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Material accounting policies
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 18 May 2026.
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 investment entities are held at fair value through profit or loss rather than
consolidated in the group results. For further details on the assessment as an investment entity
please refer to page 117. 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 the 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 \u00a3954.7m (2025: \u00a3870.7m),
wused 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), totalling \u00a3922.9m (2025:
\u00a3882.9m) 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 3-6 months of the relevant
valuation date. Management periodically assesses whether reported net asset values are fair value
based on 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. Market
and other relevant conditions are reviewed at the year end to determine 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
Judgement has been exercised in determining the classification of money market investments held
by the group as cash equivalents under IAS 7. In arriving at this judgement, the use of money market
funds to manage day-to-day working capital requirements has been considered whilst also noting 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. It has therefore been 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 classification as cash equivalents is appropriate. Although remote, there
is not a zero risk of significant change in value and therefore this classification is judgemental.
Going concern
As at 31 March 2026, 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 \u00a390m, undrawn banking facilities of \u00a3325m, expected proceeds on completion
from the sale of Stonehage Fleming of c.\u00a3290m and readily realisable assets of \u00a3952m as part
of a wider process in connection with its viability assessment. It has been concluded that the group
has sufficient cash, other liquid resources and committed bank facilities to meet existing and new
investment commitments.
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.
In making this assessment, the directors had regard to 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 pounds
sterling versus the US dollar compared to the rate on 31 March 2026 and a 12-month delay to
Private Capital realisations.
The second stress test examined a severe two-year market downturn scenario. It assumed a 20% fall
in income from Public Companies, a complete loss of income from Private Capital, no ability to realise
the Private Capital portfolio, a 50% reduction in distributions from the group\u2019s Funds portfolio and
all outstanding fund commitments falling due in the period. The directors do not believe this extreme
downside scenario is likely but factors this into the viability assessment.
It was concluded that even in a simulated market downturn and all fund commitments falling due,
the group has sufficient liquidity on the balance sheet to meet its obligations as they fall due.
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 61.
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 December 2025 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.
Adopted IFRSs and IFRSs not yet applied
In the current year, the group has not adopted any new standards or interpretations. Amendments
to IFRS 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 or company
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; and
\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.
Fund distributions relating to the group\u2019s share of net income from limited partnerships are recognised
as revenue when received.
Where uncertainty arises over the collectability of an amount already included in income, the
uncollectible 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, performance-related cash bonus 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 one-off in nature and therefore 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 \u2018short-term\u2019 lease (that is, the term is 12 months or less with no option to purchase
the lease asset) or a \u2018low-value\u2019 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\u2019s
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\u2019s 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 page 150.
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.
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.
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 is not depreciated.
The estimated useful lives of property, plant and equipment are as follows:
\u2022 Buildings: 25 and 50 years
\u2022 Fixtures and fittings: 5 to 10 years
\u2022 Office equipment: 3 to 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 in relation to 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, The Caledonia 2024 Employee Benefit
Trust or The Caledonia Investments Share Incentive Plan 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-375": { "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 18 May 2026. 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-2": { "value": "Caledonia Investments plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-371": { "value": "Caledonia Investments plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-373": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-3": { "value": "United Kingdom ", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-4": { "value": "England", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-372": { "value": "England", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-5": { "value": "Cayzer House, 30 Buckingham Gate, London SW1E 6NN", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-425": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-376": { "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 investment entities are held at fair value through profit or loss rather than consolidated in the group results. For further details on the assessment as an investment entity please refer to page 117. 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 the 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 \u00a3954.7m (2025: \u00a3870.7m), wused 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), totalling \u00a3922.9m (2025: \u00a3882.9m) 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 3-6 months of the relevant valuation date. Management periodically assesses whether reported net asset values are fair value based on 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. Market and other relevant conditions are reviewed at the year end to determine 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 Judgement has been exercised in determining the classification of money market investments held by the group as cash equivalents under IAS 7. In arriving at this judgement, the use of money market funds to manage day-to-day working capital requirements has been considered whilst also noting 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. It has therefore been 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 classification as cash equivalents is appropriate. Although remote, there is not a zero risk of significant change in value and therefore this classification is judgemental. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-377": { "value": "Going concern As at 31 March 2026, 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 \u00a390m, undrawn banking facilities of \u00a3325m, expected proceeds on completion from the sale of Stonehage Fleming of c.\u00a3290m and readily realisable assets of \u00a3952m as part of a wider process in connection with its viability assessment. It has been concluded that the group has sufficient cash, other liquid resources and committed bank facilities to meet existing and new investment commitments. 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. In making this assessment, the directors had regard to 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 pounds sterling versus the US dollar compared to the rate on 31 March 2026 and a 12-month delay to Private Capital realisations. The second stress test examined a severe two-year market downturn scenario. It assumed a 20% fall in income from Public Companies, a complete loss of income from Private Capital, no ability to realise the Private Capital portfolio, a 50% reduction in distributions from the group\u2019s Funds portfolio and all outstanding fund commitments falling due in the period. The directors do not believe this extreme downside scenario is likely but factors this into the viability assessment. It was concluded that even in a simulated market downturn and all fund commitments falling due, the group has sufficient liquidity on the balance sheet to meet its obligations as they fall due. 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 61. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-382": { "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 December 2025 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-426": { "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. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-378": { "value": "Adopted IFRSs and IFRSs not yet applied In the current year, the group has not adopted any new standards or interpretations. Amendments to IFRS 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 or company financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-427": { "value": "In the current year, the group has not adopted any new standards or interpretations. Amendments to IFRS adopted in the year have not had a material impact on the group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-428": { "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 or company financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-379": { "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; and \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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-380": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-381": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-383": { "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. Fund distributions relating to the group\u2019s share of net income from limited partnerships are recognised as revenue when received. Where uncertainty arises over the collectability of an amount already included in income, the uncollectible 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-384": { "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, performance-related cash bonus 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 one-off in nature and therefore unlikely to re-occur in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-385": { "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 \u2018short-term\u2019 lease (that is, the term is 12 months or less with no option to purchase the lease asset) or a \u2018low-value\u2019 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-386": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-387": { "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\u2019s 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-429": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-388": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-389": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-390": { "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\u2019s 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 page 150. 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-391": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-392": { "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-431": { "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. 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 is not depreciated. The estimated useful lives of property, plant and equipment are as follows: \u2022 Buildings: 25 and 50 years \u2022 Fixtures and fittings: 5 to 10 years \u2022 Office equipment: 3 to 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-401": { "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. 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 is not depreciated. The estimated useful lives of property, plant and equipment are as follows: \u2022 Buildings: 25 and 50 years \u2022 Fixtures and fittings: 5 to 10 years \u2022 Office equipment: 3 to 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-454": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-430": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-393": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-394": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-395": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-396": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-397": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-398": { "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 in relation to investments are included in the statement of comprehensive income as a capital return. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-399": { "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, The Caledonia 2024 Employee Benefit Trust or The Caledonia Investments Share Incentive Plan 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-400": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-402": { "value": "
1. Net investment income
Investment income
2026 2025
\u00a3m \u00a3m
Income statement revenue column
Income from pool investments
Dividends from UK listed companies
10.5
10.5
Dividends from overseas listed companies
12.7
11.4
Dividends from unlisted companies
26.1
14.4
Distributions from limited partnerships
3.9
4.4
Interest on unlisted debt investments
1.7
3.0
54.9
43.7
Income from other investments
Dividends from unlisted companies
1
8.9
9.0
63.8
52.7
1. During the year \u00a38.9m (2025: \u00a39.0m) was received from Caledonia CCIL Distribution Ltd, a wholly owned
non-consolidated subsidiary.
2026 2025
\u00a3m \u00a3m
Income statement capital column
Dividends from unlisted companies
8.0
\u2013
Other income
2026 2025
\u00a3m \u00a3m
Income statement revenue column
Property income
0.9
0.9
Income statement capital column
US limited partnerships tax refunds
0.6
0.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-432": { "value": "1. Net investment income Investment income
2026 2025
\u00a3m \u00a3m
Income statement revenue column
Income from pool investments
Dividends from UK listed companies
10.5
10.5
Dividends from overseas listed companies
12.7
11.4
Dividends from unlisted companies
26.1
14.4
Distributions from limited partnerships
3.9
4.4
Interest on unlisted debt investments
1.7
3.0
54.9
43.7
Income from other investments
Dividends from unlisted companies
1
8.9
9.0
63.8
52.7
1. During the year \u00a38.9m (2025: \u00a39.0m) was received from Caledonia CCIL Distribution Ltd, a wholly owned non-consolidated subsidiary.
2026 2025
\u00a3m \u00a3m
Income statement capital column
Dividends from unlisted companies
8.0
\u2013
Other income
2026 2025
\u00a3m \u00a3m
Income statement revenue column
Property income
0.9
0.9
Income statement capital column
US limited partnerships tax refunds
0.6
0.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-403": { "value": "
2. Expenses
Management expenses
2026 2025
\u00a3m \u00a3m
Income statement revenue column
Personnel expenses
14.8
15.4
Depreciation
1.1
1.2
Auditor\u2019s remuneration
0.5
0.5
Other administrative expenses
9.9
11.2
Directors\u2019 fees and disbursements recharged
(0.9)
(0.8)
Management fees and recharges
(0.8)
(1.6)
24.6
25.9
Income statement capital column
Personnel expenses
5.0
6.3
Transaction costs
0.6
0.3
Management fees
(0.3)
(0.5)
5.3
6.1
29.9
32.0
Further information
Auditor\u2019s remuneration
Fees payable to BDO LLP in respect of services to Caledonia Investments plc were as follows:
2026 2025
\u00a3m \u00a3m
Audit services
Statutory audit \u2013 group
0.3
0.3
Statutory audit \u2013 consolidated subsidiaries
0.1
0.1
Non-audit services
Other assurance services
0.1
0.1
0.5
0.5
Fees payable to BDO LLP in respect of services to Caledonia Investments plc\u2019s non-consolidated
subsidiaries were as follows:
2026 2025
\u00a3m \u00a3m
Audit services
Statutory audit \u2013 UK subsidiaries
0.3
0.1
Personnel expenses
2026 2025
Note \u00a3m \u00a3m
Income statement revenue column
Salaries and cash bonus
12.4
12.9
National Insurance
2.1
1.9
Contributions to defined contribution plans
1.8
1.3
Defined benefit pension plans expense
25
(1.5)
(0.7)
14.8
15.4
Income statement capital column
Performance cash bonus
0.3
\u2013
Share-based payments
24
4.2
5.1
National Insurance on performance cash bonus share awards
0.5
1.2
5.0
6.3
19.8
21.7
The average number of group employees, including executive directors, throughout the year was as follows:
2026 2025
No No
Investment and administration
75
76
The company did not have any employees in either the current or the prior year.
Total directors\u2019 remuneration expensed for the year was \u00a34.4m (2025: \u00a34.6m), as follows:
Group
2026 2025
\u00a3m \u00a3m
Short-term employee benefits
2.9
2.8
Gains on exercise of share awards
1.5
1.8
4.4
4.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-433": { "value": "2. Expenses Management expenses
2026 2025
\u00a3m \u00a3m
Income statement revenue column
Personnel expenses
14.8
15.4
Depreciation
1.1
1.2
Auditor\u2019s remuneration
0.5
0.5
Other administrative expenses
9.9
11.2
Directors\u2019 fees and disbursements recharged
(0.9)
(0.8)
Management fees and recharges
(0.8)
(1.6)
24.6
25.9
Income statement capital column
Personnel expenses
5.0
6.3
Transaction costs
0.6
0.3
Management fees
(0.3)
(0.5)
5.3
6.1
29.9
32.0
Further information Auditor\u2019s remuneration Fees payable to BDO LLP in respect of services to Caledonia Investments plc were as follows:
2026 2025
\u00a3m \u00a3m
Audit services
Statutory audit \u2013 group
0.3
0.3
Statutory audit \u2013 consolidated subsidiaries
0.1
0.1
Non-audit services
Other assurance services
0.1
0.1
0.5
0.5
Fees payable to BDO LLP in respect of services to Caledonia Investments plc\u2019s non-consolidated subsidiaries were as follows:
2026 2025
\u00a3m \u00a3m
Audit services
Statutory audit \u2013 UK subsidiaries
0.3
0.1
Personnel expenses
2026 2025
Note \u00a3m \u00a3m
Income statement revenue column
Salaries and cash bonus
12.4
12.9
National Insurance
2.1
1.9
Contributions to defined contribution plans
1.8
1.3
Defined benefit pension plans expense
25
(1.5)
(0.7)
14.8
15.4
Income statement capital column
Performance cash bonus
0.3
\u2013
Share-based payments
24
4.2
5.1
National Insurance on performance cash bonus share awards
0.5
1.2
5.0
6.3
19.8
21.7
The average number of group employees, including executive directors, throughout the year was as follows:
2026 2025
No No
Investment and administration
75
76
The company did not have any employees in either the current or the prior year. Total directors\u2019 remuneration expensed for the year was \u00a34.4m (2025: \u00a34.6m), as follows:
Group
2026 2025
\u00a3m \u00a3m
Short-term employee benefits
2.9
2.8
Gains on exercise of share awards
1.5
1.8
4.4
4.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-468": { "value": "
2026 2025
\u00a3m \u00a3m
Income statement revenue column
Personnel expenses
14.8
15.4
Depreciation
1.1
1.2
Auditor\u2019s remuneration
0.5
0.5
Other administrative expenses
9.9
11.2
Directors\u2019 fees and disbursements recharged
(0.9)
(0.8)
Management fees and recharges
(0.8)
(1.6)
24.6
25.9
Income statement capital column
Personnel expenses
5.0
6.3
Transaction costs
0.6
0.3
Management fees
(0.3)
(0.5)
5.3
6.1
29.9
32.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-455": { "value": "Auditor\u2019s remuneration Fees payable to BDO LLP in respect of services to Caledonia Investments plc were as follows:
2026 2025
\u00a3m \u00a3m
Audit services
Statutory audit \u2013 group
0.3
0.3
Statutory audit \u2013 consolidated subsidiaries
0.1
0.1
Non-audit services
Other assurance services
0.1
0.1
0.5
0.5
Fees payable to BDO LLP in respect of services to Caledonia Investments plc\u2019s non-consolidated subsidiaries were as follows:
2026 2025
\u00a3m \u00a3m
Audit services
Statutory audit \u2013 UK subsidiaries
0.3
0.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-456": { "value": "Personnel expenses
2026 2025
Note \u00a3m \u00a3m
Income statement revenue column
Salaries and cash bonus
12.4
12.9
National Insurance
2.1
1.9
Contributions to defined contribution plans
1.8
1.3
Defined benefit pension plans expense
25
(1.5)
(0.7)
14.8
15.4
Income statement capital column
Performance cash bonus
0.3
\u2013
Share-based payments
24
4.2
5.1
National Insurance on performance cash bonus share awards
0.5
1.2
5.0
6.3
19.8
21.7
The average number of group employees, including executive directors, throughout the year was as follows:
2026 2025
No No
Investment and administration
75
76
The company did not have any employees in either the current or the prior year. Total directors\u2019 remuneration expensed for the year was \u00a34.4m (2025: \u00a34.6m), as follows:
Group
2026 2025
\u00a3m \u00a3m
Short-term employee benefits
2.9
2.8
Gains on exercise of share awards
1.5
1.8
4.4
4.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-469": { "value": "Total directors\u2019 remuneration expensed for the year was \u00a34.4m (2025: \u00a34.6m), as follows:
Group
2026 2025
\u00a3m \u00a3m
Short-term employee benefits
2.9
2.8
Gains on exercise of share awards
1.5
1.8
4.4
4.6
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 37.2% of the voting shares of the company as at 31 March 2026 (2025: 36.6%). During the year, the group invoiced and received \u00a30.1m (2025: \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 89. The key management personnel compensation was as follows:
Group
2026 2025
\u00a3m \u00a3m
Short-term employee benefits
2.9
2.8
Equity compensation benefits
0.7
1.1
3.6
3.9
Total remuneration of directors is included in \u2019Personnel expenses\u2019 (note 2) . ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-404": { "value": "
3. Treasury interest receivable
2026 2025
\u00a3m \u00a3m
Interest on bank deposits and liquidity funds
3.7
9.9
4. Finance costs
2026 2025
\u00a3m \u00a3m
Interest on bank loans and overdraft facilities
2.7
3.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-470": { "value": "3. Treasury interest receivable
2026 2025
\u00a3m \u00a3m
Interest on bank deposits and liquidity funds
3.7
9.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-457": { "value": "3. Treasury interest receivable
2026 2025
\u00a3m \u00a3m
Interest on bank deposits and liquidity funds
3.7
9.9
4. Finance costs
2026 2025
\u00a3m \u00a3m
Interest on bank loans and overdraft facilities
2.7
3.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-434": { "value": "3. Treasury interest receivable
2026 2025
\u00a3m \u00a3m
Interest on bank deposits and liquidity funds
3.7
9.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-471": { "value": "4. Finance costs
2026 2025
\u00a3m \u00a3m
Interest on bank loans and overdraft facilities
2.7
3.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-435": { "value": "4. Finance costs
2026 2025
\u00a3m \u00a3m
Interest on bank loans and overdraft facilities
2.7
3.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-405": { "value": "
5. Taxation
Recognised in profit for the year
2026 2025
\u00a3m \u00a3m
Current tax (income)/expense
Current year
(1.6)
(2.8)
Adjustments for prior years
0.7
3.0
(0.9)
0.2
Deferred tax expense
Origination and reversal of temporary differences
1.4
0.4
Adjustments for prior years
0.4
0.1
1.8
0.5
Total tax expense
0.9
0.7
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
2026 2025
\u00a3m \u00a3m
Profit before tax
136.1
66.8
Tax expense at the domestic rate of 25%
34.0
16.7
Non-deductible expenses
0.8
0.5
Unrecognised tax assets
7.4
5.4
Non-taxable gains on investments
1
(23.3)
(11.0)
Non-taxable dividend income
(16.5)
(11.3)
Tax on funds
(3.3)
(3.1)
Other temporary differences
0.7
0.4
Adjustments for prior years
1.1
3.1
Tax expense
0.9
0.7
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
2026 2025
\u00a3m \u00a3m
Current tax (income)
Current year
(0.6)
(0.4)
Deferred tax (income)/expense
On re-measurements of defined benefit pension schemes
(0.2)
\u2013
On share options and awards
0.1
(0.1)
(0.1)
(0.1)
Total tax income
(0.7)
(0.5)
Current tax assets
Current tax assets of \u00a33.2m in the group and \u00a33.8m in the company represented tax loss relief
surrender for settlement (2025: \u00a34.2m in the group and \u00a34.5m in the company).
11. Deferred tax
Deferred tax assets and liabilities were attributable to the following:
Assets Liabilities Net
Group \u00a3m \u00a3m \u00a3m
2026
Employee benefits
4.0
(1.5)
2.5
Other timing differences
\u2013
(0.4)
(0.4)
4.0
(1.9)
2.1
2025
Employee benefits
5.3
(1.3)
4.0
Other timing differences
\u2013
(0.2)
(0.2)
5.3
(1.5)
3.8
Movement in temporary differences during the year
Other
Balance Comprehensive comprehensive Balance
at year start income income at year end
Group \u00a3m \u00a3m \u00a3m \u00a3m
2026
Employee benefits
4.0
(1.6)
0.1
2.5
Other timing differences
(0.2)
(0.2)
\u2013
(0.4)
3.8
(1.8)
0.1
2.1
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
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
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Tax losses
164.4
125.0
160.8
125.0
Corporate interest restrictions
\u2013
\u2013
\u2013
\u2013
Capital losses
82.0
82.3
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-436": { "value": "5. Taxation Recognised in profit for the year
2026 2025
\u00a3m \u00a3m
Current tax (income)/expense
Current year
(1.6)
(2.8)
Adjustments for prior years
0.7
3.0
(0.9)
0.2
Deferred tax expense
Origination and reversal of temporary differences
1.4
0.4
Adjustments for prior years
0.4
0.1
1.8
0.5
Total tax expense
0.9
0.7
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
2026 2025
\u00a3m \u00a3m
Profit before tax
136.1
66.8
Tax expense at the domestic rate of 25%
34.0
16.7
Non-deductible expenses
0.8
0.5
Unrecognised tax assets
7.4
5.4
Non-taxable gains on investments
1
(23.3)
(11.0)
Non-taxable dividend income
(16.5)
(11.3)
Tax on funds
(3.3)
(3.1)
Other temporary differences
0.7
0.4
Adjustments for prior years
1.1
3.1
Tax expense
0.9
0.7
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
2026 2025
\u00a3m \u00a3m
Current tax (income)
Current year
(0.6)
(0.4)
Deferred tax (income)/expense
On re-measurements of defined benefit pension schemes
(0.2)
\u2013
On share options and awards
0.1
(0.1)
(0.1)
(0.1)
Total tax income
(0.7)
(0.5)
Current tax assets Current tax assets of \u00a33.2m in the group and \u00a33.8m in the company represented tax loss relief surrender for settlement (2025: \u00a34.2m in the group and \u00a34.5m in the company). 11. Deferred tax Deferred tax assets and liabilities were attributable to the following:
Assets Liabilities Net
Group \u00a3m \u00a3m \u00a3m
2026
Employee benefits
4.0
(1.5)
2.5
Other timing differences
\u2013
(0.4)
(0.4)
4.0
(1.9)
2.1
2025
Employee benefits
5.3
(1.3)
4.0
Other timing differences
\u2013
(0.2)
(0.2)
5.3
(1.5)
3.8
Movement in temporary differences during the year
Other
Balance Comprehensive comprehensive Balance
at year start income income at year end
Group \u00a3m \u00a3m \u00a3m \u00a3m
2026
Employee benefits
4.0
(1.6)
0.1
2.5
Other timing differences
(0.2)
(0.2)
\u2013
(0.4)
3.8
(1.8)
0.1
2.1
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
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
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Tax losses
164.4
125.0
160.8
125.0
Corporate interest restrictions
\u2013
\u2013
\u2013
\u2013
Capital losses
82.0
82.3
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-406": { "value": "
6. Dividends
Amounts recognised as distributions to owners of the company in the year were as follows:
2026
2025
1
p/share
\u00a3m
p/share
\u00a3m
Final dividend for the year ended 31 March 2025 (2024)
5.391
28.2
5.147
27.9
Interim dividend for the year ended 31 March 2026 (2025)
2
3. 680
19.2
1.969
10.5
9.07 1
47.4
7 . 116
38.4
1. On 25 July 2025, the company executed a 10:1 sub-division of its ordinary shares which reduced the nominal value from
5p to 0.5p. As a result of the increased number of ordinary shares now in issue, all dividend per share figures have been
restated for the prior year comparatives.
2. The interim dividend for the year ended 31 March 2026 was rebased to 50% of the prior year total annual dividend.
Amounts proposed after the year end and not recognised in the financial statements were as follows:
2026
p/share
\u00a3m
Proposed final dividend for the year ended 31 March 2026
4.004
20.7
The proposed final dividend for the year ended 31 March 2026 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 15 July 2026, will be payable on 6 August 2026 to holders of shares on the register on
3 July 2026. The ex-dividend date will be 2 July 2026. The deadline for elections under the dividend
reinvestment plan offered by MUFG Corporate Markets will be the close of business on 17 July 2026.
For the purposes of section 1158 of the Corporation Tax Act 2010 and associated regulations, the
dividends payable for the year ended 31 March 2026 are the interim and final dividends for that year,
amounting to \u00a339.9m (2025: \u00a338.7m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-437": { "value": "0.0368", "decimals": 5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-438": { "value": "0.01969", "decimals": 5, "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-439": { "value": "0.09071", "decimals": 5, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-440": { "value": "0.07116", "decimals": 5, "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-407": { "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:
2026 2025
\u00a3m \u00a3m
Revenue
40.4
30.9
Capital
94.8
35.2
Total
135.2
66.1
The weighted average number of shares was as follows:
2026
2025
1
000\u2019s 000\u2019s
Issued shares at the year start
528,827
546,118
Effect of shares cancelled
(4,698)
(7,404)
Effect of shares held by the employee share trusts and share incentive plan
(1,587)
(1,508)
Basic weighted average number of shares in the year
522,542
537,206
Effect of performance shares, deferred bonus awards and share incentive
plan awards
7,141
7,931
Diluted weighted average number of shares in the year
529,683
545,137
1. On 25 July 2025, the company executed a 10:1 sub-division of its ordinary shares which reduced the nominal value from
5p to 0.5p. As a result of the increased number of ordinary shares now in issue, all share numbers have been restated for
the prior year comparatives.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-408": { "value": "
8. Investments
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Investments held at fair value through profit or loss
Investments listed on a recognised stock exchange
952.2
964.7
952.2
964.7
Unlisted investments
1,614.9
1,778.9
1,621.5
1,784.2
2,567.1
2,743.6
2,573.7
2,748.9
Investments held at cost
Service subsidiaries
\u2013
\u2013
0.9
0.9
Held for sale
Unlisted investments
279.3
\u2013
279.3
\u2013
2,846.4
2,743.6
2,853.9
2,749.8
The movements in non-current investments were as follows:
Listed Unlisted Unlisted
investments
investments
1
debt Total
\u00a3m \u00a3m \u00a3m \u00a3m
Group
Balance at 31 March 2024
949.8
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
Transfer to held for sale
\u2013
(279.3)
\u2013
(279.3)
Purchases at cost
141.4
118.2
5.6
265.2
Realisation proceeds
(142.3)
(114.8)
\u2013
(257.1)
Gains/losses on investments
(11.6)
103.7
\u2013
92.1
Accrued income
\u2013
2.6
\u2013
2.6
Balance at 31 March 2026
952.2
1,593.0
21.9
2,567.1
Listed Unlisted
investments
investments
1
Unlisted debt Total
\u00a3m \u00a3m \u00a3m \u00a3m
Company
Balance at 31 March 2024
949.8
1,724.3
27.5
2,701.6
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
1,768.8
16.3
2,749.8
Transfer to held for sale
\u2013
(279.3)
\u2013
(279.3)
Purchases at cost
141.4
118.2
5.6
265.2
Realisation proceeds
(142.3)
(114.8)
\u2013
(257.1)
Gains/losses on investments
(11.6)
105.0
\u2013
93.4
Accrued income
\u2013
2.6
\u2013
2.6
Balance at 31 March 2026
952.2
1,600.5
21.9
2,574.6
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 -\u00a31.4m of non-pool provisions (2025: \u00a310.9m
non-pool investments). For further details of the fair value measurement of investments please refer to note 23 on page 132.
In September 2025, Caledonia agreed terms for the sale of a minority stake in Stonehage Fleming,
a multi-family office providing advisory services to many of the world\u2019s leading families and wealth
creators, to Corient Private Wealth LLC, a US-headquartered wealth management and advisory
business. The transaction is expected to complete in mid 2026. Cash proceeds of c.\u00a3290m are
expected net of transaction expenses. The valuation at the end of March of \u00a3279.3m reflects
expected cash proceeds less a c.3.5% discount in recognition of the limited transaction execution
risk and time value of money. To reflect this transaction, this asset was disclosed as held for sale
in the statement of financial position as at 31 March 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-409": { "value": "
9. Investment property
Freehold
property
Group \u00a3m
Cost
Balance at 31 March 2024, 2025 and 2026
19.8
Revaluation
Balance at 31 March 2024
(6.5)
Revaluation in the year
(0.7)
Balance at 31 March 2025 and 2026
(7.2)
Carrying amounts
At 31 March 2024
13.3
At 31 March 2025
12.6
At 31 March 2026
12.6
At 31 March 2026, 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 (\u2018RICS\u2019) 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 investment property held by the group is classified as Level 3 under the fair value hierarchy
(see page 135).
Market value Valuation Key unobservable Range
Property \u00a3m technique inputs (weighted average)
Buckingham Gate
12.6
Rental yield
Rent per sq ft p.a.
\u00a338.00\u2013\u00a385.00
(\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 current year sensitivities were unchanged from the prior year.
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-410": { "value": "
10. Property, plant and equipment
Group
Office
Property equipment Total
\u00a3m \u00a3m \u00a3m
Cost
Balance at 31 March 2024
32.4
5.0
37.4
Acquisitions
\u2013
1.8
1.8
Balance at 31 March 2025
32.4
6.8
39.2
Acquisitions
\u2013
0.2
0.2
Balance at 31 March 2026
32.4
7.0
39.4
Depreciation
Balance at 31 March 2024
\u2013
(3.4)
(3.4)
Depreciation charge
(0.6)
(0.5)
(1.1)
Eliminate depreciation
0.6
\u2013
0.6
Balance at 31 March 2025
\u2013
(3.9)
(3.9)
Depreciation charge
(0.6)
(0.6)
(1.2)
Eliminate depreciation
0.6
\u2013
0.6
Balance at 31 March 2026
\u2013
(4.5)
(4.5)
Revaluation
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)
Revaluation in the year
0.6
\u2013
0.6
Eliminate depreciation
(0.6)
\u2013
(0.6)
Balance at 31 March 2026
(10.0)
\u2013
(10.0)
Carrying amounts
\u2013
At 31 March 2024
23.6
1.6
25.2
At 31 March 2025
22.4
2.9
25.3
At 31 March 2026
22.4
2.5
24.9
Property is measured at fair value and comprised freehold land and buildings.
Property was revalued at 31 March 2026 by an independent valuer. Had the property been carried
under the cost model, the carrying amount would have been \u00a323.4m (2025: \u00a324.0m).
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 (\u2018RICS\u2019) 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 135).
Market value Valuation Key unobservable Range
Property \u00a3m technique inputs (weighted average)
Buckingham Gate
22.4
Rental yield
Rent per sq ft p.a.
\u00a340.00\u2013\u00a385.00
(\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 5% would result in an increase in the asset valuation of \u00a31.1m and a decrease of 5% would
result in a decrease in the asset valuation of \u00a31.1m.
The current year sensitivity to inputs were unchanged from the prior year.
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-458": { "value": "11. Deferred tax Deferred tax assets and liabilities were attributable to the following:
Assets Liabilities Net
Group \u00a3m \u00a3m \u00a3m
2026
Employee benefits
4.0
(1.5)
2.5
Other timing differences
\u2013
(0.4)
(0.4)
4.0
(1.9)
2.1
2025
Employee benefits
5.3
(1.3)
4.0
Other timing differences
\u2013
(0.2)
(0.2)
5.3
(1.5)
3.8
Movement in temporary differences during the year
Other
Balance Comprehensive comprehensive Balance
at year start income income at year end
Group \u00a3m \u00a3m \u00a3m \u00a3m
2026
Employee benefits
4.0
(1.6)
0.1
2.5
Other timing differences
(0.2)
(0.2)
\u2013
(0.4)
3.8
(1.8)
0.1
2.1
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
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
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Tax losses
164.4
125.0
160.8
125.0
Corporate interest restrictions
\u2013
\u2013
\u2013
\u2013
Capital losses
82.0
82.3
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-411": { "value": "
12. Other receivables
Group
Company
2026 2025 2026 2025
Non-current assets \u00a3m \u00a3m \u00a3m \u00a3m
Other receivables
\u2013
\u2013
28.0
30.5
Company non-current other receivables comprise \u00a328.0m (2025: \u00a330.5m) due from a wholly owned
subsidiary.
Group
Company
2026 2025 2026 2025
Current assets \u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
2.4
3.5
1.0
1.2
Non-trade receivables and prepayments
6.3
6.8
4.6
5.2
8.7
10.3
5.6
6.4
Expected credit losses (\u2018ECL\u2019) on the group and company receivables are estimated to be under
\u00a30.1m (2025: less than \u00a30.1m). The ECL assessment included a review of recoverability of the trade
receivables which comprise quoted investment income and private capital monitoring fee balances
to confirm amounts were received within one month of the reporting date.
An aged analysis of group trade receivables is disclosed below:
Total Within terms 0-1 month
\u00a3m \u00a3m \u00a3m
2026
2.4
2.3
0.1
2025
3.5
3.4
0.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-441": { "value": "12. Other receivables
Group
Company
2026 2025 2026 2025
Non-current assets \u00a3m \u00a3m \u00a3m \u00a3m
Other receivables
\u2013
\u2013
28.0
30.5
Company non-current other receivables comprise \u00a328.0m (2025: \u00a330.5m) due from a wholly owned subsidiary.
Group
Company
2026 2025 2026 2025
Current assets \u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
2.4
3.5
1.0
1.2
Non-trade receivables and prepayments
6.3
6.8
4.6
5.2
8.7
10.3
5.6
6.4
Expected credit losses (\u2018ECL\u2019) on the group and company receivables are estimated to be under \u00a30.1m (2025: less than \u00a30.1m). The ECL assessment included a review of recoverability of the trade receivables which comprise quoted investment income and private capital monitoring fee balances to confirm amounts were received within one month of the reporting date. An aged analysis of group trade receivables is disclosed below:
Total Within terms 0-1 month
\u00a3m \u00a3m \u00a3m
2026
2.4
2.3
0.1
2025
3.5
3.4
0.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-459": { "value": "
Group
Company
2026 2025 2026 2025
Non-current assets \u00a3m \u00a3m \u00a3m \u00a3m
Other receivables
\u2013
\u2013
28.0
30.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-472": { "value": "
Group
Company
2026 2025 2026 2025
Non-current assets \u00a3m \u00a3m \u00a3m \u00a3m
Other receivables
\u2013
\u2013
28.0
30.5
Company non-current other receivables comprise \u00a328.0m (2025: \u00a330.5m) due from a wholly owned subsidiary.
Group
Company
2026 2025 2026 2025
Current assets \u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
2.4
3.5
1.0
1.2
Non-trade receivables and prepayments
6.3
6.8
4.6
5.2
8.7
10.3
5.6
6.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-460": { "value": "
Group
Company
2026 2025 2026 2025
Current assets \u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
2.4
3.5
1.0
1.2
Non-trade receivables and prepayments
6.3
6.8
4.6
5.2
8.7
10.3
5.6
6.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-412": { "value": "
13. Net cash and cash equivalents
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Bank balances
4.9
9.8
2.5
8.3
Money market funds
85.1
141.5
83.2
140.2
Cash and cash equivalents
90.0
151.3
85.7
148.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-442": { "value": "13. Net cash and cash equivalents
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Bank balances
4.9
9.8
2.5
8.3
Money market funds
85.1
141.5
83.2
140.2
Cash and cash equivalents
90.0
151.3
85.7
148.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-413": { "value": "
14. Interest-bearing loans and borrowings
There were no interest-bearing loans and borrowings outstanding at 31 March 2026 or 2025.
As at 31 March 2026, the group had undrawn committed facilities totalling \u00a3325m (2025: \u00a3325m),
comprising two tranches: \u00a3175m from BNP Paribas and Industrial and Commercial Bank of China and
\u00a3150m from The Royal Bank of Scotland International. 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.
On 13 May 2026, the revolving credit facility of \u00a3325m was extended for a further two years on
exactly the same terms. The facility comprises \u00a3150m over a five-year term expiring in August 2031
and \u00a3175m over a three-year term expiring in August 2029.
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.
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 2026, Caledonia plc had
remaining borrowing capacity under the covenants of \u00a3752m (2025: \u00a3754m), considerably in excess
of undrawn facilities. Compliance with covenants is tested monthly.
During the year the group and company utilised \u00a3nil (2025: \u00a3nil) of an available \u00a3325m (2025:
\u00a3325m) 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 10-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 pounds 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.
The exposures of listed and unlisted equity investments and fund interests were as follows:
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Listed and unlisted investments
2,824.5
2,727.3
2,832.0
2,732.6
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
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Increase in prices
282.5
272.7
283.2
273.3
Decrease in prices
(282.5)
(272.7)
(283.2)
(273.3)
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 pound 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
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
22.4
23.1
22.1
22.9
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
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Pound sterling depreciates (weakens)
1.5
1.9
1.5
1.9
Pound sterling appreciates (strengthens)
(1.9)
(1.6)
(1.8)
(1.6)
The exposure to foreign currency has reduced in the year due to a reduction in foreign denominated
cash and cash equivalents.
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
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Floating rate
Investments in debt instruments
21.9
16.3
21.9
16.3
Cash and cash equivalents
90.0
151.3
85.7
148.5
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 historical trends.
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Decrease in interest rates
(0.5)
(0.7)
(0.4)
(0.7)
Increase in interest rates
0.5
0.7
0.4
0.7
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
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Investments in debt instruments
21.9
16.3
21.9
16.3
Operating and other receivables
8.7
10.3
5.6
36.9
Cash and cash equivalents
90.0
151.3
85.7
148.5
120.6
177.9
113.2
201.7
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
2026 2025
Credit rating \u00a3m \u00a3m
AAAm
1
85.1
141.5
A+/A-
1
4.9
9.8
90.0
151.3
1. The group holds \u00a385.1m (2025: \u00a3141.5m) in Low Volatility Net Asset Value money market funds which all hold a AAAm
rating from Standard & Poors and \u00a34.9m (2025: \u00a39.8m) of cash in current accounts with three commercial banks with
credit ratings from Standard & Poors of A+ and A-.
Debt instruments relate to loans to investees within the Private Capital pool totalling \u00a321.9m (2025:
\u00a316.3m). Prior to making investments in debt instruments, management has in place a process of
review that includes an evaluation of a potential investee company\u2019s ability to service and repay its
debt. Management assess the credit risk relating to these instruments 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 \u2018AAA\u2019 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 \u00a385.1m and \u00a383.2m
respectively (2025: \u00a3141.5m and \u00a3140.2m).
At the year end, the group and company had \u00a310.0m invested in each of the Aberdeen Liquidity Fund
(Lux) GBP, the Sterling Liquidity fund from Aviva Investors, the ILF GBP liquidity fund from Insight,
the JP Morgan GBP and USD liquidity funds and the LGIM Liquidity Fund GBP and \u00a37.0m invested
in each of the Institutional Sterling Liquidity fund from BlackRock and the Sterling liquid reserves
fund from Goldman Sachs. In addition the company and group had \u00a319.2m and \u00a321.1m 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 \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.
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 2026 and 2025.
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\u2019s 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 (2025: \u00a3325m)
The group\u2019s total capital at 31 March 2026 was \u00a32,980.0m (2025: \u00a32,931.6m) and comprised equity
share capital and reserves of \u00a32,980.0m (2025: \u00a32,931.6m) and \u00a3nil of borrowings (2025: \u00a3nil). The
group was ungeared at the year end (2025: ungeared) and had \u00a3325m (2025: \u00a3325m) of undrawn
committed bank facilities.
The board monitors and reviews the broad structure of the group\u2019s and company\u2019s 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:
\u2022 Level 1: Inputs that are quoted market prices (unadjusted) in active markets for identical instruments.
\u2022 Level 2: Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly.
\u2022 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
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Investments held at fair value
Level 1
952.2
964.7
952.2
964.7
Level 2
18.1
14.4
18.0
14.4
Level 3
1,876.1
1,764.5
1,883.7
1,769.8
2,846.4
2,743.6
2,853.9
2,748.9
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
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Balance at the year start
1,764.5
1,737.1
1,769.8
1,742.4
Purchases
123.8
213.5
123.8
213.5
Disposal proceeds
(115.0)
(203.9)
(115.0)
(203.9)
Gains and losses on investments sold in the year
14.2
56.2
14.2
56.2
Gains and losses on investments held at the year end
86.0
(40.6)
88.3
(40.6)
Accrued income
2.6
2.2
2.6
2.2
Balance at the year end
1,876.1
1,764.5
1,883.7
1,769.8
The following table provides information on significant unobservable inputs used at 31 March 2026
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, EBITDA multiple inputs have been selected to be sensitised and disclosed
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 2026
Weighted Input Change in
Fair value Unobservable average sensitivity valuation
Description/ valuation method \u00a3m input input +/- +/- \u00a3m
Internally developed
Private companies
Large, earnings
357.5
EBITDA multiple
11.8x
10.0%
+41.9/-43.4
Small and medium, blend of methods
111.4
Various
+12.2/-
9.3
Transaction
279.3
Discount
3.5%
-2.1%/+1.4%
+2.1/-4.1
Net assets/manager valuation
206.5
Multiple
1
0.1x
+/-20.6
954.7
+76.8/-77.4
Non-pool companies
(1.4)
Total internal
953.3
Externally developed
Private equity fund
Net asset value
922.8
Manager NAV
1
5%
+/-46.1
1,876.1
+122.9/-123.5
The table below sets out information about significant unobservable inputs used at the prior year end,
31 March 2025, in measuring financial instruments categorised as Level 3 in the fair value hierarchy:
At 31 March 2025
Input Change in
Fair value Unobservable Weighted sensitivity valuation
Description/ valuation method \u00a3m input average input +/- +/- \u00a3m
Internally developed
Private companies
Large, earnings
555.5
EBITDA multiple
12.5x
10.0%
+56.2/-59.8
Small and medium, blend of methods
67.5
Various
+6.8/-7.5
Transaction
55.0
1
5%
+/-2.8
Net assets/manager valuation
192.7
Multiple
1
0.1x
+/-19.3
870.7
+85.1/-89.4
Non-pool companies
10.9
Total internal
881.6
Externally developed
Private equity fund
Net asset value
882.9
Manager NAV
1
5%
+/-44.1
1,764.5
+129.2/-133.5
Private capital companies
Valuation approach
For each asset, management consider 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:
\u2022 Indicative offers. Indications of interest from potential acquirers are regularly received for our
private capital assets, either as part of a structured sale process or in the form of a direct approach.
Where judged 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%.
\u2022 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
(\u2018EBITDA\u2019) 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 14x (2025: 10x to 15x), with a
weighted average of 10.1x (2025: 11.3x). 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.
\u2022 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 consider 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. Investments have been
classified into five categories based on a combination of enterprise value, valuation technique and
sector as shown on the following page.
At 31 March 2026, the investments were classified as follows:
EV range Valuation
Investment
Category
\u00a3m
Valuation technique
\u00a3m
Stonehage Fleming
Utilise transaction price
>200m
Discounted price
279.3
AIR-serv
Large, internally developed
>200m
Earnings
215.0
Cobehold
Utilise external valuation
N/A
Net assets
206.5
Butcombe
Large, internally developed
>200m
Earnings
142.5
DTM
Small and medium, internally developed
<200m
Earnings
57.7
Other investments
53.7
954.7
At 31 March 2025, the investments were classified as follows:
EV range Valuation
Investment
Category
\u00a3m
Valuation technique
\u00a3m
Stonehage Fleming
Large, internally developed
>200m
Earnings
221.4
AIR-serv
Large, internally developed
>200m
Earnings
197.7
Cobehold
Utilise external valuation
N/A
Net assets
192.7
Butcombe
Large, internally developed
>200m
Earnings
136.5
DTM
Utilise transaction price
N/A
Transaction
55.0
Cooke Optics
Small and medium, internally developed
<200m
Blended method
44.1
Other investments
23.3
870.7
The valuation of Private Capital companies may also be informed by offers 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 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
Direct Tyre Management (\u2018DTM\u2019) uses an earnings multiple method and both Cooke Optics and
Sports Information Services use a blend of methods. These methods comprise the earnings multiple
method, weighting of outcomes and discounted cash flows. Earnings were derived from trading
over historical, 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 cash flow techniques included forecast cash flows and
appropriate discount rates.
DTM, 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
Stonehage Fleming uses the transaction price method based on expected sale cash proceeds,
adjusted for the time value of money, less a 0.5% discount to equity value in recognition of the very
limited degree of transaction execution risk. To reflect this transaction, this asset was disclosed as
held for sale in the statement of financial position as at 31 March 2026.
Utilise external valuation
Cobehold\u2019s fair value is derived from the valuation prepared by Cobepa (the manager), which is based
on the Estimated Transaction Value (\u2018ETV\u2019) of its underlying investments as at 31 December 2025,
Cobehold\u2019s year end. The ETV is derived from Cobepa\u2019s net asset value, which reflects the fair market
value of its investments, with adjustments applied to estimate realisable transaction value.
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 rolled for cash transactions up to the reporting date and any other adjustments deemed
necessary. Managers\u2019 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 2025 managers\u2019 NAVs.
Market and other relevant conditions are reviewed at the year end to determine whether a valuation
adjustment is required is considered, making such an adjustment where deemed necessary.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-443": { "value": "14. Interest-bearing loans and borrowings There were no interest-bearing loans and borrowings outstanding at 31 March 2026 or 2025. As at 31 March 2026, the group had undrawn committed facilities totalling \u00a3325m (2025: \u00a3325m), comprising two tranches: \u00a3175m from BNP Paribas and Industrial and Commercial Bank of China and \u00a3150m from The Royal Bank of Scotland International. 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. On 13 May 2026, the revolving credit facility of \u00a3325m was extended for a further two years on exactly the same terms. The facility comprises \u00a3150m over a five-year term expiring in August 2031 and \u00a3175m over a three-year term expiring in August 2029. 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. 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 2026, Caledonia plc had remaining borrowing capacity under the covenants of \u00a3752m (2025: \u00a3754m), considerably in excess of undrawn facilities. Compliance with covenants is tested monthly. During the year the group and company utilised \u00a3nil (2025: \u00a3nil) of an available \u00a3325m (2025: \u00a3325m) of bank revolving credit facilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-414": { "value": "
15. Trade and other payables
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
0.8
1.3
2.1
0.1
Non-trade payables and accrued expenses
2.5
3.7
5.8
10.6
Other payables
2.5
11.4
2.5
11.4
5.8
16.4
10.4
22.1
Other payables of the group and company include short-term borrowing from non-consolidated
subsidiaries of \u00a32.5m (2025: \u00a311.4m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-461": { "value": "15. Trade and other payables
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
0.8
1.3
2.1
0.1
Non-trade payables and accrued expenses
2.5
3.7
5.8
10.6
Other payables
2.5
11.4
2.5
11.4
5.8
16.4
10.4
22.1
Other payables of the group and company include short-term borrowing from non-consolidated subsidiaries of \u00a32.5m (2025: \u00a311.4m).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-444": { "value": "15. Trade and other payables
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
0.8
1.3
2.1
0.1
Non-trade payables and accrued expenses
2.5
3.7
5.8
10.6
Other payables
2.5
11.4
2.5
11.4
5.8
16.4
10.4
22.1
Other payables of the group and company include short-term borrowing from non-consolidated subsidiaries of \u00a32.5m (2025: \u00a311.4m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-415": { "value": "
16. Share capital
Deferred
Ordinary ordinary Share
shares shares premium Total
\u00a3m \u00a3m \u00a3m \u00a3m
Balance at 31 March 2024
2.7
0.4
1.3
4.4
Transfer to capital redemption reserve on cancellation
of share capital
(0.1)
\u2013
\u2013
(0.1)
Balance at 31 March 2025 and 2026
2.6
0.4
1.3
4.3
The number of fully paid shares in issue was as follows:
Ordinary shares
Deferred ordinary shares
2026
2025
1
2026 2025
000\u2019s 000\u2019s 000\u2019s 000\u2019s
Balance at the year start
528,827
546,118
8,000
8,000
Shares purchased and cancelled
(9,466)
(17,291)
\u2013
\u2013
Balance at the year end
519,361
528,827
8,000
8,000
1. On 25 July 2025, the company executed a 10:1 sub-division of its ordinary shares which reduced the nominal value from 5p
to 0.5p. As a result of the increased number of ordinary shares now in issue, prior year comparatives have been restated.
The company had outstanding performance share scheme and deferred bonus awards (note 24).
As at 31 March 2026, the issued share capital of the company comprised 519,361,469 ordinary
shares (restated 2025: 528,826,980) and 8,000,000 deferred ordinary shares (2025: 8,000,000).
The ordinary and deferred ordinary shares have a nominal value of 0.5p and 5p each, respectively.
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 non-consolidated group company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-445": { "value": "16. Share capital
Deferred
Ordinary ordinary Share
shares shares premium Total
\u00a3m \u00a3m \u00a3m \u00a3m
Balance at 31 March 2024
2.7
0.4
1.3
4.4
Transfer to capital redemption reserve on cancellation
of share capital
(0.1)
\u2013
\u2013
(0.1)
Balance at 31 March 2025 and 2026
2.6
0.4
1.3
4.3
The number of fully paid shares in issue was as follows:
Ordinary shares
Deferred ordinary shares
2026
2025
1
2026 2025
000\u2019s 000\u2019s 000\u2019s 000\u2019s
Balance at the year start
528,827
546,118
8,000
8,000
Shares purchased and cancelled
(9,466)
(17,291)
\u2013
\u2013
Balance at the year end
519,361
528,827
8,000
8,000
1. On 25 July 2025, the company executed a 10:1 sub-division of its ordinary shares which reduced the nominal value from 5p to 0.5p. As a result of the increased number of ordinary shares now in issue, prior year comparatives have been restated. The company had outstanding performance share scheme and deferred bonus awards (note 24). As at 31 March 2026, the issued share capital of the company comprised 519,361,469 ordinary shares (restated 2025: 528,826,980) and 8,000,000 deferred ordinary shares (2025: 8,000,000). The ordinary and deferred ordinary shares have a nominal value of 0.5p and 5p each, respectively. 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 non-consolidated group company.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-416": { "value": "
17. Net asset value (\u2018NAV\u2019) 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 Caledonia 2024 Employee Benefit Trust and free and
matching shares held by the trustees of The Caledonia Investments Share Incentive Plan on behalf
of employees. The group\u2019s diluted net asset value assumes the exercise of performance shares and
deferred bonus awards and the withdrawal of free and matching share incentive plan awards.
2026
2025
Number Number
Net assets
of shares
1
NAV Net assets
of shares
1,2
NAV
\u00a3m 000\u2019s p/share \u00a3m 000\u2019s
p/share
2
Undiluted
2,980.0
517,845
575.5
2,931.6
527,497
555.8
Share awards
\u2013
7,141
(7.6)
\u2013
7,931
(8.3)
Diluted
2,980.0
524,986
567.6
2,931.6
535,428
547.5
1. Number of shares in issue at the year end is stated after the deduction of 1,079,820 (31 March 2025: 1,330,250) ordinary
shares held by The Caledonia Investments plc Employee Share Trust, 383,237 (31 March 2025: nil) ordinary shares
held by The Caledonia 2024 Employee Benefit Trust and 52,781 (31 March 2025: nil) ordinary shares (free and matching
awards) held by The Caledonia Investments Share Incentive Plan.
2. On 25 July 2025, the company executed a 10:1 sub-division of its ordinary shares which reduced the nominal value from
5p to 0.5p. As a result of the increased number of ordinary shares now in issue, all number of shares and NAV per share
figures have been restated for the prior year comparatives.
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.
2026
2025
2
p p
Diluted NAV at year start
547.5
536.9
Diluted NAV at year end
567.6
547.5
Dividends payable in the year
9.1
7.1
Reinvestment adjustment
1
0.4
\u2013
577.1
554.6
NAVTR over the year
5.4%
3.3%
1. The reinvestment adjustment is the gain or loss resulting from reinvesting the dividends in NAV at the ex-dividend date.
2. On 25 July 2025, the company executed a 10:1 sub-division of its ordinary shares which reduced the nominal value from
5p to 0.5p. As a result of the increased number of ordinary shares now in issue, all number of share and NAV per share
figures have been restated for the prior year comparatives.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-417": { "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 net investment
income, principally comprising gains and losses on 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 (Public Companies), 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) before tax
Total assets
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Public Companies
11.6
44.1
952.2
964.7
Private Capital
1
111.0
30.5
954.7
870.7
Funds
44.7
19.5
940.9
897.3
Investment portfolio
167.3
94.1
2,847.8
2,732.7
Other investments
2
(1.3)
2.5
(1.4)
10.9
Total net investment income/investments
166.0
96.6
2,846.4
2,743.6
Cash and cash equivalents
3.7
9.9
90.0
151.3
Other items
(33.6)
(39.7)
59.2
63.1
Reportable total
136.1
66.8
2,995.6
2,958.0
1. Private Capital\u2019s investment in Stonehage Fleming was classified as an asset held for sale at 31 March 2026.
2. Other investments total assets included -\u00a31.4m of non-pool provisions (31 March 2025: \u00a310.9m of non-pool investments).
Geographical segments
In presenting information on the basis of geographical segments, segment total net investment income
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 Total
\u00a3m \u00a3m \u00a3m \u00a3m
2026
Total net investment income
48.6
170.2
(52.8)
166.0
Non-current assets
37.5
\u2013
\u2013
37.5
2025
Total net investment income
(78.1)
103.1
71.6
96.6
Non-current assets
37.9
\u2013
\u2013
37.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-446": { "value": "Geographical segments In presenting information on the basis of geographical segments, segment total net investment income 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 Total
\u00a3m \u00a3m \u00a3m \u00a3m
2026
Total net investment income
48.6
170.2
(52.8)
166.0
Non-current assets
37.5
\u2013
\u2013
37.5
2025
Total net investment income
(78.1)
103.1
71.6
96.6
Non-current assets
37.9
\u2013
\u2013
37.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-447": { "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 37.2% of the voting shares of the company as at
31 March 2026 (2025: 36.6%).
During the year, the group invoiced and received \u00a30.1m (2025: \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 89.
The key management personnel compensation was as follows:
Group
2026 2025
\u00a3m \u00a3m
Short-term employee benefits
2.9
2.8
Equity compensation benefits
0.7
1.1
3.6
3.9
Total remuneration of directors is included in \u2019Personnel expenses\u2019 (note 2) .
Other related party transactions Subsidiaries Transactions between the company and its subsidiaries were as follows:
2026
2025
Amount of Balance at Amount of Balance at
transactions year end transactions year end
\u00a3m \u00a3m \u00a3m \u00a3m
Comprehensive income items
Dividends receivable on equity shares
11.8
\u2013
17.5
\u2013
Interest receivable
1.6
\u2013
3.0
\u2013
Management fees payable
(30.0)
(10.0)
(32.6)
(12.6)
Interest payable
(0.1)
\u2013
(0.1)
\u2013
Taxation received
2.0
\u2013
0.9
\u2013
Taxation paid
\u2013
\u2013
(2.8)
\u2013
Financial position items
Capital contributed
\u2013
\u2013
(31.4)
\u2013
Investment loans
(7.4)
24.3
(34.9)
31.7
Loans receivable
(2.5)
28.0
(5.0)
30.5
Loans payable
8.9
(2.5)
8.9
(11.4)
Associates Transactions between the company and group and associates were as follows:
2026
2025
Amount of Balance at Amount of Balance at
transactions year end transactions year end
\u00a3m \u00a3m \u00a3m \u00a3m
Directors\u2019 fees
1
0.1
\u2013
0.1
\u2013
Dividends receivable on equity shares
4.1
\u2013
2.7
\u2013
1. Transactions between a consolidated subsidiary and an associate.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-418": { "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 37.2% of the voting shares of the company as at 31 March 2026 (2025: 36.6%). During the year, the group invoiced and received \u00a30.1m (2025: \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 89. The key management personnel compensation was as follows:
Group
2026 2025
\u00a3m \u00a3m
Short-term employee benefits
2.9
2.8
Equity compensation benefits
0.7
1.1
3.6
3.9
Total remuneration of directors is included in \u2019Personnel expenses\u2019 (note 2)
Other related party transactions
Subsidiaries
Transactions between the company and its subsidiaries were as follows:
2026
2025
Amount of Balance at Amount of Balance at
transactions year end transactions year end
\u00a3m \u00a3m \u00a3m \u00a3m
Comprehensive income items
Dividends receivable on equity shares
11.8
\u2013
17.5
\u2013
Interest receivable
1.6
\u2013
3.0
\u2013
Management fees payable
(30.0)
(10.0)
(32.6)
(12.6)
Interest payable
(0.1)
\u2013
(0.1)
\u2013
Taxation received
2.0
\u2013
0.9
\u2013
Taxation paid
\u2013
\u2013
(2.8)
\u2013
Financial position items
Capital contributed
\u2013
\u2013
(31.4)
\u2013
Investment loans
(7.4)
24.3
(34.9)
31.7
Loans receivable
(2.5)
28.0
(5.0)
30.5
Loans payable
8.9
(2.5)
8.9
(11.4)
Associates
Transactions between the company and group and associates were as follows:
2026
2025
Amount of Balance at Amount of Balance at
transactions year end transactions year end
\u00a3m \u00a3m \u00a3m \u00a3m
Directors\u2019 fees
1
0.1
\u2013
0.1
\u2013
Dividends receivable on equity shares
4.1
\u2013
2.7
\u2013
1. Transactions between a consolidated subsidiary and an associate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-419": { "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:
Group
2026 2025
\u00a3m \u00a3m
Less than one year
0.9
0.9
Between one and five years
0.7
0.3
1.6
1.2
During the year ended 31 March 2026, \u00a30.7m (2025: \u00a30.7m) 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-420": { "value": "
21. Capital commitments
At the reporting date, the group and company had entered into unconditional commitments to funds,
limited partnerships and committed loan facility agreements, as follows:
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Investments
Contracted but not called
346.1
415.9
346.1
415.9
Loan facilities
Committed but undrawn
\u2013
\u2013
12.0
9.5
346.1
415.9
358.1
425.4
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. All scenarios include all outstanding private equity fund commitments being drawn.
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.
For further details on assessment of going concern and viability please refer to page 61.
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 and 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 guarantees could be called due to the conditions of these guarantees. All schemes
are in surplus and it is considered unlikely the guarantees will be called.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-448": { "value": "21. Capital commitments At the reporting date, the group and company had entered into unconditional commitments to funds, limited partnerships and committed loan facility agreements, as follows:
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Investments
Contracted but not called
346.1
415.9
346.1
415.9
Loan facilities
Committed but undrawn
\u2013
\u2013
12.0
9.5
346.1
415.9
358.1
425.4
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. All scenarios include all outstanding private equity fund commitments being drawn. 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. For further details on assessment of going concern and viability please refer to page 61. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-449": { "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 and 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 guarantees could be called due to the conditions of these guarantees. All schemes are in surplus and it is considered unlikely the guarantees will be called.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-450": { "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 10-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 pounds 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. The exposures of listed and unlisted equity investments and fund interests were as follows:
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Listed and unlisted investments
2,824.5
2,727.3
2,832.0
2,732.6
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
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Increase in prices
282.5
272.7
283.2
273.3
Decrease in prices
(282.5)
(272.7)
(283.2)
(273.3)
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 pound 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
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
22.4
23.1
22.1
22.9
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
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Pound sterling depreciates (weakens)
1.5
1.9
1.5
1.9
Pound sterling appreciates (strengthens)
(1.9)
(1.6)
(1.8)
(1.6)
The exposure to foreign currency has reduced in the year due to a reduction in foreign denominated cash and cash equivalents. 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
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Floating rate
Investments in debt instruments
21.9
16.3
21.9
16.3
Cash and cash equivalents
90.0
151.3
85.7
148.5
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 historical trends.
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Decrease in interest rates
(0.5)
(0.7)
(0.4)
(0.7)
Increase in interest rates
0.5
0.7
0.4
0.7
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
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Investments in debt instruments
21.9
16.3
21.9
16.3
Operating and other receivables
8.7
10.3
5.6
36.9
Cash and cash equivalents
90.0
151.3
85.7
148.5
120.6
177.9
113.2
201.7
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
2026 2025
Credit rating \u00a3m \u00a3m
AAAm
1
85.1
141.5
A+/A-
1
4.9
9.8
90.0
151.3
1. The group holds \u00a385.1m (2025: \u00a3141.5m) in Low Volatility Net Asset Value money market funds which all hold a AAAm rating from Standard & Poors and \u00a34.9m (2025: \u00a39.8m) of cash in current accounts with three commercial banks with credit ratings from Standard & Poors of A+ and A-. Debt instruments relate to loans to investees within the Private Capital pool totalling \u00a321.9m (2025: \u00a316.3m). Prior to making investments in debt instruments, management has in place a process of review that includes an evaluation of a potential investee company\u2019s ability to service and repay its debt. Management assess the credit risk relating to these instruments 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 \u2018AAA\u2019 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 \u00a385.1m and \u00a383.2m respectively (2025: \u00a3141.5m and \u00a3140.2m). At the year end, the group and company had \u00a310.0m invested in each of the Aberdeen Liquidity Fund (Lux) GBP, the Sterling Liquidity fund from Aviva Investors, the ILF GBP liquidity fund from Insight, the JP Morgan GBP and USD liquidity funds and the LGIM Liquidity Fund GBP and \u00a37.0m invested in each of the Institutional Sterling Liquidity fund from BlackRock and the Sterling liquid reserves fund from Goldman Sachs. In addition the company and group had \u00a319.2m and \u00a321.1m 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 \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. 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 2026 and 2025. 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\u2019s 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 (2025: \u00a3325m) The group\u2019s total capital at 31 March 2026 was \u00a32,980.0m (2025: \u00a32,931.6m) and comprised equity share capital and reserves of \u00a32,980.0m (2025: \u00a32,931.6m) and \u00a3nil of borrowings (2025: \u00a3nil). The group was ungeared at the year end (2025: ungeared) and had \u00a3325m (2025: \u00a3325m) of undrawn committed bank facilities. The board monitors and reviews the broad structure of the group\u2019s and company\u2019s 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: \u2022 Level 1: Inputs that are quoted market prices (unadjusted) in active markets for identical instruments. \u2022 Level 2: Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. \u2022 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
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Investments held at fair value
Level 1
952.2
964.7
952.2
964.7
Level 2
18.1
14.4
18.0
14.4
Level 3
1,876.1
1,764.5
1,883.7
1,769.8
2,846.4
2,743.6
2,853.9
2,748.9
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
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Balance at the year start
1,764.5
1,737.1
1,769.8
1,742.4
Purchases
123.8
213.5
123.8
213.5
Disposal proceeds
(115.0)
(203.9)
(115.0)
(203.9)
Gains and losses on investments sold in the year
14.2
56.2
14.2
56.2
Gains and losses on investments held at the year end
86.0
(40.6)
88.3
(40.6)
Accrued income
2.6
2.2
2.6
2.2
Balance at the year end
1,876.1
1,764.5
1,883.7
1,769.8
The following table provides information on significant unobservable inputs used at 31 March 2026 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, EBITDA multiple inputs have been selected to be sensitised and disclosed 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 2026
Weighted Input Change in
Fair value Unobservable average sensitivity valuation
Description/ valuation method \u00a3m input input +/- +/- \u00a3m
Internally developed
Private companies
Large, earnings
357.5
EBITDA multiple
11.8x
10.0%
+41.9/-43.4
Small and medium, blend of methods
111.4
Various
+12.2/-
9.3
Transaction
279.3
Discount
3.5%
-2.1%/+1.4%
+2.1/-4.1
Net assets/manager valuation
206.5
Multiple
1
0.1x
+/-20.6
954.7
+76.8/-77.4
Non-pool companies
(1.4)
Total internal
953.3
Externally developed
Private equity fund
Net asset value
922.8
Manager NAV
1
5%
+/-46.1
1,876.1
+122.9/-123.5
The table below sets out information about significant unobservable inputs used at the prior year end, 31 March 2025, in measuring financial instruments categorised as Level 3 in the fair value hierarchy: At 31 March 2025
Input Change in
Fair value Unobservable Weighted sensitivity valuation
Description/ valuation method \u00a3m input average input +/- +/- \u00a3m
Internally developed
Private companies
Large, earnings
555.5
EBITDA multiple
12.5x
10.0%
+56.2/-59.8
Small and medium, blend of methods
67.5
Various
+6.8/-7.5
Transaction
55.0
1
5%
+/-2.8
Net assets/manager valuation
192.7
Multiple
1
0.1x
+/-19.3
870.7
+85.1/-89.4
Non-pool companies
10.9
Total internal
881.6
Externally developed
Private equity fund
Net asset value
882.9
Manager NAV
1
5%
+/-44.1
1,764.5
+129.2/-133.5
Private capital companies Valuation approach For each asset, management consider 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: \u2022 Indicative offers. Indications of interest from potential acquirers are regularly received for our private capital assets, either as part of a structured sale process or in the form of a direct approach. Where judged 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%. \u2022 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 (\u2018EBITDA\u2019) 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 14x (2025: 10x to 15x), with a weighted average of 10.1x (2025: 11.3x). 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. \u2022 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 consider 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. Investments have been classified into five categories based on a combination of enterprise value, valuation technique and sector as shown on the following page. At 31 March 2026, the investments were classified as follows:
EV range Valuation
Investment
Category
\u00a3m
Valuation technique
\u00a3m
Stonehage Fleming
Utilise transaction price
>200m
Discounted price
279.3
AIR-serv
Large, internally developed
>200m
Earnings
215.0
Cobehold
Utilise external valuation
N/A
Net assets
206.5
Butcombe
Large, internally developed
>200m
Earnings
142.5
DTM
Small and medium, internally developed
<200m
Earnings
57.7
Other investments
53.7
954.7
At 31 March 2025, the investments were classified as follows:
EV range Valuation
Investment
Category
\u00a3m
Valuation technique
\u00a3m
Stonehage Fleming
Large, internally developed
>200m
Earnings
221.4
AIR-serv
Large, internally developed
>200m
Earnings
197.7
Cobehold
Utilise external valuation
N/A
Net assets
192.7
Butcombe
Large, internally developed
>200m
Earnings
136.5
DTM
Utilise transaction price
N/A
Transaction
55.0
Cooke Optics
Small and medium, internally developed
<200m
Blended method
44.1
Other investments
23.3
870.7
The valuation of Private Capital companies may also be informed by offers 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 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 Direct Tyre Management (\u2018DTM\u2019) uses an earnings multiple method and both Cooke Optics and Sports Information Services use a blend of methods. These methods comprise the earnings multiple method, weighting of outcomes and discounted cash flows. Earnings were derived from trading over historical, 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 cash flow techniques included forecast cash flows and appropriate discount rates. DTM, 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 Stonehage Fleming uses the transaction price method based on expected sale cash proceeds, adjusted for the time value of money, less a 0.5% discount to equity value in recognition of the very limited degree of transaction execution risk. To reflect this transaction, this asset was disclosed as held for sale in the statement of financial position as at 31 March 2026. Utilise external valuation Cobehold\u2019s fair value is derived from the valuation prepared by Cobepa (the manager), which is based on the Estimated Transaction Value (\u2018ETV\u2019) of its underlying investments as at 31 December 2025, Cobehold\u2019s year end. The ETV is derived from Cobepa\u2019s net asset value, which reflects the fair market value of its investments, with adjustments applied to estimate realisable transaction value. 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 rolled for cash transactions up to the reporting date and any other adjustments deemed necessary. Managers\u2019 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 2025 managers\u2019 NAVs. Market and other relevant conditions are reviewed at the year end to determine whether a valuation adjustment is required is considered, making such an adjustment where deemed necessary.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-462": { "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 10-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 pounds 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. The exposures of listed and unlisted equity investments and fund interests were as follows:
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Listed and unlisted investments
2,824.5
2,727.3
2,832.0
2,732.6
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
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Increase in prices
282.5
272.7
283.2
273.3
Decrease in prices
(282.5)
(272.7)
(283.2)
(273.3)
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 pound 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
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
22.4
23.1
22.1
22.9
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
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Pound sterling depreciates (weakens)
1.5
1.9
1.5
1.9
Pound sterling appreciates (strengthens)
(1.9)
(1.6)
(1.8)
(1.6)
The exposure to foreign currency has reduced in the year due to a reduction in foreign denominated cash and cash equivalents. 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
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Floating rate
Investments in debt instruments
21.9
16.3
21.9
16.3
Cash and cash equivalents
90.0
151.3
85.7
148.5
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 historical trends.
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Decrease in interest rates
(0.5)
(0.7)
(0.4)
(0.7)
Increase in interest rates
0.5
0.7
0.4
0.7
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-463": { "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
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Investments in debt instruments
21.9
16.3
21.9
16.3
Operating and other receivables
8.7
10.3
5.6
36.9
Cash and cash equivalents
90.0
151.3
85.7
148.5
120.6
177.9
113.2
201.7
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
2026 2025
Credit rating \u00a3m \u00a3m
AAAm
1
85.1
141.5
A+/A-
1
4.9
9.8
90.0
151.3
1. The group holds \u00a385.1m (2025: \u00a3141.5m) in Low Volatility Net Asset Value money market funds which all hold a AAAm rating from Standard & Poors and \u00a34.9m (2025: \u00a39.8m) of cash in current accounts with three commercial banks with credit ratings from Standard & Poors of A+ and A-. Debt instruments relate to loans to investees within the Private Capital pool totalling \u00a321.9m (2025: \u00a316.3m). Prior to making investments in debt instruments, management has in place a process of review that includes an evaluation of a potential investee company\u2019s ability to service and repay its debt. Management assess the credit risk relating to these instruments 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 \u2018AAA\u2019 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 \u00a385.1m and \u00a383.2m respectively (2025: \u00a3141.5m and \u00a3140.2m). At the year end, the group and company had \u00a310.0m invested in each of the Aberdeen Liquidity Fund (Lux) GBP, the Sterling Liquidity fund from Aviva Investors, the ILF GBP liquidity fund from Insight, the JP Morgan GBP and USD liquidity funds and the LGIM Liquidity Fund GBP and \u00a37.0m invested in each of the Institutional Sterling Liquidity fund from BlackRock and the Sterling liquid reserves fund from Goldman Sachs. In addition the company and group had \u00a319.2m and \u00a321.1m 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 \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. 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-474": { "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: \u2022 Level 1: Inputs that are quoted market prices (unadjusted) in active markets for identical instruments. \u2022 Level 2: Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. \u2022 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
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Investments held at fair value
Level 1
952.2
964.7
952.2
964.7
Level 2
18.1
14.4
18.0
14.4
Level 3
1,876.1
1,764.5
1,883.7
1,769.8
2,846.4
2,743.6
2,853.9
2,748.9
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
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Balance at the year start
1,764.5
1,737.1
1,769.8
1,742.4
Purchases
123.8
213.5
123.8
213.5
Disposal proceeds
(115.0)
(203.9)
(115.0)
(203.9)
Gains and losses on investments sold in the year
14.2
56.2
14.2
56.2
Gains and losses on investments held at the year end
86.0
(40.6)
88.3
(40.6)
Accrued income
2.6
2.2
2.6
2.2
Balance at the year end
1,876.1
1,764.5
1,883.7
1,769.8
The following table provides information on significant unobservable inputs used at 31 March 2026 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, EBITDA multiple inputs have been selected to be sensitised and disclosed 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 2026
Weighted Input Change in
Fair value Unobservable average sensitivity valuation
Description/ valuation method \u00a3m input input +/- +/- \u00a3m
Internally developed
Private companies
Large, earnings
357.5
EBITDA multiple
11.8x
10.0%
+41.9/-43.4
Small and medium, blend of methods
111.4
Various
+12.2/-
9.3
Transaction
279.3
Discount
3.5%
-2.1%/+1.4%
+2.1/-4.1
Net assets/manager valuation
206.5
Multiple
1
0.1x
+/-20.6
954.7
+76.8/-77.4
Non-pool companies
(1.4)
Total internal
953.3
Externally developed
Private equity fund
Net asset value
922.8
Manager NAV
1
5%
+/-46.1
1,876.1
+122.9/-123.5
The table below sets out information about significant unobservable inputs used at the prior year end, 31 March 2025, in measuring financial instruments categorised as Level 3 in the fair value hierarchy: At 31 March 2025
Input Change in
Fair value Unobservable Weighted sensitivity valuation
Description/ valuation method \u00a3m input average input +/- +/- \u00a3m
Internally developed
Private companies
Large, earnings
555.5
EBITDA multiple
12.5x
10.0%
+56.2/-59.8
Small and medium, blend of methods
67.5
Various
+6.8/-7.5
Transaction
55.0
1
5%
+/-2.8
Net assets/manager valuation
192.7
Multiple
1
0.1x
+/-19.3
870.7
+85.1/-89.4
Non-pool companies
10.9
Total internal
881.6
Externally developed
Private equity fund
Net asset value
882.9
Manager NAV
1
5%
+/-44.1
1,764.5
+129.2/-133.5
Private capital companies Valuation approach For each asset, management consider 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: \u2022 Indicative offers. Indications of interest from potential acquirers are regularly received for our private capital assets, either as part of a structured sale process or in the form of a direct approach. Where judged 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%. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-473": { "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: \u2022 Level 1: Inputs that are quoted market prices (unadjusted) in active markets for identical instruments. \u2022 Level 2: Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. \u2022 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
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Investments held at fair value
Level 1
952.2
964.7
952.2
964.7
Level 2
18.1
14.4
18.0
14.4
Level 3
1,876.1
1,764.5
1,883.7
1,769.8
2,846.4
2,743.6
2,853.9
2,748.9
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
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Balance at the year start
1,764.5
1,737.1
1,769.8
1,742.4
Purchases
123.8
213.5
123.8
213.5
Disposal proceeds
(115.0)
(203.9)
(115.0)
(203.9)
Gains and losses on investments sold in the year
14.2
56.2
14.2
56.2
Gains and losses on investments held at the year end
86.0
(40.6)
88.3
(40.6)
Accrued income
2.6
2.2
2.6
2.2
Balance at the year end
1,876.1
1,764.5
1,883.7
1,769.8
The following table provides information on significant unobservable inputs used at 31 March 2026 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, EBITDA multiple inputs have been selected to be sensitised and disclosed 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 2026
Weighted Input Change in
Fair value Unobservable average sensitivity valuation
Description/ valuation method \u00a3m input input +/- +/- \u00a3m
Internally developed
Private companies
Large, earnings
357.5
EBITDA multiple
11.8x
10.0%
+41.9/-43.4
Small and medium, blend of methods
111.4
Various
+12.2/-
9.3
Transaction
279.3
Discount
3.5%
-2.1%/+1.4%
+2.1/-4.1
Net assets/manager valuation
206.5
Multiple
1
0.1x
+/-20.6
954.7
+76.8/-77.4
Non-pool companies
(1.4)
Total internal
953.3
Externally developed
Private equity fund
Net asset value
922.8
Manager NAV
1
5%
+/-46.1
1,876.1
+122.9/-123.5
The table below sets out information about significant unobservable inputs used at the prior year end, 31 March 2025, in measuring financial instruments categorised as Level 3 in the fair value hierarchy: At 31 March 2025
Input Change in
Fair value Unobservable Weighted sensitivity valuation
Description/ valuation method \u00a3m input average input +/- +/- \u00a3m
Internally developed
Private companies
Large, earnings
555.5
EBITDA multiple
12.5x
10.0%
+56.2/-59.8
Small and medium, blend of methods
67.5
Various
+6.8/-7.5
Transaction
55.0
1
5%
+/-2.8
Net assets/manager valuation
192.7
Multiple
1
0.1x
+/-19.3
870.7
+85.1/-89.4
Non-pool companies
10.9
Total internal
881.6
Externally developed
Private equity fund
Net asset value
882.9
Manager NAV
1
5%
+/-44.1
1,764.5
+129.2/-133.5
Private capital companies Valuation approach For each asset, management consider 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: \u2022 Indicative offers. Indications of interest from potential acquirers are regularly received for our private capital assets, either as part of a structured sale process or in the form of a direct approach. Where judged 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%. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-464": { "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: \u2022 Level 1: Inputs that are quoted market prices (unadjusted) in active markets for identical instruments. \u2022 Level 2: Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. \u2022 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
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Investments held at fair value
Level 1
952.2
964.7
952.2
964.7
Level 2
18.1
14.4
18.0
14.4
Level 3
1,876.1
1,764.5
1,883.7
1,769.8
2,846.4
2,743.6
2,853.9
2,748.9
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
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Balance at the year start
1,764.5
1,737.1
1,769.8
1,742.4
Purchases
123.8
213.5
123.8
213.5
Disposal proceeds
(115.0)
(203.9)
(115.0)
(203.9)
Gains and losses on investments sold in the year
14.2
56.2
14.2
56.2
Gains and losses on investments held at the year end
86.0
(40.6)
88.3
(40.6)
Accrued income
2.6
2.2
2.6
2.2
Balance at the year end
1,876.1
1,764.5
1,883.7
1,769.8
The following table provides information on significant unobservable inputs used at 31 March 2026 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, EBITDA multiple inputs have been selected to be sensitised and disclosed 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 2026
Weighted Input Change in
Fair value Unobservable average sensitivity valuation
Description/ valuation method \u00a3m input input +/- +/- \u00a3m
Internally developed
Private companies
Large, earnings
357.5
EBITDA multiple
11.8x
10.0%
+41.9/-43.4
Small and medium, blend of methods
111.4
Various
+12.2/-
9.3
Transaction
279.3
Discount
3.5%
-2.1%/+1.4%
+2.1/-4.1
Net assets/manager valuation
206.5
Multiple
1
0.1x
+/-20.6
954.7
+76.8/-77.4
Non-pool companies
(1.4)
Total internal
953.3
Externally developed
Private equity fund
Net asset value
922.8
Manager NAV
1
5%
+/-46.1
1,876.1
+122.9/-123.5
The table below sets out information about significant unobservable inputs used at the prior year end, 31 March 2025, in measuring financial instruments categorised as Level 3 in the fair value hierarchy: At 31 March 2025
Input Change in
Fair value Unobservable Weighted sensitivity valuation
Description/ valuation method \u00a3m input average input +/- +/- \u00a3m
Internally developed
Private companies
Large, earnings
555.5
EBITDA multiple
12.5x
10.0%
+56.2/-59.8
Small and medium, blend of methods
67.5
Various
+6.8/-7.5
Transaction
55.0
1
5%
+/-2.8
Net assets/manager valuation
192.7
Multiple
1
0.1x
+/-19.3
870.7
+85.1/-89.4
Non-pool companies
10.9
Total internal
881.6
Externally developed
Private equity fund
Net asset value
882.9
Manager NAV
1
5%
+/-44.1
1,764.5
+129.2/-133.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-465": { "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 2026 and 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-466": { "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\u2019s 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 (2025: \u00a3325m) The group\u2019s total capital at 31 March 2026 was \u00a32,980.0m (2025: \u00a32,931.6m) and comprised equity share capital and reserves of \u00a32,980.0m (2025: \u00a32,931.6m) and \u00a3nil of borrowings (2025: \u00a3nil). The group was ungeared at the year end (2025: ungeared) and had \u00a3325m (2025: \u00a3325m) of undrawn committed bank facilities. The board monitors and reviews the broad structure of the group\u2019s and company\u2019s 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-421": { "value": "
24. Share-based payments
The company operates a number of equity-settled compensation schemes for its employees, the
main ones being:
\u2022 a share incentive plan (\u2018SIP\u2019), which is in place for all employees encouraging wide share ownership
across employees;
\u2022 a performance share scheme that entitles senior employees to receive options over the company\u2019s
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; and
\u2022 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:
Grant date
Entitlement
Vesting conditions
Number of shares
Share incentive plan awards
27.06.25
Free shares
Note 2
31,328
Monthly
Matching shares
Note 2
21,453
52,781
Performance share scheme awards
21.07.17
Award grant to senior staff
Note 1
9,230
30.05.18
Award grant to senior staff
Note 1
9,980
31.05.19
Award grant to senior staff
Note 1
11,450
04.08.20
Award grant to senior staff
Note 1
437,390
04.06.21
Award grant to senior staff
Note 1
1,130,440
30.05.22
Award grant to senior staff
Note 1
1,020,970
25.11.22
Award grant to senior staff
Note 1
37,730
30.05.23
Award grant to senior staff
Note 1
1,867,410
24.11.23
Award grant to senior staff
Note 1
196,650
28.05.24
Award grant to senior staff
Note 1
2,279,120
29.11.24
Award grant to senior staff
Note 1
62,180
30.05.25
Award grant to senior staff
Note 1
2,377,410
9,439,960
Deferred bonus awards to senior staff
30.05.23
Compulsory award
Note 2
19,760
28.05.24
Compulsory award
Note 2
292,240
30.05.25
Compulsory award
Note 2
132,600
444,600
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 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 10 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:
2026
2025
1
p p
Weighted average share price
373.2
352.1
1. On 25 July 2025, the company executed a 10:1 sub-division of its ordinary shares which reduced the nominal value from
5p to 0.5p. As a result of the increased number of ordinary shares now in issue, all weighted average share price figures
have been restated for the prior year comparatives.
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:
2026 2025
Years ended 31 March \u00a3m \u00a3m
Performance share awards granted in 2020
\u2013
0.2
Performance share awards granted in 2021
0.4
0.8
Performance share awards granted in 2022
0.4
0.8
Performance share awards granted in 2023
\u2013
0.1
Performance share awards granted in 2024
0.4
1.0
Performance share awards granted in 2025
1.0
1.3
Performance share awards granted in 2026
1.5
\u2013
Deferred bonus awards for 2021
\u2013
0.1
Deferred bonus awards for 2022
\u2013
0.5
Deferred bonus awards for 2024
0.4
0.3
Deferred bonus awards for 2025
0.1
\u2013
4.2
5.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-422": { "value": "
25. Employee benefits
Group
2026 2025
\u00a3m \u00a3m
Non-current assets
Defined benefit pension asset
5.8
5.4
Current liabilities
Profit sharing bonus
(4.1)
(3.7)
Non-current liabilities
National Insurance on performance shares and deferred bonus awards
(2.1)
(2.8)
Dividends payable on performance shares and deferred bonus awards
(1.7)
(2.0)
(3.8)
(4.8)
Total employee liabilities
(7.9)
(8.5)
Defined benefit pension obligations
The group operates three plans in the UK that provide pension benefits for former employees.
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
(2025: 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 and two
scheme surpluses were 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.
In September 2025, The Sterling Industries Pension Scheme purchased an insurance contract with
an insurer for approximately \u00a313m covering the benefits of all members in the scheme, excluding
any benefits pertaining to GMP equalisation. The buy-in policy covers specific pensioner liabilities
and passes all risks to an insurer in exchange for a fixed premium payment, thus reducing the group\u2019s
exposure to changes in longevity, interest rates, inflation and other factors.
A High Court legal ruling in 2023 between Virgin Media Limited and NTL Pension Trustees II Limited
decided that certain historic rule amendments were invalid if they were not accompanied by the
actuarial certifications. The Court of Appeal unanimously upheld the decision of the High Court in 2024.
Whilst this ruling was in respect of another scheme, this judgment was reviewed for its relevance to
the schemes operated by the group which included available historical records and the receipt of
advice. It was concluded that no significant adjustments were expected to be required to the group\u2019s
defined benefit pension obligations. This matter has now been concluded for both The Caledonia
Pension Scheme and The Amber Industrial Holdings plc Pension and Life Assurance Scheme. Legal
advice in respect of the implications of the proposed remedy set out in the Pension Schemes Act
2026 in respect of The Sterling Industries Pension Scheme is being taken.
The defined benefit pension asset is analysed as follows:
2026 2025
\u00a3m \u00a3m
Present value of funded obligations
(40.7)
(43.5)
Fair value of plan assets
70.7
72.3
Present value of net assets
30.0
28.8
Irrecoverable surplus
(24.2)
(23.4)
5.8
5.4
Changes in the present value of defined benefit obligations were as follows:
2026 2025
\u00a3m \u00a3m
Balance at the year start
43.5
49.0
Service cost
\u2013
0.1
Interest cost
2.3
2.3
Actuarial (gain)/loss from changes:
\u2013 in demographic assumptions
(0.2)
(0.8)
\u2013 in financial assumptions
(0.8)
(4.0)
\u2013 experience gains
(0.3)
(0.2)
Plan amendment
\u2013
0.2
Actual benefit payments
(3.8)
(3.1)
Balance at the year end
40.7
43.5
Changes in the fair value of plan assets were as follows:
2026 2025
\u00a3m \u00a3m
Balance at the year start
72.2
74.1
Interest income
4.0
3.5
Return on plan assets less interest income
(1.3)
(2.1)
Employer contributions
\u2013
0.1
Actual benefit payments
(3.8)
(3.1)
Administrative expenses
(0.4)
(0.2)
Balance at the year end
70.7
72.3
Amounts recognised in management expenses in the statement of comprehensive income were as follows:
2026 2025
\u00a3m \u00a3m
Service cost
\u2013
0.1
Interest on obligations
2.3
2.3
Interest on plan assets
(4.0)
(3.5)
Plan amendment
\u2013
0.2
Scheme administrative expenses
1
0.2
0.2
(1.5)
(0.7)
1. \u00a30.2m of total \u00a30.4m scheme administrative expenses are recognised as non-recurring expenses relating to specific
advice on the scheme buy-in and GMP equalisation.
Amounts recognised in other comprehensive income were as follows:
2026 2025
\u00a3m \u00a3m
Actuarial gains arising from financial assumptions
0.8
4.0
Actuarial gains arising from demographic assumptions
0.2
0.8
Actuarial gains from experience adjustments
0.3
0.2
Return on plan assets less interest income
(1.3)
(2.1)
Increase in irrecoverable surplus
(0.8)
(2.6)
Re-measurement (losses)/gains in the year
(0.8)
0.3
An analysis of plan assets at the end of the year was as follows:
2026 2025
\u00a3m \u00a3m
Annuity
11.9
\u2013
Equities
15.4
13.1
Bonds
34.5
49.9
Cash
8.9
9.3
70.7
72.3
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:
2026 2025
% %
Discount rate at the year end
6.0
5.6
Future pension increases
3.4
3.2
RPI price inflation
3.4
3.2
The Caledonia Pension Scheme
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 1.5% p.a. and an initial addition of 0.75% p.a. Life expectancy on retirement
in normal health is assumed to be 27.0 years (2025: 26.9 years) for males and 28.3 years (2025: 28.2
years) for females who are currently 62 years of age.
The Amber Industrial Holdings plc Pension and Life Assurance Scheme
Mortality rates are assumed to follow the Self-Administered Pension Schemes 100% (M)/100% (F)
of the S4PA base tables and core CMI 2023 standard projection model with long-term rates of
improvement of 1.5% p.a. for males and 1.0% p.a. for females. Life expectancy on retirement in normal
health is assumed to be 21.5 years (2025: 22.3 years) for males and 23.7 years (2025: 24.1 years) for
females who are currently 62 years of age.
The Sterling Industries Pension Scheme
Mortality rates are assumed to follow the Self-Administered Pension Schemes 101% (M)/104% (F)
S3PA year of birth with CMI_2021 projections with the standard smoothing parameter, a long-term
rate of improvement of 1.25% p.a., an initial addition of 0.2% and default weightings of 0% for 2020
and 2021 mortality experience. Life expectancy on retirement in normal health is assumed to be 22.3
years (2025: 22.2 years) for males and 24.5 years (2025: 24.4 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 and The Amber
Industrial Holdings plc Pension and Life Assurance Scheme 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:
Obligations at Weighted average
31 Mar 2024 duration at 31 Mar 2026
\u00a3m Years
The Caledonia Pension Scheme
26.3
10
The Amber Industrial Holdings plc Pension and Life
Assurance Scheme
8.0
9
Obligations at Weighted average
30 Sep 2022 duration at 31 Mar 2026
\u00a3m Years
The Sterling Industries Pension Scheme
17.2
8
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.
2026 2025
\u00a3m \u00a3m
Reduction in the discount rate of 0.25%
1.0
1.1
Increase in inflation of 0.25%
0.6
0.7
Increase in life expectancy of one year
1.7
1.8
Risks The pension schemes typically expose the group to risks such as: \u2022 Investment risk: 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: 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: 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: 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-451": { "value": "Defined benefit pension obligations The group operates three plans in the UK that provide pension benefits for former employees. 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 (2025: 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 and two scheme surpluses were 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. In September 2025, The Sterling Industries Pension Scheme purchased an insurance contract with an insurer for approximately \u00a313m covering the benefits of all members in the scheme, excluding any benefits pertaining to GMP equalisation. The buy-in policy covers specific pensioner liabilities and passes all risks to an insurer in exchange for a fixed premium payment, thus reducing the group\u2019s exposure to changes in longevity, interest rates, inflation and other factors. A High Court legal ruling in 2023 between Virgin Media Limited and NTL Pension Trustees II Limited decided that certain historic rule amendments were invalid if they were not accompanied by the actuarial certifications. The Court of Appeal unanimously upheld the decision of the High Court in 2024. Whilst this ruling was in respect of another scheme, this judgment was reviewed for its relevance to the schemes operated by the group which included available historical records and the receipt of advice. It was concluded that no significant adjustments were expected to be required to the group\u2019s defined benefit pension obligations. This matter has now been concluded for both The Caledonia Pension Scheme and The Amber Industrial Holdings plc Pension and Life Assurance Scheme. Legal advice in respect of the implications of the proposed remedy set out in the Pension Schemes Act 2026 in respect of The Sterling Industries Pension Scheme is being taken. The defined benefit pension asset is analysed as follows:
2026 2025
\u00a3m \u00a3m
Present value of funded obligations
(40.7)
(43.5)
Fair value of plan assets
70.7
72.3
Present value of net assets
30.0
28.8
Irrecoverable surplus
(24.2)
(23.4)
5.8
5.4
Changes in the present value of defined benefit obligations were as follows:
2026 2025
\u00a3m \u00a3m
Balance at the year start
43.5
49.0
Service cost
\u2013
0.1
Interest cost
2.3
2.3
Actuarial (gain)/loss from changes:
\u2013 in demographic assumptions
(0.2)
(0.8)
\u2013 in financial assumptions
(0.8)
(4.0)
\u2013 experience gains
(0.3)
(0.2)
Plan amendment
\u2013
0.2
Actual benefit payments
(3.8)
(3.1)
Balance at the year end
40.7
43.5
Changes in the fair value of plan assets were as follows:
2026 2025
\u00a3m \u00a3m
Balance at the year start
72.2
74.1
Interest income
4.0
3.5
Return on plan assets less interest income
(1.3)
(2.1)
Employer contributions
\u2013
0.1
Actual benefit payments
(3.8)
(3.1)
Administrative expenses
(0.4)
(0.2)
Balance at the year end
70.7
72.3
Amounts recognised in management expenses in the statement of comprehensive income were as follows:
2026 2025
\u00a3m \u00a3m
Service cost
\u2013
0.1
Interest on obligations
2.3
2.3
Interest on plan assets
(4.0)
(3.5)
Plan amendment
\u2013
0.2
Scheme administrative expenses
1
0.2
0.2
(1.5)
(0.7)
1. \u00a30.2m of total \u00a30.4m scheme administrative expenses are recognised as non-recurring expenses relating to specific advice on the scheme buy-in and GMP equalisation. Amounts recognised in other comprehensive income were as follows:
2026 2025
\u00a3m \u00a3m
Actuarial gains arising from financial assumptions
0.8
4.0
Actuarial gains arising from demographic assumptions
0.2
0.8
Actuarial gains from experience adjustments
0.3
0.2
Return on plan assets less interest income
(1.3)
(2.1)
Increase in irrecoverable surplus
(0.8)
(2.6)
Re-measurement (losses)/gains in the year
(0.8)
0.3
An analysis of plan assets at the end of the year was as follows:
2026 2025
\u00a3m \u00a3m
Annuity
11.9
\u2013
Equities
15.4
13.1
Bonds
34.5
49.9
Cash
8.9
9.3
70.7
72.3
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:
2026 2025
% %
Discount rate at the year end
6.0
5.6
Future pension increases
3.4
3.2
RPI price inflation
3.4
3.2
The Caledonia Pension Scheme 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 1.5% p.a. and an initial addition of 0.75% p.a. Life expectancy on retirement in normal health is assumed to be 27.0 years (2025: 26.9 years) for males and 28.3 years (2025: 28.2 years) for females who are currently 62 years of age. The Amber Industrial Holdings plc Pension and Life Assurance Scheme Mortality rates are assumed to follow the Self-Administered Pension Schemes 100% (M)/100% (F) of the S4PA base tables and core CMI 2023 standard projection model with long-term rates of improvement of 1.5% p.a. for males and 1.0% p.a. for females. Life expectancy on retirement in normal health is assumed to be 21.5 years (2025: 22.3 years) for males and 23.7 years (2025: 24.1 years) for females who are currently 62 years of age. The Sterling Industries Pension Scheme Mortality rates are assumed to follow the Self-Administered Pension Schemes 101% (M)/104% (F) S3PA year of birth with CMI_2021 projections with the standard smoothing parameter, a long-term rate of improvement of 1.25% p.a., an initial addition of 0.2% and default weightings of 0% for 2020 and 2021 mortality experience. Life expectancy on retirement in normal health is assumed to be 22.3 years (2025: 22.2 years) for males and 24.5 years (2025: 24.4 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 and The Amber Industrial Holdings plc Pension and Life Assurance Scheme 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:
Obligations at Weighted average
31 Mar 2024 duration at 31 Mar 2026
\u00a3m Years
The Caledonia Pension Scheme
26.3
10
The Amber Industrial Holdings plc Pension and Life
Assurance Scheme
8.0
9
Obligations at Weighted average
30 Sep 2022 duration at 31 Mar 2026
\u00a3m Years
The Sterling Industries Pension Scheme
17.2
8
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.
2026 2025
\u00a3m \u00a3m
Reduction in the discount rate of 0.25%
1.0
1.1
Increase in inflation of 0.25%
0.6
0.7
Increase in life expectancy of one year
1.7
1.8
Risks
The pension schemes typically expose the group to risks such as:
\u2022 Investment risk: 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: 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: 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: 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-423": { "value": "
26. Interests in associates
Company
Class
Holding %
Registered office address
Sports Information Services (Holdings) Ltd
1
Ordinary
22.6
Unit 2 Whitehall Avenue, Kingston,
Milton Keynes, Buckinghamshire,
MK10 0AX
Stonehage Fleming Family & Partners Ltd
Preferred
39.8
La Vieille Cour, La Plaiderie, St
A1 Ordinary 11.5 Peter Port, Guernsey, GY1 1WG
A2 Ordinary 1.8
1. Sports Information Services (Holdings) Ltd is held via a non-consolidated 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:
2026 2025
\u00a3m \u00a3m
Assets
318.7
323.0
Liabilities
(192.7)
(224.7)
Equity
126.0
98.3
Revenue
390.3
408.8
Profit
26.6
11.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-467": { "value": "26. Interests in associates
Company
Class
Holding %
Registered office address
Sports Information Services (Holdings) Ltd
1
Ordinary
22.6
Unit 2 Whitehall Avenue, Kingston,
Milton Keynes, Buckinghamshire,
MK10 0AX
Stonehage Fleming Family & Partners Ltd
Preferred
39.8
La Vieille Cour, La Plaiderie, St
A1 Ordinary 11.5 Peter Port, Guernsey, GY1 1WG
A2 Ordinary 1.8
1. Sports Information Services (Holdings) Ltd is held via a non-consolidated 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:
2026 2025
\u00a3m \u00a3m
Assets
318.7
323.0
Liabilities
(192.7)
(224.7)
Equity
126.0
98.3
Revenue
390.3
408.8
Profit
26.6
11.9
27. Subsidiaries
Key to
Registered
Company
Class
Holding %
office
Caledonia Investments plc
Amber 2010 Ltd
1
Ordinary
100.0
7
Buckingham Gate Ltd
1,2
Ordinary
100.0
7
Caledonia CCIL Distribution Ltd
1
Ordinary
100.0
7
Caledonia Financial Ltd
1
Ordinary
100.0
7
Caledonia Group Services Ltd
1,2
Ordinary
100.0
7
Caledonia Land & Property Ltd
1
Ordinary
100.0
7
Caledonia US Investments Ltd
1
Ordinary
100.0
7
Crewkerne Investments Ltd
1
A Ordinary
50.5
7
B Ordinary
100.0
Easybox Self-Storage Ltd
1
Ordinary
100.0
7
Edinmore Investments Ltd
1
Ordinary
100.0
7
SISH Shareholder LLP
1
Equity right
100.0
7
Sterling Crewkerne Ltd
1
Ordinary
100.0
7
Sterling Industries Ltd
1
Ordinary
100.0
7
The Union-Castle Mail Steamship Co Ltd
1
Ordinary
100.0
7
A Ordinary
100.0
AIR-serv
AIR-Serv Austria GmbH
3
Ordinary
100.0
8
AIR-Serv Belgium BV
3
Ordinary
100.0
9
AIR-Serv France SARL
3
Ordinary
100.0
10
AIR-Serv Germany GmbH
3
Ordinary
100.0
11
AIR-Serv Netherlands BV
3
Ordinary
100.0
12
AIR-Serv Portugal, Unipessoal LDA
3
Ordinary
100.0
13
AIR-Serv Spain SLU
3
Ordinary
100.0
14
AIRvending Ltd
3
Ordinary
100.0
15
Crossbow Bidco Ltd
3
Ordinary
100.0
15
Crossbow Midco Ltd
3
Ordinary
100.0
15
Crossbow Topco Ltd
1
Ordinary
99.8
15
Key to
Registered
Company
Class
Holding %
office
Butcombe Group
A.E. Smith & Son Ltd
4
Ordinary
100.0
16
A.S.B.M. Ltd
4
Ordinary
100.0
16
A.S.B.O. Ltd
4
Ordinary
100.0
16
A.S.B.T. Ltd
4
Ordinary
100.0
16
Aurora Hotel Ltd
4
Ordinary
100.0
16
Bath Street Wine Cellar Ltd
4
Ordinary
100.0
16
Brasserie du Centre Ltd
4
Ordinary
100.0
16
Bucktrout & Company Ltd
4
Deferred
100.0
17
Ordinary
100.0
Preference
100.0
Butcombe Brewery Ltd
4
Ordinary
100.0
18
Butcombe Brewing Company Ltd
4
Ordinary
100.0
18
Caesarea Hotel (Jersey) Ltd
4
Ordinary
100.0
16
Caf\u00e9 de Paris (Jersey) Ltd
4
Ordinary
100.0
16
Caledonia TLG Bidco Ltd
4
Ordinary
100.0
18
Caledonia TLG Ltd
1
Ordinary A
100.0
16
Ordinary B
1.1
Ordinary C
75.4
Preference
66.8
Deferred
100.0
Caledonia TLG Midco Ltd
4
Ordinary
100.0
16
Captains Holdings Ltd
4
Ordinary
100.0
17
Channel Wines & Spirits (Jersey) Ltd
4
Ordinary
100.0
16
Cirrus Inns Holdings Ltd
4
Ordinary
100.0
18
Cirrus Inns Ltd
4
Ordinary
100.0
18
Citann Ltd
4
Ordinary
100.0
16
Preference
100.0
Cosy Corner (Jersey) Ltd
4
Ordinary
100.0
16
Craig Street Brewing Company Ltd
4
Ordinary
100.0
16
Divette Holdings Ltd
4
Ordinary
100.0
17
Key to
Registered
Company
Class
Holding %
office
Don Inn (Jersey) Ltd
4
Ordinary
100.0
16
Evenstar Ltd
4
Ordinary
100.0
16
Exeter Hotel (Jersey) Ltd
4
Ordinary
100.0
16
Farm Street Inns Ltd
4
Ordinary
100.0
18
Farmers Inn Ltd
4
Ordinary
100.0
16
Five Oaks Hotel Ltd
4
Ordinary
100.0
16
Foresters Arms (Jersey) Ltd
4
Ordinary
100.0
16
Gimbels (Jersey) Ltd
4
Ordinary
100.0
16
Glo\u2019ster Vaults Ltd
4
Ordinary
100.0
16
Great Union Hotel (Holdings) Ltd
4
Ordinary
100.0
16
Great Western Hotel Ltd
4
Ordinary
100.0
16
Guernsey Leisure Company Ltd
4
Ordinary
100.0
17
Guppy\u2019s Holdings Ltd
4
Ordinary
100.0
17
Guppy\u2019s of Guernsey Ltd
4
Ordinary
100.0
17
Hautville Ltd
4
Ordinary
100.0
17
Horse & Hound (Jersey) Ltd
4
Ordinary
100.0
16
John Tregear Ltd
4
Ordinary
100.0
16
La Cave des Vins Ltd
4
Ordinary
100.0
16
La Rocque Enterprises Ltd
4
Ordinary
100.0
16
La Rocque Inn (Jersey) Ltd
4
Ordinary
100.0
16
Lapwing (Trading) Ltd
4
Ordinary
100.0
16
Le Hocq Hotel Ltd
4
Ordinary
100.0
16
Les Garcons Ltd
4
Ordinary
100.0
17
Longueville Distributors Ltd
4
Ordinary
100.0
16
M Still Catering Ltd
4
Ordinary
100.0
18
Marais Hall Ltd
4
Ordinary
100.0
19
Mary Ann Products (Jersey) Ltd
4
Ordinary
100.0
16
Mitre Hotel (Jersey) Ltd
4
Ordinary
100.0
16
Nightbridge Ltd
4
Ordinary
100.0
16
Old Court House Hotel (St Aubin) 1972 Ltd
4
Ordinary
100.0
16
Parade Hotel (Jersey) Ltd
4
Ordinary
100.0
16
Key to
Registered
Company
Class
Holding %
office
Butcombe Group continued
Peirson (1971) Ltd
4
Ordinary
100.0
16
Puffin NewCo Ltd
4
Ordinary
100.0
16
Red Lion Ltd
4
Ordinary
100.0
16
Robin Hood (Jersey) Ltd
4
Ordinary
100.0
16
S.L. Ltd
4
Ordinary
100.0
16
Ship Holdings Ltd
4
Ordinary
100.0
17
Square Ltd
4
Ordinary
100.0
16
St John\u2019s Hotel Ltd
4
Ordinary
100.0
16
Stag Hotel (Jersey) Ltd
4
Ordinary
100.0
16
Sussex Hotel Ltd
4
Ordinary
100.0
16
The Guernsey Brewery Co (1920) Ltd
4
Ordinary
100.0
17
Preference
100.0
The Independent Brewing Company Ltd
4
Ordinary
100.0
16
The Liberation Group Ltd
4
Ordinary
100.0
16
The Liberation Group UK Ltd
4
Ordinary
100.0
18
The Liberation Pub Company (Guernsey) Ltd
4
Ordinary
100.0
17
The Liberation Pub Company (Jersey) Ltd
4
Ordinary
100.0
16
The Post Horn Ltd
4
Ordinary
100.0
16
The Royal Oak Inn Trading Ltd
4
Ordinary
100.0
18
Trafalgar Hotel (Jersey) Ltd
4
Ordinary
100.0
16
Union Inn (Jersey) Ltd
4
Ordinary
100.0
16
Victor Hugo Ltd
4
Ordinary
100.0
16
Victoria (Valley) Ltd
4
Ordinary
100.0
16
Victoria Hotel (Jersey) Ltd
4
Ordinary
100.0
16
Wellington Hotel Ltd
4
Ordinary
100.0
16
Wests Cinemas Ltd
4
Ordinary
100.0
16
White Hart Ltd
4
Ordinary
100.0
17
Key to
Registered
Company
Class
Holding %
office
Cooke Optics
Chaplin Bidco Ltd
5
Ordinary
100.0
20
Chaplin Midco Ltd
5
Ordinary
100.0
20
Chaplin Topco Ltd
1
A Ordinary
100.0
20
B Ordinary
75.3
C Ordinary
98.6
Cooke Optics Inc.
5
Ordinary
100.0
21
Cooke (Shanghai) Optics Technology Co Ltd
5
Ordinary A
100.0
22
Cooke Optics (Hong Kong) Ltd
5
Ordinary
100.0
23
Cooke Optics (India) Private Ltd
5
Ordinary
100.0
24
Cooke Optics Ltd
5
Ordinary
100.0
20
Key to
Registered
Company
Class
Holding %
office
Direct Tyre Management
Clan Rock Bidco Ltd
6
Ordinary
100.0
25
Clan Rock Midco Ltd
6
Ordinary
100.0
25
Clan Rock Topco Ltd
Ordinary
98.7
25
Direct Tyre Management Ltd
6
Ordinary
100.0
25
Direct Tyre Sales Ltd
6
Ordinary
100.0
25
DTM Holdings Ltd
6
Ordinary
100.0
25
Project Lafite Bidco Ltd
6
Ordinary
100.0
25
Project Lafite Topco Ltd
6
Ordinary
100.0
25
Tyreforce NW Ltd
6
Ordinary
100.0
25
Tyre Plus Durham Ltd
6
Ordinary
100.0
25
Parent company 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 7. Cayzer House, 30 Buckingham Gate, London SW1E 6NN 8. Weyrgasse 8 1030 Wien, Austria 9. Rubensstraat 104/57, 2300 Turnhout, Belgium 10. Parc d\u2019Activit\u00e9s les B\u00e9thunes, 17 rue du compas, 95310 Cergy Pontoise Cedex, France 11. Elisabethstr. 1, 52428 J\u00fclich, Germany 12. Spuiweg 22 D, 5145 NE Waalwijk, The Netherlands 13. Avenida Dom Jo\u00e3o II, 20 1\u00ba, 1990-091 Lisboa, Portugal 14. C/ Isla de Alegranza 2, nave 53, 28703 San Sebasti\u00e1n de los Reyes, Madrid, Spain 15. Redgate Road, South Lancashire Industrial Estate, Ashton-In-Makerfield, Wigan, Lancashire, WN4 8DT 16. Tregear House, Longueville Road, St Saviour, Jersey JE2 7WF 17. Hougue Jehannet, Vale, Guernsey GY3 5UF 18. Butcombe Brewery Havyatt Road Trading Estate, Havyatt Road, Wrington, Bristol, BS40 5PA 19. Marais Hall, Marais Square, St Anne, Alderney GY9 3TS 20. 1 Cooke Close, Thurmaston, Leicester LE4 8PT 21. 4131 Vanowen Place, Burbank, CA 91505, USA 22. Rooms 503/504, No 1 Building, No 908 Xiuwen Road, Minhang District, Shanghai, China 23. TMF Hong Kong Limited, 31F, Tower Two, Times Square, Matheson Street, Causeway Bay, Hong Kong 24. C/o Late B Krishna Murthy Plot No. 8, Road No 13, Banjara Hills, Hyderabad, Telangana India 500034 25. Unit 16 Thompson Road, Whitehills Business Park, Blackpool, FY4 5PN", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-452": { "value": "26. Interests in associates
Company
Class
Holding %
Registered office address
Sports Information Services (Holdings) Ltd
1
Ordinary
22.6
Unit 2 Whitehall Avenue, Kingston,
Milton Keynes, Buckinghamshire,
MK10 0AX
Stonehage Fleming Family & Partners Ltd
Preferred
39.8
La Vieille Cour, La Plaiderie, St
A1 Ordinary 11.5 Peter Port, Guernsey, GY1 1WG
A2 Ordinary 1.8
1. Sports Information Services (Holdings) Ltd is held via a non-consolidated 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:
2026 2025
\u00a3m \u00a3m
Assets
318.7
323.0
Liabilities
(192.7)
(224.7)
Equity
126.0
98.3
Revenue
390.3
408.8
Profit
26.6
11.9
27. Subsidiaries
Key to
Registered
Company
Class
Holding %
office
Caledonia Investments plc
Amber 2010 Ltd
1
Ordinary
100.0
7
Buckingham Gate Ltd
1,2
Ordinary
100.0
7
Caledonia CCIL Distribution Ltd
1
Ordinary
100.0
7
Caledonia Financial Ltd
1
Ordinary
100.0
7
Caledonia Group Services Ltd
1,2
Ordinary
100.0
7
Caledonia Land & Property Ltd
1
Ordinary
100.0
7
Caledonia US Investments Ltd
1
Ordinary
100.0
7
Crewkerne Investments Ltd
1
A Ordinary
50.5
7
B Ordinary
100.0
Easybox Self-Storage Ltd
1
Ordinary
100.0
7
Edinmore Investments Ltd
1
Ordinary
100.0
7
SISH Shareholder LLP
1
Equity right
100.0
7
Sterling Crewkerne Ltd
1
Ordinary
100.0
7
Sterling Industries Ltd
1
Ordinary
100.0
7
The Union-Castle Mail Steamship Co Ltd
1
Ordinary
100.0
7
A Ordinary
100.0
AIR-serv
AIR-Serv Austria GmbH
3
Ordinary
100.0
8
AIR-Serv Belgium BV
3
Ordinary
100.0
9
AIR-Serv France SARL
3
Ordinary
100.0
10
AIR-Serv Germany GmbH
3
Ordinary
100.0
11
AIR-Serv Netherlands BV
3
Ordinary
100.0
12
AIR-Serv Portugal, Unipessoal LDA
3
Ordinary
100.0
13
AIR-Serv Spain SLU
3
Ordinary
100.0
14
AIRvending Ltd
3
Ordinary
100.0
15
Crossbow Bidco Ltd
3
Ordinary
100.0
15
Crossbow Midco Ltd
3
Ordinary
100.0
15
Crossbow Topco Ltd
1
Ordinary
99.8
15
Key to
Registered
Company
Class
Holding %
office
Butcombe Group
A.E. Smith & Son Ltd
4
Ordinary
100.0
16
A.S.B.M. Ltd
4
Ordinary
100.0
16
A.S.B.O. Ltd
4
Ordinary
100.0
16
A.S.B.T. Ltd
4
Ordinary
100.0
16
Aurora Hotel Ltd
4
Ordinary
100.0
16
Bath Street Wine Cellar Ltd
4
Ordinary
100.0
16
Brasserie du Centre Ltd
4
Ordinary
100.0
16
Bucktrout & Company Ltd
4
Deferred
100.0
17
Ordinary
100.0
Preference
100.0
Butcombe Brewery Ltd
4
Ordinary
100.0
18
Butcombe Brewing Company Ltd
4
Ordinary
100.0
18
Caesarea Hotel (Jersey) Ltd
4
Ordinary
100.0
16
Caf\u00e9 de Paris (Jersey) Ltd
4
Ordinary
100.0
16
Caledonia TLG Bidco Ltd
4
Ordinary
100.0
18
Caledonia TLG Ltd
1
Ordinary A
100.0
16
Ordinary B
1.1
Ordinary C
75.4
Preference
66.8
Deferred
100.0
Caledonia TLG Midco Ltd
4
Ordinary
100.0
16
Captains Holdings Ltd
4
Ordinary
100.0
17
Channel Wines & Spirits (Jersey) Ltd
4
Ordinary
100.0
16
Cirrus Inns Holdings Ltd
4
Ordinary
100.0
18
Cirrus Inns Ltd
4
Ordinary
100.0
18
Citann Ltd
4
Ordinary
100.0
16
Preference
100.0
Cosy Corner (Jersey) Ltd
4
Ordinary
100.0
16
Craig Street Brewing Company Ltd
4
Ordinary
100.0
16
Divette Holdings Ltd
4
Ordinary
100.0
17
Key to
Registered
Company
Class
Holding %
office
Don Inn (Jersey) Ltd
4
Ordinary
100.0
16
Evenstar Ltd
4
Ordinary
100.0
16
Exeter Hotel (Jersey) Ltd
4
Ordinary
100.0
16
Farm Street Inns Ltd
4
Ordinary
100.0
18
Farmers Inn Ltd
4
Ordinary
100.0
16
Five Oaks Hotel Ltd
4
Ordinary
100.0
16
Foresters Arms (Jersey) Ltd
4
Ordinary
100.0
16
Gimbels (Jersey) Ltd
4
Ordinary
100.0
16
Glo\u2019ster Vaults Ltd
4
Ordinary
100.0
16
Great Union Hotel (Holdings) Ltd
4
Ordinary
100.0
16
Great Western Hotel Ltd
4
Ordinary
100.0
16
Guernsey Leisure Company Ltd
4
Ordinary
100.0
17
Guppy\u2019s Holdings Ltd
4
Ordinary
100.0
17
Guppy\u2019s of Guernsey Ltd
4
Ordinary
100.0
17
Hautville Ltd
4
Ordinary
100.0
17
Horse & Hound (Jersey) Ltd
4
Ordinary
100.0
16
John Tregear Ltd
4
Ordinary
100.0
16
La Cave des Vins Ltd
4
Ordinary
100.0
16
La Rocque Enterprises Ltd
4
Ordinary
100.0
16
La Rocque Inn (Jersey) Ltd
4
Ordinary
100.0
16
Lapwing (Trading) Ltd
4
Ordinary
100.0
16
Le Hocq Hotel Ltd
4
Ordinary
100.0
16
Les Garcons Ltd
4
Ordinary
100.0
17
Longueville Distributors Ltd
4
Ordinary
100.0
16
M Still Catering Ltd
4
Ordinary
100.0
18
Marais Hall Ltd
4
Ordinary
100.0
19
Mary Ann Products (Jersey) Ltd
4
Ordinary
100.0
16
Mitre Hotel (Jersey) Ltd
4
Ordinary
100.0
16
Nightbridge Ltd
4
Ordinary
100.0
16
Old Court House Hotel (St Aubin) 1972 Ltd
4
Ordinary
100.0
16
Parade Hotel (Jersey) Ltd
4
Ordinary
100.0
16
Key to
Registered
Company
Class
Holding %
office
Butcombe Group continued
Peirson (1971) Ltd
4
Ordinary
100.0
16
Puffin NewCo Ltd
4
Ordinary
100.0
16
Red Lion Ltd
4
Ordinary
100.0
16
Robin Hood (Jersey) Ltd
4
Ordinary
100.0
16
S.L. Ltd
4
Ordinary
100.0
16
Ship Holdings Ltd
4
Ordinary
100.0
17
Square Ltd
4
Ordinary
100.0
16
St John\u2019s Hotel Ltd
4
Ordinary
100.0
16
Stag Hotel (Jersey) Ltd
4
Ordinary
100.0
16
Sussex Hotel Ltd
4
Ordinary
100.0
16
The Guernsey Brewery Co (1920) Ltd
4
Ordinary
100.0
17
Preference
100.0
The Independent Brewing Company Ltd
4
Ordinary
100.0
16
The Liberation Group Ltd
4
Ordinary
100.0
16
The Liberation Group UK Ltd
4
Ordinary
100.0
18
The Liberation Pub Company (Guernsey) Ltd
4
Ordinary
100.0
17
The Liberation Pub Company (Jersey) Ltd
4
Ordinary
100.0
16
The Post Horn Ltd
4
Ordinary
100.0
16
The Royal Oak Inn Trading Ltd
4
Ordinary
100.0
18
Trafalgar Hotel (Jersey) Ltd
4
Ordinary
100.0
16
Union Inn (Jersey) Ltd
4
Ordinary
100.0
16
Victor Hugo Ltd
4
Ordinary
100.0
16
Victoria (Valley) Ltd
4
Ordinary
100.0
16
Victoria Hotel (Jersey) Ltd
4
Ordinary
100.0
16
Wellington Hotel Ltd
4
Ordinary
100.0
16
Wests Cinemas Ltd
4
Ordinary
100.0
16
White Hart Ltd
4
Ordinary
100.0
17
Key to
Registered
Company
Class
Holding %
office
Cooke Optics
Chaplin Bidco Ltd
5
Ordinary
100.0
20
Chaplin Midco Ltd
5
Ordinary
100.0
20
Chaplin Topco Ltd
1
A Ordinary
100.0
20
B Ordinary
75.3
C Ordinary
98.6
Cooke Optics Inc.
5
Ordinary
100.0
21
Cooke (Shanghai) Optics Technology Co Ltd
5
Ordinary A
100.0
22
Cooke Optics (Hong Kong) Ltd
5
Ordinary
100.0
23
Cooke Optics (India) Private Ltd
5
Ordinary
100.0
24
Cooke Optics Ltd
5
Ordinary
100.0
20
Key to
Registered
Company
Class
Holding %
office
Direct Tyre Management
Clan Rock Bidco Ltd
6
Ordinary
100.0
25
Clan Rock Midco Ltd
6
Ordinary
100.0
25
Clan Rock Topco Ltd
Ordinary
98.7
25
Direct Tyre Management Ltd
6
Ordinary
100.0
25
Direct Tyre Sales Ltd
6
Ordinary
100.0
25
DTM Holdings Ltd
6
Ordinary
100.0
25
Project Lafite Bidco Ltd
6
Ordinary
100.0
25
Project Lafite Topco Ltd
6
Ordinary
100.0
25
Tyreforce NW Ltd
6
Ordinary
100.0
25
Tyre Plus Durham Ltd
6
Ordinary
100.0
25
Parent company 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 7. Cayzer House, 30 Buckingham Gate, London SW1E 6NN 8. Weyrgasse 8 1030 Wien, Austria 9. Rubensstraat 104/57, 2300 Turnhout, Belgium 10. Parc d\u2019Activit\u00e9s les B\u00e9thunes, 17 rue du compas, 95310 Cergy Pontoise Cedex, France 11. Elisabethstr. 1, 52428 J\u00fclich, Germany 12. Spuiweg 22 D, 5145 NE Waalwijk, The Netherlands 13. Avenida Dom Jo\u00e3o II, 20 1\u00ba, 1990-091 Lisboa, Portugal 14. C/ Isla de Alegranza 2, nave 53, 28703 San Sebasti\u00e1n de los Reyes, Madrid, Spain 15. Redgate Road, South Lancashire Industrial Estate, Ashton-In-Makerfield, Wigan, Lancashire, WN4 8DT 16. Tregear House, Longueville Road, St Saviour, Jersey JE2 7WF 17. Hougue Jehannet, Vale, Guernsey GY3 5UF 18. Butcombe Brewery Havyatt Road Trading Estate, Havyatt Road, Wrington, Bristol, BS40 5PA 19. Marais Hall, Marais Square, St Anne, Alderney GY9 3TS 20. 1 Cooke Close, Thurmaston, Leicester LE4 8PT 21. 4131 Vanowen Place, Burbank, CA 91505, USA 22. Rooms 503/504, No 1 Building, No 908 Xiuwen Road, Minhang District, Shanghai, China 23. TMF Hong Kong Limited, 31F, Tower Two, Times Square, Matheson Street, Causeway Bay, Hong Kong 24. C/o Late B Krishna Murthy Plot No. 8, Road No 13, Banjara Hills, Hyderabad, Telangana India 500034 25. Unit 16 Thompson Road, Whitehills Business Park, Blackpool, FY4 5PN", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-424": { "value": "
27. Subsidiaries
Key to
Registered
Company
Class
Holding %
office
Caledonia Investments plc
Amber 2010 Ltd
1
Ordinary
100.0
7
Buckingham Gate Ltd
1,2
Ordinary
100.0
7
Caledonia CCIL Distribution Ltd
1
Ordinary
100.0
7
Caledonia Financial Ltd
1
Ordinary
100.0
7
Caledonia Group Services Ltd
1,2
Ordinary
100.0
7
Caledonia Land & Property Ltd
1
Ordinary
100.0
7
Caledonia US Investments Ltd
1
Ordinary
100.0
7
Crewkerne Investments Ltd
1
A Ordinary
50.5
7
B Ordinary
100.0
Easybox Self-Storage Ltd
1
Ordinary
100.0
7
Edinmore Investments Ltd
1
Ordinary
100.0
7
SISH Shareholder LLP
1
Equity right
100.0
7
Sterling Crewkerne Ltd
1
Ordinary
100.0
7
Sterling Industries Ltd
1
Ordinary
100.0
7
The Union-Castle Mail Steamship Co Ltd
1
Ordinary
100.0
7
A Ordinary
100.0
AIR-serv
AIR-Serv Austria GmbH
3
Ordinary
100.0
8
AIR-Serv Belgium BV
3
Ordinary
100.0
9
AIR-Serv France SARL
3
Ordinary
100.0
10
AIR-Serv Germany GmbH
3
Ordinary
100.0
11
AIR-Serv Netherlands BV
3
Ordinary
100.0
12
AIR-Serv Portugal, Unipessoal LDA
3
Ordinary
100.0
13
AIR-Serv Spain SLU
3
Ordinary
100.0
14
AIRvending Ltd
3
Ordinary
100.0
15
Crossbow Bidco Ltd
3
Ordinary
100.0
15
Crossbow Midco Ltd
3
Ordinary
100.0
15
Crossbow Topco Ltd
1
Ordinary
99.8
15
Key to
Registered
Company
Class
Holding %
office
Butcombe Group
A.E. Smith & Son Ltd
4
Ordinary
100.0
16
A.S.B.M. Ltd
4
Ordinary
100.0
16
A.S.B.O. Ltd
4
Ordinary
100.0
16
A.S.B.T. Ltd
4
Ordinary
100.0
16
Aurora Hotel Ltd
4
Ordinary
100.0
16
Bath Street Wine Cellar Ltd
4
Ordinary
100.0
16
Brasserie du Centre Ltd
4
Ordinary
100.0
16
Bucktrout & Company Ltd
4
Deferred
100.0
17
Ordinary
100.0
Preference
100.0
Butcombe Brewery Ltd
4
Ordinary
100.0
18
Butcombe Brewing Company Ltd
4
Ordinary
100.0
18
Caesarea Hotel (Jersey) Ltd
4
Ordinary
100.0
16
Caf\u00e9 de Paris (Jersey) Ltd
4
Ordinary
100.0
16
Caledonia TLG Bidco Ltd
4
Ordinary
100.0
18
Caledonia TLG Ltd
1
Ordinary A
100.0
16
Ordinary B
1.1
Ordinary C
75.4
Preference
66.8
Deferred
100.0
Caledonia TLG Midco Ltd
4
Ordinary
100.0
16
Captains Holdings Ltd
4
Ordinary
100.0
17
Channel Wines & Spirits (Jersey) Ltd
4
Ordinary
100.0
16
Cirrus Inns Holdings Ltd
4
Ordinary
100.0
18
Cirrus Inns Ltd
4
Ordinary
100.0
18
Citann Ltd
4
Ordinary
100.0
16
Preference
100.0
Cosy Corner (Jersey) Ltd
4
Ordinary
100.0
16
Craig Street Brewing Company Ltd
4
Ordinary
100.0
16
Divette Holdings Ltd
4
Ordinary
100.0
17
Key to
Registered
Company
Class
Holding %
office
Don Inn (Jersey) Ltd
4
Ordinary
100.0
16
Evenstar Ltd
4
Ordinary
100.0
16
Exeter Hotel (Jersey) Ltd
4
Ordinary
100.0
16
Farm Street Inns Ltd
4
Ordinary
100.0
18
Farmers Inn Ltd
4
Ordinary
100.0
16
Five Oaks Hotel Ltd
4
Ordinary
100.0
16
Foresters Arms (Jersey) Ltd
4
Ordinary
100.0
16
Gimbels (Jersey) Ltd
4
Ordinary
100.0
16
Glo\u2019ster Vaults Ltd
4
Ordinary
100.0
16
Great Union Hotel (Holdings) Ltd
4
Ordinary
100.0
16
Great Western Hotel Ltd
4
Ordinary
100.0
16
Guernsey Leisure Company Ltd
4
Ordinary
100.0
17
Guppy\u2019s Holdings Ltd
4
Ordinary
100.0
17
Guppy\u2019s of Guernsey Ltd
4
Ordinary
100.0
17
Hautville Ltd
4
Ordinary
100.0
17
Horse & Hound (Jersey) Ltd
4
Ordinary
100.0
16
John Tregear Ltd
4
Ordinary
100.0
16
La Cave des Vins Ltd
4
Ordinary
100.0
16
La Rocque Enterprises Ltd
4
Ordinary
100.0
16
La Rocque Inn (Jersey) Ltd
4
Ordinary
100.0
16
Lapwing (Trading) Ltd
4
Ordinary
100.0
16
Le Hocq Hotel Ltd
4
Ordinary
100.0
16
Les Garcons Ltd
4
Ordinary
100.0
17
Longueville Distributors Ltd
4
Ordinary
100.0
16
M Still Catering Ltd
4
Ordinary
100.0
18
Marais Hall Ltd
4
Ordinary
100.0
19
Mary Ann Products (Jersey) Ltd
4
Ordinary
100.0
16
Mitre Hotel (Jersey) Ltd
4
Ordinary
100.0
16
Nightbridge Ltd
4
Ordinary
100.0
16
Old Court House Hotel (St Aubin) 1972 Ltd
4
Ordinary
100.0
16
Parade Hotel (Jersey) Ltd
4
Ordinary
100.0
16
Key to
Registered
Company
Class
Holding %
office
Butcombe Group continued
Peirson (1971) Ltd
4
Ordinary
100.0
16
Puffin NewCo Ltd
4
Ordinary
100.0
16
Red Lion Ltd
4
Ordinary
100.0
16
Robin Hood (Jersey) Ltd
4
Ordinary
100.0
16
S.L. Ltd
4
Ordinary
100.0
16
Ship Holdings Ltd
4
Ordinary
100.0
17
Square Ltd
4
Ordinary
100.0
16
St John\u2019s Hotel Ltd
4
Ordinary
100.0
16
Stag Hotel (Jersey) Ltd
4
Ordinary
100.0
16
Sussex Hotel Ltd
4
Ordinary
100.0
16
The Guernsey Brewery Co (1920) Ltd
4
Ordinary
100.0
17
Preference
100.0
The Independent Brewing Company Ltd
4
Ordinary
100.0
16
The Liberation Group Ltd
4
Ordinary
100.0
16
The Liberation Group UK Ltd
4
Ordinary
100.0
18
The Liberation Pub Company (Guernsey) Ltd
4
Ordinary
100.0
17
The Liberation Pub Company (Jersey) Ltd
4
Ordinary
100.0
16
The Post Horn Ltd
4
Ordinary
100.0
16
The Royal Oak Inn Trading Ltd
4
Ordinary
100.0
18
Trafalgar Hotel (Jersey) Ltd
4
Ordinary
100.0
16
Union Inn (Jersey) Ltd
4
Ordinary
100.0
16
Victor Hugo Ltd
4
Ordinary
100.0
16
Victoria (Valley) Ltd
4
Ordinary
100.0
16
Victoria Hotel (Jersey) Ltd
4
Ordinary
100.0
16
Wellington Hotel Ltd
4
Ordinary
100.0
16
Wests Cinemas Ltd
4
Ordinary
100.0
16
White Hart Ltd
4
Ordinary
100.0
17
Key to
Registered
Company
Class
Holding %
office
Cooke Optics
Chaplin Bidco Ltd
5
Ordinary
100.0
20
Chaplin Midco Ltd
5
Ordinary
100.0
20
Chaplin Topco Ltd
1
A Ordinary
100.0
20
B Ordinary
75.3
C Ordinary
98.6
Cooke Optics Inc.
5
Ordinary
100.0
21
Cooke (Shanghai) Optics Technology Co Ltd
5
Ordinary A
100.0
22
Cooke Optics (Hong Kong) Ltd
5
Ordinary
100.0
23
Cooke Optics (India) Private Ltd
5
Ordinary
100.0
24
Cooke Optics Ltd
5
Ordinary
100.0
20
Key to
Registered
Company
Class
Holding %
office
Direct Tyre Management
Clan Rock Bidco Ltd
6
Ordinary
100.0
25
Clan Rock Midco Ltd
6
Ordinary
100.0
25
Clan Rock Topco Ltd
Ordinary
98.7
25
Direct Tyre Management Ltd
6
Ordinary
100.0
25
Direct Tyre Sales Ltd
6
Ordinary
100.0
25
DTM Holdings Ltd
6
Ordinary
100.0
25
Project Lafite Bidco Ltd
6
Ordinary
100.0
25
Project Lafite Topco Ltd
6
Ordinary
100.0
25
Tyreforce NW Ltd
6
Ordinary
100.0
25
Tyre Plus Durham Ltd
6
Ordinary
100.0
25
Parent company
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
7. Cayzer House, 30 Buckingham Gate, London SW1E 6NN
8. Weyrgasse 8 1030 Wien, Austria
9. Rubensstraat 104/57, 2300 Turnhout, Belgium
10. Parc d\u2019Activit\u00e9s les B\u00e9thunes, 17 rue du compas, 95310 Cergy Pontoise Cedex, France
11. Elisabethstr. 1, 52428 J\u00fclich, Germany
12. Spuiweg 22 D, 5145 NE Waalwijk, The Netherlands
13. Avenida Dom Jo\u00e3o II, 20 1\u00ba, 1990-091 Lisboa, Portugal
14. C/ Isla de Alegranza 2, nave 53, 28703 San Sebasti\u00e1n de los Reyes, Madrid, Spain
15. Redgate Road, South Lancashire Industrial Estate, Ashton-In-Makerfield, Wigan, Lancashire, WN4 8DT
16. Tregear House, Longueville Road, St Saviour, Jersey JE2 7WF
17. Hougue Jehannet, Vale, Guernsey GY3 5UF
18. Butcombe Brewery Havyatt Road Trading Estate, Havyatt Road, Wrington, Bristol, BS40 5PA
19. Marais Hall, Marais Square, St Anne, Alderney GY9 3TS
20. 1 Cooke Close, Thurmaston, Leicester LE4 8PT
21. 4131 Vanowen Place, Burbank, CA 91505, USA
22. Rooms 503/504, No 1 Building, No 908 Xiuwen Road, Minhang District, Shanghai, China
23. TMF Hong Kong Limited, 31F, Tower Two, Times Square, Matheson Street, Causeway Bay, Hong Kong
24. C/o Late B Krishna Murthy Plot No. 8, Road No 13, Banjara Hills, Hyderabad, Telangana India 500034
25. Unit 16 Thompson Road, Whitehills Business Park, Blackpool, FY4 5PN
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138002FX1MYCA5ZZH32", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } } } }