7%*

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 cash and other net assets as at 31 December 2022 is based on currencies held, as follows:

North America 12.3%

United Kingdom 9.6%

Japan 9.2%

Europe ex UK 3.6%

34.7%

DISTRIBUTION OF INVESTMENTS

as at 31 December 2022 (% of net assets)

LONG TERM PERFORMANCE

Ten-year Performance Chart

220%

180%

120%

200%

160%

240%

Share Price Total Return NAV Total Return

20212019201820172016201520142013 2020

140%

100%

2022

Source: Refinitiv Datastream

Year ended

31December

Shareholders’

funds

Net asset

value per

price per

Share price

discount to

net asset

value

Revenue

return per

Dividend

per

Ongoing

charges

ratio

2004

£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%

6,7

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%

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

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

0.9%

2019 £132.0m 320.8p 310.0p 3.4% 8.1p 7.5p

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

0.9%

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.

Includes a special dividend of 1.0p.

Includes a special dividend of 1.5p.

Proposed dividend for the year.

Ongoing charges ratio based on total expenses, excluding finance costs, transaction costs and certain non-recurring items for the

year as a percentage of the average monthly net asset value.

Ongoing charges ratio based on total expenses for the year as a percentage of the average monthly net asset value.

Ongoing charges ratio 1.3% excluding VAT refund.

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.

The ongoing charges ratio includes look-through costs of 0.2% relating to the investments in the Templeton European Long-Short

Equity SIF and the Volunteer Park Capital Fund SCSp.

Introduction

The purpose of this report is to provide shareholders

with details of the Company’s strategy, objectives and

business model as well as the principal and emerging

risks and challenges the Company has faced during the

year under review. It should be read in conjunction with

the Chairman’s Statement on pages 3 to 5, the Executive

Director’s Report on pages 6 to 8 and the portfolio

information on pages 9 to 12, which provide a review of

the Company’s investment activity and outlook.

The Board is responsible for the stewardship of the

Company, including overall strategy, investment policy,

dividends, corporate governance procedures and risk

management. Biographies of the Directors can be found

on page 23. The Board assesses the performance of the

Company against its investment objective at each Board

meeting by considering the key performance indicators

set out on pages 15 and 16 of this report.

Business and Status

The principal activity of the Company is to carry on

business as an investment trust.

The Company is registered in Scotland as a public limited

company and is an investment company within the

meaning of section 833 of the Companies Act 2006.

The Company has been approved by HM Revenue

& Customs as an authorised investment trust under

sections 1158 and 1159 of the Corporation Tax Act

2010 and the ongoing requirements for approved

companies as detailed in Chapter 3 of Part 2 of the

Investment Trust (Approved Company) (Tax) Regulations

2011. In the opinion of the Directors, the Company has

conducted its affairs so as to enable it to continue to

maintain its status as an investment trust.

The Company is a self-managed investment company

run by its Board and is authorised by the FCA as a small

registered alternative investment fund manager.

The Company’s shares are listed on the premium

segment of the Official List of the FCA and traded on

the main market of the London Stock Exchange.

The Company is a member of the AIC, a trade body

which promotes investment companies and develops

best practice for its members.

Investment Objective

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.

Investment Policy

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 (including index linked

securities) and cash as appropriate.

Any single investment in the Company’s portfolio may not

exceed 15% of the Company’s total assets at the time of

the relevant investment (the ‘Single Investment Limit’).

The Company may invest in other investment companies or

funds and may appoint one or more sub-advisors to manage

a portion of the portfolio if, in either case, the Board believes

that doing so will provide access to specialist knowledge

that is expected to enhance returns. The Company will gain

exposure to private markets directly and indirectly through

investments and interest in other investment companies

and investment funds (including limited partnerships and

offshore funds). The Company’s investment directly and

indirectly in private markets (including through investment

companies and investment funds) shall not, in aggregate,

exceed 30% of the Company’s total assets, calculated at the

time of the relevant investment.

The Company will invest no more than 15% of its total

assets in other closed-ended listed investment companies

(including investment trusts).

The Company may also invest up to 50% of its total

assets in bonds, debt instruments, cash or cash

equivalents when the Board believes extraordinary

market or economic conditions make equity investment

unattractive or while seeking appropriate investment

opportunities for the portfolio or to maintain liquidity.

The Single Investment Limit does not apply to cash or

cash equivalents in such circumstances. In addition, the

Company may purchase derivatives for the purposes of

efficient portfolio management.

From time to time, when deemed appropriate and only

where permitted in accordance with the UK Alternative

Investment Fund Managers Regulations 2013, the

Company may borrow for investment purposes up to

the equivalent of 25% of its total assets. By contrast,

the Company’s portfolio may from time to time have

substantial holdings of debt instruments, cash or short-

term deposits.

The investment objective and policy are intended to

ensure that the Company has the flexibility to seek out

value across asset classes rather than being constrained

by a relatively narrow investment objective. The objective

and policy allow the Company to be constrained in

its investment selection only by valuation and to be

pragmatic in portfolio construction by only investing

in assets which the Executive Director considers to be

undervalued on an absolute basis.

STRATEGIC REVIEW

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

Executive Director. The Executive Director’s approach is

long-term and focused on absolute valuation. Dr Nairn

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

Following receipt of approval from the FCA on 8 June

2022, the Company successfully transitioned to become

a self-managed investment company.

As a result of the transition, the management agreement

with Franklin Templeton Investment Trust Management

Limited was terminated. As a self-managed investment

trust, the Board is now 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. The Depositary Agreement between

Northern Trust Global Services Limited and the Company

was also terminated, and the Company’s custodian has

been changed to JP Morgan Chase Bank, NA.

The Executive Director, Dr Nairn, has overall responsibility

for the day-to-day management of the investment

portfolio with Franklin Templeton Investment

Management Limited (‘Sub-Advisor’) appointed to assist

with the management of the Company’s direct equity

holdings. As at 31 December 2022, the Sub-Advisor was

responsible for managing 44.5% of the Company’s assets.

As part of the transition, the Board appointed

Juniper Partners Limited (‘Juniper’) as the Company’s

administrator and company secretary.

Update on Management Changes

Details of management changes which have taken place

post year-end are provided in the Chairman’s Statement

on page 3, the Principal Decisions Taken During the Year

section on page 21 and Note 20 on pages 66 and 67 of

this report.

Change of Name

On 9 June 2022, the Company changed its name from

EP Global Opportunities Trust plc to Global Opportunities

Trust plc. The Company’s stock exchange ticker code was

subsequently changed from EPG to GOT.

Change of Registered Office

Following the appointment of Juniper, the registered

office of the Company has changed to 28 Walker Street,

Edinburgh EH3 7HR.

Portfolio Performance

Full details on the Company’s activities during the year

under review are contained in the Chairman’s Statement

and Executive Director’s Report on pages 3 to 8. A list of

all the Company’s investments can be found on page 9.

The portfolio consisted of 24 investments, excluding

cash and other net assets as at 31 December 2022, 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 12.

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 2022 1 year (%) 3 years (%) 5 years (%)

Global Opportunities Trust plc 9.8 8.5 9.1

AIC Flexible Investments peer group

†

(6.2) 13.8 23.5

FTSE All-World Total Return Index* (7.3) 25.7 48.4

Net asset value total return

to 31 December 2022 1 year (%) 3 years (%) 5 years (%)

Global Opportunities Trust plc 15.8 21.5 19.2

AIC Flexible Investments peer group

†

(3.5) 23.4 39.2

FTSE All-World Total Return Index* (7.3) 25.7 48.4

STRATEGIC REVIEW – continued

Share price discount to net asset value

as at 31 December 2022 (%) 2021 (%) 2020 (%)

Global Opportunities Trust plc 13.5 8.5 7.9

AIC Flexible Investments peer group

†

14.4 7.0 11.0

Ongoing charges ratio

to 31 December 2022 (%) 2021 (%) 2020 (%)

Global Opportunities Trust plc 0.9 1.1 1.0

AIC Flexible Investments peer group

†

1.0 0.9 0.9

†

Source: theaic.co.uk & Morningstar.

* The Company does not formally benchmark its performance against a specific index, the FTSE All-World Total Return Index (in

sterling) has been shown for comparative purposes only.

The long-term performance of the Company can be

found on page 13 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 71 and 72.

Gearing

The Company did not have any borrowings and did not

use derivative instruments for currency hedging during

the year ended 31 December 2022. The Company has

an investment in the Templeton European Long-Short

Equity SIF which uses derivatives.

Principal and Emerging Risks

The Board, through delegation to the Audit and Management Engagement Committee, has undertaken a robust

annual assessment and review of all the risks facing the Company, together with a review of any new and emerging

risks which may have arisen during the year, including rising levels of inflation and heightened geopolitical events

following the invasion of Ukraine. These risks are formalised within the Company’s risk assessment matrix which is

formally reviewed on a regular basis.

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 period are set out below:

Risks Mitigation and Controls

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 the portfolio

performance and strategy and to receive investment

updates from the Executive Director. The Board receives

quarterly reports detailing all portfolio transactions

and any other significant changes in the market or

stock outlooks.

Key Person Risk

The Company’s ability to deliver its investment strategy is

dependent on the Executive Director, Dr Nairn.

A change in key investment management personnel

who are involved in the management of the Company’s

portfolio could impact on future performance and the

Company’s ability to deliver on its investment strategy.

Increased risk due to the Company’s transition

to a selfmanaged investment company

The Board frequently considers succession planning.

Dr Nairn, has day-to-day responsibility for the investment

management of the Company. Dr Nairn is also in regular

contact with the Sub-Advisor and underlying fund

managers and would be informed of any proposed

changes in their personnel.

STRATEGIC REVIEW – continued

Risks Mitigation and Controls

Financial and Economic

The Company’s investments are impacted by financial and

economic factors including market prices, interest rates,

foreign exchange rates, liquidity and inflation which could

cause losses within the portfolio.

Risk has been heightened by inflationary

increases and geopolitical events, including the

invasion of Ukraine

The Board receives regular updates on the composition

of the Company’s investment portfolio and market

developments from the Executive Director. Investment

performance is continually monitored specifically in the

light of emerging risks throughout the period.

The Board regularly reviews and agrees policies for

managing market price risk, interest rate risk, foreign

currency risk, liquidity risk and credit risk. These are

further explained in Note 16 to the financial statements.

Discount Volatility Risk

The Board recognises that it is in the long-term interests

of shareholders to reduce discount volatility and believes

that the prime driver of discounts over the longer term is

investment performance. An inappropriate or unattractive

objective and strategy may have an adverse effect on

shareholder returns or cause a reduction in demand for the

Company’s shares, both of which could lead to a widening

of the discount.

No change to this risk

The Board actively monitors the discount at which the

Company’s shares trade, and is committed to using its

powers to allot or repurchase the Company’s shares. The

Board may use share buybacks, when appropriate, to

narrow the discount to NAV at which the shares trade.

This will be done in conjunction with creating new

demand and being aware of the liquidity of the shares.

The Board’s commitment to allot or repurchase shares

is subject to it being satisfied that any offer to allot or

purchase shares is in the best interests of Shareholders

of 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 the shares purchased into treasury during the

year are set out in Note 13.

The Board reviews changes to the shareholder

developments in the market place.

STRATEGIC REVIEW – continued

Risks Mitigation and Controls

Regulatory Risk

The Company operates in an evolving regulatory

environment and faces a number of regulatory risks.

Failure to qualify under the terms of sections 1158 and

1159 of the CTA may lead to the Company being subject

to capital gains tax. A breach of the Listing Rules may

result in censure by the FCA and/or the suspension of the

Company’s shares from listing.

The implementation of GDPR provides for greater data

privacy. While the risk to the Company is deemed to

be low, the impact of fines should they occur could be

significant.

If all price sensitive issues are not disclosed in a timely

manner, this could create a misleading market in the

Company’s shares.

No change to this risk

Compliance with the Company’s regulatory obligations

is monitored on an ongoing basis by the Company

Secretary and other professional advisers as required

who report to the Board regularly.

The Directors note the corporate offence of failure to

prevent tax evasion and believe all necessary steps have

been taken to prevent facilitation of tax evasion.

The Directors are satisfied that all necessary steps have

been taken to prevent any breach of GDPR, including

ensuring that all third party service providers have

appropriate GDPR policies in place.

The Directors are aware of their responsibilities relating

to price sensitive information and would consult with

their advisers if any potential issues arose. This includes

ensuring compliance with the Market Abuse Regulation.

The Company Secretary would notify the Board

immediately if it became aware of any disclosure issues.

The Sub-Advisor has a comprehensive market abuse

policy and any potential breaches of this policy would be

promptly reported to the Board.

The Board has agreed service levels with the Company

Secretary and Sub-Advisor which include active and

regular review of compliance with these requirements.

Operational risk

There are a number of operational risks associated with

the fact that third parties undertake the Company’s

administration and custody functions. The main risk is that

third parties may fail to ensure that statutory requirements,

such as compliance with the Companies Act 2006 and the

FCA requirements, are met.

No change to this risk

The Board regularly receives and reviews management

information on third parties which the Company Secretary

compiles. In addition, each of the third parties, where

available, provides a copy of its report on internal controls

to the Board each year.

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 Executive Director and the Company’s third

party suppliers have contingency plans to ensure the

continued operation of the business in the event of

disruption.

STRATEGIC REVIEW – continued

Culture

The Chairman leads the Board and is responsible for

its overall effectiveness in directing the Company.

He demonstrates objective judgement, promotes

a culture of openness and debate, and facilitates

effective contributions by all Directors. In liaison with

the Company Secretary, the Chairman ensures that the

Directors receive accurate, timely and clear information.

The Directors are required to act with integrity, lead by

example and promote this culture within the Company.

The Board seeks to ensure the alignment of the

Company’s purpose, values and strategy with the culture

of openness, debate and integrity through ongoing

dialogue, and engagement with shareholders, the

Executive Director and the Company’s other service

providers. As detailed in the Corporate Governance

Report on pages 31 to 35, the Company has adopted a

number of policies, practices and behaviours to facilitate

a culture of good governance and ensure that this

is maintained.

The culture of the Board is considered as part of

the annual performance evaluation process which

is undertaken by each Director. The culture of the

Company’s service providers is also considered by the

Board during the annual review of their performance

and while considering their continuing appointment. In

the context of the Executive Director and Sub-Advisor,

particular attention is paid to environmental, social and

governance, engagement and proxy voting policies.

Additional information on the Board’s approach to

environmental, social and governance matters is detailed

on the next column.

Directors and Gender Diversity

As at 31 December 2022, the Board of Directors of

the Company comprised three male and one female

Director. The appointment of any new Director is made

in accordance with the Company’s diversity policy as

detailed on page 33.

Employees and Human Rights

The Board recognises the requirement under the

Companies Act 2006 to detail information about human

rights, employees and community issues, including

information about any policies it has in relation to

these matters and the effectiveness of these policies.

The Company has one employee, Executive Director

Dr Nairn. All the remaining Directors are non-executive.

The Company has outsourced all its functions to third

party service providers. The Company has therefore not

reported further in respect of these provisions.

Modern Slavery Statement

The Company is not within the scope of the Modern

Slavery Act 2015 because it has not exceeded the

turnover threshold and therefore no further disclosure is

required in this regard.

Greenhouse Gas Emissions

The Company has no greenhouse gas emissions to

report from its operations, nor does it have responsibility

for any other emission-producing sources under the

Companies Act 2006 (Strategic Report and Directors’

Report) Regulations 2013.

Environmental, Social and Governance (‘ESG’)

The Company seeks to invest in companies that are well

managed with high standards of corporate governance.

The Board believes this creates the proper conditions to

enhance long-term value for shareholders. The Company

adopts a positive approach to corporate governance and

engagement with companies in which it invests.

In pursuit of the above objective, the Board believes

that proxy voting is an important part of the corporate

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,

as far as possible, at all shareholder meetings of

investee companies. The Company follows the relevant

applicable regulatory and legislative requirements in the

UK, with the guiding principles being to make proxy

voting decisions which favour proposals that will lead

to maximising shareholder value while avoiding any

conflicts of interest. Voting decisions are taken on a

case-by-case basis by the Sub-Advisor on behalf of the

Company. The Sub-Advisor makes use of an external

agency, Institutional Shareholders Services, a recognised

authority on proxy voting and corporate governance to

assist on voting procedures. The key issues on which the

Sub-Advisor focuses are corporate governance, including

disclosure and transparency, board composition and

independence, control structures, remuneration, and

social and environmental issues.

The Executive Director and Sub-Advisor consider a wide

range of factors when making investment decisions

including an investee company’s ESG credentials.

In making fund investment decisions, the Executive

Director’s assessment includes analysing the fund

manager’s ESG cultural buy-in, its ESG process,

procedures and reporting, its engagement with

underlying portfolio companies and an operational due

diligence review of the relevant manager and fund.

STRATEGIC REVIEW – continued

Duty to Promote the Success of the Company

Under section 172 of the Companies Act 2006, the

Directors have a duty to act in the way they consider,

in good faith, would be most likely to promote the

success of the Company for the benefit of its members

as a whole, and in doing so have regard (amongst other

matters) to:

• the likely consequences of any decision they

make in the long term;

• the need to foster the Company’s business

relationships with its stakeholders, which

includes the shareholders, the Executive

Director and Sub-Advisor and other relevant

parties as listed below;

• the need to act independently by exercising

reasonable skill and judgement;

• the impact of the Company’s operations on the

community and the environment;

• the requirement to avoid a conflict of interests;

• the desirability of the Company maintaining a

reputation for high standards of business conduct;

• the need to act fairly between members of the

Company; and

• the need to declare any interests in proposed

transactions.

The Company has one employee, its Executive Director,

Dr Nairn. As an investment trust, the Company has no

customers or physical assets; the primary stakeholders

are the shareholders, the Executive Director, Sub-

Advisor, and other third-party service providers. The

Company also engages with its investee companies

where appropriate.

Stakeholder Engagement

Shareholders

Communication and regular engagement with

shareholders are given a high priority by the Board. The

Executive Director seeks to maintain regular contact with

major shareholders and is always available to enter into

dialogue with all shareholders. A regular dialogue is also

maintained with the Company’s institutional shareholders

and private client asset managers through the Executive

Director, who regularly reports to the Board on significant

contact, the views of shareholders and any changes to the

composition of the share register.

All shareholders are encouraged, if possible, to attend and

vote at the AGM and at any other general meetings of

the Company (if any), during which the Board is available

to discuss issues affecting the Company. Shareholders

wishing to communicate directly with the Board should

contact the Company Secretary by e-mail or post, details

of which can be found on page 68. The Chairman is

available throughout the year to respond to shareholders,

including those who wish to speak with him in person.

Copies of the Annual and Half-Yearly Reports are

currently issued to shareholders and are also available,

along with the monthly factsheets for downloading from

the Company’s website at www.globalopportunitiestrust.

com. The Company also releases portfolio updates to the

market on a monthly basis.

Executive Director and Sub-Advisor

The non-executive Directors believe that maintaining

a close and constructive working relationship with the

Executive Director and Sub-Advisor is crucial to promoting

the long-term success of the Company in an effective and

responsible way. This ensures the interests of all current

and potential stakeholders are properly taken into account

when decisions are made. The Executive Director attends

all Board meetings and provides reports on investments,

performance, marketing, operational and administrative

matters. The Sub-Advisor is available to attend Board

meetings upon request. An open discussion regarding

such matters is encouraged, both at Board meetings and

by way of ongoing communication between the Board,

the Executive Director and Sub-Advisor. Board members

are encouraged to share their knowledge and experience

with the Executive Director and Sub-Advisor, and where

appropriate, the Board adopts a tone of constructive

challenge. The Board keeps the ongoing performance of

the Executive Director and Sub-Advisor under continual

review and conducts an annual appraisal of both

the parties.

Service Providers

The Company’s day-to-day operational functions are

delegated to several third-party service providers,

each engaged under separate contracts. In addition to

the Sub-Advisor, the Company’s principal third-party

service providers include the Administrator, Auditor,

Company Secretary, Custodian and Registrar. The

Board engages with its service providers to develop

and maintain positive and productive relationships, and

to ensure that they are well informed in respect of all

relevant information about the Company’s business and

activities. The Board, through its Audit and Management

Engagement Committee, keeps the ongoing

performance, fees and continuing appointment of these

service providers under continual review and conducts

an annual appraisal of all third-party service providers.

STRATEGIC REVIEW – continued

Investee Companies

The Sub-Advisor is responsible for the day-to-day

management of the Company’s equity investment

portfolio. As such, the Sub-Advisor has primary

responsibility for engaging with investee companies

on behalf of the Company. The Sub-Advisor does so

in accordance with the United Nations Principles for

Responsible Investment, and the UK Stewardship Code

2020, and is a signatory to both regimes.

The Board recognises the importance of engagement

with investee companies. The Board is aware of evolving

expectations in this regard and is committed to working

with the Executive Director and Sub-Advisor, in relation to

future engagement on behalf of the Company.

The above methods for engaging with stakeholders are

kept under review by the Directors and discussed on

a regular basis at Board meetings to ensure that they

remain effective.

Principal Decisions Taken During the Year

The Board is mindful of its responsibilities to the

Company’s stakeholders when making material decisions

on behalf of the Company.

The principal decisions taken by the Board during the year

under review (and post year-end) are as follows:

Transition to Self-Managed Investment Company

Following a review of the strategic direction of the

Company, the Board informed shareholders that it

intended to change the Company’s management

arrangements by becoming a self-managed

investment company. As part of this change Dr Nairn

was appointed as an Executive Director of the

Company and now has overall responsibility for

investment management of the investment portfolio.

The Board’s rationale for becoming a self-managed

investment company, was that it believed that the

Company would be able to access a wider range of

investment management expertise, particularly in

the private capital market, and that there would be

greater flexibility to use specialist third party managers

where appropriate.

At the general meeting held on 17 December 2021

shareholders approved the Board’s proposal for the

Company to become a self-managed investment

company. Following receipt of approval from the

Financial Conduct Authority on 8 June 2022, the

Company successfully transitioned to a self-managed

investment company.

The Board is now 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.

Post Year-End Management Changes

As previously detailed in the Chairman’s Statement

on page 3, the Board have approved a number

of changes to the management structure of the

Company.

Following his resignation as an executive of Franklin

Templeton, Dr Nairn is now a full time executive of the

Company.

The Company will be serving notice to terminate its

investment management agreement with Franklin

Templeton Investment Management Limited and the

global listed equities portion of the Company’s portfolio

will be managed by Dr Nairn going forward.

In addition, the Company has entered into a strategic

relationship with Goodhart Partners LLP (‘Goodhart’)

through which Goodhart will introduce opportunities

in the private markets to the Company. As part of

this strategic relationship, Goodhart has also been

appointed to provide investment sub-advisory services

to the Company to assist Dr Nairn in managing the

global listed equities mandate.

The Board believes that these arrangements will

provide a number of benefits for shareholders going

forward (as detailed in the Chairman’s Statement),

including a reduction in the ongoing costs of the

Company. Details of the fees payable to Dr Nairn and

Goodhart can be found in Note 20 on pages 66 and

67 of this report.

Tender Offer

Shareholder approval was granted for the Company

to repurchase up to 20% of its issued share capital by

way of a tender offer at the general meeting held on

17 December 2021.

On 28 February 2022, the Company announced that

a total of 7,305,545 ordinary shares (20% of the

Company’s issued share capital) were repurchased

by the Company to be held in treasury. The ordinary

shares were repurchased at 313.2501 pence per share

which represented a discount of approximately 3.5%

to the NAV per share as at 24 February 2022.

Change of Service Providers

As part of the transition to a self-managed investment

company several changes were made to the Company’s

third party service providers. Juniper Partners Limited

was appointed as Company Secretary and Administrator

and J.P. Morgan Chase Bank N.A. was appointed as

Custodian to the Company.

The Board maintains a strong working relationship

with its key third-party service providers. The regular

interaction enables issues and requirements to be dealt

with efficiently and collegiately. The Board conducted

detailed due diligence on the proposed providers prior to

their appointment to ensure they were appropriate for

the Company in its new form. All new service providers

are now well established in their new roles and they

continue to operate in line with agreed service levels.

Succession Planning

Tom Walker retired as a non-executive Director of

the Company following the conclusion of the Annual

General Meeting held on 27 April 2022.

As previously noted in the ‘Transition to Self-Managed’

section on page 21, Dr Nairn was formally appointed

as an Executive Director of the Company at the Annual

General Meeting held on 27 April 2022.

David Ross informed the Board of his intention to retire

as a Director of the Company following the conclusion

of the 2023 AGM. As detailed in the Chairman’s

Statement on page 4, having considered a number of

exceptional candidates, the Nomination Committee

recommended that Katie Folwell-Davies be appointed as

a non-executive Director of the Company.

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.

As a result of Katie’s extensive accounting and audit

experience, and subject to shareholders electing her to

the Board, it is proposed that she be appointed as Chair

of the Audit and Management Engagement Committee.

The Board has approved Katie’s appointment in

principle subject to shareholders electing her as a non-

executive Director of the Company at the 2023 AGM.

Final Dividend

Having considered income receipts and forecast

revenue, the Board, on the recommendation of the

Audit and Management Engagement Committee,

have proposed that shareholders approve the payment

of a final dividend of 5.0p per ordinary share for the

financial year ended 31 December 2022. Although

the Company’s investment objective is to provide real

long-term total return, the Board is aware that certain

investors also seek income from their portfolio of

investments. In addition, the Board is mindful of the

need to distribute any excess income to maintain the

Company’s status as an investment trust.

For and on behalf of the Board

Cahal Dowds

Chairman

28 March 2023

STRATEGIC REVIEW – continued

BOARD OF DIRECTORS

Charles (Cahal) Dowds

1,2,3

Independent Non-Executive Director

Chairman 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, chairman of Continuum Advisory

Partners and a member of Gresham House plc Strategy Equity Advisory

Group.

David Ross

1,2,3

Independent Non-Executive Director

Chair of the Audit and Management

Engagement Committee

Date of appointment: 1 June 2014

David is a Fellow of the Chartered Association of Certified Accountants.

He was with Ivory & Sime plc, an investment management company,

from 1968 to 1990 becoming Finance Director and Company Secretary

in 1982 and Managing Director from 1988 to 1990. He was a founding

partner of Aberforth Partners LLP, an investment management firm

specialising in investment in UK small quoted companies from 1990

until his retirement in 2014.

He is non-executive chair of JPMorgan US Smaller Companies Investment

Trust plc and a non-executive director of CT Property Trust Limited.

David will retire following the conclusion of the AGM on 26 April 2023.

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 network director at

Growth Capital Partners LLP, an independent adviser and head of portfolio

talent at AIM-listed Gresham House plc, a non-executive director and chair

of the audit committee of Parsley Box Group Limited and a non-executive

director of Continuum Advisory Partners Limited.

Dr Sandy Nairn

Executive Director

Date of appointment: 27 April 2022

Sandy graduated from the University of Strathclyde in 1982 and in 1985

he achieved a PhD in Economics from the University of Strathclyde/

Scottish Business School. He was an economist at the Scottish

Development Agency for a year, before spending four years at Murray

Johnstone as a portfolio manager and research analyst.

Between 1990 and 2000 he was employed by Templeton Investment

Management where he became Executive Vice President and the

Director of Global Equity Research. He was Chief Investment Officer of

Scottish Widows Investment Partnership between 2000 and 2003. He

was one of the founders, chief executive and chief investment officer

of Edinburgh Partners which was established in 2003. Following the

acquisition of Edinburgh Partners by Franklin Resources Inc. in 2018, he

was appointed chairman of the Templeton Global Equity Group. Sandy

has also been the lead portfolio manager for the Company since its

launch in 2003.

Dr Nairn is the author of ‘The End of the Everything Bubble’, a book

published by Harriman House in 2021, in which he analyses at length

the reasons for the unsustainable rise in valuations that led to the bear

market in bonds and equities in 2022.

Member of the Audit and Management Engagement Committee

Member of the Nomination Committee

Member of the Remuneration Committee

DIRECTORS’ REPORT

The Directors present their Annual Report and Financial

Statements for the year ended 31 December 2022. 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 23.

Corporate Governance

The Company’s Corporate Governance Report is set

out on pages 31 to 35 and forms part of the Directors’

Report.

Results and Dividends

The results for the year are set out in the Financial

Statements on pages 48 to 50 and the Notes to the

Accounts on pages 51 to 67. The Board recommends

the payment of a final dividend of 5.0p to shareholders

for approval at this year’s AGM. Subject to shareholder

approval, the final dividend will be paid on 31 May 2023

to shareholders who are on the register of members as

at close of business on 12 May 2023 with an ex-dividend

date of 11 May 2023.

Share Capital

At 31 December 2022, 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 2022 was 29,222,180.

As at 24 March 2023, 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 2022 until 24 March

2023, 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

2022, a balance of 745,830 shares may be issued under

this block listing.

Share Buy-Backs/Tender Offer

During the year under review, the Company completed a

tender offer to repurchase up to 20% of its issued share

capital. On 28 February 2022, the Company announced

that a total of 7,305,545 ordinary shares (20% of the

Company’s issued share capital) were repurchased by

the Company to be held in treasury. The ordinary shares

were repurchased at 313.2501 pence per share which

represented a discount of approximately 3.5% to the

NAV per share as at 24 February 2022.

Save for the tender offer,no further buy-backs were

undertaken by the Company during the year under review.

Since 31 December 2022 until 24 March 2023, 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 2022, 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 2022, 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 held

% of total

voting rights

Dr Sandy Nairn 4,161,822 14.24

1607 Capital Partners LLC 2,978,818 10.19

Noble Grossart

Investments Limited 2,008,676 6.87

DC Thomson &

Company Limited 1,525,821 5.22

Rathbone Investment

Management Limited 1,106,209 3.79

The above percentage figures are based on total voting

rights of 29,222,180 ordinary shares.

DIRECTORS’ REPORT – continued

The following updates on notifiable interests in the

voting rights of the Company have been received post

year end:

Shareholder

Number of

Shares held

% of total

voting rights

Dr Sandy Nairn 4,261,822 14.58

Remuneration and Related Parties

Details in respect of the Directors’ remuneration are set

out in the Directors’ Remuneration Report on pages 27 to

30. Details of any related party transactions are detailed in

Note 19 on page 66 of the Financial Statements.

As previously disclosed in the Chairman’s Statement, the

Company has entered into a strategic relationship with

Goodhart, through which Goodhart will introduce the

Company to investment opportunities in boutique private

capital managers; specialist funds (such as the Company’s

existing investment in the Volunteer Park Capital Fund

(“VPC”)); and, potentially, co-investments and other

unlisted equity investments.

Dr Nairn is the sole controller of a company which

holds a significant minority shareholding in Goodhart.

Accordingly, the arrangements with Goodhart constitute

a related party transaction under the Listing Rules.

Although the arrangements (including the investment

sub-advisory services) do not require shareholder approval

(having been determined to be a “smaller related party

transaction” in accordance with the class tests under the

Listing Rules), the Company has obtained confirmation

from its sponsor, Dickson Minto, that the terms of the

arrangements with Goodhart are fair and reasonable

from a shareholder perspective.

There are no other transactions with related parties to

report since the financial year end.

Listing Rule 9.8.4R

Listing Rule 9.8.4R requires the Company to include

certain information in a single identifiable section of the

Annual Report or a cross-reference table indicating where

the information is set out. The Directors confirm that there

are no disclosures required to be made in this regard.

Going Concern

The Company’s business activities, together with

the factors likely to affect its future development,

performance and position, are set out in the Strategic

Report on pages 3 to 22. In addition, Notes 16 and 17

on pages 63 to 66 provide details on how the Company

manages its exposure to financial risks and manages

its capital. The Company’s principal and emerging risks

are set out in the Strategic Review on pages 16 to 18.

The Company’s assets consist principally of a diversified

portfolio of listed equity shares, private market

investments, fixed income securities and cash, which,

with the exception of private market investments, in

most circumstances are realisable within a short period

of time and exceed its liabilities by a significant amount.

After due consideration of the above factors, and

the information detailed in the long-term viability

statement below, the Directors have concluded that

the Company has adequate resources to continue in

operational existence for the foreseeable future, being

a period of at least 12 months from the date of the

signing of this Annual Report and Financial Statements.

For this reason, the Directors have adopted the going

concern basis in preparing the Financial Statements.

Long-term Viability Statement

The Directors have assessed the prospects of the

Company over a period longer than one year. The

Board considers that, for a company with an investment

objective to provide shareholders with an attractive real

long-term return by investing globally in undervalued

asset classes, a period of five years is an appropriate

period to consider for the purpose of the long-term

viability statement.

In making its assessment, the Board considered several

factors, including those detailed below:

• the Company’s current financial position;

• the principal and emerging risks the Company

faces, as detailed in the Strategic Review on

pages 16 to 18 and in Note 16 on pages 63 to

65 of the Financial Statements;

• that the portfolio comprises principally of

investments traded on major global stock

markets, private markets, fixed income markets,

and cash, and that there is a satisfactory spread

of investments. The maximum investment in

private markets shall not, in total, exceed 30%

of the Company’s total assets;

• that the expenses of the Company are

predictable and modest in comparison with the

assets and there are no capital commitments

foreseen which would alter that position;

• that the Company has one employee, Dr

Nairn who manages the investment portfolio.

All of the other Directors are non-executive

and independent, and consequently do not

have any employment-related liabilities or

responsibilities; and

• that, should performance be less than the Board

considers to be acceptable, it has appropriate

powers to replace the Executive Director.

The Board considers that, following its assessment, there

is a reasonable expectation that the Company will be

able to continue in operation and meet its liabilities as

they fall due over the five-year period of its assessment.

Disclosure of Information to the Auditor

In accordance with section 418 (2) of the Companies

Act 2006, each Director confirms that, so far as they are

aware, there is no relevant audit information of which

DIRECTORS’ REPORT – continued

the Company’s Auditor is unaware; and, each Director

has taken all the steps that they ought to have taken as

a Director of the Company in order to make themselves

aware of any relevant audit information and to establish

that the Company’s Auditor is aware of that information.

Financial Risk Management

Information about the Company’s financial risk

management is set out in Note 16 on pages 63 to 65 of

the Financial Statements.

Post Balance Sheet Events

Details of the post Balance Sheet events are set out in

Note 20 on pages 66 and 67 of the Financial Statements.

Annual General Meeting

This year’s Annual General Meeting will be held at The

Bonham Hotel, 35 Drumsheugh Gardens, Edinburgh

EH3 7RN on Wednesday, 26 April 2023 at 12:00 noon.

The Board would welcome your attendance at the AGM

as it provides shareholders with an opportunity to ask

questions of both the Board and of the Executive Director.

Resolutions 1 to 9 inclusive deal with the ordinary

business of the meeting, namely the receipt of the Annual

Report and Financial Statements, to approve the Directors

Remuneration Report, to approve the payment of a final

dividend, the election/re-election of the Directors of the

Company, the re-appointment of the Auditor, and to

authorise the remuneration of the Auditor.

In addition to the ordinary business, resolutions relating

to the following special business will be proposed:

Resolution 10: Authority to Allot New Shares

The Directors are seeking to renew their authority to allot

ordinary shares up to a maximum aggregate nominal

amount of £29,222 which represents approximately

10% of the current issued share capital of the Company

(excluding ordinary shares held in treasury). The Directors

believe that it would be beneficial to the Company for

them to allot ordinary shares whenever they consider

that it would be in the best interests of the Company’s

shareholders to do so. Ordinary shares will only be issued

at a premium to the prevailing net asset value per share at

the time of issue.

Resolution 11: Authority to Disapply Pre-emption

Rights

This resolution seeks authority for the Directors to allot

ordinary shares up to an aggregate nominal amount

of £29,222 without first offering them to existing

shareholders. This represents approximately 10% of the

current issued share capital. Ordinary shares will only be

issued at a premium to net asset value at the time of issue.

Resolution 12: Authority to Repurchase Shares

This resolution seeks shareholder approval for the Company

to renew the power to purchase its own ordinary shares.

The Directors believe that the ability of the Company

to purchase its own ordinary shares in the market will

potentially benefit all shareholders of the Company. The

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

discount than that on which they were first repurchased.

The Company is seeking shareholder approval

to repurchase up to 4,380,404 ordinary shares,

representing approximately 14.99% of the Company’s

current issued share capital.

The decision as to whether to repurchase any ordinary

shares will be at the absolute discretion of the Board.

Ordinary shares repurchased under this authority may

either be held by the Company in treasury for resale

or cancelled. The Company will fund any purchases by

utilising existing cash resources or loan facilities.

Ordinary shares held in treasury will only be reissued at

a premium to the prevailing net asset value per share at

the time of issue and at a price not less than the market

bid price at the time of purchase.

The authorities sought under resolutions 10 to 12

will expire at the conclusion of the 2024 Annual

General Meeting.

Resolution 13: Notice of General Meetings

The Board believes that it is in the best interests of

shareholders of the Company to have the ability to

call meetings on 14 clear days’ notice should a matter

require urgency. The Board will therefore, as last

year, propose a resolution at the AGM to approve the

reduction in the minimum notice period from 21 clear

days to 14 clear days for all general meetings other than

annual general meetings. The Directors do not intend to

use the authority unless immediate action is required.

The approval will be effective until the Company’s

next AGM. The Company will also need to meet

the requirements for electronic voting under the

Shareholders’ Rights Directive before it can call a general

meeting on 14 clear days’ notice.

The full text of resolutions is set out in the Notice of

Annual General Meeting on pages 73 and 74. The Board

considers the resolutions proposed to be in the best

interests of the Company and shareholders as a whole

and recommends that shareholders vote in favour of

each of these resolutions, as the Directors intend to do

in respect of their own holdings.

By order of the Board

Juniper Partners Limited

Company Secretary

28 March 2023

REMUNERATION REPORT

The Board is pleased to present the Company’s

Remuneration Report for the year ended 31 December

2022 which has been prepared in accordance with the

Company’s Act 2006.

The Company’s Auditor is required to audit certain

of the disclosures provided. Where disclosures have

been audited, they are indicated as such. The Auditors’

opinion is included in their report on pages 41 to 47.

On 27 April 2022, the Board resolved to establish

a Remuneration Committee of the Company and

approved its Terms of Reference. Prior to this date the

Board undertook the duties of the Remuneration

Committee.

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 Chairman, Cahal

Dowds, who was independent on appointment, is a

member of the Committee. Hazel Cameron is Chair of

the Committee.

Role of the Remuneration Committee

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.

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 2022 Annual General Meeting

and will next be submitted for approval by shareholders

at the 2025 Annual General Meeting.

The following table sets out the votes received in

relation to the Remuneration Policy at the 2022 Annual

General Meeting:

Votes cast for* Votes cast against Total

votes

cast

Number

of votes

withheldNumber % Number %

15,061,357 99.81 28,416 0.19 15,089,773 72,045

* 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 period 1 January 2022 to 16 August 2022,

the non-executive Directors of the Company received

the following fees:

Chairman of the Board: £29,500

Non-executive Director: £21,500

Chair of the Audit and Management

Engagement Committee: +£3,000*

With effect from 17 August 2022, the Board approved

an increase in the non-executive Directors fees to the

following aggregate fee levels:

Chairman 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 Non-Executive Directors’ Remuneration

Pursuant to the Articles of Association, the aggregate

amount of fees to be paid to the non-executive 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. From the date of

his appointment until 8 June 2022, Dr Nairn received

a salary from Franklin Templeton, the Investment

Manager, (a group company of the Company’s former

Alternative Investment Fund Manager, Franklin

Templeton Investment Trust Management Limited),

accordingly, no additional payment was made to

Dr Nairn by 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. At the same

time, Franklin Templeton was appointed as Sub-Advisor

to manage the equity portfolio of the Company.

During the year under review, Dr Nairn was an employee

of, and received a salary from Franklin Templeton. Under

the terms of his Service Agreement with the Company,

and to comply with UK employment law, a nominal salary

of £813 was paid to Dr Nairn during the period 8 June to

31 December 2022.

Dr Nairn’s Service Agreement will remain in force until

terminated by either party giving not less than six

months’ notice.

As noted in the Chairman’s Statement on page 3, as a

result of Dr Nairn resigning from his executive position

at Franklin Templeton, he will receive, with effect from

29 March 2023, 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

directors). Full details of the changes to Company’s

management fee structure are detailed in Note 20 on

pages 66 and 67 of this report.

The Committee is authorised to obtain, at the

Company’s expense, outside legal or other professional

advice on any matters within its Terms of Reference.

Following the Company’s transition to a self-managed

investment company, the Committee sought legal advice

on the appointment and remuneration of Dr Nairn as

Executive Director of the Company.

Annual Report on Remuneration (audited)

A single figure for the total remuneration of each Director for the year ended 31 December 2022 is set out in the

table below alongside the previous years’ total remuneration for comparative purposes:

Director

2022

(£)

2021

(£)

Cahal Dowds

30,966 17,858

Hazel Cameron

23,676 13,369

David Ross 26,255 25,000

Dr Sandy Nairn

813 –

Teddy Tulloch

– 13,086

David Hough

– 3,831

Tom Walker

6,988 21,500

Total Remuneration 88,698 94,644

Appointed as a Director on 18 May 2021 and Chairman on 9 June 2021.

Appointed as a Director on 18 May 2021 and Chair of both the Nomination and Remuneration Committees on 17 August 2022.

Appointed as Executive Director on 27 April 2022.

Retired as a Director and Chairman on 9 June 2021.

Retired as a Director on 3 March 2021.

Retired as a Director on 27 April 2022.

REMUNERATION REPORT – continued

Annual Percentage Change in Total Remuneration

The table below is a disclosure under The Companies (Directors’ Remuneration Policy and Directors’ Remuneration

Report) Regulations 2019 and sets out the annual percentage change in each Director’s remuneration received in the

financial period ended 31 December 2022 compared to the financial years ended 31 December 2021 and 31 December

2020. Details of the annual fees paid to Directors can be found on page 27. The percentage changes reflect any change

in a Director’s role or pro-rata fees as detailed in the footnote below.

Change in Total Remuneration (%)

Director 2022 2021 2020

Cahal Dowds

73.4 n/a n/a

Hazel Cameron

77.1 n/a n/a

David Ross 5.0 – 6.9

Dr Sandy Nairn

n/a n/a n/a

Teddy Tulloch

n/a (55.6) 1.7

David Hough

n/a (82.2) 2.4

Tom Walker

(67.5) – 26.5

Appointed as a Director on 18 May 2021 and Chairman on 9 June 2021.

Appointed as a Director on 18 May 2021 and Chair of both the Nomination and Remuneration Committees on 17 August 2022.

Appointed as Executive Director on 27 April 2022.

Retired as a Director and Chairman on 9 June 2021.

Retired as a Director on 3 March 2021.

Retired as a Director on 27 April 2022.

Relative Importance of Directors’ Fees

As at 31 December

2022

(£)

2021

(£)

2020

(£)

Non-executive Directors’ fees 87,885 94,644 97,500

Executive Director and Management fees 337,184 762,031 767,166

Buyback of ordinary shares 23,201,000

5,984,000

7,020,000

Annual dividend paid to shareholders 1,461,109

2,223,000

3,025,000

Year on year change

As at 31 December

2022

2021

2020

Non-executive Directors’ fees (6.3) (2.9) 0.6

Executive Director and Management fees (55.8) (0.7) (15.0)

Buyback of ordinary shares 287.7 (14.8) 49.5

Annual dividend paid to shareholders (34.3) (26.5) 11.3

During the financial year ended 31 December 2022, a total of 7,305,545 ordinary shares were repurchased into treasury as part of

the tender offer which took place on 28 February 2022.

During the financial year ended 31 December 2021, a total of 2,095,000 ordinary shares were repurchased into treasury.

A final dividend of 5.0p per ordinary share relating to the financial year ended 31 December 2021 was paid to shareholders on 25

May 2022.

A final dividend of 6.0p per ordinary share relating to the financial year ended 31 December 2020 was paid to shareholders on 28

May 2021.

Statement of Voting at the 2022 Annual General Meeting

The following sets out the shareholder votes received at the 2022 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 withheldNumber % Number %

15,091,284 99.81 28,416 0.19 15,119,700 42,118

REMUNERATION REPORT – continued

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 2022 31 December 2021

Cahal Dowds 34,987 –

Hazel Cameron 24,626 –

David Ross 25,000 25,000

Dr Sandy Nairn

4,161,822 n/a

In addition to the above beneficial shareholdings, Ms S Nairn, a Person Closely Associated to Dr Nairn, holds 729,666 ordinary

shares in the Company.

On 4 January 2023, Dr Nairn purchased a further 100,000 ordinary shares in the Company bringing his total interest

to 4,261,822 ordinary shares.

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 28, Dr Nairn has a service agreement

with the Company in respect of his appointment as Executive Director.

Directors’ Tenure and Annual Re-election

The Board is mindful of the AIC Code in relation to the tenure of directors (including the chair). The Board does not

consider it appropriate that Directors should be appointed for a specific term, however, in normal circumstances all

Directors (including the chair) will not serve in excess of nine years. All Directors were last re-elected or elected at the

AGM held on 27 April 2022. Other than David Ross, all Directors, whose biographies can be found on page 23, will

stand for re-election at the 2023 AGM.

Ten-year Performance

The below graph compares the total return (assuming all dividends are reinvested) to shareholders, against the UK

Retail Price Inflation rate and the total return of the FTSE All-World Index. The UK Retail Price Inflation rate 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:

200%

150%

50%

100%

250%

FTSE All World Total Return Index

20212019201820172016201520142013 2020 2022

UK Retail Price Inflation RateGlobal Opps Trust Total Return Index

The Remuneration Report comprising pages 27 to 30 has been approved and signed on behalf of the Board by:

Hazel Cameron

Chair of the Remuneration Committee

28 March 2023

Introduction

The Company is a member of the Association of

Investment Companies (the ‘AIC’).

The Board has considered the principles and provisions of

the 2019 AIC Code of Corporate Governance (the ‘AIC

Code’), which can be found on the AIC website at www.

theaic.co.uk. The AIC Code addresses the principles and

provisions set out in the 2018 UK Corporate Governance

Code (the ‘UK Code’) as issued by the Financial Reporting

Council (the ‘FRC’) as well as setting out additional

provisions on issues that are of specific relevance to the

Company as an investment trust.

The Board considers that reporting against the principles

and provisions of the AIC Code, which has been

endorsed by the FRC, provide more relevant information

to shareholders. The terms of the FRC’s endorsement

mean that AIC members who report against the AIC

Code fully meet their obligations under the UK Code

and the related disclosure requirements contained in the

Listing Rules.

The Board confirms that the Company has complied

with the provisions of the AIC Code throughout the

financial year under review, except as set out below.

The Board does not consider it appropriate for a Senior

Independent Director to be appointed as recommended

by provision 6.2.14 of the AIC Code, as it operates

as a unitary Board. The Board does not consider it

appropriate for an external evaluation of the Board to be

carried out as recommended by provision 7.2.26 of the

AIC Code as it believes the current evaluation process to

be objective and rigorous. The Board, the members of

which meet formally at least four times a year and are

in regular contact as required, is also of the view that its

composition is suitably diverse and effective.

Board of Directors

Under the leadership of the Chairman, the Board is

collectively responsible for the long-term sustainable

success of the Company, generating value for

shareholders and contributing to wider society. It

establishes the purpose, values and strategic aims of the

Company and satisfies itself that these and its culture are

aligned. The Board ensures that the necessary resources

are in place for the Company to meet its objectives and

fulfil its obligations to shareholders within a framework

of high standards of corporate governance and effective

internal controls. The Board is responsible for the

determination of the Company’s investment policy and

strategy and has overall responsibility for the Company’s

activities, including the review of investment activity and

performance, and the control and supervision of the

Executive Director, Sub-Advisor and other key suppliers.

The Board seeks to ensure that it has an appropriate

balance of skills and experience, and considers that,

collectively, it has substantial recent and relevant

experience of investment trusts and financial and public

company management. The Chairman, Cahal Dowds, is

deemed by his fellow independent Board members to be

independent and to have no conflicting relationships. He

does not have any other significant commitments that

would affect the time he can commit to the Company’s

affairs. The role and responsibilities of the Chairman are

clearly defined and set out in writing, a copy of which is

available on the Company’s website.

Board Composition

As at 31 December 2022 the Board comprised three

non-executive Directors, all of whom are considered to

be independent, and one Executive Director.

Dr Nairn was formally appointed as an Executive Director

of the Company by shareholders at the AGM held on

27 April 2022 (the ‘2022 AGM’). Tom Walker retired

as a non-executive Director of the Company at the

conclusion of the 2022 AGM.

Other than their letters of appointment, none of the

non-executive Directors have a contract of service with

the Company nor has there been any other contract

or arrangement between the Company and any non-

executive Director at any time during the year.

The Company’s Executive Director, Dr Nairn, has a

service agreement in place with the Company.

Board Committees

The Board has created the following committees which

have written terms of reference detailing their respective

responsibilities, copies of which are available on the

Company’s website www.globalopportunitiestrust.com.

Audit and Management Engagement Committee

The Audit and Management Engagement Committee

comprises all non-executive Directors of the Company

and is chaired by David Ross.

The Report of the Audit and Management Engagement

Committee which details the role of the committee and

the work it has undertaken during the year under review

can be found on pages 36 to 39 of this report.

Nomination Committee

The Nomination Committee comprises all non-executive

Directors of the Company and is chaired by

Hazel Cameron.

The primary responsibilities of the committee are to

review the structure, size and composition (including the

skills, knowledge, diversity and experience) of the Board

CORPORATE GOVERNANCE REPORT

and make recommendations to the Board with regard to

any adjustments that are deemed necessary; to give full

consideration to succession planning for directors in the

course of its work, taking into account the challenges

and opportunities facing the Company and the skills and

expertise needed on the Board; and be responsible for

identifying and nominating for approval of the Board,

candidates to fill board vacancies as and when they arise.

In addition, the committee is responsible for the

annual performance evaluation of the Board and

its committees.

Remuneration Committee

The Remuneration Committee comprises all non-

executive Directors of the Company and is chaired by

Hazel Cameron.

The Remuneration Report and Policy contains details

of the role of the committee and the work it has

undertaken during the year under review can be found

on pages 27 to 30 of this report.

Meeting Attendance

The Board meets in person at least four times a year to

receive and review reports from the Executive Director,

Administrator, and the Company’s other service providers

on a full range of relevant matters, including investments,

marketing, administration, risks and regulatory updates.

Additional meetings are held on an ad-hoc basis as required.

The Board has also created an Audit and Management

Engagement Committee, Nomination Committee and

Remuneration Committee.

Details of Director attendance at Board and Committee

meetings during the year under review are as follows:

Board

Audit and

Management

Engagement

Committee

Cahal Dowds 10/10 3/3

Hazel Cameron 10/10 3/3

David Ross 10/10 3/3

Dr Sandy Nairn

4/4 n/a

Tom Walker

6/6 1/1

Dr Sandy Nairn was appointed on 27 April 2022.

Tom Walker retired on 27 April 2022.

No meetings of the Nomination Committee or Remuneration

Committee took place in the year to 31 December 2022.

Performance Evaluation

A process of performance evaluation has been

undertaken by which the performance of the Chairman,

each Director, the Audit and Management Engagement

Committee, the Nomination Committee, the

Remuneration Committee (the ‘Board Committees’), and

the Board as a whole, have been evaluated in respect of

the year ended 31 December 2022.

This process consisted of a series of appraisal meetings

and discussions between the Chairman and each of

the other Directors (including the Executive Director).

The independence of the non-executive Directors and

their ability to commit sufficient time to the Company’s

activities was considered as part of the evaluation

process. The ability of non-executive Directors to

provide constructive challenge, strategic guidance,

to offer specialist guidance and to hold third parties

to account was also evaluated during the evaluation

process. The performance of the Chairman was similarly

evaluated by the other Directors, led by the Chairman

of the Nomination Committee. The composition and

performance of the Board Committees were also

assessed as part of the evaluation process.

As a result of the evaluation, the Board considers

that all the current non-executive Directors remain

independent, contribute effectively, have the skills and

experience relevant to the leadership and direction of

the Company and can commit sufficient time to the

Company’s activities. This process is undertaken on

an annual basis. The Board does not consider the use

of external consultants to conduct the performance

evaluation necessary as it is of the opinion that the

use of an external consultant is unlikely to provide

any meaningful advantage over the process that has

been adopted. However, the option of doing so will be

regularly reviewed.

In addition, the non-executive Directors reviewed the

performance of the Executive Director, Dr Nairn. As part

of the review, the non-executive Directors reviewed

the overall performance of the portfolio against the

Company’s investment objective and that of the

Company’s peer group in the AIC Flexible Investment

Sector. The non-executive Directors also considered

Dr Nairn’s interaction with the Board and the quality of

reporting and information provided to the Board for its

quarterly meetings and on an ad hoc basis. Following its

review, the non-executive Directors concluded that the

performance of Dr Nairn as Executive Director was in line

with expectations and that his continued appointment

was in the best interest of shareholders.

CORPORATE GOVERNANCE REPORT – continued

Diversity

The Board regularly reviews its composition and

effectiveness. As part of its review, it considers

succession planning; identification of the skills and

experience required to meet future opportunities; the

challenges facing the Company; and those individuals

who might best provide them. The Board has agreed

that while the benefits of diversity, including gender and

ethnicity, will be taken into account for any new Director

appointments, the priority would be appointment on

merit. Therefore, although the Board is mindful of the

targets in the Listing Rules that the Company will be

required to report against in future financial periods, no

measurable targets in relation to Board diversity have

been set.

Tenure

The Board considers that length of service does

not necessarily compromise the independence or

contribution of the directors of investment trust

companies where experience and continuity can be a

significant strength. As all Directors stand for annual

re-election, no limit has been imposed on the length

of service of any Director, including the Chairman.

The Board consists of an appropriate combination

of Directors and no one individual or small group of

individuals dominates the Board’s decision making.

Succession Planning

Tom Walker retired from Board on 27 April 2022. During

the year under review David Ross, also advised the Board

of his intention to retire with effect from the conclusion

of the forthcoming 2023 AGM. As previously disclosed

in the Chairman’s Statement on page 4 and the Principal

Decisions section on page 21, on the recommendation

of the Nomination Committee, the Board undertook

a search for an additional non-executive Director to

replace David Ross.

After sourcing a list of potential candidates, several

candidates were considered by the Members of the

Nomination Committee. Following completion of the

process, the Nomination Committee agreed that Katie

Folwell-Davies would complement the current skills,

experience and knowledge of the existing Directors and

replace the experience that would be lost following

David Ross’s retirement.

On recommendation from the Nomination

Committee, the Board has considered and approved

the appointment of Katie to the Board in principle,

subject to shareholders electing her as a non-executive

Director of the Company at the 2023 AGM. Subject to

shareholders approving her appointment at AGM, it is

proposed that she replace David Ross as Chair of the

Audit and Management Engagement Committee.

Re-election and Appointment of Directors

Under the Company’s Articles of Association, Directors

are subject to election by shareholders at the first Annual

General Meeting after their appointment. Thereafter, at

each Annual General Meeting, any Director who has not

stood for appointment or re-election at either of the two

preceding Annual General Meetings shall be required to

retire from office and may offer himself for re-election.

Notwithstanding the requirements under the Articles of

Association and in accordance with the AIC Code, the

Board has adopted the policy of requiring each Director

to retire and stand for re-election on an annual basis to

allow shareholders to decide on the appropriateness of

the composition of the Board.

Following completion of the performance evaluation, it

is considered that each Director has the necessary skills

and experience, and continues to contribute effectively

to the management of the Company. In addition, it is

believed that the Board has the relevant expertise and

sufficient time to provide the appropriate leadership and

direction for the Company.

In accordance with the Board’s policy, Cahal Dowds

and Hazel Cameron will stand for re-election as

non-executive Directors of the Company at the 2023

AGM. Dr Nairn will also stand for re-election as an

executive Director of the Company.

As previously noted in the Chairman’s Statement on

page 4 of this report, David Ross has advised that he

intends to retire at the conclusion of the 2023 AGM and

will not stand for re-election.

As noted in the Succession Planning section, it is

also proposed that Katie Folwell-Davies be formally

appointed as an independent non-executive Director of

the Company by shareholders at the 2023 AGM.

The Board acknowledges that, as of 16 January 2023,

Cahal Dowds and Hazel Cameron are both directors of

Continuum Advisory Partners Limited (‘Continuum’), a

private limited company. The Board, led by David Ross,

has considered their respective roles with Continuum

and has determined that, notwithstanding their

common directorship, both Cahal and Hazel continue

to provide expert and valued contributions to Board

deliberations, that they both remain independent of

Dr Nairn as Executive Director of the Company and that

this independence, both of character and judgement,

is not impaired by their common directorship. This

assessment will be kept under review and it is noted

that, following David Ross’ retirement from the Board,

it is intended that, subject to her election at the 2023

AGM, Katie Folwell-Davies will be responsible for leading

Board discussions on this matter.

CORPORATE GOVERNANCE REPORT – continued

The Board strongly recommends the election and

re-election of each of the independent non-executive

Directors of the Company on the basis of their

expertise and experience in investment matters, their

independence and their continuing effectiveness and

commitment to the Company.

The Board also strongly recommends the re-election

of Dr Nairn as Executive Director of the Company on

the basis of his experience in managing the investment

portfolio and his continuing effectiveness and

commitment to the Company.

Induction of Directors and Ongoing Training

The Board has agreed a procedure for the induction

and training of new Board appointees and training

requirements are dealt with as required.

Company Secretary

The Board also has direct access to the advice and

services from the Company Secretary, Juniper Partners

Limited, who are responsible for ensuring that Board

procedures are followed and that the applicable

regulations are complied with. The Company Secretary is

also responsible to the Board for ensuring timely delivery

of information and reports and also for compliance with

the statutory obligations of the Company.

Conflicts of Interest

A Director must avoid a situation in which he or she has,

or can have, a direct or indirect interest that conflicts, or

may conflict, with the Company’s interests (a ‘situational

conflict’). The Articles of Association give the Directors

authority to approve such situations, where appropriate.

It is the responsibility of each individual Director to avoid

an unauthorised situational conflict arising. He or she

must request authorisation from the Board as soon as he

or she becomes aware of the possibility of a situational

conflict arising.

The Board is responsible for considering Directors’

requests for authorisation of situational conflicts and for

deciding whether or not the situational conflict should

be authorised. The factors considered include whether

the situational conflict could prevent the Director from

properly performing his/her duties, whether it has, or

could have, any impact on the Company and whether it

could be regarded as likely to affect the judgement and/

or actions of the Director in question. When the Board

is deciding whether to authorise a conflict or potential

conflict, only Directors who have no interest in the

matter being considered are able to take the relevant

decision, and in taking the decision the Directors

must act in a way they consider, in good faith, will be

most likely to promote the Company’s success. The

Directors are able to impose limits or conditions when

giving authorisation if they think this is appropriate in

the circumstances.

A register of conflicts is maintained by the Company

Secretary and is reviewed at each Board meeting, to

ensure that any authorised conflicts remain appropriate.

Directors are required to confirm at these meetings

whether there has been any change to their position.

Insurance and indemnity

The Board has formalised arrangements under which

the Directors, in the furtherance of their duties, may

seek independent professional advice at the expense of

the Company.

The Company also maintains directors’ and officers’

liability insurance, which includes cover of defence

expenses.

The Company’s Articles of Association provide the

Directors of the Company, subject to the provisions of

UK legislation, with an indemnity in respect of liabilities

which they may sustain or incur in connection with their

appointment. Apart from this, there are no qualifying

third-party indemnity provisions in force.

Risk Management and Internal Control Review

The Directors acknowledge that they have overall

responsibility for the Company’s risk management

and internal control systems and for reviewing

their effectiveness.

An ongoing process, in accordance with the FRC

Guidance on Risk Management, Internal Control and

Related Financial and Business Reporting, has been

implemented for identifying, evaluating and managing

the principal and emerging risks faced by the Company.

This process has been in place throughout the year ended

31 December 2022, and up to the date that the Financial

Statements were approved, and is regularly reviewed

by the Board, through the Audit and Management

Engagement Committee. Key procedures established with

a view to providing effective financial control have also

been in place for the year ended 31 December 2022 and

up to the date the Financial Statements were approved.

The risk management process and systems of internal

control are designed to manage rather than eliminate

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.

CORPORATE GOVERNANCE REPORT – continued

Internal Control Assessment Process

Risk assessment and the review of internal controls are

undertaken by the Board, through delegation to the

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.

The Company’s principal and emerging risks are set

out in the Strategic Review on pages 16 to 18 and in

Note 16 on pages 63 to 65 of the Financial Statements.

In arriving at its judgement of what risks the Company

faces, the Board has considered the Company’s

operations in the light of the following factors:

• the nature and extent of risks which it regards

as acceptable for the Company to bear within

its overall business objective;

• the likelihood of such risks becoming a reality;

• the Company’s ability to reduce the incidence

and impact of risk on its performance; and

• the cost to the Company and benefits related

to the Company and third parties operating the

relevant controls.

Against this background, the Board has split the review

of risk and associated controls, within the Company’s risk

assessment matrix, into four sections reflecting the nature

of the risks being addressed. These sections are as follows:

• corporate strategy;

• published information, compliance with laws

and regulations;

• relationship with service providers; and

• investment and business activities.

The system of internal control can only be designed

to manage rather than eliminate the risk of failure to

achieve business objectives and therefore can provide

only reasonable, but not absolute, assurance against

fraud, material misstatement or loss.

By the means of the procedures set out above, the

Board confirms that it has reviewed the effectiveness of

the Company’s systems of internal controls for the year

ended 31 December 2022, and to the date of approval

of this annual report.

On behalf of the Board

Cahal Dowds

Chairman

28 March 2023

As Chair of the Audit and Management Engagement

Committee, I am pleased to present the Committee’s

report to shareholders for the year ended 31 December

2022.

Committee Members

The Audit and Management Engagement 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 Chairman, Cahal Dowds, who was

independent on appointment, is a member of the

Committee. David Ross is Chair of the Committee.

All Committee members consider that, individually

and collectively, they are appropriately experienced to

fulfil their role on the Committee. All members of the

Committee are qualified accountants. Each member

contributes recent financial experience gained from

senior positions in the finance sector.

The Committee met three times during the financial year

ended 31 December 2022.

The Committee invites the Company’s Auditor, the

Executive Director, Juniper Partners Limited and any

other of its service providers, as required, to attend and

report to the Committee on relevant matters.

Role of the Audit and Management Engagement

Committee

The primary responsibilities of the Audit and

Management Engagement Committee are as follows:

Financial

• To review the contents of the annual report and

half yearly financial statements and advise the

Board on whether, taken as a whole, are fair,

balanced and understandable and provides the

information necessary for shareholders to assess

the Company’s position and performance,

business model and strategy;

• To report on any significant issues that it has

considered in relation to the annual and half

yearly financial statements and how these were

addressed; and

• 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.

Audit

• To review and approve the annual audit plan

and ensure that it is consistent with the scope

of the audit engagement, including planned

levels of materiality and proposed resources;

and

• To assess the effectiveness of the external

audit process, the approach taken to the

appointment or reappointment of the external

auditor, length of tenure of the audit firm,

when a tender was last conducted and advance

notice of any retendering plans.

Going Concern and Viability

• To consider the appropriateness of the going

concern basis of accounting in preparing

the annual report and half yearly financial

statements and to identify any material

uncertainties to the Company’s ability to

continue to do so over a period of at least

12 months from the date of approval of the

financial statements; and

• To review the disclosures included in the annual

report and financial statements in relation to

the long-term viability of the Company.

Internal Control and Risk Management

• To conduct a robust assessment of the

Company’s principal and emerging risks

and confirm in the annual report that it has

completed this assessment; and

• To review the Company’s risk management and

internal financial controls, their adequacy and

effectiveness and report on such review in the

annual report.

Service Providers

• To review the performance of the Company’s

service providers against their individual terms

of service.

The Terms of Reference of the Committee are

available on the Company’s website at:

https://globalopportunitiestrust.com/shareholder-

information/key-documents

REPORT OF THE AUDIT AND MANAGEMENT ENGAGEMENT

COMMITTEE

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

ownership of investments

The valuation of investments is undertaken in accordance with the accounting

policies as detailed in Note 1 to the accounts. The Board receives regular updates

on the investment portfolio from the Executive Director. The Executive Director is

responsible for the portfolio’s ongoing compliance with investment policy limits and

will report any breaches to the Board / Committee.

The Administrator reconciles the investment portfolio against the Custody

account on a weekly basis and will report any reconciliation breaks to the Board /

Committee. The Company also receives a quarterly valuation for its level 3 security,

from the fund manager. The valuation of the level 3 security is reviewed by the

Executive Director.

The Company’s Board of Directors has approved the fair value of the level 3

investment.

Recognition of investment

income

The recognition of investment income is undertaken in accordance with accounting

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

management fee

The investment management fee was calculated in accordance with the Investment

Management Agreement. The Board reviews expense schedules and the investment

management fee calculation.

Compliance with Sections

1158 and 1159

To ensure that the Company continues to meet the criteria for investment trust

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

Viability

The Committee reviewed the appropriateness of the adoption of the Going Concern

basis in preparing the accounts. The Committee recommended that the adoption of

the Going Concern basis remained appropriate (see Going Concern statement below).

The Committee also assessed the Long-Term Viability of the Company as detailed on

page 25 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 pages 34 and 35.

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.

REPORT OF THE AUDIT AND MANAGEMENT ENGAGEMENT

COMMITTEE – continued

Auditor Appointment and Tenure

Johnston Carmichael LLP was appointed as Auditor to

the Company on 22 April 2020. David Holmes was the

Audit Partner for the year ended 31 December 2022.

Rotation of the audit partner will take place every

five years in accordance with the Financial Reporting

Council’s Revised Ethical Standard 2016.

There are no contractual obligations that would restrict

the Committee in selecting an alternative external

auditor. The Committee reviews the re-appointment of

the Auditor annually to ensure that the external audit

remains effective and independent.

Assessment of the External Audit Process

In conducting its review of the audit of the Company by

Johnston Carmichael LLP, the Committee considered:

• the audit plan for the year, including the audit

team and approach to significant risks;

• the Auditor’s arrangements for any conflicts of

interest;

• the extent of any non-audit services (all non-

audit services are subject to pre-approval by the

Committee; there were no non-audit services in

the reporting year); and

• the statement by the Auditor confirming that

they remain independent within the meaning of

the regulations and their professional standards.

With regards to the effectiveness of the audit process,

the Committee reviewed:

• the fulfilment by the Auditor of the agreed

audit plan;

• the audit findings report issued by the Auditor

on the audit of the Annual Report and Financial

Statements for the year ended 31 December

2022; and

• feedback from the Chair of the Committee and

the Administrator on the audit of the Company.

The Committee concluded that the audit of the Company

was in line with expectations and that the Auditor

remained independent. Accordingly, the Board approved

the Committees recommendation that a resolution in

respect of the re-appointment of Johnston Carmichael

LLP be put to shareholders for approval at the Annual

General Meeting to be held on 26 April 2023.

Audit Fee

The audit fee for the year ended 31 December 2022

was £35,000 (2021: £31,745). The increase in fee

was as a result of the additional audit work which was

required to be undertaken by Johnston Carmichael LLP

following the Company’s transition to a self-managed

investment company.

Fair, Balanced and Understandable

As a result of the work performed, the Audit and

Management Engagement Committee has concluded

that the Annual Report and Financial Statements for

the year ended 31 December 2022, taken as a whole,

are fair, balanced and understandable and provide the

information necessary for shareholders to assess the

Company’s position and performance, business model

and strategy, and has reported on these findings to

the Board. The Board’s conclusions in this respect are

set out in the Statement of Directors’ Responsibilities

on page 40.

Internal Control and Risk Management

The Committee considered the effectiveness of the

control environments of the Company’s key service

providers during the year.

The Board has therefore established an ongoing process

designed to meet the particular needs of the Company

in managing the risks to which it is exposed, consistent

with the internal control guidance issued by the Financial

Reporting Council. The process relies principally on a risk

based system of internal control whereby a test matrix

is created that identifies the key functions carried out by

the Company and other service providers, the individual

activities undertaken within those functions, the risks

associated with each activity and the controls employed

to minimise those risks.

A formal annual review of the Company’s risk-based

system of internal controls is carried out by the Board

and includes consideration of internal control reports

issued by the service providers, where applicable.

Such review procedures have been in place throughout

the financial year and up to the date of approval of

the Annual Report, and the Board is satisfied with

their effectiveness. These procedures are designed to

manage, rather than eliminate, risk and, by their nature,

can provide only reasonable, not absolute, assurance

against material misstatement or loss. The Company

does not have an internal audit function as the Audit

and Management Engagement Committee believes

that the Company’s structure does not warrant such a

function. This is reviewed by the Committee annually.

REPORT OF THE AUDIT AND MANAGEMENT ENGAGEMENT

COMMITTEE – continued

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.

As previously stated in this report, with effect from

8 June 2022, several changes were made to the

Company’s service providers:

• Dr Nairn entered into a service agreement

with the Company to manage the investment

portfolio;

• Franklin Templeton Investment Management

Limited was appointed as Sub-Advisor in

respect of the equity portfolio;

• Juniper Partners Limited was appointed as

Administrator and Company Secretary;

• JP Morgan Chase Bank N.A. was appointed as

Custodian;

• the Management Agreement with Franklin

Templeton Investment Trust Management

Limited was terminated;

• the Depositary Agreement with Northern Trust

Global Services Limited was terminated.

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 the Executive Director,

Dr Nairn, and the Company’s other 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.

David Ross

Chair of the Audit and Management Engagement

Committee

28 March 2023

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

The Directors are responsible for preparing the Annual

Report and the Financial Statements in accordance with

applicable UK law and regulations.

The Companies Act 2006 (the ‘Law’) requires the

Directors to prepare Financial Statements for each

financial period. Under that Law, they have elected to

prepare the Financial Statements in accordance with

UK Accounting Standards (United Kingdom Generally

Accepted Accounting Practice), including FRS 102 “The

Financial Reporting Standard applicable in the UK and

Republic of Ireland”.

Under the Law, the Directors must not approve the

Financial Statements unless they are satisfied that they

give a true and fair view of the state of affairs of the

Company and of the profit or loss of the Company for

that period.

In preparing these Financial Statements, the Directors

are required to:

• select suitable accounting policies and then

apply them consistently;

• make judgements and estimates that are

reasonable and prudent;

• state whether applicable UK Accounting

Standards have been followed, subject to any

material departures disclosed and explained in

the Financial Statements; and

• prepare the Financial Statements on the

going concern basis unless it is inappropriate

to presume that the Company will continue

in business.

The Directors are responsible for keeping adequate

accounting records that are sufficient to show and

explain the Company’s transactions and disclose with

reasonable accuracy at any time the financial position

of the Company and enable them to ensure that its

Financial Statements comply with the Law and include

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.

The Directors are responsible for the maintenance

and integrity of the corporate and financial

information included on the Company’s website,

www.globalopportunitiestrust.com. The work carried

out by the Auditor does not include consideration of

these matters and, accordingly, the Auditor accepts

no responsibility for any changes that may have

occurred to the Financial Statements since they were

initially presented on the website. Legislation in the

UK governing the preparation and dissemination of

financial statements may differ from legislation in other

jurisdictions.

Each of the Directors, who are listed on page 23 of this

report, confirm to the best of their knowledge that:

• the Financial Statements, prepared in

accordance with the applicable set of UK

Accounting Standards, give a true and fair view

of the assets, liabilities, financial position and

profit or loss of the Company;

• the Annual Report includes a fair view of the

development and performance of the business

and the position of the Company together

with a description of the principal risks and

uncertainties that the Company faces; and

• in the opinion of the Board, the Annual Report

and Financial Statements taken as a whole,

is fair, balanced and understandable and

provides the information necessary to assess the

Company’s performance, business model and

strategy.

On behalf of the Board

Cahal Dowds

Chairman

28 March 2023

INDEPENDENT AUDITOR’S REPORT

to the members of Global Opportunities Trust plc

Opinion

We have audited the financial statements of Global

Opportunities Trust plc (“the Company”), for the year

ended 31 December 2022, which comprise the Income

Statement, the Balance Sheet, the Statement of Changes

in Equity and the related notes, including significant

accounting policies. The financial reporting framework that

has been applied in their preparation is applicable law and

United Kingdom Accounting Standards, including Financial

Reporting Standard 102 The Financial Reporting Standard

applicable in the UK and Republic of Ireland (United

Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• Give a true and fair view of the state of the

Company’s affairs as at 31 December 2022 and

of its return for the year then ended;

• Have been properly prepared in accordance

with United Kingdom Generally Accepted

Accounting Practice; and

• Have been prepared in accordance with the

requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International

Standards on Auditing (UK) (ISAs (UK)) and applicable

law. Our responsibilities under those standards are further

described in the Auditor responsibilities for the audit of

the financial statements section of our report. We are

independent of the Company in accordance with the

ethical requirements that are relevant to our audit of the

financial statements in the UK, including the FRC’s Ethical

Standard, as applied to listed public interest entities,

and we have fulfilled our other ethical responsibilities in

accordance with these requirements. We believe that

the audit evidence we have obtained is sufficient and

appropriate to provide a basis for our opinion.

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.

We conducted our audit using information maintained and

provided by Juniper Partners Limited (“the Administrator”)

and JP Morgan Chase Bank (“the Custodian”) to whom

the provision of certain administrative and custodian

functions have been delegated, with the constent of

the Directors. For the period prior to transition of service

providers that took place during the year, we also

conducted our audit using information maintained and

provided by Link Alternative Fund Administrators Limited

(“the Administrator”) and The Northern Trust Company

(“the Custodian”).

We tailored the scope of our audit to reflect our risk

assessment, taking into account such factors as the types

of investments within the Company, the involvement of

the Administrator, the accounting processes and controls,

and the industry in which the Company operates.

The scope of our audit was influenced by our application

of materiality. We set certain quantitative thresholds for

materiality. These together with qualitative considerations,

helped us to determine the scope of our audit and the

nature, timing and extent of our audit procedures on the

individual financial statement line items and disclosures

and in the evaluation of the effect of misstatements, both

individually and in aggregate on the financial statements

as a whole.

Key audit matters

Key audit matters are those matters that, in our

professional judgement, were of most significance in our

audit of the financial statements of the current period

and include the most significant assessed risks of material

misstatement (whether or not due to fraud) that we

identified. These matters included those which had the

greatest effect on: the overall audit strategy; the allocation

of resources in the audit; and directing the efforts of the

engagement team. These matters were addressed in the

context of our audit of the financial statements as a whole,

and in forming our opinion thereon, we do not provide a

separate opinion on these matters.

We summarise below the key audit matters in arriving

at our audit opinion above, together with how our audit

addressed these matters and the results of our audit work

in relation to these matters.

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 and ownership of listed investments

(as described on page 37 in the Audit and Management

Engagement Committee Report and as per the

accounting policy stated on page 52).

The valuation of the listed investment portfolio at

31 Dec 2022 was £47.3m (31 Dec 2021: £69.6m).

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 fraud or error.

There is a risk that the investments held at fair value

may not be actively traded and the listed prices may not

therefore be reflective of fair value (valuation).

Additionally, there is a risk that the Company does not

have proper legal title to the investments recorded as

held at year end (ownership).

We performed a walkthrough of the valuation process

at the Administrator and assessed controls reports

provided by the Custodian to evaluate the design and

implementation of key controls.

We compared market prices and exchange rates

applied to all investments with quoted prices held at

31 December 2022 to an independent third-party source

and recalculated the investment valuations.

We obtained average trading volumes from an

independent third-party source for all listed investments

held at year end and assessed their liquidity.

We agreed 100% of the investments held to an

independently obtained custodian report.

From our completion of these procedures, we identified

no material misstatements in relation to the valuation

and ownership of the listed investments.

Valuation and ownership of unlisted investments

(as described on page 37 in the Audit and Management

Engagement Committee Report and as per the

accounting policy stated on page 52).

The valuation of the unlisted investment portfolio at

31 Dec 2022 was £22.0m (31 Dec 2021: £14.4m). This

comprised of Level 2 investments valued at £14.3m

(31 Dec 2021: £8.8m) and Level 3 investments valued at

£7.7m (31 Dec 2021: 5.5m).

As this is one of largest components of the Company’s

Balance Sheet, a key driver of the Company’s net assets

and total return, and management are required to

estimate the valuation of the level 3 investment, this has

been designated as a key audit matter, being one of the

most significant assessed risks of material misstatement

due to fraud or error.

Additionally, there is a risk that the Company does not

have proper legal title to the investments recorded as

held at year end (ownership).

We performed a walkthrough of the valuation process

at the Administrator and assessed controls reports

provided by the Custodian to evaluate the design and

implementation of key controls.

We compared the market price applied to the level 2

investment to an independent third-party source and

recalculated the investment valuation.

We tested 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 fund manager.

We also assessed the evidence obtained by management

with regard to the appropriateness of the underlying

fund manager’s approach to determining the fair value

of the underlying investments in the fund, with respect

to International Private Equity and Venture Capital

Valution (IPEV) Guidelines.

We agreed the level 3 investment holding to a direct

confirmation from the underlying Fund Manager and

the level 2 investment holding to an independently

received custodian report.

From our completion of these procedures, we identified

no material misstatements in relation to the valuation

and ownership of the unlisted investments.

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 37 in the Audit and Management

Engagement Committee Report and as per the

accounting policy stated on page 51).

Investment income recognised in the year was

£2.2m (31 Dec 2021: £3.5m), consisting primarily of

dividend income from quoted investments. Revenue-

based performance metrics are often one of the key

performance indicators for stakeholders. The investment

income recognised by the Company during the year

directly impacts these metrics and the minimum

dividend required to be paid by the Company under

s.1158 compliance.

There is a risk that revenue is incomplete, did not occur

or is inaccurate, through failure to recognise dividends

or failure to appropriately account for their treatment

as revenue or capital returns. It has therefore been

designated as a key audit matter, being one of the most

significant assessed risks of material misstatement due

to fraud or error.

Additionally, judgement is required in determining the

allocation of special dividends as revenue or capital

returns in the Income Statement.

We performed a walkthrough of the revenue

recognition process (including the process for allocating

special dividends as revenue or capital returns)

at the Administrator to evaluate the design and

implementation of key controls.

We assessed whether income was recognised and

disclosed in accordance with the AIC SORP by assessing

the accounting policies.

We recalculated 100% of dividends due to the

Company based on investment holdings throughout the

year and announcements made by investee companies.

We agreed a sample of dividends received to bank

statements.

We used a third-party independent data source to assess

the completeness of the special dividend population

and determined whether special dividends recognised

were revenue or capital in nature with reference to the

underlying circumstances of the investee companies’

dividend payments.

From our completion of these procedures, we identified

no material misstatements with 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 as

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. In our opinion it is also the

standard industry benchmark for materiality for investment trusts and we determined the

measurement percentage to be commensurate with the risk and complexity of the audit

and the Company’s listed status.

£1,061,000

(2021: £1,161,000)

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% of our

overall financial statement materiality.

£796,000

(2021: £870,800)

INDEPENDENT AUDITOR’S REPORT – continued

to the members of Global Opportunities Trust plc

Materiality measure Value

Specific materiality – recognising that there are transactions and balances of a lesser

amount which could 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 5% of the net return before taxation.

We have also set a separate 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.

£85,000

(2021: £96,000)

Audit Committee reporting threshold – we agreed with the Audit Committee that

we would report to them all differences in 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.

£53,000

(2021: £58,000)

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

In auditing the financial statements, we have concluded

that the Directors’ use of the going concern basis of

accounting in the preparation of the financial statements

is appropriate. Our evaluation of the Directors’

assessment of the Company’s ability to continue to

adopt the going concern basis of accounting included:

• Evaluating management’s method of assessing

going concern, including consideration of

market conditions and uncertainties;

• Assessing and challenging the forecast

cashflows and associated sensitivity modelling

used by the Directors in support of their going

concern assessment;

• Obtaining and recalculating management’s

assessment of the Company’s ongoing

maintenance of investment trust status;

• Evaluating management’s assessment of the

business continuity plans of the Company’s

main service providers; and

• Assessing the adequacy of the Company’s

going concern disclosures included in the

Annual Report.

Based on the work we have performed, we have not

identified any material uncertainties relating to events

or conditions that, individually or collectively, may cast

significant doubt on the Company’s ability to continue as a

going concern for a period of at least twelve months from

when the financial statements are authorised for issue.

In relation to the Company’s reporting on how it has

applied the UK Corporate Governance Code, we have

nothing material to add or draw attention to in relation

to the Directors’ statement in the financial statements

about whether the Directors considered it appropriate to

adopt the going concern basis of accounting.

Our responsibilities and the responsibilities of the

Directors with respect to going concern are described in

the relevant sections of this report.

Other information

The other information comprises the information

included in the Annual Report other than the financial

statements and our auditor’s report thereon. The

Directors are responsible for the other information

contained within the Annual Report. Our opinion

on the financial statements does not cover the other

information and, except to the extent otherwise explicitly

stated in our report, we do not express any form of

assurance conclusion thereon. Our responsibility is to

read the other information and, in doing so, consider

whether the other information is materially inconsistent

with the financial statements or our knowledge obtained

in the course of the audit, or otherwise appears to

be materially misstated. If we identify such material

inconsistencies or apparent material misstatements,

we are required to determine whether this gives rise

to a material misstatement in the financial statements

themselves. If, based on the work we have performed,

we conclude that there is a material misstatement of this

other information, we are required to report that fact.

We have nothing to report in this regard.

INDEPENDENT AUDITOR’S REPORT – continued

to the members of Global Opportunities Trust plc

Opinions on other matters prescribed by the

Companies Act 2006

In our opinion, the part of the Directors’ Remuneration

Report to be audited has been properly prepared in

accordance with the Companies Act 2006.

In our opinion, based on the work undertaken in the

course of the audit:

• The information given in the Strategic Report

and the Directors’ Report for the financial year

for which the financial statements are prepared

is consistent with the financial statements; and

• The Strategic Report and the Directors’ Report

have been prepared in accordance with

applicable legal requirements.

Matters on which we are required to report by

exception

In the light of the knowledge and understanding of the

Company and its environment obtained in the course of

the audit, we have not identified material misstatements

in the Strategic Report or the Directors’ Report.

We have nothing to report in respect of the following

matters in relation to which the Companies Act 2006

requires us to report to you if, in our opinion:

• Adequate accounting records have not been

kept by the Company, or returns adequate for

our audit have not been received from branches

not visited by us; or

• The financial statements and the part of the

Directors’ Remuneration Report to be audited

are not in agreement with the accounting

records and returns; or

• Certain disclosures of Directors’ remuneration

specified by law are not made; or

• We have not received all the information and

explanations we require for our audit; or

• A corporate governance statement has not

been prepared by the Company.

Corporate governance statement

We have reviewed the Directors’ Statement in relation

to going concern, longer-term viability and that part

of the Corporate Governance Statement relating to

the entity’s compliance with the provisions of the UK

Corporate Governance Code specified for our review by

the Listing Rules.

Based on the work undertaken as part of our audit, we

have concluded that each of the following elements

of the Corporate Governance Statement is materially

consistent with the financial statements or our

knowledge obtained during the audit:

• The Directors’ statement with regards to

the appropriateness of adopting the going

concern basis of accounting and any material

uncertainties identified set out on page 25;

• The Directors’ explanation as to its assessment

of the Company’s prospects, the period this

assessment covers and why the period is

appropriate set out on page 25;

• The Directors’ statement on whether it has a

reasonable expectation that the Company will

be able to continue in operation and meets its

liabilities set out on page 25;

• The Directors’ statement on fair, balanced and

understandable set out on page 40;

• The Board’s confirmation that it has carried

out a robust assessment of the emerging and

principal risks set out on page 16;

• The section of the annual report that describes

the review of the effectiveness of risk

management and internal control systems set

out on pages 34 and 35; and

• The section describing the work of the Audit

and Management Engagement Committee set

out on pages 36 to 39.

Responsibilities of Directors

As explained more fully in the Directors’ responsibilities

statement set out on page 40, the Directors are

responsible for the preparation of the financial

statements and for being satisfied that they give a

true and fair view, and for such internal control as

the Directors determine is necessary to enable the

preparation of financial statements that are free from

material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors

are responsible for assessing the Company’s ability to

continue as a going concern, disclosing, as applicable,

matters related to going concern and using the going

concern basis of accounting unless the Directors either

intend to liquidate the Company or to cease operations,

or have no realistic alternative but to do so.

INDEPENDENT AUDITOR’S REPORT – continued

to the members of Global Opportunities Trust plc

Auditor responsibilities for the audit of the

financial statements

Our objectives are to obtain reasonable assurance

about whether the financial statements as a whole

are free from material misstatement, whether due

to fraud or error, and to issue an auditor’s report

that includes our opinion. Reasonable assurance is a

high level of assurance but is not a guarantee that

an audit conducted in accordance with ISAs (UK) will

always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are

considered material if, individually or in the aggregate,

they could reasonably be expected to influence the

economic decisions of users taken on the basis of these

financial statements.

A further description of our responsibilities for the audit

of the financial statements is located on the Financial

Reporting Council’s website at: http://www.frc.org.uk/

auditorsresponsibilities. This description forms part of

our auditor’s report.

Extent the audit was considered capable of

detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-

compliance with laws and regulations. We design

procedures in line with our responsibilities, outlined

above, to detect material misstatements in respect

of irregularities, including fraud. The extent to which

our procedures are capable of detecting irregularities,

including fraud is detailed below.

We assessed whether the engagement team collectively

had the appropriate competence and capabilities to

identify or recognise non-compliance with laws and

regulations by considering their experience, past

performance and support available.

All engagement team members were briefed on relevant

identified laws and regulations and potential fraud

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.

We obtained an understanding of the legal and

regulatory frameworks that are applicable to the

Company and the sector in which it operates, focusing

on those provisions that had a direct effect on the

determination of material amounts and disclosures in

the financial statements. The most relevant frameworks

we identified include:

• Companies Act 2006;

• FCA listing and DTR rules;

• The principles of the UK Corporate Governance

Code applied by the AIC Code of Corporate

Governance (the “AIC Code”);

• Industry practice represented by the Statement

of Recommended Practice: Financial Statements

of Investment Trust Companies and Venture

Capital Trusts (“the SORP”) issued in July 2022;

• Financial Reporting Standard 102; and

• The Company’s qualification as an investment

trust under section 1158 of the Corporation Tax

Act 2010.

We gained an understanding of how the Company is

complying with these laws and regulations by making

enquiries of management and those charged with

governance. We corroborated these enquiries through

our review of relevant correspondence with regulatory

bodies and board meeting minutes.

We assessed the susceptibility of the Company’s financial

statements to material misstatement, including how

fraud might occur, by meeting with management and

those charged with governance to understand where

it was considered there was susceptibility to fraud.

This evaluation also considered how management and

those charged with governance were remunerated

and whether this provided an incentive for fraudulent

activity. We considered the overall control environment

and how management and those charged with

governance oversee the implementation and operation

of controls. We identified a heightened fraud risk

in relation to the allocation of special dividends as

revenue or capital returns and the valuation of unlisted

investments. Audit procedures performed in response

to these risks are set out in the section on key audit

matters above.

In addition to the above, the following procedures were

performed to provide reasonable assurance that the

financial statements were free of material fraud or error:

• Completion of appropriate checklists and use

of our experience to assess the Company’s

compliance with the Companies Act 2006 and

the Listing Rules;

• Testing of accounting journals and other

adjustments for appropriateness;

• Assessing judgements and estimates made by

management for bias; and

• Agreement of the financial statement

disclosures to supporting documentation.

INDEPENDENT AUDITOR’S REPORT – continued

to the members of Global Opportunities Trust plc

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 described above 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.

Other matters which we are required to address

Following the recommendation of the Audit and

Management Engagement Committee, we were

appointed by the Board on 22 April 2020 to audit the

financial statements for the year ended 31 December

2020 and subsequent financial periods. The period

of our total uninterrupted engagement is three years,

covering the years ended 31 December 2020 to

31 December 2022.

The non-audit services prohibited by the FRC’s Ethical

Standard were not provided to the Company and we

remain independent of the Company in conducting

our audit.

Our audit opinion is consistent with the additional report

to the Audit and Management Engagement Committee.

Use of our report

This report is made solely to the Company’s members,

as a body, in accordance with Chapter 3 of Part 16 of

the Companies Act 2006. Our audit work has been

undertaken so that we might state to the Company’s

members those matters we are required to state to

them in an auditor’s report and for no other purpose.

To the fullest extent permitted by law, we do not accept

or assume responsibility to anyone other than the

Company and the Company’s members as a body, for

our audit work, for this report, or for the opinions we

have formed.

David Holmes (Senior Statutory Auditor)

For and behalf of Johnston Carmichael LLP

Statutory Auditor

Edinburgh, United Kingdom

28 March 2023

INCOME STATEMENT

for the year ended 31 December 2022

2022 2021

Note

Revenue

£’000

Capital

£’000

Total

£’000

Revenue

£’000

Capital

£’000

Total

£’000

Gains on investments at fair value through

profit or loss 8 – 10,158 10,158 – 3,878 3,878

Foreign exchange gains/(losses) on

capital items – 3,149 3,149 – (557) (557)

Income 2 2,374 – 2,374 2,741 802 3,543

Investment management fee 3 (101) (235) (336) (229) (533) (762)

Other expenses 4 (517) – (517) (520) – (520)

Net return before finance costs

andtaxation 1,756 13,072 14,828 1,992 3,590 5,582

Finance costs

Interest payable and related charges (51) – (51) (77) – (77)

Net return before taxation 1,705 13,072 14,777 1,915 3,590 5,505

Taxation – overseas withholding tax 5 (94) – (94) (270) – (270)

Net return after taxation 1,611 13,072 14,683 1,645 3,590 5,235

Return per ordinary share 7 5.3p 43.0p 48.3p 4.4p 9.7p 14.1p

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.

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 51 to 67 form part of these Financial Statements.

Note

2022

£’000

2021

£’000

Fixed asset investments

Investments at fair value through profit or loss 8 69,283 83,922

Current assets

Debtors 10 412 493

Cash at bank and short-term deposits 36,629 32,017

37,041 32,510

Current liabilities

Creditors 11 (180) (309)

(180) (309)

Net current assets 36,861 32,201

Net assets 106,144 116,123

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 32,961

Capital reserve 90,098 77,026

Revenue reserve 4,030 3,880

Total shareholders’ funds 106,144 116,123

Net asset value per ordinary share 14 363.2p 317.9p

The Financial Statements on pages 48 to 67 were approved by the Board of Directors on 28 March 2023 and signed

on its behalf by:

Cahal Dowds

Chairman

Registered in Scotland No. 259207

BALANCE SHEET

as at 31 December 2022

The Notes on pages 51 to 67 form part of these Financial Statements.

Year ended 31 December 2022 Note

capital

£’000

premium

£’000

Capital

redemption

reserve

£’000

Special

reserve

£’000

Capital

reserve

£’000

Revenue

reserve

£’000

Total

£’000

At 31 December 2021 645 1,597 14 32,961 77,026 3,880 116,123

Net return after taxation – – – – 13,072 1,611 14,683

Dividends paid 6 – – – – – (1,461) (1,461)

Share purchases for treasury 13 – – – (23,201) – – (23,201)

At 31December 2022 645 1,597 14 9,760 90,098 4,030 106,144

Year ended 31 December 2021 Note

capital

£’000

premium

£’000

Capital

redemption

reserve

£’000

Special

reserve

£’000

Capital

reserve

£’000

Revenue

reserve

£’000

Total

£’000

At 31 December 2020 645 1,597 14 38,945 73,436 4,458 119,095

Net return after taxation – – – – 3,590 1,645 5,235

Dividends paid 6 – – – – – (2,223) (2,223)

Share purchases for treasury 13 – – – (5,984) – – (5,984)

At 31December 2021 645 1,597 14 32,961 77,026 3,880 116,123

STATEMENT OF CHANGES IN EQUITY

for the year ended 31 December 2022

The Notes on pages 51 to 67 form part of these Financial Statements.

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 Act. The registered office

is detailed on page 68. The nature of the Company’s operations and its principal activities are set out in the

Strategic Review on pages 14 to 22.

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 Company meets the requirements of section

7.1A of FRS 102 and therefore has elected not to present the Statement of Cash Flows for the year ended

31 December 2022.

The comparative figures for the Financial Statements are for the year ended 31 December 2021.

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 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 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 and other service providers have put in place contingency plans to minimise disruption.

Furthermore, 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. Deposit and fixed income receivable is

included on an accruals basis.

NOTES TO THE FINANCIAL STATEMENTS

at 31 December 2022

1 Accounting policies – continued

Expenses and finance costs

All management expenses and finance costs are accounted for on an accruals basis. From 1 January 2021 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. For the European Long-Short Fund, fair value is determined

with reference to its daily NAV published on the London Stock Exchanges’ Electronic Trading Service (SETS).

Unquoted investments are valued by the Directors at fair value, using the guidelines on valuation published by

the International Private Equity and Venture Capital Association (“IPEV”).

This represents the Directors’ view of the amount for which an asset could be exchanged between

knowledgeable willing parties in an arm’s length transaction. Additional information on the valuation of

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 rate

subsequent to the date of the transaction is included as an exchange gain or loss in the Income Statement, in the

capital or the revenue column, depending on whether the gain or loss is of a capital or revenue nature.

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.

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.

NOTES TO THE FINANCIAL STATEMENTS – continued

at 31 December 2022

NOTES TO THE FINANCIAL STATEMENTS – continued

at 31 December 2022

1 Accounting policies – continued

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 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.

NOTES TO THE FINANCIAL STATEMENTS – continued

at 31 December 2022

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 – investment holding gains, not distributable:

• net movement arising from changes in the fair value of investments.

Revenue reserve

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

2 Income

2022 2021

Revenue

£’000

Capital

£’000

Total

£’000

Revenue

£’000

Capital

£’000

Total

£’000

Income from investments

UK dividend income 522 – 522 622 802 1,424

Overseas dividend income 1,663 – 1,663 2,089 – 2,089

Fixed income – – – 13 – 13

Income from investments 2,185 – 2,185 2,724 802 3,526

Total income comprises

Dividend income 2,185 – 2,185 2,711 802 3,513

Rebate income

68 – 68 17 – 17

Bank interest 121 – 121 – – –

Fixed income – – – 13 – 13

2,374 – 2,374 2,741 802 3,543

Rebate of management fee from managed investment fund held in the investment portfolio.

3 Management fee

2022 2021

Revenue

£’000

Capital

£’000

Total

£’000

Revenue

£’000

Capital

£’000

Total

£’000

Management fee 101 235 336 229 533 762

101 235 336 229 533 762

NOTES TO THE FINANCIAL STATEMENTS – continued

at 31 December 2022

3 Management fee – continued

With effect from 8 June 2022, the Company appointed Franklin Templeton Investment Management Limited

(“FTIML”) as the Company’s Sub-Advisor. Under the Investment Management Agreement, the Sub-Advisor

is entitled to a fee paid quarterly in arrears at the rate of 0.35% per annum of the market value of equity

securities, 0.05% per annum of the market value of bonds and other debt instruments and 0.02% of the value

of cash and cash equivalents. No performance fee will be paid.

In December 2021, the Company invested in the Templeton European Long-Short Equity SIF, a Luxembourg

Specialised Investment Fund managed by an affiliate of the Sub-Advisor, Franklin Templeton International

Services S.a r.l. (“FTIS”). The Company benefits from a management fee rebate payable by FTIS in respect of the

Company’s investment in the SIF and to avoid any double charging in respect of the remaining management

fees payable to FTIS, the value of the Company’s investment in the SIF is excluded from the market value of

equity securities, prior to calculation of the management fees payable by the Company to the Sub-Advisor. The

Company’s investment in the Volunteer Park Capital Fund SCSp is also excluded from the market value of equity

securities, prior to calculation of the management fees payable by the Company to the Sub-Advisor.

Prior to the appointment of FTIML as Sub-Advisor, Franklin Templeton Investment Trust Management Limited

was the Company’s AIFM and was entitled to a management fee paid monthly in arrears at the rate of 0.75%

per annum of the equity market capitalisation of the Company to £100,000,000 and at a rate of 0.65% per

annum of the equity market capitalisation which exceeded this amount. The equity market capitalisation was

based on shares in circulation which excluded shares held in treasury. No performance fee was paid.

During the year ended 31 December 2022, the management fees payable totalled £336,000 (2021: £762,000). At

31 December 2022, there was £84,000 outstanding payable (2021: £124,000) in relation to management fees.

During the year ended 31 December 2022, the administration fees payable to the Administrator, as detailed in

Note 4, totalled £165,000 (2021: £144,000). At 31 December 2022, there was £14,000 outstanding payable

to the Administrator (2021: £24,000) in relation to administration fees. Juniper Partners Limited succeeded Link

Alternative Fund Administrators Limited as Administrator on 8 June 2022.

During the year ended 31 December 2022, the Company paid Edinburgh Partners £11,000 (2021: £25,000)

for marketing-related services. At 31 December 2022, there was £nil outstanding to Edinburgh Partners (2021:

£6,000) in relation to marketing-related services. The fees for marketing-related services are included within

marketing and website costs as detailed in Note 4.

Details of the new fees to be paid to Dr Nairn and Goodhart Partners LLP can be found in Note 20 on pages 66

and 67.

4 Other expenses

2022

£’000

2021

£’000

Audit fees and expenses (net of VAT) for:

Audit 41 29

Directors’ remuneration 89 95

Directors’ national insurance 3 4

Administration fee 165 144

Legal and professional fees 100 119

Registrar fees 21 12

Marketing and website costs 18 29

London Stock Exchange and FCA fees 18 16

Depositary and custodian fees 15 27

AIC membership fee 8 8

Other expenses 39 37

517 520

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

NOTES TO THE FINANCIAL STATEMENTS – continued

at 31 December 2022

5 Taxation

a) Analysis of charge in year

2022 2021

Revenue

£’000

Capital

£’000

Total

£’000

Revenue

£’000

Capital

£’000

Total

£’000

Current tax

Overseas tax suffered 94 – 94 270 – 270

94 – 94 270 – 270

b) The current taxation charge for the year differs from the standard rate of Corporation Tax in the UK of 19%

(2021: 19%). The differences are explained below:

2022 2021

Revenue

£’000

Capital

£’000

Total

£’000

Revenue

£’000

Capital

£’000

Total

£’000

Net return before taxation 1,705 13,072 14,777 1,915 3,590 5,505

Theoretical tax at UK corporation tax rate

of 19% (2021: 19%) 324 2,484 2,808 364 682 1,046

Effects of:

– UK dividends that are not taxable (99) – (99) (118) (152) (270)

– Foreign dividends that are not taxable (316) – (316) (397) – (397)

– Non-taxable investment gains – (2,528) (2,528) – (631) (631)

– Unrelieved excess expenses 91 44 135 151 101 252

– Overseas tax suffered 94 – 94 270 – 270

94 – 94 270 – 270

At 31 December 2022, the Company had no unprovided deferred tax liabilities (2021: £nil). At that date, based

on current estimates and including the accumulation of net allowable losses, the Company had unrelieved losses

of £13,235,000 (2021: £12,520,000) that are available to offset future taxable revenue. A deferred tax asset of

£3,308,750 (2021: £3,130,075) based on the effective rate of 25% (2021: 25%), which is effective from 1 April

2023, 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 CTA.

NOTES TO THE FINANCIAL STATEMENTS – continued

at 31 December 2022

6 Dividends

2022

£’000

2021

£’000

Declared and paid

Amounts recognised as distributions to Ordinary Shareholders in the year.

2021 final dividend of 5.0p per share paid on 25 May 2022 (2021: year ended

31 December 2020 final dividend of 6.0p paid on 28 May 2021). 1,461 2,223

1,461 2,223

2022

£’000

2021

£’000

Proposed

Detailed below is the proposed final dividend per share in respect of the year ended

31 December 2022, which is the basis on which the requirements of section 1159

of the Corporation Act 2010 are considered.

2022 final dividend of 5.0p per share (2021 final dividend of 5.0p per share paid

on 25 May 2022). 1,461 1,461

The Directors recommend a final dividend of 5.0p per share for the year ended 31 December 2022 (2021:

final dividend of 5.0p per share, paid on 25 May 2022). Subject to Shareholder approval at the Annual

General Meeting to be held on 26 April 2023, the dividend will be payable on 31 May 2023 to Shareholders

on the register at the close of business on 12 May 2023. The ex-dividend date will be 11 May 2023. Based on

29,222,180 shares, being the number of shares in issue (excluding shares held in treasury) at 24 March 2023,

being the latest practical date prior to the publication of this report, the total dividend payment will amount to

£1,461,000. The proposed dividend will be paid from the revenue reserve.

7 Return per share

2022 2021

Net

return

£’000

Number of

Per

pence

Net

return

£’000

Number of

Per

pence

Revenue return after taxation 1,611 30,383,061 5.3 1,645 37,096,274 4.4

Capital return after taxation 13,072 30,383,061 43.0 3,590 37,096,274 9.7

Total return after taxation 14,683 30,383,061 48.3 5,235 37,096,274 14.1

¹ Weighted average number of ordinary shares, excluding shares held in treasury, in issue during the year.

NOTES TO THE FINANCIAL STATEMENTS – continued

at 31 December 2022

8 Investments

2022

£’000

2021

£’000

Equity investments 69,283 78,142

Fixed income investments – 5,780

69,283 83,922

2022

£’000

2021

£’000

Analysis of investment portfolio movements

Opening book cost 84,582 100,586

Changes in fair value of investments (660) 3,064

Opening fair value 83,922 103,650

Movements in the year:

Purchases at cost 21,645 25,681

Sales – proceeds (46,442) (49,287)

– realised gains on sales 878 7,602

Changes in fair value of investments 9,280 (3,724)

Closing fair value 69,283 83,922

2022

£’000

2021

£’000

Closing book cost 60,663 84,582

Changes in fair value of investments 8,620 (660)

Closing fair value 69,283 83,922

The Company sold investments in the year ended 31 December 2022 for a total of £46,442,000 (2021:

£49,287,000). The book cost of these investments when purchased was £45,564,000 (2021: £41,680,000).

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.

Within the equity investments detailed above, there is included the Company’s investment in the Templeton

European Long-Short Equity SIF, a Luxembourg Specialised Investment Fund, a sub-fund of Franklin Templeton

Specialised Funds, a Luxembourg investment company with variable capital – specialised investment fund, as

detailed in Note 9, which was valued at £14,298,000 at 31 December 2022 (2021: £8,838,000). As at 31 March

2022, the most recent year end of the Templeton European Long-Short Equity SIF, the aggregate amount of

capital and reserves was US$18,475,000 (2021: US$5,026,000). For the year to 31 March 2022 the profit for the

year after tax and distributions was US$1,819,000 (2021: US$26,000).

Within the equity investments detailed above, there is an unquoted investment in the Volunteer Park Capital

Fund SCSp, a Luxembourg Special Limited Partnership, as detailed in Note 9, which was valued at £7,708,000

at 31 December 2022 (2021: £5,515,000). As at 31 December 2021, the most recent year end of the

Volunteer Park Capital Fund SCSp, the aggregate amount of capital and reserves was US$37,082,000 (2021:

US$6,349,000). For the year to 31 December 2021 the profit for the year after tax and distributions was

US$5,459,000 (2021: loss US$796,000). Please see Note 19 for additional information on this investment.

NOTES TO THE FINANCIAL STATEMENTS – continued

at 31 December 2022

8 Investments – continued

2022

Total

£’000

2021

Total

£’000

Analysis of capital gains and losses

Realised gains on sales 878 7,602

Changes in fair value of investments 9,280 (3,724)

10,158 3,878

Transaction costs

During the year, the Company incurred transaction costs of £49,000 (2021: £41,000) and £28,000 (2021:

£48,000) 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 48 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 2022, by the level in the fair value

hierarchy into which the fair value measurement is categorised is detailed below.

Financial assets at fair value through profit or loss at 31December 2022

Level 1

£’000

Level 2

£’000

Level 3

£’000

Total

£’000

Investments 47,277 14,298 7,708 69,283

47,277 14,298 7,708 69,283

Financial assets at fair value through profit or loss at 31December 2021

Level 1

£’000

Level 2

£’000

Level 3

£’000

Total

£’000

Investments 69,569 8,838 5,515 83,922

69,569 8,838 5,515 83,922

The Company’s level 2 investment is its investment in the Templeton European Long-Short Equity SIF.

NOTES TO THE FINANCIAL STATEMENTS – continued

at 31 December 2022

8 Investments – continued

Fair value of Level 3 investments

31December

2022

£’000

31December

2021

£’000

Opening fair value of investments 5,515 –

Purchases 300 6,534

Changes in fair value of investments 1,893 (1,019)

Closing fair value of investments 7,708 5,515

The Company’s level 3 investment is its investment in Volunteer Park Capital Fund SCSp.

The fair value of the Company’s investments in private equity funds is based on its share of the total net asset

value of the fund calculated on a quarterly basis, being the measurement date. The fair value of the private

equity funds is derived from the value of its underlying investments using a methodology which is consistent

with the IPEV guidelines. The Company reviews the fair valuation methodology adopted for the underlying

investments of the private equity funds on a quarterly basis and will adjust where it does not believe the

valuations represent fair value. Where formal valuations are not completed as at the Balance Sheet date, the

last available valuation is adjusted to reflect any changes in circumstances from the last formal valuation date to

arrive at the estimate of fair value.

9 Significant holdings

As detailed in Note 8, as at 31 December 2022, the Company owned 67.4% (2021: 67.4%) of the net assets

of the Templeton European Long-Short Equity SIF, a Luxembourg Specialised Investment Fund, a sub-fund of

Franklin Templeton Specialised Investment Funds, a Luxembourg investment company with variable capital –

specialised investment fund. The registered office of Franklin Templeton Specialised Funds is 8A, rue Albert

Borschette, L-1246 Luxembourg, Grand Duchy of Luxembourg.

As detailed in Note 8, as at 31 December 2022, the Company owned 25% (2021: 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.

The Company had no other holdings of 3.0% or more of the share capital of any portfolio companies.

10 Debtors

2022

£’000

2021

£’000

Accrued fixed interest income – 3

Dividend income receivable 24 153

Prepayments and accrued income 16 23

Rebate income receivable 56 11

Taxation recoverable 316 303

412 493

11 Creditors: amounts falling due within one year

2022

£’000

2021

£’000

Management fees payable 84 124

Other creditors and accruals 96 185

180 309

NOTES TO THE FINANCIAL STATEMENTS – continued

at 31 December 2022

12 Share capital

Number

of shares

Ordinary 1p

2022

£’000

Number

of shares

Ordinary 1p

2021

£’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 24.

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:

2022

Number of

2021

Number of

At 1 January 27,981,917 25,886,917

Shares purchased for treasury 7,305,545 2,095,000

At 31 December 35,287,462 27,981,917

During the year ended 31 December 2022, 7,305,545 shares (2021: 2,095,000) were purchased under the

tender offer for treasury at a cost of £23,201,000 (2021: £5,984,000) and no shares were sold from treasury

(2021: none).

14 Net asset value per share

The NAV, calculated in accordance with the Articles of Association, is as follows:

2022

pence

2021

pence

Share 363.2 317.9

The NAV is based on net assets of £106,144,000 (2021: £116,123,000) and on 29,222,180 (2021: 36,527,725)

shares, being the number of shares, excluding shares held in treasury, in issue at the year end.

NOTES TO THE FINANCIAL STATEMENTS – continued

at 31 December 2022

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:

2022 2021

interest

rate

exposure

£’000

Cash

flow

interest

rate risk

exposure

£’000

Total

£’000

interest

rate

exposure

£’000

Cash

flow

interest

rate risk

exposure

£’000

Total

£’000

Equity shares

US dollar 30,310 – 30,310 16,726 – 16,726

Euro 13,352 – 13,352 21,410 – 21,410

Sterling 11,026 – 11,026 15,305 – 15,305

Japanese yen 10,062 – 10,062 14,620 – 14,620

Swiss franc 2,277 – 2,277 5,050 – 5,050

South Korean won 2,256 – 2,256 2,584 – 2,584

Singapore dollar – – – 2,447 – 2,447

Fixed income investment

US dollar – – – – 5,780 5,780

Cash at bank and short-term deposits

US dollar – 13,036 13,036 – 22,228 22,228

Japanese yen – 9,766 9,766 – 7,972 7,972

Swiss franc – 3,802 3,802 – 1,800 1,800

Sterling – 10,013 10,013 – 17 17

South Korean won – 12 12 – – –

Debtors

Swiss franc 177 – 177 145 – 145

Euro 121 – 121 145 – 145

Sterling 16 – 16 140 3 143

Singapore dollar – – – 48 – 48

South Korean won 15 – 15 12 – 12

Japanese yen 25 – 25 – – –

US dollar 58 – 58 – – –

Creditors

Sterling (180) – (180) (309) – (309)

69,515 36,629 106,144 78,323 37,800 116,123

At 31 December 2022, 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.

At 31 December 2022, the Company has undrawn financial commitments relating to its investment in Volunteer

Park Capital Fund SCSp of US$1,406,000, equivalent to £1,162,000 (2021: US$1,743,000, equivalent to

£1,291,000).

NOTES TO THE FINANCIAL STATEMENTS – continued

at 31 December 2022

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

2022 2021 Change

Japanese yen 158.60 155.96 2%

Euro 1.13 1.19 (5)%

US dollar 1.21 1.35 (10)%

South Korean won 1,525.33 1,610.30 (5)%

Swiss franc 1.12 1.23 (9)%

Singapore dollar 1.62 1.83 (11)%

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 Executive Director 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 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 Executive Director monitors the prices of financial instruments held by the Company on an

ongoing basis.

The Executive Director 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 2022 are disclosed in the Portfolio of

Investments on page 9.

If the investment portfolio valuation fell by 5.0% from the amount detailed in the Financial Statements as

at 31 December 2022, it would have the effect, with all other variables held constant, of reducing the total

return before taxation and therefore net assets by £3,464,000 (2021: £4,196,000). An increase of 5.0% in the

investment 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 2022 are disclosed in Note 15.

If sterling had strengthened by 5.0% against all other currencies on 31 December 2022, with all other variables

held constant, it would have the effect of reducing the total return before taxation and net assets by £4,263,000

(2021: £5,048,000). 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.

NOTES TO THE FINANCIAL STATEMENTS – continued

at 31 December 2022

16 Risk analysis – continued

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.

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 2022. 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.

The maturity profile of the Company’s financial liabilities, including creditors, is as follows:

As at

31December

2022

£’000

As at

31December

2021

£’000

In one year or less 180 309

180 309

NOTES TO THE FINANCIAL STATEMENTS – continued

at 31 December 2022

16 Risk analysis – continued

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 Executive Director and Sub-Advisor. 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 2022 was £37,041,000 (2021: £38,290,000). The

calculation is based on the Company’s credit risk exposure, being any fixed income investments, cash at bank

and short-term deposits and debtors, as at 31 December 2022 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 2022 are disclosed in Note 15. Surplus cash is

invested in liquidity funds and time deposits.

If interest rates had reduced by 0.25% (2021: 0.25%) from those obtained as at 31 December 2022 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 £92,000 (2021: £80,000). If there had been an increase in interest

rates of 0.25% (2021: 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

2022 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 (2021: nil).

NOTES TO THE FINANCIAL STATEMENTS – continued

at 31 December 2022

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 49.

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 Sub-Advisor

Information with respect to transactions with the Sub-Advisor is detailed in Note 3 and in the Strategic Report on

page 15.

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 27.

Under the AIC SORP, the Sub-Advisor is not considered to be a related party of the Company.

Dr Sandy Nairn is the lead Executive Director of the Company and is 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. Dr Nairn is the sole controller of a company which holds a significant shareholding

(25.83%) in Goodhart and will be a beneficiary of the management fees and carried interest payable to

Goodhart related companies. Under the Class Tests Rules of the UK Listing Rules the transaction was a small

transaction and was therefore not classified as a related party transaction requiring shareholder approval. Prior

to the investment in VPC, the Directors undertook appropriate due diligence to confirm that they considered the

investment to be in the best interests of shareholders.

20 Post Balance Sheet events

Management fees and ongoing costs

As previously noted in the Chairman’s Statement on page 3, Dr Nairn has been appointed as a full time executive

of the Company, having resigned from his executive position with Franklin Templeton.

The Company will be serving notice to terminate its investment management agreement with Franklin Templeton

and the global listed equities portion of the Company’s portfolio will be managed by Dr Nairn going forward.

The Company has also entered into a strategic relationship with Goodhart through which Goodhart will

introduce opportunities in the private markets to the Company. As part of this strategic relationship, Goodhart

has also been appointed to provide investment sub-advisory services to the Company to assist Dr Nairn in

managing the global listed equities mandate.

Following termination of the arrangements with Franklin Templeton, there will be no management fee on the

funds previously managed by Franklin Templeton. In consideration for his services to the Company as a full

time executive director, Dr Nairn (previously a salaried employee of Franklin Templeton) will receive 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 directors).

Given Dr Nairn’s interests in Goodhart as set out in Note 19 above, it has been agreed with Dr Nairn that his

Executive Salary will be reduced (such reduction equalling the entire Executive 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 the Volunteer Park Capital Fund (“VPC”) and any carried interest attributable to VPC earned by

Goodhart or any Goodhart-sponsored vehicle).

Goodhart will receive a 0.12 per cent. annual fee levied on the global listed equities portion of the Company’s

portfolio for the provision of investment sub-advisory services. No fixed fee or base period compensation will

be payable to Goodhart in respect of the wider strategic relationship, with any fees in respect of individual

private market opportunities to be agreed with the Company on a case by case basis. The Company notes that

the agreement of any such fee shall be subject to Board approval and that the total amount of fees payable to

Goodhart in any 12 month period (including in respect of investment sub-advisory services) shall be capped at

1.0 per cent. of the Company’s net asset value.

The Company notes that these arrangements are expected to result in a reduction in costs for shareholders.

Should the Company become fully invested, it is anticipated these arrangements will reduce the Company’s

ongoing charges ratio from 0.9 per cent. to 0.8 per cent. (based on the Company’s net asset value as at

24 March 2023).

NOTES TO THE FINANCIAL STATEMENTS – continued

at 31 December 2022

Board of Directors

Charles (Cahal) Dowds (Chairman)

Hazel Cameron

David Ross

Dr Sandy Nairn

Executive Director

Dr Sandy Nairn

Sub-Advisor

Franklin Templeton Investment Management Limited

Cannon Place

78 Cannon Street,

London

EC4N 6HL

Administrator, Company Secretary and

Registered Office

Juniper Partners Limited

28 Walker Street

Edinburgh

EH3 7HR

email: cosec@junipartners.com

Custodian and Banker

JP Morgan Chase Bank

25 Bank Street

Canary Wharf

London

E14 5JP

Independent Auditor

Johnston Carmichael LLP

7-11 Melville Street

Edinburgh

EH3 7PE

Registrar

Computershare Investor Services PLC

The Pavilions

Bridgwater Road

Bristol

BS99 6ZZ

Tel: 0370 889 4069

email: web.queries@computershare.co.uk

www.investorcentre.co.uk

Solicitors

Dickson Minto W.S.

16 Charlotte Square

Edinburgh

EH2 4DF

Company Details

Incorporated in Scotland

Company Registration No: SC259207

ISIN: GB0033862573

Sedol: 3386257

Ticker: GOT

LEI: 2138005T5CT5ITZ7ZX58

Website

www.globalopportunitiestrust.com

An investment company as defined under section

833 of the Companies Act 2006.

The Company is a member of the Association of

Investment Companies.

CORPORATE INFORMATION

Appointed 27 April 2022

Appointed 8 June 2022

SHAREHOLDER INFORMATION

Investing in the Company

The Company’s shares are traded on the London

Stock Exchange and can be bought or sold through a

stockbroker or financial adviser. The shares are eligible

for inclusion in Individual Savings Accounts (‘ISAs’) and

Self-Invested Personal Pensions (‘SIPPs’). The Company’s

shares are available on various share trading platforms.

Frequency of NAV Publication

The Company’s NAV is released daily to the London

Stock Exchange and published on the Company’s

website at www.globalopportunitiestrust.com.

Portfolio Updates

The Company’s portfolio holdings report, detailing a list

of all investments, including sectoral and geographical

analyses, is released on a monthly basis to the London

Stock Exchange. It is also published on the Company’s

website at www.globalopportunitiestrust.com.

Share Price and Sources of Further Information

The Company’s share price is quoted daily in the

Financial Times under “Investment Companies”.

Previous day closing price, daily NAV and other

portfolio information is published on the Company’s

website at www.globalopportunitiestrust.com. 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.

Share Register Enquiries

The register for the shares is maintained by Computershare

Investor Services PLC. In the event of queries regarding

your holding, please contact the Registrar on 0370 889

4069 or email: web.queries@computershare.co.uk.

Changes of address can be made online by signing-in or

registering at www.investorcentre.co.uk or by contacting

the Registrar by telephone. Alternatively, you can notify

changes in name and/or address in writing to the Registrar,

supported by appropriate documentation, at the address

shown on the inside front cover. You can check your

shareholding and find practical help on transferring

shares or updating your details at www.investorcentre.

co.uk. Shareholders may choose to receive dividend

payments directly into their bank accounts instead of by

cheque. Shareholders wishing to do so should contact

the Registrar.

Key Dates

Half-year end 30 June

Half-yearly results announced August

Financial year end 31 December

Annual results announced March

Annual General Meeting April

Annual dividend paid May

This document is not a recommendation, offer or

invitation to buy, sell or hold shares of the Company.

If you wish to deal in the shares of the Company,

you may wish to contact an authorised professional

investment adviser.

An investment in the Company should be regarded

as long term and is only suitable for investors who

are capable of evaluating the risks and merits of such

investment and who have sufficient resources to bear any

loss which might result from such investment.

The market value of, and the income derived from, the

shares can fluctuate. The Company’s share price may

go down as well as up. Past performance is not a guide

to future performance. There is no guarantee that the

market price of the shares will fully reflect their underlying

NAV. Fluctuations in exchange rates will affect the value

of overseas investments (and any income received) held

by the Company. Investors may not get back the full value

of their investment. There can be no guarantee that the

investment objective of the Company will be met. The

levels of, and reliefs from, taxation may change.

The Annual Report and Financial Statements contains

‘forward-looking statements’ with respect to the

Company’s plans and its current goals and expectations

relating to its future financial condition, performance and

results. By their nature, all forward-looking statements

involve risk and uncertainty because they relate to future

events that are beyond the Company’s control. As a

result, the Company’s actual future financial condition,

performance and results may differ materially from the

plans, goals and expectations set forth in the Company’s

forward-looking statements. The Company undertakes

no obligation to update the forward-looking statements

contained within the Annual Report and Financial

Statements or any other forward-looking statements

it makes.

The Company is a public company. It is registered in

Scotland with company number SC259207 and its shares

are traded on the London Stock Exchange. The Company

is a self-managed investment company and is registered

as a small registered alternative investment fund manager

by the Financial Conduct Authority.

RISK FACTORS

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.

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

2022

31December

2021

Closing NAV per share (a) 363.2p 317.9p

Closing share price (b) 314.0p 291.0p

(Discount)/Premium c = (b – a) ÷ a (c) (13.5)% (8.5)%

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.

GLOSSARY OF TERMS AND ALTERNATIVE PERFORMANCE MEASURES

– continued

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

price

Net asset value per share/share price as at 31 December 2021 (pence) 317.9 291.0

Net asset value per share/share price as at 31 December 2022 (pence) 363.2 314.0

Change in the period (%) 14.2 7.9

Impact of dividend reinvested (%)

†

1.6 1.9

Total Return for the Period (%) 15.8 9.8

†

A dividend of 5.0 pence per share was paid on 25 May 2022 for the financial year ended 31 December 2021. A dividend of

6.0 pence per share was paid on 28 May 2021 for the financial year ended 31 December 2020.

Ongoing Charges Ratio*

The sum of the management fee and all other administrative expenses, including ‘synthetic’ expenses of investment

in other funds, expressed as a percentage of the average monthly net assets.

2022 2021

Management fee (£000) 336 762

Other expenses (£000) 517 520

Non-recurring costs (£000) (199) (136)

Ongoing charges (£000) (a) 654 1,146

Average net assets (£000) (b) 102,910 116,187

Ongoing charges ratio excl. synthetic expenses (%) (a/b) 0.6 1.0

Synthetic expenses (c) 0.3 0.1

Ongoing charges ratio inc. synthetic expenses (%) (d) 0.9 1.1

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.

NOTICE IS HEREBY GIVEN THAT the Annual General

Meeting of Global Opportunities Trust plc (the

‘Company’) will be held at The Bonham Hotel,

35Drumsheugh Gardens, Edinburgh EH3 7RN on

Wednesday, 26April 2023 at 12:00 noon.

Shareholders will be asked to consider and, if thought

fit, pass resolutions 1 to 10 which will be proposed as

ordinary resolutions, and resolutions 11 to 13, which will

be proposed as special resolutions:

ORDINARY BUSINESS

1. That the audited Financial Statements of the

Company for the year ended 31 December 2022

together with the Directors Report and Independent

Auditor’s Report be received.

2. That the Directors’ Remuneration Report for the year

ended 31 December 2022 be approved.

3. That a final dividend of 5.0p per ordinary share

be paid in respect of the financial year ended

31 December 2022.

4. That Katie Folwell-Davies be elected as a non-

executive Director of the Company.

5. That Hazel Cameron be re-elected as a non-executive

Director of the Company.

6. That Cahal Dowds be re-elected as a non-executive

Director of the Company.

7. That Dr Sandy Nairn be re-elected as an executive

Director of the Company.

8. That Johnstone Carmichael LLP be re-appointed as

Auditor of the Company.

9. That the Directors be authorised to agree the

remuneration of the Auditor.

SPECIAL B USINESS

Authority to allot new shares

10. 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 £29,222, being approximately one-

third of the issued share capital of the Company

(excluding treasury shares) as at 24 March 2023

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

11. 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 10 above 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 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.

Authority to repurchase the Company’s ordinary

12. That the Company be and is generally and

unconditionally authorised in accordance with

Section 701 of the Companies Act 2006 (the ‘Act’)

to make one or more market purchases (within

the meaning of Section 693 of the Act) of ordinary

shares provided that:

(a) the maximum aggregate number of shares

that may be purchased is 4,380,404 ordinary

shares, being 14.99% of the issued share

NOTICE OF ANNUAL GENERAL MEETING

NOTICE OF ANNUAL GENERAL MEETING – continued

capital of the Company (excluding treasury

shares) as at 24 March 2023 or, if lower, such

number as is equal to 14.99% of the issued

number of ordinary shares at the date of passing

the resolution;

(b) the minimum price which may be paid shall be

one penny per ordinary share;

of such purchase) which may be paid for each

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 and the highest current

independent bid as stipulated by Article 5(1)

of Commission Regulation EC 22 December

2003 implementing the Market Abuse

Directive as regards exemptions for buyback

programmes and stabilisation of financial

instruments (No. 2273/2003); 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.

Notice of General Meeting

13. That a General Meeting other than the Annual

General Meeting may be called on not less than

14 clear days’ notice.

Shareholders are encouraged to vote in favour of all

resolutions by Form of Proxy and to appoint the chair

of the meeting to ensure their vote counts. Details of

how to complete and submit a Form of Proxy by post or

online can be found in the Notes to the Notice of the

Annual General Meeting.

By order of the Board

Juniper Partners Limited

Company Secretary

Registered Office:

28 Walker Street

Edinburgh EH3 7HR

28 March 2023

1. A member entitled to attend and vote at the Annual

General Meeting (‘AGM’) may appoint one or

more proxies to exercise all or any of his rights to

attend, speak and vote at the AGM. A member can

appoint more than one proxy in relation to the AGM,

provided that each proxy is appointed to exercise

the rights attaching to different shares held by him.

A proxy need not be a member of the Company.

Completion and submission of an instrument

appointing a proxy will not preclude a member from

attending and voting in person at the AGM. A Form

of Proxy is enclosed. The appointment of a proxy will

not prevent a member from subsequently attending

and voting at the meeting in person.

2. In order to be a valid appointment of proxy, the

Form of Proxy and the original (or a certified true

copy) of any power of attorney or other authority, if

any, under which the Form of Proxy is signed must

be received by post, by courier or (during normal

business hours only) by hand at Computershare

Investor Services PLC, The Pavilions, Bridgwater

Road, Bristol BS99 6ZY, no later than 24 April 2023

at 12 noon (or, in the event of an adjournment,

the time which is 48 hours before the adjourned

meeting).

3. Electronic proxy voting is available for this meeting.

Members can submit their proxy online at

www.investorcentre.co.uk/eproxy by following

the instructions provided. Please note that any

electronic communication sent to the Company or to

Computershare Investor Services PLC that is found

to contain a computer virus will not be accepted.

The use of the internet service in connection with

the AGM is governed by Computershare Investor

Services PLC’s conditions of use as set out on

its website.

4. Any person to whom this Notice is sent who is

a person nominated under Section 146 of the

Companies Act 2006 to enjoy information rights

(a Nominated Person) may, under an agreement

between him/her and the shareholder by whom he/

she was nominated, have a right to be appointed (or

to have someone else appointed) as a proxy for the

Meeting. If a Nominated Person has no such proxy

appointment right or does not wish to exercise it, he/

she may, under any such agreement, have a right to

give instructions to the shareholder as to the exercise

of voting rights.

5. In the case of joint holders of a share the vote of

the senior who tenders a vote, whether in person or

by proxy, shall be accepted to the exclusion of the

votes of the other joint holders and, for this purpose,

seniority shall be determined by the order in which

the names stand in the register of members in

respect of the joint holding.

6. Any corporation which is a member can appoint one

or more corporate representatives who may exercise

on its behalf all of its powers as a member provided

that they do not do so in relation to the same shares.

7. The vote ‘Withheld’ is provided to enable you to

abstain on any particular resolution. However, it

should be noted that a ‘Withheld’ vote is not a vote

in law and will not be counted in the calculation

of the proportion of the votes ‘For’ and ‘Against’

a resolution.

8. If you are an institutional investor, you may be able

to appoint a proxy electronically via the Proxymity

platform. For further information regarding

Proxymity, please go to www.proxymity.io. Your

proxy must be lodged not less than 48 hours prior

to the time of the Meeting (excluding non-working

days) as specified in the Notice of Annual General

Meeting in order to be considered valid. Before you

can appoint a proxy via this process you will need

to have agreed to Proxymity’s associated terms

and conditions. It is important that you read these

carefully as you will be bound by them and they will

govern the electronic appointment of your proxy.

9. CREST members who wish to appoint a proxy

or proxies through the CREST electronic proxy

appointment service may do so for the Meeting and

any adjournment(s) thereof by using the procedures

described in the CREST Manual. CREST Personal

Members or other CREST sponsored members,

and those CREST members who have appointed a

voting service provider(s), should refer to their CREST

sponsor or voting service provider(s), who will be

able to take the appropriate action on their behalf.

10. In order for a proxy appointment or instruction made

using the CREST service to be valid, the appropriate

CREST message (a ‘CREST Proxy Instruction’) must be

properly authenticated in accordance with CRESTCo’s

specifications and must contain the information

required for such instructions, as described in the

CREST Manual. The message, regardless of whether

it constitutes the appointment of a proxy or an

amendment to the instruction given to a previously

appointed proxy must, in order to be valid, be

transmitted so as to be received by the Company’s

agent ID (3RA50) no later than 48 hours (excluding

non-working days) as specified in the Notice of Annual

General Meeting and any adjournment. For this

purpose, the time of receipt will be taken to be the

time (as determined by the timestamp applied to the

message by the CREST Applications Host) from which

the Company’s agent is able to retrieve the message

by enquiry to CREST in the manner prescribed by

CREST. After this time any change of instructions

to proxies appointed through CREST should be

communicated to the appointee through other means.

NOTES TO THE NOTICE OF ANNUAL GENERAL MEETING

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 10 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 11 to 13 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 23 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 24 March 2023 (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 68 of the Annual

Report and Financial Statements.

NOTES TO THE NOTICE OF ANNUAL GENERAL MEETING – continued