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REGISTERED NUMBER: 02658283 (England and Wales)

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2025 |

| FOR |

| ASSOCIATION OF FOREIGN BANKS |

ASSOCIATION OF FOREIGN BANKS (REGISTERED NUMBER: 02658283)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |

ASSOCIATION OF FOREIGN BANKS

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTORS: | Stewart Watson Boyd

| Wenjian Fang

| Pierre Vinci

| Richard Andrew John Kaye

| Gabriela Martinez De Aragon Calvo

| Giles Edward French

| Diana-Alina Hudymac

| Megan Christine McDonald

| Yasser Ismail Hassan Mohamed

| Rachel Palmer

| Silas Findley

| SECRETARY: | Giles Edward French

| REGISTERED OFFICE: | 4th Floor

| 28 Austin Friars

| London

| EC2N 2QQ

| REGISTERED NUMBER: | 02658283 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Richard Christopher Harris

| AUDITORS: | Watson Associates (Audit Services) Ltd

| Statutory Auditor

| 30 - 34 North Street

| Hailsham

| East Sussex

| BN27 1DW

ASSOCIATION OF FOREIGN BANKS (REGISTERED NUMBER: 02658283)

BALANCE SHEET

31 DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 4 | - |  | - |  |

Tangible assets | 5 | 21,672 |  | 24,051 |  |

21,672 |  | 24,051 |  |

CURRENT ASSETS

Debtors | 6 | 90,740 |  | 90,360 |  |

Investments | 7 | 976,814 |  | 1,298,709 |  |

Cash at bank | 446,168 |  | 155,163 |  |

1,513,722 |  | 1,544,232 |  |

CREDITORS

Amounts falling due within one year | 8 | (210,162 | ) | (229,822 | ) |

NET CURRENT ASSETS | 1,303,560 |  | 1,314,410 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,325,232 |  | 1,338,461 |  |

RESERVES

Income and expenditure account | 1,325,232 |  | 1,338,461 |  |

1,325,232 |  | 1,338,461 |  |

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 March 2026 and were signed on its behalf by:

Giles Edward French - Director

ASSOCIATION OF FOREIGN BANKS (REGISTERED NUMBER: 02658283)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| Association of Foreign Banks is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Critical accounting judgements and key sources of estimation uncertainty

| No significant judgements have had to be made by management in preparing these financial statements.

| There were no key assumptions made concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Computer software is being amortised evenly over its estimated useful life of three years.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Fixtures and fittings | - | 33% on cost and 20% on cost

| Financial instruments

| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

| Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

| Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an 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.

ASSOCIATION OF FOREIGN BANKS (REGISTERED NUMBER: 02658283)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| 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.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 11 (2024 - 11 ) .

4. | INTANGIBLE FIXED ASSETS

| Other

| intangible

| assets

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 40,600 |  |

| AMORTISATION

| At 1 January 2025

| and 31 December 2025 | 40,600 |  |

| NET BOOK VALUE

| At 31 December 2025 | - |  |

| At 31 December 2024 | - |  |

ASSOCIATION OF FOREIGN BANKS (REGISTERED NUMBER: 02658283)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

5. | TANGIBLE FIXED ASSETS

| Fixtures

| and

| fittings

£ |

| COST

| At 1 January 2025 | 35,638 |  |

| Additions | 6,925 |  |

| At 31 December 2025 | 42,563 |  |

| DEPRECIATION

| At 1 January 2025 | 11,587 |  |

| Charge for year | 9,304 |  |

| At 31 December 2025 | 20,891 |  |

| NET BOOK VALUE

| At 31 December 2025 | 21,672 |  |

| At 31 December 2024 | 24,051 |  |

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 4,253 |  | 31,936 |  |

| Other debtors | 86,487 |  | 58,424 |  |

90,740 |  | 90,360 |  |

7. | CURRENT ASSET INVESTMENTS

2025 | 2024 |

£ | £ |

| Other | 976,814 |  | 1,298,709 |  |

8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade creditors | 10,555 |  | 1,353 |  |

| Taxation and social security | 160,088 |  | 151,641 |  |

| Other creditors | 39,519 |  | 76,828 |  |

210,162 |  | 229,822 |  |

9. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 43,175 |  | 43,175 |  |

| Between one and five years | 68,360 |  | 111,535 |  |

111,535 |  | 154,710 |  |

ASSOCIATION OF FOREIGN BANKS (REGISTERED NUMBER: 02658283)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Richard Christopher Harris (Senior Statutory Auditor)

| for and on behalf of Watson Associates (Audit Services) Ltd

11. | RELATED PARTY DISCLOSURES

| During the year, two of the directors were also directors of entities which paid for membership subscriptions with this entity. These transactions were conducted at arm's length in the normal course of business.