Company registration number 12033110 (England and Wales)
DYNOLABS ASSET MANAGEMENT LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
DYNOLABS ASSET MANAGEMENT LTD
COMPANY INFORMATION
Directors
Hani Ahmed Ibrahim
Ciaran O Dalaigh
Company number
12033110
Registered office
20-22 Wenlock Road
London
England
N1 7GU
Auditor
Buzzacott Audit LLP
130 Wood Street
London
EC2V 6DL
DYNOLABS ASSET MANAGEMENT LTD
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 24
DYNOLABS ASSET MANAGEMENT LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report for the year ended 31 December 2025.

Review of the business

Principal activities
The principal activity of the company is providing investment advisory services to Luxembourg close-ended Funds, Lendable MSME Fintech Credit Fund, Lendable MSME Fintech Credit Fund II, Lendable Transportation and Energy Fund, a Luxembourg open-ended Fund, Lendable Master Impact Funds (“the Funds”), and the provision of non-binding investment advisory services to the Lendable Group.

The Lendable Group launched the Luxembourg domiciled Lendable MSME Fintech Credit Fund with first close on 6 August 2021. The F und became operational on 1 October 2021. A further Fund, Lendable Master Impact Fund s, was launched on 1 Feb 2023. Dynolabs Asset Management Ltd was appointed as Investment Advisor to both Fund s.

Management is actively pursuing a risk-adjusted return plus the protection of capital for its client advised Fund s while looking to grow the business and increase the client base and funds under advisory.

Further to this Dynolabs Asset Management Ltd has been an Investment Advisor to Lendable SPC, a Cayman domiciled Segregated Portfolio c ompany that invests solely in Lendable Opportunities Fund, a sub-Fund of Lendable Master Impact Funds SCSp that is domiciled in Luxembourg.

Dynolabs Asset Management Ltd has been appointed as Investment Advisor to new funds launched in 2025, Lendable MSME Fintech Credit Fund II and Lendable Transportation and Energy Fund that is domiciled in Luxembourg.

Financial position at the reporting date
As of 31 December 202 5, the company had net current assets of £1,589,034 (202 4: £1,629,685) and total equity attributable to the shareholder of £1,659,929 (202 4: £1,680,320).

Principal risks and uncertainties

The business was established in 2019 and became an investment Advisor to a Luxembourg domiciled Credit Fund in 2021, another credit fund in 2023 and in 2025 an additional 2 funds from which it obtains monthly advisory fees. The AUM of the Funds continue to grow along with the AUM of the group as a whole. Risk adjusted returns remain positive for the year in a difficult environment however, the company believes it is in a good place with an experienced team with a solid platform for continued growth.

The company has sufficient retained liquid resources, growing Fund s under advisory with significant diversification both in geography and assets and support from its parent, Lendable Inc. These factors offer the company, clients and creditors, protection in the event of unforeseen events.

The war in Ukraine and related events take place at a time of significant global economic uncertainty and volatility, and the effects are likely to interact with and exacerbate the effects of current market conditions driving further increases in commodity prices and increased raw material costs. Dynolabs Asset Management Ltd and the wider Lendable Group closely monitors these conditions but to date there has been no impact on active loans managed or advised by the Group.

Dynolabs Asset Management Ltd was licensed by the UK Financial Conduct Authority (FCA) as an exempt CAD firm up to 3 October 2021. On 4 October 2021 the company became licensed by the FCA as a BIPRU firm unable to carry on the MIFID investment service and activity of placing of financial instruments without a firm commitment basis. As at 29 March 2024, the company also became an Exempt Reporting Advisor registered with the Securities and Exchange Commission. All stakeholders are kept informed on any procedural changes related to Brexit, and any potential financial effect is being closely monitored by management.

DYNOLABS ASSET MANAGEMENT LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Key performance indicators

The company’s financial statements are internally reviewed in detail on a monthly basis. Directors are satisfied with the company’s financials for the year to 31 December 202 5.

Investment performance

The company's success depends on delivering performance for the fund it advises. The company believes that investors expect investment returns over time that are attractive in relation to the risks associated with investment in general and to the investment objectives of the fund.

Investment Impact

The impact thesis for the company and the group as a whole is to provide fair access to finance for the un- and under-banked populations in emerging and frontier markets. The company aims to do this through the fund that it currently advises, which provides debt to fintech companies that facilitate consumer and MSME credit, productive asset finance, payments, remittances, and digital marketplaces.

Non-financial key performance indicators

Health and Safety is the company’s key non-financial performance indicator, and the company u ses Accident reports to monitor its performance. For the year ended 31 December 202 5, there were no accidents (202 4: no accidents).

Section 172 (1) Statement

This statement contains an overview of how the directors have performed their duty to promote the success of the company as set out in section 172(1) of the UK's Companies Act 2006. The section requires the director of the company to act in a way that would most likely promote the success of the company for the benefit of its shareholders. In doing this, the director must have regard, amongst other matters, to:

- the likely consequences of any decision in the long term

- the interests of the c ompany's employees

- the need to foster the c ompany's business relationships with investors, borrowers, and others

- the impact of the c ompany's operations on the community and the environment

- the desirability of the c ompany maintaining a reputation of high standards of business conduct and

- the need to act fairly between members of the c ompany.

Decision Making

The Directors understand our business and the markets within which we operate. By focusing on our purpose, the strategy set by the board is intended to ensure that we continue to deliver value to our stakeholders. All matters that, under the company's governance arrangements, are reserved for decision by the Directors are presented at senior management meetings. Directors are briefed on potential impacts and risks for our stakeholders and how these will be managed. The Directors consider these factors before making a final decision, which they believe is in the best interests of the c ompany.

Employees

Employee engagement is a primary focus for the Directors of the c ompany, empowering employees to contribute to improving business performance and creating an environment in which everyone can fulfil their potential. We keep the c ompany's employees informed about what is happening across the company through email, and bi-weekly meetings. Moreover, we organize an annual offsite event, facilitating collaboration among our employees from various locations worldwide.

Fostering business relationships with Borrowers, Investors, and Others

The Directors recognise that fostering business relationships with key stakeholders, such as external clients, investors, and regulatory authorities, is essential to the c ompany's success. As a subsidiary of a US entity, the c ompany adheres to a group-wide Employee Handbook, which offers guidance to all employees within the Group on the fundamental principles they should uphold.

Impact on the Community and the Environment

The Directors recognise the importance of leading a company that generates value for stakeholders and contributes to wider society. The company is dedicated to promoting financial inclusion and empowerment in underserved regions like Africa, Latin America, and Asia by partnering with fintechs. Our efforts aim to generate a positive socio-economic impact, providing access to essential financial services and fostering sustainable development and equitable prosperity.

DYNOLABS ASSET MANAGEMENT LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

Maintaining a reputation for high standards of business conduct

The Directors consider it fundamental to maintain a culture focused on embedding responsible business behaviors. All employees of the c ompany are expected to adhere to the requirements outlined in the Employee Handbook at all times.

The need to act fairly between members of the Company

The Directors recognise their responsibility in ensuring that all members of the c ompany are treated fairly regardless of age, gender and orientation. The c ompany has implemented a number of programs designated to celebrate the diversity that characterizes our organization.

This report was approved and signed on behalf of the board by:
Ciaran O Dalaigh
Director
27 April 2026
DYNOLABS ASSET MANAGEMENT LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

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

Results and dividends

The profit/(loss) for the year, after taxation, amounted £4,064 (2024: £638,667)

No dividends were paid in the year (202 4: £nil)

Directors

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

Hani Ahmed Ibrahim
Ciaran O Dalaigh
Financial risk management

Management continually monitor the key financial risks facing the company together with the controls used for managing these risks.

The principal financial risk s facing the company are as follows:

Credit Risk

Credit risk covers default risk from counterparties where realisation of the value of the asset is dependent on the counterparty’s ability to perform.

The company’s exposure to credit risk is the risk that (i) investment advisory fees cannot be collected from the Luxembourg close-ended Fund s, Lendable MSME Fintech Credit Fund, Lendable MSME Fintech Credit Fund II, Lendable Transportation and Energy Fund, open-ended Lendable Master Impact Funds (ii) bank where the company’s deposits are held, fail.

The company’s credit risk is low and therefore it holds cash balances with a bank assigned a high credit rating, S&P A-1. The amount of credit exposure related to the company’s investment advisory client s is limited, as fees are drawn monthly or quarterly.

Market Risk

The company’s market risk is foreign exchange risk in respect of it s debtors, investments and cash at bank held in currencies other than Pounds Sterling (£). The company earns its investment advisory fees in US Dollars and the wider Group’s operational currency is also US Dollars with the main source of income being asset management fees. The company has indirect market risk exposure through the support provided by the parent entity, Lendable Inc.

Currency forwards have been used to mitigate the risk of currency fluctuation.

DYNOLABS ASSET MANAGEMENT LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -
Liquidity Risk

Liquidity Risk is the risk that a company, although solvent as per the Statement of Financial Position, cannot maintain or generate sufficient resources to meet its payment obligations in full as they fall due, or can only do so at materially disadvantageous terms.

The company is responsible for maintaining liquid resources that are adequate in both amount and quality. While the company does generate its own revenue, the parent Lendable Inc, still supports the company and will continue to do so for at least another 12 months. Cash balances in the company are monitored on a regular basis and an annual stress test has been put in place to ensure adequate cash resources are available to meet obligations. The company is subject to Liquidity requirements under the new Investment Firm Prudential Review requirements.

Going Concern

Dynolabs Asset Management Ltd is the Investment Advisor to a) Luxembourg close-ended Fund, Lendable MSME Fintech Credit Fund (LMFCF) that became operational on 1 October 2021 and b) a Luxembourg open-ended Fund, Lendable Master Impact Funds (LMIF) that became operational on 1 Feb 2023 and (c) a Cayman-based vehicle, Lendable SPC and (d) Lendable MSME Fintech Credit Fund II and Lendable Transportation and Energy Fund(LTEF), that became operational in 2 02 5, from which it began earning Advisory and Performance fees.

Dynolabs Asset Management Ltd earns advisory fee s from Lendable MSME Fintech Credit Fund (LMFCF) until May 2032 and from Lendable Transportation and Energy Fund(LTEF) until 2037 and ongoing fees from both Lendable Master Impact Funds (LMIF) and Lendable SPC. These fee streams are expected to be more than sufficient to cover the Company’s projected ongoing costs.

The Directors’ having reviewed the cash flow forecasts, projections and all available information both at Dynolabs Asset Management Ltd and at a group level have a reasonable expectation that there are adequate resources to continue in operational existence for the foreseeable future. Dynolabs Asset Management Ltd therefore continues to adopt the going concern basis in preparing its financial statements.

Matter covered in the Strategic Report

As permitted by Paragraph 1A of Schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and Reports) regulations 2008 certain matters which are required to be disclosed in the Directors’ Report have been omitted as they are included in the Strategic Report. These matters relate to the Business review, Future developments, Financial position at the reporting date, Principal risks and uncertainties, Financial key performance indicators and Non-financial key performance indicators.

Auditor

Buzzacott Audit LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to 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 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.

On behalf of the board
Ciaran O Dalaigh
Director
Date: 27 April 2026
DYNOLABS ASSET MANAGEMENT LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -

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; 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.

DYNOLABS ASSET MANAGEMENT LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DYNOLABS ASSET MANAGEMENT LTD
- 7 -
Opinion

We have audited the financial statements of Dynolabs Asset Management L t d (the ‘company’) for the year ended 31 December 202 5 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and notes to the financial statements, 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 state of the company’s affairs as at 31st 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 the 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 F inancial R eporting C ouncil’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

I n 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 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 D irectors’ R eport have been prepared in accordance with applicable legal requirements.

DYNOLABS ASSET MANAGEMENT LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DYNOLABS ASSET MANAGEMENT LTD
- 8 -
Matters on which we are required to report by exception

In 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 and the D irectors’ R eport.

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 D irectors’ responsibilities statemen t, 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 A uditor’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 the 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 material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

How the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, including knowledge specific to auditing regulated asset management firms;

- we made enquiries of management as to where they considered there was susceptibility to fraud, and their knowledge of actual, suspected and alleged fraud;

- we identified the laws and regulations that could reasonably be expected to have a material effect on the financial statements of the company through discussions with members and other management at the planning stage, and from our knowledge and experience of regulated asset management firms;

- the audit team held a discussion to identify any particular areas that were considered to be susceptible to misstatement, including with respect to fraud and non-compliance with laws and regulations; and

- we focused our planned audit work on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company including the Companies Act 2006, The Financial Services and Markets Act 2000, employment legislation, and taxation legislation.

DYNOLABS ASSET MANAGEMENT LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DYNOLABS ASSET MANAGEMENT LTD
- 9 -

Auditor's responsibilities for the audit of the financial statements (continued)

We assessed the extent of compliance with the laws and regulations identified above through:

- making enquiries of management;

- reviewing legal expenditure throughout the year for any potential litigation or claims; and

- considering the internal controls in place that are designed to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- determined the susceptibility of the company to management override of controls by checking the implementation of controls and enquiring of individuals involved in the financial reporting process;

- reviewed journal entries to identify unusual transactions;

- performed analytical procedures to identify any large, unusual or unexpected transactions and investigated any large variances from the prior year;

- tested the occurrence of revenue by agreeing management and performance fees to third party confirmations and investigated any material variances from expectations; and

- carried out substantive testing to check the occurrence and cut-off of expenditure.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included:

- agreeing financial statement disclosures to underlying supporting documentation; and

- enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error as they may involve deliberate concealment or collusion. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the members and other management and the inspection of regulatory and legal correspondence, if any.

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

Use of the audit 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 A uditor’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.

Jonathan West (Senior Statutory Auditor)
for and on behalf of Buzzacott Audit LLP
Statutory Auditor
130 Wood Street
London
EC2V 6DL
Date: 27 April 2026
DYNOLABS ASSET MANAGEMENT LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
2025
2024
Notes
£
£
Turnover
3
5,588,146
4,968,896
Administrative expenses
(5,709,463)
(4,256,568)
Other operating income
34,972
55,243
Operating (loss)/profit
4
(86,345)
767,571
Interest receivable and similar income
93,954
-
0
Profit before taxation
7,609
767,571
Tax on profit
8
(3,545)
(128,904)
Profit for the financial year
4,064
638,667

The profit and loss account has been prepared on the basis that all operations are continuing operations.

There was no other comprehensive income for 202 5 or 202 4.

DYNOLABS ASSET MANAGEMENT LTD
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
9
7,744
10,338
Investments
10
63,151
40,297
70,895
50,635
Current assets
Debtors
12
2,886,870
1,918,829
Cash at bank and in hand
2,502,152
3,934,457
5,389,022
5,853,286
Creditors: amounts falling due within one year
13
(3,775,533)
(4,223,601)
Net current assets
1,613,489
1,629,685
Net assets
1,684,384
1,680,320
Capital and reserves
Called up share capital
15
1,265,000
1,265,000
Profit and loss reserves
419,384
415,320
Total equity
1,684,384
1,680,320
The financial statements were approved by the board of directors and authorised for issue on 27 April 2026 and are signed on its behalf by:
Ciaran O Dalaigh
Director
Company registration number 12033110 (England and Wales)
DYNOLABS ASSET MANAGEMENT LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2024
765,000
(223,347)
541,653
Year ended 31 December 2024:
Profit and total comprehensive income
-
638,667
638,667
Issue of share capital
15
500,000
-
500,000
Balance at 31 December 2024
1,265,000
415,320
1,680,320
Year ended 31 December 2025:
Profit and total comprehensive income
-
4,064
4,064
Balance at 31 December 2025
1,265,000
419,384
1,684,384
DYNOLABS ASSET MANAGEMENT LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
19
(1,370,450)
1,219,973
Interest received
93,954
-
0
Income taxes paid
(128,904)
-
0
Net cash (outflow)/inflow from operating activities
(1,405,400)
1,219,973
Investing activities
Purchase of tangible fixed assets
(4,051)
(5,740)
Proceeds from disposal of subsidiaries
(52,662)
-
0
Proceeds from disposal of investments
29,808
-
0
Net cash used in investing activities
(26,905)
(5,740)
Financing activities
Proceeds from issue of shares
-
0
500,000
Net cash generated from financing activities
-
500,000
Net (decrease)/increase in cash and cash equivalents
(1,432,305)
1,714,233
Cash and cash equivalents at beginning of year
3,934,457
2,220,224
Cash and cash equivalents at end of year
2,502,152
3,934,457
DYNOLABS ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
1
Accounting policies
Company information

Dynolabs Asset Management Ltd is a private company limited by shares incorporated in England and Wales.The registered office is 20-22 Wenlock Road, London, England, N1 7GU.

1.1
Accounting convention

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

1.2
Going concern

Dynolabs Asset Management Ltd is the Investment Advisor to a) a Luxembourg close-ended Fund, Lendable MSME Fintech Credit Fund (LMFCF) that became operational on 1 October 2021 and b) a Luxembourg open-ended Fund, Lendable Master Impact Funds (LMIF) that became operational on 1 Feb 2023. Dynolabs Asset Management Ltd earns Advisory and Performance fees from LMFCF until May 2027 and ongoing Advisory and Performance fees from LMIF. true

Dynolabs Asset Management Ltd also earns Advisory and performance fees from a Cayman based vehicle, Lendable SPC, a Cayman based vehicle. Fees from these 3 vehicles will be more than sufficient to cover the projected ongoing costs of the Company. In 2025, Dynolabs Asset Management Ltd is appointed as Investment Advisor Lendable MSME Fintech Credit Fund II (LMFCF II) and Lendable Transportation and Energy Fund (LTEF).

The Directors' having reviewed the cash flow forecasts, projections and all available information both at Dynolabs Asset Management Ltd and at a group level have a reasonable expectation that there are adequate resources to continue in operational existence for the foreseeable future. Dynolabs Asset Management Ltd therefore continues to adopt the going concern basis in preparing its financial stateme nts.

1.3
Turnover

Revenue comprises of Advisory and performance fees that Dynolabs Asset Management Ltd earns by acting as Investment Advisor to Luxembourg registered funds, Lendable MSME Fintech Credit Fund and Lendable Master Impact Funds. Revenue also comprises administrative expenses recharged to Lendable Inc and Lendable Asset Management LLC. Revenue is recognised on an accruals basis.

Other operating income

Other operating income consists of grant funding received from FSD Africa ("FSDA")”), a specialist development agency working to build and strengthen financial markets across sub-Saharan Africa, to cover eligible expenses incurred during the year.

DYNOLABS ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

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

Fixtures and fittings
33% straight line method
Computers
33% straight line method

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 s and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

The company has taken an exemption from consolidation as the subsidiary's inclusion is not material for the purpose of giving a true and fair view of the accounts.

1.6
Cash and cash equivalents

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

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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

Basic financial assets, which include debtors 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.

DYNOLABS ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
Other financial assets

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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, 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.

Derecognition of financial assets

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.

Classification of financial liabilities

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

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts 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 creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

DYNOLABS ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
Other financial liabilities

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 s ubsequently 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 th r ough 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.

Derecognition of financial liabilities

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

1.8
Equity instruments

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.

1.9
Derivatives

Derivative instrument Initial recognition is at fair value with subsequent measurement at fair value at the balance sheet date based on public available FX rates with the change in fair value being recognised in profit and loss.

1.10
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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

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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

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 profit and loss account, 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.

DYNOLABS ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
1.11
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.

1.12
Retirement benefits

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

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 s asset are consumed.

1.14
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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 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.

The directors did not judge a bad debt provision was necessary as only intercompany balances outstanding at year end which are deemed to be fully recoverable.

DYNOLABS ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
3
Turnover and other revenue

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

2025
2024
£
£
Turnover analysed by class of business
Management fees
3,901,580
3,284,422
Performance fees
1,656,174
1,302,452
Intra-group revenue
-
382,022
Commitment fees
30,392
-
5,588,146
4,968,896
2025
2024
£
£
Other revenue
FSDA grant
34,972
55,243
4
Operating (loss)/profit
2025
2024
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
302,092
(41,931)
Depreciation of owned tangible fixed assets
6,645
6,535
Operating lease charges
74,136
66,216
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
15,000
15,000
Other audit related assurance services
3,500
3,500
18,500
18,500
6
Employees

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

2025
2024
Number
Number
19
19
DYNOLABS ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
6
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,449,926
3,398,472
Social security costs
307,975
369,400
Pension costs
160,423
86,921
3,918,324
3,854,793
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
481,502
438,350
Company pension contributions to defined contribution schemes
31,233
49,143
512,735
487,493

The highest paid Director received remuneration of £283,839 (202 4: £275,103).

The value of the company’s contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £2,788 (202 4: £1,321).

The number of Directors to whom benefits were accrued under defined contribution pension schemes was 2 (202 4: 2).

Management does not consider there to be any key management personnel, as defined in FRS 102 Section 33 Related Party Disclosures, other than the Directors.

8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
3,545
128,904
DYNOLABS ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
8
Taxation
(Continued)
- 21 -

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
7,609
767,571
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
1,902
191,893
Tax effect of expenses that are not deductible in determining taxable profit
2,107
4,599
Permanent capital allowances in excess of depreciation
(464)
(1,435)
Utilisation of tax losses
-
0
(66,153)
Taxation charge for the year
3,545
128,904
9
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2025
4,437
20,516
24,953
Additions
-
0
4,051
4,051
At 31 December 2025
4,437
24,567
29,004
Depreciation and impairment
At 1 January 2025
2,871
11,744
14,615
Depreciation charged in the year
1,137
5,508
6,645
At 31 December 2025
4,008
17,252
21,260
Carrying amount
At 31 December 2025
429
7,315
7,744
At 31 December 2024
1,566
8,772
10,338
10
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
11
63,151
10,489
Other investments
-
0
29,808
63,151
40,297
DYNOLABS ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Fixed asset investments
(Continued)
- 22 -
Investment in subsidiaries
Other investment
Total
£
£
£
Cost or valuation
At 1 January 2025
10,489
29,808
40,297
Additions
52,662
-
52,662
Movement
-
(29,808)
(29,808)
At 31 December 2025
63,151
-
63,151
Carrying amount
At 31 December 2025
63,151
-
63,151
At 31 December 2024
10,489
29,808
40,297
11
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Lendable Master Impact Funds General Partner S.a r.l.
USA
Ordinary
100.00
12
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
713,934
531,173
Amounts owed by group undertakings
1,256,045
1,059,409
Other debtors
857,797
291,598
Prepayments and accrued income
59,095
36,649
2,886,871
1,918,829

The amounts due from group undertakings are unsecured and repayable on demand.

DYNOLABS ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
13
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
209,200
24,859
Amounts owed to group undertakings
2,501,601
3,031,489
Corporation tax
3,545
128,904
Other taxation and social security
68,046
52,882
Other creditors
18,730
28,842
Accruals and deferred income
974,411
956,625
3,775,533
4,223,601

The amounts due to group undertakings are unsecured and repayable on demand.

14
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
160,423
86,921

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 31 December 2025 there is an amount of £9,193 (2024: £5,992) accrued on the balance sheet for contributions to be paid.

15
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,265,000
1,265,000
1,265,000
1,265,000
16
Related party transactions

The company recognised revenue of £nil (202 4: £242,385) with its parent company, Lendable Inc, in the year and paid expenses on their behalf of £487,409 (2024: £nil). As of 31 December 202 5, there were £1,256,044 (202 4: £1,005,776 receivable) amounts receivable from Lendable Inc.

The company also recognised revenue of £51,861 (202 4: £139,637) with its sister company Lendable Asset Management LLC and paid expenses on their behalf of £1,238,747 (2024: £nil). As of 31 December 202 5, there were £1,740,881 (202 4: £3,031,489) amounts payable to Lendable Asset Management LLC.

Dynolabs Limited, a sister company, owed £760,720 (202 4: £53,633) to the Company.

17
Ultimate controlling party

Dynolabs Asset Management Ltd is a wholly owned subsidiary of Lendable Inc. The registered office address of the Lendable Inc is Incorp Services Inc, 919 North Market Street, Suite 950, Wilmington, Newcastle, Delaware, DE 19801, USA

DYNOLABS ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
18
Floating charge

A fixed floating charge over all assets of Dynolabs Asset Management Ltd was put in place with a negative pledge that prevents Dynolabs UK creating and security over its assets without the lender expressing consent, This was a result of a $2m loan facility put in place at the parent entity, Lendable, inc on 20 March 2022. As at 31 December 2025 the outstanding facility stood at £1,750,000.

19
Cash (absorbed by)/generated from operations
2025
2024
£
£
Profit after taxation
4,064
638,667
Adjustments for:
Taxation charged
3,545
128,904
Investment income
(93,954)
-
0
Depreciation and impairment of tangible fixed assets
6,645
6,535
Movements in working capital:
Increase in debtors
(968,041)
(582,492)
(Decrease)/increase in creditors
(322,709)
1,028,359
Cash (absorbed by)/generated from operations
(1,370,450)
1,219,973
20
Contingent liabilities

In 2022, the Lendable Group put in place a long-term incentive scheme for some senior staff, running for 5 years from 1 March 2022 to 28 February 2027. Subject to the vesting conditions being met, payments would be due to employees in 3 equal instalments at the end of years 3,4, and 5.

Based on estimates as of 31 December 202 5, those conditions for the first vesting period are likely to be met, and so a £257,663 valuation is currently included in the accruals balance. As at 31 December 2025, it is not likely that the conditions for the next two periods will be met. Therefore, a valuation of £nil is currently provided for those two vesting periods. Should the vesting conditions be met, the total outflows would be £525,326, payable in two instalments on 31 March 2026 and 31 March 2027.

21
Analysis of changes in net funds
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
3,934,457
(1,432,305)
2,502,152
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