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

The company made a loss after tax of £1.8 million (2024: profit of £14.3 million) for the year and turnover was £5.6 million (2024: £47.3 million). Assets under management decreased from $352 million to $281 million during the year.

The company derives revenue from a combination of management fees based on the value of assets under management, and incentive fees based on profits generated for the company's clients by the company's investment strategy. The company also invests its surplus capital in various assets including investment funds and digital assets.

The company’s profitability tends to be variable in nature and is closely aligned to the performance of the company’s investment strategy. The Global Diversified Program delivered a net loss of -9.88% in the benchmark USD share class of the Mulvaney Global Markets Fund Ltd. However, the incentive fees that were earned in the year ended 31 December 2024 have helped ensure the balance sheet position remains strong with substantial assets held in cash and liquid investments.

The company has prepared forecasts for the period to December 2028, which indicate that even without further incentive fees there would be adequate regulatory capital during that period. In addition, the company holds investments in digital assets which can be liquidated at short notice if required.

The main risk factors facing the company are investment and operational risk. The company mitigates investment risk by ensuring that its systematic investment strategy has strong internal controls and predetermined stop loss limits. Operational risks are mitigated by an internal control, compliance and monitoring regime. Financial risk management is detailed in note 23.

Section 172 of the Companies Act 2006 requires the directors to take into consideration the interests of stakeholders in their decision-making and this statement should be read in conjunction with the Strategic Report in its entirety.

The directors continue to have regard to the interests of the company's employees and other stakeholders including the impact of its activities on the community and the environment in which it operates, when making decisions. The directors act in good faith and fairly between the company's members and considers the steps that are most likely to promote the success of the company in the long term for its members. The directors continue to strive to maintain the company’s reputation for high standards of business conduct.

The company has long-established channels of communication within the organisation where employees can put forward their views and ideas. We continue to embrace diversity within our business and create an environment where staff have the opportunity to develop and progress. Our principal stakeholders including our shareholders, staff and suppliers are engaged on a regular basis.

The results for the year are set out on page 7.

On behalf of the board

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

The principal activity of the company continued to be that of providing investment management services. The company is authorised by the Financial Conduct Authority (FCA) in the UK, is registered with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA) in the USA.

The results for the year are set out on page 7.

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

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

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

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.

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 director has taken all the necessary steps that they ought to have taken as director in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

The company maintains insurance cover with respect to directors' and officers' liabilities.

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

We have audited the financial statements of Mulvaney Capital Management Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We planned our audit so that we have a reasonable expectation of detecting material misstatements in the financial statements resulting from irregularities, fraud or non-compliance with law or regulations.

The extent to which the audit was considered capable of detecting irregularities including fraud

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

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

• Enquiring of management of whether they are aware of any non-compliance with laws and regulations.

• Enquiring of management whether they have knowledge of any actual, suspected or alleged fraud.

• Enquiring of management their internal controls established to mitigate risk related to fraud or
  non-compliance with laws and regulations.

• Discussions amongst the engagement team on how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in posting of unusual journals and the use of cryptocurrencies.

• Obtaining understanding of the legal and regulatory framework the company operates in focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations. The key laws and regulations we considered in this context included UK Companies Act, tax legislation, employment law, Health and Safety, FCA and other regulations.

Audit response to risks identified

Fraud due to management override

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

• Performed analytical procedures to identify any unusual or unexpected relationships.

• Audited the risk of management override of controls, including through testing journal entries for
  appropriateness.

• Investigated the rationale behind significant or unusual transactions.

Irregularities and non-compliance with laws and regulations

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but are not limited to:

• Agreeing financial statements disclosures to underlying supporting documentation.

• Enquiring of management as to actual and potential litigation claims.

• Reviewed correspondence with FCA and tested compliance with regulations.

The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK). Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance. Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the directors.

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

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

Mulvaney Capital Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, 3 Moorgate Place, London, EC2R 6EA.

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

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

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

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

Turnover represents revenue receivable from management fees and incentive fees generated from the provision of investment management services. Turnover is recognised in the profit and loss account over the period that those services are provided net of rebates.

Intangible assets, which consist of cryptographic currencies and distributed ledger tokens are measured at cost and subsequently measured at cost net of amortisation and any impairment losses.

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

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

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

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

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

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

Recoverable amount is calculated as fair value less costs to sell. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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, and bank overdrafts. Bank overdrafts (if any) are shown within borrowings in current liabilities.

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, 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.

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.

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

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.

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

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

Basic financial liabilities 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 payments 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. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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

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

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

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

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

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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

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

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

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

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

Transactions in currencies other than pound 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.

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 following judgements and estimates have had the most significant effect on amounts recognised in the financial statements.

Intangible assets, which consist of cryptographic currencies and distributed ledger tokens, are measured at cost. Subsequently, the useful economic life of these assets are reassessed by the directors on an annual basis. The directors have considered if there is any need for impairment of these assets. As the market value exceeds their cost, there is no impairment required.

All turnover is generated from activities wholly undertaken within the United Kingdom and provided to clients globally.

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

Their aggregate remuneration comprised:

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

The company does not have tax losses available to carry forward in the current year (2024: £0).

Financial assets measured at cash value include cash at bank. Financial assets measured at amortised cost comprise trade and other receivables. Financial liabilities measured at amortised cost include trade and other payables.

Derivative assets consist of unrealised gains on futures contracts used to hedge the company's exposure to foreign exchange movements.

Derivative liabilities consist of unrealised losses on futures contracts used to hedge the company's exposure to foreign exchange movements.

In March 2025, the Company’s clients held more contracts than permitted on one of the exchanges it trades on. The Company has agreed to settle with the exchange. In accordance with the terms of settlement, in which the Company neither admitted nor denied the alleged rule violations, the Company agreed to pay a monetary penalty of $50,000 and disgorge $436,530 in benefits gained. As such, the Company recognises a provision of its equivalent sterling value in this respect.

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

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.

On 26 November 2025, the company purchased 2,500 of its own ordinary shares, of nominal value £1 each, representing 5% of the called-up share capital, for a total consideration of £1,611,353.

The shares were purchased out of distributable profits. The shares purchased have been cancelled. The nominal value of the purchased shares, 2,500, was transferred to the Capital Redemption Reserve.

On 26 November 2025, the Company issued 2,500 new ordinary shares, of nominal value £1 each, as a bonus issue to shareholders. The issue was made by capitalising 2,500 from the retained earnings account, representing the nominal value of the bonus shares issued. This transaction did not change the total amount of equity in the financial statements.

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

All directors and senior employees who have authority and responsibility for planning, directing and controlling the activities of the company are considered key management personnel. The remuneration of key management personnel is as follows.

The company holds a proprietary investment of £170,930 (2024: £4,829,635) in Syncretic Alpha Limited, a closed-ended Fund, a company under common control. A loss of £58,237 (2024: gain of £1,549,616) has been recognised in the profit and loss in relation to the revaluation of this investment.

In addition, the company has a debtor balance of £0 (2024: £60,015) with Syncretic Alpha Limited.

The company's ultimate controlling party is P Mulvaney, a director and shareholder of the company.

Financial risk management

Financial risk management relates to risk to the company in respect of its own assets and liabilities, and risk to accounts to which it provides investment management services. In the latter case, this primarily relates to a decline in asset values that would lead to a decline in fee income.

The company has limited exposure to financial instruments in respect of its own assets and liabilities. They include cash deposits, current asset investments, trade receivables and payables.

The main risks arising from financial instruments are asset valuation risk, foreign currency risk, and limited exposure to interest rate risk, liquidity risk, and credit risk. Each of these risks is discussed in detail below.

In respect of the assets for which it provides investment management services, the company manages the various risks through its proprietary quantitative and systematic computer models.

Asset valuation risk

The company is exposed to the risk that a decline in the value of assets in accounts managed on behalf of clients adversely impacts profitability through a reduction in the level of management and incentive fees received. This risk is partially mitigated by strict controls of investment decisions and diversification of investment product and geography through the company’s proprietary models and systems.

Interest rate risk

The company is also exposed to interest rate risk with regard to its holdings in cash. The cash holdings are at variable rates. The company does not have any borrowings and surplus funds are placed on short term deposits or invested in liquid government securities.

Liquidity risk

It is the company’s policy to ensure that it has sufficient access to funds to cover all forecast committed requirements for at least the next 12 months.

Personnel within the company are responsible for producing and maintaining market and liquidity risk reports based on the Financial Conduct Authority’s methodologies under the Investment Firms Prudential Regime (which replaced the Capital Adequacy Directive).

Foreign currency risk

Foreign currency risk is the risk that the company will sustain losses through adverse movements in currency exchange rates. The company’s business is impacted through its exposure to fee income being principally in US dollars. The company hedges its foreign currency risk by the use of futures contracts.

At 31 December 2025 debtors, investments and cash included £25,665,466 denominated in US dollars (2024: £27,691,961). To offset the exchange risk on these balances, the company has entered into futures contracts to sell US dollars. The value of these contracts was £25,708,513 at the market rate on 31 December 2025 (2024: £26,526,433). The net gain on the derivative financial instruments held to offset the exchange risk on foreign currency balances denominated in US dollars was £1,739,049 (2024: £224,307).

Credit risk

The majority of debtors arise from fund management and related activities of the company. As such the company has determined that the credit risk is minimal in relation to the majority of debtors.

The company is subject to the FCA Rules on remuneration as they apply to a small and non-interconnected (SNI) MIFIDPRU investment firm. These are contained in the FCA’s MIFIDPRU Remuneration Code located in SYSC19G of the FCA’s Handbook.

The company maintains a remuneration policy which applies to all staff and is designed to meet the following objectives:

• to reward employees for functional and individual performance;

• to ensure total remuneration is competitive by market standards;

• to align their interests with those of shareholders;

• to link remuneration with the strategic goals and performance of the company;

• to avoid conflicts of interest.

Remuneration is comprised of fixed and variable elements.

Fixed remuneration refers to the employee’s base salary and pension contributions. Base salary forms the core element of remuneration and reflects the individual’s position within the company, and the market rate for that role.

Variable remuneration refers to bonus schemes which are either discretionary or linked to revenue generated by the company. Discretionary bonus awards take into account the financial performance of the company as well as a qualitative assessment of individual performance, including adherence to applicable risk and control frameworks where relevant. Bonuses linked to revenue are designed to reward performance whilst ensuring alignment with the interests of clients and shareholders, and avoiding conflicts of interest.

Senior management are responsible for the implementation and monitoring of the remuneration policy. The policy is reviewed and approved by the board at least annually to ensure it remains fit for purpose.

Remuneration for the year ended 31 December 2025 is as follows: