FS Prep Fund, LP

Statement of Financial Position

(Expressed in United States Dollars)

As of December 31 Note 2023 2022

Assets
Financial assets at fair value through profit or loss 6 $ — $ —
Cash and cash equivalents — —
Loan receivable from related party 7 — —
Due from broker — —
Dividends and interest receivable — —
Other assets — —
Total assets — —

Liabilities
Due to Investment Manager 9 — —
Management fee payable 9 — —
Performance fee payable 9 — —
Deferred tax liability — —
Accrued expenses and other liabilities — —
Total liabilities (excluding net assets attributable
to holders of redeemable shares) — —

Net assets attributable to holders of redeemable shares $ — $ —

See accompanying notes to financial statements.

The financial statements were approved and authorized for issue by the Investment Manager on ______, 2024.

___________________________
Director

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 FS Prep Fund, LP

Statement of Comprehensive Income

(Expressed in United States Dollars)

For the year ended December 31, 2023 and December 31, 2022
Note 2023 2022
Income
Dividend income $ — $ —
Interest income — —
Other income — —
Net change in fair value on financial assets at fair value
through profit or loss 6 — —
Total investment (loss)/gain — —

Expenses
Professional fees — —
Performance fee 9 — —
Management fees 9 — —
Investment cost fee 8 — —
Interest expense — —
Other operating expenses — —
Operating expenses — —

Expenses borne by the Investment Manager 9 — —

Net expenses — —

Operating (loss)/profit before tax — —

Withholding taxes — —
Income tax benefit/(expense) 10 — —
(Decrease)/increase in net assets attributable to holders
of redeemable shares from operations, net of tax $ — $ —

See accompanying notes to financial statements.

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 FS Prep Fund, LP

Statement of Changes in Net Assets

Attributable to Holders of Redeemable Shares
(Expressed in United States Dollars)

For the year ended December 31, 2023 and December 31, 2022
Net assets attributable to holders of redeemable shares,
Beginning of year - January 1, 2022 $ —
Proceeds from redeemable shares issued —
Redemptions of redeemable shares —
Net increase from share transactions —
Increase in net assets attributable to holders of redeemable
shares from operations —
Net assets attributable to holders of redeemable shares,
End of year - December 31, 2022 $ —
Proceeds from redeemable shares issued —
Redemptions of redeemable shares —
Net decrease from share transactions —
Decrease in net assets attributable to holders of redeemable
shares from operations —
Net assets attributable to holders of redeemable shares,
End of year - December 31, 2023 $ —

See accompanying notes to financial statements.

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 FS Prep Fund, LP

Statement of Cash Flows

(Expressed in United States Dollars)

For the year ended December 31, 2023 and December 31, 2022
2023 2022
Cash flows from operating activities:
(Decrease)/increase in net assets attributable to holders of redeemable shares
from operations $ — $ —
Adjustments to reconcile (decrease)/increase in net assets attributable
to holders of redeemable shares from operations
to net cash provided by/(used in) operating activities:
Changes in assets and liabilities:
Net change in fair value on financial assets at fair value
through profit or loss — # —
Loan receivable from related party — # —
Due from broker — # —
Dividends and interest receivable — # —
Other assets — # —
Due to Investment Manager — # —
Management fee payable — # —
Performance fee payable — # —
Deferred tax liability — # —
Accrued expenses and other liabilities — # —
Net cash provided by/(used in) operating activities — —

Cash flows from financing activities:

Proceeds from redeemable shares issued — —
Redemptions of redeemable shares — —
Net cash (used in)/provided by financing activities — —
Net change in cash and cash equivalents — —

Cash and cash equivalents, beginning of year — —

Cash and cash equivalents, end of year $ — $ —

See accompanying notes to financial statements.