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MUFG Fund Services (UK)
Limited
 
Directors’ report and
Financial statements
 
For the year ended 31 December 2024
 
 
 
 
 
 
 
Registered number: 05994776
 
MUFG Fund Services (UK) Limited
 
Contents
 
 
Page
 
 
Directors and other information
1
 
 
Directors’ Report
2 - 3
 
 
Strategic Report
4
 
 
Statement of Directors’ responsibilities in respect of the Directors’ Report and the financial statements
5
 
 
Independent auditor’s report
6 - 9
 
 
Profit and loss account
10
 
 
Balance sheet
11
 
 
Cash flow statement and Changes in Shareholder’s Equity
12-13
 
 
Notes to the financial statements
14-26
 
MUFG Fund Services (UK) Limited
 
Directors and other information
 
Executive Directors:
Joanne May
 
Ben Griffiths
 
 
Secretary
:
Sinead Durkan
 
 
Registered Office:
24 Lombard Street
 
4
th
Floor
 
London
 
England
 
EC3V 9AJ
 
 
Auditors:
Deloitte Ireland LLP
 
Chartered Accountants and Statutory Audit Firm
 
Deloitte & Touche House
 
29 Earlsfort Terrace
 
Dublin 2
 
Ireland
 
D02 AY28
 
 
Bankers:
HSBC Bank Plc.
 
16 King Street
 
Covent Garden
 
London
 
England
 
WC2E 8JF
 
MUFG Fund Services (UK) Limited
 
Directors’ report
 
The directors present their report and the audited financial statements of MUFG Fund Services (UK) Limited (the “Company”), which was incorporated by the Registrar of Companies for England and Wales on 10 November 2006, for the year ended 31 December 2024. Company number: 05994776
 
Directors
 
The directors who held office during the year were as follows:
 
Joanne May
Ben Griffiths
 
The Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.
 
Principal activity
 
The principal activity of the Company is to provide administration and sales assistance to MUFG Investor Services Group of companies (the “Group”).
 
Business review
 
There have been no significant changes in activities during the financial year.
 
The financial statements have been prepared in accordance with Financial Reporting Standard 102
The Financial Reporting Standard
applicable in the United Kingdom and Republic of Ireland
(“FRS 102”).
 
During the period from incorporation the focus of the Company is to establish administration, sales and management services for the Group within the UK. The performance of the Company and costs incurred is dependent on maintaining a presence in the region and the impact of current market conditions.
 
Principal risk and uncertainties
 
The principal risk and uncertainty pertaining to the Company relates to the overall growth and profitability of the group of companies to which the Company provides services.
 
Future developments in the Business
 
The future activities of the Company will continue to be the provision of administration and sales assistance to the Group.
 
Ultimate parent undertaking
 
The directors regard Mitsubishi UFJ Financial Group, Inc, a Company incorporated and registered in Japan to be the ultimate parent undertaking and controlling party.
 
Results for the year
 
The profit before tax for the year amounted to £624,252 
(2023: £
1,639,317
).
 
Proposed dividend
 
There were no dividend payments during 2024 (2023: NIL).
 
MUFG Fund Services (UK) Limited
 
Directors’ report (continued)
 
Directors and secretary and their interests
 
The Directors and secretary who held office during the year are listed on page 1.
 
None of the Directors or secretary of the Company who held office at 31 December 2024 had any beneficial interests in the ordinary shares of the Company, or of Mitsubishi UFJ Financial Group, Inc (the ultimate parent undertaking) or any of its group companies. There were no Director loans held during the year or at year end.
 
Political contributions
 
The Company made no political donations or incurred any political expenditure during the year.
 
Post balance sheet events
 
There have been no events subsequent to the financial year end, which, in the opinion of the directors, may have had an impact on the financial statements for the financial year ended 31 December 2024.
 
Accounting records
 
The directors have satisfied themselves that they have complied with the requirements of the Companies Act 2006 with regard to adequate accounting records by employing competent people with appropriate expertise and by providing adequate resources to the financial function. The accounting records of the Company are maintained at the registered office.
 
Auditor
 
Pursuant to Section 485 of the Companies Act 2006, Deloitte Ireland LLP, Chartered Accountants and Statutory Audit Firm were appointed as auditor. Deloitte have indicated their willingness to be reappointed for another term and appropriate arrangements have been put in place for them to be deemed reappointed in the absence of an Annual General Meeting.
 
Relevant Audit Information
 
So far as the directors’ are aware, there is no relevant audit information of which the Company’s statutory auditors are unaware, and the directors’ have taken all the steps he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the Company’s statutory auditors are aware of that information.
 
Approved by the Board of Directors
 
 
 
Joanne May
Director
Date: 27 February 2025
 
MUFG Fund Services (UK) Limited
 
Strategic Report
F
or the year ended 31 December 2024
 
The directors present their strategic report for the Company for the year ended 31 December 2024. The directors, in preparing this strategic report, have complied with section 414C of the Companies Act 2006.
 
Principal activity, business review and future developments
 
The principal activity of the Company is to provide administration and sales assistance to MUFG Investor Services Group of companies (the “Group”). The principal activity of the Group and its subsidiaries is to serve as administrator to various investment fund clients and provide accounting and administrative services to family office and trust clients. Although, the immediate parent of the Company changed due to an internal reorganisation of the Group, there have been no changes in the principal activities of the Company from last year.
 
The profit and loss account for the year is set out in page 11. Revenue has increased by 50% to £27,050,921 mainly reflecting the increase in the provision of services during the year to the Group. The profit before tax during the year is £624,252 (2023: £1,639,317). Net assets have increased from £3,352,533 to £3,818,484.
 
Key Performance Indicators (KPIs)
 
The Group manage its operations on a divisional basis, focusing on revenue, operating income, profit/(loss) before tax and working capital. For this reason, the Company’s directors believe that analysis using non- financial key performance indicators for the Company is not necessary or appropriate for an understanding of the development, performance or position of the business of the Company.
 
Principal risks and uncertainties
 
The principal risk and uncertainty pertaining to the Company relates to the overall growth and profitability of the group of companies to which the Company provides services. The Group manages this risk by continually innovating its services and product offerings to its clients and maintaining long term client relationships. The Company continues to recruit and retain the most talented people by supporting them to expand their skills and capabilities, whilst providing a supportive and inclusive working environment.
 
Approved by the Board of Directors
 
 
 
Joanne May
Director
Date: 27 February 2025
 
MUFG Fund Services (UK) Limited
 
Statement of Directors’ responsibilities in respect of the directors’ report and the financial statements
 
The directors are responsible for preparing the Directors’ Report and Company’s financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the Company’s financial statements in accordance with UK Accounting Standards and applicable law, including FRS 102. The Financial Reporting Standard applicable in the UK and Republic of Ireland.
 
Under company 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 the financial statements comply with the Companies Act 2006. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.
 
On behalf of the Board of Directors
 
 
 
Joanne May
Director
 
Independent auditor’s report to the members of MUFG Fund Services (UK) Limited
 
Report on the audit of the financial statements
 
Opinion
In our opinion the financial statements of MUFG Fund Services (UK) Limited (“the company”)
 
•
give a true and fair view of assets, liabilities and financial position of the company as at 31 December 2024 and of the profit for the year then ended;
•
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and
•
have been prepared in accordance with the requirements of the Companies Act 2006.
 
We have audited the financial statements which comprise:
 
•
the Profit and Loss Account;
•
the Balance Sheet;
•
the Cash Flow Statement and Statement of Changes in Equity; and
•
the related notes 1 to 20, including a summary of significant accounting policies as set out in note 1.
 
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).
 
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report.
 
We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (the ‘FRC’s’) Ethical Standard, 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.
 
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.
 
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.
 
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
 
Independent auditor’s report to the members of MUFG Fund Services (UK) Limited
 
Other information
The other information comprises the information included in the Director’s Report and Financial Statements, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the Director’s Report and Financial Statements. 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.
 
Responsibilities of directors
As explained more fully in the Statement of Directors’ responsibilities in respect of the Directors’ Report and the financial statements, 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.
 
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, 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 FRC’s website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our auditor’s report.
 
Extent to which 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.
 
Independent auditor’s report to the members of MUFG Fund Services (UK) Limited
 
We considered the nature of the company’s industry and its control environment, and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the directors about their own identification and assessment of the risks of irregularities, including those that are specific to the company’s business sector.
 
We obtained an understanding of the legal and regulatory framework[s] that the company operates in, and identified the key laws and regulations that:
 
•
had a direct effect on the determination of material amounts and disclosures in the financial statements. These included the UK Companies Act and UK tax legislation; and
•
do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
 
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
 
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
 
In addition to the above, our procedures to respond to the risks identified included the following:
 
•
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
•
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
•
enquiring of management and external legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and
•
reading minutes of meetings of those charged with governance
 
Report on other legal and regulatory requirements
 
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
 
•
the information given in the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
•
the directors’ report has been prepared in accordance with applicable legal requirements.
 
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 any material misstatements in the directors’ report.
 
Independent auditor’s report to the members of MUFG Fund Services (UK) Limited
 
Matters on which we are required to report by exception
Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion:
 
•
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
•
the financial statements 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.
 
We have nothing to report in respect of these matters.
 
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.
 
 
 
Christian MacManus
For and on behalf of Deloitte LLP
Chartered Accountants and Statutory Audit Firm
Deloitte & Touche House, 29 Earlsfort Terrance, Dublin 2
Date: 27 February 2025
 
MUFG Fund Services (UK) Limited
 
Profit and loss account
For the year ended 31 December 2024
 
 
 
Year ended
Year ended
 
 
2024
2023
 
Note
£
£
 
 
 
 
Turnover
2
27,050,921
18,032,484
 
 
 
Gross profit
 
27,050,921
18,032,484
 
 
 
 
Administrative expenses
3
(26,425,052)
(16,425,379)
Other operating income/(expense)
 
(1,617)
32,212
 
 
Operating profit
 
624,252
1,639,317
 
 
 
 
Profit on ordinary activities before taxation
 
624,252
1,639,317
 
 
 
 
Tax on profit on ordinary activities
7
(158,301)
(438,637)
 
 
 
 
Profit for the financial year
 
465,951
1,200,680
 
There are no recognised gains or losses for the current or prior financial years other than as stated in the profit and loss account accordingly, no statement of other comprehensive income has been presented.
 
The notes on pages 14 to 26 form an integral part of these financial statements.
 
MUFG Fund Services (UK) Limited
 
Balance sheet
As at 31 December 2024
 
 
 
2024
2024
2023
2023
 
Note
£
£
£
£
Fixed assets
 
 
 
 
 
Tangible assets
8
 
288,140
 
320,024
 
 
 
 
 
 
 
288,140
 
320,024
Current assets
 
 
 
 
 
Debtors
9
11,386,275
 
8,244,279
 
Cash and cash equivalents
10
2,271,532
 
2,663,484
 
 
 
 
 
 
 
 
13,657,807
 
10,907,763
Creditors: amounts falling due within one year
 
 
 
 
 
Trade and other creditors
11
(10,127,463)
 
(7,875,238)
 
 
 
 
 
 
 
 
 
(10,127,463)
 
(7,875,254)
 
 
 
 
 
 
Net assets
 
 
3,818,484
 
3,352,533
 
 
 
 
Capital and reserves
 
 
 
 
 
Called up share capital
14
 
100
 
100
Profit and loss account
 
 
3,818,384
 
3,352,433
 
 
 
 
 
 
Shareholders’ equity
 
 
3,818,384
 
3,352,533
 
The financial statements were approved by the Board of Directors on 27 February 2025
 
Signed on behalf of the Board of Directors
 
 
 
Joanne May
Director
 
Company registration number 05994776
(England and Wales)
 
MUFG Fund Services (UK) Limited
 
Cash flow statement and Statement of changes in equity
For the year ended 31 December 2024
 
 
2024
2023
 
£
£
Cash flows from operating activities
 
 
Profit for the financial year
465,951
1,200,680
Adjustments for:
 
 
Depreciation and amortisation of fixed assets
92,700
61,187
Taxation expense
158,301
438,637
 
 
716,952
1,700,504
 
 
 
(Increase) in trade and other debtors
(2,530,825)
(2,761,929)
Increase in trade and other creditors
2,479,374
2,786,888
 
 
665,501
1,725,463
 
 
 
Taxation paid
(996,637)
(626,000)
 
Net cash from operating activities
(331,136)
1,099,463
 
Cash flows from investing activities
 
 
Acquisition of tangible assets
(60,816)
(272,188)
 
Net cash from investing activities
(60,816)
(272,188)
 
Net increase in cash and cash
 
equivalents
(391,952)
827,275
 
 
 
Cash and cash equivalents at 1 January
2,663,484
1,836,209
 
Cash and cash equivalents at 31 December
2,271,532
2,663,484
 
The notes on pages 14 to 26 form an integral part of these financial statements.
 
MUFG Fund Services (UK) Limited
 
Cash flow statement and Statement of changes in equity
For the year ended 31 December 2024
 
 
Share
capital
Retained
earnings
Total
Shareholder’s
equity
 
£
£
£
 
 
 
 
Balance at 01 January 2023
100
2,151,753
2,151,853
 
 
 
 
Net Income
-
1,200,680
1,200,680
 
 
 
 
Balance at 31 December 2023
100
3,352,433
3,352,533
 
 
 
 
Balance at January 1, 2024
100
3,352,433
3,352,533
 
 
 
 
Net Income
-
465,951
465,951
 
 
 
 
Balance at December 31, 2024
100
3,818,384
3,818,484
 
The notes on pages 14 to 26 form an integral part of these financial statements.
 
MUFG Fund Services (UK) Limited
 
Notes to the financial statements
Forming part of the financial statements
 
1
Accounting policies
 
MUFG Fund Services (UK) Limited is a company limited by shares and incorporated and domiciled in the UK. The address of the Company’s registered office is 24 Lombard Street, 4
th
Floor, London, England, EC3V 9AJ.
 
Basis of preparation
 
These financial statements were prepared in accordance with Financial Reporting Standard 102 
The Financial Reporting Standard
applicable in the UK and Republic of Ireland
(“FRS 102”)
as issued in August 2014. The presentation currency of these financial statements is Pounds Sterling.
 
The Company’s ultimate holding undertaking, Mitsubishi UFJ Financial Group, Inc includes the Company in its consolidated financial statements. The consolidated financial statements of Mitsubishi UFJ Financial Group, Inc. are available to the public and may be obtained from
www.mufg.jp
. In these financial statements, the Company is considered to be a qualifying entity (for the purposes of this FRS) and has applied the exemptions available under FRS 102 in respect of the following disclosures:• Key Management Personnel compensation.
 
In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the Company’s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
 
Change in accounting policy
 
There have been no changes to accounting policy in these financial statements.
 
1.1
Measurement convention
 
The financial statements are prepared on the historical cost basis.
 
1.2
Going Concern
 
These accounts have been prepared using the going concern basis. The use of the going concern basis of accounting is appropriate as there are no materials uncertainties related to events or conditions that may cast significant doubt about the ability of the Company to continue as a going concern.
 
MUFG Fund Services (UK) Limited
 
Notes to the financial statements
(continued)
 
1
Accounting policies
(continued)
 
1.3
Foreign Currency
 
Functional and presentation currency
Pound sterling is the functional currency of the Company. This is the currency of the primary economic environment in which the Company operates.
 
Transactions
Transactions in foreign currencies are translated to the Company’s functional currency at the foreign exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate prevailing at that date.
 
1.4
Basic financial instruments
 
Trade and other debtors/creditors
Trade and other debtors are recognised at transaction price. Trade and other debtors/creditors are carried at amortised cost which approximates its fair value.
 
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. Cash and Cash equivalents are carried at amortised cost which approximates its fair value
 
1.5
Tangible fixed assets
 
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.
 
Leases in which the Company assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance leases. All other leases are classified as operating leases.
 
Depreciation is charged to the profit and loss account on a straight-line basis over the estimated useful lives of each part of an item of tangible fixed assets. Leased assets and leasehold improvements are depreciated over the shorter of the lease term and their useful lives. For computer hardware purchased from 1 January 2020, the useful life is reduced to 5 years. For computer hardware purchased prior to 1 January 2020, the useful life is 7 years.
 
•
Computer hardware
5 years / 7 years
•
Furniture and equipment
5 years
 
Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since the last annual reporting date in the pattern by which the Company expects to consume an asset’s future economic benefits.
 
MUFG Fund Services (UK) Limited
 
Notes to the financial statements
(continued)
 
1
Accounting policies
(continued)
 
1.6
Employee benefits
 
The Company operates a salary sacrifice pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The Company introduced with effect from 1
 
January 2018 an employer contribution of 5%. Effective 1
 
August 2023 the Company offers an increase in employer contributions to 6% or 7% where the employee increases their contribution from 3% to 4% and 5% respectively. Under salary sacrifice, the employee sacrifices part of their salary and as the employer will pay less national insurance (NI) contributions these savings are paid to the pension along with the employee and employer contributions. The amount charged to the profit and loss account represents the contributions payable to the scheme in respects of the accounting period.
 
Short-term employee benefits are recognised as an expense in the period in which they are incurred.
 
1.7
Provisions
 
A provision is recognised in the balance sheet when the Company has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.
 
1.8
Turnover
 
Turnover represents amounts received for services provided in the normal course of business, net of VAT.
 
1.9
Expenses
 
Operating expenses include staff costs, property costs, travel, marketing, legal and professional fees and are recognised on the accrual basis.
 
MUFG Fund Services (UK) Limited
 
Notes to the financial statements
(continued)
 
1
Accounting
policies
 
(continued)
 
1.10
Taxation
 
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account.
 
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.
 
Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. The following timing differences are not provided for: differences between accumulated depreciation and tax allowances for the cost of a fixed asset if and when all conditions for retaining the tax allowances have been met. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.
 
Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date.
 
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
 
2
Turnover
 
 
2024
2023
 
£
£
Cayman
24,345,829
17,130,860
Bermuda
1,352,546
901,624
Ireland
1,352,546
-
 
 
 
 
27,050,921
18,032,484
 
MUFG Fund Services (UK) Limited
 
Notes to the financial statements
(continued)
 
3
Administrative expenses
 
 
2024
2023
 
£
£
Staff costs (note 5)
24,141,689
14,677,091
Property
221,948
229,229
Marketing, advertising and communications
253,966
86,636
Travel and entertainment
1,386,369
1,051,498
Information systems
154,246
179,849
Legal and professional
131,782
100,496
Depreciation
92,700
63,765
Other
42,352
36,815
 
 
 
 
26,425,052
16,425,379
 
4
Expenses and auditor’s remuneration
 
Included in the profit and loss are the following:
 
 
2024
2023
 
£
£
Audit of the financial statements
11,085
10,300
 
 
 
 
11,085
10,300
 
MUFG Fund Services (UK) Limited
 
Notes to the financial statements
(continued)
 
5
Staff numbers and costs
 
The average number of persons employed by the Company (including directors) during the year, analysed by category, was as following:
 
 
2024
2023
Number of employees
 
 
Administration
99
76
 
The aggregate payroll costs of these persons were as follows:
 
 
2024
2023
 
£
£
 
 
 
Wages and salaries
12,040,483
7,351,598
Payroll taxes
1,643,560
1,085,533
Other
4,953,339
2,469,820
Bonus
5,504,307
3,770,140
 
 
 
 
24,141,689
14,677,091
 
6
Directors’ remuneration
 
 
2024
2023
 
£
£
 
 
 
Directors’ remuneration
1,991,487
1,549,346
 
 
 
 
1,991,487
1,549,346
 
MUFG Fund Services (UK) Limited
 
Notes to the financial statements
(continued)
 
7
Taxation
 
 
2024
2023
 
£
£
Total tax expense recognised in the profit loss account
 
 
 
 
 
Current tax
 
 
Current tax on income for the period
769,472
680,128
 
Total current tax
769,472
680,128
 
Deferred tax asset (see note 12)
 
 
Origination and reversal of timing differences
(308,157)
(95,811)
Prior year adjustments
(303,014)
-
Change in tax rate
-
(145,680)
 
Total deferred tax
(611,171)
(241,491)
 
Tax on profit on ordinary activities
158,301
438,637
 
Reconciliation of effective tax rate
 
 
2024
2023
 
£
£
 
 
 
Profit for the year
465,951
1,200,680
Total tax expense
158,301
468,637
 
 
 
Profit excluding taxation
624,252
1,639,317
 
 
 
Tax using the UK corporation tax rate of 25% (2023:23.52%)
156,063
339,880
Effects of:
 
 
Fixed asset differences
-
(247)
Expenses not deductible for tax purposes
17,465
11,023
Income not taxable for tax purposes
(804)
-
Adjustments to tax charge in respect of previous periods
(14,646)
(39,882)
Remeasurement of deferred tax for change in tax rates
-
(5,670)
Other adjustment
-
133,533
 
Total tax expense included in profit or loss
158,301
438,637
 
A UK corporation rate of 25% (effective 1 April 2023) was substantively enacted in March 2023, reversing the previously enacted rate of 19%. This will increase the company’s future current tax charge accordingly. The deferred tax asset at 31 December 2024 has been calculated at 25% (2023: 25%)
 
MUFG Fund Services (UK) Limited
 
Notes to the financial statements
(continued)
 
7
Taxation (continued)
 
Pillar Two
 
In December 2021, The Organisation for Economic Co-operation and Development (OECD) issued model rules for a new global minimum tax framework (Pillar Two), and various governments around the world have issued, or are in the process of issuing, legislation on this. Mitsubishi UFJ Financial Group Inc and its consolidated subsidiaries are within the scope of Pillar Two and while the legislation to enact or substantively enact Pillar Two has passed in Japan, the legislation has been passed in the United Kingdom. Therefore, at a United Kingdom level, the rules and associated disclosures need to be considered. At 31 December, 2024, the effective tax rates for the United Kingdom exceeded the threshold so no additional charge was considered for Pillar 2.
 
MUFG Fund Services (UK) Limited
 
Notes to the financial statements
(continued)
 
8
Tangible assets
 
 
F&F
Hardware
Leasehold Improvements
Total
 
£
£
£
£
Cost
 
 
 
 
Balance at 1 January 2024
122,776
502,288
194,671
819,735
Additions
5,064
55,752
-
60,816
Disposals
-
-
-
-
 
 
 
 
Balance at 31 December 2024
127,840
558,040
194,671
880,551
 
 
 
 
Depreciation
 
 
 
 
Balance at 1 January 2024
120,174
188,971
190,566
499,711
Charge for the year
2,938
85,658
4,104
92,700
Disposals
-
-
-
-
 
 
 
 
Balance at 31 December 2024
123,112
274,629
194,670
592,411
 
 
 
 
At 31 December 2024
4,728
283,411
1
288,140
 
 
F&F
Hardware
Leasehold Improvements
Total
 
£
£
£
£
Cost
 
 
 
 
Balance at 1 January 2023
122,776
230,100
194,671
547,547
Additions
-
272,188
-
272,188
Disposals
-
-
-
-
 
 
 
 
 
Balance at 31 December 2023
122,776
502,288
194,671
819,735
 
 
 
 
 
Depreciation
 
 
 
 
Balance at 1 January 2023
115,892
136,991
185,641
438,524
Charge for the year
4,282
51,980
4,925
61,187
Disposals
-
-
-
-
 
 
 
 
 
Balance at 31 December 2023
120,174
188,971
190,566
499,711
 
 
 
 
 
Net Book Value
 
 
 
 
At 31 December 2023
2,602
313,317
4,105
320,024
 
MUFG Fund Services (UK) Limited
 
Notes to the financial statements
(continued)
 
9
Debtors
 
 
2024
2023
 
£
£
 
 
 
Amounts falling due within one year:
 
 
Amounts owed by group undertakings (note 16)
9,481,503
7,052,189
Deferred tax assets (note 12)
1,553,749
942,578
VAT receivable
81,646
76,474
Rent deposit
8,280
-
Prepayments and accrued income
261,097
173,038
 
 
 
 
11,386,275
8,244,279
 
10
Cash and cash equivalents
 
 
2024
2023
 
£
£
 
 
 
Cash at bank
2,271,532
2,663,484
 
 
 
 
2,271,532
2,663,484
 
11
Creditors: amounts falling due within one year
 
 
2024
2023
 
£
£
 
 
 
Trade creditors
57,916
31,387
Amounts owed to group undertakings (note 16)
90,509
1,771,935
Corporation tax
116,904
344,068
Accruals
2,613,102
377,376
Payroll liabilities
7,234,609
5,350,488
Other Creditors
14,423
-
 
 
 
 
10,127,463
7,875,254
 
 
2024
2023
 
£
£
Taxation and social insurance
 
 
Corporation Tax
116,904
344,068
PAYE & social insurance
-
6,786
VAT
(81,646)
(76,474)
 
 
35,258
274,380
 
MUFG Fund Services (UK) Limited
 
Notes to the financial statements
(continued)
 
12
Deferred tax assets
 
 
2024
2023
 
£
£
Deferred tax assets are attributable to the following:
 
 
 
 
 
As at 1 January
942,578
701,087
Credit for the year
611,171
241,491
 
 
 
As at 31 December
1,553,749
942,578
 
13
Employee benefits
 
Salary Sacrifice Pension Scheme
 
The Company operates a salary sacrifice pension scheme.
 
The total expense to the Company relating to this scheme in the current year was £638,327 
(2023: £
384,561
)
the plan is structured as a ‘salary sacrifice’ with the Company making an additional contribution of the savings of the Company on NI contributions.
 
14
Capital and reserves
 
 
2024
2023
 
£
£
 
 
 
Authorised
 
 
100 ordinary shares £1 each
100
100
 
 
 
Allotted and fully paid
 
 
100 ordinary shares of £1 each
100
100
 
There were no acquisitions, disposals or cancellations of shares during the year.
 
With regards to the voting rights of shareholders the Company abides by Section 284, Votes: General Rules, of the Companies Act 2006 (the “Act”).
 
With regards to distributions the Company abides by the provisions applicable to it as set out in Part 23 of the Act.
 
As set out in the Articles of the Company and subject to the Act, the Company may, with the consent of the Parent, purchase its own shares with cash up to an amount in each financial year not exceeding the lower of: (i) £15,000; and (ii) the value of 5 per cent of the Company’s share capital immediately prior to such purchase.
 
MUFG Fund Services (UK) Limited
 
Notes to the financial statements
(continued)
 
15
Contingencies
 
There were no contingencies during the year 
(2023: £nil)
 
16
Related party transactions
 
 
2024
2023
 
£
£
 
 
 
Due from MUFG Fund Services (Bermuda) Limited
704,029
259,882
Due to/from MUFG Fund Services Limited
224
(7,094)
Due to/from MUFG Fund Services (Cayman) Limited
3,516,169
(1,764,841)
Due from Mitsubishi UFJ Investor Services & Banking (Luxembourg) S.A.
10,853
10,853
Due from Mitsubishi UFJ Financial Group, Inc
69,006
69,534
Due from MUFG Alternative Fund Services (Cayman) Limited
4,616,994
6,702,607
Due from MUFG Fund Services (USA) LLC
2,746
2,876
Due from MUFG Fund Services (Cyprus) Limited
47,683
321
Due from MUFG Alternative Fund Services (Ireland) Limited
512,988
689
Due to MUFG Fund Services (Canada) Limited
(2,390)
-
Due from MUFG Investor Services Holdings Limited
811
5,427
Due to MUFG Fund Services (Singapore) Ptd. Ltd
(88,119)
-
 
 
9,390,994
5,280,254
 
The Company provides administration, sales and management services for the Group under Service Agreements with Group entities. The amount receivable during the year was £27,050,921 
(2023: £
18,032,484
)
and the balance outstanding at year end was £9,390,994 
(2023:
5,280,254
).
 
17
Operating Leases
 
Rental expenses, excluding utility expenses for premises leased on a long term basis recognised for the year ended 31 December 2024 amount to £152,617
(2023: £
166,488
).
 
 
2024
2023
 
£
£
 
 
 
Non-cancellable operating lease rentals are payable as follows:
 
 
 
 
 
Less than one year
22,497
22,497
Between one and five years
-
-
More than five years
-
-
 
MUFG Fund Services (UK) Limited
 
Notes to the financial statements
(continued)
 
18
Subsequent events
 
There were no subsequent events requiring disclosure or adjustment.
 
19
Ultimate holding undertaking and holding undertaking of larger group
 
Until 31 March 2024, MUFG Investor Services Holdings Limited was the Holding Company of the Group. The Holding Company was incorporated in Bermuda on 23 January 2011. With effect from 1 April 2024, MUFG Investor Services Holding Limited merged with MUFG Fund Services (Cayman) Group Limited, with MUFG Fund Services (Cayman) Group Limited being the surviving company. MUFG Fund Services (Cayman) Group Limited then changed its name to MUFG Investor Services Holdings Limited.
 
20
Approval of the financial statements
 
The board of directors approved the financial statements on 27 February 2025.