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| MUFG Fund Services (UK) Limited
| (Incorporated in the UK)
| Financial Statements, Directors’ Report and Independent Auditor’s Report
| For the Year Ended 31 December 2025

MUFG Fund Services (UK) Limited
Contents
Year Ended December 31, 2025
(Expressed in Pounds Sterling)

| 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
Statement of Comprehensive Income | 10
Statement of Financial Position | 11
Statement of Changes in Shareholder’s Equity | 12
Statement of Cash Flows | 13
Notes to the Financial Statements | 14 - 22

MUFG Fund Services (UK) Limited
Directors and Other Information
Year Ended December 31, 2025
(Expressed in Pounds Sterling)

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, D02 AY28
| Ireland
Bankers: | HSBC Bank plc.
| 16 King Street
| Co vent Garden
| London
| England
| WC2E 8JF
Registered number: | 05994776

MUFG Fund Services (UK) Limited
Directors’ Report
Year Ended December 31, 2025
(Expressed in Pounds Sterling)
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 December 31, 2025.
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 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”).
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.
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 £1,547,880
(2024: £624,252).
Proposed dividend
There were no dividend payments during 2025 (2024: nil).
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 December 31, 2025 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.
MUFG Fund Services (UK) Limited
Directors’ Report
Year Ended December 31, 2025
(Expressed in Pounds Sterling)
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 December 31, 2025.
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 they 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
_________________________________
Ben Griffiths
Director
Date: 25 February 2026
MUFG Fund Services (UK) Limited
Strategic Report
Year Ended December 31, 2025
(Expressed in Pounds Sterling)
The directors present their strategic report for the Company for the year ended December 31, 2025. The directors, in preparing this strategic report, have complied with section 414C of the Companies Act 2006.
Business review
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.
The Statement of Comprehensive Income for the year is set out in page 10. Revenue has increased by 9% to £29,462,176 mainly reflecting the increase in the provision of services during the year to the Group. The profit before tax during the year is £1,547,880 (2024: £624,252). Net assets have increased from £3,818,484 to £4,610,467.
Key performance indicators (KPIs)
The Group manage its operations on a divisional basis, focusing on revenue, operating income, pro fit/(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
_______________________
Ben Griffiths
Director
Date: February 25, 2026
MUFG Fund Services (UK) Limited
Statement of Directors’ Responsibilities in respect of the Directors’ Report and the Financial Statements
Year Ended December 31, 2025
(Expressed in Pounds Sterling)
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
______________________
Ben Griffiths
Director
Date: 25 February 2026

Deloitte. | Deloitte Ireland LLP
| Chartered Accountants &
| Statutory Audit Firm

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 the state of the company's affairs as at 31 December 2025 and of its profit for the financial 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;
•
the related notes 1 to 20, including the statement of 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.
Other information
The other information comprises the information included in the Directors' 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 Directors' 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.

| Deloitte Ireland LLP
Deloitte. | Chartered Accountants &
Statutory Audit Firm
/Continued from previous page |

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
MUFG FUND SERVICES (UK) LIMITED
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, 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.
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 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. This 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.

| Deloitte Ireland LLP
Deloitte. | Chartered Accountants &
Statutory Audit Firm
/Continued from previous page |

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
MUFG FUND SERVICES (UK) LIMITED
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 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 any material misstatements in the strategic report or the directors' report.
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.

| Deloitte Ireland LLP
Deloitte. | Chartered Accountants &
Statutory Audit Firm
/Continued from previous page |

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
MUFG FUND SERVICES (UK) LIMITED
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.
Ailbhe Flynn
For and on behalf of Deloitte Ireland LLP
Statutory Auditor
Deloitte & Touche House, 29 Earlsfort Terrace, Dublin 2
25 February 2026
MUFG Fund Services (UK) Limited
Statement of Comprehensive Income
Year Ended December 31, 2025
(Expressed in Pounds Sterling)

| Note | 2025 | 2024
Turnover | 2 | 29,462,176 | 27,050,921
Gross profit |  | 29,462,176 | 27,050,921
Administrative expenses | 3 | (27,910,205) | (26,425,052)
Other operating income/(expense) |  | (4,091) | (1,617)
Profit on ordinary activities before taxation |  | 1,547,880 | 624,252
Taxon profit on ordinary activities | 7 | (755,897) | (158,301)
Profit for the financial year |  | 791,983 | 465,951

The accompanying notes form an integral part of these financial statements.
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.
MUFG Fund Services (UK) Limited
Statement of Financial Position
As at 31 December 2025
(Expressed in Pounds Sterling)

| Note | 2025 | 2024
Assets |  |  |
Fixed assets |  |  |
Tangible assets | 8 | 269,626 | 288,140
Current assets |  |  |
Trade and other receivables | 9 | 6,526,886 | 11,386,275
Cash and cash equivalents | 10 | 10,091,504 | 2,271,532
Total assets |  | 16,888,016 | 13,945,947
Liabilities |  |  |
Current Liabilities |  |  |
Trade and other creditors | 11 | 11,837,300 | 7,265,318
|  | 11,837,300 | 7,265,318
Non- current Liablities |  |  |
Trade and other creditors | 11 | 440,249 | 2,862,145
Total liabilities |  | 12,277,549 | 10,127,463
Capital and reserves |  |  |
Called up share capital | 14 | 100 | 100
Retained earnings |  | 4,610,367 | 3,818,384
Total shareholder's equity |  | 4,610,467 | 3,818,484
Total liabilities and shareholder's equity |  | 16,888,016 | 13,945,947

The accompanying notes form an integral part of these financial statements.
The financial statements were approved by the Board of Directors on 25 February 2026
Signed on behalf of the Board of Directors
______________________
Ben Griffiths
Director
Company registration number 05994776
(England and Wales)
MUFG Fund Services (UK) Limited
Statement of Changes in Shareholder’s Equity
Year Ended December 31, 2025
(Expressed in Pounds Sterling)

| Called up share capital | Retained earnings | Total Shareholder’s equity
Balance at |  |  |
December 31,2023 | 100 | 3,352,433 | 3,352,533
Net Income | - | 465,951 | 465,951
Balance at |  |  |
31 December 2024 | 100 | 3,818,384 | 3,818,484
Net Income | - | 791,983 | 791,983
Balance at |  |  |
31 December 2025 | 100 | 4,610,367 | 4,610,467

The accompanying notes form an integral part of these financial statements.
MUFG Fund Services (UK) Limited
Statement of Cash Flows
Year Ended December 31, 2025
(Expressed in Pounds Sterling)

| 2025 | 2024
Cash flows from operating activities |  |
Profit for the financial year | 791,983 | 465,951
Adjustments for: |  |
Depreciation and amortisation of fixed assets | 97,831 | 92,700
Taxation expense | 755,897 | 158,301
| 1,645,711 | 716,952
Decrease/(Increase) in trade and other debtors | 4,839,621 | (2,530,825)
Increase in trade and other creditors | 2,053,229 | 2,479,374
| 8,538,561 | 665,501
Taxation paid | (639,273) | (996,637)
Net cash from operating activities | 7,899,288 | (331,136)
Cash flows from investing activities |  |
Acquisition of tangible assets | (79,316) | (60,816)
Net cash from investing activities | (79,316) | (60,816)
Net increase/(decrease) in cash and cash equivalents | 7,819,972 | (391,952)
Cash and cash equivalents at January 1 | 2,271,532 | 2,663,484
Cash and cash equivalents at December 31 | 10,091,504 | 2,271,532

The accompanying notes form an integral part of these financial statements
MUFG Fund Services (UK) Limited
Notes to the Financial Statements
Year Ended December 31, 2025
(Expressed in Pounds Sterling)
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 fromwww.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.
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.
The preparation of financial statements in accordance with (“FRS 102”) requires management to make estimates and apply judgement that affect the reported amounts of assets, liabilities, income, and expenses. These estimates and judgements are based on historical experience and other relevant factors, including expectations of future events. Actual results may differ from these estimates. Significant areas of judgement include:
●
Impairment of financial assets:
Estimating expected credit losses based on historical default rates, current market conditions, and forward-looking information.
●
Income taxes:
Assessing uncertain tax positions and estimating provisions where outcomes are not yet determined.
●
Pillar Two income tax:
The assessment of the Company’s exposure to Pillar Two income tax involves significant judgement and estimation, including the interpretation of newly enacted and evolving legislation, the application of OECD administrative guidance, the determination of jurisdictional effective tax rates, and the availability and reliability of data required for the calculations. Although draft Pillar Two calculations have been prepared based on information currently available, the final outcome remains subject to the completion of the Group’s Pillar Two computations, final confirmation of safe harbour eligibility where applicable, and further administrative guidance issued by relevant tax authorities. At this stage, management has reasonable expectations that no Pillar Two top-up tax liability will arise for the year ended December 31, 2025, as the relevant jurisdictional effective tax rates are expected to exceed the minimum rate of 15%. The Company continues to make progress with its detailed Pillar Two assessment and compliance preparations.
Change in accounting policy
There have been no changes to accounting policy in these financial statements.
Measurement convention
The financial statements are prepared on the historical cost basis.
MUFG Fund Services (UK) Limited
Notes to the Financial Statements
Year Ended December 31, 2025
(Expressed in Pounds Sterling)
1.
Accounting policies (continued)
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.
Foreign currency
Functional and presentation currency
Pounds 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.
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
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.

● Computer hardware | 5 years / (7 years prior to January 1, 2020)
● 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.
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 January 1, 2018 an employer contribution of 5%. Effective August 1, 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 respect of the accounting period.
MUFG Fund Services (UK) Limited
Notes to the Financial Statements
Year Ended December 31, 2025
(Expressed in Pounds Sterling)
1.
Accounting policies (continued)
Employee benefits (continued)
Short-term employee benefits are recognised as an expense in the period in which they are incurred.
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.
Turnover
Turnover represents amounts received for services provided in the normal course of business, net of VAT.
From January 1, 2026, the revised Section 23 of (“FRS 102”) will apply, introducing enhanced disclosure requirements. These include disaggregation of revenue by type, geography or timing, details of contract balances and movements, information on performance obligations and payment terms, methods used for recognising revenue over time, and explanations of significant unsatisfied obligations. The Company does not expect any significant impact on application of this from the accounting period January 1, 2026.
Expenses
Operating expenses include staff costs, property costs, travel, marketing, legal and professional fees and are recognised on the accrual basis.
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 it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits
MUFG Fund Services (UK) Limited
Notes to the Financial Statements
Year Ended December 31, 2025
(Expressed in Pounds Sterling)
2.
Turnover
Turnover is derived from the following locations:

| 2025 | 2024
Cayman | 27,913,292 | 24,345,829
Bermuda | - | 1,352,546
Ireland | 1,279,916 | 1,352,546
Singapore | 268,968 | -
| 29,462,176 | 27,050,921

3.
Administrative expenses

| 2025 | 2024
Staff costs | 25,842,291 | 24,141,689
Property | 219,894 | 221,948
Marketing, advertising and communications | 104,572 | 253,966
Travel and entertainment | 971,563 | 1,386,369
Information systems | 323,503 | 154,246
Legal and professional | 285,730 | 131,782
Depreciation | 97,831 | 92,700
Other | 64,821 | 42,352
| 27,910,205 | 26,425,052

4.
Expenses and auditors’ remuneration
Included in the profit and loss are the following:

| 2025 | 2024
Audit of the financial statements | 13,838 | 11,085

No other services were provided by the auditor during the period.
5.
Staff numbers and costs
The average number of persons employed by the Company (including directors) during the year, analysed by category, was as follows:

| 2025 | 2024
Number of employees Administration | 93 | 99

The aggregate payroll costs of these persons were as follows:

| 2025 | 2024
Wages and salaries | 13,494,036 | 12,040,483
Social insurance costs | 2,105,358 | 1,643,560
Other | 3,747,852 | 4,953,339
Bonus | 6,495,045 | 5,504,307
| 25,842,291 | 24,141,689

MUFG Fund Services (UK) Limited
Notes to the Financial Statements
Year Ended December 31, 2025
(Expressed in Pounds Sterling)
6.
Directors’ remuneration and transactions
Directors’ remuneration (including persons connected with directors)

| 2025 | 2024
Emoluments | 2,079,268 | 1,991,487
| 2,079,268 | 1,991,487

7.
Tax on profit on ordinary activities
Total tax expense recognised in the profit and loss account:

| 2025 | 2024
Current tax |  |
Current tax on income for the period | 777,161 | 481,104
Adjustments in respect of prior periods | (41,032) | 288,368
Total current tax | 736,129 | 769,472
Deferred tax (see note 12) |  |
Origination and reversal of timing differences | (239,222) | (308,157)
Prior year adjustments | 258,990 | (303,014)
Total deferred tax | 19,768 | (611,171)
Tax on profitless) on ordinary activities | 755,897 | 158,301
Pillar two income tax |  |
Reconciliation of effective tax rate | 2025 | 2024
Profit for the year | 791,983 | 465,951
Total tax expense/(income) | 755,897 | 158,301
Profit excluding taxation | 1,547,880 | 624,252
Tax using the UK corporation tax rate of 25% (2024: 25%) | 386,970 | 156,063
Effects of: |  |
Expenses not deductible for tax purposes | 26,139 | 17,645
Income not taxable for tax purposes | - | (804)
Adjustments to brought forward values | 124,830 | -
Adjustments to tax charge in respect of previous periods | 217,958 | (14,646)
Total tax expense included in profit or loss | 755,897 | 158,301

MUFG Fund Services (UK) Limited
Notes to the Financial Statements
Year Ended December 31, 2025
(Expressed in Pounds Sterling)
7.
Tax on profit on ordinary activities (continued)
International tax reform- Pillar Two
Background
The UK implemented the OECD Pillar 2 Global Anti-Base Erosion (GloBE) rules through the Finance (No. 2) Act 2023 and Finance Act 2025. These rules apply to multinational and UK-only groups with consolidated revenues of at least €750 million in two of the previous four years. The legislation introduces a 15% minimum effective tax rate on a jurisdictional basis, with top-up taxes payable where the effective tax rate falls below this threshold. The rules apply to accounting periods beginning on or after December 31, 2023. The Group meets the revenue threshold and is therefore within scope. The UK has introduced a Qualified Domestic Minimum Top-up Tax (QDMTT), which applies to UK entities within the Group if their effective tax rate falls below 15%. This ensures that any top-up tax due on UK profits is collected domestically rather than through other jurisdictions.
Application of FRS 102 Amendments
In July 2023, the Financial Reporting Council (FRC) issued amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Ireland, introducing a mandatory temporary exception to the recognition and disclosure of deferred tax assets and liabilities arising from the implementation of Pillar Two income taxes.
The Company has applied this mandatory temporary exception in accordance with Section 29 Income Tax of FRS 102. Accordingly, no deferred tax assets or liabilities have been recognised or disclosed in respect of Pillar Two income taxes as of December 31, 2025.
Current Year Impact
The Group is assessing exposure across jurisdictions, including the UK for QDMTT purposes. For the year ended December 31, 2025, no top-up tax liability has been identified under the GloBE rules, including the Domestic Minimum Top-Up Tax. The Group has performed an initial assessment and concluded that its effective tax rate in UK, exceeds the 15% minimum threshold. Accordingly, no adjustments have been recognized in these financial statements. For the financial year ended December 31, 2024, the Group passed the criteria for the OECD Transitional Country by Country Reporting Safe Harbour in the UK and expects the same for the financial year ended December 31, 2025.
8.
Tangible assets

| Fixtures | Computer | Leasehold |
| & fittings | hardware | improvements | Total
Cost |  |  |  |
Balance at January 1,2025 | 127,840 | 558,040 | 194,671 | 880,551
Additions | - | 79,316 | - | 79,316
Disposals | (122,776) | (105,848) | (194,671) | (423,295)
Balance at December 31, 2025 | 5,064 | 531,508 | - | 536,572
Depreciation |  |  |  |
Balance at January 1,2025 | 123,112 | 274,629 | 194,670 | 592,411
Charge for the year | 1,013 | 96,818 | - | 97,831
Loss on disposals | - | - | - | -
Disposals | (122,774) | (105,852) | (194,670) | (423,296)
Balance at December 31, 2025 | 1,350 | 265,596 | - | 266,946
Net Book Value |  |  |  |
Balance at December 31, 2024 | 4,728 | 283,411 | 1 | 288,140
Balance at December 31, 2025 | 3,714 | 265,912 | - | 269,626

MUFG Fund Services (UK) Limited
Notes to the Financial Statements
Year Ended December 31, 2025
(Expressed in Pounds Sterling)
8.
Tangible assets (continued)

| Fixtures | Computer | Leasehold |
| & fittings | hardware | Improvements | Total
Cost |  |  |  |
Balance at January 1,2024 | 122,776 | 502,288 | 194,671 | 819,735
Additions | 5,064 | 55,752 | - | 60,816
Disposals | - | - | - | -
Balance at December 31,2024 | 127,840 | 558,040 | 194,671 | 880,551
Depreciation |  |  |  |
Balance at January 1,2024 | 120,174 | 188,971 | 190,566 | 499,711
Charge for the year | 2,938 | 85,658 | 4,104 | 92,700
Loss on disposals |  |  |  | -
Disposals | - | - | - | -
Balance at December 31,2024 | 123,112 | 274,629 | 194,670 | 592,411
Net Book Value |  |  |  |
At 1 January 2024 | 2,602 | 313,317 | 4,105 | 320,024
At December 31,2024 | 4,728 | 283,411 | 1 | 288,140

9.
Trade and other receivables

| 2025 | 2024
Amounts falling due within one year: |  |
Amounts owed by group undertakings | 4,533,325 | 9,481,503
Deferred tax asset (note 12 ) | 1,533,981 | 1,553,749
VAT receivable | 108,909 | 81,646
Rent deposit | 8,280 | 8,280
Prepayments and accrued income | 342,391 | 261,097
| 6,526,886 | 11,386,275

10.
Cash and cash equivalents

| 2025 | 2024
Cash at bank | 10,091,504 | 2,271,532
| 10,091,504 | 2,271,532

11.
Trade and other creditors

| 2025 | 2024
Amounts falling due within one year: |  |
Trade creditors | 32,412 | 57,916
Amounts owed to group undertakings | - | 90,509
Corporation tax | 213,761 | 116,904
Accruals | 3,008,446 | 2,613,102
Payroll liabilities | 8,555,165 | 4,372,464
Other creditors | 27,515 | 14,423
| 11,837,300 | 7,265,318
Amouts falling due over one year: |  |
Payroll liabilities | 440,249 | 2,862,145
| 440,249 | 2,862,145

MUFG Fund Services (UK) Limited
Notes to the Financial Statements
Year Ended December 31, 2025
(Expressed in Pounds Sterling)
12.
Deferred tax assets and liabilities
Deferred tax assets and liabilities are attributable to the following:

| 2025 | 2024
As at January 1 | 1,553,749 | 942,578
(Charge)/credit for the year | (19,768) | 611,171
As at December 31 | 1,533,981 | 1,553,749
Taxation and social insurance | 2025 | 2024
Corporation tax | 213,761 | 116,904
PAYE & social insurance | (31,577) | -
VAT | (108,909) | (81,646)
| 73,275 | 35,258

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 £661,416 (2024: £638,327) 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.
Called up share capital

| 2025 | 2024
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.
15.
Contingencies
There were no contingencies during the year (2024: £nil).
MUFG Fund Services (UK) Limited
Notes to the Financial Statements
Year Ended December 31, 2025
(Expressed in Pounds Sterling)
16.
Related party transactions

| 2025 | 2024
Due from MUFG Fund Services (Bermuda) Limited | - | 704,029
Due from MUFG Fund Services Limited | 224 | 224
Due from MUFG Fund Services (Cayman) Limited | 2,179,280 | 3,516,169
Due from Intercompany with MIBL Luxembourg | 10,853 | 10,853
Due from Mitsubishi UFJ Financial Group, Inc | 69,006 | 69,006
Due from Alternative Fund Services (Cayman) Limited | 2,004,563 | 4,616,994
Due from MUFG Fund Services (USA) LLC | 2,895 | 2,746
Due from MUFG Fund Services (Cyprus) Limited | 3,124 | 47,683
Due from Alternative Fund Services (Ireland) Limited | 168,277 | 512,988
Due to MUFG Fund Services (Canada) Limited | - | (2,390)
Due from MUFG Investor Services Holdings Limited | - | 811
Due from/to MUFG Fund Services (Singapore) Ptd. Ltd | 95,104 | (88,119)
| 4,533,326 | 9,390,994

The Company provides administration, sales and management services for the Group under service agreements with Group entities and all transactions with these affiliates are conducted on an arm’s-length basis. The amount receivable during the year was £29,462,176 (2024: £27,050,921) and the balance outstanding at year end was £4,533,326 (2024: 9,390,994).
17.
Operating leases

| 2025 | 2024
Non-cancellable operating lease rentals are payable as follows: |  |
Less than one year | - | 22,497
| - | 22,497

Rental expenses, excluding utility expenses for premises leased on a long-term basis recognised for the year ended December 31, 2025, amount to £154,355 (2024: £152,617).
18.
Ultimate holding undertaking and holding undertaking of larger group
Until March 31, 2024, MUFG Investor Services Holdings Limited was the Holding Company of the Group. The Holding Company was incorporated in Bermuda on January 23, 2011. With effect from April 1, 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.
19.
Subsequent events
There have been no other 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 December 31, 2025.
20.
Approval of the financial statements
The board of directors approved the financial statements on February 25, 2026.