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The address of its registered office is Cayzer House, 30 Buckingham Gate, London SW1E 6NN. The ordinary shares of the company are listed on the London Stock Exchange under Equity shares (commercial companies). These financial statements were authorised for issue by the directors on 19 May 2025. These financial statements are presented in pounds sterling, as this is the currency of the primary economic environment in which Caledonia operates. Material accounting policies Critical accounting judgements and estimates Critical judgements In the course of preparing the financial statements, one judgement has been made in the process of applying the group\u2019s accounting policies, other than those involving estimations, that has had a significant effect on the amounts recognised in the financial statements as follows: 1. Assessment as an investment entity The board has concluded that the company continues to meet the definition of an investment entity, as its strategic objective of investing in a portfolio of investments for the purpose of generating returns in the form of income and capital appreciation remains unchanged and as a consequence investments in controlled entities are held at fair value through profit or loss rather than consolidated in the group results. For further details on assessment as an investment entity please refer to page 135. The company is exempt from UK corporation tax on capital gains provided it meets the HM Revenue & Customs criteria for an investment company set out in Section 1158 of the Corporation Tax Act 2010. This is judgemental based on assessments performed by management prepared to maintain investment trust status in accordance with relevant taxation legislation. Critical estimates In addition to this significant judgement the directors have made one estimate, which they deem to have a significant risk of resulting in a material adjustment to the amounts recognised in the financial statements within the next financial year. The details of the estimate was as follows: 1. Fair values of private equity financial instruments For direct private investments (Private Capital investments), totalling \u00a3870.7m (2024: \u00a3820.3m) valuation techniques using a range of internally and externally developed unobservable inputs are used to estimate fair value. Valuation techniques make maximum use of market inputs, including reference to the current fair values of instruments that are substantially the same (subject to appropriate adjustments). Private Capital assets have been disaggregated into categories and sensitised according to the degree of uncertainty attached to their estimation in note 23. For private equity funds and fund of funds (unlisted Funds Pool investments excluding funds invested exclusively in quoted markets), totalling \u00a3882.9m (2024: \u00a3868.8m) held through externally managed fund vehicles, the estimated fair value is based on the most recent valuation provided by the external manager, usually received within 3 to 6 months of the relevant valuation date. Management periodically assesses whether reported net asset values are fair value based through consideration of a range of information, including but not limited to underlying valuation methodologies, governance and assurance frameworks, and correspondence with third-party managers. Management were satisfied that the valuations provided in the current period were on a fair value basis. Where required, valuations are adjusted for investments and distributions between the valuation date and the reporting date. The delay in manager NAV receipts creates a risk of changes or events occurring between the NAV and reporting dates which could impact valuations. We review market and other relevant conditions at the year end and consider whether a valuation adjustment is required, making such an adjustment where deemed necessary. Fair value estimates for the above private assets are made at a specific point in time, based on market conditions and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgement and therefore cannot be determined with precision.Other judgement Management has exercised judgment in determining the classification of money market investments held by the group as cash equivalents under IAS 7. In arriving at this judgement management has noted that it uses money market funds to manage day-to-day working capital requirements, and that all such funds are highly liquid Low Volatility Net Asset Value products with a minimum credit rating of AAAm, and a maximum weighted- average maturity of 60 days. They have therefore judged that the risk of changes in value is insignificant and investments can be readily converted to a known amount of cash upon redemption, and therefore classification as cash equivalents is appropriate. They note that, although remote, there is not a zero risk of significant change in value and that therefore this classification is judgemental. Going concern As at 31 March 2025, the board has undertaken an assessment of the appropriateness of preparing its financial statements on a going concern basis, taking into consideration future cash flows, current cash holdings of \u00a3151m, undrawn banking facilities of \u00a3325m and readily realisable assets of \u00a3965m as part of a wider process in connection with its viability assessment. It has concluded that the group has sufficient cash, other liquid resources and committed bank facilities to meet existing and new investment commitments.The directors have concluded that the group has adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of the financial statements. Accordingly, they continue to consider it appropriate to adopt the going concern basis in preparing the financial statements.The group has conducted a going concern assessment which considered future cash flows, the availability of liquid assets and debt facilities, banking covenant requirements and consideration of the economic environment over at least 12 months from the date of approval of these financial statements. In making this assessment, the directors took comfort from the results of two stress tests, which considered the impact of significant market downturn conditions.The first stress test addressed two discrete scenarios: a 5% reduction in the value of Sterling versus the US dollar compared to the rate on 31 March 2025 and a 12-month delay to Private Capital realisations.The second stress test modelled a market downturn event over a two-year period reflecting a fall in Public Companies investment income of 20%, reduction of Private Capital investment income by 100%, an inability to realise the Private Capital portfolio and a 50% reduction in distributions from the group\u2019s funds portfolio. To simulate an extreme downside scenario the impact of a market downturn event and all fund commitments falling due was also assessed. The directors do not believe the extreme downside scenario is likely but factors this into the going concern assessment.Under these scenarios the group would have a range of mitigating actions available to it, including sales of liquid assets, and usage of banking facilities, which would provide sufficient funds to meet all of its liabilities as they fall due and still hold significant liquid assets over the assessment period. As a result of this assessment the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis. For further details on assessment of going concern and viability please refer to page 68.Basis of accounting These group and parent company financial statements were prepared in accordance with UK adopted international accounting standards in conformity with the requirements of the Companies Act 2006. IFRSs comprise accounting standards issued by the International Accounting Standards Board and its predecessor body as well as interpretations issued by the International Financial Reporting Interpretations Committee and its predecessor body. The financial statements have been prepared on an historical cost basis, except for the revaluation of certain financial instruments and properties. Where presentational guidance set out in the Statement of Recommended Practice: Financial Statements of Investment Trust Companies and Venture Capital Trusts (\u2018SORP\u2019) issued by the Association of Investment Companies in October 2019 is consistent with the requirements of UK adopted international accounting standards, the directors have sought to prepare the financial statements on a basis compliant with the recommendations of the SORP. The Statement of comprehensive income of the company has been omitted from these financial statements in accordance with section 408 of the Companies Act 2006. Under the UK Corporate Governance Code and applicable regulations, the directors are required to satisfy themselves that it is reasonable to presume that the company is a going concern. After reviewing the company\u2019s performance projections for a period of at least 12 months, the directors are satisfied that in taking account of reasonably possible downsides the company has adequate access to resources to enable it to meet its obligations as they fall due for at least 12 months from the date of approval of the financial statements. Accordingly, the directors have adopted the going concern basis in preparing these financial statements. Adopted IFRSs and IFRSs not yet applied In the current year, the group has not adopted any new standards or interpretations. Amendments to IFRSs adopted in the year have not had a material impact on the group. At the date of approval of these financial statements, IFRS 18 Primary Financial Statements was in issue but not yet effective, and includes requirements setting out a new presentation requirement for the statement of profit or loss, and providing new definitions and disclosures related to non-IFRS performance measures. IFRS 18 is not expected to have a material impact on the group financial statements. Assessment as investment entity Entities that meet the definition of an investment entity within IFRS 10 are required to account for most investments in controlled entities as held at fair value through profit or loss. Subsidiaries that provide investment related services or engage in permitted investment related activities with investees continue to be consolidated unless they are also investment entities. Having considered the following, the board has concluded that the company meets the definition of an investment entity. An investment entity is one which: \u2022 obtains funds from investors for the purpose of providing them with investment management services \u2022 invests funds solely for returns from capital appreciation and/or investment income \u2022 measures and evaluates the performance of substantially all of its investments on a fair value basis. Basis of consolidation In accordance with the IFRS 10/IAS 28 Investment entities amendments, the consolidated financial statements include the financial statements of the company and service entities controlled by the company made up to the reporting date. Control is achieved where the company has the power over the potential investee as a result of voting or other rights, has rights to positive or negative variable returns from its involvement with the investee and has the ability to use its power over the investee to affect significantly the amount of its returns. The following subsidiaries are deemed service entities and are consolidated in the group financial statements: \u2022 Caledonia Group Services Ltd \u2022 Buckingham Gate Ltd Other associated entities and subsidiaries are disclosed in notes 26 and 27 to the financial statements and are not consolidated in the group financial statements, being held at fair value through profit or loss. Foreign currencies Transactions in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the foreign exchange rate ruling at the reporting date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated to the functional currency using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated to the functional currency at foreign exchange rates ruling at the dates the fair values were determined. In the financial statements, foreign exchange gains or losses are recognised in capital or revenue reserve depending on whether the gain or loss is of a capital or revenue nature respectively. Income Dividends receivable on equity shares are recognised as revenue when the shareholders\u2019 right to receive payment has been established, normally the ex-dividend date. Where no ex-dividend date is available, dividends receivable on or before the period end, are treated as revenue. Overseas dividend income is shown net of withholding tax under investment income. The fixed returns on debt securities, loans and non-equity shares are recognised on an effective interest rate basis, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset\u2019s net carrying amount. Rental income is recognised on a straight-line basis over the lease term. The company\u2019s share of net income from limited partnerships is recognised as revenue when received. Where uncertainty arises over the collectability of an amount already included in income, the uncollectable amount or the amount in respect of which the recovery has ceased to be probable, is recognised as an expense. When the uncertainty over collectability is removed, normally on receipt, the income is recognised in the Statement of comprehensive income on the same line as the original expense was initially recognised. Expenses All expenses are accounted for on an accrual basis. In the financial statements, ongoing management expenses are included in the revenue column of the Statement of comprehensive income, whereas performance fees and share-based payment expenses \u2013 costs relating to compensation schemes that are linked directly to investment performance \u2013 are included in the capital column of the Statement of comprehensive income. Expenses of acquisition of an investment designated as held at fair value through profit or loss or expenses of an aborted acquisition or disposal of an investment are presented as transaction costs, or deducted from the proceeds of sale as appropriate, and included in the capital column of the Statement of comprehensive income. Non-recurring other expenses Non-recurring expenses are expenses that are unlikely to re-occur in the foreseeable future. Leases Lessor Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. The group does not have any finance leases. Rental income from operating leases is recognised on a straight- line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis. Benefits provided as an incentive to enter into an operating lease are also spread on a straight-line basis over the lease term. Lessee On commencement of a contract which gives the group the right to use assets for a period of time in exchange for consideration, the group recognises a right-of-use asset and a lease liability, unless the lease qualifies as a 'short-term' lease (that is, the term is twelve months or less with no option to purchase the lease asset) or a 'low-value' lease. Payments associated with short-term leases are recognised on a straight-line basis as an expense in the income statement. Employee benefits Pension schemes Payments to defined contribution schemes are charged as an expense as they fall due. For defined benefit schemes, the cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at each reporting date. Re-measurement gains and losses are recognised in full in the period in which they occur in other comprehensive income. Past service cost is recognised immediately in the period of a plan amendment. The retirement benefit obligation recognised in the Statement of financial position represents the present value of the defined benefit obligations as reduced by the fair value of scheme assets. Any asset resulting from this calculation is limited to the present value of available refunds and reductions in future contributions to the plan. Profit sharing and bonus plans The group recognises a liability and an expense for bonuses and profit sharing, based on a formula that takes into consideration the profit attributable to the company\u2019s shareholders after certain adjustments. The group recognises a provision where contractually obliged or where there is a past practice that has created a constructive obligation. Share-based payments The group issues equity-settled share-based payments to certain employees. Equity-settled share-based payments are measured at fair value at the date of grant and the fair value is expensed on a straight-line basis over the vesting period, based on the group\u2019s estimate of the number of shares that will eventually vest. As part of the share-based payment arrangements, the group pays a cash amount to employees on exercise of options, equating to the dividend entitlement on the option shares between grant and vesting dates. This payment is treated as a cash-settled share- based payment and is expensed on a straight-line basis over the vesting period, based on the group\u2019s estimate of the number of shares that will eventually vest and a re-estimate of the fair value of the dividend entitlement. Where employees of a subsidiary are granted rights to the equity instruments of its parent as consideration for the services provided to the subsidiary, the subsidiary recognises an equity-settled share-based payment transaction expense with a corresponding intercompany balance with the parent. In addition, the parent recognises an increase in equity and an increase in intercompany balance for the amount of the share-based payment transaction.
An employee share trust is used for distributing shares awarded
to employees under Caledonia's share remuneration schemes.
The trustee purchases shares with money lent interest free by
Caledonia and transfers shares to participating employees
on exercise.
The transactions the employee share trust undertakes are
considered to be performed by the trust as an agent for Caledonia.
The transactions of the employee share trust are included in the
separate financial statements of the parent company and, following
the requirements of IFRS 10, in the consolidated financial
statements as if they arose in that company. Own shares held by
the employee share trust as at the reporting date are accounted
for as treasury shares.
National Insurance on share-based payment awards
National Insurance payable on the exercise of share awards has
been charged as an expense spread over the respective vesting
periods of the awards. The charge is based on the difference
between the market value of the estimated number of shares that
will vest and on the vested but unexercised awards at the reporting
date, less any consideration due, calculated at the latest enacted
National Insurance rate.
Taxation
The tax expense represents the sum of tax currently payable and
deferred tax.
The tax currently payable is based on the taxable profit for the
period. Taxable profit differs from net profit as reported in the
Statement of comprehensive income because it excludes items of
income or expense that are taxable or deductible in other periods
and it further excludes items that are never taxable or deductible.
The group\u2019s liability for current tax is calculated using tax rates that
were applicable at the reporting date.
Deferred tax is the tax expected to be payable or recoverable on
differences between the carrying amounts of assets and liabilities
in the financial statements and the corresponding tax bases used in
the computation of taxable profit and is accounted for using the
liability method. Deferred tax liabilities are recognised for all
taxable temporary differences and deferred tax assets are
recognised to the extent that it is probable that future taxable
profits will be available against which deductible temporary
differences can be utilised. Investment trust companies that have
approval as such under section 1159 of the Corporation Tax Act
2010 are not liable for taxation on capital gains.
The carrying amount of deferred tax assets is reviewed at each
reporting date and adjusted to the extent that it is probable that
sufficient future taxable profits will be available to allow all or part
of the assets to be recovered.
Dividend distribution
Dividends are recognised in the period in which they are
appropriately authorised and no longer at the discretion of the
entity. For interim dividends, this will normally mean the date on
which they are paid and, for final dividends, the date on which they
are approved in general meeting.
Investments
Investments are recognised and derecognised on the date when
their purchase or sale is subject to a relevant contract and the
associated risks and rewards have been transferred. Where a
purchase or sale is made under a contract whose terms require
delivery within the timeframe established by the market
concerned, transactions are recognised on the trade date.
Investments held as part of the group's business of investing in
financial assets are designated as held at fair value through profit
or loss in both the consolidated financial statements and the
company financial statements.
Investments designated as held at fair value through profit or loss
are measured at subsequent reporting dates at fair value. Gains or
losses arising from changes in the value of investments designated
as held at fair value through profit or loss, including foreign
exchange movements, are included in net profit or loss for the
period as a capital return.
Listed investments are valued at bid price or the last traded price
when a bid price is not available. Unlisted investments are valued
using recognised valuation methodologies, based on the
International Private Equity and Venture Capital Valuation
Guidelines, which reflect the amount for which an asset could be
exchanged between knowledgeable, willing parties on an arm\u2019s
length basis. The portfolio valuation methodology is detailed on
pages 161 to 162.
Distributions from investment limited partnerships are treated as
disposal proceeds or income in accordance with the nature of the
distribution. Any surplus capital distributions after repaying
partner\u2019s capital are treated as realised gains.
Service subsidiaries are either designated as held at fair value
through profit or loss or held at amortised cost in the company
financial statements.
When management is committed to a plan to sell an investment,
the asset is available for immediate sale and the sale is deemed
highly probable at the balance sheet date., the asset is classified as
held for sale and held within current assets.
Capital reserve
The company maintains a capital reserve. The following items are
transferred into the capital reserve from profit or loss:
\u2022 gains and losses on investments held at fair value through profit
or loss
\u2022 fees and share-based payment expenses linked to investment
performance
\u2022 expenses and finance costs incurred directly in relation to capital
transactions
\u2022 actuarial gains and losses on defined benefit pension schemes
\u2022 taxation on items recognised in the capital reserve.
Investment property Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are stated at fair value. The valuations are prepared by considering the aggregate of the net annual rents receivable from the properties and where relevant, associated costs. A yield which reflects the specific risks inherent in the net cash flows is then applied to the net annual rentals to arrive at the property valuation. Any gain or loss arising from a change in fair value is recognised in profit or loss. Rental income is recognised on a straight-line basis over the lease term. Property, plant and equipment Property is measured at fair value. Gains arising from changes in the fair value are included in other comprehensive income for the period in which they arise and losses included in profit or loss. To the extent gains represent the reversal of cumulative losses previously recognised they are included in profit or loss. Plant and equipment is measured at cost less accumulated depreciation and any accumulated impairment loss. Assets in course of construction are measured at cost less any accumulated impairment loss. Depreciation is calculated to write off the fair value or cost of items of property, plant and equipment less their estimated residual values using the straight-line method over their estimated useful lives. Land and assets in course of construction are not depreciated. The estimated useful lives of property, plant and equipment are as follows: Buildings 25 and 50 years Fixtures and fittings 5-10 years Office equipment 3-5 years Accumulated depreciation on revalued property is eliminated against the gross carrying amount of the asset. The gain or loss on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the Statement of comprehensive income. Impairment of assets At each reporting date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, an impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount, if any. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. Receivables Receivables do not carry any interest and are stated at their nominal value as reduced by expected credit losses (\u2018ECL\u2019) arising from an annual ECL assessment of recoverable amounts. The company has applied the three stage model to intercompany receivables and determined they are not impaired on a stage one basis because credit risk has not increased significantly since initial recognition. Cash and cash equivalents Cash and cash equivalents comprises cash in hand, demand deposits and money market funds. Cash equivalents are short- term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. Borrowings Interest-bearing bank loans and overdrafts are recorded at the fair value of proceeds received, net of direct issue costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accrual basis in the Statement of comprehensive income using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. The effective interest method allocates the interest expense over the life of the instrument so as to reflect a constant return on the carrying amount of the liability. Payables Payables, are stated based on the amounts which are considered to be payable in respect of goods or services received up to the balance sheet date. Financial liabilities are recognised at amortised cost in accordance with IFRS 9. Provisions A provision is recognised in the Statement of financial position when the company has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are measured at the directors\u2019 best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value where the effect is material. In the financial statements, provisions recognised for investments are included in the Statement of comprehensive income as a capital return. Share capital Equity instruments issued by the company are recorded as the proceeds received, net of direct issue costs. Where The Caledonia Investments plc Employee Share Trust purchases the company\u2019s equity share capital, the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to the company\u2019s owners until the shares are transferred. Where such shares are subsequently transferred, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the company\u2019s owners. Operating segments Operating segments are based on the financial information reported to the chief operating decision maker, being the Executive Committee.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-380": { "value": "
General information
Caledonia Investments plc is an investment trust company
domiciled in the United Kingdom and incorporated in England in
1928, under number 235481. The address of its registered office is
Cayzer House, 30 Buckingham Gate, London SW1E 6NN. The
ordinary shares of the company are listed on the London Stock
Exchange under Equity shares (commercial companies).
These financial statements were authorised for issue by the
directors on 19 May 2025.
These financial statements are presented in pounds sterling, as this
is the currency of the primary economic environment in which
Caledonia operates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-3": { "value": "Caledonia Investments plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-479": { "value": "Caledonia Investments plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-378": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-4": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-480": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-5": { "value": "England", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-6": { "value": "Cayzer House, 30 Buckingham Gate, London SW1E 6NN", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-430": { "value": "These financial statements are presented in pounds sterling, as this is the currency of the primary economic environment in which Caledonia operates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-381": { "value": "
Critical accounting judgements and estimates
Critical judgements
In the course of preparing the financial statements, one judgement
has been made in the process of applying the group\u2019s accounting
policies, other than those involving estimations, that has had a
significant effect on the amounts recognised in the financial
statements as follows:
1. Assessment as an investment entity
The board has concluded that the company continues to meet
the definition of an investment entity, as its strategic objective of
investing in a portfolio of investments for the purpose of
generating returns in the form of income and capital
appreciation remains unchanged and as a consequence
investments in controlled entities are held at fair value through
profit or loss rather than consolidated in the group results. For
further details on assessment as an investment entity please
refer to page 135. The company is exempt from UK corporation
tax on capital gains provided it meets the HM Revenue &
Customs criteria for an investment company set out in Section
1158 of the Corporation Tax Act 2010. This is judgemental based
on assessments performed by management prepared to
maintain investment trust status in accordance with relevant
taxation legislation.
Critical estimates
In addition to this significant judgement the directors have made
one estimate, which they deem to have a significant risk of resulting
in a material adjustment to the amounts recognised in the financial
statements within the next financial year. The details of the
estimate was as follows:
1. Fair values of private equity financial instruments
For direct private investments (Private Capital investments),
totalling \u00a3870.7m (2024: \u00a3820.3m) valuation techniques using a
range of internally and externally developed unobservable inputs
are used to estimate fair value. Valuation techniques make
maximum use of market inputs, including reference to the
current fair values of instruments that are substantially the same
(subject to appropriate adjustments). Private Capital assets have
been disaggregated into categories and sensitised according to
the degree of uncertainty attached to their estimation in note 23.
For private equity funds and fund of funds (unlisted Funds Pool
investments excluding funds invested exclusively in quoted
markets), totalling \u00a3882.9m (2024: \u00a3868.8m) held through
externally managed fund vehicles, the estimated fair value is
based on the most recent valuation provided by the external
manager, usually received within 3 to 6 months of the relevant
valuation date. Management periodically assesses whether
reported net asset values are fair value based through
consideration of a range of information, including but not limited
to underlying valuation methodologies, governance and
assurance frameworks, and correspondence with third-party
managers. Management were satisfied that the valuations
provided in the current period were on a fair value basis.
Where required, valuations are adjusted for investments and
distributions between the valuation date and the reporting date.
The delay in manager NAV receipts creates a risk of changes or
events occurring between the NAV and reporting dates which
could impact valuations. We review market and other relevant
conditions at the year end and consider whether a valuation
adjustment is required, making such an adjustment where
deemed necessary.
Fair value estimates for the above private assets are made at a
specific point in time, based on market conditions and information
about the financial instrument. These estimates are subjective in
nature and involve uncertainties and matters of significant
judgement and therefore cannot be determined with precision.
Other judgement
Management has exercised judgment in determining the
classification of money market investments held by the group as
cash equivalents under IAS 7. In arriving at this judgement
management has noted that it uses money market funds to
manage day-to-day working capital requirements, and that all such
funds are highly liquid Low Volatility Net Asset Value products with
a minimum credit rating of AAAm, and a maximum weighted-
average maturity of 60 days. They have therefore judged that the
risk of changes in value is insignificant and investments can be
readily converted to a known amount of cash upon redemption,
and therefore classification as cash equivalents is appropriate. They
note that, although remote, there is not a zero risk of significant
change in value and that therefore this classification is judgemental.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-382": { "value": "
Going concern
As at 31 March 2025, the board has undertaken an assessment of
the appropriateness of preparing its financial statements on a going
concern basis, taking into consideration future cash flows, current
cash holdings of \u00a3151m, undrawn banking facilities of \u00a3325m and
readily realisable assets of \u00a3965m as part of a wider process in
connection with its viability assessment. It has concluded that the
group has sufficient cash, other liquid resources and committed
bank facilities to meet existing and new investment commitments.
The directors have concluded that the group has adequate
resources to continue in operational existence for a period of at
least 12 months from the date of approval of the financial
statements. Accordingly, they continue to consider it appropriate to
adopt the going concern basis in preparing the financial statements.
The group has conducted a going concern assessment which
considered future cash flows, the availability of liquid assets and
debt facilities, banking covenant requirements and consideration of
the economic environment over at least 12 months from the date
of approval of these financial statements.
In making this assessment, the directors took comfort from the
results of two stress tests, which considered the impact of
significant market downturn conditions.
The first stress test addressed two discrete scenarios: a 5% reduction
in the value of Sterling versus the US dollar compared to the rate on
31 March 2025 and a 12-month delay to Private Capital realisations.
The second stress test modelled a market downturn event over a
two-year period reflecting a fall in Public Companies investment
income of 20%, reduction of Private Capital investment income by
100%, an inability to realise the Private Capital portfolio and a 50%
reduction in distributions from the group\u2019s funds portfolio. To
simulate an extreme downside scenario the impact of a market
downturn event and all fund commitments falling due was also
assessed. The directors do not believe the extreme downside
scenario is likely but factors this into the going concern assessment.
Under these scenarios the group would have a range of mitigating
actions available to it, including sales of liquid assets, and usage of
banking facilities, which would provide sufficient funds to meet all
of its liabilities as they fall due and still hold significant liquid assets
over the assessment period. As a result of this assessment the
directors are confident that the company will have sufficient funds
to continue to meet its liabilities as they fall due for at least 12
months from the date of approval of the financial statements and
therefore have prepared the financial statements on a going
concern basis. For further details on assessment of going concern
and viability please refer to page 68.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-383": { "value": "
Basis of accounting
These group and parent company financial statements were
prepared in accordance with UK adopted international accounting
standards in conformity with the requirements of the Companies
Act 2006. IFRSs comprise accounting standards issued by the
International Accounting Standards Board and its predecessor body
as well as interpretations issued by the International Financial
Reporting Interpretations Committee and its predecessor body.
The financial statements have been prepared on an historical cost
basis, except for the revaluation of certain financial instruments
and properties. Where presentational guidance set out in the
Statement of Recommended Practice: Financial Statements of
Investment Trust Companies and Venture Capital Trusts (\u2018SORP\u2019)
issued by the Association of Investment Companies in October
2019 is consistent with the requirements of UK adopted
international accounting standards, the directors have sought to
prepare the financial statements on a basis compliant with the
recommendations of the SORP.
The Statement of comprehensive income of the company has been
omitted from these financial statements in accordance with
section 408 of the Companies Act 2006.
Under the UK Corporate Governance Code and applicable
regulations, the directors are required to satisfy themselves that it
is reasonable to presume that the company is a going concern.
After reviewing the company\u2019s performance projections for a
period of at least 12 months, the directors are satisfied that in
taking account of reasonably possible downsides the company has
adequate access to resources to enable it to meet its obligations as
they fall due for at least 12 months from the date of approval of the
financial statements. Accordingly, the directors have adopted the
going concern basis in preparing these financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-431": { "value": "These group and parent company financial statements were prepared in accordance with UK adopted international accounting standards in conformity with the requirements of the Companies Act 2006. IFRSs comprise accounting standards issued by the International Accounting Standards Board and its predecessor body as well as interpretations issued by the International Financial Reporting Interpretations Committee and its predecessor body. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-384": { "value": "
Adopted IFRSs and IFRSs not yet applied
In the current year, the group has not adopted any new standards
or interpretations. Amendments to IFRSs adopted in the year have
not had a material impact on the group.
At the date of approval of these financial statements, IFRS 18
Primary Financial Statements was in issue but not yet effective, and
includes requirements setting out a new presentation requirement
for the statement of profit or loss, and providing new definitions
and disclosures related to non-IFRS performance measures. IFRS 18
is not expected to have a material impact on the group financial
statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-432": { "value": "In the current year, the group has not adopted any new standards or interpretations. Amendments to IFRSs adopted in the year have not had a material impact on the group.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-433": { "value": "At the date of approval of these financial statements, IFRS 18 Primary Financial Statements was in issue but not yet effective, and includes requirements setting out a new presentation requirement for the statement of profit or loss, and providing new definitions and disclosures related to non-IFRS performance measures. IFRS 18 is not expected to have a material impact on the group financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-385": { "value": "Assessment as investment entity Entities that meet the definition of an investment entity within IFRS 10 are required to account for most investments in controlled entities as held at fair value through profit or loss. Subsidiaries that provide investment related services or engage in permitted investment related activities with investees continue to be consolidated unless they are also investment entities. Having considered the following, the board has concluded that the company meets the definition of an investment entity. An investment entity is one which: \u2022 obtains funds from investors for the purpose of providing them with investment management services \u2022 invests funds solely for returns from capital appreciation and/or investment income \u2022 measures and evaluates the performance of substantially all of its investments on a fair value basis. ", "dimensions": { "concept": "caledonia:DescriptionOfAccountingPolicyForAssessmentAsInvestmentEntity", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-386": { "value": "
Basis of consolidation
In accordance with the IFRS 10/IAS 28 Investment entities
amendments, the consolidated financial statements include the
financial statements of the company and service entities controlled
by the company made up to the reporting date. Control is achieved
where the company has the power over the potential investee as a
result of voting or other rights, has rights to positive or negative
variable returns from its involvement with the investee and has the
ability to use its power over the investee to affect significantly the
amount of its returns.
The following subsidiaries are deemed service entities and are
consolidated in the group financial statements:
\u2022 Caledonia Group Services Ltd
\u2022 Buckingham Gate Ltd
Other associated entities and subsidiaries are disclosed in notes 26
and 27 to the financial statements and are not consolidated in the
group financial statements, being held at fair value through profit
or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-387": { "value": "
Foreign currencies
Transactions in foreign currencies are recorded at the rate of
exchange ruling at the date of the transaction. Monetary assets
and liabilities denominated in foreign currencies at the reporting
date are translated to the functional currency at the foreign
exchange rate ruling at the reporting date. Non-monetary assets
and liabilities that are measured in terms of historical cost in a
foreign currency are translated to the functional currency using the
exchange rate at the date of the transaction. Non-monetary assets
and liabilities denominated in foreign currencies that are stated at
fair value are translated to the functional currency at foreign
exchange rates ruling at the dates the fair values were determined.
In the financial statements, foreign exchange gains or losses are
recognised in capital or revenue reserve depending on whether the
gain or loss is of a capital or revenue nature respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-388": { "value": "
Income
Dividends receivable on equity shares are recognised as revenue
when the shareholders\u2019 right to receive payment has been
established, normally the ex-dividend date. Where no ex-dividend
date is available, dividends receivable on or before the period end,
are treated as revenue. Overseas dividend income is shown net of
withholding tax under investment income.
The fixed returns on debt securities, loans and non-equity shares
are recognised on an effective interest rate basis, which is the
rate that exactly discounts estimated future cash receipts through
the expected life of the financial asset to that asset\u2019s net
carrying amount.
Rental income is recognised on a straight-line basis over the
lease term.
The company\u2019s share of net income from limited partnerships is
recognised as revenue when received.
Where uncertainty arises over the collectability of an amount
already included in income, the uncollectable amount or the
amount in respect of which the recovery has ceased to be
probable, is recognised as an expense. When the uncertainty
over collectability is removed, normally on receipt, the income is
recognised in the Statement of comprehensive income on the
same line as the original expense was initially recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-389": { "value": "Expenses All expenses are accounted for on an accrual basis. In the financial statements, ongoing management expenses are included in the revenue column of the Statement of comprehensive income, whereas performance fees and share-based payment expenses \u2013 costs relating to compensation schemes that are linked directly to investment performance \u2013 are included in the capital column of the Statement of comprehensive income. Expenses of acquisition of an investment designated as held at fair value through profit or loss or expenses of an aborted acquisition or disposal of an investment are presented as transaction costs, or deducted from the proceeds of sale as appropriate, and included in the capital column of the Statement of comprehensive income. Non-recurring other expenses Non-recurring expenses are expenses that are unlikely to re-occur in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-390": { "value": "
Leases
Lessor
Leases are classified as finance leases whenever the terms of the
lease transfer substantially all the risks and rewards of ownership to
the lessee. All other leases are classified as operating leases. The
group does not have any finance leases.
Rental income from operating leases is recognised on a straight-
line basis over the term of the relevant lease. Initial direct costs
incurred in negotiating and arranging an operating lease are added
to the carrying amount of the leased asset and recognised on a
straight-line basis.
Benefits provided as an incentive to enter into an operating lease
are also spread on a straight-line basis over the lease term.
Lessee
On commencement of a contract which gives the group the right
to use assets for a period of time in exchange for consideration,
the group recognises a right-of-use asset and a lease liability, unless
the lease qualifies as a 'short-term' lease (that is, the term is twelve
months or less with no option to purchase the lease asset) or a
'low-value' lease. Payments associated with short-term leases
are recognised on a straight-line basis as an expense in the
income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-391": { "value": "
Employee benefits
Pension schemes
Payments to defined contribution schemes are charged as an
expense as they fall due.
For defined benefit schemes, the cost of providing benefits is
determined using the projected unit credit method, with
actuarial valuations being carried out at each reporting date.
Re-measurement gains and losses are recognised in full in the
period in which they occur in other comprehensive income.
Past service cost is recognised immediately in the period of a
plan amendment.
The retirement benefit obligation recognised in the Statement
of financial position represents the present value of the defined
benefit obligations as reduced by the fair value of scheme assets.
Any asset resulting from this calculation is limited to the present
value of available refunds and reductions in future contributions
to the plan.
Profit sharing and bonus plans
The group recognises a liability and an expense for bonuses and
profit sharing, based on a formula that takes into consideration the
profit attributable to the company\u2019s shareholders after certain
adjustments. The group recognises a provision where contractually
obliged or where there is a past practice that has created a
constructive obligation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-392": { "value": "
Share-based payments
The group issues equity-settled share-based payments to certain
employees. Equity-settled share-based payments are measured at
fair value at the date of grant and the fair value is expensed on a
straight-line basis over the vesting period, based on the group\u2019s
estimate of the number of shares that will eventually vest.
As part of the share-based payment arrangements, the group pays
a cash amount to employees on exercise of options, equating to
the dividend entitlement on the option shares between grant and
vesting dates. This payment is treated as a cash-settled share-
based payment and is expensed on a straight-line basis over the
vesting period, based on the group\u2019s estimate of the number of
shares that will eventually vest and a re-estimate of the fair value
of the dividend entitlement.
Where employees of a subsidiary are granted rights to the equity
instruments of its parent as consideration for the services provided
to the subsidiary, the subsidiary recognises an equity-settled
share-based payment transaction expense with a corresponding
intercompany balance with the parent. In addition, the parent
recognises an increase in equity and an increase in intercompany
balance for the amount of the share-based payment transaction.
An employee share trust is used for distributing shares awarded to employees under Caledonia's share remuneration schemes. The trustee purchases shares with money lent interest free by Caledonia and transfers shares to participating employees on exercise. The transactions the employee share trust undertakes are considered to be performed by the trust as an agent for Caledonia. The transactions of the employee share trust are included in the separate financial statements of the parent company and, following the requirements of IFRS 10, in the consolidated financial statements as if they arose in that company. Own shares held by the employee share trust as at the reporting date are accounted for as treasury shares. National Insurance on share-based payment awards National Insurance payable on the exercise of share awards has been charged as an expense spread over the respective vesting periods of the awards. The charge is based on the difference between the market value of the estimated number of shares that will vest and on the vested but unexercised awards at the reporting date, less any consideration due, calculated at the latest enacted National Insurance rate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-393": { "value": "Taxation The tax expense represents the sum of tax currently payable and deferred tax. The tax currently payable is based on the taxable profit for the period. Taxable profit differs from net profit as reported in the Statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible. The group\u2019s liability for current tax is calculated using tax rates that were applicable at the reporting date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the liability method. Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which deductible temporary differences can be utilised. Investment trust companies that have approval as such under section 1159 of the Corporation Tax Act 2010 are not liable for taxation on capital gains. The carrying amount of deferred tax assets is reviewed at each reporting date and adjusted to the extent that it is probable that sufficient future taxable profits will be available to allow all or part of the assets to be recovered. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-434": { "value": "Taxation The tax expense represents the sum of tax currently payable and deferred tax. The tax currently payable is based on the taxable profit for the period. Taxable profit differs from net profit as reported in the Statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible. The group\u2019s liability for current tax is calculated using tax rates that were applicable at the reporting date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the liability method. Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which deductible temporary differences can be utilised. Investment trust companies that have approval as such under section 1159 of the Corporation Tax Act 2010 are not liable for taxation on capital gains. The carrying amount of deferred tax assets is reviewed at each reporting date and adjusted to the extent that it is probable that sufficient future taxable profits will be available to allow all or part of the assets to be recovered. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-394": { "value": "Dividend distribution Dividends are recognised in the period in which they are appropriately authorised and no longer at the discretion of the entity. For interim dividends, this will normally mean the date on which they are paid and, for final dividends, the date on which they are approved in general meeting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-395": { "value": "Investments Investments are recognised and derecognised on the date when their purchase or sale is subject to a relevant contract and the associated risks and rewards have been transferred. Where a purchase or sale is made under a contract whose terms require delivery within the timeframe established by the market concerned, transactions are recognised on the trade date. Investments held as part of the group's business of investing in financial assets are designated as held at fair value through profit or loss in both the consolidated financial statements and the company financial statements. Investments designated as held at fair value through profit or loss are measured at subsequent reporting dates at fair value. Gains or losses arising from changes in the value of investments designated as held at fair value through profit or loss, including foreign exchange movements, are included in net profit or loss for the period as a capital return. Listed investments are valued at bid price or the last traded price when a bid price is not available. Unlisted investments are valued using recognised valuation methodologies, based on the International Private Equity and Venture Capital Valuation Guidelines, which reflect the amount for which an asset could be exchanged between knowledgeable, willing parties on an arm\u2019s length basis. The portfolio valuation methodology is detailed on pages 161 to 162. Distributions from investment limited partnerships are treated as disposal proceeds or income in accordance with the nature of the distribution. Any surplus capital distributions after repaying partner\u2019s capital are treated as realised gains. Service subsidiaries are either designated as held at fair value through profit or loss or held at amortised cost in the company financial statements. When management is committed to a plan to sell an investment, the asset is available for immediate sale and the sale is deemed highly probable at the balance sheet date., the asset is classified as held for sale and held within current assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-396": { "value": "Capital reserve The company maintains a capital reserve. The following items are transferred into the capital reserve from profit or loss: \u2022 gains and losses on investments held at fair value through profit or loss \u2022 fees and share-based payment expenses linked to investment performance \u2022 expenses and finance costs incurred directly in relation to capital transactions \u2022 actuarial gains and losses on defined benefit pension schemes \u2022 taxation on items recognised in the capital reserve. ", "dimensions": { "concept": "caledonia:DescriptionOfAccountingPolicyForCapitalReserve", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-397": { "value": "
Investment property
Investment properties are properties which are held either to earn
rental income or for capital appreciation or for both. Investment
properties are stated at fair value.
The valuations are prepared by considering the aggregate of the
net annual rents receivable from the properties and where
relevant, associated costs. A yield which reflects the specific risks
inherent in the net cash flows is then applied to the net annual
rentals to arrive at the property valuation.
Any gain or loss arising from a change in fair value is recognised in
profit or loss. Rental income is recognised on a straight-line basis
over the lease term.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-398": { "value": "
Property, plant and equipment
Property is measured at fair value. Gains arising from changes in
the fair value are included in other comprehensive income for the
period in which they arise and losses included in profit or loss. To
the extent gains represent the reversal of cumulative losses
previously recognised they are included in profit or loss.
Plant and equipment is measured at cost less accumulated
depreciation and any accumulated impairment loss.
Assets in course of construction are measured at cost less any
accumulated impairment loss.
Depreciation is calculated to write off the fair value or cost of items
of property, plant and equipment less their estimated residual
values using the straight-line method over their estimated useful
lives. Land and assets in course of construction are not
depreciated.
The estimated useful lives of property, plant and equipment are as
follows:
Buildings 25 and 50 years
Fixtures and fittings 5-10 years
Office equipment 3-5 years
Accumulated depreciation on revalued property is eliminated
against the gross carrying amount of the asset.
The gain or loss on the disposal or retirement of an asset is
determined as the difference between the sales proceeds and the
carrying amount of the asset and is recognised in the Statement of
comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-436": { "value": "Property, plant and equipment Property is measured at fair value. Gains arising from changes in the fair value are included in other comprehensive income for the period in which they arise and losses included in profit or loss. To the extent gains represent the reversal of cumulative losses previously recognised they are included in profit or loss. Plant and equipment is measured at cost less accumulated depreciation and any accumulated impairment loss. Assets in course of construction are measured at cost less any accumulated impairment loss. Depreciation is calculated to write off the fair value or cost of items of property, plant and equipment less their estimated residual values using the straight-line method over their estimated useful lives. Land and assets in course of construction are not depreciated. The estimated useful lives of property, plant and equipment are as follows: Buildings 25 and 50 years Fixtures and fittings 5-10 years Office equipment 3-5 years Accumulated depreciation on revalued property is eliminated against the gross carrying amount of the asset. The gain or loss on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the Statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-399": { "value": "
Impairment of assets
At each reporting date, the group reviews the carrying amounts of
its tangible assets to determine whether there is any indication that
those assets have suffered an impairment loss. If any such
indication exists, an impairment loss is recognised for the amount
by which the asset\u2019s carrying amount exceeds its recoverable
amount, if any. The recoverable amount is the higher of an asset\u2019s
fair value less costs to sell and value in use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-458": { "value": "Impairment of assets At each reporting date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, an impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount, if any. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-435": { "value": "Impairment of assets At each reporting date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, an impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount, if any. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-400": { "value": "
Receivables
Receivables do not carry any interest and are stated at their
nominal value as reduced by expected credit losses (\u2018ECL\u2019) arising
from an annual ECL assessment of recoverable amounts. The
company has applied the three stage model to intercompany
receivables and determined they are not impaired on a stage one
basis because credit risk has not increased significantly since
initial recognition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-402": { "value": "
Cash and cash equivalents
Cash and cash equivalents comprises cash in hand, demand
deposits and money market funds. Cash equivalents are short-
term, highly liquid investments that are readily convertible to
known amounts of cash and that are subject to an insignificant risk
of changes in value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-403": { "value": "
Borrowings
Interest-bearing bank loans and overdrafts are recorded at the fair
value of proceeds received, net of direct issue costs. Finance
charges, including premiums payable on settlement or redemption
and direct issue costs, are accounted for on an accrual basis in the
Statement of comprehensive income using the effective interest
method and are added to the carrying amount of the instrument to
the extent that they are not settled in the period in which they
arise. The effective interest method allocates the interest expense
over the life of the instrument so as to reflect a constant return on
the carrying amount of the liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-401": { "value": "
Payables
Payables, are stated based on the amounts which are considered
to be payable in respect of goods or services received up to the
balance sheet date. Financial liabilities are recognised at amortised
cost in accordance with IFRS 9.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-404": { "value": "
Provisions
A provision is recognised in the Statement of financial position
when the company has a present legal or constructive obligation
as a result of a past event, and it is probable that an outflow of
economic benefits will be required to settle the obligation.
Provisions are measured at the directors\u2019 best estimate of the
expenditure required to settle the obligation at the reporting date
and are discounted to present value where the effect is material.
In the financial statements, provisions recognised for investments
are included in the Statement of comprehensive income as a
capital return.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-405": { "value": "
Share capital
Equity instruments issued by the company are recorded as the
proceeds received, net of direct issue costs.
Where The Caledonia Investments plc Employee Share Trust
purchases the company\u2019s equity share capital, the consideration
paid, including any directly attributable incremental costs (net of
income taxes), is deducted from equity attributable to the
company\u2019s owners until the shares are transferred. Where such
shares are subsequently transferred, any consideration received,
net of any directly attributable incremental transaction costs and
the related income tax effects, is included in equity attributable to
the company\u2019s owners.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-406": { "value": "
Operating segments
Operating segments are based on the financial information
reported to the chief operating decision maker, being the
Executive Committee.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-407": { "value": "
1. Net investment income
Investment income
2025 2024
\u00a3m\ue003 \u00a3m\ue003
Income statement revenue column
Income from pool investments
Dividends from UK listed companies
10.5
11.5
Dividends from overseas listed companies
11.4
10.3
Dividends from unlisted companies
14.4
19.2
Distributions from limited partnerships
4.4
3.6
Interest on unlisted debt investments
3.0
2.5
43.7
47.1
Income from other investments
Dividends from unlisted companies
1
9.0
14.7
52.7
61.8
1. During the year \u00a39.0m of dividend income was received from Caledonia
CCIL Distribution Ltd and in the prior year \u00a314.7m was received from
Caledonia US Investments Ltd.
Other income
2025 2024
\u00a3m\ue003 \u00a3m\ue003
Income statement revenue column
Property income
0.9\ue003
0.9
Income statement capital column
US limited partnerships tax refunds
0.4\ue003
0.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-438": { "value": "1. Net investment income Investment income
2025 2024
\u00a3m\ue003 \u00a3m\ue003
Income statement revenue column
Income from pool investments
Dividends from UK listed companies
10.5
11.5
Dividends from overseas listed companies
11.4
10.3
Dividends from unlisted companies
14.4
19.2
Distributions from limited partnerships
4.4
3.6
Interest on unlisted debt investments
3.0
2.5
43.7
47.1
Income from other investments
Dividends from unlisted companies
1
9.0
14.7
52.7
61.8
1. During the year \u00a39.0m of dividend income was received from Caledonia CCIL Distribution Ltd and in the prior year \u00a314.7m was received from Caledonia US Investments Ltd. Other income
2025 2024
\u00a3m\ue003 \u00a3m\ue003
Income statement revenue column
Property income
0.9\ue003
0.9
Income statement capital column
US limited partnerships tax refunds
0.4\ue003
0.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-437": { "value": "2. Expenses Management expenses 2025 2024 \u00a3m\ue003 \u00a3m\ue003 Income statement revenue column Personnel expenses 15.4\ue003 12.9 Depreciation 1.2\ue003 1.1 Auditor\u2019s remuneration 0.5\ue003 0.4\ue003 Other administrative expenses 11.2\ue003 9.6 Directors\u2019 fees and disbursements recharged (0.8) (0.9) Management fees and recharges (1.6) (0.2) 25.9\ue003 22.9 Income statement capital column Personnel expenses 6.3\ue003 8.3 Transaction costs 0.3 0.1\ue003 Management fees (0.5) \u2013 6.1\ue003 8.4 32.0\ue00331.3 Further information Auditor\u2019s remuneration Fees payable to BDO LLP in respect of services to Caledonia Investments plc were as follows:
2025 2024
\u00a3m\ue003 \u00a3m\ue003
Audit services
Statutory audit \u2013 group
0.4\ue003
0.3\ue003
Non-audit services
Other assurance services
0.1\ue003
0.1\ue003
0.5\ue003
0.4
Fees payable to BDO LLP in respect of services to Caledonia Investments plc\u2019s non-consolidated subsidiaries were as follows:
2025 2024
\u00a3m\ue003 \u00a3m\ue003
Audit services
Statutory audit \u2013 UK subsidiaries
0.1\ue003
0.7
Non-audit services
Other assurance services
\u2013
0.1\ue003
0.1\ue003
0.8
Personnel expenses
2025 2024
\u00a3m\ue003 \u00a3m\ue003
Income statement revenue column
Wages and salaries
12.9\ue003
11.1
Compulsory social security contributions
1.9
1.7\ue003
Contributions to defined contribution plans
1.3
1.1\ue003
Defined benefit pension plans expense (note\ue00325)
(0.7)
(1.0)
15.4\ue003
12.9
Income statement capital column
Share-based payments (note\ue00324)
5.1
7.1
National Insurance on share awards
1.2
1.2
6.3\ue003
8.3
21.7\ue003
21.2\ue003
The average number of employees, including executive directors, throughout the year was as follows:
2025 2024
No No
Investment and administration
76
71\ue003
The company did not have any employees in either the current or the prior year. Total directors\u2019 remuneration expensed for the year was \u00a34.6m (2024: \u00a35.3m), as follows: Group 2025 2024 \u00a3m\ue003 \u00a3m\ue003 Short-term employee benefits 2.8\ue003 2.8\ue003 Gains on exercise of share awards 1.8 2.5\ue003 4.6\ue0035.3 ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-408": { "value": "2. Expenses Management expenses 2025 2024 \u00a3m\ue003 \u00a3m\ue003 Income statement revenue column Personnel expenses 15.4\ue003 12.9 Depreciation 1.2\ue003 1.1 Auditor\u2019s remuneration 0.5\ue003 0.4\ue003 Other administrative expenses 11.2\ue003 9.6 Directors\u2019 fees and disbursements recharged (0.8) (0.9) Management fees and recharges (1.6) (0.2) 25.9\ue003 22.9 Income statement capital column Personnel expenses 6.3\ue003 8.3 Transaction costs 0.3 0.1\ue003 Management fees (0.5) \u2013 6.1\ue003 8.4 32.0\ue00331.3 Further information Auditor\u2019s remuneration Fees payable to BDO LLP in respect of services to Caledonia Investments plc were as follows:
2025 2024
\u00a3m\ue003 \u00a3m\ue003
Audit services
Statutory audit \u2013 group
0.4\ue003
0.3\ue003
Non-audit services
Other assurance services
0.1\ue003
0.1\ue003
0.5\ue003
0.4
Fees payable to BDO LLP in respect of services to Caledonia Investments plc\u2019s non-consolidated subsidiaries were as follows:
2025 2024
\u00a3m\ue003 \u00a3m\ue003
Audit services
Statutory audit \u2013 UK subsidiaries
0.1\ue003
0.7
Non-audit services
Other assurance services
\u2013
0.1\ue003
0.1\ue003
0.8
Personnel expenses
2025 2024
\u00a3m\ue003 \u00a3m\ue003
Income statement revenue column
Wages and salaries
12.9\ue003
11.1
Compulsory social security contributions
1.9
1.7\ue003
Contributions to defined contribution plans
1.3
1.1\ue003
Defined benefit pension plans expense (note\ue00325)
(0.7)
(1.0)
15.4\ue003
12.9
Income statement capital column
Share-based payments (note\ue00324)
5.1
7.1
National Insurance on share awards
1.2
1.2
6.3\ue003
8.3
21.7\ue003
21.2\ue003
The average number of employees, including executive directors, throughout the year was as follows:
2025 2024
No No
Investment and administration
76
71\ue003
The company did not have any employees in either the current or the prior year. Total directors\u2019 remuneration expensed for the year was \u00a34.6m (2024: \u00a35.3m), as follows: Group 2025 2024 \u00a3m\ue003 \u00a3m\ue003 Short-term employee benefits 2.8\ue003 2.8\ue003 Gains on exercise of share awards 1.8 2.5\ue003 4.6\ue0035.3 ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-472": { "value": "2025 2024 \u00a3m\ue003 \u00a3m\ue003 Income statement revenue column Personnel expenses 15.4\ue003 12.9 Depreciation 1.2\ue003 1.1 Auditor\u2019s remuneration 0.5\ue003 0.4\ue003 Other administrative expenses 11.2\ue003 9.6 Directors\u2019 fees and disbursements recharged (0.8) (0.9) Management fees and recharges (1.6) (0.2) 25.9\ue003 22.9 Income statement capital column Personnel expenses 6.3\ue003 8.3 Transaction costs 0.3 0.1\ue003 Management fees (0.5) \u2013 6.1\ue003 8.4 32.0\ue00331.3 ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-459": { "value": "
Auditor\u2019s remuneration
Fees payable to BDO LLP in respect of services to Caledonia
Investments plc were as follows:
2025 2024
\u00a3m\ue003 \u00a3m\ue003
Audit services
Statutory audit \u2013 group
0.4\ue003
0.3\ue003
Non-audit services
Other assurance services
0.1\ue003
0.1\ue003
0.5\ue003
0.4
Fees payable to BDO LLP in respect of services to Caledonia
Investments plc\u2019s non-consolidated subsidiaries were as follows:
2025 2024
\u00a3m\ue003 \u00a3m\ue003
Audit services
Statutory audit \u2013 UK subsidiaries
0.1\ue003
0.7
Non-audit services
Other assurance services
\u2013
0.1\ue003
0.1\ue003
0.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-460": { "value": "Personnel expenses
2025 2024
\u00a3m\ue003 \u00a3m\ue003
Income statement revenue column
Wages and salaries
12.9\ue003
11.1
Compulsory social security contributions
1.9
1.7\ue003
Contributions to defined contribution plans
1.3
1.1\ue003
Defined benefit pension plans expense (note\ue00325)
(0.7)
(1.0)
15.4\ue003
12.9
Income statement capital column
Share-based payments (note\ue00324)
5.1
7.1
National Insurance on share awards
1.2
1.2
6.3\ue003
8.3
21.7\ue003
21.2\ue003
The average number of employees, including executive directors, throughout the year was as follows:
2025 2024
No No
Investment and administration
76
71\ue003
The company did not have any employees in either the current or the prior year. Total directors\u2019 remuneration expensed for the year was \u00a34.6m (2024: \u00a35.3m), as follows: Group 2025 2024 \u00a3m\ue003 \u00a3m\ue003 Short-term employee benefits 2.8\ue003 2.8\ue003 Gains on exercise of share awards 1.8 2.5\ue003 4.6\ue0035.3 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-473": { "value": "Total directors\u2019 remuneration expensed for the year was \u00a34.6m (2024: \u00a35.3m), as follows: Group 2025 2024 \u00a3m\ue003 \u00a3m\ue003 Short-term employee benefits 2.8\ue003 2.8\ue003 Gains on exercise of share awards 1.8 2.5\ue003 4.6\ue0035.3 Transactions with key management personnel Certain directors of the company and their immediate relatives had significant influence in The Cayzer Trust Company Ltd, which held 36.6% of the voting shares of the company as at 31 March 2025 (2024: 35.6%). During the year, the group invoiced and received \u00a30.1m (2024: \u00a30.1m) in rent and administration fees from The Cayzer Trust Company Ltd. In addition to their salaries, the group provided non-cash and post-employment benefits to directors and executive officers. Details of directors\u2019 pension benefits are set out in the Directors\u2019 remuneration report on page 105. The key management personnel compensation was as follows:
Group
2025 2024
\u00a3m\ue003 \u00a3m\ue003
Short-term employee benefits
2.8\ue003
2.8\ue003
Equity compensation benefits
1.1\ue003
1.5\ue003
3.9\ue003
4.3\ue003
Total remuneration of directors is included in \u2018Personnel expenses\u2019 (note 2).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-439": { "value": "
3. Treasury interest receivable
2025 2024
\u00a3m\ue003 \u00a3m\ue003
Interest on bank deposits and liquidity funds
9.9
3.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-474": { "value": "3. Treasury interest receivable
2025 2024
\u00a3m\ue003 \u00a3m\ue003
Interest on bank deposits and liquidity funds
9.9
3.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-461": { "value": "3. Treasury interest receivable
2025 2024
\u00a3m\ue003 \u00a3m\ue003
Interest on bank deposits and liquidity funds
9.9
3.2
4. Finance costs 2025 2024 \u00a3m\ue003 \u00a3m\ue003 Interest on bank loans and overdrafts 3.5\ue003 3.4\ue003 Interest on loans from group companies \u2013 7.2 3.5\ue00310.6", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-409": { "value": "3. Treasury interest receivable
2025 2024
\u00a3m\ue003 \u00a3m\ue003
Interest on bank deposits and liquidity funds
9.9
3.2
4. Finance costs 2025 2024 \u00a3m\ue003 \u00a3m\ue003 Interest on bank loans and overdrafts 3.5\ue003 3.4\ue003 Interest on loans from group companies \u2013 7.2 3.5\ue00310.6", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-475": { "value": "4. Finance costs 2025 2024 \u00a3m\ue003 \u00a3m\ue003 Interest on bank loans and overdrafts 3.5\ue003 3.4\ue003 Interest on loans from group companies \u2013 7.2 3.5\ue00310.6", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-440": { "value": "4. Finance costs 2025 2024 \u00a3m\ue003 \u00a3m\ue003 Interest on bank loans and overdrafts 3.5\ue003 3.4\ue003 Interest on loans from group companies \u2013 7.2 3.5\ue00310.6", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-445": { "value": "
5. Taxation
Recognised in profit for the year
2025 2024
\u00a3m\ue003 \u00a3m\ue003
Current tax (expense)/income
Current year
2.8\ue003
3.4\ue003
Adjustments for prior years
(3.0)
(1.5)
(0.2)
1.9
Deferred tax (expense)/income
Origination and reversal of temporary differences
(0.4)
0.5\ue003
Adjustments for prior years
(0.1)
\u2013
(0.5)
0.5
Total tax (expense)/income
(0.7)
2.4
Adjustments for prior years represented settlement of prior year
tax loss relief surrendered to group companies, finalised in the year.
Reconciliation of effective tax expense
2025 2024
\u00a3m\ue003 \u00a3m\ue003
Profit before tax
66.8
201.4
Tax expense at the domestic rate of 25%
(16.7)
(50.4)
Non-deductible expenses
2.6
2.1\ue003
Unrecognised tax assets
(5.4)
(4.7)
Non-taxable gains on investments
1
11.0
42.8
Non-taxable dividend income
11.3
14.0
Other temporary differences
(0.4)
0.1
Adjustments for prior years
(3.1)
(1.5)\ue003
Tax (expense)/income
(0.7)
2.4
1. The Company is exempt from UK corporation tax on capital gains as it
meets the HM Revenue & Customs criteria for an investment company set
out in Section 1158 of the Corporation Tax Act 2010.
Recognised in other comprehensive income
2025 2024
\u00a3m\ue003 \u00a3m\ue003
Current tax income
Current year
0.4
0.6
Deferred tax income/(expense)
On re-measurements of defined benefit\ue003
pension schemes
\u2013
0.2
On share options and awards
0.1
(0.4)
0.1
(0.2)
Total tax income
0.5
0.4\ue003
Current tax assets
Current tax assets of \u00a34.2m in the group and \u00a34.5m in the company
represented tax loss relief surrender for settlement (2024: \u00a31.7m in
the group and \u00a32.0m in the company).
11. Deferred tax Deferred tax assets and liabilities were attributable to the following:
Assets Liabilities Net
Group \u00a3m \u00a3m \u00a3m
2025
Employee benefits
5.3
(1.3)
4.0
Other timing differences
\u2013
(0.2)
(0.2)
5.3
(1.5)
3.8
2024
Employee benefits
5.4
(1.0)
4.4
Other timing differences
(0.1)
(0.1)
(0.2)
5.3
(1.1)
4.2
Movement in temporary differences during the year
Other\ue003
Compre- compre-\ue003
Balance at hensive\ue003 hensive\ue003 Balance at
year start income income year end
Group \u00a3m\ue003 \u00a3m\ue003 \u00a3m \u00a3m
2025
Employee benefits
4.4
(0.5)
0.1
4.0
Other timing differences
(0.2)
\u2013
\u2013
(0.2)
4.2
(0.5)
0.1
3.8
2024
Employee benefits
4.1\ue003
0.5
(0.2)
4.4\ue003
Other timing differences
(0.2)
\u2013
\u2013
(0.2)
3.9\ue003\ue003
0.5
(0.2)
4.2\ue003
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability settled, based on rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax balances are calculated on all temporary differences using a tax rate of 25%. Group and company Unrecognised deferred tax assets Deferred tax assets were not recognised in relation to the following deductible temporary differences and unused tax losses:
Group
Company
2025 2024 2025 2024
\u00a3m\ue003 \u00a3m\ue003 \u00a3m\ue003 \u00a3m\ue003
Tax losses
125.0
82.9
125.0
82.9
Corporate Interest
Restrictions
\u2013
4.0
\u2013
4.0\ue003
Capital losses
82.3
76.6
63.2
63.2
These deductible temporary differences and unused tax losses do not expire. Given the Company\u2019s status as an investment trust company and the intention to continue meeting the conditions required to obtain approval, the Company has not provided for deferred tax on any capital gains or losses arising on the revaluation or disposal of investments held by the Company itself.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-410": { "value": "5. Taxation Recognised in profit for the year
2025 2024
\u00a3m\ue003 \u00a3m\ue003
Current tax (expense)/income
Current year
2.8\ue003
3.4\ue003
Adjustments for prior years
(3.0)
(1.5)
(0.2)
1.9
Deferred tax (expense)/income
Origination and reversal of temporary differences
(0.4)
0.5\ue003
Adjustments for prior years
(0.1)
\u2013
(0.5)
0.5
Total tax (expense)/income
(0.7)
2.4
Adjustments for prior years represented settlement of prior year tax loss relief surrendered to group companies, finalised in the year. Reconciliation of effective tax expense
2025 2024
\u00a3m\ue003 \u00a3m\ue003
Profit before tax
66.8
201.4
Tax expense at the domestic rate of 25%
(16.7)
(50.4)
Non-deductible expenses
2.6
2.1\ue003
Unrecognised tax assets
(5.4)
(4.7)
Non-taxable gains on investments
1
11.0
42.8
Non-taxable dividend income
11.3
14.0
Other temporary differences
(0.4)
0.1
Adjustments for prior years
(3.1)
(1.5)\ue003
Tax (expense)/income
(0.7)
2.4
1. The Company is exempt from UK corporation tax on capital gains as it meets the HM Revenue & Customs criteria for an investment company set out in Section 1158 of the Corporation Tax Act 2010. Recognised in other comprehensive income
2025 2024
\u00a3m\ue003 \u00a3m\ue003
Current tax income
Current year
0.4
0.6
Deferred tax income/(expense)
On re-measurements of defined benefit\ue003
pension schemes
\u2013
0.2
On share options and awards
0.1
(0.4)
0.1
(0.2)
Total tax income
0.5
0.4\ue003
Current tax assets Current tax assets of \u00a34.2m in the group and \u00a34.5m in the company represented tax loss relief surrender for settlement (2024: \u00a31.7m in the group and \u00a32.0m in the company).
11. Deferred tax
Deferred tax assets and liabilities were attributable
to the following:
Assets Liabilities Net
Group \u00a3m \u00a3m \u00a3m
2025
Employee benefits
5.3
(1.3)
4.0
Other timing differences
\u2013
(0.2)
(0.2)
5.3
(1.5)
3.8
2024
Employee benefits
5.4
(1.0)
4.4
Other timing differences
(0.1)
(0.1)
(0.2)
5.3
(1.1)
4.2
Movement in temporary differences during the year
Other\ue003
Compre- compre-\ue003
Balance at hensive\ue003 hensive\ue003 Balance at
year start income income year end
Group \u00a3m\ue003 \u00a3m\ue003 \u00a3m \u00a3m
2025
Employee benefits
4.4
(0.5)
0.1
4.0
Other timing differences
(0.2)
\u2013
\u2013
(0.2)
4.2
(0.5)
0.1
3.8
2024
Employee benefits
4.1\ue003
0.5
(0.2)
4.4\ue003
Other timing differences
(0.2)
\u2013
\u2013
(0.2)
3.9\ue003\ue003
0.5
(0.2)
4.2\ue003
Deferred tax assets and liabilities are measured at the tax rates that
are expected to apply to the period when the asset is realised or
the liability settled, based on rates that have been enacted or
substantively enacted by the balance sheet date.
Deferred tax balances are calculated on all temporary differences
using a tax rate of 25%.
Group and company
Unrecognised deferred tax assets
Deferred tax assets were not recognised in relation to the following
deductible temporary differences and unused tax losses:
Group
Company
2025 2024 2025 2024
\u00a3m\ue003 \u00a3m\ue003 \u00a3m\ue003 \u00a3m\ue003
Tax losses
125.0
82.9
125.0
82.9
Corporate Interest
Restrictions
\u2013
4.0
\u2013
4.0\ue003
Capital losses
82.3
76.6
63.2
63.2
These deductible temporary differences and unused tax losses do
not expire.
Given the Company\u2019s status as an investment trust company and
the intention to continue meeting the conditions required to obtain
approval, the Company has not provided for deferred tax on any
capital gains or losses arising on the revaluation or disposal of
investments held by the Company itself.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-411": { "value": "
6. Dividends
Amounts recognised as distributions to owners of the company
in the year were as follows:
2025
2024
p/share\ue003
\u00a3m\ue003
p/share\ue003
\u00a3m\ue003
Final dividend for the year
ended 31 March 2024 (2023)
51.47\ue003
27.9\ue003
49.20\ue003
26.7
Interim dividend for the year\ue003
ended 31 March 2025 (2024)
19.69
10.5\ue003
18.93
10.3
71.16
38.4
68.13
37.0\ue003
Amounts proposed after the year end and not recognised in the
financial statements were as follows:
Proposed final dividend for
the year ended 31 March 2025
53.91
28.5
The proposed final dividend for the year ended 31 March 2025
was not included as a liability in these financial statements. The
dividend, if approved by shareholders at the annual general
meeting to be held on 16 July 2025, will be payable on 7 August
2025 to holders of shares on the register on 27 June 2025. The
ex-dividend date will be 26 June 2025. The deadline for elections
under the dividend reinvestment plan offered by MUFG Corporate
Markets will be the close of business on 17 July 2025.
For the purposes of section 1158 of the Corporation Tax Act 2010
and associated regulations, the dividends payable for the year
ended 31 March 2025 are the interim and final dividends for that
year, amounting to \u00a339.0m (2024: \u00a338.3m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-441": { "value": "0.1969", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-444": { "value": "0.1893", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-442": { "value": "0.7116", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-443": { "value": "0.6813", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-412": { "value": "7. Earnings per share Basic and diluted earnings per share The calculation of basic earnings per share of the group was based on the profit attributable to shareholders and the weighted average number of shares outstanding during the year. The calculation of diluted earnings per share included an adjustment for the effects of dilutive potential shares. The profit attributable to shareholders (basic and diluted) was as follows:
2025 2024
\u00a3m\ue003 \u00a3m\ue003
Revenue
30.9\ue003
40.5\ue003\ue003
Capital
35.2
163.3
Total
66.1\ue003
203.8\ue003\ue003
The weighted average number of shares was as follows: 2025 2024 000\u2019s 000\u2019s Issued shares at the year start 54,612 54,664\ue003 Effect of shares cancelled (740) (1) Effect of shares held by the employee share trust (151) (270) Basic weighted average number of shares in the year 53,721\ue003 54,393 Effect of performance shares, share options\ue003 and deferred bonus awards 793\ue003 844\ue003 Diluted weighted average number of shares in the year 54,514\ue003\ue00355,237", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-413": { "value": "
8. Investments
Group
Company
2025 2024 2025 2024
\u00a3m\ue003 \u00a3m\ue003 \u00a3m\ue003 \u00a3m\ue003
Investments held at fair value
through profit or loss
Investments listed on a\ue003
recognised stock exchange
964.7
949.8
964.7
949.8
Unlisted investments
1,778.9
1,745.6
1,784.2
1,750.9\ue003
2,743.6
2,695.4
2,748.9
2,700.7
Investments held at cost
Service subsidiaries
\u2013
\u2013
0.9\ue003
0.9\ue003
Held for sale
Unlisted investments
\u2013
19.0
\u2013
19.0\ue003
2,743.6
2,714.4\ue003
2,749.8
2,720.6\ue003
The movements in non-current investments were as follows:
Listed\ue003 Unlisted\ue003 Unlisted
equity
equity
1
debt Total
\u00a3m\ue003 \u00a3m \u00a3m\ue003 \u00a3m
Group
Balance at 31 March 2023
836.9\ue003
1,932.4\ue003
25.6
2,794.9\ue003
Transfer to Held for sale
\u2013
(19.0)
\u2013
(19.0)
Purchases at cost
76.5\ue003
265.0
1.9\ue003
343.4
Realisation proceeds
(43.5)
(556.2)
\u2013
(599.7)
Gains/losses on investments
79.9\ue003
94.5
\u2013
174.4
Accrued income
\u2013
1.4
\u2013
1.4
Balance at 31 March 2024
949.8\ue003
1,718.1
27.5
2,695.4
Transfer of debt for equity
\u2013
21.2
(21.2)
\u2013
Purchases at cost
106.8
202.0
11.5
320.3
Realisation
proceeds
(114.2)
(202.5)
(1.5)
(318.2)
Gains/losses on investments
22.3
21.6
\u2013
43.9
Accrued income
\u2013
2.2
\u2013
2.2
Balance at 31 March 2025
964.7
1,762.6
16.3
2,743.6
Company
Balance at 31 March 2023
836.9\ue003
1,941.6\ue003
25.6
2,804.1\ue003
Transfer to Held for sale
\u2013
(19.0)
\u2013
(19.0)
Purchases at cost
76.5\ue003
265.0
1.9\ue003
343.4
Realisation proceeds
(43.5)
(556.2)
\u2013
(599.7)
Gains/losses on investments
79.9
91.5
\u2013
171.4\ue003
Accrued income
\u2013
1.4
\u2013
1.4
Balance at 31 March 2024
949.8\ue003\ue003
1,724.3
27.5
2,701.6
Transfer of debt for equity
\u2013
21.2\ue003
(21.2)
\u2013
Purchases at cost
106.8\ue003
202.0
11.5\ue003
320.3\ue003
Realisation proceeds
(114.2)
(202.5)
(1.5)
(318.2)
Gains/losses on investments
22.3\ue003\ue003
21.6
\u2013
43.9\ue003
Accrued income
\u2013
2.2\ue003
\u2013
2.2\ue003
Balance at 31 March 2025
964.7\ue003
1,768.8\ue003
16.3
2,749.8\ue003
1. Unlisted investments included limited partnership and open ended fund
investments, including a loan facility to a wholly owned investment
subsidiary investing in US PE funds. It also included \u00a310.9m of non-pool
investments (2024: \u00a318.0m non-pool investments). For further details fair
value measurement of investments please refer to note 23 on page 147.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-414": { "value": "
9. Investment property
Freehold
property
\u00a3m\ue003
Cost
Balance at 31 March 2023, 2024 and 2025
19.8
Revaluation
Balance at 31 March 2023
(4.7)
Revaluation in the year
(1.8)
Balance at 31 March 2024
(6.5)
Revaluation in the year
(0.7)
Balance at 31 March 2025
(7.2)
Carrying amounts
At 31 March 2023
15.1\ue003
At 31 March 2024
13.3\ue003
At 31 March 2025
12.6\ue003
At 31 March 2025, the group held one property classified as
investment property, comprising that part of its head office
building occupied by a third party tenant.
The fair value of the investment property was determined by
Tuckerman, an external, independent property valuer, holding
recognised and relevant professional qualifications and with recent
experience in the location and category of the property being
valued. The valuation conforms to the Royal Institution of
Chartered Surveyors ('RICS') Valuation Professional Standards. Fees
paid to the valuer are based on a fixed price contract.
As the property was let to a third party tenant, it was valued on the
basis of the terms of the lease and current rent payable.
The investment property held by the group is classified as Level 3
under the fair value hierarchy (see page 149).
Market Range
value\ue003 Valuation Key unobservable (weighted\ue003
Property \u00a3m\ue003 technique\ue003 inputs\ue003 average)
Buckingham
12.6
Residual
Rent per sq ft pa
\u00a338.00 \u2013
Gate development \u00a385.00
value (\u00a373.78)
Rent-free period
1.5 yrs
Capitalisation rate
5.5%
Purchaser\u2019s costs
6.8%
An increased capitalisation rate of 0.25% would result in a
decreased asset valuation of \u00a30.6m and a decrease of 0.25% would
result in an increased asset valuation of \u00a30.6m. Conversely, an
increase in the estimated rent by 10% would result in an increase in
the asset valuation of \u00a31.3m and a decrease of 10% would result in
a decrease in the asset valuation of \u00a31.3m. The above inputs are
interdependent and partially determined by market conditions.
The impact on the valuation could be mitigated by the inter-
relationship between these inputs.
The prior year sensitivity to inputs was as follows:
The investment property held by the group is classified as Level 3.
Market Range
value\ue003 Valuation Key unobservable (weighted\ue003
Property \u00a3m\ue003 technique\ue003 inputs\ue003 average)
Buckingham
13.3
Residual
Rent per sq ft pa
\u00a338.00 \u2013
Gate development\ue003 \u00a385.00
value (73.78)
Rent-free period
1.5 yrs
Capitalisation rate
5.25%
Purchaser\u2019s costs
6.8%
An increased capitalisation rate of 0.25% would result in a
decreased asset valuation of \u00a30.6m (restated) and a decrease
of 0.25% would result in an increased asset valuation of \u00a30.8m
(restated). Conversely, an increase in the estimated rent by 10%
would result in an increase in the asset valuation of \u00a31.3m and a
decrease of 10% would result in a decrease in the asset valuation
of \u00a31.3m. The above inputs are interdependent and partially
determined by market conditions. The impact on the valuation
could be mitigated by the inter-relationship between these
inputs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-415": { "value": "10. Property, plant and equipment Group Office\ue003 equip- Property ment Total \u00a3m \u00a3m\ue003 \u00a3m Cost Balance at 31 March 2023 32.4\ue003 4.7\ue003 37.1\ue003 Acquisitions \u2013 0.5 0.5 Disposals \u2013 (0.2) (0.2) Balance at 31 March 2024 32.4\ue003 5.0 37.4 Acquisitions \u2013 1.8 1.8 Balance at 31 March 2025 32.4\ue003 6.8\ue003 39.2\ue003 Depreciation Balance at 31 March 2023 \u2013 (3.1) (3.1) Depreciation charge (0.6) (0.5) (1.1) Eliminate depreciation 0.6\ue003 \u2013 0.6 Disposals \u2013 0.2 0.2\ue003 Balance at 31 March 2024 \u2013 (3.4) (3.4) Depreciation charge (0.6) (0.5) (1.1) Eliminate depreciation 0.6\ue003 \u2013 0.6 Balance at 31 March 2025 \u2013 (3.9) (3.9) Revaluation Balance at 31 March 2023 (6.1) \u2013 (6.1) Revaluation in the year (2.1) \u2013 (2.1) Eliminate depreciation (0.6) \u2013 (0.6) Balance at 31 March 2024 (8.8) \u2013 (8.8) Revaluation in the year (0.6) \u2013 (0.6) Eliminate depreciation (0.6) \u2013 (0.6) Balance at 31 March 2025 (10.0) \u2013 (10.0) Carrying amounts At 31 March 2023 26.3 1.6\ue003 27.9 At 31 March 2024 23.6 1.6\ue003 25.2 At 31 March 2025 22.4 2.9\ue00325.3
Property is measured at fair value and comprised freehold land and
buildings.
Property was revalued at 31 March 2025 by an independent valuer.
Had the property been carried under the cost model, the carrying
amount would have been \u00a324.0m (2024: \u00a324.6m).
The fair value of the property was determined by Tuckerman, an
external, independent property valuer, holding recognised and
relevant professional qualifications and with recent experience in
the location and category of the property being valued. The
valuation conforms to the Royal Institution of Chartered Surveyors
('RICS') Valuation Professional Standards. Fees paid to the valuer
are based on a fixed price contract.
The external valuations were prepared by considering the
aggregate of the net annual rents receivable from the property and
where relevant, associated costs. A yield which reflects the specific
risks inherent in the net cash flows is then applied to the net annual
rentals to arrive at the property valuation.
The property held by the group is classified as Level 3 under the fair
value hierarchy (see page 149).
Market Range
value\ue003 Valuation Key unobservable (weighted\ue003
Property \u00a3m\ue003 technique\ue003 inputs\ue003 average)
Buckingham
22.4
Rental
Rent per sq ft pa
\u00a340.00 \u2013\ue003
Gate yield \u00a385.00\ue003
(\u00a373.32)
Capitalisation rate
5.5%
Purchaser\u2019s costs
6.8%
An increased capitalisation rate of 0.25% would result in a
decreased asset valuation of \u00a31.1m and a decrease of 0.25%
would result in an increased asset valuation of \u00a31.2m. An increase
in the estimated rent by 10% would result in an increase in the
asset valuation of \u00a31.1m and a decrease of 10% would result in a
decrease in the asset valuation of \u00a31.1m. The above inputs are
interdependent and partially determined by market conditions.
The impact on the valuation could be mitigated by the inter-
relationship between these inputs.
The prior year sensitivity to inputs was as follows:
Market Range
value\ue003 Valuation Key unobservable (weighted\ue003
Property \u00a3m\ue003 technique\ue003 inputs\ue003 average)
Buckingham
23.6
Rental
Rent per sq ft pa
\u00a340.00 \u2013\ue003
Gate yield \u00a385.00\ue003
(\u00a373.32)
Capitalisation rate
5.25%
Purchaser\u2019s costs
6.8%
An increased capitalisation rate of 0.25% would result in a decreased
asset valuation of \u00a31.2m and a decrease of 0.25% would result in an
increased asset valuation of \u00a31.2m. An increase in the estimated
rent by 10% would result in an increase in the asset valuation of
\u00a31.1m and a decrease of 10% would result in a decrease in the asset
valuation of \u00a31.2m. The above inputs are interdependent and
partially determined by market conditions. The impact on the
valuation could be mitigated by the inter-relationship between
these inputs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-462": { "value": "11. Deferred tax Deferred tax assets and liabilities were attributable to the following:
Assets Liabilities Net
Group \u00a3m \u00a3m \u00a3m
2025
Employee benefits
5.3
(1.3)
4.0
Other timing differences
\u2013
(0.2)
(0.2)
5.3
(1.5)
3.8
2024
Employee benefits
5.4
(1.0)
4.4
Other timing differences
(0.1)
(0.1)
(0.2)
5.3
(1.1)
4.2
Movement in temporary differences during the year
Other\ue003
Compre- compre-\ue003
Balance at hensive\ue003 hensive\ue003 Balance at
year start income income year end
Group \u00a3m\ue003 \u00a3m\ue003 \u00a3m \u00a3m
2025
Employee benefits
4.4
(0.5)
0.1
4.0
Other timing differences
(0.2)
\u2013
\u2013
(0.2)
4.2
(0.5)
0.1
3.8
2024
Employee benefits
4.1\ue003
0.5
(0.2)
4.4\ue003
Other timing differences
(0.2)
\u2013
\u2013
(0.2)
3.9\ue003\ue003
0.5
(0.2)
4.2\ue003
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability settled, based on rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax balances are calculated on all temporary differences using a tax rate of 25%. Group and company Unrecognised deferred tax assets Deferred tax assets were not recognised in relation to the following deductible temporary differences and unused tax losses:
Group
Company
2025 2024 2025 2024
\u00a3m\ue003 \u00a3m\ue003 \u00a3m\ue003 \u00a3m\ue003
Tax losses
125.0
82.9
125.0
82.9
Corporate Interest
Restrictions
\u2013
4.0
\u2013
4.0\ue003
Capital losses
82.3
76.6
63.2
63.2
These deductible temporary differences and unused tax losses do not expire. Given the Company\u2019s status as an investment trust company and the intention to continue meeting the conditions required to obtain approval, the Company has not provided for deferred tax on any capital gains or losses arising on the revaluation or disposal of investments held by the Company itself.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-416": { "value": "
12. Trade and other receivables
Group
Company
2025 2024 2025 2024
\u00a3m\ue003 \u00a3m\ue003 \u00a3m\ue003 \u00a3m\ue003
Non-current assets
Other receivables
\u2013
\u2013
30.5\ue003
35.5
Company non-current other receivables comprise \u00a330.5m (2024:
\u00a335.5m) due from a wholly owned subsidiary.
Current assets
Trade receivables\ue003
3.5\ue003
2.2
1.2
2.0
Non-trade receivables and\ue003
prepayments
6.8\ue003
5.1\ue003
5.2\ue003
3.0
10.3\ue003
7.3\ue003
6.4
5.0
We estimate expected credit losses on the Group and Company
receivables to be under \u00a30.1m (2024: less than \u00a30.1m). Our ECL
assessment included a review of recoverability of the Trade
receivables which comprise quoted investment income and private
capital sales balances to confirm amounts were received within
one month of the reporting date.
An aged analysis of group trade receivables is disclosed below.
Within
Total terms 0-1 month
\u00a3m\ue003 \u00a3m\ue003 \u00a3m
2025
3.5
3.4
0.1
2024
2.2
2.1
0.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-446": { "value": "12. Trade and other receivables
Group
Company
2025 2024 2025 2024
\u00a3m\ue003 \u00a3m\ue003 \u00a3m\ue003 \u00a3m\ue003
Non-current assets
Other receivables
\u2013
\u2013
30.5\ue003
35.5
Company non-current other receivables comprise \u00a330.5m (2024:
\u00a335.5m) due from a wholly owned subsidiary.
Current assets
Trade receivables\ue003
3.5\ue003
2.2
1.2
2.0
Non-trade receivables and\ue003
prepayments
6.8\ue003
5.1\ue003
5.2\ue003
3.0
10.3\ue003
7.3\ue003
6.4
5.0
We estimate expected credit losses on the Group and Company receivables to be under \u00a30.1m (2024: less than \u00a30.1m). Our ECL assessment included a review of recoverability of the Trade receivables which comprise quoted investment income and private capital sales balances to confirm amounts were received within one month of the reporting date. An aged analysis of group trade receivables is disclosed below.
Within
Total terms 0-1 month
\u00a3m\ue003 \u00a3m\ue003 \u00a3m
2025
3.5
3.4
0.1
2024
2.2
2.1
0.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-476": { "value": "
Group
Company
2025 2024 2025 2024
\u00a3m\ue003 \u00a3m\ue003 \u00a3m\ue003 \u00a3m\ue003
Non-current assets
Other receivables
\u2013
\u2013
30.5\ue003
35.5
Company non-current other receivables comprise \u00a330.5m (2024:
\u00a335.5m) due from a wholly owned subsidiary.
Current assets
Trade receivables\ue003
3.5\ue003
2.2
1.2
2.0
Non-trade receivables and\ue003
prepayments
6.8\ue003
5.1\ue003
5.2\ue003
3.0
10.3\ue003
7.3\ue003
6.4
5.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-463": { "value": "Group Company 2025 2024 2025 2024 \u00a3m\ue003 \u00a3m\ue003 \u00a3m\ue003 \u00a3m\ue003 Non-current assets Other receivables \u2013 \u2013 30.5\ue003 35.5 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-464": { "value": "Current assets Trade receivables\ue003 3.5\ue003 2.2 1.2 2.0 Non-trade receivables and\ue003 prepayments 6.8\ue003 5.1\ue003 5.2\ue003 3.0 10.3\ue003 7.3\ue003 6.4 5.0", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-417": { "value": "13. Cash and cash equivalents Group Company 2025 2024 2025 2024 \u00a3m\ue003 \u00a3m\ue003 \u00a3m\ue003 \u00a3m\ue003 Bank balances 9.8\ue003 3.9\ue003 8.3 4.5 Money market funds 141.5\ue003 223.5\ue003 140.2\ue003 222.8\ue003 Cash and cash equivalents 151.3 227.4\ue003 148.5\ue003227.3", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-447": { "value": "13. Cash and cash equivalents Group Company 2025 2024 2025 2024 \u00a3m\ue003 \u00a3m\ue003 \u00a3m\ue003 \u00a3m\ue003 Bank balances 9.8\ue003 3.9\ue003 8.3 4.5 Money market funds 141.5\ue003 223.5\ue003 140.2\ue003 222.8\ue003 Cash and cash equivalents 151.3 227.4\ue003 148.5\ue003227.3", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-448": { "value": "
14. Interest-bearing loans and borrowings
There were no interest-bearing loans and borrowings outstanding
at 31 March 2025 or 2024.
As at 31 March 2025 the group had undrawn committed facilities
totalling \u00a3325m (2024: \u00a3250m), comprising two tranches: \u00a3175m
with a three year term from BNP Paribas and Industrial and
Commercial Bank of China that will expire in August 2027; and
\u00a3150m with a five year term from The Royal Bank of Scotland
International RBSI that will expire in August 2029. The bank facility
is secured by way of floating charge over the public companies
shares held by BNP Paribas, as global custodian to the company.
The facilities are in place to ensure the group has sufficient liquid
funds to meet its working capital and investment requirements,
most notably drawdown notices from private equity funds, whose
exact timing can be unpredictable.
The previous \u00a3250m bilateral facilities with The Royal Bank of
Scotland International RBSI and ING were cancelled at the same
time.
Covenants attached to the group loan facilities assess borrowing
levels against the net assets of Caledonia plc and sub-categories of
assets held therein, adjusted to take account of liquidity, asset
concentration and the markets in which they are invested. As at
31 March 2025, Caledonia plc had remaining borrowing capacity
under the covenants of \u00a3754m (2024: \u00a3560m), considerably in
excess of undrawn facilities. Compliance with covenants is
tested monthly.
During the year the group and company utilised \u00a3nil (2024: \u00a370m)
of an available \u00a3325m (2024: \u00a3250m) of bank revolving credit
facilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-418": { "value": "14. Interest-bearing loans and borrowings There were no interest-bearing loans and borrowings outstanding at 31 March 2025 or 2024. As at 31 March 2025 the group had undrawn committed facilities totalling \u00a3325m (2024: \u00a3250m), comprising two tranches: \u00a3175m with a three year term from BNP Paribas and Industrial and Commercial Bank of China that will expire in August 2027; and \u00a3150m with a five year term from The Royal Bank of Scotland International RBSI that will expire in August 2029. The bank facility is secured by way of floating charge over the public companies shares held by BNP Paribas, as global custodian to the company. The facilities are in place to ensure the group has sufficient liquid funds to meet its working capital and investment requirements, most notably drawdown notices from private equity funds, whose exact timing can be unpredictable. The previous \u00a3250m bilateral facilities with The Royal Bank of Scotland International RBSI and ING were cancelled at the same time. Covenants attached to the group loan facilities assess borrowing levels against the net assets of Caledonia plc and sub-categories of assets held therein, adjusted to take account of liquidity, asset concentration and the markets in which they are invested. As at 31 March 2025, Caledonia plc had remaining borrowing capacity under the covenants of \u00a3754m (2024: \u00a3560m), considerably in excess of undrawn facilities. Compliance with covenants is tested monthly. During the year the group and company utilised \u00a3nil (2024: \u00a370m) of an available \u00a3325m (2024: \u00a3250m) of bank revolving credit facilities. 23. Financial instruments Financial instruments comprise securities and other investments, cash balances, borrowings and receivables and payables that arise from operations. The investment portfolio includes listed and unlisted equity investments, debt instruments and investments in funds that are intended to be held for the long term. Risk analysis The main types of financial risk to which the group is exposed are market risk (which encompasses price risk, currency risk and interest rate risk), credit risk and liquidity risk. The nature and extent of the financial instruments outstanding at the reporting date and the risk management policies employed are discussed below. Market risk Market risk embodies the potential for both losses and gains and includes price risk, currency risk and fair value interest rate risk. The strategy for managing market risk is driven by the company\u2019s objectives, which are to outperform the CPIH by 3% to 6% in the short term and the FTSE All-Share Total Return index over rolling ten year periods. Investments are made in a range of instruments, including listed and unlisted equities, debt and investment funds, in a range of sectors and regions. Price risk Price risk may affect the value of listed and unlisted investments as a result of changes in market prices (other than arising from interest rate risk or currency risk), whether caused by factors specific to an individual investment, its issuer or factors affecting all instruments traded in the market. Factors affecting instruments traded in the market could include changes in market prices whether driven by market sentiment, information specific to individual investments, or the movements in foreign currency relative to the group\u2019s functional currency of Sterling. As the majority of financial instruments are carried at fair value, with fair value changes recognised in the Statement of Comprehensive Income, all changes in market conditions will affect portfolio asset prices. Price risk is managed by constructing a diversified portfolio of instruments traded on various markets and hedging where appropriate. The exposures of listed and unlisted equity investments and fund interests were as follows:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Investments held at fair\ue003
value through profit or loss
2,727.3
2,667.9\ue003
2,732.6
2,673.2\ue003
The following table details the sensitivity to a 10% variation in equity prices. The sensitivity analysis includes all equity and fund investments held at fair value through profit or loss and adjusts their valuation at the year end for a 10% change in value.
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Increase in prices
272.7
266.8\ue003
273.3\ue003
267.3\ue003
Decrease in prices
(272.7)
(266.8)
(273.3)
(267.3)
The sensitivity to equity and fund investments has increased during the year due to net gains on investments in the year more than offsetting net realisations thereby increasing the portfolio value at the year end. Currency risk The group\u2019s currency risk is attributable to monetary items which are denominated in currencies other than the group\u2019s functional currency of Sterling. This excludes the impact of foreign currency movements on equity instruments which carry foreign currency price risk (see price risk section above). There is exposure to the risk that the exchange rate of the functional currency may change relative to other currencies in a manner that has an adverse effect on the value of that portion of assets and liabilities denominated in currencies other than the functional currency. The company\u2019s non-functional currency denominated monetary items and gains and losses thereon are reviewed regularly by the directors and the currency risk is managed by the directors within the overall asset allocation strategies. The fair values of the monetary items that have foreign currency exposure were as follows:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Investments in debt
instruments
\u2013
1.6\ue003
\u2013
1.6\ue003
Cash and cash equivalents
23.1
15.9
22.9
15.8
23.1\ue003
17.5\ue003
22.9\ue003
17.4
The following table details the sensitivity to a 10% variation in exchange rates. This level of change is considered to be reasonable, based on observation of market conditions and historic trends. The sensitivity analysis includes all foreign denominated debt investments.
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Sterling depreciates (weakens)
1.9\ue003
1.6\ue003
1.9\ue003
1.6
Sterling appreciates\ue003
(strengthens)
(1.6)
(1.3)
(1.6)
(1.3)
The exposure to foreign currency has increased in the year due to an increase in foreign denominated cash and cash equivalents more than offsetting the reduction in foreign debt investments. The group actively monitors its exposure to foreign currency risk but does not seek to hedge against it. Interest rate risk Interest rate movements may affect the fair value of investments in fixed interest securities and the level of income receivable from floating income securities and cash at bank and on deposit. The company and group held cash at bank, term deposits and money market funds, with the term to maturity of up to three months and fixed and floating rate, interest-bearing financial assets.
The company\u2019s interest bearing assets and liabilities are reviewed
periodically by the company and interest rate risk is managed by
the directors within the overall asset allocation strategies.
The exposure to interest rate risk on financial assets and liabilities
was as follows:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Fixed rate
Interest-bearing loans to
non-consolidated subsidiaries
\u2013
1.6\ue003
\u2013
1.6\ue003
Floating rate
Investments in debt\ue003
instruments
16.3\ue003
25.9
16.3\ue003
25.9
Cash and cash equivalents
151.3\ue003
227.4
148.5
227.3
The sensitivity analysis below has been determined based on the
exposure to interest rates at the reporting date from a 50 basis
point change taking place at the beginning of the financial year and
held constant throughout the year. This level of change is
considered to be reasonable, based on observation of market
conditions and historic trends.
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Decrease in interest rates
(0.7)
(1.1)
(0.7)
(1.1)
Increase in interest rates
0.7
1.1
0.7
1.1
The group\u2019s sensitivity to interest rates has reduced over the year
due to a reduction in net cash balances.
The group does not consider there is a material exposure to interest
rate risk.
Credit risk
Credit risk is the risk that the counterparty to a financial instrument
will fail to discharge an obligation or commitment. A credit policy is
in place and exposure to credit risk is monitored regularly.
The exposure to credit risk in financial assets was as follows:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Investments in debt instruments
16.3
27.5
16.3\ue003
27.5
Operating and other receivables
10.3\ue003
7.3
36.9\ue003
40.5\ue003
Cash and cash equivalents
151.3\ue003
227.4
148.5\ue003
227.3
177.9\ue003
262.2\ue003
201.7
295.3
The group\u2019s credit risk is primarily attributable to its cash and cash
equivalents, trade receivables and debt investments. For an aged
analysis of trade receivables see note 12. A group analysis of credit
ratings for cash and cash equivalents is presented below. All other
financial assets are unrated.
Group
2025 2024
Credit rating \u00a3m\ue003 \u00a3m\ue003
AAAm
1
141.5
223.5\ue003
A+ / A-
1
9.8
3.9\ue003
151.3
227.4\ue003
1. The group holds \u00a3141.5m (2024 - \u00a3223.5m) in Low Volatility Net Asset
Value money market funds which all hold a AAAm rating from Standard &
Poors and \u00a39.8m (2024: \u00a33.9m) of cash in current accounts with three
commercial banks with credit ratings from Standard & Poor's of A+ and A-.
Debt instruments relate to loans to investees within the Private
Capital pool totalling \u00a316.3m (2024: \u00a327.5m). Prior to making
investments in debt instruments, management has in place a
process of review that includes an evaluation of a potential
investee company's ability to service and repay its debt.
Management assesses the credit risk relating to these instrument
as part of an overall ongoing monitoring of its debt and equity
positions in each relevant investee.
The exposure to credit risk on operating and other receivables is
mitigated by performing credit evaluations on investee companies
as part of the due diligence process.
Credit risk arising on money market liquidity funds and cash and
cash equivalents is mitigated by spreading liquidity investments
and deposits across a number of approved counterparties in
accordance with board policy. These are \u201cAAA\u201d rated money
market funds, as determined by the rating agencies Fitch, Moody\u2019s
or Standard & Poor\u2019s; highly-rated banks operating in the London
money market; or investment-grade clearing banks specifically
approved by the board. These credit ratings are reviewed regularly.
At the year end, the group and company had money market
liquidity funds of \u00a3141.5m and \u00a3140.2m respectively (2024:
\u00a3224.2m and \u00a3223.5m).
At the year end, the group and company had \u00a320.0m invested in
each of the Aberdeen Liquidity Fund (Lux) GBP, the ILF GBP liquidity
fund from Insight and the LGIM Liquidity Fund GBP, \u00a315.0m
invested in each of the Institutional Sterling Liquidity fund from
Blackrock, the Sterling Liquidity fund from Aviva Investors and the
Sterling liquid reserves fund from Goldman Sachs and \u00a312.0m
invested in the JP Morgan GBP liquidity fund. In addition the
company and group had \u00a323.2m and \u00a324.5m invested respectively
in the HSBC Global Liquidity Funds plc Sterling and US Dollar
Liquidity Funds.
At the prior year end, the group and company had \u00a330.5m invested
in the JP Morgan GBP and US Dollar liquidity funds, \u00a330m invested
in each of the ILF GBP liquidity fund from Insight and the LGIM
Liquidity Fund GBP, \u00a328.6m invested in the Institutional Sterling and
US Dollar Liquidity funds from Blackrock, \u00a326.0m invested in each
of the Aberdeen Liquidity Fund (Lux) GBP, the Sterling Liquidity fund
from Aviva Investors and the Sterling liquid reserves fund from
Goldman Sachs. In addition the company and group had \u00a325.7m
and \u00a326.4m invested respectively in the HSBC Global Liquidity
Funds plc Sterling and US Dollar Liquidity Funds.
All transactions in listed securities are settled on contract terms
using approved brokers. The risk of default is considered minimal,
as delivery of securities sold is only made once the broker has
received payment. Payment is made on a purchase once the
securities have been received by the broker. The trade will fail if
either party fails to meet their obligations. Listed security trades
are settled through BNP Paribas Global Custody.
Fair value
Most of the financial instruments are carried at fair value in the
Statement of financial position. Usually, the fair value of the
financial instruments can be reliably determined within a
reasonable range of estimates. For certain other financial
instruments, specifically operating and other receivables and
payables, the carrying amounts approximate fair value due to the
immediate or short term nature of these financial instruments.
Liquidity risk Liquidity risk arises as a result of the possibility that the group and company may not be able to meet its obligations as they fall due. The corporate treasury function provides services to the company and group, coordinating access to domestic financial markets for both borrowing and depositing. Group companies access local financial markets when this is more favourable, in liaison with the corporate treasury function. Executive management monitors the group\u2019s liquidity on a weekly basis, including the level of undrawn committed bank facilities. Bank facilities were undrawn at 31 March 2025 and 2024. Capital management policies and procedures The group\u2019s capital management objectives are: \u2022 to ensure that the group and company will be able to continue as a going concern \u2022 to maximise the income and capital return to the company's shareholders, principally through the use of equity capital, although the group will maintain appropriate borrowing facilities, to be used for short-term working capital or bridging finance, currently \u00a3325m (2024: \u00a3250m). The group\u2019s total capital at 31 March 2025 was \u00a32,931.6m (2024: \u00a32,965.3m) and comprised equity share capital and reserves of \u00a32,931.6m (2024: \u00a32,965.3m) and \u00a3nil of borrowings (2024: \u00a3nil). The group was ungeared at the year end (2024: ungeared) and had \u00a3325m (2024: \u00a3250m) of undrawn committed bank facilities. The board monitors and reviews the broad structure of the group\u2019s and company's capital on an ongoing basis. This review includes: \u2022 the planned level of gearing, which takes into account planned investment activity \u2022 the possible buy-back of equity shares for cancellation, which takes account of the discount of the share price to net asset value per share \u2022 the annual dividend policy. The group\u2019s objectives, policies and processes for managing capital are unchanged from the preceding year. The parent company is subject to the following externally imposed capital requirements: \u2022 as a public limited company, the company is required to have a minimum issued share capital of \u00a350,000 \u2022 to maintain its approval as an investment trust company, the company is required to comply with the provisions of section 1158 of the Corporation Tax Act 2010 as amended by the Investment Trust (Approved Company) (Tax) Regulations 2011. The parent company has complied with these requirements, which are unchanged since the previous year end. Fair value hierarchy The company measures fair values using the following fair value hierarchy, reflecting the significance of the inputs used in making the measurements: Level 1 Inputs that are quoted market prices (unadjusted) in active markets for identical instruments. Level 2 Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 Inputs that are unobservable. The table below analyses financial instruments held at fair value according to level in the fair value hierarchy into which the fair value measurement is categorised:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Investments held at fair value
Level 1
964.7\ue003
949.9\ue003
964.7\ue003
949.9\ue003
Level 2
14.4\ue003
8.4\ue003
14.4
8.4\ue003
Level 3
1,764.5\ue003
1,737.1
1,769.8\ue003
1,742.4
2,743.6\ue003
2,695.4
2,748.9\ue003
2,700.7\ue003
The following table shows a reconciliation from the opening balances to the closing balances for fair value measurements in Level 3 of the fair value hierarchy:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Balance at the year start
1,737.1
1,953.2\ue003
1,742.4
1,961.5\ue003
Transferred to Held for Sale
\u2013
(19.0)
\u2013
(19.0)
Purchases
213.5\ue003
269.8\ue003
213.5\ue003
269.8\ue003
Disposal proceeds
(203.9)
(327.8)
(203.9)
(327.8)
Gains and losses on\ue003
investments sold in the year
56.2\ue003
122.7\ue003
56.2\ue003
122.7\ue003
Gains and losses on\ue003
investments held at the
year end
(40.6)
(263.2)
(40.6)
(266.2)
Accrued income
2.2
1.4
2.2
1.4
Balance at the year end
1,764.5\ue003
1,737.1\ue003
1,769.8
1,742.4\ue003
The following table provides information on significant unobservable inputs used at 31 March 2025 in measuring financial instruments categorised as Level 3 in the fair value hierarchy. Private company assets have been disaggregated into categories as follows: Assets in the large, earnings based category have an Enterprise Value of >\u00a3200m, and benefit from a reasonable number of comparative data points, as well as having sufficient size to make their earnings reliable and predictable. The assets in the small and medium, earnings based category have an Enterprise Value of <\u00a3200m and have a more limited universe of comparable businesses available. Manager valuations are used for assets where the net asset method is employed. During the prior year the large categorisation was increased to >\u00a3200m. For private company assets we have chosen to sensitise and disclose EBITDA multiple inputs because their derivation involves the most significant judgements when estimating valuation, including which data sets to consider and prioritise. Valuations also include other unobservable inputs, including earnings, which are based on historic and forecast data and are less judgemental. For each asset category, inputs were sensitised by a percentage deemed to reflect the relative degree of estimation uncertainty, and valuation calculations re-performed to identify the impact. Private equity fund assets are each held in and managed by the same type of fund vehicle, valued using the same method of adjusted manager valuations, and subject to broadly the same economic risks. They are therefore subject to a similar degree of estimation uncertainty. They have been sensitised at an aggregated level by 5% to reflect a degree of uncertainty over managers\u2019 valuations which form the basis of their fair value. At 31 March 2025
Input\ue003 Change
Unobser- Weighted\ue003 sensit-\ue003 in valu-\ue003
Description / Fair vable\ue003 average\ue003 ivity ation
valuation method value \u00a3m input input\ue003 +/-\ue003 +/- \u00a3m
Internally developed
Private companies
Large, earnings
555.5
EBITDA\ue003
12.5x
10.0%
+56.2/-
multiple 59.8\ue003
Small and medium,\ue003
67.5\ue003
Various
+6.8/
blend of methods -7.5\ue003
Transaction
55.0
1
5%
+/-2.8
Net assets /
192.7\ue003
Multiple
1
0.1x
+/-19.3
manager valuation
870.7\ue003
+85.1/-
89.4\ue003
Non-pool companies
10.9
Total internal
881.6\ue003
Externally developed
Private equity fund
Net asset value
882.9
Manager
1\ue003
5%
+/-44.1
NAV
+129.2/-
1,764.5\ue003133.5\ue003\ue003
The table below sets out information about significant unobservable inputs used at the prior year end, 31 March 2024 in measuring financial instruments categorised as Level 3 in the fair value hierarchy. At 31 March 2024 Input\ue003 Change Unobser- Weighted\ue003 sensit-\ue003 in valu-\ue003 Description / Fair vable\ue003 average\ue003 ivity ation valuation method value \u00a3m input input\ue003 +/-\ue003 +/- \u00a3m Internally developed Private companies Large, earnings 473.9 EBITDA\ue003 12.1x 10.0% +51.1/- multiple 52.7\ue003 Small and medium,\ue003 164.0\ue003 EBITDA\ue003 9.1x 10.0%-+15.3/- earnings multiple 15%\ue003 14.4\ue003 Net assets / manager 182.4\ue003 Multiple 1 0.1x +18.6/- valuation 18.8\ue003 820.3\ue003 +85.0/- 85.9\ue003 Non-pool companies 18.0\ue003 Total internal 838.3 Externally developed Private equity fund Net asset value 898.8\ue003 Manager 1\ue003 5% +/-44.9 NAV +129.9/- 1,737.1\ue003130.8 Private capital companies Valuation approach For each asset, management considers a range of valuation methods and select those which are considered most appropriate for each asset, taking into consideration the quantity and quality of data points available with each method. Methods include inter alia: Indicative offers. We regularly receive indications of interest from potential acquirers for our private capital assets, either as part of a structured sale process or in the form of a direct approach. Where we judge it appropriate, the insight gained from such approaches is incorporated into the data sets used in arriving at valuations. Where there is an offer from credible buyer or buyers, and there is an intention to advance discussions, our practice is to consider fair values derived from an indicative enterprise value based on offers received with an appropriate discount applied. Discounts aim to reflect the unique uncertainty associated with the execution of each transaction, and are normally in a range of 5-20%. Multiples This method involves the application of an earnings multiple to the maintainable earnings of the business, most commonly earnings before interest, tax, depreciation and amortisation (\u201cEBITDA\u201d) multiples, and is likely to be appropriate for investments in established businesses with an identifiable ongoing earnings stream. Such multiples are derived from (i) comparable public companies based on geographic location, industry, size, target markets and other factors that management considers to be reasonable and (ii) reported mergers and acquisitions transactions involving comparable companies. EBITDA multiples ranged from 10x to 15x (2024: 4x to 15x), with a weighted average of 11.3x (2024: 11.5x). Earnings are obtained from portfolio company statutory and management accounts and forecast management accounts. Maintainable earnings are estimated by adjusting reported and forecast earnings for non-recurring items (for example restructuring expenses), for significant corporate actions, and, in exceptional cases, run-rate adjustments. Net assets This method is likely to be appropriate for businesses whose value derives principally from the underlying value of its assets rather than its ongoing earnings. A third-party valuation may be used to derive the fair value of a particular asset or group of assets, most commonly property assets. Having selected an appropriate method, management then considers a range of data relevant to each asset. The data selected and the assumptions used are in each case examined by the Valuation Committee and Audit and Risk Committee to ensure sufficient challenge and reflection has been made on the decisions made to arrive at valuations. In arriving at valuations for the Private Capital portfolio the directors have conducted a portfolio analysis, examining company and sector specific vulnerabilities, the quantity and quality of data available, as well as considering operating and financial leverage and liquidity. They have classified the investments into five categories based on a combination of enterprise value, valuation technique and sector as shown on the following page. At 31 March 2025, the investments were classified as follows:
EV Range Valuation Valuation
Investment
Category
\u00a3m technique \u00a3m\ue003
Stonehage Large, internally
>200m
Earnings
221.4
Fleming developed
AIR-serv
Large, internally
>200m
Earnings
197.7
developed
Cobehold
Utilise external
N/A
Net assets
192.7
valuation
Butcombe
Large, internally
>200m
Earnings
136.5\ue003
developed
DTM
Utilise transaction
N/A
Transaction
55.0
price
Cooke Small and Medium,\ue003
<200m
Blended\ue003
44.1
Optics internally developed method
Other
investments
23.3
870.7
At 31 March 2024, the investments were classified as follows: EV Range Valuation Valuation Investment Category \u00a3m technique \u00a3m\ue003 Cobehold Utilise external N/A Net assets 181.0 valuation AIR-serv Large, internally >200m Earnings 170.1 developed Stonehage Large, internally >200m Earnings 168.5 Fleming developed Butcombe Large, internally >200m Earnings 135.2 developed Cooke Optics Small and Medium, <200m Earnings 105.4 internally developed Other investments 60.1 820.3
The valuation of Private Capital companies may also be informed by
offers we have received from interested parties in the year.
More details on the valuation process for individual assets within
these categories is outlined below.
Large, internally developed
AIR-serv, Stonehage Fleming and Butcombe use an earnings
multiple method with earnings derived from trading over historic,
current and forecast periods. A particularly high quality set of
comparator companies was identified when arriving at an
appropriate multiple.
Small and medium, internally developed
Cooke Optics and Sports Information Services used a blend of
methods comprising the earnings multiple method, weighting of
outcomes and discounted cash flows. Earnings were derived from
trading over historic, current and forecast periods. Multiples were
arrived at after considering a basket of sector specific transactions
and sector specific multiples. Weightings of outcomes were based
on future expected outcomes. Discounted cashflow techniques
included forecast cashflows and appropriate discount rates.
Cooke Optics and Sports Information Services are market-leading
companies operating in niche sectors so the quantity of available
suitable publicly quoted comparators is low.
Transaction
Direct Tyre Management (DTM) used the price of the recent
transaction method.
Utilise external valuation
Cobehold\u2019s fair value is derived from the valuation prepared by
Cobepa (the manager) which reflects the net asset value of the
group as at 31 December 2024, Cobehold\u2019s year end.
Non-pool companies
Non-pool companies comprise principally cash or group company
receivables or payables held in subsidiary investment entities.
Private equity funds
Private equity fund interests are valued on a net assets basis,
estimated based on the managers\u2019 NAVs. Managers' NAVs apply
valuation techniques consistent with IFRS and are normally subject
to audit. Managers\u2019 NAVs are usually published quarterly, two to
four months after the quarter end. Consequently, the fund
valuations included in these financial statements were based
principally on the 31 December 2024 managers\u2019 NAVs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-419": { "value": "
15. Trade and other payables
Group
Company
2025 2024 2025 2024
\u00a3m\ue003 \u00a3m\ue003 \u00a3m\ue003 \u00a3m\ue003
Trade payables
1.3\ue003
1.1\ue003
0.1
10.5
Non-trade payables and\ue003
accrued expenses
3.7\ue003
3.1\ue003
10.6\ue003
7.5\ue003
Other payables
11.4\ue003
20.2
11.4\ue003
20.2\ue003
16.4\ue003
24.4\ue003
22.1\ue003
38.2
Other payables of the group and company include short-term
borrowing from non-consolidated subsidiaries of \u00a311.4m (2024:
\u00a320.2m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-465": { "value": "15. Trade and other payables
Group
Company
2025 2024 2025 2024
\u00a3m\ue003 \u00a3m\ue003 \u00a3m\ue003 \u00a3m\ue003
Trade payables
1.3\ue003
1.1\ue003
0.1
10.5
Non-trade payables and\ue003
accrued expenses
3.7\ue003
3.1\ue003
10.6\ue003
7.5\ue003
Other payables
11.4\ue003
20.2
11.4\ue003
20.2\ue003
16.4\ue003
24.4\ue003
22.1\ue003
38.2
Other payables of the group and company include short-term borrowing from non-consolidated subsidiaries of \u00a311.4m (2024: \u00a320.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-449": { "value": "15. Trade and other payables
Group
Company
2025 2024 2025 2024
\u00a3m\ue003 \u00a3m\ue003 \u00a3m\ue003 \u00a3m\ue003
Trade payables
1.3\ue003
1.1\ue003
0.1
10.5
Non-trade payables and\ue003
accrued expenses
3.7\ue003
3.1\ue003
10.6\ue003
7.5\ue003
Other payables
11.4\ue003
20.2
11.4\ue003
20.2\ue003
16.4\ue003
24.4\ue003
22.1\ue003
38.2
Other payables of the group and company include short-term borrowing from non-consolidated subsidiaries of \u00a311.4m (2024: \u00a320.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-420": { "value": "
16. Share capital
Deferred\ue003
Ordinary\ue003 ordinary\ue003 Share
shares shares premium\ue003 Total
\u00a3m \u00a3m\ue003 \u00a3m\ue003 \u00a3m
Balance at 31 March 2023\ue003
and 2024\ue003
2.7\ue003
0.4\ue003
1.3
4.4
Transfer to capital\ue003
redemption reserve on\ue003
cancellation of share capital
(0.1)
\u2013
\u2013
(0.1)
Balance at 31 March 2025
2.6
0.4
1.3
4.3
The number of fully paid shares in issue was as follows:
Deferred
Ordinary shares ordinary shares
2025 2024 2025 2024
000\u2019s 000\u2019s 000\u2019s 000\u2019s
Balance at the year start
54,612
54,664
8,000
8,000
Shares purchased and cancelled
(1,729)
(52)
\u2013
\u2013
Balance at the year end
52,883
54,612
8,000
8,000
The company had outstanding performance share scheme and
deferred bonus awards (note 24).
As at 31 March 2025, the issued share capital of the company
comprised 52,882,698 ordinary shares (2024: 54,611,759 ) and
8,000,000 deferred ordinary shares (2024: 8,000,000). The
ordinary and deferred ordinary shares have a nominal value
of 5p each.
The holders of the ordinary shares are entitled to receive dividends
as declared from time to time and are entitled to one vote per
share at meetings of the company. In respect of the company\u2019s
ordinary shares that are held by subsidiaries, all voting rights
are suspended.
The deferred ordinary shares carry no voting rights and are not
redeemable. They carry the right to a fixed cumulative preference
dividend of 1% per annum (exclusive of any associated tax credit) of
the nominal value of such deferred ordinary shares, being 0.05p
per share, or \u00a34,000 in aggregate, for all such shares currently in
issue. The company is required to pay the dividend to the extent
that it has distributable profits. On a winding-up or other return of
capital, the deferred ordinary shares carry the right to the payment
of the amount paid up on such shares only after holders of the
ordinary shares have received the sum of \u00a3100,000 in respect of
each such ordinary share. All of the deferred ordinary shares are
held by Sterling Industries Ltd, a wholly-owned group company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-450": { "value": "16. Share capital
Deferred\ue003
Ordinary\ue003 ordinary\ue003 Share
shares shares premium\ue003 Total
\u00a3m \u00a3m\ue003 \u00a3m\ue003 \u00a3m
Balance at 31 March 2023\ue003
and 2024\ue003
2.7\ue003
0.4\ue003
1.3
4.4
Transfer to capital\ue003
redemption reserve on\ue003
cancellation of share capital
(0.1)
\u2013
\u2013
(0.1)
Balance at 31 March 2025
2.6
0.4
1.3
4.3
The number of fully paid shares in issue was as follows:
Deferred
Ordinary shares ordinary shares
2025 2024 2025 2024
000\u2019s 000\u2019s 000\u2019s 000\u2019s
Balance at the year start
54,612
54,664
8,000
8,000
Shares purchased and cancelled
(1,729)
(52)
\u2013
\u2013
Balance at the year end
52,883
54,612
8,000
8,000
The company had outstanding performance share scheme and deferred bonus awards (note 24). As at 31 March 2025, the issued share capital of the company comprised 52,882,698 ordinary shares (2024: 54,611,759 ) and 8,000,000 deferred ordinary shares (2024: 8,000,000). The ordinary and deferred ordinary shares have a nominal value of 5p each. The holders of the ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. In respect of the company\u2019s ordinary shares that are held by subsidiaries, all voting rights are suspended. The deferred ordinary shares carry no voting rights and are not redeemable. They carry the right to a fixed cumulative preference dividend of 1% per annum (exclusive of any associated tax credit) of the nominal value of such deferred ordinary shares, being 0.05p per share, or \u00a34,000 in aggregate, for all such shares currently in issue. The company is required to pay the dividend to the extent that it has distributable profits. On a winding-up or other return of capital, the deferred ordinary shares carry the right to the payment of the amount paid up on such shares only after holders of the ordinary shares have received the sum of \u00a3100,000 in respect of each such ordinary share. All of the deferred ordinary shares are held by Sterling Industries Ltd, a wholly-owned group company.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-421": { "value": "17. Net asset value ('NAV') and NAV total return (\u2018NAVTR\u2019) APM The group\u2019s undiluted net asset value is based on the net assets of the group at the year end and on the number of ordinary shares in issue at the year end less ordinary shares held by The Caledonia Investments plc Employee Share Trust. The group\u2019s diluted net asset value assumes the calling of performance share and deferred bonus awards.
2025
2024
Net Number Net Number
assets
of shares
1
NAV assets
of shares
1
NAV
\u00a3m 000\u2019s p/share \u00a3m 000\u2019s p/share
Undiluted
2,936.1\ue003
52,750
5558\ue003
2,965.3\ue003
54,388
5452\ue003
Share awards
\u2013
793\ue003
(83)
\u2013
844
(83)
Diluted
2,936.1\ue003
53,543\ue003
5475
2,965.3
55,232\ue003
5369
1. Number of shares in issue at the year end is stated after the deduction of 133,025 (2024: 223,666) ordinary shares held by the Caledonia Investments plc Employee Share Trust. Net asset value total return is calculated in accordance with AIC guidance, as the change in NAV from the start of the period, assuming that dividends paid to shareholders are reinvested at NAV at the time the shares are quoted ex-dividend.
2025 2024
p\ue003 p\ue003
Diluted NAV at year start
5369
5068
Diluted NAV at year end
5475
5369
Dividends payable in the year
71
68
Reinvestment adjustment
2
\u2013
6
5546
5443
NAVTR over the year
3.3%\ue003
7.4%\ue003
2. The reinvestment adjustment is the gain or loss resulting from reinvesting the dividends in NAV at the ex-dividend date.", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-422": { "value": "18. Operating segments The chief operating decision maker has been identified as the Executive Committee, which reviews the company\u2019s internal reporting in order to assess performance and allocate resources. Management has determined the operating segments based on these reports. The performance of operating segments is assessed on a measure of group total revenue, principally comprising gains and losses on investments and derivatives hedging those investments and investment income. Reportable profit or loss is after treasury income and \u2018Other items\u2019, which comprise management and other expenses and provisions. Reportable assets equate to the group\u2019s total assets. Cash and cash equivalents and other items are not identifiable operating segments. \u2018Other investments\u2019 comprise subsidiaries not managed as part of the investment portfolio. Reportable segments are identified with reference to investment \u2018pools\u2019 which are used by management to organise the asset allocation and performance measurement of the business. The pools are quoted equity, private companies (Private Capital) and private equity funds (Funds), with each pool exposed to different risks, and operated by different teams according to distinct investment criteria and subject to different internal performance targets.
Profit/(loss)\ue003before tax
Total assets
2025 2024 2025 2024
\u00a3m\ue003 \u00a3m\ue003 \u00a3m\ue003 \u00a3m\ue003
Public Companies
44.1\ue003
101.8\ue003
964.7\ue003
949.8\ue003
Private Capital
30.5
111.2\ue003
870.7\ue003
820.3\ue003
Funds\ue003
19.5\ue003
19.4\ue003
897.3\ue003
926.3\ue003
Investment portfolio
94.1\ue003
232.4\ue003
2,732.7
2,696.4\ue003
Other investments
1
2.5\ue003
1.4\ue003
10.9
18.0
Total revenue/investments
96.6
233.8\ue003
2,743.6\ue003
2,714.4\ue003
Cash and cash equivalents
9.9\ue003
3.2\ue003
151.3\ue003
227.4\ue003
Other items\ue003
(39.7)
(35.6)
63.1
57.1
Reportable total
66.8\ue003
201.4\ue003
2,958.0
2,998.9\ue003
1. Other investments included \u00a310.9m of non-pool investments (2024: \u00a318.0m of non-pool investments). Geographical segments In presenting information on the basis of geographical segments, segment revenue is based on the currency of primary listing for listed securities, or country of residence for unquoted investments, and segment assets are based on the geographical location of the assets. Non-current assets below comprise investment property and property, plant and equipment (notes 9-10). UK US Other\ue003 Total \u00a3m\ue003 \u00a3m\ue003 \u00a3m \u00a3m\ue003 2025 Revenue (78.1) 103.1\ue003 71.6 96.6 Non-current assets 37.9\ue003 \u2013 \u2013 37.9 2024 Revenue 7.8\ue003 102.6\ue003 123.4\ue003 233.8\ue003 Non-current assets 38.5\ue003 \u2013 \u2013 38.5", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-451": { "value": "Geographical segments In presenting information on the basis of geographical segments, segment revenue is based on the currency of primary listing for listed securities, or country of residence for unquoted investments, and segment assets are based on the geographical location of the assets. Non-current assets below comprise investment property and property, plant and equipment (notes 9-10). UK US Other\ue003 Total \u00a3m\ue003 \u00a3m\ue003 \u00a3m \u00a3m\ue003 2025 Revenue (78.1) 103.1\ue003 71.6 96.6 Non-current assets 37.9\ue003 \u2013 \u2013 37.9 2024 Revenue 7.8\ue003 102.6\ue003 123.4\ue003 233.8\ue003 Non-current assets 38.5\ue003 \u2013 \u2013 38.5", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-452": { "value": "
19. Related parties
Identity of related parties
The group and company had related party relationships with its
subsidiaries (note 27) and associates (note 26) and with its key
management personnel, being its directors.
Transactions with key management personnel
Certain directors of the company and their immediate relatives had
significant influence in The Cayzer Trust Company Ltd, which held
36.6% of the voting shares of the company as at 31 March 2025
(2024: 35.6%).
During the year, the group invoiced and received \u00a30.1m (2024:
\u00a30.1m) in rent and administration fees from The Cayzer Trust
Company Ltd.
In addition to their salaries, the group provided non-cash and
post-employment benefits to directors and executive officers.
Details of directors\u2019 pension benefits are set out in the Directors\u2019
remuneration report on page 105.
The key management personnel compensation was as follows:
Group
2025 2024
\u00a3m\ue003 \u00a3m\ue003
Short-term employee benefits
2.8\ue003
2.8\ue003
Equity compensation benefits
1.1\ue003
1.5\ue003
3.9\ue003
4.3\ue003
Total remuneration of directors is included in \u2018Personnel expenses\u2019
(note 2).
Other related party transactions
Subsidiaries
Transactions between the company and its subsidiaries were
as follows:
2025
2024
Amount Amount
of trans- Balance at of trans- Balance at
actions year end actions year end
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Comprehensive income items
Dividends receivable on\ue003
equity shares
17.5
\u2013
22.2\ue003
\u2013
Interest receivable
3.0\ue003
\u2013
2.4\ue003
\u2013
Management fees payable
(32.6)
(12.6)
(31.4)
(11.4)
Interest payable
(0.1)
\u2013
(7.3)
\u2013
Taxation received
0.9\ue003
\u2013
21.1
\u2013
Taxation paid
(2.8)
\u2013
\u2013
\u2013
Financial position items
Capital contributed
1
(31.4)
\u2013
\u2013
\u2013
Investment loans
(34.9)
31.7
13.9
66.6
Loans receivable
(5.0)
30.5\ue003
\u2013
35.5\ue003
Loans payable
2
8.9\ue003
(11.4)
266.0\ue003
(20.2)
1. During the year the Company contributed its investment in SIS Holdings
Ltd to a wholly owned subsidiary SISH Shareholder LLP.
2. During the prior year $328m (\u00a3266m) was repaid to Caledonia US
Investments Ltd on the loan facility provided in 2023.
Associates
Transactions between the company and group and associates
were as follows:
2025
2024
Amount Amount
of trans- Balance at of trans- Balance at
actions year end actions year end
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Directors\u2019 fees
1
0.1\ue003
\u2013
0.1\ue003
\u2013
Dividends receivable on\ue003
equity shares
2.7
\u2013
\u2013
\u2013\ue003
1. Transactions with subsidiary.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-423": { "value": "19. Related parties Identity of related parties The group and company had related party relationships with its subsidiaries (note 27) and associates (note 26) and with its key management personnel, being its directors. Transactions with key management personnel Certain directors of the company and their immediate relatives had significant influence in The Cayzer Trust Company Ltd, which held 36.6% of the voting shares of the company as at 31 March 2025 (2024: 35.6%). During the year, the group invoiced and received \u00a30.1m (2024: \u00a30.1m) in rent and administration fees from The Cayzer Trust Company Ltd. In addition to their salaries, the group provided non-cash and post-employment benefits to directors and executive officers. Details of directors\u2019 pension benefits are set out in the Directors\u2019 remuneration report on page 105. The key management personnel compensation was as follows:
Group
2025 2024
\u00a3m\ue003 \u00a3m\ue003
Short-term employee benefits
2.8\ue003
2.8\ue003
Equity compensation benefits
1.1\ue003
1.5\ue003
3.9\ue003
4.3\ue003
Total remuneration of directors is included in \u2018Personnel expenses\u2019 (note 2). Other related party transactions Subsidiaries Transactions between the company and its subsidiaries were as follows:
2025
2024
Amount Amount
of trans- Balance at of trans- Balance at
actions year end actions year end
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Comprehensive income items
Dividends receivable on\ue003
equity shares
17.5
\u2013
22.2\ue003
\u2013
Interest receivable
3.0\ue003
\u2013
2.4\ue003
\u2013
Management fees payable
(32.6)
(12.6)
(31.4)
(11.4)
Interest payable
(0.1)
\u2013
(7.3)
\u2013
Taxation received
0.9\ue003
\u2013
21.1
\u2013
Taxation paid
(2.8)
\u2013
\u2013
\u2013
Financial position items
Capital contributed
1
(31.4)
\u2013
\u2013
\u2013
Investment loans
(34.9)
31.7
13.9
66.6
Loans receivable
(5.0)
30.5\ue003
\u2013
35.5\ue003
Loans payable
2
8.9\ue003
(11.4)
266.0\ue003
(20.2)
1. During the year the Company contributed its investment in SIS Holdings Ltd to a wholly owned subsidiary SISH Shareholder LLP. 2. During the prior year $328m (\u00a3266m) was repaid to Caledonia US Investments Ltd on the loan facility provided in 2023. Associates Transactions between the company and group and associates were as follows:
2025
2024
Amount Amount
of trans- Balance at of trans- Balance at
actions year end actions year end
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Directors\u2019 fees
1
0.1\ue003
\u2013
0.1\ue003
\u2013
Dividends receivable on\ue003
equity shares
2.7
\u2013
\u2013
\u2013\ue003
1. Transactions with subsidiary.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-425": { "value": "
20. Operating leases
Leases as lessor
The group leases out its investment property under operating
leases (note 9). The future minimum lease receipts under non-
cancellable leases were as follows:
2025 2024
\u00a3m\ue003 \u00a3m\ue003
Less than one year
0.9\ue003
0.9
Between one and five years
0.3\ue003
1.2\ue003
1.2
2.1
During the year ended 31 March 2025, \u00a30.7m (2024: \u00a30.8m) was recognised
as income in the statement of comprehensive income in respect of operating
leases.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-454": { "value": "
21. Capital commitments
At the reporting date, the group and company had entered into
unconditional commitments to limited partnerships and
committed loan facility agreements, as follows:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Investments
Contracted but not called
415.9
377.0\ue003
415.9\ue003
377.0\ue003
Loan facilities
Committed but undrawn
\u2013
\u2013
9.5\ue003
4.5\ue003
415.9
377.0
425.4
381.5\ue003
Amounts are callable within the next 12 months. The group has
conducted a going concern assessment which considered future
cash flows, the availability of liquid assets and debt facilities, over
the 12-month period required. In making this assessment a number
of stress scenarios were developed. The most extreme downside
scenario included the impact of a market downturn event and all
outstanding private equity fund commitments being drawn. Under
this scenario the group would have a range of mitigating actions
available to it, including sales of liquid assets and usage of banking
facilities, which would provide sufficient funds to meet all of its
liabilities as they fall due and still hold significant liquid assets over
the assessment period. For further details on assessment of going
concern and viability please refer to page 68.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-424": { "value": "21. Capital commitments At the reporting date, the group and company had entered into unconditional commitments to limited partnerships and committed loan facility agreements, as follows:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Investments
Contracted but not called
415.9
377.0\ue003
415.9\ue003
377.0\ue003
Loan facilities
Committed but undrawn
\u2013
\u2013
9.5\ue003
4.5\ue003
415.9
377.0
425.4
381.5\ue003
Amounts are callable within the next 12 months. The group has conducted a going concern assessment which considered future cash flows, the availability of liquid assets and debt facilities, over the 12-month period required. In making this assessment a number of stress scenarios were developed. The most extreme downside scenario included the impact of a market downturn event and all outstanding private equity fund commitments being drawn. Under this scenario the group would have a range of mitigating actions available to it, including sales of liquid assets and usage of banking facilities, which would provide sufficient funds to meet all of its liabilities as they fall due and still hold significant liquid assets over the assessment period. For further details on assessment of going concern and viability please refer to page 68. 22. Contingencies The company has provided guarantees capped at \u00a36.5m, \u00a39.0m and \u00a35.0m to the trustees of the Caledonia Pension Scheme, the Sterling Industries Pension Scheme and the Amber Industrial Holdings PLC Pension & Life Assurance Scheme respectively in respect of the liabilities of the participating employers of those schemes. Management have not set out a maturity analysis in relation to the pensions guarantees totalling \u00a320.5m on the grounds that management are unable to accurately allocate to the earliest period in which the guarantee could be called due to the conditions of this guarantee.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-453": { "value": "22. Contingencies The company has provided guarantees capped at \u00a36.5m, \u00a39.0m and \u00a35.0m to the trustees of the Caledonia Pension Scheme, the Sterling Industries Pension Scheme and the Amber Industrial Holdings PLC Pension & Life Assurance Scheme respectively in respect of the liabilities of the participating employers of those schemes. Management have not set out a maturity analysis in relation to the pensions guarantees totalling \u00a320.5m on the grounds that management are unable to accurately allocate to the earliest period in which the guarantee could be called due to the conditions of this guarantee.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-455": { "value": "
Risk analysis
The main types of financial risk to which the group is exposed are
market risk (which encompasses price risk, currency risk and
interest rate risk), credit risk and liquidity risk.
The nature and extent of the financial instruments outstanding at
the reporting date and the risk management policies employed are
discussed below.
Market risk
Market risk embodies the potential for both losses and gains and
includes price risk, currency risk and fair value interest rate risk.
The strategy for managing market risk is driven by the company\u2019s
objectives, which are to outperform the CPIH by 3% to 6% in the
short term and the FTSE All-Share Total Return index over rolling ten
year periods. Investments are made in a range of instruments,
including listed and unlisted equities, debt and investment funds,
in a range of sectors and regions.
Price risk
Price risk may affect the value of listed and unlisted investments as
a result of changes in market prices (other than arising from
interest rate risk or currency risk), whether caused by factors
specific to an individual investment, its issuer or factors affecting all
instruments traded in the market. Factors affecting instruments
traded in the market could include changes in market prices
whether driven by market sentiment, information specific to
individual investments, or the movements in foreign currency
relative to the group\u2019s functional currency of Sterling.
As the majority of financial instruments are carried at fair value,
with fair value changes recognised in the Statement of
Comprehensive Income, all changes in market conditions will affect
portfolio asset prices.
Price risk is managed by constructing a diversified portfolio of
instruments traded on various markets and hedging where
appropriate.
The exposures of listed and unlisted equity investments and fund
interests were as follows:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Investments held at fair\ue003
value through profit or loss
2,727.3
2,667.9\ue003
2,732.6
2,673.2\ue003
The following table details the sensitivity to a 10% variation in
equity prices. The sensitivity analysis includes all equity and fund
investments held at fair value through profit or loss and adjusts
their valuation at the year end for a 10% change in value.
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Increase in prices
272.7
266.8\ue003
273.3\ue003
267.3\ue003
Decrease in prices
(272.7)
(266.8)
(273.3)
(267.3)
The sensitivity to equity and fund investments has increased during the year due to net gains on investments in the year more than offsetting net realisations thereby increasing the portfolio value at the year end. Currency risk The group\u2019s currency risk is attributable to monetary items which are denominated in currencies other than the group\u2019s functional currency of Sterling. This excludes the impact of foreign currency movements on equity instruments which carry foreign currency price risk (see price risk section above). There is exposure to the risk that the exchange rate of the functional currency may change relative to other currencies in a manner that has an adverse effect on the value of that portion of assets and liabilities denominated in currencies other than the functional currency. The company\u2019s non-functional currency denominated monetary items and gains and losses thereon are reviewed regularly by the directors and the currency risk is managed by the directors within the overall asset allocation strategies. The fair values of the monetary items that have foreign currency exposure were as follows:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Investments in debt
instruments
\u2013
1.6\ue003
\u2013
1.6\ue003
Cash and cash equivalents
23.1
15.9
22.9
15.8
23.1\ue003
17.5\ue003
22.9\ue003
17.4
The following table details the sensitivity to a 10% variation in exchange rates. This level of change is considered to be reasonable, based on observation of market conditions and historic trends. The sensitivity analysis includes all foreign denominated debt investments.
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Sterling depreciates (weakens)
1.9\ue003
1.6\ue003
1.9\ue003
1.6
Sterling appreciates\ue003
(strengthens)
(1.6)
(1.3)
(1.6)
(1.3)
The exposure to foreign currency has increased in the year due to an increase in foreign denominated cash and cash equivalents more than offsetting the reduction in foreign debt investments. The group actively monitors its exposure to foreign currency risk but does not seek to hedge against it. Interest rate risk Interest rate movements may affect the fair value of investments in fixed interest securities and the level of income receivable from floating income securities and cash at bank and on deposit. The company and group held cash at bank, term deposits and money market funds, with the term to maturity of up to three months and fixed and floating rate, interest-bearing financial assets. The company\u2019s interest bearing assets and liabilities are reviewed periodically by the company and interest rate risk is managed by the directors within the overall asset allocation strategies. The exposure to interest rate risk on financial assets and liabilities was as follows:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Fixed rate
Interest-bearing loans to
non-consolidated subsidiaries
\u2013
1.6\ue003
\u2013
1.6\ue003
Floating rate
Investments in debt\ue003
instruments
16.3\ue003
25.9
16.3\ue003
25.9
Cash and cash equivalents
151.3\ue003
227.4
148.5
227.3
The sensitivity analysis below has been determined based on the exposure to interest rates at the reporting date from a 50 basis point change taking place at the beginning of the financial year and held constant throughout the year. This level of change is considered to be reasonable, based on observation of market conditions and historic trends.
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Decrease in interest rates
(0.7)
(1.1)
(0.7)
(1.1)
Increase in interest rates
0.7
1.1
0.7
1.1
The group\u2019s sensitivity to interest rates has reduced over the year due to a reduction in net cash balances. The group does not consider there is a material exposure to interest rate risk.Credit risk Credit risk is the risk that the counterparty to a financial instrument will fail to discharge an obligation or commitment. A credit policy is in place and exposure to credit risk is monitored regularly. The exposure to credit risk in financial assets was as follows:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Investments in debt instruments
16.3
27.5
16.3\ue003
27.5
Operating and other receivables
10.3\ue003
7.3
36.9\ue003
40.5\ue003
Cash and cash equivalents
151.3\ue003
227.4
148.5\ue003
227.3
177.9\ue003
262.2\ue003
201.7
295.3
The group\u2019s credit risk is primarily attributable to its cash and cash equivalents, trade receivables and debt investments. For an aged analysis of trade receivables see note 12. A group analysis of credit ratings for cash and cash equivalents is presented below. All other financial assets are unrated.
Group
2025 2024
Credit rating \u00a3m\ue003 \u00a3m\ue003
AAAm
1
141.5
223.5\ue003
A+ / A-
1
9.8
3.9\ue003
151.3
227.4\ue003
1. The group holds \u00a3141.5m (2024 - \u00a3223.5m) in Low Volatility Net Asset Value money market funds which all hold a AAAm rating from Standard & Poors and \u00a39.8m (2024: \u00a33.9m) of cash in current accounts with three commercial banks with credit ratings from Standard & Poor's of A+ and A-. Debt instruments relate to loans to investees within the Private Capital pool totalling \u00a316.3m (2024: \u00a327.5m). Prior to making investments in debt instruments, management has in place a process of review that includes an evaluation of a potential investee company's ability to service and repay its debt. Management assesses the credit risk relating to these instrument as part of an overall ongoing monitoring of its debt and equity positions in each relevant investee. The exposure to credit risk on operating and other receivables is mitigated by performing credit evaluations on investee companies as part of the due diligence process. Credit risk arising on money market liquidity funds and cash and cash equivalents is mitigated by spreading liquidity investments and deposits across a number of approved counterparties in accordance with board policy. These are \u201cAAA\u201d rated money market funds, as determined by the rating agencies Fitch, Moody\u2019s or Standard & Poor\u2019s; highly-rated banks operating in the London money market; or investment-grade clearing banks specifically approved by the board. These credit ratings are reviewed regularly. At the year end, the group and company had money market liquidity funds of \u00a3141.5m and \u00a3140.2m respectively (2024: \u00a3224.2m and \u00a3223.5m). At the year end, the group and company had \u00a320.0m invested in each of the Aberdeen Liquidity Fund (Lux) GBP, the ILF GBP liquidity fund from Insight and the LGIM Liquidity Fund GBP, \u00a315.0m invested in each of the Institutional Sterling Liquidity fund from Blackrock, the Sterling Liquidity fund from Aviva Investors and the Sterling liquid reserves fund from Goldman Sachs and \u00a312.0m invested in the JP Morgan GBP liquidity fund. In addition the company and group had \u00a323.2m and \u00a324.5m invested respectively in the HSBC Global Liquidity Funds plc Sterling and US Dollar Liquidity Funds. At the prior year end, the group and company had \u00a330.5m invested in the JP Morgan GBP and US Dollar liquidity funds, \u00a330m invested in each of the ILF GBP liquidity fund from Insight and the LGIM Liquidity Fund GBP, \u00a328.6m invested in the Institutional Sterling and US Dollar Liquidity funds from Blackrock, \u00a326.0m invested in each of the Aberdeen Liquidity Fund (Lux) GBP, the Sterling Liquidity fund from Aviva Investors and the Sterling liquid reserves fund from Goldman Sachs. In addition the company and group had \u00a325.7m and \u00a326.4m invested respectively in the HSBC Global Liquidity Funds plc Sterling and US Dollar Liquidity Funds. All transactions in listed securities are settled on contract terms using approved brokers. The risk of default is considered minimal, as delivery of securities sold is only made once the broker has received payment. Payment is made on a purchase once the securities have been received by the broker. The trade will fail if either party fails to meet their obligations. Listed security trades are settled through BNP Paribas Global Custody. Fair value Most of the financial instruments are carried at fair value in the Statement of financial position. Usually, the fair value of the financial instruments can be reliably determined within a reasonable range of estimates. For certain other financial instruments, specifically operating and other receivables and payables, the carrying amounts approximate fair value due to the immediate or short term nature of these financial instruments. Liquidity risk Liquidity risk arises as a result of the possibility that the group and company may not be able to meet its obligations as they fall due. The corporate treasury function provides services to the company and group, coordinating access to domestic financial markets for both borrowing and depositing. Group companies access local financial markets when this is more favourable, in liaison with the corporate treasury function. Executive management monitors the group\u2019s liquidity on a weekly basis, including the level of undrawn committed bank facilities. Bank facilities were undrawn at 31 March 2025 and 2024. Capital management policies and procedures The group\u2019s capital management objectives are: \u2022 to ensure that the group and company will be able to continue as a going concern \u2022 to maximise the income and capital return to the company's shareholders, principally through the use of equity capital, although the group will maintain appropriate borrowing facilities, to be used for short-term working capital or bridging finance, currently \u00a3325m (2024: \u00a3250m). The group\u2019s total capital at 31 March 2025 was \u00a32,931.6m (2024: \u00a32,965.3m) and comprised equity share capital and reserves of \u00a32,931.6m (2024: \u00a32,965.3m) and \u00a3nil of borrowings (2024: \u00a3nil). The group was ungeared at the year end (2024: ungeared) and had \u00a3325m (2024: \u00a3250m) of undrawn committed bank facilities. The board monitors and reviews the broad structure of the group\u2019s and company's capital on an ongoing basis. This review includes: \u2022 the planned level of gearing, which takes into account planned investment activity \u2022 the possible buy-back of equity shares for cancellation, which takes account of the discount of the share price to net asset value per share \u2022 the annual dividend policy. The group\u2019s objectives, policies and processes for managing capital are unchanged from the preceding year. The parent company is subject to the following externally imposed capital requirements: \u2022 as a public limited company, the company is required to have a minimum issued share capital of \u00a350,000 \u2022 to maintain its approval as an investment trust company, the company is required to comply with the provisions of section 1158 of the Corporation Tax Act 2010 as amended by the Investment Trust (Approved Company) (Tax) Regulations 2011. The parent company has complied with these requirements, which are unchanged since the previous year end. Fair value hierarchy The company measures fair values using the following fair value hierarchy, reflecting the significance of the inputs used in making the measurements: Level 1 Inputs that are quoted market prices (unadjusted) in active markets for identical instruments. Level 2 Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 Inputs that are unobservable. The table below analyses financial instruments held at fair value according to level in the fair value hierarchy into which the fair value measurement is categorised:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Investments held at fair value
Level 1
964.7\ue003
949.9\ue003
964.7\ue003
949.9\ue003
Level 2
14.4\ue003
8.4\ue003
14.4
8.4\ue003
Level 3
1,764.5\ue003
1,737.1
1,769.8\ue003
1,742.4
2,743.6\ue003
2,695.4
2,748.9\ue003
2,700.7\ue003
The following table shows a reconciliation from the opening balances to the closing balances for fair value measurements in Level 3 of the fair value hierarchy:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Balance at the year start
1,737.1
1,953.2\ue003
1,742.4
1,961.5\ue003
Transferred to Held for Sale
\u2013
(19.0)
\u2013
(19.0)
Purchases
213.5\ue003
269.8\ue003
213.5\ue003
269.8\ue003
Disposal proceeds
(203.9)
(327.8)
(203.9)
(327.8)
Gains and losses on\ue003
investments sold in the year
56.2\ue003
122.7\ue003
56.2\ue003
122.7\ue003
Gains and losses on\ue003
investments held at the
year end
(40.6)
(263.2)
(40.6)
(266.2)
Accrued income
2.2
1.4
2.2
1.4
Balance at the year end
1,764.5\ue003
1,737.1\ue003
1,769.8
1,742.4\ue003
The following table provides information on significant unobservable inputs used at 31 March 2025 in measuring financial instruments categorised as Level 3 in the fair value hierarchy.
Private company assets have been disaggregated into categories
as follows: Assets in the large, earnings based category have an
Enterprise Value of >\u00a3200m, and benefit from a reasonable
number of comparative data points, as well as having sufficient size
to make their earnings reliable and predictable. The assets in the
small and medium, earnings based category have an Enterprise
Value of <\u00a3200m and have a more limited universe of comparable
businesses available. Manager valuations are used for assets where
the net asset method is employed. During the prior year the large
categorisation was increased to >\u00a3200m.
For private company assets we have chosen to sensitise and
disclose EBITDA multiple inputs because their derivation involves
the most significant judgements when estimating valuation,
including which data sets to consider and prioritise. Valuations also
include other unobservable inputs, including earnings, which are
based on historic and forecast data and are less judgemental. For
each asset category, inputs were sensitised by a percentage
deemed to reflect the relative degree of estimation uncertainty,
and valuation calculations re-performed to identify the impact.
Private equity fund assets are each held in and managed by the
same type of fund vehicle, valued using the same method of
adjusted manager valuations, and subject to broadly the same
economic risks. They are therefore subject to a similar degree of
estimation uncertainty. They have been sensitised at an aggregated
level by 5% to reflect a degree of uncertainty over managers\u2019
valuations which form the basis of their fair value.
At 31 March 2025
Input\ue003 Change
Unobser- Weighted\ue003 sensit-\ue003 in valu-\ue003
Description / Fair vable\ue003 average\ue003 ivity ation
valuation method value \u00a3m input input\ue003 +/-\ue003 +/- \u00a3m
Internally developed
Private companies
Large, earnings
555.5
EBITDA\ue003
12.5x
10.0%
+56.2/-
multiple 59.8\ue003
Small and medium,\ue003
67.5\ue003
Various
+6.8/
blend of methods -7.5\ue003
Transaction
55.0
1
5%
+/-2.8
Net assets /
192.7\ue003
Multiple
1
0.1x
+/-19.3
manager valuation
870.7\ue003
+85.1/-
89.4\ue003
Non-pool companies
10.9
Total internal
881.6\ue003
Externally developed
Private equity fund
Net asset value
882.9
Manager
1\ue003
5%
+/-44.1
NAV
+129.2/-
1,764.5\ue003133.5\ue003\ue003
The table below sets out information about significant
unobservable inputs used at the prior year end, 31 March 2024 in
measuring financial instruments categorised as Level 3 in the fair
value hierarchy.
At 31 March 2024
Input\ue003 Change
Unobser- Weighted\ue003 sensit-\ue003 in valu-\ue003
Description / Fair vable\ue003 average\ue003 ivity ation
valuation method value \u00a3m input input\ue003 +/-\ue003 +/- \u00a3m
Internally developed
Private companies
Large, earnings
473.9
EBITDA\ue003
12.1x
10.0%
+51.1/-
multiple 52.7\ue003
Small and medium,\ue003
164.0\ue003
EBITDA\ue003
9.1x
10.0%-
+15.3/-
earnings multiple 15%\ue003 14.4\ue003
Net assets / manager
182.4\ue003
Multiple
1
0.1x
+18.6/-
valuation 18.8\ue003
820.3\ue003
+85.0/-
85.9\ue003
Non-pool companies
18.0\ue003
Total internal
838.3
Externally developed
Private equity fund
Net asset value
898.8\ue003
Manager
1\ue003
5%
+/-44.9
NAV
+129.9/-
1,737.1\ue003130.8
Private capital companies Valuation approach For each asset, management considers a range of valuation methods and select those which are considered most appropriate for each asset, taking into consideration the quantity and quality of data points available with each method. Methods include inter alia: Indicative offers. We regularly receive indications of interest from potential acquirers for our private capital assets, either as part of a structured sale process or in the form of a direct approach. Where we judge it appropriate, the insight gained from such approaches is incorporated into the data sets used in arriving at valuations. Where there is an offer from credible buyer or buyers, and there is an intention to advance discussions, our practice is to consider fair values derived from an indicative enterprise value based on offers received with an appropriate discount applied. Discounts aim to reflect the unique uncertainty associated with the execution of each transaction, and are normally in a range of 5-20%. Multiples This method involves the application of an earnings multiple to the maintainable earnings of the business, most commonly earnings before interest, tax, depreciation and amortisation (\u201cEBITDA\u201d) multiples, and is likely to be appropriate for investments in established businesses with an identifiable ongoing earnings stream. Such multiples are derived from (i) comparable public companies based on geographic location, industry, size, target markets and other factors that management considers to be reasonable and (ii) reported mergers and acquisitions transactions involving comparable companies. EBITDA multiples ranged from 10x to 15x (2024: 4x to 15x), with a weighted average of 11.3x (2024: 11.5x). Earnings are obtained from portfolio company statutory and management accounts and forecast management accounts. Maintainable earnings are estimated by adjusting reported and forecast earnings for non-recurring items (for example restructuring expenses), for significant corporate actions, and, in exceptional cases, run-rate adjustments. Net assets This method is likely to be appropriate for businesses whose value derives principally from the underlying value of its assets rather than its ongoing earnings. A third-party valuation may be used to derive the fair value of a particular asset or group of assets, most commonly property assets. Having selected an appropriate method, management then considers a range of data relevant to each asset. The data selected and the assumptions used are in each case examined by the Valuation Committee and Audit and Risk Committee to ensure sufficient challenge and reflection has been made on the decisions made to arrive at valuations. In arriving at valuations for the Private Capital portfolio the directors have conducted a portfolio analysis, examining company and sector specific vulnerabilities, the quantity and quality of data available, as well as considering operating and financial leverage and liquidity. They have classified the investments into five categories based on a combination of enterprise value, valuation technique and sector as shown on the following page. At 31 March 2025, the investments were classified as follows:
EV Range Valuation Valuation
Investment
Category
\u00a3m technique \u00a3m\ue003
Stonehage Large, internally
>200m
Earnings
221.4
Fleming developed
AIR-serv
Large, internally
>200m
Earnings
197.7
developed
Cobehold
Utilise external
N/A
Net assets
192.7
valuation
Butcombe
Large, internally
>200m
Earnings
136.5\ue003
developed
DTM
Utilise transaction
N/A
Transaction
55.0
price
Cooke Small and Medium,\ue003
<200m
Blended\ue003
44.1
Optics internally developed method
Other
investments
23.3
870.7
At 31 March 2024, the investments were classified as follows: EV Range Valuation Valuation Investment Category \u00a3m technique \u00a3m\ue003 Cobehold Utilise external N/A Net assets 181.0 valuation AIR-serv Large, internally >200m Earnings 170.1 developed Stonehage Large, internally >200m Earnings 168.5 Fleming developed Butcombe Large, internally >200m Earnings 135.2 developed Cooke Optics Small and Medium, <200m Earnings 105.4 internally developed Other investments 60.1 820.3 The valuation of Private Capital companies may also be informed by offers we have received from interested parties in the year. More details on the valuation process for individual assets within these categories is outlined below. Large, internally developed AIR-serv, Stonehage Fleming and Butcombe use an earnings multiple method with earnings derived from trading over historic, current and forecast periods. A particularly high quality set of comparator companies was identified when arriving at an appropriate multiple. Small and medium, internally developed Cooke Optics and Sports Information Services used a blend of methods comprising the earnings multiple method, weighting of outcomes and discounted cash flows. Earnings were derived from trading over historic, current and forecast periods. Multiples were arrived at after considering a basket of sector specific transactions and sector specific multiples. Weightings of outcomes were based on future expected outcomes. Discounted cashflow techniques included forecast cashflows and appropriate discount rates. Cooke Optics and Sports Information Services are market-leading companies operating in niche sectors so the quantity of available suitable publicly quoted comparators is low. Transaction Direct Tyre Management (DTM) used the price of the recent transaction method. Utilise external valuation Cobehold\u2019s fair value is derived from the valuation prepared by Cobepa (the manager) which reflects the net asset value of the group as at 31 December 2024, Cobehold\u2019s year end. Non-pool companies Non-pool companies comprise principally cash or group company receivables or payables held in subsidiary investment entities. Private equity funds Private equity fund interests are valued on a net assets basis, estimated based on the managers\u2019 NAVs. Managers' NAVs apply valuation techniques consistent with IFRS and are normally subject to audit. Managers\u2019 NAVs are usually published quarterly, two to four months after the quarter end. Consequently, the fund valuations included in these financial statements were based principally on the 31 December 2024 managers\u2019 NAVs.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-466": { "value": "Market risk Market risk embodies the potential for both losses and gains and includes price risk, currency risk and fair value interest rate risk. The strategy for managing market risk is driven by the company\u2019s objectives, which are to outperform the CPIH by 3% to 6% in the short term and the FTSE All-Share Total Return index over rolling ten year periods. Investments are made in a range of instruments, including listed and unlisted equities, debt and investment funds, in a range of sectors and regions. Price risk Price risk may affect the value of listed and unlisted investments as a result of changes in market prices (other than arising from interest rate risk or currency risk), whether caused by factors specific to an individual investment, its issuer or factors affecting all instruments traded in the market. Factors affecting instruments traded in the market could include changes in market prices whether driven by market sentiment, information specific to individual investments, or the movements in foreign currency relative to the group\u2019s functional currency of Sterling. As the majority of financial instruments are carried at fair value, with fair value changes recognised in the Statement of Comprehensive Income, all changes in market conditions will affect portfolio asset prices. Price risk is managed by constructing a diversified portfolio of instruments traded on various markets and hedging where appropriate. The exposures of listed and unlisted equity investments and fund interests were as follows:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Investments held at fair\ue003
value through profit or loss
2,727.3
2,667.9\ue003
2,732.6
2,673.2\ue003
The following table details the sensitivity to a 10% variation in equity prices. The sensitivity analysis includes all equity and fund investments held at fair value through profit or loss and adjusts their valuation at the year end for a 10% change in value.
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Increase in prices
272.7
266.8\ue003
273.3\ue003
267.3\ue003
Decrease in prices
(272.7)
(266.8)
(273.3)
(267.3)
The sensitivity to equity and fund investments has increased during the year due to net gains on investments in the year more than offsetting net realisations thereby increasing the portfolio value at the year end. Currency risk The group\u2019s currency risk is attributable to monetary items which are denominated in currencies other than the group\u2019s functional currency of Sterling. This excludes the impact of foreign currency movements on equity instruments which carry foreign currency price risk (see price risk section above). There is exposure to the risk that the exchange rate of the functional currency may change relative to other currencies in a manner that has an adverse effect on the value of that portion of assets and liabilities denominated in currencies other than the functional currency. The company\u2019s non-functional currency denominated monetary items and gains and losses thereon are reviewed regularly by the directors and the currency risk is managed by the directors within the overall asset allocation strategies. The fair values of the monetary items that have foreign currency exposure were as follows:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Investments in debt
instruments
\u2013
1.6\ue003
\u2013
1.6\ue003
Cash and cash equivalents
23.1
15.9
22.9
15.8
23.1\ue003
17.5\ue003
22.9\ue003
17.4
The following table details the sensitivity to a 10% variation in exchange rates. This level of change is considered to be reasonable, based on observation of market conditions and historic trends. The sensitivity analysis includes all foreign denominated debt investments.
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Sterling depreciates (weakens)
1.9\ue003
1.6\ue003
1.9\ue003
1.6
Sterling appreciates\ue003
(strengthens)
(1.6)
(1.3)
(1.6)
(1.3)
The exposure to foreign currency has increased in the year due to an increase in foreign denominated cash and cash equivalents more than offsetting the reduction in foreign debt investments. The group actively monitors its exposure to foreign currency risk but does not seek to hedge against it. Interest rate risk Interest rate movements may affect the fair value of investments in fixed interest securities and the level of income receivable from floating income securities and cash at bank and on deposit. The company and group held cash at bank, term deposits and money market funds, with the term to maturity of up to three months and fixed and floating rate, interest-bearing financial assets. The company\u2019s interest bearing assets and liabilities are reviewed periodically by the company and interest rate risk is managed by the directors within the overall asset allocation strategies. The exposure to interest rate risk on financial assets and liabilities was as follows:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Fixed rate
Interest-bearing loans to
non-consolidated subsidiaries
\u2013
1.6\ue003
\u2013
1.6\ue003
Floating rate
Investments in debt\ue003
instruments
16.3\ue003
25.9
16.3\ue003
25.9
Cash and cash equivalents
151.3\ue003
227.4
148.5
227.3
The sensitivity analysis below has been determined based on the exposure to interest rates at the reporting date from a 50 basis point change taking place at the beginning of the financial year and held constant throughout the year. This level of change is considered to be reasonable, based on observation of market conditions and historic trends.
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Decrease in interest rates
(0.7)
(1.1)
(0.7)
(1.1)
Increase in interest rates
0.7
1.1
0.7
1.1
The group\u2019s sensitivity to interest rates has reduced over the year due to a reduction in net cash balances. The group does not consider there is a material exposure to interest rate risk.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-467": { "value": "Credit risk Credit risk is the risk that the counterparty to a financial instrument will fail to discharge an obligation or commitment. A credit policy is in place and exposure to credit risk is monitored regularly. The exposure to credit risk in financial assets was as follows:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Investments in debt instruments
16.3
27.5
16.3\ue003
27.5
Operating and other receivables
10.3\ue003
7.3
36.9\ue003
40.5\ue003
Cash and cash equivalents
151.3\ue003
227.4
148.5\ue003
227.3
177.9\ue003
262.2\ue003
201.7
295.3
The group\u2019s credit risk is primarily attributable to its cash and cash equivalents, trade receivables and debt investments. For an aged analysis of trade receivables see note 12. A group analysis of credit ratings for cash and cash equivalents is presented below. All other financial assets are unrated.
Group
2025 2024
Credit rating \u00a3m\ue003 \u00a3m\ue003
AAAm
1
141.5
223.5\ue003
A+ / A-
1
9.8
3.9\ue003
151.3
227.4\ue003
1. The group holds \u00a3141.5m (2024 - \u00a3223.5m) in Low Volatility Net Asset Value money market funds which all hold a AAAm rating from Standard & Poors and \u00a39.8m (2024: \u00a33.9m) of cash in current accounts with three commercial banks with credit ratings from Standard & Poor's of A+ and A-. Debt instruments relate to loans to investees within the Private Capital pool totalling \u00a316.3m (2024: \u00a327.5m). Prior to making investments in debt instruments, management has in place a process of review that includes an evaluation of a potential investee company's ability to service and repay its debt. Management assesses the credit risk relating to these instrument as part of an overall ongoing monitoring of its debt and equity positions in each relevant investee. The exposure to credit risk on operating and other receivables is mitigated by performing credit evaluations on investee companies as part of the due diligence process. Credit risk arising on money market liquidity funds and cash and cash equivalents is mitigated by spreading liquidity investments and deposits across a number of approved counterparties in accordance with board policy. These are \u201cAAA\u201d rated money market funds, as determined by the rating agencies Fitch, Moody\u2019s or Standard & Poor\u2019s; highly-rated banks operating in the London money market; or investment-grade clearing banks specifically approved by the board. These credit ratings are reviewed regularly. At the year end, the group and company had money market liquidity funds of \u00a3141.5m and \u00a3140.2m respectively (2024: \u00a3224.2m and \u00a3223.5m). At the year end, the group and company had \u00a320.0m invested in each of the Aberdeen Liquidity Fund (Lux) GBP, the ILF GBP liquidity fund from Insight and the LGIM Liquidity Fund GBP, \u00a315.0m invested in each of the Institutional Sterling Liquidity fund from Blackrock, the Sterling Liquidity fund from Aviva Investors and the Sterling liquid reserves fund from Goldman Sachs and \u00a312.0m invested in the JP Morgan GBP liquidity fund. In addition the company and group had \u00a323.2m and \u00a324.5m invested respectively in the HSBC Global Liquidity Funds plc Sterling and US Dollar Liquidity Funds. At the prior year end, the group and company had \u00a330.5m invested in the JP Morgan GBP and US Dollar liquidity funds, \u00a330m invested in each of the ILF GBP liquidity fund from Insight and the LGIM Liquidity Fund GBP, \u00a328.6m invested in the Institutional Sterling and US Dollar Liquidity funds from Blackrock, \u00a326.0m invested in each of the Aberdeen Liquidity Fund (Lux) GBP, the Sterling Liquidity fund from Aviva Investors and the Sterling liquid reserves fund from Goldman Sachs. In addition the company and group had \u00a325.7m and \u00a326.4m invested respectively in the HSBC Global Liquidity Funds plc Sterling and US Dollar Liquidity Funds. All transactions in listed securities are settled on contract terms using approved brokers. The risk of default is considered minimal, as delivery of securities sold is only made once the broker has received payment. Payment is made on a purchase once the securities have been received by the broker. The trade will fail if either party fails to meet their obligations. Listed security trades are settled through BNP Paribas Global Custody. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-478": { "value": "Fair value Most of the financial instruments are carried at fair value in the Statement of financial position. Usually, the fair value of the financial instruments can be reliably determined within a reasonable range of estimates. For certain other financial instruments, specifically operating and other receivables and payables, the carrying amounts approximate fair value due to the immediate or short term nature of these financial instruments. Fair value hierarchy The company measures fair values using the following fair value hierarchy, reflecting the significance of the inputs used in making the measurements: Level 1 Inputs that are quoted market prices (unadjusted) in active markets for identical instruments. Level 2 Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 Inputs that are unobservable. The table below analyses financial instruments held at fair value according to level in the fair value hierarchy into which the fair value measurement is categorised:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Investments held at fair value
Level 1
964.7\ue003
949.9\ue003
964.7\ue003
949.9\ue003
Level 2
14.4\ue003
8.4\ue003
14.4
8.4\ue003
Level 3
1,764.5\ue003
1,737.1
1,769.8\ue003
1,742.4
2,743.6\ue003
2,695.4
2,748.9\ue003
2,700.7\ue003
The following table shows a reconciliation from the opening balances to the closing balances for fair value measurements in Level 3 of the fair value hierarchy:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Balance at the year start
1,737.1
1,953.2\ue003
1,742.4
1,961.5\ue003
Transferred to Held for Sale
\u2013
(19.0)
\u2013
(19.0)
Purchases
213.5\ue003
269.8\ue003
213.5\ue003
269.8\ue003
Disposal proceeds
(203.9)
(327.8)
(203.9)
(327.8)
Gains and losses on\ue003
investments sold in the year
56.2\ue003
122.7\ue003
56.2\ue003
122.7\ue003
Gains and losses on\ue003
investments held at the
year end
(40.6)
(263.2)
(40.6)
(266.2)
Accrued income
2.2
1.4
2.2
1.4
Balance at the year end
1,764.5\ue003
1,737.1\ue003
1,769.8
1,742.4\ue003
The following table provides information on significant unobservable inputs used at 31 March 2025 in measuring financial instruments categorised as Level 3 in the fair value hierarchy. Private company assets have been disaggregated into categories as follows: Assets in the large, earnings based category have an Enterprise Value of >\u00a3200m, and benefit from a reasonable number of comparative data points, as well as having sufficient size to make their earnings reliable and predictable. The assets in the small and medium, earnings based category have an Enterprise Value of <\u00a3200m and have a more limited universe of comparable businesses available. Manager valuations are used for assets where the net asset method is employed. During the prior year the large categorisation was increased to >\u00a3200m. For private company assets we have chosen to sensitise and disclose EBITDA multiple inputs because their derivation involves the most significant judgements when estimating valuation, including which data sets to consider and prioritise. Valuations also include other unobservable inputs, including earnings, which are based on historic and forecast data and are less judgemental. For each asset category, inputs were sensitised by a percentage deemed to reflect the relative degree of estimation uncertainty, and valuation calculations re-performed to identify the impact. Private equity fund assets are each held in and managed by the same type of fund vehicle, valued using the same method of adjusted manager valuations, and subject to broadly the same economic risks. They are therefore subject to a similar degree of estimation uncertainty. They have been sensitised at an aggregated level by 5% to reflect a degree of uncertainty over managers\u2019 valuations which form the basis of their fair value. At 31 March 2025
Input\ue003 Change
Unobser- Weighted\ue003 sensit-\ue003 in valu-\ue003
Description / Fair vable\ue003 average\ue003 ivity ation
valuation method value \u00a3m input input\ue003 +/-\ue003 +/- \u00a3m
Internally developed
Private companies
Large, earnings
555.5
EBITDA\ue003
12.5x
10.0%
+56.2/-
multiple 59.8\ue003
Small and medium,\ue003
67.5\ue003
Various
+6.8/
blend of methods -7.5\ue003
Transaction
55.0
1
5%
+/-2.8
Net assets /
192.7\ue003
Multiple
1
0.1x
+/-19.3
manager valuation
870.7\ue003
+85.1/-
89.4\ue003
Non-pool companies
10.9
Total internal
881.6\ue003
Externally developed
Private equity fund
Net asset value
882.9
Manager
1\ue003
5%
+/-44.1
NAV
+129.2/-
1,764.5\ue003133.5\ue003\ue003
The table below sets out information about significant unobservable inputs used at the prior year end, 31 March 2024 in measuring financial instruments categorised as Level 3 in the fair value hierarchy. At 31 March 2024
Input\ue003 Change
Unobser- Weighted\ue003 sensit-\ue003 in valu-\ue003
Description / Fair vable\ue003 average\ue003 ivity ation
valuation method value \u00a3m input input\ue003 +/-\ue003 +/- \u00a3m
Internally developed
Private companies
Large, earnings
473.9
EBITDA\ue003
12.1x
10.0%
+51.1/-
multiple 52.7\ue003
Small and medium,\ue003
164.0\ue003
EBITDA\ue003
9.1x
10.0%-
+15.3/-
earnings multiple 15%\ue003 14.4\ue003
Net assets / manager
182.4\ue003
Multiple
1
0.1x
+18.6/-
valuation 18.8\ue003
820.3\ue003
+85.0/-
85.9\ue003
Non-pool companies
18.0\ue003
Total internal
838.3
Externally developed
Private equity fund
Net asset value
898.8\ue003
Manager
1\ue003
5%
+/-44.9
NAV
+129.9/-
1,737.1\ue003130.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-477": { "value": "Fair value Most of the financial instruments are carried at fair value in the Statement of financial position. Usually, the fair value of the financial instruments can be reliably determined within a reasonable range of estimates. For certain other financial instruments, specifically operating and other receivables and payables, the carrying amounts approximate fair value due to the immediate or short term nature of these financial instruments. Fair value hierarchy The company measures fair values using the following fair value hierarchy, reflecting the significance of the inputs used in making the measurements: Level 1 Inputs that are quoted market prices (unadjusted) in active markets for identical instruments. Level 2 Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 Inputs that are unobservable. The table below analyses financial instruments held at fair value according to level in the fair value hierarchy into which the fair value measurement is categorised:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Investments held at fair value
Level 1
964.7\ue003
949.9\ue003
964.7\ue003
949.9\ue003
Level 2
14.4\ue003
8.4\ue003
14.4
8.4\ue003
Level 3
1,764.5\ue003
1,737.1
1,769.8\ue003
1,742.4
2,743.6\ue003
2,695.4
2,748.9\ue003
2,700.7\ue003
The following table shows a reconciliation from the opening balances to the closing balances for fair value measurements in Level 3 of the fair value hierarchy:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Balance at the year start
1,737.1
1,953.2\ue003
1,742.4
1,961.5\ue003
Transferred to Held for Sale
\u2013
(19.0)
\u2013
(19.0)
Purchases
213.5\ue003
269.8\ue003
213.5\ue003
269.8\ue003
Disposal proceeds
(203.9)
(327.8)
(203.9)
(327.8)
Gains and losses on\ue003
investments sold in the year
56.2\ue003
122.7\ue003
56.2\ue003
122.7\ue003
Gains and losses on\ue003
investments held at the
year end
(40.6)
(263.2)
(40.6)
(266.2)
Accrued income
2.2
1.4
2.2
1.4
Balance at the year end
1,764.5\ue003
1,737.1\ue003
1,769.8
1,742.4\ue003
The following table provides information on significant unobservable inputs used at 31 March 2025 in measuring financial instruments categorised as Level 3 in the fair value hierarchy. Private company assets have been disaggregated into categories as follows: Assets in the large, earnings based category have an Enterprise Value of >\u00a3200m, and benefit from a reasonable number of comparative data points, as well as having sufficient size to make their earnings reliable and predictable. The assets in the small and medium, earnings based category have an Enterprise Value of <\u00a3200m and have a more limited universe of comparable businesses available. Manager valuations are used for assets where the net asset method is employed. During the prior year the large categorisation was increased to >\u00a3200m. For private company assets we have chosen to sensitise and disclose EBITDA multiple inputs because their derivation involves the most significant judgements when estimating valuation, including which data sets to consider and prioritise. Valuations also include other unobservable inputs, including earnings, which are based on historic and forecast data and are less judgemental. For each asset category, inputs were sensitised by a percentage deemed to reflect the relative degree of estimation uncertainty, and valuation calculations re-performed to identify the impact. Private equity fund assets are each held in and managed by the same type of fund vehicle, valued using the same method of adjusted manager valuations, and subject to broadly the same economic risks. They are therefore subject to a similar degree of estimation uncertainty. They have been sensitised at an aggregated level by 5% to reflect a degree of uncertainty over managers\u2019 valuations which form the basis of their fair value. At 31 March 2025
Input\ue003 Change
Unobser- Weighted\ue003 sensit-\ue003 in valu-\ue003
Description / Fair vable\ue003 average\ue003 ivity ation
valuation method value \u00a3m input input\ue003 +/-\ue003 +/- \u00a3m
Internally developed
Private companies
Large, earnings
555.5
EBITDA\ue003
12.5x
10.0%
+56.2/-
multiple 59.8\ue003
Small and medium,\ue003
67.5\ue003
Various
+6.8/
blend of methods -7.5\ue003
Transaction
55.0
1
5%
+/-2.8
Net assets /
192.7\ue003
Multiple
1
0.1x
+/-19.3
manager valuation
870.7\ue003
+85.1/-
89.4\ue003
Non-pool companies
10.9
Total internal
881.6\ue003
Externally developed
Private equity fund
Net asset value
882.9
Manager
1\ue003
5%
+/-44.1
NAV
+129.2/-
1,764.5\ue003133.5\ue003\ue003
The table below sets out information about significant unobservable inputs used at the prior year end, 31 March 2024 in measuring financial instruments categorised as Level 3 in the fair value hierarchy. At 31 March 2024
Input\ue003 Change
Unobser- Weighted\ue003 sensit-\ue003 in valu-\ue003
Description / Fair vable\ue003 average\ue003 ivity ation
valuation method value \u00a3m input input\ue003 +/-\ue003 +/- \u00a3m
Internally developed
Private companies
Large, earnings
473.9
EBITDA\ue003
12.1x
10.0%
+51.1/-
multiple 52.7\ue003
Small and medium,\ue003
164.0\ue003
EBITDA\ue003
9.1x
10.0%-
+15.3/-
earnings multiple 15%\ue003 14.4\ue003
Net assets / manager
182.4\ue003
Multiple
1
0.1x
+18.6/-
valuation 18.8\ue003
820.3\ue003
+85.0/-
85.9\ue003
Non-pool companies
18.0\ue003
Total internal
838.3
Externally developed
Private equity fund
Net asset value
898.8\ue003
Manager
1\ue003
5%
+/-44.9
NAV
+129.9/-
1,737.1\ue003130.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-468": { "value": "Fair value Most of the financial instruments are carried at fair value in the Statement of financial position. Usually, the fair value of the financial instruments can be reliably determined within a reasonable range of estimates. For certain other financial instruments, specifically operating and other receivables and payables, the carrying amounts approximate fair value due to the immediate or short term nature of these financial instruments. Fair value hierarchy The company measures fair values using the following fair value hierarchy, reflecting the significance of the inputs used in making the measurements: Level 1 Inputs that are quoted market prices (unadjusted) in active markets for identical instruments. Level 2 Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 Inputs that are unobservable. The table below analyses financial instruments held at fair value according to level in the fair value hierarchy into which the fair value measurement is categorised:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Investments held at fair value
Level 1
964.7\ue003
949.9\ue003
964.7\ue003
949.9\ue003
Level 2
14.4\ue003
8.4\ue003
14.4
8.4\ue003
Level 3
1,764.5\ue003
1,737.1
1,769.8\ue003
1,742.4
2,743.6\ue003
2,695.4
2,748.9\ue003
2,700.7\ue003
The following table shows a reconciliation from the opening balances to the closing balances for fair value measurements in Level 3 of the fair value hierarchy:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m\ue003 \u00a3m \u00a3m\ue003
Balance at the year start
1,737.1
1,953.2\ue003
1,742.4
1,961.5\ue003
Transferred to Held for Sale
\u2013
(19.0)
\u2013
(19.0)
Purchases
213.5\ue003
269.8\ue003
213.5\ue003
269.8\ue003
Disposal proceeds
(203.9)
(327.8)
(203.9)
(327.8)
Gains and losses on\ue003
investments sold in the year
56.2\ue003
122.7\ue003
56.2\ue003
122.7\ue003
Gains and losses on\ue003
investments held at the
year end
(40.6)
(263.2)
(40.6)
(266.2)
Accrued income
2.2
1.4
2.2
1.4
Balance at the year end
1,764.5\ue003
1,737.1\ue003
1,769.8
1,742.4\ue003
The following table provides information on significant unobservable inputs used at 31 March 2025 in measuring financial instruments categorised as Level 3 in the fair value hierarchy. Private company assets have been disaggregated into categories as follows: Assets in the large, earnings based category have an Enterprise Value of >\u00a3200m, and benefit from a reasonable number of comparative data points, as well as having sufficient size to make their earnings reliable and predictable. The assets in the small and medium, earnings based category have an Enterprise Value of <\u00a3200m and have a more limited universe of comparable businesses available. Manager valuations are used for assets where the net asset method is employed. During the prior year the large categorisation was increased to >\u00a3200m. For private company assets we have chosen to sensitise and disclose EBITDA multiple inputs because their derivation involves the most significant judgements when estimating valuation, including which data sets to consider and prioritise. Valuations also include other unobservable inputs, including earnings, which are based on historic and forecast data and are less judgemental. For each asset category, inputs were sensitised by a percentage deemed to reflect the relative degree of estimation uncertainty, and valuation calculations re-performed to identify the impact. Private equity fund assets are each held in and managed by the same type of fund vehicle, valued using the same method of adjusted manager valuations, and subject to broadly the same economic risks. They are therefore subject to a similar degree of estimation uncertainty. They have been sensitised at an aggregated level by 5% to reflect a degree of uncertainty over managers\u2019 valuations which form the basis of their fair value. At 31 March 2025
Input\ue003 Change
Unobser- Weighted\ue003 sensit-\ue003 in valu-\ue003
Description / Fair vable\ue003 average\ue003 ivity ation
valuation method value \u00a3m input input\ue003 +/-\ue003 +/- \u00a3m
Internally developed
Private companies
Large, earnings
555.5
EBITDA\ue003
12.5x
10.0%
+56.2/-
multiple 59.8\ue003
Small and medium,\ue003
67.5\ue003
Various
+6.8/
blend of methods -7.5\ue003
Transaction
55.0
1
5%
+/-2.8
Net assets /
192.7\ue003
Multiple
1
0.1x
+/-19.3
manager valuation
870.7\ue003
+85.1/-
89.4\ue003
Non-pool companies
10.9
Total internal
881.6\ue003
Externally developed
Private equity fund
Net asset value
882.9
Manager
1\ue003
5%
+/-44.1
NAV
+129.2/-
1,764.5\ue003133.5\ue003\ue003
The table below sets out information about significant unobservable inputs used at the prior year end, 31 March 2024 in measuring financial instruments categorised as Level 3 in the fair value hierarchy. At 31 March 2024
Input\ue003 Change
Unobser- Weighted\ue003 sensit-\ue003 in valu-\ue003
Description / Fair vable\ue003 average\ue003 ivity ation
valuation method value \u00a3m input input\ue003 +/-\ue003 +/- \u00a3m
Internally developed
Private companies
Large, earnings
473.9
EBITDA\ue003
12.1x
10.0%
+51.1/-
multiple 52.7\ue003
Small and medium,\ue003
164.0\ue003
EBITDA\ue003
9.1x
10.0%-
+15.3/-
earnings multiple 15%\ue003 14.4\ue003
Net assets / manager
182.4\ue003
Multiple
1
0.1x
+18.6/-
valuation 18.8\ue003
820.3\ue003
+85.0/-
85.9\ue003
Non-pool companies
18.0\ue003
Total internal
838.3
Externally developed
Private equity fund
Net asset value
898.8\ue003
Manager
1\ue003
5%
+/-44.9
NAV
+129.9/-
1,737.1\ue003130.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-469": { "value": "
Liquidity risk
Liquidity risk arises as a result of the possibility that the group and
company may not be able to meet its obligations as they fall due.
The corporate treasury function provides services to the company
and group, coordinating access to domestic financial markets for
both borrowing and depositing. Group companies access local
financial markets when this is more favourable, in liaison with the
corporate treasury function. Executive management monitors the
group\u2019s liquidity on a weekly basis, including the level of undrawn
committed bank facilities.
Bank facilities were undrawn at 31 March 2025 and 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-470": { "value": "
Capital management policies and procedures
The group\u2019s capital management objectives are:
\u2022 to ensure that the group and company will be able to continue
as a going concern
\u2022 to maximise the income and capital return to the company's
shareholders, principally through the use of equity capital,
although the group will maintain appropriate borrowing facilities,
to be used for short-term working capital or bridging finance,
currently \u00a3325m (2024: \u00a3250m).
The group\u2019s total capital at 31 March 2025 was \u00a32,931.6m (2024:
\u00a32,965.3m) and comprised equity share capital and reserves of
\u00a32,931.6m (2024: \u00a32,965.3m) and \u00a3nil of borrowings (2024: \u00a3nil).
The group was ungeared at the year end (2024: ungeared) and had
\u00a3325m (2024: \u00a3250m) of undrawn committed bank facilities.
The board monitors and reviews the broad structure of the group\u2019s
and company's capital on an ongoing basis. This review includes:
\u2022 the planned level of gearing, which takes into account planned
investment activity
\u2022 the possible buy-back of equity shares for cancellation, which
takes account of the discount of the share price to net asset
value per share
\u2022 the annual dividend policy.
The group\u2019s objectives, policies and processes for managing capital
are unchanged from the preceding year.
The parent company is subject to the following externally imposed
capital requirements:
\u2022 as a public limited company, the company is required
to have a minimum issued share capital of \u00a350,000
\u2022 to maintain its approval as an investment trust company, the
company is required to comply with the provisions of section
1158 of the Corporation Tax Act 2010 as amended by the
Investment Trust (Approved Company) (Tax) Regulations 2011.
The parent company has complied with these requirements,
which are unchanged since the previous year end.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-426": { "value": "
24. Share-based payments
The company has a performance share scheme that entitles senior
employees to receive options over the company's shares, which are
exercisable subject to service and performance conditions. For
nil-cost option awards granted in 2015 onwards, one-third of the
shares comprised in the awards may be exercised after three years
and two-thirds after five years.
The company also has a deferred bonus plan, under which senior
employees compulsorily defer part of their annual bonus, being any
bonus in excess of 50% of their basic salary for the bonus year,
into shares.
The terms and conditions of the grants outstanding were as follows,
whereby all grants are settled by physical delivery of shares:
Vesting Number
Grant date
Entitlement
conditions of shares
Performance share scheme awards
26.06.15
Award grant to senior staff
Note 1
916
26.05.16
Award grant to senior staff
Note 1
2,585\ue003
21.07.17
Award grant to senior staff
Note 1
3,769\ue003
30.05.18
Award grant to senior staff
Note 1
5,393\ue003
31.05.19
Award grant to senior staff
Note 1
19,714\ue003
04.08.20
Award grant to senior staff
Note 1
161,110\ue003
04.06.21
Award grant to senior staff
Note 1
115,738\ue003
30.05.22
Award grant to senior staff
Note 1
152,075\ue003
25.11.22
Award grant to senior staff
Note 1
5,169\ue003
30.05.23
Award grant to senior staff
Note 1
186,741
24.11.23
Award grant to senior staff
Note 1
19,665\ue003
28.05.24
Award grant to senior staff
Note 1
227,912\ue003
07.11. 24
Award grant to senior staff
Note 1
6,218\ue003
907,005\ue003
Deferred bonus awards to senior staff
30.05.22
Compulsory award
Note 2
34,283
30.05.23
Compulsory award
Note 2
1,976\ue003
28.05.24
Compulsory award
Note 2
29,224
65,483\ue003
1. Three/five years of service with vesting on a graduated basis from 10% to
100% for annualised NAV total return of 3% to 10% and (for investment
executives) annualised pool total returns in a range of 4% to 15%, in each
case measured over three years for one-third of the award and five years
for the remaining two-thirds of the award. Investment executives\u2019 awards
are measured as to 80% by reference to pool total returns and 20% by
reference to NAV total return, other than Mr Cayzer-Colvin\u2019s awards,
which are 60% and 40% respectively.
2. Three years of service.
All performance share awards have a life of ten years and all
deferred bonus awards have a life of four years.
The fair value of services received in return for performance share
scheme and deferred awards granted was measured indirectly, by
reference to the share price at the date of grant.
The weighted average share price at the date of exercise of share
awards during the year was as follows:
2025 2024
p\ue003 p\ue003
Weighted average share price
3521
3467
Under the schemes, awards were granted with service and
non-market performance conditions. Such conditions were not
taken into account in the fair value measurement of the services
received at the dates of grant.
Employee expenses were as follows:
2025 2024
Years ended 31 March \u00a3m\ue003 \u00a3m\ue003
Performance share awards granted in 2018
\u2013
0.6
Performance share awards granted in 2019
\u2013
0.4
Performance share awards granted in 2020
0.2\ue003
0.7\ue003
Performance share awards granted in 2021
0.8\ue003
1.1\ue003
Performance share awards granted in 2022
0.8
1.1
Performance share awards granted in 2023
0.1
0.8
Performance share awards granted in 2024
1.0\ue003
1.3\ue003
Performance share awards granted in 2025
1.3
\u2013
Deferred bonus awards for 2021
0.1\ue003
0.6\ue003
Deferred bonus awards for 2022
0.5\ue003
0.5\ue003
Deferred bonus awards for 2024
0.3\ue003
\u2013
5.1\ue003
7.1\ue003
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-427": { "value": "
25. Employee benefits
Group
2025\ue003 2024
\u00a3m\ue003 \u00a3m\ue003
Non-current assets
Defined benefit pension asset
5.4
4.3
Current liabilities
Profit sharing bonus
(3.7)
(3.1)
Non-current liabilities
National Insurance on performance shares and\ue003
deferred bonus awards
(2.8)
(2.7)
Dividends payable on performance shares and
deferred bonus awards
(2.0)
(2.3)
(4.8)
(5.0)
Total employee liabilities
(8.5)
(8.1)
Defined benefit pension obligations
The group operates three plans in the UK that provide pension
benefits for employees and makes contributions to one of the
plans. The schemes are approved by HMRC for tax purposes and
operated separately from the group being managed by an
independent set of trustees, whose appointment is determined by
the schemes\u2019 documentation and legislation. The schemes are
subject to UK funding regulations, which require the group and the
trustees to agree a funding strategy and contribution schedule
where necessary. Three (2024: three) of the schemes were in
surplus on an IAS 19 basis. One scheme surplus was recognised in
full as the company considers there is an unconditional right to a
refund under IFRIC 14, one scheme surplus was capped at the
economic benefit of reduced future contributions and one scheme
surplus was unrecognised. Two schemes were effectively closed to
new members in April 1996 and the other scheme in April 1997.
New employees joining after that date were offered alternative
defined contribution pension arrangements. Caledonia Group
Services Ltd, a wholly owned subsidiary of Caledonia Investments
plc, is the Sponsoring Employer for all Schemes.
Virgin Media section 37 case
The group has undertaken an impact assessment for each scheme,
which includes the review of available historical records, relevant
enquiries and the receipt of advice. Based on the group\u2019s impact
assessment, no significant adjustments are expected to be
required to the defined benefit pension obligations of the group\u2019s
pension schemes in respect of the Virgin Media section 37 case as
at the reporting date. The group will continue to monitor the
developments in relation to the matter.
2025\ue003 2024
\u00a3m\ue003 \u00a3m\ue003
Present value of funded obligations
(43.5)
(49.0)
Fair value of plan assets
72.3\ue003
74.1\ue003
Present value of net assets
28.8
25.1
Irrecoverable surplus
(23.4)
(20.8)
5.4\ue003
4.3
Changes in the present value of defined benefit obligations were
as follows:
2025\ue003 2024
\u00a3m\ue003 \u00a3m\ue003
Balance at the year start
49.0
50.6\ue003
Service cost
0.1\ue003
0.1\ue003
Interest cost
2.3\ue003
2.4
Actuarial (gain)/loss from changes:
-\ue003in\ue003demographic assumptions
(0.8)
(0.6)
-\ue003in\ue003financial assumptions
(4.0)
(0.9)
-\ue003experience gains
(0.2)
0.2
Plan amendment
0.2
\u2013
Actual benefit payments
(3.1)
(2.8)
Balance at the year end
43.5
49.0
Changes in the fair value of plan assets were as follows:
2025\ue003 2024
\u00a3m\ue003 \u00a3m\ue003
Balance at the year start
74.1
71.9\ue003
Interest income
3.5\ue003
3.4\ue003
Return on plan assets less interest income
(2.1)
1.5\ue003
Employer contributions
0.1\ue003
0.1\ue003
Actual benefit payments
(3.1)
(2.8)
Administrative expenses
(0.2)\ue003
\u2013
Balance at the year end
72.3
74.1
Amounts recognised in management expenses in the Statement
of comprehensive income were as follows:
2025\ue003 2024
\u00a3m\ue003 \u00a3m\ue003
Service cost
0.1\ue003
0.1\ue003
Interest on obligations
2.3
2.4
Interest on plan assets
(3.5)
(3.4)
Plan amendment
0.2
\u2013
Scheme administrative expenses
0.2
\u2013
(0.7)
(0.9)
Amounts recognised in other comprehensive income
were as follows:
2025\ue003 2024
\u00a3m\ue003 \u00a3m\ue003
Actuarial gains arising from financial assumptions
4.0
0.9
Actuarial gains arising from demographic\ue003
assumptions
0.8
0.6
Actuarial gains/(losses)\ue003from\ue003experience
adjustments
0.2\ue003
(0.2)
Return on plan assets less interest income
(2.1)
1.5\ue003
Increase in irrecoverable surplus
(2.6)
(3.6)
Re-measurement gains/(losses) in the year
0.3
(0.8)
An analysis of plan assets at the end of the year was as follows:
2025\ue003 2024
\u00a3m\ue003 \u00a3m\ue003
Equities
13.1\ue003
35.3\ue003
Bonds
49.9\ue003
27.2
Cash
9.3\ue003
11.6
72.3\ue003
74.1\ue003
The analysis of plan assets above included an underlying asset
allocation of investment funds.
Principal actuarial assumptions at the reporting date (expressed as weighted averages) were as follows:
2025\ue003 2024
%\ue003 %\ue003
Discount rate at the year end
5.6\ue003
4.8\ue003
Future salary increases
na
3.0
Future pension increases
3.2\ue003
3.3
RPI price inflation
3.2
3.3
Mortality rates are assumed to follow the Self-Administered Pension Schemes \u2018Series 4\u2019 very light tables with an allowance for future improvements in line with the CMI 2023 core projections model with a long-term trend of 1.50% pa and an initial addition of 0.75% pa. Life expectancy on retirement in normal health is assumed to be 26.9 years (2024: 27.8 years) for males and 28.2 years (2024: 28.8 years) for females who are currently 62 years of age. Expected contributions to group post-employment benefit plans for the year ending 31 March 2026 were \u00a3nil (2025: \u00a30.1m). In the UK, the funding is set on the basis of a triennial funding valuation by the actuaries for which the assumptions may differ from those above. IAS 19 requires \u2018best estimate\u2019 assumptions to be used whereas the funding valuation uses \u2018prudent\u2019 assumptions. As a result of these valuations, the group and the scheme trustees agree a Schedule of Contributions, which sets out the required contributions from the employer and employees for current service. Where the scheme is in deficit, the Schedule of Contributions also includes required contributions from the employer to eliminate the deficit. The most recent triennial valuations were completed in 2024 for the Caledonia Pension Scheme (completed) and Amber Industrial Holdings pension scheme (in progress) and 2022 for the Sterling Industries Pension Scheme. A summary of the recent funding obligations and weighted average duration of the defined benefit obligations was as follows:
Weighted\ue003
average\ue003
Obligations\ue003 duration\ue003
at 31 Mar\ue003 at 31 Mar\ue003
2024 2025
\u00a3m years
Caledonia Pension Scheme
26.3\ue003
11\ue003
At 30 Sep\ue003 At 31 Mar\ue003
2022 2025
\u00a3m years
Sterling Industries Pension Scheme
17.2\ue003
9\ue003
At 30 Mar\ue003 At 31 Mar\ue003
2021 2025
\u00a3m years
Amber Industrial Holdings Pension Scheme
13.0\ue003
11\ue003
Sensitivities The calculation of the defined benefit obligation is sensitive to the assumptions set out above. The following table summarises the estimated increase in defined benefit obligations to a change in individual actuarial assumptions, while holding all other assumptions constant. This sensitivity analysis may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in an assumption would occur in isolation, as some of the assumptions may be correlated.
2025 2024
\u00a3m \u00a3m
Reduction in the discount rate of 0.25%
1.1\ue003
1.3\ue003
Increase in inflation of 0.25%
0.7\ue003
0.9
Increase in life expectancy of one year
1.8\ue003
2.0
Risks The pension schemes typically expose the group to risks such as: \u2022 Investment risk \u2013 the schemes hold their investments in equities and bonds, the value of which fluctuates, whether caused by factors specific to an individual investment, its issuer or factors affecting all instruments traded in the market. \u2022 Interest rate risk \u2013 the schemes\u2019 liabilities are assessed using market rates of interest, based on corporate bond yields, to discount the liabilities and are therefore subject to any volatility in the movement of the market rate of interest. The net interest income or expense recognised in profit or loss is calculated using the market rate of interest. \u2022 Inflation risk \u2013 a significant proportion of the benefits under the schemes is linked to inflation. Although the schemes\u2019 assets are expected to provide a good hedge against inflation over the long term, movements over the short term would increase the schemes\u2019 net deficit. \u2022 Mortality risk \u2013 in the event that members live longer than assumed, the liabilities may turn out to have been understated originally and a deficit may emerge if funding has not been adequately provided for the increased life expectancy.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-456": { "value": "Defined benefit pension obligations The group operates three plans in the UK that provide pension benefits for employees and makes contributions to one of the plans. The schemes are approved by HMRC for tax purposes and operated separately from the group being managed by an independent set of trustees, whose appointment is determined by the schemes\u2019 documentation and legislation. The schemes are subject to UK funding regulations, which require the group and the trustees to agree a funding strategy and contribution schedule where necessary. Three (2024: three) of the schemes were in surplus on an IAS 19 basis. One scheme surplus was recognised in full as the company considers there is an unconditional right to a refund under IFRIC 14, one scheme surplus was capped at the economic benefit of reduced future contributions and one scheme surplus was unrecognised. Two schemes were effectively closed to new members in April 1996 and the other scheme in April 1997. New employees joining after that date were offered alternative defined contribution pension arrangements. Caledonia Group Services Ltd, a wholly owned subsidiary of Caledonia Investments plc, is the Sponsoring Employer for all Schemes. Virgin Media section 37 case The group has undertaken an impact assessment for each scheme, which includes the review of available historical records, relevant enquiries and the receipt of advice. Based on the group\u2019s impact assessment, no significant adjustments are expected to be required to the defined benefit pension obligations of the group\u2019s pension schemes in respect of the Virgin Media section 37 case as at the reporting date. The group will continue to monitor the developments in relation to the matter.
2025\ue003 2024
\u00a3m\ue003 \u00a3m\ue003
Present value of funded obligations
(43.5)
(49.0)
Fair value of plan assets
72.3\ue003
74.1\ue003
Present value of net assets
28.8
25.1
Irrecoverable surplus
(23.4)
(20.8)
5.4\ue003
4.3
Changes in the present value of defined benefit obligations were as follows:
2025\ue003 2024
\u00a3m\ue003 \u00a3m\ue003
Balance at the year start
49.0
50.6\ue003
Service cost
0.1\ue003
0.1\ue003
Interest cost
2.3\ue003
2.4
Actuarial (gain)/loss from changes:
-\ue003in\ue003demographic assumptions
(0.8)
(0.6)
-\ue003in\ue003financial assumptions
(4.0)
(0.9)
-\ue003experience gains
(0.2)
0.2
Plan amendment
0.2
\u2013
Actual benefit payments
(3.1)
(2.8)
Balance at the year end
43.5
49.0
Changes in the fair value of plan assets were as follows:
2025\ue003 2024
\u00a3m\ue003 \u00a3m\ue003
Balance at the year start
74.1
71.9\ue003
Interest income
3.5\ue003
3.4\ue003
Return on plan assets less interest income
(2.1)
1.5\ue003
Employer contributions
0.1\ue003
0.1\ue003
Actual benefit payments
(3.1)
(2.8)
Administrative expenses
(0.2)\ue003
\u2013
Balance at the year end
72.3
74.1
Amounts recognised in management expenses in the Statement of comprehensive income were as follows:
2025\ue003 2024
\u00a3m\ue003 \u00a3m\ue003
Service cost
0.1\ue003
0.1\ue003
Interest on obligations
2.3
2.4
Interest on plan assets
(3.5)
(3.4)
Plan amendment
0.2
\u2013
Scheme administrative expenses
0.2
\u2013
(0.7)
(0.9)
Amounts recognised in other comprehensive income were as follows:
2025\ue003 2024
\u00a3m\ue003 \u00a3m\ue003
Actuarial gains arising from financial assumptions
4.0
0.9
Actuarial gains arising from demographic\ue003
assumptions
0.8
0.6
Actuarial gains/(losses)\ue003from\ue003experience
adjustments
0.2\ue003
(0.2)
Return on plan assets less interest income
(2.1)
1.5\ue003
Increase in irrecoverable surplus
(2.6)
(3.6)
Re-measurement gains/(losses) in the year
0.3
(0.8)
An analysis of plan assets at the end of the year was as follows:
2025\ue003 2024
\u00a3m\ue003 \u00a3m\ue003
Equities
13.1\ue003
35.3\ue003
Bonds
49.9\ue003
27.2
Cash
9.3\ue003
11.6
72.3\ue003
74.1\ue003
The analysis of plan assets above included an underlying asset allocation of investment funds.
Principal actuarial assumptions at the reporting date (expressed as
weighted averages) were as follows:
2025\ue003 2024
%\ue003 %\ue003
Discount rate at the year end
5.6\ue003
4.8\ue003
Future salary increases
na
3.0
Future pension increases
3.2\ue003
3.3
RPI price inflation
3.2
3.3
Mortality rates are assumed to follow the Self-Administered Pension
Schemes \u2018Series 4\u2019 very light tables with an allowance for future
improvements in line with the CMI 2023 core projections model with
a long-term trend of 1.50% pa and an initial addition of 0.75% pa.
Life expectancy on retirement in normal health is assumed to be 26.9
years (2024: 27.8 years) for males and 28.2 years (2024: 28.8 years)
for females who are currently 62 years of age.
Expected contributions to group post-employment benefit plans for
the year ending 31 March 2026 were \u00a3nil (2025: \u00a30.1m).
In the UK, the funding is set on the basis of a triennial funding
valuation by the actuaries for which the assumptions may differ
from those above. IAS 19 requires \u2018best estimate\u2019 assumptions to be
used whereas the funding valuation uses \u2018prudent\u2019 assumptions. As
a result of these valuations, the group and the scheme trustees
agree a Schedule of Contributions, which sets out the required
contributions from the employer and employees for current service.
Where the scheme is in deficit, the Schedule of Contributions also
includes required contributions from the employer to eliminate the
deficit. The most recent triennial valuations were completed in 2024
for the Caledonia Pension Scheme (completed) and Amber
Industrial Holdings pension scheme (in progress) and 2022 for the
Sterling Industries Pension Scheme. A summary of the recent
funding obligations and weighted average duration of the defined
benefit obligations was as follows:
Weighted\ue003
average\ue003
Obligations\ue003 duration\ue003
at 31 Mar\ue003 at 31 Mar\ue003
2024 2025
\u00a3m years
Caledonia Pension Scheme
26.3\ue003
11\ue003
At 30 Sep\ue003 At 31 Mar\ue003
2022 2025
\u00a3m years
Sterling Industries Pension Scheme
17.2\ue003
9\ue003
At 30 Mar\ue003 At 31 Mar\ue003
2021 2025
\u00a3m years
Amber Industrial Holdings Pension Scheme
13.0\ue003
11\ue003
Sensitivities
The calculation of the defined benefit obligation is sensitive to the
assumptions set out above. The following table summarises the
estimated increase in defined benefit obligations to a change in
individual actuarial assumptions, while holding all other
assumptions constant. This sensitivity analysis may not be
representative of the actual change in the defined benefit
obligation as it is unlikely that the change in an assumption would
occur in isolation, as some of the assumptions may be correlated.
2025 2024
\u00a3m \u00a3m
Reduction in the discount rate of 0.25%
1.1\ue003
1.3\ue003
Increase in inflation of 0.25%
0.7\ue003
0.9
Increase in life expectancy of one year
1.8\ue003
2.0
Risks
The pension schemes typically expose the group to risks such as:
\u2022 Investment risk \u2013 the schemes hold their investments in equities
and bonds, the value of which fluctuates, whether caused by
factors specific to an individual investment, its issuer or factors
affecting all instruments traded in the market.
\u2022 Interest rate risk \u2013 the schemes\u2019 liabilities are assessed using
market rates of interest, based on corporate bond yields, to
discount the liabilities and are therefore subject to any volatility
in the movement of the market rate of interest. The net interest
income or expense recognised in profit or loss is calculated using
the market rate of interest.
\u2022 Inflation risk \u2013 a significant proportion of the benefits under the
schemes is linked to inflation. Although the schemes\u2019 assets are
expected to provide a good hedge against inflation over the long
term, movements over the short term would increase the
schemes\u2019 net deficit.
\u2022 Mortality risk \u2013 in the event that members live longer than
assumed, the liabilities may turn out to have been understated
originally and a deficit may emerge if funding has not been
adequately provided for the increased life expectancy.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-428": { "value": "
26. Interests in associates
Company
Class
Holding %
Registered office
Sports
Ordinary
22.6
Unit 1/2 Whitehall\ue003
Information Avenue, Kingston, Milton
Services\ue003 Keynes, Buckinghamshire,\ue003
(Holdings)\ue003Ltd
1
MK10 0AX
Stonehage Preferred 39.8 Third Floor, 1 Le Truchot,\ue003
Fleming Family & A1 Ordinary 8.0 St Peter Port, Guernsey,\ue003
Partners Ltd GY1 1WD
1. Sports Information Services (Holdings) Ltd is held via a subsidiary SISH
Shareholder LLP
The company is an investment trust company and, accordingly,
does not equity account for associates that are designated as
investments held at fair value through profit or loss.
Aggregated amounts relating to associates, extracted on a 100%
basis, were as follows:
2025 2024
\u00a3m \u00a3m
Assets
323.0\ue003
395.9
Liabilities
(224.7)
(269.4)
Equity
98.3
126.5\ue003
Revenues
408.8\ue003
429.1
Profit
11.9
15.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-471": { "value": "26. Interests in associates
Company
Class
Holding %
Registered office
Sports
Ordinary
22.6
Unit 1/2 Whitehall\ue003
Information Avenue, Kingston, Milton
Services\ue003 Keynes, Buckinghamshire,\ue003
(Holdings)\ue003Ltd
1
MK10 0AX
Stonehage Preferred 39.8 Third Floor, 1 Le Truchot,\ue003
Fleming Family & A1 Ordinary 8.0 St Peter Port, Guernsey,\ue003
Partners Ltd GY1 1WD
1. Sports Information Services (Holdings) Ltd is held via a subsidiary SISH Shareholder LLP The company is an investment trust company and, accordingly, does not equity account for associates that are designated as investments held at fair value through profit or loss. Aggregated amounts relating to associates, extracted on a 100% basis, were as follows:
2025 2024
\u00a3m \u00a3m
Assets
323.0\ue003
395.9
Liabilities
(224.7)
(269.4)
Equity
98.3
126.5\ue003
Revenues
408.8\ue003
429.1
Profit
11.9
15.7
27. Subsidiaries Key to Key to Registered\ue003 Registe Company Class Holding %\ue003 office Company Class Holding % office Caledonia Investments Crewkerne Investments Ltd A Ordinary 50.517 Amber 2010 Ltd Ordinary 100.017 B Ordinary 100.01 Buckingham Gate Ltd2 Ordinary 100.01 7 Easybox Self-Storage Ltd Ordinary 100.017 Caledonia CCIL Distribution Ltd Ordinary 100.01 7 Edinmore Investments Ltd Ordinary 100.017 Caledonia Financial Ltd Ordinary 100.01 7 SISH Shareholder LLP Equity right 100.017 Caledonia Group Services Ltd2 Ordinary 100.01 7 Sterling Crewkerne Ltd Ordinary 100.017 Caledonia Land & Property Ltd Ordinary 100.01 7 Sterling Industries Ltd Ordinary 100.017 Caledonia Treasury Ltd Ordinary 100.01 7 The Union-Castle Mail Ordinary 100.017 Steamship Co Ltd A Ordinary 100.01 Caledonia US Investments Ltd Ordinary 100.017 AIR-serv AIR-serv Belgium BV3 Ordinary 100.0 8 AIRvending Ltd3 AIR-serv France SARL3 Ordinary 100.0 9 Crossbow Bidco Ltd3 Ordinary 100.0 13 AIR-serv Germany GmbH3 Ordinary 100.0 10 Crossbow Midco Ltd3 Ordinary 100.0 13 AIR-serv Netherlands BV3 Ordinary 100.0 11 Crossbow Topco Ltd Ordinary 99.8113 Growth 34.71 AIR-serv Spain SLU3 Ordinary 100.0 12 Butcombe Group A.E. Smith & Son Ltd4 Ordinary 100.0 14 La Cave des Vins Ltd4 Ordinary 100.0 14 A.S.B.M. Ltd4 Ordinary 100.0 14 La Rocque Enterprises Ltd4 Ordinary 100.0 14 A.S.B.O. Ltd4 Ordinary 100.0 14 La Rocque Inn (Jersey)\ue003Ltd4 Ordinary 100.0 14 A.S.B.T. Ltd4 Ordinary 100.0 14 4 Lapwing (Trading)\ue003Ltd Ordinary 100.0 14 Aurora Hotel Ltd4 Ordinary 100.0 14 Le Hocq Hotel Ltd4 Ordinary 100.0 14 Bath Street Wine Cellar Ltd4 Ordinary 100.0 14 Les Garcons Ltd4 Ordinary 100.0 15 Brasserie du Centre Ltd4 Ordinary 100.0 14 Longueville Distributors Ltd4 Ordinary 100.0 14 Bucktrout & Company Ltd4Deferred 100.0 15 M Still Catering Ltd4 Ordinary 100.0 16 Ordinary 100.0 Preference 100.0 Butcombe Brewery Ltd4 Ordinary 100.0 16 Marais Hall Ltd4 Ordinary 100.0 17 Butcombe Brewing Company\ue003 Ordinary 100.0 16 Mary Ann Products (Jersey)\ue003 Ordinary 100.0 14 Ltd4 Ltd4 Caesarea Hotel (Jersey)\ue003Ltd4 Ordinary 100.0 14 Mitre Hotel (Jersey)\ue003Ltd4 Ordinary 100.0 14 Caf\u00e9 de Paris (Jersey)\ue003Ltd4 Ordinary 100.0 14 Nightbridge Ltd4 Ordinary 100.0 14 Caledonia TLG Bidco Ltd4 Ordinary 100.0 16 Old Court House Hotel (St\ue003 Ordinary 100.0 14 Aubin) 1972 Ltd4 Caledonia TLG Ltd Ordinary A 100.01 14 Parade Hotel (Jersey)\ue003Ltd4 Ordinary 100.0 14 Ordinary B\ue003 1.11 Ordinary C 75.41 Preference 66.81 Deferred 100.01 Caledonia TLG Midco Ltd4 Ordinary 100.0 14 Peirson (1971)\ue003Ltd4 Ordinary 100.0 14 Captains Holdings Ltd4 Ordinary 100.0 15 Puffin NewCo Ltd4 Ordinary 100.0 14 Channel Wines & Spirits Ordinary 100.0 14 Red Lion Ltd4 Ordinary 100.0 14 (Jersey)\ue003Ltd4 Cirrus Inns Holdings Ltd4 Ordinary 100.0 16 Robin Hood (Jersey)\ue003Ltd4 Ordinary 100.0 14 Cirrus Inns Ltd4 Ordinary 100.0 16 S.L. Ltd4 Ordinary 100.0 14 Citann Ltd4 Ordinary 100.0 14 Ship Holdings Ltd4 Ordinary 100.0 15 Preference 100.0 Cosy Corner (Jersey)\ue003Ltd4 Ordinary 100.0 14 Square Ltd4 Ordinary 100.0 14 Craig Street Brewing Company\ue003 Ordinary 100.0 14 St John's Hotel Ltd4 Ordinary 100.0 14 Ltd4 Divette Holdings Ltd4 Ordinary 100.0 15 4 Stag Hotel (Jersey)\ue003Ltd Ordinary 100.0 14 Don Inn (Jersey)\ue003Ltd4 Ordinary 100.0 14 Sussex Hotel Ltd4 Ordinary 100.0 14 Evenstar Ltd4 Ordinary 100.0 14 The Guernsey Brewery Co\ue003 Ordinary 100.0 15 (1920)\ue003Ltd4 Preference 100.0 Exeter Hotel (Jersey)\ue003Ltd4 Ordinary 100.0 14 The Independent Brewing\ue003 Company Ltd4 Ordinary 100.0 14 Farm Street Inns Ltd4 Ordinary 100.0 16 The Liberation Group Ltd4 Ordinary 100.0 14 Farmers Inn Ltd4 Ordinary 100.0 14 The Liberation Group UK Ltd4 Ordinary 100.0 16
Key to Key to
Registered\ue003 Registered\ue003
Company Class Holding % office Company Class Holding % office
Butcombe Group (continued)
Five Oaks Hotel Ltd
4
Ordinary
100.0
14
The Liberation Pub Company
Ordinary
100.0
15
(Guernsey)\ue003Ltd
4
Foresters Arms (Jersey)\ue003Ltd
4
Ordinary
100.0
14
The Liberation Pub Company
Ordinary
100.0
14
(Jersey)\ue003Ltd
4
Gimbels (Jersey)\ue003Ltd
4
Ordinary
100.0
14
The Post Horn Ltd
4
Ordinary
100.0
14
Glo'ster Vaults Ltd
4
Ordinary
100.0
14
The Royal Oak Inn Trading Ltd
4
Ordinary
100.0
16
Great Union Hotel (Holdings)\ue003
Ordinary
100.0
14
Trafalgar Hotel (Jersey)\ue003Ltd
4
Ordinary
100.0
14
Ltd
4
Great Western Hotel Ltd
4
Ordinary
100.0
14
Union Inn (Jersey)\ue003Ltd
4
Ordinary
100.0
14
Guernsey Leisure Company\ue003
Ordinary
100.0
15
Victor Hugo Ltd
4
Ordinary
100.0
14
Ltd
4
Guppy's Holdings Ltd
4
Ordinary
100.0
15
Victoria (Valley)\ue003Ltd
4
Ordinary
100.0
14
Guppy's of Guernsey Ltd
4
Ordinary
100.0
15
Victoria Hotel (Jersey)\ue003Ltd
4
Ordinary
100.0
14
Hautville Ltd
4
Ordinary
100.0
15
4
Wellington Hotel Ltd
Ordinary
100.0
14
Horse & Hound (Jersey)\ue003Ltd
4
Ordinary
100.0
14
Wests Cinemas Ltd
4
Ordinary
100.0
14
John Tregear Ltd
4
Ordinary
100.0
14
4
White Hart Ltd
Ordinary
100.0
15
Cooke Optics
Chaplin Bidco Ltd
5
Ordinary
100.0
18
Cooke Optics (Hong\ue003Kong)\ue003Ltd
5
Ordinary
100.0
21
Chaplin Midco Ltd
5
Ordinary
100.0
18
Cooke Optics (India)\ue003Private\ue003Ltd
5
Ordinary
100.0
22
Chaplin Topco Ltd
A Ordinary
100.0
1
18
Cooke Optics Holdings Ltd
5
Ordinary
100.0
18
B Ordinary
75.3
1
C Ordinary
98.6
1
Cooke Optics Inc.
5
Ordinary
100.0
19
Cooke Optics Ltd
5
Ordinary
100.0
18
Cooke (Shanghai)\ue003Optics
Ordinary A
100.0
20
5
Cooke Optics TV Ltd
Ordinary
100.0
18
Technology Co Ltd
5
Cooke Optics Group Ltd
5
Ordinary
100.0
18
Direct Tyre Management
Cefni Tyres Ltd
6
Ordinary
100.0
23
6
IT5 Holdings Ltd
Ordinary
100.0
23
Clan Rock Bidco Ltd
6
Ordinary
100.0
23
IT5 Fleetmobile Ltd
6
Ordinary
100.0
23
Clan Rock Midco Ltd
6
Ordinary
100.0
23
Project Lafite Bidco Ltd
6
Ordinary
100.0
23
Clan Rock Topco Ltd
Ordinary
98.6
23
Project Lafite Topco Ltd
6
Ordinary
100.0
23
Direct Tyre Management Ltd
6
Ordinary
100.0
23
Tyreforce NW Ltd
6
Ordinary
100.0
23
Direct Tyre Sales Ltd
6
Ordinary
100.0
23
Tyrewatch.com Ltd
6
Ordinary
100.0
23
DTM Holdings Ltd
6
Ordinary
100.0
23
Tyre Plus Durham Ltd
6
Ordinary
100.0
23
7. Cayzer House, 30 Buckingham Gate, London SW1E 6NN
8. Rubensstraat 104/57, 2300 Turnhout, Belgium
9. Parc d\u2019Activit\u00e9s les B\u00e9thunes, 16 rue du compas, 95310 Cergy Pontoise
Cedex, France
10. Elisabethstr. 1, 52428 J\u00fclich, Germany
11. Spuiweg 22 D, 5145 NE Waalwijk, The Netherlands
12. C/ Isla de Alegranza 2, nave 53, 28703 San Sebasti\u00e1n de los Reyes,
Madrid, Spain
13. Redgate Road, South Lancashire Industrial Estate, Ashton-In-Makerfield,
Wigan, Lancashire, WN4 8DT
14. Tregear House, Longueville Road, St Saviour, Jersey JE2 7WF
15. Hougue Jehannet, Vale, Guernsey GY3 5UF
16. Butcombe Brewery Havyatt Road Trading Estate, Havyatt Road,
Wrington, Bristol, BS40 5PA
17. Marais Hall, Marais Square, St Anne, Alderney GY9 3TS
18. 1 Cooke Close, Thurmaston, Leicester LE4 8PT
19. 4131 Vanowen Place, Burbank, CA 91505, USA
20. Rooms 503/504, No 1 Building, No 908 Xiuwen Road, Minhang District,
Shanghai, China
21. TMF Hong Kong Limited, 31F, Tower Two, Times Square, Matheson
Street, Causeway Bay, Hong Kong
22. C/o Late B KRISHNA MURTHY PLOT NO. 8 ROAD NO 13 Banjara Hills
Hyderabad Telangana India 500034
23. Unit 16 Thompson Road, Whitehills Business Park, Blackpool, FY4 5PN
1. Directly held by the company
2. Included in the consolidation
3. Subsidiary of Crossbow Topco Ltd
4. Subsidiary of Caledonia TLG Ltd
5. Subsidiary of Chaplin Topco Ltd
6. Subsidiary of Clan Rock Topco Ltd
Registered office addresses
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-457": { "value": "26. Interests in associates
Company
Class
Holding %
Registered office
Sports
Ordinary
22.6
Unit 1/2 Whitehall\ue003
Information Avenue, Kingston, Milton
Services\ue003 Keynes, Buckinghamshire,\ue003
(Holdings)\ue003Ltd
1
MK10 0AX
Stonehage Preferred 39.8 Third Floor, 1 Le Truchot,\ue003
Fleming Family & A1 Ordinary 8.0 St Peter Port, Guernsey,\ue003
Partners Ltd GY1 1WD
1. Sports Information Services (Holdings) Ltd is held via a subsidiary SISH Shareholder LLP The company is an investment trust company and, accordingly, does not equity account for associates that are designated as investments held at fair value through profit or loss. Aggregated amounts relating to associates, extracted on a 100% basis, were as follows:
2025 2024
\u00a3m \u00a3m
Assets
323.0\ue003
395.9
Liabilities
(224.7)
(269.4)
Equity
98.3
126.5\ue003
Revenues
408.8\ue003
429.1
Profit
11.9
15.7
27. Subsidiaries Key to Key to Registered\ue003 Registe Company Class Holding %\ue003 office Company Class Holding % office Caledonia Investments Crewkerne Investments Ltd A Ordinary 50.517 Amber 2010 Ltd Ordinary 100.017 B Ordinary 100.01 Buckingham Gate Ltd2 Ordinary 100.01 7 Easybox Self-Storage Ltd Ordinary 100.017 Caledonia CCIL Distribution Ltd Ordinary 100.01 7 Edinmore Investments Ltd Ordinary 100.017 Caledonia Financial Ltd Ordinary 100.01 7 SISH Shareholder LLP Equity right 100.017 Caledonia Group Services Ltd2 Ordinary 100.01 7 Sterling Crewkerne Ltd Ordinary 100.017 Caledonia Land & Property Ltd Ordinary 100.01 7 Sterling Industries Ltd Ordinary 100.017 Caledonia Treasury Ltd Ordinary 100.01 7 The Union-Castle Mail Ordinary 100.017 Steamship Co Ltd A Ordinary 100.01 Caledonia US Investments Ltd Ordinary 100.017 AIR-serv AIR-serv Belgium BV3 Ordinary 100.0 8 AIRvending Ltd3 AIR-serv France SARL3 Ordinary 100.0 9 Crossbow Bidco Ltd3 Ordinary 100.0 13 AIR-serv Germany GmbH3 Ordinary 100.0 10 Crossbow Midco Ltd3 Ordinary 100.0 13 AIR-serv Netherlands BV3 Ordinary 100.0 11 Crossbow Topco Ltd Ordinary 99.8113 Growth 34.71 AIR-serv Spain SLU3 Ordinary 100.0 12 Butcombe Group A.E. Smith & Son Ltd4 Ordinary 100.0 14 La Cave des Vins Ltd4 Ordinary 100.0 14 A.S.B.M. Ltd4 Ordinary 100.0 14 La Rocque Enterprises Ltd4 Ordinary 100.0 14 A.S.B.O. Ltd4 Ordinary 100.0 14 La Rocque Inn (Jersey)\ue003Ltd4 Ordinary 100.0 14 A.S.B.T. Ltd4 Ordinary 100.0 14 4 Lapwing (Trading)\ue003Ltd Ordinary 100.0 14 Aurora Hotel Ltd4 Ordinary 100.0 14 Le Hocq Hotel Ltd4 Ordinary 100.0 14 Bath Street Wine Cellar Ltd4 Ordinary 100.0 14 Les Garcons Ltd4 Ordinary 100.0 15 Brasserie du Centre Ltd4 Ordinary 100.0 14 Longueville Distributors Ltd4 Ordinary 100.0 14 Bucktrout & Company Ltd4Deferred 100.0 15 M Still Catering Ltd4 Ordinary 100.0 16 Ordinary 100.0 Preference 100.0 Butcombe Brewery Ltd4 Ordinary 100.0 16 Marais Hall Ltd4 Ordinary 100.0 17 Butcombe Brewing Company\ue003 Ordinary 100.0 16 Mary Ann Products (Jersey)\ue003 Ordinary 100.0 14 Ltd4 Ltd4 Caesarea Hotel (Jersey)\ue003Ltd4 Ordinary 100.0 14 Mitre Hotel (Jersey)\ue003Ltd4 Ordinary 100.0 14 Caf\u00e9 de Paris (Jersey)\ue003Ltd4 Ordinary 100.0 14 Nightbridge Ltd4 Ordinary 100.0 14 Caledonia TLG Bidco Ltd4 Ordinary 100.0 16 Old Court House Hotel (St\ue003 Ordinary 100.0 14 Aubin) 1972 Ltd4 Caledonia TLG Ltd Ordinary A 100.01 14 Parade Hotel (Jersey)\ue003Ltd4 Ordinary 100.0 14 Ordinary B\ue003 1.11 Ordinary C 75.41 Preference 66.81 Deferred 100.01 Caledonia TLG Midco Ltd4 Ordinary 100.0 14 Peirson (1971)\ue003Ltd4 Ordinary 100.0 14 Captains Holdings Ltd4 Ordinary 100.0 15 Puffin NewCo Ltd4 Ordinary 100.0 14 Channel Wines & Spirits Ordinary 100.0 14 Red Lion Ltd4 Ordinary 100.0 14 (Jersey)\ue003Ltd4 Cirrus Inns Holdings Ltd4 Ordinary 100.0 16 Robin Hood (Jersey)\ue003Ltd4 Ordinary 100.0 14 Cirrus Inns Ltd4 Ordinary 100.0 16 S.L. Ltd4 Ordinary 100.0 14 Citann Ltd4 Ordinary 100.0 14 Ship Holdings Ltd4 Ordinary 100.0 15 Preference 100.0 Cosy Corner (Jersey)\ue003Ltd4 Ordinary 100.0 14 Square Ltd4 Ordinary 100.0 14 Craig Street Brewing Company\ue003 Ordinary 100.0 14 St John's Hotel Ltd4 Ordinary 100.0 14 Ltd4 Divette Holdings Ltd4 Ordinary 100.0 15 4 Stag Hotel (Jersey)\ue003Ltd Ordinary 100.0 14 Don Inn (Jersey)\ue003Ltd4 Ordinary 100.0 14 Sussex Hotel Ltd4 Ordinary 100.0 14 Evenstar Ltd4 Ordinary 100.0 14 The Guernsey Brewery Co\ue003 Ordinary 100.0 15 (1920)\ue003Ltd4 Preference 100.0 Exeter Hotel (Jersey)\ue003Ltd4 Ordinary 100.0 14 The Independent Brewing\ue003 Company Ltd4 Ordinary 100.0 14 Farm Street Inns Ltd4 Ordinary 100.0 16 The Liberation Group Ltd4 Ordinary 100.0 14 Farmers Inn Ltd4 Ordinary 100.0 14 The Liberation Group UK Ltd4 Ordinary 100.0 16
Key to Key to
Registered\ue003 Registered\ue003
Company Class Holding % office Company Class Holding % office
Butcombe Group (continued)
Five Oaks Hotel Ltd
4
Ordinary
100.0
14
The Liberation Pub Company
Ordinary
100.0
15
(Guernsey)\ue003Ltd
4
Foresters Arms (Jersey)\ue003Ltd
4
Ordinary
100.0
14
The Liberation Pub Company
Ordinary
100.0
14
(Jersey)\ue003Ltd
4
Gimbels (Jersey)\ue003Ltd
4
Ordinary
100.0
14
The Post Horn Ltd
4
Ordinary
100.0
14
Glo'ster Vaults Ltd
4
Ordinary
100.0
14
The Royal Oak Inn Trading Ltd
4
Ordinary
100.0
16
Great Union Hotel (Holdings)\ue003
Ordinary
100.0
14
Trafalgar Hotel (Jersey)\ue003Ltd
4
Ordinary
100.0
14
Ltd
4
Great Western Hotel Ltd
4
Ordinary
100.0
14
Union Inn (Jersey)\ue003Ltd
4
Ordinary
100.0
14
Guernsey Leisure Company\ue003
Ordinary
100.0
15
Victor Hugo Ltd
4
Ordinary
100.0
14
Ltd
4
Guppy's Holdings Ltd
4
Ordinary
100.0
15
Victoria (Valley)\ue003Ltd
4
Ordinary
100.0
14
Guppy's of Guernsey Ltd
4
Ordinary
100.0
15
Victoria Hotel (Jersey)\ue003Ltd
4
Ordinary
100.0
14
Hautville Ltd
4
Ordinary
100.0
15
4
Wellington Hotel Ltd
Ordinary
100.0
14
Horse & Hound (Jersey)\ue003Ltd
4
Ordinary
100.0
14
Wests Cinemas Ltd
4
Ordinary
100.0
14
John Tregear Ltd
4
Ordinary
100.0
14
4
White Hart Ltd
Ordinary
100.0
15
Cooke Optics
Chaplin Bidco Ltd
5
Ordinary
100.0
18
Cooke Optics (Hong\ue003Kong)\ue003Ltd
5
Ordinary
100.0
21
Chaplin Midco Ltd
5
Ordinary
100.0
18
Cooke Optics (India)\ue003Private\ue003Ltd
5
Ordinary
100.0
22
Chaplin Topco Ltd
A Ordinary
100.0
1
18
Cooke Optics Holdings Ltd
5
Ordinary
100.0
18
B Ordinary
75.3
1
C Ordinary
98.6
1
Cooke Optics Inc.
5
Ordinary
100.0
19
Cooke Optics Ltd
5
Ordinary
100.0
18
Cooke (Shanghai)\ue003Optics
Ordinary A
100.0
20
5
Cooke Optics TV Ltd
Ordinary
100.0
18
Technology Co Ltd
5
Cooke Optics Group Ltd
5
Ordinary
100.0
18
Direct Tyre Management
Cefni Tyres Ltd
6
Ordinary
100.0
23
6
IT5 Holdings Ltd
Ordinary
100.0
23
Clan Rock Bidco Ltd
6
Ordinary
100.0
23
IT5 Fleetmobile Ltd
6
Ordinary
100.0
23
Clan Rock Midco Ltd
6
Ordinary
100.0
23
Project Lafite Bidco Ltd
6
Ordinary
100.0
23
Clan Rock Topco Ltd
Ordinary
98.6
23
Project Lafite Topco Ltd
6
Ordinary
100.0
23
Direct Tyre Management Ltd
6
Ordinary
100.0
23
Tyreforce NW Ltd
6
Ordinary
100.0
23
Direct Tyre Sales Ltd
6
Ordinary
100.0
23
Tyrewatch.com Ltd
6
Ordinary
100.0
23
DTM Holdings Ltd
6
Ordinary
100.0
23
Tyre Plus Durham Ltd
6
Ordinary
100.0
23
7. Cayzer House, 30 Buckingham Gate, London SW1E 6NN 8. Rubensstraat 104/57, 2300 Turnhout, Belgium 9. Parc d\u2019Activit\u00e9s les B\u00e9thunes, 16 rue du compas, 95310 Cergy Pontoise Cedex, France 10. Elisabethstr. 1, 52428 J\u00fclich, Germany 11. Spuiweg 22 D, 5145 NE Waalwijk, The Netherlands 12. C/ Isla de Alegranza 2, nave 53, 28703 San Sebasti\u00e1n de los Reyes, Madrid, Spain 13. Redgate Road, South Lancashire Industrial Estate, Ashton-In-Makerfield, Wigan, Lancashire, WN4 8DT 14. Tregear House, Longueville Road, St Saviour, Jersey JE2 7WF 15. Hougue Jehannet, Vale, Guernsey GY3 5UF 16. Butcombe Brewery Havyatt Road Trading Estate, Havyatt Road, Wrington, Bristol, BS40 5PA 17. Marais Hall, Marais Square, St Anne, Alderney GY9 3TS 18. 1 Cooke Close, Thurmaston, Leicester LE4 8PT 19. 4131 Vanowen Place, Burbank, CA 91505, USA 20. Rooms 503/504, No 1 Building, No 908 Xiuwen Road, Minhang District, Shanghai, China 21. TMF Hong Kong Limited, 31F, Tower Two, Times Square, Matheson Street, Causeway Bay, Hong Kong 22. C/o Late B KRISHNA MURTHY PLOT NO. 8 ROAD NO 13 Banjara Hills Hyderabad Telangana India 500034 23. Unit 16 Thompson Road, Whitehills Business Park, Blackpool, FY4 5PN 1. Directly held by the company 2. Included in the consolidation 3. Subsidiary of Crossbow Topco Ltd 4. Subsidiary of Caledonia TLG Ltd 5. Subsidiary of Chaplin Topco Ltd 6. Subsidiary of Clan Rock Topco Ltd Registered office addresses", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-429": { "value": "27. Subsidiaries Key to Key to Registered\ue003 Registe r Company Class Holding %\ue003 office Company Class Holding % office Caledonia Investments Crewkerne Investments Ltd A Ordinary 50.517 Amber 2010 Ltd Ordinary 100.017 B Ordinary 100.01 Buckingham Gate Ltd2 Ordinary 100.01 7 Easybox Self-Storage Ltd Ordinary 100.017 Caledonia CCIL Distribution Ltd Ordinary 100.01 7 Edinmore Investments Ltd Ordinary 100.017 Caledonia Financial Ltd Ordinary 100.01 7 SISH Shareholder LLP Equity right 100.017 Caledonia Group Services Ltd2 Ordinary 100.01 7 Sterling Crewkerne Ltd Ordinary 100.017 Caledonia Land & Property Ltd Ordinary 100.01 7 Sterling Industries Ltd Ordinary 100.017 Caledonia Treasury Ltd Ordinary 100.01 7 The Union-Castle Mail Ordinary 100.017 Steamship Co Ltd A Ordinary 100.01 Caledonia US Investments Ltd Ordinary 100.017 AIR-serv AIR-serv Belgium BV3 Ordinary 100.0 8 AIRvending Ltd3 AIR-serv France SARL3 Ordinary 100.0 9 Crossbow Bidco Ltd3 Ordinary 100.0 13 AIR-serv Germany GmbH3 Ordinary 100.0 10 Crossbow Midco Ltd3 Ordinary 100.0 13 AIR-serv Netherlands BV3 Ordinary 100.0 11 Crossbow Topco Ltd Ordinary 99.8113 Growth 34.71 AIR-serv Spain SLU3 Ordinary 100.0 12 Butcombe Group A.E. Smith & Son Ltd4 Ordinary 100.0 14 La Cave des Vins Ltd4 Ordinary 100.0 14 A.S.B.M. Ltd4 Ordinary 100.0 14 La Rocque Enterprises Ltd4 Ordinary 100.0 14 A.S.B.O. Ltd4 Ordinary 100.0 14 La Rocque Inn (Jersey)\ue003Ltd4 Ordinary 100.0 14 A.S.B.T. Ltd4 Ordinary 100.0 14 4 Lapwing (Trading)\ue003Ltd Ordinary 100.0 14 Aurora Hotel Ltd4 Ordinary 100.0 14 Le Hocq Hotel Ltd4 Ordinary 100.0 14 Bath Street Wine Cellar Ltd4 Ordinary 100.0 14 Les Garcons Ltd4 Ordinary 100.0 15 Brasserie du Centre Ltd4 Ordinary 100.0 14 Longueville Distributors Ltd4 Ordinary 100.0 14 Bucktrout & Company Ltd4Deferred 100.0 15 M Still Catering Ltd4 Ordinary 100.0 16 Ordinary 100.0 Preference 100.0 Butcombe Brewery Ltd4 Ordinary 100.0 16 Marais Hall Ltd4 Ordinary 100.0 17 Butcombe Brewing Company\ue003 Ordinary 100.0 16 Mary Ann Products (Jersey)\ue003 Ordinary 100.0 14 Ltd4 Ltd4 Caesarea Hotel (Jersey)\ue003Ltd4 Ordinary 100.0 14 Mitre Hotel (Jersey)\ue003Ltd4 Ordinary 100.0 14 Caf\u00e9 de Paris (Jersey)\ue003Ltd4 Ordinary 100.0 14 Nightbridge Ltd4 Ordinary 100.0 14 Caledonia TLG Bidco Ltd4 Ordinary 100.0 16 Old Court House Hotel (St\ue003 Ordinary 100.0 14 Aubin) 1972 Ltd4 Caledonia TLG Ltd Ordinary A 100.01 14 Parade Hotel (Jersey)\ue003Ltd4 Ordinary 100.0 14 Ordinary B\ue003 1.11 Ordinary C 75.41 Preference 66.81 Deferred 100.01 Caledonia TLG Midco Ltd4 Ordinary 100.0 14 Peirson (1971)\ue003Ltd4 Ordinary 100.0 14 Captains Holdings Ltd4 Ordinary 100.0 15 Puffin NewCo Ltd4 Ordinary 100.0 14 Channel Wines & Spirits Ordinary 100.0 14 Red Lion Ltd4 Ordinary 100.0 14 (Jersey)\ue003Ltd4 Cirrus Inns Holdings Ltd4 Ordinary 100.0 16 Robin Hood (Jersey)\ue003Ltd4 Ordinary 100.0 14 Cirrus Inns Ltd4 Ordinary 100.0 16 S.L. Ltd4 Ordinary 100.0 14 Citann Ltd4 Ordinary 100.0 14 Ship Holdings Ltd4 Ordinary 100.0 15 Preference 100.0 Cosy Corner (Jersey)\ue003Ltd4 Ordinary 100.0 14 Square Ltd4 Ordinary 100.0 14 Craig Street Brewing Company\ue003 Ordinary 100.0 14 St John's Hotel Ltd4 Ordinary 100.0 14 Ltd4 Divette Holdings Ltd4 Ordinary 100.0 15 4 Stag Hotel (Jersey)\ue003Ltd Ordinary 100.0 14 Don Inn (Jersey)\ue003Ltd4 Ordinary 100.0 14 Sussex Hotel Ltd4 Ordinary 100.0 14 Evenstar Ltd4 Ordinary 100.0 14 The Guernsey Brewery Co\ue003 Ordinary 100.0 15 (1920)\ue003Ltd4 Preference 100.0 Exeter Hotel (Jersey)\ue003Ltd4 Ordinary 100.0 14 The Independent Brewing\ue003 Company Ltd4 Ordinary 100.0 14 Farm Street Inns Ltd4 Ordinary 100.0 16 The Liberation Group Ltd4 Ordinary 100.0 14 Farmers Inn Ltd4 Ordinary 100.0 14 The Liberation Group UK Ltd4 Ordinary 100.0 16
Key to Key to
Registered\ue003 Registered\ue003
Company Class Holding % office Company Class Holding % office
Butcombe Group (continued)
Five Oaks Hotel Ltd
4
Ordinary
100.0
14
The Liberation Pub Company
Ordinary
100.0
15
(Guernsey)\ue003Ltd
4
Foresters Arms (Jersey)\ue003Ltd
4
Ordinary
100.0
14
The Liberation Pub Company
Ordinary
100.0
14
(Jersey)\ue003Ltd
4
Gimbels (Jersey)\ue003Ltd
4
Ordinary
100.0
14
The Post Horn Ltd
4
Ordinary
100.0
14
Glo'ster Vaults Ltd
4
Ordinary
100.0
14
The Royal Oak Inn Trading Ltd
4
Ordinary
100.0
16
Great Union Hotel (Holdings)\ue003
Ordinary
100.0
14
Trafalgar Hotel (Jersey)\ue003Ltd
4
Ordinary
100.0
14
Ltd
4
Great Western Hotel Ltd
4
Ordinary
100.0
14
Union Inn (Jersey)\ue003Ltd
4
Ordinary
100.0
14
Guernsey Leisure Company\ue003
Ordinary
100.0
15
Victor Hugo Ltd
4
Ordinary
100.0
14
Ltd
4
Guppy's Holdings Ltd
4
Ordinary
100.0
15
Victoria (Valley)\ue003Ltd
4
Ordinary
100.0
14
Guppy's of Guernsey Ltd
4
Ordinary
100.0
15
Victoria Hotel (Jersey)\ue003Ltd
4
Ordinary
100.0
14
Hautville Ltd
4
Ordinary
100.0
15
4
Wellington Hotel Ltd
Ordinary
100.0
14
Horse & Hound (Jersey)\ue003Ltd
4
Ordinary
100.0
14
Wests Cinemas Ltd
4
Ordinary
100.0
14
John Tregear Ltd
4
Ordinary
100.0
14
4
White Hart Ltd
Ordinary
100.0
15
Cooke Optics
Chaplin Bidco Ltd
5
Ordinary
100.0
18
Cooke Optics (Hong\ue003Kong)\ue003Ltd
5
Ordinary
100.0
21
Chaplin Midco Ltd
5
Ordinary
100.0
18
Cooke Optics (India)\ue003Private\ue003Ltd
5
Ordinary
100.0
22
Chaplin Topco Ltd
A Ordinary
100.0
1
18
Cooke Optics Holdings Ltd
5
Ordinary
100.0
18
B Ordinary
75.3
1
C Ordinary
98.6
1
Cooke Optics Inc.
5
Ordinary
100.0
19
Cooke Optics Ltd
5
Ordinary
100.0
18
Cooke (Shanghai)\ue003Optics
Ordinary A
100.0
20
5
Cooke Optics TV Ltd
Ordinary
100.0
18
Technology Co Ltd
5
Cooke Optics Group Ltd
5
Ordinary
100.0
18
Direct Tyre Management
Cefni Tyres Ltd
6
Ordinary
100.0
23
6
IT5 Holdings Ltd
Ordinary
100.0
23
Clan Rock Bidco Ltd
6
Ordinary
100.0
23
IT5 Fleetmobile Ltd
6
Ordinary
100.0
23
Clan Rock Midco Ltd
6
Ordinary
100.0
23
Project Lafite Bidco Ltd
6
Ordinary
100.0
23
Clan Rock Topco Ltd
Ordinary
98.6
23
Project Lafite Topco Ltd
6
Ordinary
100.0
23
Direct Tyre Management Ltd
6
Ordinary
100.0
23
Tyreforce NW Ltd
6
Ordinary
100.0
23
Direct Tyre Sales Ltd
6
Ordinary
100.0
23
Tyrewatch.com Ltd
6
Ordinary
100.0
23
DTM Holdings Ltd
6
Ordinary
100.0
23
Tyre Plus Durham Ltd
6
Ordinary
100.0
23
7. Cayzer House, 30 Buckingham Gate, London SW1E 6NN 8. Rubensstraat 104/57, 2300 Turnhout, Belgium 9. Parc d\u2019Activit\u00e9s les B\u00e9thunes, 16 rue du compas, 95310 Cergy Pontoise Cedex, France 10. Elisabethstr. 1, 52428 J\u00fclich, Germany 11. Spuiweg 22 D, 5145 NE Waalwijk, The Netherlands 12. C/ Isla de Alegranza 2, nave 53, 28703 San Sebasti\u00e1n de los Reyes, Madrid, Spain 13. Redgate Road, South Lancashire Industrial Estate, Ashton-In-Makerfield, Wigan, Lancashire, WN4 8DT 14. Tregear House, Longueville Road, St Saviour, Jersey JE2 7WF 15. Hougue Jehannet, Vale, Guernsey GY3 5UF 16. Butcombe Brewery Havyatt Road Trading Estate, Havyatt Road, Wrington, Bristol, BS40 5PA 17. Marais Hall, Marais Square, St Anne, Alderney GY9 3TS 18. 1 Cooke Close, Thurmaston, Leicester LE4 8PT 19. 4131 Vanowen Place, Burbank, CA 91505, USA 20. Rooms 503/504, No 1 Building, No 908 Xiuwen Road, Minhang District, Shanghai, China 21. TMF Hong Kong Limited, 31F, Tower Two, Times Square, Matheson Street, Causeway Bay, Hong Kong 22. C/o Late B KRISHNA MURTHY PLOT NO. 8 ROAD NO 13 Banjara Hills Hyderabad Telangana India 500034 23. Unit 16 Thompson Road, Whitehills Business Park, Blackpool, FY4 5PN 1. Directly held by the company 2. Included in the consolidation 3. Subsidiary of Crossbow Topco Ltd 4. Subsidiary of Caledonia TLG Ltd 5. Subsidiary of Chaplin Topco Ltd 6. Subsidiary of Clan Rock Topco Ltd Registered office addresses", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } } } }