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1. GENERAL INFORMATION
The Company, UIL Limited, is an investment company incorporated in Bermuda, with its ordinary shares traded on the Specialist
Fund Segment of the Main Market of the London Stock Exchange and listed on the Bermuda Stock Exchange. The Company
commenced trading on 20 June 2007.
The Group Accounts comprise the results of the Company and UIL Finance Limited (\u201cUIL Finance\u201d).
The Group is engaged in a single segment of business, focusing on maximising shareholder returns by identifying and investing in
investments where the underlying value is not reflected in the market price.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-3": { "value": "UIL Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-261": { "value": "Limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-4": { "value": "Bermuda", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-5": { "value": "The Group is engaged in a single segment of business, focusing on maximising shareholder returns by identifying and investing in investments where the underlying value is not reflected in the market price.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-268": { "value": "
2. MATERIAL ACCOUNTING POLICIES
(a) Basis of accounting
The Accounts have been prepared on a going concern basis (see note 30) in accordance with IFRS Accounting Standards (\u201cIFRS\u201d).
There have been no significant changes to the accounting policies during the year to 30 June 2026.
The Board has determined by having regard to the currency of the Company\u2019s share capital, the predominant currency in which
its shareholders operate and the currency in which dividends are paid by the Company, that Sterling is the functional and
reporting currency.
Where presentational recommendations set out in the revised Statement of Recommended Practice \u201cFinancial Statements of
Investment Trust Companies and Venture Capital Trusts\u201d (\u201cSORP\u201d), issued in the UK by the Association of Investment Companies
(\u201cAIC\u201d) in July 2022, do not conflict with the requirements of IFRS, the Directors have prepared the Accounts on a basis consistent
with the recommendations of the SORP, in the belief that this will aid comparison with similar investment companies incorporated
and listed in the United Kingdom.
In accordance with the SORP, the Income Statement has been analysed between a revenue return (dealing with items of a
revenue nature) and a capital return (relating to items of a capital nature). Revenue returns include, but are not limited to,
dividend income, operating expenses, finance costs and taxation (insofar as they are not allocated to capital, as described in
notes 2(j) and 2(k)). Net revenue returns are allocated via the revenue return to the revenue reserve.
Capital returns include, but are not limited to, profits and losses on the disposal and the valuation of non-current investments,
derivative instruments and on cash and borrowings. Net capital returns are allocated via the capital return to capital reserves.
Dividends on ordinary shares may be paid out of the special reserve, revenue reserve and the capital reserves.
A number of new standards and amendments to standards and interpretations, which have not been applied in preparing these
accounts, were in issue but not effective. None of these standards are expected to have a material effect on the accounts of the
Group.
The key assumptions concerning the future and other key sources of estimation uncertainty that have a significant risk of causing
a material adjustment to the carrying amounts of assets and liabilities within the next financial year relate to the valuation of
unlisted investments, details of which are set out in accounting policy 2(d).
(b) Basis of consolidation
The consolidated Accounts include the Accounts of the Company and its operating subsidiary, UIL Finance. All intra group
transactions, balances, income and expenses are eliminated on consolidation. Other subsidiaries, joint ventures and associate
undertakings held as part of the investment portfolio (see note 2(d) below) are not accounted for in the Group Accounts, but are
carried at fair value through profit or loss.
(c) Financial instruments
Financial instruments include non-current assets, derivative assets and liabilities and long-term debt instruments. For those
financial instruments carried at fair value, accounting standards recognise a hierarchy of fair value measurements for financial
instruments which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level
1) and the lowest priority to unobservable inputs (level 3). The classification of instruments depends on the lowest significant
applicable input, as follows:
Level 1 \u2013 Unadjusted, fully accessible and current quoted prices in active markets for identical assets or liabilities. Included within
this category are investments listed on any recognised stock exchange.
Level 2 \u2013 Quoted prices for similar assets or liabilities, or other directly or indirectly observable inputs which exist for the duration
of the period of investment. Examples of such instruments would be convertible loans in listed investee companies, securities
for which the quoted price has been recently suspended, securities for which an offer price has been announced in the market,
forward exchange contracts and certain other derivative instruments.
Level 3 \u2013 External inputs are unobservable. Value is the Directors\u2019 best estimate of fair value, based on advice from relevant
knowledgeable experts, use of recognised valuation techniques and on assumptions as to what inputs other market participants
would apply in pricing the same or similar instruments. Included in level 3 are investments in private companies or securities,
whether invested in directly, via loans or through pooled private equity vehicles.
(d) Valuation of investments and derivative financial instruments held at fair value through profit or loss
Investment purchases and sales are accounted for on the trade date, inclusive of transaction costs. Investments, including
both equity and loans, used for efficient portfolio management are classified as being at fair value through profit or loss. As the
Company\u2019s business is investing in financial assets with a view to profiting from their total return in the form of dividends, interest
or increases in fair value, its investments (including those ordinarily classified as subsidiaries under IFRS 10 but exempted by
that financial reporting standard from the requirement to be consolidated) are designated as being at fair value through profit or
loss on initial recognition. Derivatives including forward foreign exchange contracts and options are accounted for as a financial
asset/liability at fair value through profit or loss. The Company manages and evaluates the performance of these investments
and derivatives on a fair value basis in accordance with its investment strategy and information about the Company is provided
internally on this basis to the Company\u2019s Directors and key management personnel. Gains and losses on investments and on
derivatives are analysed within the Income Statement as capital returns. Quoted investments are shown at fair value using
market bid prices. The fair value of unquoted investments is determined by the Board in accordance with the International Private
Equity and Venture Capital Valuation guidelines. In exercising its judgement over the value of these investments, the Board uses
valuation techniques which take into account, where appropriate, latest dealing prices, valuations from reliable sources, net
asset values, earnings multiples, recent orderly transactions in similar securities, time to expected repayment and other relevant
factors (see key valuations techniques on pages 90 to 92).
(e) Cash and cash equivalents
Cash and cash equivalents comprise cash balances. Bank overdrafts are included as a component of cash and cash equivalents
for the purpose of the cash flow statement only.
(f) Bank borrowings
Interest-bearing loans and overdrafts are initially measured at fair value and subsequently measured at amortised cost using
the effective interest method. No debt instruments held during the year required hierarchical classification. Finance charges,
including interest, are accrued 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 year. See note 2(k) below for allocation of finance costs between revenue and capital return
within the Income Statement.
(g) ZDP shares
The ZDP shares, due to be redeemed on 31 October 2026 and 2028 at a redemption value, including accrued capitalised returns
(see note 17) of 151.50 pence per share and 152.29 pence per share respectively, have been classified as liabilities, as they represent
an obligation on behalf of the Group to deliver to their holders a fixed and determinable amount at the redemption date. They are
accordingly accounted for at amortised cost, using the effective interest method as per IFRS 9 \u201cFinancial Instruments\u201d. ZDP shares
held by the Company are eliminated on consolidation for Group purposes. The Company has undertaken (i) to repay any interest
free loan, and (ii) to reimburse UIL Finance (by way of payment in advance, if required) any and all costs, expenses, fees or interest
UIL Finance incurs or is otherwise liable to pay to the holder of the ZDP shares so as to enable UIL Finance to pay the final capital
entitlement of each class of ZDP share on their respective redemption date. The intra group loans are accordingly accounted for at
amortised cost, using the effective interest method.
(h) Foreign currency Foreign currency assets and liabilities are expressed in Sterling at rates of exchange ruling at the statement of financial position date. Foreign currency transactions are translated at the rates of exchange ruling at the dates of those transactions. Exchange profits and losses on currency balances are credited or charged to the Income Statement and analysed as capital or revenue as appropriate. Forward foreign exchange contracts are valued in accordance with quoted market rates. (i) Investment and other income Dividends receivable are brought into the Income Statement and analysed as revenue return (except where, in the opinion of the Directors, their nature indicates they should be recognised as capital under gains and losses on investments) on the ex- dividend date or, where no ex-dividend date is quoted, when the Group\u2019s right to receive payment is established. Where the Group or the Company has elected to receive its dividends in the form of additional shares rather than in cash, the amount of the cash dividend foregone is recognised as revenue return. Any excess in the value of the shares received over the amount of the cash dividend foregone is recognised as capital return. Interest on debt securities is accrued on a time basis using the effective interest method. Bank and short-term deposit interest is recognised on an accruals basis. These are brought into the Income Statement and analysed as revenue returns. Where dividends are recognised as a capital return, a cost is allocated against the capital return to calculate the investment realised gain or loss, based on the proportion of the capital return against the value of the investment at the time of the distribution. (j) Expenses All expenses are accounted for on an accruals basis. Expenses are charged through the Income Statement and analysed under revenue return except for those expenses incidental to the acquisition or disposal of investments and performance related fees (calculated under the terms of the management agreement), which are analysed under the capital return, as the Directors believe such fees arise from capital performance. (k) Finance costs Finance costs are accounted for using the effective interest method, recognised through the Income Statement and analysed under the revenue return except those finance costs of the ZDP shares and intra group loans which are analysed under the capital return. (l) Dividends payable Dividends paid by the Company are accounted for in the year in which the Company is liable to pay them and are reflected in the Statement of Changes in Equity. Under Bermuda law, the Company is unable to pay a dividend unless, after payment, the realisable value of its assets will not be less than the aggregate of its liabilities and it is able to pay its liabilities as they fall due. (m) Capital reserves The following items are accounted for through the Income Statement as capital returns and transferred to capital reserves: Capital reserve \u2013 arising on investments sold \u2022 gains and losses on the disposal of investments and derivative instruments \u2022 exchange differences of a capital nature \u2022 expenses allocated in accordance with notes 2(j) and 2(k) Capital reserve \u2013 arising on investments held \u2022 increases and decreases in the valuation of investments and derivative instruments held at the year end. (n) Use of estimates and judgements The presentation of the financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Estimates and judgements are continually evaluated and are based on perceived risks, historical experience, expectations of plausible future events and other factors. Actual results may differ from these estimates. Judgements - Information about the judgements that have the most significant effects on the amounts recognised in the financial statements is included in note 12, the classification of the subsidiaries as investment entities.
Assumptions and estimation uncertainties - Information about assumptions and estimation uncertainties at the reporting date
that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next
financial year is included in the policy for valuation of unquoted securities as set out in note 2(d) and further information on Board
procedures is contained in the Audit & Risk Committee Report and note 31(d). The fair value of unquoted (level 3) investments, as
disclosed in note 11, represented 69.4% of total investments as at 30 June 2026 (2025: 80.9%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-270": { "value": "(a) Basis of accounting The Accounts have been prepared on a going concern basis (see note 30) in accordance with IFRS Accounting Standards (\u201cIFRS\u201d). There have been no significant changes to the accounting policies during the year to 30 June 2026. The Board has determined by having regard to the currency of the Company\u2019s share capital, the predominant currency in which its shareholders operate and the currency in which dividends are paid by the Company, that Sterling is the functional and reporting currency. Where presentational recommendations set out in the revised Statement of Recommended Practice \u201cFinancial Statements of Investment Trust Companies and Venture Capital Trusts\u201d (\u201cSORP\u201d), issued in the UK by the Association of Investment Companies (\u201cAIC\u201d) in July 2022, do not conflict with the requirements of IFRS, the Directors have prepared the Accounts on a basis consistent with the recommendations of the SORP, in the belief that this will aid comparison with similar investment companies incorporated and listed in the United Kingdom. In accordance with the SORP, the Income Statement has been analysed between a revenue return (dealing with items of a revenue nature) and a capital return (relating to items of a capital nature). Revenue returns include, but are not limited to, dividend income, operating expenses, finance costs and taxation (insofar as they are not allocated to capital, as described in notes 2(j) and 2(k)). Net revenue returns are allocated via the revenue return to the revenue reserve. Capital returns include, but are not limited to, profits and losses on the disposal and the valuation of non-current investments, derivative instruments and on cash and borrowings. Net capital returns are allocated via the capital return to capital reserves. Dividends on ordinary shares may be paid out of the special reserve, revenue reserve and the capital reserves. A number of new standards and amendments to standards and interpretations, which have not been applied in preparing these accounts, were in issue but not effective. None of these standards are expected to have a material effect on the accounts of the Group. The key assumptions concerning the future and other key sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year relate to the valuation of unlisted investments, details of which are set out in accounting policy 2(d). ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-304": { "value": "The Accounts have been prepared on a going concern basis (see note 30) in accordance with IFRS Accounting Standards (\u201cIFRS\u201d). ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-305": { "value": "There have been no significant changes to the accounting policies during the year to 30 June 2026. A number of new standards and amendments to standards and interpretations, which have not been applied in preparing these accounts, were in issue but not effective. None of these standards are expected to have a material effect on the accounts of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-306": { "value": "The Board has determined by having regard to the currency of the Company\u2019s share capital, the predominant currency in which its shareholders operate and the currency in which dividends are paid by the Company, that Sterling is the functional and reporting currency. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-328": { "value": "A number of new standards and amendments to standards and interpretations, which have not been applied in preparing these accounts, were in issue but not effective. None of these standards are expected to have a material effect on the accounts of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-271": { "value": "(b) Basis of consolidation The consolidated Accounts include the Accounts of the Company and its operating subsidiary, UIL Finance. All intra group transactions, balances, income and expenses are eliminated on consolidation. Other subsidiaries, joint ventures and associate undertakings held as part of the investment portfolio (see note 2(d) below) are not accounted for in the Group Accounts, but are carried at fair value through profit or loss. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-307": { "value": "(c) Financial instruments Financial instruments include non-current assets, derivative assets and liabilities and long-term debt instruments. For those financial instruments carried at fair value, accounting standards recognise a hierarchy of fair value measurements for financial instruments which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1) and the lowest priority to unobservable inputs (level 3). The classification of instruments depends on the lowest significant applicable input, as follows: Level 1 \u2013 Unadjusted, fully accessible and current quoted prices in active markets for identical assets or liabilities. Included within this category are investments listed on any recognised stock exchange. Level 2 \u2013 Quoted prices for similar assets or liabilities, or other directly or indirectly observable inputs which exist for the duration of the period of investment. Examples of such instruments would be convertible loans in listed investee companies, securities for which the quoted price has been recently suspended, securities for which an offer price has been announced in the market, forward exchange contracts and certain other derivative instruments. Level 3 \u2013 External inputs are unobservable. Value is the Directors\u2019 best estimate of fair value, based on advice from relevant knowledgeable experts, use of recognised valuation techniques and on assumptions as to what inputs other market participants would apply in pricing the same or similar instruments. Included in level 3 are investments in private companies or securities, whether invested in directly, via loans or through pooled private equity vehicles. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-272": { "value": "(c) Financial instruments Financial instruments include non-current assets, derivative assets and liabilities and long-term debt instruments. For those financial instruments carried at fair value, accounting standards recognise a hierarchy of fair value measurements for financial instruments which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1) and the lowest priority to unobservable inputs (level 3). The classification of instruments depends on the lowest significant applicable input, as follows: Level 1 \u2013 Unadjusted, fully accessible and current quoted prices in active markets for identical assets or liabilities. Included within this category are investments listed on any recognised stock exchange. Level 2 \u2013 Quoted prices for similar assets or liabilities, or other directly or indirectly observable inputs which exist for the duration of the period of investment. Examples of such instruments would be convertible loans in listed investee companies, securities for which the quoted price has been recently suspended, securities for which an offer price has been announced in the market, forward exchange contracts and certain other derivative instruments. Level 3 \u2013 External inputs are unobservable. Value is the Directors\u2019 best estimate of fair value, based on advice from relevant knowledgeable experts, use of recognised valuation techniques and on assumptions as to what inputs other market participants would apply in pricing the same or similar instruments. Included in level 3 are investments in private companies or securities, whether invested in directly, via loans or through pooled private equity vehicles. (d) Valuation of investments and derivative financial instruments held at fair value through profit or loss Investment purchases and sales are accounted for on the trade date, inclusive of transaction costs. Investments, including both equity and loans, used for efficient portfolio management are classified as being at fair value through profit or loss. As the Company\u2019s business is investing in financial assets with a view to profiting from their total return in the form of dividends, interest or increases in fair value, its investments (including those ordinarily classified as subsidiaries under IFRS 10 but exempted by that financial reporting standard from the requirement to be consolidated) are designated as being at fair value through profit or loss on initial recognition. Derivatives including forward foreign exchange contracts and options are accounted for as a financial asset/liability at fair value through profit or loss. The Company manages and evaluates the performance of these investments and derivatives on a fair value basis in accordance with its investment strategy and information about the Company is provided internally on this basis to the Company\u2019s Directors and key management personnel. Gains and losses on investments and on derivatives are analysed within the Income Statement as capital returns. Quoted investments are shown at fair value using market bid prices. The fair value of unquoted investments is determined by the Board in accordance with the International Private Equity and Venture Capital Valuation guidelines. In exercising its judgement over the value of these investments, the Board uses valuation techniques which take into account, where appropriate, latest dealing prices, valuations from reliable sources, net asset values, earnings multiples, recent orderly transactions in similar securities, time to expected repayment and other relevant factors (see key valuations techniques on pages 90 to 92). (f) Bank borrowings Interest-bearing loans and overdrafts are initially measured at fair value and subsequently measured at amortised cost using the effective interest method. No debt instruments held during the year required hierarchical classification. Finance charges, including interest, are accrued 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 year. See note 2(k) below for allocation of finance costs between revenue and capital return within the Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-349": { "value": "(d) Valuation of investments and derivative financial instruments held at fair value through profit or loss Investment purchases and sales are accounted for on the trade date, inclusive of transaction costs. Investments, including both equity and loans, used for efficient portfolio management are classified as being at fair value through profit or loss. As the Company\u2019s business is investing in financial assets with a view to profiting from their total return in the form of dividends, interest or increases in fair value, its investments (including those ordinarily classified as subsidiaries under IFRS 10 but exempted by that financial reporting standard from the requirement to be consolidated) are designated as being at fair value through profit or loss on initial recognition. Derivatives including forward foreign exchange contracts and options are accounted for as a financial asset/liability at fair value through profit or loss. The Company manages and evaluates the performance of these investments and derivatives on a fair value basis in accordance with its investment strategy and information about the Company is provided internally on this basis to the Company\u2019s Directors and key management personnel. Gains and losses on investments and on derivatives are analysed within the Income Statement as capital returns. Quoted investments are shown at fair value using market bid prices. The fair value of unquoted investments is determined by the Board in accordance with the International Private Equity and Venture Capital Valuation guidelines. In exercising its judgement over the value of these investments, the Board uses valuation techniques which take into account, where appropriate, latest dealing prices, valuations from reliable sources, net asset values, earnings multiples, recent orderly transactions in similar securities, time to expected repayment and other relevant factors (see key valuations techniques on pages 90 to 92). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-329": { "value": "(d) Valuation of investments and derivative financial instruments held at fair value through profit or loss Investment purchases and sales are accounted for on the trade date, inclusive of transaction costs. Investments, including both equity and loans, used for efficient portfolio management are classified as being at fair value through profit or loss. As the Company\u2019s business is investing in financial assets with a view to profiting from their total return in the form of dividends, interest or increases in fair value, its investments (including those ordinarily classified as subsidiaries under IFRS 10 but exempted by that financial reporting standard from the requirement to be consolidated) are designated as being at fair value through profit or loss on initial recognition. Derivatives including forward foreign exchange contracts and options are accounted for as a financial asset/liability at fair value through profit or loss. The Company manages and evaluates the performance of these investments and derivatives on a fair value basis in accordance with its investment strategy and information about the Company is provided internally on this basis to the Company\u2019s Directors and key management personnel. Gains and losses on investments and on derivatives are analysed within the Income Statement as capital returns. Quoted investments are shown at fair value using market bid prices. The fair value of unquoted investments is determined by the Board in accordance with the International Private Equity and Venture Capital Valuation guidelines. In exercising its judgement over the value of these investments, the Board uses valuation techniques which take into account, where appropriate, latest dealing prices, valuations from reliable sources, net asset values, earnings multiples, recent orderly transactions in similar securities, time to expected repayment and other relevant factors (see key valuations techniques on pages 90 to 92). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-308": { "value": "(d) Valuation of investments and derivative financial instruments held at fair value through profit or loss Investment purchases and sales are accounted for on the trade date, inclusive of transaction costs. Investments, including both equity and loans, used for efficient portfolio management are classified as being at fair value through profit or loss. As the Company\u2019s business is investing in financial assets with a view to profiting from their total return in the form of dividends, interest or increases in fair value, its investments (including those ordinarily classified as subsidiaries under IFRS 10 but exempted by that financial reporting standard from the requirement to be consolidated) are designated as being at fair value through profit or loss on initial recognition. Derivatives including forward foreign exchange contracts and options are accounted for as a financial asset/liability at fair value through profit or loss. The Company manages and evaluates the performance of these investments and derivatives on a fair value basis in accordance with its investment strategy and information about the Company is provided internally on this basis to the Company\u2019s Directors and key management personnel. Gains and losses on investments and on derivatives are analysed within the Income Statement as capital returns. Quoted investments are shown at fair value using market bid prices. The fair value of unquoted investments is determined by the Board in accordance with the International Private Equity and Venture Capital Valuation guidelines. In exercising its judgement over the value of these investments, the Board uses valuation techniques which take into account, where appropriate, latest dealing prices, valuations from reliable sources, net asset values, earnings multiples, recent orderly transactions in similar securities, time to expected repayment and other relevant factors (see key valuations techniques on pages 90 to 92). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-273": { "value": "(e) Cash and cash equivalents Cash and cash equivalents comprise cash balances. Bank overdrafts are included as a component of cash and cash equivalents for the purpose of the cash flow statement only. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-330": { "value": "(f) Bank borrowings Interest-bearing loans and overdrafts are initially measured at fair value and subsequently measured at amortised cost using the effective interest method. No debt instruments held during the year required hierarchical classification. Finance charges, including interest, are accrued 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 year. See note 2(k) below for allocation of finance costs between revenue and capital return within the Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-309": { "value": "(f) Bank borrowings Interest-bearing loans and overdrafts are initially measured at fair value and subsequently measured at amortised cost using the effective interest method. No debt instruments held during the year required hierarchical classification. Finance charges, including interest, are accrued 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 year. See note 2(k) below for allocation of finance costs between revenue and capital return within the Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-274": { "value": "(g) ZDP shares The ZDP shares, due to be redeemed on 31 October 2026 and 2028 at a redemption value, including accrued capitalised returns (see note 17) of 151.50 pence per share and 152.29 pence per share respectively, have been classified as liabilities, as they represent an obligation on behalf of the Group to deliver to their holders a fixed and determinable amount at the redemption date. They are accordingly accounted for at amortised cost, using the effective interest method as per IFRS 9 \u201cFinancial Instruments\u201d. ZDP shares held by the Company are eliminated on consolidation for Group purposes. The Company has undertaken (i) to repay any interest free loan, and (ii) to reimburse UIL Finance (by way of payment in advance, if required) any and all costs, expenses, fees or interest UIL Finance incurs or is otherwise liable to pay to the holder of the ZDP shares so as to enable UIL Finance to pay the final capital entitlement of each class of ZDP share on their respective redemption date. The intra group loans are accordingly accounted for at amortised cost, using the effective interest method. ", "dimensions": { "concept": "uillimited:DescriptionOfAccountingPolicyForZDPShares", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-275": { "value": "
(h) Foreign currency
Foreign currency assets and liabilities are expressed in Sterling at rates of exchange ruling at the statement of financial position
date. Foreign currency transactions are translated at the rates of exchange ruling at the dates of those transactions. Exchange
profits and losses on currency balances are credited or charged to the Income Statement and analysed as capital or revenue as
appropriate. Forward foreign exchange contracts are valued in accordance with quoted market rates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-310": { "value": "
(i) Investment and other income
Dividends receivable are brought into the Income Statement and analysed as revenue return (except where, in the opinion of
the Directors, their nature indicates they should be recognised as capital under gains and losses on investments) on the ex-
dividend date or, where no ex-dividend date is quoted, when the Group\u2019s right to receive payment is established. Where the
Group or the Company has elected to receive its dividends in the form of additional shares rather than in cash, the amount of the
cash dividend foregone is recognised as revenue return. Any excess in the value of the shares received over the amount of the
cash dividend foregone is recognised as capital return. Interest on debt securities is accrued on a time basis using the effective
interest method. Bank and short-term deposit interest is recognised on an accruals basis. These are brought into the Income
Statement and analysed as revenue returns.
Where dividends are recognised as a capital return, a cost is allocated against the capital return to calculate the investment
realised gain or loss, based on the proportion of the capital return against the value of the investment at the time of the
distribution.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-278": { "value": "(i) Investment and other income Dividends receivable are brought into the Income Statement and analysed as revenue return (except where, in the opinion of the Directors, their nature indicates they should be recognised as capital under gains and losses on investments) on the ex- dividend date or, where no ex-dividend date is quoted, when the Group\u2019s right to receive payment is established. Where the Group or the Company has elected to receive its dividends in the form of additional shares rather than in cash, the amount of the cash dividend foregone is recognised as revenue return. Any excess in the value of the shares received over the amount of the cash dividend foregone is recognised as capital return. Interest on debt securities is accrued on a time basis using the effective interest method. Bank and short-term deposit interest is recognised on an accruals basis. These are brought into the Income Statement and analysed as revenue returns. Where dividends are recognised as a capital return, a cost is allocated against the capital return to calculate the investment realised gain or loss, based on the proportion of the capital return against the value of the investment at the time of the distribution. ", "dimensions": { "concept": "uillimited:DescriptionOfAccountingPolicyForInvestmentAndOtherIncome", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-277": { "value": "
(j) Expenses
All expenses are accounted for on an accruals basis. Expenses are charged through the Income Statement and analysed under
revenue return except for those expenses incidental to the acquisition or disposal of investments and performance related fees
(calculated under the terms of the management agreement), which are analysed under the capital return, as the Directors believe
such fees arise from capital performance.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-311": { "value": "
(k) Finance costs
Finance costs are accounted for using the effective interest method, recognised through the Income Statement and analysed
under the revenue return except those finance costs of the ZDP shares and intra group loans which are analysed under the
capital return.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-276": { "value": "(k) Finance costs Finance costs are accounted for using the effective interest method, recognised through the Income Statement and analysed under the revenue return except those finance costs of the ZDP shares and intra group loans which are analysed under the capital return. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-279": { "value": "
(l) Dividends payable
Dividends paid by the Company are accounted for in the year in which the Company is liable to pay them and are reflected in
the Statement of Changes in Equity. Under Bermuda law, the Company is unable to pay a dividend unless, after payment, the
realisable value of its assets will not be less than the aggregate of its liabilities and it is able to pay its liabilities as they fall due.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-280": { "value": "
(m) Capital reserves
The following items are accounted for through the Income Statement as capital returns and transferred to capital reserves:
Capital reserve \u2013 arising on investments sold
\u2022 gains and losses on the disposal of investments and derivative instruments
\u2022 exchange differences of a capital nature
\u2022 expenses allocated in accordance with notes 2(j) and 2(k)
Capital reserve \u2013 arising on investments held
\u2022 increases and decreases in the valuation of investments and derivative instruments held at the year end.
", "dimensions": { "concept": "uillimited:DescriptionOfAccountingPolicyForCapitalReserves", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-281": { "value": "
(n) Use of estimates and judgements
The presentation of the financial statements in conformity with IFRS requires management to make judgements, estimates and
assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses.
Estimates and judgements are continually evaluated and are based on perceived risks, historical experience, expectations of
plausible future events and other factors. Actual results may differ from these estimates.
Judgements - Information about the judgements that have the most significant effects on the amounts recognised in the financial
statements is included in note 12, the classification of the subsidiaries as investment entities.
Assumptions and estimation uncertainties - Information about assumptions and estimation uncertainties at the reporting date that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year is included in the policy for valuation of unquoted securities as set out in note 2(d) and further information on Board procedures is contained in the Audit & Risk Committee Report and note 31(d). The fair value of unquoted (level 3) investments, as disclosed in note 11, represented 69.4% of total investments as at 30 June 2026 (2025: 80.9%).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-282": { "value": "
3. INVESTMENT AND OTHER INCOME
2026
2025
Revenue Capital Total Revenue Capital Total
Group and Company \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Investment income:
Dividends
15,321
\u2013
15,321
13,588
\u2013
13,588
Interest
3,323
\u2013
3,323
40
\u2013
40
18,644
\u2013
18,644
13,628
\u2013
13,628
Other income:
Interest on cash and short-term deposits
6
\u2013
6
15
\u2013
15
Total income
18,650
\u2013
18,650
13,643
\u2013
13,643
", "dimensions": { "concept": "uillimited:DisclosureOfInvestmentAndOtherIncome", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-331": { "value": "3. INVESTMENT AND OTHER INCOME
2026
2025
Revenue Capital Total Revenue Capital Total
Group and Company \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Investment income:
Dividends
15,321
\u2013
15,321
13,588
\u2013
13,588
Interest
3,323
\u2013
3,323
40
\u2013
40
18,644
\u2013
18,644
13,628
\u2013
13,628
Other income:
Interest on cash and short-term deposits
6
\u2013
6
15
\u2013
15
Total income
18,650
\u2013
18,650
13,643
\u2013
13,643
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-312": { "value": "3. INVESTMENT AND OTHER INCOME
2026
2025
Revenue Capital Total Revenue Capital Total
Group and Company \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Investment income:
Dividends
15,321
\u2013
15,321
13,588
\u2013
13,588
Interest
3,323
\u2013
3,323
40
\u2013
40
18,644
\u2013
18,644
13,628
\u2013
13,628
Other income:
Interest on cash and short-term deposits
6
\u2013
6
15
\u2013
15
Total income
18,650
\u2013
18,650
13,643
\u2013
13,643
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-350": { "value": "
2026
2025
Revenue Capital Total Revenue Capital Total
Group and Company \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Investment income:
Dividends
15,321
\u2013
15,321
13,588
\u2013
13,588
Interest
3,323
\u2013
3,323
40
\u2013
40
18,644
\u2013
18,644
13,628
\u2013
13,628
Other income:
Interest on cash and short-term deposits
6
\u2013
6
15
\u2013
15
Total income
18,650
\u2013
18,650
13,643
\u2013
13,643
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-283": { "value": "
4. INCOME NOT RECEIVABLE
2026
2025
Revenue Capital Total Revenue Capital Total
Group and Company \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Interest receivable cancelled
\u2013
\u2013
\u2013
246
\u2013
246
Previously recognised interest receivable from Carebook Technologies Inc (\"Carebook\") was cancelled on the take over of
Carebook by UIL.
", "dimensions": { "concept": "uillimited:DisclosureOfIncomeNotReceivable", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-284": { "value": "
5. MANAGEMENT AND ADMINISTRATION FEES
2026
2025
Revenue Capital Total Revenue Capital Total
Group and Company \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Payable to:
ICM/ICMIM \u2013 management fee and secretarial fees
786
\u2013
786
369
\u2013
369
Administration fees
185
\u2013
185
138
\u2013
138
971
\u2013
971
507
\u2013
507
The Company has appointed ICM Investment Management Limited (\u201cICMIM\u201d) as its Alternative Investment Fund Manager and
joint portfolio manager with ICM Limited (\u201cICM\u201d), for which they are entitled to a management fee and a performance fee. The
aggregate fees payable by the Company are apportioned between the joint portfolio managers as agreed by them.
The relationship between ICMIM and ICM is compliant with the requirements of the UK version of the EU Alternative Investment
Fund Managers Directive as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended
and also such other requirements applicable to ICMIM by virtue of its regulation by the Financial Conduct Authority.
The annual management fee is 0.5% per annum based on total assets less current liabilities (excluding borrowings and excluding
the value of all holdings in companies managed or advised by the Investment Managers or any of their subsidiaries from which
they receive a management fee), calculated and payable quarterly in arrears. The agreement with ICM and ICMIM may be
terminated upon one year\u2019s notice given by the Company or by ICM and ICMIM, acting together.
In addition, the Investment Managers are entitled to a capped performance fee payable in respect of each financial period, equal to 15% of the amount by which the Company\u2019s net asset value (\"NAV\") attributable to holders of ordinary shares outperforms the higher of (i) 5.0%, and (ii) the post-tax yield on the FTSE Actuaries Government Securities UK Gilts 5 to 10 years\u2019 index, plus inflation (on the RPIX basis) (the \u201cReference Rate\u201d). The opening equity funds for calculation of the performance fee are the higher of (i) the equity funds on the last day of a calculation period in respect of which a performance fee was last paid, adjusted for capital events and dividends paid since that date (the \u201chigh watermark\u201d); and (ii) the equity funds on the last day of the previous calculation period increased by the Reference Rate during the calculation period and adjusted for capital events and dividends paid since the previous calculation date. In a period where the Investment Managers or any of their associates receive a performance fee from any ICM managed investment in which UIL is an investor, the performance fee payable by UIL will be reduced by a proportion corresponding to UIL\u2019s percentage holding in that investment applied to the underlying investment performance fee, subject to the provision that the UIL performance fee cannot be a negative figure. In calculating any performance fee payable, a cap of 2.5% of closing NAV (adjusted for capital events and dividends paid) will be applied following any of the above adjustments and any excess over this cap shall be written off. A performance fee was last payable in respect of the year to 30 June 2021. As at that date the equity shareholders\u2019 funds were \u00a3363.8m. In the year to 30 June 2026, although UIL\u2019s NAV return is above the required hurdle of 7.2% return, the attributable shareholders' funds were below the high watermark, and therefore no performance fee has been accrued. ICM also provides company secretarial services to the Company with the Company paying 45% of the incurred costs associated with this post. JP Morgan Chase Bank N.A. \u2013 London Branch has been appointed Administrator and ICMIM has appointed W1M Wealth Management Limited to provide certain support services (including middle office, market dealing and information technology support services). The Company or the Administrator may terminate the agreement with the Administrator upon six months\u2019 notice in writing. 6. OTHER EXPENSES
2026
2025
Revenue Capital Total Revenue Capital Total
Group and Company \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Auditor\u2019s remuneration (see note 6A)
198
\u2013
198
176
\u2013
176
Broker and consultancy fees
42
\u2013
42
42
\u2013
42
Custody fees
24
\u2013
24
6
\u2013
6
Directors\u2019 fees for services to the Company
(see Directors\u2019 Remuneration Report on pages
50 and 51)
164
\u2013
164
184
\u2013
184
Travel expenses
50
\u2013
50
62
\u2013
62
Professional and legal fees
44
\u2013
44
135
\u2013
135
Sundry expenses
242
10
252
261
2
263
764
10
774
866
2
868
6A. AUDITOR\u2019S REMUNERATION Fees paid to the Group\u2019s auditor are summarised below:
Group Auditor \u2013 KPMG Audit Limited 2026 2025
Group and Company Annual Audit Fees \u00a3\u2019000s \u00a3\u2019000s
Audit of the Group and Company\u2019s annual financial statements
167
172
Additional audit costs for the prior year
27
\u2013
Other non-audit services \u2013 agreed procedures on interim financial statements
4
4
198
176
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-313": { "value": "5. MANAGEMENT AND ADMINISTRATION FEES
2026
2025
Revenue Capital Total Revenue Capital Total
Group and Company \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Payable to:
ICM/ICMIM \u2013 management fee and secretarial fees
786
\u2013
786
369
\u2013
369
Administration fees
185
\u2013
185
138
\u2013
138
971
\u2013
971
507
\u2013
507
The Company has appointed ICM Investment Management Limited (\u201cICMIM\u201d) as its Alternative Investment Fund Manager and joint portfolio manager with ICM Limited (\u201cICM\u201d), for which they are entitled to a management fee and a performance fee. The aggregate fees payable by the Company are apportioned between the joint portfolio managers as agreed by them. The relationship between ICMIM and ICM is compliant with the requirements of the UK version of the EU Alternative Investment Fund Managers Directive as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended and also such other requirements applicable to ICMIM by virtue of its regulation by the Financial Conduct Authority. The annual management fee is 0.5% per annum based on total assets less current liabilities (excluding borrowings and excluding the value of all holdings in companies managed or advised by the Investment Managers or any of their subsidiaries from which they receive a management fee), calculated and payable quarterly in arrears. The agreement with ICM and ICMIM may be terminated upon one year\u2019s notice given by the Company or by ICM and ICMIM, acting together.
In addition, the Investment Managers are entitled to a capped performance fee payable in respect of each financial period, equal
to 15% of the amount by which the Company\u2019s net asset value (\"NAV\") attributable to holders of ordinary shares outperforms
the higher of (i) 5.0%, and (ii) the post-tax yield on the FTSE Actuaries Government Securities UK Gilts 5 to 10 years\u2019 index,
plus inflation (on the RPIX basis) (the \u201cReference Rate\u201d). The opening equity funds for calculation of the performance fee are
the higher of (i) the equity funds on the last day of a calculation period in respect of which a performance fee was last paid,
adjusted for capital events and dividends paid since that date (the \u201chigh watermark\u201d); and (ii) the equity funds on the last day of
the previous calculation period increased by the Reference Rate during the calculation period and adjusted for capital events
and dividends paid since the previous calculation date. In a period where the Investment Managers or any of their associates
receive a performance fee from any ICM managed investment in which UIL is an investor, the performance fee payable by
UIL will be reduced by a proportion corresponding to UIL\u2019s percentage holding in that investment applied to the underlying
investment performance fee, subject to the provision that the UIL performance fee cannot be a negative figure. In calculating any
performance fee payable, a cap of 2.5% of closing NAV (adjusted for capital events and dividends paid) will be applied following
any of the above adjustments and any excess over this cap shall be written off. A performance fee was last payable in respect of
the year to 30 June 2021. As at that date the equity shareholders\u2019 funds were \u00a3363.8m.
In the year to 30 June 2026, although UIL\u2019s NAV return is above the required hurdle of 7.2% return, the attributable shareholders'
funds were below the high watermark, and therefore no performance fee has been accrued.
ICM also provides company secretarial services to the Company with the Company paying 45% of the incurred costs associated
with this post.
JP Morgan Chase Bank N.A. \u2013 London Branch has been appointed Administrator and ICMIM has appointed W1M Wealth
Management Limited to provide certain support services (including middle office, market dealing and information technology
support services). The Company or the Administrator may terminate the agreement with the Administrator upon six months\u2019
notice in writing.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-314": { "value": "
6A. AUDITOR\u2019S REMUNERATION
Fees paid to the Group\u2019s auditor are summarised below:
Group Auditor \u2013 KPMG Audit Limited 2026 2025
Group and Company Annual Audit Fees \u00a3\u2019000s \u00a3\u2019000s
Audit of the Group and Company\u2019s annual financial statements
167
172
Additional audit costs for the prior year
27
\u2013
Other non-audit services \u2013 agreed procedures on interim financial statements
4
4
198
176
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-285": { "value": "
7. FINANCE COSTS
2026
2025
Revenue Capital Total Revenue Capital Total
Group \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Loans and bank overdrafts
813
\u2013
813
1,241
\u2013
1,241
ZDP shares (see note 17)
\u2013
3,571
3,571
\u2013
4,086
4,086
813
3,571
4,384
1,241
4,086
5,327
2026
2025
Revenue Capital Total Revenue Capital Total
Company \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Loans and bank overdrafts
813
\u2013
813
1,241
\u2013
1,241
Intra-group loan account
\u2013
3,790
3,790
\u2013
4,337
4,337
813
3,790
4,603
1,241
4,337
5,578
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-351": { "value": "7. FINANCE COSTS
2026
2025
Revenue Capital Total Revenue Capital Total
Group \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Loans and bank overdrafts
813
\u2013
813
1,241
\u2013
1,241
ZDP shares (see note 17)
\u2013
3,571
3,571
\u2013
4,086
4,086
813
3,571
4,384
1,241
4,086
5,327
2026
2025
Revenue Capital Total Revenue Capital Total
Company \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Loans and bank overdrafts
813
\u2013
813
1,241
\u2013
1,241
Intra-group loan account
\u2013
3,790
3,790
\u2013
4,337
4,337
813
3,790
4,603
1,241
4,337
5,578
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-332": { "value": "7. FINANCE COSTS
2026
2025
Revenue Capital Total Revenue Capital Total
Group \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Loans and bank overdrafts
813
\u2013
813
1,241
\u2013
1,241
ZDP shares (see note 17)
\u2013
3,571
3,571
\u2013
4,086
4,086
813
3,571
4,384
1,241
4,086
5,327
2026
2025
Revenue Capital Total Revenue Capital Total
Company \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Loans and bank overdrafts
813
\u2013
813
1,241
\u2013
1,241
Intra-group loan account
\u2013
3,790
3,790
\u2013
4,337
4,337
813
3,790
4,603
1,241
4,337
5,578
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-315": { "value": "7. FINANCE COSTS
2026
2025
Revenue Capital Total Revenue Capital Total
Group \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Loans and bank overdrafts
813
\u2013
813
1,241
\u2013
1,241
ZDP shares (see note 17)
\u2013
3,571
3,571
\u2013
4,086
4,086
813
3,571
4,384
1,241
4,086
5,327
2026
2025
Revenue Capital Total Revenue Capital Total
Company \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Loans and bank overdrafts
813
\u2013
813
1,241
\u2013
1,241
Intra-group loan account
\u2013
3,790
3,790
\u2013
4,337
4,337
813
3,790
4,603
1,241
4,337
5,578
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-286": { "value": "
8. TAXATION
Profits of the Company and UIL Finance for the year ended 30 June 2026 and for the year ended 30 June 2025 are not subject to
any taxation within their countries of residence. The Company is not in scope for Bermuda Income Tax Act 2023.
The Company is subject to tax in Australia on taxable Australian property.
As at 30 June 2026, the Company had total Australian unutilised tax losses of \u00a323,343,000 (2025: \u00a34,332,000). Only future
taxable capital gains on Australian property can be utilised against these available capital losses. A deferred tax asset has not
been recognised in respect of these Australian tax losses because the Company is not expected to generate any taxable future
gains on Australian property and, accordingly, it is unlikely that the Company will be able to reduce future Australian tax liabilities
through the use of the existing loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-287": { "value": "
9. EARNINGS PER ORDINARY SHARE
The calculation of earnings per ordinary share from continuing operations is based on the following data:
Group
Company
2026 2025 2026 2025
\u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Revenue
16,102
10,783
16,102
10,783
Capital
63,512
10,117
63,722
10,460
Total profit for the year
79,614
20,900
79,824
21,243
Number
Number
Number
Number
Weighted average number of shares in issue during the year for earnings
per share calculations
91,228,163
90,525,654
91,228,163
90,525,654
Pence
Pence
Pence
Pence
Revenue return per share
17.65
11.91
17.65
11.91
Capital return per share
69.62
11.18
69.85
11.56
Total profit per share
87.27
23.09
87.50
23.47
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-288": { "value": "
10. DIVIDENDS
Record Payment 2026 2025
Group and Company date date \u00a3\u2019000s \u00a3\u2019000s
2024
Third quarterly of 2.00p
05-Jul-24
31-Jul-24
\u2013
1,677
2024
Fourth quarterly of 2.00p
27-Sep-24
08-Nov-24
\u2013
1,675
2025
First quarterly of 2.00p
03-Jan-25
17-Jan-25
\u2013
1,864
2025
Second quarterly of 2.00p
28-Mar-25
25-Apr-25
\u2013
1,861
2025
Third quarterly of 2.00p
08-Aug-25
29-Aug-25
1,850
\u2013
2025
Fourth quarterly of 2.00p
03-Oct-25
24-Oct-25
1,847
\u2013
2026
First quarterly of 2.00p
12-Dec-25
09-Jan-26
1,809
\u2013
2026
Second quarterly of 2.00p
06-Mar-26
31-Mar-26
1,809
\u2013
2026
Third quarterly of 2.00p
12-Jun-26
29-Jun-26
1,809
\u2013
9,124
7,077
The Directors declared a fourth quarterly dividend in respect of the year ended 30 June 2026 of 2. 0 0p per share payable on
30 September 2026 to all ordinary shareholders on the register at close of business on 11 September 2026. The total cost of the
dividend, which has not been accrued in the results for the year to 30 June 2026, is \u00a31,808,000 based on 90,402,804 ordinary shares
in issue at the record date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-6": { "value": "0.02", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-289": { "value": "
11. INVESTMENTS
2026
2025
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Group \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Investments brought forward
Cost
62,226
24,115
199,643
285,984
61,011
104,598
146,284
311,893
(Losses)/gains
(18,616)
(20,265)
1,098
(37,783)
(21,604)
(51,464)
(3)
(73,071)
Valuation
43,610
3,850
200,741
248,201
39,407
53,134
146,281
238,822
Movements in the year:
Transfer between levels
1
35
(36)
1
\u2013
2,525
(45,864)
43,339
\u2013
Purchases at cost
44,672
617
73,414
118,703
484
436
55,452
56,372
Sale proceeds
(5,779)
(1,484)
(128,318)
(135,581)
(2,082)
\u2013
(58,531)
(60,613)
Gains/(losses) on investments
5,338
801
61,844
67,983
3,276
(3,856)
14,200
13,620
Valuation at 30 June
87,876
3,748
207,682
299,306
43,610
3,850
200,741
248,201
Analysed at 30 June
Cost
100,203
16,413
195,107
311,723
62,226
24,115
199,643
285,984
(Losses)/gains
(12,327)
(12,665)
12,575
(12,417)
(18,616)
(20,265)
1,098
(37,783)
Valuation
87,876
3,748
207,682
299,306
43,610
3,850
200,741
248,201
1 During the year to 30 June 2026 one holding with a value of \u00a335,000 was transferred from level 2 to level 1 due to the investee company shares resuming
regular trading and one holding with a value of \u00a31,000 was transferred from level 2 to level 3 due to the delisting of the investee company shares. The
book cost and fair value were transferred using the 30 June 2025 balances (2025: one holding with a value of \u00a32.5m was transferred from level 2 to level
1 due to the investee company shares resuming regular trading and the holdings in CoreHealth Technologies Inc. (\"CoreHealth\") and Zeta Resources
Limited (\"Zeta Resources\"), together with a value of \u00a343.3m were transferred from level 2 to level 3 due to the delisting of the investee company shares.
The book cost and fair value were transferred using the 30 June 2024 balances).
The Group received \u00a3135,581,000 (2025: \u00a360,613,000) from investments sold in the year. The book cost of these investments when they
were purchased was \u00a392,964,000 (2025: \u00a382,281,000). These investments have been revalued over time and until they were sold any
unrealised gains/losses were included in the fair value of the investment.
2026
2025
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Company \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Investments brought forward
Cost
63,003
26,468
199,643
289,114
61,595
106,951
146,284
314,830
(Losses)/gains
(18,490)
(19,523)
1,098
(36,915)
(21,633)
(51,161)
(3)
(72,797)
44,513
6,945
200,741
252,199
39,962
55,790
146,281
242,033
Movements in the year:
Transfer between levels
2
(868)
867
1
\u2013
2,525
(45,864)
43,339
\u2013
Purchases at cost
44,672
2,321
73,414
120,407
677
436
55,452
56,565
Sale proceeds
(5,779)
(2,392)
(128,318)
(136,489)
(2,082)
\u2013
(58,531)
(60,613)
Gains/(losses) on investments
5,338
1,230
61,844
68,412
3,431
(3,417)
14,200
14,214
Valuation at 30 June
87,876
8,971
207,682
304,529
44,513
6,945
200,741
252,199
Analysed at 30 June
Cost
100,203
20,555
195,107
315,865
63,003
26,468
199,643
289,114
(Losses)/gains
(12,327)
(11,584)
12,575
(11,336)
(18,490)
(19,523)
1,098
(36,915)
Valuation
87,876
8,971
207,682
304,529
44,513
6,945
200,741
252,199
2 During the year to 30 June 2026 one holding with a value of \u00a3903,000 was transferred from level 1 to level 2 due to the investee company shares
trading irregularly in the year, one holding with a value of \u00a335,000 was transferred from level 2 to level 1 due to the investee company shares
resuming regular trading and one holding with a value of \u00a31,000 was transferred from level 2 to level 3 due to the delisting of the investee company
shares. The book cost and fair value were transferred using the 30 June 2025 balances (2025: one holding with a value of \u00a32.5m was transferred
from level 2 to level 1 due to the investee company shares resuming regular trading and the holdings in CoreHealth and Zeta Resources, together
with a value of \u00a343.3m were transferred from level 2 to level 3 due to the delisting of the investee company shares. The book cost and fair value
were transferred using the 30 June 2024 balances).
The Company received \u00a3136,489,000 (2025: \u00a360,613,000) from investments sold in the year. The book cost of these investments
when they were purchased was \u00a393,656,000 (2025: \u00a382,281,000). These investments have been revalued over time and until they
were sold any unrealised gains/losses were included in the fair value of the investment.
Group and Company
Within purchases and sales non cash settlements amounted to \u00a3104.5m and \u00a3118.4m respectively (2025: \u00a343.8m and \u00a335.8m
respectively).
Disposals in level 3 investments includes \u00a3nil related to repayment of capital and \u00a3nil of capital distribution (2025: \u00a33.6m related to
repayment of capital and \u00a336.8m of capital distribution).
Level 1 includes investments listed on any recognised stock exchange or quoted on any secondary market
Level 2 includes holdings linked directly to companies whose prices are quoted and quoted investments that are thinly traded
Level 3 includes investments in private companies and other unquoted securities
Group
Company
2026 2025 2026 2025
Gains/(losses) on investments held at fair value \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Gains/(losses) on investments sold
42,617
(21,668)
42,833
(21,668)
Gains on investments held
25,366
35,288
25,579
35,882
Total gains on investments
67,983
13,620
68,412
14,214
Group and Company
In the year the following material level 3 holdings were sold:
Carrying value at the
end of the previous
Proceeds Cost accounting period
2026 \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Pan Pacific Petroleum Pty Ltd (\"PPP\") - (see related party
transactions on page 84)
4,977
4,927
4,944
Somers Limited (\"Somers\") - (see transactions on page 75 and 85)
116,108
63,493
99,558
Carrying value at the
end of the previous
Proceeds Cost accounting period
2025 \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Allectus Capital Limited
13,834
21,018
12,157
Joint Ventures
Under IFRS 9 Financial Instruments and IAS 28 Investments in Associates and Joint Ventures, the following joint venture is held as
part of the investment portfolio and consequently it is accounted for as an investment at fair value through profit and loss:
Country of 2026 2025
registration Number of Holding and Number of Holding and
and ordinary voting rights ordinary voting rights
incorporation shares held % shares held %
Allectus Quantum Holdings Limited
(\u201cAllectus Quantum\u201d)
United Kingdom
503
50
503
50
Transactions in the year to 30 June 2026:
Allectus Quantum
UIL paid fees of \u00a35k (2025: \u00a35k) incurred by Allectus Quantum.
Allectus Quantum is a closed-end investment company.
Allectus Quantum has been identified as an unconsolidated structured entity and meets the definition to be provided as a
structured entity because its activities are restricted to its objectives and a necessity for subordinate backing.
Nature and purpose
Interest held
Allectus Quantum
Investment company investing in listed and unlisted quantum
Ordinary shares
computing focused investments
Allectus Quantum is financed through the issue of shares to the investors and loans from the investors.
The table below sets out interests held by the Company in the unconsolidated structure entity. The maximum exposure to loss is the
carrying amount of the financial assets held.
30 June
2026
2025
Carrying amount Carrying amount
included in non- included in non-
Number of Total net pledged financial Number Total net pledged financial
investee assets assets at fair value of investee assets assets at fair value
companies \u00a3'000s \u00a3'000s companies \u00a3'000s \u00a3'000s
Investments in Allectus Quantum
Equity
1
26,468
26,468
1
21,995
21,995
During the year the Company provided financial support to Allectus Quantum, see above.
Associated undertakings
Under IFRS10 Consolidated Financial Statements and IFRS 12 Disclosure of Interests in Other Entities, the following associate
undertakings are held as part of the investment portfolio and consequently are accounted for as investments at fair value
through profit and loss:
Country of Number of 2026 2025
registration and ordinary shares % of ordinary % of ordinary
incorporation held shares held shares held
DTI Group Limited (\u201cDTI\u201d)
1
Australia
\u2013
\u2013
26.1
Gumtree Australia Markets Limited
Australia
84,456,020
26.3
23.4
MoneyMe Limited
Australia
176,811,965
21.8
\u2013
Orbital Corporation Limited (\u201cOrbital\u201d)
Australia
50,844,166
28.4
29.7
Resimac Group Limited (\u201cResimac\u201d)
Australia
98,336,068
24.9
31.6
Somers
Bermuda
\u2013
\u2013
40.6
WT Financial Group
Australia
79,614,129
23.3
18.5
1 Sold in year through the Australian stock exchange
Transactions in the year to 30 June 2026 with associated undertakings:
DTI
There were no transactions during the year.
Gumtree Australia Markets There were no transactions during the year.
Limited
MoneyMe Limited
There were no transactions during the year.
Orbital
On 28 February 2025, UIL and another major shareholder of Orbital Corporation Limited (\"Orbital\")
jointly made a AUD 2.0m loan facility available to Orbital. In the year UIL advanced to Orbital \u00a30.5m
(AUD 1.0m) and received \u00a311k interest. As at 30 June 2026 the balance of the loan and interest
outstanding was \u00a30.5m (AUD 1.0m). The loan incurs interest at the aggregate of the Australian 3
month bank bill swap rate plus 2% per annum and is repayable on 28 February 2028.
Resimac
UIL received dividends of \u00a32.6m (2025: \u00a31.7m) and a capital distribution of \u00a34.7m (2025: \u00a3nil) from
Resimac. Resimac provided to UIL a AUD 15.0m loan in the year, see note 15 for details.
Somers
On 4 November 2025, UIL entered into a sale, purchase and buyback agreement with Somers
whereby Somers repurchased 7,914,984 Somers shares, all the shares held by UIL, at Somers' NAV
per share of \u00a312.50 as at 31 October 2025, for an aggregate consideration of \u00a399.0m. This was
settled through the transfer to UIL of the following investments at fair value as at 31 October 2025:
Sabrina Topco Limited (\"Sabrina\") \u00a353.8m; Resimac \u00a333.6m; MoneyMe Limited \u00a39.7m; WT Financial
Group \u00a31.2m; and Gumtree Australia Markets Limited \u00a30.6m.
WT Financial Group
UIL received dividends of \u00a30.3m (2025: \u00a3nil) from WT Financial Group.
Significant interests
In addition to the above, the Group and Company have a holding of 3% or more of any class of share capital of the following
investments, which are material in the context of the Accounts:
2026 2025
Country of % of class of % of class of
registration Class of instrument instrument
Undertaking and incorporation instrument held held held
Sabrina Topco Limited*
United Kingdom
Ordinary Shares
12.0
\u2013
Utilico Emerging Markets Trust Plc
United Kingdom
Ordinary Shares
5.4
5.0
* Holding company of W1M Group Limited (\"W1M\")
12. SUBSIDIARY UNDERTAKINGS
The following was a subsidiary undertaking of the Company at 30 June 2026 and 30 June 2025.
Country of operation, Holding and
registration and voting
incorporation
Number and class of shares held
rights %
UIL Finance Limited
Bermuda
10 ordinary shares of 10p nil paid share
100
The subsidiary was incorporated, and commenced trading, on 17 January 2007 to carry on business as an investment company.
UIL Finance provides financial services to the Company and under IFRS 10 Consolidated Financial Statements is consolidated in
the Group accounts.
Under IFRS 10 Consolidated Financial Statements and IFRS 12 Disclosure of Interests in Other Entities, the following are
subsidiaries of the Company, held as part of the investment portfolio, and are accounted for as investments at fair value through
profit and loss.
2026
2025
Country of Number of Holding and Number of Holding and
registration and ordinary voting rights ordinary voting rights
incorporation shares held % shares held %
CoreHealth
1
Canada
132,752,356
91.4
90,252,356
87.8
Energy Holdings Limited
Bermuda
100
100.0
100
100.0
Northbrook Resources Limited
United Kingdom
44,348,478
2
51.0
44,348,478
2
 51.00
West Hamilton Holdings Limited (\u201cWest Hamilton\u201d)
Bermuda
1,659,390
57.0
1,659,390
57.0
Zeta Minerals Limited (\"Zeta Minerals\")
United Kingdom
1,111
100
1,100
100.0
Zeta Resources
Bermuda
486,491,247
100
486,491,247
100
1 Formerly known as Carebook Technologies Inc
2 Preference shares
Transactions in the year to 30 June 2026 with subsidiaries held as investments
CoreHealth
Pursuant to loan agreements dated 22 December 2021, 15 December 2022 and 5 December 2023
the balances of the loans outstanding as at 30 June 2025 were \u00a30.6m (CAD 1.0m), \u00a30.7m (CAD 1.7m)
and \u00a31.1m (CAD 2.0m) respectively. On 1 July 2025, the loans were converted to ordinary shares, UIL
receiving 42,500,000
CoreHealth ordinary shares. The loans incurred interest at an annual rate of
nil%.
Pursuant to a promissory note agreement dated 23 June 2025, UIL agreed to lend up to \u00a31.1m
(CAD 2.0m) to CoreHealth. In October the facility was amended to lend up to \u00a31.4m (CAD 2.5m) and
was further amended in December 2025 to lend up to \u00a32.7m (CAD 5.0m). As at 30 June 2025 the
balance of the loan was \u00a30.3m (CAD 0.5m) and in the year UIL advanced to CoreHealth \u00a31.6m (CAD
3.0m). As at 30 June 2026 the balance of the loan was \u00a31.9m (CAD 3.5m). The promissory note does
not bear interest.
Energy Holdings Limited
UIL paid fees of \u00a357k incurred by Energy Holdings Limited and was reimbursed by Energy Holdings
Limited for prior expenses incurred of \u00a346k.
Northbrook Resources There were no transactions during the year.
Limited
West Hamilton
West Hamilton made a dividend distribution of \u00a30.2m to UIL during the year (2025: a dividend
distribution of \u00a30.2m).
Zeta Minerals
Zeta Minerals made dividend distributions of \u00a311.3m to UIL during the year (2025: \u00a3nil).
Pursuant to a loan agreement dated 20 October 2025, under which UIL agreed to loan monies to
Zeta Minerals of up to \u00a36.0m, in the year UIL advanced to Zeta Minerals \u00a327.0k. On 25 June 2026,
the loan was converted to ordinary shares, UIL receiving 11 Zeta Minerals ordinary shares. The loan
incurred interest at an annual rate of nil%.
Zeta Resources
loan), under which UIL agreed to loan monies to Zeta Resources, the balance of the loans and
Pursuant to loan agreements dated 1 September 2016 (AUD loan) and 12 September 2024 (USD
interest outstanding as at 30 June 2025 was \u00a31.0m (AUD 2.1m) and \u00a32.0m (USD 2.7m). In the year
UIL advanced to Zeta Resources loans of \u00a36.8m (AUD 13.4m) and \u00a34.6m (USD 6.2m) and Zeta
Resources repaid \u00a30.7m (AUD 1.5m) and \u00a30.4m (USD 0.5m). As at 30 June 2026, the balances of the
loans outstanding were \u00a37.3m (AUD 14.0m) and \u00a36.3m (USD 8.4m). The loans bear interest at an
annual rate of nil%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-316": { "value": "11. INVESTMENTS
2026
2025
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Group \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Investments brought forward
Cost
62,226
24,115
199,643
285,984
61,011
104,598
146,284
311,893
(Losses)/gains
(18,616)
(20,265)
1,098
(37,783)
(21,604)
(51,464)
(3)
(73,071)
Valuation
43,610
3,850
200,741
248,201
39,407
53,134
146,281
238,822
Movements in the year:
Transfer between levels
1
35
(36)
1
\u2013
2,525
(45,864)
43,339
\u2013
Purchases at cost
44,672
617
73,414
118,703
484
436
55,452
56,372
Sale proceeds
(5,779)
(1,484)
(128,318)
(135,581)
(2,082)
\u2013
(58,531)
(60,613)
Gains/(losses) on investments
5,338
801
61,844
67,983
3,276
(3,856)
14,200
13,620
Valuation at 30 June
87,876
3,748
207,682
299,306
43,610
3,850
200,741
248,201
Analysed at 30 June
Cost
100,203
16,413
195,107
311,723
62,226
24,115
199,643
285,984
(Losses)/gains
(12,327)
(12,665)
12,575
(12,417)
(18,616)
(20,265)
1,098
(37,783)
Valuation
87,876
3,748
207,682
299,306
43,610
3,850
200,741
248,201
1 During the year to 30 June 2026 one holding with a value of \u00a335,000 was transferred from level 2 to level 1 due to the investee company shares resuming regular trading and one holding with a value of \u00a31,000 was transferred from level 2 to level 3 due to the delisting of the investee company shares. The book cost and fair value were transferred using the 30 June 2025 balances (2025: one holding with a value of \u00a32.5m was transferred from level 2 to level 1 due to the investee company shares resuming regular trading and the holdings in CoreHealth Technologies Inc. (\"CoreHealth\") and Zeta Resources Limited (\"Zeta Resources\"), together with a value of \u00a343.3m were transferred from level 2 to level 3 due to the delisting of the investee company shares. The book cost and fair value were transferred using the 30 June 2024 balances). The Group received \u00a3135,581,000 (2025: \u00a360,613,000) from investments sold in the year. The book cost of these investments when they were purchased was \u00a392,964,000 (2025: \u00a382,281,000). These investments have been revalued over time and until they were sold any unrealised gains/losses were included in the fair value of the investment.
2026
2025
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Company \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Investments brought forward
Cost
63,003
26,468
199,643
289,114
61,595
106,951
146,284
314,830
(Losses)/gains
(18,490)
(19,523)
1,098
(36,915)
(21,633)
(51,161)
(3)
(72,797)
44,513
6,945
200,741
252,199
39,962
55,790
146,281
242,033
Movements in the year:
Transfer between levels
2
(868)
867
1
\u2013
2,525
(45,864)
43,339
\u2013
Purchases at cost
44,672
2,321
73,414
120,407
677
436
55,452
56,565
Sale proceeds
(5,779)
(2,392)
(128,318)
(136,489)
(2,082)
\u2013
(58,531)
(60,613)
Gains/(losses) on investments
5,338
1,230
61,844
68,412
3,431
(3,417)
14,200
14,214
Valuation at 30 June
87,876
8,971
207,682
304,529
44,513
6,945
200,741
252,199
Analysed at 30 June
Cost
100,203
20,555
195,107
315,865
63,003
26,468
199,643
289,114
(Losses)/gains
(12,327)
(11,584)
12,575
(11,336)
(18,490)
(19,523)
1,098
(36,915)
Valuation
87,876
8,971
207,682
304,529
44,513
6,945
200,741
252,199
2 During the year to 30 June 2026 one holding with a value of \u00a3903,000 was transferred from level 1 to level 2 due to the investee company shares trading irregularly in the year, one holding with a value of \u00a335,000 was transferred from level 2 to level 1 due to the investee company shares resuming regular trading and one holding with a value of \u00a31,000 was transferred from level 2 to level 3 due to the delisting of the investee company shares. The book cost and fair value were transferred using the 30 June 2025 balances (2025: one holding with a value of \u00a32.5m was transferred from level 2 to level 1 due to the investee company shares resuming regular trading and the holdings in CoreHealth and Zeta Resources, together with a value of \u00a343.3m were transferred from level 2 to level 3 due to the delisting of the investee company shares. The book cost and fair value were transferred using the 30 June 2024 balances). The Company received \u00a3136,489,000 (2025: \u00a360,613,000) from investments sold in the year. The book cost of these investments when they were purchased was \u00a393,656,000 (2025: \u00a382,281,000). These investments have been revalued over time and until they were sold any unrealised gains/losses were included in the fair value of the investment. Group and Company Within purchases and sales non cash settlements amounted to \u00a3104.5m and \u00a3118.4m respectively (2025: \u00a343.8m and \u00a335.8m respectively). Disposals in level 3 investments includes \u00a3nil related to repayment of capital and \u00a3nil of capital distribution (2025: \u00a33.6m related to repayment of capital and \u00a336.8m of capital distribution). Level 1 includes investments listed on any recognised stock exchange or quoted on any secondary market Level 2 includes holdings linked directly to companies whose prices are quoted and quoted investments that are thinly traded Level 3 includes investments in private companies and other unquoted securities
Group
Company
2026 2025 2026 2025
Gains/(losses) on investments held at fair value \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Gains/(losses) on investments sold
42,617
(21,668)
42,833
(21,668)
Gains on investments held
25,366
35,288
25,579
35,882
Total gains on investments
67,983
13,620
68,412
14,214
Group and Company In the year the following material level 3 holdings were sold:
Carrying value at the
end of the previous
Proceeds Cost accounting period
2026 \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Pan Pacific Petroleum Pty Ltd (\"PPP\") - (see related party
transactions on page 84)
4,977
4,927
4,944
Somers Limited (\"Somers\") - (see transactions on page 75 and 85)
116,108
63,493
99,558
Carrying value at the
end of the previous
Proceeds Cost accounting period
2025 \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Allectus Capital Limited
13,834
21,018
12,157
Joint Ventures Under IFRS 9 Financial Instruments and IAS 28 Investments in Associates and Joint Ventures, the following joint venture is held as part of the investment portfolio and consequently it is accounted for as an investment at fair value through profit and loss:
Country of 2026 2025
registration Number of Holding and Number of Holding and
and ordinary voting rights ordinary voting rights
incorporation shares held % shares held %
Allectus Quantum Holdings Limited
(\u201cAllectus Quantum\u201d)
United Kingdom
503
50
503
50
Transactions in the year to 30 June 2026:
Allectus Quantum
UIL paid fees of \u00a35k (2025: \u00a35k) incurred by Allectus Quantum.
Allectus Quantum is a closed-end investment company. Allectus Quantum has been identified as an unconsolidated structured entity and meets the definition to be provided as a structured entity because its activities are restricted to its objectives and a necessity for subordinate backing.
Nature and purpose
Interest held
Allectus Quantum
Investment company investing in listed and unlisted quantum
Ordinary shares
computing focused investments
Allectus Quantum is financed through the issue of shares to the investors and loans from the investors. The table below sets out interests held by the Company in the unconsolidated structure entity. The maximum exposure to loss is the carrying amount of the financial assets held.
30 June
2026
2025
Carrying amount Carrying amount
included in non- included in non-
Number of Total net pledged financial Number Total net pledged financial
investee assets assets at fair value of investee assets assets at fair value
companies \u00a3'000s \u00a3'000s companies \u00a3'000s \u00a3'000s
Investments in Allectus Quantum
Equity
1
26,468
26,468
1
21,995
21,995
During the year the Company provided financial support to Allectus Quantum, see above. Associated undertakings Under IFRS10 Consolidated Financial Statements and IFRS 12 Disclosure of Interests in Other Entities, the following associate undertakings are held as part of the investment portfolio and consequently are accounted for as investments at fair value through profit and loss:
Country of Number of 2026 2025
registration and ordinary shares % of ordinary % of ordinary
incorporation held shares held shares held
DTI Group Limited (\u201cDTI\u201d)
1
Australia
\u2013
\u2013
26.1
Gumtree Australia Markets Limited
Australia
84,456,020
26.3
23.4
MoneyMe Limited
Australia
176,811,965
21.8
\u2013
Orbital Corporation Limited (\u201cOrbital\u201d)
Australia
50,844,166
28.4
29.7
Resimac Group Limited (\u201cResimac\u201d)
Australia
98,336,068
24.9
31.6
Somers
Bermuda
\u2013
\u2013
40.6
WT Financial Group
Australia
79,614,129
23.3
18.5
1 Sold in year through the Australian stock exchange Transactions in the year to 30 June 2026 with associated undertakings:
DTI
There were no transactions during the year.
Gumtree Australia Markets There were no transactions during the year.
Limited
MoneyMe Limited
There were no transactions during the year.
Orbital
On 28 February 2025, UIL and another major shareholder of Orbital Corporation Limited (\"Orbital\")
jointly made a AUD 2.0m loan facility available to Orbital. In the year UIL advanced to Orbital \u00a30.5m
(AUD 1.0m) and received \u00a311k interest. As at 30 June 2026 the balance of the loan and interest
outstanding was \u00a30.5m (AUD 1.0m). The loan incurs interest at the aggregate of the Australian 3
month bank bill swap rate plus 2% per annum and is repayable on 28 February 2028.
Resimac
UIL received dividends of \u00a32.6m (2025: \u00a31.7m) and a capital distribution of \u00a34.7m (2025: \u00a3nil) from
Resimac. Resimac provided to UIL a AUD 15.0m loan in the year, see note 15 for details.
Somers
On 4 November 2025, UIL entered into a sale, purchase and buyback agreement with Somers
whereby Somers repurchased 7,914,984 Somers shares, all the shares held by UIL, at Somers' NAV
per share of \u00a312.50 as at 31 October 2025, for an aggregate consideration of \u00a399.0m. This was
settled through the transfer to UIL of the following investments at fair value as at 31 October 2025:
Sabrina Topco Limited (\"Sabrina\") \u00a353.8m; Resimac \u00a333.6m; MoneyMe Limited \u00a39.7m; WT Financial
Group \u00a31.2m; and Gumtree Australia Markets Limited \u00a30.6m.
WT Financial Group
UIL received dividends of \u00a30.3m (2025: \u00a3nil) from WT Financial Group.
Significant interests In addition to the above, the Group and Company have a holding of 3% or more of any class of share capital of the following investments, which are material in the context of the Accounts:
2026 2025
Country of % of class of % of class of
registration Class of instrument instrument
Undertaking and incorporation instrument held held held
Sabrina Topco Limited*
United Kingdom
Ordinary Shares
12.0
\u2013
Utilico Emerging Markets Trust Plc
United Kingdom
Ordinary Shares
5.4
5.0
* Holding company of W1M Group Limited (\"W1M\") 12. SUBSIDIARY UNDERTAKINGS The following was a subsidiary undertaking of the Company at 30 June 2026 and 30 June 2025.
Country of operation, Holding and
registration and voting
incorporation
Number and class of shares held
rights %
UIL Finance Limited
Bermuda
10 ordinary shares of 10p nil paid share
100
The subsidiary was incorporated, and commenced trading, on 17 January 2007 to carry on business as an investment company. UIL Finance provides financial services to the Company and under IFRS 10 Consolidated Financial Statements is consolidated in the Group accounts. Under IFRS 10 Consolidated Financial Statements and IFRS 12 Disclosure of Interests in Other Entities, the following are subsidiaries of the Company, held as part of the investment portfolio, and are accounted for as investments at fair value through profit and loss.
2026
2025
Country of Number of Holding and Number of Holding and
registration and ordinary voting rights ordinary voting rights
incorporation shares held % shares held %
CoreHealth
1
Canada
132,752,356
91.4
90,252,356
87.8
Energy Holdings Limited
Bermuda
100
100.0
100
100.0
Northbrook Resources Limited
United Kingdom
44,348,478
2
51.0
44,348,478
2
 51.00
West Hamilton Holdings Limited (\u201cWest Hamilton\u201d)
Bermuda
1,659,390
57.0
1,659,390
57.0
Zeta Minerals Limited (\"Zeta Minerals\")
United Kingdom
1,111
100
1,100
100.0
Zeta Resources
Bermuda
486,491,247
100
486,491,247
100
1 Formerly known as Carebook Technologies Inc 2 Preference shares Transactions in the year to 30 June 2026 with subsidiaries held as investments CoreHealth Pursuant to loan agreements dated 22 December 2021, 15 December 2022 and 5 December 2023 the balances of the loans outstanding as at 30 June 2025 were \u00a30.6m (CAD 1.0m), \u00a30.7m (CAD 1.7m) and \u00a31.1m (CAD 2.0m) respectively. On 1 July 2025, the loans were converted to ordinary shares, UIL receiving 42,500,000 CoreHealth ordinary shares. The loans incurred interest at an annual rate of nil%. Pursuant to a promissory note agreement dated 23 June 2025, UIL agreed to lend up to \u00a31.1m (CAD 2.0m) to CoreHealth. In October the facility was amended to lend up to \u00a31.4m (CAD 2.5m) and was further amended in December 2025 to lend up to \u00a32.7m (CAD 5.0m). As at 30 June 2025 the balance of the loan was \u00a30.3m (CAD 0.5m) and in the year UIL advanced to CoreHealth \u00a31.6m (CAD 3.0m). As at 30 June 2026 the balance of the loan was \u00a31.9m (CAD 3.5m). The promissory note does not bear interest. Energy Holdings Limited UIL paid fees of \u00a357k incurred by Energy Holdings Limited and was reimbursed by Energy Holdings Limited for prior expenses incurred of \u00a346k. Northbrook Resources There were no transactions during the year. Limited West Hamilton West Hamilton made a dividend distribution of \u00a30.2m to UIL during the year (2025: a dividend distribution of \u00a30.2m). Zeta Minerals Zeta Minerals made dividend distributions of \u00a311.3m to UIL during the year (2025: \u00a3nil). Pursuant to a loan agreement dated 20 October 2025, under which UIL agreed to loan monies to Zeta Minerals of up to \u00a36.0m, in the year UIL advanced to Zeta Minerals \u00a327.0k. On 25 June 2026, the loan was converted to ordinary shares, UIL receiving 11 Zeta Minerals ordinary shares. The loan incurred interest at an annual rate of nil%. Zeta Resources loan), under which UIL agreed to loan monies to Zeta Resources, the balance of the loans and Pursuant to loan agreements dated 1 September 2016 (AUD loan) and 12 September 2024 (USD interest outstanding as at 30 June 2025 was \u00a31.0m (AUD 2.1m) and \u00a32.0m (USD 2.7m). In the year UIL advanced to Zeta Resources loans of \u00a36.8m (AUD 13.4m) and \u00a34.6m (USD 6.2m) and Zeta Resources repaid \u00a30.7m (AUD 1.5m) and \u00a30.4m (USD 0.5m). As at 30 June 2026, the balances of the loans outstanding were \u00a37.3m (AUD 14.0m) and \u00a36.3m (USD 8.4m). The loans bear interest at an annual rate of nil%", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-333": { "value": "Joint Ventures Under IFRS 9 Financial Instruments and IAS 28 Investments in Associates and Joint Ventures, the following joint venture is held as part of the investment portfolio and consequently it is accounted for as an investment at fair value through profit and loss:
Country of 2026 2025
registration Number of Holding and Number of Holding and
and ordinary voting rights ordinary voting rights
incorporation shares held % shares held %
Allectus Quantum Holdings Limited
(\u201cAllectus Quantum\u201d)
United Kingdom
503
50
503
50
Transactions in the year to 30 June 2026:
Allectus Quantum
UIL paid fees of \u00a35k (2025: \u00a35k) incurred by Allectus Quantum.
Allectus Quantum is a closed-end investment company. Allectus Quantum has been identified as an unconsolidated structured entity and meets the definition to be provided as a structured entity because its activities are restricted to its objectives and a necessity for subordinate backing.
Nature and purpose
Interest held
Allectus Quantum
Investment company investing in listed and unlisted quantum
Ordinary shares
computing focused investments
Allectus Quantum is financed through the issue of shares to the investors and loans from the investors. The table below sets out interests held by the Company in the unconsolidated structure entity. The maximum exposure to loss is the carrying amount of the financial assets held.
30 June
2026
2025
Carrying amount Carrying amount
included in non- included in non-
Number of Total net pledged financial Number Total net pledged financial
investee assets assets at fair value of investee assets assets at fair value
companies \u00a3'000s \u00a3'000s companies \u00a3'000s \u00a3'000s
Investments in Allectus Quantum
Equity
1
26,468
26,468
1
21,995
21,995
During the year the Company provided financial support to Allectus Quantum, see above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-334": { "value": "Associated undertakings Under IFRS10 Consolidated Financial Statements and IFRS 12 Disclosure of Interests in Other Entities, the following associate undertakings are held as part of the investment portfolio and consequently are accounted for as investments at fair value through profit and loss:
Country of Number of 2026 2025
registration and ordinary shares % of ordinary % of ordinary
incorporation held shares held shares held
DTI Group Limited (\u201cDTI\u201d)
1
Australia
\u2013
\u2013
26.1
Gumtree Australia Markets Limited
Australia
84,456,020
26.3
23.4
MoneyMe Limited
Australia
176,811,965
21.8
\u2013
Orbital Corporation Limited (\u201cOrbital\u201d)
Australia
50,844,166
28.4
29.7
Resimac Group Limited (\u201cResimac\u201d)
Australia
98,336,068
24.9
31.6
Somers
Bermuda
\u2013
\u2013
40.6
WT Financial Group
Australia
79,614,129
23.3
18.5
1 Sold in year through the Australian stock exchange Transactions in the year to 30 June 2026 with associated undertakings:
DTI
There were no transactions during the year.
Gumtree Australia Markets There were no transactions during the year.
Limited
MoneyMe Limited
There were no transactions during the year.
Orbital
On 28 February 2025, UIL and another major shareholder of Orbital Corporation Limited (\"Orbital\")
jointly made a AUD 2.0m loan facility available to Orbital. In the year UIL advanced to Orbital \u00a30.5m
(AUD 1.0m) and received \u00a311k interest. As at 30 June 2026 the balance of the loan and interest
outstanding was \u00a30.5m (AUD 1.0m). The loan incurs interest at the aggregate of the Australian 3
month bank bill swap rate plus 2% per annum and is repayable on 28 February 2028.
Resimac
UIL received dividends of \u00a32.6m (2025: \u00a31.7m) and a capital distribution of \u00a34.7m (2025: \u00a3nil) from
Resimac. Resimac provided to UIL a AUD 15.0m loan in the year, see note 15 for details.
Somers
On 4 November 2025, UIL entered into a sale, purchase and buyback agreement with Somers
whereby Somers repurchased 7,914,984 Somers shares, all the shares held by UIL, at Somers' NAV
per share of \u00a312.50 as at 31 October 2025, for an aggregate consideration of \u00a399.0m. This was
settled through the transfer to UIL of the following investments at fair value as at 31 October 2025:
Sabrina Topco Limited (\"Sabrina\") \u00a353.8m; Resimac \u00a333.6m; MoneyMe Limited \u00a39.7m; WT Financial
Group \u00a31.2m; and Gumtree Australia Markets Limited \u00a30.6m.
WT Financial Group
UIL received dividends of \u00a30.3m (2025: \u00a3nil) from WT Financial Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-335": { "value": "12. SUBSIDIARY UNDERTAKINGS The following was a subsidiary undertaking of the Company at 30 June 2026 and 30 June 2025.
Country of operation, Holding and
registration and voting
incorporation
Number and class of shares held
rights %
UIL Finance Limited
Bermuda
10 ordinary shares of 10p nil paid share
100
The subsidiary was incorporated, and commenced trading, on 17 January 2007 to carry on business as an investment company. UIL Finance provides financial services to the Company and under IFRS 10 Consolidated Financial Statements is consolidated in the Group accounts. Under IFRS 10 Consolidated Financial Statements and IFRS 12 Disclosure of Interests in Other Entities, the following are subsidiaries of the Company, held as part of the investment portfolio, and are accounted for as investments at fair value through profit and loss.
2026
2025
Country of Number of Holding and Number of Holding and
registration and ordinary voting rights ordinary voting rights
incorporation shares held % shares held %
CoreHealth
1
Canada
132,752,356
91.4
90,252,356
87.8
Energy Holdings Limited
Bermuda
100
100.0
100
100.0
Northbrook Resources Limited
United Kingdom
44,348,478
2
51.0
44,348,478
2
 51.00
West Hamilton Holdings Limited (\u201cWest Hamilton\u201d)
Bermuda
1,659,390
57.0
1,659,390
57.0
Zeta Minerals Limited (\"Zeta Minerals\")
United Kingdom
1,111
100
1,100
100.0
Zeta Resources
Bermuda
486,491,247
100
486,491,247
100
1 Formerly known as Carebook Technologies Inc 2 Preference shares Transactions in the year to 30 June 2026 with subsidiaries held as investments CoreHealth Pursuant to loan agreements dated 22 December 2021, 15 December 2022 and 5 December 2023 the balances of the loans outstanding as at 30 June 2025 were \u00a30.6m (CAD 1.0m), \u00a30.7m (CAD 1.7m) and \u00a31.1m (CAD 2.0m) respectively. On 1 July 2025, the loans were converted to ordinary shares, UIL receiving 42,500,000 CoreHealth ordinary shares. The loans incurred interest at an annual rate of nil%. Pursuant to a promissory note agreement dated 23 June 2025, UIL agreed to lend up to \u00a31.1m (CAD 2.0m) to CoreHealth. In October the facility was amended to lend up to \u00a31.4m (CAD 2.5m) and was further amended in December 2025 to lend up to \u00a32.7m (CAD 5.0m). As at 30 June 2025 the balance of the loan was \u00a30.3m (CAD 0.5m) and in the year UIL advanced to CoreHealth \u00a31.6m (CAD 3.0m). As at 30 June 2026 the balance of the loan was \u00a31.9m (CAD 3.5m). The promissory note does not bear interest. Energy Holdings Limited UIL paid fees of \u00a357k incurred by Energy Holdings Limited and was reimbursed by Energy Holdings Limited for prior expenses incurred of \u00a346k. Northbrook Resources There were no transactions during the year. Limited West Hamilton West Hamilton made a dividend distribution of \u00a30.2m to UIL during the year (2025: a dividend distribution of \u00a30.2m). Zeta Minerals Zeta Minerals made dividend distributions of \u00a311.3m to UIL during the year (2025: \u00a3nil). Pursuant to a loan agreement dated 20 October 2025, under which UIL agreed to loan monies to Zeta Minerals of up to \u00a36.0m, in the year UIL advanced to Zeta Minerals \u00a327.0k. On 25 June 2026, the loan was converted to ordinary shares, UIL receiving 11 Zeta Minerals ordinary shares. The loan incurred interest at an annual rate of nil%. Zeta Resources loan), under which UIL agreed to loan monies to Zeta Resources, the balance of the loans and Pursuant to loan agreements dated 1 September 2016 (AUD loan) and 12 September 2024 (USD interest outstanding as at 30 June 2025 was \u00a31.0m (AUD 2.1m) and \u00a32.0m (USD 2.7m). In the year UIL advanced to Zeta Resources loans of \u00a36.8m (AUD 13.4m) and \u00a34.6m (USD 6.2m) and Zeta Resources repaid \u00a30.7m (AUD 1.5m) and \u00a30.4m (USD 0.5m). As at 30 June 2026, the balances of the loans outstanding were \u00a37.3m (AUD 14.0m) and \u00a36.3m (USD 8.4m). The loans bear interest at an annual rate of nil%", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-290": { "value": "
13. OTHER RECEIVABLES \u2013 CURRENT ASSETS
2026 2025
Group and Company \u00a3\u2019000s \u00a3\u2019000s
Accrued income
31
\u2013
Prepayments and other debtors
153
34
Securities sold awaiting settlement
73
257
34
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-353": { "value": "13. OTHER RECEIVABLES \u2013 CURRENT ASSETS
2026 2025
Group and Company \u00a3\u2019000s \u00a3\u2019000s
Accrued income
31
\u2013
Prepayments and other debtors
153
34
Securities sold awaiting settlement
73
257
34
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-336": { "value": "13. OTHER RECEIVABLES \u2013 CURRENT ASSETS
2026 2025
Group and Company \u00a3\u2019000s \u00a3\u2019000s
Accrued income
31
\u2013
Prepayments and other debtors
153
34
Securities sold awaiting settlement
73
257
34
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-317": { "value": "13. OTHER RECEIVABLES \u2013 CURRENT ASSETS
2026 2025
Group and Company \u00a3\u2019000s \u00a3\u2019000s
Accrued income
31
\u2013
Prepayments and other debtors
153
34
Securities sold awaiting settlement
73
257
34
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-291": { "value": "
14. DERIVATIVE FINANCIAL INSTRUMENTS
Changes in derivatives
Changes in total net current derivative financial instruments are as follows:
2026 2025
Group and Company \u00a3\u2019000s \u00a3\u2019000s
Valuation brought forward
\u2013
\u2013
Net settlements
\u2013
(178)
Gains
\u2013
178
Valuation carried forward
\u2013
\u2013
31. FINANCIAL RISK MANAGEMENT The Group\u2019s investment objective is to maximise shareholder returns by identifying and investing in compelling long-term investments worldwide, where the underlying value is not reflected in the market share price. The Group seeks to meet its investment objective by investing principally in a direct and indirect diversified portfolio of both listed and unlisted companies. Derivative instruments may be used for the purposes of hedging the underlying portfolio of investments. The Group has the power to take out both short and long term borrowings. In pursuing the objective, the Group is exposed to financial risks which could result in a reduction of either or both of the value of the net assets and the profits available for distribution by way of dividend. These financial risks are principally related to the market (currency movements, interest rate changes and security price movements), liquidity and credit and counterparty risk. The Board of Directors, together with the Investment Managers, is responsible for the Group\u2019s risk management. The Directors\u2019 policies and processes for managing the financial risks are set out in (a), (b) and (c) below. The Company\u2019s risks include the risks within UIL Finance and therefore only the Group risks are analysed below as the differences are not considered to be significant. The accounting policies which govern the reported Statement of Financial Position carrying values of the underlying financial assets and liabilities, as well as the related income and expenditure, are set out in note 2. The policies are in compliance with IFRS and best practice, and include the valuation of financial assets and liabilities at fair value except as noted in (d) below and in note 17 in respect of ZDP shares. The Group does not make use of hedge accounting rules. (a) Market risks The fair value of equity and other financial securities held in the Group\u2019s portfolio and derivative financial instruments fluctuates with changes in market prices. Prices are themselves affected by movements in currencies and interest rates and by other financial issues, including the market perception of future risks. The Board sets policies for managing these risks within the Group\u2019s objective and meets regularly to review full, timely and relevant information on investment performance and financial results. The Investment Managers assess exposure to market risks when making each investment decision and monitor on-going market risk within the portfolio. The Group\u2019s other assets and liabilities may be denominated in currencies other than Sterling and may also be exposed to interest rate risks. The Investment Managers and the Board regularly monitor these risks. The Group does not normally hold significant cash balances. Borrowings are limited to amounts and currencies commensurate with the portfolio\u2019s exposure to those currencies, thereby limiting the Group\u2019s exposure to future changes in exchange rates. Gearing may be short or long-term, in Sterling and foreign currencies, and enables the Group to take a long-term view of the countries and markets in which it is invested without having to be concerned about short-term volatility. Income earned in foreign currencies is converted to Sterling on receipt. The Board regularly monitors the effects on net revenue of interest earned on deposits and paid on gearing. Currency exposure The principal currencies to which the Group was exposed in the year to 30 June 2026 and 30 June 2025 were the Australian Dollar, Bermuda Dollar, Euro and US Dollar. The Group\u2019s assets and liabilities as at 30 June, by currency excluding Sterling based on the country of primary exposure, are shown below:
AUD BMD EUR USD Other Total
2026 \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Cash and cash equivalents
1,473
\u2013
\u2013
151
1,726
3,350
Investments
166,076
6,634
2,713
12,865
35,726
224,014
Short-term borrowings
\u2013
\u2013
\u2013
(3,390)
\u2013
(3,390)
Long-term borrowings
\u2013
\u2013
\u2013
(6,781)
\u2013
(6,781)
Net financial assets
167,549
6,634
2,713
2,845
37,452
217,193
AUD BMD EUR USD Other Total
2025 \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Cash and cash equivalents
350
\u2013
\u2013
295
\u2013
645
Investments
146,313
6,972
12,535
3,888
41,071
210,779
Net financial assets
146,663
6,972
12,535
4,183
41,071
211,424
Monetary liabilities of the Group in the year to 30 June 2025, excluding Sterling, was \u00a3nil.
Based on the financial assets and liabilities held, and exchange rates applying, as at the Statement of Financial Position date, a
weakening or strengthening of Sterling against each of these currencies by 10% would have had the following approximate effect on
annualised income after tax and on NAV per share:
2026
2025
AUD BMD EUR USD AUD BMD EUR USD
Weakening of Sterling \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Income Statement
Revenue profit for the year
1,565
(7)
\u2013
\u2013
1,155
(5)
13
55
Capital profit for the year
18,617
737
301
316
16,257
775
1,393
465
Total profit for the year
20,182
730
301
316
17,412
770
1,406
520
2026
2025
AUD BMD EUR USD AUD BMD EUR USD
Strengthening of Sterling \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Income Statement
Revenue loss for the year
(1,565)
7
\u2013
\u2013
(1,155)
5
(13)
(55)
Capital loss for the year
(18,617)
(737)
(301)
(316)
(16,257)
(775)
(1,393)
(465)
Total loss for the year
(20,182)
(730)
(301)
(316)
(17,412)
(770)
(1,406)
(520)
These analyses are broadly representative of the Group\u2019s activities during the current year as a whole, although the level of the
Group\u2019s exposure to currencies fluctuates in accordance with the investment and risk management processes.
Interest rate exposure
The exposure of the financial assets and liabilities to interest rate risks as at 30 June is shown below:
2026
2025
Within More than Within More than
Total one year one year Total one year one year
\u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Exposure to floating rates
Investments
522
\u2013
522
\u2013
\u2013
\u2013
Cash and cash equivalents
9,257
9,257
\u2013
953
953
\u2013
Loans
(10,171)
(3,390)
(6,781)
\u2013
\u2013
\u2013
(392)
5,867
(6,259)
953
953
\u2013
Exposure to fixed rates
Investments
62,341
\u2013
62,341
\u2013
\u2013
\u2013
Borrowings
\u2013
\u2013
\u2013
(19,525)
(19,525)
\u2013
ZDP shares
(64,959)
(32,063)
(32,896)
(62,184)
\u2013
(62,184)
(2,618)
(32,063)
29,445
(81,709)
(19,525)
(62,184)
Net exposures
At year end
(3,010)
(26,196)
23,186
(80,756)
(18,572)
(62,184)
Maximum in year
(80,756)
(18,572)
(62,184)
(103,632)
(44,401)
(59,231)
Minimum in year
(3,010)
(26,196)
23,186
(72,004)
(10,657)
(61,347)
Exposure to Fixed Exposure to Fixed
floating interest floating interest
Total interest rates rates Total interest rates rates
\u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Maximum in year
(80,756)
953
(81,709)
(103,632)
(577)
(103,055)
Minimum in year
(3,010)
(392)
(2,618)
(72,004)
231
(72,235)
Exposures vary throughout the year as a consequence of changes in the make-up of the net assets of the Group arising out of the
investment and risk management processes. Interest received on cash balances or paid on overdrafts is at ruling market rates.
Finance costs on the ZDP shares are fixed (see note 17). Interest paid on borrowings is at ruling market rates (see note 15). The
Group\u2019s total returns and net assets are sensitive to changes in interest rates on cash. Based on the financial assets and liabilities
held, and the interest rates pertaining, at each Statement of Financial Position date, a decrease or increase in interest rates by 2%
would have had the following approximate effects on the Group Income Statement revenue and capital returns after tax and on
the NAV per share.
2026
2025
Increase Decrease Increase Decrease
in rate in rate in rate in rate
\u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Revenue profit for the year
(8)
8
19
(19)
Capital profit for the year
\u2013
\u2013
\u2013
\u2013
Total profit for the year
(8)
8
19
(19)
Other market risk exposures
The portfolio of investments, valued at \u00a3299,306,000 as at 30 June 2026 (2025: \u00a3248,201,000) is exposed to market price
changes.
The Investment Managers assess these exposures at the time of making each investment decision. The Board reviews overall
exposures at each meeting against indices and other relevant information. An analysis of the portfolio by country and major
industrial sector are set out on pages 12 and 11 respectively.
Based on the portfolio of investments at the Statement of Financial Position date, and assuming other factors remain constant,
a decrease or increase in the fair values of the portfolio by 20% would have had the following approximate effects on the Income
Statement Capital Return after tax and on the NAV per share:
2026
2025
Increase Decrease Increase Decrease
in value in value in value in value
Income Statement capital profit for the year (\u00a3\u2019000s)
59,861
(59,861)
49,640
(49,640)
(b) Liquidity risk exposure
The Group and the Company are required to raise funds to meet commitments associated with financial instruments including
ZDP shares. These funds may be raised either through the realisation of assets or through increased borrowing. The risk of
the Group or the Company not having sufficient liquidity at any time is not considered by the Board to be significant, given: the
number of quoted investments held in the Group\u2019s portfolio, 13 as at 30 June 2026 (15 as at 30 June 2025); the liquid nature of
the portfolio of investments; and the geographical and sector diversity of the portfolio (see pages 12 and 11 respectively). Cash
balances are held with reputable banks with high quality external credit ratings.
The Investment Managers review liquidity at the time of making each investment decision. The Board reviews liquidity exposure
at each meeting. The Group has a loan of \u00a310.2m as set out in note 15 and note 18 and ZDP share liabilities of \u00a365.0m as set out
in note 17. The contractual maturities of the financial liabilities, based on the earliest date on which payment can be required,
were as follows:
2026
2025
More than More than
Three three months Three three months
months but less than More than months but less than More than
or less one year one year Total or less one year one year Total
\u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Other creditors
689
\u2013
\u2013
689
313
\u2013
\u2013
313
Loans
203
4,001
7,189
11,393
\u2013
20,725
\u2013
20,725
ZDP shares
\u2013
32,641
37,943
70,584
\u2013
\u2013
71,262
71,262
892
36,642
45,132
82,666
313
20,725
71,262
92,300
(c) Credit risk and counterparty exposure
The Group is exposed to potential failure by counterparties to deliver securities for which the Group has paid, or to pay for
securities which the Group has delivered. The Board approves all counterparties used in such transactions, which must be
settled on a basis of delivery against payment (except where local market conditions do not permit). Broker counterparties are
selected based on a combination of criteria, including credit rating, statement of financial position strength and membership of a
relevant regulatory body. Cash and deposits are held with reputable banks.
The Group has an on-going contract with its custodians for the provision of custody services. The contracts are reviewed
regularly.
Details of securities held in custody on behalf of the Group are received and reconciled monthly. Prior to making investments in
debt instruments, the Investment Managers have in place a process of review that includes an evaluation of a potential investee
company\u2019s ability to service and repay its debt. The Investment Managers review the financial position of investee companies on
a regular basis. To the extent that the Investment Managers carry out duties (or cause similar duties to be carried out by third
parties) on the Group\u2019s behalf, the Group is exposed to counterparty risk. The Board assesses this risk continuously through
regular meetings with management.
In summary, compared to the amounts included in the Statement of Financial Position, the maximum exposure to credit risk was as follows:
2026
2025
Maximum Maximum
exposure exposure
30 June in the year 30 June in the year
Current assets \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Cash at bank
9,257
9,257
953
4,865
Financial assets through profit and loss
Investments in debt instruments
62,863
62,863
8,837
8,837
Derivatives \u2013 forward exchange contracts
\u2013
\u2013
\u2013
4,758
None of the Group\u2019s financial assets are past due or impaired. The expected credit loss on the cash at bank is not considered material as at 30 June 2026 (2025: not material). The Group\u2019s principal custodian is JPMorgan Chase Bank N.A.\u2013 Jersey Branch. (d) Fair values of financial assets and liabilities The assets and liabilities of the Group are, in the opinion of the Directors, reflected in the Statement of Financial Position at fair value except for ZDP shares which are carried at amortised cost using effective interest rate basis (see note 17). Borrowings under loan facilities do not have a value materially different from their capital repayment amount. Borrowings in foreign currencies are converted into Sterling at exchange rates ruling at each valuation date. The fair values of ZDP shares derived from their quoted market price as at 30 June, were:
2026 2025
\u00a3\u2019000s \u00a3\u2019000s
2026
ZDP shares
32,211
31,086
2028
ZDP shares
32,763
28,581
Unquoted investments are valued based on professional assumptions and advice that is not wholly supported by prices from current market transactions or by observable market data. The Directors make use of recognised valuation techniques and may take account of recent arms\u2019 length transactions in the same or similar investments. The Directors regularly review the principles applied by the Investment Managers to those valuations to ensure they comply with the Group\u2019s accounting policies and with fair value principles. Level 3 financial instruments Valuation methodology The objective of using valuation techniques is to arrive at a fair value measurement that reflects the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date. The Company uses proprietary valuation models, which are compliant with IPEV guidelines and IFRS 13 and which are usually developed from recognised valuation techniques. Some or all of the significant inputs into these models may not be observable in the market and are derived from market prices or rates or are estimated based on assumptions. Valuation models that employ significant unobservable inputs require a higher degree of management judgement and estimation in the determination of fair value. Management judgement and estimation are usually required for the selection of the appropriate valuation model to be used, determination of expected future cash flows of the financial instrument being valued, determination of the probability of counterparty default and prepayments, peer group multiple and selection of appropriate discount rates. Fair value estimates obtained from such models are adjusted for any other factors, such as controlling interest, historical and projected financial data, entity specific strengths and weaknesses, or model uncertainties, to the extent that the Company believes that a third party market participant would take them into account in pricing a transaction.
The Directors have satisfied themselves as to the methodology used, the discount rates and key assumptions applied, and the
valuations. The level 3 assets comprise of a number of unlisted investments at various stages of development and each has
been assessed based on its industry, location and business cycle. The valuation methodologies include net assets, discounted
cash flows, cost of recent investment or last funding round, listed peer comparison or peer group multiple or dividend yield as
appropriate. Where applicable, the Directors have considered observable data and events to underpin the valuations. A discount
has been applied, where appropriate, to reflect both the unlisted nature of the investments and business risks. UIL currently
has investments in a number of level 3 closed-end investment companies including Allectus Quantum, Zeta Minerals and Zeta
Resources. These closed-end fund interests are valued on a net assets basis, estimated based on the managers\u2019 NAVs. The
managers\u2019 NAVs use recognised valuation techniques consistent with IFRS and are normally subject to audit. The fund valuations
included in these financial statements were based principally on the 30 June 2026 managers\u2019 NAVs and these NAVs have been
reviewed to ensure that the economic impact of higher inflation and the Ukraine and Middle East conflicts have been considered.
Sensitivity of level 3 financial investments measured at fair value to changes in key assumptions.
Level 3 inputs are sensitive to assumptions made when ascertaining fair value. The following section details the sensitivity of
valuations to variations in key inputs. The level of change selected is considered to be reasonable, based on observation of
market conditions and historic trends. In assessing the level of reasonably possible outcomes consideration was also given
to the impact on valuations of the elevated level of volatility in equity markets during the year, principally reflecting concerns
about geopolitical tensions, high rates of inflation and the Ukraine and Middle East conflicts. The valuations of fund interests are
based on the managers\u2019 NAVs and these managers have advised that they have taken into account these economic and market
concerns. The impact on the valuations has been varied and largely linked to their relevant sectors and this has been reflected in
the level of sensitivities applied.
For each unlisted holding valued over \u00a35.0m, the significant valuation inputs have been detailed below.
Zeta Resources Bermuda incorporated
UIL holds 100% of the ordinary shares in Zeta Resources which it valued at \u00a377.3m as at 30 June 2026 (2025: \u00a343.9m). The cost of
this investment was \u00a350.8m (2025: \u00a350.7m) and UIL has also provided loans of \u00a313.6m to Zeta Resources and its subsidiaries.
Zeta Resources is a resources focused investment holding company. For the year ended 30 June 2026 Zeta Resources recorded
total income of USD 48.4m (2025: USD 11.5m), a net profit before tax of USD 45.1m (2025: USD 10.4m), and net assets of USD
102.6m (2025: USD 57.6m).
Key valuation inputs: Market value for portfolio of investments. Discount to NAV for the lack of marketability and restrictions on
redemption is nil.
Valuation methodology: UIL values the Zeta Resources shares at their underlying NAV per share. Zeta Resources portfolio
consists of resource entities and base metals exploration and production companies and its NAV was valued using valuation
techniques consistent with IFRS and is subject to an annual audit. As at 30 June 2026 8% of Zeta Resources investment portfolio
was valued using valuation techniques and these investments have been given a sensitivity of 10% to reflect the level 3
investments within Zeta Resources portfolio and the high subjectivity and degree of uncertainty over the managers' valuations
of these unlisted investments. The remaining 92% of Zeta Resources portfolio was valued using their listed share price. The loans
are valued using a discounted cash flow methodology.
Sensitivities: Should the value of Zeta Resources equity move by 10% the gain or loss would be \u00a37.7m.
Allectus Quantum UK incorporated
UIL holds 50% of the ordinary shares in Allectus Quantum and carried its investment at \u00a326.5m (2025: \u00a322.0m). The cost of this
investment was \u00a36.4m (2025: \u00a36.4m). The financial results of Allectus Quantum are not publicly available.
Key valuation inputs: Market value for portfolio of investments. Discount to NAV for the lack of marketability and restrictions on
redemption is nil.
Valuation methodology: UIL has used Allectus Quantum\u2019s NAV. Allectus Quantum is an investment holding company for quantum
technology investments and its NAV was valued using valuation techniques consistent with IFRS. The portfolio, consisting
principally of the unlisted investment Diraq Pty Ltd, was valued at the recent funding round. The Directors considered the
portfolio and assessed the valuation uncertainty at a higher level. Accordingly, Allectus Quantum\u2019s fair value has been given
a sensitivity of 20% (2025: 20%) reflecting the higher level of uncertainty over the manager\u2019s valuations of Allectus Quantum\u2019s
holdings.
Sensitivities: Should the value of holdings in Allectus Quantum move by 20% the gain or loss would be \u00a35.3m (2025: \u00a34.4m).
Sabrina UK incorporated
UIL purchased a direct holding in Sabrina in November 2025 (see transactions with Somers, page 75). Sabrina is the holding
company of W1M. UIL\u2019s holding in Sabrina consists of 12% preferred loan notes valued at \u00a346.8m and ordinary shares valued at
\u00a327.6m for a combined investment valuation as at 30 June 2026 of \u00a374.4m.
Key valuation inputs: EBITDA multiple of 12.6x; liquidity discount rate of 20%; and loan note discount of 12%.
Valuation Methodology: The preferred loan notes have been valued using a discounted cash flow (\u201cDCF\u201d) methodology utilising
expected cashflows discounted at appropriate rates to reflect the value of the business. Expected cashflows have been modelled
using a multiple of EBITDA derived from comparable quoted companies. The ordinary shares have been valued based off a
multiple of W1M\u2019s EBITDA. During the year, the underlying valuation metric was changed from an AUM multiple to an EBITDA
multiple, as EBITDA is considered more reflective of W1M\u2019s current operating performance and underlying value drivers, resulting
in a more representative estimate of fair value.
Sensitivities: UIL has chosen to sensitise the EBITDA multiple input as this input involved the most significant judgement when
estimating valuation, including which comparable companies to consider and prioritise. W1M\u2019s valuation also includes other
unobservable inputs, including EBITDA. Should the peer group multiple ascribed to W1M\u2019s EBITDA change by 2x, the loss or gain
in valuation would be \u00a310.7m. Should the loan note discount of 12% change by 2%, the loss or gain in valuation would be \u00a36.2m.
West Hamilton Bermuda incorporated
UIL holds a 57.0% equity interest in West Hamilton and, as at 30 June 2026, carried this investment at \u00a36.6m (2025: \u00a36.3m). The
cost of this investment was \u00a39.5m (2025: \u00a39.5m).
Key valuation inputs: Fair value of West Hamilton\u2019s identifiable assets and liabilities. Investment yield is 6.25% and rent renewal
rates are assumed to be at the same level as is currently achieved from existing tenants.
Valuation Methodology: UIL has used the NAV of West Hamilton. Discount to NAV for the lack of marketability and restrictions on
redemption is nil.
West Hamilton has a single property asset, The Belvedere Residences, a mixed use building located at 71A Pitts Bay Road housing
nine executive condominiums, a penthouse office suite and a gymnasium. West Hamilton appointed an independent professional
valuer to perform a property valuation and to provide his opinion as to the fair value of this property. This valuation was based on
an income approach whereby net rental income for the property is capitalised using an investment yield. Comparable property
values and the demand for comparable rental units were also considered in support of income approach value. The Directors
have utilised the valuation for the purpose of valuing the holding. West Hamilton\u2019s fair value has been given a sensitivity of 10%
(2025: 10%) to reflect a degree of uncertainty over the property portfolio valuations.
For its year ended 30 September 2025, West Hamilton recorded total income of USD 1.5m (2024: USD 1.9m), net profit before tax
of USD 0.5m (2024: USD 0.2m) and net assets of USD 15.6m (2024: USD 15.6m).
Sensitivities: Should the value of West Hamilton move by 10% the gain or loss would be \u00a30.7m (2025: \u00a30.6m).
Other unlisted companies
Valuation methodology: UIL has a further 16 (2025: 13) unlisted holdings valued below \u00a35.0m each. These holdings were valued
using a variety of methods, including; listed peer comparison or peer group multiple, discounted cash flow, net assets, dividend
yields, and cost of recent investments adjusted for events subsequent to acquisition that impact fair value. The total value of
these 16 holdings was \u00a39.3m as at 30 June 2026 (2025: \u00a38.7m), consisting \u00a36.9m of equities and \u00a32.4m of loans. On account of
the low aggregate value of these holdings they have been sensitised at an aggregated level. If the value of all these lower valued
equity investments moved by 20.0% (2025: 20%), this would have an impact on the investment portfolio value of \u00a31.4m (2025:
\u00a30.7m). If the value of all these lower valued loans moved by 10.0% (2025: 10%), this would have an impact on the investment
portfolio value of \u00a30.2m (2025: \u00a30.5m).
The sensitivity of the fair value of level 3 financial investments to changes in key assumptions are as follows:
As at 30 June 2026 Valuation Risk Sensitivity Carrying Sensitivity
Investment
Investment type
methodology weighting +/- amount \u00a3\u2019000s \u00a3\u2019000s
Zeta Resources
Equity
NAV
Low
10%
77,267
7,727
Zeta Resources
Loans
Discounted cash flow
Low
10%
13,631
1,363
Sabrina
Loans
Discounted cash flow
Medium
2%
1
46,851
6,237
Sabrina
Equity
Earnings
Medium
2x
2
27,558
10,743
EBITDA
Allectus Quantum
Equity
NAV
Medium
20%
26,468
5,294
West Hamilton
Equity
NAV
Low
10%
6,634
663
Other investments
Equity
Various
Medium
20%
6,892
1,378
Other investments
Loans
Discounted cash flow
Low
10%
2,381
238
207,682
33,643
1 If the loan loss severity was 10% the value of Sabrina would decrease by \u00a34.7m.
2 If the liquidity discount rate changed by 10% the value of Sabrina would increase or decrease by \u00a33.4m.
As at 30 June 2025 Valuation Risk Sensitivity Carrying Sensitivity
Investment
Investment type
methodology weighting +/- amount \u00a3\u2019000s \u00a3\u2019000s
Somers
Equity
NAV
Medium
20%
99,558
19,912
Zeta Resources
Equity
NAV
Low
10%
43,880
4,388
Zeta Resources
Loans
Discounted cash flow
Low
10%
7,909
791
Allectus Quantum
Equity
NAV
Medium
20%
21,995
4,399
Zeta Minerals
Equity
NAV
Medium
20%
7,868
1,574
Carebook
Equity
Last funding round
Medium
20%
4,585
917
West Hamilton
Equity
NAV
Low
10%
6,289
629
Other investments
Equity
Various
Medium
20%
3,479
696
Other investments
Loans
Discounted cash flow
Low
10%
5,178
518
Total
200,741
33,824
(e) Capital risk management
The objective of the Group is stated as being to maximise shareholder returns by identifying and investing in investments where
the underlying value is not reflected in the market price. In pursuing this long term objective, the Board has a responsibility for
ensuring the Group\u2019s ability to continue as a going concern. It must therefore maintain its capital structure through varying
market conditions. This involves the ability to: issue and buy back share capital within limits set by the shareholders in general
meeting; borrow monies in the short and long term; and pay dividends to shareholders out of current year earnings as well as out
of brought forward reserves. Changes to ordinary share capital are set out in note 20.
Dividends are set out in note 10. Loans are set out in note 15 and note 18. ZDP shares are set out in note 17.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-318": { "value": "14. DERIVATIVE FINANCIAL INSTRUMENTS Changes in derivatives Changes in total net current derivative financial instruments are as follows:
2026 2025
Group and Company \u00a3\u2019000s \u00a3\u2019000s
Valuation brought forward
\u2013
\u2013
Net settlements
\u2013
(178)
Gains
\u2013
178
Valuation carried forward
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-292": { "value": "
15. LOANS \u2013 CURRENT LIABILITY
2026 2025
Group and Company \u00a3\u2019000s \u00a3\u2019000s
GBP 19.5m repaid November 2025
\u2013
19,525
USD 4.5m repayable June 2027
3,390
\u2013
3,390
19,525
As at 30 June 2025, General Provincial Life Pension Fund Limited (\"GPLPF\") had provided a \u00a324.0m loan facility to UIL, maturing on
31 October 2025. On 3 October 2025, the maturity of the loan facility was extended to 31 March 2026 and on 31 March 2026, the
facility was further extended until 30 September 2026. As at 30 June 2025, UIL had drawn \u00a319.5m and in the year, UIL drew a further
\u00a36.5m and repaid \u00a310.0m. The loan balance of \u00a317.1m (including interest) was settled with GPLPF through a sale and purchase
agreement (see note 28 related party transactions). The loan incurred interest at an annual rate of 10.5%.
On 25 September 2025 Resimac Group Limited (\"Resimac\") provided to UIL a \u00a37.4m (AUD 15.0m) loan maturing on 27 December 2025.
UIL repaid the loan in full on 24 November 2025. The loan incurred interest at an annual rate of 8.0%.
On 10 June 2026, The Bank of N.T. Butterfield & Son Limited (\"Bank of Butterfield\") and UIL entered into a USD 13.5m (\u00a310.1m) loan
facility which was drawn down in full by UIL on 16 June 2026. The facility matures two years from the date of the drawdown, with
repayments of principal being made in three equal instalments after 12 months, 18 months and at maturity. The loan balance as at
30 June 2026 is classified as a current liability of \u00a33,390,000 and a non current liability of \u00a36,781,000 (see note 18). The loan incurs
interest at an annual rate of 0.25% below the Bank of Butterfield\u2019s United States Dollar Commercial Base Rate. As part of the security
arrangements, UIL has granted Bank of Butterfield a charge over part of UIL's holding in Resimac and these Resimac shares are held in
custody at Bank of Butterfield. The main covenant requires the value of the secured holding to be at least 1.5 times the value of the loan
drawn. As at 30 June 2026 the value of Resimac shares held at Bank of Butterfield was \u00a319.2m and the covenant was met throughout
the period since the loan was drawn.
18. LOANS \u2013 NON CURRENT LIABILITY
2026 2025
Group and Company \u00a3\u2019000s \u00a3\u2019000s
USD 9.0m - repayable in two equal instalments in December 2027 and June 2028
6,781
\u2013
On 10 June 2026, Bank of Butterfield provided to UIL a USD 13.5m (\u00a310.1m) loan facility, see note 15.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-354": { "value": "15. LOANS \u2013 CURRENT LIABILITY
2026 2025
Group and Company \u00a3\u2019000s \u00a3\u2019000s
GBP 19.5m repaid November 2025
\u2013
19,525
USD 4.5m repayable June 2027
3,390
\u2013
3,390
19,525
As at 30 June 2025, General Provincial Life Pension Fund Limited (\"GPLPF\") had provided a \u00a324.0m loan facility to UIL, maturing on 31 October 2025. On 3 October 2025, the maturity of the loan facility was extended to 31 March 2026 and on 31 March 2026, the facility was further extended until 30 September 2026. As at 30 June 2025, UIL had drawn \u00a319.5m and in the year, UIL drew a further \u00a36.5m and repaid \u00a310.0m. The loan balance of \u00a317.1m (including interest) was settled with GPLPF through a sale and purchase agreement (see note 28 related party transactions). The loan incurred interest at an annual rate of 10.5%. On 25 September 2025 Resimac Group Limited (\"Resimac\") provided to UIL a \u00a37.4m (AUD 15.0m) loan maturing on 27 December 2025. UIL repaid the loan in full on 24 November 2025. The loan incurred interest at an annual rate of 8.0%. On 10 June 2026, The Bank of N.T. Butterfield & Son Limited (\"Bank of Butterfield\") and UIL entered into a USD 13.5m (\u00a310.1m) loan facility which was drawn down in full by UIL on 16 June 2026. The facility matures two years from the date of the drawdown, with repayments of principal being made in three equal instalments after 12 months, 18 months and at maturity. The loan balance as at 30 June 2026 is classified as a current liability of \u00a33,390,000 and a non current liability of \u00a36,781,000 (see note 18). The loan incurs interest at an annual rate of 0.25% below the Bank of Butterfield\u2019s United States Dollar Commercial Base Rate. As part of the security arrangements, UIL has granted Bank of Butterfield a charge over part of UIL's holding in Resimac and these Resimac shares are held in custody at Bank of Butterfield. The main covenant requires the value of the secured holding to be at least 1.5 times the value of the loan drawn. As at 30 June 2026 the value of Resimac shares held at Bank of Butterfield was \u00a319.2m and the covenant was met throughout the period since the loan was drawn. 16. OTHER PAYABLES
Group
Company
2026 2025 2026 2025
\u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Intra-group loans
\u2013
\u2013
37,227
\u2013
Accrued finance costs
52
519
52
519
Accrued expenses
519
313
519
313
Securities purchased awaiting settlement
170
\u2013
170
\u2013
741
832
37,968
832
The Directors consider that the carrying values of other payables are equivalent to their fair value. 18. LOANS \u2013 NON CURRENT LIABILITY
2026 2025
Group and Company \u00a3\u2019000s \u00a3\u2019000s
USD 9.0m - repayable in two equal instalments in December 2027 and June 2028
6,781
\u2013
On 10 June 2026, Bank of Butterfield provided to UIL a USD 13.5m (\u00a310.1m) loan facility, see note 15.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-337": { "value": "15. LOANS \u2013 CURRENT LIABILITY
2026 2025
Group and Company \u00a3\u2019000s \u00a3\u2019000s
GBP 19.5m repaid November 2025
\u2013
19,525
USD 4.5m repayable June 2027
3,390
\u2013
3,390
19,525
As at 30 June 2025, General Provincial Life Pension Fund Limited (\"GPLPF\") had provided a \u00a324.0m loan facility to UIL, maturing on 31 October 2025. On 3 October 2025, the maturity of the loan facility was extended to 31 March 2026 and on 31 March 2026, the facility was further extended until 30 September 2026. As at 30 June 2025, UIL had drawn \u00a319.5m and in the year, UIL drew a further \u00a36.5m and repaid \u00a310.0m. The loan balance of \u00a317.1m (including interest) was settled with GPLPF through a sale and purchase agreement (see note 28 related party transactions). The loan incurred interest at an annual rate of 10.5%. On 25 September 2025 Resimac Group Limited (\"Resimac\") provided to UIL a \u00a37.4m (AUD 15.0m) loan maturing on 27 December 2025. UIL repaid the loan in full on 24 November 2025. The loan incurred interest at an annual rate of 8.0%. On 10 June 2026, The Bank of N.T. Butterfield & Son Limited (\"Bank of Butterfield\") and UIL entered into a USD 13.5m (\u00a310.1m) loan facility which was drawn down in full by UIL on 16 June 2026. The facility matures two years from the date of the drawdown, with repayments of principal being made in three equal instalments after 12 months, 18 months and at maturity. The loan balance as at 30 June 2026 is classified as a current liability of \u00a33,390,000 and a non current liability of \u00a36,781,000 (see note 18). The loan incurs interest at an annual rate of 0.25% below the Bank of Butterfield\u2019s United States Dollar Commercial Base Rate. As part of the security arrangements, UIL has granted Bank of Butterfield a charge over part of UIL's holding in Resimac and these Resimac shares are held in custody at Bank of Butterfield. The main covenant requires the value of the secured holding to be at least 1.5 times the value of the loan drawn. As at 30 June 2026 the value of Resimac shares held at Bank of Butterfield was \u00a319.2m and the covenant was met throughout the period since the loan was drawn. ", "dimensions": { "concept": "uillimited:DisclosureOfLoans", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-319": { "value": "15. LOANS \u2013 CURRENT LIABILITY
2026 2025
Group and Company \u00a3\u2019000s \u00a3\u2019000s
GBP 19.5m repaid November 2025
\u2013
19,525
USD 4.5m repayable June 2027
3,390
\u2013
3,390
19,525
As at 30 June 2025, General Provincial Life Pension Fund Limited (\"GPLPF\") had provided a \u00a324.0m loan facility to UIL, maturing on 31 October 2025. On 3 October 2025, the maturity of the loan facility was extended to 31 March 2026 and on 31 March 2026, the facility was further extended until 30 September 2026. As at 30 June 2025, UIL had drawn \u00a319.5m and in the year, UIL drew a further \u00a36.5m and repaid \u00a310.0m. The loan balance of \u00a317.1m (including interest) was settled with GPLPF through a sale and purchase agreement (see note 28 related party transactions). The loan incurred interest at an annual rate of 10.5%. On 25 September 2025 Resimac Group Limited (\"Resimac\") provided to UIL a \u00a37.4m (AUD 15.0m) loan maturing on 27 December 2025. UIL repaid the loan in full on 24 November 2025. The loan incurred interest at an annual rate of 8.0%. On 10 June 2026, The Bank of N.T. Butterfield & Son Limited (\"Bank of Butterfield\") and UIL entered into a USD 13.5m (\u00a310.1m) loan facility which was drawn down in full by UIL on 16 June 2026. The facility matures two years from the date of the drawdown, with repayments of principal being made in three equal instalments after 12 months, 18 months and at maturity. The loan balance as at 30 June 2026 is classified as a current liability of \u00a33,390,000 and a non current liability of \u00a36,781,000 (see note 18). The loan incurs interest at an annual rate of 0.25% below the Bank of Butterfield\u2019s United States Dollar Commercial Base Rate. As part of the security arrangements, UIL has granted Bank of Butterfield a charge over part of UIL's holding in Resimac and these Resimac shares are held in custody at Bank of Butterfield. The main covenant requires the value of the secured holding to be at least 1.5 times the value of the loan drawn. As at 30 June 2026 the value of Resimac shares held at Bank of Butterfield was \u00a319.2m and the covenant was met throughout the period since the loan was drawn. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-293": { "value": "
16. OTHER PAYABLES
Group
Company
2026 2025 2026 2025
\u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Intra-group loans
\u2013
\u2013
37,227
\u2013
Accrued finance costs
52
519
52
519
Accrued expenses
519
313
519
313
Securities purchased awaiting settlement
170
\u2013
170
\u2013
741
832
37,968
832
The Directors consider that the carrying values of other payables are equivalent to their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-320": { "value": "16. OTHER PAYABLES
Group
Company
2026 2025 2026 2025
\u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Intra-group loans
\u2013
\u2013
37,227
\u2013
Accrued finance costs
52
519
52
519
Accrued expenses
519
313
519
313
Securities purchased awaiting settlement
170
\u2013
170
\u2013
741
832
37,968
832
The Directors consider that the carrying values of other payables are equivalent to their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-294": { "value": "
17. ZDP SHARES
Group
2026 2025
ZDP shares \u2013 current liabilities \u00a3\u2019000s \u00a3\u2019000s
2026
ZDP shares
32,063
\u2013
ZDP shares \u2013 non-current liabilities
2026
ZDP shares
\u2013
32,116
2028
ZDP shares
32,896
30,068
32,896
62,184
Total ZDP shares liabilities
64,959
62,184
Authorised ZDP shares at 30 June 2026 and 30 June 2025 are as follows:
Number
\u00a3\u2019000s
2022
ZDP shares
63,686,754
3,387
2024
ZDP shares
76,717,291
2,917
2026
ZDP shares
25,000,000
2,500
2028
ZDP shares
44,842,717
1,734
2026 2028 Total
2026
Number
\u00a3\u2019000s
Number
\u00a3\u2019000s \u00a3\u2019000s
Balance at 30 June 2025
22,690,380
32,116
24,221,265
30,068
62,184
Issue of ZDP shares
\u2013
\u2013
693,500
908
908
Redemption of ZDP shares
(1,144,822)
(1,704)
\u2013
\u2013
(1,704)
Finance costs (see note 7)
\u2013
1,651
\u2013
1,920
3,571
Balance at 30 June 2026
21,545,558
32,063
24,914,765
32,896
64,959
2024 2026 2028 Total
2025
Number
\u00a3\u2019000s
Number
\u00a3\u2019000s
Number
\u00a3\u2019000s \u00a3\u2019000s
Balance at 30 June 2024
30,000,000
40,778
22,690,380
30,513
24,416,265
28,505
99,796
Redemption of ZDP shares
(30,000,000)
(41,505)
\u2013
\u2013
(195,000)
(193)
(41,698)
Finance costs (see note 7)
\u2013
727
\u2013
1,603
\u2013
1,756
4,086
Balance at 30 June 2025
\u2013
\u2013
22,690,380
32,116
24,221,265
30,068
62,184
The Company held 2,309,620 2026 ZDP shares as at 30 June 2025. In the year, the Company purchased 1,144,822 2026 ZDP shares
in the open market, paying \u00a31.7m. The Company held 3,454,442 2026 ZDP shares as at 30 June 2026.
The Company held 778,735 2028 ZDP shares as at 30 June 2025. In the year, the Company sold 693,500 2028 ZDP shares in the
open market, receiving \u00a30.9m. The Company held 85,235 2028 ZDP shares as at 30 June 2026.
2026 ZDP shares
Based on the initial entitlement of a 2026 ZDP share of 100p on 26 April 2018, a 2026 ZDP share will have a final capital entitlement
at the end of its life on 31 October 2026 of 151.50p equating to a 5.00% per annum gross redemption yield. The capital entitlement
(excluding issue costs) per 2026 ZDP share as at 30 June 2026 was 149.00p (2025: 141.95p).
2028 ZDP shares
Based on the initial entitlement of a 2028 ZDP share of 100p on 23 April 2021, a 2028 ZDP share will have a final capital entitlement
at the end of its life on 31 October 2028 of 152.29p equating to a 5.75% per annum gross redemption yield. The capital entitlement
(excluding issue costs) per 2028 ZDP share as at 30 June 2026 was 133.66p (2025: 126.39p).
The ZDP shares are traded on the London Stock Exchange and are stated at amortised cost using the effective interest method.
The ZDP shares carry no entitlement to income however they have a pre-determined final capital entitlement which ranks behind
all other liabilities and creditors of UIL Finance and UIL but in priority to the ordinary shares of the Company save in respect of
certain winding up revenue profits.
The growth of each ZDP share accrues daily and is reflected in the capital return and NAV per ZDP share on an effective interest
rate basis. The ZDP shares do not carry any voting rights at general meetings of the Company. However the Company will not be
able to carry out certain corporate actions unless it obtains at separate meetings approval of each class of ZDP shareholders.
Separate approval of each class of ZDP shareholders must be obtained in respect of any proposals which would affect their
respective rights, including any resolution to wind up the Company. In addition the approval of ZDP shareholders by the passing
of a special resolution at separate class meetings of the ZDP shareholders is required in relation to any proposal to modify, alter
or abrogate the rights attaching to any class of the ZDP shares and in relation to any proposal by UIL or UIL Finance which would
reduce the Group\u2019s cover of the existing ZDP shares below 1.35 times.
On a liquidation of UIL and/or UIL Finance, to the extent that the relevant classes of ZDP shares have not already been redeemed,
the 2026 ZDP shares shall rank in priority to the 2028 ZDP shares in relation to the repayment of their accrued capital entitlement
as at the date of liquidation:
The entitlement of ZDP shareholders of a particular class shall be determined in proportion to their holdings of ZDP shares of
that class.
", "dimensions": { "concept": "uillimited:DisclosureOfZDPShares", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-338": { "value": "18. LOANS \u2013 NON CURRENT LIABILITY
2026 2025
Group and Company \u00a3\u2019000s \u00a3\u2019000s
USD 9.0m - repayable in two equal instalments in December 2027 and June 2028
6,781
\u2013
On 10 June 2026, Bank of Butterfield provided to UIL a USD 13.5m (\u00a310.1m) loan facility, see note 15.", "dimensions": { "concept": "uillimited:DisclosureOfLoansNonCurrent", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-321": { "value": "18. LOANS \u2013 NON CURRENT LIABILITY
2026 2025
Group and Company \u00a3\u2019000s \u00a3\u2019000s
USD 9.0m - repayable in two equal instalments in December 2027 and June 2028
6,781
\u2013
On 10 June 2026, Bank of Butterfield provided to UIL a USD 13.5m (\u00a310.1m) loan facility, see note 15.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-295": { "value": "
20. ORDINARY SHARE CAPITAL
Number
\u00a3\u2019000s
Equity share capital:
Ordinary shares of 10p each with voting rights
Authorised
250,000,000
25,000
2026 2025
Total shares in issue
Number
\u00a3\u2019000s
Number
\u00a3\u2019000s
Balance brought forward
92,887,179
9,289
83,842,918
8,384
Issued by the Company
\u2013
\u2013
9,504,199
950
Purchased for cancellation by the Company
(2,447,675)
(245)
(459,938)
(45)
Balance carried forward
90,439,504
9,044
92,887,179
9,289
During the year the Company bought back for cancellation 2,447,675 (2025: 459,938) ordinary shares at a total cost of \u00a34,188,000
(2025: \u00a3514,000)
In the year to 30 June 2025, the Company issued 9,504,199 ordinary shares to GPLPF at \u00a31.6655 per share, a total cost of
\u00a315,829,000. The admission cost of the shares to the London Stock Exchange was \u00a326,000.
Since the year end to 23 September 2026 (the latest practicable date prior to finalising these Accounts), 36,700 ordinary shares
have been purchased for cancellation at a total cost of \u00a370,000.
In addition to receiving the income distributed by way of dividend, the ordinary shareholders will be entitled to any balances
on the revenue reserve at the winding up date, together with the assets of the Company remaining after payment of the ZDP
shareholders\u2019 entitlement. The ordinary shareholders participate in all general meetings of the Company on the basis of one vote
for each share held.
21. SHARE PREMIUM ACCOUNT
2026 2025
Group and Company \u00a3\u2019000s \u00a3\u2019000s
Balance brought forward
52,258
37,874
Issued by the Company
\u2013
14,879
Cost of issue of shares
\u2013
(26)
Purchased for cancellation by the Company
(3,943)
(469)
Balance carried forward
48,315
52,258
22. SPECIAL RESERVE
2026 2025
Group and Company \u00a3\u2019000s \u00a3\u2019000s
Balance brought forward and carried forward
233,866
233,866
The special reserve is available for distribution purposes. The reserve will not constitute winding up revenue profits in the event
of the Company\u2019s liquidation.
23. CAPITAL RESERVES
Group
Company
2026 2025 2026 2025
Capital reserves comprise of: \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Arising on investments sold
(71,761)
(109,907)
(72,897)
(111,040)
Arising on revaluation of investments held
(12,417)
(37,783)
(11,336)
(36,915)
Balance as at 30 June
(84,178)
(147,690)
(84,233)
(147,955)
Included within the capital reserves movement for the year is \u00a34,655,000 (2025: \u00a332,560,000) of capital distributions, \u00a31,000
(2025: \u00a3nil) of transaction costs on purchases of investments and \u00a35,000 (2025: \u00a36,000) of transaction costs on sales of
investments.
24. REVENUE RESERVE
2026 2025
Group and Company \u00a3\u2019000s \u00a3\u2019000s
Balance brought forward
18,924
15,218
Amount transferred to revenue reserve
16,102
10,783
Dividends paid in the year
(9,124)
(7,077)
Balance as at 30 June
25,902
18,924
Under Bermuda Law, a company cannot declare or pay a dividend, or make a distribution out of contributed surplus, unless there
are reasonable grounds for believing that: the company is and will after the payment be able to meet its liabilities as they become
due; and the realisable value of the company's assets will not thereby be less than the aggregate of its liabilities. The net assets of
the Company as at 30 June 2026 was \u00a3232.9m (2025: \u00a3166.4m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-322": { "value": "20. ORDINARY SHARE CAPITAL
Number
\u00a3\u2019000s
Equity share capital:
Ordinary shares of 10p each with voting rights
Authorised
250,000,000
25,000
2026 2025
Total shares in issue
Number
\u00a3\u2019000s
Number
\u00a3\u2019000s
Balance brought forward
92,887,179
9,289
83,842,918
8,384
Issued by the Company
\u2013
\u2013
9,504,199
950
Purchased for cancellation by the Company
(2,447,675)
(245)
(459,938)
(45)
Balance carried forward
90,439,504
9,044
92,887,179
9,289
During the year the Company bought back for cancellation 2,447,675 (2025: 459,938) ordinary shares at a total cost of \u00a34,188,000 (2025: \u00a3514,000) In the year to 30 June 2025, the Company issued 9,504,199 ordinary shares to GPLPF at \u00a31.6655 per share, a total cost of \u00a315,829,000. The admission cost of the shares to the London Stock Exchange was \u00a326,000. Since the year end to 23 September 2026 (the latest practicable date prior to finalising these Accounts), 36,700 ordinary shares have been purchased for cancellation at a total cost of \u00a370,000. In addition to receiving the income distributed by way of dividend, the ordinary shareholders will be entitled to any balances on the revenue reserve at the winding up date, together with the assets of the Company remaining after payment of the ZDP shareholders\u2019 entitlement. The ordinary shareholders participate in all general meetings of the Company on the basis of one vote for each share held. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-339": { "value": "21. SHARE PREMIUM ACCOUNT
2026 2025
Group and Company \u00a3\u2019000s \u00a3\u2019000s
Balance brought forward
52,258
37,874
Issued by the Company
\u2013
14,879
Cost of issue of shares
\u2013
(26)
Purchased for cancellation by the Company
(3,943)
(469)
Balance carried forward
48,315
52,258
", "dimensions": { "concept": "uillimited:DisclosureOfSharePremiumAccount", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-323": { "value": "21. SHARE PREMIUM ACCOUNT
2026 2025
Group and Company \u00a3\u2019000s \u00a3\u2019000s
Balance brought forward
52,258
37,874
Issued by the Company
\u2013
14,879
Cost of issue of shares
\u2013
(26)
Purchased for cancellation by the Company
(3,943)
(469)
Balance carried forward
48,315
52,258
22. SPECIAL RESERVE
2026 2025
Group and Company \u00a3\u2019000s \u00a3\u2019000s
Balance brought forward and carried forward
233,866
233,866
The special reserve is available for distribution purposes. The reserve will not constitute winding up revenue profits in the event of the Company\u2019s liquidation. 23. CAPITAL RESERVES
Group
Company
2026 2025 2026 2025
Capital reserves comprise of: \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Arising on investments sold
(71,761)
(109,907)
(72,897)
(111,040)
Arising on revaluation of investments held
(12,417)
(37,783)
(11,336)
(36,915)
Balance as at 30 June
(84,178)
(147,690)
(84,233)
(147,955)
Included within the capital reserves movement for the year is \u00a34,655,000 (2025: \u00a332,560,000) of capital distributions, \u00a31,000 (2025: \u00a3nil) of transaction costs on purchases of investments and \u00a35,000 (2025: \u00a36,000) of transaction costs on sales of investments. 24. REVENUE RESERVE
2026 2025
Group and Company \u00a3\u2019000s \u00a3\u2019000s
Balance brought forward
18,924
15,218
Amount transferred to revenue reserve
16,102
10,783
Dividends paid in the year
(9,124)
(7,077)
Balance as at 30 June
25,902
18,924
Under Bermuda Law, a company cannot declare or pay a dividend, or make a distribution out of contributed surplus, unless there are reasonable grounds for believing that: the company is and will after the payment be able to meet its liabilities as they become due; and the realisable value of the company's assets will not thereby be less than the aggregate of its liabilities. The net assets of the Company as at 30 June 2026 was \u00a3232.9m (2025: \u00a3166.4m).", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-340": { "value": "22. SPECIAL RESERVE
2026 2025
Group and Company \u00a3\u2019000s \u00a3\u2019000s
Balance brought forward and carried forward
233,866
233,866
The special reserve is available for distribution purposes. The reserve will not constitute winding up revenue profits in the event of the Company\u2019s liquidation. ", "dimensions": { "concept": "uillimited:DisclosureOfSpecialReserve", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-341": { "value": "23. CAPITAL RESERVES
Group
Company
2026 2025 2026 2025
Capital reserves comprise of: \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Arising on investments sold
(71,761)
(109,907)
(72,897)
(111,040)
Arising on revaluation of investments held
(12,417)
(37,783)
(11,336)
(36,915)
Balance as at 30 June
(84,178)
(147,690)
(84,233)
(147,955)
Included within the capital reserves movement for the year is \u00a34,655,000 (2025: \u00a332,560,000) of capital distributions, \u00a31,000 (2025: \u00a3nil) of transaction costs on purchases of investments and \u00a35,000 (2025: \u00a36,000) of transaction costs on sales of investments. ", "dimensions": { "concept": "uillimited:DisclosureOfCapitalReserve", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-342": { "value": "24. REVENUE RESERVE
2026 2025
Group and Company \u00a3\u2019000s \u00a3\u2019000s
Balance brought forward
18,924
15,218
Amount transferred to revenue reserve
16,102
10,783
Dividends paid in the year
(9,124)
(7,077)
Balance as at 30 June
25,902
18,924
Under Bermuda Law, a company cannot declare or pay a dividend, or make a distribution out of contributed surplus, unless there are reasonable grounds for believing that: the company is and will after the payment be able to meet its liabilities as they become due; and the realisable value of the company's assets will not thereby be less than the aggregate of its liabilities. The net assets of the Company as at 30 June 2026 was \u00a3232.9m (2025: \u00a3166.4m).", "dimensions": { "concept": "uillimited:DisclosureOfRevenueReserve", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-296": { "value": "
25. NET ASSET VALUE PER ORDINARY SHARE
NAV per ordinary share is based on net assets at the year end of \u00a3232,949,000 for the Group and \u00a3232,894,000 for the Company
(2025: \u00a3166,647,000 for the Group and \u00a3166,382,000 for the Company) and on 90,439,504 ordinary shares in issue at the year end
(2025:92,887,179).
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-297": { "value": "
26. RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES
Non-cash flow
Group changes
Balance at Foreign Balance
30 June Transactions exchange Finance at 30 June
2025 in the year Receipts Payments movement Settlements costs 2026
2026 \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Loans
19,525
\u2013
23,892
(17,421)
165
(15,990)
1
\u2013
10,171
ZDP shares
62,184
\u2013
908
(1,704)
\u2013
\u2013
3,571
64,959
Dividends paid
\u2013
9,124
\u2013
(9,124)
\u2013
\u2013
\u2013
\u2013
Repurchase
of shares for
cancellation
\u2013
4,188
\u2013
(4,188)
\u2013
\u2013
\u2013
\u2013
81,709
13,312
24,800
(32,437)
165
(15,990)
3,571
75,130
1 Non cash flow receipts
Non-cash flow
changes
Balance Foreign Balance
at 30 June Transactions exchange Finance at 30 June
2024 in the year Receipts Payments movement Settlements costs 2025
2025 \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Loans
2,850
\u2013
37,594
(14,265)
(416)
(6,238)
2
\u2013
19,525
ZDP shares
99,796
\u2013
\u2013
(41,698)
\u2013
\u2013
4,086
62,184
Dividends paid
\u2013
7,077
\u2013
(5,707)
\u2013
(1,370)
\u2013
\u2013
Issue of shares
\u2013
(15,829)
\u2013
\u2013
\u2013
15,829
\u2013
\u2013
Cost of issue of
shares
\u2013
26
\u2013
(26)
\u2013
\u2013
\u2013
\u2013
Repurchase of shares
for cancellation
\u2013
514
\u2013
(514)
\u2013
\u2013
\u2013
\u2013
102,646
(8,212)
37,594
(62,210)
(416)
8,221
4,086
81,709
2 Non cash flow receipts of \u00a37,635,000 and non cash flow repayments of \u00a313,873,000.
Non-cash flow
Company changes
Balance at Foreign Balance
30 June Transactions exchange Finance at 30 June
2025 in the year Receipts Payments movement Settlements costs 2026
2026 \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Loans
19,525
\u2013
23,892
(17,421)
165
(15,990)
1
\u2013
10,171
Intra-group loans
66,447
\u2013
\u2013
\u2013
\u2013
\u2013
3,790
70,237
Dividends paid
\u2013
9,124
\u2013
(9,124)
\u2013
\u2013
\u2013
\u2013
Repurchase
of shares for
cancellation
\u2013
4,188
\u2013
(4,188)
\u2013
\u2013
\u2013
\u2013
85,972
13,312
23,892
(30,733)
165
(15,990)
3,790
80,408
1 Non cash flow receipts
Non-cash flow
changes
Balance at Foreign Balance
30 June Transactions exchange Finance at 30 June
2024 in the year Receipts Payments movement Settlements costs 2025
2025 \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Loans
2,850
\u2013
37,594
(14,265)
(416)
(6,238)
2
\u2013
19,525
Intra-group loans
103,615
\u2013
\u2013
(41,505)
\u2013
\u2013
4,337
66,447
Dividends paid
\u2013
7,077
\u2013
(5,707)
\u2013
(1,370)
\u2013
\u2013
Issue of shares
\u2013
(15,829)
\u2013
\u2013
\u2013
15,829
\u2013
\u2013
Cost of issue of
shares
\u2013
26
\u2013
(26)
\u2013
\u2013
\u2013
\u2013
Repurchase
of shares for
cancellation
\u2013
514
\u2013
(514)
\u2013
\u2013
\u2013
\u2013
106,465
(8,212)
37,594
(62,017)
(416)
8,221
4,337
85,972
2 Non cash flow receipts of \u00a37,635,000 and non cash flow repayments of \u00a313,873,000.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-324": { "value": "26. RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES
Non-cash flow
Group changes
Balance at Foreign Balance
30 June Transactions exchange Finance at 30 June
2025 in the year Receipts Payments movement Settlements costs 2026
2026 \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Loans
19,525
\u2013
23,892
(17,421)
165
(15,990)
1
\u2013
10,171
ZDP shares
62,184
\u2013
908
(1,704)
\u2013
\u2013
3,571
64,959
Dividends paid
\u2013
9,124
\u2013
(9,124)
\u2013
\u2013
\u2013
\u2013
Repurchase
of shares for
cancellation
\u2013
4,188
\u2013
(4,188)
\u2013
\u2013
\u2013
\u2013
81,709
13,312
24,800
(32,437)
165
(15,990)
3,571
75,130
1 Non cash flow receipts
Non-cash flow
changes
Balance Foreign Balance
at 30 June Transactions exchange Finance at 30 June
2024 in the year Receipts Payments movement Settlements costs 2025
2025 \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Loans
2,850
\u2013
37,594
(14,265)
(416)
(6,238)
2
\u2013
19,525
ZDP shares
99,796
\u2013
\u2013
(41,698)
\u2013
\u2013
4,086
62,184
Dividends paid
\u2013
7,077
\u2013
(5,707)
\u2013
(1,370)
\u2013
\u2013
Issue of shares
\u2013
(15,829)
\u2013
\u2013
\u2013
15,829
\u2013
\u2013
Cost of issue of
shares
\u2013
26
\u2013
(26)
\u2013
\u2013
\u2013
\u2013
Repurchase of shares
for cancellation
\u2013
514
\u2013
(514)
\u2013
\u2013
\u2013
\u2013
102,646
(8,212)
37,594
(62,210)
(416)
8,221
4,086
81,709
2 Non cash flow receipts of \u00a37,635,000 and non cash flow repayments of \u00a313,873,000.
Non-cash flow
Company changes
Balance at Foreign Balance
30 June Transactions exchange Finance at 30 June
2025 in the year Receipts Payments movement Settlements costs 2026
2026 \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Loans
19,525
\u2013
23,892
(17,421)
165
(15,990)
1
\u2013
10,171
Intra-group loans
66,447
\u2013
\u2013
\u2013
\u2013
\u2013
3,790
70,237
Dividends paid
\u2013
9,124
\u2013
(9,124)
\u2013
\u2013
\u2013
\u2013
Repurchase
of shares for
cancellation
\u2013
4,188
\u2013
(4,188)
\u2013
\u2013
\u2013
\u2013
85,972
13,312
23,892
(30,733)
165
(15,990)
3,790
80,408
1 Non cash flow receipts
Non-cash flow
changes
Balance at Foreign Balance
30 June Transactions exchange Finance at 30 June
2024 in the year Receipts Payments movement Settlements costs 2025
2025 \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Loans
2,850
\u2013
37,594
(14,265)
(416)
(6,238)
2
\u2013
19,525
Intra-group loans
103,615
\u2013
\u2013
(41,505)
\u2013
\u2013
4,337
66,447
Dividends paid
\u2013
7,077
\u2013
(5,707)
\u2013
(1,370)
\u2013
\u2013
Issue of shares
\u2013
(15,829)
\u2013
\u2013
\u2013
15,829
\u2013
\u2013
Cost of issue of
shares
\u2013
26
\u2013
(26)
\u2013
\u2013
\u2013
\u2013
Repurchase
of shares for
cancellation
\u2013
514
\u2013
(514)
\u2013
\u2013
\u2013
\u2013
106,465
(8,212)
37,594
(62,017)
(416)
8,221
4,337
85,972
2 Non cash flow receipts of \u00a37,635,000 and non cash flow repayments of \u00a313,873,000.", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-298": { "value": "27. ULTIMATE PARENT UNDERTAKING In the opinion of the Directors, the Group\u2019s ultimate parent undertaking is Somers Isles Private Trust Company Limited (\u201cSIPTCL\u201d), a company incorporated in Bermuda and owned by Mr Duncan Saville. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-7": { "value": "Somers Isles Private Trust Company Limited", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-299": { "value": "
28. RELATED PARTY TRANSACTIONS
The following are considered related parties of UIL in the year ended 30 June 2026:
Ultimate parent undertaking: UIL\u2019s majority shareholder GPLPF holds 80.6% of UIL\u2019s shares (2025: 78.8). The ultimate parent
undertaking of GPLPF is SIPTCL as referred to in note 27.
Subsidiaries of UIL: CoreHealth, Energy Holdings Limited, Northbrook Resources Limited, UIL Finance, West Hamilton, Zeta
Minerals and Zeta Resources. On consolidation, transactions between the Company and UIL Finance have been eliminated.
Joint venture of UIL: Allectus Quantum.
Associated undertakings: DTI, Gumtree Australia Markets Limited, MoneyMe Limited, Orbital, Resimac, Somers and WT
Financial Group.
Subsidiaries of the above subsidiaries, joint ventures and associated undertakings:
Allectus Quantum: Allectus Quantum Limited
Resimac: Access Network Management Pty Ltd, Auspak Financial Services Pty Ltd, FAI First Mortgage Pty Ltd, Independent
Mortgage Corporation Pty Ltd, Resimac Est Pty Ltd and Resimac Limited.
Zeta Minerals: Kumarina Resources Pty Ltd (\"Kumarina\")
Zeta Resources: Horizon Gold Limited, Panoramic Resources Limited, PPP and Zeta Energy Pte Ltd.
Key management entities and persons: ICM and ICMIM and the board of directors of ICM, Alasdair Younie, Charles Jillings,
Duncan Saville and of ICMIM, Charles Jillings and Sandra Pope. ICM Corporate Services (Pty) Ltd is a wholly owned subsidiary of
ICM.
Persons exercising control of UIL: The Board of UIL.
Companies controlled by key management persons: Mitre Investments Limited and Permanent Mutual Limited (\"PML\").
The following transactions were carried out during the year to 30 June 2026 between the Company and its related
parties above:
UIL Finance: Loans from UIL Finance to UIL of \u00a366.4m as at 30 June 2025 increased by \u00a33.8m, to \u00a370.2m as at 30 June 2026. The
loans are repayable on any ZDP share repayment date.
Subsidiaries: Transactions are disclosed in note 12.
Joint venture: Transactions are disclosed in note 11.
Associated undertakings: Transactions are disclosed in note 11.
Subsidiaries of the above subsidiaries and associated undertakings:
PPP - Pursuant to a loan agreement dated 20 June 2025, under which UIL agreed to loan monies to PPP, the balance of the loan
outstanding as at 30 June 2025 was \u00a34.9m (AUD 10.3m). In the year to 30 June 2026, PPP repaid the loan in full. The loan incurred
interest at an annual rate of nil%.
Kumarina - Pursuant to a loan agreement dated 26 February 2025, under which UIL agreed to loan monies to Kumarina, the
balance of the loan outstanding as at 30 June 2025 was \u00a32.6m (AUD 5.5m). In the year Kumarina repaid the loan in full. The loan
incurred interest at an annual rate of nil%.
Except for the above there were no transactions during the year to 30 June 2026 with any of the subsidiaries of the above
subsidiaries and associated undertakings.
Key management entities and persons:
ICM and ICMIM are joint portfolio managers of UIL. Other than investment management fees, secretarial costs and performance
fees as set out in note 5, and reimbursed expenses of \u00a31,000 (2025: \u00a317,000), there were no other transactions with ICM or
ICMIM or ICM Corporate Services (Pty) Ltd. At the year end \u00a3243,000 (2025: \u00a3103,000) remained outstanding to ICM and ICMIM in
respect of management and company secretarial fees and \u00a3nil (2025: \u00a3nil) in respect of performance fees.
Mr Younie is a director of PML, Somers and West Hamilton.
Mr Jillings is a director of Allectus Quantum, PML, Somers and Sabrina. Mr Jillings received dividends from UIL of \u00a356,000 (2025:
\u00a345,000).
Mr Saville is a director of GPLPF, PML, Resimac, West Hamilton, Somers, Zeta Minerals and Zeta Resources and the ultimate
beneficial owner of ICM and ICMIM.
Mrs Pope is a director of Zeta Minerals.
There were no other transactions in the year with Alasdair Younie, Charles Jillings, Duncan Saville and Sandra Pope and UIL.
The Board:
Fees paid to Directors: Chairman \u00a355,500; Chairman of Audit & Risk Committee \u00a353,000; Director \u00a341,050; and Alison Hill \u00a314,100
(retired from the Board on 4 November 2025). The Board received aggregate remuneration of \u00a3164,000 for services as Directors.
As at 30 June 2026, \u00a3nil remained outstanding to the Directors. In addition to their fees, the Directors received dividends totalling
\u00a372,000 (2025: \u00a352,000) during the year. In aggregate the Directors held 765,849 ordinary shares of the Company as at
30 June 2026 (2025: 739,302), see page 51. There were no other transactions in the year with the Board and UIL.
Ultimate parent undertaking and companies controlled by key management persons:
GPLPF received dividends of \u00a37,288,000 (2025: \u00a35,451,000) from UIL, Mitre Investments Limited received dividends of \u00a3237,000
(2025: \u00a3200,000) from UIL and PML received dividends of \u00a32,000 (2025: \u00a32,000) from UIL.
GPLPF provided a \u00a324.0m loan facility to UIL, see note 15.
On 4 November 2025, UIL entered into a sale and purchase agreement with GPLPF to sell 1,371,124 Somers shares held by UIL to
GPLPF in settlement of the outstanding loan from GPLPF to UIL of \u00a317.1m (including accrued interest).
There were no other transactions between companies controlled by key management and UIL during the year to 30 June 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-325": { "value": "28. RELATED PARTY TRANSACTIONS The following are considered related parties of UIL in the year ended 30 June 2026: Ultimate parent undertaking: UIL\u2019s majority shareholder GPLPF holds 80.6% of UIL\u2019s shares (2025: 78.8). The ultimate parent undertaking of GPLPF is SIPTCL as referred to in note 27. Subsidiaries of UIL: CoreHealth, Energy Holdings Limited, Northbrook Resources Limited, UIL Finance, West Hamilton, Zeta Minerals and Zeta Resources. On consolidation, transactions between the Company and UIL Finance have been eliminated. Joint venture of UIL: Allectus Quantum. Associated undertakings: DTI, Gumtree Australia Markets Limited, MoneyMe Limited, Orbital, Resimac, Somers and WT Financial Group. Subsidiaries of the above subsidiaries, joint ventures and associated undertakings: Allectus Quantum: Allectus Quantum Limited Resimac: Access Network Management Pty Ltd, Auspak Financial Services Pty Ltd, FAI First Mortgage Pty Ltd, Independent Mortgage Corporation Pty Ltd, Resimac Est Pty Ltd and Resimac Limited. Zeta Minerals: Kumarina Resources Pty Ltd (\"Kumarina\") Zeta Resources: Horizon Gold Limited, Panoramic Resources Limited, PPP and Zeta Energy Pte Ltd. Key management entities and persons: ICM and ICMIM and the board of directors of ICM, Alasdair Younie, Charles Jillings, Duncan Saville and of ICMIM, Charles Jillings and Sandra Pope. ICM Corporate Services (Pty) Ltd is a wholly owned subsidiary of ICM. Persons exercising control of UIL: The Board of UIL. Companies controlled by key management persons: Mitre Investments Limited and Permanent Mutual Limited (\"PML\"). The following transactions were carried out during the year to 30 June 2026 between the Company and its related parties above: UIL Finance: Loans from UIL Finance to UIL of \u00a366.4m as at 30 June 2025 increased by \u00a33.8m, to \u00a370.2m as at 30 June 2026. The loans are repayable on any ZDP share repayment date. Subsidiaries: Transactions are disclosed in note 12. Joint venture: Transactions are disclosed in note 11. Associated undertakings: Transactions are disclosed in note 11. Subsidiaries of the above subsidiaries and associated undertakings: PPP - Pursuant to a loan agreement dated 20 June 2025, under which UIL agreed to loan monies to PPP, the balance of the loan outstanding as at 30 June 2025 was \u00a34.9m (AUD 10.3m). In the year to 30 June 2026, PPP repaid the loan in full. The loan incurred interest at an annual rate of nil%. Kumarina - Pursuant to a loan agreement dated 26 February 2025, under which UIL agreed to loan monies to Kumarina, the balance of the loan outstanding as at 30 June 2025 was \u00a32.6m (AUD 5.5m). In the year Kumarina repaid the loan in full. The loan incurred interest at an annual rate of nil%. Except for the above there were no transactions during the year to 30 June 2026 with any of the subsidiaries of the above subsidiaries and associated undertakings. Key management entities and persons: ICM and ICMIM are joint portfolio managers of UIL. Other than investment management fees, secretarial costs and performance fees as set out in note 5, and reimbursed expenses of \u00a31,000 (2025: \u00a317,000), there were no other transactions with ICM or ICMIM or ICM Corporate Services (Pty) Ltd. At the year end \u00a3243,000 (2025: \u00a3103,000) remained outstanding to ICM and ICMIM in respect of management and company secretarial fees and \u00a3nil (2025: \u00a3nil) in respect of performance fees. Mr Younie is a director of PML, Somers and West Hamilton. Mr Jillings is a director of Allectus Quantum, PML, Somers and Sabrina. Mr Jillings received dividends from UIL of \u00a356,000 (2025: \u00a345,000). Mr Saville is a director of GPLPF, PML, Resimac, West Hamilton, Somers, Zeta Minerals and Zeta Resources and the ultimate beneficial owner of ICM and ICMIM. Mrs Pope is a director of Zeta Minerals. There were no other transactions in the year with Alasdair Younie, Charles Jillings, Duncan Saville and Sandra Pope and UIL. The Board: Fees paid to Directors: Chairman \u00a355,500; Chairman of Audit & Risk Committee \u00a353,000; Director \u00a341,050; and Alison Hill \u00a314,100 (retired from the Board on 4 November 2025). The Board received aggregate remuneration of \u00a3164,000 for services as Directors. As at 30 June 2026, \u00a3nil remained outstanding to the Directors. In addition to their fees, the Directors received dividends totalling \u00a372,000 (2025: \u00a352,000) during the year. In aggregate the Directors held 765,849 ordinary shares of the Company as at 30 June 2026 (2025: 739,302), see page 51. There were no other transactions in the year with the Board and UIL. Ultimate parent undertaking and companies controlled by key management persons: GPLPF received dividends of \u00a37,288,000 (2025: \u00a35,451,000) from UIL, Mitre Investments Limited received dividends of \u00a3237,000 (2025: \u00a3200,000) from UIL and PML received dividends of \u00a32,000 (2025: \u00a32,000) from UIL. GPLPF provided a \u00a324.0m loan facility to UIL, see note 15. On 4 November 2025, UIL entered into a sale and purchase agreement with GPLPF to sell 1,371,124 Somers shares held by UIL to GPLPF in settlement of the outstanding loan from GPLPF to UIL of \u00a317.1m (including accrued interest). There were no other transactions between companies controlled by key management and UIL during the year to 30 June 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-343": { "value": "Ultimate parent undertaking and companies controlled by key management persons: GPLPF received dividends of \u00a37,288,000 (2025: \u00a35,451,000) from UIL, Mitre Investments Limited received dividends of \u00a3237,000 (2025: \u00a3200,000) from UIL and PML received dividends of \u00a32,000 (2025: \u00a32,000) from UIL. GPLPF provided a \u00a324.0m loan facility to UIL, see note 15. On 4 November 2025, UIL entered into a sale and purchase agreement with GPLPF to sell 1,371,124 Somers shares held by UIL to GPLPF in settlement of the outstanding loan from GPLPF to UIL of \u00a317.1m (including accrued interest). There were no other transactions between companies controlled by key management and UIL during the year to 30 June 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-300": { "value": "
29. OPERATING SEGMENTS
The Directors are of the opinion that the Company\u2019s activities comprise a single operating segment, which is investing in equity,
debt and derivative securities to maximise shareholder returns.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-301": { "value": "
30. GOING CONCERN
Notwithstanding that the Group has reported net current liabilities of \u00a326,680,000 as at 30 June 2026 (2025: \u00a319,370,000), the
financial statements have been prepared on a going concern basis which the Directors consider to be appropriate for the following
reasons.
The Board\u2019s going concern assessment has focussed on the forecast liquidity of the Group for at least 12 months from the date of
approval of the financial statements. This analysis assumes that the Company will meet some of its short term obligations through
the sale of level 1 securities, which represented 28.9% of the Company\u2019s total portfolio as at 30 June 2026 (2025: 17.6%). As part of
this assessment the Board has considered a severe but plausible downside that reflects the impact of the key risks set out in the
Strategic Report and an assessment of the Company\u2019s ability to meet its liabilities as they fall due (including the loan liabilities in
note 15), assuming a significant reduction in asset values and accompanying currency volatility.
The severe but plausible downside reflects a significant reduction in asset values in line with that experienced during the
emergence of the Covid-19 pandemic in the first quarter of 2020. The Board also considered reverse stress testing to identify the
reduction in the valuation of liquid investments that would cause the Group to be unable to meet its net current liabilities, being
primarily the bank loan of \u00a33,390,000 and the 2026 ZDP shares of \u00a332,063,000. The Board is confident that the reduction in asset
values implied by the reverse stress test is not plausible even in the current volatile environment.
Consequently, 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. Accordingly, the Board considers it appropriate to
continue to adopt the going concern basis in preparing the accounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-326": { "value": "
31. FINANCIAL RISK MANAGEMENT
The Group\u2019s investment objective is to maximise shareholder returns by identifying and investing in compelling long-term
investments worldwide, where the underlying value is not reflected in the market share price.
The Group seeks to meet its investment objective by investing principally in a direct and indirect diversified portfolio of both
listed and unlisted companies. Derivative instruments may be used for the purposes of hedging the underlying portfolio of
investments. The Group has the power to take out both short and long term borrowings. In pursuing the objective, the Group is
exposed to financial risks which could result in a reduction of either or both of the value of the net assets and the profits available
for distribution by way of dividend. These financial risks are principally related to the market (currency movements, interest rate
changes and security price movements), liquidity and credit and counterparty risk. The Board of Directors, together with the
Investment Managers, is responsible for the Group\u2019s risk management. The Directors\u2019 policies and processes for managing the
financial risks are set out in (a), (b) and (c) below.
The Company\u2019s risks include the risks within UIL Finance and therefore only the Group risks are analysed below as the differences
are not considered to be significant. The accounting policies which govern the reported Statement of Financial Position carrying
values of the underlying financial assets and liabilities, as well as the related income and expenditure, are set out in note 2. The
policies are in compliance with IFRS and best practice, and include the valuation of financial assets and liabilities at fair value except
as noted in (d) below and in note 17 in respect of ZDP shares. The Group does not make use of hedge accounting rules.
(a) Market risks
The fair value of equity and other financial securities held in the Group\u2019s portfolio and derivative financial instruments fluctuates
with changes in market prices. Prices are themselves affected by movements in currencies and interest rates and by other
financial issues, including the market perception of future risks. The Board sets policies for managing these risks within the
Group\u2019s objective and meets regularly to review full, timely and relevant information on investment performance and financial
results. The Investment Managers assess exposure to market risks when making each investment decision and monitor on-going
market risk within the portfolio. The Group\u2019s other assets and liabilities may be denominated in currencies other than Sterling
and may also be exposed to interest rate risks. The Investment Managers and the Board regularly monitor these risks. The Group
does not normally hold significant cash balances. Borrowings are limited to amounts and currencies commensurate with the
portfolio\u2019s exposure to those currencies, thereby limiting the Group\u2019s exposure to future changes in exchange rates.
Gearing may be short or long-term, in Sterling and foreign currencies, and enables the Group to take a long-term view of the
countries and markets in which it is invested without having to be concerned about short-term volatility. Income earned in foreign
currencies is converted to Sterling on receipt. The Board regularly monitors the effects on net revenue of interest earned on
deposits and paid on gearing.
Currency exposure
The principal currencies to which the Group was exposed in the year to 30 June 2026 and 30 June 2025 were the Australian Dollar,
Bermuda Dollar, Euro and US Dollar. The Group\u2019s assets and liabilities as at 30 June, by currency excluding Sterling based on the country
of primary exposure, are shown below:
AUD BMD EUR USD Other Total
2026 \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Cash and cash equivalents
1,473
\u2013
\u2013
151
1,726
3,350
Investments
166,076
6,634
2,713
12,865
35,726
224,014
Short-term borrowings
\u2013
\u2013
\u2013
(3,390)
\u2013
(3,390)
Long-term borrowings
\u2013
\u2013
\u2013
(6,781)
\u2013
(6,781)
Net financial assets
167,549
6,634
2,713
2,845
37,452
217,193
AUD BMD EUR USD Other Total
2025 \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Cash and cash equivalents
350
\u2013
\u2013
295
\u2013
645
Investments
146,313
6,972
12,535
3,888
41,071
210,779
Net financial assets
146,663
6,972
12,535
4,183
41,071
211,424
Monetary liabilities of the Group in the year to 30 June 2025, excluding Sterling, was \u00a3nil.
Based on the financial assets and liabilities held, and exchange rates applying, as at the Statement of Financial Position date, a weakening or strengthening of Sterling against each of these currencies by 10% would have had the following approximate effect on annualised income after tax and on NAV per share:
2026
2025
AUD BMD EUR USD AUD BMD EUR USD
Weakening of Sterling \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Income Statement
Revenue profit for the year
1,565
(7)
\u2013
\u2013
1,155
(5)
13
55
Capital profit for the year
18,617
737
301
316
16,257
775
1,393
465
Total profit for the year
20,182
730
301
316
17,412
770
1,406
520
2026
2025
AUD BMD EUR USD AUD BMD EUR USD
Strengthening of Sterling \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Income Statement
Revenue loss for the year
(1,565)
7
\u2013
\u2013
(1,155)
5
(13)
(55)
Capital loss for the year
(18,617)
(737)
(301)
(316)
(16,257)
(775)
(1,393)
(465)
Total loss for the year
(20,182)
(730)
(301)
(316)
(17,412)
(770)
(1,406)
(520)
These analyses are broadly representative of the Group\u2019s activities during the current year as a whole, although the level of the Group\u2019s exposure to currencies fluctuates in accordance with the investment and risk management processes. Interest rate exposure The exposure of the financial assets and liabilities to interest rate risks as at 30 June is shown below:
2026
2025
Within More than Within More than
Total one year one year Total one year one year
\u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Exposure to floating rates
Investments
522
\u2013
522
\u2013
\u2013
\u2013
Cash and cash equivalents
9,257
9,257
\u2013
953
953
\u2013
Loans
(10,171)
(3,390)
(6,781)
\u2013
\u2013
\u2013
(392)
5,867
(6,259)
953
953
\u2013
Exposure to fixed rates
Investments
62,341
\u2013
62,341
\u2013
\u2013
\u2013
Borrowings
\u2013
\u2013
\u2013
(19,525)
(19,525)
\u2013
ZDP shares
(64,959)
(32,063)
(32,896)
(62,184)
\u2013
(62,184)
(2,618)
(32,063)
29,445
(81,709)
(19,525)
(62,184)
Net exposures
At year end
(3,010)
(26,196)
23,186
(80,756)
(18,572)
(62,184)
Maximum in year
(80,756)
(18,572)
(62,184)
(103,632)
(44,401)
(59,231)
Minimum in year
(3,010)
(26,196)
23,186
(72,004)
(10,657)
(61,347)
Exposure to Fixed Exposure to Fixed
floating interest floating interest
Total interest rates rates Total interest rates rates
\u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Maximum in year
(80,756)
953
(81,709)
(103,632)
(577)
(103,055)
Minimum in year
(3,010)
(392)
(2,618)
(72,004)
231
(72,235)
Exposures vary throughout the year as a consequence of changes in the make-up of the net assets of the Group arising out of the investment and risk management processes. Interest received on cash balances or paid on overdrafts is at ruling market rates. Finance costs on the ZDP shares are fixed (see note 17). Interest paid on borrowings is at ruling market rates (see note 15). The Group\u2019s total returns and net assets are sensitive to changes in interest rates on cash. Based on the financial assets and liabilities held, and the interest rates pertaining, at each Statement of Financial Position date, a decrease or increase in interest rates by 2% would have had the following approximate effects on the Group Income Statement revenue and capital returns after tax and on the NAV per share.
2026
2025
Increase Decrease Increase Decrease
in rate in rate in rate in rate
\u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Revenue profit for the year
(8)
8
19
(19)
Capital profit for the year
\u2013
\u2013
\u2013
\u2013
Total profit for the year
(8)
8
19
(19)
Other market risk exposures The portfolio of investments, valued at \u00a3299,306,000 as at 30 June 2026 (2025: \u00a3248,201,000) is exposed to market price changes. The Investment Managers assess these exposures at the time of making each investment decision. The Board reviews overall exposures at each meeting against indices and other relevant information. An analysis of the portfolio by country and major industrial sector are set out on pages 12 and 11 respectively. Based on the portfolio of investments at the Statement of Financial Position date, and assuming other factors remain constant, a decrease or increase in the fair values of the portfolio by 20% would have had the following approximate effects on the Income Statement Capital Return after tax and on the NAV per share:
2026
2025
Increase Decrease Increase Decrease
in value in value in value in value
Income Statement capital profit for the year (\u00a3\u2019000s)
59,861
(59,861)
49,640
(49,640)
(b) Liquidity risk exposure The Group and the Company are required to raise funds to meet commitments associated with financial instruments including ZDP shares. These funds may be raised either through the realisation of assets or through increased borrowing. The risk of the Group or the Company not having sufficient liquidity at any time is not considered by the Board to be significant, given: the number of quoted investments held in the Group\u2019s portfolio, 13 as at 30 June 2026 (15 as at 30 June 2025); the liquid nature of the portfolio of investments; and the geographical and sector diversity of the portfolio (see pages 12 and 11 respectively). Cash balances are held with reputable banks with high quality external credit ratings. The Investment Managers review liquidity at the time of making each investment decision. The Board reviews liquidity exposure at each meeting. The Group has a loan of \u00a310.2m as set out in note 15 and note 18 and ZDP share liabilities of \u00a365.0m as set out in note 17. The contractual maturities of the financial liabilities, based on the earliest date on which payment can be required, were as follows:
2026
2025
More than More than
Three three months Three three months
months but less than More than months but less than More than
or less one year one year Total or less one year one year Total
\u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Other creditors
689
\u2013
\u2013
689
313
\u2013
\u2013
313
Loans
203
4,001
7,189
11,393
\u2013
20,725
\u2013
20,725
ZDP shares
\u2013
32,641
37,943
70,584
\u2013
\u2013
71,262
71,262
892
36,642
45,132
82,666
313
20,725
71,262
92,300
(c) Credit risk and counterparty exposure The Group is exposed to potential failure by counterparties to deliver securities for which the Group has paid, or to pay for securities which the Group has delivered. The Board approves all counterparties used in such transactions, which must be settled on a basis of delivery against payment (except where local market conditions do not permit). Broker counterparties are selected based on a combination of criteria, including credit rating, statement of financial position strength and membership of a relevant regulatory body. Cash and deposits are held with reputable banks. The Group has an on-going contract with its custodians for the provision of custody services. The contracts are reviewed regularly. Details of securities held in custody on behalf of the Group are received and reconciled monthly. Prior to making investments in debt instruments, the Investment Managers have in place a process of review that includes an evaluation of a potential investee company\u2019s ability to service and repay its debt. The Investment Managers review the financial position of investee companies on a regular basis. To the extent that the Investment Managers carry out duties (or cause similar duties to be carried out by third parties) on the Group\u2019s behalf, the Group is exposed to counterparty risk. The Board assesses this risk continuously through regular meetings with management.
In summary, compared to the amounts included in the Statement of Financial Position, the maximum exposure to credit risk was
as follows:
2026
2025
Maximum Maximum
exposure exposure
30 June in the year 30 June in the year
Current assets \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Cash at bank
9,257
9,257
953
4,865
Financial assets through profit and loss
Investments in debt instruments
62,863
62,863
8,837
8,837
Derivatives \u2013 forward exchange contracts
\u2013
\u2013
\u2013
4,758
None of the Group\u2019s financial assets are past due or impaired. The expected credit loss on the cash at bank is not considered
material as at 30 June 2026 (2025: not material). The Group\u2019s principal custodian is JPMorgan Chase Bank N.A.\u2013 Jersey Branch.
(d) Fair values of financial assets and liabilities
The assets and liabilities of the Group are, in the opinion of the Directors, reflected in the Statement of Financial Position at fair
value except for ZDP shares which are carried at amortised cost using effective interest rate basis (see note 17). Borrowings
under loan facilities do not have a value materially different from their capital repayment amount. Borrowings in foreign
currencies are converted into Sterling at exchange rates ruling at each valuation date.
The fair values of ZDP shares derived from their quoted market price as at 30 June, were:
2026 2025
\u00a3\u2019000s \u00a3\u2019000s
2026
ZDP shares
32,211
31,086
2028
ZDP shares
32,763
28,581
Unquoted investments are valued based on professional assumptions and advice that is not wholly supported by prices from
current market transactions or by observable market data. The Directors make use of recognised valuation techniques and may
take account of recent arms\u2019 length transactions in the same or similar investments.
The Directors regularly review the principles applied by the Investment Managers to those valuations to ensure they comply with
the Group\u2019s accounting policies and with fair value principles.
Level 3 financial instruments
Valuation methodology
The objective of using valuation techniques is to arrive at a fair value measurement that reflects the price that would be received
to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date.
The Company uses proprietary valuation models, which are compliant with IPEV guidelines and IFRS 13 and which are usually
developed from recognised valuation techniques. Some or all of the significant inputs into these models may not be observable
in the market and are derived from market prices or rates or are estimated based on assumptions. Valuation models that employ
significant unobservable inputs require a higher degree of management judgement and estimation in the determination of fair
value. Management judgement and estimation are usually required for the selection of the appropriate valuation model to be
used, determination of expected future cash flows of the financial instrument being valued, determination of the probability of
counterparty default and prepayments, peer group multiple and selection of appropriate discount rates.
Fair value estimates obtained from such models are adjusted for any other factors, such as controlling interest, historical and
projected financial data, entity specific strengths and weaknesses, or model uncertainties, to the extent that the Company
believes that a third party market participant would take them into account in pricing a transaction.
The Directors have satisfied themselves as to the methodology used, the discount rates and key assumptions applied, and the valuations. The level 3 assets comprise of a number of unlisted investments at various stages of development and each has been assessed based on its industry, location and business cycle. The valuation methodologies include net assets, discounted cash flows, cost of recent investment or last funding round, listed peer comparison or peer group multiple or dividend yield as appropriate. Where applicable, the Directors have considered observable data and events to underpin the valuations. A discount has been applied, where appropriate, to reflect both the unlisted nature of the investments and business risks. UIL currently has investments in a number of level 3 closed-end investment companies including Allectus Quantum, Zeta Minerals and Zeta Resources. These closed-end fund interests are valued on a net assets basis, estimated based on the managers\u2019 NAVs. The managers\u2019 NAVs use recognised valuation techniques consistent with IFRS and are normally subject to audit. The fund valuations included in these financial statements were based principally on the 30 June 2026 managers\u2019 NAVs and these NAVs have been reviewed to ensure that the economic impact of higher inflation and the Ukraine and Middle East conflicts have been considered. Sensitivity of level 3 financial investments measured at fair value to changes in key assumptions. Level 3 inputs are sensitive to assumptions made when ascertaining fair value. The following section details the sensitivity of valuations to variations in key inputs. The level of change selected is considered to be reasonable, based on observation of market conditions and historic trends. In assessing the level of reasonably possible outcomes consideration was also given to the impact on valuations of the elevated level of volatility in equity markets during the year, principally reflecting concerns about geopolitical tensions, high rates of inflation and the Ukraine and Middle East conflicts. The valuations of fund interests are based on the managers\u2019 NAVs and these managers have advised that they have taken into account these economic and market concerns. The impact on the valuations has been varied and largely linked to their relevant sectors and this has been reflected in the level of sensitivities applied. For each unlisted holding valued over \u00a35.0m, the significant valuation inputs have been detailed below. Zeta Resources Bermuda incorporated UIL holds 100% of the ordinary shares in Zeta Resources which it valued at \u00a377.3m as at 30 June 2026 (2025: \u00a343.9m). The cost of this investment was \u00a350.8m (2025: \u00a350.7m) and UIL has also provided loans of \u00a313.6m to Zeta Resources and its subsidiaries. Zeta Resources is a resources focused investment holding company. For the year ended 30 June 2026 Zeta Resources recorded total income of USD 48.4m (2025: USD 11.5m), a net profit before tax of USD 45.1m (2025: USD 10.4m), and net assets of USD 102.6m (2025: USD 57.6m). Key valuation inputs: Market value for portfolio of investments. Discount to NAV for the lack of marketability and restrictions on redemption is nil. Valuation methodology: UIL values the Zeta Resources shares at their underlying NAV per share. Zeta Resources portfolio consists of resource entities and base metals exploration and production companies and its NAV was valued using valuation techniques consistent with IFRS and is subject to an annual audit. As at 30 June 2026 8% of Zeta Resources investment portfolio was valued using valuation techniques and these investments have been given a sensitivity of 10% to reflect the level 3 investments within Zeta Resources portfolio and the high subjectivity and degree of uncertainty over the managers' valuations of these unlisted investments. The remaining 92% of Zeta Resources portfolio was valued using their listed share price. The loans are valued using a discounted cash flow methodology. Sensitivities: Should the value of Zeta Resources equity move by 10% the gain or loss would be \u00a37.7m. Allectus Quantum UK incorporated UIL holds 50% of the ordinary shares in Allectus Quantum and carried its investment at \u00a326.5m (2025: \u00a322.0m). The cost of this investment was \u00a36.4m (2025: \u00a36.4m). The financial results of Allectus Quantum are not publicly available. Key valuation inputs: Market value for portfolio of investments. Discount to NAV for the lack of marketability and restrictions on redemption is nil. Valuation methodology: UIL has used Allectus Quantum\u2019s NAV. Allectus Quantum is an investment holding company for quantum technology investments and its NAV was valued using valuation techniques consistent with IFRS. The portfolio, consisting principally of the unlisted investment Diraq Pty Ltd, was valued at the recent funding round. The Directors considered the portfolio and assessed the valuation uncertainty at a higher level. Accordingly, Allectus Quantum\u2019s fair value has been given a sensitivity of 20% (2025: 20%) reflecting the higher level of uncertainty over the manager\u2019s valuations of Allectus Quantum\u2019s holdings. Sensitivities: Should the value of holdings in Allectus Quantum move by 20% the gain or loss would be \u00a35.3m (2025: \u00a34.4m). Sabrina UK incorporated UIL purchased a direct holding in Sabrina in November 2025 (see transactions with Somers, page 75). Sabrina is the holding company of W1M. UIL\u2019s holding in Sabrina consists of 12% preferred loan notes valued at \u00a346.8m and ordinary shares valued at \u00a327.6m for a combined investment valuation as at 30 June 2026 of \u00a374.4m. Key valuation inputs: EBITDA multiple of 12.6x; liquidity discount rate of 20%; and loan note discount of 12%. Valuation Methodology: The preferred loan notes have been valued using a discounted cash flow (\u201cDCF\u201d) methodology utilising expected cashflows discounted at appropriate rates to reflect the value of the business. Expected cashflows have been modelled using a multiple of EBITDA derived from comparable quoted companies. The ordinary shares have been valued based off a multiple of W1M\u2019s EBITDA. During the year, the underlying valuation metric was changed from an AUM multiple to an EBITDA multiple, as EBITDA is considered more reflective of W1M\u2019s current operating performance and underlying value drivers, resulting in a more representative estimate of fair value. Sensitivities: UIL has chosen to sensitise the EBITDA multiple input as this input involved the most significant judgement when estimating valuation, including which comparable companies to consider and prioritise. W1M\u2019s valuation also includes other unobservable inputs, including EBITDA. Should the peer group multiple ascribed to W1M\u2019s EBITDA change by 2x, the loss or gain in valuation would be \u00a310.7m. Should the loan note discount of 12% change by 2%, the loss or gain in valuation would be \u00a36.2m. West Hamilton Bermuda incorporated UIL holds a 57.0% equity interest in West Hamilton and, as at 30 June 2026, carried this investment at \u00a36.6m (2025: \u00a36.3m). The cost of this investment was \u00a39.5m (2025: \u00a39.5m). Key valuation inputs: Fair value of West Hamilton\u2019s identifiable assets and liabilities. Investment yield is 6.25% and rent renewal rates are assumed to be at the same level as is currently achieved from existing tenants. Valuation Methodology: UIL has used the NAV of West Hamilton. Discount to NAV for the lack of marketability and restrictions on redemption is nil. West Hamilton has a single property asset, The Belvedere Residences, a mixed use building located at 71A Pitts Bay Road housing nine executive condominiums, a penthouse office suite and a gymnasium. West Hamilton appointed an independent professional valuer to perform a property valuation and to provide his opinion as to the fair value of this property. This valuation was based on an income approach whereby net rental income for the property is capitalised using an investment yield. Comparable property values and the demand for comparable rental units were also considered in support of income approach value. The Directors have utilised the valuation for the purpose of valuing the holding. West Hamilton\u2019s fair value has been given a sensitivity of 10% (2025: 10%) to reflect a degree of uncertainty over the property portfolio valuations. For its year ended 30 September 2025, West Hamilton recorded total income of USD 1.5m (2024: USD 1.9m), net profit before tax of USD 0.5m (2024: USD 0.2m) and net assets of USD 15.6m (2024: USD 15.6m). Sensitivities: Should the value of West Hamilton move by 10% the gain or loss would be \u00a30.7m (2025: \u00a30.6m). Other unlisted companies Valuation methodology: UIL has a further 16 (2025: 13) unlisted holdings valued below \u00a35.0m each. These holdings were valued using a variety of methods, including; listed peer comparison or peer group multiple, discounted cash flow, net assets, dividend yields, and cost of recent investments adjusted for events subsequent to acquisition that impact fair value. The total value of these 16 holdings was \u00a39.3m as at 30 June 2026 (2025: \u00a38.7m), consisting \u00a36.9m of equities and \u00a32.4m of loans. On account of the low aggregate value of these holdings they have been sensitised at an aggregated level. If the value of all these lower valued equity investments moved by 20.0% (2025: 20%), this would have an impact on the investment portfolio value of \u00a31.4m (2025: \u00a30.7m). If the value of all these lower valued loans moved by 10.0% (2025: 10%), this would have an impact on the investment portfolio value of \u00a30.2m (2025: \u00a30.5m). The sensitivity of the fair value of level 3 financial investments to changes in key assumptions are as follows:
As at 30 June 2026 Valuation Risk Sensitivity Carrying Sensitivity
Investment
Investment type
methodology weighting +/- amount \u00a3\u2019000s \u00a3\u2019000s
Zeta Resources
Equity
NAV
Low
10%
77,267
7,727
Zeta Resources
Loans
Discounted cash flow
Low
10%
13,631
1,363
Sabrina
Loans
Discounted cash flow
Medium
2%
1
46,851
6,237
Sabrina
Equity
Earnings
Medium
2x
2
27,558
10,743
EBITDA
Allectus Quantum
Equity
NAV
Medium
20%
26,468
5,294
West Hamilton
Equity
NAV
Low
10%
6,634
663
Other investments
Equity
Various
Medium
20%
6,892
1,378
Other investments
Loans
Discounted cash flow
Low
10%
2,381
238
207,682
33,643
1 If the loan loss severity was 10% the value of Sabrina would decrease by \u00a34.7m. 2 If the liquidity discount rate changed by 10% the value of Sabrina would increase or decrease by \u00a33.4m.
As at 30 June 2025 Valuation Risk Sensitivity Carrying Sensitivity
Investment
Investment type
methodology weighting +/- amount \u00a3\u2019000s \u00a3\u2019000s
Somers
Equity
NAV
Medium
20%
99,558
19,912
Zeta Resources
Equity
NAV
Low
10%
43,880
4,388
Zeta Resources
Loans
Discounted cash flow
Low
10%
7,909
791
Allectus Quantum
Equity
NAV
Medium
20%
21,995
4,399
Zeta Minerals
Equity
NAV
Medium
20%
7,868
1,574
Carebook
Equity
Last funding round
Medium
20%
4,585
917
West Hamilton
Equity
NAV
Low
10%
6,289
629
Other investments
Equity
Various
Medium
20%
3,479
696
Other investments
Loans
Discounted cash flow
Low
10%
5,178
518
Total
200,741
33,824
(e) Capital risk management The objective of the Group is stated as being to maximise shareholder returns by identifying and investing in investments where the underlying value is not reflected in the market price. In pursuing this long term objective, the Board has a responsibility for ensuring the Group\u2019s ability to continue as a going concern. It must therefore maintain its capital structure through varying market conditions. This involves the ability to: issue and buy back share capital within limits set by the shareholders in general meeting; borrow monies in the short and long term; and pay dividends to shareholders out of current year earnings as well as out of brought forward reserves. Changes to ordinary share capital are set out in note 20. Dividends are set out in note 10. Loans are set out in note 15 and note 18. ZDP shares are set out in note 17.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-344": { "value": "(a) Market risks The fair value of equity and other financial securities held in the Group\u2019s portfolio and derivative financial instruments fluctuates with changes in market prices. Prices are themselves affected by movements in currencies and interest rates and by other financial issues, including the market perception of future risks. The Board sets policies for managing these risks within the Group\u2019s objective and meets regularly to review full, timely and relevant information on investment performance and financial results. The Investment Managers assess exposure to market risks when making each investment decision and monitor on-going market risk within the portfolio. The Group\u2019s other assets and liabilities may be denominated in currencies other than Sterling and may also be exposed to interest rate risks. The Investment Managers and the Board regularly monitor these risks. The Group does not normally hold significant cash balances. Borrowings are limited to amounts and currencies commensurate with the portfolio\u2019s exposure to those currencies, thereby limiting the Group\u2019s exposure to future changes in exchange rates. Gearing may be short or long-term, in Sterling and foreign currencies, and enables the Group to take a long-term view of the countries and markets in which it is invested without having to be concerned about short-term volatility. Income earned in foreign currencies is converted to Sterling on receipt. The Board regularly monitors the effects on net revenue of interest earned on deposits and paid on gearing. Currency exposure The principal currencies to which the Group was exposed in the year to 30 June 2026 and 30 June 2025 were the Australian Dollar, Bermuda Dollar, Euro and US Dollar. The Group\u2019s assets and liabilities as at 30 June, by currency excluding Sterling based on the country of primary exposure, are shown below:
AUD BMD EUR USD Other Total
2026 \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Cash and cash equivalents
1,473
\u2013
\u2013
151
1,726
3,350
Investments
166,076
6,634
2,713
12,865
35,726
224,014
Short-term borrowings
\u2013
\u2013
\u2013
(3,390)
\u2013
(3,390)
Long-term borrowings
\u2013
\u2013
\u2013
(6,781)
\u2013
(6,781)
Net financial assets
167,549
6,634
2,713
2,845
37,452
217,193
AUD BMD EUR USD Other Total
2025 \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Cash and cash equivalents
350
\u2013
\u2013
295
\u2013
645
Investments
146,313
6,972
12,535
3,888
41,071
210,779
Net financial assets
146,663
6,972
12,535
4,183
41,071
211,424
Monetary liabilities of the Group in the year to 30 June 2025, excluding Sterling, was \u00a3nil. Based on the financial assets and liabilities held, and exchange rates applying, as at the Statement of Financial Position date, a weakening or strengthening of Sterling against each of these currencies by 10% would have had the following approximate effect on annualised income after tax and on NAV per share:
2026
2025
AUD BMD EUR USD AUD BMD EUR USD
Weakening of Sterling \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Income Statement
Revenue profit for the year
1,565
(7)
\u2013
\u2013
1,155
(5)
13
55
Capital profit for the year
18,617
737
301
316
16,257
775
1,393
465
Total profit for the year
20,182
730
301
316
17,412
770
1,406
520
2026
2025
AUD BMD EUR USD AUD BMD EUR USD
Strengthening of Sterling \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Income Statement
Revenue loss for the year
(1,565)
7
\u2013
\u2013
(1,155)
5
(13)
(55)
Capital loss for the year
(18,617)
(737)
(301)
(316)
(16,257)
(775)
(1,393)
(465)
Total loss for the year
(20,182)
(730)
(301)
(316)
(17,412)
(770)
(1,406)
(520)
These analyses are broadly representative of the Group\u2019s activities during the current year as a whole, although the level of the Group\u2019s exposure to currencies fluctuates in accordance with the investment and risk management processes. Interest rate exposure The exposure of the financial assets and liabilities to interest rate risks as at 30 June is shown below:
2026
2025
Within More than Within More than
Total one year one year Total one year one year
\u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Exposure to floating rates
Investments
522
\u2013
522
\u2013
\u2013
\u2013
Cash and cash equivalents
9,257
9,257
\u2013
953
953
\u2013
Loans
(10,171)
(3,390)
(6,781)
\u2013
\u2013
\u2013
(392)
5,867
(6,259)
953
953
\u2013
Exposure to fixed rates
Investments
62,341
\u2013
62,341
\u2013
\u2013
\u2013
Borrowings
\u2013
\u2013
\u2013
(19,525)
(19,525)
\u2013
ZDP shares
(64,959)
(32,063)
(32,896)
(62,184)
\u2013
(62,184)
(2,618)
(32,063)
29,445
(81,709)
(19,525)
(62,184)
Net exposures
At year end
(3,010)
(26,196)
23,186
(80,756)
(18,572)
(62,184)
Maximum in year
(80,756)
(18,572)
(62,184)
(103,632)
(44,401)
(59,231)
Minimum in year
(3,010)
(26,196)
23,186
(72,004)
(10,657)
(61,347)
Exposure to Fixed Exposure to Fixed
floating interest floating interest
Total interest rates rates Total interest rates rates
\u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Maximum in year
(80,756)
953
(81,709)
(103,632)
(577)
(103,055)
Minimum in year
(3,010)
(392)
(2,618)
(72,004)
231
(72,235)
Exposures vary throughout the year as a consequence of changes in the make-up of the net assets of the Group arising out of the investment and risk management processes. Interest received on cash balances or paid on overdrafts is at ruling market rates. Finance costs on the ZDP shares are fixed (see note 17). Interest paid on borrowings is at ruling market rates (see note 15). The Group\u2019s total returns and net assets are sensitive to changes in interest rates on cash. Based on the financial assets and liabilities held, and the interest rates pertaining, at each Statement of Financial Position date, a decrease or increase in interest rates by 2% would have had the following approximate effects on the Group Income Statement revenue and capital returns after tax and on the NAV per share.
2026
2025
Increase Decrease Increase Decrease
in rate in rate in rate in rate
\u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Revenue profit for the year
(8)
8
19
(19)
Capital profit for the year
\u2013
\u2013
\u2013
\u2013
Total profit for the year
(8)
8
19
(19)
Other market risk exposures The portfolio of investments, valued at \u00a3299,306,000 as at 30 June 2026 (2025: \u00a3248,201,000) is exposed to market price changes. The Investment Managers assess these exposures at the time of making each investment decision. The Board reviews overall exposures at each meeting against indices and other relevant information. An analysis of the portfolio by country and major industrial sector are set out on pages 12 and 11 respectively. Based on the portfolio of investments at the Statement of Financial Position date, and assuming other factors remain constant, a decrease or increase in the fair values of the portfolio by 20% would have had the following approximate effects on the Income Statement Capital Return after tax and on the NAV per share:
2026
2025
Increase Decrease Increase Decrease
in value in value in value in value
Income Statement capital profit for the year (\u00a3\u2019000s)
59,861
(59,861)
49,640
(49,640)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-345": { "value": "(b) Liquidity risk exposure The Group and the Company are required to raise funds to meet commitments associated with financial instruments including ZDP shares. These funds may be raised either through the realisation of assets or through increased borrowing. The risk of the Group or the Company not having sufficient liquidity at any time is not considered by the Board to be significant, given: the number of quoted investments held in the Group\u2019s portfolio, 13 as at 30 June 2026 (15 as at 30 June 2025); the liquid nature of the portfolio of investments; and the geographical and sector diversity of the portfolio (see pages 12 and 11 respectively). Cash balances are held with reputable banks with high quality external credit ratings. The Investment Managers review liquidity at the time of making each investment decision. The Board reviews liquidity exposure at each meeting. The Group has a loan of \u00a310.2m as set out in note 15 and note 18 and ZDP share liabilities of \u00a365.0m as set out in note 17. The contractual maturities of the financial liabilities, based on the earliest date on which payment can be required, were as follows:
2026
2025
More than More than
Three three months Three three months
months but less than More than months but less than More than
or less one year one year Total or less one year one year Total
\u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Other creditors
689
\u2013
\u2013
689
313
\u2013
\u2013
313
Loans
203
4,001
7,189
11,393
\u2013
20,725
\u2013
20,725
ZDP shares
\u2013
32,641
37,943
70,584
\u2013
\u2013
71,262
71,262
892
36,642
45,132
82,666
313
20,725
71,262
92,300
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-346": { "value": "(c) Credit risk and counterparty exposure The Group is exposed to potential failure by counterparties to deliver securities for which the Group has paid, or to pay for securities which the Group has delivered. The Board approves all counterparties used in such transactions, which must be settled on a basis of delivery against payment (except where local market conditions do not permit). Broker counterparties are selected based on a combination of criteria, including credit rating, statement of financial position strength and membership of a relevant regulatory body. Cash and deposits are held with reputable banks. The Group has an on-going contract with its custodians for the provision of custody services. The contracts are reviewed regularly. Details of securities held in custody on behalf of the Group are received and reconciled monthly. Prior to making investments in debt instruments, the Investment Managers have in place a process of review that includes an evaluation of a potential investee company\u2019s ability to service and repay its debt. The Investment Managers review the financial position of investee companies on a regular basis. To the extent that the Investment Managers carry out duties (or cause similar duties to be carried out by third parties) on the Group\u2019s behalf, the Group is exposed to counterparty risk. The Board assesses this risk continuously through regular meetings with management. In summary, compared to the amounts included in the Statement of Financial Position, the maximum exposure to credit risk was as follows:
2026
2025
Maximum Maximum
exposure exposure
30 June in the year 30 June in the year
Current assets \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s \u00a3\u2019000s
Cash at bank
9,257
9,257
953
4,865
Financial assets through profit and loss
Investments in debt instruments
62,863
62,863
8,837
8,837
Derivatives \u2013 forward exchange contracts
\u2013
\u2013
\u2013
4,758
None of the Group\u2019s financial assets are past due or impaired. The expected credit loss on the cash at bank is not considered material as at 30 June 2026 (2025: not material). The Group\u2019s principal custodian is JPMorgan Chase Bank N.A.\u2013 Jersey Branch. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-352": { "value": "(d) Fair values of financial assets and liabilities The assets and liabilities of the Group are, in the opinion of the Directors, reflected in the Statement of Financial Position at fair value except for ZDP shares which are carried at amortised cost using effective interest rate basis (see note 17). Borrowings under loan facilities do not have a value materially different from their capital repayment amount. Borrowings in foreign currencies are converted into Sterling at exchange rates ruling at each valuation date. The fair values of ZDP shares derived from their quoted market price as at 30 June, were:
2026 2025
\u00a3\u2019000s \u00a3\u2019000s
2026
ZDP shares
32,211
31,086
2028
ZDP shares
32,763
28,581
Unquoted investments are valued based on professional assumptions and advice that is not wholly supported by prices from current market transactions or by observable market data. The Directors make use of recognised valuation techniques and may take account of recent arms\u2019 length transactions in the same or similar investments. The Directors regularly review the principles applied by the Investment Managers to those valuations to ensure they comply with the Group\u2019s accounting policies and with fair value principles. Level 3 financial instruments Valuation methodology The objective of using valuation techniques is to arrive at a fair value measurement that reflects the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date. The Company uses proprietary valuation models, which are compliant with IPEV guidelines and IFRS 13 and which are usually developed from recognised valuation techniques. Some or all of the significant inputs into these models may not be observable in the market and are derived from market prices or rates or are estimated based on assumptions. Valuation models that employ significant unobservable inputs require a higher degree of management judgement and estimation in the determination of fair value. Management judgement and estimation are usually required for the selection of the appropriate valuation model to be used, determination of expected future cash flows of the financial instrument being valued, determination of the probability of counterparty default and prepayments, peer group multiple and selection of appropriate discount rates. Fair value estimates obtained from such models are adjusted for any other factors, such as controlling interest, historical and projected financial data, entity specific strengths and weaknesses, or model uncertainties, to the extent that the Company believes that a third party market participant would take them into account in pricing a transaction. The Directors have satisfied themselves as to the methodology used, the discount rates and key assumptions applied, and the valuations. The level 3 assets comprise of a number of unlisted investments at various stages of development and each has been assessed based on its industry, location and business cycle. The valuation methodologies include net assets, discounted cash flows, cost of recent investment or last funding round, listed peer comparison or peer group multiple or dividend yield as appropriate. Where applicable, the Directors have considered observable data and events to underpin the valuations. A discount has been applied, where appropriate, to reflect both the unlisted nature of the investments and business risks. UIL currently has investments in a number of level 3 closed-end investment companies including Allectus Quantum, Zeta Minerals and Zeta Resources. These closed-end fund interests are valued on a net assets basis, estimated based on the managers\u2019 NAVs. The managers\u2019 NAVs use recognised valuation techniques consistent with IFRS and are normally subject to audit. The fund valuations included in these financial statements were based principally on the 30 June 2026 managers\u2019 NAVs and these NAVs have been reviewed to ensure that the economic impact of higher inflation and the Ukraine and Middle East conflicts have been considered. Sensitivity of level 3 financial investments measured at fair value to changes in key assumptions. Level 3 inputs are sensitive to assumptions made when ascertaining fair value. The following section details the sensitivity of valuations to variations in key inputs. The level of change selected is considered to be reasonable, based on observation of market conditions and historic trends. In assessing the level of reasonably possible outcomes consideration was also given to the impact on valuations of the elevated level of volatility in equity markets during the year, principally reflecting concerns about geopolitical tensions, high rates of inflation and the Ukraine and Middle East conflicts. The valuations of fund interests are based on the managers\u2019 NAVs and these managers have advised that they have taken into account these economic and market concerns. The impact on the valuations has been varied and largely linked to their relevant sectors and this has been reflected in the level of sensitivities applied. For each unlisted holding valued over \u00a35.0m, the significant valuation inputs have been detailed below. Zeta Resources Bermuda incorporated UIL holds 100% of the ordinary shares in Zeta Resources which it valued at \u00a377.3m as at 30 June 2026 (2025: \u00a343.9m). The cost of this investment was \u00a350.8m (2025: \u00a350.7m) and UIL has also provided loans of \u00a313.6m to Zeta Resources and its subsidiaries. Zeta Resources is a resources focused investment holding company. For the year ended 30 June 2026 Zeta Resources recorded total income of USD 48.4m (2025: USD 11.5m), a net profit before tax of USD 45.1m (2025: USD 10.4m), and net assets of USD 102.6m (2025: USD 57.6m). Key valuation inputs: Market value for portfolio of investments. Discount to NAV for the lack of marketability and restrictions on redemption is nil. Valuation methodology: UIL values the Zeta Resources shares at their underlying NAV per share. Zeta Resources portfolio consists of resource entities and base metals exploration and production companies and its NAV was valued using valuation techniques consistent with IFRS and is subject to an annual audit. As at 30 June 2026 8% of Zeta Resources investment portfolio was valued using valuation techniques and these investments have been given a sensitivity of 10% to reflect the level 3 investments within Zeta Resources portfolio and the high subjectivity and degree of uncertainty over the managers' valuations of these unlisted investments. The remaining 92% of Zeta Resources portfolio was valued using their listed share price. The loans are valued using a discounted cash flow methodology. Sensitivities: Should the value of Zeta Resources equity move by 10% the gain or loss would be \u00a37.7m. Allectus Quantum UK incorporated UIL holds 50% of the ordinary shares in Allectus Quantum and carried its investment at \u00a326.5m (2025: \u00a322.0m). The cost of this investment was \u00a36.4m (2025: \u00a36.4m). The financial results of Allectus Quantum are not publicly available. Key valuation inputs: Market value for portfolio of investments. Discount to NAV for the lack of marketability and restrictions on redemption is nil. Valuation methodology: UIL has used Allectus Quantum\u2019s NAV. Allectus Quantum is an investment holding company for quantum technology investments and its NAV was valued using valuation techniques consistent with IFRS. The portfolio, consisting principally of the unlisted investment Diraq Pty Ltd, was valued at the recent funding round. The Directors considered the portfolio and assessed the valuation uncertainty at a higher level. Accordingly, Allectus Quantum\u2019s fair value has been given a sensitivity of 20% (2025: 20%) reflecting the higher level of uncertainty over the manager\u2019s valuations of Allectus Quantum\u2019s holdings. Sensitivities: Should the value of holdings in Allectus Quantum move by 20% the gain or loss would be \u00a35.3m (2025: \u00a34.4m). Sabrina UK incorporated UIL purchased a direct holding in Sabrina in November 2025 (see transactions with Somers, page 75). Sabrina is the holding company of W1M. UIL\u2019s holding in Sabrina consists of 12% preferred loan notes valued at \u00a346.8m and ordinary shares valued at \u00a327.6m for a combined investment valuation as at 30 June 2026 of \u00a374.4m. Key valuation inputs: EBITDA multiple of 12.6x; liquidity discount rate of 20%; and loan note discount of 12%. Valuation Methodology: The preferred loan notes have been valued using a discounted cash flow (\u201cDCF\u201d) methodology utilising expected cashflows discounted at appropriate rates to reflect the value of the business. Expected cashflows have been modelled using a multiple of EBITDA derived from comparable quoted companies. The ordinary shares have been valued based off a multiple of W1M\u2019s EBITDA. During the year, the underlying valuation metric was changed from an AUM multiple to an EBITDA multiple, as EBITDA is considered more reflective of W1M\u2019s current operating performance and underlying value drivers, resulting in a more representative estimate of fair value. Sensitivities: UIL has chosen to sensitise the EBITDA multiple input as this input involved the most significant judgement when estimating valuation, including which comparable companies to consider and prioritise. W1M\u2019s valuation also includes other unobservable inputs, including EBITDA. Should the peer group multiple ascribed to W1M\u2019s EBITDA change by 2x, the loss or gain in valuation would be \u00a310.7m. Should the loan note discount of 12% change by 2%, the loss or gain in valuation would be \u00a36.2m. West Hamilton Bermuda incorporated UIL holds a 57.0% equity interest in West Hamilton and, as at 30 June 2026, carried this investment at \u00a36.6m (2025: \u00a36.3m). The cost of this investment was \u00a39.5m (2025: \u00a39.5m). Key valuation inputs: Fair value of West Hamilton\u2019s identifiable assets and liabilities. Investment yield is 6.25% and rent renewal rates are assumed to be at the same level as is currently achieved from existing tenants. Valuation Methodology: UIL has used the NAV of West Hamilton. Discount to NAV for the lack of marketability and restrictions on redemption is nil. West Hamilton has a single property asset, The Belvedere Residences, a mixed use building located at 71A Pitts Bay Road housing nine executive condominiums, a penthouse office suite and a gymnasium. West Hamilton appointed an independent professional valuer to perform a property valuation and to provide his opinion as to the fair value of this property. This valuation was based on an income approach whereby net rental income for the property is capitalised using an investment yield. Comparable property values and the demand for comparable rental units were also considered in support of income approach value. The Directors have utilised the valuation for the purpose of valuing the holding. West Hamilton\u2019s fair value has been given a sensitivity of 10% (2025: 10%) to reflect a degree of uncertainty over the property portfolio valuations. For its year ended 30 September 2025, West Hamilton recorded total income of USD 1.5m (2024: USD 1.9m), net profit before tax of USD 0.5m (2024: USD 0.2m) and net assets of USD 15.6m (2024: USD 15.6m). Sensitivities: Should the value of West Hamilton move by 10% the gain or loss would be \u00a30.7m (2025: \u00a30.6m). Other unlisted companies Valuation methodology: UIL has a further 16 (2025: 13) unlisted holdings valued below \u00a35.0m each. These holdings were valued using a variety of methods, including; listed peer comparison or peer group multiple, discounted cash flow, net assets, dividend yields, and cost of recent investments adjusted for events subsequent to acquisition that impact fair value. The total value of these 16 holdings was \u00a39.3m as at 30 June 2026 (2025: \u00a38.7m), consisting \u00a36.9m of equities and \u00a32.4m of loans. On account of the low aggregate value of these holdings they have been sensitised at an aggregated level. If the value of all these lower valued equity investments moved by 20.0% (2025: 20%), this would have an impact on the investment portfolio value of \u00a31.4m (2025: \u00a30.7m). If the value of all these lower valued loans moved by 10.0% (2025: 10%), this would have an impact on the investment portfolio value of \u00a30.2m (2025: \u00a30.5m). The sensitivity of the fair value of level 3 financial investments to changes in key assumptions are as follows:
As at 30 June 2026 Valuation Risk Sensitivity Carrying Sensitivity
Investment
Investment type
methodology weighting +/- amount \u00a3\u2019000s \u00a3\u2019000s
Zeta Resources
Equity
NAV
Low
10%
77,267
7,727
Zeta Resources
Loans
Discounted cash flow
Low
10%
13,631
1,363
Sabrina
Loans
Discounted cash flow
Medium
2%
1
46,851
6,237
Sabrina
Equity
Earnings
Medium
2x
2
27,558
10,743
EBITDA
Allectus Quantum
Equity
NAV
Medium
20%
26,468
5,294
West Hamilton
Equity
NAV
Low
10%
6,634
663
Other investments
Equity
Various
Medium
20%
6,892
1,378
Other investments
Loans
Discounted cash flow
Low
10%
2,381
238
207,682
33,643
1 If the loan loss severity was 10% the value of Sabrina would decrease by \u00a34.7m. 2 If the liquidity discount rate changed by 10% the value of Sabrina would increase or decrease by \u00a33.4m.
As at 30 June 2025 Valuation Risk Sensitivity Carrying Sensitivity
Investment
Investment type
methodology weighting +/- amount \u00a3\u2019000s \u00a3\u2019000s
Somers
Equity
NAV
Medium
20%
99,558
19,912
Zeta Resources
Equity
NAV
Low
10%
43,880
4,388
Zeta Resources
Loans
Discounted cash flow
Low
10%
7,909
791
Allectus Quantum
Equity
NAV
Medium
20%
21,995
4,399
Zeta Minerals
Equity
NAV
Medium
20%
7,868
1,574
Carebook
Equity
Last funding round
Medium
20%
4,585
917
West Hamilton
Equity
NAV
Low
10%
6,289
629
Other investments
Equity
Various
Medium
20%
3,479
696
Other investments
Loans
Discounted cash flow
Low
10%
5,178
518
Total
200,741
33,824
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-347": { "value": "(d) Fair values of financial assets and liabilities The assets and liabilities of the Group are, in the opinion of the Directors, reflected in the Statement of Financial Position at fair value except for ZDP shares which are carried at amortised cost using effective interest rate basis (see note 17). Borrowings under loan facilities do not have a value materially different from their capital repayment amount. Borrowings in foreign currencies are converted into Sterling at exchange rates ruling at each valuation date. The fair values of ZDP shares derived from their quoted market price as at 30 June, were:
2026 2025
\u00a3\u2019000s \u00a3\u2019000s
2026
ZDP shares
32,211
31,086
2028
ZDP shares
32,763
28,581
Unquoted investments are valued based on professional assumptions and advice that is not wholly supported by prices from current market transactions or by observable market data. The Directors make use of recognised valuation techniques and may take account of recent arms\u2019 length transactions in the same or similar investments. The Directors regularly review the principles applied by the Investment Managers to those valuations to ensure they comply with the Group\u2019s accounting policies and with fair value principles. Level 3 financial instruments Valuation methodology The objective of using valuation techniques is to arrive at a fair value measurement that reflects the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date. The Company uses proprietary valuation models, which are compliant with IPEV guidelines and IFRS 13 and which are usually developed from recognised valuation techniques. Some or all of the significant inputs into these models may not be observable in the market and are derived from market prices or rates or are estimated based on assumptions. Valuation models that employ significant unobservable inputs require a higher degree of management judgement and estimation in the determination of fair value. Management judgement and estimation are usually required for the selection of the appropriate valuation model to be used, determination of expected future cash flows of the financial instrument being valued, determination of the probability of counterparty default and prepayments, peer group multiple and selection of appropriate discount rates. Fair value estimates obtained from such models are adjusted for any other factors, such as controlling interest, historical and projected financial data, entity specific strengths and weaknesses, or model uncertainties, to the extent that the Company believes that a third party market participant would take them into account in pricing a transaction. The Directors have satisfied themselves as to the methodology used, the discount rates and key assumptions applied, and the valuations. The level 3 assets comprise of a number of unlisted investments at various stages of development and each has been assessed based on its industry, location and business cycle. The valuation methodologies include net assets, discounted cash flows, cost of recent investment or last funding round, listed peer comparison or peer group multiple or dividend yield as appropriate. Where applicable, the Directors have considered observable data and events to underpin the valuations. A discount has been applied, where appropriate, to reflect both the unlisted nature of the investments and business risks. UIL currently has investments in a number of level 3 closed-end investment companies including Allectus Quantum, Zeta Minerals and Zeta Resources. These closed-end fund interests are valued on a net assets basis, estimated based on the managers\u2019 NAVs. The managers\u2019 NAVs use recognised valuation techniques consistent with IFRS and are normally subject to audit. The fund valuations included in these financial statements were based principally on the 30 June 2026 managers\u2019 NAVs and these NAVs have been reviewed to ensure that the economic impact of higher inflation and the Ukraine and Middle East conflicts have been considered. Sensitivity of level 3 financial investments measured at fair value to changes in key assumptions. Level 3 inputs are sensitive to assumptions made when ascertaining fair value. The following section details the sensitivity of valuations to variations in key inputs. The level of change selected is considered to be reasonable, based on observation of market conditions and historic trends. In assessing the level of reasonably possible outcomes consideration was also given to the impact on valuations of the elevated level of volatility in equity markets during the year, principally reflecting concerns about geopolitical tensions, high rates of inflation and the Ukraine and Middle East conflicts. The valuations of fund interests are based on the managers\u2019 NAVs and these managers have advised that they have taken into account these economic and market concerns. The impact on the valuations has been varied and largely linked to their relevant sectors and this has been reflected in the level of sensitivities applied. For each unlisted holding valued over \u00a35.0m, the significant valuation inputs have been detailed below. Zeta Resources Bermuda incorporated UIL holds 100% of the ordinary shares in Zeta Resources which it valued at \u00a377.3m as at 30 June 2026 (2025: \u00a343.9m). The cost of this investment was \u00a350.8m (2025: \u00a350.7m) and UIL has also provided loans of \u00a313.6m to Zeta Resources and its subsidiaries. Zeta Resources is a resources focused investment holding company. For the year ended 30 June 2026 Zeta Resources recorded total income of USD 48.4m (2025: USD 11.5m), a net profit before tax of USD 45.1m (2025: USD 10.4m), and net assets of USD 102.6m (2025: USD 57.6m). Key valuation inputs: Market value for portfolio of investments. Discount to NAV for the lack of marketability and restrictions on redemption is nil. Valuation methodology: UIL values the Zeta Resources shares at their underlying NAV per share. Zeta Resources portfolio consists of resource entities and base metals exploration and production companies and its NAV was valued using valuation techniques consistent with IFRS and is subject to an annual audit. As at 30 June 2026 8% of Zeta Resources investment portfolio was valued using valuation techniques and these investments have been given a sensitivity of 10% to reflect the level 3 investments within Zeta Resources portfolio and the high subjectivity and degree of uncertainty over the managers' valuations of these unlisted investments. The remaining 92% of Zeta Resources portfolio was valued using their listed share price. The loans are valued using a discounted cash flow methodology. Sensitivities: Should the value of Zeta Resources equity move by 10% the gain or loss would be \u00a37.7m. Allectus Quantum UK incorporated UIL holds 50% of the ordinary shares in Allectus Quantum and carried its investment at \u00a326.5m (2025: \u00a322.0m). The cost of this investment was \u00a36.4m (2025: \u00a36.4m). The financial results of Allectus Quantum are not publicly available. Key valuation inputs: Market value for portfolio of investments. Discount to NAV for the lack of marketability and restrictions on redemption is nil. Valuation methodology: UIL has used Allectus Quantum\u2019s NAV. Allectus Quantum is an investment holding company for quantum technology investments and its NAV was valued using valuation techniques consistent with IFRS. The portfolio, consisting principally of the unlisted investment Diraq Pty Ltd, was valued at the recent funding round. The Directors considered the portfolio and assessed the valuation uncertainty at a higher level. Accordingly, Allectus Quantum\u2019s fair value has been given a sensitivity of 20% (2025: 20%) reflecting the higher level of uncertainty over the manager\u2019s valuations of Allectus Quantum\u2019s holdings. Sensitivities: Should the value of holdings in Allectus Quantum move by 20% the gain or loss would be \u00a35.3m (2025: \u00a34.4m). Sabrina UK incorporated UIL purchased a direct holding in Sabrina in November 2025 (see transactions with Somers, page 75). Sabrina is the holding company of W1M. UIL\u2019s holding in Sabrina consists of 12% preferred loan notes valued at \u00a346.8m and ordinary shares valued at \u00a327.6m for a combined investment valuation as at 30 June 2026 of \u00a374.4m. Key valuation inputs: EBITDA multiple of 12.6x; liquidity discount rate of 20%; and loan note discount of 12%. Valuation Methodology: The preferred loan notes have been valued using a discounted cash flow (\u201cDCF\u201d) methodology utilising expected cashflows discounted at appropriate rates to reflect the value of the business. Expected cashflows have been modelled using a multiple of EBITDA derived from comparable quoted companies. The ordinary shares have been valued based off a multiple of W1M\u2019s EBITDA. During the year, the underlying valuation metric was changed from an AUM multiple to an EBITDA multiple, as EBITDA is considered more reflective of W1M\u2019s current operating performance and underlying value drivers, resulting in a more representative estimate of fair value. Sensitivities: UIL has chosen to sensitise the EBITDA multiple input as this input involved the most significant judgement when estimating valuation, including which comparable companies to consider and prioritise. W1M\u2019s valuation also includes other unobservable inputs, including EBITDA. Should the peer group multiple ascribed to W1M\u2019s EBITDA change by 2x, the loss or gain in valuation would be \u00a310.7m. Should the loan note discount of 12% change by 2%, the loss or gain in valuation would be \u00a36.2m. West Hamilton Bermuda incorporated UIL holds a 57.0% equity interest in West Hamilton and, as at 30 June 2026, carried this investment at \u00a36.6m (2025: \u00a36.3m). The cost of this investment was \u00a39.5m (2025: \u00a39.5m). Key valuation inputs: Fair value of West Hamilton\u2019s identifiable assets and liabilities. Investment yield is 6.25% and rent renewal rates are assumed to be at the same level as is currently achieved from existing tenants. Valuation Methodology: UIL has used the NAV of West Hamilton. Discount to NAV for the lack of marketability and restrictions on redemption is nil. West Hamilton has a single property asset, The Belvedere Residences, a mixed use building located at 71A Pitts Bay Road housing nine executive condominiums, a penthouse office suite and a gymnasium. West Hamilton appointed an independent professional valuer to perform a property valuation and to provide his opinion as to the fair value of this property. This valuation was based on an income approach whereby net rental income for the property is capitalised using an investment yield. Comparable property values and the demand for comparable rental units were also considered in support of income approach value. The Directors have utilised the valuation for the purpose of valuing the holding. West Hamilton\u2019s fair value has been given a sensitivity of 10% (2025: 10%) to reflect a degree of uncertainty over the property portfolio valuations. For its year ended 30 September 2025, West Hamilton recorded total income of USD 1.5m (2024: USD 1.9m), net profit before tax of USD 0.5m (2024: USD 0.2m) and net assets of USD 15.6m (2024: USD 15.6m). Sensitivities: Should the value of West Hamilton move by 10% the gain or loss would be \u00a30.7m (2025: \u00a30.6m). Other unlisted companies Valuation methodology: UIL has a further 16 (2025: 13) unlisted holdings valued below \u00a35.0m each. These holdings were valued using a variety of methods, including; listed peer comparison or peer group multiple, discounted cash flow, net assets, dividend yields, and cost of recent investments adjusted for events subsequent to acquisition that impact fair value. The total value of these 16 holdings was \u00a39.3m as at 30 June 2026 (2025: \u00a38.7m), consisting \u00a36.9m of equities and \u00a32.4m of loans. On account of the low aggregate value of these holdings they have been sensitised at an aggregated level. If the value of all these lower valued equity investments moved by 20.0% (2025: 20%), this would have an impact on the investment portfolio value of \u00a31.4m (2025: \u00a30.7m). If the value of all these lower valued loans moved by 10.0% (2025: 10%), this would have an impact on the investment portfolio value of \u00a30.2m (2025: \u00a30.5m). The sensitivity of the fair value of level 3 financial investments to changes in key assumptions are as follows:
As at 30 June 2026 Valuation Risk Sensitivity Carrying Sensitivity
Investment
Investment type
methodology weighting +/- amount \u00a3\u2019000s \u00a3\u2019000s
Zeta Resources
Equity
NAV
Low
10%
77,267
7,727
Zeta Resources
Loans
Discounted cash flow
Low
10%
13,631
1,363
Sabrina
Loans
Discounted cash flow
Medium
2%
1
46,851
6,237
Sabrina
Equity
Earnings
Medium
2x
2
27,558
10,743
EBITDA
Allectus Quantum
Equity
NAV
Medium
20%
26,468
5,294
West Hamilton
Equity
NAV
Low
10%
6,634
663
Other investments
Equity
Various
Medium
20%
6,892
1,378
Other investments
Loans
Discounted cash flow
Low
10%
2,381
238
207,682
33,643
1 If the loan loss severity was 10% the value of Sabrina would decrease by \u00a34.7m. 2 If the liquidity discount rate changed by 10% the value of Sabrina would increase or decrease by \u00a33.4m.
As at 30 June 2025 Valuation Risk Sensitivity Carrying Sensitivity
Investment
Investment type
methodology weighting +/- amount \u00a3\u2019000s \u00a3\u2019000s
Somers
Equity
NAV
Medium
20%
99,558
19,912
Zeta Resources
Equity
NAV
Low
10%
43,880
4,388
Zeta Resources
Loans
Discounted cash flow
Low
10%
7,909
791
Allectus Quantum
Equity
NAV
Medium
20%
21,995
4,399
Zeta Minerals
Equity
NAV
Medium
20%
7,868
1,574
Carebook
Equity
Last funding round
Medium
20%
4,585
917
West Hamilton
Equity
NAV
Low
10%
6,289
629
Other investments
Equity
Various
Medium
20%
3,479
696
Other investments
Loans
Discounted cash flow
Low
10%
5,178
518
Total
200,741
33,824
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-348": { "value": "(e) Capital risk management The objective of the Group is stated as being to maximise shareholder returns by identifying and investing in investments where the underlying value is not reflected in the market price. In pursuing this long term objective, the Board has a responsibility for ensuring the Group\u2019s ability to continue as a going concern. It must therefore maintain its capital structure through varying market conditions. This involves the ability to: issue and buy back share capital within limits set by the shareholders in general meeting; borrow monies in the short and long term; and pay dividends to shareholders out of current year earnings as well as out of brought forward reserves. Changes to ordinary share capital are set out in note 20. Dividends are set out in note 10. Loans are set out in note 15 and note 18. ZDP shares are set out in note 17.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-327": { "value": "
32. COMMITMENTS
In April 2026, UIL signed an agreement with The Bank of Nova Scotia to guarantee the repayment of a loan CoreHealth had drawn
from The Bank of Nova Scotia. On 2 July 2026, CoreHealth repaid the loan of \u00a31.0m in full and all obligations by UIL were terminated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-302": { "value": "32. COMMITMENTS In April 2026, UIL signed an agreement with The Bank of Nova Scotia to guarantee the repayment of a loan CoreHealth had drawn from The Bank of Nova Scotia. On 2 July 2026, CoreHealth repaid the loan of \u00a31.0m in full and all obligations by UIL were terminated.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-303": { "value": "
33. SUBSEQUENT EVENTS
On 10 September 2026, 5,000,000 2028 ZDP shares were issued by UIL Finance to UIL Limited at a price of 135.1p per share,
equal to the accrued capital entitlement of a 2028 ZDP Share at the date of issue. There were no other material events after the
year end of the reporting period except as disclosed for dividends declared (note 10) and ordinary shares purchased (note 20).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-8": { "value": "Richmond House 12 Par-la-Ville Road Hamilton HM 08 Bermuda", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800CTZ7TEIE7YM468", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } } } }