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1. General information
Castelnau Group Limited (the \u201cCompany\u201d) is a Guernsey domiciled closed-ended investment company which
was incorporated in Guernsey on 13 March 2020 under the Companies (Guernsey) Law, 2008. The Company is
classified as a registered fund under the Protection of Investors (Bailiwick of Guernsey) Law 2020. Its registered
office address is PO Box 255, Les Banques, Trafalgar Court, St. Peter Port, Guernsey GY1 3QL. The Company\u2019s
Ordinary Shares were admitted to trading on the London Stock Exchange on 18 October 2021.
The Audited Consolidated Financial Statements (the \u201cConsolidated Financial Statements\u201d or the \u201cFinancial
Statements\u201d) comprise the financial statements of Castelnau Group Limited and Castelnau Group Services
Limited (the \u201cSubsidiary\u201d) (incorporated on 14 June 2022), together referred to as the \u201cGroup\u201d.
The Group\u2019s principal activity is to seek to achieve a high rate of compound return over the long term by carefully
selecting investments using a thorough and objective research process and paying a price which provides a
material margin of safety against permanent loss of capital, but also a favourable range of outcomes.
Details of the Directors, Investment Manager and Advisers can be found on page 83.
The Financial Statements of the Group are presented for the year ended 31 December 2025 and were authorised
for issue by the Board on 20 April 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "Castelnau Group Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-160": { "value": "Castelnau Group Limited", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "closed-ended investment company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "PO Box 255, Les Banques, Trafalgar Court, St. Peter Port, Guernsey GY1 3QL", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "The Group\u2019s principal activity is to seek to achieve a high rate of compound return over the long term by carefully selecting investments using a thorough and objective research process and paying a price which provides a material margin of safety against permanent loss of capital, but also a favourable range of outcomes. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-163": { "value": "
2. Accounting policies
a. Statement of compliance
The Financial Statements have been prepared in accordance with IFRS Accounting Standards as issued by the
International Accounting Standards Board (\u201cIASB\u201d) and are in compliance with The Companies (Guernsey) Law,
2008. The Group is subject also to the continuing obligations imposed on all investment companies whose shares
are admitted to trading on the Main Market of the London Stock Exchange.
These Financial Statements are presented in Sterling (\u201cGBP\u201d or \u201c\u00a3\u201d), which is also the Group\u2019s functional currency.
b. Going concern
The Directors have assessed the Group\u2019s ability to continue as a going concern, taking into account it\u2019s investment
objective (as set out on page 3), financial risk management strategies, and principal risks.
As part of this assessment, the Directors note that the Group currently has loan liabilities of \u00a381.3 million. This is
following the refinancing of \u00a360 million during the year through a new \u00a365 million facility with Shawbrook Bank
Limited. The additional headroom available under this facility will provide the ability to fund interest payments and
facility costs over the next six months. The remaining \u00a314 million loan facility was extended by 3 years, ensuring that
the Group retains access to additional cash resources, if required.
At 31 December 2025, the Group\u2019s total assets were \u00a3478.7 million, predominantly comprising private investments.
While these assets are illiquid by nature, they could be realised if necessary to meet the Group\u2019s obligations,
including debt repayment.
Having considered the refinancing arrangements, available borrowing facilities, the liquidity and value of the
Group\u2019s asset base, and the expected income profile, the Directors are satisfied that the Group has sufficient
resources to continue operations and to meet its liabilities as they fall due for at least twelve months from the
date of approval of these Consolidated Financial Statements. No material uncertainties in respect of the Group\u2019s
ability to continue as a going concern have been identified. Accordingly, the Consolidated Financial Statements
have been prepared on a going concern basis.
c. Basis of measurement
The Financial Statements have been prepared under the historical cost basis, except for financial assets held at
fair value through profit or loss (\u201cFVTPL\u201d) and loans measured at amortised cost less impairment.
d. New standards, interpretations and amendments adopted by the Group
A number of new standards, amendments to standards and interpretations are effective for the annual periods
beginning on or after 1 January 2025:
IAS 21
Lack of Exchangeability (amendments to IAS 21)
1 January 2025
The adoption of this amendment has not had a material impact on the Financial Statements of the Group.
e. New standards and interpretations not yet adopted by the Group
Certain new accounting standards and interpretations have been published that are not mandatory for
31 December 2025 reporting periods and have not been early adopted by the Group. The Directors are in process
of assessing the impact of the adoption of the new standards on the financial statements.
IFRS 9; Classification and Measurement of Financial Instruments (amendments to IFRS 9 1 January 2026
IFRS 7 and IFRS 7)
IFRS 19
Subsidiaries without Public Accountability: Disclosures
1 January 2027
IFRS 18
Presentation and Disclosure in the Financial Statements
1 January 2027
f. Basis of consolidation
The Group\u2019s Financial Statements consolidate those of the parent company and its subsidiary as of 31 December
2025. The reporting date for the Group is 31 December.
A subsidiary is an entity over which the Company exercises control. A subsidiary is fully consolidated from the date
on which control is transferred to the Company. They are deconsolidated from the date that control ceases.
Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with the
investee and has the ability to affect those returns through its power over the investee. Specifically, the Company
controls an investee if, and only if, the Company has:
\u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of
the investee),
\u2022 Exposure, or rights, to variable returns from its involvement with the investee, and
\u2022 The ability to use its power over the investee to affect its returns.
All transactions and balances between Group companies are eliminated on consolidation, including unrealised
gains and losses on transactions between Group companies. Where unrealised losses on intra-group asset
sales are reversed on consolidation, the underlying asset is also tested for impairment from a Group perspective.
Amounts reported in the financial statements of the Subsidiary have been adjusted where necessary to ensure
consistency with the accounting policies adopted by the Group.
Profit or loss and other comprehensive income of the Subsidiary is recognised from the effective date of
acquisition, or up to the effective date of disposal, as applicable.
The main purpose and activity of the Subsidiary is to provide services that relate to the Group\u2019s investment
activities and therefore the entity is required to consolidate the Subsidiary.
Set out below are the details of the Subsidiary held directly by the Group:
Name of Subsidiary
Date of acquisition
Domicile
Ownership
Castelnau Group Services Limited \u201cCGSL\u201d
14 June 2022
United Kingdom
100%
Castelnau Group Limited acquired 50,000 ordinary shares in CGSL at a total cost of \u00a350,000. No goodwill, bargain
purchase or other gains were recognised on the acquisition of CGSL.
As at 31 December 2025, the net asset value of CGSL is positive \u00a3254,955 (31 December 2024: negative \u00a359,172)
which is made up of assets of \u00a3399,734 and liabilities of \u00a3144,779 (31 December 2024: assets of \u00a354,808 and
liabilities of \u00a3113,980).
The objective of CGSL is to provide skilled services to the Group\u2019s portfolio companies. Additional background
information can be found in the Directors\u2019 Report on page 21.
3. Material accounting policies
a. Financial instruments
Recognition and derecognition
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual
provisions of the financial instrument. Financial assets are derecognised when the contractual rights to the cash
flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are
transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expired.
Financial assets
Classification and initial measurement of financial assets
Except for those trade receivables that do not contain a significant financing component all financial assets are
initially measured at fair value adjusted for transaction costs (where applicable).
Financial assets are classified into one of the following categories:
\u2022 amortised cost,
\u2022 fair value through profit or loss (FVTPL), or
\u2022 fair value through other comprehensive income (FVOCI).
In the periods presented, the Group does not have any financial assets categorised as FVOCI.
The classification is determined by both:
\u2022 the entity\u2019s business model for managing the financial asset, and
\u2022 the contractual cash flow characteristics of the financial asset.
Subsequent measurement of financial assets
a) Investments as FVTPL
Investments held at fair value through profit or loss are initially recognised at fair value, being the consideration
given and excluding transaction or other dealing costs associated with the investment. Refer to note 4 and note 17
for judgements, estimations and assumptions made in relation to financial instruments.
After initial recognition, investments are measured at fair value through profit or loss. Gains or losses on
investments measured at fair value through profit or loss are included in the Consolidated Statement of
Comprehensive Income and transaction costs on acquisition or disposal of investments are also included in the
Consolidated Statement of Comprehensive Income.
For investments that are actively traded in organised financial markets, fair value is determined by reference to
stock exchange quoted market bid prices at the close of business on the year end date. All purchases and sales
of investments are recognised on the trade date, i.e. the date that the Group commits to purchase or sell an asset.
Investments held at fair value through profit or loss are initially recognised at fair value, being the consideration
given and excluding transaction or other dealing costs associated with the investment.
Unquoted investments are measured at fair value, which is determined by the Directors in accordance with the
International Private Equity and Venture Capital Valuation Guidelines and IFRS 13. Valuation reports provided by
the Investment Manager of the unquoted investments are used to calculate the fair value where there is evidence
that the valuation is derived using fair value principles that are consistent with the Group\u2019s accounting policies
and valuation methods. Such valuation reports may be adjusted to take account of changes or events to the
reporting date, or other facts and circumstances which might impact the underlying value.
Upon the sale of an investment, in part or wholly, the fair value would be the expected sale price where this is
known or can be reliably estimated.
b) Financial assets at amortised cost
The Group\u2019s financial assets at amortised cost are made up of investments - loans, interest receivable and trade
and other receivables.
Financial assets are measured at amortised cost if the assets meet the following conditions (and are not
designated as FVTPL):
\u2022 they are held within a business model whose objective is to hold the financial assets and collect its contractual
cash flows, and
\u2022 the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and
interest on the principal amount outstanding.
After initial recognition, these are measured at amortised cost using the effective interest method.
Discounting is omitted where the effect of discounting is immaterial.
Impairment of financial assets
The impairment requirements of IFRS 9 use forward-looking information to recognise expected credit losses \u2013
the \u2018expected credit loss (ECL) model\u2019. Instruments within the scope of the requirements included loans and trade
receivables.
The Group considers a broader range of information when assessing credit risk and measuring expected credit
losses, including past events, current conditions, reasonable and supportable forecasts that affect the expected
collectability of the future cash flows of the instrument.
In applying this forward-looking approach, a distinction is made between:
\u2022 financial instruments that have not deteriorated significantly in credit quality since initial recognition or that
have low credit risk (\u2018Stage 1\u2019), and
\u2022 financial instruments that have deteriorated significantly in credit quality since initial recognition and whose
credit risk is not low (\u2018Stage 2\u2019).
\u2018Stage 3\u2019 would cover financial assets that have objective evidence of impairment at the reporting date.
\u201812-month expected credit losses\u2019 are recognised for the first category (i.e. Stage 1) while \u2018lifetime expected credit
losses\u2019 are recognised for the second category (i.e. Stage 2).
Measurement of the expected credit losses is determined by a probability-weighted estimate of credit losses over
the expected life of the financial instrument.
Write-off
The Group shall directly reduce the gross carrying amount of a financial asset when the Group has no
reasonable expectations of recovering a financial asset in its entirety or a portion thereof. A write-off constitutes a
derecognition event.
Fair value hierarchy
Under IFRS 13, investment companies are required to disclose the fair value hierarchy that classifies financial
instruments measured at fair value at one of three levels according to the relative reliability of the inputs used to
estimate the fair values.
Level 1 Valued using quoted prices in active markets for identical assets
Level 2 Valued by reference to valuation techniques using observable inputs other than quoted prices included
within Level 1
Level 3 Valued by reference to valuation techniques using inputs that are not based on observable market data
Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to
the fair value measurement of the relevant asset.
Receivables
Other receivables are amounts due in the ordinary course of business. If collection is expected in one year or
less, they are classified as current assets. If not, they are presented as non-current assets. Other receivables are
recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate
method, less provision for impairment assessed using the simplified approach of expected credit loss model on
experience of previous losses and expectation of future losses.
Financial liabilities
Classification and measurement of financial liabilities
The Group\u2019s financial liabilities are made up of loans payable, finance costs payable, financial guarantee liability,
and other payables. Financial liabilities are initially measured at fair value, and, where applicable, adjusted for
transaction costs unless the Group designated a financial liability at FVTPL.
Subsequently, financial liabilities are measured at amortised cost using the effective interest method except
for financial liabilities designated at FVTPL, which are carried subsequently at fair value with gains or losses
recognised in profit or loss. All interest-related charges and, if applicable, changes in an instrument\u2019s fair value
that are reported in profit or loss are included within finance costs or finance income.
The financial guarantee liability is subsequently measured at the higher of the ECL determined in accordance with
IFRS 9 and the unamortised amount of its initial fair value.
b. Income and expenses
All income and expenses are included in the Consolidated Statement of Comprehensive Income on an accruals
basis and are recognised through profit or loss in the Consolidated Statement of Comprehensive Income.
c. Foreign currency
The currency of the primary economic environment in which the Group operates (the functional currency) is
Pound sterling (\u201cSterling\u201d), which is also the presentational currency of the Group. Transactions involving currencies
other than Sterling are recorded at the exchange rate ruling on the transaction date. At each year end date,
monetary items and non-monetary assets and liabilities, which are fair valued, and which are denominated in
foreign currencies, are retranslated at the closing rates of exchange. Such exchange differences are included in
the Consolidated Statement of Comprehensive Income as net gains on foreign currency and net gains/(losses)
on financial assets at fair value through profit or loss, as appropriate.
d. Cash and cash equivalents
Cash and cash equivalents in the Consolidated Statement of Cash Flows comprise cash held at bank.
e. Share capital
The Group\u2019s Ordinary Shares are classified as equity in accordance with IAS 32. There is no contractual obligation
to deliver cash or another financial asset.
f. Taxation
The parent company, Castelnau Group Limited, has been granted Exempt Status under the terms of The Income
Tax (Exempt Bodies) (Guernsey) Ordinance, 1989 to income tax in Guernsey. Its liability for Guernsey taxation is
limited to an annual fee of \u00a31,600 (2024: \u00a31,600). The activities of the Company do not constitute relevant activities
as defined by the Income Tax (Substance Requirements) (Implementation) Regulations, 2018 (as amended) and
as such the Company was out of scope.
The tax expense represents the aggregate amount of current and deferred tax recognised in the reporting period
for the Subsidiary, domiciled in the United Kingdom. Tax is recognised in profit or loss, except to the extent that it
relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in
other comprehensive income or directly in equity, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the
amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively
enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date.
Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will
be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured
using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are
expected to apply to the reversal of the timing difference.
g. Operating segments
The Board, which is the Chief Operating Decision Maker, has considered the requirements of IFRS 8 \u201cOperating
Segments\u201d and is of the opinion that the Group is engaged in two segments of business. In identifying these
operating segments, management follows the objectives of Castelnau Group Limited and the Subsidiary. The
financial information used by the Board to manage the Group presents the business as two segments. Segment
information is measured on the same basis as that used in the preparation of the Group\u2019s Consolidated Financial
Statements.
The Group receives revenues from interest on loans, bank interest and consultancy services. Segment information
for the financial year is detailed in note 6.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-165": { "value": "a. Statement of compliance The Financial Statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (\u201cIASB\u201d) and are in compliance with The Companies (Guernsey) Law, 2008. The Group is subject also to the continuing obligations imposed on all investment companies whose shares are admitted to trading on the Main Market of the London Stock Exchange. These Financial Statements are presented in Sterling (\u201cGBP\u201d or \u201c\u00a3\u201d), which is also the Group\u2019s functional currency. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-190": { "value": "These Financial Statements are presented in Sterling (\u201cGBP\u201d or \u201c\u00a3\u201d), which is also the Group\u2019s functional currency.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-166": { "value": "b. Going concern The Directors have assessed the Group\u2019s ability to continue as a going concern, taking into account it\u2019s investment objective (as set out on page 3), financial risk management strategies, and principal risks. As part of this assessment, the Directors note that the Group currently has loan liabilities of \u00a381.3 million. This is following the refinancing of \u00a360 million during the year through a new \u00a365 million facility with Shawbrook Bank Limited. The additional headroom available under this facility will provide the ability to fund interest payments and facility costs over the next six months. The remaining \u00a314 million loan facility was extended by 3 years, ensuring that the Group retains access to additional cash resources, if required. At 31 December 2025, the Group\u2019s total assets were \u00a3478.7 million, predominantly comprising private investments. While these assets are illiquid by nature, they could be realised if necessary to meet the Group\u2019s obligations, including debt repayment. Having considered the refinancing arrangements, available borrowing facilities, the liquidity and value of the Group\u2019s asset base, and the expected income profile, the Directors are satisfied that the Group has sufficient resources to continue operations and to meet its liabilities as they fall due for at least twelve months from the date of approval of these Consolidated Financial Statements. No material uncertainties in respect of the Group\u2019s ability to continue as a going concern have been identified. Accordingly, the Consolidated Financial Statements have been prepared on a going concern basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-167": { "value": "c. Basis of measurement The Financial Statements have been prepared under the historical cost basis, except for financial assets held at fair value through profit or loss (\u201cFVTPL\u201d) and loans measured at amortised cost less impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-191": { "value": "d. New standards, interpretations and amendments adopted by the Group A number of new standards, amendments to standards and interpretations are effective for the annual periods beginning on or after 1 January 2025:
IAS 21
Lack of Exchangeability (amendments to IAS 21)
1 January 2025
The adoption of this amendment has not had a material impact on the Financial Statements of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-168": { "value": "d. New standards, interpretations and amendments adopted by the Group A number of new standards, amendments to standards and interpretations are effective for the annual periods beginning on or after 1 January 2025:
IAS 21
Lack of Exchangeability (amendments to IAS 21)
1 January 2025
The adoption of this amendment has not had a material impact on the Financial Statements of the Group. e. New standards and interpretations not yet adopted by the Group Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2025 reporting periods and have not been early adopted by the Group. The Directors are in process of assessing the impact of the adoption of the new standards on the financial statements.
IFRS 9; Classification and Measurement of Financial Instruments (amendments to IFRS 9 1 January 2026
IFRS 7 and IFRS 7)
IFRS 19
Subsidiaries without Public Accountability: Disclosures
1 January 2027
IFRS 18
Presentation and Disclosure in the Financial Statements
1 January 2027
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-192": { "value": "e. New standards and interpretations not yet adopted by the Group Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2025 reporting periods and have not been early adopted by the Group. The Directors are in process of assessing the impact of the adoption of the new standards on the financial statements.
IFRS 9; Classification and Measurement of Financial Instruments (amendments to IFRS 9 1 January 2026
IFRS 7 and IFRS 7)
IFRS 19
Subsidiaries without Public Accountability: Disclosures
1 January 2027
IFRS 18
Presentation and Disclosure in the Financial Statements
1 January 2027
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-169": { "value": "f. Basis of consolidation The Group\u2019s Financial Statements consolidate those of the parent company and its subsidiary as of 31 December 2025. The reporting date for the Group is 31 December. A subsidiary is an entity over which the Company exercises control. A subsidiary is fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases. Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Company controls an investee if, and only if, the Company has: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee), \u2022 Exposure, or rights, to variable returns from its involvement with the investee, and \u2022 The ability to use its power over the investee to affect its returns. All transactions and balances between Group companies are eliminated on consolidation, including unrealised gains and losses on transactions between Group companies. Where unrealised losses on intra-group asset sales are reversed on consolidation, the underlying asset is also tested for impairment from a Group perspective. Amounts reported in the financial statements of the Subsidiary have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group. Profit or loss and other comprehensive income of the Subsidiary is recognised from the effective date of acquisition, or up to the effective date of disposal, as applicable. The main purpose and activity of the Subsidiary is to provide services that relate to the Group\u2019s investment activities and therefore the entity is required to consolidate the Subsidiary. Set out below are the details of the Subsidiary held directly by the Group:
Name of Subsidiary
Date of acquisition
Domicile
Ownership
Castelnau Group Services Limited \u201cCGSL\u201d
14 June 2022
United Kingdom
100%
Castelnau Group Limited acquired 50,000 ordinary shares in CGSL at a total cost of \u00a350,000. No goodwill, bargain purchase or other gains were recognised on the acquisition of CGSL. As at 31 December 2025, the net asset value of CGSL is positive \u00a3254,955 (31 December 2024: negative \u00a359,172) which is made up of assets of \u00a3399,734 and liabilities of \u00a3144,779 (31 December 2024: assets of \u00a354,808 and liabilities of \u00a3113,980). The objective of CGSL is to provide skilled services to the Group\u2019s portfolio companies. Additional background information can be found in the Directors\u2019 Report on page 21. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-193": { "value": "The Group\u2019s Financial Statements consolidate those of the parent company and its subsidiary as of 31 December 2025. The reporting date for the Group is 31 December. A subsidiary is an entity over which the Company exercises control. A subsidiary is fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases. Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Company controls an investee if, and only if, the Company has: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee), \u2022 Exposure, or rights, to variable returns from its involvement with the investee, and \u2022 The ability to use its power over the investee to affect its returns. All transactions and balances between Group companies are eliminated on consolidation, including unrealised gains and losses on transactions between Group companies. Where unrealised losses on intra-group asset sales are reversed on consolidation, the underlying asset is also tested for impairment from a Group perspective. Amounts reported in the financial statements of the Subsidiary have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group. Profit or loss and other comprehensive income of the Subsidiary is recognised from the effective date of acquisition, or up to the effective date of disposal, as applicable. The main purpose and activity of the Subsidiary is to provide services that relate to the Group\u2019s investment activities and therefore the entity is required to consolidate the Subsidiary. Set out below are the details of the Subsidiary held directly by the Group:
Name of Subsidiary
Date of acquisition
Domicile
Ownership
Castelnau Group Services Limited \u201cCGSL\u201d
14 June 2022
United Kingdom
100%
Castelnau Group Limited acquired 50,000 ordinary shares in CGSL at a total cost of \u00a350,000. No goodwill, bargain purchase or other gains were recognised on the acquisition of CGSL. As at 31 December 2025, the net asset value of CGSL is positive \u00a3254,955 (31 December 2024: negative \u00a359,172) which is made up of assets of \u00a3399,734 and liabilities of \u00a3144,779 (31 December 2024: assets of \u00a354,808 and liabilities of \u00a3113,980). The objective of CGSL is to provide skilled services to the Group\u2019s portfolio companies. Additional background information can be found in the Directors\u2019 Report on page 21. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-170": { "value": "a. Financial instruments Recognition and derecognition Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instrument. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expired. Financial assets Classification and initial measurement of financial assets Except for those trade receivables that do not contain a significant financing component all financial assets are initially measured at fair value adjusted for transaction costs (where applicable). Financial assets are classified into one of the following categories: \u2022 amortised cost, \u2022 fair value through profit or loss (FVTPL), or \u2022 fair value through other comprehensive income (FVOCI). In the periods presented, the Group does not have any financial assets categorised as FVOCI. The classification is determined by both: \u2022 the entity\u2019s business model for managing the financial asset, and \u2022 the contractual cash flow characteristics of the financial asset. Subsequent measurement of financial assets a) Investments as FVTPL Investments held at fair value through profit or loss are initially recognised at fair value, being the consideration given and excluding transaction or other dealing costs associated with the investment. Refer to note 4 and note 17 for judgements, estimations and assumptions made in relation to financial instruments. After initial recognition, investments are measured at fair value through profit or loss. Gains or losses on investments measured at fair value through profit or loss are included in the Consolidated Statement of Comprehensive Income and transaction costs on acquisition or disposal of investments are also included in the Consolidated Statement of Comprehensive Income. For investments that are actively traded in organised financial markets, fair value is determined by reference to stock exchange quoted market bid prices at the close of business on the year end date. All purchases and sales of investments are recognised on the trade date, i.e. the date that the Group commits to purchase or sell an asset. Investments held at fair value through profit or loss are initially recognised at fair value, being the consideration given and excluding transaction or other dealing costs associated with the investment. Unquoted investments are measured at fair value, which is determined by the Directors in accordance with the International Private Equity and Venture Capital Valuation Guidelines and IFRS 13. Valuation reports provided by the Investment Manager of the unquoted investments are used to calculate the fair value where there is evidence that the valuation is derived using fair value principles that are consistent with the Group\u2019s accounting policies and valuation methods. Such valuation reports may be adjusted to take account of changes or events to the reporting date, or other facts and circumstances which might impact the underlying value. Upon the sale of an investment, in part or wholly, the fair value would be the expected sale price where this is known or can be reliably estimated. b) Financial assets at amortised cost The Group\u2019s financial assets at amortised cost are made up of investments - loans, interest receivable and trade and other receivables. Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVTPL): \u2022 they are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows, and \u2022 the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Impairment of financial assets The impairment requirements of IFRS 9 use forward-looking information to recognise expected credit losses \u2013 the \u2018expected credit loss (ECL) model\u2019. Instruments within the scope of the requirements included loans and trade receivables. The Group considers a broader range of information when assessing credit risk and measuring expected credit losses, including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument. In applying this forward-looking approach, a distinction is made between: \u2022 financial instruments that have not deteriorated significantly in credit quality since initial recognition or that have low credit risk (\u2018Stage 1\u2019), and \u2022 financial instruments that have deteriorated significantly in credit quality since initial recognition and whose credit risk is not low (\u2018Stage 2\u2019). \u2018Stage 3\u2019 would cover financial assets that have objective evidence of impairment at the reporting date. \u201812-month expected credit losses\u2019 are recognised for the first category (i.e. Stage 1) while \u2018lifetime expected credit losses\u2019 are recognised for the second category (i.e. Stage 2). Measurement of the expected credit losses is determined by a probability-weighted estimate of credit losses over the expected life of the financial instrument. Write-off The Group shall directly reduce the gross carrying amount of a financial asset when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. A write-off constitutes a derecognition event. Fair value hierarchy Under IFRS 13, investment companies are required to disclose the fair value hierarchy that classifies financial instruments measured at fair value at one of three levels according to the relative reliability of the inputs used to estimate the fair values. Level 1 Valued using quoted prices in active markets for identical assets Level 2 Valued by reference to valuation techniques using observable inputs other than quoted prices included within Level 1 Level 3 Valued by reference to valuation techniques using inputs that are not based on observable market data Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value measurement of the relevant asset. Receivables Other receivables are amounts due in the ordinary course of business. If collection is expected in one year or less, they are classified as current assets. If not, they are presented as non-current assets. Other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method, less provision for impairment assessed using the simplified approach of expected credit loss model on experience of previous losses and expectation of future losses. Financial liabilities Classification and measurement of financial liabilities The Group\u2019s financial liabilities are made up of loans payable, finance costs payable, financial guarantee liability, and other payables. Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the Group designated a financial liability at FVTPL. Subsequently, financial liabilities are measured at amortised cost using the effective interest method except for financial liabilities designated at FVTPL, which are carried subsequently at fair value with gains or losses recognised in profit or loss. All interest-related charges and, if applicable, changes in an instrument\u2019s fair value that are reported in profit or loss are included within finance costs or finance income. The financial guarantee liability is subsequently measured at the higher of the ECL determined in accordance with IFRS 9 and the unamortised amount of its initial fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-194": { "value": "Financial assets Classification and initial measurement of financial assets Except for those trade receivables that do not contain a significant financing component all financial assets are initially measured at fair value adjusted for transaction costs (where applicable). Financial assets are classified into one of the following categories: \u2022 amortised cost, \u2022 fair value through profit or loss (FVTPL), or \u2022 fair value through other comprehensive income (FVOCI). In the periods presented, the Group does not have any financial assets categorised as FVOCI. The classification is determined by both: \u2022 the entity\u2019s business model for managing the financial asset, and \u2022 the contractual cash flow characteristics of the financial asset. Subsequent measurement of financial assets a) Investments as FVTPL Investments held at fair value through profit or loss are initially recognised at fair value, being the consideration given and excluding transaction or other dealing costs associated with the investment. Refer to note 4 and note 17 for judgements, estimations and assumptions made in relation to financial instruments. After initial recognition, investments are measured at fair value through profit or loss. Gains or losses on investments measured at fair value through profit or loss are included in the Consolidated Statement of Comprehensive Income and transaction costs on acquisition or disposal of investments are also included in the Consolidated Statement of Comprehensive Income. For investments that are actively traded in organised financial markets, fair value is determined by reference to stock exchange quoted market bid prices at the close of business on the year end date. All purchases and sales of investments are recognised on the trade date, i.e. the date that the Group commits to purchase or sell an asset. Investments held at fair value through profit or loss are initially recognised at fair value, being the consideration given and excluding transaction or other dealing costs associated with the investment. Unquoted investments are measured at fair value, which is determined by the Directors in accordance with the International Private Equity and Venture Capital Valuation Guidelines and IFRS 13. Valuation reports provided by the Investment Manager of the unquoted investments are used to calculate the fair value where there is evidence that the valuation is derived using fair value principles that are consistent with the Group\u2019s accounting policies and valuation methods. Such valuation reports may be adjusted to take account of changes or events to the reporting date, or other facts and circumstances which might impact the underlying value. Upon the sale of an investment, in part or wholly, the fair value would be the expected sale price where this is known or can be reliably estimated. b) Financial assets at amortised cost The Group\u2019s financial assets at amortised cost are made up of investments - loans, interest receivable and trade and other receivables. Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVTPL): \u2022 they are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows, and \u2022 the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-225": { "value": "Classification and initial measurement of financial assets Except for those trade receivables that do not contain a significant financing component all financial assets are initially measured at fair value adjusted for transaction costs (where applicable). Financial assets are classified into one of the following categories: \u2022 amortised cost, \u2022 fair value through profit or loss (FVTPL), or \u2022 fair value through other comprehensive income (FVOCI). In the periods presented, the Group does not have any financial assets categorised as FVOCI. The classification is determined by both: \u2022 the entity\u2019s business model for managing the financial asset, and \u2022 the contractual cash flow characteristics of the financial asset. Subsequent measurement of financial assets a) Investments as FVTPL Investments held at fair value through profit or loss are initially recognised at fair value, being the consideration given and excluding transaction or other dealing costs associated with the investment. Refer to note 4 and note 17 for judgements, estimations and assumptions made in relation to financial instruments. After initial recognition, investments are measured at fair value through profit or loss. Gains or losses on investments measured at fair value through profit or loss are included in the Consolidated Statement of Comprehensive Income and transaction costs on acquisition or disposal of investments are also included in the Consolidated Statement of Comprehensive Income. For investments that are actively traded in organised financial markets, fair value is determined by reference to stock exchange quoted market bid prices at the close of business on the year end date. All purchases and sales of investments are recognised on the trade date, i.e. the date that the Group commits to purchase or sell an asset. Investments held at fair value through profit or loss are initially recognised at fair value, being the consideration given and excluding transaction or other dealing costs associated with the investment. Unquoted investments are measured at fair value, which is determined by the Directors in accordance with the International Private Equity and Venture Capital Valuation Guidelines and IFRS 13. Valuation reports provided by the Investment Manager of the unquoted investments are used to calculate the fair value where there is evidence that the valuation is derived using fair value principles that are consistent with the Group\u2019s accounting policies and valuation methods. Such valuation reports may be adjusted to take account of changes or events to the reporting date, or other facts and circumstances which might impact the underlying value. Upon the sale of an investment, in part or wholly, the fair value would be the expected sale price where this is known or can be reliably estimated. b) Financial assets at amortised cost The Group\u2019s financial assets at amortised cost are made up of investments - loans, interest receivable and trade and other receivables. Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVTPL): \u2022 they are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows, and \u2022 the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Fair value hierarchy Under IFRS 13, investment companies are required to disclose the fair value hierarchy that classifies financial instruments measured at fair value at one of three levels according to the relative reliability of the inputs used to estimate the fair values. Level 1 Valued using quoted prices in active markets for identical assets Level 2 Valued by reference to valuation techniques using observable inputs other than quoted prices included within Level 1 Level 3 Valued by reference to valuation techniques using inputs that are not based on observable market data Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value measurement of the relevant asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-228": { "value": "a) Investments as FVTPL Investments held at fair value through profit or loss are initially recognised at fair value, being the consideration given and excluding transaction or other dealing costs associated with the investment. Refer to note 4 and note 17 for judgements, estimations and assumptions made in relation to financial instruments. After initial recognition, investments are measured at fair value through profit or loss. Gains or losses on investments measured at fair value through profit or loss are included in the Consolidated Statement of Comprehensive Income and transaction costs on acquisition or disposal of investments are also included in the Consolidated Statement of Comprehensive Income. For investments that are actively traded in organised financial markets, fair value is determined by reference to stock exchange quoted market bid prices at the close of business on the year end date. All purchases and sales of investments are recognised on the trade date, i.e. the date that the Group commits to purchase or sell an asset. Investments held at fair value through profit or loss are initially recognised at fair value, being the consideration given and excluding transaction or other dealing costs associated with the investment. Unquoted investments are measured at fair value, which is determined by the Directors in accordance with the International Private Equity and Venture Capital Valuation Guidelines and IFRS 13. Valuation reports provided by the Investment Manager of the unquoted investments are used to calculate the fair value where there is evidence that the valuation is derived using fair value principles that are consistent with the Group\u2019s accounting policies and valuation methods. Such valuation reports may be adjusted to take account of changes or events to the reporting date, or other facts and circumstances which might impact the underlying value. Upon the sale of an investment, in part or wholly, the fair value would be the expected sale price where this is known or can be reliably estimated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-212": { "value": "a) Investments as FVTPL Investments held at fair value through profit or loss are initially recognised at fair value, being the consideration given and excluding transaction or other dealing costs associated with the investment. Refer to note 4 and note 17 for judgements, estimations and assumptions made in relation to financial instruments. After initial recognition, investments are measured at fair value through profit or loss. Gains or losses on investments measured at fair value through profit or loss are included in the Consolidated Statement of Comprehensive Income and transaction costs on acquisition or disposal of investments are also included in the Consolidated Statement of Comprehensive Income. For investments that are actively traded in organised financial markets, fair value is determined by reference to stock exchange quoted market bid prices at the close of business on the year end date. All purchases and sales of investments are recognised on the trade date, i.e. the date that the Group commits to purchase or sell an asset. Investments held at fair value through profit or loss are initially recognised at fair value, being the consideration given and excluding transaction or other dealing costs associated with the investment. Unquoted investments are measured at fair value, which is determined by the Directors in accordance with the International Private Equity and Venture Capital Valuation Guidelines and IFRS 13. Valuation reports provided by the Investment Manager of the unquoted investments are used to calculate the fair value where there is evidence that the valuation is derived using fair value principles that are consistent with the Group\u2019s accounting policies and valuation methods. Such valuation reports may be adjusted to take account of changes or events to the reporting date, or other facts and circumstances which might impact the underlying value. Upon the sale of an investment, in part or wholly, the fair value would be the expected sale price where this is known or can be reliably estimated. b) Financial assets at amortised cost The Group\u2019s financial assets at amortised cost are made up of investments - loans, interest receivable and trade and other receivables. Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVTPL): \u2022 they are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows, and \u2022 the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Fair value hierarchy Under IFRS 13, investment companies are required to disclose the fair value hierarchy that classifies financial instruments measured at fair value at one of three levels according to the relative reliability of the inputs used to estimate the fair values. Level 1 Valued using quoted prices in active markets for identical assets Level 2 Valued by reference to valuation techniques using observable inputs other than quoted prices included within Level 1 Level 3 Valued by reference to valuation techniques using inputs that are not based on observable market data Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value measurement of the relevant asset. 17. Fair value measurement IFRS 13 requires the Group to classify fair value measurements using a fair value hierarchy, as outlined in the accounting policy in note 3, that reflects the significance of the inputs used in making the measurements. The following table analyses, within the fair value hierarchy, the Group\u2019s investments measured at fair value through profit and loss as at 31 December 2025 and 2024:
31 December 31 December
2025 2024
GBP GBP
Classification
Level 1
\u2013
21,253,483
Level 2
\u2013
\u2013
Level 3
456,048,172
356,101,455
Total investments held at \u2018FVTPL\u2019
456,048,172
377,354,938
The Group recognises transfers between levels of the fair value hierarchy as of the end of the reporting period during which the transfers have occurred. Following the delisting of Hornby Plc\u2019s (\u201cHornby\u201d) ordinary shares during the year, the Group has classified its holding in Hornby as Level 3. There were no other transfers between levels during the year (31 December 2024: none). The Group has classified its holding in Silverwood Brand Plc as Level 3 since 31 December 2023, due to the temporary suspension of trading of Silverwood Brand Plc\u2019s ordinary shares on the Aquis Growth Market. Silverwood recommenced trading in May 2024, however due to the low trading volumes, these shares are not considered to be actively trading and therefore the listed price is not considered to be representative of the fair value. Subsequent to year end, Silverwood\u2019s ordinary shares were temporarily suspended once again. As such, the Group\u2019s holding in Silverwood continues to be classified as Level 3 and the measurement of its fair value is discussed on the following page. The following table presents the movement in Level 3 investments measured at fair value through profit and loss for the years ended 31 December 2025 and 31 December 2024:
31 December 31 December
2025 2024
GBP GBP
Level 3 investments
Opening balance
356,101,455
258,349,874
Purchases of financial assets
18,513,497
14,359,233
Net unrealised gains for the year
62,036,384
83,392,348
Transfers from Level 1 to Level 3
18,901,475
\u2013
Adjustment arising from recognition of financial guarantee (note 18)
495,361
\u2013
Closing balance
456,048,172
356,101,455
Listed assets were priced using bid market prices. For investments that are not listed, the Investment Manager has processes in place to ensure valuations provide an objective, consistent and transparent basis for the fair value of unquoted securities in accordance with IFRS Accounting Standards as issued by the IASB. Phoenix creates individual valuation frameworks for all unlisted securities. The final framework will vary depending on the characteristics of the holding (for instance it may also incorporate a listed aspect or loan). To ensure the unlisted valuation framework is robust, Phoenix engages a third-party valuation expert to review the methodologies and assumptions for each new material unlisted security. Then on at least a semi-annual basis the third-party valuation expert will review and verify the framework and carry out an independent valuation against which the Investment Manager\u2019s valuation is compared. Independent value verification may be more frequent depending on the characteristics of each investment and the occurrence of a material change in value. Although Phoenix is ultimately responsible for the final valuation, in practice, Phoenix would work with the third-party valuation expert to agree a valuation. If Phoenix could not agree, a final decision would be made at Board level. There may be circumstances when Phoenix values an unlisted security at cost when that represents Phoenix\u2019s best estimate of fair value. In this scenario and when investments are deemed immaterial in the context of their value relative to the total portfolio value and there are no significant changes to the portfolio company from when it was purchased (i.e., no material changes to cash flow projections, no material change in the performance of the portfolio company, and no transactions have taken place of the portfolio company shares with other parties), then no third-party valuation review will be obtained. Unlisted equities will be valued monthly by the Phoenix investment team. These valuations will then be reviewed and approved by Phoenix\u2019s business team who are functionally separate from the investment team. Ultimate approval of the valuation is from Phoenix\u2019s Chief Operating Officer. The Phoenix business team will liaise directly with the third-party valuation expert who will review PAMP\u2019s valuation methodology to ensure the framework and valuation is robust. The following valuation techniques are used for instruments categorised in Level 3: Investment in Silverwood \u2013 Silverwood is a company incorporated in the United Kingdom that invests in and supports consumer brands in health and beauty, speciality foods and other sectors. Silverwood was temporarily suspended from its Aquis Growth Market listing, and though recommencing trading in May 2024, listed price is not considered to be representative of the fair value. Fair value is estimated by discounting the expected cash flows of a business to present value at a discount rate that reflects the timing and risk of collecting the projected cash flows. Investment in Valderrama \u2013 Valderrama, was initially valued at the acquisition cost of Dignity Plc less transaction costs. Subsequently, the Group\u2019s investment in Valderrama is determined using a discounted cash flow model. This approach indicates fair value based on the present value of the cash flows that a business (or security) is expected to generate in the future. Fair value is estimated by discounting the expected cash flows of a business to present value at a discount rate that reflects the timing and risk of collecting the projected cash flows. Investment in Phoenix S.G. (\u201cPSG\u201d) \u2013 PSG is a company incorporated in the Cayman Islands whose sole purpose is to make a number of investments in Stanley Gibbons entities. The Group\u2019s investment in PSG is valued by utilising the net asset value per share of PSG. The net asset value of PSG includes its shares in Stanley Gibbons Baldwins (\u201cSGB\u201d) and a loan to SGB. SGB is 100% owned by PSG and the fair value of SGB was determined using a discounted cash flow model. Investment in Rawnet \u2013 Given the reduced scale of Rawnet\u2019s earning power relative to its debt outstanding, in mid-2025 the equity value of the Rawnet business was written down to zero. Investment in Cambium \u2013 Cambium is a company incorporated in the Cayman Islands whose sole purpose is to invest in Cambium Group UK Holdings Limited. The Group\u2019s investment in Cambium is valued by utilising the net asset value per share of Cambium. The fair value of Cambium includes its 100% ownership of Cambium Group UK Holdings Limited. The fair value of Cambium UK Holdings Limited was determined using a discounted cash flow model. Investment in Iona Star LP \u2013 Iona Star is a venture capital fund dedicated to investing in companies which focus on accelerating technology innovation with artificial intelligence and data. The Group\u2019s investment in Iona Star is measured at fair value using NAV as the practical expedient under IFRS 13. The NAV reflects the fair value of the underlying portfolio, determined using valuation techniques appropriate to the nature and stage of investment of an early-stage venture fund such as Iona Star. For early-stage investments where observable market inputs are limited, cost is used as a reasonable approximation of fair value in accordance with IFRS 13. Management considers the NAV to be a reasonable proxy for the exit price of the investment at the reporting date. Investment in Ocula \u2013 Ocula remains an early-stage investment and as such the fair value has been determined utilising the recent external (Series A) funding round price, being October 2024, as the key marker in valuing the equity. In parallel, context on that valuation has been provided by making assessments on the company\u2019s market traction, its revenue potential, and a plausible valuation multiple - all overlaid with a plausible probability of success. Investment in Hornby \u2013 Hornby\u2019s ordinary shares were listed until voluntary cancellation of its listing in April 2025. At the time of cancellation, the fair value of the investment was determined using the volume-weighted average price for the five trading days prior to the delisting announcement i.e. 19.3p per share. Following cancellation, the shares are no longer traded in an active market. In the absence of subsequent transactions or other observable indicators of value, the Investment Manager has used 19.3p per share as the best estimate of fair value at 31 December 2025. This valuation is supported by indications of value we see in the sector. The significant unobservable inputs used in fair value measurement categorised within Level 3 of the fair value hierarchy together with a quantitative sensitivity as at 31 December 2025 are shown below:
Significant Estimate of the Sensitivity of fair value to changes in unobservable
Description unobservable input input inputs
Investment in Valderrama
Discount rate
9.5%
An increase to 10%/(decrease to 9%) would
(decrease)/increase fair value by (-10.4%)/+12%
Inflation
2.0%
An increase to 2.5%/(decrease to 1.5%) would
(decrease)/increase fair value by (-14.4%)/+15%
Terminal growth
2.4%
An increase to 2.9%/(decrease to 1.9%) would
rate increase/(decrease) fair value by +6.8%/(-5.9%)
Trust real returns
3.5%
An increase to 4%/(decrease to 3%) would
increase/(decrease) fair value by +3.9%/(-4.2%)
Investment in Phoenix S.G.
Discount rate
15%
An increase to 16%/(decrease to 14%) would
(decrease)/increase fair value by (-22%)/+26%
1c Magenta asset
\u00a34,675,000
An increase of 10%/(decrease of 10%) would
increase/(decrease) fair value by +13%/(-13%)
Significant Estimate of the Sensitivity of fair value to changes in unobservable
Description unobservable input input inputs
Investment in Silverwood
Discount rate
15%
An increase to 16%/(decrease to 14%)
would (decrease)/increase fair value by
(-16.79%)/+19.94%
Terminal growth
2%
An increase to 2.5%/(decrease to 1.5%) would
rate increase/(decrease) fair value by +3.7%/(-3.37%)
Investment in Cambium
Discount rate
15%
An increase to 16%/(decrease to 14%) would
(decrease)/increase fair value by (-5.3%)/+6.3%
Revenue growth
5%
An increase to 6%/(decrease to 4%) would
rate increase/(decrease) fair value by +14.5%/(-13.0%)
Gross profit margin
46%
An increase to 47%/(decrease to 45%) would
increase/(decrease) fair value by +4.5%/(-4.5%)
The significant unobservable inputs used in fair value measurement categorised within Level 3 of the fair value hierarchy together with a quantitative sensitivity as at 31 December 2024 are shown below:
Significant Estimate of the Sensitivity of fair value to changes in unobservable
Description unobservable input input inputs
Investment in Valderrama
Discount rate
9.5%
An increase to 10%/(decrease to 9%) would
(decrease)/increase fair value by (-13%)/+15%
Terminal growth
2.4%
An increase to 2.9%/(decrease to 1.9%) would
rate increase/(decrease) fair value by +9%/(-7%)
Trust real returns
3.5%
An increase to 4%/(decrease to 3%) would
increase/(decrease) fair value by +5%/(-6%)
Group EBIT margin*
various
An increase of 1%/(decrease of 1%) would
(11.7% to 22.3%) increase/(decrease) fair value by +7%/(-7%)
Investment in Phoenix S.G.
Discount rate
17%
An increase to 18%/(decrease to 16%) would
(decrease)/increase fair value by (-35%)/+38%
Magenta
\u00a34,675,000
An increase of 10%/(decrease of 10%) would
increase/(decrease) fair value by +31%/(-31%)
Investment in Rawnet
Revenue run-rate
12,000
An increase of 5%/(decrease of 5%) would
(\u00a3/month per increase/(decrease) fair value to \u00a32.1 million/
billable head) (\u00a30.8 million)
Profit multiple
5x
An increase to 6x/(decrease to 4x) would
increase/(decrease) fair value to \u00a31.9 million/
(\u00a31.0 million)
Investment in Silverwood
Discount rate
15%
An increase to 16%/(decrease to 14%)
would (decrease)/increase fair value by
(-15.38%)/+18.33%
Terminal growth
2%
An increase to 2.5%/(decrease to 1.5%) would
rate increase/(decrease) fair value by +3.39%/(-2.94%)
Investment in Cambium
Discount rate
15%
An increase to 16%/(decrease to 14%) would
(decrease)/increase fair value by (-7%)/+7.9%
Revenue growth
5%
An increase to 6%/(decrease to 4%) would
rate increase/(decrease) fair value by +22%/(-20%)
Gross profit margin
42.2%
An increase to 43.2%/(decrease to 41.2%) would
increase/(decrease) fair value by +11%/(-11%)
*Pre-funeral plan releases and no central cost change ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-213": { "value": "Impairment of financial assets The impairment requirements of IFRS 9 use forward-looking information to recognise expected credit losses \u2013 the \u2018expected credit loss (ECL) model\u2019. Instruments within the scope of the requirements included loans and trade receivables. The Group considers a broader range of information when assessing credit risk and measuring expected credit losses, including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument. In applying this forward-looking approach, a distinction is made between: \u2022 financial instruments that have not deteriorated significantly in credit quality since initial recognition or that have low credit risk (\u2018Stage 1\u2019), and \u2022 financial instruments that have deteriorated significantly in credit quality since initial recognition and whose credit risk is not low (\u2018Stage 2\u2019). \u2018Stage 3\u2019 would cover financial assets that have objective evidence of impairment at the reporting date. \u201812-month expected credit losses\u2019 are recognised for the first category (i.e. Stage 1) while \u2018lifetime expected credit losses\u2019 are recognised for the second category (i.e. Stage 2). Measurement of the expected credit losses is determined by a probability-weighted estimate of credit losses over the expected life of the financial instrument. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-195": { "value": "Impairment of financial assets The impairment requirements of IFRS 9 use forward-looking information to recognise expected credit losses \u2013 the \u2018expected credit loss (ECL) model\u2019. Instruments within the scope of the requirements included loans and trade receivables. The Group considers a broader range of information when assessing credit risk and measuring expected credit losses, including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument. In applying this forward-looking approach, a distinction is made between: \u2022 financial instruments that have not deteriorated significantly in credit quality since initial recognition or that have low credit risk (\u2018Stage 1\u2019), and \u2022 financial instruments that have deteriorated significantly in credit quality since initial recognition and whose credit risk is not low (\u2018Stage 2\u2019). \u2018Stage 3\u2019 would cover financial assets that have objective evidence of impairment at the reporting date. \u201812-month expected credit losses\u2019 are recognised for the first category (i.e. Stage 1) while \u2018lifetime expected credit losses\u2019 are recognised for the second category (i.e. Stage 2). Measurement of the expected credit losses is determined by a probability-weighted estimate of credit losses over the expected life of the financial instrument. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-196": { "value": "Fair value hierarchy Under IFRS 13, investment companies are required to disclose the fair value hierarchy that classifies financial instruments measured at fair value at one of three levels according to the relative reliability of the inputs used to estimate the fair values. Level 1 Valued using quoted prices in active markets for identical assets Level 2 Valued by reference to valuation techniques using observable inputs other than quoted prices included within Level 1 Level 3 Valued by reference to valuation techniques using inputs that are not based on observable market data Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value measurement of the relevant asset. 17. Fair value measurement IFRS 13 requires the Group to classify fair value measurements using a fair value hierarchy, as outlined in the accounting policy in note 3, that reflects the significance of the inputs used in making the measurements. The following table analyses, within the fair value hierarchy, the Group\u2019s investments measured at fair value through profit and loss as at 31 December 2025 and 2024:
31 December 31 December
2025 2024
GBP GBP
Classification
Level 1
\u2013
21,253,483
Level 2
\u2013
\u2013
Level 3
456,048,172
356,101,455
Total investments held at \u2018FVTPL\u2019
456,048,172
377,354,938
The Group recognises transfers between levels of the fair value hierarchy as of the end of the reporting period during which the transfers have occurred. Following the delisting of Hornby Plc\u2019s (\u201cHornby\u201d) ordinary shares during the year, the Group has classified its holding in Hornby as Level 3. There were no other transfers between levels during the year (31 December 2024: none). The Group has classified its holding in Silverwood Brand Plc as Level 3 since 31 December 2023, due to the temporary suspension of trading of Silverwood Brand Plc\u2019s ordinary shares on the Aquis Growth Market. Silverwood recommenced trading in May 2024, however due to the low trading volumes, these shares are not considered to be actively trading and therefore the listed price is not considered to be representative of the fair value. Subsequent to year end, Silverwood\u2019s ordinary shares were temporarily suspended once again. As such, the Group\u2019s holding in Silverwood continues to be classified as Level 3 and the measurement of its fair value is discussed on the following page. The following table presents the movement in Level 3 investments measured at fair value through profit and loss for the years ended 31 December 2025 and 31 December 2024:
31 December 31 December
2025 2024
GBP GBP
Level 3 investments
Opening balance
356,101,455
258,349,874
Purchases of financial assets
18,513,497
14,359,233
Net unrealised gains for the year
62,036,384
83,392,348
Transfers from Level 1 to Level 3
18,901,475
\u2013
Adjustment arising from recognition of financial guarantee (note 18)
495,361
\u2013
Closing balance
456,048,172
356,101,455
Listed assets were priced using bid market prices. For investments that are not listed, the Investment Manager has processes in place to ensure valuations provide an objective, consistent and transparent basis for the fair value of unquoted securities in accordance with IFRS Accounting Standards as issued by the IASB. Phoenix creates individual valuation frameworks for all unlisted securities. The final framework will vary depending on the characteristics of the holding (for instance it may also incorporate a listed aspect or loan). To ensure the unlisted valuation framework is robust, Phoenix engages a third-party valuation expert to review the methodologies and assumptions for each new material unlisted security. Then on at least a semi-annual basis the third-party valuation expert will review and verify the framework and carry out an independent valuation against which the Investment Manager\u2019s valuation is compared. Independent value verification may be more frequent depending on the characteristics of each investment and the occurrence of a material change in value. Although Phoenix is ultimately responsible for the final valuation, in practice, Phoenix would work with the third-party valuation expert to agree a valuation. If Phoenix could not agree, a final decision would be made at Board level. There may be circumstances when Phoenix values an unlisted security at cost when that represents Phoenix\u2019s best estimate of fair value. In this scenario and when investments are deemed immaterial in the context of their value relative to the total portfolio value and there are no significant changes to the portfolio company from when it was purchased (i.e., no material changes to cash flow projections, no material change in the performance of the portfolio company, and no transactions have taken place of the portfolio company shares with other parties), then no third-party valuation review will be obtained. Unlisted equities will be valued monthly by the Phoenix investment team. These valuations will then be reviewed and approved by Phoenix\u2019s business team who are functionally separate from the investment team. Ultimate approval of the valuation is from Phoenix\u2019s Chief Operating Officer. The Phoenix business team will liaise directly with the third-party valuation expert who will review PAMP\u2019s valuation methodology to ensure the framework and valuation is robust. The following valuation techniques are used for instruments categorised in Level 3: Investment in Silverwood \u2013 Silverwood is a company incorporated in the United Kingdom that invests in and supports consumer brands in health and beauty, speciality foods and other sectors. Silverwood was temporarily suspended from its Aquis Growth Market listing, and though recommencing trading in May 2024, listed price is not considered to be representative of the fair value. Fair value is estimated by discounting the expected cash flows of a business to present value at a discount rate that reflects the timing and risk of collecting the projected cash flows. Investment in Valderrama \u2013 Valderrama, was initially valued at the acquisition cost of Dignity Plc less transaction costs. Subsequently, the Group\u2019s investment in Valderrama is determined using a discounted cash flow model. This approach indicates fair value based on the present value of the cash flows that a business (or security) is expected to generate in the future. Fair value is estimated by discounting the expected cash flows of a business to present value at a discount rate that reflects the timing and risk of collecting the projected cash flows. Investment in Phoenix S.G. (\u201cPSG\u201d) \u2013 PSG is a company incorporated in the Cayman Islands whose sole purpose is to make a number of investments in Stanley Gibbons entities. The Group\u2019s investment in PSG is valued by utilising the net asset value per share of PSG. The net asset value of PSG includes its shares in Stanley Gibbons Baldwins (\u201cSGB\u201d) and a loan to SGB. SGB is 100% owned by PSG and the fair value of SGB was determined using a discounted cash flow model. Investment in Rawnet \u2013 Given the reduced scale of Rawnet\u2019s earning power relative to its debt outstanding, in mid-2025 the equity value of the Rawnet business was written down to zero. Investment in Cambium \u2013 Cambium is a company incorporated in the Cayman Islands whose sole purpose is to invest in Cambium Group UK Holdings Limited. The Group\u2019s investment in Cambium is valued by utilising the net asset value per share of Cambium. The fair value of Cambium includes its 100% ownership of Cambium Group UK Holdings Limited. The fair value of Cambium UK Holdings Limited was determined using a discounted cash flow model. Investment in Iona Star LP \u2013 Iona Star is a venture capital fund dedicated to investing in companies which focus on accelerating technology innovation with artificial intelligence and data. The Group\u2019s investment in Iona Star is measured at fair value using NAV as the practical expedient under IFRS 13. The NAV reflects the fair value of the underlying portfolio, determined using valuation techniques appropriate to the nature and stage of investment of an early-stage venture fund such as Iona Star. For early-stage investments where observable market inputs are limited, cost is used as a reasonable approximation of fair value in accordance with IFRS 13. Management considers the NAV to be a reasonable proxy for the exit price of the investment at the reporting date. Investment in Ocula \u2013 Ocula remains an early-stage investment and as such the fair value has been determined utilising the recent external (Series A) funding round price, being October 2024, as the key marker in valuing the equity. In parallel, context on that valuation has been provided by making assessments on the company\u2019s market traction, its revenue potential, and a plausible valuation multiple - all overlaid with a plausible probability of success. Investment in Hornby \u2013 Hornby\u2019s ordinary shares were listed until voluntary cancellation of its listing in April 2025. At the time of cancellation, the fair value of the investment was determined using the volume-weighted average price for the five trading days prior to the delisting announcement i.e. 19.3p per share. Following cancellation, the shares are no longer traded in an active market. In the absence of subsequent transactions or other observable indicators of value, the Investment Manager has used 19.3p per share as the best estimate of fair value at 31 December 2025. This valuation is supported by indications of value we see in the sector. The significant unobservable inputs used in fair value measurement categorised within Level 3 of the fair value hierarchy together with a quantitative sensitivity as at 31 December 2025 are shown below:
Significant Estimate of the Sensitivity of fair value to changes in unobservable
Description unobservable input input inputs
Investment in Valderrama
Discount rate
9.5%
An increase to 10%/(decrease to 9%) would
(decrease)/increase fair value by (-10.4%)/+12%
Inflation
2.0%
An increase to 2.5%/(decrease to 1.5%) would
(decrease)/increase fair value by (-14.4%)/+15%
Terminal growth
2.4%
An increase to 2.9%/(decrease to 1.9%) would
rate increase/(decrease) fair value by +6.8%/(-5.9%)
Trust real returns
3.5%
An increase to 4%/(decrease to 3%) would
increase/(decrease) fair value by +3.9%/(-4.2%)
Investment in Phoenix S.G.
Discount rate
15%
An increase to 16%/(decrease to 14%) would
(decrease)/increase fair value by (-22%)/+26%
1c Magenta asset
\u00a34,675,000
An increase of 10%/(decrease of 10%) would
increase/(decrease) fair value by +13%/(-13%)
Significant Estimate of the Sensitivity of fair value to changes in unobservable
Description unobservable input input inputs
Investment in Silverwood
Discount rate
15%
An increase to 16%/(decrease to 14%)
would (decrease)/increase fair value by
(-16.79%)/+19.94%
Terminal growth
2%
An increase to 2.5%/(decrease to 1.5%) would
rate increase/(decrease) fair value by +3.7%/(-3.37%)
Investment in Cambium
Discount rate
15%
An increase to 16%/(decrease to 14%) would
(decrease)/increase fair value by (-5.3%)/+6.3%
Revenue growth
5%
An increase to 6%/(decrease to 4%) would
rate increase/(decrease) fair value by +14.5%/(-13.0%)
Gross profit margin
46%
An increase to 47%/(decrease to 45%) would
increase/(decrease) fair value by +4.5%/(-4.5%)
The significant unobservable inputs used in fair value measurement categorised within Level 3 of the fair value hierarchy together with a quantitative sensitivity as at 31 December 2024 are shown below:
Significant Estimate of the Sensitivity of fair value to changes in unobservable
Description unobservable input input inputs
Investment in Valderrama
Discount rate
9.5%
An increase to 10%/(decrease to 9%) would
(decrease)/increase fair value by (-13%)/+15%
Terminal growth
2.4%
An increase to 2.9%/(decrease to 1.9%) would
rate increase/(decrease) fair value by +9%/(-7%)
Trust real returns
3.5%
An increase to 4%/(decrease to 3%) would
increase/(decrease) fair value by +5%/(-6%)
Group EBIT margin*
various
An increase of 1%/(decrease of 1%) would
(11.7% to 22.3%) increase/(decrease) fair value by +7%/(-7%)
Investment in Phoenix S.G.
Discount rate
17%
An increase to 18%/(decrease to 16%) would
(decrease)/increase fair value by (-35%)/+38%
Magenta
\u00a34,675,000
An increase of 10%/(decrease of 10%) would
increase/(decrease) fair value by +31%/(-31%)
Investment in Rawnet
Revenue run-rate
12,000
An increase of 5%/(decrease of 5%) would
(\u00a3/month per increase/(decrease) fair value to \u00a32.1 million/
billable head) (\u00a30.8 million)
Profit multiple
5x
An increase to 6x/(decrease to 4x) would
increase/(decrease) fair value to \u00a31.9 million/
(\u00a31.0 million)
Investment in Silverwood
Discount rate
15%
An increase to 16%/(decrease to 14%)
would (decrease)/increase fair value by
(-15.38%)/+18.33%
Terminal growth
2%
An increase to 2.5%/(decrease to 1.5%) would
rate increase/(decrease) fair value by +3.39%/(-2.94%)
Investment in Cambium
Discount rate
15%
An increase to 16%/(decrease to 14%) would
(decrease)/increase fair value by (-7%)/+7.9%
Revenue growth
5%
An increase to 6%/(decrease to 4%) would
rate increase/(decrease) fair value by +22%/(-20%)
Gross profit margin
42.2%
An increase to 43.2%/(decrease to 41.2%) would
increase/(decrease) fair value by +11%/(-11%)
*Pre-funeral plan releases and no central cost change ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-197": { "value": "Receivables Other receivables are amounts due in the ordinary course of business. If collection is expected in one year or less, they are classified as current assets. If not, they are presented as non-current assets. Other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method, less provision for impairment assessed using the simplified approach of expected credit loss model on experience of previous losses and expectation of future losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-198": { "value": "Financial liabilities Classification and measurement of financial liabilities The Group\u2019s financial liabilities are made up of loans payable, finance costs payable, financial guarantee liability, and other payables. Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the Group designated a financial liability at FVTPL. Subsequently, financial liabilities are measured at amortised cost using the effective interest method except for financial liabilities designated at FVTPL, which are carried subsequently at fair value with gains or losses recognised in profit or loss. All interest-related charges and, if applicable, changes in an instrument\u2019s fair value that are reported in profit or loss are included within finance costs or finance income. The financial guarantee liability is subsequently measured at the higher of the ECL determined in accordance with IFRS 9 and the unamortised amount of its initial fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-199": { "value": "b. Income and expenses All income and expenses are included in the Consolidated Statement of Comprehensive Income on an accruals basis and are recognised through profit or loss in the Consolidated Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-171": { "value": "b. Income and expenses All income and expenses are included in the Consolidated Statement of Comprehensive Income on an accruals basis and are recognised through profit or loss in the Consolidated Statement of Comprehensive Income. ", "dimensions": { "concept": "castelnaugroup:DescriptionOfAccountingPolicyForIncomeAndExpense", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-172": { "value": "c. Foreign currency The currency of the primary economic environment in which the Group operates (the functional currency) is Pound sterling (\u201cSterling\u201d), which is also the presentational currency of the Group. Transactions involving currencies other than Sterling are recorded at the exchange rate ruling on the transaction date. At each year end date, monetary items and non-monetary assets and liabilities, which are fair valued, and which are denominated in foreign currencies, are retranslated at the closing rates of exchange. Such exchange differences are included in the Consolidated Statement of Comprehensive Income as net gains on foreign currency and net gains/(losses) on financial assets at fair value through profit or loss, as appropriate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-173": { "value": "d. Cash and cash equivalents Cash and cash equivalents in the Consolidated Statement of Cash Flows comprise cash held at bank. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-174": { "value": "e. Share capital The Group\u2019s Ordinary Shares are classified as equity in accordance with IAS 32. There is no contractual obligation to deliver cash or another financial asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-175": { "value": "f. Taxation The parent company, Castelnau Group Limited, has been granted Exempt Status under the terms of The Income Tax (Exempt Bodies) (Guernsey) Ordinance, 1989 to income tax in Guernsey. Its liability for Guernsey taxation is limited to an annual fee of \u00a31,600 (2024: \u00a31,600). The activities of the Company do not constitute relevant activities as defined by the Income Tax (Substance Requirements) (Implementation) Regulations, 2018 (as amended) and as such the Company was out of scope. The tax expense represents the aggregate amount of current and deferred tax recognised in the reporting period for the Subsidiary, domiciled in the United Kingdom. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-200": { "value": "Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-176": { "value": "g. Operating segments The Board, which is the Chief Operating Decision Maker, has considered the requirements of IFRS 8 \u201cOperating Segments\u201d and is of the opinion that the Group is engaged in two segments of business. In identifying these operating segments, management follows the objectives of Castelnau Group Limited and the Subsidiary. The financial information used by the Board to manage the Group presents the business as two segments. Segment information is measured on the same basis as that used in the preparation of the Group\u2019s Consolidated Financial Statements. The Group receives revenues from interest on loans, bank interest and consultancy services. Segment information for the financial year is detailed in note 6.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-177": { "value": "4. Judgements, estimations or assumptions The Directors have reviewed matters requiring judgements, estimations or assumptions. The preparation of the Financial Statements requires management to make judgements, estimations or assumptions that affect the amounts reported for assets and liabilities as at the year-end date and the amounts reported for revenue and expenses during the year. However, the nature of the estimation means that actual outcomes could differ from those estimates. Key sources of estimation uncertainty 4.1 Investment valuation The critical estimate or assumption that may have a significant risk of causing a material adjustment to the Group\u2019s NAV relates to the valuation of the Group\u2019s unquoted (Level 3) investments, which is approximately 122.0% of the Group\u2019s NAV. The Level 3 holdings are valued in line with accounting policies as disclosed in note 3(a). Whilst the Board considers the methodologies and assumptions adopted in the valuation of unquoted investments are reasonable and robust, because of the inherent uncertainty of the valuation, the values used may differ significantly from the values that would have been used had a ready market for the investment existed and the differences could be significant. These values may need to be revised as circumstances change and material adjustments may still arise as a result of revaluation of the unquoted investments fair value within the next year. See note 17 for further information regarding the valuation of investments and the sensitivity of fair value to changes in unobservable inputs. Judgements 4.2 Assessment as investment entity Entities that meet the definition of an investment entity within IFRS 10 are required to measure their subsidiaries at fair value through profit or loss rather than consolidate them. The criteria which define an investment entity are as follows: (i) An entity that obtains funds from one or more investors for the purpose of providing those investors with investment services; (ii) An entity that commits to its investors that its business purpose is to invest solely for returns from capital appreciation, investment income or both; and (iii) An entity that measures and evaluates the performance of substantially all of its investments on a fair value basis. The Group has several investors that have access to investment management services and opportunities. In addition, some of the investors are not related parties of the Group or members of the Group. The Group\u2019s objective to provide a \u201chigh rate of compound return\u201d is consistent with that of an investment entity. The Group has clearly defined exit strategies for each of its investment classes, these strategies are again consistent with an investment entity.
The Group uses a variety of methods or valuation techniques and makes assumptions based on market
conditions existing at each Consolidated Statement of Financial Position date to value financial assets at fair value
through profit or loss that are not traded in active markets. The valuation techniques have been prepared with
the goal that fair value measurements derived when using these valuation techniques are compliant with IFRS
Accounting Standards as issued by the IASB. The Board has satisfactorily benchmarked this methodology with an
independent third party.
The Directors, upon considering the above criteria, have concluded that the Group meets the definition of an
investment entity. Therefore, the Group has classified its investments at fair value through profit or loss in the
Consolidated Statement of Financial Position with the exception of CGSL. An investment entity is still required to
consolidate a subsidiary where that subsidiary largely provides services that relate to the investment entity\u2019s
activities. The subsidiary is discussed in note 2(f).
4.3 Financial guarantee liability
The recognition and measurement of the financial guarantee require the Board to make significant judgements
and assumptions about future events, particularly in assessing expected recovery outcomes and the timing of
recoveries, including matters subject to ongoing legal proceedings. These estimates are inherently uncertain and
actual outcomes may differ from those assumed, which could result in a material adjustment to the carrying
amount of the liability in future periods. At the reporting date, the Board considers the risk of financial guarantee
being called to be low as further discussed in note 18.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-201": { "value": "Key sources of estimation uncertainty 4.1 Investment valuation The critical estimate or assumption that may have a significant risk of causing a material adjustment to the Group\u2019s NAV relates to the valuation of the Group\u2019s unquoted (Level 3) investments, which is approximately 122.0% of the Group\u2019s NAV. The Level 3 holdings are valued in line with accounting policies as disclosed in note 3(a). Whilst the Board considers the methodologies and assumptions adopted in the valuation of unquoted investments are reasonable and robust, because of the inherent uncertainty of the valuation, the values used may differ significantly from the values that would have been used had a ready market for the investment existed and the differences could be significant. These values may need to be revised as circumstances change and material adjustments may still arise as a result of revaluation of the unquoted investments fair value within the next year. See note 17 for further information regarding the valuation of investments and the sensitivity of fair value to changes in unobservable inputs. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-178": { "value": "
5. Investments
For the year ended 31 December 2025
FVTPL Amortised cost
Equity Loans Total
GBP GBP GBP
INVESTMENTS
Opening portfolio cost
303,492,833
22,768,837
326,261,670
Purchases at cost
19,573,367
5,270,000
24,843,367
Proceeds on maturity/principal repayment
-
(7,100,000)
(7,100,000)
Adjustment arising from recognition
495,361
-
495,361
of financial guarantee (note 18)
Closing portfolio cost
323,561,561
20,938,837
344,500,398
Unrealised gains on investments
200,912,600
-
200,912,600
Unrealised losses on investments
(68,425,989)
(3,710,450)*
(72,136,439)
Fair value/carrying amount
456,048,172
17,228,387
473,276,559
Movement in unrealised gains on investments
66,885,748
\u2013
66,885,748
Movement in unrealised losses on investments
(8,261,242)
(1,161,950)*
(9,423,192)
Net gains/(losses) on financial assets
58,624,506
(1,161,950)
57,462,556
* As at 31 December 2025, \u00a33,710,450 of unrealised losses on investments at amortised cost represents expected credit losses on loan facilities with
Showpiece Technologies Limited and Rawnet Limited. The movement of unrealised losses on \u00a31,161,950 represents the movement in expected
credit losses on loans.
For the year ended 31 December 2024
FVTPL Amortised cost
Equity Loans Total
GBP GBP GBP
INVESTMENTS
Opening portfolio cost
291,883,601
18,738,255
310,621,856
Purchases at cost
14,359,233
13,967,582
28,326,815
Proceeds on maturity/principal repayment
\u2013
(9,400,000)
(9,400,000)
Realised losses on maturity/write-off
(2,750,001)
(537,000)*
(3,287,001)
Closing portfolio cost
303,492,833
22,768,837
326,261,670
Unrealised gains on investments
134,026,852
\u2013
134,026,852
Unrealised losses on investments
(60,164,747)
(2,548,500)*
(62,713,247)
Fair value/carrying amount
377,354,938
20,220,337
397,575,275
Realised losses on maturity/write-off
(2,750,001)
(537,000)*
(3,287,001)
Movement in unrealised gains on investments
103,646,231
\u2013
103,646,231
Movement in unrealised losses on investments
(11,035,431)
570,478*
(10,464,953)
Net gains on financial assets
89,860,799
33,478
89,894,277
* As at 31 December 2024, \u00a3537,000 of realised losses on loans represents partial write-off of loan facility with Rawnet Limited, and \u00a32,548,500 of
unrealised losses on investments at amortised cost represents expected credit losses on loan facility with Showpiece Technologies Limited.
The movement of unrealised losses on \u00a3570,478 represents the movement in expected credit losses on loans.
The transaction charges on the purchase and sale of investments during the current year were \u00a3nil (31 December
2024: \u00a3nil) included in the Consolidated Statement of Comprehensive Income.
Refer to note 17 for additional disclosure on the fair value measurement of the investments.
5.1 Loans
The Group had a loan facility of \u00a32,000,000 dated 5 June 2024 with Dignity Group Holdings Limited as borrower.
The termination date was 31 December 2026, with interest accruing at 15% per annum. The loan was fully repaid on
28 November 2025.
The Group had a loan facility of \u00a31,500,000 with Rawnet Limited as borrower. On 21 November 2024, the termination
date was extended to 16 February 2026, and it was agreed that no interest shall accrue or be payable on the
first \u00a31,272,255 of principal outstanding from time to time. It was also agreed that interest shall accrue and be
payable on any amount of principal above \u00a31,272,255 at a rate of 7% per annum. Further, on 30 November 2024,
the Group agreed to a partial write-off of \u00a3537,000, resulting in the principal outstanding at that date reducing to
\u00a3885,255. The amount of any loan on which interest shall accrue and be payable was also reduced by the partial
write-off amount in 2024 and interest now accrues and is payable on any loan amounts exceeding \u00a3735,255. This
is governed by terms of the amended loan agreement. During the year, a further \u00a3885,255 was recognised as
expected credit losses. Post year end, the termination date was extended to 31 December 2026.
The Group had a loan facility of \u00a34,399,999 dated 13 October 2022 with Silverwood Brands Plc (\u201cSilverwood\u201d)
as borrower. The termination date was 12 April 2024. Interest was accrued at 15%. On 29 January 2024, the loan
(excluding \u00a3855,287 accrued interest) was converted into equity in Silverwood at conversion price of 54 pence
per Ordinary Share. The accrued interest of \u00a3855,287 was capitalised and is governed by the original loan terms,
accruing interest at 15%, with termination date extended to 29 January 2026. Post year end, the termination date
was extended to 29 July 2026.
The Group had a loan facility of \u00a3450,000 dated 15 November 2023 with Phoenix S.G. Limited as borrower.
The facility was extended to account for the costs of the administration process for Stanley Gibbons, and the
initial working capital required for the Strand Collectibles entity which reacquired the assets from administration.
The termination date was 31 December 2023. Interest was accrued at 5% and remains payable. During the year
ended 31 December 2024, there were further increases to the facility up to \u00a311,366,000 and the interest rate was
amended to (i) 15% per annum on outstanding principal at 21 October 2024 up to and including \u00a35,933,295 and
(ii) 7% per annum payable on outstanding balances exceeding \u00a35,933,295. The termination date was extended to
31 December 2025. Post year end, an amended agreement extended the termination date to 31 December 2026.
The Group had a loan facility of \u00a32,000,000 dated 11 March 2022 with Cambium Group UK Holdings Limited as
original borrower. The termination date was 11 March 2023. Prior to this date, the loan facility was increased to
\u00a37,500,000 and the termination date was extended to 11 March 2025. Following this, additional increases were
made during the year ended 31 December 2024 up to \u00a315,250,000. On 20 December 2024, the loan was novated
with Cambium International Limited (\u201cCBI\u201d) as the new borrower and the termination date was extended to
30 June 2025. As part of the loan novation, \u00a35,000,000 of the outstanding loan was converted into equity via
the issuance of 13,784 ordinary shares in CBI to the Group. On 23 December 2025, a further \u00a34,500,000 of the
outstanding loan was converted into equity via the issuance of 12,843 ordinary shares in CBI to the Group. On
26 June 2025, the termination date was extended to 31 December 2025 and on 30 December 2025, it was further
extended to 31 December 2026. Interest accrues and is payable on any loan amount exceeding \u00a36.5 million at a
rate of 7% per annum.
The Group has a loan facility of \u00a34,200,000 with Showpiece Technologies Limited as borrower with termination
date of 19 November 2024. On 11 August 2024, the termination date was extended to 19 November 2025 and on
7 October 2025, it was further extended to 31 December 2026. At 31 December 2025, an expected credit loss of
\u00a32,825,195 (31 December 2024: \u00a32,548,500) was recognised.
The utilised amounts on each facility are disclosed on the Portfolio Holdings on page 7.
5.2 Interests in unconsolidated structured entities
Below is a summary of the Group\u2019s holdings in unconsolidated structured entities as at 31 December 2025
and 2024.
Ownership Ownership
Name of investee company
Date of acquisition
Domicile
2025 2024
Rawnet Limited
12 February 2021
United Kingdom
100.0%
100.0%
Showpiece Technologies Limited
12 November 2021
United Kingdom
80.0%
80.0%
Hornby Plc
14 October 2021
United Kingdom
58.2%
54.9%
Ocula Technologies Holdings Limited
22 January 2021
United Kingdom
40.5%
41.6%
Silverwood Brands Plc
13 October 2022
United Kingdom
29.2%
29.9%
Iona Star LP
25 September 2024
United Kingdom
31.7%*
45.0%*
Phoenix SG Limited
14 October 2021
Cayman Islands
70.5%
64.1%
Cambium International Limited
14 October 2021
Cayman Islands
92.5%
90.3%
Valderrama Limited
14 April 2023
Channel Islands
65.9%
65.4%
* Represents percentage of the fund.
16. Financial instruments \u2013 risk analysis
The general risk analysis undertaken by the Board and its overall policy approach to risk management are set out
in the Directors\u2019 Report. Issues associated with portfolio distribution and concentration risk are discussed in the
Investment Policy section of the Strategic Report. This note, which is incorporated in accordance with accounting
standard IFRS 7, examines in greater detail the identification, measurement and management of risks potentially
affecting the value of financial instruments and how those risks potentially affect the performance and financial
position of the Group. The risks concerned are categorised as follows:
(a) Potential Market Risks, which are principally:
(i) Currency risk,
(ii) Interest rate risk, and
(iii) Other price risk.
(b) Liquidity risk;
(c) Credit risk; and
(d) Capital management policies and procedures.
Each is considered in turn below:
(a) (i) Currency risk
The portfolio as at 31 December 2025 was invested in Sterling securities and there was no currency risk arising from
the possibility of a fall in the value of Sterling impacting upon the value of investments or income.
The Group had no foreign currency borrowings at 31 December 2025 or 31 December 2024 and no sensitivity
analysis is presented for this risk.
(a) (ii) Interest rate risk
The Group did not hold fixed interest securities at 31 December 2025 or 31 December 2024.
With the exception of cash, no interest rate risks arise in respect of any current asset. All cash held as a current
asset is denominated in Sterling, earning interest at the bank\u2019s or custodian\u2019s variable interest rates.
As at 31 December 2025, the Group had loans payable of \u00a381,268,000 (2024: \u00a365,560,000) and interest accrues at
variable interest rate which exposes the Group to interest rate risk. The effect of an increase or decrease in interest
rates of 50 basis points would have resulted in an increase or decrease of \u00a3406,340 (2024: \u00a3327,800) in the net
assets attributable to equity holders. This analysis assumes that all other variables remain constant.
(a) (iii) Other price risk
The principal price risk for the Group is the price volatility of shares that are owned by the Group. As described in
the Alternative Investment Fund Manager and Investment Manager\u2019s Report, the Group spreads its investments
across different sectors and geographies, but, as shown by the Portfolio Analysis in the Business Review, the Group
may maintain relatively strong concentrations in particular sectors selected by the Investment Manager.
As at 31 December 2025, the Group\u2019s investment portfolio consists of all Level 3 assets and as such are not subject
to quoted market price risk. Through its Level 3 investments, the Group remains exposed to other price risk arising
from changes in valuation assumptions (discount rates, growth rate, margins and other inputs). Sensitivity
analyses for key unobservable inputs are presented in note 17. As at 31 December 2024, as a result of investments
in publicly traded portfolio companies with a total value of \u00a321,253,483, the effect on the portfolio of a 10% increase
or decrease in market prices would have resulted in an increase or decrease of \u00a32,125,348 in the investments held
at fair value through profit or loss at the year end, which is equivalent to 0.67% in the net assets attributable to
equity holders. This analysis assumed that all other variables remained constant.
(b) Liquidity risk
The Group considers expected cash flows from financial assets in assessing and managing liquidity risk, including
its cash resources and trade receivables. The Board retains a cash flow forecast, including specifically the loan
balances which are reviewed regularly and prior to any further loans being granted to the portfolio companies.
The following table analyses the Group\u2019s liabilities into relevant maturity groupings based on the maturities at
the Consolidated Statement of Financial Position date. The amounts in the table are the undiscounted net cash
flows on the financial liabilities:
1-12 More than 12
months
months
Total
As at 31 December 2025
Financial guarantee total exposure
\u2013
6,113,402
6,113,402
Loans payable
\u2013
81,268,000
81,268,000
Finance costs payable
21,897,514
829,052
22,726,566
Other payables
543,427
\u2013
543,427
22,440,941
88,210,454
110,651,395
1-12 More than 12
months
months
Total
As at 31 December 2024
Financial guarantee total exposure
\u2013
14,400,000
14,400,000
Loans payable
65,560,000
\u2013
65,560,000
Finance costs payable
15,674,328
\u2013
15,674,328
Other payables
399,039
\u2013
399,039
81,633,367
14,400,000
96,033,367
(c) Credit risk
Credit risk is the risk that a counterparty fails to discharge an obligation to the Group. The Group is exposed to credit
risk from financial assets including loans, cash and cash equivalents held at banks, and trade and other receivables.
The Group provides shareholder loans to certain portfolio companies as part of its overall investment strategy.
These loans form part of combined equity and debt investments and are not managed or assessed in isolation.
In accordance with IFRS 9, the Group assesses ECL on financial assets measured at amortised cost at each
reporting date. Given the nature of the Group\u2019s investments, the assessment of expected credit losses is
performed through a recoverability analysis based on the enterprise value of the underlying portfolio companies
and the expected cash generation of those businesses, rather than through a statistical credit risk model.
Enterprise value for each portfolio company is determined as part of the Group\u2019s valuation process and reflects
the Board\u2019s assessment of the fair value of the business using appropriate valuation methodologies. The
recoverability of shareholder loans is assessed by comparing the enterprise value of the underlying company with
the outstanding loan balance.
In addition, the Board considers the expected ability of the underlying businesses to generate positive operating cash
flows, which in certain cases are expected to begin servicing and repaying shareholder loans within the next 12 months.
Under this approach:
- Where the enterprise value of the investee company exceeds the outstanding loan balance, the loan is
considered recoverable in full and no expected credit loss is recognised; and
- Where the enterprise value does not support full repayment of the loan, an impairment is recognised to reflect
the expected recoverable amount.
Repayment of shareholder loans may therefore occur through operating cash flows, refinancing, or enterprise
value realisation events, such as the sale of the underlying business or its assets.
During the year, impairments were recognised where the enterprise value of the underlying investment did not
support full recovery of the loan balance. In all other cases the Board concluded that the loans were recoverable
in full based on enterprise value coverage and expected cash generation.
Given the nature of the Group\u2019s investment structure and the recoverability assessment described above, the
Board considers expected credit losses on shareholder loans to be immaterial to the Financial Statements, other
than in instances where impairments have been recognised where enterprise value does not support full recovery
of the loan balance. At 31 December 2025, the Group has recognised expected credit losses on investments in
loans of \u00a33,710,450 (2024: \u00a32,548,500).
The Group invests in quoted and unquoted equities and fixed interest securities which are Level 1, Level 2 and Level
3 investments. The majority of cash is currently placed with The Northern Trust Company. The Group is subject to
credit risk to the extent that this institution may be unable to return this cash. The Northern Trust Company is a
wholly owned subsidiary of The Northern Trust Corporation. The Northern Trust Corporation is publicly traded and a
constituent of S&P 500. The Northern Trust Corporation has a credit rating of A from Standard & Poor\u2019s and A2 from
Moody\u2019s. At 31 December 2025, cash held at bank comprised \u00a3201,612 (2024: \u00a3150,369) held by the Depository which
is the maximum credit risk that the Group is exposed to.
Credit risk arising on transactions with brokers relates to transactions awaiting settlement. This risk is considered to
be very low because transactions are almost always undertaken on a delivery versus payment basis with member
firms of the London Stock Exchange.
The Group\u2019s maximum exposure under the financial guarantee liability at the reporting date is approximately
\u00a36.1 million (31 December 2024: \u00a314.4 million), see further discussion in note 18.
(d) Capital management policies and procedures
The Group\u2019s capital management objectives are:
\u2022 to ensure the Group\u2019s ability to continue as a going concern; and
\u2022 to provide an adequate return to Shareholders by pursuing investment policies commensurately with the
level of risk.
The Group monitors capital on the basis of the carrying amount of equity, less cash and cash equivalents as
presented on the face of the Consolidated Statement of Financial Position.
The Group sets the amount of capital in proportion to its overall financing structure, i.e. equity and financial
liabilities. The Group manages the capital structure and makes adjustments to it in the light of changes in
economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the
capital structure, the Group may adjust the amount of dividends paid to Shareholders (within the statutory limits
applying to investment trusts), return capital to Shareholders, issue new shares, or sell assets.
17. Fair value measurement
IFRS 13 requires the Group to classify fair value measurements using a fair value hierarchy, as outlined in the
accounting policy in note 3, that reflects the significance of the inputs used in making the measurements. The
following table analyses, within the fair value hierarchy, the Group\u2019s investments measured at fair value through
profit and loss as at 31 December 2025 and 2024:
31 December 31 December
2025 2024
GBP GBP
Classification
Level 1
\u2013
21,253,483
Level 2
\u2013
\u2013
Level 3
456,048,172
356,101,455
Total investments held at \u2018FVTPL\u2019
456,048,172
377,354,938
The Group recognises transfers between levels of the fair value hierarchy as of the end of the reporting period
during which the transfers have occurred. Following the delisting of Hornby Plc\u2019s (\u201cHornby\u201d) ordinary shares during
the year, the Group has classified its holding in Hornby as Level 3. There were no other transfers between levels
during the year (31 December 2024: none). The Group has classified its holding in Silverwood Brand Plc as Level 3
since 31 December 2023, due to the temporary suspension of trading of Silverwood Brand Plc\u2019s ordinary shares on
the Aquis Growth Market. Silverwood recommenced trading in May 2024, however due to the low trading volumes,
these shares are not considered to be actively trading and therefore the listed price is not considered to be
representative of the fair value. Subsequent to year end, Silverwood\u2019s ordinary shares were temporarily suspended
once again. As such, the Group\u2019s holding in Silverwood continues to be classified as Level 3 and the measurement
of its fair value is discussed on the following page.
The following table presents the movement in Level 3 investments measured at fair value through profit and loss
for the years ended 31 December 2025 and 31 December 2024:
31 December 31 December
2025 2024
GBP GBP
Level 3 investments
Opening balance
356,101,455
258,349,874
Purchases of financial assets
18,513,497
14,359,233
Net unrealised gains for the year
62,036,384
83,392,348
Transfers from Level 1 to Level 3
18,901,475
\u2013
Adjustment arising from recognition of financial guarantee (note 18)
495,361
\u2013
Closing balance
456,048,172
356,101,455
Listed assets were priced using bid market prices. For investments that are not listed, the Investment Manager
has processes in place to ensure valuations provide an objective, consistent and transparent basis for the
fair value of unquoted securities in accordance with IFRS Accounting Standards as issued by the IASB. Phoenix
creates individual valuation frameworks for all unlisted securities. The final framework will vary depending on the
characteristics of the holding (for instance it may also incorporate a listed aspect or loan).
To ensure the unlisted valuation framework is robust, Phoenix engages a third-party valuation expert to review the
methodologies and assumptions for each new material unlisted security. Then on at least a semi-annual basis the
third-party valuation expert will review and verify the framework and carry out an independent valuation against
which the Investment Manager\u2019s valuation is compared. Independent value verification may be more frequent
depending on the characteristics of each investment and the occurrence of a material change in value. Although
Phoenix is ultimately responsible for the final valuation, in practice, Phoenix would work with the third-party
valuation expert to agree a valuation. If Phoenix could not agree, a final decision would be made at Board level.
There may be circumstances when Phoenix values an unlisted security at cost when that represents Phoenix\u2019s best
estimate of fair value. In this scenario and when investments are deemed immaterial in the context of their value
relative to the total portfolio value and there are no significant changes to the portfolio company from when it
was purchased (i.e., no material changes to cash flow projections, no material change in the performance of the
portfolio company, and no transactions have taken place of the portfolio company shares with other parties), then
no third-party valuation review will be obtained.
Unlisted equities will be valued monthly by the Phoenix investment team. These valuations will then be reviewed
and approved by Phoenix\u2019s business team who are functionally separate from the investment team. Ultimate
approval of the valuation is from Phoenix\u2019s Chief Operating Officer. The Phoenix business team will liaise directly
with the third-party valuation expert who will review PAMP\u2019s valuation methodology to ensure the framework and
valuation is robust.
The following valuation techniques are used for instruments categorised in Level 3:
Investment in Silverwood \u2013 Silverwood is a company incorporated in the United Kingdom that invests in and
supports consumer brands in health and beauty, speciality foods and other sectors. Silverwood was temporarily
suspended from its Aquis Growth Market listing, and though recommencing trading in May 2024, listed price is not
considered to be representative of the fair value. Fair value is estimated by discounting the expected cash flows of a
business to present value at a discount rate that reflects the timing and risk of collecting the projected cash flows.
Investment in Valderrama \u2013 Valderrama, was initially valued at the acquisition cost of Dignity Plc less transaction
costs. Subsequently, the Group\u2019s investment in Valderrama is determined using a discounted cash flow model.
This approach indicates fair value based on the present value of the cash flows that a business (or security) is
expected to generate in the future. Fair value is estimated by discounting the expected cash flows of a business to
present value at a discount rate that reflects the timing and risk of collecting the projected cash flows.
Investment in Phoenix S.G. (\u201cPSG\u201d) \u2013 PSG is a company incorporated in the Cayman Islands whose sole purpose
is to make a number of investments in Stanley Gibbons entities. The Group\u2019s investment in PSG is valued by utilising
the net asset value per share of PSG. The net asset value of PSG includes its shares in Stanley Gibbons Baldwins
(\u201cSGB\u201d) and a loan to SGB. SGB is 100% owned by PSG and the fair value of SGB was determined using a discounted
cash flow model.
Investment in Rawnet \u2013 Given the reduced scale of Rawnet\u2019s earning power relative to its debt outstanding, in
mid-2025 the equity value of the Rawnet business was written down to zero.
Investment in Cambium \u2013 Cambium is a company incorporated in the Cayman Islands whose sole purpose is
to invest in Cambium Group UK Holdings Limited. The Group\u2019s investment in Cambium is valued by utilising the net
asset value per share of Cambium. The fair value of Cambium includes its 100% ownership of Cambium Group UK
Holdings Limited. The fair value of Cambium UK Holdings Limited was determined using a discounted cash flow
model.
Investment in Iona Star LP \u2013 Iona Star is a venture capital fund dedicated to investing in companies which focus
on accelerating technology innovation with artificial intelligence and data. The Group\u2019s investment in Iona Star
is measured at fair value using NAV as the practical expedient under IFRS 13. The NAV reflects the fair value of the
underlying portfolio, determined using valuation techniques appropriate to the nature and stage of investment
of an early-stage venture fund such as Iona Star. For early-stage investments where observable market inputs
are limited, cost is used as a reasonable approximation of fair value in accordance with IFRS 13. Management
considers the NAV to be a reasonable proxy for the exit price of the investment at the reporting date.
Investment in Ocula \u2013 Ocula remains an early-stage investment and as such the fair value has been determined
utilising the recent external (Series A) funding round price, being October 2024, as the key marker in valuing the
equity. In parallel, context on that valuation has been provided by making assessments on the company\u2019s market
traction, its revenue potential, and a plausible valuation multiple - all overlaid with a plausible probability of
success.
Investment in Hornby \u2013 Hornby\u2019s ordinary shares were listed until voluntary cancellation of its listing in April 2025.
At the time of cancellation, the fair value of the investment was determined using the volume-weighted average
price for the five trading days prior to the delisting announcement i.e. 19.3p per share. Following cancellation, the
shares are no longer traded in an active market. In the absence of subsequent transactions or other observable
indicators of value, the Investment Manager has used 19.3p per share as the best estimate of fair value at
31 December 2025. This valuation is supported by indications of value we see in the sector.
The significant unobservable inputs used in fair value measurement categorised within Level 3 of the fair value
hierarchy together with a quantitative sensitivity as at 31 December 2025 are shown below:
Significant Estimate of the Sensitivity of fair value to changes in unobservable
Description unobservable input input inputs
Investment in Valderrama
Discount rate
9.5%
An increase to 10%/(decrease to 9%) would
(decrease)/increase fair value by (-10.4%)/+12%
Inflation
2.0%
An increase to 2.5%/(decrease to 1.5%) would
(decrease)/increase fair value by (-14.4%)/+15%
Terminal growth
2.4%
An increase to 2.9%/(decrease to 1.9%) would
rate increase/(decrease) fair value by +6.8%/(-5.9%)
Trust real returns
3.5%
An increase to 4%/(decrease to 3%) would
increase/(decrease) fair value by +3.9%/(-4.2%)
Investment in Phoenix S.G.
Discount rate
15%
An increase to 16%/(decrease to 14%) would
(decrease)/increase fair value by (-22%)/+26%
1c Magenta asset
\u00a34,675,000
An increase of 10%/(decrease of 10%) would
increase/(decrease) fair value by +13%/(-13%)
Significant Estimate of the Sensitivity of fair value to changes in unobservable
Description unobservable input input inputs
Investment in Silverwood
Discount rate
15%
An increase to 16%/(decrease to 14%)
would (decrease)/increase fair value by
(-16.79%)/+19.94%
Terminal growth
2%
An increase to 2.5%/(decrease to 1.5%) would
rate increase/(decrease) fair value by +3.7%/(-3.37%)
Investment in Cambium
Discount rate
15%
An increase to 16%/(decrease to 14%) would
(decrease)/increase fair value by (-5.3%)/+6.3%
Revenue growth
5%
An increase to 6%/(decrease to 4%) would
rate increase/(decrease) fair value by +14.5%/(-13.0%)
Gross profit margin
46%
An increase to 47%/(decrease to 45%) would
increase/(decrease) fair value by +4.5%/(-4.5%)
The significant unobservable inputs used in fair value measurement categorised within Level 3 of the fair value
hierarchy together with a quantitative sensitivity as at 31 December 2024 are shown below:
Significant Estimate of the Sensitivity of fair value to changes in unobservable
Description unobservable input input inputs
Investment in Valderrama
Discount rate
9.5%
An increase to 10%/(decrease to 9%) would
(decrease)/increase fair value by (-13%)/+15%
Terminal growth
2.4%
An increase to 2.9%/(decrease to 1.9%) would
rate increase/(decrease) fair value by +9%/(-7%)
Trust real returns
3.5%
An increase to 4%/(decrease to 3%) would
increase/(decrease) fair value by +5%/(-6%)
Group EBIT margin*
various
An increase of 1%/(decrease of 1%) would
(11.7% to 22.3%) increase/(decrease) fair value by +7%/(-7%)
Investment in Phoenix S.G.
Discount rate
17%
An increase to 18%/(decrease to 16%) would
(decrease)/increase fair value by (-35%)/+38%
Magenta
\u00a34,675,000
An increase of 10%/(decrease of 10%) would
increase/(decrease) fair value by +31%/(-31%)
Investment in Rawnet
Revenue run-rate
12,000
An increase of 5%/(decrease of 5%) would
(\u00a3/month per increase/(decrease) fair value to \u00a32.1 million/
billable head) (\u00a30.8 million)
Profit multiple
5x
An increase to 6x/(decrease to 4x) would
increase/(decrease) fair value to \u00a31.9 million/
(\u00a31.0 million)
Investment in Silverwood
Discount rate
15%
An increase to 16%/(decrease to 14%)
would (decrease)/increase fair value by
(-15.38%)/+18.33%
Terminal growth
2%
An increase to 2.5%/(decrease to 1.5%) would
rate increase/(decrease) fair value by +3.39%/(-2.94%)
Investment in Cambium
Discount rate
15%
An increase to 16%/(decrease to 14%) would
(decrease)/increase fair value by (-7%)/+7.9%
Revenue growth
5%
An increase to 6%/(decrease to 4%) would
rate increase/(decrease) fair value by +22%/(-20%)
Gross profit margin
42.2%
An increase to 43.2%/(decrease to 41.2%) would
increase/(decrease) fair value by +11%/(-11%)
*Pre-funeral plan releases and no central cost change
18. Financial guarantee and Guarantee recovery receivable
In 2022, following the introduction of the regulation of the pre-paid funeral plan industry by the FCA, the Dignity
Group offered customers of certain funeral plan providers that did not meet the new regulatory requirements,
the option to transfer to equivalent funeral plans held within The UK Funerals (2022) Trust (\u201cthe Trust\u201d). Under the
asset transfer agreements with the ceding trusts, the Dignity Group is entitled to receive an equitable share of
the assets held by those trusts, in respect of customers that transferred to Dignity equivalent plans. A significant
number of these assets had not been received at the reporting date.
Due to uncertainty over the amount and timing of these transfers, Castelnau Group Limited entered into a
contractual guarantee on 22 September 2023 (the \u201cGuarantee\u201d) with Dignity Funerals Limited (\u201cDFL\u201d), a subsidiary
of Dignity Plc, and the trustees of the Trust. Under this arrangement, Castelnau agreed to support the funding of
the Trust by guaranteeing that a minimum of \u00a315.4 million of assets would be received.
During 2025, the Trust received \u00a33.3 million of assets from the ceding trusts, reducing the amount of the Guarantee by
this amount. During early 2025, Castelnau and DFL also became aware of potential issues in relation to the transfer of
the remaining assets from the ceding trusts and are currently pursuing recovery of the remaining balances from these
trusts vigorously. While the timing of these recoveries remains subject to ongoing legal proceedings, management
currently expects that further amounts will be recovered following success in a recent High Court sitting.
Pursuant to the ongoing legal proceedings and the Guarantee, Castelnau agreed to pay \u00a36.0 million to the Trust
in December 2025. Castelnau also entered into a Recovery Mechanism Agreement (\u201cRecovery Agreement\u201d) with
the Trust. This agreement states that any net recovery the Trusts subsequently receives from the ceding trusts,
which is more than the current Guarantee amount outstanding of \u00a36.1 million, is reimbursed to Castelnau until the
full \u00a36.0 million is repaid.
Given the status of the legal proceedings, management currently estimates, based on the average of a range of
potential outcomes, that \u00a32.4 million will be reimbursed under the Recovery Agreement and this amount has been
presented as \u2018Guarantee recovery receivable\u2019 in the Consolidated Statement of Financial Position. The remaining
\u00a33.6 million, being the difference between the payments made under the financial guarantee and the amount
expected to be reimbursed to Castelnau, has been recognised as an expense in the Group\u2019s Consolidated
Statement of Comprehensive Income (see note 7).
Following the amendments to the Guarantee, the receipts from the ceding trusts of approximately \u00a33.3 million,
and the \u00a36.0 million Guarantee payment to the Trust by Castelnau, Castelnau\u2019s maximum cash exposure
under the Guarantee at the reporting date is approximately \u00a36.1 million (31 December 2024: \u00a314.4 million). The
undiscounted contractual cash flow is presented in the Liquidity Risk maturity table in note 16. This represents the
potential shortfall between the Guarantee amount and assets ultimately transferred from the ceding trusts. The
Guarantee has been extended to 31 December 2026, with a mechanism for further extension if required. There is
uncertainty over the estimated \u00a32.4 million Guarantee recovery receivable, which is dependent on the outcome of
the legal proceedings which could lead to future recognition of some or all of the amount as an expense.
The remaining \u00a36.1 million of the Guarantee is accounted for in accordance with IFRS 9 and is measured at
the higher of the ECL and the unamortised amount of the initial fair value of the Guarantee. Management
has performed an ECL assessment using probability-weighted recovery outcomes based on reasonable and
supportable information available at the reporting date. While management expects that recoveries from the
relevant trusts will exceed the guaranteed amount, the recognised liability reflects the probability-weighted impact
of potential downside recovery scenarios.
Based on the ECL assessment and the remote expectation that the remaining \u00a36.1 million Guarantee will be
exercised, a financial guarantee liability with carrying value of \u00a3495,361 has been recognised at the reporting date.
The measurement of the financial guarantee involves significant judgement, particularly in assessing expected
recovery outcomes and the timing of recoveries, including matters subject to ongoing legal proceedings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-202": { "value": "5. Investments For the year ended 31 December 2025
FVTPL Amortised cost
Equity Loans Total
GBP GBP GBP
INVESTMENTS
Opening portfolio cost
303,492,833
22,768,837
326,261,670
Purchases at cost
19,573,367
5,270,000
24,843,367
Proceeds on maturity/principal repayment
-
(7,100,000)
(7,100,000)
Adjustment arising from recognition
495,361
-
495,361
of financial guarantee (note 18)
Closing portfolio cost
323,561,561
20,938,837
344,500,398
Unrealised gains on investments
200,912,600
-
200,912,600
Unrealised losses on investments
(68,425,989)
(3,710,450)*
(72,136,439)
Fair value/carrying amount
456,048,172
17,228,387
473,276,559
Movement in unrealised gains on investments
66,885,748
\u2013
66,885,748
Movement in unrealised losses on investments
(8,261,242)
(1,161,950)*
(9,423,192)
Net gains/(losses) on financial assets
58,624,506
(1,161,950)
57,462,556
* As at 31 December 2025, \u00a33,710,450 of unrealised losses on investments at amortised cost represents expected credit losses on loan facilities with Showpiece Technologies Limited and Rawnet Limited. The movement of unrealised losses on \u00a31,161,950 represents the movement in expected credit losses on loans. For the year ended 31 December 2024
FVTPL Amortised cost
Equity Loans Total
GBP GBP GBP
INVESTMENTS
Opening portfolio cost
291,883,601
18,738,255
310,621,856
Purchases at cost
14,359,233
13,967,582
28,326,815
Proceeds on maturity/principal repayment
\u2013
(9,400,000)
(9,400,000)
Realised losses on maturity/write-off
(2,750,001)
(537,000)*
(3,287,001)
Closing portfolio cost
303,492,833
22,768,837
326,261,670
Unrealised gains on investments
134,026,852
\u2013
134,026,852
Unrealised losses on investments
(60,164,747)
(2,548,500)*
(62,713,247)
Fair value/carrying amount
377,354,938
20,220,337
397,575,275
Realised losses on maturity/write-off
(2,750,001)
(537,000)*
(3,287,001)
Movement in unrealised gains on investments
103,646,231
\u2013
103,646,231
Movement in unrealised losses on investments
(11,035,431)
570,478*
(10,464,953)
Net gains on financial assets
89,860,799
33,478
89,894,277
* As at 31 December 2024, \u00a3537,000 of realised losses on loans represents partial write-off of loan facility with Rawnet Limited, and \u00a32,548,500 of unrealised losses on investments at amortised cost represents expected credit losses on loan facility with Showpiece Technologies Limited. The movement of unrealised losses on \u00a3570,478 represents the movement in expected credit losses on loans. The transaction charges on the purchase and sale of investments during the current year were \u00a3nil (31 December 2024: \u00a3nil) included in the Consolidated Statement of Comprehensive Income. Refer to note 17 for additional disclosure on the fair value measurement of the investments. 5.1 Loans The Group had a loan facility of \u00a32,000,000 dated 5 June 2024 with Dignity Group Holdings Limited as borrower. The termination date was 31 December 2026, with interest accruing at 15% per annum. The loan was fully repaid on 28 November 2025. The Group had a loan facility of \u00a31,500,000 with Rawnet Limited as borrower. On 21 November 2024, the termination date was extended to 16 February 2026, and it was agreed that no interest shall accrue or be payable on the first \u00a31,272,255 of principal outstanding from time to time. It was also agreed that interest shall accrue and be payable on any amount of principal above \u00a31,272,255 at a rate of 7% per annum. Further, on 30 November 2024, the Group agreed to a partial write-off of \u00a3537,000, resulting in the principal outstanding at that date reducing to \u00a3885,255. The amount of any loan on which interest shall accrue and be payable was also reduced by the partial write-off amount in 2024 and interest now accrues and is payable on any loan amounts exceeding \u00a3735,255. This is governed by terms of the amended loan agreement. During the year, a further \u00a3885,255 was recognised as expected credit losses. Post year end, the termination date was extended to 31 December 2026. The Group had a loan facility of \u00a34,399,999 dated 13 October 2022 with Silverwood Brands Plc (\u201cSilverwood\u201d) as borrower. The termination date was 12 April 2024. Interest was accrued at 15%. On 29 January 2024, the loan (excluding \u00a3855,287 accrued interest) was converted into equity in Silverwood at conversion price of 54 pence per Ordinary Share. The accrued interest of \u00a3855,287 was capitalised and is governed by the original loan terms, accruing interest at 15%, with termination date extended to 29 January 2026. Post year end, the termination date was extended to 29 July 2026. The Group had a loan facility of \u00a3450,000 dated 15 November 2023 with Phoenix S.G. Limited as borrower. The facility was extended to account for the costs of the administration process for Stanley Gibbons, and the initial working capital required for the Strand Collectibles entity which reacquired the assets from administration. The termination date was 31 December 2023. Interest was accrued at 5% and remains payable. During the year ended 31 December 2024, there were further increases to the facility up to \u00a311,366,000 and the interest rate was amended to (i) 15% per annum on outstanding principal at 21 October 2024 up to and including \u00a35,933,295 and (ii) 7% per annum payable on outstanding balances exceeding \u00a35,933,295. The termination date was extended to 31 December 2025. Post year end, an amended agreement extended the termination date to 31 December 2026. The Group had a loan facility of \u00a32,000,000 dated 11 March 2022 with Cambium Group UK Holdings Limited as original borrower. The termination date was 11 March 2023. Prior to this date, the loan facility was increased to \u00a37,500,000 and the termination date was extended to 11 March 2025. Following this, additional increases were made during the year ended 31 December 2024 up to \u00a315,250,000. On 20 December 2024, the loan was novated with Cambium International Limited (\u201cCBI\u201d) as the new borrower and the termination date was extended to 30 June 2025. As part of the loan novation, \u00a35,000,000 of the outstanding loan was converted into equity via the issuance of 13,784 ordinary shares in CBI to the Group. On 23 December 2025, a further \u00a34,500,000 of the outstanding loan was converted into equity via the issuance of 12,843 ordinary shares in CBI to the Group. On 26 June 2025, the termination date was extended to 31 December 2025 and on 30 December 2025, it was further extended to 31 December 2026. Interest accrues and is payable on any loan amount exceeding \u00a36.5 million at a rate of 7% per annum. The Group has a loan facility of \u00a34,200,000 with Showpiece Technologies Limited as borrower with termination date of 19 November 2024. On 11 August 2024, the termination date was extended to 19 November 2025 and on 7 October 2025, it was further extended to 31 December 2026. At 31 December 2025, an expected credit loss of \u00a32,825,195 (31 December 2024: \u00a32,548,500) was recognised. The utilised amounts on each facility are disclosed on the Portfolio Holdings on page 7. 5.2 Interests in unconsolidated structured entities Below is a summary of the Group\u2019s holdings in unconsolidated structured entities as at 31 December 2025 and 2024.
Ownership Ownership
Name of investee company
Date of acquisition
Domicile
2025 2024
Rawnet Limited
12 February 2021
United Kingdom
100.0%
100.0%
Showpiece Technologies Limited
12 November 2021
United Kingdom
80.0%
80.0%
Hornby Plc
14 October 2021
United Kingdom
58.2%
54.9%
Ocula Technologies Holdings Limited
22 January 2021
United Kingdom
40.5%
41.6%
Silverwood Brands Plc
13 October 2022
United Kingdom
29.2%
29.9%
Iona Star LP
25 September 2024
United Kingdom
31.7%*
45.0%*
Phoenix SG Limited
14 October 2021
Cayman Islands
70.5%
64.1%
Cambium International Limited
14 October 2021
Cayman Islands
92.5%
90.3%
Valderrama Limited
14 April 2023
Channel Islands
65.9%
65.4%
* Represents percentage of the fund. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-214": { "value": "5. Investments For the year ended 31 December 2025
FVTPL Amortised cost
Equity Loans Total
GBP GBP GBP
INVESTMENTS
Opening portfolio cost
303,492,833
22,768,837
326,261,670
Purchases at cost
19,573,367
5,270,000
24,843,367
Proceeds on maturity/principal repayment
-
(7,100,000)
(7,100,000)
Adjustment arising from recognition
495,361
-
495,361
of financial guarantee (note 18)
Closing portfolio cost
323,561,561
20,938,837
344,500,398
Unrealised gains on investments
200,912,600
-
200,912,600
Unrealised losses on investments
(68,425,989)
(3,710,450)*
(72,136,439)
Fair value/carrying amount
456,048,172
17,228,387
473,276,559
Movement in unrealised gains on investments
66,885,748
\u2013
66,885,748
Movement in unrealised losses on investments
(8,261,242)
(1,161,950)*
(9,423,192)
Net gains/(losses) on financial assets
58,624,506
(1,161,950)
57,462,556
* As at 31 December 2025, \u00a33,710,450 of unrealised losses on investments at amortised cost represents expected credit losses on loan facilities with Showpiece Technologies Limited and Rawnet Limited. The movement of unrealised losses on \u00a31,161,950 represents the movement in expected credit losses on loans. For the year ended 31 December 2024
FVTPL Amortised cost
Equity Loans Total
GBP GBP GBP
INVESTMENTS
Opening portfolio cost
291,883,601
18,738,255
310,621,856
Purchases at cost
14,359,233
13,967,582
28,326,815
Proceeds on maturity/principal repayment
\u2013
(9,400,000)
(9,400,000)
Realised losses on maturity/write-off
(2,750,001)
(537,000)*
(3,287,001)
Closing portfolio cost
303,492,833
22,768,837
326,261,670
Unrealised gains on investments
134,026,852
\u2013
134,026,852
Unrealised losses on investments
(60,164,747)
(2,548,500)*
(62,713,247)
Fair value/carrying amount
377,354,938
20,220,337
397,575,275
Realised losses on maturity/write-off
(2,750,001)
(537,000)*
(3,287,001)
Movement in unrealised gains on investments
103,646,231
\u2013
103,646,231
Movement in unrealised losses on investments
(11,035,431)
570,478*
(10,464,953)
Net gains on financial assets
89,860,799
33,478
89,894,277
* As at 31 December 2024, \u00a3537,000 of realised losses on loans represents partial write-off of loan facility with Rawnet Limited, and \u00a32,548,500 of unrealised losses on investments at amortised cost represents expected credit losses on loan facility with Showpiece Technologies Limited. The movement of unrealised losses on \u00a3570,478 represents the movement in expected credit losses on loans. The transaction charges on the purchase and sale of investments during the current year were \u00a3nil (31 December 2024: \u00a3nil) included in the Consolidated Statement of Comprehensive Income. Refer to note 17 for additional disclosure on the fair value measurement of the investments. 5.1 Loans The Group had a loan facility of \u00a32,000,000 dated 5 June 2024 with Dignity Group Holdings Limited as borrower. The termination date was 31 December 2026, with interest accruing at 15% per annum. The loan was fully repaid on 28 November 2025. The Group had a loan facility of \u00a31,500,000 with Rawnet Limited as borrower. On 21 November 2024, the termination date was extended to 16 February 2026, and it was agreed that no interest shall accrue or be payable on the first \u00a31,272,255 of principal outstanding from time to time. It was also agreed that interest shall accrue and be payable on any amount of principal above \u00a31,272,255 at a rate of 7% per annum. Further, on 30 November 2024, the Group agreed to a partial write-off of \u00a3537,000, resulting in the principal outstanding at that date reducing to \u00a3885,255. The amount of any loan on which interest shall accrue and be payable was also reduced by the partial write-off amount in 2024 and interest now accrues and is payable on any loan amounts exceeding \u00a3735,255. This is governed by terms of the amended loan agreement. During the year, a further \u00a3885,255 was recognised as expected credit losses. Post year end, the termination date was extended to 31 December 2026. The Group had a loan facility of \u00a34,399,999 dated 13 October 2022 with Silverwood Brands Plc (\u201cSilverwood\u201d) as borrower. The termination date was 12 April 2024. Interest was accrued at 15%. On 29 January 2024, the loan (excluding \u00a3855,287 accrued interest) was converted into equity in Silverwood at conversion price of 54 pence per Ordinary Share. The accrued interest of \u00a3855,287 was capitalised and is governed by the original loan terms, accruing interest at 15%, with termination date extended to 29 January 2026. Post year end, the termination date was extended to 29 July 2026. The Group had a loan facility of \u00a3450,000 dated 15 November 2023 with Phoenix S.G. Limited as borrower. The facility was extended to account for the costs of the administration process for Stanley Gibbons, and the initial working capital required for the Strand Collectibles entity which reacquired the assets from administration. The termination date was 31 December 2023. Interest was accrued at 5% and remains payable. During the year ended 31 December 2024, there were further increases to the facility up to \u00a311,366,000 and the interest rate was amended to (i) 15% per annum on outstanding principal at 21 October 2024 up to and including \u00a35,933,295 and (ii) 7% per annum payable on outstanding balances exceeding \u00a35,933,295. The termination date was extended to 31 December 2025. Post year end, an amended agreement extended the termination date to 31 December 2026. The Group had a loan facility of \u00a32,000,000 dated 11 March 2022 with Cambium Group UK Holdings Limited as original borrower. The termination date was 11 March 2023. Prior to this date, the loan facility was increased to \u00a37,500,000 and the termination date was extended to 11 March 2025. Following this, additional increases were made during the year ended 31 December 2024 up to \u00a315,250,000. On 20 December 2024, the loan was novated with Cambium International Limited (\u201cCBI\u201d) as the new borrower and the termination date was extended to 30 June 2025. As part of the loan novation, \u00a35,000,000 of the outstanding loan was converted into equity via the issuance of 13,784 ordinary shares in CBI to the Group. On 23 December 2025, a further \u00a34,500,000 of the outstanding loan was converted into equity via the issuance of 12,843 ordinary shares in CBI to the Group. On 26 June 2025, the termination date was extended to 31 December 2025 and on 30 December 2025, it was further extended to 31 December 2026. Interest accrues and is payable on any loan amount exceeding \u00a36.5 million at a rate of 7% per annum. The Group has a loan facility of \u00a34,200,000 with Showpiece Technologies Limited as borrower with termination date of 19 November 2024. On 11 August 2024, the termination date was extended to 19 November 2025 and on 7 October 2025, it was further extended to 31 December 2026. At 31 December 2025, an expected credit loss of \u00a32,825,195 (31 December 2024: \u00a32,548,500) was recognised. The utilised amounts on each facility are disclosed on the Portfolio Holdings on page 7. 5.2 Interests in unconsolidated structured entities Below is a summary of the Group\u2019s holdings in unconsolidated structured entities as at 31 December 2025 and 2024.
Ownership Ownership
Name of investee company
Date of acquisition
Domicile
2025 2024
Rawnet Limited
12 February 2021
United Kingdom
100.0%
100.0%
Showpiece Technologies Limited
12 November 2021
United Kingdom
80.0%
80.0%
Hornby Plc
14 October 2021
United Kingdom
58.2%
54.9%
Ocula Technologies Holdings Limited
22 January 2021
United Kingdom
40.5%
41.6%
Silverwood Brands Plc
13 October 2022
United Kingdom
29.2%
29.9%
Iona Star LP
25 September 2024
United Kingdom
31.7%*
45.0%*
Phoenix SG Limited
14 October 2021
Cayman Islands
70.5%
64.1%
Cambium International Limited
14 October 2021
Cayman Islands
92.5%
90.3%
Valderrama Limited
14 April 2023
Channel Islands
65.9%
65.4%
* Represents percentage of the fund. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-226": { "value": "5. Investments For the year ended 31 December 2025
FVTPL Amortised cost
Equity Loans Total
GBP GBP GBP
INVESTMENTS
Opening portfolio cost
303,492,833
22,768,837
326,261,670
Purchases at cost
19,573,367
5,270,000
24,843,367
Proceeds on maturity/principal repayment
-
(7,100,000)
(7,100,000)
Adjustment arising from recognition
495,361
-
495,361
of financial guarantee (note 18)
Closing portfolio cost
323,561,561
20,938,837
344,500,398
Unrealised gains on investments
200,912,600
-
200,912,600
Unrealised losses on investments
(68,425,989)
(3,710,450)*
(72,136,439)
Fair value/carrying amount
456,048,172
17,228,387
473,276,559
Movement in unrealised gains on investments
66,885,748
\u2013
66,885,748
Movement in unrealised losses on investments
(8,261,242)
(1,161,950)*
(9,423,192)
Net gains/(losses) on financial assets
58,624,506
(1,161,950)
57,462,556
* As at 31 December 2025, \u00a33,710,450 of unrealised losses on investments at amortised cost represents expected credit losses on loan facilities with Showpiece Technologies Limited and Rawnet Limited. The movement of unrealised losses on \u00a31,161,950 represents the movement in expected credit losses on loans. For the year ended 31 December 2024
FVTPL Amortised cost
Equity Loans Total
GBP GBP GBP
INVESTMENTS
Opening portfolio cost
291,883,601
18,738,255
310,621,856
Purchases at cost
14,359,233
13,967,582
28,326,815
Proceeds on maturity/principal repayment
\u2013
(9,400,000)
(9,400,000)
Realised losses on maturity/write-off
(2,750,001)
(537,000)*
(3,287,001)
Closing portfolio cost
303,492,833
22,768,837
326,261,670
Unrealised gains on investments
134,026,852
\u2013
134,026,852
Unrealised losses on investments
(60,164,747)
(2,548,500)*
(62,713,247)
Fair value/carrying amount
377,354,938
20,220,337
397,575,275
Realised losses on maturity/write-off
(2,750,001)
(537,000)*
(3,287,001)
Movement in unrealised gains on investments
103,646,231
\u2013
103,646,231
Movement in unrealised losses on investments
(11,035,431)
570,478*
(10,464,953)
Net gains on financial assets
89,860,799
33,478
89,894,277
* As at 31 December 2024, \u00a3537,000 of realised losses on loans represents partial write-off of loan facility with Rawnet Limited, and \u00a32,548,500 of unrealised losses on investments at amortised cost represents expected credit losses on loan facility with Showpiece Technologies Limited. The movement of unrealised losses on \u00a3570,478 represents the movement in expected credit losses on loans. The transaction charges on the purchase and sale of investments during the current year were \u00a3nil (31 December 2024: \u00a3nil) included in the Consolidated Statement of Comprehensive Income. Refer to note 17 for additional disclosure on the fair value measurement of the investments. 5.1 Loans The Group had a loan facility of \u00a32,000,000 dated 5 June 2024 with Dignity Group Holdings Limited as borrower. The termination date was 31 December 2026, with interest accruing at 15% per annum. The loan was fully repaid on 28 November 2025. The Group had a loan facility of \u00a31,500,000 with Rawnet Limited as borrower. On 21 November 2024, the termination date was extended to 16 February 2026, and it was agreed that no interest shall accrue or be payable on the first \u00a31,272,255 of principal outstanding from time to time. It was also agreed that interest shall accrue and be payable on any amount of principal above \u00a31,272,255 at a rate of 7% per annum. Further, on 30 November 2024, the Group agreed to a partial write-off of \u00a3537,000, resulting in the principal outstanding at that date reducing to \u00a3885,255. The amount of any loan on which interest shall accrue and be payable was also reduced by the partial write-off amount in 2024 and interest now accrues and is payable on any loan amounts exceeding \u00a3735,255. This is governed by terms of the amended loan agreement. During the year, a further \u00a3885,255 was recognised as expected credit losses. Post year end, the termination date was extended to 31 December 2026. The Group had a loan facility of \u00a34,399,999 dated 13 October 2022 with Silverwood Brands Plc (\u201cSilverwood\u201d) as borrower. The termination date was 12 April 2024. Interest was accrued at 15%. On 29 January 2024, the loan (excluding \u00a3855,287 accrued interest) was converted into equity in Silverwood at conversion price of 54 pence per Ordinary Share. The accrued interest of \u00a3855,287 was capitalised and is governed by the original loan terms, accruing interest at 15%, with termination date extended to 29 January 2026. Post year end, the termination date was extended to 29 July 2026. The Group had a loan facility of \u00a3450,000 dated 15 November 2023 with Phoenix S.G. Limited as borrower. The facility was extended to account for the costs of the administration process for Stanley Gibbons, and the initial working capital required for the Strand Collectibles entity which reacquired the assets from administration. The termination date was 31 December 2023. Interest was accrued at 5% and remains payable. During the year ended 31 December 2024, there were further increases to the facility up to \u00a311,366,000 and the interest rate was amended to (i) 15% per annum on outstanding principal at 21 October 2024 up to and including \u00a35,933,295 and (ii) 7% per annum payable on outstanding balances exceeding \u00a35,933,295. The termination date was extended to 31 December 2025. Post year end, an amended agreement extended the termination date to 31 December 2026. The Group had a loan facility of \u00a32,000,000 dated 11 March 2022 with Cambium Group UK Holdings Limited as original borrower. The termination date was 11 March 2023. Prior to this date, the loan facility was increased to \u00a37,500,000 and the termination date was extended to 11 March 2025. Following this, additional increases were made during the year ended 31 December 2024 up to \u00a315,250,000. On 20 December 2024, the loan was novated with Cambium International Limited (\u201cCBI\u201d) as the new borrower and the termination date was extended to 30 June 2025. As part of the loan novation, \u00a35,000,000 of the outstanding loan was converted into equity via the issuance of 13,784 ordinary shares in CBI to the Group. On 23 December 2025, a further \u00a34,500,000 of the outstanding loan was converted into equity via the issuance of 12,843 ordinary shares in CBI to the Group. On 26 June 2025, the termination date was extended to 31 December 2025 and on 30 December 2025, it was further extended to 31 December 2026. Interest accrues and is payable on any loan amount exceeding \u00a36.5 million at a rate of 7% per annum. The Group has a loan facility of \u00a34,200,000 with Showpiece Technologies Limited as borrower with termination date of 19 November 2024. On 11 August 2024, the termination date was extended to 19 November 2025 and on 7 October 2025, it was further extended to 31 December 2026. At 31 December 2025, an expected credit loss of \u00a32,825,195 (31 December 2024: \u00a32,548,500) was recognised. The utilised amounts on each facility are disclosed on the Portfolio Holdings on page 7. 5.2 Interests in unconsolidated structured entities Below is a summary of the Group\u2019s holdings in unconsolidated structured entities as at 31 December 2025 and 2024.
Ownership Ownership
Name of investee company
Date of acquisition
Domicile
2025 2024
Rawnet Limited
12 February 2021
United Kingdom
100.0%
100.0%
Showpiece Technologies Limited
12 November 2021
United Kingdom
80.0%
80.0%
Hornby Plc
14 October 2021
United Kingdom
58.2%
54.9%
Ocula Technologies Holdings Limited
22 January 2021
United Kingdom
40.5%
41.6%
Silverwood Brands Plc
13 October 2022
United Kingdom
29.2%
29.9%
Iona Star LP
25 September 2024
United Kingdom
31.7%*
45.0%*
Phoenix SG Limited
14 October 2021
Cayman Islands
70.5%
64.1%
Cambium International Limited
14 October 2021
Cayman Islands
92.5%
90.3%
Valderrama Limited
14 April 2023
Channel Islands
65.9%
65.4%
* Represents percentage of the fund. 17. Fair value measurement IFRS 13 requires the Group to classify fair value measurements using a fair value hierarchy, as outlined in the accounting policy in note 3, that reflects the significance of the inputs used in making the measurements. The following table analyses, within the fair value hierarchy, the Group\u2019s investments measured at fair value through profit and loss as at 31 December 2025 and 2024:
31 December 31 December
2025 2024
GBP GBP
Classification
Level 1
\u2013
21,253,483
Level 2
\u2013
\u2013
Level 3
456,048,172
356,101,455
Total investments held at \u2018FVTPL\u2019
456,048,172
377,354,938
The Group recognises transfers between levels of the fair value hierarchy as of the end of the reporting period during which the transfers have occurred. Following the delisting of Hornby Plc\u2019s (\u201cHornby\u201d) ordinary shares during the year, the Group has classified its holding in Hornby as Level 3. There were no other transfers between levels during the year (31 December 2024: none). The Group has classified its holding in Silverwood Brand Plc as Level 3 since 31 December 2023, due to the temporary suspension of trading of Silverwood Brand Plc\u2019s ordinary shares on the Aquis Growth Market. Silverwood recommenced trading in May 2024, however due to the low trading volumes, these shares are not considered to be actively trading and therefore the listed price is not considered to be representative of the fair value. Subsequent to year end, Silverwood\u2019s ordinary shares were temporarily suspended once again. As such, the Group\u2019s holding in Silverwood continues to be classified as Level 3 and the measurement of its fair value is discussed on the following page. The following table presents the movement in Level 3 investments measured at fair value through profit and loss for the years ended 31 December 2025 and 31 December 2024:
31 December 31 December
2025 2024
GBP GBP
Level 3 investments
Opening balance
356,101,455
258,349,874
Purchases of financial assets
18,513,497
14,359,233
Net unrealised gains for the year
62,036,384
83,392,348
Transfers from Level 1 to Level 3
18,901,475
\u2013
Adjustment arising from recognition of financial guarantee (note 18)
495,361
\u2013
Closing balance
456,048,172
356,101,455
Listed assets were priced using bid market prices. For investments that are not listed, the Investment Manager has processes in place to ensure valuations provide an objective, consistent and transparent basis for the fair value of unquoted securities in accordance with IFRS Accounting Standards as issued by the IASB. Phoenix creates individual valuation frameworks for all unlisted securities. The final framework will vary depending on the characteristics of the holding (for instance it may also incorporate a listed aspect or loan). To ensure the unlisted valuation framework is robust, Phoenix engages a third-party valuation expert to review the methodologies and assumptions for each new material unlisted security. Then on at least a semi-annual basis the third-party valuation expert will review and verify the framework and carry out an independent valuation against which the Investment Manager\u2019s valuation is compared. Independent value verification may be more frequent depending on the characteristics of each investment and the occurrence of a material change in value. Although Phoenix is ultimately responsible for the final valuation, in practice, Phoenix would work with the third-party valuation expert to agree a valuation. If Phoenix could not agree, a final decision would be made at Board level. There may be circumstances when Phoenix values an unlisted security at cost when that represents Phoenix\u2019s best estimate of fair value. In this scenario and when investments are deemed immaterial in the context of their value relative to the total portfolio value and there are no significant changes to the portfolio company from when it was purchased (i.e., no material changes to cash flow projections, no material change in the performance of the portfolio company, and no transactions have taken place of the portfolio company shares with other parties), then no third-party valuation review will be obtained. Unlisted equities will be valued monthly by the Phoenix investment team. These valuations will then be reviewed and approved by Phoenix\u2019s business team who are functionally separate from the investment team. Ultimate approval of the valuation is from Phoenix\u2019s Chief Operating Officer. The Phoenix business team will liaise directly with the third-party valuation expert who will review PAMP\u2019s valuation methodology to ensure the framework and valuation is robust. The following valuation techniques are used for instruments categorised in Level 3: Investment in Silverwood \u2013 Silverwood is a company incorporated in the United Kingdom that invests in and supports consumer brands in health and beauty, speciality foods and other sectors. Silverwood was temporarily suspended from its Aquis Growth Market listing, and though recommencing trading in May 2024, listed price is not considered to be representative of the fair value. Fair value is estimated by discounting the expected cash flows of a business to present value at a discount rate that reflects the timing and risk of collecting the projected cash flows. Investment in Valderrama \u2013 Valderrama, was initially valued at the acquisition cost of Dignity Plc less transaction costs. Subsequently, the Group\u2019s investment in Valderrama is determined using a discounted cash flow model. This approach indicates fair value based on the present value of the cash flows that a business (or security) is expected to generate in the future. Fair value is estimated by discounting the expected cash flows of a business to present value at a discount rate that reflects the timing and risk of collecting the projected cash flows. Investment in Phoenix S.G. (\u201cPSG\u201d) \u2013 PSG is a company incorporated in the Cayman Islands whose sole purpose is to make a number of investments in Stanley Gibbons entities. The Group\u2019s investment in PSG is valued by utilising the net asset value per share of PSG. The net asset value of PSG includes its shares in Stanley Gibbons Baldwins (\u201cSGB\u201d) and a loan to SGB. SGB is 100% owned by PSG and the fair value of SGB was determined using a discounted cash flow model. Investment in Rawnet \u2013 Given the reduced scale of Rawnet\u2019s earning power relative to its debt outstanding, in mid-2025 the equity value of the Rawnet business was written down to zero. Investment in Cambium \u2013 Cambium is a company incorporated in the Cayman Islands whose sole purpose is to invest in Cambium Group UK Holdings Limited. The Group\u2019s investment in Cambium is valued by utilising the net asset value per share of Cambium. The fair value of Cambium includes its 100% ownership of Cambium Group UK Holdings Limited. The fair value of Cambium UK Holdings Limited was determined using a discounted cash flow model. Investment in Iona Star LP \u2013 Iona Star is a venture capital fund dedicated to investing in companies which focus on accelerating technology innovation with artificial intelligence and data. The Group\u2019s investment in Iona Star is measured at fair value using NAV as the practical expedient under IFRS 13. The NAV reflects the fair value of the underlying portfolio, determined using valuation techniques appropriate to the nature and stage of investment of an early-stage venture fund such as Iona Star. For early-stage investments where observable market inputs are limited, cost is used as a reasonable approximation of fair value in accordance with IFRS 13. Management considers the NAV to be a reasonable proxy for the exit price of the investment at the reporting date. Investment in Ocula \u2013 Ocula remains an early-stage investment and as such the fair value has been determined utilising the recent external (Series A) funding round price, being October 2024, as the key marker in valuing the equity. In parallel, context on that valuation has been provided by making assessments on the company\u2019s market traction, its revenue potential, and a plausible valuation multiple - all overlaid with a plausible probability of success. Investment in Hornby \u2013 Hornby\u2019s ordinary shares were listed until voluntary cancellation of its listing in April 2025. At the time of cancellation, the fair value of the investment was determined using the volume-weighted average price for the five trading days prior to the delisting announcement i.e. 19.3p per share. Following cancellation, the shares are no longer traded in an active market. In the absence of subsequent transactions or other observable indicators of value, the Investment Manager has used 19.3p per share as the best estimate of fair value at 31 December 2025. This valuation is supported by indications of value we see in the sector. The significant unobservable inputs used in fair value measurement categorised within Level 3 of the fair value hierarchy together with a quantitative sensitivity as at 31 December 2025 are shown below:
Significant Estimate of the Sensitivity of fair value to changes in unobservable
Description unobservable input input inputs
Investment in Valderrama
Discount rate
9.5%
An increase to 10%/(decrease to 9%) would
(decrease)/increase fair value by (-10.4%)/+12%
Inflation
2.0%
An increase to 2.5%/(decrease to 1.5%) would
(decrease)/increase fair value by (-14.4%)/+15%
Terminal growth
2.4%
An increase to 2.9%/(decrease to 1.9%) would
rate increase/(decrease) fair value by +6.8%/(-5.9%)
Trust real returns
3.5%
An increase to 4%/(decrease to 3%) would
increase/(decrease) fair value by +3.9%/(-4.2%)
Investment in Phoenix S.G.
Discount rate
15%
An increase to 16%/(decrease to 14%) would
(decrease)/increase fair value by (-22%)/+26%
1c Magenta asset
\u00a34,675,000
An increase of 10%/(decrease of 10%) would
increase/(decrease) fair value by +13%/(-13%)
Significant Estimate of the Sensitivity of fair value to changes in unobservable
Description unobservable input input inputs
Investment in Silverwood
Discount rate
15%
An increase to 16%/(decrease to 14%)
would (decrease)/increase fair value by
(-16.79%)/+19.94%
Terminal growth
2%
An increase to 2.5%/(decrease to 1.5%) would
rate increase/(decrease) fair value by +3.7%/(-3.37%)
Investment in Cambium
Discount rate
15%
An increase to 16%/(decrease to 14%) would
(decrease)/increase fair value by (-5.3%)/+6.3%
Revenue growth
5%
An increase to 6%/(decrease to 4%) would
rate increase/(decrease) fair value by +14.5%/(-13.0%)
Gross profit margin
46%
An increase to 47%/(decrease to 45%) would
increase/(decrease) fair value by +4.5%/(-4.5%)
The significant unobservable inputs used in fair value measurement categorised within Level 3 of the fair value hierarchy together with a quantitative sensitivity as at 31 December 2024 are shown below:
Significant Estimate of the Sensitivity of fair value to changes in unobservable
Description unobservable input input inputs
Investment in Valderrama
Discount rate
9.5%
An increase to 10%/(decrease to 9%) would
(decrease)/increase fair value by (-13%)/+15%
Terminal growth
2.4%
An increase to 2.9%/(decrease to 1.9%) would
rate increase/(decrease) fair value by +9%/(-7%)
Trust real returns
3.5%
An increase to 4%/(decrease to 3%) would
increase/(decrease) fair value by +5%/(-6%)
Group EBIT margin*
various
An increase of 1%/(decrease of 1%) would
(11.7% to 22.3%) increase/(decrease) fair value by +7%/(-7%)
Investment in Phoenix S.G.
Discount rate
17%
An increase to 18%/(decrease to 16%) would
(decrease)/increase fair value by (-35%)/+38%
Magenta
\u00a34,675,000
An increase of 10%/(decrease of 10%) would
increase/(decrease) fair value by +31%/(-31%)
Investment in Rawnet
Revenue run-rate
12,000
An increase of 5%/(decrease of 5%) would
(\u00a3/month per increase/(decrease) fair value to \u00a32.1 million/
billable head) (\u00a30.8 million)
Profit multiple
5x
An increase to 6x/(decrease to 4x) would
increase/(decrease) fair value to \u00a31.9 million/
(\u00a31.0 million)
Investment in Silverwood
Discount rate
15%
An increase to 16%/(decrease to 14%)
would (decrease)/increase fair value by
(-15.38%)/+18.33%
Terminal growth
2%
An increase to 2.5%/(decrease to 1.5%) would
rate increase/(decrease) fair value by +3.39%/(-2.94%)
Investment in Cambium
Discount rate
15%
An increase to 16%/(decrease to 14%) would
(decrease)/increase fair value by (-7%)/+7.9%
Revenue growth
5%
An increase to 6%/(decrease to 4%) would
rate increase/(decrease) fair value by +22%/(-20%)
Gross profit margin
42.2%
An increase to 43.2%/(decrease to 41.2%) would
increase/(decrease) fair value by +11%/(-11%)
*Pre-funeral plan releases and no central cost change ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-229": { "value": "5. Investments For the year ended 31 December 2025
FVTPL Amortised cost
Equity Loans Total
GBP GBP GBP
INVESTMENTS
Opening portfolio cost
303,492,833
22,768,837
326,261,670
Purchases at cost
19,573,367
5,270,000
24,843,367
Proceeds on maturity/principal repayment
-
(7,100,000)
(7,100,000)
Adjustment arising from recognition
495,361
-
495,361
of financial guarantee (note 18)
Closing portfolio cost
323,561,561
20,938,837
344,500,398
Unrealised gains on investments
200,912,600
-
200,912,600
Unrealised losses on investments
(68,425,989)
(3,710,450)*
(72,136,439)
Fair value/carrying amount
456,048,172
17,228,387
473,276,559
Movement in unrealised gains on investments
66,885,748
\u2013
66,885,748
Movement in unrealised losses on investments
(8,261,242)
(1,161,950)*
(9,423,192)
Net gains/(losses) on financial assets
58,624,506
(1,161,950)
57,462,556
* As at 31 December 2025, \u00a33,710,450 of unrealised losses on investments at amortised cost represents expected credit losses on loan facilities with Showpiece Technologies Limited and Rawnet Limited. The movement of unrealised losses on \u00a31,161,950 represents the movement in expected credit losses on loans. For the year ended 31 December 2024
FVTPL Amortised cost
Equity Loans Total
GBP GBP GBP
INVESTMENTS
Opening portfolio cost
291,883,601
18,738,255
310,621,856
Purchases at cost
14,359,233
13,967,582
28,326,815
Proceeds on maturity/principal repayment
\u2013
(9,400,000)
(9,400,000)
Realised losses on maturity/write-off
(2,750,001)
(537,000)*
(3,287,001)
Closing portfolio cost
303,492,833
22,768,837
326,261,670
Unrealised gains on investments
134,026,852
\u2013
134,026,852
Unrealised losses on investments
(60,164,747)
(2,548,500)*
(62,713,247)
Fair value/carrying amount
377,354,938
20,220,337
397,575,275
Realised losses on maturity/write-off
(2,750,001)
(537,000)*
(3,287,001)
Movement in unrealised gains on investments
103,646,231
\u2013
103,646,231
Movement in unrealised losses on investments
(11,035,431)
570,478*
(10,464,953)
Net gains on financial assets
89,860,799
33,478
89,894,277
* As at 31 December 2024, \u00a3537,000 of realised losses on loans represents partial write-off of loan facility with Rawnet Limited, and \u00a32,548,500 of unrealised losses on investments at amortised cost represents expected credit losses on loan facility with Showpiece Technologies Limited. The movement of unrealised losses on \u00a3570,478 represents the movement in expected credit losses on loans. The transaction charges on the purchase and sale of investments during the current year were \u00a3nil (31 December 2024: \u00a3nil) included in the Consolidated Statement of Comprehensive Income. Refer to note 17 for additional disclosure on the fair value measurement of the investments. 5.1 Loans The Group had a loan facility of \u00a32,000,000 dated 5 June 2024 with Dignity Group Holdings Limited as borrower. The termination date was 31 December 2026, with interest accruing at 15% per annum. The loan was fully repaid on 28 November 2025. The Group had a loan facility of \u00a31,500,000 with Rawnet Limited as borrower. On 21 November 2024, the termination date was extended to 16 February 2026, and it was agreed that no interest shall accrue or be payable on the first \u00a31,272,255 of principal outstanding from time to time. It was also agreed that interest shall accrue and be payable on any amount of principal above \u00a31,272,255 at a rate of 7% per annum. Further, on 30 November 2024, the Group agreed to a partial write-off of \u00a3537,000, resulting in the principal outstanding at that date reducing to \u00a3885,255. The amount of any loan on which interest shall accrue and be payable was also reduced by the partial write-off amount in 2024 and interest now accrues and is payable on any loan amounts exceeding \u00a3735,255. This is governed by terms of the amended loan agreement. During the year, a further \u00a3885,255 was recognised as expected credit losses. Post year end, the termination date was extended to 31 December 2026. The Group had a loan facility of \u00a34,399,999 dated 13 October 2022 with Silverwood Brands Plc (\u201cSilverwood\u201d) as borrower. The termination date was 12 April 2024. Interest was accrued at 15%. On 29 January 2024, the loan (excluding \u00a3855,287 accrued interest) was converted into equity in Silverwood at conversion price of 54 pence per Ordinary Share. The accrued interest of \u00a3855,287 was capitalised and is governed by the original loan terms, accruing interest at 15%, with termination date extended to 29 January 2026. Post year end, the termination date was extended to 29 July 2026. The Group had a loan facility of \u00a3450,000 dated 15 November 2023 with Phoenix S.G. Limited as borrower. The facility was extended to account for the costs of the administration process for Stanley Gibbons, and the initial working capital required for the Strand Collectibles entity which reacquired the assets from administration. The termination date was 31 December 2023. Interest was accrued at 5% and remains payable. During the year ended 31 December 2024, there were further increases to the facility up to \u00a311,366,000 and the interest rate was amended to (i) 15% per annum on outstanding principal at 21 October 2024 up to and including \u00a35,933,295 and (ii) 7% per annum payable on outstanding balances exceeding \u00a35,933,295. The termination date was extended to 31 December 2025. Post year end, an amended agreement extended the termination date to 31 December 2026. The Group had a loan facility of \u00a32,000,000 dated 11 March 2022 with Cambium Group UK Holdings Limited as original borrower. The termination date was 11 March 2023. Prior to this date, the loan facility was increased to \u00a37,500,000 and the termination date was extended to 11 March 2025. Following this, additional increases were made during the year ended 31 December 2024 up to \u00a315,250,000. On 20 December 2024, the loan was novated with Cambium International Limited (\u201cCBI\u201d) as the new borrower and the termination date was extended to 30 June 2025. As part of the loan novation, \u00a35,000,000 of the outstanding loan was converted into equity via the issuance of 13,784 ordinary shares in CBI to the Group. On 23 December 2025, a further \u00a34,500,000 of the outstanding loan was converted into equity via the issuance of 12,843 ordinary shares in CBI to the Group. On 26 June 2025, the termination date was extended to 31 December 2025 and on 30 December 2025, it was further extended to 31 December 2026. Interest accrues and is payable on any loan amount exceeding \u00a36.5 million at a rate of 7% per annum. The Group has a loan facility of \u00a34,200,000 with Showpiece Technologies Limited as borrower with termination date of 19 November 2024. On 11 August 2024, the termination date was extended to 19 November 2025 and on 7 October 2025, it was further extended to 31 December 2026. At 31 December 2025, an expected credit loss of \u00a32,825,195 (31 December 2024: \u00a32,548,500) was recognised. The utilised amounts on each facility are disclosed on the Portfolio Holdings on page 7. 5.2 Interests in unconsolidated structured entities Below is a summary of the Group\u2019s holdings in unconsolidated structured entities as at 31 December 2025 and 2024.
Ownership Ownership
Name of investee company
Date of acquisition
Domicile
2025 2024
Rawnet Limited
12 February 2021
United Kingdom
100.0%
100.0%
Showpiece Technologies Limited
12 November 2021
United Kingdom
80.0%
80.0%
Hornby Plc
14 October 2021
United Kingdom
58.2%
54.9%
Ocula Technologies Holdings Limited
22 January 2021
United Kingdom
40.5%
41.6%
Silverwood Brands Plc
13 October 2022
United Kingdom
29.2%
29.9%
Iona Star LP
25 September 2024
United Kingdom
31.7%*
45.0%*
Phoenix SG Limited
14 October 2021
Cayman Islands
70.5%
64.1%
Cambium International Limited
14 October 2021
Cayman Islands
92.5%
90.3%
Valderrama Limited
14 April 2023
Channel Islands
65.9%
65.4%
* Represents percentage of the fund. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-179": { "value": "
6. Segment reporting
The Group had two reportable segments which are Castelnau Group Limited (an investment company with an
objective to compound Shareholders\u2019 capital at a higher rate of return than the FTSE All-Share Total Return Index
over the long term) and Castelnau Group Services Limited (a company that provides marketing and branding
services). In identifying these operating segments, management follows the objectives of Castelnau Group Limited
and Castelnau Group Services Limited.
The accounting policy for the reportable segments is consistent with the Group\u2019s accounting policy described in
note 3.
Segment information for the financial year is as follows:
Castelnau
Castelnau Services Total
Group Group 31 December
Limited Limited 2025
GBP GBP GBP
Income
Consultancy services
\u2013
1,498,670
1,498,670
Interest income
1,816,729
222
1,816,951
Segment income
1,816,729
1,498,892
3,315,621
Gross wages
\u2013
(1,108,430)
(1,108,430)
Other expenses
(5,827,300)
(76,334)
(5,903,634)
(5,827,300)
(1,184,764)
(7,012,064)
Finance costs
(7,879,633)
\u2013
(7,879,633)
Net gains on financial assets
57,462,556
\u2013
57,462,556
Segment profit before tax
45,572,352
314,128
45,886,480
Taxation
\u2013
\u2013
\u2013
Segment comprehensive income
45,572,352
314,128
45,886,480
Segment assets
478,348,867
399,734
478,748,601
Segment liabilities
(104,888,575)
(144,779)
(105,033,354)
Segment net assets
373,460,292
254,955
373,715,247
Segment information for the year ended 31 December 2024 is as follows:
Castelnau
Castelnau Services Total
Group Group 31 December
Limited Limited 2024
GBP GBP GBP
Income
Consultancy services
\u2013
1,112,507
1,112,507
Interest income
1,139,285
\u2013
1,139,285
Other income
1,102
\u2013
1,102
Segment income
1,140,387
1,112,507
2,252,894
Gross wages
\u2013
(1,060,030)
(1,060,030)
Other expenses
(1,462,730)
(181,920)
(1,644,650)
(1,462,730)
(1,241,950)
(2,704,680)
Finance costs
(7,495,854)
\u2013
(7,495,854)
Net gains on financial assets
89,894,277
\u2013
89,894,277
Segment profit/(loss) before tax
82,076,080
(129,443)
81,946,637
Taxation
\u2013
\u2013
\u2013
Segment comprehensive income/(loss)
82,076,080
(129,443)
81,946,637
Segment assets
398,821,511
54,808
398,876,319
Segment liabilities
(81,519,387)
(113,980)
(81,633,367)
Segment net assets/(liabilities)
317,302,124
(59,172)
317,242,952
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-180": { "value": "
7. Expenses
31 December 31 December
2025 2024
GBP GBP
Administration fees
152,586
136,582
Audit fees
90,605
91,611
Broker fees
75,000
90,000
Change in fair value of earn-out liability
\u2013
(57,765)
Custody fee
67,057
58,595
Depreciation of office equipment
1,142
805
Directors' fee
140,400
135,000
Employee benefits* 1,108,430 1,060,030
Legal and professional fees**
1,531,765
797,760
Operating expenses
24,723
82,470
Sundry costs
166,827
261,361
Depositary fee
53,529
48,231
Financial guarantee expense (note 18)
3,600,000
\u2013
7,012,064
2,704,680
** Includes non-audit fees in relation to desktop review of the unaudited condensed consolidated interim financial statements of \u00a37,350 and legal
fees associated with the refinancing arrangements of \u00a3805,594 (31 December 2024: non-audit fees of \u00a37,000).
7.1 Employee benefits expense
31 December 31 December
2025 2024
GBP GBP
*Included in expenses
Wages and salaries
958,947
928,485
Employers' national insurance contributions
121,500
117,686
Pension costs
25,075
16,313
Employee healthcare
2,653
2,255
HMRC employers' allowance
255
(4,709)
1,108,430
1,060,030
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-227": { "value": "7. Expenses
31 December 31 December
2025 2024
GBP GBP
Administration fees
152,586
136,582
Audit fees
90,605
91,611
Broker fees
75,000
90,000
Change in fair value of earn-out liability
\u2013
(57,765)
Custody fee
67,057
58,595
Depreciation of office equipment
1,142
805
Directors' fee
140,400
135,000
Employee benefits* 1,108,430 1,060,030
Legal and professional fees**
1,531,765
797,760
Operating expenses
24,723
82,470
Sundry costs
166,827
261,361
Depositary fee
53,529
48,231
Financial guarantee expense (note 18)
3,600,000
\u2013
7,012,064
2,704,680
** Includes non-audit fees in relation to desktop review of the unaudited condensed consolidated interim financial statements of \u00a37,350 and legal fees associated with the refinancing arrangements of \u00a3805,594 (31 December 2024: non-audit fees of \u00a37,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-215": { "value": "7. Expenses
31 December 31 December
2025 2024
GBP GBP
Administration fees
152,586
136,582
Audit fees
90,605
91,611
Broker fees
75,000
90,000
Change in fair value of earn-out liability
\u2013
(57,765)
Custody fee
67,057
58,595
Depreciation of office equipment
1,142
805
Directors' fee
140,400
135,000
Employee benefits* 1,108,430 1,060,030
Legal and professional fees**
1,531,765
797,760
Operating expenses
24,723
82,470
Sundry costs
166,827
261,361
Depositary fee
53,529
48,231
Financial guarantee expense (note 18)
3,600,000
\u2013
7,012,064
2,704,680
** Includes non-audit fees in relation to desktop review of the unaudited condensed consolidated interim financial statements of \u00a37,350 and legal fees associated with the refinancing arrangements of \u00a3805,594 (31 December 2024: non-audit fees of \u00a37,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-203": { "value": "7. Expenses
31 December 31 December
2025 2024
GBP GBP
Administration fees
152,586
136,582
Audit fees
90,605
91,611
Broker fees
75,000
90,000
Change in fair value of earn-out liability
\u2013
(57,765)
Custody fee
67,057
58,595
Depreciation of office equipment
1,142
805
Directors' fee
140,400
135,000
Employee benefits* 1,108,430 1,060,030
Legal and professional fees**
1,531,765
797,760
Operating expenses
24,723
82,470
Sundry costs
166,827
261,361
Depositary fee
53,529
48,231
Financial guarantee expense (note 18)
3,600,000
\u2013
7,012,064
2,704,680
** Includes non-audit fees in relation to desktop review of the unaudited condensed consolidated interim financial statements of \u00a37,350 and legal fees associated with the refinancing arrangements of \u00a3805,594 (31 December 2024: non-audit fees of \u00a37,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-216": { "value": "7.1 Employee benefits expense
31 December 31 December
2025 2024
GBP GBP
*Included in expenses
Wages and salaries
958,947
928,485
Employers' national insurance contributions
121,500
117,686
Pension costs
25,075
16,313
Employee healthcare
2,653
2,255
HMRC employers' allowance
255
(4,709)
1,108,430
1,060,030
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-204": { "value": "7.1 Employee benefits expense
31 December 31 December
2025 2024
GBP GBP
*Included in expenses
Wages and salaries
958,947
928,485
Employers' national insurance contributions
121,500
117,686
Pension costs
25,075
16,313
Employee healthcare
2,653
2,255
HMRC employers' allowance
255
(4,709)
1,108,430
1,060,030
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-181": { "value": "
8. Trade and other receivables
31 December 31 December
2025 2024
GBP GBP
Prepayments
72,312
48,336
Interest receivable
2,405,702
798,809
Trade receivables
98,499
18,859
2,576,513
866,004
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-217": { "value": "8. Trade and other receivables
31 December 31 December
2025 2024
GBP GBP
Prepayments
72,312
48,336
Interest receivable
2,405,702
798,809
Trade receivables
98,499
18,859
2,576,513
866,004
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-206": { "value": "8. Trade and other receivables
31 December 31 December
2025 2024
GBP GBP
Prepayments
72,312
48,336
Interest receivable
2,405,702
798,809
Trade receivables
98,499
18,859
2,576,513
866,004
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-182": { "value": "
9. Other payables
31 December 31 December
2025 2024
GBP GBP
Other accrued expenses
466,450
339,196
Trade payables
871
16,786
Social security and other taxes
76,106
43,057
543,427
399,039
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-218": { "value": "9. Other payables
31 December 31 December
2025 2024
GBP GBP
Other accrued expenses
466,450
339,196
Trade payables
871
16,786
Social security and other taxes
76,106
43,057
543,427
399,039
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-205": { "value": "9. Other payables
31 December 31 December
2025 2024
GBP GBP
Other accrued expenses
466,450
339,196
Trade payables
871
16,786
Social security and other taxes
76,106
43,057
543,427
399,039
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-183": { "value": "
10. Share capital
31 December 31 December
2025 2024
GBP GBP
Share capital at the beginning of the year
289,155,778
285,111,250
Issue of Ordinary Shares
10,585,815
4,044,528
Allotted, called up and fully paid Ordinary Shares*
299,741,593
289,155,778
Class B Share held by the Investment Manager**
1
1
Total Share capital at the end of the year
299,741,594
289,155,779
31 December 31 December
2025 2024
Number of Number of
Ordinary Shares Ordinary Shares
Ordinary Shares at the beginning of the year
322,829,422
318,635,256
Issue of Ordinary Shares
10,678,624
4,194,166
Total Ordinary Shares in issue at the end of the year*
333,508,046
322,829,422
Class B Share held by the Investment Manager**
1
1
* No par value with one voting right per share
** Held by the Investment Manager with no voting rights
On 3 February 2025, the Group issued 9,622,167 Ordinary Shares in relation to the acquisition of Farewill Limited by Dignity Ventures Limited. The acquisition was financed through a share-for-share exchange, which resulted in the Group acquiring an additional 5.6 million shares in Valderrama Limited, increasing its ownership of Valderrama\u2019s issued share capital from 65% to 66%. On 13 May 2025, the Group issued 1,056,457 Ordinary Shares through a share-for-share exchange to the shareholders of Hornby Plc who elected to convert their shares into Castelnau shares, following the voluntary cancellation of admission of ordinary shares approved by Hornby shareholders. Following the share exchange, the Group increased its ownership of Hornby\u2019s issued share capital from 54.9% to 58.2%. The Group did not purchase any of its own shares during the year ended 31 December 2025 or during the year ended 31 December 2024. No shares were cancelled during either year. No shares were held in Treasury or sold from Treasury during the year ended 31 December 2025 or during the year ended 31 December 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-207": { "value": "10. Share capital
31 December 31 December
2025 2024
GBP GBP
Share capital at the beginning of the year
289,155,778
285,111,250
Issue of Ordinary Shares
10,585,815
4,044,528
Allotted, called up and fully paid Ordinary Shares*
299,741,593
289,155,778
Class B Share held by the Investment Manager**
1
1
Total Share capital at the end of the year
299,741,594
289,155,779
31 December 31 December
2025 2024
Number of Number of
Ordinary Shares Ordinary Shares
Ordinary Shares at the beginning of the year
322,829,422
318,635,256
Issue of Ordinary Shares
10,678,624
4,194,166
Total Ordinary Shares in issue at the end of the year*
333,508,046
322,829,422
Class B Share held by the Investment Manager**
1
1
* No par value with one voting right per share ** Held by the Investment Manager with no voting rights On 3 February 2025, the Group issued 9,622,167 Ordinary Shares in relation to the acquisition of Farewill Limited by Dignity Ventures Limited. The acquisition was financed through a share-for-share exchange, which resulted in the Group acquiring an additional 5.6 million shares in Valderrama Limited, increasing its ownership of Valderrama\u2019s issued share capital from 65% to 66%. On 13 May 2025, the Group issued 1,056,457 Ordinary Shares through a share-for-share exchange to the shareholders of Hornby Plc who elected to convert their shares into Castelnau shares, following the voluntary cancellation of admission of ordinary shares approved by Hornby shareholders. Following the share exchange, the Group increased its ownership of Hornby\u2019s issued share capital from 54.9% to 58.2%. The Group did not purchase any of its own shares during the year ended 31 December 2025 or during the year ended 31 December 2024. No shares were cancelled during either year. No shares were held in Treasury or sold from Treasury during the year ended 31 December 2025 or during the year ended 31 December 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-219": { "value": "
No shares were held in Treasury or sold from Treasury during the year ended 31 December 2025 or during the year
ended 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-184": { "value": "
11. Earnings per Ordinary Share
Earnings per Ordinary Share is based on the profit of \u00a345,886,480 (31 December 2024: profit of \u00a381,946,637)
attributable to the weighted average of 332,256,035 (31 December 2024: 320,236,116) Ordinary Shares in issue
during the year.
There is no difference between the weighted average diluted and undiluted number of Ordinary Shares. There is
no difference between basic and diluted earnings per share as there are no diluted instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-185": { "value": "
12. Net assets per Ordinary Share
The figure for net assets per Ordinary Share is based on net assets of \u00a3373,715,247 (2024: \u00a3317,242,952) divided by
333,508,046 voting Ordinary Shares in issue at 31 December 2025 (2024: 322,829,422).
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-186": { "value": "
13. Material agreements
Details of the management, administration and secretarial contracts can be found in the Directors\u2019 Report on
page 21. There were no transactions with Directors other than those disclosed in note 14. As at 31 December 2025,
there were no fees payable to PAMP (31 December 2024: \u00a3Nil).
a) Investment Manager and Alternative Investment Fund Manager (\u201cAIFM\u201d)
The Investment Manager will not receive a management fee in respect of its portfolio management services
to the Group. The Investment Manager will become entitled to a performance fee subject to meeting certain
performance thresholds.
The Company\u2019s performance is measured over consecutive periods of not less than three years (each a
\u201cPerformance Period\u201d) and the Performance Fee is equal to one third of the outperformance of the Net Asset
Value total return (on an undiluted basis and excluding any accrual or payment of the Performance Fee) after
adjustment for inflows and outflows (such inflows and outflows including, for the avoidance of doubt, tender
payments and buybacks), with dividends reinvested, over the FTSE All-Share Total Return Index (\u201cBenchmark\u201d), for
each Performance Period (or, where no performance fee is payable in respect of a financial year, in the period
since a Performance Fee was last payable). The Net Asset Value total return is based on the weighted number and
Net Asset Value of the Ordinary Shares in issue over the relevant Performance Period. The first Performance Period
ran from Initial Admission to 31 December 2024.
The fee is calculated by reference to the closing net asset value (\u201cClosing NAV\u201d) rather than the average net
asset value, and will be compared to the \u2018Benchmark NAV\u2019. The Closing NAV is the reported net asset value of the
Company at the period end, excluding any accrued performance fees. This is compared to the Benchmark NAV,
which is the Company\u2019s opening NAV for the Performance Period to which the Benchmark return is applied. The
Benchmark NAV is also adjusted for the impact of inflows and outflows to the share capital of the Company, to
ensure that both the Closing NAV and Benchmark NAV reflect performance adjusted for the impact of these events.
No performance fee will be earned until the net asset value (\u201cNAV\u201d) per Ordinary Share is above the original NAV
per Ordinary Share at IPO (100p), adjusted for the performance of the Benchmark. The fee will be paid in new
Ordinary Shares.
During the year, performance fees of \u00a3Nil (31 December 2024: \u00a3Nil) were charged to the Group, of which \u00a3Nil
(31 December 2024: \u00a3Nil) remained payable at the end of the year.
b) Administrator and Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited (the \u201cAdministrator\u201d) is entitled to:
(i) an administration fee of 0.05% of the Net Asset Value of the Group up to \u00a3200 million, 0.03% of the NAV of the
Group between \u00a3200 million and \u00a3400 million, and 0.02% of the NAV of the Group over \u00a3400 million (subject to
a minimum administration fee of \u00a360,000); (ii) a financial reporting fee of \u00a310,000; (iii) a company secretarial
services fee of \u00a310,000; and (iv) an additional fee of \u00a32,000 while the Administrator acts as the Group\u2019s nominated
firm (as described in the Financial Conduct Authority (\u201cFCA\u201d) Handbook), in each case per annum (exclusive of
VAT). In addition, the Administrator is entitled to certain other fees for ad hoc services rendered from time to time.
During the year, administration and secretarial fees of \u00a3140,586 (31 December 2024: \u00a3124,582) were charged to the
Group by the Administrator, of which \u00a371,120 (31 December 2024: \u00a397,198) remained payable at the end of the year.
c) Depositary
Northern Trust (Guernsey) Limited (the \u201cDepositary\u201d) is entitled to: (i) a custody fee of 0.02% of the NAV of the Group
(subject to a minimum of \u00a320,000); and (ii) a depositary services fee of 0.02% of the NAV of the Group up to \u00a3200 million,
falling to 0.01% of the NAV of the Group over \u00a3200 million (subject to a minimum depositary services fee of \u00a320,000), in
each case per annum (exclusive of VAT). In addition, the Depositary is entitled to certain other fees for ad hoc services
rendered from time to time. During the year, depositary fees of \u00a353,529 (31 December 2024: \u00a348,231) and custody fees
of \u00a367,057 (31 December 2024: \u00a358,595) were charged to the Group, of which \u00a312,379 (31 December 2024: \u00a38,684) and
\u00a316,142 (31 December 2024: \u00a39,691) respectively, remained payable at the end of the year.
", "dimensions": { "concept": "castelnaugroup:DisclosureOfMaterialAgreements", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-187": { "value": "
14. Related parties
Directors\u2019 remuneration & expenses
The Directors\u2019 fees for the year are as follows:
31 December 31 December
2025 2024
GBP GBP
Joanne Peacegood
41,600
40,000
Andrew Whittaker
36,400
35,000
Joanna Duquemin Nicolle
31,200
30,000
David Stevenson*
31,200
30,000
Richard Brown
\u2013
\u2013
140,400
135,000
* David Stevenson resigned 31 December 2025 while Rachael Robathan was appointed 1 January 2026.
Effective 1 January 2025, following a review of external market data, the annual fees were increased by 4% for all
Directors, with the exception of Richard Brown who continues to waive his right to a Director fee.
\u00a3Nil Directors\u2019 fees were outstanding as at 31 December 2025 (31 December 2024: \u00a3Nil).
Shares held by related parties
The number of Ordinary Shares held by the Directors were as follows:
31 December 31 December
2025 2024
Number of Number of
Ordinary Shares Ordinary Shares
Joanne Peacegood
31,344
31,344
Andrew Whittaker
40,000
40,000
Joanna Duquemin Nicolle
75,000
75,000
David Stevenson
\u2013
\u2013
Richard Brown*
39,000
21,344
* Richard Brown purchased 17,656 Ordinary Shares on 14 November 2025.
As at 31 December 2025, the Investment Manager held zero Ordinary Shares and one Class B Share
(31 December 2024: zero Ordinary Shares and one Class B Share) of the Issued Share Capital. Partners and
employees of the Investment Manager held 251,915 Ordinary Shares (31 December 2024: 91,881 Ordinary Shares).
Valderrama/Dignity
The Group and SPWOne V Limited (\u201cSPWOne\u201d) are currently Valderrama\u2019s principal controlling shareholders, with
the company having been incorporated for the purposes of a joint venture between the Group and SPWOne.
The Group and SPWOne agreed to invest in Valderrama for the purposes of making investments in line with the
Group\u2019s investment objectives and investment policy, namely the acquisition of Dignity Plc.
Economic interests in Valderrama are held 64% by the Group and 31% by SPWOne, with the remaining 5% held by
other parties. Notwithstanding this asymmetry in economic ownership, the Group and SPWOne hold equal voting
rights in Valderrama and share joint control of the entity. Governance within the joint venture therefore operates
on an equal footing, with key decisions requiring the consent of both parties. As a result, neither party is able to
unilaterally control the direction or management of this venture.
Mr. Steven Tatters, who is Chief Operating Officer of Phoenix Asset Management Partners Limited, the Investment
Manager, is a director of Valderrama and its subsidiaries. Mr. Tatters is also a director of Dignity Group Holdings
Limited and Dignity Funerals Limited.
Loans with Phoenix UK Fund Limited
On 27 August 2024, a revolving loan agreement for \u00a34 million was entered into with Phoenix UK Fund Limited,
which was increased to \u00a310 million on 27 November 2024, further increased to \u00a314 million on 17 June 2025 and
subsequently increased to \u00a324 million on 8 October 2025. Interest accrues at 7% per annum and is payable on the
termination date. As at 31 December, interest accrued was \u00a3829,052. On 10 September 2025, the termination date
was extended to 10 September 2028.
The Group had an unsecured term loan facility of \u00a360 million made available through Phoenix UK Fund Limited, with
Morgan Stanley Bank N.A. as original lender. Interest was accrued at SONIA plus 7.5% per annum to 10 November
2023, SONIA plus 7.3% per annum from 11 November 2023 to 10 November 2024, and SONIA plus 7.15% per annum
thereafter. The loan was repayable on demand. On 12 September 2025, the Group fully repaid the \u00a360 million Phoenix
UK Fund Limited unsecured term loan principal with \u00a360 million of loan drawn under a new facility with Shawbrook
Bank Limited (\u201cShawbrook\u201d). Further discussion on the loan with Shawbrook can be found in note 15. Following the
full repayment of the principal amount, the outstanding interest and fees accrued of \u00a320,437,572 as at 31 December
2025 remain owed and repayable on demand.
At 31 December 2025, the outstanding principal debt to Phoenix UK Fund Limited was \u00a319,643,000
(31 December 2024: 65,560,000). Total interest and facility fees charged on the loan facilities with Phoenix UK Fund
Limited for the year was \u00a35,592,296 (31 December 2024: \u00a37,495,854). \u00a3Nil was paid during the year (31 December
2024: \u00a3Nil), resulting in \u00a321,266,624 payable at 31 December 2025 (31 December 2024: \u00a315,674,328).
Other
Mr. Richard Brown is a non-executive director of the Group, and director and Chief Executive Officer of the
Subsidiary. Mr. Brown is also a director of Dignity Group Holdings Limited and Dignity Finance Plc.
Roderick Manzie is a director of the Subsidiary. Mr. Manzie is also a director of certain portfolio holding companies,
including companies in the pre-administration Stanley Gibbons Group Plc and Showpiece Technologies Limited.
Lorraine Smyth is a director of the Subsidiary. Ms. Smyth is also a director of Rawnet Ltd, a portfolio company.
A number of other Phoenix Asset Management Partners Limited employees hold directorships at certain Group
portfolio companies. The directorships are held in the normal course of business and enable Phoenix Asset
Management Partners Limited to be represented on the boards of the portfolio companies.
The Group has an agreement with Ocula to provide services to certain of the Group\u2019s portfolio companies. Ocula
charged the Group \u00a3447,917 for the 12 months to 31 December 2025 (31 December 2024: \u00a3500,000). Under the terms
of the agreement, the annual fee payable to Ocula with be \u00a3250,000 per annum going forward.
During the year ended 31 December 2025, the Subsidiary provided consultancy services to the Group\u2019s portfolio of
companies of \u00a31,498,670 (31 December 2024: \u00a31,112,507). These services were provided in the normal course of business.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-208": { "value": "14. Related parties Directors\u2019 remuneration & expenses The Directors\u2019 fees for the year are as follows:
31 December 31 December
2025 2024
GBP GBP
Joanne Peacegood
41,600
40,000
Andrew Whittaker
36,400
35,000
Joanna Duquemin Nicolle
31,200
30,000
David Stevenson*
31,200
30,000
Richard Brown
\u2013
\u2013
140,400
135,000
* David Stevenson resigned 31 December 2025 while Rachael Robathan was appointed 1 January 2026. Effective 1 January 2025, following a review of external market data, the annual fees were increased by 4% for all Directors, with the exception of Richard Brown who continues to waive his right to a Director fee. \u00a3Nil Directors\u2019 fees were outstanding as at 31 December 2025 (31 December 2024: \u00a3Nil). Shares held by related parties The number of Ordinary Shares held by the Directors were as follows:
31 December 31 December
2025 2024
Number of Number of
Ordinary Shares Ordinary Shares
Joanne Peacegood
31,344
31,344
Andrew Whittaker
40,000
40,000
Joanna Duquemin Nicolle
75,000
75,000
David Stevenson
\u2013
\u2013
Richard Brown*
39,000
21,344
* Richard Brown purchased 17,656 Ordinary Shares on 14 November 2025. As at 31 December 2025, the Investment Manager held zero Ordinary Shares and one Class B Share (31 December 2024: zero Ordinary Shares and one Class B Share) of the Issued Share Capital. Partners and employees of the Investment Manager held 251,915 Ordinary Shares (31 December 2024: 91,881 Ordinary Shares). Valderrama/Dignity The Group and SPWOne V Limited (\u201cSPWOne\u201d) are currently Valderrama\u2019s principal controlling shareholders, with the company having been incorporated for the purposes of a joint venture between the Group and SPWOne. The Group and SPWOne agreed to invest in Valderrama for the purposes of making investments in line with the Group\u2019s investment objectives and investment policy, namely the acquisition of Dignity Plc. Economic interests in Valderrama are held 64% by the Group and 31% by SPWOne, with the remaining 5% held by other parties. Notwithstanding this asymmetry in economic ownership, the Group and SPWOne hold equal voting rights in Valderrama and share joint control of the entity. Governance within the joint venture therefore operates on an equal footing, with key decisions requiring the consent of both parties. As a result, neither party is able to unilaterally control the direction or management of this venture. Mr. Steven Tatters, who is Chief Operating Officer of Phoenix Asset Management Partners Limited, the Investment Manager, is a director of Valderrama and its subsidiaries. Mr. Tatters is also a director of Dignity Group Holdings Limited and Dignity Funerals Limited. Loans with Phoenix UK Fund Limited On 27 August 2024, a revolving loan agreement for \u00a34 million was entered into with Phoenix UK Fund Limited, which was increased to \u00a310 million on 27 November 2024, further increased to \u00a314 million on 17 June 2025 and subsequently increased to \u00a324 million on 8 October 2025. Interest accrues at 7% per annum and is payable on the termination date. As at 31 December, interest accrued was \u00a3829,052. On 10 September 2025, the termination date was extended to 10 September 2028. The Group had an unsecured term loan facility of \u00a360 million made available through Phoenix UK Fund Limited, with Morgan Stanley Bank N.A. as original lender. Interest was accrued at SONIA plus 7.5% per annum to 10 November 2023, SONIA plus 7.3% per annum from 11 November 2023 to 10 November 2024, and SONIA plus 7.15% per annum thereafter. The loan was repayable on demand. On 12 September 2025, the Group fully repaid the \u00a360 million Phoenix UK Fund Limited unsecured term loan principal with \u00a360 million of loan drawn under a new facility with Shawbrook Bank Limited (\u201cShawbrook\u201d). Further discussion on the loan with Shawbrook can be found in note 15. Following the full repayment of the principal amount, the outstanding interest and fees accrued of \u00a320,437,572 as at 31 December 2025 remain owed and repayable on demand. At 31 December 2025, the outstanding principal debt to Phoenix UK Fund Limited was \u00a319,643,000 (31 December 2024: 65,560,000). Total interest and facility fees charged on the loan facilities with Phoenix UK Fund Limited for the year was \u00a35,592,296 (31 December 2024: \u00a37,495,854). \u00a3Nil was paid during the year (31 December 2024: \u00a3Nil), resulting in \u00a321,266,624 payable at 31 December 2025 (31 December 2024: \u00a315,674,328). Other Mr. Richard Brown is a non-executive director of the Group, and director and Chief Executive Officer of the Subsidiary. Mr. Brown is also a director of Dignity Group Holdings Limited and Dignity Finance Plc. Roderick Manzie is a director of the Subsidiary. Mr. Manzie is also a director of certain portfolio holding companies, including companies in the pre-administration Stanley Gibbons Group Plc and Showpiece Technologies Limited. Lorraine Smyth is a director of the Subsidiary. Ms. Smyth is also a director of Rawnet Ltd, a portfolio company. A number of other Phoenix Asset Management Partners Limited employees hold directorships at certain Group portfolio companies. The directorships are held in the normal course of business and enable Phoenix Asset Management Partners Limited to be represented on the boards of the portfolio companies. The Group has an agreement with Ocula to provide services to certain of the Group\u2019s portfolio companies. Ocula charged the Group \u00a3447,917 for the 12 months to 31 December 2025 (31 December 2024: \u00a3500,000). Under the terms of the agreement, the annual fee payable to Ocula with be \u00a3250,000 per annum going forward. During the year ended 31 December 2025, the Subsidiary provided consultancy services to the Group\u2019s portfolio of companies of \u00a31,498,670 (31 December 2024: \u00a31,112,507). These services were provided in the normal course of business.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-220": { "value": "Directors\u2019 remuneration & expenses The Directors\u2019 fees for the year are as follows:
31 December 31 December
2025 2024
GBP GBP
Joanne Peacegood
41,600
40,000
Andrew Whittaker
36,400
35,000
Joanna Duquemin Nicolle
31,200
30,000
David Stevenson*
31,200
30,000
Richard Brown
\u2013
\u2013
140,400
135,000
* David Stevenson resigned 31 December 2025 while Rachael Robathan was appointed 1 January 2026. Effective 1 January 2025, following a review of external market data, the annual fees were increased by 4% for all Directors, with the exception of Richard Brown who continues to waive his right to a Director fee. \u00a3Nil Directors\u2019 fees were outstanding as at 31 December 2025 (31 December 2024: \u00a3Nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-188": { "value": "
15. Reconciliation of liabilities arising from financing activities
The changes in the Group\u2019s liabilities arising from financing activities is disclosed below:
31 December 31 December
2025 2024
GBP GBP
Loans payable at the beginning of the year
65,560,000
47,676,429
Loans received
75,708,000
17,883,571
Repayment of loans received
(60,000,000)
\u2013
Loans payable at the end of the year
81,268,000
65,560,000
Finance costs payable at the beginning of the year
15,674,328
8,178,474
Finance costs charged
7,879,633
7,495,854
Repayment of finance costs
(827,395)
\u2013
Finance costs payable at the end of the year
22,726,566
15,674,328
On 10 September 2025, the Group entered into a new \u00a365 million senior secured revolving credit facility with
Shawbrook Bank Limited, secured by \u00a3276 million of specific assets of the Company as at 31 December 2025,
bearing interest at SONIA plus 3.9% per annum and payable every 6 months, terminating on 10 September 2028.
On 12 September 2025, \u00a360 million of the drawn loan was used to fully repay the \u00a360 million Phoenix UK Fund
Limited unsecured term loan principal. Total interest and facility fees charged on the Shawbrook loan for the year
was \u00a32,287,337. \u00a3827,395 was paid during the year, resulting in \u00a31,459,942 payable at 31 December 2025.
As at 31 December 2025, loans payable consists of \u00a319.6 million principal outstanding to Phoenix UK Fund Limited
(see note 14) and \u00a361.3 million principal outstanding to Shawbrook. Finance costs payable consists of \u00a321.3 million
to Phoenix UK Fund Limited (see note 14) and \u00a31.4 million to Shawbrook.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-209": { "value": "15. Reconciliation of liabilities arising from financing activities The changes in the Group\u2019s liabilities arising from financing activities is disclosed below:
31 December 31 December
2025 2024
GBP GBP
Loans payable at the beginning of the year
65,560,000
47,676,429
Loans received
75,708,000
17,883,571
Repayment of loans received
(60,000,000)
\u2013
Loans payable at the end of the year
81,268,000
65,560,000
Finance costs payable at the beginning of the year
15,674,328
8,178,474
Finance costs charged
7,879,633
7,495,854
Repayment of finance costs
(827,395)
\u2013
Finance costs payable at the end of the year
22,726,566
15,674,328
On 10 September 2025, the Group entered into a new \u00a365 million senior secured revolving credit facility with Shawbrook Bank Limited, secured by \u00a3276 million of specific assets of the Company as at 31 December 2025, bearing interest at SONIA plus 3.9% per annum and payable every 6 months, terminating on 10 September 2028. On 12 September 2025, \u00a360 million of the drawn loan was used to fully repay the \u00a360 million Phoenix UK Fund Limited unsecured term loan principal. Total interest and facility fees charged on the Shawbrook loan for the year was \u00a32,287,337. \u00a3827,395 was paid during the year, resulting in \u00a31,459,942 payable at 31 December 2025. As at 31 December 2025, loans payable consists of \u00a319.6 million principal outstanding to Phoenix UK Fund Limited (see note 14) and \u00a361.3 million principal outstanding to Shawbrook. Finance costs payable consists of \u00a321.3 million to Phoenix UK Fund Limited (see note 14) and \u00a31.4 million to Shawbrook.", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-210": { "value": "16. Financial instruments \u2013 risk analysis The general risk analysis undertaken by the Board and its overall policy approach to risk management are set out in the Directors\u2019 Report. Issues associated with portfolio distribution and concentration risk are discussed in the Investment Policy section of the Strategic Report. This note, which is incorporated in accordance with accounting standard IFRS 7, examines in greater detail the identification, measurement and management of risks potentially affecting the value of financial instruments and how those risks potentially affect the performance and financial position of the Group. The risks concerned are categorised as follows: (a) Potential Market Risks, which are principally: (i) Currency risk, (ii) Interest rate risk, and (iii) Other price risk. (b) Liquidity risk; (c) Credit risk; and (d) Capital management policies and procedures. Each is considered in turn below: (a) (i) Currency risk The portfolio as at 31 December 2025 was invested in Sterling securities and there was no currency risk arising from the possibility of a fall in the value of Sterling impacting upon the value of investments or income. The Group had no foreign currency borrowings at 31 December 2025 or 31 December 2024 and no sensitivity analysis is presented for this risk. (a) (ii) Interest rate risk The Group did not hold fixed interest securities at 31 December 2025 or 31 December 2024. With the exception of cash, no interest rate risks arise in respect of any current asset. All cash held as a current asset is denominated in Sterling, earning interest at the bank\u2019s or custodian\u2019s variable interest rates. As at 31 December 2025, the Group had loans payable of \u00a381,268,000 (2024: \u00a365,560,000) and interest accrues at variable interest rate which exposes the Group to interest rate risk. The effect of an increase or decrease in interest rates of 50 basis points would have resulted in an increase or decrease of \u00a3406,340 (2024: \u00a3327,800) in the net assets attributable to equity holders. This analysis assumes that all other variables remain constant. (a) (iii) Other price risk The principal price risk for the Group is the price volatility of shares that are owned by the Group. As described in the Alternative Investment Fund Manager and Investment Manager\u2019s Report, the Group spreads its investments across different sectors and geographies, but, as shown by the Portfolio Analysis in the Business Review, the Group may maintain relatively strong concentrations in particular sectors selected by the Investment Manager. As at 31 December 2025, the Group\u2019s investment portfolio consists of all Level 3 assets and as such are not subject to quoted market price risk. Through its Level 3 investments, the Group remains exposed to other price risk arising from changes in valuation assumptions (discount rates, growth rate, margins and other inputs). Sensitivity analyses for key unobservable inputs are presented in note 17. As at 31 December 2024, as a result of investments in publicly traded portfolio companies with a total value of \u00a321,253,483, the effect on the portfolio of a 10% increase or decrease in market prices would have resulted in an increase or decrease of \u00a32,125,348 in the investments held at fair value through profit or loss at the year end, which is equivalent to 0.67% in the net assets attributable to equity holders. This analysis assumed that all other variables remained constant. (b) Liquidity risk The Group considers expected cash flows from financial assets in assessing and managing liquidity risk, including its cash resources and trade receivables. The Board retains a cash flow forecast, including specifically the loan balances which are reviewed regularly and prior to any further loans being granted to the portfolio companies. The following table analyses the Group\u2019s liabilities into relevant maturity groupings based on the maturities at the Consolidated Statement of Financial Position date. The amounts in the table are the undiscounted net cash flows on the financial liabilities:
1-12 More than 12
months
months
Total
As at 31 December 2025
Financial guarantee total exposure
\u2013
6,113,402
6,113,402
Loans payable
\u2013
81,268,000
81,268,000
Finance costs payable
21,897,514
829,052
22,726,566
Other payables
543,427
\u2013
543,427
22,440,941
88,210,454
110,651,395
1-12 More than 12
months
months
Total
As at 31 December 2024
Financial guarantee total exposure
\u2013
14,400,000
14,400,000
Loans payable
65,560,000
\u2013
65,560,000
Finance costs payable
15,674,328
\u2013
15,674,328
Other payables
399,039
\u2013
399,039
81,633,367
14,400,000
96,033,367
(c) Credit risk Credit risk is the risk that a counterparty fails to discharge an obligation to the Group. The Group is exposed to credit risk from financial assets including loans, cash and cash equivalents held at banks, and trade and other receivables. The Group provides shareholder loans to certain portfolio companies as part of its overall investment strategy. These loans form part of combined equity and debt investments and are not managed or assessed in isolation. In accordance with IFRS 9, the Group assesses ECL on financial assets measured at amortised cost at each reporting date. Given the nature of the Group\u2019s investments, the assessment of expected credit losses is performed through a recoverability analysis based on the enterprise value of the underlying portfolio companies and the expected cash generation of those businesses, rather than through a statistical credit risk model. Enterprise value for each portfolio company is determined as part of the Group\u2019s valuation process and reflects the Board\u2019s assessment of the fair value of the business using appropriate valuation methodologies. The recoverability of shareholder loans is assessed by comparing the enterprise value of the underlying company with the outstanding loan balance. In addition, the Board considers the expected ability of the underlying businesses to generate positive operating cash flows, which in certain cases are expected to begin servicing and repaying shareholder loans within the next 12 months. Under this approach: - Where the enterprise value of the investee company exceeds the outstanding loan balance, the loan is considered recoverable in full and no expected credit loss is recognised; and - Where the enterprise value does not support full repayment of the loan, an impairment is recognised to reflect the expected recoverable amount. Repayment of shareholder loans may therefore occur through operating cash flows, refinancing, or enterprise value realisation events, such as the sale of the underlying business or its assets. During the year, impairments were recognised where the enterprise value of the underlying investment did not support full recovery of the loan balance. In all other cases the Board concluded that the loans were recoverable in full based on enterprise value coverage and expected cash generation. Given the nature of the Group\u2019s investment structure and the recoverability assessment described above, the Board considers expected credit losses on shareholder loans to be immaterial to the Financial Statements, other than in instances where impairments have been recognised where enterprise value does not support full recovery of the loan balance. At 31 December 2025, the Group has recognised expected credit losses on investments in loans of \u00a33,710,450 (2024: \u00a32,548,500). The Group invests in quoted and unquoted equities and fixed interest securities which are Level 1, Level 2 and Level 3 investments. The majority of cash is currently placed with The Northern Trust Company. The Group is subject to credit risk to the extent that this institution may be unable to return this cash. The Northern Trust Company is a wholly owned subsidiary of The Northern Trust Corporation. The Northern Trust Corporation is publicly traded and a constituent of S&P 500. The Northern Trust Corporation has a credit rating of A from Standard & Poor\u2019s and A2 from Moody\u2019s. At 31 December 2025, cash held at bank comprised \u00a3201,612 (2024: \u00a3150,369) held by the Depository which is the maximum credit risk that the Group is exposed to. Credit risk arising on transactions with brokers relates to transactions awaiting settlement. This risk is considered to be very low because transactions are almost always undertaken on a delivery versus payment basis with member firms of the London Stock Exchange. The Group\u2019s maximum exposure under the financial guarantee liability at the reporting date is approximately \u00a36.1 million (31 December 2024: \u00a314.4 million), see further discussion in note 18. (d) Capital management policies and procedures The Group\u2019s capital management objectives are: \u2022 to ensure the Group\u2019s ability to continue as a going concern; and \u2022 to provide an adequate return to Shareholders by pursuing investment policies commensurately with the level of risk. The Group monitors capital on the basis of the carrying amount of equity, less cash and cash equivalents as presented on the face of the Consolidated Statement of Financial Position. The Group sets the amount of capital in proportion to its overall financing structure, i.e. equity and financial liabilities. The Group manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to Shareholders (within the statutory limits applying to investment trusts), return capital to Shareholders, issue new shares, or sell assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-221": { "value": "(a) (i) Currency risk The portfolio as at 31 December 2025 was invested in Sterling securities and there was no currency risk arising from the possibility of a fall in the value of Sterling impacting upon the value of investments or income. The Group had no foreign currency borrowings at 31 December 2025 or 31 December 2024 and no sensitivity analysis is presented for this risk. (a) (ii) Interest rate risk The Group did not hold fixed interest securities at 31 December 2025 or 31 December 2024. With the exception of cash, no interest rate risks arise in respect of any current asset. All cash held as a current asset is denominated in Sterling, earning interest at the bank\u2019s or custodian\u2019s variable interest rates. As at 31 December 2025, the Group had loans payable of \u00a381,268,000 (2024: \u00a365,560,000) and interest accrues at variable interest rate which exposes the Group to interest rate risk. The effect of an increase or decrease in interest rates of 50 basis points would have resulted in an increase or decrease of \u00a3406,340 (2024: \u00a3327,800) in the net assets attributable to equity holders. This analysis assumes that all other variables remain constant. (a) (iii) Other price risk The principal price risk for the Group is the price volatility of shares that are owned by the Group. As described in the Alternative Investment Fund Manager and Investment Manager\u2019s Report, the Group spreads its investments across different sectors and geographies, but, as shown by the Portfolio Analysis in the Business Review, the Group may maintain relatively strong concentrations in particular sectors selected by the Investment Manager. As at 31 December 2025, the Group\u2019s investment portfolio consists of all Level 3 assets and as such are not subject to quoted market price risk. Through its Level 3 investments, the Group remains exposed to other price risk arising from changes in valuation assumptions (discount rates, growth rate, margins and other inputs). Sensitivity analyses for key unobservable inputs are presented in note 17. As at 31 December 2024, as a result of investments in publicly traded portfolio companies with a total value of \u00a321,253,483, the effect on the portfolio of a 10% increase or decrease in market prices would have resulted in an increase or decrease of \u00a32,125,348 in the investments held at fair value through profit or loss at the year end, which is equivalent to 0.67% in the net assets attributable to equity holders. This analysis assumed that all other variables remained constant. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-222": { "value": "(b) Liquidity risk The Group considers expected cash flows from financial assets in assessing and managing liquidity risk, including its cash resources and trade receivables. The Board retains a cash flow forecast, including specifically the loan balances which are reviewed regularly and prior to any further loans being granted to the portfolio companies. The following table analyses the Group\u2019s liabilities into relevant maturity groupings based on the maturities at the Consolidated Statement of Financial Position date. The amounts in the table are the undiscounted net cash flows on the financial liabilities:
1-12 More than 12
months
months
Total
As at 31 December 2025
Financial guarantee total exposure
\u2013
6,113,402
6,113,402
Loans payable
\u2013
81,268,000
81,268,000
Finance costs payable
21,897,514
829,052
22,726,566
Other payables
543,427
\u2013
543,427
22,440,941
88,210,454
110,651,395
1-12 More than 12
months
months
Total
As at 31 December 2024
Financial guarantee total exposure
\u2013
14,400,000
14,400,000
Loans payable
65,560,000
\u2013
65,560,000
Finance costs payable
15,674,328
\u2013
15,674,328
Other payables
399,039
\u2013
399,039
81,633,367
14,400,000
96,033,367
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-223": { "value": "(c) Credit risk Credit risk is the risk that a counterparty fails to discharge an obligation to the Group. The Group is exposed to credit risk from financial assets including loans, cash and cash equivalents held at banks, and trade and other receivables. The Group provides shareholder loans to certain portfolio companies as part of its overall investment strategy. These loans form part of combined equity and debt investments and are not managed or assessed in isolation. In accordance with IFRS 9, the Group assesses ECL on financial assets measured at amortised cost at each reporting date. Given the nature of the Group\u2019s investments, the assessment of expected credit losses is performed through a recoverability analysis based on the enterprise value of the underlying portfolio companies and the expected cash generation of those businesses, rather than through a statistical credit risk model. Enterprise value for each portfolio company is determined as part of the Group\u2019s valuation process and reflects the Board\u2019s assessment of the fair value of the business using appropriate valuation methodologies. The recoverability of shareholder loans is assessed by comparing the enterprise value of the underlying company with the outstanding loan balance. In addition, the Board considers the expected ability of the underlying businesses to generate positive operating cash flows, which in certain cases are expected to begin servicing and repaying shareholder loans within the next 12 months. Under this approach: - Where the enterprise value of the investee company exceeds the outstanding loan balance, the loan is considered recoverable in full and no expected credit loss is recognised; and - Where the enterprise value does not support full repayment of the loan, an impairment is recognised to reflect the expected recoverable amount. Repayment of shareholder loans may therefore occur through operating cash flows, refinancing, or enterprise value realisation events, such as the sale of the underlying business or its assets. During the year, impairments were recognised where the enterprise value of the underlying investment did not support full recovery of the loan balance. In all other cases the Board concluded that the loans were recoverable in full based on enterprise value coverage and expected cash generation. Given the nature of the Group\u2019s investment structure and the recoverability assessment described above, the Board considers expected credit losses on shareholder loans to be immaterial to the Financial Statements, other than in instances where impairments have been recognised where enterprise value does not support full recovery of the loan balance. At 31 December 2025, the Group has recognised expected credit losses on investments in loans of \u00a33,710,450 (2024: \u00a32,548,500). The Group invests in quoted and unquoted equities and fixed interest securities which are Level 1, Level 2 and Level 3 investments. The majority of cash is currently placed with The Northern Trust Company. The Group is subject to credit risk to the extent that this institution may be unable to return this cash. The Northern Trust Company is a wholly owned subsidiary of The Northern Trust Corporation. The Northern Trust Corporation is publicly traded and a constituent of S&P 500. The Northern Trust Corporation has a credit rating of A from Standard & Poor\u2019s and A2 from Moody\u2019s. At 31 December 2025, cash held at bank comprised \u00a3201,612 (2024: \u00a3150,369) held by the Depository which is the maximum credit risk that the Group is exposed to. Credit risk arising on transactions with brokers relates to transactions awaiting settlement. This risk is considered to be very low because transactions are almost always undertaken on a delivery versus payment basis with member firms of the London Stock Exchange. The Group\u2019s maximum exposure under the financial guarantee liability at the reporting date is approximately \u00a36.1 million (31 December 2024: \u00a314.4 million), see further discussion in note 18. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-224": { "value": "(d) Capital management policies and procedures The Group\u2019s capital management objectives are: \u2022 to ensure the Group\u2019s ability to continue as a going concern; and \u2022 to provide an adequate return to Shareholders by pursuing investment policies commensurately with the level of risk. The Group monitors capital on the basis of the carrying amount of equity, less cash and cash equivalents as presented on the face of the Consolidated Statement of Financial Position. The Group sets the amount of capital in proportion to its overall financing structure, i.e. equity and financial liabilities. The Group manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to Shareholders (within the statutory limits applying to investment trusts), return capital to Shareholders, issue new shares, or sell assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-211": { "value": "18. Financial guarantee and Guarantee recovery receivable In 2022, following the introduction of the regulation of the pre-paid funeral plan industry by the FCA, the Dignity Group offered customers of certain funeral plan providers that did not meet the new regulatory requirements, the option to transfer to equivalent funeral plans held within The UK Funerals (2022) Trust (\u201cthe Trust\u201d). Under the asset transfer agreements with the ceding trusts, the Dignity Group is entitled to receive an equitable share of the assets held by those trusts, in respect of customers that transferred to Dignity equivalent plans. A significant number of these assets had not been received at the reporting date. Due to uncertainty over the amount and timing of these transfers, Castelnau Group Limited entered into a contractual guarantee on 22 September 2023 (the \u201cGuarantee\u201d) with Dignity Funerals Limited (\u201cDFL\u201d), a subsidiary of Dignity Plc, and the trustees of the Trust. Under this arrangement, Castelnau agreed to support the funding of the Trust by guaranteeing that a minimum of \u00a315.4 million of assets would be received. During 2025, the Trust received \u00a33.3 million of assets from the ceding trusts, reducing the amount of the Guarantee by this amount. During early 2025, Castelnau and DFL also became aware of potential issues in relation to the transfer of the remaining assets from the ceding trusts and are currently pursuing recovery of the remaining balances from these trusts vigorously. While the timing of these recoveries remains subject to ongoing legal proceedings, management currently expects that further amounts will be recovered following success in a recent High Court sitting. Pursuant to the ongoing legal proceedings and the Guarantee, Castelnau agreed to pay \u00a36.0 million to the Trust in December 2025. Castelnau also entered into a Recovery Mechanism Agreement (\u201cRecovery Agreement\u201d) with the Trust. This agreement states that any net recovery the Trusts subsequently receives from the ceding trusts, which is more than the current Guarantee amount outstanding of \u00a36.1 million, is reimbursed to Castelnau until the full \u00a36.0 million is repaid. Given the status of the legal proceedings, management currently estimates, based on the average of a range of potential outcomes, that \u00a32.4 million will be reimbursed under the Recovery Agreement and this amount has been presented as \u2018Guarantee recovery receivable\u2019 in the Consolidated Statement of Financial Position. The remaining \u00a33.6 million, being the difference between the payments made under the financial guarantee and the amount expected to be reimbursed to Castelnau, has been recognised as an expense in the Group\u2019s Consolidated Statement of Comprehensive Income (see note 7). Following the amendments to the Guarantee, the receipts from the ceding trusts of approximately \u00a33.3 million, and the \u00a36.0 million Guarantee payment to the Trust by Castelnau, Castelnau\u2019s maximum cash exposure under the Guarantee at the reporting date is approximately \u00a36.1 million (31 December 2024: \u00a314.4 million). The undiscounted contractual cash flow is presented in the Liquidity Risk maturity table in note 16. This represents the potential shortfall between the Guarantee amount and assets ultimately transferred from the ceding trusts. The Guarantee has been extended to 31 December 2026, with a mechanism for further extension if required. There is uncertainty over the estimated \u00a32.4 million Guarantee recovery receivable, which is dependent on the outcome of the legal proceedings which could lead to future recognition of some or all of the amount as an expense. The remaining \u00a36.1 million of the Guarantee is accounted for in accordance with IFRS 9 and is measured at the higher of the ECL and the unamortised amount of the initial fair value of the Guarantee. Management has performed an ECL assessment using probability-weighted recovery outcomes based on reasonable and supportable information available at the reporting date. While management expects that recoveries from the relevant trusts will exceed the guaranteed amount, the recognised liability reflects the probability-weighted impact of potential downside recovery scenarios. Based on the ECL assessment and the remote expectation that the remaining \u00a36.1 million Guarantee will be exercised, a financial guarantee liability with carrying value of \u00a3495,361 has been recognised at the reporting date. The measurement of the financial guarantee involves significant judgement, particularly in assessing expected recovery outcomes and the timing of recoveries, including matters subject to ongoing legal proceedings.", "dimensions": { "concept": "castelnaugroup:DisclosureOfFinancialGuaranteeAndGuaranteeRecoveryReceivable", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-189": { "value": "
19. Post year end events
These financial statements were approved for issuance by the Board on 20 April 2026. Subsequent events have
been evaluated to this date.
Effective 1 January 2026, Lady Rachael Robathan was appointed to the Castelnau Board as a Non-Executive
Director.
On 12 March 2026, Hornby Hobbies Limited, an underlying portfolio company of the Group, completed the sale of
100% of the Scalextric business, including its intellectual property and associated assets, to Scalextric Motorsports
Ltd. for a total consideration of \u00a320.0 million. \u00a38.5 million of the total consideration was payable in cash up front,
with the remaining \u00a311.5 million deferred and payable out of free-cash flow. The proceeds of the sale will be used
by Hornby to pay down debt and invest in its other individual brands. Scalextric\u2019s operations will continue to be
supported within Hornby\u2019s existing infrastructure. Hornby will manage the Scalextric business as agent.
There are no other material subsequent events which require adjustment or disclosure in these financial
statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800PED8RFUBMK1T64", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }