Company registration number 03752819 (England and Wales)
PAYDEN & RYGEL GLOBAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAYDEN & RYGEL GLOBAL LIMITED
COMPANY INFORMATION
Directors
J Payden
M B Syal
N P Jenkins
M H Stanley
Secretary
D C Wilkinson
Company number
03752819
Registered office
1 Bartholomew Lane
London
EC2N 2AX
Auditor
Ernst & Young LLP
Atria One
144 Morrison Street
Edinburgh
EH3 8EX
Bankers
Royal Bank of Scotland plc
62-63 Threadneedle Street
London
EC2V 7AG
PAYDEN & RYGEL GLOBAL LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Income statement
8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 22
Unaudited information - Detailed Income statement
23 - 24
Unaudited information - MIFIDPRU 8 Risk statement
25 - 34
PAYDEN & RYGEL GLOBAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -
Directors' strategic report

The directors present the ir strategic report and the financial statements for the year ended 31 December 2025.

Principal activity and review of the business

Payden & Rygel Global Limited (the "Company") undertakes investment services and trading activities on behalf of its parent Payden & Rygel (the "Parent"), its sister subsidiary Payden Global SIM SpA and for certain separately managed accounts clients contracted with the Company including Irish UCITS umbrella Payden Global Funds plc. Where a separately managed account is contracted with the Company, some aspects of investment management services may be delegated to the Parent. The Company also provides distribution and client relationship management services. The Company is regulated by the Financial Conduct Authority ('FCA'). The Company is required by its regulator to make its risk disclosure policy available in accordance with MIDFIDPRU 8 of the Capital Requirements Directive. The MIDFIDPRU 8 Risk Disclosure Statement has been made on page 2 5 to 3 4 and does not form part of the audited financial statements.

Principal risks and uncertainties

The Company's income represents fees for distribution and client relationship management services, investment management and sub-advisor services on behalf of the Parent. The Company's principal risks and uncertainties are therefore closely linked to those of the Parent and the performance of the funds managed by the Parent (see MIDFIDPRU 8 Risk Disclosure Statement). The business is also subject to risks associated with the tax and regulatory regimes within which it operates and with attracting and retaining the services of key executives. The Company seeks to maintain a client base both within and outside the UK in a landscape of increased regulatory divergence, including for example on environmental, social and governance factors, and regulatory reporting requirements.

The Company has adequate financial resources and remains able to manage its business at the current level of assets without the need for further capital raising.

The directors have reviewed the going concern status of the Company and in particular focused on market conditions and macro-economic and geopolitical events both during the financial year and since 31 December 202 5 and have concluded that there are no material uncertainties that may cast significant doubt about the Company's ability to continue as a going concern. Thus they continue to adopt a going concern basis of accounting in the financial statements.

Key performance indicators

The C ompany's overheads are reimbursed by its Parent and the C ompany invoices the Parent for all of its overheads plus an additional margin amount. The parent undertaking is committed to support the C ompany and has historically acted in line with that commitment.

Approved by the Board on 2 April 2026 and signed on its behalf by:

N P Jenkins
Director
2 April 2026
PAYDEN & RYGEL GLOBAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Results and dividends

The profit for the year after taxation amounted to £759,285 (20 24 - profit of £667,609).

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

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. The financial position of the Company and its liquidity position are reflected on the balance sheet. The Company has considerable financial resources and the directors believe the Company is well placed to manage its business risks successfully. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the period to 30 June 202 7. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J Payden
M B Syal
N P Jenkins
M H Stanley
Future developments

The C ompany is expected to continue trading profitably and take advantage of business opportunities as they arise.

Auditor

A resolution to reappoint Ernst & Young LLP as auditors will be put to the sole member by way of written resolution.

Disclosure of information to the auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the C ompany’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the C ompany’s auditor is aware of that information.

Political donations

The Company made no political donations during 2025.

PAYDEN & RYGEL GLOBAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Directors' Responsibilities Statement

The directors are responsible for preparing the annual report and the 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 financial statements in accordance with United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("United Kingdom Generally Accepted Accounting Practice") and applicable law. 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 accounting 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 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.

On behalf of the board
N P Jenkins
Director
2 April 2026
PAYDEN & RYGEL GLOBAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PAYDEN & RYGEL GLOBAL LIMITED
- 4 -
Opinion

We have audited the financial statements of Payden & Rygel Global Limited (“the company”) for the year ended 31 December 2025 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and the related notes 1 to 18, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including FRS 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 Company’s affairs as at 31 December 2025 and of its profit 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’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 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 the period to 30 June 2027.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as a going concern.

PAYDEN & RYGEL GLOBAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PAYDEN & RYGEL GLOBAL LIMITED
- 5 -

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 this 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 the other information, we are required to report that fact.

We have nothing to report in this regard.

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 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 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 C ompany and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or 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 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.

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement set out on page 3, 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.

PAYDEN & RYGEL GLOBAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PAYDEN & RYGEL GLOBAL LIMITED
- 6 -
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.

Explanation as to what 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 irregularities, including fraud. 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 deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (United Kingdom Generally Accepted Accounting Practice and the Companies Act 2006) and relevant tax compliance regulations in the United Kingdom.

- We understood how the company is complying with those frameworks by making enquiries of management to understand how the company maintains and communicates its policies and procedures relating to these areas and corroborated this by reviewing supporting documentation. We assessed the culture and entity level control framework of the company to consider if appropriate measures are in place around fraud prevention.

- We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by discussing with those charged with governance and management to understand where they considered there was susceptibility to fraud. We identified a fraud risk in relation to revenue and expenses due to the cost-plus arrangement in place with the company’s parent in addition to the presumed risk of management override. In response to this risk we: understood the movement of revenue as driven by expenses; evaluated the design effectiveness of management’s controls in place to prevent errors in the calculation of revenue in line with the Services Agreement between the company and parent; and performed journal entry testing by specific risk criteria, with a focus on journals indicating large or unusual transactions based on our understanding of the business.

- Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures involved inquiries of management and those charged with governance, review of legal and professional expenses and review of board meeting minutes.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

PAYDEN & RYGEL GLOBAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PAYDEN & RYGEL GLOBAL LIMITED
- 7 -

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.

Jennifer Rogan (Senior statutory auditor)
For and on behalf of Ernst & Young LLP, Statutory Auditor
Edinburgh
2 April 2026
PAYDEN & RYGEL GLOBAL LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
19,590,079
17,713,134
Administrative expenses
(18,600,838)
(16,850,733)
Operating profit
5
989,241
862,401
Interest receivable and similar income
6
41,632
44,405
Interest payable and similar expenses
8
(877)
(667)
Losses on foreign exchange
(12,499)
(11,632)
Profit before taxation
1,017,497
894,507
Tax on profit
9
(258,212)
(226,898)
Profit for the financial year
759,285
667,609

The income statement has been prepared on the basis that all operations are continuing operations.

The notes on pages 13 to 22 form part of these financial statements.

PAYDEN & RYGEL GLOBAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
£
£
Profit for the year after taxation
759,285
667,609
Other comprehensive income
-
-
Total comprehensive income for the year
759,285
667,609

The notes on pages 13 to 22 form part of these financial statements.

PAYDEN & RYGEL GLOBAL LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
147,209
205,721
Current assets
Deferred tax asset
15
85,032
675
Debtors
11
7,785,911
7,272,498
Cash at bank and in hand
4,467,321
4,243,284
12,338,264
11,516,457
Creditors: amounts falling due within one year
12
(4,581,548)
(4,577,538)
Net current assets
7,756,716
6,938,919
Net assets
7,903,925
7,144,640
Capital and reserves
Called up share capital
13
465,000
465,000
Profit and loss reserves
7,438,925
6,679,640
Total equity
7,903,925
7,144,640
The notes on pages 13 to 22 form part of the financial statements.
The financial statements were approved by the board of directors and authorised for issue on 2 April 2026 and are signed on its behalf by:
N P Jenkins
Director
Company Registration No. 03752819
PAYDEN & RYGEL GLOBAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
Share capital
Profit and loss reserve
Total
£
£
£
Balance at 1 January 2024
465,000
6,012,031
6,477,031
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
667,609
667,609
Balance at 31 December 2024
465,000
6,679,640
7,144,640
Year ended 31 December 2025:
Profit and total comprehensive income for the year
-
759,285
759,285
Balance at 31 December 2025
465,000
7,438,925
7,903,925
PAYDEN & RYGEL GLOBAL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
2025
2024
£
£
£
£
Net cash inflow from operating activities
Operating profit
989,241
862,401
Adjustment to operating profit
Depreciation
79,898
113,509
Increase in debtors
(513,413)
(723,852)
(Decrease)/increase in creditors
4,010
(48,533)
Movement in deferred tax asset/liability
(84,357)
19,170
Interest paid
(877)
(667)
Taxation charged
(258,212)
(226,898)
Net cash inflow/(outflow) from operating activities
216,290
(4,870)
Investing activities
Capital expenditure
(21,386)
(196,804)
Interest received
41,632
44,405
Net cash outflow from investing activities
20,246
(152,399)
Increase in cash
236,536
(157,269)
RECONCILIATION OF CASH AND CASH EQUIVALENTS
2025
2024
£
£
Change in net cash resulting from cash flows
236,536
(157,269)
Effect of foreign exchange rates
(12,499)
(11,632)
Movement in net Cash in the year
224,037
(168,901)
Net cash at 1 January
4,243,284
4,412,185
Net cash at 31 December
4,467,321
4,243,284
PAYDEN & RYGEL GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
1
Accounting policies
Company information

Payden & Rygel Global Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Bartholomew Lane, London, EC2N 2AX.

1.1
Basis of preparation

The Company's financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in pound sterling, which is the functional and presentational currency of the C ompany. Monetary a mounts in these financial statements are rounded to the nearest pound.

1.2
Going concern

The financial statements are prepared on a going concern basis under the historical cost convention modified to include the measurement at fair value of financial assets through profit and loss.true

The Company has adopted the FRC code which provides guidance for preparing the analysis of the Company as a going concern and has prepared its analysis by reference to appendix lll of the code. After considering the factors for assessing the Company as a going concern we can conclude that there are no material factors or uncertainties that would give rise to doubt about the Company’s ability to continue as a going concern for the period to 30th June 202 7.

Company’s business activities

The C ompany continues to have a prestigious institutional client base for which it performs regulated distribution and client relationship management services together with investment management related services for Payden & Rygel, (the “Parent”), its sister subsidiary Payden Global SIM SpA and Payden Global Funds plc. Substantially all revenues derived from these business activities flow to the P arent company and the P arent company recompenses the C ompany as its subsidiary on the cost-plus basis under the Restated and Novated Services Agreement between the Company and Parent dated 29th August 2024 ("Services Agreement").

PAYDEN & RYGEL GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -

Going concern analysis

The Company’s going concern analysis is therefore conducted in light of the Services Agreement and the relationship with its Parent and the following factors were given special consideration;

- The Company contributes to, and is recompensed through, revenues accruing to the Parent. It does not rely on outside capital.

- The Company is authorised and regulated by the Financial Conduct Authority ('FCA') and is authorised to provide full investment management services to professional customers only. During 202 5 under FCA regulations the Company was required to provide ICARA and MIDFIDPRU 8 reports confirming its financial strength and stability on a forward-looking basis. Those reports are prepared in accordance with the FCA requirements. The reports have been made available to the Company’s auditors.

- During 202 5, the Company made regular assessment of its regulatory capital requirements under Investment Funds Prudential Regime ('IFPR'). The Company’s tier 1 capital as at 31 December 202 4 stood at £7,144,640 more than two times exceeding the Fixed Overhead Requirement under IFPR. As at 31 December 202 5, the Company's tier 1 capital stood at £7,903,925.

- A letter addressed to the Company from the Parent has been provided that states the Parent’s intention is for the Services Agreement between the Parent and the Company to operate through June 202 7 and that any payments due to the Company by the Parent pursuant to that agreement shall be paid as provided for.

- The Parent will have adequate funds to meet its obligations under the Services Agreement. The assets under management of the Parent as at 31 December 202 4 stood at $1 59 billion and at 31 December 202 5 had increased to $1 66 billion. There have been no significant changes to the business of the Parent and none are foreseen.

- Expenses have been budgeted through to 30 June 202 7 for the C ompany. There have been no significant changes from the previous year that could lead to a change in the conclusion above.

- There are no contingent liabilities (including legal proceedings) that would change the conclusion above.

- The Company has suffered no noticeable long-term detriment to its business resulting from the conflicts in Ukraine and the Middle-East and other geopolitical and macro-economic events occurring both during and after the year, including tariff-related measures and associated financial markets repercussions.

1.3
Tangible fixed assets

All fixed assets are initially recorded at cost.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost of each a sset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings
Over 5 Years
Computer equipment
Over 3 Years

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

1.4
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

PAYDEN & RYGEL GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
Current tax

Current tax is based on taxable profit for the year. Taxable profit will differ from the profit o n ordinary activities before tax as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible.

Deferred tax

Deferred taxation is recognised in respect of all timing differences which are differences between taxable profits and total comprehensive income that 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, except that unrelieved tax losses and other deferred tax assets are recognised only to the extent that the directors consider that it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

1.5
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the C ompany is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.7
Foreign exchange

Foreign currency balances outstanding at the balance sheet date are translated at the rate ruling at that date. All trading transactions are translated into sterling at the exchange rate ruling at the time of transactions. Foreign currency profits and losses arising are included within the C ompany's income statement.

1.8

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other o perating expenses.

1.9

Operating leases

Operating lease rentals are charged to profit and loss on a straight-line basis over the lease term.

PAYDEN & RYGEL GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
2
Judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The directors confirm there are no material accounting judgements.

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover

Turnover represents amounts derived from the provision of services to the parent undertaking calculated in accordance with the Company's cost-plus agreement. These services constitute the provision of investment advisory services.

4
Employees

The average monthly number of persons (including directors) employed by the Company during the year was:

2025
2024
Number
Number
Average number of employees
38
37

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
13,298,756
12,078,371
Social security costs
1,884,858
1,619,928
Pension costs
761,892
331,512
15,945,506
14,029,811
PAYDEN & RYGEL GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
5
Operating profit
2025
2024
The operating profit amounting to £989,241 (2024: £862,401) is stated after
£
£
Auditors' remuneration - audit of the financial statements
58,220
44,500
Auditors' remuneration - other assurance services
6,240
6,000
Depreciation of owned tangible fixed assets
79,898
113,509
Directors' remuneration
2,957,439
3,443,342
Operating lease rentals - land and buildings
591,917
579,901
6
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
41,632
44,405
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
41,632
44,405
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
2,842,210
3,415,259
Company pension contributions to defined contribution schemes
19,998
9,999
Sums paid to third parties for directors' services
95,231
18,084
2,957,439
3,443,342
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
1,847,741
1,651,888

Two of the directors are not compensated through the company.

PAYDEN & RYGEL GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
877
667
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
342,567
207,727
Deferred tax
Origination and reversal of timing differences
(84,355)
19,171
Total tax charge
258,212
226,898

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
1,017,497
894,507
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
254,374
223,627
Tax effect of expenses that are not deductible in determining taxable profit
3,838
3,271
Taxation charge for the year
258,212
226,898
PAYDEN & RYGEL GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
10
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 January 2025
1,403,782
405,839
1,809,621
Additions
7,579
13,807
21,386
At 31 December 2025
1,411,361
419,646
1,831,007
Depreciation and impairment
At 1 January 2025
1,275,005
328,895
1,603,900
Depreciation charged in the year
38,560
41,338
79,898
At 31 December 2025
1,313,565
370,233
1,683,798
Carrying amount
At 31 December 2025
97,796
49,413
147,209
At 31 December 2024
128,777
76,944
205,721
11
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
216,396
1,347,956
Amounts due from the parent entity (note 18)
6,715,423
5,063,276
Other debtors
4,719
73,332
Prepayments
415,683
787,934
7,352,221
7,272,498
2025
2024
Amounts falling due after more than one year:
£
£
Other debtors
433,690
-
0
Deferred tax asset (note 15)
85,032
675
518,722
675
Total debtors
7,870,943
7,273,173
PAYDEN & RYGEL GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
12
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
4,161
36,054
Corporation tax
342,567
207,727
Other taxation and social security
201,655
945
Wages payable
3,513,731
3,789,414
Accruals and deferred income
519,434
543,398
4,581,548
4,577,538
13
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
465,000
465,000
465,000
465,000
14
Other financial commitments

The C ompany signed a 10 year lease for 1 Bartholomew Lane, London in August 2012, and a further extension of 5 years commencing in 202 2. U nder the terms of the lease the C ompany is also committed to paying service charges for the maintenance of office premises.

At 31 December 202 5 the C ompany had annual commitments under non-cancellable operating leases as set out below:

2025
2024
£
£
Within one year
524,625
524,625
Between two and five years
524,625
1,049,250
1,049,250
1,573,875
PAYDEN & RYGEL GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
15
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the Company and movements thereon:

(Assets)/
(Assets)/
Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
35,592
49,954
Retirement benefit obligations
(120,624)
(50,629)
(85,032)
(675)
2025
Movements in the year:
£
Asset at 1 January 2025
(675)
Credit to profit or loss
(84,357)
Asset at 31 December 2025
(85,032)

The amount of the net reversal of the deferred tax expected to occur next year is £170,063 (2024: £1,351).

16
Events after the reporting date

As at the approval date of the financial statements by the board, there are no events after the reporting date to disclose.

17
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
761,892
331,512

The C ompany contributes to defined contribution pension scheme s for all qualifying employees. These schemes are independent from the Company.

PAYDEN & RYGEL GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
18
Related party transactions

During the year, the C ompany invoiced its parent undertaking £1 9,590,079 (202 4: £1 7,713,134) for the provision of services. At the financial year end a balance of £6,715,423 (202 4: £5,063,276) was included in debtors as being due from the parent undertaking.

The total fees in respect to the agreements with third parties which are delegated and transferred to the C ompany's p arent for the year ended 31 December 202 5 amounted to £14,351,482 (202 4: £14,949,607).

Ultimate parent undertaking and controlling party

The C ompany's immediate and ultimate parent undertaking and controlling party is Payden & Rygel, a company incorporated in the United States of America located at 333 South Grand Avenue, Floor 39, Los Angeles. CA 90071.

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