Affinity Private Wealth Stakeholder Report 2025

CONTENTS

for the year ending 31 December 2025

Stakeholder Letter

1-6

Our People - Their Success

7-8

Our Impact - People, Planet, Profit

9-10

Our Impact - Dalnacardoch

11-12

Our Impact - Ocean Culture Life

13-14

Our Impact - Championing Diversity

15

Gender Pay Gap Report

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STAKEHOLDER LETTER

Our year in review If there’s one thing we’ve learned this year, it’s that agility and authenticity matter more than ever. We’ve faced major shifts in the UK tax environment with the abolition of the Non-Dom regime as part of the government’s budget changes. This challenged us to adapt, diversify, and stay agile, making us grateful that we had already begun evolving our strategy, deepening connections, and actively pursuing new opportunities beyond traditional markets.

At the same time, we’ve successfully completed the strategic sale of our investment business, which achieved final approval at the end of September. This was a significant milestone for Affinity, requiring months of careful planning, collaboration, and determination from our entire team. It’s a testament to our ability to navigate complexity and remain focused on what matters most: delivering value for our clients and stakeholders.

All this has happened while we’ve been expanding into new territories, launching our Dubai DIFC office, and doubling down on our core values of authenticity, sustainability, and inclusivity.

We’ve invested in technology, deepened our commitment to being a responsible business, and continued to focus on our clients and people.

This year has been transformational, full of challenge, change, and opportunity.

As we look ahead, one thing is clear: our long-term commitment is to remain an independent, owner-managed Trust business. That focus shapes everything we do.

When we wrote last year’s stakeholder letter, we set out three priorities, these were: 1- Business development; Expanding our reach and influence.

2- Succession; Investing in our future leaders.

3- Driving Innovation; Creating and managing data in smarter ways to support growth.

Reflecting on these priorities matters because they’ve shaped our decisions in 2025.

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A Year of Strategic Change and New Horizons The successful separation and sale of our investment business, APW Investors Limited wasn’t just a transaction; it was a strategic decision that marks renewal for both businesses. For Affinity, it sharpens our fiduciary focus and creates space for growth, while for the Investment team, it creates exciting opportunities under Capital International Group (CIG).

We want to extend our heartfelt thanks to Russell, Ben, and Julia, whose vision and drive as co-founders helped lay the foundations for Affinity and drove growth in the investment business. To Ben and Russell, as you take APW Investors forward with CIG, we wish you every success. Affinity would not be where it is today without your leadership and commitment as part of the original team that shaped us.

For us, this decision is about focus. As an independent, owner-managed firm, we’re sharpening attention on the Trust business, strengthening our client relationships, investing in our people, and building on our reputation for excellence and integrity.

Ben, David, Anthony, and Russell shaking hands on the sale of APW Investors, to Capital International Group Limited.

Expanding Our Reach and Embracing Opportunity In June this year, we received regulatory approval to open our new office in the Dubai International Finance Centre, a milestone that’s been a long time coming and one that marks our first international expansion beyond Jersey. With Michelle leading the charge, our move into this new jurisdiction reflects 18 months of steady effort and determination. We are grateful to her drive and commitment, supported by both new and longstanding connections, which have played a huge part in making this launch happen.

Our step into the DIFC is a clear signal of where we’re heading. We’re growing and now better placed to support our Middle East based clients, offering tailored solutions and building new relationships in a fast-growing market. This strengthens our Jersey base and sets a template for potential further international expansion.

The recent changes in the UK tax landscape have pushed us to diversify, innovate, and stay resilient. We’ve responded by developing new markets, expanding our offering, and managing costs carefully. Our new business pipeline remains strong, and our regular visitation programme keeps us closely connected with clients and intermediaries across regions.

Raising our profile in the Middle East has been a big focus. In October, Elizabeth joined Jersey Finance’s Women in Perspectives roadshow in Riyadh, connecting with peers across the

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region. We also sponsored the Dubai leg of the roadshow, where Elizabeth sat on the panel and shared her thoughts on diversity, women’s voices, leadership, and the major wealth transfer shaping the industry.

Later that month, we held our DIFC launch event at Amazónico, bringing together clients, partners, trusted associates, and colleagues. Hosted by Michelle, David and Justin, the event was well attended, expanding our network and building on existing relationships. We followed this with our sponsorship of the Jersey Finance Dubai Conference, which added to our visibility in the region. Collectively, the team has demonstrated our international reach with over 35 trips, across 8 countries, and attendance at over 50 events. Reflecting our commitment to building awareness and forming strong partnerships as we prepare for the next stage of growth in 2026.

Justin, Michelle, and David at Amazónico in the Dubai International Financial Centre for the Affinity Launch Party.

Technology and Digital Transformation Last year, we laid the groundwork by creating a central data hub. In simple terms, this means all our important information now sits in one place instead of being scattered across different systems. This makes it easier to analyse, keep secure, and prepare for tools like AI. In 2025, we’ve built on that work. Our main system runs on the latest cloud technology, allowing updates and improvements to happen automatically. This system feeds into our data hub, and we’ve started using that data in exciting ways: • Partnering with Optifi: This new partnership is helping us make everyday processes faster and simpler. Tasks like onboarding, payments, compliance checks, and reporting are now more efficient, giving us better control and reducing costs.

• Expanding with Landytech: We’ve used their software to connect to 14 major investment managers and custodians. This means we get clean, standardised data delivered daily into our accounting systems. Soon, we’ll also use their visually rich reports to give clients a clearer picture of their investment portfolios, not just numbers, but the full story.

• AI Integration: An Optifi agent sits within the tool to interrogate procedures and provide meaningful data insights. We have also rolled out Copilot across the business, and staff are already discovering daily examples of time-saving features and enhanced support for their work.

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Our technology strategy is simple: make life easier for our people and clients. We’re not adding tech for the sake of it, we’re choosing tools that save time, reduce complexity, and improve service. Together, these changes show our commitment to staying innovative and resilient.

Digital transformation isn’t a one-off project, it’s an ongoing mindset we have embraced to shape how we work now and will serve clients for years to come.

Influencing the Next Generation Succession planning is a key part of our strategy to remain independent and ownermanaged in a market increasingly shaped by consolidation and private equity. In 2023/24, we made a deliberate and substantial investment to put in place a succession plan designed to guarantee continuity and build leadership strength for the future. This is a long-term exercise; an investment in our future. That decision has already paid back, with new business won specifically because we can demonstrate a credible, long-term approach to independence.

Succession at Affinity goes beyond leadership development. It includes structured shareholder transition. Supported by expert input from KPMG and Ogier, we created a framework that allows management shareholders to increase their stake over time while preserving cultural continuity. This approach is pioneering in our sector, balancing stability with opportunity and ensuring ownership remains aligned with our values.

A key part of preparing the next generation is our Future Leaders Programme, launched in 2023 to develop talented individuals for senior management roles and strategic thinking. This two-year programme blends formal learning, coaching, and practical projects to build skills in stakeholder management, financial literacy, governance, and decision-making. It’s designed to develop confidence and capability, not to guarantee shareholding, but to ensure readiness for leadership and involvement in strategic conversations when opportunities arise.

This year, six colleagues graduated from the first cohort, which culminated with a presentation to the Board with an idea about an innovative client reporting tool. Their work showed how the programme translates learning into impact, equipping them to think beyond day-to-day operations and be ready to influence at a strategic level. In September, our second cohort began their journey, with behaviours aligned to our values framework of People, Planet, Profit.

By investing in people and linking talent development with governance, we’re building resilience and reinforcing what makes Affinity distinctive. It’s a long-term commitment to independence and culture, and we are immersing our future leaders in this culture.

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What a year, but what’s next?

As we look ahead to 2026, we remain committed to delivering exceptional service, supporting our people and making a positive impact. The past year has been one of change, challenge, and opportunity. We’ve invested in our future and stayed true to our values. 2026 is about building on this. We have hired our first full time Dubai employee and will be building on the efficiencies from our new technology, while converting some of our strong pipeline to sustain our growth.

Deepen Middle East Presence; The opening of our Dubai office in the DIFC was a strategic milestone, placing us at the heart of one of the world’s fastest-growing wealth hubs. We are now moving from presence to prominence, focusing on building meaningful connections and delivering a seamless experience across jurisdictions. We will strengthen our network by working closely with family offices, private banks, accounting and legal firms, ensuring relationships are nurtured through thoughtful engagement and shared expertise. At the same time, we’re investing in local talent and cultural insight, combining Jersey’s technical excellence with understanding Dubai’s market to deliver solutions that work.

Operational alignment will be key. By harmonising processes and using technology for realtime collaboration, our Jersey and Dubai teams will operate as one, giving clients clarity and confidence wherever they do business. And we’ll make sure our voice is heard through industry conversations, thought leadership, and a visible presence that reflects who we are and what we stand for. Our ambition is clear: to become the trusted partner for families and intermediaries seeking stability, innovation, and authenticity in a rapidly evolving Middle East market.

Diversify and Innovate; London remains a vital hub for referrals and international connectivity, but our growth strategy is about strengthening relationships where we already have a presence and expanding into new regions with purpose.

We will also explore opportunities that complement our strengths, focusing where demand for cross-border wealth solutions is growing. Our offering will continue to evolve with client needs, enhancing capabilities in areas such as succession planning and complex structuring solutions.

Digital First, People Always; Technology is a catalyst, not a substitute. Our digital transformation will continue with software such as Optifi and Landytech. But our philosophy remains unchanged: relationships drive results. We will use technology to complement, not replace the human aspect, by streamlining processes, supporting compliance, and ensuring every interaction is backed by governance. This is designed to be a balanced approach, where technology delivers efficiency and precision, and people deliver expertise and understanding.

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Succession and Business Sustainability; Independence remains a deliberate choice that shapes our growth strategy, in a market where consolidation continues to accelerate, we stand apart by building a resilient, future-ready owner managed business that inspires confidence in its continuity. This is about creating an agile, independent business positioned for long-term growth – not just for today, but for the next decade and beyond.

Closing Thoughts Our priorities are clear: deliver for our clients, support our people, remain owner managed, and make a positive impact.

Now, as an entirely trust-focused business, we have greater breadth and capability than ever before, without losing the sharp focus that defines us. This evolution strengthens our ability to serve clients across jurisdictions, innovate with confidence, and uphold the values that have always set us apart.

Thank you for your continued trust and partnership. We look forward to achieving great things together in 2026.

David, James, Justin and Michelle

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OUR PEOPLE

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their success in 2025...

DAVID STEARN

AMANDA CABOT

CARA FAUDEMER

EMILY STEAD

Nominated Citywealth Trustee of the Year

Promoted Operations Director

Promoted Head of Marketing

Promoted Trust Manager

TEGAN MCKENNA

ALICE CARLYON

COURTNEY LE MASURIER

NIAMH HEWITT

Promoted Trust Manager

Promoted Senior Trust Operations Officer

Promoted Senior Trust Officer

Promoted Senior Trust Officer

LIZ FREEMAN

JESS BACON

BIANCA SAVILLE

STEFANIE LLOYD

Promoted Senior Compliance Executive

Promoted Trust Operations Officer

Promoted Trust Administrator

Promoted Trust Administrator

OUR PEOPLE

expanding our reach and influence...

This year, we’ve taken part in key events across the globe, building connections and sharing insights. From thought leadership forums to networking opportunities, these engagements have helped us strengthen relationships and showcase our expertise. Here are some of the highlights from events we’ve hosted, sponsored, attended and spoken at.

