The directors present the strategic report on Swiss Finance Corporation (the 'Company') for the year ended 31 December 2025.

The Company is pleased to report a return to profitability during the year, driven primarily by increased volatility across the foreign exchange and precious metals markets. The strategic positioning of the business in prior years ensured that the Company was well placed to capitalise on these favourable market conditions, enabling improved trading performance across its core product lines.

Overall volumes increased significantly year-on-year, supported by a material rise in new client activity. This reflects both strengthened client engagement and the continued relevance of the Company’s offering in evolving market conditions.

The Company remains committed to its five-year growth strategy and continues to invest in its people, with a focus on attracting high-quality talent to further enhance the existing team and support future expansion. During the year, the Company also consolidated its technology offering, concluding its three-year arrangement with Integral and focusing development efforts on its strategic partnership with Lucera. This transition is expected to provide greater flexibility and scalability in the Company’s infrastructure going forward.

It was also encouraging to see positive momentum within the Capital Markets division, with several new client relationships established during the year, contributing to early signs of growth in this segment.

Early in 2026, the Company successfully relocated to a more cost efficient office environment, which is expected to deliver meaningful cost efficiencies in the years ahead while better supporting operational requirements.

The Company continues to operate debt-free, maintaining a strong balance sheet to support its strategic objectives.

The directors are responsible for managing the risks to the company's business. They maintain a policy of risk aversion and accordingly have taken reasonable steps to identify the principal risks to the company and ensure adequate and effective controls are in place to manage those risks. There is a continuous process undertaken to review and monitor the principal risks and the controls in place to manage them. Risks to income generating capabilities are mitigated wherever possible and the directors have a low tolerance for engagement in activity that may adversely influence the company's risk profile. The same low tolerance to risk is reflected on the cost side of the business with minimal long term cost commitments and continual review.

The company's principal financial instruments comprise of bank balances, trade receivables and trade payables. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations.

The company's approach to managing its principal risks is shown below:

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility by depositing and withdrawing money from its Trading Brokers.

Trade debtors comprise of monies due from Trading Brokers and are managed in respect of credit and cash flow risk as all amounts due are from recognised banks and financial institutions. Also, these amounts are regularly monitored to ensure that trading limits are not exceeded.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet liabilities as they fall due. Again, these amounts are regularly monitored to ensure that trade limits are not exceeded.

As a service provider the directors consider that the key financial risk exposures faced by the company relate to counterparty credit risk and the need to maintain sufficient liquidity to satisfy regulatory capital requirements and working capital needs. Company price risk exposure is almost entirely on an intra-day basis. Intra-day exposure is kept at an insignificantly low level in relation to company equity and liquidity.

In accordance with the Financial Conduct Authority's Prudential requirements for investment firms, the directors have prepared the public disclosures required under MIFIDPRU 8 as part of the UK Investment Firm Prudential Regime. These disclosures set out information relative to the company's risk management arrangements, governance, own funds, own funds requirements and remuneration policies. The disclosures are published on the company's website at www.sfc-uk.com.

The Key Performance Indicators used by the directors to assess the performance of the company against their stated objectives are as follows:

The directors of the company consider, both individually and together, that they have acted in a way they consider, in good faith, to promote the success of the company for the benefit of its shareholder in the decisions that have been taken during the year ended 31 December 2025. In doing so, they considered the likely consequence of any decisions in the long-term, having regard to an approach that is fair and equitable to its shareholder.

Underlying their decision making process, the directors consider the impact on the company’s employees and are mindful of how the company’s business operations impact on others. The directors’ overarching responsibility is to maintain a reputation for high standards of business conduct and seek to build strong business relationships with customers, suppliers and other key counterparties. Their intention throughout is to behave responsibly and to ensure that management operate the business in a responsible manner, operating within the high standards of business conduct, good governance and regulatory compliance expected of an FCA regulated business and for the ultimate benefit of its shareholder.

During the year under review, the company continued to explore ways of expanding both its client base and the financial products it offers but its business strategy remained largely unchanged. There were no key decisions made that could negatively impact its shareholders or other potential interested parties.

Looking ahead, the Company remains confident in its medium to long-term prospects, supported by a resilient business model and favourable market dynamics. While market conditions are expected to remain variable, the Company believes that continued volatility across foreign exchange and precious metals markets will provide ongoing opportunities to generate sustainable returns.

The Company will continue to execute against its five-year growth strategy, with a focus on expanding its client base, increasing trading volumes, and enhancing service delivery. Investment in technology remains a key priority, with further development of the Company’s infrastructure through its partnership with Lucera expected to strengthen performance, scalability, and operational efficiency.

In parallel, the Company will maintain its disciplined approach to cost management, ensuring that recent efficiencies, including those achieved through the office relocation, are fully realised in future periods.

The Capital Markets division is expected to build on the encouraging progress made during the year, with a growing pipeline of prospective clients and opportunities to broaden the Company’s offering in this area.

Attracting and retaining high-quality talent will remain central to the Company’s strategy, ensuring that it is well positioned to support continued growth and respond effectively to evolving market conditions.

The Company’s debt-free position provides a strong foundation from which to pursue its strategic objectives, and the Directors remain confident in the Company’s ability to deliver sustained growth and long-term value.

On behalf of the board

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

The results for the year are set out on page 9.

There are insufficient distributable reserves for the company to pay any dividends.

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

The auditor, TC Group, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

As the company has not does not meet the definition of a 'large company' as set out in the Companies Act 2006 and is not required to report on its emissions, energy consumption or energy efficiency activities.

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 Generally Accepted Accounting Practice (United Kingdom Accounting Standards 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;

• 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.

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 company’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 company’s auditor is aware of that information.

The board has always considered that "TCF" is part of its business ethos, and as a regulated company ensures it adheres to the FCA's principle based culture and, whenever appropriate, subscribes to the outcomes of this initiative.

The company has evaluated its procedures, made changes as appropriate and is continuing "TCF" as a core concept.

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial risk management and objectives with regard financial instruments.

We have audited the financial statements of Swiss Finance Corporation Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, 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 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 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.

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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our 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.

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, 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.

As explained more fully in the directors' responsibilities statement, 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.

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.

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.

Our approach was as follows:

• 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 Financial Conduct Authority (FCA), the reporting framework (FRS 102, the Companies Act 2006) and the relevant direct and indirect tax compliance, anti-bribery and anti-money-laundering regulations in the United Kingdom.
  

• We understood how the company is complying with those frameworks by making enquiries of management and seeking representations from those charged with governance. We corroborated our understanding by reviewing supporting documentation including correspondence with regulatory bodies.
  

• Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved enquiries of management and those charged with governance and review of legal and professional expenses.

• We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by considering the risk of management override of internal control and by designating revenue recognition as a fraud risk. We 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. We tested specific transactions reconciling to source documentation or independent confirmation, ensuring appropriate authorisation of the transactions and tested completeness of income through substantive tests performed, analytical review procedures and cut off tests on the revenue recognised.

• The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

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

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.

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

Swiss Finance Corporation Limited is a private company limited by shares incorporated in England and Wales. The registered office is 58 Grosvenor Street, London, W1K 3JB.

These 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 sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. The company's principal activities are exempt from VAT.

Revenue represents income derived from the making of markets in the foreign exchange sector and is recognised when the right to consideration has accrued.

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

An impairment loss is recognised immediately in profit or loss.

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense would normally represent the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the statement of comprehensive income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of non-current assets.

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 company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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

Rentals payable under operating leases, including any lease incentives received, are charged to the statement of comprehensive income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into the statement of comprehensive income for the year.

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 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.

No significant judgements and estimates have been made by the directors in preparing these financial statements.

An analysis of the company's revenue is as follows:

Turnover by geographical market has not been disclosed due to competition within the company's existing markets. The directors feel that this disclosure would seriously prejudice the company's current trading position within these markets.

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

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

The company has utilised tax losses brought forward from previous years and therefore, there is no tax charge for either the current or previous year. In addition there remain unutilised losses of approximately £5.3m to offset against future trading profits.

The tax for the year can be reconciled to the profit/(loss) per the income statement as follows:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

At the year end the amount of accrued pension contributions amounted to £2,819 (2024: £3,396).

Operating lease commitments represent rentals payable by the company in relation to its office premises.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

On 16 January 2026, the company completed the assignment of the lease relating to the Fourteenth Floor, East Wing, 33 Cavendish Square, London to an unconnected third party. As part of the transaction, the company paid a reverse premium of £170,000 plus VAT to the transferee as an incentive to take over the remaining lease obligations.

This transaction arose after the balance sheet date and does not relate to conditions existing at 31 December 2025. Accordingly, it is a non‑adjusting post balance sheet event. No provision has been recognised in these financial statements for the reverse premium that will be reflected in the financial statements for the year ending 31 December 2026.

The ultimate controlling party of the company is Mr Marc Degani ('MD')

MD was indebted to the company in the amount of £1,000,000 (2024: £836,000). This amount is unsecured and repayable on demand. Interest is payable on the loan at HM Revenue and Customs' official rate.