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   "value": "<div class=\"t m0 h3 ff2 fs1 fc3 sc0 ls0 ws0 gs47\">1. <span class=\"_ _121\"> </span>BAS<span class=\"_ _4\"></span>IS O<span class=\"_ _4\"></span>F PREPAR<span class=\"_ _4\"></span>A<span class=\"_ _7\"></span>TI<span class=\"_ _4\"></span>ON </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls5e ws0 gs48\">International Public Partnerships Limited is a closed-ended authorised investment company incorporated in Guer<span class=\"_ _4\"></span>nsey under the Companies </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls5e ws0 gs49\">(Guernsey) Law<span class=\"_ _7\"></span>, 2008. The address of the registered of<span class=\"_ _7\"></span>fice is given on the inside back cover<span class=\"_ _0\"></span>. The nature of the Group\u2019<span class=\"_ _3\"></span>s (\u2018Parent and consolidated </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls5e ws0 gs4a\">subsidiary entities\u2019) operations and its principal activities are set out on pages 10 to 11.<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls5e ws0 gs4b\">These financial statements are pr<span class=\"_ _7\"></span>esented in Pounds Sterling as this is the currency of the primary economic environment in which the Group </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls5e ws0 gs4c\">operates and repr<span class=\"_ _7\"></span>esents the functional currency of the Parent and all values are r<span class=\"_ _7\"></span>ounded to the nearest (\u00a3\u2019000), except where otherwise indicated.</div>",
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    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
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    "language": "en",
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    "entity": "scheme:2138002AJT55TI5M4W30",
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   "value": "These financial statements are pr<span class=\"_ _7\"></span>esented in Pounds Sterling as this is the currency of the primary economic environment in which the Group operates and repr<span class=\"_ _7\"></span>esents the functional currency of the Parent and all values are r<span class=\"_ _7\"></span>ounded to the nearest (\u00a3\u2019000), except where otherwise indicated.",
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   "value": "BASIS OF<span class=\"_ _1\"></span> PREP<span class=\"_ _7\"></span>ARA<span class=\"_ _7\"></span>TION<span class=\"_ _209\"> </span>These financial statements have been prepar<span class=\"_ _7\"></span>ed in accordance with the UK-adopted International Accounting Standards (\u2018IFRS\u2019), applicable legal and regulatory r<span class=\"_ _7\"></span>equirements of Guernsey<span class=\"_ _7\"></span>, and the Listing Rules of the UK Listing Authority<span class=\"_ _0\"></span>. These financial statements follow the historical cost basis, except for financial assets held at fair value through pr<span class=\"_ _7\"></span>ofit or loss and derivatives that have been measured at fair value. The principal accounting policies adopted are set out in r<span class=\"_ _7\"></span>elevant notes to the financial statements. The Directors have determined that International Public Partnerships Limited is an investment entity as defined by IFRS 10 on the basis that the Company:<span class=\"_ _209\"> </span>a)  <span class=\"_ _16\"> </span>Obtains funds from one or more investor(s) for the purpose of pr<span class=\"_ _7\"></span>oviding those investor(s) with investment management services;<span class=\"_ _209\"> </span>b)    <span class=\"_ _1a\"></span>Commits to its investors that its business purpose is to invest funds solely for returns from capital appreciation, investment income, or<span class=\"_ gs4d\"> </span>both; and<span class=\"_ _209\"> </span>c)  <span class=\"_ _16\"> </span> <span class=\"_ _1a\"></span>Measures and evaluates the performance of substantially all of its investments on a fair value basis.<span class=\"_ _209\"> </span>Accordingly<span class=\"_ _3\"></span>, these financial statements consolidate only those subsidiaries that provide services relevant to its investment activities, such as<span class=\"_ gs4d\"> </span>management services, strategic advice and financial support to its investees, and that are not themselves investment entities. Subsidiaries<span class=\"_ gs4d\"> </span>that do not provide investment-r<span class=\"_ _7\"></span>elated services are required to be measur<span class=\"_ _7\"></span>ed at fair value through profit or loss in accor<span class=\"_ _1\"></span>dance with IFRS 9 Financial Instruments.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-188": {
   "value": "These financial statements have been prepar<span class=\"_ _7\"></span>ed in accordance with the UK-adopted International Accounting Standards (\u2018IFRS\u2019), applicable legal and regulatory r<span class=\"_ _7\"></span>equirements of Guernsey<span class=\"_ _7\"></span>, and the Listing Rules of the UK Listing Authority<span class=\"_ _0\"></span>. ",
   "dimensions": {
    "concept": "ifrs-full:StatementOfIFRSCompliance",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-168": {
   "value": "<div class=\"t m0 h3 ff2 fs1 fc1 sc0 ls5d ws5a gs4f\">GOING CONCERN<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs50\">The Directors have r<span class=\"_ _7\"></span>eviewed cash flow forecasts prepared by management. Based on those for<span class=\"_ _7\"></span>ecasts, consideration of the Group\u2019<span class=\"_ _3\"></span>s </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs51\">operating costs and obligations as well as capital commitments, and an assessment of the Group\u2019<span class=\"_ _3\"></span>s committed banking facilities, it has </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs52\">been considered appr<span class=\"_ _7\"></span>opriate to prepare these consolidated financial statements of the Group on a going concern basis. In arriving at their </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs53\">conclusion that the Group has adequate financial r<span class=\"_ _7\"></span>esources, the Directors were mindful that the Gr<span class=\"_ _7\"></span>oup had unrestricted cash of \u00a354.5m as </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs54\">at 31 December 2025. The Company continues to fully cover operating costs and distributions from underlying cash flows fr<span class=\"_ _7\"></span>om investments. </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs55\">The Company has access to a CDF of \u00a3300m, which includes a flexible \u2018accordion\u2019 component of \u00a350m. At the date of this Report, the CDF </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs56\">remains undrawn with \u00a3249.7m committed by letters of cr<span class=\"_ _7\"></span>edit. A \u00a320m portion of the facility is available to be utilised for working capital </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs57\">purposes. The facility is available until April 2028 and is forecast to continue in full compliance with the associated banking covenants. </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs58\">The<span class=\"_ gs4d\"> </span>facility is available for investment in new and existing assets.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-165": {
   "value": "<div class=\"t m0 h3 ff2 fs1 fc1 sc0 ls5d ws5a gs5a\">AC<span class=\"_ _1\"></span>COUNTING<span class=\"_ _1\"></span> POLICIES<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs5b\">The same accounting policies, presentation and methods of computation ar<span class=\"_ _7\"></span>e followed in this set of financial statements as applied in the </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs5c\">previous financial year<span class=\"_ _3\"></span>. The new and revised IFRS and interpretations becoming ef<span class=\"_ _1\"></span>fective in the period have had no material impact on the </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs5d\">accounting policies of the Group. Note 20 sets out a compr<span class=\"_ _7\"></span>ehensive listing of all new standards applicable from 1 January 2025.<span class=\"_ _209\"> </span></div><div class=\"t m0 h3 ff2 fs1 fc3 sc0 ls5d ws5a gs75\">4. <span class=\"_ _121\"> </span>INVESTMENT INCOME<span class=\"_ _209\"> </span></div><div class=\"t m0 h3 ff2 fs1 fc1 sc0 ls5d ws5a gs76\">AC<span class=\"_ _1\"></span>COUNTING<span class=\"_ _1\"></span> POLIC<span class=\"_ _7\"></span>Y<span class=\"_ _209\"> </span></div><div class=\"t m0 h3 ff2 fs1 fc4 sc0 lsb1 ws5c gs77\">Interest income<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs78\">Interest income is r<span class=\"_ _7\"></span>ecognised when it is probable that the economic benefits will flow to the Group and the amount of income can </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs79\">be<span class=\"_ gs4d\"> </span>measured r<span class=\"_ _7\"></span>eliably<span class=\"_ _7\"></span>. Interest income is accrued on a time-apportioned basis and is r<span class=\"_ _1\"></span>ecognised gross of withholding tax, if any<span class=\"_ _3\"></span>. </div><div class=\"t m0 h3 ff2 fs1 fc4 sc0 lsb1 ws5c gs7a\">Dividend income<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs7b\">Dividend income is recognised gr<span class=\"_ _7\"></span>oss of withholding tax on the date the Company\u2019<span class=\"_ _0\"></span>s right to receive the dividend income is established. </div><div class=\"t m0 h3 ff2 fs1 fc4 sc0 ls0 ws0 gs7c\">Ne<span class=\"_ _4\"></span>t cha<span class=\"_ _4\"></span>ng<span class=\"_ _4\"></span>e in in<span class=\"_ _4\"></span>vest<span class=\"_ _4\"></span>me<span class=\"_ _4\"></span>nt<span class=\"_ _4\"></span>s at fa<span class=\"_ _4\"></span>ir va<span class=\"_ _4\"></span>lue t<span class=\"_ _4\"></span>hr<span class=\"_ _4\"></span>ou<span class=\"_ _4\"></span>gh pr<span class=\"_ _4\"></span>ofit o<span class=\"_ _4\"></span>r los<span class=\"_ _4\"></span>s<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs7d\">Net change in investments at fair value through pr<span class=\"_ _7\"></span>ofit or loss represents unrealised fair value changes.<span class=\"_ _209\"> </span></div><div class=\"t m0 h3 ff2 fs1 fc3 sc0 ls0 ws0 gs89\">8<span class=\"_ _4\"></span>. <span class=\"_ _121\"> </span>FIN<span class=\"_ _4\"></span>AN<span class=\"_ _4\"></span>CE COS<span class=\"_ _4\"></span>TS AN<span class=\"_ _4\"></span>D BAN<span class=\"_ _4\"></span>K LOANS<span class=\"_ _209\"> </span></div><div class=\"t m0 h3 ff2 fs1 fc1 sc0 ls5d ws5a gs8a\">AC<span class=\"_ _1\"></span>COUNTING<span class=\"_ _1\"></span> POLIC<span class=\"_ _7\"></span>Y<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs8b\">Interest bearing loans and over<span class=\"_ _7\"></span>drafts are initially recorded as the pr<span class=\"_ _7\"></span>oceeds received net of any directly attributable issue costs. Subsequent </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs8c\">measurement is at amortised cost, with borr<span class=\"_ _7\"></span>owing costs recognised in the Consolidated Statement of Comprehensive Income in the year </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs8d\">in<span class=\"_ gs4d\"> </span>which they are incurr<span class=\"_ _7\"></span>ed, using the effective interest rate method. Arrangement fees are amortised over the term of the CDF<span class=\"_ _1b\"></span>.<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs8e\">Finance costs for the year were \u00a33.2m (December 2024: \u00a34.0m). The Gr<span class=\"_ _7\"></span>oup has a CDF with \u00a3300m available on a fully committed </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs8f\">basis, this includes a flexible \u2018accordion\u2019 component of \u00a350m. The inter<span class=\"_ _7\"></span>est rate margin on the CDF in the year was 170 basis points over </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs90\">SONIA. The current banking gr<span class=\"_ _7\"></span>oup for the facility consists of National Australia Bank, the Royal Bank of Scotland Inter<span class=\"_ _4\"></span>national, ING Bank </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs91\">Internationale Nederlanden Groep and Barclays Bank. As at December 2025 the facility was undrawn (December 2024: undrawn), with </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs92\">\u00a3249.7m committed under letter of credit (December 2024: \u00a316.4m drawn under letter of cr<span class=\"_ _7\"></span>edit). The uncommitted balance of the facility </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs93\">which was not cash drawn or notionally drawn via letters of credit, was c.\u00a350.3m (December 2024: \u00a3236.5m).<span class=\"_ _209\"> </span></div><div class=\"t m0 h3 ff2 fs1 fc3 sc0 ls0 ws0 gs95\">9. <span class=\"_ _5\"> </span>T<span class=\"_ _7\"></span>A<span class=\"_ _4\"></span>X CH<span class=\"_ _4\"></span>ARG<span class=\"_ _4\"></span>E<span class=\"_ _209\"> </span></div><div class=\"t m0 h3 ff2 fs1 fc1 sc0 ls5d ws5a gs96\">AC<span class=\"_ _1\"></span>COUNTING<span class=\"_ _1\"></span> POLIC<span class=\"_ _7\"></span>Y<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs97\">Current tax is based on taxable pr<span class=\"_ _7\"></span>ofit for the year<span class=\"_ _7\"></span>. T<span class=\"_ _3\"></span>axable profit differs fr<span class=\"_ _1\"></span>om net profit as r<span class=\"_ _1\"></span>eported in the Consolidated Statement of </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs98\">Comprehensive Income as it excludes items of income or expense that ar<span class=\"_ _7\"></span>e taxable or deductible in past or future years and it further </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs99\">excludes items that are never taxable or deductible. The Gr<span class=\"_ _7\"></span>oup\u2019<span class=\"_ _0\"></span>s asset/liability for current tax is calculated using tax rates that have been </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs9a\">enacted or substantively enacted at the balance sheet date. The current tax charge/cr<span class=\"_ _7\"></span>edit in the Consolidated Statement of Comprehensive </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs9b\">Income is recognised net of r<span class=\"_ _7\"></span>eceivables recognised for losses surrendered to unconsolidated subsidiary entities. </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls192 ws0 gs9c\">Under the current system of taxation in Guernsey<span class=\"_ _0\"></span>, the Company itself is exempt from paying taxes on income, pr<span class=\"_ _1\"></span>ofits or capital gains. Dividend </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls192 ws0 gs9d\">income and interest income r<span class=\"_ _7\"></span>eceived by the Group may be subject to withholding tax imposed in the country of origin of such income.<span class=\"_ _209\"> </span></div><div class=\"t m0 h3 ff2 fs1 fc1 sc0 ls5d ws5a gsa6\">AC<span class=\"_ _1\"></span>COUNTING<span class=\"_ _1\"></span> POLIC<span class=\"_ _7\"></span>Y<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsa7\">The Group classifies its financial assets as at fair value thr<span class=\"_ _7\"></span>ough profit or loss or as financial assets at amortised cost. The classification </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsa8\">depends on the purpose for which the financial assets were acquir<span class=\"_ _7\"></span>ed, with investments in unconsolidated subsidiaries (other than those </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsa9\">providing investment-r<span class=\"_ _7\"></span>elated services) being at fair value through profit or loss as requir<span class=\"_ _7\"></span>ed by IFRS 10. </div><div class=\"t m0 h3 ff2 fs1 fc4 sc0 ls0 ws0 gsaa\">Inve<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>me<span class=\"_ _4\"></span>nts a<span class=\"_ _4\"></span>t fa<span class=\"_ _4\"></span>ir val<span class=\"_ _4\"></span>ue t<span class=\"_ _4\"></span>hr<span class=\"_ _4\"></span>oug<span class=\"_ _4\"></span>h pr<span class=\"_ _4\"></span>ofit o<span class=\"_ _4\"></span>r los<span class=\"_ _4\"></span>s<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsab\">Investments in underlying unconsolidated subsidiaries and other non-controlled investments ar<span class=\"_ _7\"></span>e held in a portfolio, the business model of </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsac\">which is to manage them on a fair value basis. The Group\u2019<span class=\"_ _3\"></span>s policy is to fair value both the equity and debt investments in underlying assets </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsad\">together<span class=\"_ _0\"></span>. All transaction costs relating to the acquisition of new investments ar<span class=\"_ _1\"></span>e recognised dir<span class=\"_ _7\"></span>ectly in profit or loss. Subsequent to initial </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsae\">recognition, equity and debt investments ar<span class=\"_ _7\"></span>e measured at fair value with changes in fair value recognised within total investment income </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsaf\">in<span class=\"_ gs4d\"> </span>the Consolidated Statement of Comprehensive Income.<span class=\"_ _209\"> </span></div><div class=\"t m0 h3 ff2 fs1 fc4 sc0 ls0 ws0 gsb1\">T<span class=\"_ _7\"></span>r<span class=\"_ _4\"></span>ade a<span class=\"_ _4\"></span>nd o<span class=\"_ _4\"></span>th<span class=\"_ _4\"></span>er re<span class=\"_ _4\"></span>ce<span class=\"_ _4\"></span>ivab<span class=\"_ _4\"></span>le<span class=\"_ _4\"></span>s </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsb2\">T<span class=\"_ _0\"></span>rade and other receivables that meet the contracted cash flow test as sole payments of principal and inter<span class=\"_ _1\"></span>est and which are held in a </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsb3\">business model to receive these contractual cash flows ar<span class=\"_ _7\"></span>e classified as trade and other receivables. Financial assets with maturities less </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsb4\">than 12 months are included in curr<span class=\"_ _7\"></span>ent assets, financial assets with maturities greater than 12 months after the balance sheet date are </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsb5\">classified as non-current assets.<span class=\"_ _209\"> </span></div>Cash and<span class=\"_ _7\"></span> cash equivalents<span class=\"_ _209\"> </span>Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments with an original maturity of three months or less that ar<span class=\"_ _7\"></span>e readily convertible to a known amount of cash and are subject to an insignificant risk of changes in<span class=\"_ gs4d\"> </span>value.<span class=\"_ _209\"> </span>Derivative<span class=\"_ _7\"></span> financial instruments<span class=\"_ _209\"> </span>Derivatives are classified as financial assets and liabilities at fair value thr<span class=\"_ _7\"></span>ough profit or loss, held for trading. Derivatives are recognised initially<span class=\"_ _0\"></span>, and are subsequently r<span class=\"_ _1\"></span>emeasured, at fair value. Derivatives ar<span class=\"_ _1\"></span>e shown as assets when their fair value is positive or as liabilities when their fair value is negative. Fair value movements on derivative financial instruments held for trading are r<span class=\"_ _7\"></span>ecognised in the Consolidated Statement of Comprehensive Income.<span class=\"_ _209\"> </span>Impairment o<span class=\"_ _1\"></span>f financial<span class=\"_ _7\"></span> assets<span class=\"_ _209\"> </span>Financial assets, other than those classified at fair value through pr<span class=\"_ _7\"></span>ofit or loss, being trade and other receivables adopt a simplified approach to calculate any expected credit losses.<span class=\"_ _209\"> </span><div class=\"t m0 h3 ff2 fs1 fc1 sc0 ls5d ws5a gsc1\">AC<span class=\"_ _1\"></span>COUNTING<span class=\"_ _1\"></span> POLIC<span class=\"_ _7\"></span>Y<span class=\"_ _209\"> </span></div><div class=\"t m0 h3 ff2 fs1 fc4 sc0 ls7 ws8 gsc2\">Financial<span class=\"_ _1\"></span> liabilities<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsc3\">Financial liabilities, other than those specifically accounted for under a separate policy<span class=\"_ _0\"></span>, are measur<span class=\"_ _1\"></span>ed at amortised cost and stated based on </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsc4\">the amounts which are consider<span class=\"_ _7\"></span>ed to be payable in respect of goods or services received up to the financial reporting date. The accounting </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsc5\">policy for bank loans is included earlier in note 8.<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsc6\">The carrying value of financial assets and liabilities held at amortised cost is considered to appr<span class=\"_ _7\"></span>oximate their fair value.<span class=\"_ _209\"> </span></div><div class=\"t m0 h3 ff2 fs1 fc1 sc0 ls0 ws0 gs1b0\">NE<span class=\"_ _4\"></span>W ST<span class=\"_ _7\"></span>A<span class=\"_ _4\"></span>NDAR<span class=\"_ _4\"></span>DS THAT THE GR<span class=\"_ _4\"></span>OUP H<span class=\"_ _4\"></span>AS APPL<span class=\"_ _4\"></span>IED F<span class=\"_ _4\"></span>ROM 1 JAN<span class=\"_ _4\"></span>UARY 20<span class=\"_ _4\"></span>25 </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs1b1\">Standards and amendments to standar<span class=\"_ _7\"></span>ds applicable to the Group that became effective during the year are listed below<span class=\"_ _0\"></span>. These have no </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs1b2\">material impact on the reported performance or financial statements of the Gr<span class=\"_ _7\"></span>oup. </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs1b3\"> <span class=\"_ _22\"></span>\u2013<span class=\"_ _23\"> </span>Amendments to IAS 21 Effects of Changes in For<span class=\"_ _7\"></span>eign Exchange Rates (1 January 2025)<span class=\"_ _209\"> </span></div><div class=\"t m0 h3 ff2 fs1 fc1 sc0 ls0 ws0 gs1b4\">ST<span class=\"_ _7\"></span>A<span class=\"_ _4\"></span>NDAR<span class=\"_ _4\"></span>DS IS<span class=\"_ _4\"></span>SU<span class=\"_ _4\"></span>ED BU<span class=\"_ _4\"></span>T NOT YE<span class=\"_ _4\"></span>T EFF<span class=\"_ _4\"></span>ECTI<span class=\"_ _4\"></span>VE<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs1b5\">Standards applicable to the Gr<span class=\"_ _7\"></span>oup which are issued but not yet effective up to the date of issuance of the Group\u2019<span class=\"_ _3\"></span>s financial statements are </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs1b6\">listed below<span class=\"_ _7\"></span>. This listing is of standards and interpretations issued, which the Gr<span class=\"_ _7\"></span>oup reasonably expects to be applicable at a future date. </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs1b7\">The Group intends to adopt these standar<span class=\"_ _7\"></span>ds when they become effective, however does not currently anticipate the standards to have </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs1b8\">a significant impact on the Group\u2019<span class=\"_ _3\"></span>s financial statements. Current assumptions r<span class=\"_ _1\"></span>egarding the impact of futur<span class=\"_ _1\"></span>e standards will r<span class=\"_ _7\"></span>emain under </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs1b9\">consideration in light of interpretation notes as and when they ar<span class=\"_ _7\"></span>e issued.</div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs1ba\"> <span class=\"_ _22\"></span>\u2013<span class=\"_ _23\"> </span>Amendments to IFRS 9 and IFRS 7, Classification and Measurements of Financial Instruments (1 January 2026)</div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs1bb\"> <span class=\"_ _22\"></span>\u2013<span class=\"_ _23\"> </span>IFRS 18 Presentation and disclosur<span class=\"_ _7\"></span>e in financial statements (1 January 2027)<span class=\"_ _209\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-169": {
   "value": "<div class=\"t m0 h3 ff2 fs1 fc3 sc0 ls0 ws0 gs5f\">2<span class=\"_ _4\"></span>. <span class=\"_ _121\"> </span>C<span class=\"_ _4\"></span>RITI<span class=\"_ _4\"></span>CAL JU<span class=\"_ _4\"></span>DGE<span class=\"_ _4\"></span>MEN<span class=\"_ _4\"></span>TS AN<span class=\"_ _4\"></span>D EST<span class=\"_ _4\"></span>IMATES<span class=\"_ _209\"> </span></div><div class=\"t m0 h3 ff2 fs1 fc1 sc0 ls62 ws60 gs60\">INVE<span class=\"_ _4\"></span>STMENT ENTIT<span class=\"_ _4\"></span>Y </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs61\">In the judgement of the Directors, International Public Partnerships Limited has been accounted for as an investment entity as defined </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs62\">by<span class=\"_ gs4d\"> </span>IFRS 10, further details of which are given in note 1, Basis of pr<span class=\"_ _7\"></span>eparation. </div><div class=\"t m0 h3 ff2 fs1 fc1 sc0 ls0 ws0 gs63\">FAIR VALUA<span class=\"_ _7\"></span>TI<span class=\"_ _4\"></span>ON OF I<span class=\"_ _4\"></span>NVE<span class=\"_ _4\"></span>STM<span class=\"_ _4\"></span>ENT<span class=\"_ _4\"></span>S A<span class=\"_ _0\"></span>T FAI<span class=\"_ _4\"></span>R V<span class=\"_ _7\"></span>A<span class=\"_ _4\"></span>LUE TH<span class=\"_ _4\"></span>ROUG<span class=\"_ _4\"></span>H PROF<span class=\"_ _4\"></span>IT OR LOS<span class=\"_ _4\"></span>S </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs64\">Fair values are a critical estimate and ar<span class=\"_ _7\"></span>e determined using the income approach which discounts the expected cash flows at a rate </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs65\">appropriate to the risk pr<span class=\"_ _7\"></span>ofile of each investment. In determining the discount rate, relevant long-term government bond yields, specific </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs66\">investment risks and evidence of recent transactions ar<span class=\"_ _7\"></span>e considered. Details of the valuation process and key sensitivities are pr<span class=\"_ _7\"></span>ovided </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs67\">in<span class=\"_ gs4d\"> </span>note 11. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-170": {
   "value": "3. <span class=\"_ _121\"> </span>SEGMENT<span class=\"_ _7\"></span>AL REPORTING<span class=\"_ _209\"> </span>Based on a review of information pr<span class=\"_ _7\"></span>ovided to the chief operating decision makers of the Group (determined to be the Board), the Group has identified four reportable segments based on the geographical risk associated with the jurisdictions in which it operates. The factors used to identify the Group\u2019<span class=\"_ _3\"></span>s reportable segments ar<span class=\"_ _1\"></span>e centred on the risk-fr<span class=\"_ _1\"></span>ee rates and the maturity of the infrastructure sector within each r<span class=\"_ _7\"></span>egion. Further<span class=\"_ _0\"></span>, foreign exchange and political risk is identified, as these also determine wher<span class=\"_ _1\"></span>e resour<span class=\"_ _7\"></span>ces are allocated. The four reportable segments are UK &amp; CI, Eur<span class=\"_ _7\"></span>ope (excl. UK), North America and Australia &amp; New Zealand.<span class=\"_ _209\"> </span><table class=\"s wf5 hdb\" id=\"_7780a752-4464-4a14-b780-a520caba25bf\"><tr><td></td><td></td><td></td><td class=\"t m0 x288 h2b y232b ff2 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended 31 December 2025<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x1f8 h2b y232c ff2 fs13 fc4 sc0 ls0 ws0\">Europe  </td><td class=\"t m0 x265 h2b y232d ff2 fs13 fc4 sc0 ls0 ws0\">North  </td><td class=\"t m0 x266 h2b y232e ff2 fs13 fc4 sc0 ls0 ws0\">Australia &amp; </td><td></td></tr><tr><td></td><td class=\"t m0 x267 h2b y232f ff2 fs13 fc4 sc0 ls0 ws0\">UK &amp; CI </td><td class=\"t m0 x268 h2b y2330 ff2 fs13 fc4 sc0 ls0 ws0\">(excl. UK)  </td><td class=\"t m0 x269 h2b y2331 ff2 fs13 fc4 sc0 ls0 ws0\">America  </td><td class=\"t m0 x26a h2b y2332 ff2 fs13 fc4 sc0 ls0 ws0\">New<span class=\"_ gs6f\"> </span>Zealand </td><td class=\"t m0 x1dd h2b y2332 ff2 fs13 fc4 sc0 ls0 ws0\">T<span class=\"_ _0\"></span>otal </td></tr><tr><td></td><td class=\"t m0 x26b h2b y2333 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x26c h2b y2334 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x26d h2b y2335 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x26e h2b y2336 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1e2 h2b y2336 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1e7 h3 y2337 ff2 fs1 fc4 sc0 ls0 ws0\">Segmental results<span class=\"_ _209\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y232a wf6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Dividend and interest income<span class=\"_ _209\"> </span></div></td><td class=\"c n x289 y232a wf7 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse2 wsf3\">15<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>2<span class=\"_ _4\"></span>21<span class=\"_ _209\"> </span></div></td><td class=\"c n x28a y232a wf8 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lsda wsec\">17,<span class=\"_ _6\"></span>4<span class=\"_ _6\"></span>3<span class=\"_ _6\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x28b y232a wf9 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls5c ws95\">10,<span class=\"_ _6\"></span>28<span class=\"_ _4\"></span>3<span class=\"_ _209\"> </span></div></td><td class=\"c n x28c y232a wfa hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1a5 ws1b0\">20,20<span class=\"_ _7\"></span>7<span class=\"_ _209\"> </span></div></td><td class=\"c n x28d y232a wfb hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls197 ws1a2\">2<span class=\"_ _6\"></span>0<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span>,14<span class=\"_ _4\"></span>1<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2338 wfc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Fair value gain / (loss) on investments<span class=\"_ _209\"> </span></div></td><td class=\"c n x28e y2338 wfd hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse8 wsd3\">3<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>714<span class=\"_ _209\"> </span></div></td><td class=\"c n x28f y2338 wfe hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1a8 wsa3\">57<span class=\"_ _0\"></span>,<span class=\"_ _4\"></span>497<span class=\"_ _209\"> </span></div></td><td class=\"c n x290 y2338 wff hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls5c ws95\">(<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>310)<span class=\"_ _209\"> </span></div></td><td class=\"c n x291 y2338 w100 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls69 ws58\">9,3<span class=\"_ _4\"></span>46<span class=\"_ _209\"> </span></div></td><td class=\"c n x292 y2338 w46 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls162 ws16d\">9<span class=\"_ _4\"></span>5,<span class=\"_ _4\"></span>2<span class=\"_ _4\"></span>47<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2339 w101 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal investment income<span class=\"_ _209\"> </span></div></td><td class=\"c n x293 y2339 w102 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls7d ws7c\">19<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>,9<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td><td class=\"c n x294 y2339 w103 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse3 wsf4\">7<span class=\"_ _0\"></span>4,927<span class=\"_ _209\"> </span></div></td><td class=\"c n x295 y2339 w104 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse4 wsf5\">1,<span class=\"_ _4\"></span>97<span class=\"_ _4\"></span>3<span class=\"_ _209\"> </span></div></td><td class=\"c n x296 y2339 w105 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls2 ws3\">29,553<span class=\"_ _209\"> </span></div></td><td class=\"c n x297 y2339 w49 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lsda wsec\">2<span class=\"_ _6\"></span>9<span class=\"_ _4\"></span>7,<span class=\"_ _6\"> </span>3<span class=\"_ _6\"></span>8<span class=\"_ _6\"> </span>8<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c x1b0 y22b6 w106 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">Reporting segment (loss) /profit</div><div class=\"t m0 x298 h1c y233a ff2 fs12 fc4 sc0 ls0 ws0\">1<span class=\"_ _209\"> </span></div></td><td class=\"c n x299 y233b w107 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 lse3 wsf4\">1<span class=\"_ _7\"></span>5<span class=\"_ _4\"></span>6,963<span class=\"_ _209\"> </span></div></td><td class=\"c n x29a y233b w108 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls161 ws16c\">7<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>74<span class=\"_ _4\"></span>3<span class=\"_ _209\"> </span></div></td><td class=\"c n x29b y233b w109 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 lse4 wsf5\">1,<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>7<span class=\"_ _209\"> </span></div></td><td class=\"c n x29c y233b w10a hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls1ab ws1b6\">2<span class=\"_ _6\"></span>9,<span class=\"_ _6\"></span>5<span class=\"_ _4\"></span>41<span class=\"_ _209\"> </span></div></td><td class=\"c n x29d y233b w68 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls199 ws1a4\">263,<span class=\"_ _7\"></span>704<span class=\"_ _209\"> </span></div></td></tr></table><table class=\"s we3 hda\" id=\"_cc0e7aed-88e4-4677-a66d-0985be4343d4\"><tr><td></td><td></td><td></td><td class=\"t m0 x1e0 h2b y231c ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x1f8 h2b y231d ff2 fs13 fc4 sc0 ls0 ws0\">Europe  </td><td class=\"t m0 x265 h2b y231e ff2 fs13 fc4 sc0 ls0 ws0\">North  </td><td class=\"t m0 x266 h2b y231f ff2 fs13 fc4 sc0 ls0 ws0\">Australia &amp; </td><td></td></tr><tr><td></td><td class=\"t m0 x267 h2b y2320 ff2 fs13 fc4 sc0 ls0 ws0\">UK &amp; CI </td><td class=\"t m0 x268 h2b y2321 ff2 fs13 fc4 sc0 ls0 ws0\">(excl. UK)  </td><td class=\"t m0 x269 h2b y2322 ff2 fs13 fc4 sc0 ls0 ws0\">America  </td><td class=\"t m0 x26a h2b y2323 ff2 fs13 fc4 sc0 ls0 ws0\">New<span class=\"_ gs6f\"> </span>Zealand </td><td class=\"t m0 x1dd h2b y2323 ff2 fs13 fc4 sc0 ls0 ws0\">T<span class=\"_ _0\"></span>otal </td></tr><tr><td></td><td class=\"t m0 x26b h2b y2324 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x26c h2b y2325 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x26d h2b y2326 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x26e h2b y2327 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1e2 h2b y2327 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1e7 h3 y2328 ff2 fs1 fc4 sc0 ls0 ws0\">Segmental financial position<span class=\"_ _209\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y2329 we4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Investments at fair value<span class=\"_ _209\"> </span></div></td><td class=\"c n x26f y2329 we5 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls197 ws1a2\">1<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>8<span class=\"_ _6\"></span>7<span class=\"_ _4\"></span>9<span class=\"_ _6\"></span>,13<span class=\"_ _6\"> </span>9<span class=\"_ _209\"> </span></div></td><td class=\"c n x270 y2329 we6 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lsda wsec\">3<span class=\"_ _4\"></span>9<span class=\"_ _6\"></span>7,<span class=\"_ _6\"></span>3<span class=\"_ _4\"></span>4<span class=\"_ _6\"></span>2<span class=\"_ _209\"> </span></div></td><td class=\"c n x271 y2329 we7 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1af ws1bb\">96,808<span class=\"_ _209\"> </span></div></td><td class=\"c n x272 y2329 we8 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1b0 ws1bc\">268,<span class=\"_ _4\"></span>293<span class=\"_ _209\"> </span></div></td><td class=\"c n x273 y2329 we9 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1ab ws1b6\">2<span class=\"_ _6\"></span>,<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>41,<span class=\"_ _4\"></span>5<span class=\"_ _6\"></span>8<span class=\"_ _4\"></span>2<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y232a wea hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Current assets<span class=\"_ _209\"> </span></div></td><td class=\"c n x274 y232a w99 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls18c ws199\">114<span class=\"_ _6\"></span>,<span class=\"_ _6\"></span>5<span class=\"_ _6\"></span>0<span class=\"_ _4\"></span>3<span class=\"_ _209\"> </span></div></td><td class=\"c n x275 y232a web hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x276 y232a w74 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x277 y232a w74 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x278 y232a wec hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls18c ws199\">11<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>,<span class=\"_ _6\"></span>5<span class=\"_ _6\"></span>0<span class=\"_ _6\"></span>3<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y231b w9b hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal assets<span class=\"_ _209\"> </span></div></td><td class=\"c n x279 y231b wed hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls191 ws185\">1,993<span class=\"_ _4\"></span>,642<span class=\"_ _209\"> </span></div></td><td class=\"c n x27a y231b wee hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 lsda wsec\">3<span class=\"_ _6\"></span>9<span class=\"_ _4\"></span>7,<span class=\"_ _6\"></span>3<span class=\"_ _6\"></span>4<span class=\"_ _4\"></span>2<span class=\"_ _209\"> </span></div></td><td class=\"c n x27b y231b wef hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls1af ws1bb\">96,808<span class=\"_ _209\"> </span></div></td><td class=\"c n x27c y231b we8 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls1b0 ws1bc\">26<span class=\"_ _4\"></span>8,293<span class=\"_ _209\"> </span></div></td><td class=\"c n x27d y231b wf0 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls5b ws57\">2<span class=\"_ _4\"></span>,75<span class=\"_ _4\"></span>6,<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22c7 wa0 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal liabilities<span class=\"_ _209\"> </span></div></td><td class=\"c n x27e y22c7 wf1 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls1a5 ws1b0\">(9<span class=\"_ _7\"></span>,444)<span class=\"_ _209\"> </span></div></td><td class=\"c n x27f y22c7 w74 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x280 y22c7 w74 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x281 y22c7 w74 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x282 y22c7 wef hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls1a5 ws1b0\">(9,444<span class=\"_ _7\"></span>)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 wa1 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">Net assets<span class=\"_ _209\"> </span></div></td><td class=\"c n x283 y22b6 wf2 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 lse3 wsf4\">1,984,<span class=\"_ _0\"></span>198<span class=\"_ _209\"> </span></div></td><td class=\"c n x284 y22b6 wf3 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 lsda wsec\">3<span class=\"_ _6\"></span>9<span class=\"_ _4\"></span>7,<span class=\"_ _6\"> </span>3<span class=\"_ _6\"> </span>4<span class=\"_ _6\"></span>2<span class=\"_ _209\"> </span></div></td><td class=\"c n x285 y22b6 we7 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls1af ws1bb\">96,808<span class=\"_ _209\"> </span></div></td><td class=\"c n x286 y22b6 we8 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls1b0 ws1bc\">2<span class=\"_ _4\"></span>68,293<span class=\"_ _209\"> </span></div></td><td class=\"c n x287 y22b6 wf4 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls161 ws16c\">2<span class=\"_ _6\"></span>,74<span class=\"_ _6\"></span>6<span class=\"_ _4\"></span>,<span class=\"_ _6\"></span>6<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>1<span class=\"_ _209\"> </span></div></td></tr></table><table class=\"s w10b hdc\" id=\"_d6330edd-33c2-46b3-9b42-2a387e5b4d8a\"><tr><td></td><td></td><td></td><td class=\"t m0 x29e h1d y233c ff4 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended 31 December 2024<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x26c h1d y233d ff4 fs13 fc4 sc0 ls0 ws0\">Europe  </td><td class=\"t m0 x29f h1d y233e ff4 fs13 fc4 sc0 ls0 ws0\">North  </td><td class=\"t m0 x2a0 h1d y233f ff4 fs13 fc4 sc0 ls0 ws0\">Australia &amp; </td><td></td></tr><tr><td></td><td class=\"t m0 x2a1 h1d y2340 ff4 fs13 fc4 sc0 ls0 ws0\">UK &amp; CI<span class=\"_ _209\"> </span></td><td class=\"t m0 x2a2 h1d y2341 ff4 fs13 fc4 sc0 ls0 ws0\">(excl. UK)  </td><td class=\"t m0 x2a3 h1d y2342 ff4 fs13 fc4 sc0 ls0 ws0\">America  </td><td class=\"t m0 x2a4 h1d y2343 ff4 fs13 fc4 sc0 ls0 ws0\">New<span class=\"_ gs6f\"> </span>Zealand </td><td class=\"t m0 x1fc h1d y2343 ff4 fs13 fc4 sc0 ls0 ws0\">T<span class=\"_ _0\"></span>otal </td></tr><tr><td></td><td class=\"t m0 x26b h1d y2344 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x2a5 h1d y2345 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x2a6 h1d y2346 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x26e h1d y2347 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1fe h1d y2347 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1e7 h3 y2348 ff2 fs1 fc4 sc0 ls0 ws0\">Segmental results<span class=\"_ _209\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y2349 wf6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Dividend and interest income<span class=\"_ _209\"> </span></div></td><td class=\"c n x2a7 y2349 w10c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls194 ws194\">1<span class=\"_ _7\"></span>58,589<span class=\"_ _209\"> </span></div></td><td class=\"c n x2a8 y2349 w10d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">11<span class=\"_ _4\"></span>,1<span class=\"_ _4\"></span>9<span class=\"_ _6\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x2a9 y2349 w10e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1aa ws1b4\">9<span class=\"_ _4\"></span>,672<span class=\"_ _209\"> </span></div></td><td class=\"c n x2aa y2349 w10f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">22,582<span class=\"_ _209\"> </span></div></td><td class=\"c n x2ab y2349 w110 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18b ws198\">2<span class=\"_ _4\"></span>0<span class=\"_ _6\"></span>2<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>41<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y234a wfc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Fair value gain / (loss) on investments<span class=\"_ _209\"> </span></div></td><td class=\"c n x2ac y234a w111 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls198 ws1a3\">(<span class=\"_ _6\"></span>1<span class=\"_ _4\"></span>3<span class=\"_ _6\"></span>7,<span class=\"_ _6\"></span>3<span class=\"_ _6\"> </span>2<span class=\"_ _2d\"> </span>6<span class=\"_ _6\"></span>)<span class=\"_ _209\"> </span></div></td><td class=\"c n x2ad y234a w112 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>25<span class=\"_ _209\"> </span></div></td><td class=\"c n x2ae y234a w113 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse6 wsf7\">(<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>,78<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>)<span class=\"_ _209\"> </span></div></td><td class=\"c n x2af y234a w114 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse6 wsf7\">(<span class=\"_ _4\"></span>28<span class=\"_ _4\"></span>,76<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>)<span class=\"_ _209\"> </span></div></td><td class=\"c n x2b0 y234a w115 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1a4 ws1af\">(16<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>52<span class=\"_ _4\"></span>)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b5 w116 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal investment income / (loss)<span class=\"_ _209\"> </span></div></td><td class=\"c n x2b1 y22b5 w117 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls19a ws1a5\">2<span class=\"_ _4\"></span>1,<span class=\"_ _4\"></span>2<span class=\"_ _6\"></span>6<span class=\"_ _4\"></span>3<span class=\"_ _209\"> </span></div></td><td class=\"c n x2b2 y22b5 w118 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls19a ws1a5\">2<span class=\"_ _4\"></span>1,<span class=\"_ _4\"></span>2<span class=\"_ _4\"></span>2<span class=\"_ _6\"></span>3<span class=\"_ _209\"> </span></div></td><td class=\"c n x2b3 y22b5 w119 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">884<span class=\"_ _209\"> </span></div></td><td class=\"c n x2b4 y22b5 w11a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">(<span class=\"_ _6\"></span>6<span class=\"_ _6\"></span>,1<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>)<span class=\"_ _209\"> </span></div></td><td class=\"c n x2b5 y22b5 w11b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls198 ws1a3\">3<span class=\"_ _6\"></span>7,1<span class=\"_ _4\"></span>8<span class=\"_ _2d\"> </span>9<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c x1b0 y234b w11c hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">Reporting segment profit / (loss)</div><div class=\"t m0 x2b6 h1c y233a ff2 fs12 fc4 sc0 ls0 ws0\">1<span class=\"_ _209\"> </span></div></td><td class=\"c n x2b7 y22b6 w11d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1b1 ws1bd\">(19<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>37<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>)<span class=\"_ _209\"> </span></div></td><td class=\"c n x2b8 y22b6 w11e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls83 ws83\">22,<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>98<span class=\"_ _209\"> </span></div></td><td class=\"c n x2b9 y22b6 w4c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls83 ws83\">2,<span class=\"_ _4\"></span>22<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x2ba y22b6 w11f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse6 wsf7\">(4,7<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>)<span class=\"_ _209\"> </span></div></td><td class=\"c n x2bb y22b6 w69 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1a8 wsa3\">465<span class=\"_ _209\"> </span></div></td></tr></table><table class=\"s w120 hdd\" id=\"_d5f7708b-a9b4-4ca4-9b76-672480a63a46\"><tr><td></td><td></td><td></td><td class=\"t m0 x2bc h1d y234c ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x26c h1d y234d ff4 fs13 fc4 sc0 ls0 ws0\">Europe  </td><td class=\"t m0 x29f h1d y234e ff4 fs13 fc4 sc0 ls0 ws0\">North  </td><td class=\"t m0 x2a0 h1d y234f ff4 fs13 fc4 sc0 ls0 ws0\">Australia &amp; </td><td></td></tr><tr><td></td><td class=\"t m0 x2a1 h1d y2350 ff4 fs13 fc4 sc0 ls0 ws0\">UK &amp; CI<span class=\"_ _209\"> </span></td><td class=\"t m0 x2a2 h1d y2351 ff4 fs13 fc4 sc0 ls0 ws0\">(excl. UK)  </td><td class=\"t m0 x2a3 h1d y2352 ff4 fs13 fc4 sc0 ls0 ws0\">America  </td><td class=\"t m0 x2a4 h1d y2353 ff4 fs13 fc4 sc0 ls0 ws0\">New<span class=\"_ gs6f\"> </span>Zealand </td><td class=\"t m0 x1fc h1d y2353 ff4 fs13 fc4 sc0 ls0 ws0\">T<span class=\"_ _0\"></span>otal </td></tr><tr><td></td><td class=\"t m0 x26b h1d y2354 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x2a5 h1d y2355 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x2a6 h1d y2356 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x26e h1d y2357 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1fe h1d y2357 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1e7 h3 y2358 ff2 fs1 fc4 sc0 ls0 ws0\">Segmental financial position<span class=\"_ _209\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y229b we4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Investments at fair value<span class=\"_ _209\"> </span></div></td><td class=\"c n x2bd y229b w121 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">1<span class=\"_ _0\"></span>,8<span class=\"_ _4\"></span>82<span class=\"_ _7\"></span>,29<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x2be y229b w122 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls198 ws1a3\">3<span class=\"_ _2d\"> </span>4<span class=\"_ _6\"></span>7,<span class=\"_ _6\"></span>6<span class=\"_ _6\"></span>0<span class=\"_ _2d\"> </span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x2bf y229b w123 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td><td class=\"c n x2c0 y229b w124 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5e ws5b\">256<span class=\"_ _4\"></span>,8<span class=\"_ _4\"></span>53<span class=\"_ _209\"> </span></div></td><td class=\"c n x2c1 y229b w8f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsd3 wse3\">2,593,056<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2359 wea hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Current assets<span class=\"_ _209\"> </span></div></td><td class=\"c n x2c2 y2359 w125 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb8 wsc0\">13<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>9<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x2c3 y2359 w74 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x2c4 y2359 w74 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x2c5 y2359 web hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x2c6 y2359 w125 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb8 wsc0\">13<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>9<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y231b w9b hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal assets<span class=\"_ _209\"> </span></div></td><td class=\"c n x2c7 y231b w126 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls198 ws1a3\">2<span class=\"_ _6\"></span>,<span class=\"_ _6\"></span>0<span class=\"_ _6\"></span>1<span class=\"_ _4\"></span>7,<span class=\"_ _4\"></span>7<span class=\"_ _6\"></span>8<span class=\"_ _2d\"> </span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x2c8 y231b w127 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls198 ws1a3\">3<span class=\"_ _6\"> </span>4<span class=\"_ _6\"></span>7,<span class=\"_ _6\"></span>6<span class=\"_ _2d\"> </span>0<span class=\"_ _2d\"> </span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x2c9 y231b w128 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>,3<span class=\"_ _6\"></span>0<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td><td class=\"c n x2ca y231b w124 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5e ws5b\">256,<span class=\"_ _4\"></span>85<span class=\"_ _4\"></span>3<span class=\"_ _209\"> </span></div></td><td class=\"c n x2cb y231b w9d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse6 wsf7\">2,7<span class=\"_ _4\"></span>28<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>6<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22c7 wa0 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal liabilities<span class=\"_ _209\"> </span></div></td><td class=\"c n x2cc y22c7 w129 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">(<span class=\"_ _6\"></span>11,<span class=\"_ _6\"></span>9<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span>2<span class=\"_ _4\"></span>)<span class=\"_ _209\"> </span></div></td><td class=\"c n x2cd y22c7 w74 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x2ce y22c7 web hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x2cf y22c7 w74 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x2d0 y22c7 w12a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">(<span class=\"_ _4\"></span>11<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>9<span class=\"_ _6\"> </span>2<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span>)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 wa1 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">Net assets<span class=\"_ _209\"> </span></div></td><td class=\"c n x2d1 y22b6 w12b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls6 ws7\">2<span class=\"_ _7\"></span>,005,<span class=\"_ _7\"></span>866<span class=\"_ _209\"> </span></div></td><td class=\"c n x2d2 y22b6 w12c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls198 ws1a3\">3<span class=\"_ _6\"></span>4<span class=\"_ _4\"></span>7,<span class=\"_ _6\"> </span>6<span class=\"_ _2d\"> </span>0<span class=\"_ _15\"> </span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x2d3 y22b6 w128 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>,3<span class=\"_ _6\"></span>0<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td><td class=\"c n x2d4 y22b6 w12d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5e ws5b\">256,<span class=\"_ _4\"></span>85<span class=\"_ _4\"></span>3<span class=\"_ _209\"> </span></div></td><td class=\"c n x2d5 y22b6 w8b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse6 wsf7\">2,716<span class=\"_ _4\"></span>,6<span class=\"_ _4\"></span>24<span class=\"_ _209\"> </span></div></td></tr></table>1 <span class=\"_ _1d\"> </span>R<span class=\"_ _4\"></span>epo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ing s<span class=\"_ _4\"></span>egm<span class=\"_ _4\"></span>ent re<span class=\"_ _4\"></span>sul<span class=\"_ _4\"></span>ts are s<span class=\"_ _4\"></span>tate<span class=\"_ _4\"></span>d net of o<span class=\"_ _4\"></span>pera<span class=\"_ _4\"></span>tio<span class=\"_ _4\"></span>nal co<span class=\"_ _4\"></span>sts i<span class=\"_ _4\"></span>nclu<span class=\"_ _4\"></span>din<span class=\"_ _4\"></span>g man<span class=\"_ _4\"></span>age<span class=\"_ _4\"></span>men<span class=\"_ _4\"></span>t fee<span class=\"_ _4\"></span>s.<span class=\"_ _209\"> </span>Revenue from investments which individually r<span class=\"_ _7\"></span>epresent more than 10% of the Group\u2019<span class=\"_ _3\"></span>s interest and dividend income appr<span class=\"_ _7\"></span>oximates \u00a339.3m<span class=\"_ gs4d\"> </span>(2024: \u00a325.0m).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-189": {
   "value": "<div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs69\">Based on a review of information pr<span class=\"_ _7\"></span>ovided to the chief operating decision makers of the Group (determined to be the Board), the Group has </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs6a\">identified four reportable segments based on the geographical risk associated with the jurisdictions in which it operates. The factors used to </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs6b\">identify the Group\u2019<span class=\"_ _3\"></span>s reportable segments ar<span class=\"_ _1\"></span>e centred on the risk-fr<span class=\"_ _1\"></span>ee rates and the maturity of the infrastructure sector within each r<span class=\"_ _7\"></span>egion. </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs6c\">Further<span class=\"_ _0\"></span>, foreign exchange and political risk is identified, as these also determine wher<span class=\"_ _1\"></span>e resour<span class=\"_ _7\"></span>ces are allocated. The four reportable segments </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs6d\">are UK &amp; CI, Eur<span class=\"_ _7\"></span>ope (excl. UK), North America and Australia &amp; New Zealand.<span class=\"_ _209\"> </span></div><div class=\"gs6e\"><table class=\"s wf5 hdb\" id=\"_7780a752-4464-4a14-b780-a520caba25bf\"><tr><td></td><td></td><td></td><td class=\"t m0 x288 h2b y232b ff2 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended 31 December 2025<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x1f8 h2b y232c ff2 fs13 fc4 sc0 ls0 ws0\">Europe  </td><td class=\"t m0 x265 h2b y232d ff2 fs13 fc4 sc0 ls0 ws0\">North  </td><td class=\"t m0 x266 h2b y232e ff2 fs13 fc4 sc0 ls0 ws0\">Australia &amp; </td><td></td></tr><tr><td></td><td class=\"t m0 x267 h2b y232f ff2 fs13 fc4 sc0 ls0 ws0\">UK &amp; CI </td><td class=\"t m0 x268 h2b y2330 ff2 fs13 fc4 sc0 ls0 ws0\">(excl. UK)  </td><td class=\"t m0 x269 h2b y2331 ff2 fs13 fc4 sc0 ls0 ws0\">America  </td><td class=\"t m0 x26a h2b y2332 ff2 fs13 fc4 sc0 ls0 ws0\">New<span class=\"_ gs6f\"> </span>Zealand </td><td class=\"t m0 x1dd h2b y2332 ff2 fs13 fc4 sc0 ls0 ws0\">T<span class=\"_ _0\"></span>otal </td></tr><tr><td></td><td class=\"t m0 x26b h2b y2333 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x26c h2b y2334 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x26d h2b y2335 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x26e h2b y2336 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1e2 h2b y2336 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1e7 h3 y2337 ff2 fs1 fc4 sc0 ls0 ws0\">Segmental results<span class=\"_ _209\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y232a wf6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Dividend and interest income<span class=\"_ _209\"> </span></div></td><td class=\"c n x289 y232a wf7 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse2 wsf3\">15<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>2<span class=\"_ _4\"></span>21<span class=\"_ _209\"> </span></div></td><td class=\"c n x28a y232a wf8 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lsda wsec\">17,<span class=\"_ _6\"></span>4<span class=\"_ _6\"></span>3<span class=\"_ _6\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x28b y232a wf9 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls5c ws95\">10,<span class=\"_ _6\"></span>28<span class=\"_ _4\"></span>3<span class=\"_ _209\"> </span></div></td><td class=\"c n x28c y232a wfa hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1a5 ws1b0\">20,20<span class=\"_ _7\"></span>7<span class=\"_ _209\"> </span></div></td><td class=\"c n x28d y232a wfb hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls197 ws1a2\">2<span class=\"_ _6\"></span>0<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span>,14<span class=\"_ _4\"></span>1<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2338 wfc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Fair value gain / (loss) on investments<span class=\"_ _209\"> </span></div></td><td class=\"c n x28e y2338 wfd hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse8 wsd3\">3<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>714<span class=\"_ _209\"> </span></div></td><td class=\"c n x28f y2338 wfe hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1a8 wsa3\">57<span class=\"_ _0\"></span>,<span class=\"_ _4\"></span>497<span class=\"_ _209\"> </span></div></td><td class=\"c n x290 y2338 wff hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls5c ws95\">(<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>310)<span class=\"_ _209\"> </span></div></td><td class=\"c n x291 y2338 w100 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls69 ws58\">9,3<span class=\"_ _4\"></span>46<span class=\"_ _209\"> </span></div></td><td class=\"c n x292 y2338 w46 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls162 ws16d\">9<span class=\"_ _4\"></span>5,<span class=\"_ _4\"></span>2<span class=\"_ _4\"></span>47<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2339 w101 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal investment income<span class=\"_ _209\"> </span></div></td><td class=\"c n x293 y2339 w102 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls7d ws7c\">19<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>,9<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td><td class=\"c n x294 y2339 w103 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse3 wsf4\">7<span class=\"_ _0\"></span>4,927<span class=\"_ _209\"> </span></div></td><td class=\"c n x295 y2339 w104 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse4 wsf5\">1,<span class=\"_ _4\"></span>97<span class=\"_ _4\"></span>3<span class=\"_ _209\"> </span></div></td><td class=\"c n x296 y2339 w105 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls2 ws3\">29,553<span class=\"_ _209\"> </span></div></td><td class=\"c n x297 y2339 w49 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lsda wsec\">2<span class=\"_ _6\"></span>9<span class=\"_ _4\"></span>7,<span class=\"_ _6\"> </span>3<span class=\"_ _6\"></span>8<span class=\"_ _6\"> </span>8<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c x1b0 y22b6 w106 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">Reporting segment (loss) /profit</div><div class=\"t m0 x298 h1c y233a ff2 fs12 fc4 sc0 ls0 ws0\">1<span class=\"_ _209\"> </span></div></td><td class=\"c n x299 y233b w107 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 lse3 wsf4\">1<span class=\"_ _7\"></span>5<span class=\"_ _4\"></span>6,963<span class=\"_ _209\"> </span></div></td><td class=\"c n x29a y233b w108 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls161 ws16c\">7<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>74<span class=\"_ _4\"></span>3<span class=\"_ _209\"> </span></div></td><td class=\"c n x29b y233b w109 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 lse4 wsf5\">1,<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>7<span class=\"_ _209\"> </span></div></td><td class=\"c n x29c y233b w10a hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls1ab ws1b6\">2<span class=\"_ _6\"></span>9,<span class=\"_ _6\"></span>5<span class=\"_ _4\"></span>41<span class=\"_ _209\"> </span></div></td><td class=\"c n x29d y233b w68 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls199 ws1a4\">263,<span class=\"_ _7\"></span>704<span class=\"_ _209\"> </span></div></td></tr></table></div><div class=\"gs70\"><table class=\"s we3 hda\" id=\"_cc0e7aed-88e4-4677-a66d-0985be4343d4\"><tr><td></td><td></td><td></td><td class=\"t m0 x1e0 h2b y231c ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x1f8 h2b y231d ff2 fs13 fc4 sc0 ls0 ws0\">Europe  </td><td class=\"t m0 x265 h2b y231e ff2 fs13 fc4 sc0 ls0 ws0\">North  </td><td class=\"t m0 x266 h2b y231f ff2 fs13 fc4 sc0 ls0 ws0\">Australia &amp; </td><td></td></tr><tr><td></td><td class=\"t m0 x267 h2b y2320 ff2 fs13 fc4 sc0 ls0 ws0\">UK &amp; CI </td><td class=\"t m0 x268 h2b y2321 ff2 fs13 fc4 sc0 ls0 ws0\">(excl. UK)  </td><td class=\"t m0 x269 h2b y2322 ff2 fs13 fc4 sc0 ls0 ws0\">America  </td><td class=\"t m0 x26a h2b y2323 ff2 fs13 fc4 sc0 ls0 ws0\">New<span class=\"_ gs6f\"> </span>Zealand </td><td class=\"t m0 x1dd h2b y2323 ff2 fs13 fc4 sc0 ls0 ws0\">T<span class=\"_ _0\"></span>otal </td></tr><tr><td></td><td class=\"t m0 x26b h2b y2324 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x26c h2b y2325 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x26d h2b y2326 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x26e h2b y2327 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1e2 h2b y2327 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1e7 h3 y2328 ff2 fs1 fc4 sc0 ls0 ws0\">Segmental financial position<span class=\"_ _209\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y2329 we4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Investments at fair value<span class=\"_ _209\"> </span></div></td><td class=\"c n x26f y2329 we5 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls197 ws1a2\">1<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>8<span class=\"_ _6\"></span>7<span class=\"_ _4\"></span>9<span class=\"_ _6\"></span>,13<span class=\"_ _6\"> </span>9<span class=\"_ _209\"> </span></div></td><td class=\"c n x270 y2329 we6 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lsda wsec\">3<span class=\"_ _4\"></span>9<span class=\"_ _6\"></span>7,<span class=\"_ _6\"></span>3<span class=\"_ _4\"></span>4<span class=\"_ _6\"></span>2<span class=\"_ _209\"> </span></div></td><td class=\"c n x271 y2329 we7 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1af ws1bb\">96,808<span class=\"_ _209\"> </span></div></td><td class=\"c n x272 y2329 we8 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1b0 ws1bc\">268,<span class=\"_ _4\"></span>293<span class=\"_ _209\"> </span></div></td><td class=\"c n x273 y2329 we9 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1ab ws1b6\">2<span class=\"_ _6\"></span>,<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>41,<span class=\"_ _4\"></span>5<span class=\"_ _6\"></span>8<span class=\"_ _4\"></span>2<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y232a wea hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Current assets<span class=\"_ _209\"> </span></div></td><td class=\"c n x274 y232a w99 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls18c ws199\">114<span class=\"_ _6\"></span>,<span class=\"_ _6\"></span>5<span class=\"_ _6\"></span>0<span class=\"_ _4\"></span>3<span class=\"_ _209\"> </span></div></td><td class=\"c n x275 y232a web hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x276 y232a w74 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x277 y232a w74 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x278 y232a wec hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls18c ws199\">11<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>,<span class=\"_ _6\"></span>5<span class=\"_ _6\"></span>0<span class=\"_ _6\"></span>3<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y231b w9b hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal assets<span class=\"_ _209\"> </span></div></td><td class=\"c n x279 y231b wed hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls191 ws185\">1,993<span class=\"_ _4\"></span>,642<span class=\"_ _209\"> </span></div></td><td class=\"c n x27a y231b wee hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 lsda wsec\">3<span class=\"_ _6\"></span>9<span class=\"_ _4\"></span>7,<span class=\"_ _6\"></span>3<span class=\"_ _6\"></span>4<span class=\"_ _4\"></span>2<span class=\"_ _209\"> </span></div></td><td class=\"c n x27b y231b wef hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls1af ws1bb\">96,808<span class=\"_ _209\"> </span></div></td><td class=\"c n x27c y231b we8 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls1b0 ws1bc\">26<span class=\"_ _4\"></span>8,293<span class=\"_ _209\"> </span></div></td><td class=\"c n x27d y231b wf0 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls5b ws57\">2<span class=\"_ _4\"></span>,75<span class=\"_ _4\"></span>6,<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22c7 wa0 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal liabilities<span class=\"_ _209\"> </span></div></td><td class=\"c n x27e y22c7 wf1 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls1a5 ws1b0\">(9<span class=\"_ _7\"></span>,444)<span class=\"_ _209\"> </span></div></td><td class=\"c n x27f y22c7 w74 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x280 y22c7 w74 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x281 y22c7 w74 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x282 y22c7 wef hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls1a5 ws1b0\">(9,444<span class=\"_ _7\"></span>)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 wa1 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">Net assets<span class=\"_ _209\"> </span></div></td><td class=\"c n x283 y22b6 wf2 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 lse3 wsf4\">1,984,<span class=\"_ _0\"></span>198<span class=\"_ _209\"> </span></div></td><td class=\"c n x284 y22b6 wf3 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 lsda wsec\">3<span class=\"_ _6\"></span>9<span class=\"_ _4\"></span>7,<span class=\"_ _6\"> </span>3<span class=\"_ _6\"> </span>4<span class=\"_ _6\"></span>2<span class=\"_ _209\"> </span></div></td><td class=\"c n x285 y22b6 we7 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls1af ws1bb\">96,808<span class=\"_ _209\"> </span></div></td><td class=\"c n x286 y22b6 we8 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls1b0 ws1bc\">2<span class=\"_ _4\"></span>68,293<span class=\"_ _209\"> </span></div></td><td class=\"c n x287 y22b6 wf4 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls161 ws16c\">2<span class=\"_ _6\"></span>,74<span class=\"_ _6\"></span>6<span class=\"_ _4\"></span>,<span class=\"_ _6\"></span>6<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>1<span class=\"_ _209\"> </span></div></td></tr></table></div><div class=\"gs71\"><table class=\"s w10b hdc\" id=\"_d6330edd-33c2-46b3-9b42-2a387e5b4d8a\"><tr><td></td><td></td><td></td><td class=\"t m0 x29e h1d y233c ff4 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended 31 December 2024<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x26c h1d y233d ff4 fs13 fc4 sc0 ls0 ws0\">Europe  </td><td class=\"t m0 x29f h1d y233e ff4 fs13 fc4 sc0 ls0 ws0\">North  </td><td class=\"t m0 x2a0 h1d y233f ff4 fs13 fc4 sc0 ls0 ws0\">Australia &amp; </td><td></td></tr><tr><td></td><td class=\"t m0 x2a1 h1d y2340 ff4 fs13 fc4 sc0 ls0 ws0\">UK &amp; CI<span class=\"_ _209\"> </span></td><td class=\"t m0 x2a2 h1d y2341 ff4 fs13 fc4 sc0 ls0 ws0\">(excl. UK)  </td><td class=\"t m0 x2a3 h1d y2342 ff4 fs13 fc4 sc0 ls0 ws0\">America  </td><td class=\"t m0 x2a4 h1d y2343 ff4 fs13 fc4 sc0 ls0 ws0\">New<span class=\"_ gs6f\"> </span>Zealand </td><td class=\"t m0 x1fc h1d y2343 ff4 fs13 fc4 sc0 ls0 ws0\">T<span class=\"_ _0\"></span>otal </td></tr><tr><td></td><td class=\"t m0 x26b h1d y2344 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x2a5 h1d y2345 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x2a6 h1d y2346 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x26e h1d y2347 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1fe h1d y2347 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1e7 h3 y2348 ff2 fs1 fc4 sc0 ls0 ws0\">Segmental results<span class=\"_ _209\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y2349 wf6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Dividend and interest income<span class=\"_ _209\"> </span></div></td><td class=\"c n x2a7 y2349 w10c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls194 ws194\">1<span class=\"_ _7\"></span>58,589<span class=\"_ _209\"> </span></div></td><td class=\"c n x2a8 y2349 w10d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">11<span class=\"_ _4\"></span>,1<span class=\"_ _4\"></span>9<span class=\"_ _6\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x2a9 y2349 w10e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1aa ws1b4\">9<span class=\"_ _4\"></span>,672<span class=\"_ _209\"> </span></div></td><td class=\"c n x2aa y2349 w10f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">22,582<span class=\"_ _209\"> </span></div></td><td class=\"c n x2ab y2349 w110 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18b ws198\">2<span class=\"_ _4\"></span>0<span class=\"_ _6\"></span>2<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>41<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y234a wfc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Fair value gain / (loss) on investments<span class=\"_ _209\"> </span></div></td><td class=\"c n x2ac y234a w111 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls198 ws1a3\">(<span class=\"_ _6\"></span>1<span class=\"_ _4\"></span>3<span class=\"_ _6\"></span>7,<span class=\"_ _6\"></span>3<span class=\"_ _6\"> </span>2<span class=\"_ _2d\"> </span>6<span class=\"_ _6\"></span>)<span class=\"_ _209\"> </span></div></td><td class=\"c n x2ad y234a w112 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>25<span class=\"_ _209\"> </span></div></td><td class=\"c n x2ae y234a w113 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse6 wsf7\">(<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>,78<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>)<span class=\"_ _209\"> </span></div></td><td class=\"c n x2af y234a w114 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse6 wsf7\">(<span class=\"_ _4\"></span>28<span class=\"_ _4\"></span>,76<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>)<span class=\"_ _209\"> </span></div></td><td class=\"c n x2b0 y234a w115 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1a4 ws1af\">(16<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>52<span class=\"_ _4\"></span>)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b5 w116 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal investment income / (loss)<span class=\"_ _209\"> </span></div></td><td class=\"c n x2b1 y22b5 w117 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls19a ws1a5\">2<span class=\"_ _4\"></span>1,<span class=\"_ _4\"></span>2<span class=\"_ _6\"></span>6<span class=\"_ _4\"></span>3<span class=\"_ _209\"> </span></div></td><td class=\"c n x2b2 y22b5 w118 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls19a ws1a5\">2<span class=\"_ _4\"></span>1,<span class=\"_ _4\"></span>2<span class=\"_ _4\"></span>2<span class=\"_ _6\"></span>3<span class=\"_ _209\"> </span></div></td><td class=\"c n x2b3 y22b5 w119 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">884<span class=\"_ _209\"> </span></div></td><td class=\"c n x2b4 y22b5 w11a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">(<span class=\"_ _6\"></span>6<span class=\"_ _6\"></span>,1<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>)<span class=\"_ _209\"> </span></div></td><td class=\"c n x2b5 y22b5 w11b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls198 ws1a3\">3<span class=\"_ _6\"></span>7,1<span class=\"_ _4\"></span>8<span class=\"_ _2d\"> </span>9<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c x1b0 y234b w11c hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">Reporting segment profit / (loss)</div><div class=\"t m0 x2b6 h1c y233a ff2 fs12 fc4 sc0 ls0 ws0\">1<span class=\"_ _209\"> </span></div></td><td class=\"c n x2b7 y22b6 w11d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1b1 ws1bd\">(19<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>37<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>)<span class=\"_ _209\"> </span></div></td><td class=\"c n x2b8 y22b6 w11e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls83 ws83\">22,<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>98<span class=\"_ _209\"> </span></div></td><td class=\"c n x2b9 y22b6 w4c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls83 ws83\">2,<span class=\"_ _4\"></span>22<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x2ba y22b6 w11f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse6 wsf7\">(4,7<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>)<span class=\"_ _209\"> </span></div></td><td class=\"c n x2bb y22b6 w69 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1a8 wsa3\">465<span class=\"_ _209\"> </span></div></td></tr></table></div><div class=\"gs72\"><table class=\"s w120 hdd\" id=\"_d5f7708b-a9b4-4ca4-9b76-672480a63a46\"><tr><td></td><td></td><td></td><td class=\"t m0 x2bc h1d y234c ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x26c h1d y234d ff4 fs13 fc4 sc0 ls0 ws0\">Europe  </td><td class=\"t m0 x29f h1d y234e ff4 fs13 fc4 sc0 ls0 ws0\">North  </td><td class=\"t m0 x2a0 h1d y234f ff4 fs13 fc4 sc0 ls0 ws0\">Australia &amp; </td><td></td></tr><tr><td></td><td class=\"t m0 x2a1 h1d y2350 ff4 fs13 fc4 sc0 ls0 ws0\">UK &amp; CI<span class=\"_ _209\"> </span></td><td class=\"t m0 x2a2 h1d y2351 ff4 fs13 fc4 sc0 ls0 ws0\">(excl. UK)  </td><td class=\"t m0 x2a3 h1d y2352 ff4 fs13 fc4 sc0 ls0 ws0\">America  </td><td class=\"t m0 x2a4 h1d y2353 ff4 fs13 fc4 sc0 ls0 ws0\">New<span class=\"_ gs6f\"> </span>Zealand </td><td class=\"t m0 x1fc h1d y2353 ff4 fs13 fc4 sc0 ls0 ws0\">T<span class=\"_ _0\"></span>otal </td></tr><tr><td></td><td class=\"t m0 x26b h1d y2354 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x2a5 h1d y2355 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x2a6 h1d y2356 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x26e h1d y2357 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1fe h1d y2357 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1e7 h3 y2358 ff2 fs1 fc4 sc0 ls0 ws0\">Segmental financial position<span class=\"_ _209\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y229b we4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Investments at fair value<span class=\"_ _209\"> </span></div></td><td class=\"c n x2bd y229b w121 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">1<span class=\"_ _0\"></span>,8<span class=\"_ _4\"></span>82<span class=\"_ _7\"></span>,29<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x2be y229b w122 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls198 ws1a3\">3<span class=\"_ _2d\"> </span>4<span class=\"_ _6\"></span>7,<span class=\"_ _6\"></span>6<span class=\"_ _6\"></span>0<span class=\"_ _2d\"> </span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x2bf y229b w123 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td><td class=\"c n x2c0 y229b w124 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5e ws5b\">256<span class=\"_ _4\"></span>,8<span class=\"_ _4\"></span>53<span class=\"_ _209\"> </span></div></td><td class=\"c n x2c1 y229b w8f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsd3 wse3\">2,593,056<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2359 wea hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Current assets<span class=\"_ _209\"> </span></div></td><td class=\"c n x2c2 y2359 w125 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb8 wsc0\">13<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>9<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x2c3 y2359 w74 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x2c4 y2359 w74 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x2c5 y2359 web hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x2c6 y2359 w125 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb8 wsc0\">13<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>9<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y231b w9b hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal assets<span class=\"_ _209\"> </span></div></td><td class=\"c n x2c7 y231b w126 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls198 ws1a3\">2<span class=\"_ _6\"></span>,<span class=\"_ _6\"></span>0<span class=\"_ _6\"></span>1<span class=\"_ _4\"></span>7,<span class=\"_ _4\"></span>7<span class=\"_ _6\"></span>8<span class=\"_ _2d\"> </span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x2c8 y231b w127 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls198 ws1a3\">3<span class=\"_ _6\"> </span>4<span class=\"_ _6\"></span>7,<span class=\"_ _6\"></span>6<span class=\"_ _2d\"> </span>0<span class=\"_ _2d\"> </span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x2c9 y231b w128 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>,3<span class=\"_ _6\"></span>0<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td><td class=\"c n x2ca y231b w124 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5e ws5b\">256,<span class=\"_ _4\"></span>85<span class=\"_ _4\"></span>3<span class=\"_ _209\"> </span></div></td><td class=\"c n x2cb y231b w9d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse6 wsf7\">2,7<span class=\"_ _4\"></span>28<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>6<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22c7 wa0 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal liabilities<span class=\"_ _209\"> </span></div></td><td class=\"c n x2cc y22c7 w129 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">(<span class=\"_ _6\"></span>11,<span class=\"_ _6\"></span>9<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span>2<span class=\"_ _4\"></span>)<span class=\"_ _209\"> </span></div></td><td class=\"c n x2cd y22c7 w74 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x2ce y22c7 web hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x2cf y22c7 w74 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x2d0 y22c7 w12a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">(<span class=\"_ _4\"></span>11<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>9<span class=\"_ _6\"> </span>2<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span>)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 wa1 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">Net assets<span class=\"_ _209\"> </span></div></td><td class=\"c n x2d1 y22b6 w12b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls6 ws7\">2<span class=\"_ _7\"></span>,005,<span class=\"_ _7\"></span>866<span class=\"_ _209\"> </span></div></td><td class=\"c n x2d2 y22b6 w12c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls198 ws1a3\">3<span class=\"_ _6\"></span>4<span class=\"_ _4\"></span>7,<span class=\"_ _6\"> </span>6<span class=\"_ _2d\"> </span>0<span class=\"_ _15\"> </span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x2d3 y22b6 w128 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>,3<span class=\"_ _6\"></span>0<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td><td class=\"c n x2d4 y22b6 w12d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5e ws5b\">256,<span class=\"_ _4\"></span>85<span class=\"_ _4\"></span>3<span class=\"_ _209\"> </span></div></td><td class=\"c n x2d5 y22b6 w8b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse6 wsf7\">2,716<span class=\"_ _4\"></span>,6<span class=\"_ _4\"></span>24<span class=\"_ _209\"> </span></div></td></tr></table></div><div class=\"t m0 h1d ff4 fs13 fc4 sc0 ls0 ws0 gs73\">1 <span class=\"_ _1d\"> </span>R<span class=\"_ _4\"></span>epo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ing s<span class=\"_ _4\"></span>egm<span class=\"_ _4\"></span>ent re<span class=\"_ _4\"></span>sul<span class=\"_ _4\"></span>ts are s<span class=\"_ _4\"></span>tate<span class=\"_ _4\"></span>d net of o<span class=\"_ _4\"></span>pera<span class=\"_ _4\"></span>tio<span class=\"_ _4\"></span>nal co<span class=\"_ _4\"></span>sts i<span class=\"_ _4\"></span>nclu<span class=\"_ _4\"></span>din<span class=\"_ _4\"></span>g man<span class=\"_ _4\"></span>age<span class=\"_ _4\"></span>men<span class=\"_ _4\"></span>t fee<span class=\"_ _4\"></span>s.<span class=\"_ _209\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-11": {
   "value": "UK & CI, Europe (excl. UK), North America and Australia & New Zealand",
   "dimensions": {
    "concept": "ifrs-full:PrincipalPlaceOfBusiness",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-223": {
   "value": "4. <span class=\"_ _121\"> </span>INVESTMENT INCOME<span class=\"_ _209\"> </span>AC<span class=\"_ _1\"></span>COUNTING<span class=\"_ _1\"></span> POLIC<span class=\"_ _7\"></span>Y<span class=\"_ _209\"> </span>Interest income<span class=\"_ _209\"> </span>Interest income is r<span class=\"_ _7\"></span>ecognised when it is probable that the economic benefits will flow to the Group and the amount of income can be<span class=\"_ gs4d\"> </span>measured r<span class=\"_ _7\"></span>eliably<span class=\"_ _7\"></span>. Interest income is accrued on a time-apportioned basis and is r<span class=\"_ _1\"></span>ecognised gross of withholding tax, if any<span class=\"_ _3\"></span>. Dividend income<span class=\"_ _209\"> </span>Dividend income is recognised gr<span class=\"_ _7\"></span>oss of withholding tax on the date the Company\u2019<span class=\"_ _0\"></span>s right to receive the dividend income is established. Ne<span class=\"_ _4\"></span>t cha<span class=\"_ _4\"></span>ng<span class=\"_ _4\"></span>e in in<span class=\"_ _4\"></span>vest<span class=\"_ _4\"></span>me<span class=\"_ _4\"></span>nt<span class=\"_ _4\"></span>s at fa<span class=\"_ _4\"></span>ir va<span class=\"_ _4\"></span>lue t<span class=\"_ _4\"></span>hr<span class=\"_ _4\"></span>ou<span class=\"_ _4\"></span>gh pr<span class=\"_ _4\"></span>ofit o<span class=\"_ _4\"></span>r los<span class=\"_ _4\"></span>s<span class=\"_ _209\"> </span>Net change in investments at fair value through pr<span class=\"_ _7\"></span>ofit or loss represents unrealised fair value changes.<span class=\"_ _209\"> </span><table class=\"s w12e hde\" id=\"_87823cc5-5057-4b69-b0ab-4d9cf53bc438\"><tr><td></td><td class=\"t m0 x1a8 h2b y235a ff2 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended<span class=\"_ _209\"> </span></td><td class=\"t m0 x1a9 h1d y235b ff4 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x1aa h2b y235c ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ab h1d y235d ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x1ad h2b y235e ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ae h1d y235f ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1b4 h3 y2360 ff2 fs1 fc4 sc0 ls0 ws0\">Interest income<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y2297 w12f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Interest on investments at fair value thr<span class=\"_ _7\"></span>ough profit or loss<span class=\"_ _209\"> </span></div></td><td class=\"c n x2d6 y2297 w130 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lsda wsec\">9<span class=\"_ _4\"></span>7,<span class=\"_ _6\"> </span>2<span class=\"_ _6\"></span>1<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td><td class=\"c n x2d7 y2297 w131 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>4,<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>6<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2361 w132 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Interest on financial assets at amortised cost<span class=\"_ _209\"> </span></div></td><td class=\"c n x2d8 y2361 w133 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1b2 ws1be\">3<span class=\"_ _4\"></span>,075<span class=\"_ _209\"> </span></div></td><td class=\"c n x2d9 y2361 w134 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls46 ws44\">3,<span class=\"_ _4\"></span>9<span class=\"_ _4\"></span>81<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y229b w135 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal interest income<span class=\"_ _209\"> </span></div></td><td class=\"c n x2da y229b w41 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls18e ws19b\">1<span class=\"_ _7\"></span>00,290<span class=\"_ _209\"> </span></div></td><td class=\"c n x2db y229b w42 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1a3 ws1ae\">1<span class=\"_ _4\"></span>0<span class=\"_ _6\"></span>8<span class=\"_ _4\"></span>,<span class=\"_ _6\"></span>6<span class=\"_ _4\"></span>17<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b2 w136 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Dividend income<span class=\"_ _209\"> </span></div></td><td class=\"c n x2dc y22b2 w44 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse4 wsf5\">10<span class=\"_ _4\"></span>1,<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>51<span class=\"_ _209\"> </span></div></td><td class=\"c n x2dd y22b2 w137 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse6 wsf7\">9<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>,4<span class=\"_ _4\"></span>24<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22c7 w138 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Net change in investments at fair value through pr<span class=\"_ _7\"></span>ofit or loss<span class=\"_ _209\"> </span></div></td><td class=\"c n x2de y22c7 w46 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls162 ws16d\">9<span class=\"_ _4\"></span>5,<span class=\"_ _4\"></span>2<span class=\"_ _4\"></span>47<span class=\"_ _209\"> </span></div></td><td class=\"c n x2df y22c7 w47 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1a4 ws1af\">(16<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>2)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w48 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal investment income<span class=\"_ _209\"> </span></div></td><td class=\"c n x1ba y22b6 w49 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lsda wsec\">2<span class=\"_ _6\"></span>9<span class=\"_ _4\"></span>7,<span class=\"_ _6\"></span>3<span class=\"_ _6\"></span>8<span class=\"_ _6\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x1bb y22b6 w4a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls198 ws1a3\">3<span class=\"_ _6\"></span>7,1<span class=\"_ _6\"></span>8<span class=\"_ _6\"></span>9<span class=\"_ _209\"> </span></div></td></tr></table>Dividend and interest income includes transactions with unconsolidated subsidiary entities. Changes in investments at fair value thr<span class=\"_ _7\"></span>ough profit or loss ar<span class=\"_ _7\"></span>e also recognised in relation to the Group\u2019<span class=\"_ _3\"></span>s investments in unconsolidated subsidiaries.<span class=\"_ _209\"> </span>8<span class=\"_ _4\"></span>. <span class=\"_ _121\"> </span>FIN<span class=\"_ _4\"></span>AN<span class=\"_ _4\"></span>CE COS<span class=\"_ _4\"></span>TS AN<span class=\"_ _4\"></span>D BAN<span class=\"_ _4\"></span>K LOANS<span class=\"_ _209\"> </span>AC<span class=\"_ _1\"></span>COUNTING<span class=\"_ _1\"></span> POLIC<span class=\"_ _7\"></span>Y<span class=\"_ _209\"> </span>Interest bearing loans and over<span class=\"_ _7\"></span>drafts are initially recorded as the pr<span class=\"_ _7\"></span>oceeds received net of any directly attributable issue costs. Subsequent measurement is at amortised cost, with borr<span class=\"_ _7\"></span>owing costs recognised in the Consolidated Statement of Comprehensive Income in the year in<span class=\"_ gs4d\"> </span>which they are incurr<span class=\"_ _7\"></span>ed, using the effective interest rate method. Arrangement fees are amortised over the term of the CDF<span class=\"_ _1b\"></span>.<span class=\"_ _209\"> </span>Finance costs for the year were \u00a33.2m (December 2024: \u00a34.0m). The Gr<span class=\"_ _7\"></span>oup has a CDF with \u00a3300m available on a fully committed basis, this includes a flexible \u2018accordion\u2019 component of \u00a350m. The inter<span class=\"_ _7\"></span>est rate margin on the CDF in the year was 170 basis points over SONIA. The current banking gr<span class=\"_ _7\"></span>oup for the facility consists of National Australia Bank, the Royal Bank of Scotland Inter<span class=\"_ _4\"></span>national, ING Bank Internationale Nederlanden Groep and Barclays Bank. As at December 2025 the facility was undrawn (December 2024: undrawn), with \u00a3249.7m committed under letter of credit (December 2024: \u00a316.4m drawn under letter of cr<span class=\"_ _7\"></span>edit). The uncommitted balance of the facility which was not cash drawn or notionally drawn via letters of credit, was c.\u00a350.3m (December 2024: \u00a3236.5m).<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-190": {
   "value": "4. <span class=\"_ _121\"> </span>INVESTMENT INCOME<span class=\"_ _209\"> </span>AC<span class=\"_ _1\"></span>COUNTING<span class=\"_ _1\"></span> POLIC<span class=\"_ _7\"></span>Y<span class=\"_ _209\"> </span>Interest income<span class=\"_ _209\"> </span>Interest income is r<span class=\"_ _7\"></span>ecognised when it is probable that the economic benefits will flow to the Group and the amount of income can be<span class=\"_ gs4d\"> </span>measured r<span class=\"_ _7\"></span>eliably<span class=\"_ _7\"></span>. Interest income is accrued on a time-apportioned basis and is r<span class=\"_ _1\"></span>ecognised gross of withholding tax, if any<span class=\"_ _3\"></span>. Dividend income<span class=\"_ _209\"> </span>Dividend income is recognised gr<span class=\"_ _7\"></span>oss of withholding tax on the date the Company\u2019<span class=\"_ _0\"></span>s right to receive the dividend income is established. Ne<span class=\"_ _4\"></span>t cha<span class=\"_ _4\"></span>ng<span class=\"_ _4\"></span>e in in<span class=\"_ _4\"></span>vest<span class=\"_ _4\"></span>me<span class=\"_ _4\"></span>nt<span class=\"_ _4\"></span>s at fa<span class=\"_ _4\"></span>ir va<span class=\"_ _4\"></span>lue t<span class=\"_ _4\"></span>hr<span class=\"_ _4\"></span>ou<span class=\"_ _4\"></span>gh pr<span class=\"_ _4\"></span>ofit o<span class=\"_ _4\"></span>r los<span class=\"_ _4\"></span>s<span class=\"_ _209\"> </span>Net change in investments at fair value through pr<span class=\"_ _7\"></span>ofit or loss represents unrealised fair value changes.<span class=\"_ _209\"> </span><table class=\"s w12e hde\" id=\"_87823cc5-5057-4b69-b0ab-4d9cf53bc438\"><tr><td></td><td class=\"t m0 x1a8 h2b y235a ff2 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended<span class=\"_ _209\"> </span></td><td class=\"t m0 x1a9 h1d y235b ff4 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x1aa h2b y235c ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ab h1d y235d ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x1ad h2b y235e ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ae h1d y235f ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1b4 h3 y2360 ff2 fs1 fc4 sc0 ls0 ws0\">Interest income<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y2297 w12f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Interest on investments at fair value thr<span class=\"_ _7\"></span>ough profit or loss<span class=\"_ _209\"> </span></div></td><td class=\"c n x2d6 y2297 w130 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lsda wsec\">9<span class=\"_ _4\"></span>7,<span class=\"_ _6\"> </span>2<span class=\"_ _6\"></span>1<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td><td class=\"c n x2d7 y2297 w131 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>4,<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>6<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2361 w132 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Interest on financial assets at amortised cost<span class=\"_ _209\"> </span></div></td><td class=\"c n x2d8 y2361 w133 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1b2 ws1be\">3<span class=\"_ _4\"></span>,075<span class=\"_ _209\"> </span></div></td><td class=\"c n x2d9 y2361 w134 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls46 ws44\">3,<span class=\"_ _4\"></span>9<span class=\"_ _4\"></span>81<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y229b w135 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal interest income<span class=\"_ _209\"> </span></div></td><td class=\"c n x2da y229b w41 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls18e ws19b\">1<span class=\"_ _7\"></span>00,290<span class=\"_ _209\"> </span></div></td><td class=\"c n x2db y229b w42 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1a3 ws1ae\">1<span class=\"_ _4\"></span>0<span class=\"_ _6\"></span>8<span class=\"_ _4\"></span>,<span class=\"_ _6\"></span>6<span class=\"_ _4\"></span>17<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b2 w136 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Dividend income<span class=\"_ _209\"> </span></div></td><td class=\"c n x2dc y22b2 w44 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse4 wsf5\">10<span class=\"_ _4\"></span>1,<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>51<span class=\"_ _209\"> </span></div></td><td class=\"c n x2dd y22b2 w137 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse6 wsf7\">9<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>,4<span class=\"_ _4\"></span>24<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22c7 w138 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Net change in investments at fair value through pr<span class=\"_ _7\"></span>ofit or loss<span class=\"_ _209\"> </span></div></td><td class=\"c n x2de y22c7 w46 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls162 ws16d\">9<span class=\"_ _4\"></span>5,<span class=\"_ _4\"></span>2<span class=\"_ _4\"></span>47<span class=\"_ _209\"> </span></div></td><td class=\"c n x2df y22c7 w47 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1a4 ws1af\">(16<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>2)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w48 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal investment income<span class=\"_ _209\"> </span></div></td><td class=\"c n x1ba y22b6 w49 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lsda wsec\">2<span class=\"_ _6\"></span>9<span class=\"_ _4\"></span>7,<span class=\"_ _6\"></span>3<span class=\"_ _6\"></span>8<span class=\"_ _6\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x1bb y22b6 w4a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls198 ws1a3\">3<span class=\"_ _6\"></span>7,1<span class=\"_ _6\"></span>8<span class=\"_ _6\"></span>9<span class=\"_ _209\"> </span></div></td></tr></table>Dividend and interest income includes transactions with unconsolidated subsidiary entities. Changes in investments at fair value thr<span class=\"_ _7\"></span>ough profit or loss ar<span class=\"_ _7\"></span>e also recognised in relation to the Group\u2019<span class=\"_ _3\"></span>s investments in unconsolidated subsidiaries.<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-171": {
   "value": "4. <span class=\"_ _121\"> </span>INVESTMENT INCOME<span class=\"_ _209\"> </span>AC<span class=\"_ _1\"></span>COUNTING<span class=\"_ _1\"></span> POLIC<span class=\"_ _7\"></span>Y<span class=\"_ _209\"> </span>Interest income<span class=\"_ _209\"> </span>Interest income is r<span class=\"_ _7\"></span>ecognised when it is probable that the economic benefits will flow to the Group and the amount of income can be<span class=\"_ gs4d\"> </span>measured r<span class=\"_ _7\"></span>eliably<span class=\"_ _7\"></span>. Interest income is accrued on a time-apportioned basis and is r<span class=\"_ _1\"></span>ecognised gross of withholding tax, if any<span class=\"_ _3\"></span>. Dividend income<span class=\"_ _209\"> </span>Dividend income is recognised gr<span class=\"_ _7\"></span>oss of withholding tax on the date the Company\u2019<span class=\"_ _0\"></span>s right to receive the dividend income is established. Ne<span class=\"_ _4\"></span>t cha<span class=\"_ _4\"></span>ng<span class=\"_ _4\"></span>e in in<span class=\"_ _4\"></span>vest<span class=\"_ _4\"></span>me<span class=\"_ _4\"></span>nt<span class=\"_ _4\"></span>s at fa<span class=\"_ _4\"></span>ir va<span class=\"_ _4\"></span>lue t<span class=\"_ _4\"></span>hr<span class=\"_ _4\"></span>ou<span class=\"_ _4\"></span>gh pr<span class=\"_ _4\"></span>ofit o<span class=\"_ _4\"></span>r los<span class=\"_ _4\"></span>s<span class=\"_ _209\"> </span>Net change in investments at fair value through pr<span class=\"_ _7\"></span>ofit or loss represents unrealised fair value changes.<span class=\"_ _209\"> </span><table class=\"s w12e hde\" id=\"_87823cc5-5057-4b69-b0ab-4d9cf53bc438\"><tr><td></td><td class=\"t m0 x1a8 h2b y235a ff2 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended<span class=\"_ _209\"> </span></td><td class=\"t m0 x1a9 h1d y235b ff4 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x1aa h2b y235c ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ab h1d y235d ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x1ad h2b y235e ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ae h1d y235f ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1b4 h3 y2360 ff2 fs1 fc4 sc0 ls0 ws0\">Interest income<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y2297 w12f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Interest on investments at fair value thr<span class=\"_ _7\"></span>ough profit or loss<span class=\"_ _209\"> </span></div></td><td class=\"c n x2d6 y2297 w130 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lsda wsec\">9<span class=\"_ _4\"></span>7,<span class=\"_ _6\"> </span>2<span class=\"_ _6\"></span>1<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td><td class=\"c n x2d7 y2297 w131 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>4,<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>6<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2361 w132 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Interest on financial assets at amortised cost<span class=\"_ _209\"> </span></div></td><td class=\"c n x2d8 y2361 w133 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1b2 ws1be\">3<span class=\"_ _4\"></span>,075<span class=\"_ _209\"> </span></div></td><td class=\"c n x2d9 y2361 w134 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls46 ws44\">3,<span class=\"_ _4\"></span>9<span class=\"_ _4\"></span>81<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y229b w135 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal interest income<span class=\"_ _209\"> </span></div></td><td class=\"c n x2da y229b w41 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls18e ws19b\">1<span class=\"_ _7\"></span>00,290<span class=\"_ _209\"> </span></div></td><td class=\"c n x2db y229b w42 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1a3 ws1ae\">1<span class=\"_ _4\"></span>0<span class=\"_ _6\"></span>8<span class=\"_ _4\"></span>,<span class=\"_ _6\"></span>6<span class=\"_ _4\"></span>17<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b2 w136 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Dividend income<span class=\"_ _209\"> </span></div></td><td class=\"c n x2dc y22b2 w44 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse4 wsf5\">10<span class=\"_ _4\"></span>1,<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>51<span class=\"_ _209\"> </span></div></td><td class=\"c n x2dd y22b2 w137 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse6 wsf7\">9<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>,4<span class=\"_ _4\"></span>24<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22c7 w138 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Net change in investments at fair value through pr<span class=\"_ _7\"></span>ofit or loss<span class=\"_ _209\"> </span></div></td><td class=\"c n x2de y22c7 w46 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls162 ws16d\">9<span class=\"_ _4\"></span>5,<span class=\"_ _4\"></span>2<span class=\"_ _4\"></span>47<span class=\"_ _209\"> </span></div></td><td class=\"c n x2df y22c7 w47 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1a4 ws1af\">(16<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>2)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w48 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal investment income<span class=\"_ _209\"> </span></div></td><td class=\"c n x1ba y22b6 w49 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lsda wsec\">2<span class=\"_ _6\"></span>9<span class=\"_ _4\"></span>7,<span class=\"_ _6\"></span>3<span class=\"_ _6\"></span>8<span class=\"_ _6\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x1bb y22b6 w4a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls198 ws1a3\">3<span class=\"_ _6\"></span>7,1<span class=\"_ _6\"></span>8<span class=\"_ _6\"></span>9<span class=\"_ _209\"> </span></div></td></tr></table>Dividend and interest income includes transactions with unconsolidated subsidiary entities. Changes in investments at fair value thr<span class=\"_ _7\"></span>ough profit or loss ar<span class=\"_ _7\"></span>e also recognised in relation to the Group\u2019<span class=\"_ _3\"></span>s investments in unconsolidated subsidiaries.<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-230": {
   "value": "Interest income<span class=\"_ _209\"> </span>Interest income is r<span class=\"_ _7\"></span>ecognised when it is probable that the economic benefits will flow to the Group and the amount of income can be<span class=\"_ gs4d\"> </span>measured r<span class=\"_ _7\"></span>eliably<span class=\"_ _7\"></span>. Interest income is accrued on a time-apportioned basis and is r<span class=\"_ _1\"></span>ecognised gross of withholding tax, if any<span class=\"_ _3\"></span>. AC<span class=\"_ _1\"></span>COUNTING<span class=\"_ _1\"></span> POLIC<span class=\"_ _7\"></span>Y<span class=\"_ _209\"> </span>Interest bearing loans and over<span class=\"_ _7\"></span>drafts are initially recorded as the pr<span class=\"_ _7\"></span>oceeds received net of any directly attributable issue costs. Subsequent measurement is at amortised cost, with borr<span class=\"_ _7\"></span>owing costs recognised in the Consolidated Statement of Comprehensive Income in the year in<span class=\"_ gs4d\"> </span>which they are incurr<span class=\"_ _7\"></span>ed, using the effective interest rate method. Arrangement fees are amortised over the term of the CDF<span class=\"_ _1b\"></span>.<span class=\"_ _209\"> </span>Finance costs for the year were \u00a33.2m (December 2024: \u00a34.0m). The Gr<span class=\"_ _7\"></span>oup has a CDF with \u00a3300m available on a fully committed basis, this includes a flexible \u2018accordion\u2019 component of \u00a350m. The inter<span class=\"_ _7\"></span>est rate margin on the CDF in the year was 170 basis points over SONIA. The current banking gr<span class=\"_ _7\"></span>oup for the facility consists of National Australia Bank, the Royal Bank of Scotland Inter<span class=\"_ _4\"></span>national, ING Bank Internationale Nederlanden Groep and Barclays Bank. As at December 2025 the facility was undrawn (December 2024: undrawn), with \u00a3249.7m committed under letter of credit (December 2024: \u00a316.4m drawn under letter of cr<span class=\"_ _7\"></span>edit). The uncommitted balance of the facility which was not cash drawn or notionally drawn via letters of credit, was c.\u00a350.3m (December 2024: \u00a3236.5m).<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-225": {
   "value": "Interest income<span class=\"_ _209\"> </span>Interest income is r<span class=\"_ _7\"></span>ecognised when it is probable that the economic benefits will flow to the Group and the amount of income can be<span class=\"_ gs4d\"> </span>measured r<span class=\"_ _7\"></span>eliably<span class=\"_ _7\"></span>. Interest income is accrued on a time-apportioned basis and is r<span class=\"_ _1\"></span>ecognised gross of withholding tax, if any<span class=\"_ _3\"></span>. AC<span class=\"_ _1\"></span>COUNTING<span class=\"_ _1\"></span> POLIC<span class=\"_ _7\"></span>Y<span class=\"_ _209\"> </span>Interest bearing loans and over<span class=\"_ _7\"></span>drafts are initially recorded as the pr<span class=\"_ _7\"></span>oceeds received net of any directly attributable issue costs. Subsequent measurement is at amortised cost, with borr<span class=\"_ _7\"></span>owing costs recognised in the Consolidated Statement of Comprehensive Income in the year in<span class=\"_ gs4d\"> </span>which they are incurr<span class=\"_ _7\"></span>ed, using the effective interest rate method. Arrangement fees are amortised over the term of the CDF<span class=\"_ _1b\"></span>.<span class=\"_ _209\"> </span>Finance costs for the year were \u00a33.2m (December 2024: \u00a34.0m). The Gr<span class=\"_ _7\"></span>oup has a CDF with \u00a3300m available on a fully committed basis, this includes a flexible \u2018accordion\u2019 component of \u00a350m. The inter<span class=\"_ _7\"></span>est rate margin on the CDF in the year was 170 basis points over SONIA. The current banking gr<span class=\"_ _7\"></span>oup for the facility consists of National Australia Bank, the Royal Bank of Scotland Inter<span class=\"_ _4\"></span>national, ING Bank Internationale Nederlanden Groep and Barclays Bank. As at December 2025 the facility was undrawn (December 2024: undrawn), with \u00a3249.7m committed under letter of credit (December 2024: \u00a316.4m drawn under letter of cr<span class=\"_ _7\"></span>edit). The uncommitted balance of the facility which was not cash drawn or notionally drawn via letters of credit, was c.\u00a350.3m (December 2024: \u00a3236.5m).<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-226": {
   "value": "Dividend income<span class=\"_ _209\"> </span>Dividend income is recognised gr<span class=\"_ _7\"></span>oss of withholding tax on the date the Company\u2019<span class=\"_ _0\"></span>s right to receive the dividend income is established. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-244": {
   "value": "Ne<span class=\"_ _4\"></span>t cha<span class=\"_ _4\"></span>ng<span class=\"_ _4\"></span>e in in<span class=\"_ _4\"></span>vest<span class=\"_ _4\"></span>me<span class=\"_ _4\"></span>nt<span class=\"_ _4\"></span>s at fa<span class=\"_ _4\"></span>ir va<span class=\"_ _4\"></span>lue t<span class=\"_ _4\"></span>hr<span class=\"_ _4\"></span>ou<span class=\"_ _4\"></span>gh pr<span class=\"_ _4\"></span>ofit o<span class=\"_ _4\"></span>r los<span class=\"_ _4\"></span>s<span class=\"_ _209\"> </span>Net change in investments at fair value through pr<span class=\"_ _7\"></span>ofit or loss represents unrealised fair value changes.<span class=\"_ _209\"> </span>AC<span class=\"_ _1\"></span>COUNTING<span class=\"_ _1\"></span> POLIC<span class=\"_ _7\"></span>Y<span class=\"_ _209\"> </span>Interest bearing loans and over<span class=\"_ _7\"></span>drafts are initially recorded as the pr<span class=\"_ _7\"></span>oceeds received net of any directly attributable issue costs. Subsequent measurement is at amortised cost, with borr<span class=\"_ _7\"></span>owing costs recognised in the Consolidated Statement of Comprehensive Income in the year in<span class=\"_ gs4d\"> </span>which they are incurr<span class=\"_ _7\"></span>ed, using the effective interest rate method. Arrangement fees are amortised over the term of the CDF<span class=\"_ _1b\"></span>.<span class=\"_ _209\"> </span>Finance costs for the year were \u00a33.2m (December 2024: \u00a34.0m). The Gr<span class=\"_ _7\"></span>oup has a CDF with \u00a3300m available on a fully committed basis, this includes a flexible \u2018accordion\u2019 component of \u00a350m. The inter<span class=\"_ _7\"></span>est rate margin on the CDF in the year was 170 basis points over SONIA. The current banking gr<span class=\"_ _7\"></span>oup for the facility consists of National Australia Bank, the Royal Bank of Scotland Inter<span class=\"_ _4\"></span>national, ING Bank Internationale Nederlanden Groep and Barclays Bank. As at December 2025 the facility was undrawn (December 2024: undrawn), with \u00a3249.7m committed under letter of credit (December 2024: \u00a316.4m drawn under letter of cr<span class=\"_ _7\"></span>edit). The uncommitted balance of the facility which was not cash drawn or notionally drawn via letters of credit, was c.\u00a350.3m (December 2024: \u00a3236.5m).<span class=\"_ _209\"> </span>AC<span class=\"_ _1\"></span>COUNTING<span class=\"_ _1\"></span> POLIC<span class=\"_ _7\"></span>Y<span class=\"_ _209\"> </span>The Group classifies its financial assets as at fair value thr<span class=\"_ _7\"></span>ough profit or loss or as financial assets at amortised cost. The classification depends on the purpose for which the financial assets were acquir<span class=\"_ _7\"></span>ed, with investments in unconsolidated subsidiaries (other than those providing investment-r<span class=\"_ _7\"></span>elated services) being at fair value through profit or loss as requir<span class=\"_ _7\"></span>ed by IFRS 10. Inve<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>me<span class=\"_ _4\"></span>nts a<span class=\"_ _4\"></span>t fa<span class=\"_ _4\"></span>ir val<span class=\"_ _4\"></span>ue t<span class=\"_ _4\"></span>hr<span class=\"_ _4\"></span>oug<span class=\"_ _4\"></span>h pr<span class=\"_ _4\"></span>ofit o<span class=\"_ _4\"></span>r los<span class=\"_ _4\"></span>s<span class=\"_ _209\"> </span>Investments in underlying unconsolidated subsidiaries and other non-controlled investments ar<span class=\"_ _7\"></span>e held in a portfolio, the business model of which is to manage them on a fair value basis. The Group\u2019<span class=\"_ _3\"></span>s policy is to fair value both the equity and debt investments in underlying assets together<span class=\"_ _0\"></span>. All transaction costs relating to the acquisition of new investments ar<span class=\"_ _1\"></span>e recognised dir<span class=\"_ _7\"></span>ectly in profit or loss. Subsequent to initial recognition, equity and debt investments ar<span class=\"_ _7\"></span>e measured at fair value with changes in fair value recognised within total investment income in<span class=\"_ gs4d\"> </span>the Consolidated Statement of Comprehensive Income.<span class=\"_ _209\"> </span>T<span class=\"_ _7\"></span>r<span class=\"_ _4\"></span>ade a<span class=\"_ _4\"></span>nd o<span class=\"_ _4\"></span>th<span class=\"_ _4\"></span>er re<span class=\"_ _4\"></span>ce<span class=\"_ _4\"></span>ivab<span class=\"_ _4\"></span>le<span class=\"_ _4\"></span>s T<span class=\"_ _0\"></span>rade and other receivables that meet the contracted cash flow test as sole payments of principal and inter<span class=\"_ _1\"></span>est and which are held in a business model to receive these contractual cash flows ar<span class=\"_ _7\"></span>e classified as trade and other receivables. Financial assets with maturities less than 12 months are included in curr<span class=\"_ _7\"></span>ent assets, financial assets with maturities greater than 12 months after the balance sheet date are classified as non-current assets.<span class=\"_ _209\"> </span>Cash and<span class=\"_ _7\"></span> cash equivalents<span class=\"_ _209\"> </span>Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments with an original maturity of three months or less that ar<span class=\"_ _7\"></span>e readily convertible to a known amount of cash and are subject to an insignificant risk of changes in<span class=\"_ gs4d\"> </span>value.<span class=\"_ _209\"> </span>Derivative<span class=\"_ _7\"></span> financial instruments<span class=\"_ _209\"> </span>Derivatives are classified as financial assets and liabilities at fair value thr<span class=\"_ _7\"></span>ough profit or loss, held for trading. Derivatives are recognised initially<span class=\"_ _0\"></span>, and are subsequently r<span class=\"_ _1\"></span>emeasured, at fair value. Derivatives ar<span class=\"_ _1\"></span>e shown as assets when their fair value is positive or as liabilities when their fair value is negative. Fair value movements on derivative financial instruments held for trading are r<span class=\"_ _7\"></span>ecognised in the Consolidated Statement of Comprehensive Income.<span class=\"_ _209\"> </span>Impairment o<span class=\"_ _1\"></span>f financial<span class=\"_ _7\"></span> assets<span class=\"_ _209\"> </span>Financial assets, other than those classified at fair value through pr<span class=\"_ _7\"></span>ofit or loss, being trade and other receivables adopt a simplified approach to calculate any expected credit losses.<span class=\"_ _209\"> </span>AC<span class=\"_ _1\"></span>COUNTING<span class=\"_ _1\"></span> POLIC<span class=\"_ _7\"></span>Y<span class=\"_ _209\"> </span>Financial<span class=\"_ _1\"></span> liabilities<span class=\"_ _209\"> </span>Financial liabilities, other than those specifically accounted for under a separate policy<span class=\"_ _0\"></span>, are measur<span class=\"_ _1\"></span>ed at amortised cost and stated based on the amounts which are consider<span class=\"_ _7\"></span>ed to be payable in respect of goods or services received up to the financial reporting date. The accounting policy for bank loans is included earlier in note 8.<span class=\"_ _209\"> </span>The carrying value of financial assets and liabilities held at amortised cost is considered to appr<span class=\"_ _7\"></span>oximate their fair value.<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-238": {
   "value": "Ne<span class=\"_ _4\"></span>t cha<span class=\"_ _4\"></span>ng<span class=\"_ _4\"></span>e in in<span class=\"_ _4\"></span>vest<span class=\"_ _4\"></span>me<span class=\"_ _4\"></span>nt<span class=\"_ _4\"></span>s at fa<span class=\"_ _4\"></span>ir va<span class=\"_ _4\"></span>lue t<span class=\"_ _4\"></span>hr<span class=\"_ _4\"></span>ou<span class=\"_ _4\"></span>gh pr<span class=\"_ _4\"></span>ofit o<span class=\"_ _4\"></span>r los<span class=\"_ _4\"></span>s<span class=\"_ _209\"> </span>Net change in investments at fair value through pr<span class=\"_ _7\"></span>ofit or loss represents unrealised fair value changes.<span class=\"_ _209\"> </span>Inve<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>me<span class=\"_ _4\"></span>nts a<span class=\"_ _4\"></span>t fa<span class=\"_ _4\"></span>ir val<span class=\"_ _4\"></span>ue t<span class=\"_ _4\"></span>hr<span class=\"_ _4\"></span>oug<span class=\"_ _4\"></span>h pr<span class=\"_ _4\"></span>ofit o<span class=\"_ _4\"></span>r los<span class=\"_ _4\"></span>s<span class=\"_ _209\"> </span>Investments in underlying unconsolidated subsidiaries and other non-controlled investments ar<span class=\"_ _7\"></span>e held in a portfolio, the business model of which is to manage them on a fair value basis. The Group\u2019<span class=\"_ _3\"></span>s policy is to fair value both the equity and debt investments in underlying assets together<span class=\"_ _0\"></span>. All transaction costs relating to the acquisition of new investments ar<span class=\"_ _1\"></span>e recognised dir<span class=\"_ _7\"></span>ectly in profit or loss. Subsequent to initial recognition, equity and debt investments ar<span class=\"_ _7\"></span>e measured at fair value with changes in fair value recognised within total investment income in<span class=\"_ gs4d\"> </span>the Consolidated Statement of Comprehensive Income.<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-231": {
   "value": "Ne<span class=\"_ _4\"></span>t cha<span class=\"_ _4\"></span>ng<span class=\"_ _4\"></span>e in in<span class=\"_ _4\"></span>vest<span class=\"_ _4\"></span>me<span class=\"_ _4\"></span>nt<span class=\"_ _4\"></span>s at fa<span class=\"_ _4\"></span>ir va<span class=\"_ _4\"></span>lue t<span class=\"_ _4\"></span>hr<span class=\"_ _4\"></span>ou<span class=\"_ _4\"></span>gh pr<span class=\"_ _4\"></span>ofit o<span class=\"_ _4\"></span>r los<span class=\"_ _4\"></span>s<span class=\"_ _209\"> </span>Net change in investments at fair value through pr<span class=\"_ _7\"></span>ofit or loss represents unrealised fair value changes.<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-172": {
   "value": "<div class=\"t m0 h3 ff2 fs1 fc3 sc0 ls0 ws0 gs7f\">5. <span class=\"_ _5\"> </span>OTH<span class=\"_ _4\"></span>ER OPE<span class=\"_ _4\"></span>R<span class=\"_ _4\"></span>A<span class=\"_ _0\"></span>T<span class=\"_ _4\"></span>ING I<span class=\"_ _4\"></span>NCOM<span class=\"_ _4\"></span>E </div><div class=\"gs80\"><table class=\"s w142 he0\" id=\"_b342f979-81f7-44e5-98fe-631a5eb7c459\"><tr><td></td><td class=\"t m0 x1a8 h2b y2368 ff2 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended<span class=\"_ _209\"> </span></td><td class=\"t m0 x1a9 h1d y2369 ff4 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x1aa h2b y236a ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ab h1d y236b ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x1ad h2b y236c ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ae h1d y236d ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y229c w143 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Fair value movement on foreign exchange contracts<span class=\"_ _209\"> </span></div></td><td class=\"c n x2e6 y229c w144 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls197 ws1a2\">(<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>,17<span class=\"_ _4\"></span>6<span class=\"_ _6\"></span>)<span class=\"_ _209\"> </span></div></td><td class=\"c n x2e7 y229c w13c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls19a ws1a5\">1,<span class=\"_ _4\"></span>8<span class=\"_ _6\"></span>0<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y231b w145 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Other gains on foreign exchange movements<span class=\"_ _209\"> </span></div></td><td class=\"c n x2e8 y231b w146 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls180 ws18a\">2,32<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x2e9 y231b w147 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">2<span class=\"_ _6\"></span>,1<span class=\"_ _4\"></span>0<span class=\"_ _6\"></span>5<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22c7 w148 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Other income / (expense)<span class=\"_ _209\"> </span></div></td><td class=\"c n x2ea y22c7 w149 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">76<span class=\"_ _4\"></span>9<span class=\"_ _209\"> </span></div></td><td class=\"c n x2eb y22c7 w14a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls19a ws1a5\">(1,<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>72<span class=\"_ _4\"></span>)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w14b hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal other operating income<span class=\"_ _209\"> </span></div></td><td class=\"c n x2ec y22b6 wa6 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse4 wsf5\">1,<span class=\"_ _4\"></span>913<span class=\"_ _209\"> </span></div></td><td class=\"c n x2ed y22b6 w14c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls83 ws83\">2,4<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>8</div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-205": {
   "value": "5. <span class=\"_ _5\"> </span>OTH<span class=\"_ _4\"></span>ER OPE<span class=\"_ _4\"></span>R<span class=\"_ _4\"></span>A<span class=\"_ _0\"></span>T<span class=\"_ _4\"></span>ING I<span class=\"_ _4\"></span>NCOM<span class=\"_ _4\"></span>E <table class=\"s w142 he0\" id=\"_b342f979-81f7-44e5-98fe-631a5eb7c459\"><tr><td></td><td class=\"t m0 x1a8 h2b y2368 ff2 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended<span class=\"_ _209\"> </span></td><td class=\"t m0 x1a9 h1d y2369 ff4 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x1aa h2b y236a ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ab h1d y236b ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x1ad h2b y236c ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ae h1d y236d ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y229c w143 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Fair value movement on foreign exchange contracts<span class=\"_ _209\"> </span></div></td><td class=\"c n x2e6 y229c w144 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls197 ws1a2\">(<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>,17<span class=\"_ _4\"></span>6<span class=\"_ _6\"></span>)<span class=\"_ _209\"> </span></div></td><td class=\"c n x2e7 y229c w13c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls19a ws1a5\">1,<span class=\"_ _4\"></span>8<span class=\"_ _6\"></span>0<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y231b w145 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Other gains on foreign exchange movements<span class=\"_ _209\"> </span></div></td><td class=\"c n x2e8 y231b w146 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls180 ws18a\">2,32<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x2e9 y231b w147 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">2<span class=\"_ _6\"></span>,1<span class=\"_ _4\"></span>0<span class=\"_ _6\"></span>5<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22c7 w148 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Other income / (expense)<span class=\"_ _209\"> </span></div></td><td class=\"c n x2ea y22c7 w149 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">76<span class=\"_ _4\"></span>9<span class=\"_ _209\"> </span></div></td><td class=\"c n x2eb y22c7 w14a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls19a ws1a5\">(1,<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>72<span class=\"_ _4\"></span>)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w14b hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal other operating income<span class=\"_ _209\"> </span></div></td><td class=\"c n x2ec y22b6 wa6 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse4 wsf5\">1,<span class=\"_ _4\"></span>913<span class=\"_ _209\"> </span></div></td><td class=\"c n x2ed y22b6 w14c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls83 ws83\">2,4<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>8</div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-191": {
   "value": "5. <span class=\"_ _5\"> </span>OTH<span class=\"_ _4\"></span>ER OPE<span class=\"_ _4\"></span>R<span class=\"_ _4\"></span>A<span class=\"_ _0\"></span>T<span class=\"_ _4\"></span>ING I<span class=\"_ _4\"></span>NCOM<span class=\"_ _4\"></span>E <table class=\"s w142 he0\" id=\"_b342f979-81f7-44e5-98fe-631a5eb7c459\"><tr><td></td><td class=\"t m0 x1a8 h2b y2368 ff2 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended<span class=\"_ _209\"> </span></td><td class=\"t m0 x1a9 h1d y2369 ff4 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x1aa h2b y236a ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ab h1d y236b ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x1ad h2b y236c ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ae h1d y236d ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y229c w143 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Fair value movement on foreign exchange contracts<span class=\"_ _209\"> </span></div></td><td class=\"c n x2e6 y229c w144 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls197 ws1a2\">(<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>,17<span class=\"_ _4\"></span>6<span class=\"_ _6\"></span>)<span class=\"_ _209\"> </span></div></td><td class=\"c n x2e7 y229c w13c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls19a ws1a5\">1,<span class=\"_ _4\"></span>8<span class=\"_ _6\"></span>0<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y231b w145 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Other gains on foreign exchange movements<span class=\"_ _209\"> </span></div></td><td class=\"c n x2e8 y231b w146 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls180 ws18a\">2,32<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x2e9 y231b w147 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">2<span class=\"_ _6\"></span>,1<span class=\"_ _4\"></span>0<span class=\"_ _6\"></span>5<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22c7 w148 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Other income / (expense)<span class=\"_ _209\"> </span></div></td><td class=\"c n x2ea y22c7 w149 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">76<span class=\"_ _4\"></span>9<span class=\"_ _209\"> </span></div></td><td class=\"c n x2eb y22c7 w14a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls19a ws1a5\">(1,<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>72<span class=\"_ _4\"></span>)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w14b hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal other operating income<span class=\"_ _209\"> </span></div></td><td class=\"c n x2ec y22b6 wa6 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse4 wsf5\">1,<span class=\"_ _4\"></span>913<span class=\"_ _209\"> </span></div></td><td class=\"c n x2ed y22b6 w14c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls83 ws83\">2,4<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>8</div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-173": {
   "value": "<div class=\"t m0 h3 ff2 fs1 fc3 sc0 ls62 ws60 gs82\">6. <span class=\"_ _121\"> </span>TR<span class=\"_ _4\"></span>ANSACTION COSTS<span class=\"_ _209\"> </span></div><div class=\"gs83\"><table class=\"s w139 hdf\" id=\"_31c28694-5273-480e-94de-ef06175a0f72\"><tr><td></td><td class=\"t m0 x1a8 h2b y2362 ff2 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended<span class=\"_ _209\"> </span></td><td class=\"t m0 x1a9 h1d y2363 ff4 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x1aa h2b y2364 ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ab h1d y2365 ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x1ad h2b y2366 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ae h1d y2367 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y22b2 w13a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Investment advisory costs<span class=\"_ _209\"> </span></div></td><td class=\"c n x2e0 y22b2 w13b hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls199 ws1a4\">605<span class=\"_ _209\"> </span></div></td><td class=\"c n x2e1 y22b2 w13c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls19a ws1a5\">1,<span class=\"_ _4\"></span>4<span class=\"_ _6\"></span>9<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22c7 w13d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Other transaction costs<span class=\"_ _209\"> </span></div></td><td class=\"c n x2e2 y22c7 w74 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x2e3 y22c7 w13e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">11<span class=\"_ _4\"></span>4<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w13f hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal transaction costs<span class=\"_ _209\"> </span></div></td><td class=\"c n x2e4 y22b6 w140 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls199 ws1a4\">605<span class=\"_ _209\"> </span></div></td><td class=\"c n x2e5 y22b6 w141 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls19a ws1a5\">1,<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>12<span class=\"_ _209\"> </span></div></td></tr></table></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs84\">Details of total transaction costs paid to the Investment Adviser are pr<span class=\"_ _7\"></span>ovided in note 17.</div>",
   "dimensions": {
    "concept": "inpp:DisclosureOfTransactionCosts",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-174": {
   "value": "<div class=\"t m0 h3 ff2 fs1 fc3 sc0 lsaa wsb3 gs86\">7<span class=\"_ _0\"></span>. <span class=\"_ _121\"> </span>AUDIT<span class=\"_ _7\"></span>OR\u2019S REMUNERA<span class=\"_ _0\"></span>TION<span class=\"_ _209\"> </span></div><div class=\"gs87\"><table class=\"s w14d he1\" id=\"_972eb99d-e01f-4472-b4b4-9d31ca1083bc\"><tr><td></td><td></td><td class=\"t m0 x22b h2b y236e ff2 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended<span class=\"_ _209\"> </span></td><td class=\"t m0 x22c h1d y236f ff4 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended<span class=\"_ _209\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x22d h2b y2370 ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x22e h1d y2371 ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x1e1 h2b y2372 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1fe h1d y2373 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1e7 h8 y2374 ff4 fs1 fc4 sc0 ls0 ws0\">Fees payable to the Group\u2019<span class=\"_ _3\"></span>s auditor (PwC CI LLP) for the audit of the Group\u2019<span class=\"_ _3\"></span>s </td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y2375 w14e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">financial<span class=\"_ gs4d\"> </span>statements<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x2ee y2375 w14f hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls69 ws58\">678<span class=\"_ _209\"> </span></div></td><td class=\"c n x2ef y2375 w150 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls194 ws194\">658<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1e7 h8 y2376 ff4 fs1 fc4 sc0 ls0 ws0\">Fees payable to the Group\u2019<span class=\"_ _3\"></span>s auditor and their associates (PwC LLP<span class=\"_ _1b\"></span>, UK)  </td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x1e7 h8 y2377 ff4 fs1 fc4 sc0 ls0 ws0\">for other services to the Group<span class=\"_ _209\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y2378 w74 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f0 y2378 w151 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">The audit of the Group\u2019<span class=\"_ _3\"></span>s consolidated subsidiaries<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f1 y2378 w152 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls89 ws88\">25<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f2 y2378 w153 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5c ws95\">28<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2379 w74 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f0 y2379 w154 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">The audit of the Group\u2019<span class=\"_ _3\"></span>s unconsolidated subsidiaries<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f3 y2379 w155 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls2 ws3\">260<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f4 y2379 w156 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1b3 ws1bf\">262<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2359 w157 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal audit fees<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x2f5 y2359 w13b hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls199 ws1a4\">963<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f6 y2359 w158 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls16a wse4\">948<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1e7 h8 y237a ff4 fs1 fc4 sc0 ls0 ws0\">Other fees<span class=\"_ _209\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y22c7 w74 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f0 y22c7 w159 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Interim review<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f7 y22c7 w15a hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1b4 ws1c0\">90<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f8 y22c7 w15b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">88<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w15c hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal non-audit fees<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x2f9 y22b6 w15a hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1b4 ws1c0\">90<span class=\"_ _209\"> </span></div></td><td class=\"c n x2fa y22b6 w15b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">88</div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-192": {
   "value": "7<span class=\"_ _0\"></span>. <span class=\"_ _121\"> </span>AUDIT<span class=\"_ _7\"></span>OR\u2019S REMUNERA<span class=\"_ _0\"></span>TION<span class=\"_ _209\"> </span><table class=\"s w14d he1\" id=\"_972eb99d-e01f-4472-b4b4-9d31ca1083bc\"><tr><td></td><td></td><td class=\"t m0 x22b h2b y236e ff2 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended<span class=\"_ _209\"> </span></td><td class=\"t m0 x22c h1d y236f ff4 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended<span class=\"_ _209\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x22d h2b y2370 ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x22e h1d y2371 ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x1e1 h2b y2372 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1fe h1d y2373 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1e7 h8 y2374 ff4 fs1 fc4 sc0 ls0 ws0\">Fees payable to the Group\u2019<span class=\"_ _3\"></span>s auditor (PwC CI LLP) for the audit of the Group\u2019<span class=\"_ _3\"></span>s </td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y2375 w14e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">financial<span class=\"_ gs4d\"> </span>statements<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x2ee y2375 w14f hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls69 ws58\">678<span class=\"_ _209\"> </span></div></td><td class=\"c n x2ef y2375 w150 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls194 ws194\">658<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1e7 h8 y2376 ff4 fs1 fc4 sc0 ls0 ws0\">Fees payable to the Group\u2019<span class=\"_ _3\"></span>s auditor and their associates (PwC LLP<span class=\"_ _1b\"></span>, UK)  </td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x1e7 h8 y2377 ff4 fs1 fc4 sc0 ls0 ws0\">for other services to the Group<span class=\"_ _209\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y2378 w74 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f0 y2378 w151 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">The audit of the Group\u2019<span class=\"_ _3\"></span>s consolidated subsidiaries<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f1 y2378 w152 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls89 ws88\">25<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f2 y2378 w153 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5c ws95\">28<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2379 w74 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f0 y2379 w154 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">The audit of the Group\u2019<span class=\"_ _3\"></span>s unconsolidated subsidiaries<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f3 y2379 w155 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls2 ws3\">260<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f4 y2379 w156 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1b3 ws1bf\">262<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2359 w157 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal audit fees<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x2f5 y2359 w13b hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls199 ws1a4\">963<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f6 y2359 w158 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls16a wse4\">948<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1e7 h8 y237a ff4 fs1 fc4 sc0 ls0 ws0\">Other fees<span class=\"_ _209\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y22c7 w74 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f0 y22c7 w159 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Interim review<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f7 y22c7 w15a hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1b4 ws1c0\">90<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f8 y22c7 w15b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">88<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w15c hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal non-audit fees<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x2f9 y22b6 w15a hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1b4 ws1c0\">90<span class=\"_ _209\"> </span></div></td><td class=\"c n x2fa y22b6 w15b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">88</div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-221": {
   "value": "8<span class=\"_ _4\"></span>. <span class=\"_ _121\"> </span>FIN<span class=\"_ _4\"></span>AN<span class=\"_ _4\"></span>CE COS<span class=\"_ _4\"></span>TS AN<span class=\"_ _4\"></span>D BAN<span class=\"_ _4\"></span>K LOANS<span class=\"_ _209\"> </span>AC<span class=\"_ _1\"></span>COUNTING<span class=\"_ _1\"></span> POLIC<span class=\"_ _7\"></span>Y<span class=\"_ _209\"> </span>Interest bearing loans and over<span class=\"_ _7\"></span>drafts are initially recorded as the pr<span class=\"_ _7\"></span>oceeds received net of any directly attributable issue costs. Subsequent measurement is at amortised cost, with borr<span class=\"_ _7\"></span>owing costs recognised in the Consolidated Statement of Comprehensive Income in the year in<span class=\"_ gs4d\"> </span>which they are incurr<span class=\"_ _7\"></span>ed, using the effective interest rate method. Arrangement fees are amortised over the term of the CDF<span class=\"_ _1b\"></span>.<span class=\"_ _209\"> </span>Finance costs for the year were \u00a33.2m (December 2024: \u00a34.0m). The Gr<span class=\"_ _7\"></span>oup has a CDF with \u00a3300m available on a fully committed basis, this includes a flexible \u2018accordion\u2019 component of \u00a350m. The inter<span class=\"_ _7\"></span>est rate margin on the CDF in the year was 170 basis points over SONIA. The current banking gr<span class=\"_ _7\"></span>oup for the facility consists of National Australia Bank, the Royal Bank of Scotland Inter<span class=\"_ _4\"></span>national, ING Bank Internationale Nederlanden Groep and Barclays Bank. As at December 2025 the facility was undrawn (December 2024: undrawn), with \u00a3249.7m committed under letter of credit (December 2024: \u00a316.4m drawn under letter of cr<span class=\"_ _7\"></span>edit). The uncommitted balance of the facility which was not cash drawn or notionally drawn via letters of credit, was c.\u00a350.3m (December 2024: \u00a3236.5m).<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-218": {
   "value": "8<span class=\"_ _4\"></span>. <span class=\"_ _121\"> </span>FIN<span class=\"_ _4\"></span>AN<span class=\"_ _4\"></span>CE COS<span class=\"_ _4\"></span>TS AN<span class=\"_ _4\"></span>D BAN<span class=\"_ _4\"></span>K LOANS<span class=\"_ _209\"> </span>AC<span class=\"_ _1\"></span>COUNTING<span class=\"_ _1\"></span> POLIC<span class=\"_ _7\"></span>Y<span class=\"_ _209\"> </span>Interest bearing loans and over<span class=\"_ _7\"></span>drafts are initially recorded as the pr<span class=\"_ _7\"></span>oceeds received net of any directly attributable issue costs. Subsequent measurement is at amortised cost, with borr<span class=\"_ _7\"></span>owing costs recognised in the Consolidated Statement of Comprehensive Income in the year in<span class=\"_ gs4d\"> </span>which they are incurr<span class=\"_ _7\"></span>ed, using the effective interest rate method. Arrangement fees are amortised over the term of the CDF<span class=\"_ _1b\"></span>.<span class=\"_ _209\"> </span>Finance costs for the year were \u00a33.2m (December 2024: \u00a34.0m). The Gr<span class=\"_ _7\"></span>oup has a CDF with \u00a3300m available on a fully committed basis, this includes a flexible \u2018accordion\u2019 component of \u00a350m. The inter<span class=\"_ _7\"></span>est rate margin on the CDF in the year was 170 basis points over SONIA. The current banking gr<span class=\"_ _7\"></span>oup for the facility consists of National Australia Bank, the Royal Bank of Scotland Inter<span class=\"_ _4\"></span>national, ING Bank Internationale Nederlanden Groep and Barclays Bank. As at December 2025 the facility was undrawn (December 2024: undrawn), with \u00a3249.7m committed under letter of credit (December 2024: \u00a316.4m drawn under letter of cr<span class=\"_ _7\"></span>edit). The uncommitted balance of the facility which was not cash drawn or notionally drawn via letters of credit, was c.\u00a350.3m (December 2024: \u00a3236.5m).<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-216": {
   "value": "8<span class=\"_ _4\"></span>. <span class=\"_ _121\"> </span>FIN<span class=\"_ _4\"></span>AN<span class=\"_ _4\"></span>CE COS<span class=\"_ _4\"></span>TS AN<span class=\"_ _4\"></span>D BAN<span class=\"_ _4\"></span>K LOANS<span class=\"_ _209\"> </span>AC<span class=\"_ _1\"></span>COUNTING<span class=\"_ _1\"></span> POLIC<span class=\"_ _7\"></span>Y<span class=\"_ _209\"> </span>Interest bearing loans and over<span class=\"_ _7\"></span>drafts are initially recorded as the pr<span class=\"_ _7\"></span>oceeds received net of any directly attributable issue costs. Subsequent measurement is at amortised cost, with borr<span class=\"_ _7\"></span>owing costs recognised in the Consolidated Statement of Comprehensive Income in the year in<span class=\"_ gs4d\"> </span>which they are incurr<span class=\"_ _7\"></span>ed, using the effective interest rate method. Arrangement fees are amortised over the term of the CDF<span class=\"_ _1b\"></span>.<span class=\"_ _209\"> </span>Finance costs for the year were \u00a33.2m (December 2024: \u00a34.0m). The Gr<span class=\"_ _7\"></span>oup has a CDF with \u00a3300m available on a fully committed basis, this includes a flexible \u2018accordion\u2019 component of \u00a350m. The inter<span class=\"_ _7\"></span>est rate margin on the CDF in the year was 170 basis points over SONIA. The current banking gr<span class=\"_ _7\"></span>oup for the facility consists of National Australia Bank, the Royal Bank of Scotland Inter<span class=\"_ _4\"></span>national, ING Bank Internationale Nederlanden Groep and Barclays Bank. As at December 2025 the facility was undrawn (December 2024: undrawn), with \u00a3249.7m committed under letter of credit (December 2024: \u00a316.4m drawn under letter of cr<span class=\"_ _7\"></span>edit). The uncommitted balance of the facility which was not cash drawn or notionally drawn via letters of credit, was c.\u00a350.3m (December 2024: \u00a3236.5m).<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-206": {
   "value": "8<span class=\"_ _4\"></span>. <span class=\"_ _121\"> </span>FIN<span class=\"_ _4\"></span>AN<span class=\"_ _4\"></span>CE COS<span class=\"_ _4\"></span>TS AN<span class=\"_ _4\"></span>D BAN<span class=\"_ _4\"></span>K LOANS<span class=\"_ _209\"> </span>AC<span class=\"_ _1\"></span>COUNTING<span class=\"_ _1\"></span> POLIC<span class=\"_ _7\"></span>Y<span class=\"_ _209\"> </span>Interest bearing loans and over<span class=\"_ _7\"></span>drafts are initially recorded as the pr<span class=\"_ _7\"></span>oceeds received net of any directly attributable issue costs. Subsequent measurement is at amortised cost, with borr<span class=\"_ _7\"></span>owing costs recognised in the Consolidated Statement of Comprehensive Income in the year in<span class=\"_ gs4d\"> </span>which they are incurr<span class=\"_ _7\"></span>ed, using the effective interest rate method. Arrangement fees are amortised over the term of the CDF<span class=\"_ _1b\"></span>.<span class=\"_ _209\"> </span>Finance costs for the year were \u00a33.2m (December 2024: \u00a34.0m). The Gr<span class=\"_ _7\"></span>oup has a CDF with \u00a3300m available on a fully committed basis, this includes a flexible \u2018accordion\u2019 component of \u00a350m. The inter<span class=\"_ _7\"></span>est rate margin on the CDF in the year was 170 basis points over SONIA. The current banking gr<span class=\"_ _7\"></span>oup for the facility consists of National Australia Bank, the Royal Bank of Scotland Inter<span class=\"_ _4\"></span>national, ING Bank Internationale Nederlanden Groep and Barclays Bank. As at December 2025 the facility was undrawn (December 2024: undrawn), with \u00a3249.7m committed under letter of credit (December 2024: \u00a316.4m drawn under letter of cr<span class=\"_ _7\"></span>edit). The uncommitted balance of the facility which was not cash drawn or notionally drawn via letters of credit, was c.\u00a350.3m (December 2024: \u00a3236.5m).<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-193": {
   "value": "8<span class=\"_ _4\"></span>. <span class=\"_ _121\"> </span>FIN<span class=\"_ _4\"></span>AN<span class=\"_ _4\"></span>CE COS<span class=\"_ _4\"></span>TS AN<span class=\"_ _4\"></span>D BAN<span class=\"_ _4\"></span>K LOANS<span class=\"_ _209\"> </span>AC<span class=\"_ _1\"></span>COUNTING<span class=\"_ _1\"></span> POLIC<span class=\"_ _7\"></span>Y<span class=\"_ _209\"> </span>Interest bearing loans and over<span class=\"_ _7\"></span>drafts are initially recorded as the pr<span class=\"_ _7\"></span>oceeds received net of any directly attributable issue costs. Subsequent measurement is at amortised cost, with borr<span class=\"_ _7\"></span>owing costs recognised in the Consolidated Statement of Comprehensive Income in the year in<span class=\"_ gs4d\"> </span>which they are incurr<span class=\"_ _7\"></span>ed, using the effective interest rate method. Arrangement fees are amortised over the term of the CDF<span class=\"_ _1b\"></span>.<span class=\"_ _209\"> </span>Finance costs for the year were \u00a33.2m (December 2024: \u00a34.0m). The Gr<span class=\"_ _7\"></span>oup has a CDF with \u00a3300m available on a fully committed basis, this includes a flexible \u2018accordion\u2019 component of \u00a350m. The inter<span class=\"_ _7\"></span>est rate margin on the CDF in the year was 170 basis points over SONIA. The current banking gr<span class=\"_ _7\"></span>oup for the facility consists of National Australia Bank, the Royal Bank of Scotland Inter<span class=\"_ _4\"></span>national, ING Bank Internationale Nederlanden Groep and Barclays Bank. As at December 2025 the facility was undrawn (December 2024: undrawn), with \u00a3249.7m committed under letter of credit (December 2024: \u00a316.4m drawn under letter of cr<span class=\"_ _7\"></span>edit). The uncommitted balance of the facility which was not cash drawn or notionally drawn via letters of credit, was c.\u00a350.3m (December 2024: \u00a3236.5m).<span class=\"_ _209\"> </span>1<span class=\"_ _0\"></span>1.2 <span class=\"_ _121\"> </span>FINANCIAL L<span class=\"_ _1\"></span>IABILITIES<span class=\"_ _209\"> </span><table class=\"s w14d he7\" id=\"_2820e156-970a-4715-bab4-42d5c43489ad\"><tr><td></td><td class=\"t m0 x22d h2b y2398 ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x22e h1d y2398 ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x1e1 h2b y2399 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1fe h1d y2399 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1e7 h3 y239a ff2 fs1 fc4 sc0 ls0 ws0\">Financial liabilities at amortised cost<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y22c7 w174 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _0\"></span>rade and other payables<span class=\"_ _209\"> </span></div></td><td class=\"c n x315 y22c7 w9e hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1a5 ws1b0\">9,<span class=\"_ _7\"></span>444<span class=\"_ _209\"> </span></div></td><td class=\"c n x316 y22c7 w9f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">11<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>9<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span>2<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w175 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal financial liabilities<span class=\"_ _209\"> </span></div></td><td class=\"c n x317 y22b6 w9e hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1a5 ws1b0\">9,<span class=\"_ _7\"></span>444<span class=\"_ _209\"> </span></div></td><td class=\"c n x318 y22b6 w9f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">11<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>9<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span>2<span class=\"_ _209\"> </span></div></td></tr></table>AC<span class=\"_ _1\"></span>COUNTING<span class=\"_ _1\"></span> POLIC<span class=\"_ _7\"></span>Y<span class=\"_ _209\"> </span>Financial<span class=\"_ _1\"></span> liabilities<span class=\"_ _209\"> </span>Financial liabilities, other than those specifically accounted for under a separate policy<span class=\"_ _0\"></span>, are measur<span class=\"_ _1\"></span>ed at amortised cost and stated based on the amounts which are consider<span class=\"_ _7\"></span>ed to be payable in respect of goods or services received up to the financial reporting date. The accounting policy for bank loans is included earlier in note 8.<span class=\"_ _209\"> </span>The carrying value of financial assets and liabilities held at amortised cost is considered to appr<span class=\"_ _7\"></span>oximate their fair value.<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-175": {
   "value": "8<span class=\"_ _4\"></span>. <span class=\"_ _121\"> </span>FIN<span class=\"_ _4\"></span>AN<span class=\"_ _4\"></span>CE COS<span class=\"_ _4\"></span>TS AN<span class=\"_ _4\"></span>D BAN<span class=\"_ _4\"></span>K LOANS<span class=\"_ _209\"> </span>AC<span class=\"_ _1\"></span>COUNTING<span class=\"_ _1\"></span> POLIC<span class=\"_ _7\"></span>Y<span class=\"_ _209\"> </span>Interest bearing loans and over<span class=\"_ _7\"></span>drafts are initially recorded as the pr<span class=\"_ _7\"></span>oceeds received net of any directly attributable issue costs. Subsequent measurement is at amortised cost, with borr<span class=\"_ _7\"></span>owing costs recognised in the Consolidated Statement of Comprehensive Income in the year in<span class=\"_ gs4d\"> </span>which they are incurr<span class=\"_ _7\"></span>ed, using the effective interest rate method. Arrangement fees are amortised over the term of the CDF<span class=\"_ _1b\"></span>.<span class=\"_ _209\"> </span>Finance costs for the year were \u00a33.2m (December 2024: \u00a34.0m). The Gr<span class=\"_ _7\"></span>oup has a CDF with \u00a3300m available on a fully committed basis, this includes a flexible \u2018accordion\u2019 component of \u00a350m. The inter<span class=\"_ _7\"></span>est rate margin on the CDF in the year was 170 basis points over SONIA. The current banking gr<span class=\"_ _7\"></span>oup for the facility consists of National Australia Bank, the Royal Bank of Scotland Inter<span class=\"_ _4\"></span>national, ING Bank Internationale Nederlanden Groep and Barclays Bank. As at December 2025 the facility was undrawn (December 2024: undrawn), with \u00a3249.7m committed under letter of credit (December 2024: \u00a316.4m drawn under letter of cr<span class=\"_ _7\"></span>edit). The uncommitted balance of the facility which was not cash drawn or notionally drawn via letters of credit, was c.\u00a350.3m (December 2024: \u00a3236.5m).<span class=\"_ _209\"> </span>1<span class=\"_ _0\"></span>1.<span class=\"_ _7\"></span> <span class=\"_ _5\"> </span>FINANCIAL INSTR<span class=\"_ _7\"></span>UM<span class=\"_ _4\"></span>ENTS<span class=\"_ _209\"> </span>Financial assets and financial liabilities are r<span class=\"_ _7\"></span>ecognised when the Group becomes a party to the contractual provisions of the instrument. Financial assets are der<span class=\"_ _7\"></span>ecognised when the contractual rights to the cash flows from the instrument expire or the asset is transferred, and the transfer qualifies for derecognition in accor<span class=\"_ _7\"></span>dance with IFRS 9 Financial Instruments. Financial liabilities are derecognised when the<span class=\"_ gs4d\"> </span>obligation is discharged, cancelled or expired. Specific financial asset and liability accounting policies ar<span class=\"_ _7\"></span>e provided below<span class=\"_ _7\"></span>. 1<span class=\"_ _0\"></span>1<span class=\"_ _1\"></span>.<span class=\"_ _0\"></span>1 <span class=\"_ _121\"> </span>FINANCIAL<span class=\"_ _1\"></span> ASSETS<span class=\"_ _209\"> </span><table class=\"s w8c he3\" id=\"_8b4dd0ef-24da-4c09-bc73-04c820156a91\"><tr><td></td><td class=\"t m0 x1aa h2b y2389 ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ab h1d y2389 ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x1ad h2b y238a ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ae h1d y238a ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y238b w165 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">Investments at fair value through pr<span class=\"_ _7\"></span>ofit and loss<span class=\"_ _209\"> </span></div></td><td class=\"c n x305 y238b w8e hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1ab ws1b6\">2<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>6<span class=\"_ _6\"></span>41,<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>2<span class=\"_ _209\"> </span></div></td><td class=\"c n x306 y238b w8f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsd3 wse3\">2,593,056<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1b4 h3 y238c ff2 fs1 fc4 sc0 ls0 ws0\">Financial assets at amortised cost<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y22af w166 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Cash and cash equivalents<span class=\"_ _209\"> </span></div></td><td class=\"c n x263 y22af w91 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lsd4 wse5\">54,52<span class=\"_ _4\"></span>2<span class=\"_ _209\"> </span></div></td><td class=\"c n x264 y22af we2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls197 ws1a2\">7<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>51<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y229c w167 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _0\"></span>rade and other receivables<span class=\"_ _209\"> </span></div></td><td class=\"c n x307 y229c w130 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lsda wsec\">5<span class=\"_ _4\"></span>7,<span class=\"_ _6\"></span>9<span class=\"_ _4\"></span>2<span class=\"_ _6\"> </span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x308 y229c w95 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">5<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>810<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1b4 h3 y238d ff2 fs1 fc4 sc0 ls0 ws0\">Derivative financial instruments at fair value through pr<span class=\"_ _7\"></span>ofit or loss<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y22c7 w168 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Foreign exchange contracts<span class=\"_ _209\"> </span></div></td><td class=\"c n x309 y22c7 w96 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls191 ws185\">2<span class=\"_ _4\"></span>,053<span class=\"_ _209\"> </span></div></td><td class=\"c n x30a y22c7 w97 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">3,229<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w169 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal financial assets<span class=\"_ _209\"> </span></div></td><td class=\"c n x30b y22b6 w9c hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls5b ws57\">2<span class=\"_ _4\"></span>,75<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>,0<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td><td class=\"c n x30c y22b6 w16a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse6 wsf7\">2,72<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>,5<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>6<span class=\"_ _209\"> </span></div></td></tr></table>AC<span class=\"_ _1\"></span>COUNTING<span class=\"_ _1\"></span> POLIC<span class=\"_ _7\"></span>Y<span class=\"_ _209\"> </span>The Group classifies its financial assets as at fair value thr<span class=\"_ _7\"></span>ough profit or loss or as financial assets at amortised cost. The classification depends on the purpose for which the financial assets were acquir<span class=\"_ _7\"></span>ed, with investments in unconsolidated subsidiaries (other than those providing investment-r<span class=\"_ _7\"></span>elated services) being at fair value through profit or loss as requir<span class=\"_ _7\"></span>ed by IFRS 10. Inve<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>me<span class=\"_ _4\"></span>nts a<span class=\"_ _4\"></span>t fa<span class=\"_ _4\"></span>ir val<span class=\"_ _4\"></span>ue t<span class=\"_ _4\"></span>hr<span class=\"_ _4\"></span>oug<span class=\"_ _4\"></span>h pr<span class=\"_ _4\"></span>ofit o<span class=\"_ _4\"></span>r los<span class=\"_ _4\"></span>s<span class=\"_ _209\"> </span>Investments in underlying unconsolidated subsidiaries and other non-controlled investments ar<span class=\"_ _7\"></span>e held in a portfolio, the business model of which is to manage them on a fair value basis. The Group\u2019<span class=\"_ _3\"></span>s policy is to fair value both the equity and debt investments in underlying assets together<span class=\"_ _0\"></span>. All transaction costs relating to the acquisition of new investments ar<span class=\"_ _1\"></span>e recognised dir<span class=\"_ _7\"></span>ectly in profit or loss. Subsequent to initial recognition, equity and debt investments ar<span class=\"_ _7\"></span>e measured at fair value with changes in fair value recognised within total investment income in<span class=\"_ gs4d\"> </span>the Consolidated Statement of Comprehensive Income.<span class=\"_ _209\"> </span>T<span class=\"_ _7\"></span>r<span class=\"_ _4\"></span>ade a<span class=\"_ _4\"></span>nd o<span class=\"_ _4\"></span>th<span class=\"_ _4\"></span>er re<span class=\"_ _4\"></span>ce<span class=\"_ _4\"></span>ivab<span class=\"_ _4\"></span>le<span class=\"_ _4\"></span>s T<span class=\"_ _0\"></span>rade and other receivables that meet the contracted cash flow test as sole payments of principal and inter<span class=\"_ _1\"></span>est and which are held in a business model to receive these contractual cash flows ar<span class=\"_ _7\"></span>e classified as trade and other receivables. Financial assets with maturities less than 12 months are included in curr<span class=\"_ _7\"></span>ent assets, financial assets with maturities greater than 12 months after the balance sheet date are classified as non-current assets.<span class=\"_ _209\"> </span>Cash and<span class=\"_ _7\"></span> cash equivalents<span class=\"_ _209\"> </span>Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments with an original maturity of three months or less that ar<span class=\"_ _7\"></span>e readily convertible to a known amount of cash and are subject to an insignificant risk of changes in<span class=\"_ gs4d\"> </span>value.<span class=\"_ _209\"> </span>Derivative<span class=\"_ _7\"></span> financial instruments<span class=\"_ _209\"> </span>Derivatives are classified as financial assets and liabilities at fair value thr<span class=\"_ _7\"></span>ough profit or loss, held for trading. Derivatives are recognised initially<span class=\"_ _0\"></span>, and are subsequently r<span class=\"_ _1\"></span>emeasured, at fair value. Derivatives ar<span class=\"_ _1\"></span>e shown as assets when their fair value is positive or as liabilities when their fair value is negative. Fair value movements on derivative financial instruments held for trading are r<span class=\"_ _7\"></span>ecognised in the Consolidated Statement of Comprehensive Income.<span class=\"_ _209\"> </span>Impairment o<span class=\"_ _1\"></span>f financial<span class=\"_ _7\"></span> assets<span class=\"_ _209\"> </span>Financial assets, other than those classified at fair value through pr<span class=\"_ _7\"></span>ofit or loss, being trade and other receivables adopt a simplified approach to calculate any expected credit losses.<span class=\"_ _209\"> </span>1<span class=\"_ _0\"></span>1.2 <span class=\"_ _121\"> </span>FINANCIAL L<span class=\"_ _1\"></span>IABILITIES<span class=\"_ _209\"> </span><table class=\"s w14d he7\" id=\"_2820e156-970a-4715-bab4-42d5c43489ad\"><tr><td></td><td class=\"t m0 x22d h2b y2398 ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x22e h1d y2398 ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x1e1 h2b y2399 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1fe h1d y2399 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1e7 h3 y239a ff2 fs1 fc4 sc0 ls0 ws0\">Financial liabilities at amortised cost<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y22c7 w174 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _0\"></span>rade and other payables<span class=\"_ _209\"> </span></div></td><td class=\"c n x315 y22c7 w9e hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1a5 ws1b0\">9,<span class=\"_ _7\"></span>444<span class=\"_ _209\"> </span></div></td><td class=\"c n x316 y22c7 w9f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">11<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>9<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span>2<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w175 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal financial liabilities<span class=\"_ _209\"> </span></div></td><td class=\"c n x317 y22b6 w9e hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1a5 ws1b0\">9,<span class=\"_ _7\"></span>444<span class=\"_ _209\"> </span></div></td><td class=\"c n x318 y22b6 w9f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">11<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>9<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span>2<span class=\"_ _209\"> </span></div></td></tr></table>AC<span class=\"_ _1\"></span>COUNTING<span class=\"_ _1\"></span> POLIC<span class=\"_ _7\"></span>Y<span class=\"_ _209\"> </span>Financial<span class=\"_ _1\"></span> liabilities<span class=\"_ _209\"> </span>Financial liabilities, other than those specifically accounted for under a separate policy<span class=\"_ _0\"></span>, are measur<span class=\"_ _1\"></span>ed at amortised cost and stated based on the amounts which are consider<span class=\"_ _7\"></span>ed to be payable in respect of goods or services received up to the financial reporting date. The accounting policy for bank loans is included earlier in note 8.<span class=\"_ _209\"> </span>The carrying value of financial assets and liabilities held at amortised cost is considered to appr<span class=\"_ _7\"></span>oximate their fair value.<span class=\"_ _209\"> </span>1<span class=\"_ _0\"></span>1<span class=\"_ _1\"></span>.3 <span class=\"_ _121\"> </span>FINANCIAL<span class=\"_ _7\"></span> RISK MANA<span class=\"_ _1\"></span>GEMENT The Group\u2019<span class=\"_ _3\"></span>s objective in managing risk is the protection of stakeholder value. Risk is inher<span class=\"_ _1\"></span>ent in the Group\u2019<span class=\"_ _3\"></span>s activities and is managed through a pr<span class=\"_ _7\"></span>ocess of ongoing identification, measurement and monitoring, subject to risk limits and other controls. The Group is exposed to market risk (which includes currency risk, inter<span class=\"_ _7\"></span>est rate risk and inflation risk), credit risk and liquidity risk arising from the financial instruments it holds. The Board of Dir<span class=\"_ _7\"></span>ectors is ultimately responsible for the overall risk management of the Group, with delegation of oversight and activities (including identifying and controlling risks) pr<span class=\"_ _7\"></span>ovided to the Audit and Risk Committee and the Group\u2019<span class=\"_ _0\"></span>s Investment Adviser<span class=\"_ _0\"></span>. The<span class=\"_ gs4d\"> </span>Group\u2019<span class=\"_ _3\"></span>s risk management framework and approach is set out within the Strategic Report (pages 04 to 75). The Boar<span class=\"_ _1\"></span>d takes into account market, credit and liquidity risks in forming the Gr<span class=\"_ _7\"></span>oup\u2019<span class=\"_ _0\"></span>s risk management strategy<span class=\"_ _0\"></span>.<span class=\"_ _209\"> </span>MARKET R<span class=\"_ _1\"></span>ISK<span class=\"_ _209\"> </span>Market risk is the risk that the fair value or future cash flows of financial instruments will fluctuate due to changes in market variables such as<span class=\"_ gs4d\"> </span>changes in inflation, foreign exchange rates and inter<span class=\"_ _7\"></span>est rates.<span class=\"_ _209\"> </span>Inflation risk<span class=\"_ _209\"> </span>The majority of the Group\u2019<span class=\"_ _3\"></span>s cash flows from underlying investments ar<span class=\"_ _1\"></span>e linked to inflation indices. Changes in inflation rates can have a positive or negative impact on the Group\u2019<span class=\"_ _3\"></span>s cash flows from investments. The long-term inflation assumptions applied in the Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _3\"></span>s valuation of investments at fair value through pr<span class=\"_ _7\"></span>ofit or loss are disclosed in the fair value hierarchy section in note 11.4.<span class=\"_ _209\"> </span>The Group\u2019<span class=\"_ _3\"></span>s portfolio of investments has been developed in anticipation of continued inflation at or above the levels used in the Group\u2019<span class=\"_ _3\"></span>s valuation assumptions. Where inflation is at levels below the assumed levels for a sustained period of time, investment performance may be impaired. The level of inflation-linkage* acr<span class=\"_ _7\"></span>oss the investments held by the Group varies and is not consistent.<span class=\"_ _209\"> </span><div class=\"t m0 h3 ff2 fs1 fc4 sc0 lsd4 wse5 gsdb\">Interest rate<span class=\"_ _7\"></span> risk<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsdc\">Interest rate risk arises fr<span class=\"_ _7\"></span>om the possibility that changes in interest rates will affect future cash flows fr<span class=\"_ _7\"></span>om underlying investments, therefore </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsdd\">impacting the value of investments at fair value through pr<span class=\"_ _7\"></span>ofit or loss. The Group has limited exposure to interest rate risk as the underlying </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsde\">borrowings within the unconsolidated investee entities ar<span class=\"_ _7\"></span>e either hedged through interest rate swap arrangements via an economic hedge, </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsdf\">are fixed rate loans or the risk of adverse movement in inter<span class=\"_ _7\"></span>est rates is limited through protections provided by the r<span class=\"_ _7\"></span>egulatory regime. </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gse0\">For<span class=\"_ gs4d\"> </span>example, it is generally a requir<span class=\"_ _7\"></span>ement under a PFI/PPP concession that any borrowings are matched to the life of the concession. </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gse1\">Hedging activities are aligned with the period of the loan, which also mirr<span class=\"_ _7\"></span>ors the concession period and are highly effective. Nevertheless, </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gse2\">refinancing risk exists in a number of such investments. The Gr<span class=\"_ _7\"></span>oup\u2019<span class=\"_ _0\"></span>s CDF is unhedged on the basis that it is utilised as an investment </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gse3\">bridging facility and therefor<span class=\"_ _7\"></span>e drawn for a relatively short period of time. Therefore, the Gr<span class=\"_ _7\"></span>oup is not significantly exposed to cash flow risk </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gse4\">due to changes in interest rates over its variable rate borr<span class=\"_ _7\"></span>owings. Interest income on bank deposits held within underlying investments is </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gse5\">included within the fair value of investments. </div><div class=\"t m0 h3 ff2 fs1 fc4 sc0 ls0 ws0 gse6\">For<span class=\"_ _4\"></span>eig<span class=\"_ _4\"></span>n cu<span class=\"_ _4\"></span>rr<span class=\"_ _4\"></span>enc<span class=\"_ _4\"></span>y ris<span class=\"_ _4\"></span>k<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gse7\">The Group undertakes certain transactions denominated in for<span class=\"_ _7\"></span>eign currencies and therefore is exposed to exchange rate fluctuations. </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gse8\">Currency risk arises in financial instruments that ar<span class=\"_ _7\"></span>e denominated in a foreign currency other than the functional currency in which they ar<span class=\"_ _7\"></span>e </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gse9\">measured. The Gr<span class=\"_ _7\"></span>oup uses forward foreign exchange contracts to mitigate the risk of short-term volatility in foreign exchange on significant </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsea\">investment returns from overseas investments via an economic hedge. The Gr<span class=\"_ _7\"></span>oup does not hedge its exposure to foreign exchange in </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gseb\">relation to for<span class=\"_ _7\"></span>eign currency denominated investment balances. The carrying amounts of the Group\u2019<span class=\"_ _3\"></span>s foreign currency denominated monetary </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsec\">financial instruments at the reporting date ar<span class=\"_ _7\"></span>e set out in the table below.<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsed\">Sensitivity analysis showing the impact of variations of the above risks on the fair value of investments is shown in note 11.5.<span class=\"_ _209\"> </span></div><div class=\"gsee\"><table class=\"s w176 he8\" id=\"_9004b4ba-79ea-4b64-ba3a-e81b6923b648\"><tr><td></td><td class=\"t m0 x1aa h2b y239b ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ab h1d y239b ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024 </td></tr><tr><td></td><td class=\"t m0 x1ad h2b y239c ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ae h1d y239c ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1b4 h3 y239d ff2 fs1 fc4 sc0 ls0 ws0\">Cash<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y239e w177 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Euro<span class=\"_ _209\"> </span></div></td><td class=\"c n x319 y239e w178 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse3 wsf4\">4,920<span class=\"_ _209\"> </span></div></td><td class=\"c n x31a y239e w179 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">12<span class=\"_ _6\"></span>,118<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y239f w17a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Canadian Dollar<span class=\"_ _209\"> </span></div></td><td class=\"c n x31b y239f w140 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls199 ws1a4\">944<span class=\"_ _209\"> </span></div></td><td class=\"c n x31c y239f w17b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1b3 ws1bf\">326<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23a0 w17c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Australian Dollar<span class=\"_ _209\"> </span></div></td><td class=\"c n x31d y23a0 w17d hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls194 ws194\">770<span class=\"_ _209\"> </span></div></td><td class=\"c n x31e y23a0 w17e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls16a wse4\">1<span class=\"_ _7\"></span>,394<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23a1 w17f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">New Zealand Dollar<span class=\"_ _209\"> </span></div></td><td class=\"c n x31f y23a1 w180 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls199 ws1a4\">39<span class=\"_ _209\"> </span></div></td><td class=\"c n x320 y23a1 w181 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls83 ws83\">2,2<span class=\"_ _4\"></span>63<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23a2 w182 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">US Dollar<span class=\"_ _209\"> </span></div></td><td class=\"c n x321 y23a2 w183 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls189 ws1c1\">2<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>12<span class=\"_ _209\"> </span></div></td><td class=\"c n x322 y23a2 w184 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">3<span class=\"_ _6\"></span>,14<span class=\"_ _6\"></span>6<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23a3 w185 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Danish Krone<span class=\"_ _209\"> </span></div></td><td class=\"c n x323 y23a3 w186 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls190 ws19d\">17<span class=\"_ _209\"> </span></div></td><td class=\"c n x324 y23a3 w187 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls87 ws86\">15<span class=\"_ _4\"></span>9<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x325 y23a4 w100 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls69 ws58\">9,0<span class=\"_ _4\"></span>02<span class=\"_ _209\"> </span></div></td><td class=\"c n x326 y23a4 w188 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1b1 ws1bd\">19<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>6<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1b4 h3 y23a5 ff2 fs1 fc4 sc0 ls0 ws0\">Current r<span class=\"_ _7\"></span>eceivables </td><td></td><td></td></tr><tr><td class=\"c n x1b0 y23a6 w189 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Euro r<span class=\"_ _7\"></span>eceivables<span class=\"_ _209\"> </span></div></td><td class=\"c n x327 y23a6 w104 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse4 wsf5\">1,<span class=\"_ _4\"></span>62<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td><td class=\"c n x328 y23a6 w18a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1b5 ws1c2\">2<span class=\"_ _4\"></span>,4<span class=\"_ _4\"></span>47<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2314 w18b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Danish Krone r<span class=\"_ _7\"></span>eceivables<span class=\"_ _209\"> </span></div></td><td class=\"c n x329 y2314 w18c hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls189 ws1c1\">121<span class=\"_ _209\"> </span></div></td><td class=\"c n x32a y2314 w18d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsd9 wseb\">12<span class=\"_ _4\"></span>6<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23a7 w18e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">US Dollar receivables<span class=\"_ _209\"> </span></div></td><td class=\"c n x301 y23a7 w74 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x32b y23a7 w18f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls62 ws60\">36<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x32c y23a8 w190 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls161 ws16c\">1,<span class=\"_ _4\"></span>74<span class=\"_ _6\"></span>6<span class=\"_ _209\"> </span></div></td><td class=\"c n x32d y23a8 w191 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">2,<span class=\"_ _7\"></span>609<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1b4 h3 y23a9 ff2 fs1 fc4 sc0 ls0 ws0\">Investments at fair value through pr<span class=\"_ _7\"></span>ofit or loss<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y23aa w177 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Euro<span class=\"_ _209\"> </span></div></td><td class=\"c n x32e y23aa w192 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls81 ws81\">3<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>9,<span class=\"_ _4\"></span>618<span class=\"_ _209\"> </span></div></td><td class=\"c n x32f y23aa w193 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls16a wse4\">339<span class=\"_ _1\"></span>,488<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2319 w185 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Danish Krone<span class=\"_ _209\"> </span></div></td><td class=\"c n x330 y2319 w194 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1b0 ws1bc\">8,885<span class=\"_ _209\"> </span></div></td><td class=\"c n x331 y2319 w195 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">8<span class=\"_ _6\"></span>,11<span class=\"_ _4\"></span>2<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23ab w17a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Canadian Dollar<span class=\"_ _209\"> </span></div></td><td class=\"c n x332 y23ab w196 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls5b ws57\">3<span class=\"_ _4\"></span>4,7<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x333 y23ab w197 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1aa ws1b4\">3<span class=\"_ _4\"></span>6,<span class=\"_ _4\"></span>697<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y229b w17c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Australian Dollar<span class=\"_ _209\"> </span></div></td><td class=\"c n x334 y229b w192 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls81 ws81\">18<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>,7<span class=\"_ _4\"></span>32<span class=\"_ _209\"> </span></div></td><td class=\"c n x335 y229b w198 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1ae ws1ba\">174<span class=\"_ _6\"></span>,<span class=\"_ _4\"></span>8<span class=\"_ _6\"> </span>8<span class=\"_ _2d\"> </span>9<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2359 w17f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">New Zealand Dollar<span class=\"_ _209\"> </span></div></td><td class=\"c n x336 y2359 w199 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1ab ws1b6\">8<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>5<span class=\"_ _6\"></span>41<span class=\"_ _209\"> </span></div></td><td class=\"c n x337 y2359 w19a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls19a ws1a5\">81,<span class=\"_ _4\"></span>9<span class=\"_ _6\"></span>6<span class=\"_ _6\"></span>4<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23ac w182 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">US Dollar<span class=\"_ _209\"> </span></div></td><td class=\"c n x338 y23ac w19b hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls199 ws1a4\">62,040<span class=\"_ _209\"> </span></div></td><td class=\"c n x339 y23ac w19c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls7d ws7c\">69,6<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x33a y22c7 w19d hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">76<span class=\"_ _4\"></span>3,<span class=\"_ _4\"></span>58<span class=\"_ _4\"></span>4<span class=\"_ _209\"> </span></div></td><td class=\"c n x33b y22c7 w19e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls161 ws16c\">710<span class=\"_ _4\"></span>,7<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w19f hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal<span class=\"_ _209\"> </span></div></td><td class=\"c n x33c y22b6 w1a0 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls161 ws16c\">7<span class=\"_ _4\"></span>74<span class=\"_ _6\"></span>,<span class=\"_ _4\"></span>3<span class=\"_ _6\"></span>3<span class=\"_ _4\"></span>2<span class=\"_ _209\"> </span></div></td><td class=\"c n x33d y22b6 w1a1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse4 wsf5\">73<span class=\"_ _4\"></span>2,<span class=\"_ _7\"></span>7<span class=\"_ _4\"></span>73<span class=\"_ _209\"> </span></div></td></tr></table></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsef\">Sensitivity analysis showing the impact of variations of the above market risks on the fair value of investments is shown in note 11.5.<span class=\"_ _209\"> </span></div><div class=\"t m0 h3 ff2 fs1 fc1 sc0 ls0 ws0 gsf0\">CR<span class=\"_ _4\"></span>EDI<span class=\"_ _4\"></span>T RIS<span class=\"_ _4\"></span>K </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls61 ws0 gsf1\">Credit risk r<span class=\"_ _7\"></span>efers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Group. The Group has </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls61 ws0 gsf2\">adopted a policy of dealing with creditworthy counterparties and r<span class=\"_ _7\"></span>eviewing this on a regular basis at the underlying entity level. The majority of </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls61 ws0 gsf3\">underlying investments are in public-private partnerships and similar concessions (which ar<span class=\"_ _7\"></span>e entered into with government, quasi gover<span class=\"_ _4\"></span>nment, </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls61 ws0 gsf4\">other public, equivalent low risk bodies), or in regulated businesses that inher<span class=\"_ _7\"></span>ently exhibit low levels of credit risk. The maximum exposure of </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls61 ws0 gsf5\">credit risk over financial assets as a r<span class=\"_ _7\"></span>esult of counterparty default is the carrying value of those financial assets in the balance sheet. In addition,<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls61 ws0 gsf6\">the underlying investee entities contract with third-party construction and facilities managements contractors. The Gr<span class=\"_ _7\"></span>oup seeks to mitigate this<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls61 ws0 gsf7\">risk through using a diverse range of sub-contractors and thr<span class=\"_ _7\"></span>ough at least quarterly review of the credit position of major contractors.<span class=\"_ _209\"> </span></div><div class=\"t m0 h3 ff2 fs1 fc1 sc0 ls0 ws0 gsf9\">LIQ<span class=\"_ _4\"></span>UID<span class=\"_ _4\"></span>IT<span class=\"_ _4\"></span>Y RI<span class=\"_ _4\"></span>SK </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsfa\">Liquidity risk is defined as the risk that the Group would encounter dif<span class=\"_ _7\"></span>ficulty in meeting obligations as and when they fall due associated with </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsfb\">financial liabilities that are settled by delivering cash or another financial asset. The Gr<span class=\"_ _7\"></span>oup invests in relatively illiquid investments (mainly non-<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsfc\">listed equity and loans). As a closed-ended investment vehicle there ar<span class=\"_ _7\"></span>e no automatic capital redemption rights. The Group manages liquidity </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsfd\">risk by maintaining adequate cash reserves, banking facilities and r<span class=\"_ _7\"></span>eserve borrowing facilities and by continuously monitoring forecast and </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsfe\">actual cash flows. Cash flow forecasts assume full availability of underlying infrastructur<span class=\"_ _7\"></span>e to the relevant public sector body or end-user<span class=\"_ _0\"></span>. </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsff\">Failure to maintain assets available for use or operating in accor<span class=\"_ _7\"></span>dance with pre-determined performance standards or licence conditions may </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs100\">lead to a reduction (wholly or partially) in the investment income that the Gr<span class=\"_ _7\"></span>oup has projected to receive. The Directors r<span class=\"_ _7\"></span>eview the underlying </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs101\">performance of each investment on a quarterly basis, allowing asset performance to be monitored. The terms of public-private partnership </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs102\">contractual mechanisms also allow for significant pass-down of unavailability and performance risk to sub-contractors. Regulated asset </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs103\">regimes allow for the pass thr<span class=\"_ _7\"></span>ough of efficiently incurred costs to the purchaser<span class=\"_ _3\"></span>. The Group\u2019<span class=\"_ _3\"></span>s financial liabilities comprise trade and other </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs104\">payables, payable within 12 months of the year end, derivative financial instruments. </div><div class=\"t m0 h3 ff2 fs1 fc1 sc0 ls0 ws0 gs105\">1<span class=\"_ _7\"></span>1.4 <span class=\"_ _121\"> </span>FAIR VALU<span class=\"_ _4\"></span>E HIE<span class=\"_ _4\"></span>R<span class=\"_ _4\"></span>ARCH<span class=\"_ _4\"></span>Y<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs106\">All financial instruments for which fair value is recognised or disclosed ar<span class=\"_ _7\"></span>e categorised within the fair value hierarchy<span class=\"_ _0\"></span>, described as follows, </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs107\">based on the lowest level input that is significant to the fair value measurement as a whole:<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs108\">Level 1 \u2014  <span class=\"_ _1a\"></span>Quoted market prices in an active market (that are unadjusted) for identical assets or liabilities;<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs109\">Level 2 \u2014  <span class=\"_ _1a\"></span>V<span class=\"_ _7\"></span>aluation techniques (for which the lowest level input that is significant to the fair value measurement is directly  </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs10a\">or indirectly observable);<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs10b\">Level 3 \u2014 V<span class=\"_ _7\"></span>aluation techniques (for which the lowest level input that is significant to the fair value measurement is unobservable).<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs10c\">During the year<span class=\"_ _0\"></span>, there wer<span class=\"_ _1\"></span>e no transfers between Level 2 and Level 3 categories.<span class=\"_ _209\"> </span></div><div class=\"t m0 h3 ff2 fs1 fc4 sc0 ls174 wse1 gs10d\">Leve<span class=\"_ _4\"></span>l 1<span class=\"_ _7\"></span>:<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs10e\">The Group has no financial instruments classified as Level 1.<span class=\"_ _209\"> </span></div><div class=\"t m0 h3 ff2 fs1 fc4 sc0 ls174 wse1 gs10f\">Leve<span class=\"_ _4\"></span>l 2:<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs110\">This category includes derivative financial instruments such as interest rate swaps, RPI swaps and curr<span class=\"_ _7\"></span>ency forward contracts. </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs111\">As<span class=\"_ gs4d\"> </span>a<span class=\"_ gs4d\"> </span>31<span class=\"_ gs4d\"> </span>December 2025, the Group\u2019<span class=\"_ _3\"></span>s only derivative financial instruments were curr<span class=\"_ _1\"></span>ency forward contracts amounting to an asset </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs112\">of<span class=\"_ gs4d\"> </span>\u00a32.1m<span class=\"_ gs4d\"> </span>(December 2024: asset of \u00a33.2m).<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs113\">Financial instruments classified as Level 2 have been valued using models whose inputs are observable in an active market (spot<span class=\"_ gs4d\"> </span>exchange </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs114\">rates, yield curves, interest rate curves). V<span class=\"_ _0\"></span>aluations based on observable inputs include financial instruments such as swaps and forward </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs115\">contracts which are valued using market standar<span class=\"_ _7\"></span>d pricing techniques where all the inputs to the market standard pricing models </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs116\">are<span class=\"_ gs4d\"> </span>observable. </div><div class=\"t m0 h3 ff2 fs1 fc4 sc0 ls174 wse1 gs117\">Leve<span class=\"_ _4\"></span>l 3:<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs118\">This category consists of investments in equity and loan instruments in underlying unconsolidated subsidiary entities and other non-<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs119\">controlled investments which ar<span class=\"_ _7\"></span>e classified at fair value through profit or loss. At 31 December 2025, the fair value of financial instruments </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs11a\">classified within Level 3 totalled \u00a32,641.6m (December 2024: \u00a32,593.1m). </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs11b\">Financial instruments are classified within Level 3 if their valuation incorporates significant inputs that ar<span class=\"_ _7\"></span>e not based on observable market </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs11c\">data (unobservable inputs). A valuation input is considered observable if it can be dir<span class=\"_ _7\"></span>ectly observed from transactions in an active market, </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs11d\">or<span class=\"_ gs4d\"> </span>if there is compelling external evidence demonstrating an executable exit price. </div><div class=\"t m0 h3 ff2 fs1 fc4 sc0 lsd4 wse5 gs11e\">V<span class=\"_ _1\"></span>aluation process<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs11f\">V<span class=\"_ _7\"></span>aluations are the responsibility of the Boar<span class=\"_ _7\"></span>d of Directors. The valuation of unlisted equity and debt investments is performed on a quarterly</div><div class=\"t m0 h1e ff4 fs12 fc4 sc0 ls0 ws0 gs120\">1<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs121\">basis by the Investment Adviser<span class=\"_ _0\"></span>. The valuation is reviewed by the senior members of the Investment Adviser and r<span class=\"_ _1\"></span>eviewed and approved </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs122\">by<span class=\"_ gs4d\"> </span>the Board. </div><div class=\"t m0 h3 ff2 fs1 fc4 sc0 lsb1 ws5c gs124\">V<span class=\"_ _1\"></span>aluation methodology<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs125\">The valuation methodologies used are primarily based on discounting the underlying investee entities\u2019 futur<span class=\"_ _7\"></span>e projected net cash flows </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs126\">at appropriate discount rates. V<span class=\"_ _0\"></span>aluations are also reviewed against r<span class=\"_ _1\"></span>ecent market transactions for similar assets in comparable markets </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs127\">observed by the Group or Investment Adviser and adjusted wher<span class=\"_ _7\"></span>e appropriate.<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs128\">Cash flow forecasts for the full-term of each underlying investment ar<span class=\"_ _7\"></span>e generated by detailed investment specific financial models. </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs129\">These<span class=\"_ gs4d\"> </span>models forecast the dividend, shar<span class=\"_ _7\"></span>eholder loan interest payments, capital repayments and senior debt repayments (wher<span class=\"_ _7\"></span>e applicable) </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs12a\">expected from the underlying investments. The cash flows included in the for<span class=\"_ _7\"></span>ecasts used to determine fair value are typically fixed under </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs12b\">contracts, however there ar<span class=\"_ _7\"></span>e certain variable cash flows which are based on management\u2019<span class=\"_ _0\"></span>s estimations (see also page 49 of the strategic </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs12c\">report). The significant unobservable inputs and assumptions used in pr<span class=\"_ _7\"></span>ojecting the Group\u2019<span class=\"_ _0\"></span>s net future cash flows ar<span class=\"_ _7\"></span>e shown overleaf.<span class=\"_ _209\"> </span></div><div class=\"gs12d\"><table class=\"s w1a2 he9\" id=\"_871e8031-923a-4a62-b463-34a28457014c\"><tr><td></td><td></td><td></td><td class=\"t m0 x33e h2b y23ad ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td></td><td class=\"t m0 x1ab h1d y23ad ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x33f h2b y23ae ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td></td><td class=\"t m0 x1ae h1d y23ae ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y23af w1a3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Inflation rates<span class=\"_ _209\"> </span></div></td><td class=\"c n x340 y23af w1a4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x341 y23af w1a5 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">RPI: 3.50% until Dec 2027,<span class=\"_ _209\"> </span></div></td><td></td><td class=\"t m0 x342 h8 y23b0 ff4 fs1 fc4 sc0 ls0 ws0\">RPI: 3.25% until Dec 2025,<span class=\"_ _209\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"c x344 y23b1 w1a6 hea\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">2.75% thereafter</div><div class=\"t m0 x343 h1e y233a ff4 fs12 fc4 sc0 ls0 ws0\">1<span class=\"_ _209\"> </span></div></td><td class=\"c n x345 y23b2 w1a7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">3.00% until Dec<span class=\"_ _209\"> </span></div></td><td class=\"c n x346 y23b2 w97 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">2026,<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c x348 y23b3 w1a8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">2.75% thereafter</div><div class=\"t m0 x347 h1e y2316 ff4 fs12 fc4 sc0 ls0 ws0\">1<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x349 h3 y23b4 ff2 fs1 fc4 sc0 ls0 ws0\">CPIH: 3.00% until Dec 2026,<span class=\"_ _209\"> </span></td><td></td><td class=\"t m0 x34a h8 y23b4 ff4 fs1 fc4 sc0 ls0 ws0\">CPIH: 2.25% </td></tr><tr><td></td><td></td><td class=\"c n x34b y23b5 w1a9 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">2.75% until Dec<span class=\"_ _209\"> </span></div></td><td class=\"c n x34c y23b5 w97 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">2027,<span class=\"_ _209\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x34d h3 y23b6 ff2 fs1 fc4 sc0 ls0 ws0\" colspan=\"2\">2.5% thereafter<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"c n x34e y23b7 w1aa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x34f y23b7 w1ab hd0\" colspan=\"2\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">3.00% until Dec 2026<span class=\"_ _209\"> </span></div></td><td></td><td class=\"t m0 x350 h8 y23b8 ff4 fs1 fc4 sc0 ls0 ws0\">CPIH: 2.75% until Dec 2025,<span class=\"_ _209\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x351 h3 y23b9 ff2 fs1 fc4 sc0 ls0 ws0\" colspan=\"2\">2.50% thereafter<span class=\"_ _209\"> </span></td><td></td><td class=\"t m0 x352 h8 y23b9 ff4 fs1 fc4 sc0 ls0 ws0\">2.50% thereafter<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"c n x34e y23ba w1ac hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">New Zealand<span class=\"_ _209\"> </span></div></td><td class=\"c n x34f y23ba w1ab hd4\" colspan=\"2\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">2.15% until Dec 2026<span class=\"_ _209\"> </span></div></td><td></td><td class=\"t m0 x353 h8 y23bb ff4 fs1 fc4 sc0 ls0 ws0\">2.25% </td></tr><tr><td></td><td></td><td class=\"t m0 x351 h3 y23bc ff2 fs1 fc4 sc0 ls0 ws0\" colspan=\"2\">2.25% thereafter<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"c n x34e y23bd wbb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Europe<span class=\"_ _209\"> </span></div></td><td class=\"c n x354 y23bd w1a9 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">2.25% until Dec<span class=\"_ _209\"> </span></div></td><td class=\"c n x355 y23bd w97 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">2026,<span class=\"_ _209\"> </span></div></td><td></td><td class=\"t m0 x356 h8 y23be ff4 fs1 fc4 sc0 ls0 ws0\">2.25% until Dec-26,<span class=\"_ _209\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x351 h3 y23bf ff2 fs1 fc4 sc0 ls0 ws0\" colspan=\"2\">2.00% thereafter<span class=\"_ _209\"> </span></td><td></td><td class=\"t m0 x352 h8 y23bf ff4 fs1 fc4 sc0 ls0 ws0\">2.00% thereafter<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"c n x34e y23c0 w1ad hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Canada<span class=\"_ _209\"> </span></div></td><td class=\"c n x357 y23c0 w1a9 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">2.10% until Dec<span class=\"_ _209\"> </span></div></td><td class=\"c n x358 y23c0 w97 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">2026,<span class=\"_ _209\"> </span></div></td><td></td><td class=\"t m0 x356 h8 y23c1 ff4 fs1 fc4 sc0 ls0 ws0\">2.25% until Dec-25,<span class=\"_ _209\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x351 h3 y23c2 ff2 fs1 fc4 sc0 ls0 ws0\">2.00% thereafter<span class=\"_ _209\"> </span></td><td></td><td class=\"t m0 x352 h8 y23c2 ff4 fs1 fc4 sc0 ls0 ws0\">2.00% thereafter<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"c x34e y23c4 w1ae hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">US</div><div class=\"t m0 x359 h1e y23c3 ff4 fs12 fc4 sc0 ls0 ws0\">2<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x35a y23c5 w1af hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">N/A<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x35b y23c5 w1b0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">N/A<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1b4 h8 y23c6 ff4 fs1 fc4 sc0 ls0 ws0\">Long-term </td><td class=\"c n x34e y23c7 w1a4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x35c y23c7 w1b1 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls162 ws16d\">2<span class=\"_ _4\"></span>.75%<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x35d y23c7 w1b2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">2.50%<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c x1b0 y23c8 w1b3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">deposit<span class=\"_ gs4d\"> </span>rates</div><div class=\"t m0 x35e h1e y2316 ff4 fs12 fc4 sc0 ls0 ws0\">3<span class=\"_ _209\"> </span></div></td><td class=\"c n x34e y23c9 w1aa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Australia<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x35f y23c9 w1b1 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls162 ws16d\">2<span class=\"_ _4\"></span>.75%<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x360 y23c9 w1b2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">2.75%<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x34e y23ca w1ac hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">New Zealand<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x361 y23ca w1b4 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">2<span class=\"_ _4\"></span>.5<span class=\"_ _4\"></span>0%<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x362 y23ca w1b5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">2.50%<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x363 y23cb wbb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Europe<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x364 y23cb w1b6 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse4 wsf5\">1.<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>0%<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x365 y23cb w1b5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">1.50%<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x363 y23cc w1ad hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Canada<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x366 y23cc w1b4 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">2<span class=\"_ _4\"></span>.5<span class=\"_ _4\"></span>0%<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x367 y23cc w1b5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">2.50%<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c x363 y23cd w1b7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">US</div><div class=\"t m0 x368 h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">2<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x35a y23ce w1b8 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1b6 ws1c3\">N<span class=\"_ _4\"></span>/A<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x369 y23ce w1b0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">N/A<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1b4 h8 y23cf ff4 fs1 fc4 sc0 ls0 ws0\">Foreign </td><td class=\"c n x34e y23d0 w1b9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">GBP/AUD<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x36a y23d0 w1ba hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls17e ws59\">2.<span class=\"_ _4\"></span>01<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x36b y23d0 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">2.02<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1b4 h8 y23d1 ff4 fs1 fc4 sc0 ls0 ws0\">exchange<span class=\"_ gs4d\"> </span>rates<span class=\"_ _209\"> </span></td><td class=\"c n x34e y23d2 w1bc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">GBP/NZD<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x36c y23d2 w1bd hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1a7 ws1b2\">2.33<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x36d y23d2 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">2.23<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x34e y23d3 w1be hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">GBP/DKK<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x36e y23d3 w1bf hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls89 ws88\">8.56<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x36f y23d3 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">9.00<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x34e y23d4 w1c0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">GBP/EUR<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x370 y23d4 w1c1 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse5 wsf6\">1.1<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x371 y23d4 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">1.21<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x34e y23d5 w1c2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">GBP/CAD<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x372 y23d5 w1c3 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse4 wsf5\">1.<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>4<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x373 y23d5 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">1.80<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x34e y23d6 w1b9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">GBP/USD<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x36a y23d6 w1c3 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse4 wsf5\">1.<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x374 y23d6 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">1.25<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c x1b0 y23d7 w1c4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>ax rates</div><div class=\"t m0 x375 h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">4<span class=\"_ _209\"> </span></div></td><td class=\"c n x34e y23d8 w1a4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x376 y23d8 w1c5 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">25<span class=\"_ _4\"></span>.0<span class=\"_ _4\"></span>0%<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x377 y23d8 w1c6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">25.00%<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x34e y23d9 w1aa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Australia<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x378 y23d9 w1c7 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">3<span class=\"_ _4\"></span>0.0<span class=\"_ _4\"></span>0%<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x379 y23d9 w1c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">30.00%<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x34e y23da w1ac hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">New Zealand<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x37a y23da w1c5 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">2<span class=\"_ _4\"></span>8.0<span class=\"_ _4\"></span>0%<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x37b y23da w1c6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">28.00%<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x34e y23db wbb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Europe<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x37c y23db w1c9 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">V<span class=\"_ _7\"></span>a<span class=\"_ _4\"></span>ri<span class=\"_ _4\"></span>ous (12<span class=\"_ _4\"></span>.5<span class=\"_ _4\"></span>0% \u2013 32<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>28%)<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x37d y23db w1ca hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">V<span class=\"_ _1\"></span>arious (12.50% \u2013 32.28%)<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x34e y23dc w1ad hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Canada<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x37e y23dc w1cb hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">Var<span class=\"_ _4\"></span>iou<span class=\"_ _4\"></span>s (23<span class=\"_ _4\"></span>.0<span class=\"_ _4\"></span>0% \u2013 2<span class=\"_ _4\"></span>6.<span class=\"_ _4\"></span>50%)<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x37f y23dc w1cc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">V<span class=\"_ _7\"></span>arious (23.00% \u2013 26.50%)<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c x34e y22b6 w1ae hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">US</div><div class=\"t m0 x359 h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">2<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x35a y22b6 w1b8 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1b6 ws1c3\">N<span class=\"_ _4\"></span>/A<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x369 y22b6 w1b0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">N/A<span class=\"_ _209\"> </span></div></td></tr></table></div><div class=\"t m0 h1d ff4 fs13 fc4 sc0 ls0 ws0 gs12e\">1 <span class=\"_ _1d\"> </span>W<span class=\"_ _4\"></span>he<span class=\"_ _4\"></span>re ins<span class=\"_ _4\"></span>uf<span class=\"_ _4\"></span>fici<span class=\"_ _4\"></span>ent pr<span class=\"_ _4\"></span>otect<span class=\"_ _4\"></span>ion<span class=\"_ _4\"></span>s exis<span class=\"_ _4\"></span>t with<span class=\"_ _4\"></span>in pr<span class=\"_ _4\"></span>oje<span class=\"_ _4\"></span>ct agr<span class=\"_ _4\"></span>eem<span class=\"_ _4\"></span>ents o<span class=\"_ _4\"></span>r thro<span class=\"_ _4\"></span>ugh r<span class=\"_ _4\"></span>egu<span class=\"_ _4\"></span>lator<span class=\"_ _4\"></span>y pr<span class=\"_ _4\"></span>ece<span class=\"_ _4\"></span>den<span class=\"_ _4\"></span>t, RPI is a<span class=\"_ _4\"></span>ssu<span class=\"_ _4\"></span>med to a<span class=\"_ _4\"></span>lig<span class=\"_ _4\"></span>n with C<span class=\"_ _4\"></span>PIH po<span class=\"_ _4\"></span>st-2030.<span class=\"_ _209\"> </span></div><div class=\"t m0 h1d ff4 fs13 fc4 sc0 ls0 ws0 gs12f\">2 <span class=\"_ _1d\"> </span>T<span class=\"_ _4\"></span>he C<span class=\"_ _4\"></span>ompa<span class=\"_ _4\"></span>ny\u2019s US inve<span class=\"_ _4\"></span>stm<span class=\"_ _4\"></span>ent i<span class=\"_ _4\"></span>s in the f<span class=\"_ _4\"></span>orm of s<span class=\"_ _4\"></span>ubo<span class=\"_ _4\"></span>rdin<span class=\"_ _4\"></span>ated d<span class=\"_ _4\"></span>ebt an<span class=\"_ _4\"></span>d the<span class=\"_ _4\"></span>refo<span class=\"_ _4\"></span>re not di<span class=\"_ _4\"></span>rec<span class=\"_ _4\"></span>tly im<span class=\"_ _4\"></span>pac<span class=\"_ _4\"></span>ted by in<span class=\"_ _4\"></span>flati<span class=\"_ _4\"></span>on, de<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>it an<span class=\"_ _4\"></span>d ta<span class=\"_ _4\"></span>x rate as<span class=\"_ _4\"></span>sum<span class=\"_ _4\"></span>ptio<span class=\"_ _4\"></span>ns. </div><div class=\"t m0 h1d ff4 fs13 fc4 sc0 ls0 ws0 gs130\">3 <span class=\"_ _1d\"> </span>T<span class=\"_ _4\"></span>he po<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>fol<span class=\"_ _4\"></span>io va<span class=\"_ _4\"></span>luat<span class=\"_ _4\"></span>ion a<span class=\"_ _4\"></span>ssu<span class=\"_ _4\"></span>mes ac<span class=\"_ _4\"></span>tua<span class=\"_ _4\"></span>l cur<span class=\"_ _4\"></span>rent d<span class=\"_ _4\"></span>epo<span class=\"_ _4\"></span>sit r<span class=\"_ _4\"></span>ates a<span class=\"_ _4\"></span>re mai<span class=\"_ _4\"></span>nta<span class=\"_ _4\"></span>ine<span class=\"_ _4\"></span>d unti<span class=\"_ _4\"></span>l 3<span class=\"_ _1\"></span>1 De<span class=\"_ _4\"></span>cem<span class=\"_ _4\"></span>ber 2<span class=\"_ _4\"></span>026 bef<span class=\"_ _4\"></span>ore ad<span class=\"_ _4\"></span>jus<span class=\"_ _4\"></span>ting to th<span class=\"_ _4\"></span>e lon<span class=\"_ _4\"></span>g-ter<span class=\"_ _4\"></span>m rate<span class=\"_ _4\"></span>s noted i<span class=\"_ _4\"></span>n the ta<span class=\"_ _4\"></span>ble a<span class=\"_ _4\"></span>bove f<span class=\"_ _4\"></span>rom 1 J<span class=\"_ _4\"></span>anua<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>y 2027<span class=\"_ _0\"></span>. </div><div class=\"t m0 h1d ff4 fs13 fc4 sc0 ls0 ws0 gs131\">4 <span class=\"_ _1d\"> </span>Tax r<span class=\"_ _4\"></span>ates re<span class=\"_ _4\"></span>flec<span class=\"_ _4\"></span>t tho<span class=\"_ _4\"></span>se sub<span class=\"_ _4\"></span>sta<span class=\"_ _4\"></span>ntive<span class=\"_ _4\"></span>ly e<span class=\"_ _4\"></span>nacte<span class=\"_ _4\"></span>d as at t<span class=\"_ _4\"></span>he val<span class=\"_ _4\"></span>uati<span class=\"_ _4\"></span>on da<span class=\"_ _4\"></span>te or tho<span class=\"_ _4\"></span>se tha<span class=\"_ _4\"></span>t cou<span class=\"_ _4\"></span>ld re<span class=\"_ _4\"></span>ason<span class=\"_ _4\"></span>abl<span class=\"_ _4\"></span>y be ex<span class=\"_ _4\"></span>pec<span class=\"_ _4\"></span>ted to be s<span class=\"_ _4\"></span>ubs<span class=\"_ _4\"></span>tant<span class=\"_ _4\"></span>ivel<span class=\"_ _4\"></span>y ena<span class=\"_ _4\"></span>cted s<span class=\"_ _4\"></span>hor<span class=\"_ _4\"></span>tl<span class=\"_ _4\"></span>y aft<span class=\"_ _4\"></span>er the v<span class=\"_ _4\"></span>alu<span class=\"_ _4\"></span>atio<span class=\"_ _4\"></span>n date.<span class=\"_ _209\"> </span></div><div class=\"t m0 h3 ff2 fs1 fc4 sc0 lsb1 ws5c gs133\">Discount rates<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs134\">Discount rates as a whole are consider<span class=\"_ _7\"></span>ed to be an unobservable input for the purposes of IFRS13. The discount rate used in the valuation </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs135\">of<span class=\"_ gs4d\"> </span>each investment has been determined with refer<span class=\"_ _7\"></span>ence to:</div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs136\"> <span class=\"_ _22\"></span>\u2013<span class=\"_ _23\"> </span>Yield on a government bond with a remaining term equivalent to (or as close as possible to) the investment being valued, issued by the </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs137\">national government for the location of the relevant investment (\u2018government bond yield\u2019);</div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs138\"> <span class=\"_ _22\"></span>\u2013<span class=\"_ _23\"> </span>Investment risk premium, compr<span class=\"_ _7\"></span>omising:</div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs139\"> <span class=\"_ _22\"></span><span class=\"ff3\">\u2013<span class=\"_ _48\"> </span><span class=\"ff4\">A premium to r<span class=\"_ _1\"></span>eflect the inherent gr<span class=\"_ _7\"></span>eater risk in investing in infrastructure assets over government bonds;</span></span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs13a\"> <span class=\"_ _22\"></span><span class=\"ff3\">\u2013<span class=\"_ _48\"> </span><span class=\"ff4\">A further premium to r<span class=\"_ _1\"></span>eflect the state of maturity of the asset with a larger premium applied to immatur<span class=\"_ _7\"></span>e assets and/or assets in </span></span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs13b\">construction and/or to reflect any curr<span class=\"_ _7\"></span>ent asset specific or operational issues. T<span class=\"_ _0\"></span>ypically<span class=\"_ _0\"></span>, this risk premium will reduce over the life of </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs13c\">any asset as an asset matures, its operating performance becomes mor<span class=\"_ _7\"></span>e established, and the risks associated with its future cash </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs13d\">flows decrease. However<span class=\"_ _3\"></span>, the rate may increase in relation to investments with unknown r<span class=\"_ _1\"></span>esidual values at the end of the relevant </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs13e\">concession life as that date nears;</div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs13f\"> <span class=\"_ _22\"></span><span class=\"ff3\">\u2013<span class=\"_ _48\"> </span><span class=\"ff4\">A further adjustment reflective of market-based transaction valuation evidence for similar assets. Such adjustment is consider<span class=\"_ _1\"></span>ed </span></span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs140\">to<span class=\"_ gs4d\"> </span>implicitly include the market\u2019<span class=\"_ _3\"></span>s assessment of the risk posed by climate factors to that particular investment.<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs141\">Over the year<span class=\"_ _0\"></span>, the weighted average government bond yield and weighted average investment risk premium saw only minor movements </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs142\">reflecting observable market-based evidence.<span class=\"_ _209\"> </span></div><div class=\"gs143\"><table class=\"s w1cd heb\" id=\"_a6dcbab5-5813-4323-8cbe-cef28d08cead\"><tr><td class=\"c n x1b0 y23dd w1ce hd1\"><div class=\"t m0 x1af h1d y2395 ff4 fs13 fc4 sc0 ls0 ws0\">V<span class=\"_ _7\"></span>aluation assumptions<span class=\"_ _209\"> </span></div></td><td class=\"c n x380 y23dd w1cf he6\"><div class=\"t m0 x1af h1d y2395 ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></div></td><td class=\"c n x381 y23dd w1d0 hd1\"><div class=\"t m0 x1af h1d y2395 ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></div></td><td class=\"c n x382 y23dd w1d1 hd1\"><div class=\"t m0 x1af h1d y2395 ff4 fs13 fc4 sc0 ls0 ws0\">Movement<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b2 w1d2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Weighted A<span class=\"_ _7\"></span>verage Gover<span class=\"_ _4\"></span>nment Bond Yield<span class=\"_ _209\"> </span></div></td><td class=\"c n x383 y22b2 w1d3 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lsdf ws85\">4.<span class=\"_ _4\"></span>6%<span class=\"_ _209\"> </span></div></td><td class=\"c n x384 y22b2 w1d4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls161 ws16c\">4<span class=\"_ _4\"></span>.4%<span class=\"_ _209\"> </span></div></td><td class=\"c n x385 y22b2 w1d5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdb wsed\">0.<span class=\"_ _4\"></span>2%<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22c7 w1d6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Weighted A<span class=\"_ _7\"></span>verage Investment Risk Premium<span class=\"_ _209\"> </span></div></td><td class=\"c n x386 y22c7 w1d7 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls162 ws16d\">4<span class=\"_ _4\"></span>.5%<span class=\"_ _209\"> </span></div></td><td class=\"c n x387 y22c7 w1d8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">4.6%<span class=\"_ _209\"> </span></div></td><td class=\"c n x388 y22c7 w1d9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdd wsef\">(<span class=\"_ _6\"> </span>0<span class=\"_ _6\"></span>.1%<span class=\"_ _6\"></span>)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w1da hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">W<span class=\"_ _7\"></span>eighted Average Discount Rate<span class=\"_ _209\"> </span></div></td><td class=\"c n x389 y22b6 w1db hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse5 wsf6\">9<span class=\"_ _4\"></span>.1%<span class=\"_ _209\"> </span></div></td><td class=\"c n x38a y22b6 w1dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5c ws95\">9.<span class=\"_ _4\"></span>0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x38b y22b6 w1dd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdd wsef\">0<span class=\"_ _4\"></span>.1<span class=\"_ _4\"></span>%<span class=\"_ _209\"> </span></div></td></tr></table></div><div class=\"gs144\"><table class=\"s w1de hec\" id=\"_b8941708-d195-466b-a1b9-82c1dcfa0926\"><tr><td></td><td class=\"t m0 x22b h2b y23de ff2 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended </td><td class=\"t m0 x22c h1d y23df ff4 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended </td></tr><tr><td></td><td class=\"t m0 x22d h2b y23e0 ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x22e h1d y23e1 ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1e7 h1d y23e2 ff4 fs13 fc4 sc0 ls0 ws0\">Reconciliation of Level 3 fair value measurements of financial assets<span class=\"_ _209\"> </span></td><td class=\"t m0 x1e1 h2b y23e3 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1fe h1d y23e4 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y23d6 w1df hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">Balance at 1 January<span class=\"_ _209\"> </span></div></td><td class=\"c n x38c y23d6 w1e0 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls191 ws185\">2,<span class=\"_ _4\"></span>593<span class=\"_ _4\"></span>,056<span class=\"_ _209\"> </span></div></td><td class=\"c n x38d y23d6 w1e1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsae wsb6\">2<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>818<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>9<span class=\"_ _4\"></span>0<span class=\"_ _6\"></span>3<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23e5 w1e2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Additional investments during the year<span class=\"_ _209\"> </span></div></td><td class=\"c n x38e y23e5 w94 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lsda wsec\">4<span class=\"_ _4\"></span>7,<span class=\"_ _6\"></span>3<span class=\"_ _6\"></span>3<span class=\"_ _6\"></span>4<span class=\"_ _209\"> </span></div></td><td class=\"c n x38f y23e5 w1e3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls198 ws1a3\">1<span class=\"_ _4\"></span>0<span class=\"_ _6\"></span>7,<span class=\"_ _6\"></span>7<span class=\"_ _4\"></span>6<span class=\"_ _6\"> </span>7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22af w1e4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Net repayments during the year<span class=\"_ _209\"> </span></div></td><td class=\"c n x390 y22af w1e5 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls93 ws94\">(<span class=\"_ _7\"></span>102,022)<span class=\"_ _209\"> </span></div></td><td class=\"c n x391 y22af w1e6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">(<span class=\"_ _7\"></span>182<span class=\"_ _7\"></span>,39<span class=\"_ _4\"></span>6)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y229c wba hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Capitalisation of interest<span class=\"_ _209\"> </span></div></td><td class=\"c n x392 y229c w1e7 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lsda wsec\">7,<span class=\"_ _4\"></span>9<span class=\"_ _6\"> </span>6<span class=\"_ _6\"></span>7<span class=\"_ _209\"> </span></div></td><td class=\"c n x393 y229c w1e8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb8 wsc0\">13<span class=\"_ _4\"></span>,47<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b2 wc8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Working capital advanced<span class=\"_ _209\"> </span></div></td><td class=\"c n x24c y22b2 w74 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x394 y22b2 w187 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls87 ws86\">15<span class=\"_ _4\"></span>6<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22c7 w138 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Net change in investments at fair value through pr<span class=\"_ _7\"></span>ofit or loss<span class=\"_ _209\"> </span></div></td><td class=\"c n x2de y22c7 w46 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls162 ws16d\">9<span class=\"_ _4\"></span>5,<span class=\"_ _4\"></span>2<span class=\"_ _4\"></span>47<span class=\"_ _209\"> </span></div></td><td class=\"c n x2df y22c7 w47 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1a4 ws1af\">(16<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>2)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w1e9 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">Balance at 31 December<span class=\"_ _209\"> </span></div></td><td class=\"c n x395 y22b6 we9 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1ab ws1b6\">2<span class=\"_ _6\"></span>,<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>41,<span class=\"_ _4\"></span>5<span class=\"_ _6\"></span>8<span class=\"_ _4\"></span>2<span class=\"_ _209\"> </span></div></td><td class=\"c n x396 y22b6 w1ea hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsd3 wse3\">2<span class=\"_ _1\"></span>,593,056<span class=\"_ _209\"> </span></div></td></tr></table></div><div class=\"t m0 h3 ff2 fs1 fc1 sc0 ls7 ws8 gs145\">1<span class=\"_ _0\"></span>1<span class=\"_ _1\"></span>.5 <span class=\"_ _121\"> </span>SENSITIVITY ANAL<span class=\"_ _3\"></span>YSIS<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls61 ws0 gs146\">The valuation requir<span class=\"_ _7\"></span>es management to make certain assumptions in relation to unobservable inputs to the model. There are no straight forwar<span class=\"_ _7\"></span>d<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls61 ws0 gs147\">inter<span class=\"_ _7\"></span>-relationships between the unobservable inputs. A sensitivity analysis for reasonably possible alternative assumptions is provided below:<span class=\"_ _209\"> </span></div><div class=\"gs148\"><table class=\"s w1eb hed\" id=\"_e4af5211-7186-4bb1-9955-380190156a9e\"><tr><td></td><td class=\"t m0 x397 h2b y23e6 ff2 fs13 fc4 sc0 ls0 ws0\">Weighted average </td><td></td><td class=\"t m0 x398 h2b y23e7 ff2 fs13 fc4 sc0 ls0 ws0\">Change in fair value </td><td></td><td class=\"t m0 x399 h2b y23e8 ff2 fs13 fc4 sc0 ls0 ws0\">Change in fair value </td></tr><tr><td class=\"t m0 x1e7 h2b y23e9 ff2 fs13 fc4 sc0 ls0 ws0\">Assumptions<span class=\"_ _209\"> </span></td><td class=\"t m0 x39a h2b y23ea ff2 fs13 fc4 sc0 ls0 ws0\">rate in base case </td><td class=\"t m0 x39b h2b y23ea ff2 fs13 fc4 sc0 ls0 ws0\">Sensitivity </td><td class=\"t m0 x39c h2b y23eb ff2 fs13 fc4 sc0 ls0 ws0\">of investment </td><td class=\"t m0 x39d h2b y23eb ff2 fs13 fc4 sc0 ls0 ws0\">Sensitivity </td><td class=\"t m0 x39e h2b y23ec ff2 fs13 fc4 sc0 ls0 ws0\">of investment </td></tr><tr><td class=\"t m0 x1e7 h2b y23ed ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x39f h2b y23ee ff2 fs13 fc4 sc0 ls0 ws0\">valuations<span class=\"_ _209\"> </span></td><td class=\"t m0 x3a0 h2b y23ee ff2 fs13 fc4 sc0 ls0 ws0\">factor<span class=\"_ _209\"> </span></td><td class=\"t m0 x26d h2b y23ef ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x3a1 h2b y23ef ff2 fs13 fc4 sc0 ls0 ws0\">factor<span class=\"_ _209\"> </span></td><td class=\"t m0 x1e2 h2b y23f0 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y23f1 w1ec hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">Discount rate<span class=\"_ _209\"> </span></div></td><td class=\"c n x3a2 y23f1 w1db hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 lse5 wsf6\">9<span class=\"_ _4\"></span>.1%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3a3 y23f1 w1ed hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">+ 1.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3a4 y23f1 w1ee hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 lse9 wsf9\">(242<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>266<span class=\"_ _4\"></span>)<span class=\"_ _209\"> </span></div></td><td class=\"c n x3a5 y23f1 w1ef hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">\u2013 1.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3a6 y23f1 w1f0 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls197 ws1a2\">2<span class=\"_ _6\"></span>8<span class=\"_ _4\"></span>8<span class=\"_ _6\"> </span>,11<span class=\"_ _4\"></span>6<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23f2 w1f1 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">Inflation rate (overall)<span class=\"_ _209\"> </span></div></td><td class=\"c n x3a7 y23f2 w1f2 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls1b7 ws1c4\">2<span class=\"_ _6\"></span>.4%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3a8 y23f2 w1f3 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">+ 1.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3a9 y23f2 w1f4 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls191 ws185\">20<span class=\"_ _4\"></span>6,00<span class=\"_ _4\"></span>4<span class=\"_ _209\"> </span></div></td><td class=\"c n x3aa y23f2 w1f5 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">\u2013 1<span class=\"_ _1\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3ab y23f2 w1f6 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls81 ws81\">(18<span class=\"_ _4\"></span>9,75<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2318 w1f7 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">UK (CPI/RPI)<span class=\"_ _209\"> </span></div></td><td class=\"c n x3ac y2318 w1f8 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">2<span class=\"_ _4\"></span>.0% / 2<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>8%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3ad y2318 w1ed hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">+ 1.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3ae y2318 w1f9 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls81 ws81\">16<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>,8<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>2<span class=\"_ _209\"> </span></div></td><td class=\"c n x3af y2318 w1fa hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">\u2013 1.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3b0 y2318 w1fb hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 lse2 wsf3\">(15<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>9<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>6)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23f3 w1fc hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">Europe<span class=\"_ _209\"> </span></div></td><td class=\"c n x3b1 y23f3 w1fd hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">2<span class=\"_ _4\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3b2 y23f3 w1f3 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">+ 1.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3b3 y23f3 w1fe hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls191 ws185\">30,99<span class=\"_ _4\"></span>3<span class=\"_ _209\"> </span></div></td><td class=\"c n x3b4 y23f3 w1fa hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">\u2013 1.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3b5 y23f3 w1ff hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 lse9 wsf9\">(25,<span class=\"_ _4\"></span>688<span class=\"_ _4\"></span>)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2378 w200 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">North America<span class=\"_ _209\"> </span></div></td><td class=\"c n x3b6 y2378 w1fd hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">2<span class=\"_ _4\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3b7 y2378 w1f3 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">+ 1.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3b8 y2378 w201 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 lsaa wsb3\">524<span class=\"_ _209\"> </span></div></td><td class=\"c n x3b9 y2378 w1fa hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">\u2013 1.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3ba y2378 w202 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 lsaa wsb3\">(6<span class=\"_ _4\"></span>60)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23f4 w203 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">New Zealand<span class=\"_ _209\"> </span></div></td><td class=\"c n x3bb y23f4 w204 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls1b8 ws1c5\">2<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>3%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3bc y23f4 w1f3 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">+ 1.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3bd y23f4 w205 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 lse3 wsf4\">3,908<span class=\"_ _209\"> </span></div></td><td class=\"c n x3be y23f4 w1fa hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">\u2013 1.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3bf y23f4 wb8 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls1a8 wsa3\">(3,<span class=\"_ _4\"></span>397<span class=\"_ _4\"></span>)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23f5 w206 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x3b6 y23f5 w207 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls162 ws16d\">2<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>5%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3c0 y23f5 w1f3 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">+ 1.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3c1 y23f5 w208 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls5b ws57\">6<span class=\"_ _4\"></span>,72<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x3c2 y23f5 w1fa hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">\u2013 1.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3c3 y23f5 w209 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls191 ws185\">(<span class=\"_ _4\"></span>6,049)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23ac w20a hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">FX rate<span class=\"_ _209\"> </span></div></td><td class=\"c n x3c4 y23ac w20b hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls169 ws172\">n<span class=\"_ _4\"></span>/a<span class=\"_ _209\"> </span></div></td><td class=\"c n x3c5 y23ac w20c hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">+ 1<span class=\"_ _1\"></span>0.<span class=\"_ _4\"></span>0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3c6 y23ac w20d hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">(<span class=\"_ _4\"></span>76,<span class=\"_ _4\"></span>27<span class=\"_ _4\"></span>7)<span class=\"_ _209\"> </span></div></td><td class=\"c n x3c7 y23ac w20e hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">\u2013 10.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3c8 y23ac w20f hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">76<span class=\"_ _4\"></span>,2<span class=\"_ _4\"></span>77<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22c7 w210 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>ax rate<span class=\"_ _209\"> </span></div></td><td class=\"c n x3c9 y22c7 w211 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 lsdf ws85\">2<span class=\"_ _4\"></span>5.6%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3ca y22c7 w1ed hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">+ 1.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3cb y22c7 w212 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls191 ws185\">(1<span class=\"_ _7\"></span>6<span class=\"_ _4\"></span>,642)<span class=\"_ _209\"> </span></div></td><td class=\"c n x3cc y22c7 w1fa hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">\u2013 1.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3cd y22c7 w213 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls69 ws58\">9,98<span class=\"_ _4\"></span>2<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w214 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">Deposit rate<span class=\"_ _209\"> </span></div></td><td class=\"c n x3ce y22b6 w215 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls1b8 ws1c5\">2<span class=\"_ _4\"></span>.3%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3cf y22b6 w1f3 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">+ 1.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3d0 y22b6 w216 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls7d ws7c\">19<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x3d1 y22b6 w1fa hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">\u2013 1.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3d2 y22b6 w217 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 lsda wsec\">(<span class=\"_ _4\"></span>2<span class=\"_ _6\"></span>7,<span class=\"_ _4\"></span>0<span class=\"_ _6\"></span>4<span class=\"_ _6\"></span>9<span class=\"_ _4\"></span>)<span class=\"_ _209\"> </span></div></td></tr></table></div><div class=\"gs14a\"><table class=\"s w218 hee\" id=\"_a40dc586-b417-4417-96cc-f3ab17fc8bbb\"><tr><td></td><td class=\"t m0 x3d3 h2b y23f6 ff2 fs13 fc4 sc0 ls0 ws0\">Weighted average </td><td></td><td class=\"t m0 x3d4 h2b y23f7 ff2 fs13 fc4 sc0 ls0 ws0\">Change in fair value </td><td></td><td class=\"t m0 x3d5 h2b y23f8 ff2 fs13 fc4 sc0 ls0 ws0\">Change in fair value </td></tr><tr><td class=\"t m0 x1b4 h1d y23f9 ff4 fs13 fc4 sc0 ls0 ws0\">Assumptions<span class=\"_ _209\"> </span></td><td class=\"t m0 x3d6 h2b y23fa ff2 fs13 fc4 sc0 ls0 ws0\">rate in base case </td><td class=\"t m0 x3d7 h2b y23fa ff2 fs13 fc4 sc0 ls0 ws0\">Sensitivity </td><td class=\"t m0 x3d8 h2b y23fb ff2 fs13 fc4 sc0 ls0 ws0\">of investment </td><td class=\"t m0 x3d9 h2b y23fb ff2 fs13 fc4 sc0 ls0 ws0\">Sensitivity </td><td class=\"t m0 x3da h2b y23fc ff2 fs13 fc4 sc0 ls0 ws0\">of investment </td></tr><tr><td class=\"t m0 x1b4 h1d y23fd ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td><td class=\"t m0 x3db h2b y23fe ff2 fs13 fc4 sc0 ls0 ws0\">valuations<span class=\"_ _209\"> </span></td><td class=\"t m0 x3dc h2b y23fe ff2 fs13 fc4 sc0 ls0 ws0\">factor<span class=\"_ _209\"> </span></td><td class=\"t m0 x3dd h2b y23ff ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x3de h2b y23ff ff2 fs13 fc4 sc0 ls0 ws0\">factor<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ae h2b y2400 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y2293 w219 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Discount rate<span class=\"_ _209\"> </span></div></td><td class=\"c n x3df y2293 w21a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5c ws95\">9.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3e0 y2293 w21b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">+ 1<span class=\"_ _7\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3e1 y2293 w21c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5 ws6\">(227<span class=\"_ _0\"></span>,37<span class=\"_ _7\"></span>4)<span class=\"_ _209\"> </span></div></td><td class=\"c n x3e2 y2293 w21d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013 1<span class=\"_ _7\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3e3 y2293 w21e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb8 wsc0\">2<span class=\"_ _4\"></span>70<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>013<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2294 w21f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Inflation rate (overall)<span class=\"_ _209\"> </span></div></td><td class=\"c n x3e4 y2294 w220 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls83 ws83\">2.3<span class=\"_ _4\"></span>%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3e5 y2294 w221 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">+ 1<span class=\"_ _7\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3e6 y2294 wc2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18b ws198\">2<span class=\"_ _4\"></span>14<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>8<span class=\"_ _6\"></span>5<span class=\"_ _4\"></span>2<span class=\"_ _209\"> </span></div></td><td class=\"c n x3e7 y2294 w222 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013 1<span class=\"_ _0\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3e8 y2294 w223 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1b1 ws1bd\">(19<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>5<span class=\"_ _6\"></span>4)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2318 w224 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK (CPI/RPI)<span class=\"_ _209\"> </span></div></td><td class=\"c n x3e9 y2318 w225 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls83 ws83\">2.0/<span class=\"_ _4\"></span>2.8%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3ea y2318 w221 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">+ 1<span class=\"_ _7\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3eb y2318 w226 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1a3 ws1ae\">17<span class=\"_ _4\"></span>1,<span class=\"_ _4\"></span>6<span class=\"_ _6\"></span>2<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x3ec y2318 w222 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013 1<span class=\"_ _0\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3ed y2318 w227 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls93 ws94\">(<span class=\"_ _7\"></span>1<span class=\"_ _0\"></span>56<span class=\"_ _7\"></span>,906)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2297 wbb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Europe<span class=\"_ _209\"> </span></div></td><td class=\"c n x3ee y2297 w220 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls83 ws83\">2.<span class=\"_ _4\"></span>0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3ef y2297 w21b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">+ 1<span class=\"_ _7\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3f0 y2297 w228 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1b9 ws1c6\">31<span class=\"_ _7\"></span>,<span class=\"_ _4\"></span>875<span class=\"_ _209\"> </span></div></td><td class=\"c n x3f1 y2297 w222 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013 1<span class=\"_ _0\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3f2 y2297 w229 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1ae ws1ba\">(<span class=\"_ _6\"></span>2<span class=\"_ _4\"></span>6<span class=\"_ _6\"></span>,<span class=\"_ _6\"></span>6<span class=\"_ _4\"></span>74<span class=\"_ _6\"></span>)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2361 w22a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">North America<span class=\"_ _209\"> </span></div></td><td class=\"c n x3e4 y2361 w220 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls83 ws83\">2.0<span class=\"_ _4\"></span>%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3e5 y2361 w221 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">+ 1<span class=\"_ _7\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3f3 y2361 wab hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls46 ws44\">6<span class=\"_ _4\"></span>76<span class=\"_ _209\"> </span></div></td><td class=\"c n x3f4 y2361 w222 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013 1<span class=\"_ _0\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3f5 y2361 w22b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1b9 ws1c6\">(5<span class=\"_ _4\"></span>75)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2379 w1ac hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">New Zealand<span class=\"_ _209\"> </span></div></td><td class=\"c n x3f6 y2379 w220 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls83 ws83\">2.<span class=\"_ _4\"></span>3%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3f7 y2379 w22c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">+ 1<span class=\"_ _0\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3f8 y2379 w22d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls46 ws44\">4,<span class=\"_ _4\"></span>281<span class=\"_ _209\"> </span></div></td><td class=\"c n x3f9 y2379 w222 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013 1<span class=\"_ _0\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3fa y2379 w22e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5 ws6\">(3<span class=\"_ _4\"></span>,8<span class=\"_ _4\"></span>84)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2401 w1aa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x3fb y2401 w22f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1ab ws1b6\">2.5%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3fc y2401 w22c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">+ 1<span class=\"_ _0\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3fd y2401 w230 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse0 wsf1\">6,426<span class=\"_ _209\"> </span></div></td><td class=\"c n x3fe y2401 w231 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013 1<span class=\"_ _7\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3ff y2401 w232 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse5 wsf6\">(<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>5<span class=\"_ _6\"></span>01)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23ac w233 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">FX rate<span class=\"_ _209\"> </span></div></td><td class=\"c n x400 y23ac w234 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse8 wsd3\">n<span class=\"_ _4\"></span>/a<span class=\"_ _209\"> </span></div></td><td class=\"c n x401 y23ac w235 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">+ 1<span class=\"_ _7\"></span>0.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x402 y23ac w236 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls19a ws1a5\">(<span class=\"_ _6\"></span>71,7<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>1)<span class=\"_ _209\"> </span></div></td><td class=\"c n x403 y23ac w237 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013 1<span class=\"_ _7\"></span>0.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x404 y23ac w238 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls19a ws1a5\">7<span class=\"_ _4\"></span>1,7<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>1<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22c7 w239 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>ax rate<span class=\"_ _209\"> </span></div></td><td class=\"c n x405 y22c7 w23a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1ab ws1b6\">25<span class=\"_ _4\"></span>.5%<span class=\"_ _209\"> </span></div></td><td class=\"c n x406 y22c7 w221 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">+ 1<span class=\"_ _7\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x407 y22c7 w23b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsd9 wseb\">(<span class=\"_ _4\"></span>12<span class=\"_ _4\"></span>,4<span class=\"_ _4\"></span>2<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>)<span class=\"_ _209\"> </span></div></td><td class=\"c n x408 y22c7 w23c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013 1<span class=\"_ _7\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x409 y22c7 w23d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">1<span class=\"_ _4\"></span>2<span class=\"_ _4\"></span>,1<span class=\"_ _4\"></span>4<span class=\"_ _6\"></span>4<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w23e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Deposit rate<span class=\"_ _209\"> </span></div></td><td class=\"c n x40a y22b6 w1d4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls161 ws16c\">2.<span class=\"_ _4\"></span>4%<span class=\"_ _209\"> </span></div></td><td class=\"c n x40b y22b6 w21b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">+ 1<span class=\"_ _7\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x40c y22b6 w23f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsd3 wse3\">22,59<span class=\"_ _7\"></span>1<span class=\"_ _209\"> </span></div></td><td class=\"c n x40d y22b6 w222 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013 1<span class=\"_ _0\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x40e y22b6 wd0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls83 ws83\">(<span class=\"_ _4\"></span>22,<span class=\"_ _4\"></span>92<span class=\"_ _4\"></span>0)</div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-245": {
   "value": "AC<span class=\"_ _1\"></span>COUNTING<span class=\"_ _1\"></span> POLIC<span class=\"_ _7\"></span>Y<span class=\"_ _209\"> </span>Interest bearing loans and over<span class=\"_ _7\"></span>drafts are initially recorded as the pr<span class=\"_ _7\"></span>oceeds received net of any directly attributable issue costs. Subsequent measurement is at amortised cost, with borr<span class=\"_ _7\"></span>owing costs recognised in the Consolidated Statement of Comprehensive Income in the year in<span class=\"_ gs4d\"> </span>which they are incurr<span class=\"_ _7\"></span>ed, using the effective interest rate method. Arrangement fees are amortised over the term of the CDF<span class=\"_ _1b\"></span>.<span class=\"_ _209\"> </span>Finance costs for the year were \u00a33.2m (December 2024: \u00a34.0m). The Gr<span class=\"_ _7\"></span>oup has a CDF with \u00a3300m available on a fully committed basis, this includes a flexible \u2018accordion\u2019 component of \u00a350m. The inter<span class=\"_ _7\"></span>est rate margin on the CDF in the year was 170 basis points over SONIA. The current banking gr<span class=\"_ _7\"></span>oup for the facility consists of National Australia Bank, the Royal Bank of Scotland Inter<span class=\"_ _4\"></span>national, ING Bank Internationale Nederlanden Groep and Barclays Bank. As at December 2025 the facility was undrawn (December 2024: undrawn), with \u00a3249.7m committed under letter of credit (December 2024: \u00a316.4m drawn under letter of cr<span class=\"_ _7\"></span>edit). The uncommitted balance of the facility which was not cash drawn or notionally drawn via letters of credit, was c.\u00a350.3m (December 2024: \u00a3236.5m).<span class=\"_ _209\"> </span>AC<span class=\"_ _1\"></span>COUNTING<span class=\"_ _1\"></span> POLIC<span class=\"_ _7\"></span>Y<span class=\"_ _209\"> </span>Financial<span class=\"_ _1\"></span> liabilities<span class=\"_ _209\"> </span>Financial liabilities, other than those specifically accounted for under a separate policy<span class=\"_ _0\"></span>, are measur<span class=\"_ _1\"></span>ed at amortised cost and stated based on the amounts which are consider<span class=\"_ _7\"></span>ed to be payable in respect of goods or services received up to the financial reporting date. The accounting policy for bank loans is included earlier in note 8.<span class=\"_ _209\"> </span>The carrying value of financial assets and liabilities held at amortised cost is considered to appr<span class=\"_ _7\"></span>oximate their fair value.<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-242": {
   "value": "AC<span class=\"_ _1\"></span>COUNTING<span class=\"_ _1\"></span> POLIC<span class=\"_ _7\"></span>Y<span class=\"_ _209\"> </span>Interest bearing loans and over<span class=\"_ _7\"></span>drafts are initially recorded as the pr<span class=\"_ _7\"></span>oceeds received net of any directly attributable issue costs. Subsequent measurement is at amortised cost, with borr<span class=\"_ _7\"></span>owing costs recognised in the Consolidated Statement of Comprehensive Income in the year in<span class=\"_ gs4d\"> </span>which they are incurr<span class=\"_ _7\"></span>ed, using the effective interest rate method. Arrangement fees are amortised over the term of the CDF<span class=\"_ _1b\"></span>.<span class=\"_ _209\"> </span>Finance costs for the year were \u00a33.2m (December 2024: \u00a34.0m). The Gr<span class=\"_ _7\"></span>oup has a CDF with \u00a3300m available on a fully committed basis, this includes a flexible \u2018accordion\u2019 component of \u00a350m. The inter<span class=\"_ _7\"></span>est rate margin on the CDF in the year was 170 basis points over SONIA. The current banking gr<span class=\"_ _7\"></span>oup for the facility consists of National Australia Bank, the Royal Bank of Scotland Inter<span class=\"_ _4\"></span>national, ING Bank Internationale Nederlanden Groep and Barclays Bank. As at December 2025 the facility was undrawn (December 2024: undrawn), with \u00a3249.7m committed under letter of credit (December 2024: \u00a316.4m drawn under letter of cr<span class=\"_ _7\"></span>edit). The uncommitted balance of the facility which was not cash drawn or notionally drawn via letters of credit, was c.\u00a350.3m (December 2024: \u00a3236.5m).<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-239": {
   "value": "AC<span class=\"_ _1\"></span>COUNTING<span class=\"_ _1\"></span> POLIC<span class=\"_ _7\"></span>Y<span class=\"_ _209\"> </span>Interest bearing loans and over<span class=\"_ _7\"></span>drafts are initially recorded as the pr<span class=\"_ _7\"></span>oceeds received net of any directly attributable issue costs. Subsequent measurement is at amortised cost, with borr<span class=\"_ _7\"></span>owing costs recognised in the Consolidated Statement of Comprehensive Income in the year in<span class=\"_ gs4d\"> </span>which they are incurr<span class=\"_ _7\"></span>ed, using the effective interest rate method. Arrangement fees are amortised over the term of the CDF<span class=\"_ _1b\"></span>.<span class=\"_ _209\"> </span>Finance costs for the year were \u00a33.2m (December 2024: \u00a34.0m). The Gr<span class=\"_ _7\"></span>oup has a CDF with \u00a3300m available on a fully committed basis, this includes a flexible \u2018accordion\u2019 component of \u00a350m. The inter<span class=\"_ _7\"></span>est rate margin on the CDF in the year was 170 basis points over SONIA. The current banking gr<span class=\"_ _7\"></span>oup for the facility consists of National Australia Bank, the Royal Bank of Scotland Inter<span class=\"_ _4\"></span>national, ING Bank Internationale Nederlanden Groep and Barclays Bank. As at December 2025 the facility was undrawn (December 2024: undrawn), with \u00a3249.7m committed under letter of credit (December 2024: \u00a316.4m drawn under letter of cr<span class=\"_ _7\"></span>edit). The uncommitted balance of the facility which was not cash drawn or notionally drawn via letters of credit, was c.\u00a350.3m (December 2024: \u00a3236.5m).<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-224": {
   "value": "Interest bearing loans and over<span class=\"_ _7\"></span>drafts are initially recorded as the pr<span class=\"_ _7\"></span>oceeds received net of any directly attributable issue costs. Subsequent measurement is at amortised cost, with borr<span class=\"_ _7\"></span>owing costs recognised in the Consolidated Statement of Comprehensive Income in the year in<span class=\"_ gs4d\"> </span>which they are incurr<span class=\"_ _7\"></span>ed, using the effective interest rate method. Arrangement fees are amortised over the term of the CDF<span class=\"_ _1b\"></span>.<span class=\"_ _209\"> </span>Finance costs for the year were \u00a33.2m (December 2024: \u00a34.0m). The Gr<span class=\"_ _7\"></span>oup has a CDF with \u00a3300m available on a fully committed basis, this includes a flexible \u2018accordion\u2019 component of \u00a350m. The inter<span class=\"_ _7\"></span>est rate margin on the CDF in the year was 170 basis points over SONIA. The current banking gr<span class=\"_ _7\"></span>oup for the facility consists of National Australia Bank, the Royal Bank of Scotland Inter<span class=\"_ _4\"></span>national, ING Bank Internationale Nederlanden Groep and Barclays Bank. As at December 2025 the facility was undrawn (December 2024: undrawn), with \u00a3249.7m committed under letter of credit (December 2024: \u00a316.4m drawn under letter of cr<span class=\"_ _7\"></span>edit). The uncommitted balance of the facility which was not cash drawn or notionally drawn via letters of credit, was c.\u00a350.3m (December 2024: \u00a3236.5m).<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-243": {
   "value": "Interest bearing loans and over<span class=\"_ _7\"></span>drafts are initially recorded as the pr<span class=\"_ _7\"></span>oceeds received net of any directly attributable issue costs. Subsequent measurement is at amortised cost, with borr<span class=\"_ _7\"></span>owing costs recognised in the Consolidated Statement of Comprehensive Income in the year in<span class=\"_ gs4d\"> </span>which they are incurr<span class=\"_ _7\"></span>ed, using the effective interest rate method. Arrangement fees are amortised over the term of the CDF<span class=\"_ _1b\"></span>.<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-176": {
   "value": "9. <span class=\"_ _5\"> </span>T<span class=\"_ _7\"></span>A<span class=\"_ _4\"></span>X CH<span class=\"_ _4\"></span>ARG<span class=\"_ _4\"></span>E<span class=\"_ _209\"> </span>AC<span class=\"_ _1\"></span>COUNTING<span class=\"_ _1\"></span> POLIC<span class=\"_ _7\"></span>Y<span class=\"_ _209\"> </span>Current tax is based on taxable pr<span class=\"_ _7\"></span>ofit for the year<span class=\"_ _7\"></span>. T<span class=\"_ _3\"></span>axable profit differs fr<span class=\"_ _1\"></span>om net profit as r<span class=\"_ _1\"></span>eported in the Consolidated Statement of Comprehensive Income as it excludes items of income or expense that ar<span class=\"_ _7\"></span>e taxable or deductible in past or future years and it further excludes items that are never taxable or deductible. The Gr<span class=\"_ _7\"></span>oup\u2019<span class=\"_ _0\"></span>s asset/liability for current tax is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. The current tax charge/cr<span class=\"_ _7\"></span>edit in the Consolidated Statement of Comprehensive Income is recognised net of r<span class=\"_ _7\"></span>eceivables recognised for losses surrendered to unconsolidated subsidiary entities. Under the current system of taxation in Guernsey<span class=\"_ _0\"></span>, the Company itself is exempt from paying taxes on income, pr<span class=\"_ _1\"></span>ofits or capital gains. Dividend income and interest income r<span class=\"_ _7\"></span>eceived by the Group may be subject to withholding tax imposed in the country of origin of such income.<span class=\"_ _209\"> </span><table class=\"s w14d he2\" id=\"_2557b898-8d58-48b5-8777-e82f0a390010\"><tr><td></td><td class=\"t m0 x22b h2b y237b ff2 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended<span class=\"_ _209\"> </span></td><td class=\"t m0 x22c h1d y237c ff4 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x22d h2b y237d ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x22e h1d y237e ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x1e1 h2b y237f ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1fe h1d y2380 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1e7 h3 y2381 ff2 fs1 fc4 sc0 ls0 ws0\">Current tax:<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y22c7 w15d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Other overseas tax \u2013 current year<span class=\"_ _209\"> </span></div></td><td class=\"c n x2fb y22c7 w15e hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse2 wsf3\">15<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x2fc y22c7 w15f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1a4 ws1af\">16<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w160 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>ax charge for the year<span class=\"_ _209\"> </span></div></td><td class=\"c n x2fd y22b6 w15e hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse2 wsf3\">15<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x2fe y22b6 w161 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1a4 ws1af\">16<span class=\"_ _209\"> </span></div></td></tr></table><table class=\"s w14d he0\" id=\"_7c6bfdc4-14d1-40e6-a25e-6ae4a1556d2e\"><tr><td></td><td class=\"t m0 x22b h2b y2382 ff2 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended<span class=\"_ _209\"> </span></td><td class=\"t m0 x22c h1d y2383 ff4 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x22d h2b y2384 ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x22e h1d y2385 ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1e7 h1d y2386 ff4 fs13 fc4 sc0 ls0 ws0\">Reconciliation of effective tax rate:<span class=\"_ _209\"> </span></td><td class=\"t m0 x1e1 h2b y2387 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1fe h1d y2388 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y229c w162 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Profit befor<span class=\"_ _7\"></span>e tax<span class=\"_ _209\"> </span></div></td><td class=\"c n x2ff y229c w63 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1a7 ws1b2\">26<span class=\"_ _4\"></span>3,854<span class=\"_ _209\"> </span></div></td><td class=\"c n x300 y229c wab hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls46 ws44\">4<span class=\"_ _4\"></span>81<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y231b w163 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Exempt tax status in Guernsey<span class=\"_ _209\"> </span></div></td><td class=\"c n x301 y231b w74 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x302 y231b web hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22c7 w164 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Application of overseas tax rates<span class=\"_ _209\"> </span></div></td><td class=\"c n x303 y22c7 w15e hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse2 wsf3\">15<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x304 y22c7 w161 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1a4 ws1af\">16<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w160 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>ax charge for the year<span class=\"_ _209\"> </span></div></td><td class=\"c n x2fd y22b6 w15e hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse2 wsf3\">15<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x2fe y22b6 w161 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1a4 ws1af\">16<span class=\"_ _209\"> </span></div></td></tr></table>The income tax charge above does not repr<span class=\"_ _7\"></span>esent the full tax position of the entire Group as the investment returns received by the Company are net of tax payable at the underlying investee entity level. As a consequence of the adoption of IFRS 10 investment entity consolidation exception, underlying investee entity tax is not consolidated within these financial statements.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-227": {
   "value": "AC<span class=\"_ _1\"></span>COUNTING<span class=\"_ _1\"></span> POLIC<span class=\"_ _7\"></span>Y<span class=\"_ _209\"> </span>Current tax is based on taxable pr<span class=\"_ _7\"></span>ofit for the year<span class=\"_ _7\"></span>. T<span class=\"_ _3\"></span>axable profit differs fr<span class=\"_ _1\"></span>om net profit as r<span class=\"_ _1\"></span>eported in the Consolidated Statement of Comprehensive Income as it excludes items of income or expense that ar<span class=\"_ _7\"></span>e taxable or deductible in past or future years and it further excludes items that are never taxable or deductible. The Gr<span class=\"_ _7\"></span>oup\u2019<span class=\"_ _0\"></span>s asset/liability for current tax is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. The current tax charge/cr<span class=\"_ _7\"></span>edit in the Consolidated Statement of Comprehensive Income is recognised net of r<span class=\"_ _7\"></span>eceivables recognised for losses surrendered to unconsolidated subsidiary entities. Under the current system of taxation in Guernsey<span class=\"_ _0\"></span>, the Company itself is exempt from paying taxes on income, pr<span class=\"_ _1\"></span>ofits or capital gains. Dividend income and interest income r<span class=\"_ _7\"></span>eceived by the Group may be subject to withholding tax imposed in the country of origin of such income.<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-177": {
   "value": "<div class=\"t m0 h3 ff2 fs1 fc3 sc0 ls0 ws0 gs9f\">10. <span class=\"_ _121\"> </span>E<span class=\"_ _4\"></span>AR<span class=\"_ _4\"></span>NIN<span class=\"_ _4\"></span>GS PE<span class=\"_ _4\"></span>R SH<span class=\"_ _4\"></span>ARE<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsa0\">The calculation of basic and diluted earnings per share is based on the following data:<span class=\"_ _209\"> </span></div><div class=\"gs80\"><table class=\"s w139 he4\" id=\"_24a332a7-ec77-4544-896a-5a5f7940544a\"><tr><td></td><td class=\"t m0 x1a8 h2b y238e ff2 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended<span class=\"_ _209\"> </span></td><td class=\"t m0 x1a9 h1d y238f ff4 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x1aa h2b y2390 ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ab h1d y2391 ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x1ad h2b y2392 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ae h1d y2393 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1b4 h8 y2394 ff4 fs1 fc4 sc0 ls0 ws0\">Earnings for the purposes of basic and diluted ear<span class=\"_ _4\"></span>nings per shar<span class=\"_ _1\"></span>e  </td><td></td><td></td></tr><tr><td class=\"c n x1b0 y22b6 w16b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">being net profit attributable to equity holders of the par<span class=\"_ _7\"></span>ent<span class=\"_ _209\"> </span></div></td><td class=\"c n x30d y22b6 w68 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls199 ws1a4\">263,<span class=\"_ _7\"></span>704<span class=\"_ _209\"> </span></div></td><td class=\"c n x30e y22b6 w69 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1a8 wsa3\">465<span class=\"_ _209\"> </span></div></td></tr></table></div><div class=\"gsa1\"><table class=\"s w16c he5\" id=\"_55a2210c-493f-471e-8ba5-5c4f14124b2c\"><tr><td></td><td class=\"c n x30f y2396 w16d he6\"><div class=\"t m0 x1af h1d y2395 ff2 fs13 fc4 sc0 ls0 ws0\">Number<span class=\"_ _209\"> </span></div></td><td class=\"c n x310 y2396 w16e hd1\"><div class=\"t m0 x1af h1d y2395 ff4 fs13 fc4 sc0 ls0 ws0\">Number<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1b4 h8 y2397 ff4 fs1 fc4 sc0 ls0 ws0\">Weighted average number of Or<span class=\"_ _7\"></span>dinary Shares for the purposes  </td><td></td><td></td></tr><tr><td class=\"c n x1b0 y22c7 w16f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">of basic and diluted earnings per share<span class=\"_ _209\"> </span></div></td><td class=\"c n x311 y22c7 w170 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse3 wsf4\">1<span class=\"_ _7\"></span>,84<span class=\"_ _4\"></span>6,<span class=\"_ _3\"></span>136,<span class=\"_ _7\"></span>739<span class=\"_ _209\"> </span></div></td><td class=\"c n x312 y22c7 w171 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls16a wse4\">1<span class=\"_ _0\"></span>,898,454<span class=\"_ _7\"></span>,<span class=\"_ _0\"></span>1<span class=\"_ _7\"></span>98<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w172 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">Basic and diluted (pence)<span class=\"_ _209\"> </span></div></td><td class=\"c n x313 y22b6 w6b hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse8 wsd3\">14<span class=\"_ _4\"></span>.<span class=\"_ _6\"></span>2<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x314 y22b6 w173 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">0.02<span class=\"_ _209\"> </span></div></td></tr></table></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsa2\">Calculated on the basis of outstanding shares (excluding shar<span class=\"_ _7\"></span>es held in treasury from buyback activity). The denominator for the purposes </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsa3\">of<span class=\"_ gs4d\"> </span>calculating both basic and diluted earnings per share is the same as the Group has not issued any shar<span class=\"_ _7\"></span>e options or other instruments </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsa4\">that<span class=\"_ gs4d\"> </span>would cause dilution. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-194": {
   "value": "1<span class=\"_ _0\"></span>1<span class=\"_ _1\"></span>.<span class=\"_ _0\"></span>1 <span class=\"_ _121\"> </span>FINANCIAL<span class=\"_ _1\"></span> ASSETS<span class=\"_ _209\"> </span><table class=\"s w8c he3\" id=\"_8b4dd0ef-24da-4c09-bc73-04c820156a91\"><tr><td></td><td class=\"t m0 x1aa h2b y2389 ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ab h1d y2389 ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x1ad h2b y238a ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ae h1d y238a ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y238b w165 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">Investments at fair value through pr<span class=\"_ _7\"></span>ofit and loss<span class=\"_ _209\"> </span></div></td><td class=\"c n x305 y238b w8e hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1ab ws1b6\">2<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>6<span class=\"_ _6\"></span>41,<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>2<span class=\"_ _209\"> </span></div></td><td class=\"c n x306 y238b w8f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsd3 wse3\">2,593,056<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1b4 h3 y238c ff2 fs1 fc4 sc0 ls0 ws0\">Financial assets at amortised cost<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y22af w166 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Cash and cash equivalents<span class=\"_ _209\"> </span></div></td><td class=\"c n x263 y22af w91 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lsd4 wse5\">54,52<span class=\"_ _4\"></span>2<span class=\"_ _209\"> </span></div></td><td class=\"c n x264 y22af we2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls197 ws1a2\">7<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>51<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y229c w167 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _0\"></span>rade and other receivables<span class=\"_ _209\"> </span></div></td><td class=\"c n x307 y229c w130 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lsda wsec\">5<span class=\"_ _4\"></span>7,<span class=\"_ _6\"></span>9<span class=\"_ _4\"></span>2<span class=\"_ _6\"> </span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x308 y229c w95 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">5<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>810<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1b4 h3 y238d ff2 fs1 fc4 sc0 ls0 ws0\">Derivative financial instruments at fair value through pr<span class=\"_ _7\"></span>ofit or loss<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y22c7 w168 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Foreign exchange contracts<span class=\"_ _209\"> </span></div></td><td class=\"c n x309 y22c7 w96 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls191 ws185\">2<span class=\"_ _4\"></span>,053<span class=\"_ _209\"> </span></div></td><td class=\"c n x30a y22c7 w97 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">3,229<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w169 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal financial assets<span class=\"_ _209\"> </span></div></td><td class=\"c n x30b y22b6 w9c hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls5b ws57\">2<span class=\"_ _4\"></span>,75<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>,0<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td><td class=\"c n x30c y22b6 w16a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse6 wsf7\">2,72<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>,5<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>6<span class=\"_ _209\"> </span></div></td></tr></table>AC<span class=\"_ _1\"></span>COUNTING<span class=\"_ _1\"></span> POLIC<span class=\"_ _7\"></span>Y<span class=\"_ _209\"> </span>The Group classifies its financial assets as at fair value thr<span class=\"_ _7\"></span>ough profit or loss or as financial assets at amortised cost. The classification depends on the purpose for which the financial assets were acquir<span class=\"_ _7\"></span>ed, with investments in unconsolidated subsidiaries (other than those providing investment-r<span class=\"_ _7\"></span>elated services) being at fair value through profit or loss as requir<span class=\"_ _7\"></span>ed by IFRS 10. Inve<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>me<span class=\"_ _4\"></span>nts a<span class=\"_ _4\"></span>t fa<span class=\"_ _4\"></span>ir val<span class=\"_ _4\"></span>ue t<span class=\"_ _4\"></span>hr<span class=\"_ _4\"></span>oug<span class=\"_ _4\"></span>h pr<span class=\"_ _4\"></span>ofit o<span class=\"_ _4\"></span>r los<span class=\"_ _4\"></span>s<span class=\"_ _209\"> </span>Investments in underlying unconsolidated subsidiaries and other non-controlled investments ar<span class=\"_ _7\"></span>e held in a portfolio, the business model of which is to manage them on a fair value basis. The Group\u2019<span class=\"_ _3\"></span>s policy is to fair value both the equity and debt investments in underlying assets together<span class=\"_ _0\"></span>. All transaction costs relating to the acquisition of new investments ar<span class=\"_ _1\"></span>e recognised dir<span class=\"_ _7\"></span>ectly in profit or loss. Subsequent to initial recognition, equity and debt investments ar<span class=\"_ _7\"></span>e measured at fair value with changes in fair value recognised within total investment income in<span class=\"_ gs4d\"> </span>the Consolidated Statement of Comprehensive Income.<span class=\"_ _209\"> </span>T<span class=\"_ _7\"></span>r<span class=\"_ _4\"></span>ade a<span class=\"_ _4\"></span>nd o<span class=\"_ _4\"></span>th<span class=\"_ _4\"></span>er re<span class=\"_ _4\"></span>ce<span class=\"_ _4\"></span>ivab<span class=\"_ _4\"></span>le<span class=\"_ _4\"></span>s T<span class=\"_ _0\"></span>rade and other receivables that meet the contracted cash flow test as sole payments of principal and inter<span class=\"_ _1\"></span>est and which are held in a business model to receive these contractual cash flows ar<span class=\"_ _7\"></span>e classified as trade and other receivables. Financial assets with maturities less than 12 months are included in curr<span class=\"_ _7\"></span>ent assets, financial assets with maturities greater than 12 months after the balance sheet date are classified as non-current assets.<span class=\"_ _209\"> </span>Cash and<span class=\"_ _7\"></span> cash equivalents<span class=\"_ _209\"> </span>Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments with an original maturity of three months or less that ar<span class=\"_ _7\"></span>e readily convertible to a known amount of cash and are subject to an insignificant risk of changes in<span class=\"_ gs4d\"> </span>value.<span class=\"_ _209\"> </span>Derivative<span class=\"_ _7\"></span> financial instruments<span class=\"_ _209\"> </span>Derivatives are classified as financial assets and liabilities at fair value thr<span class=\"_ _7\"></span>ough profit or loss, held for trading. Derivatives are recognised initially<span class=\"_ _0\"></span>, and are subsequently r<span class=\"_ _1\"></span>emeasured, at fair value. Derivatives ar<span class=\"_ _1\"></span>e shown as assets when their fair value is positive or as liabilities when their fair value is negative. Fair value movements on derivative financial instruments held for trading are r<span class=\"_ _7\"></span>ecognised in the Consolidated Statement of Comprehensive Income.<span class=\"_ _209\"> </span>Impairment o<span class=\"_ _1\"></span>f financial<span class=\"_ _7\"></span> assets<span class=\"_ _209\"> </span>Financial assets, other than those classified at fair value through pr<span class=\"_ _7\"></span>ofit or loss, being trade and other receivables adopt a simplified approach to calculate any expected credit losses.<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-228": {
   "value": "AC<span class=\"_ _1\"></span>COUNTING<span class=\"_ _1\"></span> POLIC<span class=\"_ _7\"></span>Y<span class=\"_ _209\"> </span>The Group classifies its financial assets as at fair value thr<span class=\"_ _7\"></span>ough profit or loss or as financial assets at amortised cost. The classification depends on the purpose for which the financial assets were acquir<span class=\"_ _7\"></span>ed, with investments in unconsolidated subsidiaries (other than those providing investment-r<span class=\"_ _7\"></span>elated services) being at fair value through profit or loss as requir<span class=\"_ _7\"></span>ed by IFRS 10. Inve<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>me<span class=\"_ _4\"></span>nts a<span class=\"_ _4\"></span>t fa<span class=\"_ _4\"></span>ir val<span class=\"_ _4\"></span>ue t<span class=\"_ _4\"></span>hr<span class=\"_ _4\"></span>oug<span class=\"_ _4\"></span>h pr<span class=\"_ _4\"></span>ofit o<span class=\"_ _4\"></span>r los<span class=\"_ _4\"></span>s<span class=\"_ _209\"> </span>Investments in underlying unconsolidated subsidiaries and other non-controlled investments ar<span class=\"_ _7\"></span>e held in a portfolio, the business model of which is to manage them on a fair value basis. The Group\u2019<span class=\"_ _3\"></span>s policy is to fair value both the equity and debt investments in underlying assets together<span class=\"_ _0\"></span>. All transaction costs relating to the acquisition of new investments ar<span class=\"_ _1\"></span>e recognised dir<span class=\"_ _7\"></span>ectly in profit or loss. Subsequent to initial recognition, equity and debt investments ar<span class=\"_ _7\"></span>e measured at fair value with changes in fair value recognised within total investment income in<span class=\"_ gs4d\"> </span>the Consolidated Statement of Comprehensive Income.<span class=\"_ _209\"> </span>T<span class=\"_ _7\"></span>r<span class=\"_ _4\"></span>ade a<span class=\"_ _4\"></span>nd o<span class=\"_ _4\"></span>th<span class=\"_ _4\"></span>er re<span class=\"_ _4\"></span>ce<span class=\"_ _4\"></span>ivab<span class=\"_ _4\"></span>le<span class=\"_ _4\"></span>s T<span class=\"_ _0\"></span>rade and other receivables that meet the contracted cash flow test as sole payments of principal and inter<span class=\"_ _1\"></span>est and which are held in a business model to receive these contractual cash flows ar<span class=\"_ _7\"></span>e classified as trade and other receivables. Financial assets with maturities less than 12 months are included in curr<span class=\"_ _7\"></span>ent assets, financial assets with maturities greater than 12 months after the balance sheet date are classified as non-current assets.<span class=\"_ _209\"> </span>Cash and<span class=\"_ _7\"></span> cash equivalents<span class=\"_ _209\"> </span>Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments with an original maturity of three months or less that ar<span class=\"_ _7\"></span>e readily convertible to a known amount of cash and are subject to an insignificant risk of changes in<span class=\"_ gs4d\"> </span>value.<span class=\"_ _209\"> </span>Derivative<span class=\"_ _7\"></span> financial instruments<span class=\"_ _209\"> </span>Derivatives are classified as financial assets and liabilities at fair value thr<span class=\"_ _7\"></span>ough profit or loss, held for trading. Derivatives are recognised initially<span class=\"_ _0\"></span>, and are subsequently r<span class=\"_ _1\"></span>emeasured, at fair value. Derivatives ar<span class=\"_ _1\"></span>e shown as assets when their fair value is positive or as liabilities when their fair value is negative. Fair value movements on derivative financial instruments held for trading are r<span class=\"_ _7\"></span>ecognised in the Consolidated Statement of Comprehensive Income.<span class=\"_ _209\"> </span>Impairment o<span class=\"_ _1\"></span>f financial<span class=\"_ _7\"></span> assets<span class=\"_ _209\"> </span>Financial assets, other than those classified at fair value through pr<span class=\"_ _7\"></span>ofit or loss, being trade and other receivables adopt a simplified approach to calculate any expected credit losses.<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-232": {
   "value": "T<span class=\"_ _7\"></span>r<span class=\"_ _4\"></span>ade a<span class=\"_ _4\"></span>nd o<span class=\"_ _4\"></span>th<span class=\"_ _4\"></span>er re<span class=\"_ _4\"></span>ce<span class=\"_ _4\"></span>ivab<span class=\"_ _4\"></span>le<span class=\"_ _4\"></span>s T<span class=\"_ _0\"></span>rade and other receivables that meet the contracted cash flow test as sole payments of principal and inter<span class=\"_ _1\"></span>est and which are held in a business model to receive these contractual cash flows ar<span class=\"_ _7\"></span>e classified as trade and other receivables. Financial assets with maturities less than 12 months are included in curr<span class=\"_ _7\"></span>ent assets, financial assets with maturities greater than 12 months after the balance sheet date are classified as non-current assets.<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-235": {
   "value": "Cash and<span class=\"_ _7\"></span> cash equivalents<span class=\"_ _209\"> </span>Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments with an original maturity of three months or less that ar<span class=\"_ _7\"></span>e readily convertible to a known amount of cash and are subject to an insignificant risk of changes in<span class=\"_ gs4d\"> </span>value.<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-233": {
   "value": "<div class=\"t m0 h3 ff2 fs1 fc4 sc0 ls7 ws8 gsb7\">Derivative<span class=\"_ _7\"></span> financial instruments<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsb8\">Derivatives are classified as financial assets and liabilities at fair value thr<span class=\"_ _7\"></span>ough profit or loss, held for trading. Derivatives are recognised </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsb9\">initially<span class=\"_ _0\"></span>, and are subsequently r<span class=\"_ _1\"></span>emeasured, at fair value. Derivatives ar<span class=\"_ _1\"></span>e shown as assets when their fair value is positive or as liabilities when </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsba\">their fair value is negative. Fair value movements on derivative financial instruments held for trading are r<span class=\"_ _7\"></span>ecognised in the Consolidated </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsbb\">Statement of Comprehensive Income.<span class=\"_ _209\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-240": {
   "value": "Derivative<span class=\"_ _7\"></span> financial instruments<span class=\"_ _209\"> </span>Derivatives are classified as financial assets and liabilities at fair value thr<span class=\"_ _7\"></span>ough profit or loss, held for trading. Derivatives are recognised initially<span class=\"_ _0\"></span>, and are subsequently r<span class=\"_ _1\"></span>emeasured, at fair value. Derivatives ar<span class=\"_ _1\"></span>e shown as assets when their fair value is positive or as liabilities when their fair value is negative. Fair value movements on derivative financial instruments held for trading are r<span class=\"_ _7\"></span>ecognised in the Consolidated Statement of Comprehensive Income.<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-234": {
   "value": "<div class=\"t m0 h3 ff2 fs1 fc4 sc0 ls7 ws8 gsbd\">Impairment o<span class=\"_ _1\"></span>f financial<span class=\"_ _7\"></span> assets<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsbe\">Financial assets, other than those classified at fair value through pr<span class=\"_ _7\"></span>ofit or loss, being trade and other receivables adopt a simplified approach </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsbf\">to calculate any expected credit losses.<span class=\"_ _209\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-241": {
   "value": "Impairment o<span class=\"_ _1\"></span>f financial<span class=\"_ _7\"></span> assets<span class=\"_ _209\"> </span>Financial assets, other than those classified at fair value through pr<span class=\"_ _7\"></span>ofit or loss, being trade and other receivables adopt a simplified approach to calculate any expected credit losses.<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-195": {
   "value": "<div class=\"t m0 h3 ff2 fs1 fc1 sc0 ls7 ws8 gsc8\">1<span class=\"_ _0\"></span>1<span class=\"_ _1\"></span>.3 <span class=\"_ _121\"> </span>FINANCIAL<span class=\"_ _7\"></span> RISK MANA<span class=\"_ _1\"></span>GEMENT </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsc9\">The Group\u2019<span class=\"_ _3\"></span>s objective in managing risk is the protection of stakeholder value. Risk is inher<span class=\"_ _1\"></span>ent in the Group\u2019<span class=\"_ _3\"></span>s activities and is managed </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsca\">through a pr<span class=\"_ _7\"></span>ocess of ongoing identification, measurement and monitoring, subject to risk limits and other controls. The Group is exposed to </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gscb\">market risk (which includes currency risk, inter<span class=\"_ _7\"></span>est rate risk and inflation risk), credit risk and liquidity risk arising from the financial instruments </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gscc\">it holds. The Board of Dir<span class=\"_ _7\"></span>ectors is ultimately responsible for the overall risk management of the Group, with delegation of oversight and </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gscd\">activities (including identifying and controlling risks) pr<span class=\"_ _7\"></span>ovided to the Audit and Risk Committee and the Group\u2019<span class=\"_ _0\"></span>s Investment Adviser<span class=\"_ _0\"></span>. </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsce\">The<span class=\"_ gs4d\"> </span>Group\u2019<span class=\"_ _3\"></span>s risk management framework and approach is set out within the Strategic Report (pages 04 to 75). The Boar<span class=\"_ _1\"></span>d takes into </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gscf\">account market, credit and liquidity risks in forming the Gr<span class=\"_ _7\"></span>oup\u2019<span class=\"_ _0\"></span>s risk management strategy<span class=\"_ _0\"></span>.<span class=\"_ _209\"> </span></div><div class=\"t m0 h3 ff2 fs1 fc1 sc0 ls7 ws8 gsd0\">MARKET R<span class=\"_ _1\"></span>ISK<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsd1\">Market risk is the risk that the fair value or future cash flows of financial instruments will fluctuate due to changes in market variables such </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsd2\">as<span class=\"_ gs4d\"> </span>changes in inflation, foreign exchange rates and inter<span class=\"_ _7\"></span>est rates.<span class=\"_ _209\"> </span></div><div class=\"t m0 h3 ff2 fs1 fc4 sc0 lsd4 wse5 gsd3\">Inflation risk<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsd4\">The majority of the Group\u2019<span class=\"_ _3\"></span>s cash flows from underlying investments ar<span class=\"_ _1\"></span>e linked to inflation indices. Changes in inflation rates can have a </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsd5\">positive or negative impact on the Group\u2019<span class=\"_ _3\"></span>s cash flows from investments. The long-term inflation assumptions applied in the Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _3\"></span>s valuation </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsd6\">of investments at fair value through pr<span class=\"_ _7\"></span>ofit or loss are disclosed in the fair value hierarchy section in note 11.4.<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsd7\">The Group\u2019<span class=\"_ _3\"></span>s portfolio of investments has been developed in anticipation of continued inflation at or above the levels used in the Group\u2019<span class=\"_ _3\"></span>s </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsd8\">valuation assumptions. Where inflation is at levels below the assumed levels for a sustained period of time, investment performance may be </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gsd9\">impaired. The level of inflation-linkage* acr<span class=\"_ _7\"></span>oss the investments held by the Group varies and is not consistent.<span class=\"_ _209\"> </span></div>Interest rate<span class=\"_ _7\"></span> risk<span class=\"_ _209\"> </span>Interest rate risk arises fr<span class=\"_ _7\"></span>om the possibility that changes in interest rates will affect future cash flows fr<span class=\"_ _7\"></span>om underlying investments, therefore impacting the value of investments at fair value through pr<span class=\"_ _7\"></span>ofit or loss. The Group has limited exposure to interest rate risk as the underlying borrowings within the unconsolidated investee entities ar<span class=\"_ _7\"></span>e either hedged through interest rate swap arrangements via an economic hedge, are fixed rate loans or the risk of adverse movement in inter<span class=\"_ _7\"></span>est rates is limited through protections provided by the r<span class=\"_ _7\"></span>egulatory regime. For<span class=\"_ gs4d\"> </span>example, it is generally a requir<span class=\"_ _7\"></span>ement under a PFI/PPP concession that any borrowings are matched to the life of the concession. Hedging activities are aligned with the period of the loan, which also mirr<span class=\"_ _7\"></span>ors the concession period and are highly effective. Nevertheless, refinancing risk exists in a number of such investments. The Gr<span class=\"_ _7\"></span>oup\u2019<span class=\"_ _0\"></span>s CDF is unhedged on the basis that it is utilised as an investment bridging facility and therefor<span class=\"_ _7\"></span>e drawn for a relatively short period of time. Therefore, the Gr<span class=\"_ _7\"></span>oup is not significantly exposed to cash flow risk due to changes in interest rates over its variable rate borr<span class=\"_ _7\"></span>owings. Interest income on bank deposits held within underlying investments is included within the fair value of investments. For<span class=\"_ _4\"></span>eig<span class=\"_ _4\"></span>n cu<span class=\"_ _4\"></span>rr<span class=\"_ _4\"></span>enc<span class=\"_ _4\"></span>y ris<span class=\"_ _4\"></span>k<span class=\"_ _209\"> </span>The Group undertakes certain transactions denominated in for<span class=\"_ _7\"></span>eign currencies and therefore is exposed to exchange rate fluctuations. Currency risk arises in financial instruments that ar<span class=\"_ _7\"></span>e denominated in a foreign currency other than the functional currency in which they ar<span class=\"_ _7\"></span>e measured. The Gr<span class=\"_ _7\"></span>oup uses forward foreign exchange contracts to mitigate the risk of short-term volatility in foreign exchange on significant investment returns from overseas investments via an economic hedge. The Gr<span class=\"_ _7\"></span>oup does not hedge its exposure to foreign exchange in relation to for<span class=\"_ _7\"></span>eign currency denominated investment balances. The carrying amounts of the Group\u2019<span class=\"_ _3\"></span>s foreign currency denominated monetary financial instruments at the reporting date ar<span class=\"_ _7\"></span>e set out in the table below.<span class=\"_ _209\"> </span>Sensitivity analysis showing the impact of variations of the above risks on the fair value of investments is shown in note 11.5.<span class=\"_ _209\"> </span><table class=\"s w176 he8\" id=\"_9004b4ba-79ea-4b64-ba3a-e81b6923b648\"><tr><td></td><td class=\"t m0 x1aa h2b y239b ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ab h1d y239b ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024 </td></tr><tr><td></td><td class=\"t m0 x1ad h2b y239c ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ae h1d y239c ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1b4 h3 y239d ff2 fs1 fc4 sc0 ls0 ws0\">Cash<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y239e w177 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Euro<span class=\"_ _209\"> </span></div></td><td class=\"c n x319 y239e w178 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse3 wsf4\">4,920<span class=\"_ _209\"> </span></div></td><td class=\"c n x31a y239e w179 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">12<span class=\"_ _6\"></span>,118<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y239f w17a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Canadian Dollar<span class=\"_ _209\"> </span></div></td><td class=\"c n x31b y239f w140 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls199 ws1a4\">944<span class=\"_ _209\"> </span></div></td><td class=\"c n x31c y239f w17b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1b3 ws1bf\">326<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23a0 w17c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Australian Dollar<span class=\"_ _209\"> </span></div></td><td class=\"c n x31d y23a0 w17d hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls194 ws194\">770<span class=\"_ _209\"> </span></div></td><td class=\"c n x31e y23a0 w17e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls16a wse4\">1<span class=\"_ _7\"></span>,394<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23a1 w17f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">New Zealand Dollar<span class=\"_ _209\"> </span></div></td><td class=\"c n x31f y23a1 w180 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls199 ws1a4\">39<span class=\"_ _209\"> </span></div></td><td class=\"c n x320 y23a1 w181 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls83 ws83\">2,2<span class=\"_ _4\"></span>63<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23a2 w182 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">US Dollar<span class=\"_ _209\"> </span></div></td><td class=\"c n x321 y23a2 w183 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls189 ws1c1\">2<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>12<span class=\"_ _209\"> </span></div></td><td class=\"c n x322 y23a2 w184 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">3<span class=\"_ _6\"></span>,14<span class=\"_ _6\"></span>6<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23a3 w185 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Danish Krone<span class=\"_ _209\"> </span></div></td><td class=\"c n x323 y23a3 w186 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls190 ws19d\">17<span class=\"_ _209\"> </span></div></td><td class=\"c n x324 y23a3 w187 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls87 ws86\">15<span class=\"_ _4\"></span>9<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x325 y23a4 w100 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls69 ws58\">9,0<span class=\"_ _4\"></span>02<span class=\"_ _209\"> </span></div></td><td class=\"c n x326 y23a4 w188 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1b1 ws1bd\">19<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>6<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1b4 h3 y23a5 ff2 fs1 fc4 sc0 ls0 ws0\">Current r<span class=\"_ _7\"></span>eceivables </td><td></td><td></td></tr><tr><td class=\"c n x1b0 y23a6 w189 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Euro r<span class=\"_ _7\"></span>eceivables<span class=\"_ _209\"> </span></div></td><td class=\"c n x327 y23a6 w104 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse4 wsf5\">1,<span class=\"_ _4\"></span>62<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td><td class=\"c n x328 y23a6 w18a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1b5 ws1c2\">2<span class=\"_ _4\"></span>,4<span class=\"_ _4\"></span>47<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2314 w18b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Danish Krone r<span class=\"_ _7\"></span>eceivables<span class=\"_ _209\"> </span></div></td><td class=\"c n x329 y2314 w18c hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls189 ws1c1\">121<span class=\"_ _209\"> </span></div></td><td class=\"c n x32a y2314 w18d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsd9 wseb\">12<span class=\"_ _4\"></span>6<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23a7 w18e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">US Dollar receivables<span class=\"_ _209\"> </span></div></td><td class=\"c n x301 y23a7 w74 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x32b y23a7 w18f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls62 ws60\">36<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x32c y23a8 w190 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls161 ws16c\">1,<span class=\"_ _4\"></span>74<span class=\"_ _6\"></span>6<span class=\"_ _209\"> </span></div></td><td class=\"c n x32d y23a8 w191 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">2,<span class=\"_ _7\"></span>609<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1b4 h3 y23a9 ff2 fs1 fc4 sc0 ls0 ws0\">Investments at fair value through pr<span class=\"_ _7\"></span>ofit or loss<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y23aa w177 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Euro<span class=\"_ _209\"> </span></div></td><td class=\"c n x32e y23aa w192 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls81 ws81\">3<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>9,<span class=\"_ _4\"></span>618<span class=\"_ _209\"> </span></div></td><td class=\"c n x32f y23aa w193 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls16a wse4\">339<span class=\"_ _1\"></span>,488<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2319 w185 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Danish Krone<span class=\"_ _209\"> </span></div></td><td class=\"c n x330 y2319 w194 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1b0 ws1bc\">8,885<span class=\"_ _209\"> </span></div></td><td class=\"c n x331 y2319 w195 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">8<span class=\"_ _6\"></span>,11<span class=\"_ _4\"></span>2<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23ab w17a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Canadian Dollar<span class=\"_ _209\"> </span></div></td><td class=\"c n x332 y23ab w196 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls5b ws57\">3<span class=\"_ _4\"></span>4,7<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x333 y23ab w197 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1aa ws1b4\">3<span class=\"_ _4\"></span>6,<span class=\"_ _4\"></span>697<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y229b w17c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Australian Dollar<span class=\"_ _209\"> </span></div></td><td class=\"c n x334 y229b w192 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls81 ws81\">18<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>,7<span class=\"_ _4\"></span>32<span class=\"_ _209\"> </span></div></td><td class=\"c n x335 y229b w198 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1ae ws1ba\">174<span class=\"_ _6\"></span>,<span class=\"_ _4\"></span>8<span class=\"_ _6\"> </span>8<span class=\"_ _2d\"> </span>9<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2359 w17f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">New Zealand Dollar<span class=\"_ _209\"> </span></div></td><td class=\"c n x336 y2359 w199 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1ab ws1b6\">8<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>5<span class=\"_ _6\"></span>41<span class=\"_ _209\"> </span></div></td><td class=\"c n x337 y2359 w19a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls19a ws1a5\">81,<span class=\"_ _4\"></span>9<span class=\"_ _6\"></span>6<span class=\"_ _6\"></span>4<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23ac w182 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">US Dollar<span class=\"_ _209\"> </span></div></td><td class=\"c n x338 y23ac w19b hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls199 ws1a4\">62,040<span class=\"_ _209\"> </span></div></td><td class=\"c n x339 y23ac w19c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls7d ws7c\">69,6<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x33a y22c7 w19d hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">76<span class=\"_ _4\"></span>3,<span class=\"_ _4\"></span>58<span class=\"_ _4\"></span>4<span class=\"_ _209\"> </span></div></td><td class=\"c n x33b y22c7 w19e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls161 ws16c\">710<span class=\"_ _4\"></span>,7<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w19f hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal<span class=\"_ _209\"> </span></div></td><td class=\"c n x33c y22b6 w1a0 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls161 ws16c\">7<span class=\"_ _4\"></span>74<span class=\"_ _6\"></span>,<span class=\"_ _4\"></span>3<span class=\"_ _6\"></span>3<span class=\"_ _4\"></span>2<span class=\"_ _209\"> </span></div></td><td class=\"c n x33d y22b6 w1a1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse4 wsf5\">73<span class=\"_ _4\"></span>2,<span class=\"_ _7\"></span>7<span class=\"_ _4\"></span>73<span class=\"_ _209\"> </span></div></td></tr></table>Sensitivity analysis showing the impact of variations of the above market risks on the fair value of investments is shown in note 11.5.<span class=\"_ _209\"> </span>CR<span class=\"_ _4\"></span>EDI<span class=\"_ _4\"></span>T RIS<span class=\"_ _4\"></span>K Credit risk r<span class=\"_ _7\"></span>efers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Group. The Group has adopted a policy of dealing with creditworthy counterparties and r<span class=\"_ _7\"></span>eviewing this on a regular basis at the underlying entity level. The majority of underlying investments are in public-private partnerships and similar concessions (which ar<span class=\"_ _7\"></span>e entered into with government, quasi gover<span class=\"_ _4\"></span>nment, other public, equivalent low risk bodies), or in regulated businesses that inher<span class=\"_ _7\"></span>ently exhibit low levels of credit risk. The maximum exposure of credit risk over financial assets as a r<span class=\"_ _7\"></span>esult of counterparty default is the carrying value of those financial assets in the balance sheet. In addition,<span class=\"_ _4\"></span> the underlying investee entities contract with third-party construction and facilities managements contractors. The Gr<span class=\"_ _7\"></span>oup seeks to mitigate this<span class=\"_ _4\"></span> risk through using a diverse range of sub-contractors and thr<span class=\"_ _7\"></span>ough at least quarterly review of the credit position of major contractors.<span class=\"_ _209\"> </span>LIQ<span class=\"_ _4\"></span>UID<span class=\"_ _4\"></span>IT<span class=\"_ _4\"></span>Y RI<span class=\"_ _4\"></span>SK Liquidity risk is defined as the risk that the Group would encounter dif<span class=\"_ _7\"></span>ficulty in meeting obligations as and when they fall due associated with financial liabilities that are settled by delivering cash or another financial asset. The Gr<span class=\"_ _7\"></span>oup invests in relatively illiquid investments (mainly non-<span class=\"_ _209\"> </span>listed equity and loans). As a closed-ended investment vehicle there ar<span class=\"_ _7\"></span>e no automatic capital redemption rights. The Group manages liquidity risk by maintaining adequate cash reserves, banking facilities and r<span class=\"_ _7\"></span>eserve borrowing facilities and by continuously monitoring forecast and actual cash flows. Cash flow forecasts assume full availability of underlying infrastructur<span class=\"_ _7\"></span>e to the relevant public sector body or end-user<span class=\"_ _0\"></span>. Failure to maintain assets available for use or operating in accor<span class=\"_ _7\"></span>dance with pre-determined performance standards or licence conditions may lead to a reduction (wholly or partially) in the investment income that the Gr<span class=\"_ _7\"></span>oup has projected to receive. The Directors r<span class=\"_ _7\"></span>eview the underlying performance of each investment on a quarterly basis, allowing asset performance to be monitored. The terms of public-private partnership contractual mechanisms also allow for significant pass-down of unavailability and performance risk to sub-contractors. Regulated asset regimes allow for the pass thr<span class=\"_ _7\"></span>ough of efficiently incurred costs to the purchaser<span class=\"_ _3\"></span>. The Group\u2019<span class=\"_ _3\"></span>s financial liabilities comprise trade and other payables, payable within 12 months of the year end, derivative financial instruments. CAP<span class=\"_ _7\"></span>IT<span class=\"_ _7\"></span>AL RISK<span class=\"_ _7\"></span> MANAGEMENT<span class=\"_ _209\"> </span>The Group seeks to ef<span class=\"_ _7\"></span>ficiently manage its financial resources to ensure that it is able to continue as a going concern while providing improved r<span class=\"_ _7\"></span>etur<span class=\"_ _4\"></span>ns to shareholders thr<span class=\"_ _7\"></span>ough the management of the debt and equity balances. The capital structure consists of the Group\u2019<span class=\"_ _3\"></span>s CDF and equity attributable to equity holders of the parent, comprising issued capital, r<span class=\"_ _7\"></span>eserves and retained earnings. The Group aims to deliver its objective by investing available cash and using leverage whilst maintaining sufficient liquidity to meet ongoing expenses and dividend payments. The Group\u2019<span class=\"_ _3\"></span>s investment policy is set out in the Corporate Governance Report on page 77.<span class=\"_ _209\"> </span>The Group\u2019<span class=\"_ _3\"></span>s Investment Adviser reviews the capital structur<span class=\"_ _1\"></span>e on a semi-annual basis. As part of this review<span class=\"_ _0\"></span>, the Investment Adviser considers the cost of capital and the associated risks.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-207": {
   "value": "MARKET R<span class=\"_ _1\"></span>ISK<span class=\"_ _209\"> </span>Market risk is the risk that the fair value or future cash flows of financial instruments will fluctuate due to changes in market variables such as<span class=\"_ gs4d\"> </span>changes in inflation, foreign exchange rates and inter<span class=\"_ _7\"></span>est rates.<span class=\"_ _209\"> </span>Inflation risk<span class=\"_ _209\"> </span>The majority of the Group\u2019<span class=\"_ _3\"></span>s cash flows from underlying investments ar<span class=\"_ _1\"></span>e linked to inflation indices. Changes in inflation rates can have a positive or negative impact on the Group\u2019<span class=\"_ _3\"></span>s cash flows from investments. The long-term inflation assumptions applied in the Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _3\"></span>s valuation of investments at fair value through pr<span class=\"_ _7\"></span>ofit or loss are disclosed in the fair value hierarchy section in note 11.4.<span class=\"_ _209\"> </span>The Group\u2019<span class=\"_ _3\"></span>s portfolio of investments has been developed in anticipation of continued inflation at or above the levels used in the Group\u2019<span class=\"_ _3\"></span>s valuation assumptions. Where inflation is at levels below the assumed levels for a sustained period of time, investment performance may be impaired. The level of inflation-linkage* acr<span class=\"_ _7\"></span>oss the investments held by the Group varies and is not consistent.<span class=\"_ _209\"> </span>Interest rate<span class=\"_ _7\"></span> risk<span class=\"_ _209\"> </span>Interest rate risk arises fr<span class=\"_ _7\"></span>om the possibility that changes in interest rates will affect future cash flows fr<span class=\"_ _7\"></span>om underlying investments, therefore impacting the value of investments at fair value through pr<span class=\"_ _7\"></span>ofit or loss. The Group has limited exposure to interest rate risk as the underlying borrowings within the unconsolidated investee entities ar<span class=\"_ _7\"></span>e either hedged through interest rate swap arrangements via an economic hedge, are fixed rate loans or the risk of adverse movement in inter<span class=\"_ _7\"></span>est rates is limited through protections provided by the r<span class=\"_ _7\"></span>egulatory regime. For<span class=\"_ gs4d\"> </span>example, it is generally a requir<span class=\"_ _7\"></span>ement under a PFI/PPP concession that any borrowings are matched to the life of the concession. Hedging activities are aligned with the period of the loan, which also mirr<span class=\"_ _7\"></span>ors the concession period and are highly effective. Nevertheless, refinancing risk exists in a number of such investments. The Gr<span class=\"_ _7\"></span>oup\u2019<span class=\"_ _0\"></span>s CDF is unhedged on the basis that it is utilised as an investment bridging facility and therefor<span class=\"_ _7\"></span>e drawn for a relatively short period of time. Therefore, the Gr<span class=\"_ _7\"></span>oup is not significantly exposed to cash flow risk due to changes in interest rates over its variable rate borr<span class=\"_ _7\"></span>owings. Interest income on bank deposits held within underlying investments is included within the fair value of investments. For<span class=\"_ _4\"></span>eig<span class=\"_ _4\"></span>n cu<span class=\"_ _4\"></span>rr<span class=\"_ _4\"></span>enc<span class=\"_ _4\"></span>y ris<span class=\"_ _4\"></span>k<span class=\"_ _209\"> </span>The Group undertakes certain transactions denominated in for<span class=\"_ _7\"></span>eign currencies and therefore is exposed to exchange rate fluctuations. Currency risk arises in financial instruments that ar<span class=\"_ _7\"></span>e denominated in a foreign currency other than the functional currency in which they ar<span class=\"_ _7\"></span>e measured. The Gr<span class=\"_ _7\"></span>oup uses forward foreign exchange contracts to mitigate the risk of short-term volatility in foreign exchange on significant investment returns from overseas investments via an economic hedge. The Gr<span class=\"_ _7\"></span>oup does not hedge its exposure to foreign exchange in relation to for<span class=\"_ _7\"></span>eign currency denominated investment balances. The carrying amounts of the Group\u2019<span class=\"_ _3\"></span>s foreign currency denominated monetary financial instruments at the reporting date ar<span class=\"_ _7\"></span>e set out in the table below.<span class=\"_ _209\"> </span>Sensitivity analysis showing the impact of variations of the above risks on the fair value of investments is shown in note 11.5.<span class=\"_ _209\"> </span><table class=\"s w176 he8\" id=\"_9004b4ba-79ea-4b64-ba3a-e81b6923b648\"><tr><td></td><td class=\"t m0 x1aa h2b y239b ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ab h1d y239b ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024 </td></tr><tr><td></td><td class=\"t m0 x1ad h2b y239c ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ae h1d y239c ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1b4 h3 y239d ff2 fs1 fc4 sc0 ls0 ws0\">Cash<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y239e w177 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Euro<span class=\"_ _209\"> </span></div></td><td class=\"c n x319 y239e w178 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse3 wsf4\">4,920<span class=\"_ _209\"> </span></div></td><td class=\"c n x31a y239e w179 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">12<span class=\"_ _6\"></span>,118<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y239f w17a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Canadian Dollar<span class=\"_ _209\"> </span></div></td><td class=\"c n x31b y239f w140 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls199 ws1a4\">944<span class=\"_ _209\"> </span></div></td><td class=\"c n x31c y239f w17b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1b3 ws1bf\">326<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23a0 w17c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Australian Dollar<span class=\"_ _209\"> </span></div></td><td class=\"c n x31d y23a0 w17d hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls194 ws194\">770<span class=\"_ _209\"> </span></div></td><td class=\"c n x31e y23a0 w17e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls16a wse4\">1<span class=\"_ _7\"></span>,394<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23a1 w17f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">New Zealand Dollar<span class=\"_ _209\"> </span></div></td><td class=\"c n x31f y23a1 w180 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls199 ws1a4\">39<span class=\"_ _209\"> </span></div></td><td class=\"c n x320 y23a1 w181 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls83 ws83\">2,2<span class=\"_ _4\"></span>63<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23a2 w182 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">US Dollar<span class=\"_ _209\"> </span></div></td><td class=\"c n x321 y23a2 w183 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls189 ws1c1\">2<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>12<span class=\"_ _209\"> </span></div></td><td class=\"c n x322 y23a2 w184 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">3<span class=\"_ _6\"></span>,14<span class=\"_ _6\"></span>6<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23a3 w185 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Danish Krone<span class=\"_ _209\"> </span></div></td><td class=\"c n x323 y23a3 w186 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls190 ws19d\">17<span class=\"_ _209\"> </span></div></td><td class=\"c n x324 y23a3 w187 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls87 ws86\">15<span class=\"_ _4\"></span>9<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x325 y23a4 w100 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls69 ws58\">9,0<span class=\"_ _4\"></span>02<span class=\"_ _209\"> </span></div></td><td class=\"c n x326 y23a4 w188 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1b1 ws1bd\">19<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>6<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1b4 h3 y23a5 ff2 fs1 fc4 sc0 ls0 ws0\">Current r<span class=\"_ _7\"></span>eceivables </td><td></td><td></td></tr><tr><td class=\"c n x1b0 y23a6 w189 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Euro r<span class=\"_ _7\"></span>eceivables<span class=\"_ _209\"> </span></div></td><td class=\"c n x327 y23a6 w104 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse4 wsf5\">1,<span class=\"_ _4\"></span>62<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td><td class=\"c n x328 y23a6 w18a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1b5 ws1c2\">2<span class=\"_ _4\"></span>,4<span class=\"_ _4\"></span>47<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2314 w18b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Danish Krone r<span class=\"_ _7\"></span>eceivables<span class=\"_ _209\"> </span></div></td><td class=\"c n x329 y2314 w18c hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls189 ws1c1\">121<span class=\"_ _209\"> </span></div></td><td class=\"c n x32a y2314 w18d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsd9 wseb\">12<span class=\"_ _4\"></span>6<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23a7 w18e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">US Dollar receivables<span class=\"_ _209\"> </span></div></td><td class=\"c n x301 y23a7 w74 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x32b y23a7 w18f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls62 ws60\">36<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x32c y23a8 w190 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls161 ws16c\">1,<span class=\"_ _4\"></span>74<span class=\"_ _6\"></span>6<span class=\"_ _209\"> </span></div></td><td class=\"c n x32d y23a8 w191 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">2,<span class=\"_ _7\"></span>609<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1b4 h3 y23a9 ff2 fs1 fc4 sc0 ls0 ws0\">Investments at fair value through pr<span class=\"_ _7\"></span>ofit or loss<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y23aa w177 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Euro<span class=\"_ _209\"> </span></div></td><td class=\"c n x32e y23aa w192 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls81 ws81\">3<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>9,<span class=\"_ _4\"></span>618<span class=\"_ _209\"> </span></div></td><td class=\"c n x32f y23aa w193 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls16a wse4\">339<span class=\"_ _1\"></span>,488<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2319 w185 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Danish Krone<span class=\"_ _209\"> </span></div></td><td class=\"c n x330 y2319 w194 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1b0 ws1bc\">8,885<span class=\"_ _209\"> </span></div></td><td class=\"c n x331 y2319 w195 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">8<span class=\"_ _6\"></span>,11<span class=\"_ _4\"></span>2<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23ab w17a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Canadian Dollar<span class=\"_ _209\"> </span></div></td><td class=\"c n x332 y23ab w196 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls5b ws57\">3<span class=\"_ _4\"></span>4,7<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x333 y23ab w197 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1aa ws1b4\">3<span class=\"_ _4\"></span>6,<span class=\"_ _4\"></span>697<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y229b w17c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Australian Dollar<span class=\"_ _209\"> </span></div></td><td class=\"c n x334 y229b w192 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls81 ws81\">18<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>,7<span class=\"_ _4\"></span>32<span class=\"_ _209\"> </span></div></td><td class=\"c n x335 y229b w198 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1ae ws1ba\">174<span class=\"_ _6\"></span>,<span class=\"_ _4\"></span>8<span class=\"_ _6\"> </span>8<span class=\"_ _2d\"> </span>9<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2359 w17f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">New Zealand Dollar<span class=\"_ _209\"> </span></div></td><td class=\"c n x336 y2359 w199 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1ab ws1b6\">8<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>5<span class=\"_ _6\"></span>41<span class=\"_ _209\"> </span></div></td><td class=\"c n x337 y2359 w19a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls19a ws1a5\">81,<span class=\"_ _4\"></span>9<span class=\"_ _6\"></span>6<span class=\"_ _6\"></span>4<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23ac w182 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">US Dollar<span class=\"_ _209\"> </span></div></td><td class=\"c n x338 y23ac w19b hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls199 ws1a4\">62,040<span class=\"_ _209\"> </span></div></td><td class=\"c n x339 y23ac w19c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls7d ws7c\">69,6<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x33a y22c7 w19d hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">76<span class=\"_ _4\"></span>3,<span class=\"_ _4\"></span>58<span class=\"_ _4\"></span>4<span class=\"_ _209\"> </span></div></td><td class=\"c n x33b y22c7 w19e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls161 ws16c\">710<span class=\"_ _4\"></span>,7<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w19f hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal<span class=\"_ _209\"> </span></div></td><td class=\"c n x33c y22b6 w1a0 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls161 ws16c\">7<span class=\"_ _4\"></span>74<span class=\"_ _6\"></span>,<span class=\"_ _4\"></span>3<span class=\"_ _6\"></span>3<span class=\"_ _4\"></span>2<span class=\"_ _209\"> </span></div></td><td class=\"c n x33d y22b6 w1a1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse4 wsf5\">73<span class=\"_ _4\"></span>2,<span class=\"_ _7\"></span>7<span class=\"_ _4\"></span>73<span class=\"_ _209\"> </span></div></td></tr></table>Sensitivity analysis showing the impact of variations of the above market risks on the fair value of investments is shown in note 11.5.<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-208": {
   "value": "CR<span class=\"_ _4\"></span>EDI<span class=\"_ _4\"></span>T RIS<span class=\"_ _4\"></span>K Credit risk r<span class=\"_ _7\"></span>efers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Group. The Group has adopted a policy of dealing with creditworthy counterparties and r<span class=\"_ _7\"></span>eviewing this on a regular basis at the underlying entity level. The majority of underlying investments are in public-private partnerships and similar concessions (which ar<span class=\"_ _7\"></span>e entered into with government, quasi gover<span class=\"_ _4\"></span>nment, other public, equivalent low risk bodies), or in regulated businesses that inher<span class=\"_ _7\"></span>ently exhibit low levels of credit risk. The maximum exposure of credit risk over financial assets as a r<span class=\"_ _7\"></span>esult of counterparty default is the carrying value of those financial assets in the balance sheet. In addition,<span class=\"_ _4\"></span> the underlying investee entities contract with third-party construction and facilities managements contractors. The Gr<span class=\"_ _7\"></span>oup seeks to mitigate this<span class=\"_ _4\"></span> risk through using a diverse range of sub-contractors and thr<span class=\"_ _7\"></span>ough at least quarterly review of the credit position of major contractors.<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-209": {
   "value": "LIQ<span class=\"_ _4\"></span>UID<span class=\"_ _4\"></span>IT<span class=\"_ _4\"></span>Y RI<span class=\"_ _4\"></span>SK Liquidity risk is defined as the risk that the Group would encounter dif<span class=\"_ _7\"></span>ficulty in meeting obligations as and when they fall due associated with financial liabilities that are settled by delivering cash or another financial asset. The Gr<span class=\"_ _7\"></span>oup invests in relatively illiquid investments (mainly non-<span class=\"_ _209\"> </span>listed equity and loans). As a closed-ended investment vehicle there ar<span class=\"_ _7\"></span>e no automatic capital redemption rights. The Group manages liquidity risk by maintaining adequate cash reserves, banking facilities and r<span class=\"_ _7\"></span>eserve borrowing facilities and by continuously monitoring forecast and actual cash flows. Cash flow forecasts assume full availability of underlying infrastructur<span class=\"_ _7\"></span>e to the relevant public sector body or end-user<span class=\"_ _0\"></span>. Failure to maintain assets available for use or operating in accor<span class=\"_ _7\"></span>dance with pre-determined performance standards or licence conditions may lead to a reduction (wholly or partially) in the investment income that the Gr<span class=\"_ _7\"></span>oup has projected to receive. The Directors r<span class=\"_ _7\"></span>eview the underlying performance of each investment on a quarterly basis, allowing asset performance to be monitored. The terms of public-private partnership contractual mechanisms also allow for significant pass-down of unavailability and performance risk to sub-contractors. Regulated asset regimes allow for the pass thr<span class=\"_ _7\"></span>ough of efficiently incurred costs to the purchaser<span class=\"_ _3\"></span>. The Group\u2019<span class=\"_ _3\"></span>s financial liabilities comprise trade and other payables, payable within 12 months of the year end, derivative financial instruments. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-210": {
   "value": "1<span class=\"_ _7\"></span>1.4 <span class=\"_ _121\"> </span>FAIR VALU<span class=\"_ _4\"></span>E HIE<span class=\"_ _4\"></span>R<span class=\"_ _4\"></span>ARCH<span class=\"_ _4\"></span>Y<span class=\"_ _209\"> </span>All financial instruments for which fair value is recognised or disclosed ar<span class=\"_ _7\"></span>e categorised within the fair value hierarchy<span class=\"_ _0\"></span>, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:<span class=\"_ _209\"> </span>Level 1 \u2014  <span class=\"_ _1a\"></span>Quoted market prices in an active market (that are unadjusted) for identical assets or liabilities;<span class=\"_ _209\"> </span>Level 2 \u2014  <span class=\"_ _1a\"></span>V<span class=\"_ _7\"></span>aluation techniques (for which the lowest level input that is significant to the fair value measurement is directly  or indirectly observable);<span class=\"_ _209\"> </span>Level 3 \u2014 V<span class=\"_ _7\"></span>aluation techniques (for which the lowest level input that is significant to the fair value measurement is unobservable).<span class=\"_ _209\"> </span>During the year<span class=\"_ _0\"></span>, there wer<span class=\"_ _1\"></span>e no transfers between Level 2 and Level 3 categories.<span class=\"_ _209\"> </span>Leve<span class=\"_ _4\"></span>l 1<span class=\"_ _7\"></span>:<span class=\"_ _209\"> </span>The Group has no financial instruments classified as Level 1.<span class=\"_ _209\"> </span>Leve<span class=\"_ _4\"></span>l 2:<span class=\"_ _209\"> </span>This category includes derivative financial instruments such as interest rate swaps, RPI swaps and curr<span class=\"_ _7\"></span>ency forward contracts. As<span class=\"_ gs4d\"> </span>a<span class=\"_ gs4d\"> </span>31<span class=\"_ gs4d\"> </span>December 2025, the Group\u2019<span class=\"_ _3\"></span>s only derivative financial instruments were curr<span class=\"_ _1\"></span>ency forward contracts amounting to an asset of<span class=\"_ gs4d\"> </span>\u00a32.1m<span class=\"_ gs4d\"> </span>(December 2024: asset of \u00a33.2m).<span class=\"_ _209\"> </span>Financial instruments classified as Level 2 have been valued using models whose inputs are observable in an active market (spot<span class=\"_ gs4d\"> </span>exchange rates, yield curves, interest rate curves). V<span class=\"_ _0\"></span>aluations based on observable inputs include financial instruments such as swaps and forward contracts which are valued using market standar<span class=\"_ _7\"></span>d pricing techniques where all the inputs to the market standard pricing models are<span class=\"_ gs4d\"> </span>observable. Leve<span class=\"_ _4\"></span>l 3:<span class=\"_ _209\"> </span>This category consists of investments in equity and loan instruments in underlying unconsolidated subsidiary entities and other non-<span class=\"_ _209\"> </span>controlled investments which ar<span class=\"_ _7\"></span>e classified at fair value through profit or loss. At 31 December 2025, the fair value of financial instruments classified within Level 3 totalled \u00a32,641.6m (December 2024: \u00a32,593.1m). Financial instruments are classified within Level 3 if their valuation incorporates significant inputs that ar<span class=\"_ _7\"></span>e not based on observable market data (unobservable inputs). A valuation input is considered observable if it can be dir<span class=\"_ _7\"></span>ectly observed from transactions in an active market, or<span class=\"_ gs4d\"> </span>if there is compelling external evidence demonstrating an executable exit price. V<span class=\"_ _1\"></span>aluation process<span class=\"_ _209\"> </span>V<span class=\"_ _7\"></span>aluations are the responsibility of the Boar<span class=\"_ _7\"></span>d of Directors. The valuation of unlisted equity and debt investments is performed on a quarterly1<span class=\"_ _209\"> </span>basis by the Investment Adviser<span class=\"_ _0\"></span>. The valuation is reviewed by the senior members of the Investment Adviser and r<span class=\"_ _1\"></span>eviewed and approved by<span class=\"_ gs4d\"> </span>the Board. V<span class=\"_ _1\"></span>aluation methodology<span class=\"_ _209\"> </span>The valuation methodologies used are primarily based on discounting the underlying investee entities\u2019 futur<span class=\"_ _7\"></span>e projected net cash flows at appropriate discount rates. V<span class=\"_ _0\"></span>aluations are also reviewed against r<span class=\"_ _1\"></span>ecent market transactions for similar assets in comparable markets observed by the Group or Investment Adviser and adjusted wher<span class=\"_ _7\"></span>e appropriate.<span class=\"_ _209\"> </span>Cash flow forecasts for the full-term of each underlying investment ar<span class=\"_ _7\"></span>e generated by detailed investment specific financial models. These<span class=\"_ gs4d\"> </span>models forecast the dividend, shar<span class=\"_ _7\"></span>eholder loan interest payments, capital repayments and senior debt repayments (wher<span class=\"_ _7\"></span>e applicable) expected from the underlying investments. The cash flows included in the for<span class=\"_ _7\"></span>ecasts used to determine fair value are typically fixed under contracts, however there ar<span class=\"_ _7\"></span>e certain variable cash flows which are based on management\u2019<span class=\"_ _0\"></span>s estimations (see also page 49 of the strategic report). The significant unobservable inputs and assumptions used in pr<span class=\"_ _7\"></span>ojecting the Group\u2019<span class=\"_ _0\"></span>s net future cash flows ar<span class=\"_ _7\"></span>e shown overleaf.<span class=\"_ _209\"> </span><table class=\"s w1a2 he9\" id=\"_871e8031-923a-4a62-b463-34a28457014c\"><tr><td></td><td></td><td></td><td class=\"t m0 x33e h2b y23ad ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td></td><td class=\"t m0 x1ab h1d y23ad ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x33f h2b y23ae ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td></td><td class=\"t m0 x1ae h1d y23ae ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y23af w1a3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Inflation rates<span class=\"_ _209\"> </span></div></td><td class=\"c n x340 y23af w1a4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x341 y23af w1a5 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">RPI: 3.50% until Dec 2027,<span class=\"_ _209\"> </span></div></td><td></td><td class=\"t m0 x342 h8 y23b0 ff4 fs1 fc4 sc0 ls0 ws0\">RPI: 3.25% until Dec 2025,<span class=\"_ _209\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"c x344 y23b1 w1a6 hea\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">2.75% thereafter</div><div class=\"t m0 x343 h1e y233a ff4 fs12 fc4 sc0 ls0 ws0\">1<span class=\"_ _209\"> </span></div></td><td class=\"c n x345 y23b2 w1a7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">3.00% until Dec<span class=\"_ _209\"> </span></div></td><td class=\"c n x346 y23b2 w97 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">2026,<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c x348 y23b3 w1a8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">2.75% thereafter</div><div class=\"t m0 x347 h1e y2316 ff4 fs12 fc4 sc0 ls0 ws0\">1<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x349 h3 y23b4 ff2 fs1 fc4 sc0 ls0 ws0\">CPIH: 3.00% until Dec 2026,<span class=\"_ _209\"> </span></td><td></td><td class=\"t m0 x34a h8 y23b4 ff4 fs1 fc4 sc0 ls0 ws0\">CPIH: 2.25% </td></tr><tr><td></td><td></td><td class=\"c n x34b y23b5 w1a9 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">2.75% until Dec<span class=\"_ _209\"> </span></div></td><td class=\"c n x34c y23b5 w97 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">2027,<span class=\"_ _209\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x34d h3 y23b6 ff2 fs1 fc4 sc0 ls0 ws0\" colspan=\"2\">2.5% thereafter<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"c n x34e y23b7 w1aa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x34f y23b7 w1ab hd0\" colspan=\"2\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">3.00% until Dec 2026<span class=\"_ _209\"> </span></div></td><td></td><td class=\"t m0 x350 h8 y23b8 ff4 fs1 fc4 sc0 ls0 ws0\">CPIH: 2.75% until Dec 2025,<span class=\"_ _209\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x351 h3 y23b9 ff2 fs1 fc4 sc0 ls0 ws0\" colspan=\"2\">2.50% thereafter<span class=\"_ _209\"> </span></td><td></td><td class=\"t m0 x352 h8 y23b9 ff4 fs1 fc4 sc0 ls0 ws0\">2.50% thereafter<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"c n x34e y23ba w1ac hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">New Zealand<span class=\"_ _209\"> </span></div></td><td class=\"c n x34f y23ba w1ab hd4\" colspan=\"2\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">2.15% until Dec 2026<span class=\"_ _209\"> </span></div></td><td></td><td class=\"t m0 x353 h8 y23bb ff4 fs1 fc4 sc0 ls0 ws0\">2.25% </td></tr><tr><td></td><td></td><td class=\"t m0 x351 h3 y23bc ff2 fs1 fc4 sc0 ls0 ws0\" colspan=\"2\">2.25% thereafter<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"c n x34e y23bd wbb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Europe<span class=\"_ _209\"> </span></div></td><td class=\"c n x354 y23bd w1a9 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">2.25% until Dec<span class=\"_ _209\"> </span></div></td><td class=\"c n x355 y23bd w97 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">2026,<span class=\"_ _209\"> </span></div></td><td></td><td class=\"t m0 x356 h8 y23be ff4 fs1 fc4 sc0 ls0 ws0\">2.25% until Dec-26,<span class=\"_ _209\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x351 h3 y23bf ff2 fs1 fc4 sc0 ls0 ws0\" colspan=\"2\">2.00% thereafter<span class=\"_ _209\"> </span></td><td></td><td class=\"t m0 x352 h8 y23bf ff4 fs1 fc4 sc0 ls0 ws0\">2.00% thereafter<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"c n x34e y23c0 w1ad hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Canada<span class=\"_ _209\"> </span></div></td><td class=\"c n x357 y23c0 w1a9 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">2.10% until Dec<span class=\"_ _209\"> </span></div></td><td class=\"c n x358 y23c0 w97 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">2026,<span class=\"_ _209\"> </span></div></td><td></td><td class=\"t m0 x356 h8 y23c1 ff4 fs1 fc4 sc0 ls0 ws0\">2.25% until Dec-25,<span class=\"_ _209\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x351 h3 y23c2 ff2 fs1 fc4 sc0 ls0 ws0\">2.00% thereafter<span class=\"_ _209\"> </span></td><td></td><td class=\"t m0 x352 h8 y23c2 ff4 fs1 fc4 sc0 ls0 ws0\">2.00% thereafter<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"c x34e y23c4 w1ae hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">US</div><div class=\"t m0 x359 h1e y23c3 ff4 fs12 fc4 sc0 ls0 ws0\">2<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x35a y23c5 w1af hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">N/A<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x35b y23c5 w1b0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">N/A<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1b4 h8 y23c6 ff4 fs1 fc4 sc0 ls0 ws0\">Long-term </td><td class=\"c n x34e y23c7 w1a4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x35c y23c7 w1b1 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls162 ws16d\">2<span class=\"_ _4\"></span>.75%<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x35d y23c7 w1b2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">2.50%<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c x1b0 y23c8 w1b3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">deposit<span class=\"_ gs4d\"> </span>rates</div><div class=\"t m0 x35e h1e y2316 ff4 fs12 fc4 sc0 ls0 ws0\">3<span class=\"_ _209\"> </span></div></td><td class=\"c n x34e y23c9 w1aa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Australia<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x35f y23c9 w1b1 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls162 ws16d\">2<span class=\"_ _4\"></span>.75%<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x360 y23c9 w1b2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">2.75%<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x34e y23ca w1ac hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">New Zealand<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x361 y23ca w1b4 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">2<span class=\"_ _4\"></span>.5<span class=\"_ _4\"></span>0%<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x362 y23ca w1b5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">2.50%<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x363 y23cb wbb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Europe<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x364 y23cb w1b6 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse4 wsf5\">1.<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>0%<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x365 y23cb w1b5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">1.50%<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x363 y23cc w1ad hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Canada<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x366 y23cc w1b4 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">2<span class=\"_ _4\"></span>.5<span class=\"_ _4\"></span>0%<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x367 y23cc w1b5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">2.50%<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c x363 y23cd w1b7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">US</div><div class=\"t m0 x368 h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">2<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x35a y23ce w1b8 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1b6 ws1c3\">N<span class=\"_ _4\"></span>/A<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x369 y23ce w1b0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">N/A<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1b4 h8 y23cf ff4 fs1 fc4 sc0 ls0 ws0\">Foreign </td><td class=\"c n x34e y23d0 w1b9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">GBP/AUD<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x36a y23d0 w1ba hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls17e ws59\">2.<span class=\"_ _4\"></span>01<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x36b y23d0 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">2.02<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1b4 h8 y23d1 ff4 fs1 fc4 sc0 ls0 ws0\">exchange<span class=\"_ gs4d\"> </span>rates<span class=\"_ _209\"> </span></td><td class=\"c n x34e y23d2 w1bc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">GBP/NZD<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x36c y23d2 w1bd hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1a7 ws1b2\">2.33<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x36d y23d2 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">2.23<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x34e y23d3 w1be hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">GBP/DKK<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x36e y23d3 w1bf hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls89 ws88\">8.56<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x36f y23d3 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">9.00<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x34e y23d4 w1c0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">GBP/EUR<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x370 y23d4 w1c1 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse5 wsf6\">1.1<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x371 y23d4 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">1.21<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x34e y23d5 w1c2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">GBP/CAD<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x372 y23d5 w1c3 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse4 wsf5\">1.<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>4<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x373 y23d5 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">1.80<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x34e y23d6 w1b9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">GBP/USD<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x36a y23d6 w1c3 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse4 wsf5\">1.<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x374 y23d6 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">1.25<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c x1b0 y23d7 w1c4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>ax rates</div><div class=\"t m0 x375 h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">4<span class=\"_ _209\"> </span></div></td><td class=\"c n x34e y23d8 w1a4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x376 y23d8 w1c5 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">25<span class=\"_ _4\"></span>.0<span class=\"_ _4\"></span>0%<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x377 y23d8 w1c6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">25.00%<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x34e y23d9 w1aa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Australia<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x378 y23d9 w1c7 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">3<span class=\"_ _4\"></span>0.0<span class=\"_ _4\"></span>0%<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x379 y23d9 w1c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">30.00%<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x34e y23da w1ac hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">New Zealand<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x37a y23da w1c5 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">2<span class=\"_ _4\"></span>8.0<span class=\"_ _4\"></span>0%<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x37b y23da w1c6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">28.00%<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x34e y23db wbb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Europe<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x37c y23db w1c9 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">V<span class=\"_ _7\"></span>a<span class=\"_ _4\"></span>ri<span class=\"_ _4\"></span>ous (12<span class=\"_ _4\"></span>.5<span class=\"_ _4\"></span>0% \u2013 32<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>28%)<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x37d y23db w1ca hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">V<span class=\"_ _1\"></span>arious (12.50% \u2013 32.28%)<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x34e y23dc w1ad hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Canada<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x37e y23dc w1cb hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">Var<span class=\"_ _4\"></span>iou<span class=\"_ _4\"></span>s (23<span class=\"_ _4\"></span>.0<span class=\"_ _4\"></span>0% \u2013 2<span class=\"_ _4\"></span>6.<span class=\"_ _4\"></span>50%)<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x37f y23dc w1cc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">V<span class=\"_ _7\"></span>arious (23.00% \u2013 26.50%)<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c x34e y22b6 w1ae hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">US</div><div class=\"t m0 x359 h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">2<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x35a y22b6 w1b8 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1b6 ws1c3\">N<span class=\"_ _4\"></span>/A<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x369 y22b6 w1b0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">N/A<span class=\"_ _209\"> </span></div></td></tr></table>1 <span class=\"_ _1d\"> </span>W<span class=\"_ _4\"></span>he<span class=\"_ _4\"></span>re ins<span class=\"_ _4\"></span>uf<span class=\"_ _4\"></span>fici<span class=\"_ _4\"></span>ent pr<span class=\"_ _4\"></span>otect<span class=\"_ _4\"></span>ion<span class=\"_ _4\"></span>s exis<span class=\"_ _4\"></span>t with<span class=\"_ _4\"></span>in pr<span class=\"_ _4\"></span>oje<span class=\"_ _4\"></span>ct agr<span class=\"_ _4\"></span>eem<span class=\"_ _4\"></span>ents o<span class=\"_ _4\"></span>r thro<span class=\"_ _4\"></span>ugh r<span class=\"_ _4\"></span>egu<span class=\"_ _4\"></span>lator<span class=\"_ _4\"></span>y pr<span class=\"_ _4\"></span>ece<span class=\"_ _4\"></span>den<span class=\"_ _4\"></span>t, RPI is a<span class=\"_ _4\"></span>ssu<span class=\"_ _4\"></span>med to a<span class=\"_ _4\"></span>lig<span class=\"_ _4\"></span>n with C<span class=\"_ _4\"></span>PIH po<span class=\"_ _4\"></span>st-2030.<span class=\"_ _209\"> </span>2 <span class=\"_ _1d\"> </span>T<span class=\"_ _4\"></span>he C<span class=\"_ _4\"></span>ompa<span class=\"_ _4\"></span>ny\u2019s US inve<span class=\"_ _4\"></span>stm<span class=\"_ _4\"></span>ent i<span class=\"_ _4\"></span>s in the f<span class=\"_ _4\"></span>orm of s<span class=\"_ _4\"></span>ubo<span class=\"_ _4\"></span>rdin<span class=\"_ _4\"></span>ated d<span class=\"_ _4\"></span>ebt an<span class=\"_ _4\"></span>d the<span class=\"_ _4\"></span>refo<span class=\"_ _4\"></span>re not di<span class=\"_ _4\"></span>rec<span class=\"_ _4\"></span>tly im<span class=\"_ _4\"></span>pac<span class=\"_ _4\"></span>ted by in<span class=\"_ _4\"></span>flati<span class=\"_ _4\"></span>on, de<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>it an<span class=\"_ _4\"></span>d ta<span class=\"_ _4\"></span>x rate as<span class=\"_ _4\"></span>sum<span class=\"_ _4\"></span>ptio<span class=\"_ _4\"></span>ns. 3 <span class=\"_ _1d\"> </span>T<span class=\"_ _4\"></span>he po<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>fol<span class=\"_ _4\"></span>io va<span class=\"_ _4\"></span>luat<span class=\"_ _4\"></span>ion a<span class=\"_ _4\"></span>ssu<span class=\"_ _4\"></span>mes ac<span class=\"_ _4\"></span>tua<span class=\"_ _4\"></span>l cur<span class=\"_ _4\"></span>rent d<span class=\"_ _4\"></span>epo<span class=\"_ _4\"></span>sit r<span class=\"_ _4\"></span>ates a<span class=\"_ _4\"></span>re mai<span class=\"_ _4\"></span>nta<span class=\"_ _4\"></span>ine<span class=\"_ _4\"></span>d unti<span class=\"_ _4\"></span>l 3<span class=\"_ _1\"></span>1 De<span class=\"_ _4\"></span>cem<span class=\"_ _4\"></span>ber 2<span class=\"_ _4\"></span>026 bef<span class=\"_ _4\"></span>ore ad<span class=\"_ _4\"></span>jus<span class=\"_ _4\"></span>ting to th<span class=\"_ _4\"></span>e lon<span class=\"_ _4\"></span>g-ter<span class=\"_ _4\"></span>m rate<span class=\"_ _4\"></span>s noted i<span class=\"_ _4\"></span>n the ta<span class=\"_ _4\"></span>ble a<span class=\"_ _4\"></span>bove f<span class=\"_ _4\"></span>rom 1 J<span class=\"_ _4\"></span>anua<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>y 2027<span class=\"_ _0\"></span>. 4 <span class=\"_ _1d\"> </span>Tax r<span class=\"_ _4\"></span>ates re<span class=\"_ _4\"></span>flec<span class=\"_ _4\"></span>t tho<span class=\"_ _4\"></span>se sub<span class=\"_ _4\"></span>sta<span class=\"_ _4\"></span>ntive<span class=\"_ _4\"></span>ly e<span class=\"_ _4\"></span>nacte<span class=\"_ _4\"></span>d as at t<span class=\"_ _4\"></span>he val<span class=\"_ _4\"></span>uati<span class=\"_ _4\"></span>on da<span class=\"_ _4\"></span>te or tho<span class=\"_ _4\"></span>se tha<span class=\"_ _4\"></span>t cou<span class=\"_ _4\"></span>ld re<span class=\"_ _4\"></span>ason<span class=\"_ _4\"></span>abl<span class=\"_ _4\"></span>y be ex<span class=\"_ _4\"></span>pec<span class=\"_ _4\"></span>ted to be s<span class=\"_ _4\"></span>ubs<span class=\"_ _4\"></span>tant<span class=\"_ _4\"></span>ivel<span class=\"_ _4\"></span>y ena<span class=\"_ _4\"></span>cted s<span class=\"_ _4\"></span>hor<span class=\"_ _4\"></span>tl<span class=\"_ _4\"></span>y aft<span class=\"_ _4\"></span>er the v<span class=\"_ _4\"></span>alu<span class=\"_ _4\"></span>atio<span class=\"_ _4\"></span>n date.<span class=\"_ _209\"> </span>Discount rates<span class=\"_ _209\"> </span>Discount rates as a whole are consider<span class=\"_ _7\"></span>ed to be an unobservable input for the purposes of IFRS13. The discount rate used in the valuation of<span class=\"_ gs4d\"> </span>each investment has been determined with refer<span class=\"_ _7\"></span>ence to: <span class=\"_ _22\"></span>\u2013<span class=\"_ _23\"> </span>Yield on a government bond with a remaining term equivalent to (or as close as possible to) the investment being valued, issued by the national government for the location of the relevant investment (\u2018government bond yield\u2019); <span class=\"_ _22\"></span>\u2013<span class=\"_ _23\"> </span>Investment risk premium, compr<span class=\"_ _7\"></span>omising: <span class=\"_ _22\"></span><span class=\"ff3\">\u2013<span class=\"_ _48\"> </span><span class=\"ff4\">A premium to r<span class=\"_ _1\"></span>eflect the inherent gr<span class=\"_ _7\"></span>eater risk in investing in infrastructure assets over government bonds;</span></span> <span class=\"_ _22\"></span><span class=\"ff3\">\u2013<span class=\"_ _48\"> </span><span class=\"ff4\">A further premium to r<span class=\"_ _1\"></span>eflect the state of maturity of the asset with a larger premium applied to immatur<span class=\"_ _7\"></span>e assets and/or assets in </span></span>construction and/or to reflect any curr<span class=\"_ _7\"></span>ent asset specific or operational issues. T<span class=\"_ _0\"></span>ypically<span class=\"_ _0\"></span>, this risk premium will reduce over the life of any asset as an asset matures, its operating performance becomes mor<span class=\"_ _7\"></span>e established, and the risks associated with its future cash flows decrease. However<span class=\"_ _3\"></span>, the rate may increase in relation to investments with unknown r<span class=\"_ _1\"></span>esidual values at the end of the relevant concession life as that date nears; <span class=\"_ _22\"></span><span class=\"ff3\">\u2013<span class=\"_ _48\"> </span><span class=\"ff4\">A further adjustment reflective of market-based transaction valuation evidence for similar assets. Such adjustment is consider<span class=\"_ _1\"></span>ed </span></span>to<span class=\"_ gs4d\"> </span>implicitly include the market\u2019<span class=\"_ _3\"></span>s assessment of the risk posed by climate factors to that particular investment.<span class=\"_ _209\"> </span>Over the year<span class=\"_ _0\"></span>, the weighted average government bond yield and weighted average investment risk premium saw only minor movements reflecting observable market-based evidence.<span class=\"_ _209\"> </span><table class=\"s w1cd heb\" id=\"_a6dcbab5-5813-4323-8cbe-cef28d08cead\"><tr><td class=\"c n x1b0 y23dd w1ce hd1\"><div class=\"t m0 x1af h1d y2395 ff4 fs13 fc4 sc0 ls0 ws0\">V<span class=\"_ _7\"></span>aluation assumptions<span class=\"_ _209\"> </span></div></td><td class=\"c n x380 y23dd w1cf he6\"><div class=\"t m0 x1af h1d y2395 ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></div></td><td class=\"c n x381 y23dd w1d0 hd1\"><div class=\"t m0 x1af h1d y2395 ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></div></td><td class=\"c n x382 y23dd w1d1 hd1\"><div class=\"t m0 x1af h1d y2395 ff4 fs13 fc4 sc0 ls0 ws0\">Movement<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b2 w1d2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Weighted A<span class=\"_ _7\"></span>verage Gover<span class=\"_ _4\"></span>nment Bond Yield<span class=\"_ _209\"> </span></div></td><td class=\"c n x383 y22b2 w1d3 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lsdf ws85\">4.<span class=\"_ _4\"></span>6%<span class=\"_ _209\"> </span></div></td><td class=\"c n x384 y22b2 w1d4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls161 ws16c\">4<span class=\"_ _4\"></span>.4%<span class=\"_ _209\"> </span></div></td><td class=\"c n x385 y22b2 w1d5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdb wsed\">0.<span class=\"_ _4\"></span>2%<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22c7 w1d6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Weighted A<span class=\"_ _7\"></span>verage Investment Risk Premium<span class=\"_ _209\"> </span></div></td><td class=\"c n x386 y22c7 w1d7 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls162 ws16d\">4<span class=\"_ _4\"></span>.5%<span class=\"_ _209\"> </span></div></td><td class=\"c n x387 y22c7 w1d8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">4.6%<span class=\"_ _209\"> </span></div></td><td class=\"c n x388 y22c7 w1d9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdd wsef\">(<span class=\"_ _6\"> </span>0<span class=\"_ _6\"></span>.1%<span class=\"_ _6\"></span>)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w1da hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">W<span class=\"_ _7\"></span>eighted Average Discount Rate<span class=\"_ _209\"> </span></div></td><td class=\"c n x389 y22b6 w1db hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse5 wsf6\">9<span class=\"_ _4\"></span>.1%<span class=\"_ _209\"> </span></div></td><td class=\"c n x38a y22b6 w1dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5c ws95\">9.<span class=\"_ _4\"></span>0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x38b y22b6 w1dd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdd wsef\">0<span class=\"_ _4\"></span>.1<span class=\"_ _4\"></span>%<span class=\"_ _209\"> </span></div></td></tr></table><table class=\"s w1de hec\" id=\"_b8941708-d195-466b-a1b9-82c1dcfa0926\"><tr><td></td><td class=\"t m0 x22b h2b y23de ff2 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended </td><td class=\"t m0 x22c h1d y23df ff4 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended </td></tr><tr><td></td><td class=\"t m0 x22d h2b y23e0 ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x22e h1d y23e1 ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1e7 h1d y23e2 ff4 fs13 fc4 sc0 ls0 ws0\">Reconciliation of Level 3 fair value measurements of financial assets<span class=\"_ _209\"> </span></td><td class=\"t m0 x1e1 h2b y23e3 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1fe h1d y23e4 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y23d6 w1df hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">Balance at 1 January<span class=\"_ _209\"> </span></div></td><td class=\"c n x38c y23d6 w1e0 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls191 ws185\">2,<span class=\"_ _4\"></span>593<span class=\"_ _4\"></span>,056<span class=\"_ _209\"> </span></div></td><td class=\"c n x38d y23d6 w1e1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsae wsb6\">2<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>818<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>9<span class=\"_ _4\"></span>0<span class=\"_ _6\"></span>3<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23e5 w1e2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Additional investments during the year<span class=\"_ _209\"> </span></div></td><td class=\"c n x38e y23e5 w94 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lsda wsec\">4<span class=\"_ _4\"></span>7,<span class=\"_ _6\"></span>3<span class=\"_ _6\"></span>3<span class=\"_ _6\"></span>4<span class=\"_ _209\"> </span></div></td><td class=\"c n x38f y23e5 w1e3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls198 ws1a3\">1<span class=\"_ _4\"></span>0<span class=\"_ _6\"></span>7,<span class=\"_ _6\"></span>7<span class=\"_ _4\"></span>6<span class=\"_ _6\"> </span>7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22af w1e4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Net repayments during the year<span class=\"_ _209\"> </span></div></td><td class=\"c n x390 y22af w1e5 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls93 ws94\">(<span class=\"_ _7\"></span>102,022)<span class=\"_ _209\"> </span></div></td><td class=\"c n x391 y22af w1e6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">(<span class=\"_ _7\"></span>182<span class=\"_ _7\"></span>,39<span class=\"_ _4\"></span>6)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y229c wba hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Capitalisation of interest<span class=\"_ _209\"> </span></div></td><td class=\"c n x392 y229c w1e7 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lsda wsec\">7,<span class=\"_ _4\"></span>9<span class=\"_ _6\"> </span>6<span class=\"_ _6\"></span>7<span class=\"_ _209\"> </span></div></td><td class=\"c n x393 y229c w1e8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb8 wsc0\">13<span class=\"_ _4\"></span>,47<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b2 wc8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Working capital advanced<span class=\"_ _209\"> </span></div></td><td class=\"c n x24c y22b2 w74 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x394 y22b2 w187 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls87 ws86\">15<span class=\"_ _4\"></span>6<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22c7 w138 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Net change in investments at fair value through pr<span class=\"_ _7\"></span>ofit or loss<span class=\"_ _209\"> </span></div></td><td class=\"c n x2de y22c7 w46 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls162 ws16d\">9<span class=\"_ _4\"></span>5,<span class=\"_ _4\"></span>2<span class=\"_ _4\"></span>47<span class=\"_ _209\"> </span></div></td><td class=\"c n x2df y22c7 w47 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1a4 ws1af\">(16<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>2)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w1e9 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">Balance at 31 December<span class=\"_ _209\"> </span></div></td><td class=\"c n x395 y22b6 we9 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1ab ws1b6\">2<span class=\"_ _6\"></span>,<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>41,<span class=\"_ _4\"></span>5<span class=\"_ _6\"></span>8<span class=\"_ _4\"></span>2<span class=\"_ _209\"> </span></div></td><td class=\"c n x396 y22b6 w1ea hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsd3 wse3\">2<span class=\"_ _1\"></span>,593,056<span class=\"_ _209\"> </span></div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-196": {
   "value": "1<span class=\"_ _7\"></span>1.4 <span class=\"_ _121\"> </span>FAIR VALU<span class=\"_ _4\"></span>E HIE<span class=\"_ _4\"></span>R<span class=\"_ _4\"></span>ARCH<span class=\"_ _4\"></span>Y<span class=\"_ _209\"> </span>All financial instruments for which fair value is recognised or disclosed ar<span class=\"_ _7\"></span>e categorised within the fair value hierarchy<span class=\"_ _0\"></span>, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:<span class=\"_ _209\"> </span>Level 1 \u2014  <span class=\"_ _1a\"></span>Quoted market prices in an active market (that are unadjusted) for identical assets or liabilities;<span class=\"_ _209\"> </span>Level 2 \u2014  <span class=\"_ _1a\"></span>V<span class=\"_ _7\"></span>aluation techniques (for which the lowest level input that is significant to the fair value measurement is directly  or indirectly observable);<span class=\"_ _209\"> </span>Level 3 \u2014 V<span class=\"_ _7\"></span>aluation techniques (for which the lowest level input that is significant to the fair value measurement is unobservable).<span class=\"_ _209\"> </span>During the year<span class=\"_ _0\"></span>, there wer<span class=\"_ _1\"></span>e no transfers between Level 2 and Level 3 categories.<span class=\"_ _209\"> </span>Leve<span class=\"_ _4\"></span>l 1<span class=\"_ _7\"></span>:<span class=\"_ _209\"> </span>The Group has no financial instruments classified as Level 1.<span class=\"_ _209\"> </span>Leve<span class=\"_ _4\"></span>l 2:<span class=\"_ _209\"> </span>This category includes derivative financial instruments such as interest rate swaps, RPI swaps and curr<span class=\"_ _7\"></span>ency forward contracts. As<span class=\"_ gs4d\"> </span>a<span class=\"_ gs4d\"> </span>31<span class=\"_ gs4d\"> </span>December 2025, the Group\u2019<span class=\"_ _3\"></span>s only derivative financial instruments were curr<span class=\"_ _1\"></span>ency forward contracts amounting to an asset of<span class=\"_ gs4d\"> </span>\u00a32.1m<span class=\"_ gs4d\"> </span>(December 2024: asset of \u00a33.2m).<span class=\"_ _209\"> </span>Financial instruments classified as Level 2 have been valued using models whose inputs are observable in an active market (spot<span class=\"_ gs4d\"> </span>exchange rates, yield curves, interest rate curves). V<span class=\"_ _0\"></span>aluations based on observable inputs include financial instruments such as swaps and forward contracts which are valued using market standar<span class=\"_ _7\"></span>d pricing techniques where all the inputs to the market standard pricing models are<span class=\"_ gs4d\"> </span>observable. Leve<span class=\"_ _4\"></span>l 3:<span class=\"_ _209\"> </span>This category consists of investments in equity and loan instruments in underlying unconsolidated subsidiary entities and other non-<span class=\"_ _209\"> </span>controlled investments which ar<span class=\"_ _7\"></span>e classified at fair value through profit or loss. At 31 December 2025, the fair value of financial instruments classified within Level 3 totalled \u00a32,641.6m (December 2024: \u00a32,593.1m). Financial instruments are classified within Level 3 if their valuation incorporates significant inputs that ar<span class=\"_ _7\"></span>e not based on observable market data (unobservable inputs). A valuation input is considered observable if it can be dir<span class=\"_ _7\"></span>ectly observed from transactions in an active market, or<span class=\"_ gs4d\"> </span>if there is compelling external evidence demonstrating an executable exit price. V<span class=\"_ _1\"></span>aluation process<span class=\"_ _209\"> </span>V<span class=\"_ _7\"></span>aluations are the responsibility of the Boar<span class=\"_ _7\"></span>d of Directors. The valuation of unlisted equity and debt investments is performed on a quarterly1<span class=\"_ _209\"> </span>basis by the Investment Adviser<span class=\"_ _0\"></span>. The valuation is reviewed by the senior members of the Investment Adviser and r<span class=\"_ _1\"></span>eviewed and approved by<span class=\"_ gs4d\"> </span>the Board. V<span class=\"_ _1\"></span>aluation methodology<span class=\"_ _209\"> </span>The valuation methodologies used are primarily based on discounting the underlying investee entities\u2019 futur<span class=\"_ _7\"></span>e projected net cash flows at appropriate discount rates. V<span class=\"_ _0\"></span>aluations are also reviewed against r<span class=\"_ _1\"></span>ecent market transactions for similar assets in comparable markets observed by the Group or Investment Adviser and adjusted wher<span class=\"_ _7\"></span>e appropriate.<span class=\"_ _209\"> </span>Cash flow forecasts for the full-term of each underlying investment ar<span class=\"_ _7\"></span>e generated by detailed investment specific financial models. These<span class=\"_ gs4d\"> </span>models forecast the dividend, shar<span class=\"_ _7\"></span>eholder loan interest payments, capital repayments and senior debt repayments (wher<span class=\"_ _7\"></span>e applicable) expected from the underlying investments. The cash flows included in the for<span class=\"_ _7\"></span>ecasts used to determine fair value are typically fixed under contracts, however there ar<span class=\"_ _7\"></span>e certain variable cash flows which are based on management\u2019<span class=\"_ _0\"></span>s estimations (see also page 49 of the strategic report). The significant unobservable inputs and assumptions used in pr<span class=\"_ _7\"></span>ojecting the Group\u2019<span class=\"_ _0\"></span>s net future cash flows ar<span class=\"_ _7\"></span>e shown overleaf.<span class=\"_ _209\"> </span><table class=\"s w1a2 he9\" id=\"_871e8031-923a-4a62-b463-34a28457014c\"><tr><td></td><td></td><td></td><td class=\"t m0 x33e h2b y23ad ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td></td><td class=\"t m0 x1ab h1d y23ad ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x33f h2b y23ae ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td></td><td class=\"t m0 x1ae h1d y23ae ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y23af w1a3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Inflation rates<span class=\"_ _209\"> </span></div></td><td class=\"c n x340 y23af w1a4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x341 y23af w1a5 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">RPI: 3.50% until Dec 2027,<span class=\"_ _209\"> </span></div></td><td></td><td class=\"t m0 x342 h8 y23b0 ff4 fs1 fc4 sc0 ls0 ws0\">RPI: 3.25% until Dec 2025,<span class=\"_ _209\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"c x344 y23b1 w1a6 hea\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">2.75% thereafter</div><div class=\"t m0 x343 h1e y233a ff4 fs12 fc4 sc0 ls0 ws0\">1<span class=\"_ _209\"> </span></div></td><td class=\"c n x345 y23b2 w1a7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">3.00% until Dec<span class=\"_ _209\"> </span></div></td><td class=\"c n x346 y23b2 w97 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">2026,<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c x348 y23b3 w1a8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">2.75% thereafter</div><div class=\"t m0 x347 h1e y2316 ff4 fs12 fc4 sc0 ls0 ws0\">1<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x349 h3 y23b4 ff2 fs1 fc4 sc0 ls0 ws0\">CPIH: 3.00% until Dec 2026,<span class=\"_ _209\"> </span></td><td></td><td class=\"t m0 x34a h8 y23b4 ff4 fs1 fc4 sc0 ls0 ws0\">CPIH: 2.25% </td></tr><tr><td></td><td></td><td class=\"c n x34b y23b5 w1a9 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">2.75% until Dec<span class=\"_ _209\"> </span></div></td><td class=\"c n x34c y23b5 w97 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">2027,<span class=\"_ _209\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x34d h3 y23b6 ff2 fs1 fc4 sc0 ls0 ws0\" colspan=\"2\">2.5% thereafter<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"c n x34e y23b7 w1aa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x34f y23b7 w1ab hd0\" colspan=\"2\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">3.00% until Dec 2026<span class=\"_ _209\"> </span></div></td><td></td><td class=\"t m0 x350 h8 y23b8 ff4 fs1 fc4 sc0 ls0 ws0\">CPIH: 2.75% until Dec 2025,<span class=\"_ _209\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x351 h3 y23b9 ff2 fs1 fc4 sc0 ls0 ws0\" colspan=\"2\">2.50% thereafter<span class=\"_ _209\"> </span></td><td></td><td class=\"t m0 x352 h8 y23b9 ff4 fs1 fc4 sc0 ls0 ws0\">2.50% thereafter<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"c n x34e y23ba w1ac hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">New Zealand<span class=\"_ _209\"> </span></div></td><td class=\"c n x34f y23ba w1ab hd4\" colspan=\"2\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">2.15% until Dec 2026<span class=\"_ _209\"> </span></div></td><td></td><td class=\"t m0 x353 h8 y23bb ff4 fs1 fc4 sc0 ls0 ws0\">2.25% </td></tr><tr><td></td><td></td><td class=\"t m0 x351 h3 y23bc ff2 fs1 fc4 sc0 ls0 ws0\" colspan=\"2\">2.25% thereafter<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"c n x34e y23bd wbb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Europe<span class=\"_ _209\"> </span></div></td><td class=\"c n x354 y23bd w1a9 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">2.25% until Dec<span class=\"_ _209\"> </span></div></td><td class=\"c n x355 y23bd w97 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">2026,<span class=\"_ _209\"> </span></div></td><td></td><td class=\"t m0 x356 h8 y23be ff4 fs1 fc4 sc0 ls0 ws0\">2.25% until Dec-26,<span class=\"_ _209\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x351 h3 y23bf ff2 fs1 fc4 sc0 ls0 ws0\" colspan=\"2\">2.00% thereafter<span class=\"_ _209\"> </span></td><td></td><td class=\"t m0 x352 h8 y23bf ff4 fs1 fc4 sc0 ls0 ws0\">2.00% thereafter<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"c n x34e y23c0 w1ad hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Canada<span class=\"_ _209\"> </span></div></td><td class=\"c n x357 y23c0 w1a9 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">2.10% until Dec<span class=\"_ _209\"> </span></div></td><td class=\"c n x358 y23c0 w97 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">2026,<span class=\"_ _209\"> </span></div></td><td></td><td class=\"t m0 x356 h8 y23c1 ff4 fs1 fc4 sc0 ls0 ws0\">2.25% until Dec-25,<span class=\"_ _209\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x351 h3 y23c2 ff2 fs1 fc4 sc0 ls0 ws0\">2.00% thereafter<span class=\"_ _209\"> </span></td><td></td><td class=\"t m0 x352 h8 y23c2 ff4 fs1 fc4 sc0 ls0 ws0\">2.00% thereafter<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"c x34e y23c4 w1ae hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">US</div><div class=\"t m0 x359 h1e y23c3 ff4 fs12 fc4 sc0 ls0 ws0\">2<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x35a y23c5 w1af hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">N/A<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x35b y23c5 w1b0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">N/A<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1b4 h8 y23c6 ff4 fs1 fc4 sc0 ls0 ws0\">Long-term </td><td class=\"c n x34e y23c7 w1a4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x35c y23c7 w1b1 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls162 ws16d\">2<span class=\"_ _4\"></span>.75%<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x35d y23c7 w1b2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">2.50%<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c x1b0 y23c8 w1b3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">deposit<span class=\"_ gs4d\"> </span>rates</div><div class=\"t m0 x35e h1e y2316 ff4 fs12 fc4 sc0 ls0 ws0\">3<span class=\"_ _209\"> </span></div></td><td class=\"c n x34e y23c9 w1aa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Australia<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x35f y23c9 w1b1 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls162 ws16d\">2<span class=\"_ _4\"></span>.75%<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x360 y23c9 w1b2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">2.75%<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x34e y23ca w1ac hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">New Zealand<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x361 y23ca w1b4 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">2<span class=\"_ _4\"></span>.5<span class=\"_ _4\"></span>0%<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x362 y23ca w1b5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">2.50%<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x363 y23cb wbb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Europe<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x364 y23cb w1b6 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse4 wsf5\">1.<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>0%<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x365 y23cb w1b5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">1.50%<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x363 y23cc w1ad hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Canada<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x366 y23cc w1b4 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">2<span class=\"_ _4\"></span>.5<span class=\"_ _4\"></span>0%<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x367 y23cc w1b5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">2.50%<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c x363 y23cd w1b7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">US</div><div class=\"t m0 x368 h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">2<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x35a y23ce w1b8 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1b6 ws1c3\">N<span class=\"_ _4\"></span>/A<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x369 y23ce w1b0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">N/A<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1b4 h8 y23cf ff4 fs1 fc4 sc0 ls0 ws0\">Foreign </td><td class=\"c n x34e y23d0 w1b9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">GBP/AUD<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x36a y23d0 w1ba hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls17e ws59\">2.<span class=\"_ _4\"></span>01<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x36b y23d0 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">2.02<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1b4 h8 y23d1 ff4 fs1 fc4 sc0 ls0 ws0\">exchange<span class=\"_ gs4d\"> </span>rates<span class=\"_ _209\"> </span></td><td class=\"c n x34e y23d2 w1bc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">GBP/NZD<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x36c y23d2 w1bd hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1a7 ws1b2\">2.33<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x36d y23d2 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">2.23<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x34e y23d3 w1be hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">GBP/DKK<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x36e y23d3 w1bf hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls89 ws88\">8.56<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x36f y23d3 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">9.00<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x34e y23d4 w1c0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">GBP/EUR<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x370 y23d4 w1c1 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse5 wsf6\">1.1<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x371 y23d4 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">1.21<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x34e y23d5 w1c2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">GBP/CAD<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x372 y23d5 w1c3 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse4 wsf5\">1.<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>4<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x373 y23d5 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">1.80<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x34e y23d6 w1b9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">GBP/USD<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x36a y23d6 w1c3 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse4 wsf5\">1.<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x374 y23d6 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">1.25<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c x1b0 y23d7 w1c4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>ax rates</div><div class=\"t m0 x375 h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">4<span class=\"_ _209\"> </span></div></td><td class=\"c n x34e y23d8 w1a4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x376 y23d8 w1c5 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">25<span class=\"_ _4\"></span>.0<span class=\"_ _4\"></span>0%<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x377 y23d8 w1c6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">25.00%<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x34e y23d9 w1aa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Australia<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x378 y23d9 w1c7 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">3<span class=\"_ _4\"></span>0.0<span class=\"_ _4\"></span>0%<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x379 y23d9 w1c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">30.00%<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x34e y23da w1ac hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">New Zealand<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x37a y23da w1c5 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">2<span class=\"_ _4\"></span>8.0<span class=\"_ _4\"></span>0%<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x37b y23da w1c6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">28.00%<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x34e y23db wbb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Europe<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x37c y23db w1c9 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">V<span class=\"_ _7\"></span>a<span class=\"_ _4\"></span>ri<span class=\"_ _4\"></span>ous (12<span class=\"_ _4\"></span>.5<span class=\"_ _4\"></span>0% \u2013 32<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>28%)<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x37d y23db w1ca hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">V<span class=\"_ _1\"></span>arious (12.50% \u2013 32.28%)<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c n x34e y23dc w1ad hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Canada<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x37e y23dc w1cb hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">Var<span class=\"_ _4\"></span>iou<span class=\"_ _4\"></span>s (23<span class=\"_ _4\"></span>.0<span class=\"_ _4\"></span>0% \u2013 2<span class=\"_ _4\"></span>6.<span class=\"_ _4\"></span>50%)<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x37f y23dc w1cc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">V<span class=\"_ _7\"></span>arious (23.00% \u2013 26.50%)<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"c x34e y22b6 w1ae hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">US</div><div class=\"t m0 x359 h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">2<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x35a y22b6 w1b8 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1b6 ws1c3\">N<span class=\"_ _4\"></span>/A<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x369 y22b6 w1b0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">N/A<span class=\"_ _209\"> </span></div></td></tr></table>1 <span class=\"_ _1d\"> </span>W<span class=\"_ _4\"></span>he<span class=\"_ _4\"></span>re ins<span class=\"_ _4\"></span>uf<span class=\"_ _4\"></span>fici<span class=\"_ _4\"></span>ent pr<span class=\"_ _4\"></span>otect<span class=\"_ _4\"></span>ion<span class=\"_ _4\"></span>s exis<span class=\"_ _4\"></span>t with<span class=\"_ _4\"></span>in pr<span class=\"_ _4\"></span>oje<span class=\"_ _4\"></span>ct agr<span class=\"_ _4\"></span>eem<span class=\"_ _4\"></span>ents o<span class=\"_ _4\"></span>r thro<span class=\"_ _4\"></span>ugh r<span class=\"_ _4\"></span>egu<span class=\"_ _4\"></span>lator<span class=\"_ _4\"></span>y pr<span class=\"_ _4\"></span>ece<span class=\"_ _4\"></span>den<span class=\"_ _4\"></span>t, RPI is a<span class=\"_ _4\"></span>ssu<span class=\"_ _4\"></span>med to a<span class=\"_ _4\"></span>lig<span class=\"_ _4\"></span>n with C<span class=\"_ _4\"></span>PIH po<span class=\"_ _4\"></span>st-2030.<span class=\"_ _209\"> </span>2 <span class=\"_ _1d\"> </span>T<span class=\"_ _4\"></span>he C<span class=\"_ _4\"></span>ompa<span class=\"_ _4\"></span>ny\u2019s US inve<span class=\"_ _4\"></span>stm<span class=\"_ _4\"></span>ent i<span class=\"_ _4\"></span>s in the f<span class=\"_ _4\"></span>orm of s<span class=\"_ _4\"></span>ubo<span class=\"_ _4\"></span>rdin<span class=\"_ _4\"></span>ated d<span class=\"_ _4\"></span>ebt an<span class=\"_ _4\"></span>d the<span class=\"_ _4\"></span>refo<span class=\"_ _4\"></span>re not di<span class=\"_ _4\"></span>rec<span class=\"_ _4\"></span>tly im<span class=\"_ _4\"></span>pac<span class=\"_ _4\"></span>ted by in<span class=\"_ _4\"></span>flati<span class=\"_ _4\"></span>on, de<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>it an<span class=\"_ _4\"></span>d ta<span class=\"_ _4\"></span>x rate as<span class=\"_ _4\"></span>sum<span class=\"_ _4\"></span>ptio<span class=\"_ _4\"></span>ns. 3 <span class=\"_ _1d\"> </span>T<span class=\"_ _4\"></span>he po<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>fol<span class=\"_ _4\"></span>io va<span class=\"_ _4\"></span>luat<span class=\"_ _4\"></span>ion a<span class=\"_ _4\"></span>ssu<span class=\"_ _4\"></span>mes ac<span class=\"_ _4\"></span>tua<span class=\"_ _4\"></span>l cur<span class=\"_ _4\"></span>rent d<span class=\"_ _4\"></span>epo<span class=\"_ _4\"></span>sit r<span class=\"_ _4\"></span>ates a<span class=\"_ _4\"></span>re mai<span class=\"_ _4\"></span>nta<span class=\"_ _4\"></span>ine<span class=\"_ _4\"></span>d unti<span class=\"_ _4\"></span>l 3<span class=\"_ _1\"></span>1 De<span class=\"_ _4\"></span>cem<span class=\"_ _4\"></span>ber 2<span class=\"_ _4\"></span>026 bef<span class=\"_ _4\"></span>ore ad<span class=\"_ _4\"></span>jus<span class=\"_ _4\"></span>ting to th<span class=\"_ _4\"></span>e lon<span class=\"_ _4\"></span>g-ter<span class=\"_ _4\"></span>m rate<span class=\"_ _4\"></span>s noted i<span class=\"_ _4\"></span>n the ta<span class=\"_ _4\"></span>ble a<span class=\"_ _4\"></span>bove f<span class=\"_ _4\"></span>rom 1 J<span class=\"_ _4\"></span>anua<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>y 2027<span class=\"_ _0\"></span>. 4 <span class=\"_ _1d\"> </span>Tax r<span class=\"_ _4\"></span>ates re<span class=\"_ _4\"></span>flec<span class=\"_ _4\"></span>t tho<span class=\"_ _4\"></span>se sub<span class=\"_ _4\"></span>sta<span class=\"_ _4\"></span>ntive<span class=\"_ _4\"></span>ly e<span class=\"_ _4\"></span>nacte<span class=\"_ _4\"></span>d as at t<span class=\"_ _4\"></span>he val<span class=\"_ _4\"></span>uati<span class=\"_ _4\"></span>on da<span class=\"_ _4\"></span>te or tho<span class=\"_ _4\"></span>se tha<span class=\"_ _4\"></span>t cou<span class=\"_ _4\"></span>ld re<span class=\"_ _4\"></span>ason<span class=\"_ _4\"></span>abl<span class=\"_ _4\"></span>y be ex<span class=\"_ _4\"></span>pec<span class=\"_ _4\"></span>ted to be s<span class=\"_ _4\"></span>ubs<span class=\"_ _4\"></span>tant<span class=\"_ _4\"></span>ivel<span class=\"_ _4\"></span>y ena<span class=\"_ _4\"></span>cted s<span class=\"_ _4\"></span>hor<span class=\"_ _4\"></span>tl<span class=\"_ _4\"></span>y aft<span class=\"_ _4\"></span>er the v<span class=\"_ _4\"></span>alu<span class=\"_ _4\"></span>atio<span class=\"_ _4\"></span>n date.<span class=\"_ _209\"> </span>Discount rates<span class=\"_ _209\"> </span>Discount rates as a whole are consider<span class=\"_ _7\"></span>ed to be an unobservable input for the purposes of IFRS13. The discount rate used in the valuation of<span class=\"_ gs4d\"> </span>each investment has been determined with refer<span class=\"_ _7\"></span>ence to: <span class=\"_ _22\"></span>\u2013<span class=\"_ _23\"> </span>Yield on a government bond with a remaining term equivalent to (or as close as possible to) the investment being valued, issued by the national government for the location of the relevant investment (\u2018government bond yield\u2019); <span class=\"_ _22\"></span>\u2013<span class=\"_ _23\"> </span>Investment risk premium, compr<span class=\"_ _7\"></span>omising: <span class=\"_ _22\"></span><span class=\"ff3\">\u2013<span class=\"_ _48\"> </span><span class=\"ff4\">A premium to r<span class=\"_ _1\"></span>eflect the inherent gr<span class=\"_ _7\"></span>eater risk in investing in infrastructure assets over government bonds;</span></span> <span class=\"_ _22\"></span><span class=\"ff3\">\u2013<span class=\"_ _48\"> </span><span class=\"ff4\">A further premium to r<span class=\"_ _1\"></span>eflect the state of maturity of the asset with a larger premium applied to immatur<span class=\"_ _7\"></span>e assets and/or assets in </span></span>construction and/or to reflect any curr<span class=\"_ _7\"></span>ent asset specific or operational issues. T<span class=\"_ _0\"></span>ypically<span class=\"_ _0\"></span>, this risk premium will reduce over the life of any asset as an asset matures, its operating performance becomes mor<span class=\"_ _7\"></span>e established, and the risks associated with its future cash flows decrease. However<span class=\"_ _3\"></span>, the rate may increase in relation to investments with unknown r<span class=\"_ _1\"></span>esidual values at the end of the relevant concession life as that date nears; <span class=\"_ _22\"></span><span class=\"ff3\">\u2013<span class=\"_ _48\"> </span><span class=\"ff4\">A further adjustment reflective of market-based transaction valuation evidence for similar assets. Such adjustment is consider<span class=\"_ _1\"></span>ed </span></span>to<span class=\"_ gs4d\"> </span>implicitly include the market\u2019<span class=\"_ _3\"></span>s assessment of the risk posed by climate factors to that particular investment.<span class=\"_ _209\"> </span>Over the year<span class=\"_ _0\"></span>, the weighted average government bond yield and weighted average investment risk premium saw only minor movements reflecting observable market-based evidence.<span class=\"_ _209\"> </span><table class=\"s w1cd heb\" id=\"_a6dcbab5-5813-4323-8cbe-cef28d08cead\"><tr><td class=\"c n x1b0 y23dd w1ce hd1\"><div class=\"t m0 x1af h1d y2395 ff4 fs13 fc4 sc0 ls0 ws0\">V<span class=\"_ _7\"></span>aluation assumptions<span class=\"_ _209\"> </span></div></td><td class=\"c n x380 y23dd w1cf he6\"><div class=\"t m0 x1af h1d y2395 ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></div></td><td class=\"c n x381 y23dd w1d0 hd1\"><div class=\"t m0 x1af h1d y2395 ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></div></td><td class=\"c n x382 y23dd w1d1 hd1\"><div class=\"t m0 x1af h1d y2395 ff4 fs13 fc4 sc0 ls0 ws0\">Movement<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b2 w1d2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Weighted A<span class=\"_ _7\"></span>verage Gover<span class=\"_ _4\"></span>nment Bond Yield<span class=\"_ _209\"> </span></div></td><td class=\"c n x383 y22b2 w1d3 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lsdf ws85\">4.<span class=\"_ _4\"></span>6%<span class=\"_ _209\"> </span></div></td><td class=\"c n x384 y22b2 w1d4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls161 ws16c\">4<span class=\"_ _4\"></span>.4%<span class=\"_ _209\"> </span></div></td><td class=\"c n x385 y22b2 w1d5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdb wsed\">0.<span class=\"_ _4\"></span>2%<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22c7 w1d6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Weighted A<span class=\"_ _7\"></span>verage Investment Risk Premium<span class=\"_ _209\"> </span></div></td><td class=\"c n x386 y22c7 w1d7 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls162 ws16d\">4<span class=\"_ _4\"></span>.5%<span class=\"_ _209\"> </span></div></td><td class=\"c n x387 y22c7 w1d8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">4.6%<span class=\"_ _209\"> </span></div></td><td class=\"c n x388 y22c7 w1d9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdd wsef\">(<span class=\"_ _6\"> </span>0<span class=\"_ _6\"></span>.1%<span class=\"_ _6\"></span>)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w1da hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">W<span class=\"_ _7\"></span>eighted Average Discount Rate<span class=\"_ _209\"> </span></div></td><td class=\"c n x389 y22b6 w1db hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse5 wsf6\">9<span class=\"_ _4\"></span>.1%<span class=\"_ _209\"> </span></div></td><td class=\"c n x38a y22b6 w1dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5c ws95\">9.<span class=\"_ _4\"></span>0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x38b y22b6 w1dd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdd wsef\">0<span class=\"_ _4\"></span>.1<span class=\"_ _4\"></span>%<span class=\"_ _209\"> </span></div></td></tr></table><table class=\"s w1de hec\" id=\"_b8941708-d195-466b-a1b9-82c1dcfa0926\"><tr><td></td><td class=\"t m0 x22b h2b y23de ff2 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended </td><td class=\"t m0 x22c h1d y23df ff4 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended </td></tr><tr><td></td><td class=\"t m0 x22d h2b y23e0 ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x22e h1d y23e1 ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1e7 h1d y23e2 ff4 fs13 fc4 sc0 ls0 ws0\">Reconciliation of Level 3 fair value measurements of financial assets<span class=\"_ _209\"> </span></td><td class=\"t m0 x1e1 h2b y23e3 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1fe h1d y23e4 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y23d6 w1df hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">Balance at 1 January<span class=\"_ _209\"> </span></div></td><td class=\"c n x38c y23d6 w1e0 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls191 ws185\">2,<span class=\"_ _4\"></span>593<span class=\"_ _4\"></span>,056<span class=\"_ _209\"> </span></div></td><td class=\"c n x38d y23d6 w1e1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsae wsb6\">2<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>818<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>9<span class=\"_ _4\"></span>0<span class=\"_ _6\"></span>3<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23e5 w1e2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Additional investments during the year<span class=\"_ _209\"> </span></div></td><td class=\"c n x38e y23e5 w94 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lsda wsec\">4<span class=\"_ _4\"></span>7,<span class=\"_ _6\"></span>3<span class=\"_ _6\"></span>3<span class=\"_ _6\"></span>4<span class=\"_ _209\"> </span></div></td><td class=\"c n x38f y23e5 w1e3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls198 ws1a3\">1<span class=\"_ _4\"></span>0<span class=\"_ _6\"></span>7,<span class=\"_ _6\"></span>7<span class=\"_ _4\"></span>6<span class=\"_ _6\"> </span>7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22af w1e4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Net repayments during the year<span class=\"_ _209\"> </span></div></td><td class=\"c n x390 y22af w1e5 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls93 ws94\">(<span class=\"_ _7\"></span>102,022)<span class=\"_ _209\"> </span></div></td><td class=\"c n x391 y22af w1e6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">(<span class=\"_ _7\"></span>182<span class=\"_ _7\"></span>,39<span class=\"_ _4\"></span>6)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y229c wba hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Capitalisation of interest<span class=\"_ _209\"> </span></div></td><td class=\"c n x392 y229c w1e7 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lsda wsec\">7,<span class=\"_ _4\"></span>9<span class=\"_ _6\"> </span>6<span class=\"_ _6\"></span>7<span class=\"_ _209\"> </span></div></td><td class=\"c n x393 y229c w1e8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb8 wsc0\">13<span class=\"_ _4\"></span>,47<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b2 wc8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Working capital advanced<span class=\"_ _209\"> </span></div></td><td class=\"c n x24c y22b2 w74 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x394 y22b2 w187 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls87 ws86\">15<span class=\"_ _4\"></span>6<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22c7 w138 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Net change in investments at fair value through pr<span class=\"_ _7\"></span>ofit or loss<span class=\"_ _209\"> </span></div></td><td class=\"c n x2de y22c7 w46 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls162 ws16d\">9<span class=\"_ _4\"></span>5,<span class=\"_ _4\"></span>2<span class=\"_ _4\"></span>47<span class=\"_ _209\"> </span></div></td><td class=\"c n x2df y22c7 w47 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1a4 ws1af\">(16<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>8<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>2)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w1e9 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">Balance at 31 December<span class=\"_ _209\"> </span></div></td><td class=\"c n x395 y22b6 we9 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1ab ws1b6\">2<span class=\"_ _6\"></span>,<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>41,<span class=\"_ _4\"></span>5<span class=\"_ _6\"></span>8<span class=\"_ _4\"></span>2<span class=\"_ _209\"> </span></div></td><td class=\"c n x396 y22b6 w1ea hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsd3 wse3\">2<span class=\"_ _1\"></span>,593,056<span class=\"_ _209\"> </span></div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-197": {
   "value": "1<span class=\"_ _0\"></span>1<span class=\"_ _1\"></span>.5 <span class=\"_ _121\"> </span>SENSITIVITY ANAL<span class=\"_ _3\"></span>YSIS<span class=\"_ _209\"> </span>The valuation requir<span class=\"_ _7\"></span>es management to make certain assumptions in relation to unobservable inputs to the model. There are no straight forwar<span class=\"_ _7\"></span>d<span class=\"_ _4\"></span> inter<span class=\"_ _7\"></span>-relationships between the unobservable inputs. A sensitivity analysis for reasonably possible alternative assumptions is provided below:<span class=\"_ _209\"> </span><table class=\"s w1eb hed\" id=\"_e4af5211-7186-4bb1-9955-380190156a9e\"><tr><td></td><td class=\"t m0 x397 h2b y23e6 ff2 fs13 fc4 sc0 ls0 ws0\">Weighted average </td><td></td><td class=\"t m0 x398 h2b y23e7 ff2 fs13 fc4 sc0 ls0 ws0\">Change in fair value </td><td></td><td class=\"t m0 x399 h2b y23e8 ff2 fs13 fc4 sc0 ls0 ws0\">Change in fair value </td></tr><tr><td class=\"t m0 x1e7 h2b y23e9 ff2 fs13 fc4 sc0 ls0 ws0\">Assumptions<span class=\"_ _209\"> </span></td><td class=\"t m0 x39a h2b y23ea ff2 fs13 fc4 sc0 ls0 ws0\">rate in base case </td><td class=\"t m0 x39b h2b y23ea ff2 fs13 fc4 sc0 ls0 ws0\">Sensitivity </td><td class=\"t m0 x39c h2b y23eb ff2 fs13 fc4 sc0 ls0 ws0\">of investment </td><td class=\"t m0 x39d h2b y23eb ff2 fs13 fc4 sc0 ls0 ws0\">Sensitivity </td><td class=\"t m0 x39e h2b y23ec ff2 fs13 fc4 sc0 ls0 ws0\">of investment </td></tr><tr><td class=\"t m0 x1e7 h2b y23ed ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x39f h2b y23ee ff2 fs13 fc4 sc0 ls0 ws0\">valuations<span class=\"_ _209\"> </span></td><td class=\"t m0 x3a0 h2b y23ee ff2 fs13 fc4 sc0 ls0 ws0\">factor<span class=\"_ _209\"> </span></td><td class=\"t m0 x26d h2b y23ef ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x3a1 h2b y23ef ff2 fs13 fc4 sc0 ls0 ws0\">factor<span class=\"_ _209\"> </span></td><td class=\"t m0 x1e2 h2b y23f0 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y23f1 w1ec hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">Discount rate<span class=\"_ _209\"> </span></div></td><td class=\"c n x3a2 y23f1 w1db hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 lse5 wsf6\">9<span class=\"_ _4\"></span>.1%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3a3 y23f1 w1ed hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">+ 1.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3a4 y23f1 w1ee hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 lse9 wsf9\">(242<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>266<span class=\"_ _4\"></span>)<span class=\"_ _209\"> </span></div></td><td class=\"c n x3a5 y23f1 w1ef hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">\u2013 1.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3a6 y23f1 w1f0 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls197 ws1a2\">2<span class=\"_ _6\"></span>8<span class=\"_ _4\"></span>8<span class=\"_ _6\"> </span>,11<span class=\"_ _4\"></span>6<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23f2 w1f1 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">Inflation rate (overall)<span class=\"_ _209\"> </span></div></td><td class=\"c n x3a7 y23f2 w1f2 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls1b7 ws1c4\">2<span class=\"_ _6\"></span>.4%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3a8 y23f2 w1f3 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">+ 1.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3a9 y23f2 w1f4 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls191 ws185\">20<span class=\"_ _4\"></span>6,00<span class=\"_ _4\"></span>4<span class=\"_ _209\"> </span></div></td><td class=\"c n x3aa y23f2 w1f5 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">\u2013 1<span class=\"_ _1\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3ab y23f2 w1f6 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls81 ws81\">(18<span class=\"_ _4\"></span>9,75<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2318 w1f7 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">UK (CPI/RPI)<span class=\"_ _209\"> </span></div></td><td class=\"c n x3ac y2318 w1f8 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">2<span class=\"_ _4\"></span>.0% / 2<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>8%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3ad y2318 w1ed hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">+ 1.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3ae y2318 w1f9 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls81 ws81\">16<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>,8<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>2<span class=\"_ _209\"> </span></div></td><td class=\"c n x3af y2318 w1fa hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">\u2013 1.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3b0 y2318 w1fb hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 lse2 wsf3\">(15<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>9<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>6)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23f3 w1fc hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">Europe<span class=\"_ _209\"> </span></div></td><td class=\"c n x3b1 y23f3 w1fd hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">2<span class=\"_ _4\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3b2 y23f3 w1f3 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">+ 1.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3b3 y23f3 w1fe hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls191 ws185\">30,99<span class=\"_ _4\"></span>3<span class=\"_ _209\"> </span></div></td><td class=\"c n x3b4 y23f3 w1fa hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">\u2013 1.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3b5 y23f3 w1ff hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 lse9 wsf9\">(25,<span class=\"_ _4\"></span>688<span class=\"_ _4\"></span>)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2378 w200 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">North America<span class=\"_ _209\"> </span></div></td><td class=\"c n x3b6 y2378 w1fd hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">2<span class=\"_ _4\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3b7 y2378 w1f3 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">+ 1.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3b8 y2378 w201 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 lsaa wsb3\">524<span class=\"_ _209\"> </span></div></td><td class=\"c n x3b9 y2378 w1fa hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">\u2013 1.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3ba y2378 w202 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 lsaa wsb3\">(6<span class=\"_ _4\"></span>60)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23f4 w203 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">New Zealand<span class=\"_ _209\"> </span></div></td><td class=\"c n x3bb y23f4 w204 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls1b8 ws1c5\">2<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>3%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3bc y23f4 w1f3 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">+ 1.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3bd y23f4 w205 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 lse3 wsf4\">3,908<span class=\"_ _209\"> </span></div></td><td class=\"c n x3be y23f4 w1fa hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">\u2013 1.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3bf y23f4 wb8 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls1a8 wsa3\">(3,<span class=\"_ _4\"></span>397<span class=\"_ _4\"></span>)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23f5 w206 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x3b6 y23f5 w207 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls162 ws16d\">2<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>5%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3c0 y23f5 w1f3 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">+ 1.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3c1 y23f5 w208 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls5b ws57\">6<span class=\"_ _4\"></span>,72<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x3c2 y23f5 w1fa hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">\u2013 1.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3c3 y23f5 w209 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls191 ws185\">(<span class=\"_ _4\"></span>6,049)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23ac w20a hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">FX rate<span class=\"_ _209\"> </span></div></td><td class=\"c n x3c4 y23ac w20b hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls169 ws172\">n<span class=\"_ _4\"></span>/a<span class=\"_ _209\"> </span></div></td><td class=\"c n x3c5 y23ac w20c hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">+ 1<span class=\"_ _1\"></span>0.<span class=\"_ _4\"></span>0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3c6 y23ac w20d hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">(<span class=\"_ _4\"></span>76,<span class=\"_ _4\"></span>27<span class=\"_ _4\"></span>7)<span class=\"_ _209\"> </span></div></td><td class=\"c n x3c7 y23ac w20e hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">\u2013 10.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3c8 y23ac w20f hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">76<span class=\"_ _4\"></span>,2<span class=\"_ _4\"></span>77<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22c7 w210 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>ax rate<span class=\"_ _209\"> </span></div></td><td class=\"c n x3c9 y22c7 w211 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 lsdf ws85\">2<span class=\"_ _4\"></span>5.6%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3ca y22c7 w1ed hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">+ 1.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3cb y22c7 w212 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls191 ws185\">(1<span class=\"_ _7\"></span>6<span class=\"_ _4\"></span>,642)<span class=\"_ _209\"> </span></div></td><td class=\"c n x3cc y22c7 w1fa hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">\u2013 1.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3cd y22c7 w213 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls69 ws58\">9,98<span class=\"_ _4\"></span>2<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w214 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">Deposit rate<span class=\"_ _209\"> </span></div></td><td class=\"c n x3ce y22b6 w215 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls1b8 ws1c5\">2<span class=\"_ _4\"></span>.3%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3cf y22b6 w1f3 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">+ 1.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3d0 y22b6 w216 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls7d ws7c\">19<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x3d1 y22b6 w1fa hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">\u2013 1.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3d2 y22b6 w217 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 lsda wsec\">(<span class=\"_ _4\"></span>2<span class=\"_ _6\"></span>7,<span class=\"_ _4\"></span>0<span class=\"_ _6\"></span>4<span class=\"_ _6\"></span>9<span class=\"_ _4\"></span>)<span class=\"_ _209\"> </span></div></td></tr></table><table class=\"s w218 hee\" id=\"_a40dc586-b417-4417-96cc-f3ab17fc8bbb\"><tr><td></td><td class=\"t m0 x3d3 h2b y23f6 ff2 fs13 fc4 sc0 ls0 ws0\">Weighted average </td><td></td><td class=\"t m0 x3d4 h2b y23f7 ff2 fs13 fc4 sc0 ls0 ws0\">Change in fair value </td><td></td><td class=\"t m0 x3d5 h2b y23f8 ff2 fs13 fc4 sc0 ls0 ws0\">Change in fair value </td></tr><tr><td class=\"t m0 x1b4 h1d y23f9 ff4 fs13 fc4 sc0 ls0 ws0\">Assumptions<span class=\"_ _209\"> </span></td><td class=\"t m0 x3d6 h2b y23fa ff2 fs13 fc4 sc0 ls0 ws0\">rate in base case </td><td class=\"t m0 x3d7 h2b y23fa ff2 fs13 fc4 sc0 ls0 ws0\">Sensitivity </td><td class=\"t m0 x3d8 h2b y23fb ff2 fs13 fc4 sc0 ls0 ws0\">of investment </td><td class=\"t m0 x3d9 h2b y23fb ff2 fs13 fc4 sc0 ls0 ws0\">Sensitivity </td><td class=\"t m0 x3da h2b y23fc ff2 fs13 fc4 sc0 ls0 ws0\">of investment </td></tr><tr><td class=\"t m0 x1b4 h1d y23fd ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td><td class=\"t m0 x3db h2b y23fe ff2 fs13 fc4 sc0 ls0 ws0\">valuations<span class=\"_ _209\"> </span></td><td class=\"t m0 x3dc h2b y23fe ff2 fs13 fc4 sc0 ls0 ws0\">factor<span class=\"_ _209\"> </span></td><td class=\"t m0 x3dd h2b y23ff ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x3de h2b y23ff ff2 fs13 fc4 sc0 ls0 ws0\">factor<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ae h2b y2400 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y2293 w219 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Discount rate<span class=\"_ _209\"> </span></div></td><td class=\"c n x3df y2293 w21a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5c ws95\">9.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3e0 y2293 w21b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">+ 1<span class=\"_ _7\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3e1 y2293 w21c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5 ws6\">(227<span class=\"_ _0\"></span>,37<span class=\"_ _7\"></span>4)<span class=\"_ _209\"> </span></div></td><td class=\"c n x3e2 y2293 w21d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013 1<span class=\"_ _7\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3e3 y2293 w21e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb8 wsc0\">2<span class=\"_ _4\"></span>70<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>013<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2294 w21f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Inflation rate (overall)<span class=\"_ _209\"> </span></div></td><td class=\"c n x3e4 y2294 w220 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls83 ws83\">2.3<span class=\"_ _4\"></span>%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3e5 y2294 w221 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">+ 1<span class=\"_ _7\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3e6 y2294 wc2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18b ws198\">2<span class=\"_ _4\"></span>14<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>8<span class=\"_ _6\"></span>5<span class=\"_ _4\"></span>2<span class=\"_ _209\"> </span></div></td><td class=\"c n x3e7 y2294 w222 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013 1<span class=\"_ _0\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3e8 y2294 w223 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1b1 ws1bd\">(19<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>5<span class=\"_ _6\"></span>4)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2318 w224 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK (CPI/RPI)<span class=\"_ _209\"> </span></div></td><td class=\"c n x3e9 y2318 w225 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls83 ws83\">2.0/<span class=\"_ _4\"></span>2.8%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3ea y2318 w221 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">+ 1<span class=\"_ _7\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3eb y2318 w226 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1a3 ws1ae\">17<span class=\"_ _4\"></span>1,<span class=\"_ _4\"></span>6<span class=\"_ _6\"></span>2<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x3ec y2318 w222 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013 1<span class=\"_ _0\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3ed y2318 w227 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls93 ws94\">(<span class=\"_ _7\"></span>1<span class=\"_ _0\"></span>56<span class=\"_ _7\"></span>,906)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2297 wbb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Europe<span class=\"_ _209\"> </span></div></td><td class=\"c n x3ee y2297 w220 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls83 ws83\">2.<span class=\"_ _4\"></span>0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3ef y2297 w21b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">+ 1<span class=\"_ _7\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3f0 y2297 w228 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1b9 ws1c6\">31<span class=\"_ _7\"></span>,<span class=\"_ _4\"></span>875<span class=\"_ _209\"> </span></div></td><td class=\"c n x3f1 y2297 w222 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013 1<span class=\"_ _0\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3f2 y2297 w229 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1ae ws1ba\">(<span class=\"_ _6\"></span>2<span class=\"_ _4\"></span>6<span class=\"_ _6\"></span>,<span class=\"_ _6\"></span>6<span class=\"_ _4\"></span>74<span class=\"_ _6\"></span>)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2361 w22a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">North America<span class=\"_ _209\"> </span></div></td><td class=\"c n x3e4 y2361 w220 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls83 ws83\">2.0<span class=\"_ _4\"></span>%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3e5 y2361 w221 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">+ 1<span class=\"_ _7\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3f3 y2361 wab hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls46 ws44\">6<span class=\"_ _4\"></span>76<span class=\"_ _209\"> </span></div></td><td class=\"c n x3f4 y2361 w222 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013 1<span class=\"_ _0\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3f5 y2361 w22b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1b9 ws1c6\">(5<span class=\"_ _4\"></span>75)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2379 w1ac hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">New Zealand<span class=\"_ _209\"> </span></div></td><td class=\"c n x3f6 y2379 w220 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls83 ws83\">2.<span class=\"_ _4\"></span>3%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3f7 y2379 w22c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">+ 1<span class=\"_ _0\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3f8 y2379 w22d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls46 ws44\">4,<span class=\"_ _4\"></span>281<span class=\"_ _209\"> </span></div></td><td class=\"c n x3f9 y2379 w222 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013 1<span class=\"_ _0\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3fa y2379 w22e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5 ws6\">(3<span class=\"_ _4\"></span>,8<span class=\"_ _4\"></span>84)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2401 w1aa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x3fb y2401 w22f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1ab ws1b6\">2.5%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3fc y2401 w22c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">+ 1<span class=\"_ _0\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3fd y2401 w230 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse0 wsf1\">6,426<span class=\"_ _209\"> </span></div></td><td class=\"c n x3fe y2401 w231 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013 1<span class=\"_ _7\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x3ff y2401 w232 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse5 wsf6\">(<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>5<span class=\"_ _6\"></span>01)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23ac w233 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">FX rate<span class=\"_ _209\"> </span></div></td><td class=\"c n x400 y23ac w234 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse8 wsd3\">n<span class=\"_ _4\"></span>/a<span class=\"_ _209\"> </span></div></td><td class=\"c n x401 y23ac w235 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">+ 1<span class=\"_ _7\"></span>0.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x402 y23ac w236 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls19a ws1a5\">(<span class=\"_ _6\"></span>71,7<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>1)<span class=\"_ _209\"> </span></div></td><td class=\"c n x403 y23ac w237 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013 1<span class=\"_ _7\"></span>0.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x404 y23ac w238 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls19a ws1a5\">7<span class=\"_ _4\"></span>1,7<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>1<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22c7 w239 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>ax rate<span class=\"_ _209\"> </span></div></td><td class=\"c n x405 y22c7 w23a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1ab ws1b6\">25<span class=\"_ _4\"></span>.5%<span class=\"_ _209\"> </span></div></td><td class=\"c n x406 y22c7 w221 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">+ 1<span class=\"_ _7\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x407 y22c7 w23b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsd9 wseb\">(<span class=\"_ _4\"></span>12<span class=\"_ _4\"></span>,4<span class=\"_ _4\"></span>2<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>)<span class=\"_ _209\"> </span></div></td><td class=\"c n x408 y22c7 w23c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013 1<span class=\"_ _7\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x409 y22c7 w23d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">1<span class=\"_ _4\"></span>2<span class=\"_ _4\"></span>,1<span class=\"_ _4\"></span>4<span class=\"_ _6\"></span>4<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w23e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Deposit rate<span class=\"_ _209\"> </span></div></td><td class=\"c n x40a y22b6 w1d4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls161 ws16c\">2.<span class=\"_ _4\"></span>4%<span class=\"_ _209\"> </span></div></td><td class=\"c n x40b y22b6 w21b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">+ 1<span class=\"_ _7\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x40c y22b6 w23f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsd3 wse3\">22,59<span class=\"_ _7\"></span>1<span class=\"_ _209\"> </span></div></td><td class=\"c n x40d y22b6 w222 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013 1<span class=\"_ _0\"></span>.0%<span class=\"_ _209\"> </span></div></td><td class=\"c n x40e y22b6 wd0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls83 ws83\">(<span class=\"_ _4\"></span>22,<span class=\"_ _4\"></span>92<span class=\"_ _4\"></span>0)</div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-178": {
   "value": "<div class=\"t m0 h3 ff2 fs1 fc3 sc0 ls62 ws60 gs14c\">1<span class=\"_ _7\"></span>2<span class=\"_ _4\"></span>. <span class=\"_ _121\"> </span>IN<span class=\"_ _4\"></span>VESTME<span class=\"_ _4\"></span>NT<span class=\"_ _1\"></span> ACTIVIT<span class=\"_ _4\"></span>Y<span class=\"_ _209\"> </span></div><div class=\"t m0 h3 ff2 fs1 fc1 sc0 ls93 ws94 gs14d\">2025<span class=\"_ _209\"> </span></div><div class=\"gs14e\"><table class=\"s w240 hef\" id=\"_1f63d5f3-ea92-45f7-89a5-4e4981b93253\"><tr><td></td><td></td><td class=\"t m0 x40f h2b y2402 ff2 fs13 fc4 sc0 ls0 ws0\">Consideration<span class=\"_ _209\"> </span></td><td class=\"t m0 x3da h2b y2402 ff2 fs13 fc4 sc0 ls0 ws0\">% Ownership  </td></tr><tr><td class=\"c n x1b0 y2404 w241 hf0\"><div class=\"t m0 x1af h2b y2403 ff2 fs13 fc4 sc0 ls0 ws0\">Date of investment<span class=\"_ _209\"> </span></div></td><td class=\"c n x410 y2404 w242 hf0\"><div class=\"t m0 x1af h2b y2403 ff2 fs13 fc4 sc0 ls0 ws0\">Description<span class=\"_ _209\"> </span></div></td><td class=\"t m0 x1ad h2b y2405 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x411 h2b y2405 ff2 fs13 fc4 sc0 ls0 ws0\">post investment<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y2406 w243 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">January \u2013 July 2025<span class=\"_ _209\"> </span></div></td><td class=\"c n x412 y2406 w244 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">The Group made further investments into Gold Coast Light Rail,<span class=\"_ _209\"> </span></div></td><td class=\"c n x325 y2407 w178 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 lse3 wsf4\">4,989<span class=\"_ _209\"> </span></div></td><td class=\"c n x413 y2407 w245 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">30%<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x414 h8 y2408 ff4 fs1 fc4 sc0 ls0 ws0\">Australia </td><td></td><td></td></tr><tr><td class=\"c n x1b0 y2409 w246 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">January \u2013 March 2025<span class=\"_ _209\"> </span></div></td><td class=\"c n x415 y2409 w247 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">The Gr<span class=\"_ _1\"></span>oup made further investments into Flinders HMRB,<span class=\"_ _209\"> </span></div></td><td class=\"c n x325 y240a w213 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls69 ws58\">2<span class=\"_ _4\"></span>,037<span class=\"_ _209\"> </span></div></td><td class=\"c n x416 y240a w248 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls5c ws95\">10<span class=\"_ _4\"></span>0%<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x414 h8 y240b ff4 fs1 fc4 sc0 ls0 ws0\">Australia<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y240c w249 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">January \u2013 October 2025</div></td><td class=\"c n x417 y240c w24a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">The Group made further investments into its digital asset portfolio<span class=\"_ _209\"> </span></div></td><td class=\"c n x32c y240d w24b hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls190 ws19d\">4<span class=\"_ _4\"></span>,<span class=\"_ _6\"></span>2<span class=\"_ _4\"></span>17<span class=\"_ _209\"> </span></div></td><td class=\"c n x418 y240d w24c hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls5c ws95\">Var<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>ou<span class=\"_ _4\"></span>s<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x414 h8 y240e ff4 fs1 fc4 sc0 ls0 ws0\">(National Digital Infrastructure fund and its underlying assets), UK<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y240f w24d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">March 2025<span class=\"_ _209\"> </span></div></td><td class=\"c n x419 y240f w24e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">The Group made a follow-on investment into Southwark BSF<span class=\"_ _1b\"></span>, UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x41a y240f w24f hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls6 ws7\">627<span class=\"_ _209\"> </span></div></td><td class=\"c n x41b y240f w248 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls5c ws95\">10<span class=\"_ _4\"></span>0%<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2339 w250 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">October 2025<span class=\"_ _209\"> </span></div></td><td class=\"c n x41c y2339 w251 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">The Group made its first investment into Sizewell C, UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x263 y2339 w252 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls2 ws3\">35,464<span class=\"_ _209\"> </span></div></td><td class=\"c x41e y2339 w253 hf1\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1b8 ws1c5\">3%</div><div class=\"t m0 x41d h1e y2316 ff4 fs12 fc4 sc0 ls0 ws0\">1<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w254 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal capital spend on investments during the year<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x41f y22b6 w255 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 lsda wsec\">4<span class=\"_ _4\"></span>7,<span class=\"_ _6\"></span>3<span class=\"_ _6\"></span>3<span class=\"_ _6\"></span>4<span class=\"_ _209\"> </span></div></td><td></td></tr></table></div><div class=\"t m0 h1d ff4 fs13 fc4 sc0 ls5a ws46 gs14f\">1 <span class=\"_ _1d\"> </span>Represents the<span class=\"_ _7\"></span> position on a<span class=\"_ _7\"></span> commit<span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>e<span class=\"_ _4\"></span>d-capital<span class=\"_ _7\"></span> basis, reflecting<span class=\"_ _7\"></span> the holding upon<span class=\"_ _7\"></span> full investment<span class=\"_ _7\"></span>.<span class=\"_ _209\"> </span></div><div class=\"t m0 h3 ff2 fs1 fc1 sc0 lsaa wsb3 gs150\">2024<span class=\"_ _209\"> </span></div><div class=\"gs151\"><table class=\"s w256 hf2\" id=\"_d7592fcb-20a0-46d0-83dc-4e246641e1ba\"><tr><td></td><td></td><td class=\"t m0 x420 h1d y2410 ff4 fs13 fc4 sc0 ls0 ws0\">Consideration<span class=\"_ _209\"> </span></td><td class=\"t m0 x421 h1d y2410 ff4 fs13 fc4 sc0 ls0 ws0\">% Ownership  </td></tr><tr><td class=\"c n x1b0 y2412 w257 hd3\"><div class=\"t m0 x1af h1d y2411 ff4 fs13 fc4 sc0 ls0 ws0\">Date of investment<span class=\"_ _209\"> </span></div></td><td class=\"c n x422 y2412 w258 hd3\"><div class=\"t m0 x1af h1d y2411 ff4 fs13 fc4 sc0 ls0 ws0\">Description<span class=\"_ _209\"> </span></div></td><td class=\"t m0 x1ad h1d y2413 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x423 h1d y2413 ff4 fs13 fc4 sc0 ls0 ws0\">post investment<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y2414 w259 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">February 2024<span class=\"_ _209\"> </span></div></td><td class=\"c n x424 y2414 w25a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">The Group made an investment into Moray East OFTO, UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x425 y2414 w25b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls197 ws1a2\">7<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>518<span class=\"_ _209\"> </span></div></td><td class=\"c n x426 y2414 w25c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _6\"></span>0%<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2409 w25d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">February \u2013 December 2024</div></td><td class=\"c n x427 y2409 w25e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">The Group made investments into Flinders HMRB, Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x428 y2409 w25f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse6 wsf7\">6<span class=\"_ _4\"></span>,72<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x429 y2409 w260 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>%<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2415 w261 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">March \u2013 December 2024</div></td><td class=\"c n x42a y2415 w24a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">The Group made further investments into its digital asset portfolio<span class=\"_ _209\"> </span></div></td><td class=\"c n x32c y2415 w262 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1b9 ws1c6\">8<span class=\"_ _4\"></span>,8<span class=\"_ _4\"></span>31<span class=\"_ _209\"> </span></div></td><td class=\"c n x42b y2415 w263 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse9 wsf9\">V<span class=\"_ _7\"></span>ar<span class=\"_ _4\"></span>ious<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x414 h8 y2416 ff4 fs1 fc4 sc0 ls0 ws0\">(National Digital Infrastructure fund and its underlying assets), UK<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y2417 w264 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">April \u2013 December 2024<span class=\"_ _209\"> </span></div></td><td class=\"c n x42c y2417 w265 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">The Group made investments into Gold Coast Light Rail,<span class=\"_ _209\"> </span></div></td><td class=\"c n x42d y2417 w266 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">1<span class=\"_ _4\"></span>,1<span class=\"_ _4\"></span>6<span class=\"_ _6\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x42e y2417 w267 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1b3 ws1bf\">30%<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x414 h8 y2418 ff4 fs1 fc4 sc0 ls0 ws0\">Australia<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y2339 w250 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">October 2024<span class=\"_ _209\"> </span></div></td><td class=\"c n x41c y2339 w268 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">The Group made a further investment into BeNEX, Germany<span class=\"_ _209\"> </span></div></td><td class=\"c n x42f y2339 w269 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18b ws198\">14,<span class=\"_ _6\"></span>5<span class=\"_ _4\"></span>2<span class=\"_ _4\"></span>2<span class=\"_ _209\"> </span></div></td><td class=\"c n x430 y2339 w25c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _6\"></span>0%<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w254 hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal capital spend on investments during the year<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x431 y22b6 w26a hd4\"><div class=\"t m0 x1af h3 y22a1 ff2 fs1 fc4 sc0 lsda wsec\">1<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>7,<span class=\"_ _6\"></span>7<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>7<span class=\"_ _209\"> </span></div></td><td></td></tr></table></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs152\">In addition to the capital investments noted above, during 2025 INPP also completed on a number of transactions realising value fr<span class=\"_ _7\"></span>om </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs153\">its existing portfolio. In July 2025, the Company realised c.\u00a349m fr<span class=\"_ _7\"></span>om its education PPP portfolio. In August 2025, the company realised </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs154\">c.\u00a332m<span class=\"_ gs4d\"> </span>of proceeds fr<span class=\"_ _7\"></span>om a partial divestment of its Angel T<span class=\"_ _7\"></span>rains investment. In September 2025, the Company divested a portion  </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs155\">of the minority held BSF portfolio for c.\u00a38m. Further details of the Company\u2019<span class=\"_ _3\"></span>s realisation activity can be found on pages 26 to 31 in  </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs156\">the Strategic Report.<span class=\"_ _209\"> </span></div><div class=\"t m0 h3 ff2 fs1 fc3 sc0 ls62 ws1c8 gs1c6\">21<span class=\"_ _7\"></span>. INV<span class=\"_ _4\"></span>ESTMENTS<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs1c7\">The Group held 135 investments at 31 December 2025 acr<span class=\"_ _7\"></span>oss energy transmission, education, transport, health, judicial, waste water<span class=\"_ _7\"></span>, family </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs1c8\">housing for service personnel, low carbon energy and other sectors. The table overleaf sets out the Group\u2019<span class=\"_ _3\"></span>s investments that are r<span class=\"_ _1\"></span>ecorded at </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs1c9\">fair value through pr<span class=\"_ _7\"></span>ofit or loss.<span class=\"_ _209\"> </span></div><div class=\"gs1ca\"><table class=\"s w318 h102\" id=\"_4820016b-4308-42fd-b685-7bd545809655\"><tr><td></td><td></td><td class=\"t m0 x4de h1d y24aa ff4 fs13 fc4 sc0 ls0 ws0\">Status at </td><td class=\"t m0 x490 h1d y24aa ff4 fs13 fc4 sc0 ls0 ws0\">Per cent. Risk Capital<span class=\"_ _209\"> </span></td><td></td></tr><tr><td class=\"c n x1b0 y24ab w319 hd1\"><div class=\"t m0 x1af h1d y2395 ff4 fs13 fc4 sc0 ls0 ws0\">Investment Name<span class=\"_ _209\"> </span></div></td><td class=\"c n x4df y24ab w31a hd1\"><div class=\"t m0 x1af h1d y2395 ff4 fs13 fc4 sc0 ls0 ws0\">Country<span class=\"_ _209\"> </span></div></td><td class=\"t m0 x470 h1d y24ac ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"c x4e1 y24ab w31b hd1\"><div class=\"t m0 x1af h1d y2395 ff4 fs13 fc4 sc0 ls0 ws0\">owned by the Group</div><div class=\"t m0 x4e0 h63 y24ad ff4 fs20 fc4 sc0 ls0 ws0\">1<span class=\"_ _209\"> </span></div></td><td class=\"t m0 x4e2 h1d y24ac ff4 fs13 fc4 sc0 ls0 ws0\">Investment end<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1e7 h3 y24ae ff2 fs1 fc1 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x1e7 h3 y24af ff2 fs1 fc4 sc0 ls0 ws0\">UK PPP Assets<span class=\"_ _209\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y24b0 w31c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Calderdale Schools<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24b0 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24b0 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e5 y24b0 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e6 y24b0 w31f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdc wsee\">Ap<span class=\"_ _4\"></span>ril 20<span class=\"_ _4\"></span>30<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24b1 w320 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Derbyshire Schools Phase T<span class=\"_ _3\"></span>wo<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e7 y24b1 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e8 y24b1 w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e9 y24b1 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ea y24b1 w322 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">February 203<span class=\"_ _7\"></span>2<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24b2 w323 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Northamptonshire Schools<span class=\"_ _209\"> </span></div></td><td class=\"c n x4eb y24b2 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ec y24b2 w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ed y24b2 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ee y24b2 w324 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December 2<span class=\"_ _7\"></span>037<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24b3 w325 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Derbyshire Courts<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24b3 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24b3 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e5 y24b3 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ef y24b3 w326 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">August 2<span class=\"_ _1\"></span>02<span class=\"_ _1\"></span>8<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24b4 w327 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Derbyshire Schools Phase One<span class=\"_ _209\"> </span></div></td><td class=\"c n x4f0 y24b4 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4f1 y24b4 w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x4f2 y24b4 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x4f3 y24b4 w328 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">A<span class=\"_ _4\"></span>pri<span class=\"_ _4\"></span>l 2029<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24b5 w329 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">North W<span class=\"_ _7\"></span>ales Police HQ<span class=\"_ _209\"> </span></div></td><td class=\"c n x4f4 y24b5 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4f5 y24b5 w32a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x4f6 y24b5 w32b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x4f7 y24b5 w32c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December<span class=\"_ _1\"></span> 20<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>8<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24b6 w32d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">St Thomas More Schools<span class=\"_ _209\"> </span></div></td><td class=\"c n x4f8 y24b6 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4f9 y24b6 w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x4fa y24b6 w32b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x4fb y24b6 w32e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5c ws95\">A<span class=\"_ _4\"></span>pr<span class=\"_ _4\"></span>il<span class=\"_ _4\"></span> 2028<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24b7 w32f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>ower Hamlets Schools<span class=\"_ _209\"> </span></div></td><td class=\"c n x4fc y24b7 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4fd y24b7 w330 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x4fe y24b7 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ff y24b7 w326 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">August 20<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24b8 w331 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Norfolk Police HQ<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24b8 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24b8 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e5 y24b8 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x500 y24b8 w332 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December 2<span class=\"_ _7\"></span>036<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24b9 w333 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Strathclyde Police T<span class=\"_ _0\"></span>raining Centre<span class=\"_ _209\"> </span></div></td><td class=\"c n x4fc y24b9 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4fd y24b9 w330 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c x502 y24b9 w334 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _6\"></span>0.<span class=\"_ _4\"></span>0</div><div class=\"t m0 x501 h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">2</div></td><td class=\"t m0 x503 h8 y24ba ff4 fs1 fc4 sc0 lsb1 ws5c\">Sept<span class=\"_ _7\"></span>ember 2<span class=\"_ _7\"></span>026<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y24bb w335 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Abingdon Police Station<span class=\"_ _209\"> </span></div></td><td class=\"c n x504 y24bb w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x505 y24bb w336 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">O<span class=\"_ _4\"></span>perat<span class=\"_ _7\"></span>iona<span class=\"_ _4\"></span>l<span class=\"_ _209\"> </span></div></td><td class=\"c n x506 y24bb w32b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x507 y24bb w31f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdc wsee\">Ap<span class=\"_ _4\"></span>ril 20<span class=\"_ _4\"></span>30<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24bc w337 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Bootle Government Offices<span class=\"_ _209\"> </span></div></td><td class=\"c n x508 y24bc w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x509 y24bc w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e5 y24bc w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x50a y24bc w338 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">Dec<span class=\"_ _1\"></span>ember 2<span class=\"_ _7\"></span>02<span class=\"_ _1\"></span>5<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24bd w339 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Maesteg Schools<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24bd w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24bd w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e5 y24bd w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x50b y24bd w81 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdc wsee\">J<span class=\"_ _4\"></span>uly 20<span class=\"_ _4\"></span>33<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24be w2fe hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Moray Schools<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24be w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24be w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e5 y24be w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x50c y24be w33a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Febr<span class=\"_ _4\"></span>uar<span class=\"_ _4\"></span>y 2042<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24bf w33b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Liverpool Library<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24bf w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24bf w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e5 y24bf w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x50d y24bf w33c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">November 203<span class=\"_ _7\"></span>7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24c0 w33d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>ownlands Hospital<span class=\"_ _209\"> </span></div></td><td class=\"c n x50e y24c0 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x50f y24c0 w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x510 y24c0 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x511 y24c0 w33e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">No<span class=\"_ _1\"></span>vember 2<span class=\"_ _1\"></span>04<span class=\"_ _0\"></span>1<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1e7 h3 y24c1 ff2 fs1 fc4 sc0 ls0 ws0\">Priority Schools Building Aggregator Pr<span class=\"_ _7\"></span>ogramme<span class=\"_ _209\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y24c2 w33f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Batch 1 \u2013 Schools in North East England<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24c2 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24c2 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c x513 y24c2 w340 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">0.0</div><div class=\"t m0 x512 h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">2</div></td><td class=\"t m0 x22e h8 y24c3 ff4 fs1 fc4 sc0 ls191 ws185\"> August 2<span class=\"_ _7\"></span>040<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y24c4 w341 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Batch 2 \u2013 Schools in Hertfordshir<span class=\"_ _7\"></span>e, Luton and Reading<span class=\"_ _209\"> </span></div></td><td class=\"c n x514 y24c4 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x515 y24c4 w342 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c x517 y24c4 w343 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">0.0</div><div class=\"t m0 x516 h1e y2316 ff4 fs12 fc4 sc0 ls0 ws0\">2</div></td><td class=\"t m0 x518 h8 y24c5 ff4 fs1 fc4 sc0 ls191 ws185\">November<span class=\"_ _1\"></span> 2040<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y24c6 w344 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Batch 3 \u2013 Schools in North West of England<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24c6 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24c6 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c x513 y24c6 w340 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">0.0</div><div class=\"t m0 x512 h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">2</div></td><td class=\"t m0 x519 h8 y24c7 ff4 fs1 fc4 sc0 ls191 ws185\"> August 2<span class=\"_ _7\"></span>04<span class=\"_ _7\"></span>1<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y24c8 w345 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Batch 4 \u2013 Schools in the Midlands Region<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24c8 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24c8 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c x51b y24c8 w346 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls83 ws83\">9<span class=\"_ _4\"></span>2.5</div><div class=\"t m0 x51a h1e y2316 ff4 fs12 fc4 sc0 ls0 ws0\">2</div></td><td class=\"t m0 x51c h8 y24c9 ff4 fs1 fc4 sc0 lsb1 ws5c\"> December<span class=\"_ _1\"></span> 204<span class=\"_ _3\"></span>1<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y24ca w347 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Batch 5 \u2013 Schools in Y<span class=\"_ _0\"></span>orkshire<span class=\"_ _209\"> </span></div></td><td class=\"c n x51d y24ca w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x51e y24ca w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c x520 y24ca w348 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">0<span class=\"_ _4\"></span>.0</div><div class=\"t m0 x51f h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">2</div></td><td class=\"t m0 x521 h8 y24cb ff4 fs1 fc4 sc0 lsb1 ws5c\"> Sept<span class=\"_ _7\"></span>ember 2<span class=\"_ _7\"></span>04<span class=\"_ _0\"></span>1<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1e7 h3 y24cc ff2 fs1 fc4 sc0 ls0 ws0\">OFTOs<span class=\"_ _209\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y24cd w349 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Robin Rigg OFTO<span class=\"_ _209\"> </span></div></td><td class=\"c n x522 y24cd w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x523 y24cd w32a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c x525 y24cd w34a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.0</div><div class=\"t m0 x524 h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">2</div></td><td class=\"t m0 x526 h8 y24ce ff4 fs1 fc4 sc0 ls1b9 ws1c6\"> M<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>rc<span class=\"_ _4\"></span>h<span class=\"_ _4\"></span> 20<span class=\"_ _4\"></span>31<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y24cf w34b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Gunfleet Sands OFTO<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24cf w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24cf w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c x528 y24cf w34c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _6\"></span>0.<span class=\"_ _4\"></span>0</div><div class=\"t m0 x527 h1e y2316 ff4 fs12 fc4 sc0 ls0 ws0\">2</div></td><td class=\"t m0 x39e h8 y24d0 ff4 fs1 fc4 sc0 ls1b9 ws1c6\"> J<span class=\"_ _4\"></span>u<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>y 2<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>31<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y24d1 w34d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Barrow OFTO<span class=\"_ _209\"> </span></div></td><td class=\"c n x514 y24d1 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x515 y24d1 w342 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c x52a y24d1 w34e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _6\"></span>0.<span class=\"_ _4\"></span>0</div><div class=\"t m0 x529 h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">2</div></td><td class=\"t m0 x526 h8 y24d2 ff4 fs1 fc4 sc0 ls8e ws8f\"> March 2<span class=\"_ _7\"></span>030<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y24d3 w34f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Ormonde OFTO<span class=\"_ _209\"> </span></div></td><td class=\"c n x52b y24d3 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x52c y24d3 w350 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">O<span class=\"_ _4\"></span>perat<span class=\"_ _7\"></span>ional<span class=\"_ _209\"> </span></div></td><td class=\"c x52e y24d3 w351 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0</div><div class=\"t m0 x52d h1e y2316 ff4 fs12 fc4 sc0 ls0 ws0\">2<span class=\"_ _209\"> </span></div></td><td class=\"t m0 x52f h8 y24d4 ff4 fs1 fc4 sc0 lsdc wsee\">Ju<span class=\"_ _4\"></span>ly 2032<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y24d5 w352 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Lincs OFTO<span class=\"_ _209\"> </span></div></td><td class=\"c n x530 y24d5 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x531 y24d5 w342 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Ope<span class=\"_ _4\"></span>ra<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x532 y24d5 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x533 y24d5 w353 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">November 203<span class=\"_ _1\"></span>4<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24d6 w354 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Westermost Rough OFTO<span class=\"_ _209\"> </span></div></td><td class=\"c n x534 y24d6 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x535 y24d6 w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x536 y24d6 w355 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x537 y24d6 w356 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">February 2<span class=\"_ _7\"></span>036<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24d7 w17a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Dudgeon OFTO<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24d7 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24d7 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e5 y24d7 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x50a y24d7 w357 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">No<span class=\"_ _7\"></span>vember 2038<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24d8 w358 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Beatrice OFTO<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24d8 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24d8 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e5 y24d8 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e6 y24d8 w31f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdc wsee\">Ap<span class=\"_ _4\"></span>ril<span class=\"_ _4\"></span> 2045<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24d9 w359 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Rampion OFTO<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24d9 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24d9 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e5 y24d9 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x538 y24d9 w35a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Nov<span class=\"_ _7\"></span>embe<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span> 204<span class=\"_ _0\"></span>1<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24da w35b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">East Anglia OFTO<span class=\"_ _209\"> </span></div></td><td class=\"c n x539 y24da w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x53a y24da w35c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x53b y24da w35d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x53c y24da w35e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December<span class=\"_ _1\"></span> 204<span class=\"_ _1\"></span>4<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24db w35f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Moray East OFTO<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24db w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24db w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e5 y24db w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x53d y24db w360 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">Septem<span class=\"_ _1\"></span>ber 2<span class=\"_ _7\"></span>04<span class=\"_ _7\"></span>7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1e7 h3 y24dc ff2 fs1 fc4 sc0 ls0 ws0\">Building Schools for the Future Portfolio<span class=\"_ _209\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x1e7 h8 y24dd ff4 fs1 fc4 sc0 ls0 ws0\">Minority Shareholdings in 11<span class=\"_ _209\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y2494 w361 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Building Schools for the Future Pr<span class=\"_ _7\"></span>ojects<span class=\"_ _209\"> </span></div></td><td class=\"c n x53e y2494 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x53f y2494 w35c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x540 y2494 w2bc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse9 wsf9\">Various<span class=\"_ _209\"> </span></div></td><td class=\"c n x541 y2494 w362 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse9 wsf9\">Various<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24de w363 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Blackburn with Darwen Phase One<span class=\"_ _209\"> </span></div></td><td class=\"c n x542 y24de w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x543 y24de w364 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">O<span class=\"_ _4\"></span>perat<span class=\"_ _7\"></span>ional<span class=\"_ _209\"> </span></div></td><td class=\"c n x544 y24de w35d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x545 y24de w365 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">Sep<span class=\"_ _1\"></span>temb<span class=\"_ _1\"></span>er 2<span class=\"_ _7\"></span>036<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2496 w366 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Blackburn with Darwen Phase T<span class=\"_ _0\"></span>wo<span class=\"_ _209\"> </span></div></td><td class=\"c n x546 y2496 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x547 y2496 w330 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Ope<span class=\"_ _4\"></span>ra<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x548 y2496 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x549 y2496 w367 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">Sept<span class=\"_ _7\"></span>ember 2<span class=\"_ _7\"></span>039<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24a1 w368 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Derby City<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24a1 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24a1 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x54a y24a1 w369 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">9<span class=\"_ _4\"></span>0.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x54b y24a1 w36a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">August 203<span class=\"_ _7\"></span>7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d8 w36b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Durham Schools<span class=\"_ _209\"> </span></div></td><td class=\"c n x54c y23d8 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x53a y23d8 w35c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x53b y23d8 w35d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x54d y23d8 w36c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls52 ws4f\">January 2036<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d9 w36d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Ealing Schools Phase One<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y23d9 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y23d9 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x54a y23d9 w369 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">8<span class=\"_ _4\"></span>0.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x54e y23d9 w36e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdc wsee\">Marc<span class=\"_ _4\"></span>h 2038<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y243f w36f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Essex Phase T<span class=\"_ _3\"></span>wo<span class=\"_ _209\"> </span></div></td><td class=\"c n x54f y243f w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x550 y243f w35c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x551 y243f w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x552 y243f w370 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December 2<span class=\"_ _7\"></span>036<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23db w371 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Hertfordshir<span class=\"_ _7\"></span>e Schools Phase One<span class=\"_ _209\"> </span></div></td><td class=\"c n x553 y23db w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x554 y23db w32a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x548 y23db w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x555 y23db w36a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">August 2<span class=\"_ _7\"></span>037<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23dc w372 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Islington Phase One<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y23dc w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y23dc w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x54a y23dc w369 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">9<span class=\"_ _4\"></span>0.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x54b y23dc w36a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">August<span class=\"_ _7\"></span> 2034<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w373 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Islington Phase T<span class=\"_ _3\"></span>wo<span class=\"_ _209\"> </span></div></td><td class=\"c n x556 y22b6 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x557 y22b6 w32a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x558 y22b6 w173 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">90.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x559 y22b6 w374 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdc wsee\">Mar<span class=\"_ _4\"></span>ch 2039<span class=\"_ _209\"> </span></div></td></tr></table></div><div class=\"gs14a\"><table class=\"s w375 h103\" id=\"_3a138434-2deb-487c-82c6-99248632918b\"><tr><td></td><td></td><td class=\"t m0 x3d4 h1d y24df ff4 fs13 fc4 sc0 ls0 ws0\">Status at </td><td class=\"t m0 x4ca h1d y24df ff4 fs13 fc4 sc0 ls0 ws0\">Per cent. Risk Capital<span class=\"_ _209\"> </span></td><td></td></tr><tr><td class=\"c n x1b0 y24e0 w319 hcf\"><div class=\"t m0 x1af h1d y2395 ff4 fs13 fc4 sc0 ls0 ws0\">Investment Name<span class=\"_ _209\"> </span></div></td><td class=\"c n x4df y24e0 w31a hcf\"><div class=\"t m0 x1af h1d y2395 ff4 fs13 fc4 sc0 ls0 ws0\">Country<span class=\"_ _209\"> </span></div></td><td class=\"t m0 x55a h1d y24e1 ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"c x55c y24e0 w376 hcf\"><div class=\"t m0 x1af h1d y2395 ff4 fs13 fc4 sc0 ls0 ws0\">owned by the Group</div><div class=\"t m0 x55b h63 y24ad ff4 fs20 fc4 sc0 ls0 ws0\">1<span class=\"_ _209\"> </span></div></td><td class=\"t m0 x55d h1d y24e1 ff4 fs13 fc4 sc0 ls0 ws0\">Investment end<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y24e2 w377 hce\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Lewisham Phase 1<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24e2 w31d hce\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24e2 w31e hce\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x54a y24e2 w369 hce\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">9<span class=\"_ _4\"></span>0.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x55e y24e2 w378 hce\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December<span class=\"_ _1\"></span> 203<span class=\"_ _1\"></span>4<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24e3 w377 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Lewisham Phase 2<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24e3 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24e3 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x54a y24e3 w369 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">9<span class=\"_ _4\"></span>0.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x54b y24e3 w36a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">August 203<span class=\"_ _7\"></span>7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24e4 w377 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Lewisham Phase 3<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24e4 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24e4 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x54a y24e4 w369 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">9<span class=\"_ _4\"></span>0.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x54b y24e4 w36a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">August 203<span class=\"_ _7\"></span>7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24e5 w377 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Lewisham Phase 4<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24e5 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24e5 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x55f y24e5 w379 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls19a ws1a5\">8<span class=\"_ _4\"></span>1.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x560 y24e5 w37a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdc wsee\">Ma<span class=\"_ _4\"></span>rch 203<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24e6 w37b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Oldham Schools<span class=\"_ _209\"> </span></div></td><td class=\"c n x514 y24e6 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x561 y24e6 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x562 y24e6 w37c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5c ws95\">9<span class=\"_ _4\"></span>9.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x563 y24e6 w37d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Augus<span class=\"_ _1\"></span>t 203<span class=\"_ _7\"></span>7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24e7 w37e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>ameside Schools One<span class=\"_ _209\"> </span></div></td><td class=\"c n x564 y24e7 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x565 y24e7 w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x566 y24e7 w173 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">46.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x567 y24e7 w37f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Augus<span class=\"_ _1\"></span>t 203<span class=\"_ _1\"></span>6<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24e8 w380 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>ameside Schools T<span class=\"_ _0\"></span>wo<span class=\"_ _209\"> </span></div></td><td class=\"c n x568 y24e8 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x569 y24e8 w381 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">O<span class=\"_ _4\"></span>perat<span class=\"_ _7\"></span>ional<span class=\"_ _209\"> </span></div></td><td class=\"c n x56a y24e8 w173 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">46.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x56b y24e8 w382 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">August<span class=\"_ _1\"></span> 203<span class=\"_ _7\"></span>7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24e9 w148 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Nottingham Schools One<span class=\"_ _209\"> </span></div></td><td class=\"c n x514 y24e9 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x561 y24e9 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x562 y24e9 w369 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">9<span class=\"_ _4\"></span>0.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x56c y24e9 w36a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">August<span class=\"_ _7\"></span> 2034<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24ea w383 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Nottingham Schools T<span class=\"_ _3\"></span>wo<span class=\"_ _209\"> </span></div></td><td class=\"c n x514 y24ea w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x561 y24ea w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x562 y24ea w369 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">9<span class=\"_ _4\"></span>0.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x56c y24ea w36a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">August<span class=\"_ _7\"></span> 2038<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24eb w384 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">South T<span class=\"_ _3\"></span>yneside and Gateshead Schools One<span class=\"_ _209\"> </span></div></td><td class=\"c n x514 y24eb w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x561 y24eb w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x56d y24eb w385 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdd wsef\">9<span class=\"_ _2d\"> </span>0<span class=\"_ _6\"></span>.1<span class=\"_ _209\"> </span></div></td><td class=\"c n x56e y24eb w386 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">October<span class=\"_ _7\"></span> 2034<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24ec w387 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">South T<span class=\"_ _3\"></span>yneside and Gateshead Schools T<span class=\"_ _0\"></span>wo<span class=\"_ _209\"> </span></div></td><td class=\"c n x56f y24ec w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x570 y24ec w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x571 y24ec w385 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdd wsef\">9<span class=\"_ _2d\"> </span>0<span class=\"_ _6\"></span>.1<span class=\"_ _209\"> </span></div></td><td class=\"c n x572 y24ec w367 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">Sept<span class=\"_ _7\"></span>ember 2<span class=\"_ _7\"></span>036<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24ed wb7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Southwark Phase One<span class=\"_ _209\"> </span></div></td><td class=\"c n x573 y24ed w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x574 y24ed w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x575 y24ed w35d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x576 y24ed w388 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls52 ws4f\">Januar<span class=\"_ _4\"></span>y<span class=\"_ _1\"></span> 2036<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24ee w389 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Southwark Phase T<span class=\"_ _3\"></span>wo<span class=\"_ _209\"> </span></div></td><td class=\"c n x4fc y24ee w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4fd y24ee w330 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x4fe y24ee w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x577 y24ee w38a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December<span class=\"_ _7\"></span> 2036<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24ef w38b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Wolverhampton Schools Phase One<span class=\"_ _209\"> </span></div></td><td class=\"c n x522 y24ef w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x523 y24ef w32a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x578 y24ef w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x579 y24ef w38c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">Sept<span class=\"_ _7\"></span>ember 2<span class=\"_ _1\"></span>03<span class=\"_ _7\"></span>7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24f0 w38d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Wolverhampton Schools Phase T<span class=\"_ _3\"></span>wo<span class=\"_ _209\"> </span></div></td><td class=\"c n x57a y24f0 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x57b y24f0 w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x469 y24f0 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x57c y24f0 w36a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">August<span class=\"_ _7\"></span> 2040<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24f1 w38e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Kent Schools<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24f1 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24f1 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x54a y24f1 w369 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">58<span class=\"_ _4\"></span>.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x54b y24f1 w38f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">August<span class=\"_ _1\"></span> 2035<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1b4 h3 y24f2 ff2 fs1 fc4 sc0 ls0 ws0\">NHS LIFT Portfolio<span class=\"_ _209\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y24f3 w390 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Beckenham Hospital<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24f3 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24f3 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x54a y24f3 w391 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5c ws95\">49.<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x55e y24f3 w392 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December<span class=\"_ _1\"></span> 203<span class=\"_ _1\"></span>3<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24f4 w393 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Garland Road Health Centre<span class=\"_ _209\"> </span></div></td><td class=\"c n x52b y24f4 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x57d y24f4 w364 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">O<span class=\"_ _4\"></span>perat<span class=\"_ _7\"></span>ional<span class=\"_ _209\"> </span></div></td><td class=\"c n x57e y24f4 w394 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5c ws95\">49.8<span class=\"_ _209\"> </span></div></td><td class=\"c n x57f y24f4 w395 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December 20<span class=\"_ _1\"></span>3<span class=\"_ _7\"></span>1<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1b4 h8 y24f5 ff4 fs1 fc4 sc0 ls0 ws0\">Alexandra Avenue Primary Car<span class=\"_ _7\"></span>e Centre, Monks Park Health </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y24f6 w396 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Centre (two pr<span class=\"_ _7\"></span>ojects)<span class=\"_ _209\"> </span></div></td><td class=\"c n x580 y24f6 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x581 y24f6 w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x582 y24f6 w391 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5c ws95\">49.<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x583 y24f6 w397 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">June 203<span class=\"_ _7\"></span>1<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24f7 w398 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Gem Centre Bentley Bridge, Phoenix Centr<span class=\"_ _7\"></span>e (two projects)<span class=\"_ _209\"> </span></div></td><td class=\"c n x584 y24f7 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x585 y24f7 w32a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x586 y24f7 w37c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5c ws95\">49.<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x587 y24f7 w399 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December 20<span class=\"_ _1\"></span>30<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24f8 w39a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Sudbury Health Centre<span class=\"_ _209\"> </span></div></td><td class=\"c n x56f y24f8 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x570 y24f8 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x588 y24f8 w391 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5c ws95\">49.<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x589 y24f8 w33c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">November 2<span class=\"_ _7\"></span>032<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24f9 w39b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Mt V<span class=\"_ _7\"></span>ernon<span class=\"_ _209\"> </span></div></td><td class=\"c n x58a y24f9 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x58b y24f9 w32a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x58c y24f9 w37c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5c ws95\">49.<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x58d y24f9 w39c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December<span class=\"_ _1\"></span> 203<span class=\"_ _1\"></span>3<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24fa w39d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Lakeside<span class=\"_ _209\"> </span></div></td><td class=\"c n x58e y24fa w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x58f y24fa w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x590 y24fa w391 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5c ws95\">4<span class=\"_ _4\"></span>9.8<span class=\"_ _209\"> </span></div></td><td class=\"c n x591 y24fa w33c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">November 2<span class=\"_ _7\"></span>032<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1b4 h8 y24fb ff4 fs1 fc4 sc0 ls0 ws0\">Fishponds Primary Care Centr<span class=\"_ _7\"></span>e, Hampton House Health </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y24fc w396 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Centre (two pr<span class=\"_ _7\"></span>ojects)<span class=\"_ _209\"> </span></div></td><td class=\"c n x580 y24fc w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x581 y24fc w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x582 y24fc w39e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls81 ws81\">3<span class=\"_ _4\"></span>3.4<span class=\"_ _209\"> </span></div></td><td class=\"c n x592 y24fc w39f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls52 ws4f\">January 203<span class=\"_ _0\"></span>1<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1b4 h8 y24fd ff4 fs1 fc4 sc0 ls0 ws0\">Shirehampton Primary Car<span class=\"_ _7\"></span>e Centre, Whitchurch Primary </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y24fe w3a0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Care Centr<span class=\"_ _7\"></span>e (two projects)<span class=\"_ _209\"> </span></div></td><td class=\"c n x514 y24fe w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x561 y24fe w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x562 y24fe w39e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls81 ws81\">3<span class=\"_ _4\"></span>3.4<span class=\"_ _209\"> </span></div></td><td class=\"c n x593 y24fe w3a1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdc wsee\">M<span class=\"_ _4\"></span>ay 2032<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1b4 h8 y24ff ff4 fs1 fc4 sc0 ls0 ws0\">Blackbird Leys Health Centr<span class=\"_ _7\"></span>e, East Oxford Care Centre </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y2500 w3a2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">(two\ue01eprojects)<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y2500 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y2500 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x54a y2500 w39e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls81 ws81\">3<span class=\"_ _4\"></span>3.4<span class=\"_ _209\"> </span></div></td><td class=\"c n x594 y2500 w3a3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1b9 ws1c6\">M<span class=\"_ _4\"></span>ay<span class=\"_ _4\"></span> 20<span class=\"_ _4\"></span>31<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2501 w3a4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Brierley Hill<span class=\"_ _209\"> </span></div></td><td class=\"c n x595 y2501 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x596 y2501 w32a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x597 y2501 w3a5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdb wsed\">34.<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td><td class=\"c n x598 y2501 w3a6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdc wsee\">Apr<span class=\"_ _4\"></span>il 203<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1b4 h8 y2502 ff4 fs1 fc4 sc0 ls0 ws0\">Ridge Hill Learning Disabilities Centre, Stourbridge Health </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y2495 w3a7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">&amp;<span class=\"_ gs4d\"> </span>Social Care Centr<span class=\"_ _7\"></span>e (two projects)<span class=\"_ _209\"> </span></div></td><td class=\"c n x599 y2495 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x59a y2495 w32a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x59b y2495 w3a5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdb wsed\">3<span class=\"_ _4\"></span>4.3<span class=\"_ _209\"> </span></div></td><td class=\"c n x59c y2495 w3a8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">October<span class=\"_ _7\"></span> 203<span class=\"_ _1\"></span>1<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2496 w3a9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Harrow NRC (thr<span class=\"_ _7\"></span>ee projects)<span class=\"_ _209\"> </span></div></td><td class=\"c n x514 y2496 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x561 y2496 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x562 y2496 w37c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5c ws95\">49.<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x59d y2496 w3aa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">June 2034<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24a1 w3ab hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Goscote Palliative Care Centr<span class=\"_ _7\"></span>e<span class=\"_ _209\"> </span></div></td><td class=\"c n x546 y24a1 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x547 y24a1 w330 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Ope<span class=\"_ _4\"></span>ra<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x59e y24a1 w37c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5c ws95\">49.<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x59f y24a1 w3ac hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Nov<span class=\"_ _1\"></span>ember 2035<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d8 w3ad hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">South Bristol Community Hospital<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y23d8 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y23d8 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x54a y23d8 w39e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls81 ws81\">3<span class=\"_ _4\"></span>3.4<span class=\"_ _209\"> </span></div></td><td class=\"c n x5a0 y23d8 w3ae hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">February 204<span class=\"_ _7\"></span>2<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d9 w3af hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">East London LIFT Project One (four pr<span class=\"_ _7\"></span>ojects)<span class=\"_ _209\"> </span></div></td><td class=\"c n x530 y23d9 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x5a1 y23d9 w330 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Ope<span class=\"_ _4\"></span>ra<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x5a2 y23d9 w173 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">30.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5a3 y23d9 w3b0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">October 2<span class=\"_ _7\"></span>030<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23da w3b1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">East London LIFT Project T<span class=\"_ _3\"></span>wo (three pr<span class=\"_ _1\"></span>ojects)<span class=\"_ _209\"> </span></div></td><td class=\"c n x4fc y23da w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4fd y23da w330 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x58c y23da w3b2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">3<span class=\"_ _4\"></span>0.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5a4 y23da w3b3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls9d ws187\">Apr<span class=\"_ _4\"></span>il 2<span class=\"_ _7\"></span>033<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23db w3b4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">East London LIFT Project Thr<span class=\"_ _7\"></span>ee (Newby Place)<span class=\"_ _209\"> </span></div></td><td class=\"c n x5a5 y23db w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x5a6 y23db w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x5a7 y23db w3b5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">30.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5a8 y23db w3b6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5 ws6\">M<span class=\"_ _4\"></span>ay 2<span class=\"_ _4\"></span>037<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2499 w3b7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">East London LIFT Project Four (two pr<span class=\"_ _7\"></span>ojects)<span class=\"_ _209\"> </span></div></td><td class=\"c n x5a9 y2499 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x5aa y2499 w32a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x5ab y2499 w173 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">30.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5ac y2499 w3b8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">August 2036<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w3b9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Eltham Community Hospital<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y22b6 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y22b6 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x54a y22b6 w391 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5c ws95\">49.<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x5ad y22b6 w3ba hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls52 ws4f\">Januar<span class=\"_ _4\"></span>y 2<span class=\"_ _7\"></span>040<span class=\"_ _209\"> </span></div></td></tr></table></div><div class=\"gs1cd\"><table class=\"s w3bb h104\" id=\"_eefd30d6-1de2-475d-8f73-f003bbc3f44e\"><tr><td></td><td></td><td class=\"t m0 x4de h1d y2503 ff4 fs13 fc4 sc0 ls0 ws0\">Status at </td><td class=\"t m0 x490 h1d y2503 ff4 fs13 fc4 sc0 ls0 ws0\">Per cent. Risk Capital<span class=\"_ _209\"> </span></td><td></td></tr><tr><td class=\"c n x1b0 y2504 w319 hcf\"><div class=\"t m0 x1af h1d y2395 ff4 fs13 fc4 sc0 ls0 ws0\">Investment Name<span class=\"_ _209\"> </span></div></td><td class=\"c n x4df y2504 w31a hcf\"><div class=\"t m0 x1af h1d y2395 ff4 fs13 fc4 sc0 ls0 ws0\">Country<span class=\"_ _209\"> </span></div></td><td class=\"t m0 x470 h1d y2505 ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"c x4e1 y2504 w31b hcf\"><div class=\"t m0 x1af h1d y2395 ff4 fs13 fc4 sc0 ls0 ws0\">owned by the Group</div><div class=\"t m0 x4e0 h63 y24ad ff4 fs20 fc4 sc0 ls0 ws0\">1<span class=\"_ _209\"> </span></div></td><td class=\"t m0 x4e2 h1d y2505 ff4 fs13 fc4 sc0 ls0 ws0\">Investment end<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1e7 h3 y2506 ff2 fs1 fc1 sc0 ls0 ws0\">Other UK<span class=\"_ _209\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y2507 w3bc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Sizewell C<span class=\"_ _209\"> </span></div></td><td class=\"c n x595 y2507 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x5ae y2507 w3bd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Construction<span class=\"_ _209\"> </span></div></td><td class=\"c n x5af y2507 w3be hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls83 ws83\">2.<span class=\"_ _4\"></span>9<span class=\"_ _209\"> </span></div></td><td class=\"c n x5b0 y2507 w3bf hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsd9 wseb\">M<span class=\"_ _6\"></span>a<span class=\"_ _4\"></span>r<span class=\"_ _6\"></span>c<span class=\"_ _4\"></span>h<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>12<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2508 w3c0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Angel T<span class=\"_ _0\"></span>rains<span class=\"_ _209\"> </span></div></td><td class=\"c n x514 y2508 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x515 y2508 w342 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x5b1 y2508 w3c1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">8.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x53c y2508 w324 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December 2<span class=\"_ _7\"></span>058<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2509 w3c2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Tideway<span class=\"_ _209\"> </span></div></td><td class=\"c n x514 y2509 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x5b2 y2509 w3bd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Construction<span class=\"_ _209\"> </span></div></td><td class=\"c n x5b3 y2509 w3c3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsde wsf0\">1<span class=\"_ _4\"></span>7.<span class=\"_ _6\"> </span>9<span class=\"_ _209\"> </span></div></td><td class=\"c n x5b4 y2509 w3c4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls87 ws86\">M<span class=\"_ _4\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _4\"></span>c<span class=\"_ _4\"></span>h<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>15<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y250a w3c5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Cadent<span class=\"_ _209\"> </span></div></td><td class=\"c n x5b5 y250a w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x5b6 y250a w364 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">O<span class=\"_ _4\"></span>perat<span class=\"_ _7\"></span>ional<span class=\"_ _209\"> </span></div></td><td class=\"c n x5b7 y250a w3c6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsde wsf0\">7.<span class=\"_ _6\"> </span>2<span class=\"_ _6\"></span>5<span class=\"_ _209\"> </span></div></td><td class=\"c n x5b8 y250a w3c7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">June 2<span class=\"_ _1\"></span>069<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y250b w3c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">National Digital Infrastructure Fund<span class=\"_ _209\"> </span></div></td><td class=\"c n x4f4 y250b w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4f5 y250b w32a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x5b9 y250b w173 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">45.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5ba y250b w3c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse2 wsf3\">Ju<span class=\"_ _4\"></span>ly<span class=\"_ _4\"></span> 20<span class=\"_ _4\"></span>27<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1e7 h3 y250c ff2 fs1 fc1 sc0 ls0 ws0\">Australia<span class=\"_ _209\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y250d w2d6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Royal Melbourne Showgrounds<span class=\"_ _209\"> </span></div></td><td class=\"c n x5bb y250d w3ca hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls9d ws187\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x5bc y250d w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x5bd y250d w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x56b y250d w3cb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">August 2<span class=\"_ _7\"></span>031<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y250e w3cc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Long Bay Forensic &amp; Prisons Hospital Pr<span class=\"_ _7\"></span>oject<span class=\"_ _209\"> </span></div></td><td class=\"c n x5be y250e w3ca hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls9d ws187\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x550 y250e w35c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x551 y250e w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5bf y250e w3cd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls62 ws60\">July 2034<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y250f w3ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Reliance Rail<span class=\"_ _209\"> </span></div></td><td class=\"c n x5c0 y250f w3ca hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls9d ws187\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x4f9 y250f w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x5c1 y250f w3b5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">33.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5c2 y250f w3cf hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse9 wsf9\">Februar<span class=\"_ _4\"></span>y 2<span class=\"_ _1\"></span>044<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2510 w3d0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Royal Children\u2019<span class=\"_ _3\"></span>s Hospital<span class=\"_ _209\"> </span></div></td><td class=\"c n x5c3 y2510 w3ca hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls9d ws187\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x5c4 y2510 w35c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x5c5 y2510 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5c6 y2510 w3d1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December 2<span class=\"_ _1\"></span>036<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2511 w3d2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Orange Hospital<span class=\"_ _209\"> </span></div></td><td class=\"c n x5c7 y2511 w3d3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls9d ws187\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x5c8 y2511 w35c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x5c9 y2511 w35d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5ca y2511 w3d1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December 2<span class=\"_ _1\"></span>035<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2512 w3d4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">NSW Schools<span class=\"_ _209\"> </span></div></td><td class=\"c n x5cb y2512 w3ca hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls9d ws187\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x5cc y2512 w3d5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operati<span class=\"_ _1\"></span>onal<span class=\"_ _209\"> </span></div></td><td class=\"c n x5cd y2512 w3d6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5e ws5b\">25.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5ce y2512 w3d1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December 20<span class=\"_ _1\"></span>35<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2513 w3d7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Gold Coast Light Rail<span class=\"_ _209\"> </span></div></td><td class=\"c n x5cf y2513 w3ca hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls9d ws187\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x535 y2513 w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d0 y2513 w3b5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">30.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d1 y2513 w3d8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">May 2029<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2514 w3d9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Victoria Schools T<span class=\"_ _3\"></span>wo<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d2 y2514 w3ca hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls9d ws187\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x515 y2514 w342 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d3 y2514 w35d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d4 y2514 w324 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December 2<span class=\"_ _7\"></span>042<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2515 w3da hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Flinders University<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d2 y2515 w3ca hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls9d ws187\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x515 y2515 w342 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d3 y2515 w35d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d5 y2515 w3db hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls17b wsad\">March 2049<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1e7 h3 y2516 ff2 fs1 fc1 sc0 ls7 ws8\">New<span class=\"_ _7\"></span> Zealand<span class=\"_ _209\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y2517 w3dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">NZ Schools 1<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d6 y2517 w3dd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls6 ws7\">New Zealand<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d7 y2517 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Ope<span class=\"_ _4\"></span>ra<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ed y2517 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d8 y2517 w332 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December 2<span class=\"_ _7\"></span>038<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2518 w3dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">NZ Schools 2<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d6 y2518 w3dd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls6 ws7\">New Zealand<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d7 y2518 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Ope<span class=\"_ _4\"></span>ra<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ed y2518 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d9 y2518 w3de hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December<span class=\"_ _1\"></span> 204<span class=\"_ _7\"></span>2<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2519 w3dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">NZ Schools 3<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d6 y2519 w3dd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls6 ws7\">New Zealand<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d7 y2519 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Ope<span class=\"_ _4\"></span>ra<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ed y2519 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d8 y2519 w332 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December 2<span class=\"_ _7\"></span>043<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y251a w3df hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Auckland Prison<span class=\"_ _209\"> </span></div></td><td class=\"c n x5da y251a w3e0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls6 ws7\">New<span class=\"_ _7\"></span> Zealand<span class=\"_ _209\"> </span></div></td><td class=\"c n x5db y251a w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Ope<span class=\"_ _4\"></span>ra<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x5dc y251a w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5dd y251a w3e1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">June 2<span class=\"_ _1\"></span>043<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y251b w3e2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">ASV<span class=\"_ _209\"> </span></div></td><td class=\"c n x5de y251b w3e3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls6 ws7\">New<span class=\"_ _7\"></span> Zealand<span class=\"_ _209\"> </span></div></td><td class=\"c n x5df y251b w330 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Ope<span class=\"_ _4\"></span>ra<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x5e0 y251b w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5e1 y251b w386 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">October<span class=\"_ _7\"></span> 2093<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1e7 h3 y251c ff2 fs1 fc1 sc0 ls0 ws0\">North America<span class=\"_ _209\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y251d w3e4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Alberta Schools<span class=\"_ _209\"> </span></div></td><td class=\"c n x5e2 y251d w3e5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls17d ws17e\">Canada<span class=\"_ _209\"> </span></div></td><td class=\"c n x5e3 y251d w35c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x5e4 y251d w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5e5 y251d w3e6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">June 204<span class=\"_ _1\"></span>0<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y251e w3e7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Durham Courts<span class=\"_ _209\"> </span></div></td><td class=\"c n x5e6 y251e w3e8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls17d ws17e\">Can<span class=\"_ _4\"></span>ada<span class=\"_ _209\"> </span></div></td><td class=\"c n x5e7 y251e w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x5e8 y251e w1e7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _6\"></span>0.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x4f7 y251e w3e9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">November 2<span class=\"_ _7\"></span>039<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y251f w3ea hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">FHSP<span class=\"_ _209\"> </span></div></td><td class=\"c n x5a9 y251f w1a4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls16a wse4\">US<span class=\"_ _209\"> </span></div></td><td class=\"c n x52c y251f w350 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">O<span class=\"_ _4\"></span>perat<span class=\"_ _7\"></span>ional<span class=\"_ _209\"> </span></div></td><td class=\"c x5ea y251f w3eb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0</div><div class=\"t m0 x5e9 h1e y2520 ff4 fs12 fc4 sc0 ls0 ws0\">2</div></td><td class=\"t m0 x5eb h8 y2521 ff4 fs1 fc4 sc0 ls0 ws0\"> <span class=\"_ _1d5\"> </span><span class=\"ls191 ws185\"> October 2<span class=\"_ _1\"></span>052<span class=\"_ _209\"> </span></span></td></tr><tr><td class=\"t m0 x1e7 h3 y2522 ff2 fs1 fc1 sc0 ls0 ws0\">Europe (excl. UK)<span class=\"_ _209\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y2523 w37b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Diabolo Rail Link<span class=\"_ _209\"> </span></div></td><td class=\"c n x5ec y2523 w3ec hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse9 wsf9\">Belgium<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e8 y2523 w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e9 y2523 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5ed y2523 w3ed hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">June 204<span class=\"_ _0\"></span>7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2524 w3ee hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Dublin Courts<span class=\"_ _209\"> </span></div></td><td class=\"c n x5ee y2524 w3ef hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls17e ws59\">Ire<span class=\"_ _4\"></span>land<span class=\"_ _209\"> </span></div></td><td class=\"c n x5ef y2524 w35c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d3 y2524 w35d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5f0 y2524 w3f0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">February 20<span class=\"_ _1\"></span>35<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2525 w3f1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">BeNEX<span class=\"_ _209\"> </span></div></td><td class=\"c n x5f1 y2525 w3f2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">Germany<span class=\"_ _209\"> </span></div></td><td class=\"c n x5e7 y2525 w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x5e8 y2525 w1e7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _6\"></span>0.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5f2 y2525 w38a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December 2<span class=\"_ _7\"></span>049<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c x1b0 y24a1 w3f3 h105\"><div class=\"t m0 x1af h8 y2526 ff4 fs1 fc4 sc0 ls0 ws0\">Federal German Ministry of Education and<span class=\"_ _209\"> </span></div><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Research Headquarters<span class=\"_ _209\"> </span></div></td><td class=\"c n x5f3 y24a1 w3f4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">Germ<span class=\"_ _1\"></span>any<span class=\"_ _209\"> </span></div></td><td class=\"c n x581 y24a1 w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x582 y24a1 w3b5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">98.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5f4 y24a1 w3f5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18b ws198\">J<span class=\"_ _4\"></span>u<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _6\"></span>41<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d8 w3f6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Pforzheim Schools<span class=\"_ _209\"> </span></div></td><td class=\"c n x5f5 y23d8 w3f2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">Germany<span class=\"_ _209\"> </span></div></td><td class=\"c n x5f6 y23d8 w32a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x5f7 y23d8 w173 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">98.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5f8 y23d8 w3f7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">Sept<span class=\"_ _7\"></span>ember 20<span class=\"_ _1\"></span>39<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d9 w3f8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Offenbach Police Centr<span class=\"_ _7\"></span>e<span class=\"_ _209\"> </span></div></td><td class=\"c n x5f9 y23d9 w3f2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">Germany<span class=\"_ _209\"> </span></div></td><td class=\"c n x5fa y23d9 w3f9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Construction<span class=\"_ _209\"> </span></div></td><td class=\"c n x5fb y23d9 w369 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">4<span class=\"_ _4\"></span>5.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5fc y23d9 w3aa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">June 2050<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y243f w3fa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Hobro Court<span class=\"_ _209\"> </span></div></td><td class=\"c n x5fd y243f w3fb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls52 ws4f\">Denmark<span class=\"_ _209\"> </span></div></td><td class=\"c n x5fe y243f w350 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Ope<span class=\"_ _4\"></span>ra<span class=\"_ _7\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x5ff y243f w3fc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse6 wsf7\">6<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>.7<span class=\"_ _209\"> </span></div></td><td class=\"c n x600 y243f w3fd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December 2<span class=\"_ _7\"></span>02<span class=\"_ _1\"></span>7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23db w3fe hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Randers Hospital Parking Facility<span class=\"_ _209\"> </span></div></td><td class=\"c n x5fd y23db w3fb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls52 ws4f\">Denmark<span class=\"_ _209\"> </span></div></td><td class=\"c n x5fe y23db w350 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Ope<span class=\"_ _4\"></span>ra<span class=\"_ _7\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x5ff y23db w3fc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse6 wsf7\">6<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>.7<span class=\"_ _209\"> </span></div></td><td class=\"c n x601 y23db w3ff hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18b ws198\">A<span class=\"_ _6\"></span>p<span class=\"_ _4\"></span>r<span class=\"_ _6\"></span>i<span class=\"_ _4\"></span>l<span class=\"_ _6\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _6\"></span>41<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23dc w400 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u00d8rsted School<span class=\"_ _209\"> </span></div></td><td class=\"c n x602 y23dc w3fb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls52 ws4f\">Denmark<span class=\"_ _209\"> </span></div></td><td class=\"c n x5f6 y23dc w32a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x5f7 y23dc w3fc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse6 wsf7\">6<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>.7<span class=\"_ _209\"> </span></div></td><td class=\"c n x603 y23dc w3aa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">June 2038<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w401 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Vildbjerg School<span class=\"_ _209\"> </span></div></td><td class=\"c n x604 y22b6 w3fb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls52 ws4f\">Denmark<span class=\"_ _209\"> </span></div></td><td class=\"c n x605 y22b6 w35c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x606 y22b6 w402 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse6 wsf7\">6<span class=\"_ _4\"></span>6.7<span class=\"_ _209\"> </span></div></td><td class=\"c n x607 y22b6 w370 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December 2<span class=\"_ _7\"></span>036<span class=\"_ _209\"> </span></div></td></tr></table></div><div class=\"t m0 h1d ff4 fs13 fc4 sc0 ls0 ws0 gs1ce\">1 <span class=\"_ _1d\"> </span>R<span class=\"_ _4\"></span>isk C<span class=\"_ _4\"></span>api<span class=\"_ _4\"></span>tal i<span class=\"_ _4\"></span>nclu<span class=\"_ _4\"></span>des p<span class=\"_ _4\"></span>roj<span class=\"_ _4\"></span>ect l<span class=\"_ _4\"></span>evel e<span class=\"_ _4\"></span>qui<span class=\"_ _4\"></span>ty an<span class=\"_ _4\"></span>d/or su<span class=\"_ _4\"></span>bor<span class=\"_ _4\"></span>dina<span class=\"_ _4\"></span>ted sh<span class=\"_ _4\"></span>are<span class=\"_ _4\"></span>hol<span class=\"_ _4\"></span>der d<span class=\"_ _4\"></span>ebt.<span class=\"_ _209\"> </span></div><div class=\"t m0 h1d ff4 fs13 fc4 sc0 ls0 ws0 gs1cf\">2 <span class=\"_ _1d\"> </span>I<span class=\"_ _4\"></span>nves<span class=\"_ _4\"></span>tme<span class=\"_ _4\"></span>nt con<span class=\"_ _4\"></span>tai<span class=\"_ _4\"></span>ns se<span class=\"_ _4\"></span>nior o<span class=\"_ _4\"></span>r mez<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>nin<span class=\"_ _4\"></span>e debt i<span class=\"_ _4\"></span>n add<span class=\"_ _4\"></span>itio<span class=\"_ _4\"></span>n to any Ri<span class=\"_ _4\"></span>sk Ca<span class=\"_ _4\"></span>pit<span class=\"_ _4\"></span>al own<span class=\"_ _4\"></span>ers<span class=\"_ _4\"></span>hip s<span class=\"_ _4\"></span>how<span class=\"_ _4\"></span>n.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-179": {
   "value": "<div class=\"t m0 h3 ff2 fs1 fc3 sc0 ls0 ws0 gs158\">13. <span class=\"_ _121\"> </span>T<span class=\"_ _4\"></span>RA<span class=\"_ _4\"></span>DE AN<span class=\"_ _4\"></span>D OTHE<span class=\"_ _4\"></span>R REC<span class=\"_ _4\"></span>EI<span class=\"_ _4\"></span>V<span class=\"_ _7\"></span>A<span class=\"_ _4\"></span>BLE<span class=\"_ _4\"></span>S<span class=\"_ _209\"> </span></div><div class=\"gs159\"><table class=\"s w14d hf3\" id=\"_89a2f0cd-e0a0-416d-b9ab-0a4b6e427f91\"><tr><td></td><td class=\"t m0 x22d h2b y2419 ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x22e h1d y2419 ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x1e1 h2b y241a ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1fe h1d y241a ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y22b2 w26b hce\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Accrued interest r<span class=\"_ _7\"></span>eceivable<span class=\"_ _209\"> </span></div></td><td class=\"c n x432 y22b2 w26c hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls162 ws16d\">5<span class=\"_ _4\"></span>5,<span class=\"_ _4\"></span>473<span class=\"_ _209\"> </span></div></td><td class=\"c n x433 y22b2 w26d hce\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb8 wsc0\">5<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>,6<span class=\"_ _4\"></span>13<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22c7 w26e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Other debtors<span class=\"_ _209\"> </span></div></td><td class=\"c n x434 y22c7 w26f hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls5d ws5a\">2,45<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td><td class=\"c n x435 y22c7 w270 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">1<span class=\"_ _4\"></span>,1<span class=\"_ _4\"></span>9<span class=\"_ _4\"></span>7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w271 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal trade and other payables<span class=\"_ _209\"> </span></div></td><td class=\"c n x436 y22b6 w94 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lsda wsec\">5<span class=\"_ _4\"></span>7,<span class=\"_ _6\"></span>9<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x437 y22b6 w95 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">5<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>810</div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-219": {
   "value": "13. <span class=\"_ _121\"> </span>T<span class=\"_ _4\"></span>RA<span class=\"_ _4\"></span>DE AN<span class=\"_ _4\"></span>D OTHE<span class=\"_ _4\"></span>R REC<span class=\"_ _4\"></span>EI<span class=\"_ _4\"></span>V<span class=\"_ _7\"></span>A<span class=\"_ _4\"></span>BLE<span class=\"_ _4\"></span>S<span class=\"_ _209\"> </span><table class=\"s w14d hf3\" id=\"_89a2f0cd-e0a0-416d-b9ab-0a4b6e427f91\"><tr><td></td><td class=\"t m0 x22d h2b y2419 ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x22e h1d y2419 ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x1e1 h2b y241a ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1fe h1d y241a ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y22b2 w26b hce\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Accrued interest r<span class=\"_ _7\"></span>eceivable<span class=\"_ _209\"> </span></div></td><td class=\"c n x432 y22b2 w26c hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls162 ws16d\">5<span class=\"_ _4\"></span>5,<span class=\"_ _4\"></span>473<span class=\"_ _209\"> </span></div></td><td class=\"c n x433 y22b2 w26d hce\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb8 wsc0\">5<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>,6<span class=\"_ _4\"></span>13<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22c7 w26e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Other debtors<span class=\"_ _209\"> </span></div></td><td class=\"c n x434 y22c7 w26f hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls5d ws5a\">2,45<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td><td class=\"c n x435 y22c7 w270 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">1<span class=\"_ _4\"></span>,1<span class=\"_ _4\"></span>9<span class=\"_ _4\"></span>7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w271 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal trade and other payables<span class=\"_ _209\"> </span></div></td><td class=\"c n x436 y22b6 w94 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lsda wsec\">5<span class=\"_ _4\"></span>7,<span class=\"_ _6\"></span>9<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x437 y22b6 w95 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">5<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>810</div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-180": {
   "value": "<div class=\"t m0 h3 ff2 fs1 fc3 sc0 ls0 ws0 gs15b\">1<span class=\"_ _7\"></span>4<span class=\"_ _4\"></span>. <span class=\"_ _121\"> </span>T<span class=\"_ _4\"></span>RA<span class=\"_ _4\"></span>DE AN<span class=\"_ _4\"></span>D OTHE<span class=\"_ _4\"></span>R P<span class=\"_ _7\"></span>A<span class=\"_ _7\"></span>YABLE<span class=\"_ _4\"></span>S<span class=\"_ _209\"> </span></div><div class=\"gs159\"><table class=\"s w14d hf8\" id=\"_9f5ce549-a58f-4636-a0a9-f85b16b76490\"><tr><td></td><td class=\"t m0 x22d h2b y2434 ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x22e h1d y2434 ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x1e1 h2b y2435 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1fe h1d y2435 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y22b2 w28e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Accrued management fee<span class=\"_ _209\"> </span></div></td><td class=\"c n x456 y22b2 w208 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls5b ws57\">6<span class=\"_ _4\"></span>,73<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x457 y22b2 w28f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse6 wsf7\">8<span class=\"_ _4\"></span>,7<span class=\"_ _4\"></span>73<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22c7 w290 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Other creditors and accruals<span class=\"_ _209\"> </span></div></td><td class=\"c n x458 y22c7 w208 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls5b ws57\">2<span class=\"_ _4\"></span>,70<span class=\"_ _4\"></span>6<span class=\"_ _209\"> </span></div></td><td class=\"c n x2e9 y22c7 w147 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">3<span class=\"_ _6\"></span>,1<span class=\"_ _4\"></span>4<span class=\"_ _6\"></span>9<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w271 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal trade and other payables<span class=\"_ _209\"> </span></div></td><td class=\"c n x21f y22b6 w9e hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1a5 ws1b0\">9,<span class=\"_ _7\"></span>444<span class=\"_ _209\"> </span></div></td><td class=\"c n x220 y22b6 w9f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">11<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>9<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span>2</div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-222": {
   "value": "1<span class=\"_ _7\"></span>4<span class=\"_ _4\"></span>. <span class=\"_ _121\"> </span>T<span class=\"_ _4\"></span>RA<span class=\"_ _4\"></span>DE AN<span class=\"_ _4\"></span>D OTHE<span class=\"_ _4\"></span>R P<span class=\"_ _7\"></span>A<span class=\"_ _7\"></span>YABLE<span class=\"_ _4\"></span>S<span class=\"_ _209\"> </span><table class=\"s w14d hf8\" id=\"_9f5ce549-a58f-4636-a0a9-f85b16b76490\"><tr><td></td><td class=\"t m0 x22d h2b y2434 ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x22e h1d y2434 ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x1e1 h2b y2435 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1fe h1d y2435 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y22b2 w28e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Accrued management fee<span class=\"_ _209\"> </span></div></td><td class=\"c n x456 y22b2 w208 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls5b ws57\">6<span class=\"_ _4\"></span>,73<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x457 y22b2 w28f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse6 wsf7\">8<span class=\"_ _4\"></span>,7<span class=\"_ _4\"></span>73<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22c7 w290 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Other creditors and accruals<span class=\"_ _209\"> </span></div></td><td class=\"c n x458 y22c7 w208 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls5b ws57\">2<span class=\"_ _4\"></span>,70<span class=\"_ _4\"></span>6<span class=\"_ _209\"> </span></div></td><td class=\"c n x2e9 y22c7 w147 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">3<span class=\"_ _6\"></span>,1<span class=\"_ _4\"></span>4<span class=\"_ _6\"></span>9<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w271 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal trade and other payables<span class=\"_ _209\"> </span></div></td><td class=\"c n x21f y22b6 w9e hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1a5 ws1b0\">9,<span class=\"_ _7\"></span>444<span class=\"_ _209\"> </span></div></td><td class=\"c n x220 y22b6 w9f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">11<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>9<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span>2</div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-199": {
   "value": "1<span class=\"_ _7\"></span>4<span class=\"_ _4\"></span>. <span class=\"_ _121\"> </span>T<span class=\"_ _4\"></span>RA<span class=\"_ _4\"></span>DE AN<span class=\"_ _4\"></span>D OTHE<span class=\"_ _4\"></span>R P<span class=\"_ _7\"></span>A<span class=\"_ _7\"></span>YABLE<span class=\"_ _4\"></span>S<span class=\"_ _209\"> </span><table class=\"s w14d hf8\" id=\"_9f5ce549-a58f-4636-a0a9-f85b16b76490\"><tr><td></td><td class=\"t m0 x22d h2b y2434 ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x22e h1d y2434 ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x1e1 h2b y2435 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1fe h1d y2435 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y22b2 w28e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Accrued management fee<span class=\"_ _209\"> </span></div></td><td class=\"c n x456 y22b2 w208 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls5b ws57\">6<span class=\"_ _4\"></span>,73<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x457 y22b2 w28f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse6 wsf7\">8<span class=\"_ _4\"></span>,7<span class=\"_ _4\"></span>73<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22c7 w290 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Other creditors and accruals<span class=\"_ _209\"> </span></div></td><td class=\"c n x458 y22c7 w208 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls5b ws57\">2<span class=\"_ _4\"></span>,70<span class=\"_ _4\"></span>6<span class=\"_ _209\"> </span></div></td><td class=\"c n x2e9 y22c7 w147 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">3<span class=\"_ _6\"></span>,1<span class=\"_ _4\"></span>4<span class=\"_ _6\"></span>9<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w271 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal trade and other payables<span class=\"_ _209\"> </span></div></td><td class=\"c n x21f y22b6 w9e hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1a5 ws1b0\">9,<span class=\"_ _7\"></span>444<span class=\"_ _209\"> </span></div></td><td class=\"c n x220 y22b6 w9f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">11<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>9<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span>2</div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-181": {
   "value": "<div class=\"t m0 h3 ff2 fs1 fc3 sc0 ls7 ws8 gs15d\">1<span class=\"_ _7\"></span>5. <span class=\"_ _121\"> </span>SHARE CAP<span class=\"_ _7\"></span>IT<span class=\"_ _7\"></span>AL AND<span class=\"_ _7\"></span> RESERVES<span class=\"_ _209\"> </span></div><div class=\"gs159\"><table class=\"s w272 hf4\" id=\"_dd7989b2-448f-4683-b286-91a1613fe1d2\"><tr><td></td><td class=\"t m0 x22b h2b y241b ff2 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended </td><td class=\"t m0 x22c h1d y241c ff4 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended </td></tr><tr><td></td><td class=\"t m0 x22d h2b y241d ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025 </td><td class=\"t m0 x22e h1d y241e ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x438 h2b y241f ff2 fs13 fc4 sc0 ls0 ws0\">shares </td><td class=\"t m0 x1fe h1d y2420 ff4 fs13 fc4 sc0 ls0 ws0\">shares<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1e7 h1d y2421 ff4 fs13 fc4 sc0 ls0 ws0\">Shares authorised and in issue </td><td class=\"t m0 x439 h2b y2422 ff2 fs13 fc4 sc0 ls0 ws0\">\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x43a h1d y2423 ff4 fs13 fc4 sc0 ls0 ws0\">\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y231b w273 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Shares in issue<span class=\"_ _209\"> </span></div></td><td class=\"c n x43b y231b w274 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls189 ws1c1\">1,<span class=\"_ _4\"></span>812<span class=\"_ _6\"></span>,<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>3<span class=\"_ _209\"> </span></div></td><td class=\"c n x43c y231b w275 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls198 ws1a3\">1<span class=\"_ _4\"></span>,<span class=\"_ _6\"></span>8<span class=\"_ _6\"></span>7<span class=\"_ _6\"> </span>7,<span class=\"_ _2d\"> </span>2<span class=\"_ _2d\"> </span>9<span class=\"_ _6\"> </span>3<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22c7 w276 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Shares held in tr<span class=\"_ _7\"></span>easury<span class=\"_ _209\"> </span></div></td><td class=\"c n x43d y22c7 w277 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls5b ws57\">98<span class=\"_ _4\"></span>,79<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x43e y22c7 w278 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls13a ws84\">33,9<span class=\"_ _4\"></span>50<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w279 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">Opening and closing balance<span class=\"_ _209\"> </span></div></td><td class=\"c n x43f y22b6 w27a hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse4 wsf5\">1,<span class=\"_ _4\"></span>911,<span class=\"_ _4\"></span>2<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>3<span class=\"_ _209\"> </span></div></td><td class=\"c n x440 y22b6 w27b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls19a ws1a5\">1,<span class=\"_ _4\"></span>9<span class=\"_ _4\"></span>11,<span class=\"_ _4\"></span>24<span class=\"_ _6\"></span>3<span class=\"_ _209\"> </span></div></td></tr></table></div><div class=\"gs15e\"><table class=\"s w14d hf5\" id=\"_f23f8052-ba7f-4ff1-b2b9-8fd8d1326287\"><tr><td></td><td class=\"t m0 x22b h2b y2424 ff2 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended </td><td class=\"t m0 x22c h1d y2425 ff4 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended </td></tr><tr><td></td><td class=\"t m0 x22d h2b y2426 ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x22e h1d y2427 ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1e7 h1d y2428 ff4 fs13 fc4 sc0 ls0 ws0\">Share capital<span class=\"_ _209\"> </span></td><td class=\"t m0 x1e1 h2b y2429 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1fe h1d y242a ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y22b6 w27c hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lsb1 ws5c\">Opening and closing balance<span class=\"_ _209\"> </span></div></td><td class=\"c n x441 y22b6 w6f hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls18e ws19b\">2,23<span class=\"_ _7\"></span>1<span class=\"_ _7\"></span>,27<span class=\"_ _7\"></span>6<span class=\"_ _209\"> </span></div></td><td class=\"c n x442 y22b6 w27d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls69 ws58\">2<span class=\"_ _1\"></span>,23<span class=\"_ _7\"></span>1<span class=\"_ _0\"></span>,27<span class=\"_ _7\"></span>6<span class=\"_ _209\"> </span></div></td></tr></table></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs15f\">At present, the Company has one class of Or<span class=\"_ _7\"></span>dinary Shares with a par value of 0.01p which carry no right to fixed income.<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs160\">During the year to 31 December 2025, 64.8m shares have been acquir<span class=\"_ _7\"></span>ed as part of the Company\u2019<span class=\"_ _0\"></span>s share buyback programme, and as at </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs161\">31 December 2025 98,790 shares wer<span class=\"_ _7\"></span>e held in treasury<span class=\"_ _0\"></span>. </div><div class=\"gs162\"><table class=\"s w27e hf6\" id=\"_1a410c16-5dae-4af7-baf2-66608714c298\"><tr><td></td><td class=\"t m0 x22b h2b y242b ff2 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended </td><td class=\"t m0 x22c h1d y242c ff4 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended </td></tr><tr><td></td><td class=\"t m0 x22d h2b y242d ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x22e h1d y242e ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1e7 h1d y242f ff4 fs13 fc4 sc0 ls0 ws0\">Other distributable reserve<span class=\"_ _209\"> </span></td><td class=\"t m0 x1e1 h2b y2430 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1fe h1d y2431 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y2379 w27f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Balance at 1 January<span class=\"_ _209\"> </span></div></td><td class=\"c n x443 y2379 w70 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls5 ws6\">13<span class=\"_ _4\"></span>9<span class=\"_ _4\"></span>,3<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>1<span class=\"_ _209\"> </span></div></td><td class=\"c n x444 y2379 w280 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsae wsb6\">18<span class=\"_ _4\"></span>2<span class=\"_ _4\"></span>,4<span class=\"_ _6\"></span>81<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2359 wce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Acquisition of treasury shar<span class=\"_ _7\"></span>es<span class=\"_ _209\"> </span></div></td><td class=\"c n x445 y2359 w281 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls2 ws3\">(77<span class=\"_ _0\"></span>,355)<span class=\"_ _209\"> </span></div></td><td class=\"c n x446 y2359 w282 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls193 ws19f\">(4<span class=\"_ _4\"></span>3,<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>86<span class=\"_ _4\"></span>)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y234a w283 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Costs associated with acquisition of treasury shar<span class=\"_ _7\"></span>es<span class=\"_ _209\"> </span></div></td><td class=\"c n x447 y234a w284 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls69 ws58\">(78<span class=\"_ _4\"></span>)<span class=\"_ _209\"> </span></div></td><td class=\"c n x448 y234a w285 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls193 ws19f\">(4<span class=\"_ _4\"></span>4)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22c7 w286 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Movement in the year<span class=\"_ _209\"> </span></div></td><td class=\"c n x449 y22c7 w79 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lsda wsec\">(<span class=\"_ _6\"> </span>7<span class=\"_ _6\"></span>7,<span class=\"_ _4\"></span>4<span class=\"_ _6\"> </span>3<span class=\"_ _6\"></span>3<span class=\"_ _6\"></span>)<span class=\"_ _209\"> </span></div></td><td class=\"c n x44a y22c7 w5d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">(<span class=\"_ _6\"></span>4<span class=\"_ _6\"></span>3<span class=\"_ _4\"></span>,1<span class=\"_ _4\"></span>3<span class=\"_ _6\"> </span>0<span class=\"_ _6\"> </span>)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w1e9 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">Balance at 31 December<span class=\"_ _209\"> </span></div></td><td class=\"c n x44b y22b6 w287 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse4 wsf5\">61,<span class=\"_ _4\"></span>918<span class=\"_ _209\"> </span></div></td><td class=\"c n x44c y22b6 w89 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls197 ws1a2\">13<span class=\"_ _6\"></span>9<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>51<span class=\"_ _209\"> </span></div></td></tr></table></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs163\">On 19 January 2007, the Company applied to the Royal Court of Guernsey<span class=\"_ _0\"></span>, following the initial placing of shares, to reduce its shar<span class=\"_ _1\"></span>e </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs164\">premium account. This was in or<span class=\"_ _7\"></span>der to provide a distributable reserve to enable the Company to repur<span class=\"_ _7\"></span>chase its shares if and when the </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs165\">Board<span class=\"_ gs4d\"> </span>of Dir<span class=\"_ _7\"></span>ectors consider it beneficial to do so. Following court approval, the distributable reserve account was created.<span class=\"_ _209\"> </span></div><div class=\"gs166\"><table class=\"s w288 hf7\" id=\"_38eb2b39-063d-4a13-8ba7-53ae3a6ffc5b\"><tr><td></td><td class=\"t m0 x22d h2b y2432 ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x22e h1d y2432 ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1e7 h1d y2433 ff4 fs13 fc4 sc0 ls0 ws0\">Retained earnings<span class=\"_ _209\"> </span></td><td class=\"t m0 x1e1 h2b y2433 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1fe h1d y2433 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y229c w27f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Balance at 1 January<span class=\"_ _209\"> </span></div></td><td class=\"c n x44d y229c w289 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls195 ws1a0\">345,99<span class=\"_ _7\"></span>7<span class=\"_ _209\"> </span></div></td><td class=\"c n x44e y229c w83 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls46 ws44\">5<span class=\"_ _4\"></span>02,<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>81<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y231b w18e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Net profit for the year<span class=\"_ _209\"> </span></div></td><td class=\"c n x44f y231b w28a hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls199 ws1a4\">263,<span class=\"_ _0\"></span>704<span class=\"_ _209\"> </span></div></td><td class=\"c n x450 y231b w69 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1a8 wsa3\">465<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c x1b0 y22c7 w28b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Dividends paid</div><div class=\"t m0 x451 h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">1<span class=\"_ _209\"> </span></div></td><td class=\"c n x452 y22c7 w28c hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls195 ws1a0\">(<span class=\"_ _7\"></span>1<span class=\"_ _7\"></span>56,254)<span class=\"_ _209\"> </span></div></td><td class=\"c n x453 y22c7 w86 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls17b wsad\">(1<span class=\"_ _0\"></span>56,849)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w1e9 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">Balance at 31 December<span class=\"_ _209\"> </span></div></td><td class=\"c n x454 y22b6 wa3 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls162 ws16d\">4<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>3,<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>47<span class=\"_ _209\"> </span></div></td><td class=\"c n x455 y22b6 w28d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1aa ws1b4\">3<span class=\"_ _4\"></span>45,<span class=\"_ _4\"></span>997<span class=\"_ _209\"> </span></div></td></tr></table></div><div class=\"t m0 h1d ff4 fs13 fc4 sc0 ls0 ws0 gs167\">1 <span class=\"_ _1d\"> </span>I<span class=\"_ _4\"></span>ncl<span class=\"_ _4\"></span>ude<span class=\"_ _4\"></span>s scr<span class=\"_ _4\"></span>ip el<span class=\"_ _4\"></span>eme<span class=\"_ _4\"></span>nt of \u00a3 ni<span class=\"_ _4\"></span>l in 2024 (De<span class=\"_ _4\"></span>ce<span class=\"_ _4\"></span>mbe<span class=\"_ _4\"></span>r 2024<span class=\"_ _7\"></span>: \u00a3 n<span class=\"_ _4\"></span>il).<span class=\"_ _209\"> </span></div><div class=\"t m0 h3 ff2 fs1 fc1 sc0 lsb1 ws5c gs169\">DIVIDENDS<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs16a\">The Board is satisfied that, in every r<span class=\"_ _7\"></span>espect, the solvency test as required by the Companies (Guernsey) Law<span class=\"_ _7\"></span>, 2008, was satisfied for the </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs16b\">proposed dividend and the dividends paid in r<span class=\"_ _7\"></span>espect of the year ended 31 December 2025.<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs16c\">The Board has appr<span class=\"_ _7\"></span>oved interim dividends as follows: </div><div class=\"gs16d\"><table class=\"s w291 hf9\" id=\"_d33ac655-cb59-4af9-a392-54f65ed1549f\"><tr><td></td><td class=\"t m0 x1a8 h2b y2436 ff2 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended  </td><td class=\"t m0 x1a9 h1d y2437 ff4 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended  </td></tr><tr><td></td><td class=\"t m0 x1aa h2b y2438 ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ab h1d y2439 ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x1ad h2b y243a ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ae h1d y243b ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y243c w292 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Amounts recognised as distributions to equity holders for the year ended 31 December<span class=\"_ _209\"> </span></div></td><td class=\"c x45a y243c w293 hfa\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls195 ws1a0\">1<span class=\"_ _7\"></span>56,254</div><div class=\"t m0 x459 h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">1<span class=\"_ _209\"> </span></div></td><td class=\"t m0 x45b h8 y243d ff4 fs1 fc4 sc0 ls17b wsad\">1<span class=\"_ _7\"></span>56,849<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1b4 h3 y243e ff50 fs1 fc4 sc0 ls0 ws0\">Declared and proposed<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y23d7 w294 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">First semi-annual interim dividend for the financial year 2024 of <span>4.18</span>p per share<span class=\"_ _209\"> </span></div></td><td class=\"c n x301 y23d7 w74 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x45c y23d7 w295 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse0 wsf1\">79,2<span class=\"_ _4\"></span>67<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d9 w296 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Second semi-annual interim dividend for the financial year 2024 of <span>4.19</span>p per share<span class=\"_ _209\"> </span></div></td><td class=\"c n x45d y23d9 web hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x45e y23d9 w297 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls198 ws1a3\">7<span class=\"_ _6\"></span>7,<span class=\"_ _6\"></span>9<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span>5<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y243f w298 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">First quarterly interim dividend for the financial year 2025 of 2.14p per share<span class=\"_ _209\"> </span></div></td><td class=\"c n x45f y243f w299 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls18c ws199\">3<span class=\"_ _6\"></span>9<span class=\"_ _4\"></span>,<span class=\"_ _6\"></span>3<span class=\"_ _4\"></span>11<span class=\"_ _209\"> </span></div></td><td class=\"c n x460 y243f w74 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2440 w29a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Second quarterly interim dividend for the financial year 2025 of 2.14p per share<span class=\"_ _209\"> </span></div></td><td class=\"c n x461 y2440 w29b hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1ba ws1c7\">38,968<span class=\"_ _209\"> </span></div></td><td class=\"c n x462 y2440 w74 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c x1b0 y23dc w29c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Third quarterly interim dividend for the financial year 2025 of 2.15p per shar<span class=\"_ _7\"></span>e</div><div class=\"t m0 x463 h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">2<span class=\"_ _209\"> </span></div></td><td class=\"c n x464 y23dc w29d hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1b0 ws1bc\">38,823<span class=\"_ _209\"> </span></div></td><td class=\"c n x465 y23dc w74 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c x1b0 y22b6 w29e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Fourth quarterly interim dividend for the financial year 2025 of 2.15p per share</div><div class=\"t m0 x466 h1e y2316 ff4 fs12 fc4 sc0 ls0 ws0\">3<span class=\"_ _209\"> </span></div></td><td class=\"c n x464 y22b6 w29d hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1b0 ws1bc\">38,823<span class=\"_ _209\"> </span></div></td><td class=\"c n x465 y22b6 w74 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td></tr></table></div><div class=\"t m0 h1d ff4 fs13 fc4 sc0 ls0 ws0 gs16e\">1 <span class=\"_ _1d\"> </span>I<span class=\"_ _4\"></span>ncl<span class=\"_ _4\"></span>ude<span class=\"_ _4\"></span>s the 2024 in<span class=\"_ _4\"></span>teri<span class=\"_ _4\"></span>m div<span class=\"_ _4\"></span>ide<span class=\"_ _4\"></span>nd for t<span class=\"_ _4\"></span>he pe<span class=\"_ _4\"></span>rio<span class=\"_ _4\"></span>d 1 Jul<span class=\"_ _4\"></span>y to 3<span class=\"_ _7\"></span>1 D<span class=\"_ _4\"></span>ec<span class=\"_ _4\"></span>emb<span class=\"_ _4\"></span>er 2024.<span class=\"_ _209\"> </span></div><div class=\"t m0 h1d ff4 fs13 fc4 sc0 ls0 ws0 gs16f\">2 <span class=\"_ _1d\"> </span> <span class=\"_ _1b\"></span>Th<span class=\"_ _4\"></span>e thir<span class=\"_ _4\"></span>d qua<span class=\"_ _4\"></span>rte<span class=\"_ _4\"></span>rly i<span class=\"_ _4\"></span>nter<span class=\"_ _4\"></span>im di<span class=\"_ _4\"></span>vid<span class=\"_ _4\"></span>end fo<span class=\"_ _4\"></span>r fina<span class=\"_ _4\"></span>nci<span class=\"_ _4\"></span>al ye<span class=\"_ _4\"></span>ar 2025 wa<span class=\"_ _4\"></span>s app<span class=\"_ _4\"></span>roved by t<span class=\"_ _4\"></span>he Bo<span class=\"_ _4\"></span>ard on 2<span class=\"_ _4\"></span>2 Jan<span class=\"_ _4\"></span>uar<span class=\"_ _4\"></span>y 2026 a<span class=\"_ _4\"></span>nd the<span class=\"_ _4\"></span>refo<span class=\"_ _4\"></span>re ha<span class=\"_ _4\"></span>s not be<span class=\"_ _4\"></span>en in<span class=\"_ _4\"></span>clu<span class=\"_ _4\"></span>ded a<span class=\"_ _4\"></span>s a lia<span class=\"_ _4\"></span>bili<span class=\"_ _4\"></span>ty i<span class=\"_ _4\"></span>n the ba<span class=\"_ _4\"></span>lan<span class=\"_ _4\"></span>ce sh<span class=\"_ _4\"></span>eet fo<span class=\"_ _4\"></span>r the ye<span class=\"_ _4\"></span>ar </div><div class=\"t m0 h1d ff4 fs13 fc4 sc0 ls0 ws0 gs170\">en<span class=\"_ _4\"></span>ded 31 De<span class=\"_ _4\"></span>ce<span class=\"_ _4\"></span>mbe<span class=\"_ _4\"></span>r 2025.<span class=\"_ _209\"> </span></div><div class=\"t m0 h1d ff4 fs13 fc4 sc0 ls0 ws0 gs171\">3 <span class=\"_ _1d\"> </span> <span class=\"_ _1b\"></span>Th<span class=\"_ _4\"></span>e four<span class=\"_ _4\"></span>th q<span class=\"_ _4\"></span>uar<span class=\"_ _4\"></span>ter<span class=\"_ _4\"></span>ly in<span class=\"_ _4\"></span>teri<span class=\"_ _4\"></span>m div<span class=\"_ _4\"></span>ide<span class=\"_ _4\"></span>nd fo<span class=\"_ _4\"></span>r the fin<span class=\"_ _4\"></span>anc<span class=\"_ _4\"></span>ial ye<span class=\"_ _4\"></span>ar 2025 wa<span class=\"_ _4\"></span>s app<span class=\"_ _4\"></span>rove<span class=\"_ _4\"></span>d by the B<span class=\"_ _4\"></span>oard o<span class=\"_ _4\"></span>n 25 Marc<span class=\"_ _4\"></span>h 2026 an<span class=\"_ _4\"></span>d the<span class=\"_ _4\"></span>refo<span class=\"_ _4\"></span>re has n<span class=\"_ _4\"></span>ot be<span class=\"_ _4\"></span>en in<span class=\"_ _4\"></span>clud<span class=\"_ _4\"></span>ed as a l<span class=\"_ _4\"></span>iab<span class=\"_ _4\"></span>ili<span class=\"_ _4\"></span>ty in t<span class=\"_ _4\"></span>he ba<span class=\"_ _4\"></span>lan<span class=\"_ _4\"></span>ce sh<span class=\"_ _4\"></span>eet fo<span class=\"_ _4\"></span>r the </div><div class=\"t m0 h1d ff4 fs13 fc4 sc0 ls0 ws0 gs172\">yea<span class=\"_ _4\"></span>r en<span class=\"_ _4\"></span>ded 31 De<span class=\"_ _4\"></span>cem<span class=\"_ _4\"></span>ber 2<span class=\"_ _4\"></span>025.<span class=\"_ _209\"> </span></div><div class=\"t m0 h3 ff2 fs1 fc1 sc0 ls7 ws8 gs173\">CAP<span class=\"_ _7\"></span>IT<span class=\"_ _7\"></span>AL RISK<span class=\"_ _7\"></span> MANAGEMENT<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs174\">The Group seeks to ef<span class=\"_ _7\"></span>ficiently manage its financial resources to ensure that it is able to continue as a going concern while providing </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs175\">improved r<span class=\"_ _7\"></span>etur<span class=\"_ _4\"></span>ns to shareholders thr<span class=\"_ _7\"></span>ough the management of the debt and equity balances. The capital structure consists of the Group\u2019<span class=\"_ _3\"></span>s </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs176\">CDF and equity attributable to equity holders of the parent, comprising issued capital, r<span class=\"_ _7\"></span>eserves and retained earnings. The Group aims </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs177\">to deliver its objective by investing available cash and using leverage whilst maintaining sufficient liquidity to meet ongoing expenses and </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs178\">dividend payments. The Group\u2019<span class=\"_ _3\"></span>s investment policy is set out in the Corporate Governance Report on page 77.<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs179\">The Group\u2019<span class=\"_ _3\"></span>s Investment Adviser reviews the capital structur<span class=\"_ _1\"></span>e on a semi-annual basis. As part of this review<span class=\"_ _0\"></span>, the Investment Adviser considers </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs17a\">the cost of capital and the associated risks.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-200": {
   "value": "1<span class=\"_ _7\"></span>5. <span class=\"_ _121\"> </span>SHARE CAP<span class=\"_ _7\"></span>IT<span class=\"_ _7\"></span>AL AND<span class=\"_ _7\"></span> RESERVES<span class=\"_ _209\"> </span><table class=\"s w272 hf4\" id=\"_dd7989b2-448f-4683-b286-91a1613fe1d2\"><tr><td></td><td class=\"t m0 x22b h2b y241b ff2 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended </td><td class=\"t m0 x22c h1d y241c ff4 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended </td></tr><tr><td></td><td class=\"t m0 x22d h2b y241d ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025 </td><td class=\"t m0 x22e h1d y241e ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x438 h2b y241f ff2 fs13 fc4 sc0 ls0 ws0\">shares </td><td class=\"t m0 x1fe h1d y2420 ff4 fs13 fc4 sc0 ls0 ws0\">shares<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1e7 h1d y2421 ff4 fs13 fc4 sc0 ls0 ws0\">Shares authorised and in issue </td><td class=\"t m0 x439 h2b y2422 ff2 fs13 fc4 sc0 ls0 ws0\">\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x43a h1d y2423 ff4 fs13 fc4 sc0 ls0 ws0\">\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y231b w273 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Shares in issue<span class=\"_ _209\"> </span></div></td><td class=\"c n x43b y231b w274 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls189 ws1c1\">1,<span class=\"_ _4\"></span>812<span class=\"_ _6\"></span>,<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>3<span class=\"_ _209\"> </span></div></td><td class=\"c n x43c y231b w275 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls198 ws1a3\">1<span class=\"_ _4\"></span>,<span class=\"_ _6\"></span>8<span class=\"_ _6\"></span>7<span class=\"_ _6\"> </span>7,<span class=\"_ _2d\"> </span>2<span class=\"_ _2d\"> </span>9<span class=\"_ _6\"> </span>3<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22c7 w276 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Shares held in tr<span class=\"_ _7\"></span>easury<span class=\"_ _209\"> </span></div></td><td class=\"c n x43d y22c7 w277 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls5b ws57\">98<span class=\"_ _4\"></span>,79<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x43e y22c7 w278 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls13a ws84\">33,9<span class=\"_ _4\"></span>50<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w279 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">Opening and closing balance<span class=\"_ _209\"> </span></div></td><td class=\"c n x43f y22b6 w27a hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse4 wsf5\">1,<span class=\"_ _4\"></span>911,<span class=\"_ _4\"></span>2<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>3<span class=\"_ _209\"> </span></div></td><td class=\"c n x440 y22b6 w27b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls19a ws1a5\">1,<span class=\"_ _4\"></span>9<span class=\"_ _4\"></span>11,<span class=\"_ _4\"></span>24<span class=\"_ _6\"></span>3<span class=\"_ _209\"> </span></div></td></tr></table><table class=\"s w14d hf5\" id=\"_f23f8052-ba7f-4ff1-b2b9-8fd8d1326287\"><tr><td></td><td class=\"t m0 x22b h2b y2424 ff2 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended </td><td class=\"t m0 x22c h1d y2425 ff4 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended </td></tr><tr><td></td><td class=\"t m0 x22d h2b y2426 ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x22e h1d y2427 ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1e7 h1d y2428 ff4 fs13 fc4 sc0 ls0 ws0\">Share capital<span class=\"_ _209\"> </span></td><td class=\"t m0 x1e1 h2b y2429 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1fe h1d y242a ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y22b6 w27c hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lsb1 ws5c\">Opening and closing balance<span class=\"_ _209\"> </span></div></td><td class=\"c n x441 y22b6 w6f hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls18e ws19b\">2,23<span class=\"_ _7\"></span>1<span class=\"_ _7\"></span>,27<span class=\"_ _7\"></span>6<span class=\"_ _209\"> </span></div></td><td class=\"c n x442 y22b6 w27d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls69 ws58\">2<span class=\"_ _1\"></span>,23<span class=\"_ _7\"></span>1<span class=\"_ _0\"></span>,27<span class=\"_ _7\"></span>6<span class=\"_ _209\"> </span></div></td></tr></table>At present, the Company has one class of Or<span class=\"_ _7\"></span>dinary Shares with a par value of 0.01p which carry no right to fixed income.<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-198": {
   "value": "During the year to 31 December 2025, 64.8m shares have been acquir<span class=\"_ _7\"></span>ed as part of the Company\u2019<span class=\"_ _0\"></span>s share buyback programme, and as at 31 December 2025 98,790 shares wer<span class=\"_ _7\"></span>e held in treasury<span class=\"_ _0\"></span>. <table class=\"s w27e hf6\" id=\"_1a410c16-5dae-4af7-baf2-66608714c298\"><tr><td></td><td class=\"t m0 x22b h2b y242b ff2 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended </td><td class=\"t m0 x22c h1d y242c ff4 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended </td></tr><tr><td></td><td class=\"t m0 x22d h2b y242d ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x22e h1d y242e ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1e7 h1d y242f ff4 fs13 fc4 sc0 ls0 ws0\">Other distributable reserve<span class=\"_ _209\"> </span></td><td class=\"t m0 x1e1 h2b y2430 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1fe h1d y2431 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y2379 w27f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Balance at 1 January<span class=\"_ _209\"> </span></div></td><td class=\"c n x443 y2379 w70 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls5 ws6\">13<span class=\"_ _4\"></span>9<span class=\"_ _4\"></span>,3<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>1<span class=\"_ _209\"> </span></div></td><td class=\"c n x444 y2379 w280 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsae wsb6\">18<span class=\"_ _4\"></span>2<span class=\"_ _4\"></span>,4<span class=\"_ _6\"></span>81<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2359 wce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Acquisition of treasury shar<span class=\"_ _7\"></span>es<span class=\"_ _209\"> </span></div></td><td class=\"c n x445 y2359 w281 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls2 ws3\">(77<span class=\"_ _0\"></span>,355)<span class=\"_ _209\"> </span></div></td><td class=\"c n x446 y2359 w282 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls193 ws19f\">(4<span class=\"_ _4\"></span>3,<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>86<span class=\"_ _4\"></span>)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y234a w283 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Costs associated with acquisition of treasury shar<span class=\"_ _7\"></span>es<span class=\"_ _209\"> </span></div></td><td class=\"c n x447 y234a w284 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls69 ws58\">(78<span class=\"_ _4\"></span>)<span class=\"_ _209\"> </span></div></td><td class=\"c n x448 y234a w285 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls193 ws19f\">(4<span class=\"_ _4\"></span>4)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22c7 w286 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Movement in the year<span class=\"_ _209\"> </span></div></td><td class=\"c n x449 y22c7 w79 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lsda wsec\">(<span class=\"_ _6\"> </span>7<span class=\"_ _6\"></span>7,<span class=\"_ _4\"></span>4<span class=\"_ _6\"> </span>3<span class=\"_ _6\"></span>3<span class=\"_ _6\"></span>)<span class=\"_ _209\"> </span></div></td><td class=\"c n x44a y22c7 w5d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18d ws19a\">(<span class=\"_ _6\"></span>4<span class=\"_ _6\"></span>3<span class=\"_ _4\"></span>,1<span class=\"_ _4\"></span>3<span class=\"_ _6\"> </span>0<span class=\"_ _6\"> </span>)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w1e9 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">Balance at 31 December<span class=\"_ _209\"> </span></div></td><td class=\"c n x44b y22b6 w287 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse4 wsf5\">61,<span class=\"_ _4\"></span>918<span class=\"_ _209\"> </span></div></td><td class=\"c n x44c y22b6 w89 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls197 ws1a2\">13<span class=\"_ _6\"></span>9<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>51<span class=\"_ _209\"> </span></div></td></tr></table>On 19 January 2007, the Company applied to the Royal Court of Guernsey<span class=\"_ _0\"></span>, following the initial placing of shares, to reduce its shar<span class=\"_ _1\"></span>e premium account. This was in or<span class=\"_ _7\"></span>der to provide a distributable reserve to enable the Company to repur<span class=\"_ _7\"></span>chase its shares if and when the Board<span class=\"_ gs4d\"> </span>of Dir<span class=\"_ _7\"></span>ectors consider it beneficial to do so. Following court approval, the distributable reserve account was created.<span class=\"_ _209\"> </span><table class=\"s w288 hf7\" id=\"_38eb2b39-063d-4a13-8ba7-53ae3a6ffc5b\"><tr><td></td><td class=\"t m0 x22d h2b y2432 ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x22e h1d y2432 ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1e7 h1d y2433 ff4 fs13 fc4 sc0 ls0 ws0\">Retained earnings<span class=\"_ _209\"> </span></td><td class=\"t m0 x1e1 h2b y2433 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1fe h1d y2433 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y229c w27f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Balance at 1 January<span class=\"_ _209\"> </span></div></td><td class=\"c n x44d y229c w289 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls195 ws1a0\">345,99<span class=\"_ _7\"></span>7<span class=\"_ _209\"> </span></div></td><td class=\"c n x44e y229c w83 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls46 ws44\">5<span class=\"_ _4\"></span>02,<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>81<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y231b w18e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Net profit for the year<span class=\"_ _209\"> </span></div></td><td class=\"c n x44f y231b w28a hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls199 ws1a4\">263,<span class=\"_ _0\"></span>704<span class=\"_ _209\"> </span></div></td><td class=\"c n x450 y231b w69 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1a8 wsa3\">465<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c x1b0 y22c7 w28b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Dividends paid</div><div class=\"t m0 x451 h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">1<span class=\"_ _209\"> </span></div></td><td class=\"c n x452 y22c7 w28c hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls195 ws1a0\">(<span class=\"_ _7\"></span>1<span class=\"_ _7\"></span>56,254)<span class=\"_ _209\"> </span></div></td><td class=\"c n x453 y22c7 w86 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls17b wsad\">(1<span class=\"_ _0\"></span>56,849)<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w1e9 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">Balance at 31 December<span class=\"_ _209\"> </span></div></td><td class=\"c n x454 y22b6 wa3 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls162 ws16d\">4<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>3,<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>47<span class=\"_ _209\"> </span></div></td><td class=\"c n x455 y22b6 w28d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1aa ws1b4\">3<span class=\"_ _4\"></span>45,<span class=\"_ _4\"></span>997<span class=\"_ _209\"> </span></div></td></tr></table>1 <span class=\"_ _1d\"> </span>I<span class=\"_ _4\"></span>ncl<span class=\"_ _4\"></span>ude<span class=\"_ _4\"></span>s scr<span class=\"_ _4\"></span>ip el<span class=\"_ _4\"></span>eme<span class=\"_ _4\"></span>nt of \u00a3 ni<span class=\"_ _4\"></span>l in 2024 (De<span class=\"_ _4\"></span>ce<span class=\"_ _4\"></span>mbe<span class=\"_ _4\"></span>r 2024<span class=\"_ _7\"></span>: \u00a3 n<span class=\"_ _4\"></span>il).<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-201": {
   "value": "DIVIDENDS<span class=\"_ _209\"> </span>The Board is satisfied that, in every r<span class=\"_ _7\"></span>espect, the solvency test as required by the Companies (Guernsey) Law<span class=\"_ _7\"></span>, 2008, was satisfied for the proposed dividend and the dividends paid in r<span class=\"_ _7\"></span>espect of the year ended 31 December 2025.<span class=\"_ _209\"> </span>The Board has appr<span class=\"_ _7\"></span>oved interim dividends as follows: <table class=\"s w291 hf9\" id=\"_d33ac655-cb59-4af9-a392-54f65ed1549f\"><tr><td></td><td class=\"t m0 x1a8 h2b y2436 ff2 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended  </td><td class=\"t m0 x1a9 h1d y2437 ff4 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended  </td></tr><tr><td></td><td class=\"t m0 x1aa h2b y2438 ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ab h1d y2439 ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x1ad h2b y243a ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ae h1d y243b ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y243c w292 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Amounts recognised as distributions to equity holders for the year ended 31 December<span class=\"_ _209\"> </span></div></td><td class=\"c x45a y243c w293 hfa\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls195 ws1a0\">1<span class=\"_ _7\"></span>56,254</div><div class=\"t m0 x459 h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">1<span class=\"_ _209\"> </span></div></td><td class=\"t m0 x45b h8 y243d ff4 fs1 fc4 sc0 ls17b wsad\">1<span class=\"_ _7\"></span>56,849<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1b4 h3 y243e ff50 fs1 fc4 sc0 ls0 ws0\">Declared and proposed<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y23d7 w294 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">First semi-annual interim dividend for the financial year 2024 of <span>4.18</span>p per share<span class=\"_ _209\"> </span></div></td><td class=\"c n x301 y23d7 w74 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x45c y23d7 w295 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse0 wsf1\">79,2<span class=\"_ _4\"></span>67<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d9 w296 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Second semi-annual interim dividend for the financial year 2024 of <span>4.19</span>p per share<span class=\"_ _209\"> </span></div></td><td class=\"c n x45d y23d9 web hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x45e y23d9 w297 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls198 ws1a3\">7<span class=\"_ _6\"></span>7,<span class=\"_ _6\"></span>9<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span>5<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y243f w298 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">First quarterly interim dividend for the financial year 2025 of 2.14p per share<span class=\"_ _209\"> </span></div></td><td class=\"c n x45f y243f w299 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls18c ws199\">3<span class=\"_ _6\"></span>9<span class=\"_ _4\"></span>,<span class=\"_ _6\"></span>3<span class=\"_ _4\"></span>11<span class=\"_ _209\"> </span></div></td><td class=\"c n x460 y243f w74 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2440 w29a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Second quarterly interim dividend for the financial year 2025 of 2.14p per share<span class=\"_ _209\"> </span></div></td><td class=\"c n x461 y2440 w29b hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1ba ws1c7\">38,968<span class=\"_ _209\"> </span></div></td><td class=\"c n x462 y2440 w74 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c x1b0 y23dc w29c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Third quarterly interim dividend for the financial year 2025 of 2.15p per shar<span class=\"_ _7\"></span>e</div><div class=\"t m0 x463 h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">2<span class=\"_ _209\"> </span></div></td><td class=\"c n x464 y23dc w29d hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1b0 ws1bc\">38,823<span class=\"_ _209\"> </span></div></td><td class=\"c n x465 y23dc w74 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c x1b0 y22b6 w29e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Fourth quarterly interim dividend for the financial year 2025 of 2.15p per share</div><div class=\"t m0 x466 h1e y2316 ff4 fs12 fc4 sc0 ls0 ws0\">3<span class=\"_ _209\"> </span></div></td><td class=\"c n x464 y22b6 w29d hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls1b0 ws1bc\">38,823<span class=\"_ _209\"> </span></div></td><td class=\"c n x465 y22b6 w74 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td></tr></table>1 <span class=\"_ _1d\"> </span>I<span class=\"_ _4\"></span>ncl<span class=\"_ _4\"></span>ude<span class=\"_ _4\"></span>s the 2024 in<span class=\"_ _4\"></span>teri<span class=\"_ _4\"></span>m div<span class=\"_ _4\"></span>ide<span class=\"_ _4\"></span>nd for t<span class=\"_ _4\"></span>he pe<span class=\"_ _4\"></span>rio<span class=\"_ _4\"></span>d 1 Jul<span class=\"_ _4\"></span>y to 3<span class=\"_ _7\"></span>1 D<span class=\"_ _4\"></span>ec<span class=\"_ _4\"></span>emb<span class=\"_ _4\"></span>er 2024.<span class=\"_ _209\"> </span>2 <span class=\"_ _1d\"> </span> <span class=\"_ _1b\"></span>Th<span class=\"_ _4\"></span>e thir<span class=\"_ _4\"></span>d qua<span class=\"_ _4\"></span>rte<span class=\"_ _4\"></span>rly i<span class=\"_ _4\"></span>nter<span class=\"_ _4\"></span>im di<span class=\"_ _4\"></span>vid<span class=\"_ _4\"></span>end fo<span class=\"_ _4\"></span>r fina<span class=\"_ _4\"></span>nci<span class=\"_ _4\"></span>al ye<span class=\"_ _4\"></span>ar 2025 wa<span class=\"_ _4\"></span>s app<span class=\"_ _4\"></span>roved by t<span class=\"_ _4\"></span>he Bo<span class=\"_ _4\"></span>ard on 2<span class=\"_ _4\"></span>2 Jan<span class=\"_ _4\"></span>uar<span class=\"_ _4\"></span>y 2026 a<span class=\"_ _4\"></span>nd the<span class=\"_ _4\"></span>refo<span class=\"_ _4\"></span>re ha<span class=\"_ _4\"></span>s not be<span class=\"_ _4\"></span>en in<span class=\"_ _4\"></span>clu<span class=\"_ _4\"></span>ded a<span class=\"_ _4\"></span>s a lia<span class=\"_ _4\"></span>bili<span class=\"_ _4\"></span>ty i<span class=\"_ _4\"></span>n the ba<span class=\"_ _4\"></span>lan<span class=\"_ _4\"></span>ce sh<span class=\"_ _4\"></span>eet fo<span class=\"_ _4\"></span>r the ye<span class=\"_ _4\"></span>ar en<span class=\"_ _4\"></span>ded 31 De<span class=\"_ _4\"></span>ce<span class=\"_ _4\"></span>mbe<span class=\"_ _4\"></span>r 2025.<span class=\"_ _209\"> </span>3 <span class=\"_ _1d\"> </span> <span class=\"_ _1b\"></span>Th<span class=\"_ _4\"></span>e four<span class=\"_ _4\"></span>th q<span class=\"_ _4\"></span>uar<span class=\"_ _4\"></span>ter<span class=\"_ _4\"></span>ly in<span class=\"_ _4\"></span>teri<span class=\"_ _4\"></span>m div<span class=\"_ _4\"></span>ide<span class=\"_ _4\"></span>nd fo<span class=\"_ _4\"></span>r the fin<span class=\"_ _4\"></span>anc<span class=\"_ _4\"></span>ial ye<span class=\"_ _4\"></span>ar 2025 wa<span class=\"_ _4\"></span>s app<span class=\"_ _4\"></span>rove<span class=\"_ _4\"></span>d by the B<span class=\"_ _4\"></span>oard o<span class=\"_ _4\"></span>n 25 Marc<span class=\"_ _4\"></span>h 2026 an<span class=\"_ _4\"></span>d the<span class=\"_ _4\"></span>refo<span class=\"_ _4\"></span>re has n<span class=\"_ _4\"></span>ot be<span class=\"_ _4\"></span>en in<span class=\"_ _4\"></span>clud<span class=\"_ _4\"></span>ed as a l<span class=\"_ _4\"></span>iab<span class=\"_ _4\"></span>ili<span class=\"_ _4\"></span>ty in t<span class=\"_ _4\"></span>he ba<span class=\"_ _4\"></span>lan<span class=\"_ _4\"></span>ce sh<span class=\"_ _4\"></span>eet fo<span class=\"_ _4\"></span>r the yea<span class=\"_ _4\"></span>r en<span class=\"_ _4\"></span>ded 31 De<span class=\"_ _4\"></span>cem<span class=\"_ _4\"></span>ber 2<span class=\"_ _4\"></span>025.<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDividendsExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-211": {
   "value": "0.0418",
   "decimals": 4,
   "dimensions": {
    "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2024-01-01T00:00:00/2024-07-01T00:00:00",
    "unit": "iso4217:GBP/xbrli:shares"
   }
  },
  "fact-212": {
   "value": "0.0419",
   "decimals": 4,
   "dimensions": {
    "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2024-07-01T00:00:00/2025-01-01T00:00:00",
    "unit": "iso4217:GBP/xbrli:shares"
   }
  },
  "fact-217": {
   "value": "CAP<span class=\"_ _7\"></span>IT<span class=\"_ _7\"></span>AL RISK<span class=\"_ _7\"></span> MANAGEMENT<span class=\"_ _209\"> </span>The Group seeks to ef<span class=\"_ _7\"></span>ficiently manage its financial resources to ensure that it is able to continue as a going concern while providing improved r<span class=\"_ _7\"></span>etur<span class=\"_ _4\"></span>ns to shareholders thr<span class=\"_ _7\"></span>ough the management of the debt and equity balances. The capital structure consists of the Group\u2019<span class=\"_ _3\"></span>s CDF and equity attributable to equity holders of the parent, comprising issued capital, r<span class=\"_ _7\"></span>eserves and retained earnings. The Group aims to deliver its objective by investing available cash and using leverage whilst maintaining sufficient liquidity to meet ongoing expenses and dividend payments. The Group\u2019<span class=\"_ _3\"></span>s investment policy is set out in the Corporate Governance Report on page 77.<span class=\"_ _209\"> </span>The Group\u2019<span class=\"_ _3\"></span>s Investment Adviser reviews the capital structur<span class=\"_ _1\"></span>e on a semi-annual basis. As part of this review<span class=\"_ _0\"></span>, the Investment Adviser considers the cost of capital and the associated risks.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-182": {
   "value": "<div class=\"t m0 h3 ff2 fs1 fc3 sc0 ls0 ws0 gs17c\">16. <span class=\"_ _121\"> </span>N<span class=\"_ _4\"></span>ET A<span class=\"_ _4\"></span>SSE<span class=\"_ _4\"></span>TS PE<span class=\"_ _4\"></span>R SH<span class=\"_ _4\"></span>ARE<span class=\"_ _209\"> </span></div><div class=\"gs17d\"><table class=\"s w8c hfb\" id=\"_b44437ac-6803-43b6-b2fe-de3dedae76f2\"><tr><td></td><td class=\"t m0 x1aa h2b y2441 ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ab h1d y2441 ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x1ad h2b y2442 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ae h1d y2442 ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y22b6 w29f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Net assets attributable to equity holders of the parent<span class=\"_ _209\"> </span></div></td><td class=\"c n x221 y22b6 wa2 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls161 ws16c\">2<span class=\"_ _6\"></span>,74<span class=\"_ _6\"></span>6<span class=\"_ _4\"></span>,<span class=\"_ _6\"></span>6<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>1<span class=\"_ _209\"> </span></div></td><td class=\"c n x222 y22b6 w8b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse6 wsf7\">2,716,<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>24<span class=\"_ _209\"> </span></div></td></tr></table></div><div class=\"gs17e\"><table class=\"s w2a0 heb\" id=\"_6e410f6d-ea1f-47fa-ad2e-94bebb1c68ef\"><tr><td></td><td class=\"c n x30f y23dd w16d hf0\"><div class=\"t m0 x1af h1d y2411 ff2 fs13 fc4 sc0 ls0 ws0\">Number<span class=\"_ _209\"> </span></div></td><td class=\"c n x310 y23dd w16e hd3\"><div class=\"t m0 x1af h1d y2411 ff4 fs13 fc4 sc0 ls0 ws0\">Number<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1b4 h3 y2443 ff2 fs1 fc4 sc0 ls0 ws0\">Number of shares<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y22b5 w2a1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Ordinary Shar<span class=\"_ _7\"></span>es outstanding at the end of the year<span class=\"_ _209\"> </span></div></td><td class=\"c n x467 y22b5 w2a2 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls5d ws5a\">1<span class=\"_ _7\"></span>,<span class=\"_ _4\"></span>8<span class=\"_ _7\"></span>12,45<span class=\"_ _4\"></span>3,43<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x468 y22b5 w2a3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls192 ws19e\">1<span class=\"_ _7\"></span>,877<span class=\"_ _3\"></span>,29<span class=\"_ _4\"></span>3,<span class=\"_ _3\"></span>132<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w2a4 hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">Net assets per share <span class=\"ff50\">(p per share)<span class=\"_ _209\"> </span></span></div></td><td class=\"c n x469 y22b6 w4b hd4\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse4 wsf5\">151.<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td><td class=\"c n x46a y22b6 w2a5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18b ws198\">14<span class=\"_ _6\"></span>4<span class=\"_ _4\"></span>.7</div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-183": {
   "value": "<div class=\"t m0 h3 ff2 fs1 fc3 sc0 ls62 ws60 gs180\">1<span class=\"_ _7\"></span>7<span class=\"_ _0\"></span>. <span class=\"_ _5\"> </span>REL<span class=\"_ _4\"></span>A<span class=\"_ _0\"></span>TE<span class=\"_ _4\"></span>D P<span class=\"_ _0\"></span>AR<span class=\"_ _4\"></span>TY TRA<span class=\"_ _4\"></span>NSACTIONS<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs181\">Details of the Company\u2019<span class=\"_ _3\"></span>s significant consolidated and unconsolidated subsidiaries are included in note 20. </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs182\">During the year<span class=\"_ _0\"></span>, Group companies enter<span class=\"_ _1\"></span>ed into certain transactions with related parties that ar<span class=\"_ _1\"></span>e not members of the Group but ar<span class=\"_ _7\"></span>e related </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs183\">parties by reason of being in the same gr<span class=\"_ _7\"></span>oup as Amber Infrastructure Group Holdings Limited, which is the ultimate holding company of the </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs184\">Investment Adviser<span class=\"_ _0\"></span>, Amber Fund Management Limited (\u2018AFML<span class=\"_ _0\"></span>\u2019).<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs185\">Under the IAA, AFML was appointed to provide investment advisory services to the Gr<span class=\"_ _7\"></span>oup including advising the Group as to the strategic </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs186\">management of its portfolio of investments. AFML and International Public Partnerships GP Limited are subsidiary companies of Amber </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs187\">Infrastructure Gr<span class=\"_ _7\"></span>oup Holdings Limited (\u2018Amber Group\u2019). T<span class=\"_ _0\"></span>ransactions with the Amber Group are consider<span class=\"_ _7\"></span>ed related party transactions under </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs188\">IAS 24 \u2018Related Party Disclosures\u2019.<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs189\">The amounts of the transactions in the year that were r<span class=\"_ _7\"></span>elated party transactions are set out in the table below:<span class=\"_ _209\"> </span></div><div class=\"gs18a\"><table class=\"s w2a6 hfc\" id=\"_20716c34-e18e-49ff-b8e2-ead2da95a92a\"><tr><td></td><td></td><td class=\"c n x46b y2444 w2a7 hf0\"><div class=\"t m0 x1af h2b y2403 ff2 fs13 fc4 sc0 ls0 ws0\">Related party expense in the Income Statement<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x46c y2444 w2a8 hf0\"><div class=\"t m0 x1af h2b y2403 ff2 fs13 fc4 sc0 ls0 ws0\">Amounts owing to related parties in the Balance Sheet<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x46d h2b y2445 ff2 fs13 fc4 sc0 ls0 ws0\">For the year ended </td><td class=\"t m0 x46e h1d y2446 ff4 fs13 fc4 sc0 ls0 ws0\">For the year ended </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x46f h2b y2447 ff2 fs13 fc4 sc0 ls0 ws0\">31<span class=\"_ gs6f\"> </span>December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x470 h1d y2448 ff4 fs13 fc4 sc0 ls0 ws0\">31<span class=\"_ gs6f\"> </span>December 2024<span class=\"_ _209\"> </span></td><td class=\"t m0 x265 h2b y2448 ff2 fs13 fc4 sc0 ls0 ws0\">At 31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x471 h1d y2448 ff4 fs13 fc4 sc0 ls0 ws0\">At 31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x1df h2b y2449 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1e0 h1d y244a ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1e1 h2b y244a ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1fe h1d y244a ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c x1b0 y231b w2a9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">International Public Partnerships GP Limited</div><div class=\"t m0 x472 h1e y2316 ff4 fs12 fc4 sc0 ls0 ws0\">1<span class=\"_ _209\"> </span></div></td><td class=\"c n x473 y231b w2aa hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lsda wsec\">2<span class=\"_ _6\"></span>7,<span class=\"_ _4\"></span>7<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>1<span class=\"_ _209\"> </span></div></td><td class=\"c n x474 y231b w2ab hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse6 wsf7\">3<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>,70<span class=\"_ _4\"></span>6<span class=\"_ _209\"> </span></div></td><td class=\"c n x475 y231b w208 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls5b ws57\">6,7<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x476 y231b w28f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse6 wsf7\">8<span class=\"_ _4\"></span>,7<span class=\"_ _4\"></span>73<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c x1b0 y22c7 w2ac hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Amber Fund Management Limited</div><div class=\"t m0 x477 h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">2<span class=\"_ _209\"> </span></div></td><td class=\"c n x478 y22c7 w2ad hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls2 ws3\">698<span class=\"_ _209\"> </span></div></td><td class=\"c n x479 y22c7 w13c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls19a ws1a5\">1,<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>9<span class=\"_ _6\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x47a y22c7 w2ae hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse8 wsd3\">14<span class=\"_ _209\"> </span></div></td><td class=\"c n x47b y22c7 w2af hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsd9 wseb\">12<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w19f hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal<span class=\"_ _209\"> </span></div></td><td class=\"c n x47c y22b6 wcb hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls191 ws185\">28<span class=\"_ _4\"></span>,429<span class=\"_ _209\"> </span></div></td><td class=\"c n x47d y22b6 w2b0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls83 ws83\">32,<span class=\"_ _4\"></span>20<span class=\"_ _4\"></span>4<span class=\"_ _209\"> </span></div></td><td class=\"c n x47e y22b6 w2b1 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls5b ws57\">6<span class=\"_ _4\"></span>,752<span class=\"_ _209\"> </span></div></td><td class=\"c n x47f y22b6 w25f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse6 wsf7\">8<span class=\"_ _4\"></span>,78<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td></tr></table></div><div class=\"t m0 h1d ff4 fs13 fc4 sc0 ls0 ws0 gs18b\">1 <span class=\"_ _1d\"> </span>R<span class=\"_ _4\"></span>epr<span class=\"_ _4\"></span>ese<span class=\"_ _4\"></span>nts am<span class=\"_ _4\"></span>oun<span class=\"_ _4\"></span>ts pai<span class=\"_ _4\"></span>d to rel<span class=\"_ _4\"></span>ated pa<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ies f<span class=\"_ _4\"></span>or inve<span class=\"_ _4\"></span>stm<span class=\"_ _4\"></span>ent ad<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>y fee<span class=\"_ _4\"></span>s.<span class=\"_ _209\"> </span></div><div class=\"t m0 h1d ff4 fs13 fc4 sc0 ls0 ws0 gs18c\">2 <span class=\"_ _1d\"> </span>R<span class=\"_ _4\"></span>epr<span class=\"_ _4\"></span>ese<span class=\"_ _4\"></span>nts am<span class=\"_ _4\"></span>oun<span class=\"_ _4\"></span>ts pai<span class=\"_ _4\"></span>d to rel<span class=\"_ _4\"></span>ated pa<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ies to a<span class=\"_ _4\"></span>cqu<span class=\"_ _4\"></span>ire or m<span class=\"_ _4\"></span>ake inv<span class=\"_ _4\"></span>estm<span class=\"_ _4\"></span>ent<span class=\"_ _4\"></span>s, adv<span class=\"_ _4\"></span>iso<span class=\"_ _4\"></span>ry f<span class=\"_ _4\"></span>ees re<span class=\"_ _4\"></span>late<span class=\"_ _4\"></span>d to inve<span class=\"_ _4\"></span>stme<span class=\"_ _4\"></span>nts th<span class=\"_ _4\"></span>at ar<span class=\"_ _4\"></span>e subs<span class=\"_ _4\"></span>equ<span class=\"_ _4\"></span>ent<span class=\"_ _4\"></span>ly rec<span class=\"_ _4\"></span>ord<span class=\"_ _4\"></span>ed in th<span class=\"_ _4\"></span>e bal<span class=\"_ _4\"></span>anc<span class=\"_ _4\"></span>e she<span class=\"_ _4\"></span>et, or m<span class=\"_ _4\"></span>arke<span class=\"_ _4\"></span>ting c<span class=\"_ _4\"></span>osts<span class=\"_ _4\"></span>.<span class=\"_ _209\"> </span></div><div class=\"t m0 h3 ff2 fs1 fc1 sc0 ls7 ws8 gs18d\">INVESTMENT<span class=\"_ _7\"></span> ADVISOR<span class=\"_ _7\"></span>Y ARRANGEMENTS<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs18e\">During the year<span class=\"_ _0\"></span>, the Board and the Investment Adviser agr<span class=\"_ _1\"></span>eed to a change in the fee basis effective fr<span class=\"_ _1\"></span>om 1 July 2025. For further information </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs18f\">on these changes see page 87.<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs190\">Investment advisory fees payable during the year are calculated as follows:<span class=\"_ _209\"> </span></div><div class=\"gs191\"><table class=\"s w2b2 hfd\" id=\"_5fa0ebc0-58d0-48fe-a2b2-6ee558a785d1\"><tr><td></td><td class=\"c n x480 y244b w2b3 hf0\"><div class=\"t m0 x1af h2b y2403 ff2 fs13 fc4 sc0 ls0 ws0\">Fee basis to 30 June 2025<span class=\"_ _209\"> </span></div></td><td class=\"c n x481 y244b w2b4 hf0\"><div class=\"t m0 x1af h2b y2403 ff2 fs13 fc4 sc0 ls0 ws0\">Fee basis from 1 July 2025<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1e7 h3 y244c ff2 fs1 fc4 sc0 lsd4 wse5\">For<span class=\"_ _7\"></span> full<span class=\"_ _4\"></span>y<span class=\"_ _7\"></span> oper<span class=\"_ _4\"></span>ational<span class=\"_ _1\"></span> assets<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x1e7 h8 y244d ff4 fs1 fc4 sc0 ls0 ws0\">1.2% for the first \u00a3750m<span class=\"_ _209\"> </span></td><td></td><td class=\"t m0 x482 h8 y244e ff4 fs1 fc4 sc0 ls0 ws0\">The equal weighting of, (i) the average </td></tr><tr><td class=\"t m0 x1e7 h8 y244f ff4 fs1 fc4 sc0 ls0 ws0\">1.0% for the amount that exceeds \u00a3750m but is less than \u00a31.5bn<span class=\"_ _209\"> </span></td><td class=\"t m0 x483 h8 y2450 ff4 fs1 fc4 sc0 ls0 ws0\">The GA<span class=\"_ _7\"></span>V of the portfolio<span class=\"_ _209\"> </span></td><td class=\"t m0 x482 h8 y2450 ff4 fs1 fc4 sc0 ls0 ws0\">of the closing daily market capitalisation, </td></tr><tr><td class=\"t m0 x1e7 h8 y2451 ff4 fs1 fc4 sc0 ls0 ws0\">0.9% for the amount that exceeds \u00a31.5bn but is less than \u00a32.75bn<span class=\"_ _209\"> </span></td><td></td><td class=\"t m0 x482 h8 y2452 ff4 fs1 fc4 sc0 ls0 ws0\">and (ii) the most recently published NA<span class=\"_ _0\"></span>V<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1e7 h8 y2453 ff4 fs1 fc4 sc0 ls0 ws0\">0.8% for the amount in excess of \u00a32.75bn<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x1e7 h3 y2454 ff2 fs1 fc4 sc0 lsd4 wse5\">For<span class=\"_ _7\"></span> t<span class=\"_ _4\"></span>he<span class=\"_ _7\"></span> por<span class=\"_ _4\"></span>tion of<span class=\"_ _7\"></span> as<span class=\"_ _4\"></span>sets<span class=\"_ _7\"></span> bearing construct<span class=\"_ _4\"></span>ion<span class=\"_ _7\"></span> risk<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x1e7 h8 y2455 ff4 fs1 fc4 sc0 ls0 ws0\">1.2% for the portion of the fee basis that bears construction risk </td><td></td><td></td></tr><tr><td class=\"t m0 x1e7 h8 y2456 ff4 fs1 fc4 sc0 ls0 ws0\">(i.e. the asset has not fully completed all construction stages </td><td></td><td class=\"t m0 x482 h8 y2457 ff4 fs1 fc4 sc0 ls0 ws0\">The equal weighting of, (i) the average </td></tr><tr><td class=\"t m0 x1e7 h8 y2458 ff4 fs1 fc4 sc0 ls0 ws0\">including any relevant defects period and achieved certification </td><td class=\"t m0 x483 h8 y2459 ff4 fs1 fc4 sc0 ls0 ws0\">The GA<span class=\"_ _7\"></span>V of the portfolio<span class=\"_ _209\"> </span></td><td class=\"t m0 x482 h8 y2459 ff4 fs1 fc4 sc0 ls0 ws0\">of the closing daily market capitalisation, </td></tr><tr><td class=\"t m0 x1e7 h8 y245a ff4 fs1 fc4 sc0 ls0 ws0\">by<span class=\"_ gs4d\"> </span>the relevant counterparty and senior lender)<span class=\"_ _209\"> </span></td><td></td><td class=\"t m0 x482 h8 y245b ff4 fs1 fc4 sc0 ls0 ws0\">and (ii) the most recently published NA<span class=\"_ _0\"></span>V<span class=\"_ _209\"> </span></td></tr></table></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs192\">The IAA includes a provision to ensur<span class=\"_ _7\"></span>e that the amount of the base fee payable under the new fee arrangement cannot exceed the amount </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs193\">payable under the existing arrangements. </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs194\">Asset origination fees in connection with new acquisitions are charged at a rate of 1.5% of the value of new acquisitions.<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs195\">The IAA can be terminated where less than 95% of the Gr<span class=\"_ _7\"></span>oup\u2019<span class=\"_ _0\"></span>s assets are available for use for certain periods and the Investment Adviser </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs196\">fails to implement a remediation plan agr<span class=\"_ _7\"></span>eed with the Group. The IAA may also be terminated by either party giving to the other five years </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs197\">notice of termination, expiring at any time after 10 years from the date of the IAA.<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs198\">As at 31 December 2025, the Amber Group held 8,002,379 (December 2024: 8,002,379) shar<span class=\"_ _7\"></span>es in the Company<span class=\"_ _7\"></span>. The shares held by the </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs199\">Investment Adviser in the Company helps further strengthen the alignment of inter<span class=\"_ _7\"></span>ests between the two parties. </div><div class=\"t m0 h3 ff2 fs1 fc1 sc0 ls62 ws60 gs19b\">TRA<span class=\"_ _4\"></span>NSACTIONS WITH DIRECTORS<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs19c\">Shares acquir<span class=\"_ _7\"></span>ed by Directors in the year are disclosed below:<span class=\"_ _209\"> </span></div><div class=\"t m0 h1d ff4 fs13 fc4 sc0 ls0 ws0 gs19d\">Director<span class=\"_ _209\"> </span></div><div class=\"gs19e\"><table class=\"s w139 hfe\" id=\"_2237d9cc-5d42-44c0-8207-1c7a102b4552\"><tr><td></td><td class=\"t m0 x40f h2b y245c ff2 fs13 fc4 sc0 ls0 ws0\">Number of New Ordinary Shares<span class=\"_ _209\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 x1a8 h2b y245d ff2 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended </td><td class=\"t m0 x1a9 h1d y245d ff4 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended </td></tr><tr><td></td><td class=\"t m0 x1aa h2b y245e ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ab h1d y245e ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y238b w2b5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Julia Bond<span class=\"_ _209\"> </span></div></td><td class=\"c n x301 y238b w74 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x484 y238b w2b6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsd3 wse3\">1<span class=\"_ _0\"></span>7<span class=\"_ _3\"></span>,532<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d6 w2b7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Stephanie Coxon<span class=\"_ _209\"> </span></div></td><td class=\"c n x301 y23d6 w74 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x45c y23d6 w2b8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls87 ws86\">15<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y245f w2b9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Meriel Lenfestey<span class=\"_ _209\"> </span></div></td><td class=\"c n x301 y245f w74 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x485 y245f w2ba hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18f ws19c\">8,<span class=\"_ _0\"></span>000<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22af w2bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Giles Adu<span class=\"_ _209\"> </span></div></td><td class=\"c n x486 y22af w2bc hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls18e ws19b\">25<span class=\"_ _1\"></span>,000<span class=\"_ _209\"> </span></div></td><td class=\"c n x487 y22af w74 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2460 w2bd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Sarah Whitney<span class=\"_ _209\"> </span></div></td><td class=\"c n x488 y2460 w2be hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls18e ws19b\">7<span class=\"_ _1\"></span>5,<span class=\"_ _7\"></span>000<span class=\"_ _209\"> </span></div></td><td class=\"c n x489 y2460 w74 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c x1b0 y22b2 w2bf hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Giles Frost</div><div class=\"t m0 x48a h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">1<span class=\"_ _209\"> </span></div></td><td class=\"c n x33a y22b2 w2c0 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls18e ws19b\">200<span class=\"_ _1\"></span>,000<span class=\"_ _209\"> </span></div></td><td class=\"c n x48b y22b2 w74 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c x1b0 y22b5 w2c1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">John Le Poidevin</div><div class=\"t m0 x48c h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">1<span class=\"_ _209\"> </span></div></td><td class=\"c n x464 y22c7 w2c2 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse3 wsf4\">86,972<span class=\"_ _209\"> </span></div></td><td class=\"c n x48d y22c7 web hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w2c3 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal purchased<span class=\"_ _209\"> </span></div></td><td class=\"c n x48e y22b6 w2c4 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse3 wsf4\">386,972<span class=\"_ _209\"> </span></div></td><td class=\"c n x48f y22b6 w2c5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18b ws198\">41,<span class=\"_ _4\"></span>0<span class=\"_ _6\"></span>3<span class=\"_ _4\"></span>7<span class=\"_ _209\"> </span></div></td></tr></table></div><div class=\"t m0 h1d ff4 fs13 fc4 sc0 ls0 ws0 gs19f\">1 <span class=\"_ _1d\"> </span>G<span class=\"_ _4\"></span>ile<span class=\"_ _4\"></span>s Fros<span class=\"_ _4\"></span>t and J<span class=\"_ _4\"></span>ohn Le Po<span class=\"_ _4\"></span>ide<span class=\"_ _4\"></span>vin re<span class=\"_ _4\"></span>tire<span class=\"_ _4\"></span>d fro<span class=\"_ _4\"></span>m the Bo<span class=\"_ _4\"></span>ard o<span class=\"_ _4\"></span>n 3 June 2<span class=\"_ _4\"></span>025. The a<span class=\"_ _4\"></span>bove d<span class=\"_ _4\"></span>eta<span class=\"_ _4\"></span>ils th<span class=\"_ _4\"></span>e sha<span class=\"_ _4\"></span>res ac<span class=\"_ _4\"></span>qui<span class=\"_ _4\"></span>red d<span class=\"_ _4\"></span>uri<span class=\"_ _4\"></span>ng the ye<span class=\"_ _4\"></span>ar u<span class=\"_ _4\"></span>p to the da<span class=\"_ _4\"></span>te of the<span class=\"_ _4\"></span>ir reti<span class=\"_ _4\"></span>rem<span class=\"_ _4\"></span>ent.<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs1a0\">Remuneration paid to the Non-Executive Directors is disclosed on page 83. Dir<span class=\"_ _7\"></span>ectors received dividends on total shares held as disclosed </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs1a1\">on page 83, in accordance with the appr<span class=\"_ _7\"></span>oved dividends detailed under note 15.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-202": {
   "value": "1<span class=\"_ _7\"></span>7<span class=\"_ _0\"></span>. <span class=\"_ _5\"> </span>REL<span class=\"_ _4\"></span>A<span class=\"_ _0\"></span>TE<span class=\"_ _4\"></span>D P<span class=\"_ _0\"></span>AR<span class=\"_ _4\"></span>TY TRA<span class=\"_ _4\"></span>NSACTIONS<span class=\"_ _209\"> </span>Details of the Company\u2019<span class=\"_ _3\"></span>s significant consolidated and unconsolidated subsidiaries are included in note 20. During the year<span class=\"_ _0\"></span>, Group companies enter<span class=\"_ _1\"></span>ed into certain transactions with related parties that ar<span class=\"_ _1\"></span>e not members of the Group but ar<span class=\"_ _7\"></span>e related parties by reason of being in the same gr<span class=\"_ _7\"></span>oup as Amber Infrastructure Group Holdings Limited, which is the ultimate holding company of the Investment Adviser<span class=\"_ _0\"></span>, Amber Fund Management Limited (\u2018AFML<span class=\"_ _0\"></span>\u2019).<span class=\"_ _209\"> </span>Under the IAA, AFML was appointed to provide investment advisory services to the Gr<span class=\"_ _7\"></span>oup including advising the Group as to the strategic management of its portfolio of investments. AFML and International Public Partnerships GP Limited are subsidiary companies of Amber Infrastructure Gr<span class=\"_ _7\"></span>oup Holdings Limited (\u2018Amber Group\u2019). T<span class=\"_ _0\"></span>ransactions with the Amber Group are consider<span class=\"_ _7\"></span>ed related party transactions under IAS 24 \u2018Related Party Disclosures\u2019.<span class=\"_ _209\"> </span>The amounts of the transactions in the year that were r<span class=\"_ _7\"></span>elated party transactions are set out in the table below:<span class=\"_ _209\"> </span><table class=\"s w2a6 hfc\" id=\"_20716c34-e18e-49ff-b8e2-ead2da95a92a\"><tr><td></td><td></td><td class=\"c n x46b y2444 w2a7 hf0\"><div class=\"t m0 x1af h2b y2403 ff2 fs13 fc4 sc0 ls0 ws0\">Related party expense in the Income Statement<span class=\"_ _209\"> </span></div></td><td></td><td class=\"c n x46c y2444 w2a8 hf0\"><div class=\"t m0 x1af h2b y2403 ff2 fs13 fc4 sc0 ls0 ws0\">Amounts owing to related parties in the Balance Sheet<span class=\"_ _209\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x46d h2b y2445 ff2 fs13 fc4 sc0 ls0 ws0\">For the year ended </td><td class=\"t m0 x46e h1d y2446 ff4 fs13 fc4 sc0 ls0 ws0\">For the year ended </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x46f h2b y2447 ff2 fs13 fc4 sc0 ls0 ws0\">31<span class=\"_ gs6f\"> </span>December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x470 h1d y2448 ff4 fs13 fc4 sc0 ls0 ws0\">31<span class=\"_ gs6f\"> </span>December 2024<span class=\"_ _209\"> </span></td><td class=\"t m0 x265 h2b y2448 ff2 fs13 fc4 sc0 ls0 ws0\">At 31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x471 h1d y2448 ff4 fs13 fc4 sc0 ls0 ws0\">At 31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td></td><td class=\"t m0 x1df h2b y2449 ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1e0 h1d y244a ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1e1 h2b y244a ff2 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td><td class=\"t m0 x1fe h1d y244a ff4 fs13 fc4 sc0 ls0 ws0\">\u00a3\u2019000s<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c x1b0 y231b w2a9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">International Public Partnerships GP Limited</div><div class=\"t m0 x472 h1e y2316 ff4 fs12 fc4 sc0 ls0 ws0\">1<span class=\"_ _209\"> </span></div></td><td class=\"c n x473 y231b w2aa hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lsda wsec\">2<span class=\"_ _6\"></span>7,<span class=\"_ _4\"></span>7<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>1<span class=\"_ _209\"> </span></div></td><td class=\"c n x474 y231b w2ab hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse6 wsf7\">3<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>,70<span class=\"_ _4\"></span>6<span class=\"_ _209\"> </span></div></td><td class=\"c n x475 y231b w208 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls5b ws57\">6,7<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x476 y231b w28f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse6 wsf7\">8<span class=\"_ _4\"></span>,7<span class=\"_ _4\"></span>73<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c x1b0 y22c7 w2ac hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Amber Fund Management Limited</div><div class=\"t m0 x477 h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">2<span class=\"_ _209\"> </span></div></td><td class=\"c n x478 y22c7 w2ad hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls2 ws3\">698<span class=\"_ _209\"> </span></div></td><td class=\"c n x479 y22c7 w13c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls19a ws1a5\">1,<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>9<span class=\"_ _6\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x47a y22c7 w2ae hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse8 wsd3\">14<span class=\"_ _209\"> </span></div></td><td class=\"c n x47b y22c7 w2af hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsd9 wseb\">12<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w19f hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal<span class=\"_ _209\"> </span></div></td><td class=\"c n x47c y22b6 wcb hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls191 ws185\">28<span class=\"_ _4\"></span>,429<span class=\"_ _209\"> </span></div></td><td class=\"c n x47d y22b6 w2b0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls83 ws83\">32,<span class=\"_ _4\"></span>20<span class=\"_ _4\"></span>4<span class=\"_ _209\"> </span></div></td><td class=\"c n x47e y22b6 w2b1 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls5b ws57\">6<span class=\"_ _4\"></span>,752<span class=\"_ _209\"> </span></div></td><td class=\"c n x47f y22b6 w25f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse6 wsf7\">8<span class=\"_ _4\"></span>,78<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td></tr></table>1 <span class=\"_ _1d\"> </span>R<span class=\"_ _4\"></span>epr<span class=\"_ _4\"></span>ese<span class=\"_ _4\"></span>nts am<span class=\"_ _4\"></span>oun<span class=\"_ _4\"></span>ts pai<span class=\"_ _4\"></span>d to rel<span class=\"_ _4\"></span>ated pa<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ies f<span class=\"_ _4\"></span>or inve<span class=\"_ _4\"></span>stm<span class=\"_ _4\"></span>ent ad<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>y fee<span class=\"_ _4\"></span>s.<span class=\"_ _209\"> </span>2 <span class=\"_ _1d\"> </span>R<span class=\"_ _4\"></span>epr<span class=\"_ _4\"></span>ese<span class=\"_ _4\"></span>nts am<span class=\"_ _4\"></span>oun<span class=\"_ _4\"></span>ts pai<span class=\"_ _4\"></span>d to rel<span class=\"_ _4\"></span>ated pa<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ies to a<span class=\"_ _4\"></span>cqu<span class=\"_ _4\"></span>ire or m<span class=\"_ _4\"></span>ake inv<span class=\"_ _4\"></span>estm<span class=\"_ _4\"></span>ent<span class=\"_ _4\"></span>s, adv<span class=\"_ _4\"></span>iso<span class=\"_ _4\"></span>ry f<span class=\"_ _4\"></span>ees re<span class=\"_ _4\"></span>late<span class=\"_ _4\"></span>d to inve<span class=\"_ _4\"></span>stme<span class=\"_ _4\"></span>nts th<span class=\"_ _4\"></span>at ar<span class=\"_ _4\"></span>e subs<span class=\"_ _4\"></span>equ<span class=\"_ _4\"></span>ent<span class=\"_ _4\"></span>ly rec<span class=\"_ _4\"></span>ord<span class=\"_ _4\"></span>ed in th<span class=\"_ _4\"></span>e bal<span class=\"_ _4\"></span>anc<span class=\"_ _4\"></span>e she<span class=\"_ _4\"></span>et, or m<span class=\"_ _4\"></span>arke<span class=\"_ _4\"></span>ting c<span class=\"_ _4\"></span>osts<span class=\"_ _4\"></span>.<span class=\"_ _209\"> </span>INVESTMENT<span class=\"_ _7\"></span> ADVISOR<span class=\"_ _7\"></span>Y ARRANGEMENTS<span class=\"_ _209\"> </span>During the year<span class=\"_ _0\"></span>, the Board and the Investment Adviser agr<span class=\"_ _1\"></span>eed to a change in the fee basis effective fr<span class=\"_ _1\"></span>om 1 July 2025. For further information on these changes see page 87.<span class=\"_ _209\"> </span>Investment advisory fees payable during the year are calculated as follows:<span class=\"_ _209\"> </span><table class=\"s w2b2 hfd\" id=\"_5fa0ebc0-58d0-48fe-a2b2-6ee558a785d1\"><tr><td></td><td class=\"c n x480 y244b w2b3 hf0\"><div class=\"t m0 x1af h2b y2403 ff2 fs13 fc4 sc0 ls0 ws0\">Fee basis to 30 June 2025<span class=\"_ _209\"> </span></div></td><td class=\"c n x481 y244b w2b4 hf0\"><div class=\"t m0 x1af h2b y2403 ff2 fs13 fc4 sc0 ls0 ws0\">Fee basis from 1 July 2025<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1e7 h3 y244c ff2 fs1 fc4 sc0 lsd4 wse5\">For<span class=\"_ _7\"></span> full<span class=\"_ _4\"></span>y<span class=\"_ _7\"></span> oper<span class=\"_ _4\"></span>ational<span class=\"_ _1\"></span> assets<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x1e7 h8 y244d ff4 fs1 fc4 sc0 ls0 ws0\">1.2% for the first \u00a3750m<span class=\"_ _209\"> </span></td><td></td><td class=\"t m0 x482 h8 y244e ff4 fs1 fc4 sc0 ls0 ws0\">The equal weighting of, (i) the average </td></tr><tr><td class=\"t m0 x1e7 h8 y244f ff4 fs1 fc4 sc0 ls0 ws0\">1.0% for the amount that exceeds \u00a3750m but is less than \u00a31.5bn<span class=\"_ _209\"> </span></td><td class=\"t m0 x483 h8 y2450 ff4 fs1 fc4 sc0 ls0 ws0\">The GA<span class=\"_ _7\"></span>V of the portfolio<span class=\"_ _209\"> </span></td><td class=\"t m0 x482 h8 y2450 ff4 fs1 fc4 sc0 ls0 ws0\">of the closing daily market capitalisation, </td></tr><tr><td class=\"t m0 x1e7 h8 y2451 ff4 fs1 fc4 sc0 ls0 ws0\">0.9% for the amount that exceeds \u00a31.5bn but is less than \u00a32.75bn<span class=\"_ _209\"> </span></td><td></td><td class=\"t m0 x482 h8 y2452 ff4 fs1 fc4 sc0 ls0 ws0\">and (ii) the most recently published NA<span class=\"_ _0\"></span>V<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1e7 h8 y2453 ff4 fs1 fc4 sc0 ls0 ws0\">0.8% for the amount in excess of \u00a32.75bn<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x1e7 h3 y2454 ff2 fs1 fc4 sc0 lsd4 wse5\">For<span class=\"_ _7\"></span> t<span class=\"_ _4\"></span>he<span class=\"_ _7\"></span> por<span class=\"_ _4\"></span>tion of<span class=\"_ _7\"></span> as<span class=\"_ _4\"></span>sets<span class=\"_ _7\"></span> bearing construct<span class=\"_ _4\"></span>ion<span class=\"_ _7\"></span> risk<span class=\"_ _209\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x1e7 h8 y2455 ff4 fs1 fc4 sc0 ls0 ws0\">1.2% for the portion of the fee basis that bears construction risk </td><td></td><td></td></tr><tr><td class=\"t m0 x1e7 h8 y2456 ff4 fs1 fc4 sc0 ls0 ws0\">(i.e. the asset has not fully completed all construction stages </td><td></td><td class=\"t m0 x482 h8 y2457 ff4 fs1 fc4 sc0 ls0 ws0\">The equal weighting of, (i) the average </td></tr><tr><td class=\"t m0 x1e7 h8 y2458 ff4 fs1 fc4 sc0 ls0 ws0\">including any relevant defects period and achieved certification </td><td class=\"t m0 x483 h8 y2459 ff4 fs1 fc4 sc0 ls0 ws0\">The GA<span class=\"_ _7\"></span>V of the portfolio<span class=\"_ _209\"> </span></td><td class=\"t m0 x482 h8 y2459 ff4 fs1 fc4 sc0 ls0 ws0\">of the closing daily market capitalisation, </td></tr><tr><td class=\"t m0 x1e7 h8 y245a ff4 fs1 fc4 sc0 ls0 ws0\">by<span class=\"_ gs4d\"> </span>the relevant counterparty and senior lender)<span class=\"_ _209\"> </span></td><td></td><td class=\"t m0 x482 h8 y245b ff4 fs1 fc4 sc0 ls0 ws0\">and (ii) the most recently published NA<span class=\"_ _0\"></span>V<span class=\"_ _209\"> </span></td></tr></table>The IAA includes a provision to ensur<span class=\"_ _7\"></span>e that the amount of the base fee payable under the new fee arrangement cannot exceed the amount payable under the existing arrangements. Asset origination fees in connection with new acquisitions are charged at a rate of 1.5% of the value of new acquisitions.<span class=\"_ _209\"> </span>The IAA can be terminated where less than 95% of the Gr<span class=\"_ _7\"></span>oup\u2019<span class=\"_ _0\"></span>s assets are available for use for certain periods and the Investment Adviser fails to implement a remediation plan agr<span class=\"_ _7\"></span>eed with the Group. The IAA may also be terminated by either party giving to the other five years notice of termination, expiring at any time after 10 years from the date of the IAA.<span class=\"_ _209\"> </span>As at 31 December 2025, the Amber Group held 8,002,379 (December 2024: 8,002,379) shar<span class=\"_ _7\"></span>es in the Company<span class=\"_ _7\"></span>. The shares held by the Investment Adviser in the Company helps further strengthen the alignment of inter<span class=\"_ _7\"></span>ests between the two parties. TRA<span class=\"_ _4\"></span>NSACTIONS WITH DIRECTORS<span class=\"_ _209\"> </span>Shares acquir<span class=\"_ _7\"></span>ed by Directors in the year are disclosed below:<span class=\"_ _209\"> </span>Director<span class=\"_ _209\"> </span><table class=\"s w139 hfe\" id=\"_2237d9cc-5d42-44c0-8207-1c7a102b4552\"><tr><td></td><td class=\"t m0 x40f h2b y245c ff2 fs13 fc4 sc0 ls0 ws0\">Number of New Ordinary Shares<span class=\"_ _209\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 x1a8 h2b y245d ff2 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended </td><td class=\"t m0 x1a9 h1d y245d ff4 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended </td></tr><tr><td></td><td class=\"t m0 x1aa h2b y245e ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ab h1d y245e ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y238b w2b5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Julia Bond<span class=\"_ _209\"> </span></div></td><td class=\"c n x301 y238b w74 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x484 y238b w2b6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsd3 wse3\">1<span class=\"_ _0\"></span>7<span class=\"_ _3\"></span>,532<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d6 w2b7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Stephanie Coxon<span class=\"_ _209\"> </span></div></td><td class=\"c n x301 y23d6 w74 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x45c y23d6 w2b8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls87 ws86\">15<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y245f w2b9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Meriel Lenfestey<span class=\"_ _209\"> </span></div></td><td class=\"c n x301 y245f w74 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x485 y245f w2ba hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18f ws19c\">8,<span class=\"_ _0\"></span>000<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22af w2bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Giles Adu<span class=\"_ _209\"> </span></div></td><td class=\"c n x486 y22af w2bc hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls18e ws19b\">25<span class=\"_ _1\"></span>,000<span class=\"_ _209\"> </span></div></td><td class=\"c n x487 y22af w74 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2460 w2bd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Sarah Whitney<span class=\"_ _209\"> </span></div></td><td class=\"c n x488 y2460 w2be hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls18e ws19b\">7<span class=\"_ _1\"></span>5,<span class=\"_ _7\"></span>000<span class=\"_ _209\"> </span></div></td><td class=\"c n x489 y2460 w74 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c x1b0 y22b2 w2bf hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Giles Frost</div><div class=\"t m0 x48a h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">1<span class=\"_ _209\"> </span></div></td><td class=\"c n x33a y22b2 w2c0 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls18e ws19b\">200<span class=\"_ _1\"></span>,000<span class=\"_ _209\"> </span></div></td><td class=\"c n x48b y22b2 w74 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c x1b0 y22b5 w2c1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">John Le Poidevin</div><div class=\"t m0 x48c h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">1<span class=\"_ _209\"> </span></div></td><td class=\"c n x464 y22c7 w2c2 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse3 wsf4\">86,972<span class=\"_ _209\"> </span></div></td><td class=\"c n x48d y22c7 web hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w2c3 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal purchased<span class=\"_ _209\"> </span></div></td><td class=\"c n x48e y22b6 w2c4 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse3 wsf4\">386,972<span class=\"_ _209\"> </span></div></td><td class=\"c n x48f y22b6 w2c5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18b ws198\">41,<span class=\"_ _4\"></span>0<span class=\"_ _6\"></span>3<span class=\"_ _4\"></span>7<span class=\"_ _209\"> </span></div></td></tr></table>1 <span class=\"_ _1d\"> </span>G<span class=\"_ _4\"></span>ile<span class=\"_ _4\"></span>s Fros<span class=\"_ _4\"></span>t and J<span class=\"_ _4\"></span>ohn Le Po<span class=\"_ _4\"></span>ide<span class=\"_ _4\"></span>vin re<span class=\"_ _4\"></span>tire<span class=\"_ _4\"></span>d fro<span class=\"_ _4\"></span>m the Bo<span class=\"_ _4\"></span>ard o<span class=\"_ _4\"></span>n 3 June 2<span class=\"_ _4\"></span>025. The a<span class=\"_ _4\"></span>bove d<span class=\"_ _4\"></span>eta<span class=\"_ _4\"></span>ils th<span class=\"_ _4\"></span>e sha<span class=\"_ _4\"></span>res ac<span class=\"_ _4\"></span>qui<span class=\"_ _4\"></span>red d<span class=\"_ _4\"></span>uri<span class=\"_ _4\"></span>ng the ye<span class=\"_ _4\"></span>ar u<span class=\"_ _4\"></span>p to the da<span class=\"_ _4\"></span>te of the<span class=\"_ _4\"></span>ir reti<span class=\"_ _4\"></span>rem<span class=\"_ _4\"></span>ent.<span class=\"_ _209\"> </span>Remuneration paid to the Non-Executive Directors is disclosed on page 83. Dir<span class=\"_ _7\"></span>ectors received dividends on total shares held as disclosed on page 83, in accordance with the appr<span class=\"_ _7\"></span>oved dividends detailed under note 15.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-214": {
   "value": "TRA<span class=\"_ _4\"></span>NSACTIONS WITH DIRECTORS<span class=\"_ _209\"> </span>Shares acquir<span class=\"_ _7\"></span>ed by Directors in the year are disclosed below:<span class=\"_ _209\"> </span>Director<span class=\"_ _209\"> </span><table class=\"s w139 hfe\" id=\"_2237d9cc-5d42-44c0-8207-1c7a102b4552\"><tr><td></td><td class=\"t m0 x40f h2b y245c ff2 fs13 fc4 sc0 ls0 ws0\">Number of New Ordinary Shares<span class=\"_ _209\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 x1a8 h2b y245d ff2 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended </td><td class=\"t m0 x1a9 h1d y245d ff4 fs13 fc4 sc0 ls0 ws0\">Y<span class=\"_ _0\"></span>ear ended </td></tr><tr><td></td><td class=\"t m0 x1aa h2b y245e ff2 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"t m0 x1ab h1d y245e ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2024<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y238b w2b5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Julia Bond<span class=\"_ _209\"> </span></div></td><td class=\"c n x301 y238b w74 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x484 y238b w2b6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsd3 wse3\">1<span class=\"_ _0\"></span>7<span class=\"_ _3\"></span>,532<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d6 w2b7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Stephanie Coxon<span class=\"_ _209\"> </span></div></td><td class=\"c n x301 y23d6 w74 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x45c y23d6 w2b8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls87 ws86\">15<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y245f w2b9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Meriel Lenfestey<span class=\"_ _209\"> </span></div></td><td class=\"c n x301 y245f w74 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td><td class=\"c n x485 y245f w2ba hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18f ws19c\">8,<span class=\"_ _0\"></span>000<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22af w2bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Giles Adu<span class=\"_ _209\"> </span></div></td><td class=\"c n x486 y22af w2bc hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls18e ws19b\">25<span class=\"_ _1\"></span>,000<span class=\"_ _209\"> </span></div></td><td class=\"c n x487 y22af w74 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2460 w2bd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Sarah Whitney<span class=\"_ _209\"> </span></div></td><td class=\"c n x488 y2460 w2be hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls18e ws19b\">7<span class=\"_ _1\"></span>5,<span class=\"_ _7\"></span>000<span class=\"_ _209\"> </span></div></td><td class=\"c n x489 y2460 w74 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c x1b0 y22b2 w2bf hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Giles Frost</div><div class=\"t m0 x48a h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">1<span class=\"_ _209\"> </span></div></td><td class=\"c n x33a y22b2 w2c0 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls18e ws19b\">200<span class=\"_ _1\"></span>,000<span class=\"_ _209\"> </span></div></td><td class=\"c n x48b y22b2 w74 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c x1b0 y22b5 w2c1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">John Le Poidevin</div><div class=\"t m0 x48c h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">1<span class=\"_ _209\"> </span></div></td><td class=\"c n x464 y22c7 w2c2 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse3 wsf4\">86,972<span class=\"_ _209\"> </span></div></td><td class=\"c n x48d y22c7 web hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u2013<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w2c3 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>otal purchased<span class=\"_ _209\"> </span></div></td><td class=\"c n x48e y22b6 w2c4 hd0\"><div class=\"t m0 x1af h8 y227c ff2 fs1 fc4 sc0 lse3 wsf4\">386,972<span class=\"_ _209\"> </span></div></td><td class=\"c n x48f y22b6 w2c5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18b ws198\">41,<span class=\"_ _4\"></span>0<span class=\"_ _6\"></span>3<span class=\"_ _4\"></span>7<span class=\"_ _209\"> </span></div></td></tr></table>1 <span class=\"_ _1d\"> </span>G<span class=\"_ _4\"></span>ile<span class=\"_ _4\"></span>s Fros<span class=\"_ _4\"></span>t and J<span class=\"_ _4\"></span>ohn Le Po<span class=\"_ _4\"></span>ide<span class=\"_ _4\"></span>vin re<span class=\"_ _4\"></span>tire<span class=\"_ _4\"></span>d fro<span class=\"_ _4\"></span>m the Bo<span class=\"_ _4\"></span>ard o<span class=\"_ _4\"></span>n 3 June 2<span class=\"_ _4\"></span>025. The a<span class=\"_ _4\"></span>bove d<span class=\"_ _4\"></span>eta<span class=\"_ _4\"></span>ils th<span class=\"_ _4\"></span>e sha<span class=\"_ _4\"></span>res ac<span class=\"_ _4\"></span>qui<span class=\"_ _4\"></span>red d<span class=\"_ _4\"></span>uri<span class=\"_ _4\"></span>ng the ye<span class=\"_ _4\"></span>ar u<span class=\"_ _4\"></span>p to the da<span class=\"_ _4\"></span>te of the<span class=\"_ _4\"></span>ir reti<span class=\"_ _4\"></span>rem<span class=\"_ _4\"></span>ent.<span class=\"_ _209\"> </span>Remuneration paid to the Non-Executive Directors is disclosed on page 83. Dir<span class=\"_ _7\"></span>ectors received dividends on total shares held as disclosed on page 83, in accordance with the appr<span class=\"_ _7\"></span>oved dividends detailed under note 15.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-184": {
   "value": "<div class=\"t m0 h3 ff2 fs1 fc3 sc0 ls62 ws60 gs1a3\">18. <span class=\"_ _121\"> </span>CONTING<span class=\"_ _4\"></span>ENT LIABILITIES AND COM<span class=\"_ _4\"></span>MITMENTS<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs1a4\">As at 31 December 2025 the Group has committed funding of up to c.\u00a3252.3m (December 2024: c.\u00a321.5m). This includes committed </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs1a5\">investment amounts as noted in the Strategic Report on pages 42 to 43, as well as guaranteed amounts not necessarily forecast to be cash </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs1a6\">invested which includes letters of credit under the CDF<span class=\"_ _1b\"></span>.<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs1a7\">There wer<span class=\"_ _7\"></span>e no other contingent liabilities at the date of this Report.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-203": {
   "value": "18. <span class=\"_ _121\"> </span>CONTING<span class=\"_ _4\"></span>ENT LIABILITIES AND COM<span class=\"_ _4\"></span>MITMENTS<span class=\"_ _209\"> </span>As at 31 December 2025 the Group has committed funding of up to c.\u00a3252.3m (December 2024: c.\u00a321.5m). This includes committed investment amounts as noted in the Strategic Report on pages 42 to 43, as well as guaranteed amounts not necessarily forecast to be cash invested which includes letters of credit under the CDF<span class=\"_ _1b\"></span>.<span class=\"_ _209\"> </span>There wer<span class=\"_ _7\"></span>e no other contingent liabilities at the date of this Report.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-213": {
   "value": "18. <span class=\"_ _121\"> </span>CONTING<span class=\"_ _4\"></span>ENT LIABILITIES AND COM<span class=\"_ _4\"></span>MITMENTS<span class=\"_ _209\"> </span>As at 31 December 2025 the Group has committed funding of up to c.\u00a3252.3m (December 2024: c.\u00a321.5m). This includes committed investment amounts as noted in the Strategic Report on pages 42 to 43, as well as guaranteed amounts not necessarily forecast to be cash invested which includes letters of credit under the CDF<span class=\"_ _1b\"></span>.<span class=\"_ _209\"> </span>There wer<span class=\"_ _7\"></span>e no other contingent liabilities at the date of this Report.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-185": {
   "value": "<div class=\"t m0 h3 ff2 fs1 fc3 sc0 ls0 ws0 gs1a9\">19. <span class=\"_ _121\"> </span>E<span class=\"_ _4\"></span>VE<span class=\"_ _4\"></span>NTS A<span class=\"_ _4\"></span>FTE<span class=\"_ _4\"></span>R BA<span class=\"_ _4\"></span>LA<span class=\"_ _4\"></span>NCE S<span class=\"_ _4\"></span>HE<span class=\"_ _4\"></span>ET<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs1aa\">T<span class=\"_ _3\"></span>o date in 2026, the Company has invested a further \u00a336.3m of its commitment to Sizewell C. In addition, the Company invested a further </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs1ab\">\u00a34.5m in toob.<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs1ac\">In February the Company completed on its realisation of a 49% stake in OFTO Moray East, for total pr<span class=\"_ _7\"></span>oceeds of \u00a340.2m.<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs1ad\">In January 2026, the Company declared a quarterly dividend of 2.15 pence per shar<span class=\"_ _7\"></span>e. In addition, in March 2026, the Company declared a </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs1ae\">quarterly dividend of 2.15 pence per share.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-186": {
   "value": "20. <span class=\"_ _121\"> </span>OTHER MAND<span class=\"_ _7\"></span>A<span class=\"_ _7\"></span>TOR<span class=\"_ _7\"></span>Y DISCLOSURES<span class=\"_ _209\"> </span>NE<span class=\"_ _4\"></span>W ST<span class=\"_ _7\"></span>A<span class=\"_ _4\"></span>NDAR<span class=\"_ _4\"></span>DS THAT THE GR<span class=\"_ _4\"></span>OUP H<span class=\"_ _4\"></span>AS APPL<span class=\"_ _4\"></span>IED F<span class=\"_ _4\"></span>ROM 1 JAN<span class=\"_ _4\"></span>UARY 20<span class=\"_ _4\"></span>25 Standards and amendments to standar<span class=\"_ _7\"></span>ds applicable to the Group that became effective during the year are listed below<span class=\"_ _0\"></span>. These have no material impact on the reported performance or financial statements of the Gr<span class=\"_ _7\"></span>oup.  <span class=\"_ _22\"></span>\u2013<span class=\"_ _23\"> </span>Amendments to IAS 21 Effects of Changes in For<span class=\"_ _7\"></span>eign Exchange Rates (1 January 2025)<span class=\"_ _209\"> </span>ST<span class=\"_ _7\"></span>A<span class=\"_ _4\"></span>NDAR<span class=\"_ _4\"></span>DS IS<span class=\"_ _4\"></span>SU<span class=\"_ _4\"></span>ED BU<span class=\"_ _4\"></span>T NOT YE<span class=\"_ _4\"></span>T EFF<span class=\"_ _4\"></span>ECTI<span class=\"_ _4\"></span>VE<span class=\"_ _209\"> </span>Standards applicable to the Gr<span class=\"_ _7\"></span>oup which are issued but not yet effective up to the date of issuance of the Group\u2019<span class=\"_ _3\"></span>s financial statements are listed below<span class=\"_ _7\"></span>. This listing is of standards and interpretations issued, which the Gr<span class=\"_ _7\"></span>oup reasonably expects to be applicable at a future date. The Group intends to adopt these standar<span class=\"_ _7\"></span>ds when they become effective, however does not currently anticipate the standards to have a significant impact on the Group\u2019<span class=\"_ _3\"></span>s financial statements. Current assumptions r<span class=\"_ _1\"></span>egarding the impact of futur<span class=\"_ _1\"></span>e standards will r<span class=\"_ _7\"></span>emain under consideration in light of interpretation notes as and when they ar<span class=\"_ _7\"></span>e issued. <span class=\"_ _22\"></span>\u2013<span class=\"_ _23\"> </span>Amendments to IFRS 9 and IFRS 7, Classification and Measurements of Financial Instruments (1 January 2026) <span class=\"_ _22\"></span>\u2013<span class=\"_ _23\"> </span>IFRS 18 Presentation and disclosur<span class=\"_ _7\"></span>e in financial statements (1 January 2027)<span class=\"_ _209\"> </span><div class=\"t m0 h3 ff2 fs1 fc1 sc0 lsaa wsb3 gs1bd\">UNCONSOLID<span class=\"_ _7\"></span>A<span class=\"_ _0\"></span>TED SUBSIDIARIES<span class=\"_ _209\"> </span></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs1be\">A list of the significant investments in unconsolidated subsidiaries, including the name, country of incorporation as at 31 December 2025 and </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs1bf\">proportion of ownership is shown below:<span class=\"_ _209\"> </span></div><div class=\"gs1c0\"><table class=\"s w2c6 hff\" id=\"_bf4fee8c-89bc-42a4-8c44-28c2b27c3561\"><tr><td></td><td class=\"t m0 x490 h1d y2461 ff4 fs13 fc4 sc0 ls0 ws0\">Place of incorporation </td><td class=\"t m0 x491 h1d y2462 ff4 fs13 fc4 sc0 ls0 ws0\">Proportion of  </td></tr><tr><td></td><td class=\"t m0 x492 h1d y2463 ff4 fs13 fc4 sc0 ls0 ws0\">(or registration) and </td><td class=\"t m0 x493 h1d y2464 ff4 fs13 fc4 sc0 ls0 ws0\">ownership  </td></tr><tr><td class=\"t m0 x1e7 h1d y2465 ff4 fs13 fc4 sc0 ls0 ws0\">Name<span class=\"_ _209\"> </span></td><td class=\"t m0 x494 h1d y2466 ff4 fs13 fc4 sc0 ls0 ws0\">operation<span class=\"_ _209\"> </span></td><td class=\"t m0 x495 h1d y2467 ff4 fs13 fc4 sc0 ls0 ws0\">interest %<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y2468 w2c7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Abingdon Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y2468 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y2468 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2469 w2ca hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Aggregator PLC<span class=\"_ _209\"> </span></div></td><td class=\"c n x498 y2469 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x204 y2469 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y246a w2cb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Access Justice Durham Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x499 y246a w1ad hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Canada<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y246a w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y246b w2cc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">AKS Betriebs GmbH &amp; Co. KG<span class=\"_ _209\"> </span></div></td><td class=\"c n x49b y246b w2cd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Germany<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f8 y246b w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">98<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y246c w2cf hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">ASV Project LP<span class=\"_ _209\"> </span></div></td><td class=\"c n x49c y246c w2d0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">New Zealand<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y246c w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y246d w2d1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">BBPP Alberta Schools Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x499 y246d w1ad hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Canada<span class=\"_ _209\"> </span></div></td><td class=\"c n x49d y246d w2d2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y246e w2d3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Blackburn with Darwen Phase 1 Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y246e w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y246e w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y246f w2d3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Blackburn with Darwen Phase 2 Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y246f w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y246f w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2470 w2d4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">BPSL No. 2 Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2470 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y2470 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2471 w2d5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Building Schools for the Future Investments LLP<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y2471 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y2471 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2472 w2d6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Calderdale Schools Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x49f y2472 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a0 y2472 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2473 w2d7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">CHP Unit T<span class=\"_ _0\"></span>rust<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a1 y2473 w1aa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a2 y2473 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2474 w2d8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Derby City BSF Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a3 y2474 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a4 y2474 w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2475 w2d9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Derbyshire Courts Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2475 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y2475 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2476 w2da hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Derbyshire Schools<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a5 y2476 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a6 y2476 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2477 w2db hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Derbyshire Schools Phase T<span class=\"_ _3\"></span>wo Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a7 y2477 w2dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a2 y2477 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2478 w2dd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Essex Schools Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a8 y2478 w2dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a9 y2478 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2479 w2de hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Future Ealing Phase 1 Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y2479 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y2479 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y247a w2df hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Future Schools Partners LP<span class=\"_ _209\"> </span></div></td><td class=\"c n x4aa y247a w2e0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">New Zealand<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ab y247a w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y247b w2e1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">4 Futures Phase 1 Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ac y247b w2dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ad y247b w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y247c w2e1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">4 Futures Phase 2 Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ac y247c w2dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ad y247c w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y247d w2e2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Hertfordshir<span class=\"_ _7\"></span>e Schools Building Partnership Phase 1 Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ae y247d w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4af y247d w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y247e w2e3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">H&amp;W Courts Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b0 y247e w2dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b1 y247e w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y247f w2e4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">INPP Infrastructure Germany GmbH &amp; Co. KG<span class=\"_ _209\"> </span></div></td><td class=\"c n x49b y247f w2cd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Germany<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y247f w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2480 w2e5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">INPP T<span class=\"_ _0\"></span>roy Investment Co Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2480 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y2480 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2481 w2e6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Inspire Partnership Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y2481 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y2481 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2482 w1a5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">IPP CCC Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b2 y2482 w2e7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Ireland<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b3 y2482 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2483 w2e8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Inspiredspaces Durham (Pr<span class=\"_ _7\"></span>oject Co 1) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2483 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y2483 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2484 w2e9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Kent PFI (Project Co 1) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y2484 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x32b y2484 w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">58<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2485 w2ea hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Inspiredspaces Nottingham (Pr<span class=\"_ _7\"></span>oject Co 1) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2485 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f8 y2485 w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2486 w2ea hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Inspiredspaces Nottingham (Pr<span class=\"_ _7\"></span>oject Co 2) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2486 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f8 y2486 w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2487 w2eb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Inspiredspaces ST<span class=\"_ _3\"></span>aG (Project Co 1) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a7 y2487 w2dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b4 y2487 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90.1<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2488 w2ec hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Inspiredspaces StaG (Pr<span class=\"_ _7\"></span>oject Co 2) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b5 y2488 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b6 y2488 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90.1<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2489 w2ed hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Inspiredspaces W<span class=\"_ _7\"></span>olverhampton (Project Co 1) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a7 y2489 w2dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a2 y2489 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y248a w2ee hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _0\"></span>ransform Islington (Phase 1) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y248a w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f8 y248a w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y248b w2ee hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _0\"></span>ransform Islington (Phase 2) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y248b w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f8 y248b w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y248c w2ef hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">IPP (Moray Schools) Holdings Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b7 y248c w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b8 y248c w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y248d w2f0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Maesteg School Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y248d w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y248d w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y248e w2f1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Next Step Partners LP<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b9 y248e w2e0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">New Zealand<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ba y248e w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y248f w2f2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Northampton Schools Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y248f w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y248f w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2490 w2f3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Northern Diabolo N.V<span class=\"_ _3\"></span>.<span class=\"_ _209\"> </span></div></td><td class=\"c n x4bb y2490 w2f4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Belgium<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ab y2490 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2491 w2f5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Oldham BSF Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y2491 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x32b y2491 w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">99<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2492 w2f6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">OPP Hobro Tinglysningsret A/S<span class=\"_ _209\"> </span></div></td><td class=\"c n x49b y2492 w2f7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Denmark<span class=\"_ _209\"> </span></div></td><td class=\"c n x4bc y2492 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">66.7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2493 w2f8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">OPP \u00d8rstedskolen A/S<span class=\"_ _209\"> </span></div></td><td class=\"c n x4bd y2493 w2f7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Denmark<span class=\"_ _209\"> </span></div></td><td class=\"c n x4be y2493 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">66.7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2494 w2f9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">OPP Vildbjerg Skole A/S<span class=\"_ _209\"> </span></div></td><td class=\"c n x4bf y2494 w2f7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Denmark<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c0 y2494 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">66.7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2495 w2fa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">OPP Randers P-Hus A/A<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c1 y2495 w2f7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Denmark<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c2 y2495 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">66.7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2496 w2fb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">PSBP Midlands Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y2496 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c0 y2496 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">92.5<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2497 w2fc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Pinnacle Healthcare (OAHS) T<span class=\"_ _3\"></span>rust<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c3 y2497 w1aa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y2497 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d8 w2fd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Plot B Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y23d8 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y23d8 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2498 w2fe hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">ShapEd NZ LP<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c4 y2498 w2d0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">New Zealand<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c5 y2498 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23da w2ff hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">St Thomas More School Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c6 y23da w2dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c7 y23da w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23db w300 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">PPP Solutions (Long Bay) Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c3 y23db w1aa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y23db w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2499 w301 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">PPP Solutions (Showgrounds) T<span class=\"_ _3\"></span>rust<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a1 y2499 w1aa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a2 y2499 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w302 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Strathclyde Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c8 y22b6 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c9 y22b6 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr></table></div><table class=\"s w303 h101\" id=\"_f1cffbd2-268a-4901-976f-516b62a80502\"><tr><td></td><td class=\"t m0 x4ca h1d y24a2 ff4 fs13 fc4 sc0 ls0 ws0\">Place of incorporation </td><td class=\"t m0 x421 h1d y24a3 ff4 fs13 fc4 sc0 ls0 ws0\">Proportion of  </td></tr><tr><td></td><td class=\"t m0 x4cb h1d y24a4 ff4 fs13 fc4 sc0 ls0 ws0\">(or registration) and </td><td class=\"t m0 x4cc h1d y24a5 ff4 fs13 fc4 sc0 ls0 ws0\">ownership  </td></tr><tr><td class=\"t m0 x1b4 h1d y24a6 ff4 fs13 fc4 sc0 ls0 ws0\">Name<span class=\"_ _209\"> </span></td><td class=\"t m0 x4cd h1d y24a7 ff4 fs13 fc4 sc0 ls0 ws0\">operation<span class=\"_ _209\"> </span></td><td class=\"t m0 x4cc h1d y24a8 ff4 fs13 fc4 sc0 ls0 ws0\">interest %<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y24a9 w30e hce\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TH Schools Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d6 y24a9 w2c8 hce\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d7 y24a9 w2c9 hce\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2493 w30f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Robin Rigg OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2493 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y2493 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2494 w310 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Barrow OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d8 y2494 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d9 y2494 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2495 w311 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Gunfleet Sands OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2495 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y2495 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2496 w312 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Ormonde OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y2496 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y2496 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2497 w13d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Lincs OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2497 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y2497 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d8 w313 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Westermost Rough OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4da y23d8 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4db y23d8 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d9 w2f9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Dudgeon OFTO PLC<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y23d9 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y23d9 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23da w314 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Beatrice OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y23da w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y23da w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23db w315 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Rampion OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y23db w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y23db w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2499 w316 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC East Anglia OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4dc y2499 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4dd y2499 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w317 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Moray East OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y22b6 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y22b6 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr></table>The entities listed above in aggregate r<span class=\"_ _7\"></span>epresent 50.6% (December 2024: 53.6%) of investments at fair value through profit or loss.<span class=\"_ _209\"> </span>The<span class=\"_ gs4d\"> </span>remaining fair value is driven fr<span class=\"_ _7\"></span>om joint ventures, associate interests and minority stakes held by the Group.<span class=\"_ _209\"> </span>CONSOLID<span class=\"_ _7\"></span>A<span class=\"_ _7\"></span>TED SUBSIDIARIES<span class=\"_ _209\"> </span>The subsidiary undertakings of the Company<span class=\"_ _0\"></span>, all of which have been included in these consolidated financial statements are as follows:<span class=\"_ _209\"> </span><table class=\"s w303 h100\" id=\"_ac8c30b5-ae45-49d6-92a2-1fde60a64827\"><tr><td></td><td class=\"t m0 x4ca h1d y249a ff4 fs13 fc4 sc0 ls0 ws0\">Place of incorporation </td><td class=\"t m0 x421 h1d y249b ff4 fs13 fc4 sc0 ls0 ws0\">Proportion of  </td></tr><tr><td></td><td class=\"t m0 x4cb h1d y249c ff4 fs13 fc4 sc0 ls0 ws0\">(or registration) and </td><td class=\"t m0 x4cc h1d y249d ff4 fs13 fc4 sc0 ls0 ws0\">ownership  </td></tr><tr><td class=\"t m0 x1b4 h1d y249e ff4 fs13 fc4 sc0 ls0 ws0\">Name<span class=\"_ _209\"> </span></td><td class=\"t m0 x4cd h1d y249f ff4 fs13 fc4 sc0 ls0 ws0\">operation<span class=\"_ _209\"> </span></td><td class=\"t m0 x4cc h1d y24a0 ff4 fs13 fc4 sc0 ls0 ws0\">interest %<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y24a1 w304 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">International Public Partnerships Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ce y24a1 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4cf y24a1 w306 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _6\"></span>0<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d7 w307 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">International Public Partnerships Lux 1 Sarl<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d0 y23d7 w308 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse9 wsf9\">Luxembourg<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d1 y23d7 wb1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d9 w307 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">International Public Partnerships Lux 2 Sarl<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d0 y23d9 w308 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse9 wsf9\">Luxembourg<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d1 y23d9 wb1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y243f w309 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">IPP Bond Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d2 y243f w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d3 y243f w306 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _6\"></span>0<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23db w30a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">IPP Holdings 1 Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d4 y23db w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d5 y23db w30b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _6\"></span>0<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23dc w30c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">IPP Investments UK Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d2 y23dc w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d3 y23dc w306 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _6\"></span>0<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w30d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">IPP Investments Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d2 y22b6 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d3 y22b6 w306 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _6\"></span>0<span class=\"_ _209\"> </span></div></td></tr></table>1 <span class=\"_ _1d\"> </span>Risk Capital i<span class=\"_ _1\"></span>ncludes project<span class=\"_ _7\"></span>-level equity and/<span class=\"_ _7\"></span>or subordinat<span class=\"_ _7\"></span>ed shareholder debt<span class=\"_ _1\"></span>.<span class=\"_ _209\"> </span>2 <span class=\"_ _1d\"> </span>I<span class=\"_ _4\"></span>nves<span class=\"_ _4\"></span>tme<span class=\"_ _4\"></span>nt con<span class=\"_ _4\"></span>tai<span class=\"_ _4\"></span>ns se<span class=\"_ _4\"></span>nior o<span class=\"_ _4\"></span>r mez<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>nin<span class=\"_ _4\"></span>e debt i<span class=\"_ _4\"></span>n add<span class=\"_ _4\"></span>itio<span class=\"_ _4\"></span>n to any Ri<span class=\"_ _4\"></span>sk Ca<span class=\"_ _4\"></span>pit<span class=\"_ _4\"></span>al own<span class=\"_ _4\"></span>ers<span class=\"_ _4\"></span>hip s<span class=\"_ _4\"></span>how<span class=\"_ _4\"></span>n.<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "inpp:DisclosureOfOtherMandatoryDisclosures",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-229": {
   "value": "NE<span class=\"_ _4\"></span>W ST<span class=\"_ _7\"></span>A<span class=\"_ _4\"></span>NDAR<span class=\"_ _4\"></span>DS THAT THE GR<span class=\"_ _4\"></span>OUP H<span class=\"_ _4\"></span>AS APPL<span class=\"_ _4\"></span>IED F<span class=\"_ _4\"></span>ROM 1 JAN<span class=\"_ _4\"></span>UARY 20<span class=\"_ _4\"></span>25 Standards and amendments to standar<span class=\"_ _7\"></span>ds applicable to the Group that became effective during the year are listed below<span class=\"_ _0\"></span>. These have no material impact on the reported performance or financial statements of the Gr<span class=\"_ _7\"></span>oup.  <span class=\"_ _22\"></span>\u2013<span class=\"_ _23\"> </span>Amendments to IAS 21 Effects of Changes in For<span class=\"_ _7\"></span>eign Exchange Rates (1 January 2025)<span class=\"_ _209\"> </span>ST<span class=\"_ _7\"></span>A<span class=\"_ _4\"></span>NDAR<span class=\"_ _4\"></span>DS IS<span class=\"_ _4\"></span>SU<span class=\"_ _4\"></span>ED BU<span class=\"_ _4\"></span>T NOT YE<span class=\"_ _4\"></span>T EFF<span class=\"_ _4\"></span>ECTI<span class=\"_ _4\"></span>VE<span class=\"_ _209\"> </span>Standards applicable to the Gr<span class=\"_ _7\"></span>oup which are issued but not yet effective up to the date of issuance of the Group\u2019<span class=\"_ _3\"></span>s financial statements are listed below<span class=\"_ _7\"></span>. This listing is of standards and interpretations issued, which the Gr<span class=\"_ _7\"></span>oup reasonably expects to be applicable at a future date. The Group intends to adopt these standar<span class=\"_ _7\"></span>ds when they become effective, however does not currently anticipate the standards to have a significant impact on the Group\u2019<span class=\"_ _3\"></span>s financial statements. Current assumptions r<span class=\"_ _1\"></span>egarding the impact of futur<span class=\"_ _1\"></span>e standards will r<span class=\"_ _7\"></span>emain under consideration in light of interpretation notes as and when they ar<span class=\"_ _7\"></span>e issued. <span class=\"_ _22\"></span>\u2013<span class=\"_ _23\"> </span>Amendments to IFRS 9 and IFRS 7, Classification and Measurements of Financial Instruments (1 January 2026) <span class=\"_ _22\"></span>\u2013<span class=\"_ _23\"> </span>IFRS 18 Presentation and disclosur<span class=\"_ _7\"></span>e in financial statements (1 January 2027)<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-236": {
   "value": "NE<span class=\"_ _4\"></span>W ST<span class=\"_ _7\"></span>A<span class=\"_ _4\"></span>NDAR<span class=\"_ _4\"></span>DS THAT THE GR<span class=\"_ _4\"></span>OUP H<span class=\"_ _4\"></span>AS APPL<span class=\"_ _4\"></span>IED F<span class=\"_ _4\"></span>ROM 1 JAN<span class=\"_ _4\"></span>UARY 20<span class=\"_ _4\"></span>25 Standards and amendments to standar<span class=\"_ _7\"></span>ds applicable to the Group that became effective during the year are listed below<span class=\"_ _0\"></span>. These have no material impact on the reported performance or financial statements of the Gr<span class=\"_ _7\"></span>oup.  <span class=\"_ _22\"></span>\u2013<span class=\"_ _23\"> </span>Amendments to IAS 21 Effects of Changes in For<span class=\"_ _7\"></span>eign Exchange Rates (1 January 2025)<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-237": {
   "value": "ST<span class=\"_ _7\"></span>A<span class=\"_ _4\"></span>NDAR<span class=\"_ _4\"></span>DS IS<span class=\"_ _4\"></span>SU<span class=\"_ _4\"></span>ED BU<span class=\"_ _4\"></span>T NOT YE<span class=\"_ _4\"></span>T EFF<span class=\"_ _4\"></span>ECTI<span class=\"_ _4\"></span>VE<span class=\"_ _209\"> </span>Standards applicable to the Gr<span class=\"_ _7\"></span>oup which are issued but not yet effective up to the date of issuance of the Group\u2019<span class=\"_ _3\"></span>s financial statements are listed below<span class=\"_ _7\"></span>. This listing is of standards and interpretations issued, which the Gr<span class=\"_ _7\"></span>oup reasonably expects to be applicable at a future date. The Group intends to adopt these standar<span class=\"_ _7\"></span>ds when they become effective, however does not currently anticipate the standards to have a significant impact on the Group\u2019<span class=\"_ _3\"></span>s financial statements. Current assumptions r<span class=\"_ _1\"></span>egarding the impact of futur<span class=\"_ _1\"></span>e standards will r<span class=\"_ _7\"></span>emain under consideration in light of interpretation notes as and when they ar<span class=\"_ _7\"></span>e issued. <span class=\"_ _22\"></span>\u2013<span class=\"_ _23\"> </span>Amendments to IFRS 9 and IFRS 7, Classification and Measurements of Financial Instruments (1 January 2026) <span class=\"_ _22\"></span>\u2013<span class=\"_ _23\"> </span>IFRS 18 Presentation and disclosur<span class=\"_ _7\"></span>e in financial statements (1 January 2027)<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-220": {
   "value": "UNCONSOLID<span class=\"_ _7\"></span>A<span class=\"_ _0\"></span>TED SUBSIDIARIES<span class=\"_ _209\"> </span>A list of the significant investments in unconsolidated subsidiaries, including the name, country of incorporation as at 31 December 2025 and proportion of ownership is shown below:<span class=\"_ _209\"> </span><table class=\"s w2c6 hff\" id=\"_bf4fee8c-89bc-42a4-8c44-28c2b27c3561\"><tr><td></td><td class=\"t m0 x490 h1d y2461 ff4 fs13 fc4 sc0 ls0 ws0\">Place of incorporation </td><td class=\"t m0 x491 h1d y2462 ff4 fs13 fc4 sc0 ls0 ws0\">Proportion of  </td></tr><tr><td></td><td class=\"t m0 x492 h1d y2463 ff4 fs13 fc4 sc0 ls0 ws0\">(or registration) and </td><td class=\"t m0 x493 h1d y2464 ff4 fs13 fc4 sc0 ls0 ws0\">ownership  </td></tr><tr><td class=\"t m0 x1e7 h1d y2465 ff4 fs13 fc4 sc0 ls0 ws0\">Name<span class=\"_ _209\"> </span></td><td class=\"t m0 x494 h1d y2466 ff4 fs13 fc4 sc0 ls0 ws0\">operation<span class=\"_ _209\"> </span></td><td class=\"t m0 x495 h1d y2467 ff4 fs13 fc4 sc0 ls0 ws0\">interest %<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y2468 w2c7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Abingdon Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y2468 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y2468 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2469 w2ca hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Aggregator PLC<span class=\"_ _209\"> </span></div></td><td class=\"c n x498 y2469 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x204 y2469 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y246a w2cb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Access Justice Durham Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x499 y246a w1ad hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Canada<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y246a w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y246b w2cc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">AKS Betriebs GmbH &amp; Co. KG<span class=\"_ _209\"> </span></div></td><td class=\"c n x49b y246b w2cd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Germany<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f8 y246b w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">98<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y246c w2cf hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">ASV Project LP<span class=\"_ _209\"> </span></div></td><td class=\"c n x49c y246c w2d0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">New Zealand<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y246c w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y246d w2d1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">BBPP Alberta Schools Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x499 y246d w1ad hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Canada<span class=\"_ _209\"> </span></div></td><td class=\"c n x49d y246d w2d2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y246e w2d3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Blackburn with Darwen Phase 1 Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y246e w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y246e w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y246f w2d3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Blackburn with Darwen Phase 2 Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y246f w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y246f w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2470 w2d4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">BPSL No. 2 Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2470 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y2470 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2471 w2d5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Building Schools for the Future Investments LLP<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y2471 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y2471 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2472 w2d6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Calderdale Schools Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x49f y2472 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a0 y2472 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2473 w2d7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">CHP Unit T<span class=\"_ _0\"></span>rust<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a1 y2473 w1aa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a2 y2473 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2474 w2d8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Derby City BSF Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a3 y2474 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a4 y2474 w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2475 w2d9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Derbyshire Courts Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2475 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y2475 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2476 w2da hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Derbyshire Schools<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a5 y2476 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a6 y2476 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2477 w2db hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Derbyshire Schools Phase T<span class=\"_ _3\"></span>wo Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a7 y2477 w2dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a2 y2477 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2478 w2dd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Essex Schools Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a8 y2478 w2dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a9 y2478 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2479 w2de hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Future Ealing Phase 1 Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y2479 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y2479 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y247a w2df hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Future Schools Partners LP<span class=\"_ _209\"> </span></div></td><td class=\"c n x4aa y247a w2e0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">New Zealand<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ab y247a w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y247b w2e1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">4 Futures Phase 1 Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ac y247b w2dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ad y247b w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y247c w2e1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">4 Futures Phase 2 Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ac y247c w2dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ad y247c w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y247d w2e2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Hertfordshir<span class=\"_ _7\"></span>e Schools Building Partnership Phase 1 Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ae y247d w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4af y247d w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y247e w2e3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">H&amp;W Courts Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b0 y247e w2dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b1 y247e w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y247f w2e4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">INPP Infrastructure Germany GmbH &amp; Co. KG<span class=\"_ _209\"> </span></div></td><td class=\"c n x49b y247f w2cd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Germany<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y247f w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2480 w2e5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">INPP T<span class=\"_ _0\"></span>roy Investment Co Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2480 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y2480 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2481 w2e6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Inspire Partnership Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y2481 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y2481 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2482 w1a5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">IPP CCC Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b2 y2482 w2e7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Ireland<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b3 y2482 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2483 w2e8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Inspiredspaces Durham (Pr<span class=\"_ _7\"></span>oject Co 1) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2483 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y2483 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2484 w2e9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Kent PFI (Project Co 1) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y2484 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x32b y2484 w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">58<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2485 w2ea hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Inspiredspaces Nottingham (Pr<span class=\"_ _7\"></span>oject Co 1) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2485 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f8 y2485 w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2486 w2ea hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Inspiredspaces Nottingham (Pr<span class=\"_ _7\"></span>oject Co 2) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2486 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f8 y2486 w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2487 w2eb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Inspiredspaces ST<span class=\"_ _3\"></span>aG (Project Co 1) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a7 y2487 w2dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b4 y2487 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90.1<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2488 w2ec hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Inspiredspaces StaG (Pr<span class=\"_ _7\"></span>oject Co 2) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b5 y2488 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b6 y2488 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90.1<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2489 w2ed hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Inspiredspaces W<span class=\"_ _7\"></span>olverhampton (Project Co 1) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a7 y2489 w2dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a2 y2489 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y248a w2ee hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _0\"></span>ransform Islington (Phase 1) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y248a w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f8 y248a w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y248b w2ee hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _0\"></span>ransform Islington (Phase 2) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y248b w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f8 y248b w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y248c w2ef hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">IPP (Moray Schools) Holdings Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b7 y248c w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b8 y248c w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y248d w2f0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Maesteg School Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y248d w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y248d w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y248e w2f1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Next Step Partners LP<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b9 y248e w2e0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">New Zealand<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ba y248e w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y248f w2f2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Northampton Schools Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y248f w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y248f w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2490 w2f3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Northern Diabolo N.V<span class=\"_ _3\"></span>.<span class=\"_ _209\"> </span></div></td><td class=\"c n x4bb y2490 w2f4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Belgium<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ab y2490 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2491 w2f5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Oldham BSF Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y2491 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x32b y2491 w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">99<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2492 w2f6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">OPP Hobro Tinglysningsret A/S<span class=\"_ _209\"> </span></div></td><td class=\"c n x49b y2492 w2f7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Denmark<span class=\"_ _209\"> </span></div></td><td class=\"c n x4bc y2492 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">66.7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2493 w2f8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">OPP \u00d8rstedskolen A/S<span class=\"_ _209\"> </span></div></td><td class=\"c n x4bd y2493 w2f7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Denmark<span class=\"_ _209\"> </span></div></td><td class=\"c n x4be y2493 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">66.7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2494 w2f9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">OPP Vildbjerg Skole A/S<span class=\"_ _209\"> </span></div></td><td class=\"c n x4bf y2494 w2f7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Denmark<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c0 y2494 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">66.7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2495 w2fa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">OPP Randers P-Hus A/A<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c1 y2495 w2f7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Denmark<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c2 y2495 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">66.7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2496 w2fb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">PSBP Midlands Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y2496 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c0 y2496 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">92.5<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2497 w2fc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Pinnacle Healthcare (OAHS) T<span class=\"_ _3\"></span>rust<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c3 y2497 w1aa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y2497 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d8 w2fd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Plot B Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y23d8 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y23d8 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2498 w2fe hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">ShapEd NZ LP<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c4 y2498 w2d0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">New Zealand<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c5 y2498 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23da w2ff hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">St Thomas More School Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c6 y23da w2dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c7 y23da w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23db w300 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">PPP Solutions (Long Bay) Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c3 y23db w1aa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y23db w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2499 w301 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">PPP Solutions (Showgrounds) T<span class=\"_ _3\"></span>rust<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a1 y2499 w1aa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a2 y2499 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w302 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Strathclyde Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c8 y22b6 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c9 y22b6 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr></table><div class=\"gs1c2\"><table class=\"s w303 h101\" id=\"_f1cffbd2-268a-4901-976f-516b62a80502\"><tr><td></td><td class=\"t m0 x4ca h1d y24a2 ff4 fs13 fc4 sc0 ls0 ws0\">Place of incorporation </td><td class=\"t m0 x421 h1d y24a3 ff4 fs13 fc4 sc0 ls0 ws0\">Proportion of  </td></tr><tr><td></td><td class=\"t m0 x4cb h1d y24a4 ff4 fs13 fc4 sc0 ls0 ws0\">(or registration) and </td><td class=\"t m0 x4cc h1d y24a5 ff4 fs13 fc4 sc0 ls0 ws0\">ownership  </td></tr><tr><td class=\"t m0 x1b4 h1d y24a6 ff4 fs13 fc4 sc0 ls0 ws0\">Name<span class=\"_ _209\"> </span></td><td class=\"t m0 x4cd h1d y24a7 ff4 fs13 fc4 sc0 ls0 ws0\">operation<span class=\"_ _209\"> </span></td><td class=\"t m0 x4cc h1d y24a8 ff4 fs13 fc4 sc0 ls0 ws0\">interest %<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y24a9 w30e hce\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TH Schools Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d6 y24a9 w2c8 hce\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d7 y24a9 w2c9 hce\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2493 w30f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Robin Rigg OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2493 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y2493 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2494 w310 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Barrow OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d8 y2494 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d9 y2494 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2495 w311 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Gunfleet Sands OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2495 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y2495 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2496 w312 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Ormonde OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y2496 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y2496 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2497 w13d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Lincs OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2497 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y2497 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d8 w313 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Westermost Rough OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4da y23d8 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4db y23d8 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d9 w2f9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Dudgeon OFTO PLC<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y23d9 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y23d9 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23da w314 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Beatrice OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y23da w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y23da w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23db w315 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Rampion OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y23db w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y23db w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2499 w316 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC East Anglia OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4dc y2499 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4dd y2499 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w317 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Moray East OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y22b6 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y22b6 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr></table></div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs1c3\">The entities listed above in aggregate r<span class=\"_ _7\"></span>epresent 50.6% (December 2024: 53.6%) of investments at fair value through profit or loss.<span class=\"_ _209\"> </span> </div><div class=\"t m0 h8 ff4 fs1 fc4 sc0 ls0 ws0 gs1c4\">The<span class=\"_ gs4d\"> </span>remaining fair value is driven fr<span class=\"_ _7\"></span>om joint ventures, associate interests and minority stakes held by the Group.<span class=\"_ _209\"> </span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestsInUnconsolidatedStructuredEntitiesExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-215": {
   "value": "UNCONSOLID<span class=\"_ _7\"></span>A<span class=\"_ _0\"></span>TED SUBSIDIARIES<span class=\"_ _209\"> </span>A list of the significant investments in unconsolidated subsidiaries, including the name, country of incorporation as at 31 December 2025 and proportion of ownership is shown below:<span class=\"_ _209\"> </span><table class=\"s w2c6 hff\" id=\"_bf4fee8c-89bc-42a4-8c44-28c2b27c3561\"><tr><td></td><td class=\"t m0 x490 h1d y2461 ff4 fs13 fc4 sc0 ls0 ws0\">Place of incorporation </td><td class=\"t m0 x491 h1d y2462 ff4 fs13 fc4 sc0 ls0 ws0\">Proportion of  </td></tr><tr><td></td><td class=\"t m0 x492 h1d y2463 ff4 fs13 fc4 sc0 ls0 ws0\">(or registration) and </td><td class=\"t m0 x493 h1d y2464 ff4 fs13 fc4 sc0 ls0 ws0\">ownership  </td></tr><tr><td class=\"t m0 x1e7 h1d y2465 ff4 fs13 fc4 sc0 ls0 ws0\">Name<span class=\"_ _209\"> </span></td><td class=\"t m0 x494 h1d y2466 ff4 fs13 fc4 sc0 ls0 ws0\">operation<span class=\"_ _209\"> </span></td><td class=\"t m0 x495 h1d y2467 ff4 fs13 fc4 sc0 ls0 ws0\">interest %<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y2468 w2c7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Abingdon Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y2468 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y2468 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2469 w2ca hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Aggregator PLC<span class=\"_ _209\"> </span></div></td><td class=\"c n x498 y2469 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x204 y2469 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y246a w2cb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Access Justice Durham Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x499 y246a w1ad hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Canada<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y246a w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y246b w2cc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">AKS Betriebs GmbH &amp; Co. KG<span class=\"_ _209\"> </span></div></td><td class=\"c n x49b y246b w2cd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Germany<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f8 y246b w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">98<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y246c w2cf hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">ASV Project LP<span class=\"_ _209\"> </span></div></td><td class=\"c n x49c y246c w2d0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">New Zealand<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y246c w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y246d w2d1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">BBPP Alberta Schools Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x499 y246d w1ad hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Canada<span class=\"_ _209\"> </span></div></td><td class=\"c n x49d y246d w2d2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y246e w2d3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Blackburn with Darwen Phase 1 Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y246e w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y246e w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y246f w2d3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Blackburn with Darwen Phase 2 Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y246f w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y246f w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2470 w2d4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">BPSL No. 2 Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2470 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y2470 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2471 w2d5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Building Schools for the Future Investments LLP<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y2471 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y2471 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2472 w2d6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Calderdale Schools Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x49f y2472 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a0 y2472 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2473 w2d7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">CHP Unit T<span class=\"_ _0\"></span>rust<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a1 y2473 w1aa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a2 y2473 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2474 w2d8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Derby City BSF Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a3 y2474 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a4 y2474 w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2475 w2d9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Derbyshire Courts Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2475 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y2475 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2476 w2da hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Derbyshire Schools<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a5 y2476 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a6 y2476 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2477 w2db hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Derbyshire Schools Phase T<span class=\"_ _3\"></span>wo Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a7 y2477 w2dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a2 y2477 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2478 w2dd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Essex Schools Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a8 y2478 w2dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a9 y2478 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2479 w2de hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Future Ealing Phase 1 Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y2479 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y2479 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y247a w2df hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Future Schools Partners LP<span class=\"_ _209\"> </span></div></td><td class=\"c n x4aa y247a w2e0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">New Zealand<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ab y247a w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y247b w2e1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">4 Futures Phase 1 Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ac y247b w2dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ad y247b w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y247c w2e1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">4 Futures Phase 2 Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ac y247c w2dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ad y247c w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y247d w2e2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Hertfordshir<span class=\"_ _7\"></span>e Schools Building Partnership Phase 1 Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ae y247d w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4af y247d w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y247e w2e3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">H&amp;W Courts Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b0 y247e w2dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b1 y247e w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y247f w2e4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">INPP Infrastructure Germany GmbH &amp; Co. KG<span class=\"_ _209\"> </span></div></td><td class=\"c n x49b y247f w2cd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Germany<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y247f w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2480 w2e5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">INPP T<span class=\"_ _0\"></span>roy Investment Co Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2480 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y2480 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2481 w2e6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Inspire Partnership Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y2481 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y2481 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2482 w1a5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">IPP CCC Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b2 y2482 w2e7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Ireland<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b3 y2482 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2483 w2e8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Inspiredspaces Durham (Pr<span class=\"_ _7\"></span>oject Co 1) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2483 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y2483 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2484 w2e9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Kent PFI (Project Co 1) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y2484 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x32b y2484 w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">58<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2485 w2ea hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Inspiredspaces Nottingham (Pr<span class=\"_ _7\"></span>oject Co 1) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2485 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f8 y2485 w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2486 w2ea hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Inspiredspaces Nottingham (Pr<span class=\"_ _7\"></span>oject Co 2) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2486 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f8 y2486 w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2487 w2eb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Inspiredspaces ST<span class=\"_ _3\"></span>aG (Project Co 1) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a7 y2487 w2dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b4 y2487 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90.1<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2488 w2ec hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Inspiredspaces StaG (Pr<span class=\"_ _7\"></span>oject Co 2) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b5 y2488 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b6 y2488 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90.1<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2489 w2ed hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Inspiredspaces W<span class=\"_ _7\"></span>olverhampton (Project Co 1) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a7 y2489 w2dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a2 y2489 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y248a w2ee hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _0\"></span>ransform Islington (Phase 1) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y248a w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f8 y248a w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y248b w2ee hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _0\"></span>ransform Islington (Phase 2) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y248b w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f8 y248b w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y248c w2ef hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">IPP (Moray Schools) Holdings Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b7 y248c w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b8 y248c w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y248d w2f0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Maesteg School Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y248d w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y248d w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y248e w2f1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Next Step Partners LP<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b9 y248e w2e0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">New Zealand<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ba y248e w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y248f w2f2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Northampton Schools Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y248f w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y248f w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2490 w2f3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Northern Diabolo N.V<span class=\"_ _3\"></span>.<span class=\"_ _209\"> </span></div></td><td class=\"c n x4bb y2490 w2f4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Belgium<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ab y2490 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2491 w2f5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Oldham BSF Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y2491 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x32b y2491 w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">99<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2492 w2f6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">OPP Hobro Tinglysningsret A/S<span class=\"_ _209\"> </span></div></td><td class=\"c n x49b y2492 w2f7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Denmark<span class=\"_ _209\"> </span></div></td><td class=\"c n x4bc y2492 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">66.7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2493 w2f8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">OPP \u00d8rstedskolen A/S<span class=\"_ _209\"> </span></div></td><td class=\"c n x4bd y2493 w2f7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Denmark<span class=\"_ _209\"> </span></div></td><td class=\"c n x4be y2493 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">66.7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2494 w2f9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">OPP Vildbjerg Skole A/S<span class=\"_ _209\"> </span></div></td><td class=\"c n x4bf y2494 w2f7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Denmark<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c0 y2494 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">66.7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2495 w2fa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">OPP Randers P-Hus A/A<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c1 y2495 w2f7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Denmark<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c2 y2495 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">66.7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2496 w2fb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">PSBP Midlands Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y2496 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c0 y2496 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">92.5<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2497 w2fc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Pinnacle Healthcare (OAHS) T<span class=\"_ _3\"></span>rust<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c3 y2497 w1aa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y2497 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d8 w2fd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Plot B Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y23d8 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y23d8 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2498 w2fe hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">ShapEd NZ LP<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c4 y2498 w2d0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">New Zealand<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c5 y2498 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23da w2ff hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">St Thomas More School Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c6 y23da w2dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c7 y23da w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23db w300 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">PPP Solutions (Long Bay) Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c3 y23db w1aa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y23db w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2499 w301 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">PPP Solutions (Showgrounds) T<span class=\"_ _3\"></span>rust<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a1 y2499 w1aa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a2 y2499 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w302 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Strathclyde Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c8 y22b6 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c9 y22b6 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr></table><table class=\"s w303 h101\" id=\"_f1cffbd2-268a-4901-976f-516b62a80502\"><tr><td></td><td class=\"t m0 x4ca h1d y24a2 ff4 fs13 fc4 sc0 ls0 ws0\">Place of incorporation </td><td class=\"t m0 x421 h1d y24a3 ff4 fs13 fc4 sc0 ls0 ws0\">Proportion of  </td></tr><tr><td></td><td class=\"t m0 x4cb h1d y24a4 ff4 fs13 fc4 sc0 ls0 ws0\">(or registration) and </td><td class=\"t m0 x4cc h1d y24a5 ff4 fs13 fc4 sc0 ls0 ws0\">ownership  </td></tr><tr><td class=\"t m0 x1b4 h1d y24a6 ff4 fs13 fc4 sc0 ls0 ws0\">Name<span class=\"_ _209\"> </span></td><td class=\"t m0 x4cd h1d y24a7 ff4 fs13 fc4 sc0 ls0 ws0\">operation<span class=\"_ _209\"> </span></td><td class=\"t m0 x4cc h1d y24a8 ff4 fs13 fc4 sc0 ls0 ws0\">interest %<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y24a9 w30e hce\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TH Schools Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d6 y24a9 w2c8 hce\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d7 y24a9 w2c9 hce\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2493 w30f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Robin Rigg OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2493 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y2493 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2494 w310 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Barrow OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d8 y2494 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d9 y2494 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2495 w311 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Gunfleet Sands OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2495 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y2495 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2496 w312 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Ormonde OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y2496 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y2496 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2497 w13d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Lincs OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2497 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y2497 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d8 w313 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Westermost Rough OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4da y23d8 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4db y23d8 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d9 w2f9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Dudgeon OFTO PLC<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y23d9 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y23d9 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23da w314 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Beatrice OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y23da w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y23da w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23db w315 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Rampion OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y23db w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y23db w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2499 w316 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC East Anglia OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4dc y2499 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4dd y2499 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w317 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Moray East OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y22b6 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y22b6 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr></table>The entities listed above in aggregate r<span class=\"_ _7\"></span>epresent 50.6% (December 2024: 53.6%) of investments at fair value through profit or loss.<span class=\"_ _209\"> </span>The<span class=\"_ gs4d\"> </span>remaining fair value is driven fr<span class=\"_ _7\"></span>om joint ventures, associate interests and minority stakes held by the Group.<span class=\"_ _209\"> </span>CONSOLID<span class=\"_ _7\"></span>A<span class=\"_ _7\"></span>TED SUBSIDIARIES<span class=\"_ _209\"> </span>The subsidiary undertakings of the Company<span class=\"_ _0\"></span>, all of which have been included in these consolidated financial statements are as follows:<span class=\"_ _209\"> </span><table class=\"s w303 h100\" id=\"_ac8c30b5-ae45-49d6-92a2-1fde60a64827\"><tr><td></td><td class=\"t m0 x4ca h1d y249a ff4 fs13 fc4 sc0 ls0 ws0\">Place of incorporation </td><td class=\"t m0 x421 h1d y249b ff4 fs13 fc4 sc0 ls0 ws0\">Proportion of  </td></tr><tr><td></td><td class=\"t m0 x4cb h1d y249c ff4 fs13 fc4 sc0 ls0 ws0\">(or registration) and </td><td class=\"t m0 x4cc h1d y249d ff4 fs13 fc4 sc0 ls0 ws0\">ownership  </td></tr><tr><td class=\"t m0 x1b4 h1d y249e ff4 fs13 fc4 sc0 ls0 ws0\">Name<span class=\"_ _209\"> </span></td><td class=\"t m0 x4cd h1d y249f ff4 fs13 fc4 sc0 ls0 ws0\">operation<span class=\"_ _209\"> </span></td><td class=\"t m0 x4cc h1d y24a0 ff4 fs13 fc4 sc0 ls0 ws0\">interest %<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y24a1 w304 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">International Public Partnerships Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ce y24a1 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4cf y24a1 w306 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _6\"></span>0<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d7 w307 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">International Public Partnerships Lux 1 Sarl<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d0 y23d7 w308 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse9 wsf9\">Luxembourg<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d1 y23d7 wb1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d9 w307 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">International Public Partnerships Lux 2 Sarl<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d0 y23d9 w308 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse9 wsf9\">Luxembourg<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d1 y23d9 wb1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y243f w309 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">IPP Bond Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d2 y243f w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d3 y243f w306 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _6\"></span>0<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23db w30a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">IPP Holdings 1 Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d4 y23db w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d5 y23db w30b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _6\"></span>0<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23dc w30c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">IPP Investments UK Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d2 y23dc w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d3 y23dc w306 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _6\"></span>0<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w30d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">IPP Investments Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d2 y22b6 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d3 y22b6 w306 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _6\"></span>0<span class=\"_ _209\"> </span></div></td></tr></table>1 <span class=\"_ _1d\"> </span>Risk Capital i<span class=\"_ _1\"></span>ncludes project<span class=\"_ _7\"></span>-level equity and/<span class=\"_ _7\"></span>or subordinat<span class=\"_ _7\"></span>ed shareholder debt<span class=\"_ _1\"></span>.<span class=\"_ _209\"> </span>2 <span class=\"_ _1d\"> </span>I<span class=\"_ _4\"></span>nves<span class=\"_ _4\"></span>tme<span class=\"_ _4\"></span>nt con<span class=\"_ _4\"></span>tai<span class=\"_ _4\"></span>ns se<span class=\"_ _4\"></span>nior o<span class=\"_ _4\"></span>r mez<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>nin<span class=\"_ _4\"></span>e debt i<span class=\"_ _4\"></span>n add<span class=\"_ _4\"></span>itio<span class=\"_ _4\"></span>n to any Ri<span class=\"_ _4\"></span>sk Ca<span class=\"_ _4\"></span>pit<span class=\"_ _4\"></span>al own<span class=\"_ _4\"></span>ers<span class=\"_ _4\"></span>hip s<span class=\"_ _4\"></span>how<span class=\"_ _4\"></span>n.<span class=\"_ _209\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-204": {
   "value": "UNCONSOLID<span class=\"_ _7\"></span>A<span class=\"_ _0\"></span>TED SUBSIDIARIES<span class=\"_ _209\"> </span>A list of the significant investments in unconsolidated subsidiaries, including the name, country of incorporation as at 31 December 2025 and proportion of ownership is shown below:<span class=\"_ _209\"> </span><table class=\"s w2c6 hff\" id=\"_bf4fee8c-89bc-42a4-8c44-28c2b27c3561\"><tr><td></td><td class=\"t m0 x490 h1d y2461 ff4 fs13 fc4 sc0 ls0 ws0\">Place of incorporation </td><td class=\"t m0 x491 h1d y2462 ff4 fs13 fc4 sc0 ls0 ws0\">Proportion of  </td></tr><tr><td></td><td class=\"t m0 x492 h1d y2463 ff4 fs13 fc4 sc0 ls0 ws0\">(or registration) and </td><td class=\"t m0 x493 h1d y2464 ff4 fs13 fc4 sc0 ls0 ws0\">ownership  </td></tr><tr><td class=\"t m0 x1e7 h1d y2465 ff4 fs13 fc4 sc0 ls0 ws0\">Name<span class=\"_ _209\"> </span></td><td class=\"t m0 x494 h1d y2466 ff4 fs13 fc4 sc0 ls0 ws0\">operation<span class=\"_ _209\"> </span></td><td class=\"t m0 x495 h1d y2467 ff4 fs13 fc4 sc0 ls0 ws0\">interest %<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y2468 w2c7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Abingdon Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y2468 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y2468 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2469 w2ca hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Aggregator PLC<span class=\"_ _209\"> </span></div></td><td class=\"c n x498 y2469 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x204 y2469 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y246a w2cb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Access Justice Durham Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x499 y246a w1ad hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Canada<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y246a w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y246b w2cc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">AKS Betriebs GmbH &amp; Co. KG<span class=\"_ _209\"> </span></div></td><td class=\"c n x49b y246b w2cd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Germany<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f8 y246b w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">98<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y246c w2cf hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">ASV Project LP<span class=\"_ _209\"> </span></div></td><td class=\"c n x49c y246c w2d0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">New Zealand<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y246c w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y246d w2d1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">BBPP Alberta Schools Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x499 y246d w1ad hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Canada<span class=\"_ _209\"> </span></div></td><td class=\"c n x49d y246d w2d2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y246e w2d3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Blackburn with Darwen Phase 1 Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y246e w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y246e w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y246f w2d3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Blackburn with Darwen Phase 2 Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y246f w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y246f w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2470 w2d4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">BPSL No. 2 Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2470 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y2470 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2471 w2d5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Building Schools for the Future Investments LLP<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y2471 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y2471 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2472 w2d6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Calderdale Schools Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x49f y2472 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a0 y2472 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2473 w2d7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">CHP Unit T<span class=\"_ _0\"></span>rust<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a1 y2473 w1aa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a2 y2473 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2474 w2d8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Derby City BSF Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a3 y2474 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a4 y2474 w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2475 w2d9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Derbyshire Courts Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2475 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y2475 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2476 w2da hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Derbyshire Schools<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a5 y2476 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a6 y2476 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2477 w2db hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Derbyshire Schools Phase T<span class=\"_ _3\"></span>wo Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a7 y2477 w2dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a2 y2477 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2478 w2dd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Essex Schools Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a8 y2478 w2dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a9 y2478 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2479 w2de hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Future Ealing Phase 1 Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y2479 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y2479 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y247a w2df hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Future Schools Partners LP<span class=\"_ _209\"> </span></div></td><td class=\"c n x4aa y247a w2e0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">New Zealand<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ab y247a w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y247b w2e1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">4 Futures Phase 1 Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ac y247b w2dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ad y247b w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y247c w2e1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">4 Futures Phase 2 Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ac y247c w2dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ad y247c w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y247d w2e2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Hertfordshir<span class=\"_ _7\"></span>e Schools Building Partnership Phase 1 Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ae y247d w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4af y247d w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y247e w2e3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">H&amp;W Courts Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b0 y247e w2dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b1 y247e w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y247f w2e4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">INPP Infrastructure Germany GmbH &amp; Co. KG<span class=\"_ _209\"> </span></div></td><td class=\"c n x49b y247f w2cd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Germany<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y247f w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2480 w2e5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">INPP T<span class=\"_ _0\"></span>roy Investment Co Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2480 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y2480 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2481 w2e6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Inspire Partnership Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y2481 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y2481 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2482 w1a5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">IPP CCC Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b2 y2482 w2e7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Ireland<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b3 y2482 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2483 w2e8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Inspiredspaces Durham (Pr<span class=\"_ _7\"></span>oject Co 1) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2483 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y2483 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2484 w2e9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Kent PFI (Project Co 1) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y2484 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x32b y2484 w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">58<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2485 w2ea hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Inspiredspaces Nottingham (Pr<span class=\"_ _7\"></span>oject Co 1) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2485 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f8 y2485 w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2486 w2ea hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Inspiredspaces Nottingham (Pr<span class=\"_ _7\"></span>oject Co 2) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2486 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f8 y2486 w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2487 w2eb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Inspiredspaces ST<span class=\"_ _3\"></span>aG (Project Co 1) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a7 y2487 w2dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b4 y2487 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90.1<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2488 w2ec hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Inspiredspaces StaG (Pr<span class=\"_ _7\"></span>oject Co 2) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b5 y2488 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b6 y2488 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90.1<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2489 w2ed hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Inspiredspaces W<span class=\"_ _7\"></span>olverhampton (Project Co 1) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a7 y2489 w2dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a2 y2489 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y248a w2ee hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _0\"></span>ransform Islington (Phase 1) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y248a w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f8 y248a w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y248b w2ee hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _0\"></span>ransform Islington (Phase 2) Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y248b w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x2f8 y248b w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">90<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y248c w2ef hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">IPP (Moray Schools) Holdings Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b7 y248c w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b8 y248c w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y248d w2f0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Maesteg School Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y248d w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y248d w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y248e w2f1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Next Step Partners LP<span class=\"_ _209\"> </span></div></td><td class=\"c n x4b9 y248e w2e0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">New Zealand<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ba y248e w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y248f w2f2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Northampton Schools Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y248f w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y248f w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2490 w2f3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Northern Diabolo N.V<span class=\"_ _3\"></span>.<span class=\"_ _209\"> </span></div></td><td class=\"c n x4bb y2490 w2f4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Belgium<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ab y2490 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2491 w2f5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Oldham BSF Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y2491 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x32b y2491 w2ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">99<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2492 w2f6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">OPP Hobro Tinglysningsret A/S<span class=\"_ _209\"> </span></div></td><td class=\"c n x49b y2492 w2f7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Denmark<span class=\"_ _209\"> </span></div></td><td class=\"c n x4bc y2492 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">66.7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2493 w2f8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">OPP \u00d8rstedskolen A/S<span class=\"_ _209\"> </span></div></td><td class=\"c n x4bd y2493 w2f7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Denmark<span class=\"_ _209\"> </span></div></td><td class=\"c n x4be y2493 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">66.7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2494 w2f9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">OPP Vildbjerg Skole A/S<span class=\"_ _209\"> </span></div></td><td class=\"c n x4bf y2494 w2f7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Denmark<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c0 y2494 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">66.7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2495 w2fa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">OPP Randers P-Hus A/A<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c1 y2495 w2f7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Denmark<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c2 y2495 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">66.7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2496 w2fb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">PSBP Midlands Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y2496 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c0 y2496 w1bb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">92.5<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2497 w2fc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Pinnacle Healthcare (OAHS) T<span class=\"_ _3\"></span>rust<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c3 y2497 w1aa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y2497 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d8 w2fd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Plot B Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y23d8 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y23d8 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2498 w2fe hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">ShapEd NZ LP<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c4 y2498 w2d0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">New Zealand<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c5 y2498 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23da w2ff hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">St Thomas More School Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c6 y23da w2dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c7 y23da w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23db w300 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">PPP Solutions (Long Bay) Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c3 y23db w1aa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y23db w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2499 w301 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">PPP Solutions (Showgrounds) T<span class=\"_ _3\"></span>rust<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a1 y2499 w1aa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x4a2 y2499 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w302 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Strathclyde Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c8 y22b6 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4c9 y22b6 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr></table><table class=\"s w303 h101\" id=\"_f1cffbd2-268a-4901-976f-516b62a80502\"><tr><td></td><td class=\"t m0 x4ca h1d y24a2 ff4 fs13 fc4 sc0 ls0 ws0\">Place of incorporation </td><td class=\"t m0 x421 h1d y24a3 ff4 fs13 fc4 sc0 ls0 ws0\">Proportion of  </td></tr><tr><td></td><td class=\"t m0 x4cb h1d y24a4 ff4 fs13 fc4 sc0 ls0 ws0\">(or registration) and </td><td class=\"t m0 x4cc h1d y24a5 ff4 fs13 fc4 sc0 ls0 ws0\">ownership  </td></tr><tr><td class=\"t m0 x1b4 h1d y24a6 ff4 fs13 fc4 sc0 ls0 ws0\">Name<span class=\"_ _209\"> </span></td><td class=\"t m0 x4cd h1d y24a7 ff4 fs13 fc4 sc0 ls0 ws0\">operation<span class=\"_ _209\"> </span></td><td class=\"t m0 x4cc h1d y24a8 ff4 fs13 fc4 sc0 ls0 ws0\">interest %<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y24a9 w30e hce\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TH Schools Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d6 y24a9 w2c8 hce\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d7 y24a9 w2c9 hce\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2493 w30f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Robin Rigg OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2493 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y2493 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2494 w310 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Barrow OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d8 y2494 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d9 y2494 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2495 w311 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Gunfleet Sands OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2495 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y2495 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2496 w312 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Ormonde OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y2496 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y2496 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2497 w13d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Lincs OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y2497 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y2497 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d8 w313 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Westermost Rough OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4da y23d8 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4db y23d8 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d9 w2f9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Dudgeon OFTO PLC<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y23d9 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y23d9 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23da w314 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Beatrice OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x49e y23da w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x49a y23da w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23db w315 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Rampion OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y23db w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y23db w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2499 w316 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC East Anglia OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4dc y2499 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4dd y2499 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w317 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">TC Moray East OFTO Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x496 y22b6 w2c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x497 y22b6 w2c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">100<span class=\"_ _209\"> </span></div></td></tr></table>The entities listed above in aggregate r<span class=\"_ _7\"></span>epresent 50.6% (December 2024: 53.6%) of investments at fair value through profit or loss.<span class=\"_ _209\"> </span>The<span class=\"_ gs4d\"> </span>remaining fair value is driven fr<span class=\"_ _7\"></span>om joint ventures, associate interests and minority stakes held by the Group.<span class=\"_ _209\"> </span>CONSOLID<span class=\"_ _7\"></span>A<span class=\"_ _7\"></span>TED SUBSIDIARIES<span class=\"_ _209\"> </span>The subsidiary undertakings of the Company<span class=\"_ _0\"></span>, all of which have been included in these consolidated financial statements are as follows:<span class=\"_ _209\"> </span><table class=\"s w303 h100\" id=\"_ac8c30b5-ae45-49d6-92a2-1fde60a64827\"><tr><td></td><td class=\"t m0 x4ca h1d y249a ff4 fs13 fc4 sc0 ls0 ws0\">Place of incorporation </td><td class=\"t m0 x421 h1d y249b ff4 fs13 fc4 sc0 ls0 ws0\">Proportion of  </td></tr><tr><td></td><td class=\"t m0 x4cb h1d y249c ff4 fs13 fc4 sc0 ls0 ws0\">(or registration) and </td><td class=\"t m0 x4cc h1d y249d ff4 fs13 fc4 sc0 ls0 ws0\">ownership  </td></tr><tr><td class=\"t m0 x1b4 h1d y249e ff4 fs13 fc4 sc0 ls0 ws0\">Name<span class=\"_ _209\"> </span></td><td class=\"t m0 x4cd h1d y249f ff4 fs13 fc4 sc0 ls0 ws0\">operation<span class=\"_ _209\"> </span></td><td class=\"t m0 x4cc h1d y24a0 ff4 fs13 fc4 sc0 ls0 ws0\">interest %<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y24a1 w304 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">International Public Partnerships Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ce y24a1 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4cf y24a1 w306 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _6\"></span>0<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d7 w307 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">International Public Partnerships Lux 1 Sarl<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d0 y23d7 w308 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse9 wsf9\">Luxembourg<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d1 y23d7 wb1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d9 w307 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">International Public Partnerships Lux 2 Sarl<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d0 y23d9 w308 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse9 wsf9\">Luxembourg<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d1 y23d9 wb1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y243f w309 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">IPP Bond Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d2 y243f w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d3 y243f w306 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _6\"></span>0<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23db w30a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">IPP Holdings 1 Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d4 y23db w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d5 y23db w30b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _6\"></span>0<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23dc w30c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">IPP Investments UK Limited<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d2 y23dc w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d3 y23dc w306 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _6\"></span>0<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w30d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">IPP Investments Limited Partnership<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d2 y22b6 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4d3 y22b6 w306 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _6\"></span>0<span class=\"_ _209\"> </span></div></td></tr></table>1 <span class=\"_ _1d\"> </span>Risk Capital i<span class=\"_ _1\"></span>ncludes project<span class=\"_ _7\"></span>-level equity and/<span class=\"_ _7\"></span>or subordinat<span class=\"_ _7\"></span>ed shareholder debt<span class=\"_ _1\"></span>.<span class=\"_ _209\"> </span>2 <span class=\"_ _1d\"> </span>I<span class=\"_ _4\"></span>nves<span class=\"_ _4\"></span>tme<span class=\"_ _4\"></span>nt con<span class=\"_ _4\"></span>tai<span class=\"_ _4\"></span>ns se<span class=\"_ _4\"></span>nior o<span class=\"_ _4\"></span>r mez<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>nin<span class=\"_ _4\"></span>e debt i<span class=\"_ _4\"></span>n add<span class=\"_ _4\"></span>itio<span class=\"_ _4\"></span>n to any Ri<span class=\"_ _4\"></span>sk Ca<span class=\"_ _4\"></span>pit<span class=\"_ _4\"></span>al own<span class=\"_ _4\"></span>ers<span class=\"_ _4\"></span>hip s<span class=\"_ _4\"></span>how<span class=\"_ _4\"></span>n.<span class=\"_ _209\"> </span>21<span class=\"_ _7\"></span>. INV<span class=\"_ _4\"></span>ESTMENTS<span class=\"_ _209\"> </span>The Group held 135 investments at 31 December 2025 acr<span class=\"_ _7\"></span>oss energy transmission, education, transport, health, judicial, waste water<span class=\"_ _7\"></span>, family housing for service personnel, low carbon energy and other sectors. The table overleaf sets out the Group\u2019<span class=\"_ _3\"></span>s investments that are r<span class=\"_ _1\"></span>ecorded at fair value through pr<span class=\"_ _7\"></span>ofit or loss.<span class=\"_ _209\"> </span><table class=\"s w318 h102\" id=\"_4820016b-4308-42fd-b685-7bd545809655\"><tr><td></td><td></td><td class=\"t m0 x4de h1d y24aa ff4 fs13 fc4 sc0 ls0 ws0\">Status at </td><td class=\"t m0 x490 h1d y24aa ff4 fs13 fc4 sc0 ls0 ws0\">Per cent. Risk Capital<span class=\"_ _209\"> </span></td><td></td></tr><tr><td class=\"c n x1b0 y24ab w319 hd1\"><div class=\"t m0 x1af h1d y2395 ff4 fs13 fc4 sc0 ls0 ws0\">Investment Name<span class=\"_ _209\"> </span></div></td><td class=\"c n x4df y24ab w31a hd1\"><div class=\"t m0 x1af h1d y2395 ff4 fs13 fc4 sc0 ls0 ws0\">Country<span class=\"_ _209\"> </span></div></td><td class=\"t m0 x470 h1d y24ac ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"c x4e1 y24ab w31b hd1\"><div class=\"t m0 x1af h1d y2395 ff4 fs13 fc4 sc0 ls0 ws0\">owned by the Group</div><div class=\"t m0 x4e0 h63 y24ad ff4 fs20 fc4 sc0 ls0 ws0\">1<span class=\"_ _209\"> </span></div></td><td class=\"t m0 x4e2 h1d y24ac ff4 fs13 fc4 sc0 ls0 ws0\">Investment end<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1e7 h3 y24ae ff2 fs1 fc1 sc0 ls0 ws0\">UK<span class=\"_ _209\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x1e7 h3 y24af ff2 fs1 fc4 sc0 ls0 ws0\">UK PPP Assets<span class=\"_ _209\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y24b0 w31c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Calderdale Schools<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24b0 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24b0 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e5 y24b0 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e6 y24b0 w31f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdc wsee\">Ap<span class=\"_ _4\"></span>ril 20<span class=\"_ _4\"></span>30<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24b1 w320 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Derbyshire Schools Phase T<span class=\"_ _3\"></span>wo<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e7 y24b1 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e8 y24b1 w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e9 y24b1 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ea y24b1 w322 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">February 203<span class=\"_ _7\"></span>2<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24b2 w323 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Northamptonshire Schools<span class=\"_ _209\"> </span></div></td><td class=\"c n x4eb y24b2 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ec y24b2 w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ed y24b2 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ee y24b2 w324 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December 2<span class=\"_ _7\"></span>037<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24b3 w325 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Derbyshire Courts<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24b3 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24b3 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e5 y24b3 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ef y24b3 w326 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">August 2<span class=\"_ _1\"></span>02<span class=\"_ _1\"></span>8<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24b4 w327 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Derbyshire Schools Phase One<span class=\"_ _209\"> </span></div></td><td class=\"c n x4f0 y24b4 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4f1 y24b4 w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x4f2 y24b4 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x4f3 y24b4 w328 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">A<span class=\"_ _4\"></span>pri<span class=\"_ _4\"></span>l 2029<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24b5 w329 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">North W<span class=\"_ _7\"></span>ales Police HQ<span class=\"_ _209\"> </span></div></td><td class=\"c n x4f4 y24b5 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4f5 y24b5 w32a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x4f6 y24b5 w32b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x4f7 y24b5 w32c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December<span class=\"_ _1\"></span> 20<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>8<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24b6 w32d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">St Thomas More Schools<span class=\"_ _209\"> </span></div></td><td class=\"c n x4f8 y24b6 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4f9 y24b6 w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x4fa y24b6 w32b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x4fb y24b6 w32e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5c ws95\">A<span class=\"_ _4\"></span>pr<span class=\"_ _4\"></span>il<span class=\"_ _4\"></span> 2028<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24b7 w32f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>ower Hamlets Schools<span class=\"_ _209\"> </span></div></td><td class=\"c n x4fc y24b7 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4fd y24b7 w330 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x4fe y24b7 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ff y24b7 w326 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">August 20<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24b8 w331 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Norfolk Police HQ<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24b8 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24b8 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e5 y24b8 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x500 y24b8 w332 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December 2<span class=\"_ _7\"></span>036<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24b9 w333 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Strathclyde Police T<span class=\"_ _0\"></span>raining Centre<span class=\"_ _209\"> </span></div></td><td class=\"c n x4fc y24b9 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4fd y24b9 w330 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c x502 y24b9 w334 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _6\"></span>0.<span class=\"_ _4\"></span>0</div><div class=\"t m0 x501 h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">2</div></td><td class=\"t m0 x503 h8 y24ba ff4 fs1 fc4 sc0 lsb1 ws5c\">Sept<span class=\"_ _7\"></span>ember 2<span class=\"_ _7\"></span>026<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y24bb w335 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Abingdon Police Station<span class=\"_ _209\"> </span></div></td><td class=\"c n x504 y24bb w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x505 y24bb w336 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">O<span class=\"_ _4\"></span>perat<span class=\"_ _7\"></span>iona<span class=\"_ _4\"></span>l<span class=\"_ _209\"> </span></div></td><td class=\"c n x506 y24bb w32b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x507 y24bb w31f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdc wsee\">Ap<span class=\"_ _4\"></span>ril 20<span class=\"_ _4\"></span>30<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24bc w337 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Bootle Government Offices<span class=\"_ _209\"> </span></div></td><td class=\"c n x508 y24bc w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x509 y24bc w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e5 y24bc w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x50a y24bc w338 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">Dec<span class=\"_ _1\"></span>ember 2<span class=\"_ _7\"></span>02<span class=\"_ _1\"></span>5<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24bd w339 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Maesteg Schools<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24bd w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24bd w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e5 y24bd w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x50b y24bd w81 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdc wsee\">J<span class=\"_ _4\"></span>uly 20<span class=\"_ _4\"></span>33<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24be w2fe hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Moray Schools<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24be w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24be w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e5 y24be w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x50c y24be w33a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Febr<span class=\"_ _4\"></span>uar<span class=\"_ _4\"></span>y 2042<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24bf w33b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Liverpool Library<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24bf w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24bf w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e5 y24bf w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x50d y24bf w33c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">November 203<span class=\"_ _7\"></span>7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24c0 w33d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>ownlands Hospital<span class=\"_ _209\"> </span></div></td><td class=\"c n x50e y24c0 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x50f y24c0 w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x510 y24c0 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x511 y24c0 w33e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">No<span class=\"_ _1\"></span>vember 2<span class=\"_ _1\"></span>04<span class=\"_ _0\"></span>1<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1e7 h3 y24c1 ff2 fs1 fc4 sc0 ls0 ws0\">Priority Schools Building Aggregator Pr<span class=\"_ _7\"></span>ogramme<span class=\"_ _209\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y24c2 w33f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Batch 1 \u2013 Schools in North East England<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24c2 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24c2 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c x513 y24c2 w340 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">0.0</div><div class=\"t m0 x512 h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">2</div></td><td class=\"t m0 x22e h8 y24c3 ff4 fs1 fc4 sc0 ls191 ws185\"> August 2<span class=\"_ _7\"></span>040<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y24c4 w341 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Batch 2 \u2013 Schools in Hertfordshir<span class=\"_ _7\"></span>e, Luton and Reading<span class=\"_ _209\"> </span></div></td><td class=\"c n x514 y24c4 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x515 y24c4 w342 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c x517 y24c4 w343 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">0.0</div><div class=\"t m0 x516 h1e y2316 ff4 fs12 fc4 sc0 ls0 ws0\">2</div></td><td class=\"t m0 x518 h8 y24c5 ff4 fs1 fc4 sc0 ls191 ws185\">November<span class=\"_ _1\"></span> 2040<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y24c6 w344 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Batch 3 \u2013 Schools in North West of England<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24c6 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24c6 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c x513 y24c6 w340 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">0.0</div><div class=\"t m0 x512 h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">2</div></td><td class=\"t m0 x519 h8 y24c7 ff4 fs1 fc4 sc0 ls191 ws185\"> August 2<span class=\"_ _7\"></span>04<span class=\"_ _7\"></span>1<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y24c8 w345 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Batch 4 \u2013 Schools in the Midlands Region<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24c8 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24c8 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c x51b y24c8 w346 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls83 ws83\">9<span class=\"_ _4\"></span>2.5</div><div class=\"t m0 x51a h1e y2316 ff4 fs12 fc4 sc0 ls0 ws0\">2</div></td><td class=\"t m0 x51c h8 y24c9 ff4 fs1 fc4 sc0 lsb1 ws5c\"> December<span class=\"_ _1\"></span> 204<span class=\"_ _3\"></span>1<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y24ca w347 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Batch 5 \u2013 Schools in Y<span class=\"_ _0\"></span>orkshire<span class=\"_ _209\"> </span></div></td><td class=\"c n x51d y24ca w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x51e y24ca w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c x520 y24ca w348 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">0<span class=\"_ _4\"></span>.0</div><div class=\"t m0 x51f h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">2</div></td><td class=\"t m0 x521 h8 y24cb ff4 fs1 fc4 sc0 lsb1 ws5c\"> Sept<span class=\"_ _7\"></span>ember 2<span class=\"_ _7\"></span>04<span class=\"_ _0\"></span>1<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1e7 h3 y24cc ff2 fs1 fc4 sc0 ls0 ws0\">OFTOs<span class=\"_ _209\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y24cd w349 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Robin Rigg OFTO<span class=\"_ _209\"> </span></div></td><td class=\"c n x522 y24cd w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x523 y24cd w32a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c x525 y24cd w34a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.0</div><div class=\"t m0 x524 h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">2</div></td><td class=\"t m0 x526 h8 y24ce ff4 fs1 fc4 sc0 ls1b9 ws1c6\"> M<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>rc<span class=\"_ _4\"></span>h<span class=\"_ _4\"></span> 20<span class=\"_ _4\"></span>31<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y24cf w34b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Gunfleet Sands OFTO<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24cf w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24cf w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c x528 y24cf w34c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _6\"></span>0.<span class=\"_ _4\"></span>0</div><div class=\"t m0 x527 h1e y2316 ff4 fs12 fc4 sc0 ls0 ws0\">2</div></td><td class=\"t m0 x39e h8 y24d0 ff4 fs1 fc4 sc0 ls1b9 ws1c6\"> J<span class=\"_ _4\"></span>u<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>y 2<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>31<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y24d1 w34d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Barrow OFTO<span class=\"_ _209\"> </span></div></td><td class=\"c n x514 y24d1 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x515 y24d1 w342 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c x52a y24d1 w34e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _6\"></span>0.<span class=\"_ _4\"></span>0</div><div class=\"t m0 x529 h1e y22fe ff4 fs12 fc4 sc0 ls0 ws0\">2</div></td><td class=\"t m0 x526 h8 y24d2 ff4 fs1 fc4 sc0 ls8e ws8f\"> March 2<span class=\"_ _7\"></span>030<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y24d3 w34f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Ormonde OFTO<span class=\"_ _209\"> </span></div></td><td class=\"c n x52b y24d3 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x52c y24d3 w350 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">O<span class=\"_ _4\"></span>perat<span class=\"_ _7\"></span>ional<span class=\"_ _209\"> </span></div></td><td class=\"c x52e y24d3 w351 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0</div><div class=\"t m0 x52d h1e y2316 ff4 fs12 fc4 sc0 ls0 ws0\">2<span class=\"_ _209\"> </span></div></td><td class=\"t m0 x52f h8 y24d4 ff4 fs1 fc4 sc0 lsdc wsee\">Ju<span class=\"_ _4\"></span>ly 2032<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y24d5 w352 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Lincs OFTO<span class=\"_ _209\"> </span></div></td><td class=\"c n x530 y24d5 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x531 y24d5 w342 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Ope<span class=\"_ _4\"></span>ra<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x532 y24d5 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x533 y24d5 w353 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">November 203<span class=\"_ _1\"></span>4<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24d6 w354 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Westermost Rough OFTO<span class=\"_ _209\"> </span></div></td><td class=\"c n x534 y24d6 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x535 y24d6 w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x536 y24d6 w355 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x537 y24d6 w356 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">February 2<span class=\"_ _7\"></span>036<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24d7 w17a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Dudgeon OFTO<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24d7 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24d7 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e5 y24d7 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x50a y24d7 w357 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">No<span class=\"_ _7\"></span>vember 2038<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24d8 w358 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Beatrice OFTO<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24d8 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24d8 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e5 y24d8 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e6 y24d8 w31f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdc wsee\">Ap<span class=\"_ _4\"></span>ril<span class=\"_ _4\"></span> 2045<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24d9 w359 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Rampion OFTO<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24d9 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24d9 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e5 y24d9 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x538 y24d9 w35a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Nov<span class=\"_ _7\"></span>embe<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span> 204<span class=\"_ _0\"></span>1<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24da w35b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">East Anglia OFTO<span class=\"_ _209\"> </span></div></td><td class=\"c n x539 y24da w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x53a y24da w35c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x53b y24da w35d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x53c y24da w35e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December<span class=\"_ _1\"></span> 204<span class=\"_ _1\"></span>4<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24db w35f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Moray East OFTO<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24db w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24db w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e5 y24db w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x53d y24db w360 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">Septem<span class=\"_ _1\"></span>ber 2<span class=\"_ _7\"></span>04<span class=\"_ _7\"></span>7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1e7 h3 y24dc ff2 fs1 fc4 sc0 ls0 ws0\">Building Schools for the Future Portfolio<span class=\"_ _209\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x1e7 h8 y24dd ff4 fs1 fc4 sc0 ls0 ws0\">Minority Shareholdings in 11<span class=\"_ _209\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y2494 w361 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Building Schools for the Future Pr<span class=\"_ _7\"></span>ojects<span class=\"_ _209\"> </span></div></td><td class=\"c n x53e y2494 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x53f y2494 w35c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x540 y2494 w2bc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse9 wsf9\">Various<span class=\"_ _209\"> </span></div></td><td class=\"c n x541 y2494 w362 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse9 wsf9\">Various<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24de w363 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Blackburn with Darwen Phase One<span class=\"_ _209\"> </span></div></td><td class=\"c n x542 y24de w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x543 y24de w364 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">O<span class=\"_ _4\"></span>perat<span class=\"_ _7\"></span>ional<span class=\"_ _209\"> </span></div></td><td class=\"c n x544 y24de w35d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x545 y24de w365 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">Sep<span class=\"_ _1\"></span>temb<span class=\"_ _1\"></span>er 2<span class=\"_ _7\"></span>036<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2496 w366 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Blackburn with Darwen Phase T<span class=\"_ _0\"></span>wo<span class=\"_ _209\"> </span></div></td><td class=\"c n x546 y2496 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x547 y2496 w330 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Ope<span class=\"_ _4\"></span>ra<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x548 y2496 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x549 y2496 w367 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">Sept<span class=\"_ _7\"></span>ember 2<span class=\"_ _7\"></span>039<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24a1 w368 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Derby City<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24a1 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24a1 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x54a y24a1 w369 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">9<span class=\"_ _4\"></span>0.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x54b y24a1 w36a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">August 203<span class=\"_ _7\"></span>7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d8 w36b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Durham Schools<span class=\"_ _209\"> </span></div></td><td class=\"c n x54c y23d8 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x53a y23d8 w35c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x53b y23d8 w35d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x54d y23d8 w36c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls52 ws4f\">January 2036<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d9 w36d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Ealing Schools Phase One<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y23d9 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y23d9 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x54a y23d9 w369 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">8<span class=\"_ _4\"></span>0.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x54e y23d9 w36e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdc wsee\">Marc<span class=\"_ _4\"></span>h 2038<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y243f w36f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Essex Phase T<span class=\"_ _3\"></span>wo<span class=\"_ _209\"> </span></div></td><td class=\"c n x54f y243f w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x550 y243f w35c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x551 y243f w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x552 y243f w370 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December 2<span class=\"_ _7\"></span>036<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23db w371 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Hertfordshir<span class=\"_ _7\"></span>e Schools Phase One<span class=\"_ _209\"> </span></div></td><td class=\"c n x553 y23db w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x554 y23db w32a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x548 y23db w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x555 y23db w36a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">August 2<span class=\"_ _7\"></span>037<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23dc w372 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Islington Phase One<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y23dc w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y23dc w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x54a y23dc w369 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">9<span class=\"_ _4\"></span>0.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x54b y23dc w36a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">August<span class=\"_ _7\"></span> 2034<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w373 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Islington Phase T<span class=\"_ _3\"></span>wo<span class=\"_ _209\"> </span></div></td><td class=\"c n x556 y22b6 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x557 y22b6 w32a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x558 y22b6 w173 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">90.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x559 y22b6 w374 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdc wsee\">Mar<span class=\"_ _4\"></span>ch 2039<span class=\"_ _209\"> </span></div></td></tr></table><table class=\"s w375 h103\" id=\"_3a138434-2deb-487c-82c6-99248632918b\"><tr><td></td><td></td><td class=\"t m0 x3d4 h1d y24df ff4 fs13 fc4 sc0 ls0 ws0\">Status at </td><td class=\"t m0 x4ca h1d y24df ff4 fs13 fc4 sc0 ls0 ws0\">Per cent. Risk Capital<span class=\"_ _209\"> </span></td><td></td></tr><tr><td class=\"c n x1b0 y24e0 w319 hcf\"><div class=\"t m0 x1af h1d y2395 ff4 fs13 fc4 sc0 ls0 ws0\">Investment Name<span class=\"_ _209\"> </span></div></td><td class=\"c n x4df y24e0 w31a hcf\"><div class=\"t m0 x1af h1d y2395 ff4 fs13 fc4 sc0 ls0 ws0\">Country<span class=\"_ _209\"> </span></div></td><td class=\"t m0 x55a h1d y24e1 ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"c x55c y24e0 w376 hcf\"><div class=\"t m0 x1af h1d y2395 ff4 fs13 fc4 sc0 ls0 ws0\">owned by the Group</div><div class=\"t m0 x55b h63 y24ad ff4 fs20 fc4 sc0 ls0 ws0\">1<span class=\"_ _209\"> </span></div></td><td class=\"t m0 x55d h1d y24e1 ff4 fs13 fc4 sc0 ls0 ws0\">Investment end<span class=\"_ _209\"> </span></td></tr><tr><td class=\"c n x1b0 y24e2 w377 hce\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Lewisham Phase 1<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24e2 w31d hce\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24e2 w31e hce\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x54a y24e2 w369 hce\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">9<span class=\"_ _4\"></span>0.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x55e y24e2 w378 hce\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December<span class=\"_ _1\"></span> 203<span class=\"_ _1\"></span>4<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24e3 w377 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Lewisham Phase 2<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24e3 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24e3 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x54a y24e3 w369 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">9<span class=\"_ _4\"></span>0.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x54b y24e3 w36a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">August 203<span class=\"_ _7\"></span>7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24e4 w377 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Lewisham Phase 3<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24e4 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24e4 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x54a y24e4 w369 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">9<span class=\"_ _4\"></span>0.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x54b y24e4 w36a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">August 203<span class=\"_ _7\"></span>7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24e5 w377 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Lewisham Phase 4<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24e5 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24e5 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x55f y24e5 w379 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls19a ws1a5\">8<span class=\"_ _4\"></span>1.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x560 y24e5 w37a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdc wsee\">Ma<span class=\"_ _4\"></span>rch 203<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24e6 w37b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Oldham Schools<span class=\"_ _209\"> </span></div></td><td class=\"c n x514 y24e6 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x561 y24e6 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x562 y24e6 w37c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5c ws95\">9<span class=\"_ _4\"></span>9.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x563 y24e6 w37d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Augus<span class=\"_ _1\"></span>t 203<span class=\"_ _7\"></span>7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24e7 w37e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>ameside Schools One<span class=\"_ _209\"> </span></div></td><td class=\"c n x564 y24e7 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x565 y24e7 w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x566 y24e7 w173 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">46.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x567 y24e7 w37f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Augus<span class=\"_ _1\"></span>t 203<span class=\"_ _1\"></span>6<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24e8 w380 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">T<span class=\"_ _3\"></span>ameside Schools T<span class=\"_ _0\"></span>wo<span class=\"_ _209\"> </span></div></td><td class=\"c n x568 y24e8 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x569 y24e8 w381 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">O<span class=\"_ _4\"></span>perat<span class=\"_ _7\"></span>ional<span class=\"_ _209\"> </span></div></td><td class=\"c n x56a y24e8 w173 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">46.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x56b y24e8 w382 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">August<span class=\"_ _1\"></span> 203<span class=\"_ _7\"></span>7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24e9 w148 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Nottingham Schools One<span class=\"_ _209\"> </span></div></td><td class=\"c n x514 y24e9 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x561 y24e9 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x562 y24e9 w369 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">9<span class=\"_ _4\"></span>0.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x56c y24e9 w36a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">August<span class=\"_ _7\"></span> 2034<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24ea w383 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Nottingham Schools T<span class=\"_ _3\"></span>wo<span class=\"_ _209\"> </span></div></td><td class=\"c n x514 y24ea w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x561 y24ea w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x562 y24ea w369 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">9<span class=\"_ _4\"></span>0.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x56c y24ea w36a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">August<span class=\"_ _7\"></span> 2038<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24eb w384 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">South T<span class=\"_ _3\"></span>yneside and Gateshead Schools One<span class=\"_ _209\"> </span></div></td><td class=\"c n x514 y24eb w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x561 y24eb w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x56d y24eb w385 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdd wsef\">9<span class=\"_ _2d\"> </span>0<span class=\"_ _6\"></span>.1<span class=\"_ _209\"> </span></div></td><td class=\"c n x56e y24eb w386 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">October<span class=\"_ _7\"></span> 2034<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24ec w387 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">South T<span class=\"_ _3\"></span>yneside and Gateshead Schools T<span class=\"_ _0\"></span>wo<span class=\"_ _209\"> </span></div></td><td class=\"c n x56f y24ec w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x570 y24ec w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x571 y24ec w385 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdd wsef\">9<span class=\"_ _2d\"> </span>0<span class=\"_ _6\"></span>.1<span class=\"_ _209\"> </span></div></td><td class=\"c n x572 y24ec w367 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">Sept<span class=\"_ _7\"></span>ember 2<span class=\"_ _7\"></span>036<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24ed wb7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Southwark Phase One<span class=\"_ _209\"> </span></div></td><td class=\"c n x573 y24ed w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x574 y24ed w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x575 y24ed w35d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x576 y24ed w388 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls52 ws4f\">Januar<span class=\"_ _4\"></span>y<span class=\"_ _1\"></span> 2036<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24ee w389 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Southwark Phase T<span class=\"_ _3\"></span>wo<span class=\"_ _209\"> </span></div></td><td class=\"c n x4fc y24ee w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4fd y24ee w330 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x4fe y24ee w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x577 y24ee w38a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December<span class=\"_ _7\"></span> 2036<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24ef w38b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Wolverhampton Schools Phase One<span class=\"_ _209\"> </span></div></td><td class=\"c n x522 y24ef w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x523 y24ef w32a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x578 y24ef w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x579 y24ef w38c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">Sept<span class=\"_ _7\"></span>ember 2<span class=\"_ _1\"></span>03<span class=\"_ _7\"></span>7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24f0 w38d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Wolverhampton Schools Phase T<span class=\"_ _3\"></span>wo<span class=\"_ _209\"> </span></div></td><td class=\"c n x57a y24f0 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x57b y24f0 w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x469 y24f0 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x57c y24f0 w36a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">August<span class=\"_ _7\"></span> 2040<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24f1 w38e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Kent Schools<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24f1 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24f1 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x54a y24f1 w369 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">58<span class=\"_ _4\"></span>.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x54b y24f1 w38f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">August<span class=\"_ _1\"></span> 2035<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1b4 h3 y24f2 ff2 fs1 fc4 sc0 ls0 ws0\">NHS LIFT Portfolio<span class=\"_ _209\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y24f3 w390 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Beckenham Hospital<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y24f3 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y24f3 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x54a y24f3 w391 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5c ws95\">49.<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x55e y24f3 w392 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December<span class=\"_ _1\"></span> 203<span class=\"_ _1\"></span>3<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24f4 w393 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Garland Road Health Centre<span class=\"_ _209\"> </span></div></td><td class=\"c n x52b y24f4 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x57d y24f4 w364 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">O<span class=\"_ _4\"></span>perat<span class=\"_ _7\"></span>ional<span class=\"_ _209\"> </span></div></td><td class=\"c n x57e y24f4 w394 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5c ws95\">49.8<span class=\"_ _209\"> </span></div></td><td class=\"c n x57f y24f4 w395 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December 20<span class=\"_ _1\"></span>3<span class=\"_ _7\"></span>1<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1b4 h8 y24f5 ff4 fs1 fc4 sc0 ls0 ws0\">Alexandra Avenue Primary Car<span class=\"_ _7\"></span>e Centre, Monks Park Health </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y24f6 w396 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Centre (two pr<span class=\"_ _7\"></span>ojects)<span class=\"_ _209\"> </span></div></td><td class=\"c n x580 y24f6 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x581 y24f6 w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x582 y24f6 w391 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5c ws95\">49.<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x583 y24f6 w397 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">June 203<span class=\"_ _7\"></span>1<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24f7 w398 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Gem Centre Bentley Bridge, Phoenix Centr<span class=\"_ _7\"></span>e (two projects)<span class=\"_ _209\"> </span></div></td><td class=\"c n x584 y24f7 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x585 y24f7 w32a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x586 y24f7 w37c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5c ws95\">49.<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x587 y24f7 w399 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December 20<span class=\"_ _1\"></span>30<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24f8 w39a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Sudbury Health Centre<span class=\"_ _209\"> </span></div></td><td class=\"c n x56f y24f8 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x570 y24f8 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x588 y24f8 w391 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5c ws95\">49.<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x589 y24f8 w33c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">November 2<span class=\"_ _7\"></span>032<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24f9 w39b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Mt V<span class=\"_ _7\"></span>ernon<span class=\"_ _209\"> </span></div></td><td class=\"c n x58a y24f9 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x58b y24f9 w32a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x58c y24f9 w37c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5c ws95\">49.<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x58d y24f9 w39c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December<span class=\"_ _1\"></span> 203<span class=\"_ _1\"></span>3<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24fa w39d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Lakeside<span class=\"_ _209\"> </span></div></td><td class=\"c n x58e y24fa w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x58f y24fa w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x590 y24fa w391 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5c ws95\">4<span class=\"_ _4\"></span>9.8<span class=\"_ _209\"> </span></div></td><td class=\"c n x591 y24fa w33c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">November 2<span class=\"_ _7\"></span>032<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1b4 h8 y24fb ff4 fs1 fc4 sc0 ls0 ws0\">Fishponds Primary Care Centr<span class=\"_ _7\"></span>e, Hampton House Health </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y24fc w396 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Centre (two pr<span class=\"_ _7\"></span>ojects)<span class=\"_ _209\"> </span></div></td><td class=\"c n x580 y24fc w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x581 y24fc w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x582 y24fc w39e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls81 ws81\">3<span class=\"_ _4\"></span>3.4<span class=\"_ _209\"> </span></div></td><td class=\"c n x592 y24fc w39f hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls52 ws4f\">January 203<span class=\"_ _0\"></span>1<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1b4 h8 y24fd ff4 fs1 fc4 sc0 ls0 ws0\">Shirehampton Primary Car<span class=\"_ _7\"></span>e Centre, Whitchurch Primary </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y24fe w3a0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Care Centr<span class=\"_ _7\"></span>e (two projects)<span class=\"_ _209\"> </span></div></td><td class=\"c n x514 y24fe w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x561 y24fe w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x562 y24fe w39e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls81 ws81\">3<span class=\"_ _4\"></span>3.4<span class=\"_ _209\"> </span></div></td><td class=\"c n x593 y24fe w3a1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdc wsee\">M<span class=\"_ _4\"></span>ay 2032<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1b4 h8 y24ff ff4 fs1 fc4 sc0 ls0 ws0\">Blackbird Leys Health Centr<span class=\"_ _7\"></span>e, East Oxford Care Centre </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y2500 w3a2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">(two\ue01eprojects)<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y2500 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y2500 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x54a y2500 w39e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls81 ws81\">3<span class=\"_ _4\"></span>3.4<span class=\"_ _209\"> </span></div></td><td class=\"c n x594 y2500 w3a3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls1b9 ws1c6\">M<span class=\"_ _4\"></span>ay<span class=\"_ _4\"></span> 20<span class=\"_ _4\"></span>31<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2501 w3a4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Brierley Hill<span class=\"_ _209\"> </span></div></td><td class=\"c n x595 y2501 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x596 y2501 w32a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x597 y2501 w3a5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdb wsed\">34.<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td><td class=\"c n x598 y2501 w3a6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdc wsee\">Apr<span class=\"_ _4\"></span>il 203<span class=\"_ _4\"></span>5<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1b4 h8 y2502 ff4 fs1 fc4 sc0 ls0 ws0\">Ridge Hill Learning Disabilities Centre, Stourbridge Health </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y2495 w3a7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">&amp;<span class=\"_ gs4d\"> </span>Social Care Centr<span class=\"_ _7\"></span>e (two projects)<span class=\"_ _209\"> </span></div></td><td class=\"c n x599 y2495 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x59a y2495 w32a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x59b y2495 w3a5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsdb wsed\">3<span class=\"_ _4\"></span>4.3<span class=\"_ _209\"> </span></div></td><td class=\"c n x59c y2495 w3a8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">October<span class=\"_ _7\"></span> 203<span class=\"_ _1\"></span>1<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2496 w3a9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Harrow NRC (thr<span class=\"_ _7\"></span>ee projects)<span class=\"_ _209\"> </span></div></td><td class=\"c n x514 y2496 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x561 y2496 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x562 y2496 w37c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5c ws95\">49.<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x59d y2496 w3aa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">June 2034<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y24a1 w3ab hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Goscote Palliative Care Centr<span class=\"_ _7\"></span>e<span class=\"_ _209\"> </span></div></td><td class=\"c n x546 y24a1 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x547 y24a1 w330 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Ope<span class=\"_ _4\"></span>ra<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x59e y24a1 w37c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5c ws95\">49.<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x59f y24a1 w3ac hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Nov<span class=\"_ _1\"></span>ember 2035<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d8 w3ad hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">South Bristol Community Hospital<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y23d8 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y23d8 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x54a y23d8 w39e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls81 ws81\">3<span class=\"_ _4\"></span>3.4<span class=\"_ _209\"> </span></div></td><td class=\"c n x5a0 y23d8 w3ae hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">February 204<span class=\"_ _7\"></span>2<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d9 w3af hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">East London LIFT Project One (four pr<span class=\"_ _7\"></span>ojects)<span class=\"_ _209\"> </span></div></td><td class=\"c n x530 y23d9 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x5a1 y23d9 w330 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Ope<span class=\"_ _4\"></span>ra<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x5a2 y23d9 w173 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">30.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5a3 y23d9 w3b0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">October 2<span class=\"_ _7\"></span>030<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23da w3b1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">East London LIFT Project T<span class=\"_ _3\"></span>wo (three pr<span class=\"_ _1\"></span>ojects)<span class=\"_ _209\"> </span></div></td><td class=\"c n x4fc y23da w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4fd y23da w330 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x58c y23da w3b2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">3<span class=\"_ _4\"></span>0.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5a4 y23da w3b3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls9d ws187\">Apr<span class=\"_ _4\"></span>il 2<span class=\"_ _7\"></span>033<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23db w3b4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">East London LIFT Project Thr<span class=\"_ _7\"></span>ee (Newby Place)<span class=\"_ _209\"> </span></div></td><td class=\"c n x5a5 y23db w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x5a6 y23db w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x5a7 y23db w3b5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">30.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5a8 y23db w3b6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5 ws6\">M<span class=\"_ _4\"></span>ay 2<span class=\"_ _4\"></span>037<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2499 w3b7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">East London LIFT Project Four (two pr<span class=\"_ _7\"></span>ojects)<span class=\"_ _209\"> </span></div></td><td class=\"c n x5a9 y2499 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x5aa y2499 w32a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x5ab y2499 w173 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">30.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5ac y2499 w3b8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">August 2036<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w3b9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Eltham Community Hospital<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e3 y22b6 w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e4 y22b6 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x54a y22b6 w391 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5c ws95\">49.<span class=\"_ _4\"></span>8<span class=\"_ _209\"> </span></div></td><td class=\"c n x5ad y22b6 w3ba hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls52 ws4f\">Januar<span class=\"_ _4\"></span>y 2<span class=\"_ _7\"></span>040<span class=\"_ _209\"> </span></div></td></tr></table><table class=\"s w3bb h104\" id=\"_eefd30d6-1de2-475d-8f73-f003bbc3f44e\"><tr><td></td><td></td><td class=\"t m0 x4de h1d y2503 ff4 fs13 fc4 sc0 ls0 ws0\">Status at </td><td class=\"t m0 x490 h1d y2503 ff4 fs13 fc4 sc0 ls0 ws0\">Per cent. Risk Capital<span class=\"_ _209\"> </span></td><td></td></tr><tr><td class=\"c n x1b0 y2504 w319 hcf\"><div class=\"t m0 x1af h1d y2395 ff4 fs13 fc4 sc0 ls0 ws0\">Investment Name<span class=\"_ _209\"> </span></div></td><td class=\"c n x4df y2504 w31a hcf\"><div class=\"t m0 x1af h1d y2395 ff4 fs13 fc4 sc0 ls0 ws0\">Country<span class=\"_ _209\"> </span></div></td><td class=\"t m0 x470 h1d y2505 ff4 fs13 fc4 sc0 ls0 ws0\">31 December 2025<span class=\"_ _209\"> </span></td><td class=\"c x4e1 y2504 w31b hcf\"><div class=\"t m0 x1af h1d y2395 ff4 fs13 fc4 sc0 ls0 ws0\">owned by the Group</div><div class=\"t m0 x4e0 h63 y24ad ff4 fs20 fc4 sc0 ls0 ws0\">1<span class=\"_ _209\"> </span></div></td><td class=\"t m0 x4e2 h1d y2505 ff4 fs13 fc4 sc0 ls0 ws0\">Investment end<span class=\"_ _209\"> </span></td></tr><tr><td class=\"t m0 x1e7 h3 y2506 ff2 fs1 fc1 sc0 ls0 ws0\">Other UK<span class=\"_ _209\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y2507 w3bc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Sizewell C<span class=\"_ _209\"> </span></div></td><td class=\"c n x595 y2507 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x5ae y2507 w3bd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Construction<span class=\"_ _209\"> </span></div></td><td class=\"c n x5af y2507 w3be hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls83 ws83\">2.<span class=\"_ _4\"></span>9<span class=\"_ _209\"> </span></div></td><td class=\"c n x5b0 y2507 w3bf hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsd9 wseb\">M<span class=\"_ _6\"></span>a<span class=\"_ _4\"></span>r<span class=\"_ _6\"></span>c<span class=\"_ _4\"></span>h<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>12<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2508 w3c0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Angel T<span class=\"_ _0\"></span>rains<span class=\"_ _209\"> </span></div></td><td class=\"c n x514 y2508 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x515 y2508 w342 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x5b1 y2508 w3c1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">8.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x53c y2508 w324 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December 2<span class=\"_ _7\"></span>058<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2509 w3c2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Tideway<span class=\"_ _209\"> </span></div></td><td class=\"c n x514 y2509 w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x5b2 y2509 w3bd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Construction<span class=\"_ _209\"> </span></div></td><td class=\"c n x5b3 y2509 w3c3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsde wsf0\">1<span class=\"_ _4\"></span>7.<span class=\"_ _6\"> </span>9<span class=\"_ _209\"> </span></div></td><td class=\"c n x5b4 y2509 w3c4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls87 ws86\">M<span class=\"_ _4\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _4\"></span>c<span class=\"_ _4\"></span>h<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>15<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y250a w3c5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Cadent<span class=\"_ _209\"> </span></div></td><td class=\"c n x5b5 y250a w305 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x5b6 y250a w364 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">O<span class=\"_ _4\"></span>perat<span class=\"_ _7\"></span>ional<span class=\"_ _209\"> </span></div></td><td class=\"c n x5b7 y250a w3c6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsde wsf0\">7.<span class=\"_ _6\"> </span>2<span class=\"_ _6\"></span>5<span class=\"_ _209\"> </span></div></td><td class=\"c n x5b8 y250a w3c7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">June 2<span class=\"_ _1\"></span>069<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y250b w3c8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">National Digital Infrastructure Fund<span class=\"_ _209\"> </span></div></td><td class=\"c n x4f4 y250b w31d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls8e ws8f\">UK<span class=\"_ _209\"> </span></div></td><td class=\"c n x4f5 y250b w32a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x5b9 y250b w173 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">45.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5ba y250b w3c9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse2 wsf3\">Ju<span class=\"_ _4\"></span>ly<span class=\"_ _4\"></span> 20<span class=\"_ _4\"></span>27<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1e7 h3 y250c ff2 fs1 fc1 sc0 ls0 ws0\">Australia<span class=\"_ _209\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y250d w2d6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Royal Melbourne Showgrounds<span class=\"_ _209\"> </span></div></td><td class=\"c n x5bb y250d w3ca hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls9d ws187\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x5bc y250d w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x5bd y250d w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x56b y250d w3cb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">August 2<span class=\"_ _7\"></span>031<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y250e w3cc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Long Bay Forensic &amp; Prisons Hospital Pr<span class=\"_ _7\"></span>oject<span class=\"_ _209\"> </span></div></td><td class=\"c n x5be y250e w3ca hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls9d ws187\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x550 y250e w35c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x551 y250e w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5bf y250e w3cd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls62 ws60\">July 2034<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y250f w3ce hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Reliance Rail<span class=\"_ _209\"> </span></div></td><td class=\"c n x5c0 y250f w3ca hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls9d ws187\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x4f9 y250f w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x5c1 y250f w3b5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">33.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5c2 y250f w3cf hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse9 wsf9\">Februar<span class=\"_ _4\"></span>y 2<span class=\"_ _1\"></span>044<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2510 w3d0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Royal Children\u2019<span class=\"_ _3\"></span>s Hospital<span class=\"_ _209\"> </span></div></td><td class=\"c n x5c3 y2510 w3ca hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls9d ws187\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x5c4 y2510 w35c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x5c5 y2510 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5c6 y2510 w3d1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December 2<span class=\"_ _1\"></span>036<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2511 w3d2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Orange Hospital<span class=\"_ _209\"> </span></div></td><td class=\"c n x5c7 y2511 w3d3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls9d ws187\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x5c8 y2511 w35c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x5c9 y2511 w35d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5ca y2511 w3d1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December 2<span class=\"_ _1\"></span>035<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2512 w3d4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">NSW Schools<span class=\"_ _209\"> </span></div></td><td class=\"c n x5cb y2512 w3ca hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls9d ws187\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x5cc y2512 w3d5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operati<span class=\"_ _1\"></span>onal<span class=\"_ _209\"> </span></div></td><td class=\"c n x5cd y2512 w3d6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls5e ws5b\">25.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5ce y2512 w3d1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December 20<span class=\"_ _1\"></span>35<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2513 w3d7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Gold Coast Light Rail<span class=\"_ _209\"> </span></div></td><td class=\"c n x5cf y2513 w3ca hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls9d ws187\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x535 y2513 w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d0 y2513 w3b5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">30.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d1 y2513 w3d8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">May 2029<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2514 w3d9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Victoria Schools T<span class=\"_ _3\"></span>wo<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d2 y2514 w3ca hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls9d ws187\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x515 y2514 w342 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d3 y2514 w35d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d4 y2514 w324 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December 2<span class=\"_ _7\"></span>042<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2515 w3da hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Flinders University<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d2 y2515 w3ca hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls9d ws187\">Australia<span class=\"_ _209\"> </span></div></td><td class=\"c n x515 y2515 w342 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Op<span class=\"_ _4\"></span>era<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d3 y2515 w35d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d5 y2515 w3db hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls17b wsad\">March 2049<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1e7 h3 y2516 ff2 fs1 fc1 sc0 ls7 ws8\">New<span class=\"_ _7\"></span> Zealand<span class=\"_ _209\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y2517 w3dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">NZ Schools 1<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d6 y2517 w3dd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls6 ws7\">New Zealand<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d7 y2517 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Ope<span class=\"_ _4\"></span>ra<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ed y2517 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d8 y2517 w332 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December 2<span class=\"_ _7\"></span>038<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2518 w3dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">NZ Schools 2<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d6 y2518 w3dd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls6 ws7\">New Zealand<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d7 y2518 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Ope<span class=\"_ _4\"></span>ra<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ed y2518 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d9 y2518 w3de hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December<span class=\"_ _1\"></span> 204<span class=\"_ _7\"></span>2<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2519 w3dc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">NZ Schools 3<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d6 y2519 w3dd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls6 ws7\">New Zealand<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d7 y2519 w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Ope<span class=\"_ _4\"></span>ra<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x4ed y2519 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d8 y2519 w332 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December 2<span class=\"_ _7\"></span>043<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y251a w3df hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Auckland Prison<span class=\"_ _209\"> </span></div></td><td class=\"c n x5da y251a w3e0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls6 ws7\">New<span class=\"_ _7\"></span> Zealand<span class=\"_ _209\"> </span></div></td><td class=\"c n x5db y251a w31e hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Ope<span class=\"_ _4\"></span>ra<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x5dc y251a w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5dd y251a w3e1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">June 2<span class=\"_ _1\"></span>043<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y251b w3e2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">ASV<span class=\"_ _209\"> </span></div></td><td class=\"c n x5de y251b w3e3 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls6 ws7\">New<span class=\"_ _7\"></span> Zealand<span class=\"_ _209\"> </span></div></td><td class=\"c n x5df y251b w330 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Ope<span class=\"_ _4\"></span>ra<span class=\"_ _1\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x5e0 y251b w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5e1 y251b w386 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">October<span class=\"_ _7\"></span> 2093<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"t m0 x1e7 h3 y251c ff2 fs1 fc1 sc0 ls0 ws0\">North America<span class=\"_ _209\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y251d w3e4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Alberta Schools<span class=\"_ _209\"> </span></div></td><td class=\"c n x5e2 y251d w3e5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls17d ws17e\">Canada<span class=\"_ _209\"> </span></div></td><td class=\"c n x5e3 y251d w35c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x5e4 y251d w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5e5 y251d w3e6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">June 204<span class=\"_ _1\"></span>0<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y251e w3e7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Durham Courts<span class=\"_ _209\"> </span></div></td><td class=\"c n x5e6 y251e w3e8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls17d ws17e\">Can<span class=\"_ _4\"></span>ada<span class=\"_ _209\"> </span></div></td><td class=\"c n x5e7 y251e w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x5e8 y251e w1e7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _6\"></span>0.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x4f7 y251e w3e9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">November 2<span class=\"_ _7\"></span>039<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y251f w3ea hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">FHSP<span class=\"_ _209\"> </span></div></td><td class=\"c n x5a9 y251f w1a4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls16a wse4\">US<span class=\"_ _209\"> </span></div></td><td class=\"c n x52c y251f w350 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">O<span class=\"_ _4\"></span>perat<span class=\"_ _7\"></span>ional<span class=\"_ _209\"> </span></div></td><td class=\"c x5ea y251f w3eb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0</div><div class=\"t m0 x5e9 h1e y2520 ff4 fs12 fc4 sc0 ls0 ws0\">2</div></td><td class=\"t m0 x5eb h8 y2521 ff4 fs1 fc4 sc0 ls0 ws0\"> <span class=\"_ _1d5\"> </span><span class=\"ls191 ws185\"> October 2<span class=\"_ _1\"></span>052<span class=\"_ _209\"> </span></span></td></tr><tr><td class=\"t m0 x1e7 h3 y2522 ff2 fs1 fc1 sc0 ls0 ws0\">Europe (excl. UK)<span class=\"_ _209\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b0 y2523 w37b hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Diabolo Rail Link<span class=\"_ _209\"> </span></div></td><td class=\"c n x5ec y2523 w3ec hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse9 wsf9\">Belgium<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e8 y2523 w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x4e9 y2523 w59 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5ed y2523 w3ed hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">June 204<span class=\"_ _0\"></span>7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2524 w3ee hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Dublin Courts<span class=\"_ _209\"> </span></div></td><td class=\"c n x5ee y2524 w3ef hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls17e ws59\">Ire<span class=\"_ _4\"></span>land<span class=\"_ _209\"> </span></div></td><td class=\"c n x5ef y2524 w35c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x5d3 y2524 w35d hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5f0 y2524 w3f0 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">February 20<span class=\"_ _1\"></span>35<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y2525 w3f1 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">BeNEX<span class=\"_ _209\"> </span></div></td><td class=\"c n x5f1 y2525 w3f2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">Germany<span class=\"_ _209\"> </span></div></td><td class=\"c n x5e7 y2525 w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x5e8 y2525 w1e7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls190 ws19d\">10<span class=\"_ _6\"></span>0.<span class=\"_ _4\"></span>0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5f2 y2525 w38a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December 2<span class=\"_ _7\"></span>049<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c x1b0 y24a1 w3f3 h105\"><div class=\"t m0 x1af h8 y2526 ff4 fs1 fc4 sc0 ls0 ws0\">Federal German Ministry of Education and<span class=\"_ _209\"> </span></div><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Research Headquarters<span class=\"_ _209\"> </span></div></td><td class=\"c n x5f3 y24a1 w3f4 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">Germ<span class=\"_ _1\"></span>any<span class=\"_ _209\"> </span></div></td><td class=\"c n x581 y24a1 w321 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x582 y24a1 w3b5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">98.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5f4 y24a1 w3f5 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18b ws198\">J<span class=\"_ _4\"></span>u<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _6\"></span>41<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d8 w3f6 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Pforzheim Schools<span class=\"_ _209\"> </span></div></td><td class=\"c n x5f5 y23d8 w3f2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">Germany<span class=\"_ _209\"> </span></div></td><td class=\"c n x5f6 y23d8 w32a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x5f7 y23d8 w173 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">98.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5f8 y23d8 w3f7 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">Sept<span class=\"_ _7\"></span>ember 20<span class=\"_ _1\"></span>39<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23d9 w3f8 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Offenbach Police Centr<span class=\"_ _7\"></span>e<span class=\"_ _209\"> </span></div></td><td class=\"c n x5f9 y23d9 w3f2 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">Germany<span class=\"_ _209\"> </span></div></td><td class=\"c n x5fa y23d9 w3f9 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Construction<span class=\"_ _209\"> </span></div></td><td class=\"c n x5fb y23d9 w369 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse1 wsf2\">4<span class=\"_ _4\"></span>5.0<span class=\"_ _209\"> </span></div></td><td class=\"c n x5fc y23d9 w3aa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">June 2050<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y243f w3fa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Hobro Court<span class=\"_ _209\"> </span></div></td><td class=\"c n x5fd y243f w3fb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls52 ws4f\">Denmark<span class=\"_ _209\"> </span></div></td><td class=\"c n x5fe y243f w350 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Ope<span class=\"_ _4\"></span>ra<span class=\"_ _7\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x5ff y243f w3fc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse6 wsf7\">6<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>.7<span class=\"_ _209\"> </span></div></td><td class=\"c n x600 y243f w3fd hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December 2<span class=\"_ _7\"></span>02<span class=\"_ _1\"></span>7<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23db w3fe hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Randers Hospital Parking Facility<span class=\"_ _209\"> </span></div></td><td class=\"c n x5fd y23db w3fb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls52 ws4f\">Denmark<span class=\"_ _209\"> </span></div></td><td class=\"c n x5fe y23db w350 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Ope<span class=\"_ _4\"></span>ra<span class=\"_ _7\"></span>tional<span class=\"_ _209\"> </span></div></td><td class=\"c n x5ff y23db w3fc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse6 wsf7\">6<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>.7<span class=\"_ _209\"> </span></div></td><td class=\"c n x601 y23db w3ff hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls18b ws198\">A<span class=\"_ _6\"></span>p<span class=\"_ _4\"></span>r<span class=\"_ _6\"></span>i<span class=\"_ _4\"></span>l<span class=\"_ _6\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _6\"></span>41<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y23dc w400 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">\u00d8rsted School<span class=\"_ _209\"> </span></div></td><td class=\"c n x602 y23dc w3fb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls52 ws4f\">Denmark<span class=\"_ _209\"> </span></div></td><td class=\"c n x5f6 y23dc w32a hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x5f7 y23dc w3fc hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse6 wsf7\">6<span class=\"_ _4\"></span>6<span class=\"_ _4\"></span>.7<span class=\"_ _209\"> </span></div></td><td class=\"c n x603 y23dc w3aa hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">June 2038<span class=\"_ _209\"> </span></div></td></tr><tr><td class=\"c n x1b0 y22b6 w401 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls0 ws0\">Vildbjerg School<span class=\"_ _209\"> </span></div></td><td class=\"c n x604 y22b6 w3fb hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls52 ws4f\">Denmark<span class=\"_ _209\"> </span></div></td><td class=\"c n x605 y22b6 w35c hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 ls191 ws185\">Operational<span class=\"_ _209\"> </span></div></td><td class=\"c n x606 y22b6 w402 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lse6 wsf7\">6<span class=\"_ _4\"></span>6.7<span class=\"_ _209\"> </span></div></td><td class=\"c n x607 y22b6 w370 hd2\"><div class=\"t m0 x1af h8 y227c ff4 fs1 fc4 sc0 lsb1 ws5c\">December 2<span class=\"_ _7\"></span>036<span class=\"_ _209\"> </span></div></td></tr></table>1 <span class=\"_ _1d\"> </span>R<span class=\"_ _4\"></span>isk C<span class=\"_ _4\"></span>api<span class=\"_ _4\"></span>tal i<span class=\"_ _4\"></span>nclu<span class=\"_ _4\"></span>des p<span class=\"_ _4\"></span>roj<span class=\"_ _4\"></span>ect l<span class=\"_ _4\"></span>evel e<span class=\"_ _4\"></span>qui<span class=\"_ _4\"></span>ty an<span class=\"_ _4\"></span>d/or su<span class=\"_ _4\"></span>bor<span class=\"_ _4\"></span>dina<span class=\"_ _4\"></span>ted sh<span class=\"_ _4\"></span>are<span class=\"_ _4\"></span>hol<span class=\"_ _4\"></span>der d<span class=\"_ _4\"></span>ebt.<span class=\"_ _209\"> </span>2 <span class=\"_ _1d\"> </span>I<span class=\"_ _4\"></span>nves<span class=\"_ _4\"></span>tme<span class=\"_ _4\"></span>nt con<span class=\"_ _4\"></span>tai<span class=\"_ _4\"></span>ns se<span class=\"_ _4\"></span>nior o<span class=\"_ _4\"></span>r mez<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>nin<span class=\"_ _4\"></span>e debt i<span class=\"_ _4\"></span>n add<span class=\"_ _4\"></span>itio<span class=\"_ _4\"></span>n to any Ri<span class=\"_ _4\"></span>sk Ca<span class=\"_ _4\"></span>pit<span class=\"_ _4\"></span>al own<span class=\"_ _4\"></span>ers<span class=\"_ _4\"></span>hip s<span class=\"_ _4\"></span>how<span class=\"_ _4\"></span>n.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-12": {
   "value": "Floor 2, Trafalgar Court Les Banques Guernsey Channel Islands GY1 4LY",
   "dimensions": {
    "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
    "language": "en",
    "entity": "scheme:2138002AJT55TI5M4W30",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  }
 }
}