HOST

SPEAKER/SPONSOR

Affinity Next Gen Event London - Swingers - April

STEP Slovakia & Prague March & November

PCD Networking Dinners Dubai, Manchester, Riyadh, Jersey, Zurich & Geneva

SPONSOR

SPEAKER/SPONSOR

SPONSOR

Jersey Finance Private Wealth Conference London - September

Jersey Finance Women in Perspectives Riyadh/Dubai - October

Jersey Finance Dubai Conference Dubai - November HOST

STEP Asia Hong Kong - October

STEP Arabia Abu Dhabi - November

Affinity DIFC Launch Party Dubai - Amazónico - October

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OUR IMPACT

People, Planet, Profit With the sale of the investment business, we have spent time redefining what sustainability means for Affinity. We took the opportunity to step back and ask: how do we make sustainability meaningful for us and for those we serve? The answer lies in a simple but powerful framework, People, Planet, and Profit. This guides us, ensuring we balance long-term prosperity with social inclusion and environmental responsibility.

Our commitment goes beyond words. We’ve continued to support causes that matter, locally and globally. Durrell Wildlife Conservation Trust remains a big part of our environmental efforts. In November, David, Cara, and James represented Affinity at their Wild Tales event, which marked the end of their five-year strategy. David was also personally invited to a dinner with 12 others, including Princess Anne and the Lieutenant Governor of Jersey, a reflection of our partnership with Durrell and our work with a client on the Dalnacardoch Rewilding Project in Scotland, where we’re the trustees helping clients lead this rewilding initiative. See page 11 for an update on the land and this philanthropic project.

On the people side, we’ve continued our partnerships with Dementia Jersey and Jersey Employment Trust, reinforcing our belief that sustainability includes people, education, and inclusion. These relationships are more than training, they’re about creating opportunities and supporting communities where we live and work. See page 15 for more information.

Keeping our standards high, we have retained our Silver Chartered status with the Jersey Good Business Council, our STEP Gold Accreditation, and submitted our Communication on Progress to the UN Global Compact, affirming our commitment to ethical and responsible practices.

Throughout 2024/25, we introduced training based on the UN Sustainable Development Goals (SDGs), giving our team practical insight into how global principles apply to everyday decisions, both at work and beyond. These sessions highlighted that sustainability is as much about Diversity, Equity and Inclusion (DEI) and responsible business decisions as it is about carbon footprints and the environment.

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United Nations Sustainable Development Goals Training - one of the three sessions

This year marked the launch of The Greening Trust Jersey, a new initiative aimed at restoring and protecting local habitats. We were proud to be among the first group of Jersey Finance businesses to support its inception in December 2024. The Trust focuses on enhancing biodiversity and creating green spaces that benefit both the environment and the community, and our involvement reflects our commitment to tangible impact. Alongside this, we continue to invest in broader environmental efforts, from carbon rebalancing with Durrell’s ReWild Carbon to another year supporting Ocean Culture Life’s Storytelling Grants (see page 13).

Every year, we support two charities chosen by our employees. In 2024, this included Dementia Jersey, our social charity, which plays a vital role in providing care and raising awareness for those affected by dementia in our community. Save Our Shorelines Jersey, our environmental charity, works to protect Jersey’s coastline and marine life, ensuring these natural assets are preserved for future generations. Throughout the year, we hosted Lunch and Learns, took part in CSR opportunities, and deepened our understanding of the challenges these organisations address.

By focusing on People, Planet, and Profit, we’re building a business that thrives responsibly, supports succession, and delivers lasting impact for clients, colleagues, and the wider community.

PEOPLE, PLANET, PROFIT SDG 8 – Responsible business practices, succession planning.

SDG 12 – Embedding sustainability into decisions.

SDG 13 – Carbon rebalancing, Greening Jersey Trust.

SDG 17 – Collaborations with charities and government.

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OUR IMPACT

Dalnacardoch: A 100-Year Vision for Rewilding

The first phase of peatland restoration is underway, with contractors and the Cairngorms National Park Authority

Dalnacardoch represents one of the most ambitious and meaningful projects Affinity has been involved in, a true example of aligning wealth with values to create lasting environmental and social impact. This initiative began with a multi-generational family seeking to focus their philanthropic efforts on conservation. After years of collaboration, and following an introduction to Durrell Wildlife Conservation Trust, the family purchased 7,650 hectares of land in Scotland with a bold vision: to restore and rewild this iconic landscape over the next century.

The estate has been leased to Durrell for 100 years, to allow for long-term stewardship and ecological rewilding. The project’s goals are transformative: restoring peatlands, regenerating native woodlands, reviving river courses, and supporting biodiversity. These efforts will not only enhance Scotland’s natural heritage but also contribute to global climate resilience by locking carbon in peat soils and forests. The scale of ambition is matched by the complexity of delivery, requiring collaboration across conservation experts, land agents, and local stakeholders.

2025 has been a pivotal year for progress. The first phase of peatland restoration is underway, with contractors and the Cairngorms National Park Authority. Photos from the site show the slightly unexpected scene of diggers breaking ground changing the flow of water and breaking manmade created dams.

Woodland restoration has also begun, with Durrell carefully monitoring sapling species before and after reducing deer numbers. As deer density decreases, the recovery in sapling range, density and diversity is so encouraging that only minimal planting may be needed to reintroduce species where seed sources have been lost.

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Alongside ecological work, Dalnacardoch continues its cultural heritage mission through the breeding of Highland ponies, a rare native breed listed as “At Risk” by the Rare Breeds Survival Trust. This programme not only preserves an important part of Scotland’s history but also integrates ponies into restoration activities, such as carrying equipment across challenging terrain.

Looking ahead, Dalnacardoch is exploring opportunities to develop a low-impact, high-quality visitor experience that complements its conservation goals. Initial assessments suggest strong potential for eco-tourism, creating a sustainable revenue stream while educating visitors about rewilding.

Our involvement goes beyond trustee duties. Dalnacardoch is now part of Affinity’s culture, with plans for employee engagement trips to the estate. These visits will allow team members to participate in hands-on conservation tasks, deepening their connection to our values of authenticity, sustainability, and inclusion. This initiative builds on our Snooze Card reward scheme, offering colleagues an experience that celebrates those who go above and beyond.

Dalnacardoch is more than a project, it’s a legacy. It demonstrates how thoughtful wealth management can drive positive change for generations to come. As work accelerates, we remain committed to sharing updates and showcasing the incredible progress being made to restore nature and create a wilder, more resilient world.

PLANET SDG 8 – Eco-tourism development for sustainable revenue SDG 13 – Peatland restoration, carbon storage SDG 15 – Rewilding, biodiversity, native species protection

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OUR IMPACT

Ocean Culture Life: Giving the Ocean a Voice Through Storytelling

Our partnership with Ocean Culture Life (OCL) continues to deliver meaningful impact, reflecting our shared commitment to sustainability and ocean conservation. In late 2024, Affinity entered into a partnership with OCL to fund Storytelling Grants, an initiative designed to amplify the voices of those working to protect our oceans. This collaboration aligns with UN Sustainable Development Goal 14, focusing on life below water and the urgent need for marine stewardship.

The purpose of these grants is simple yet powerful: to bring untold stories of ocean conservation to life through photography, film, and immersive experiences. By funding these projects, we’re supporting OCL’s global platform, which enables storytellers to connect with a network of ocean advocates and conservationists. These stories inspire action, raise awareness, and highlight the often-overlooked efforts taking place across coastlines and communities around the world.

Earlier this year, Elizabeth and Cara represented Affinity on the judging panel, reviewing over 50 pitches from talented filmmakers and photographers across the globe. The standard was exceptional, and selecting winners was no easy task. Each story carried a unique perspective, some highlighting urgent environmental challenges, others capturing cultural connections to the sea, and many offering hope for the future. Ultimately, our favourite shortlisted projects reflect both creativity and impact, closely aligning with our values.

Among the standout projects were:

Matteo Clarke - Shetland Islands Hillswick: Beyond the Tides - A moving portrayal of wildlife rescue and sanctuary work in Hillswick, preserving marine life in Scotland’s rugged landscapes. and organisational levels.

Watch the trailer here

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Tiffany Duong - Honduras A story of resilience, documenting a reef that defies scientific expectations in an era of ocean warming, a beacon of hope for marine ecosystems.

Watch the trailer here

Giordano Margaglio: Sri Lanka Echoes of the Wave - A poignant reflection on the 2004 tsunami in Sri Lanka, exploring lessons learned and the importance of preparedness for future generations.

Watch the trailer here These films are currently in production, with trailers already generating excitement and emotional engagement. Updates from OCL show significant progress: projects like “Rhythm” premiered on Earth Day in London and were selected for international film festivals, while others are shifting community perceptions of ocean conservation from “mysterious” to accessible.

Beyond funding, our involvement extends to advocacy and engagement. We supported OCL during World Oceans Week, helping raise awareness locally. This hands-on approach reinforces that our partnership is more than transactional, it’s about building a movement for change.

Looking ahead, we’ve committed to continuing our support for Ocean Culture Life in 2026.

For us, this collaboration is a powerful example of how storytelling can drive sustainability.

By giving the ocean a voice, we help create narratives that inspire global action and foster a deeper connection between people and the planet. Together with OCL, we’re proving that when stories are told, change follows.

Read more about the highlighted stories here; https://www.affinitypw.com/news/waves-ofchange

PLANET SDG 12 – Advocacy for sustainable ocean practices SDG 14 – Marine conservation, ocean storytelling SDG 17 – Collaboration with OCL and global storytellers

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OUR IMPACT

Championing Diversity, Equity, and Opportunity

Ana joining the Jersey Employment Trust (JET) Ambassadors Programme, created in memory of Dean Lowe

Our commitment to equity and transparency continued this year with the Gender Pay Gap Toolkit pilot, delivered in partnership with MyAnova. By sharing our data and feedback, we helped refine a practical solution for Jersey businesses while streamlining our own reporting process. This collaboration reflects our focus on fairness and continuous improvement.

We also strengthened our approach to diversity and inclusion, with Ana joining the Jersey Employment Trust (JET) Ambassadors Programme, created in memory of Dean Lowe, described as JET’s greatest ambassador. Over 17 years, Dean championed the rights of Islanders with disabilities or long-term health conditions and envisioned a future where JET would be a household name, making conversations with employers easier and opening doors for those facing barriers in the workplace. The Ambassadors Programme continues his mission by bringing together employers, HR professionals, and advocates to embed inclusion into recruitment strategies and break down stigma.

As an Ambassador, Ana represented Affinity at the launch event and contributed through the Employment Opportunities Subgroup. This supported JET participants with CV creation, mock interviews, and process improvements, including introducing a recruitment tracker to streamline engagement. These efforts reflect Affinity’s belief that ability, not disability, should define opportunity, and demonstrate our commitment to long-term change in the employment landscape.

This year, dementia was central to our Diversity & Inclusion theme and chosen as our employees’ charity of the year. Our partnership with Dementia Jersey included embedding awareness and practical support into our workplace. We focused on equipping managers and teams to better understand the challenges faced by carers and those affected by living with dementia. This was designed to help us understand client as well as colleague experiences.

This approach reflects our HR strategy: aligning social impact with talent engagement, ensuring every individual feels valued, and building a workplace where inclusion drives business success.

PEOPLE

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SDG 3 – Dementia awareness and wellbeing initiatives SDG 5 – Gender Pay Gap Toolkit SDG 8 – JET Ambassadors, inclusive recruitment SDG 10 – Support for carers, disability inclusion

GENDER PAY GAP REPORT

June 2025

As signatories to the UN Global Compact we are committed to sustainability and supporting the UN’s 17 Sustainable Development Goals. Publishing our Gender Pay Report and implementing these measures reflect our responsibility to drive meaningful change within our industry and society.

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