Annual Accounts
FY26
2 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
FY26 Annual Accounts
1. Section 1 - Company overview 3
2. Section 2 - Strategic report 7
3. Section 3 - Financial review 13
4. Section 4 - Governance and Directors’ report 14
5. Section 5 - Independent Auditor’s report 17
6. Statement of Comprehensive Income 24
7. Statement of Financial Position 25
8. Statement of Changes in Equity 26
9. Statement of Cash Flows 27
10. Section 6 - Notes to the financial statements 28
3 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
1.1 What the company does
Secured Fixed Income plc (“SFI”, “we”, or “the Company”) predominantly deploys capital into the UK SME
market, across six sectors through the Triple Point Private Credit platform, which is a 79-strong team of lending
professionals supported by a network of more than 850 introducers and brokers. Over the past 10 years,
we have built a diversified portfolio which comprises 186 borrowers as at year end, spanning established
businesses, specialist lenders, property developers and infrastructure projects. Capital is deployed both
through direct lending and through Partnership Interests in LendNet LLP, LendNet Property LLP (capital
contributions into a broad portfolio of UK private credit assets originated and managed by the Triple Point
Private Credit platform) and related structures, providing additional indirect participation in a wider loan book
of more than £650 million.
Section 1: Company overview
SME Debt Finance
We provide growth and acquisition finance to
established, cash flow-generative UK SMEs.
Borrowers are typically owner-managed or sponsor-
backed businesses with conservative leverage and
a credible exit route, seeking capital for expansion,
acquisition or shareholder reorganisation. Lending
is structured as amortising and non-amortising term
loans, revolving credit facilities and committed
acquisition facilities, with security taken over the
borrower’s business.
Specialty Finance
We extend wholesale credit lines to specialist
finance providers, who in turn typically lend to small
businesses and the property market. This model
allows us to deploy capital efficiently across a
broad base of end borrowers. Facilities are typically
asset-backed and structurally protected - including
revolving credit facilities, forward-flow structures,
mezzanine borrowing-base facilities and selective
sub-participations with advance rates and lending
limits set to prudent credit parameters. Borrowers
are selected based on established underwriting
capability, quality end-borrower pipelines and
collateral-backed structures.
Property Development Finance
We finance the development of residential and
commercial property, with all loans secured against
the underlying asset at prudent loan-to-value ratios
(typically 65%–70%) and loan-to-cost ratios typically
of up to 90%. The team focuses on experienced
developers, well-located residential schemes
and projects with strong underlying demand
fundamentals, with active portfolio oversight and
clearly defined exit strategies.
Fund Finance
We provide tailored lending solutions to investment
funds across subscription line lending, NAV financing
and GP financing, supporting liquidity management,
return enhancement and the efficient execution
of investment strategies. Maximum loan-to-value
parameters are calibrated by underlying asset class
with appetite strongest where the relationship can
support repeat origination through market cycles.
Energy and Infrastructure Finance
We finance lower mid-market energy and
infrastructure projects on a standalone basis, with
debt serviced directly from the cash flows generated
by each project, sales of projects or from refinances.
The team focuses on assets with long-term
contracted income or strong underlying asset value,
including renewables, battery storage, grid-related
assets and transitional infrastructure, with strong
contractual protection and specialist structuring.
Corporate Leasing and Lending
We provide leasing and loan finance facilities to
support the acquisition of tangible assets, intangible
assets or provide direct finance for working capital
purposes by UK corporates which are defined as
having one of the following: turnover greater than
£50m, balance sheet greater than £40m, or greater
than 250 employees. Leases and loans are typically
either written directly with the counterparty or, from
time to time, the company will purchase receivables
from third party lenders or will participate in
corporate syndicated loans in either the primary or
the secondary market.
4 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
1.2 Case studies
MT Finance
MT Finance is one of the UK’s most active property lenders, providing bridging, development and specialist
mortgage products to borrowers across the country. As demand for short-term property finance has grown,
so too has MT Finance’s need for a funding partner with the scale, flexibility and appetite to move alongside
them.
The relationship
Our relationship with MT Finance began in 2021, when we provided an initial £8 million facility to support a
management buy-out - an early signal of our willingness to back management teams at a pivotal moment.
As MT Finance’s business grew and lending volumes increased, it became clear that a more scalable funding
structure was needed. In 2023 we provided our first revolving credit facility of £25m (SFI hold of up to £2.5m,
with the remainder sub-participated to other Triple Point managed lending businesses) giving MT Finance the
capital flexibility to scale originations in line with borrower demand and pursue its strategic ambitions across
the UK property market.
These facilities have increased since then alongside the growth of the MT Finance business. SFI now holds up
to £3.75m of exposure and a partnership which has been in place for 5 years.
Section 1: Company overview
Secured Fixed Income - Annual Accounts
2
The outcome
What began as a single transaction has developed into a long-term funding partnership. Over five
years, we have grown our commitment and facilities to MT Finance, reflecting its strong track record
and our confidence in their lending model. The revolving structure means capital works harder on both
sides, enabling MT Finance to keep pace with a dynamic market without being constrained by fixed
funding limits.
5 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
1.2 Case studies
Wilson Partners
Wilson Partners is a professional services group with a clear and ambitious vision: to build a market-leading
firm through a disciplined programme of acquisitions. We first provided facilities in 2023 at which time Wilson
Partners had strong foundations, both in profitability and growth ambitions. The role of the funding was to
make sure the capital kept pace.
The relationship
The first £10 million acquisition facility was completed in February 2023 (SFI holding £1m with the remainder
sub-participated), providing Wilson Partners with committed capital to begin executing its buy-and-build
strategy.
Three acquisitions followed in quick succession. By September 2024, the growth trajectory justified increasing
the facility to £15 million (SFI holding £1.5m with the remainder sub-participated) to fund the next phase.
Three further acquisitions came after that, and by September 2025, the facility was expanded again to £35
million (SFI holding £3.5m with the remainder sub-participated), providing headroom for the acquisitions still
to come.
The outcome
Over three years and six acquisitions, the funding structure evolved at every stage, not because the original
deal was insufficient, but because the business earned each increase through performance. That progression,
from £10 million to £35 million across three facility expansions, reflects both the quality of Wilson Partners’
execution and the commitment to backing a management team for the long term rather than the next
transaction.
Section 1: Company overview
1.3 Key highlights from the year
Section 1: Company overview
Launched the listed bond programme on the London Stock Exchange’s Main Market and completed
the inaugural public bond offer, with a final book of £14.15 million.
1
Grew the loan book by 22% to £110.6 million at the year end, with average deployment of 92% and a
weighted average yield of 9.83% on the direct loanbook.
2
Fee income grew materially year-on-year to £7.2 million (FY2025: £5.9 million), driven by a step-up
in arrangement fees as origination volumes expanded and new facilities were written across the
platform.
3
Established Fund Finance as a new lending vertical within the Triple Point Private Credit platform,
complementing the Company’s existing exposure to SME Debt Finance, Specialty Finance, Property
Development, Corporate Leasing and Lending and Energy and Infrastructure.
4
Strengthened the Company’s governance and operating model in support of its listed issuer status,
including the appointment of KPMG as auditor and the engagement of Allia C&C for arrangement and
dealer for the listed bond issuance.
5
1.4 Outlook
The Company enters FY27 with a stronger strategic position, having continued to develop its lending model,
expanded the loan book and demonstrated genuine investor demand through the inaugural listed bond raise.
Structural bank retrenchment continues to support borrower demand across SFI’s core sectors, while the dual-
format funding model offers a route to broader distribution and improved long-term scalability. FY27 will be
judged less on headline growth than on execution quality; maintaining deployment, embedding the listed issuer
operating model, carefully managing the credit book and finishing the year with stable profitability and resilient
liquidity.
6 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
7 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
2.1 Strategy and objectives
SFI’s overarching strategic objective is to be a scalable and balanced fixed income issuer, raising fixed rate capital
from a diversified investor base and deploying it into a diversified portfolio of primarily UK private credit assets
through the Triple Point private credit platform. FY26 was a pivotal year in pursuing this objective. The Company
moved beyond proving its underlying lending model and entered the next phase of its development becoming
a dual-format issuer that combines an established unlisted bond programme with a newly launched listed bond
platform.
The Company’s strategy is delivered through four interlinked priorities. The Board’s progress against each during
FY26 is set out below.
Section 2: Strategic Report
Preserve high deployment and grow the
loan book responsibly
The Company aims to deploy investor capital
efficiently into the underlying loan portfolio so
that bond proceeds generate productive returns.
During FY26, average deployment was 92%, with
the loan book growing 22% to £110.6 million at
the year end. Average interest yield was 9.83%
on the direct loanbook as new originations were
written at more attractive pricing than legacy
repayments. Diversification across direct lending
(52%) and partnership interests in LendNet LLP,
LendNet Property LLP and related structures (48%)
was preserved, providing exposure to a wider loan
book of more than £650 million through indirect
participation.
Improve portfolio quality
A central objective during FY26, and at all times,
is to strengthen the portfolio quality. This is done
through two primary routes: i. Strong underwriting
analysis and governance of new business; & ii.
Careful management and clear exit strategies of any
distressed borrowers in the portfolio.
We did experience an increase in distressed cases
during FY26 in the Property sector as inflation and
higher interest rates put pressure on the sector. We
experienced one material impairment through a
Partnership Interest which came from an Electric
Vehicle leasing business which suffered from
industry and regulatory headwinds. Provisions were
presented to, and agreed with, the Board of SFI to
cover the expected shortfall of the loan exposures
compared to the expected recovery of the security.
These provisions are held within the membership
interest entities, and flow through to SFI via profit
share, rather than as a direct P&L charge in SFI.
Despite these provisions, profit after tax for the year
increased from £0.6 million to £1.6 million.
Institutionalise the listed issuance platform
FY26 marked the transition of the listed funding
programme from concept to execution. The
Company completed its inaugural public bond
offer under the listed bond platform admitted to
the London Stock Exchange’s Main Market, with a
final book raise of £14.15 million and £20 million of
bonds issued (of which £5.85 million is retained for
secondary market distribution as demand develops).
The Company also progressed the governance,
operational and reporting infrastructure required
to operate as a listed debt issuer, including
the appointment of KPMG as auditor and the
engagement of Allia C&C as arrangement for listed
issuance. It was a successful first issuance and lessons
were learned which will inform future capital raising
in the year ahead.
Section 172(1) statement
The Company identifies its primary stakeholders as its bond holders, borrowers and shareholders. During the
year the Company has directly engaged with all primary stakeholders and has continued to build strong
relationships. The Company looks to play an active part in the community and seeks always to minimise the
environmental impact of its activities. In particular, the Company has maintained its unbroken record of
repaying all bondholders in full and on time, and has delivered £1.125m in dividends to its shareholder (2025:
£1.0m).
8 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Maintain prudent balance sheet and liquidity discipline
The Company’s investor proposition rests on confidence that bond servicing can be met from a resilient and
well-managed asset base. During FY26 the Company maintained strong asset coverage with retained earnings
comfortably above 2.5% of bonds in issue and held a liquidity buffer consistent with the Board’s risk appetite.
Provisioning was strengthened where appropriate, and the Credit Risk Management Framework continued to
govern watchlist, Non-Performing Loans and recovery activity through the Portfolio Monitoring Group, Private
Credit Committee and Risk and Compliance Committee.
Looking forward, these four priorities continue to anchor the Company’s strategy. The principal test for the
year ahead is not rapid expansion for its own sake, but whether SFI can demonstrate repeatability across
funding, deployment, monitoring, gover
nance and investor outcomes.
2.2 Business model
SFI is a corporate bond issuer that raises fixed rate capital from investors and deploys it into a diversified
portfolio of primarily UK private credit assets. The Company’s bond liabilities are serviced from the cashflows,
fees, recoveries and asset values generated by the underlying loan portfolio, supported by the origination,
underwriting, servicing, finance and governance infrastructure of the wider Triple Point private credit platform.
Section 2: Strategic Report
Funding model
The Company has historically funded its lending
activities through an unlisted secured bond
programme, distributed primarily to sophisticated
and high-net-worth investors via the Triple Point
Income Service. To date, more than £300 million
of unlisted bonds have been issued to over 800
bondholders, approximately £240 million of capital
has been repaid and the historical rollover rate on
maturing series has been c.63%. During FY26 the
funding model evolved into a dual-format structure
with the launch of the listed bond programme
detailed above. The listed programme is intended to
broaden market access and support a more scalable
funding architecture alongside the established
unlisted channel.
Lending model
SFI predominantly deploys capital across six core
lending strategies: SME Debt Finance, Specialty
Finance, Property Development Finance, Energy
and Infrastructure Finance, Corporate Leasing
and Lending and Fund Finance. Origination is
delivered by the wider Triple Point Private Credit
team comprising 79 professionals and a network of
more than 850 introducers and brokers operating
a relationship-led underwriting model governed by
central credit committee processes. At the FY26 year
end, SFI’s exposure was balanced between direct
lending (52%) and partnership interests held through
LendNet LLP, LendNet Property LLP and related
structures (48%), with the partnership interests
providing indirect participation in a wider loan book
of more than £650 million. The loan book grew 22%
year-on-year to £110.6m at FY26 year end, with an
average deployment of 92%.
Deal structure and returns
The Company’s lending is typically structured
as senior, security-backed term loans, revolving
credit facilities and committed acquisition facilities,
supplemented by warehouse and forward-flow
structures in Specialty Finance and project-style
structures in Energy and Infrastructure. Underwriting
emphasises resilient sectors, strong cashflow
generation, conservative leverage and clearly
defined exits, with collateral typically taking the form
of first charges over assets, share security, sponsor
support and personal guarantees as appropriate.
Returns are generated principally through net
interest margin on the deployed performing book,
supplemented by arrangement, monitoring, non-
utilisation and exit fees. Average interest yield on
the direct loan book rose to 9.83% in FY26 as new
originations were written at more attractive pricing
than legacy repayments.
Key counterparties
SFI operates an outsourced and integrated operating
model in which most functions are delivered by Triple
9 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
2.3 Key performance indicators
The Company monitors a focused set of KPIs that reflect the underlying drivers of value in its lending and bond
issuance model. These metrics are reviewed monthly by management and reported regularly to the Board.
Section 2: Strategic Report
1. Credit and Concentration risk
Risk: There is a risk that borrowers fail to meet
their contractual obligations to pay interest or repay
capital, resulting in arrears, impairment charges
or capital loss to the Company. There is a further
risk that the loan book becomes over-exposed
to a single borrower, counterparty or sector, such
that an adverse credit event in that area has a
disproportionate impact on the Company’s financial
position.
Impact: Credit losses reduce the Company’s
reported earnings. Where losses are sustained,
concentrated or severe, they could impair the
Company’s ability to meet its obligations to
bondholders and may affect investor confidence
in the quality of the underlying loan book. Where
exposure is concentrated, a default or deterioration
affecting a single borrower or sector could
compound this effect materially.
Mitigants: The Company applies conservative
underwriting standards, with emphasis on the
quality of security, borrower cashflow generation
2.4 Principal risks and uncertainties
The Board considers the management of risk to be fundamental to the protection of bondholders and the
long-term sustainability of the Company. The Company manages risk in accordance with the wider Triple
Point Risk Management Framework and these risks reflect SFI’s dual position as both a lender and a bond
issuer. The framework encompasses the full credit lifecycle; including origination, underwriting, monitoring,
watchlist management, NPL identification, restructuring, recoveries and provisioning, and broader operational
and regulatory aspects such as governance and liquidity management. Risks are managed through the Bond
Product Advisory Group, the Credit Committee, the Portfolio Monitoring Group, with oversight undertaken
by Triple Point’s Risk and Compliance Committee, as part of the three-lines-of-defence model adopted by the
group.
The principal risks and uncertainties facing the Company, together with the mitigating actions in place, are set
out below.
1 See Interest Cover Ratio metric in Additional Performance Measure section on page 48 for more information.
£110.6m
Total Gross
Loan Book
2025: £90.9m
100%
Paid Bond
redemption
2.0x
Interest Cover
Ratio
2025: 1.8x
£5.4m
1.1x
Asset coverage
2025: 1.1x
2.05%
Net Interest Margin
2025: 1.72%
Equity
2025: £4.9m
Point group entities or specialist external providers. Triple Point Investment Management LLP acts as arranger,
manager of the Income Service and trustee, providing origination, underwriting and portfolio monitoring.
Allia C&C acts as Sole Lead Manager for listed issuance, with custody held via Pershing. U.S. Bank Europe
DAC acts as issuing and paying agent, registrar and transfer agent. Simmons & Simmons provides corporate
and regulatory legal counsel and KPMG was appointed as auditor in connection with the Company’s transition
to listed debt issuer status.
10 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Section 2: Strategic Report
and leverage discipline. The credit framework
includes borrower and sector concentration limits,
and lending is diversified across SME Debt Finance,
Specialty Finance, Property Development Finance,
Energy and Infrastructure Finance and Fund Finance.
All new credit is subject to approval by the central
credit committee, and a separated origination
and monitoring team structure supports objective
oversight of the portfolio. The Company maintains a
general provision calculated by reference to a long-
run annualised historic loss rate. All watchlist and
NPL positions are reviewed monthly at the Portfolio
Monitoring Group, and portfolio concentration is
monitored regularly at the Bond Product Advisory
Group with escalation to the Board where limits are
approached or breached.
2. Liquidity risk
Risk: There is a risk that the Company cannot
meet its maturing bond obligations or operating
commitments as they fall due as a result of
insufficient liquidity.
Impact: A shortfall in fundraising, delayed asset
repayments or higher-than-expected early exit
requests could reduce the Company’s liquidity
headroom and constrain its ability to make new
loans or service existing bondholders. The transition
to listed issuance, while broadening the Company’s
funding options, also, increases the importance of
proactive liquidity management and the treasury
function.
Mitigants: The Company applies conservative
liquidity forecasting, comparing projected inflows
from asset repayments, fees and fundraising against
bond maturities, operating costs and downside
scenarios. Monitoring of asset and liability positions
is maintained as a core discipline. The Company
targets retained earnings of at least 2.5% of bonds in
issue and a liquidity buffer of £2m–£5m after maturity
management. The Board reviews stressed liquidity
scenarios on a regular basis.
3. Deployment risk
Risk: There is a risk that the Company is unable to
deploy capital raised from bondholders into suitable
lending opportunities at a sufficient pace, or that
origination activity is insufficient to replace loan
repayments as they occur.
Impact: Where capital cannot be deployed
promptly, the Company may hold cash or near-cash
assets that generate a lower return than the interest
committed to bondholders, compressing margins
and potentially affecting interest coverage. Sustained
under-deployment could constrain the growth of
the loan book and weaken the Company’s ability to
support future fundraising activity.
Mitigants: The Company maintains an active
pipeline of lending opportunities across its
established strategies through the Triple Point Credit
platform. New lending opportunities are reviewed
regularly by the Private Credit Committee. The
Company’s diversified sector approach is designed to
ensure access to origination across varying economic
conditions, and pipeline health is monitored at Board
level on a regular basis.
4. Macroeconomic and market risk
Risk: There is a risk that adverse changes in UK
economic conditions, interest rates, inflation,
property values or credit market sentiment reduce
borrower demand, weaken the credit quality of the
existing loan book, or reduce investor appetite for
fixed income products.
Impact: A deteriorating macroeconomic backdrop
may increase arrears and impairment, particularly in
sectors with sensitivity to cost inflation, refinancing
pressures or weaker end-demand, such as Property
Development Finance. A sustained fall in market
interest rates could reduce the relative attractiveness
of fixed rate bond products to investors and
constrain future fundraising.
Mitigants: The Company’s planning framework
assumes positive but modest UK economic growth.
Lending is diversified across Triple Point’s Credit
platform. Borrower selection applies robust cashflow
and leverage requirements, and pricing discipline
is maintained in competitive market segments. The
Triple Point platform’s sector specialisation supports
credit quality through the cycle.
5. Conduct and disclosure risk
Risk: There is a risk that the Company fails to meet
its continuing obligations as a listed bond issuer,
including market abuse rules, disclosure standards
and timely investor communications. There is
11 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Section 2: Strategic Report
a further risk that the Company’s governance
framework is insufficient to provide effective
oversight of management decisions and financial
reporting.
Impact: A failure to meet listed issuer obligations
could result in regulatory action by the Financial
Conduct Authority or the London Stock Exchange,
reputational damage and a loss of investor
confidence. Governance failures could undermine
the integrity of financial reporting and the adequacy
of internal controls.
Mitigants: The Company is supported by Triple
Point Investment Management’s central Risk and
Compliance function, which provides regulatory
oversight and compliance monitoring. The Board
comprises executive and non-executive directors,
and an Audit Committee with majority independent
composition provides independent challenge.
Formal continuing obligations processes are in place,
including insider list management and a tested
escalation route for inside information. External
legal counsel advise on listed issuer obligations as
required.
6. Operational risk
Risk: There is a risk of loss arising from inadequate
or failed internal processes, systems, people or
external service providers. The Company’s operating
model relies on outsourced and intra-group
functions, and the launch of the listed programme
has increased the materiality of settlement
mechanics, third-party coordination and continuing
obligations processes.
Impact: Operational disruption could affect bond
issuance and settlement, investor reporting, portfolio
monitoring or regulatory submissions. Failure by a
key service provider to perform its obligations could
delay or impair the Company’s ability to meet its
commitments to bondholders or regulators.
Mitigants: The Company operates through an
integrated outsourced model drawing on the
established infrastructure of Triple Point Investment
Management LLP, an experienced adviser and
delivery partner network. Formal oversight of
third-party and intra-group service dependencies
is maintained, and monitored. Business continuity
and incident escalation procedures are in place and
subject to periodic review.
7. Conflicts of interest risk
Risk: There is a risk that conflicts of interest arise
between the Company and the wider Triple Point
Group, or between the interests of the Company’s
bondholders and those of other parties with whom
Triple Point transacts. Triple Point Group entities
may own, develop or take stakes in businesses that
are also borrowers of, or that transact with, the
Company.
Impact: Where conflicts of interest are not identified
and managed effectively, decisions taken by the
Company or its advisers may not be made wholly in
the interests of bondholders. This could affect the
integrity of the lending process, the terms on which
transactions are entered into, or the management of
distressed credits.
Mitigants: The Company’s conflicts of interest
policy, maintained in accordance with the wider
Triple Point Group framework, sets out procedures
for the identification, disclosure and management
of conflicts. Related party transactions are subject to
Board review and, where applicable, independent
approval. The Company’s governance structure,
including its non-executive directors and Audit
Committee, provides independent oversight of
situations where conflicts may arise.
12 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Section 2: Strategic Report
2.5 Our approach to sustainable
lending
Responsible Lending
Triple Point’s wider sustainability framework
- underpinned by PRI signatory status and B
Corp certification - sets the standard for how SFI
assesses, supports and monitors borrowers. In FY26,
r
esponsible lending was delivered across thr
ee
strands:
• Pr
ocess - ESG factors ar
e documented
throughout due diligence and ongoing
monitoring, covering sector-specific risks
including moder
n slavery, the r
eal living wage,
gover
nance quality and environmental exposure.
• Impact - SFI lends to UK businesses underserved
by mainstr
eam cr
edit, including SMEs, specialty
finance platfor
ms and renewable ener
gy and grid
infrastructur
e projects.
• Ambition - The Company will deepen borrower
engagement on material ESG topics where
its capital can credibly influence outcomes,
particularly within infrastructur
e and pr
operty
wher
e transition and climate risks ar
e most
pr
onounced.
ESG Integration
Exclusions
SFI does not finance tobacco, adult entertainment,
controversial weapons, non-medical animal testing or
gambling.
Assessment
Each transaction is proportionately evaluated across:
• Envir
onmental
- carbon intensity, emissions,
waste, water
, biodiversity.
• Social - labour standards, workplace wellbeing,
diversity, supply chain.
• Gover
nance - board composition, transpar
ency,
anti-corruption.
Sustainable Finance
Wher
e opportunities arise, SFI prioritises lending
with long-term sustainability outcomes - including
public sector medical equipment, renewable energy
(BESS, energy-efficient housing) and low-emission
transport.
Responsible Lending Standards
• Fair lending - terms are structured to be
appr
opriate to borrower needs, with transpar
ency
thr
oughout.
• Cr
edit rigour - all transactions include ESG red-
flag checks; those lacking strong gover
nance or
compliance standar
ds are declined.
• Stakeholder
accountability
- obligations run
to borrowers (fair outcomes), investors (prudent
risk management) and communities (sustainable
economic value).
Climate Risk
SFI’s primary climate exposures are transition risk
within energy and property portfolios, borrower
carbon intensity and physical risks associated with
construction and infrastructure.
Governance - Climate considerations are embedded
in credit committee approvals and reviewed at board
level.
Strategy - Portfolios are assessed against climate
scenarios including a sub-2°C transition pathway to
evaluate resilience under different policy and physical
risk environments.
Risk categories
• T
ransition - r
egulatory change, carbon pricing,
market shifts, r
eputational pressure.
• Physical - acute events (flooding, storms) and
chr
onic risks (rising temperatures, sea levels).
Material exposures are flagged at origination and
subject to enhanced due diligence where required.
This report was approved by the board and signed on
its behalf.
Sean Brophy
Director
29 July 2026
13 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Section 3: Financial review
3.1 Income and expenditure
Revenue for the year was £13.7m (FY2025: £12.1m),
an increase of 14% reflecting the larger average
loan book and significant increase in arrangement
fees. Operating profit grew to £8.4m (FY2025:
£6.0m), an increase of 41%, supported by disciplined
cost control: administrative expenses fell to £4.8m
(FY2025: £5.8m) despite the larger loan book.
SFI generated a profit before tax of £2.0m for
the year ended 31 March 2026 (FY2025: £1.0m),
representing an increase of 99% year-on-year and
reflecting continued growth in the Company’s loan
portfolio and an improved margin between interest
earned and the cost of borrowing.
Statutory profit after tax for the year was £1.6m
(FY2025: £0.6m). The improvement reflects the
Company’s increased deployment, with the gross
loan book expanding to £110.6m from £90.9m at the
prior year end.
Finance costs totalled £6.4 million (FY2025: £5.2m),
an increase on prior year, consistent with the growth
in bonds outstanding and the Company’s ongoing
programme of new bond issuance throughout the
year.
The Interest Coverage Ratio (see page 48 for more
information in Additional Performance Measures
section), calculated as EBIT before Group Deductions
divided by finance costs, strengthened to 2.0x
(FY2025: 1.8x), demonstrating the Company’s
increased capacity to service its debt obligations
from underlying earnings.
3.2 Balance sheet
Total lending assets grew materially during the year.
The gross loan book reached £110.6 million at 31
March 2026 (FY2025: £90.9 million), an increase
of £19.7 million or 22%, reflecting continued
deployment across the Company’s partnership
lending and direct lending activities.
The direct loan book (gross) was £57.2m (FY2025:
£50.3m) and the partnership investment stood at
£53.4m (FY2025: £40.6m).
Bonds outstanding at the year end were £104.7m
(FY2025: £84.2m), reflecting net new issuance during
the year to fund loan growth. The Asset Coverage
Ratio - calculated as net loan book plus cash divided
by bonds outstanding - was maintained at 1.1x
(FY2025: 1.1x), consistent with prior years and within
the Company’s required parameters.
Cash at the year end was £4.1m (FY2025: £1.8m),
providing adequate operational liquidity.
3.3 Cash flow
Operating activities consumed £5.5m (FY2025: inflow
of £9.1m), driven mainly by loan advances of £35.9m
compared to repayments of £30.1m - reflecting
expanded direct lending activity year-on-year.
Cash generated from operations fell to £5.8m
(FY2025: £8.9m), principally reflecting an increase in
trade and other receivables.
Investing activities consumed £11.5m (FY2025:
£19.5m). Partnership additions of £38.5m were
partially offset by withdrawals of £27.0m, while
financing activities generated net inflows of £19.3m
(FY2025: £10.5m), comprising £54.5m of gross
bond proceeds and £34.1m of bond redemptions.
Dividends of £1.1m were paid to shareholders
(FY2025: £1.0m).
Cash and cash equivalents increased by £2.3m to
£4.1m at year end (31 March 2025: £1.8m). The Asset
Coverage Ratio was maintained at 1.1x throughout.
14 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Section 4: Governance and Directors’ report
The directors present their annual report and
financial statements for the year ended 31 March
2026.
Principal activities
The principal activity of the Company is the provision
of leasing and finance to Small to Medium-Sized
Enterprises (“SMEs”).
Directors
The directors who held office during the year and up
to the date of signature of the financial statements
were as follows:
February 2020)
Peter was formerly the Managing Director of what
is now White Oak UK (formerly called Lease Direct
Finance (“LDF”)) which Peter ran from 2012 when
owned by Investec. Peter was responsible for
growing what was primarily an SME finance broker
through its initial stages of Investec ownership,
purchase by Cabot Square and then finally its
acquisition by White Oak. During Peter’s time at LDF,
LDF transitioned from being primarily a broker to
having extensive own book capability.
Michael Bayer
Michael was appointed Director in March 2021.
He has over 30 years’ experience in finance and
investment, including leading the investment and
successful realisation of the Triple Point VCTs. His
previous roles span 3i plc, Dresdner Kleinwort and
Ernst & Young across private equity, leveraged
finance and corporate finance. Michael is a Chartered
Accountant, holds the Advanced Diploma in
Corporate Finance, and has a degree in Physics and
Business Studies from the University of Warwick.
Toby Furnivall
Toby Furnivall was appointed director of Secured
Fixed Income in March 2021. He has over 20 years’
experience in lending, having worked in Banking for
the majority of his career before joining a Peer-to-
Peer lending platform. He has a degree in Financial
Services and Business Management and is a qualified
member of the Association of Chartered Certified
Accountants.
Sean Brophy
Sean was appointed a director of the Company in
November 2023. Sean has 20 years’ experience
in Banking across real estate, leveraged finance
and debt restructuring specialisms, working across
both mainstream banking and alternative finance.
Sean has degrees in Finance and Economics and
completed an MBA at Imperial College Business
School where his thesis focused on lending to high-
growth businesses in the UK.
Natalina West is a board-level executive with
over 25 years’ experience in real estate and asset
management. She has served as COO and CFO
for institutional investment platforms, with deep
expertise in finance, governance, credit oversight,
risk management and investor relations. A Fellow of
Chartered Accountants Australia and New Zealand,
she brings strong fiduciary insight and strategic
leadership to complex investment structures.
Results and dividends
The results for the year are set out on page 24.
Ordinary dividends were declared amounting to
£1,125,000 (2025: £1,000,000).
Auditor
KPMG Audit Limited has been appointed as the
independent auditor of the Company in the current
year. The auditor has indicated its willingness
to continue in office and will be proposed for
reappointment in accordance with section 485 of the
Companies Act 2006.
Statement of directors’ responsibilities
The directors are responsible for preparing the
annual report and the financial statements in
accordance with applicable law and regulations.
Company law requires the directors to prepare
financial statements for each financial year. Under
that law the directors have elected to prepare
the financial statements in accordance with UK
accounting standards and applicable law (UK
Generally Accepted Accounting Practice), including
FRS 102 The Financial Reporting Standard
15 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Section 4: Governance and Directors’ report
applicable in the UK and Republic of Ireland.
Under Company law the directors must not approve
the financial statements unless they are satisfied that
they give a true and fair view of the state of affairs
of the Company and of the profit or loss of the
Company for that period. In preparing these financial
statements, the directors are required to:
• select suitable accounting policies and then apply
them consistently;
• make judgements and accounting estimates that
ar
e reasonable and prudent;
• state whether applicable UK accounting
Standards have been followed, subject to any
material departures disclosed and explained in
the financial statements;
•
assess the Company’
s ability to continue as a
going concern, disclosing, as applicable, matters
r
elated to going concern; and
•
use the going concer
n basis of accounting unless
they either intend to liquidate the Company or to
cease operations, or have no r
ealistic alter
native
but to do so.
The dir
ectors are responsible for keeping adequate
accounting records that are sufficient to show and
explain the Company’s transactions and disclose with
reasonable accuracy at any time the financial position
of the Company and enable them to ensure that the
financial statements comply with the Companies
Act 2006. They are responsible for such internal
control as they determine is necessary to enable the
preparation of financial statements that are free from
material misstatement, whether due to fraud or error,
and have general responsibility for taking such steps
as are reasonably open to them to safeguard the
assets of the Company and to prevent and detect
fraud and other irregularities.
The directors are responsible for the maintenance
and integrity of the corporate and financial
information included on the Company’s website.
Legislation in the UK governing the preparation and
dissemination of financial statements may differ from
legislation in other jurisdictions.
Statement of disclosure to auditor
So far as each person who was a director at the date
of approving this report is aware, there is no relevant
audit information of which the Company’s auditor is
unaware. Additionally, the directors individually have
taken all the necessary steps that they ought to have
taken as directors in order to make themselves aware
of all relevant audit information and to establish that
the Company’s auditor is aware of that information.
Corporate Governance Statement
In accordance with DTR 7.2.1 R, the Company
is required to include a corporate governance
statement as part of its Directors’ Report. As an
issuer of listed debt securities with no listed equity,
the Company is not within the scope of
the UK Corporate Governance Code, which applies
(on a “comply or explain” basis) to companies with
listed equity securities within the relevant UK Listing
Rule categories. Accordingly, the Company is not
required to report against the Code, although it may
elect to adopt a governance code voluntarily.
The Board of Directors comprises five members:
two Non-Executive Directors (Peter Alderson
and Natalina West) and three Executive Directors
(Michael Bayer, Toby Furnivall and Sean Brophy).
The Board meets regularly to consider matters of
strategy, financial performance, risk management,
and regulatory compliance. The Board is collectively
responsible for the long-term success of the
Company and for ensuring that adequate systems of
internal control and risk management are in place.
As described on page 16, the Board constituted an
Audit Committee in January 2026 to strengthen the
Company’s governance framework as it continues
to scale its listed bond programme. The Committee
comprises three Directors; Michael Bayer (Chair),
Peter Alderson and Natalina West, bringing together
complementary accounting, specialist lending and
institutional governance expertise.
The Company does not maintain separate
remuneration, or nomination committees. Given
the size and nature of the Company’s operations,
the Board considers that these functions are most
effectively discharged by the Board as a whole.
Credit and investment decisions are overseen by
a dedicated Triple Point Investment Committee
appointed by the Board. The Board is supported in
its governance and administrative functions by Triple
Point Investment Management LLP, which acts as
Company Secretary.
The Company’s internal control framework includes
regular financial reporting, monthly management
16 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Section 4: Governance and Directors’ report
accounts, credit monitoring procedures, and
compliance oversight. The Directors are satisfied that
these arrangements provide an appropriate level of
governance for the Company’s current operations
and regulatory obligations.
Responsibility statement
Each of the directors, whose names and functions
are set out above, confirms that, to the best of their
knowledge:
•
the financial statements, prepared in accor
dance
with FRS 102, give a true and fair view of the
assets, liabilities, financial position and pr
ofit of
the Company; and
•
the Strategic Report includes a fair r
eview of the
development and performance of the business
and the position of the Company, together with a
description of the principal risks and uncertainties
that it faces.
Audit Committee
The Board constituted an Audit Committee
in January 2026 to strengthen the Company’s
governance framework as it continues to scale its
listed bond programme. The Committee comprises
three Directors — Michael Bayer (Chair), Peter
Alderson and Natalina West — bringing together
complementary accounting, specialist lending and
institutional governance expertise.
The Committee’s principal responsibilities are to:
monitor the integrity of the Company’s financial
statements and any formal announcements relating
to its financial performance, including reviewing
significant accounting judgements and estimates;
review the effectiveness of the Company’s internal
financial controls and risk management systems;
oversee the relationship with the external auditor,
including assessing independence and objectivity,
agreeing the scope and fees of the audit and
reviewing audit findings; review the Company’s
accounting policies and any proposed changes; and
oversee the Company’s whistleblowing and fraud-
prevention arrangements.
The Committee provides independent challenge to
management and adds value by reinforcing financial
reporting discipline, sharpening risk oversight and
supporting the confidence of bondholders and other
stakeholders in the Company’s controls environment.
Its members bring particularly relevant experience:
the Chair is a Chartered Accountant with over 30
years in finance and investment; Peter Alderson
contributes deep operational insight from leading a
specialist SME lending business; and Natalina West,
a Fellow of Chartered Accountants Australia and
New Zealand, brings board-level expertise in finance,
credit oversight, risk and investor relations.
This report was approved by the board and signed on
its behalf.
Sean Brophy
Director
29 July 2026
17 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Section 5: Independent auditor’s report
To the member of Secured Fixed Income plc
Our opinion is unmodified
We have audited the financial statements of Secured
Fixed Income plc (the “Company”), which comprise
the statement of financial position as at 31 March
2026, the statements of comprehensive income,
changes in equity and cash flows for the year then
ended, and notes, comprising significant accounting
policies and other explanatory information.
In our opinion, the accompanying financial
statements:
• give a true and fair view of the state of the
Company’
s affairs as at 31 Mar
ch 2026 and of the
Company’
s profit for the year then ended;
•
are properly prepared in accor
dance with United
Kingdom accounting standar
ds, including FRS
102 The Financial Reporting Standard applicable
in the United Kingdom and Republic of Ireland;
and
•
have been prepared in accor
dance with the
r
equirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with
International Standards on Auditing (UK) (“ISAs
(UK)”) and applicable law. Our responsibilities are
described below. We believe that the audit evidence
we have obtained is a sufficient and appropriate
basis for our opinion. Our audit opinion is consistent
with our report to the audit committee.
We were first appointed as auditor by the
directors on 01 October 2025. The period of total
uninterrupted engagement is for the full financial
year ended 31 March 2026. We have fulfilled
our ethical responsibilities under, and we remain
independent of the Company in accordance with, UK
ethical requirements including the FRC
Ethical Standard as applied to public interest entities.
No non-audit services prohibited by that standard
were provided.
Key audit matters: our assessment of the
risks of material misstatement
Key audit matters are those matters that, in our
professional judgment, were of most significance
in the audit of the financial statements and include
the most significant assessed risks of material
misstatement (whether or not due to fraud) identified
by us, including those which had the greatest effect
on: the overall audit strategy; the allocation of
resources in the audit; and directing the efforts of the
engagement team. We summarise below the
key audit matters, in arriving at our audit opinion
above, together with our key audit procedures to
address those matters and, as required for public
interest entities, our results from those procedures.
These matters were addressed, and our results are
based on procedures undertaken, in the context
of, and solely for the purpose of, our audit of the
financial statements as a whole, and in forming our
opinion thereon, and consequently are
incidental to that opinion, and we do not provide a
separate opinion on these matters.
18 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Section 5: Independent auditor’s report
The risk Our response
Recoverability of loan
receivables
Directly held loan book:
£53,457,462
(2025: £46,343,152)
Indirect exposure
through Membership
interests:
£53,367,142
(2025: £40,595,278)
Refer to note 1.7 and
2 accounting policies
and notes 12, 13 & 21
disclosures.
Basis:
The assessment of the recoverability
of loan receivables requires significant
management judgement in identifying
indicators of impairment, evaluating
borrower creditworthiness, estimating
expected future cash flows and
assessing the value, enforceability and
realisability of any underlying security.
Given the size of the loan portfolio and
the inherent uncertainty associated with
the recoverability of lending exposures,
particularly where repayment is
dependent on future borrower
performance, refinancing activity or
the realisation of secured assets, we
considered this area to be a significant
audit risk and a key audit matter.
This assessment is also made on an
indirect basis when management assess
recoverability of underlying loans held
indirectly through Membership interests.
Risk:
There is a risk that loan receivables are
overstated if the impairment indicators
are not identified on a timely basis or
impairment losses are not appropriately
recognised. Assessing recoverability
requires significant management
judgement, including assumptions over
borrower performance, future cash
flows and collateral values. Given the
subjective nature of these assessments,
there is a risk of management bias,
resulting in a material misstatement
through error or fraud in the
recoverability of loan receivables and
the adequacy of impairment provisions.
Our audit procedures included:
Internal Controls:
We evaluated the design and imple-
mentation of management’s processes
and key control over loan impairment
assessments and provisioning.
We performed the tests below rath-
er than seeking to rely on any of the
Company’s controls because the nature
of the balance is such that we would
expect to obtain audit evidence pri-
marily through the detailed procedures
described.
Challenging management’s assump-
tions and inputs:
With the support of our KPMG special-
ists, we:
• held discussions with management
to understand the loan impairment
and provisioning methodologies and
frameworks, and their application to
the loan portfolio; and
•
assessed and challenged the rea-
sonableness of management’
s loan
impair
ment and provisioning meth-
odologies and frameworks.
For a risk based selection of borrowers
we:
•
assessed and challenged the reason-
ableness of management’
s watchlist
categorisations having r
egar
d to its
cr
edit monitoring framework;
•
assessed the reliability of manage-
ment’s supporting infor
mation,
including the collateral value, and
evaluated whether the key assump-
tions used in estimating the r
ecov-
erability of the loan positions wer
e
appr
opriate and sufficiently substan-
tiated; and
19 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Section 5: Independent auditor’s report
The risk Our response
•
we reviewed publicly available infor
mation to
identify any indicators of impairment or evidence
that may af
fect the recoverability of the r
elated loan
exposures.
W
e reconciled movements in the loan loss provision
accounts from the prior year balance to the current
year balance.
We tested the mathematical accuracy of the impair-
ment provision calculations.
We performed retrospective reviews by comparing
actual recoveries achieved during the year against
provisions recognised in the prior year.
In addition, we assessed whether the net asset value of
the underlying partnerships, held through membership
interests, reasonably approximates their fair value by
understanding basis of preparation of the underlying
financial statements and recalculating the Company’s
proportionate share.
Assessing disclosures:
We considered the adequacy of the Company’s disclo-
sures of loan receivables and provisioning, and related
risk disclosures, in line with FRS 102.
Our results:
From the evidence obtained, we considered the level
of loan provisioning to be acceptable.
20 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Section 5: Independent auditor’s report
Our application of materiality and an
overview of the scope of our audit
Materiality for the financial statements as a whole
was set at £1,030,000, determined with reference
to a benchmark of total assets of £113,224,543, of
which it represents approximately 1.0%.
In line with our audit methodology, our procedures
on individual account balances and disclosures
were performed to a lower threshold, performance
materiality, so as to reduce to an acceptable level
the risk that individually immaterial misstatements
in individual account balances add up to a material
amount across the financial statements as a whole.
Performance materiality for the Company was set at
65% of materiality for the financial statements as a
whole, which equates to £669,000. We applied this
percentage in our determination of performance
materiality because we did not identify any factors
indicating an elevated level of risk.
We reported to the Audit Committee any
corrected or uncorrected identified misstatements
exceeding £51,000, in addition to other identified
misstatements that warranted reporting on
qualitative grounds.
Our audit of the Company was undertaken to the
materiality level specified above, which has informed
our identification of significant risks of material
misstatement and the associated audit procedures
performed in those areas as detailed above.
Going concern
The directors have prepared the financial statements
on the going concern basis as they do not intend to
liquidate the Company or to cease its operations,
and as they have concluded that the Company’s
financial position means that this is realistic. They
have also concluded that there are no material
uncertainties that could have cast significant doubt
over its ability to continue as a going concern for at
least a year from the date of approval of the financial
statements (the “going concern period”).
In our evaluation of the directors’ conclusions, we
considered the inherent risks to the Company’s
business model and analysed how those risks might
affect the Company’s financial resources or ability to
continue operations over the going concern period.
The risks that we considered most likely to affect the
Company’s financial resources or ability to continue
operations over this period were:
• Availability of capital to meet operating costs and
other financial commitments;
• The ability to successfully repay debt which is due
to mature; and
• The recoverability of financial assets subject to
credit risk;
We considered whether these risks could plausibly
affect the liquidity in the going concern period by
comparing severe, but plausible downside scenarios
that could arise from these risks individually and
collectively against the level of available financial
resources indicated by the Company’s financial
forecasts.
We considered whether the going concern disclosure
in note 1.1 to the financial statements gives a full and
accurate description of the directors’ assessment of
going concern.
Our conclusions based on this work:
• we consider that the directors’ use of the going
concern basis of accounting in the preparation of
the financial statements is appropriate;
• we have not identified, and concur with the
directors’ assessment that there is not, a material
uncertainty related to events or conditions that,
individually or collectively, may cast significant
doubt on the Company’s ability to continue as a
going concern for the going concern period; and
• we found the going concern disclosure in
the notes to the financial statements to be
acceptable.
However, as we cannot predict all future events or
conditions and as subsequent events may result in
outcomes that are inconsistent with judgements
that were reasonable at the time they were made,
the above conclusions are not a guarantee that the
Company will continue in operation.
21 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Section 5: Independent auditor’s report
Fraud and breaches of laws and regulations
– ability to detect
Identifying and r
esponding to risks of
material misstatement due to fraud
To identify risks of material misstatement due to
fraud (“fraud risks”) we assessed events or conditions
that could indicate an incentive or pressure to
commit fraud or provide an opportunity to commit
fraud. Our risk assessment procedures included:
•
enquiring of management as to the Company’
s
policies and pr
ocedures to pr
event and detect
fraud as well as enquiring whether management
have knowledge of any actual, suspected or
alleged fraud;
•
reading minutes of meetings of those char
ged
with gover
nance; and
•
using analytical procedur
es to identify any unusual
or unexpected r
elationships.
As required by auditing standards, and taking into
account possible incentives or pressures to misstate
performance and our overall knowledge of the
control environment, we perform procedures to
address the risk of management override of controls,
in particular the risk that management may be in a
position to make inappropriate accounting entries,
and the risk of bias in accounting estimates such as
recoverability of loan receivables. On this audit we
do not believe there is a fraud risk related to revenue
recognition because the Company’s revenue streams
are simple in nature with respect to accounting policy
choice, and are easily verifiable to external data
sources or agreements with little or no requirement
for estimation from management. We did not identify
any additional fraud risks.
We performed procedures including:
•
identifying jour
nal entries and other adjustments
to test based on risk criteria and comparing any
identified entries to supporting documentation;
•
incorporating an element of unpr
edictability in
our audit pr
ocedures; and
• assessing significant accounting estimates for
bias.
Identifying and responding to risks
of material misstatement due to non-
compliance with laws and regulations
We identified areas of laws and regulations that
could reasonably be expected to have a material
effect on the financial statements from our
sector experience and through discussion with
management (as required by auditing standards),
and from inspection of the Company’s regulatory
and legal correspondence, if any, and discussed
with management the policies and procedures
regarding compliance with laws and regulations. As
the Company is regulated, our assessment of risks
involved gaining an understanding of the control
environment including the entity’s procedures for
complying with regulatory requirements.
The Company is subject to laws and regulations
that directly affect the financial statements including
financial reporting legislation and taxation legislation
and we assessed the extent of compliance with these
laws and regulations as part of our procedures on the
related financial statement items.
The Company is subject to other laws and
regulations where the consequences of non-
compliance could have a material effect on amounts
or disclosures in the financial statements, for instance
through the imposition of fines or litigation or
impacts on the Company’s ability to operate. We
identified financial services regulation as being the
area most likely to have such an effect, recognising
the regulated nature of the Company’s activities and
its legal form. Auditing standards limit the required
audit procedures to identify non-compliance
with these laws and regulations to enquiry of
management and inspection of regulatory and
legal correspondence, if any. Therefore if a breach
of operational regulations is not disclosed to us or
evident from relevant correspondence, an audit will
not detect that breach.
Context of the ability of the audit to detect
fraud or breaches of law or regulation
Owing to the inherent limitations of an audit, there is
an unavoidable risk that we may not have detected
some material misstatements in the financial
statements, even though we have properly planned
22 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Section 5: Independent auditor’s report
and performed our audit in accordance with auditing
standards. For example, the further removed non-
compliance with laws and regulations is from the
events and transactions reflected in the financial
statements, the less likely the inherently limited
procedures required by auditing standards would
identify it.
In addition, as with any audit, there remains a
higher risk of non-detection of fraud, as this may
involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal
controls. Our audit procedures are designed
to detect material misstatement. We are not
responsible for preventing non-compliance or fraud
and cannot be expected to detect non-compliance
with all laws and regulations.
Other information
The directors are responsible for the other
information, which comprises the strategic report,
the directors’ report and the other information
included in the annual report, but does not include
the financial statements and our auditor’s report
thereon. Our opinion on the financial statements
does not cover the other information and,
accordingly, we do not express an audit opinion
or, except as explicitly stated below, any form of
assurance conclusion thereon.
Our responsibility is to read the other information
and, in doing so, consider whether, based on our
financial statements audit work, the information
therein is materially misstated or inconsistent with
the financial statements or our audit knowledge.
Based solely on that work:
• we have not identified material misstatements in
the other infor
mation;
•
in our opinion the infor
mation given in the
strategic r
eport and the directors’ r
eport for
the financial year is consistent with the financial
statements; and
•
in our opinion those reports have been prepar
ed
in accor
dance with the Companies Act 2006.
We have nothing to report on other matters on
which we are required to report by exception
Under the Companies Act 2006, we are required to
report to you if, in our opinion:
•
adequate accounting recor
ds have not been kept,
or r
etur
ns adequate for our audit have not been
r
eceived fr
om branches not visited by us; or
•
the financial statements are not in agr
eement with
the accounting r
ecords and retur
ns; or
•
certain disclosures of directors’ r
emuneration
specified by law are not made; or
•
we have not received all the infor
mation and
explanations we r
equire for our audit.
We have nothing to report in these respects.
Respective responsibilities
Directors’ responsibilities
As explained more fully in their statement set out
on pages 14 & 15, the directors are responsible for:
the preparation of the financial statements including
being satisfied that they give a true and fair view;
such internal control as they determine is necessary
to enable the preparation of financial statements
that are free from material misstatement, whether
due to fraud or error; assessing the Company’s
ability to continue as a going concern, disclosing, as
applicable, matters related to going concern; and
using the going concern basis of accounting unless
they either intend to liquidate the Company or to
cease operations, or have no realistic alternative but
to do so.
Auditor’s responsibilities
Our objectives are to obtain reasonable assurance
about whether the financial statements as a whole
are free from material misstatement, whether due
to fraud or error, and to issue our opinion in an
auditor’s report. Reasonable assurance is a high
level of assurance, but does not guarantee that an
audit conducted in accordance with ISAs (UK) will
always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are
considered material if, individually or in aggregate,
they could reasonably be expected to influence the
economic decisions of users taken on the basis of the
financial statements.
23 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Section 5: Independent auditor’s report
A fuller description of our responsibilities is provided on the FRC’s website at
www.frc.org.uk/auditorsresponsibilities.
The purpose of this report and restrictions on its use by persons other than the Company’s members as a body
This report is made solely to the Company’s member, in accordance with chapter 3 of part 16 of the
Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s member
those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its
member, as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of KPMG Audit Limited (Statutory Auditor)
Chartered Accountants
Guernsey
29 July 2026
24 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Statement of Comprehensive Income
| 2026 | 2025 | ||
| Notes | £ | £ | |
Revenue | 3 | ||
Cost of sales | ( | ( | |
Gross profit | |||
Administrative expenses | ( | ( | |
Operating profit | 4 | ||
Finance income | 8 | ||
Finance costs | ( | ( | |
Other gains and losses | 10 | ( | |
Profit before taxation | |||
Taxation | 11 | ( | ( |
Profit and total comprehensive in- come for the financial year |
For the year ended 31 March 2026.
The statement of comprehensive income has been prepared on the basis that all operations are continuing
operations.
The notes on pages 28 to 46 form part of these financial statements.
25 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Statement of Financial Position
| 2026 | 2025 | ||
| Notes | £ | £ | |
| Non-current assets | |||
| Intangible assets | |||
Membership interests | 12 | ||
| Current assets | |||
Trade and other receivables | 13 | ||
Cash and cash equivalents | |||
Current liabilities | 14 | ( | ( |
Net current assets | |||
| Total assets less current | |||
| liabilities | |||
Non-current liabilities | 15 | ( | ( |
| Provisions for liabilities | |||
Deferred tax liability | 17 | ( | |
Net assets | |||
| Equity | |||
Called up share capital | 18 | ||
Retained earnings | |||
Total equity |
As at 31 March 2026 .
The notes on pages 28 to 46 form part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on 29 July 2026
and are signed on its behalf by:
Sean Brophy
Director
Company Registration No. 09734101
26 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Statement of Changes in Equity
For the year ended 31 March 2026.
| Called up share | Retained | ||
| capital | earnings | Total | |
| £ | £ | £ | |
Balance at | |||
Y ear ended | |||
| Profit and total | |||
| comprehensive income | |||
Dividends | ( | ( | |
Balance at 31 March 2025 | |||
| Year ended 31 March 2026 | |||
| Profit and total | |||
| comprehensive income | |||
Dividends | ( | ( | |
Balance at 31 March 2026 |
The notes on pages 28 to 46 form part of these financial statements.
27 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Statement of Cash Flows
| 2026 | 2025 | ||
| Notes | £ | £ | |
| Cash flows from operating activities | |||
Cash generated fr om operations | 23 | ||
Interest paid | ( | ( | |
Interest received | |||
Income taxes paid | ( | ( | |
Loan advances | ( | ( | |
Loan repayments received | |||
| Net cash (outflow)/inflow from operating | ( | ||
| activities | |||
| Investing activities | |||
Purchase of intangible assets | ( | ( | |
Additions to membership interests | ( | ( | |
Withdrawals from membership interests | |||
Net cash used in investing activities | ( | ( | |
| Financing activities | |||
Proceeds from issuance of bonds | |||
Redemption of bonds | ( | ( | |
Dividends paid | ( | ( | |
Net cash generated from financing activities | |||
Net increase in cash and cash equivalents | |||
Cash and cash equivalents at beginning of year | |||
Cash and cash equivalents at end of year |
For the year ended 31 March 2026.
The notes on pages 28 to 46 form part of these financial statements.
28 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Notes to the financial statements
29 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Notes to the financial statements
30 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Notes to the financial statements
31 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Notes to the financial statements
32 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Notes to the financial statements
33 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Notes to the financial statements
2 Critical accounting judgements and key sources of estimation uncertainty
In the application of the Company’s accounting policies, the directors are required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent
from other sources. The estimates and associated assumptions are based on historical experience and other
factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised where the revision affects only that
period, or in the period of the revision and future periods where the revision affects both current and future
periods. The key assumptions or estimation uncertainties at the statement of financial position date that have
a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the
next financial year, are discussed below.
(i) Classification of LLP inter
ests
In determining the appropriate accounting treatment for the Company’s inter
ests in limited liability
partnerships (LLPs), the dir
ectors have exercised judgement as to whether those inter
ests constitute basic
financial instruments (measur
ed at amortised cost), other financial instruments (measur
ed at fair value),
or inter
ests in associates or jointly controlled entities. Having considered the natur
e of the arrangements,
including the absence of significant influence or contr
ol and the contractual right to a variable retur
n linked to
the perfor
mance of the underlying lending portfolio, the directors have concluded that the LLP interests ar
e
appr
opriately classified as financial assets measured at fair value through pr
ofit or loss under Section 12 of FRS
102. See note 12 for Membership Inter
ests.
(ii) T
reatment of arrangement fees
The directors have exercised judgement in determining whether arrangement fees charged to borr
owers
ar
e integral to the effective yield of the associated loan assets and should therefor
e be included within the
ef
fective interest rate calculation under FRS 102, or whether they represent consideration for discr
ete services
r
endered at origination and should be recognised as revenue. Having consider
ed the substance of the services
pr
ovided the directors have concluded that the fees are not integral to the loan yield and are appr
opriately
r
ecognised as revenue.
(iii) Loan impair
ment — provision for bad debts
The Company assesses at each reporting date whether ther
e is objective evidence that any loan asset is
impair
ed. The directors exercise judgement in identifying indicators of impairment, including borr
ower
financial dif
ficulty, breach of contractual terms, and observable deterioration in the cr
editworthiness of
borr
owers. Where impairment is identified, the recoverable amount is estimated as the pr
esent value of
expected futur
e cash flows, discounted at the loan’s original effective interest rate, with refer
ence to the value
and enfor
ceability of any collateral held. The provision for bad debts represents management’
s best estimate
of irr
ecoverable amounts and is a key source of estimation uncertainty; actual outcomes may differ fr
om these
estimates as borr
ower circumstances and economic conditions evolve.
34 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Notes to the financial statements
| 2026 | 2025 | |
| £ | £ | |
| Revenue analysed by class of business | ||
Pr ofit share received from membership interests | 1,533,110 | 1,408,969 |
Arrangement fees | 6,120,081 | 4,060,868 |
Interest income from loans and similar advances | 4,997,137 | 4,766,690 |
Advisory and fee income | 1,068,084 | 1,817,286 |
13,718,412 | 12,053,813 |
3 Revenue
An analysis of the Company’s revenue is as follows:
| 2026 | 2025 | |
| £ | £ | |
| Operating profit for the year is stated after charging: | ||
Pr ovision/(release) for bad and doubtful debts | (18,122) | 2,263,586 |
Amortisation of intangible assets | 12,197 | 2,355 |
4 Operating profit
| 2026 | 2025 | |
| £ | £ | |
| For audit services | ||
| Audit of the financial statements of the Company | 77,500 | 25,000 |
| For other services | ||
Audit-related assurance services | - | 25,000 |
Taxation compliance services | - | 2,500 |
All other non-audit services | - | 2,100 |
- | 29,600 |
5 Auditor’
s remuneration
Fees payable to the Company’s auditor and associates:
35 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Notes to the financial statements
2026 | 2025 | |
Number of persons employed by the Company | 2 | 1 |
6 Employees
The average monthly number of persons (including dir
ectors) employed by the Company during the year was:
| 2026 | 2025 | |
| £ | £ | |
Remuneration for qualifying services | 31,553 | 22,784 |
7 Dir
ectors’ remuneration
| 2026 | 2025 | |
| £ | £ | |
| Other income from investments | ||
Inter est income | 149,579 | 162,417 |
8 Finance income
9 Operating Segments
Although FRS 102 does not include a specific section addressing segmental reporting, FRS 102 paragraph
1.5 requires an entity with debt instruments admitted to trading on a regulated market to apply the disclosure
requirements of IFRS 8 Operating Segments. As the Company has bonds listed on The London Stock
Exchange, the following disclosures are provided.
Identification of operating segments
Operating segments are identified on the basis of the internal reports regularly reviewed by the Company’s
chief operating decision maker (“CODM”), identified as the Board of Directors, in order to allocate resources
and assess performance.
Single operating segment
The Company operates a single segment: the provision of secured lending through investments in limited
liability partnerships. All revenue, costs, assets and liabilities reported in these financial statements relate to
this single segment. There are no other segments that meet the quantitative thresholds in IFRS 8.
Entity-wide disclosures
All of the Company’s revenue is derived from UK-based lending activities and all non-current assets are
located in the United Kingdom. The revenue and total assets of this single segment equal the amounts
reported in the Statement of Comprehensive Income and Statement of Financial Position in these financial
statements, and no separate reconciliation is required.
Notes to the financial statements
| 2026 | 2025 | |
| £ | £ | |
(Loss)/Gain on investments measured at fair value through pr ofit or loss | (221,288) | 38,063 |
10 Other gains and losses
| 2026 | 2025 | |
| £ | £ | |
| Current tax | ||
Adjustments in r espect of prior periods | - | (2,704) |
Group tax relief | 482,911 | 135,012 |
Total current tax | 482,911 | 132,308 |
| Deferred tax | ||
Origination and reversal of timing differences | (149,856) | 207,120 |
Total tax charge | 333,055 | 339,428 |
11 Taxation
37 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Notes to the financial statements
| Membership interests | |
| £ | |
| Cost or valuation | |
| At | 40,595,278 |
| Additions | 38,484,520 |
Pr ofit share | 1,533,110 |
| Withdrawn in period | (27,024,478) |
| Fair value movements | (221,288) |
| At 31 March 2026 | 53,367,142 |
| Carrying amount | |
| At | 53,367,142 |
| At 31 March 2025 | 40,595,278 |
| 2026 | 2025 | |
| £ | £ | |
Profit before taxation | 1,954,653 | 982,609 |
Expected tax char ge based on the standard rate of corporation tax in the UK of 25.00% (2025: 25.00%) | 488,663 | 245,652 |
Tax effect of expenses that are not deductible in determining taxable profit | 478,491 | 367,083 |
| Tax effect of income not taxable in determining taxable | (383,278) | (389,160) |
| profit | ||
Gains not taxable | - | 71,249 |
Adjustments in respect of prior years | (98,603) | 47,308 |
Chargeable losses | (108,278) | - |
Group relief | (530,696) | (135,012) |
Payment for group relief | 482,911 | 135,012 |
Adjustment to tax charge in respect of previous periods | - | (2,704) |
Movement in deferred tax not recognised | 3,845 | - |
Taxation charge for the year | 333,055 | 339,428 |
38 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Notes to the financial statements
The membership interests represent interests in EPayments Trading Partners LLP, Lendnet LLP, Telecom Capital
Trading Partners LLP, LendNet Property LLP, Triple Point IGF LLP and Triple Point IGF2 LLP, all limited liability
partnerships registered in England and Wales. The registered office of these partnerships is 1 King William
Street, London, EC4N 7AF.
Fair value measurement
The Company’s membership interests in LLP lending partnerships are classified as financial assets at fair
value through profit or loss in accordance with FRS 102 Section 12. These are measured at fair value at each
reporting date, with changes in fair value recognised in the Statement of Comprehensive Income.
Management assessed the fair value of the membership interests at 31 March 2026 by reference to the
underlying loan portfolios held by those LLPs, discounting expected contractual cash flows using current
market interest rates applicable to instruments with similar maturity, credit risk and collateral characteristics.
The weighted average market rate, based on the coupon rate of loans originated in the quarter to 31 March
2026, differed from the portfolio effective interest rate by less than 10 basis points.
The resulting fair value compared with an amortised cost carrying value produced a difference of 0.07%.
Accordingly, the Directors concluded that amortised cost is a reasonable approximation of fair value and that
any valuation difference is not material.
Valuation methodology
The fair value of each membership interest is determined by reference to the Company’s proportionate share
of the net assets of the relevant LLP, as reported in its most recent management accounts. The net assets
of each LLP principally comprise its loan receivables (net of provisions for bad and doubtful debts), cash
balances, and accrued income, less any liabilities.
Fair value hierarchy
The fair value measurements are categorised as Level 3 in the fair value hierarchy as the inputs used are
not based on observable market data. There is no active market for interests in the Company’s lending
partnerships.
Sensitivity analysis
If the provision rate applied to the aggregate loan book held across the LLPs were increased by 1 percentage
point, the fair value of the membership interests would not decrease materially. The directors consider the
provision rate to be the most significant unobservable input affecting the fair value measurement.
39 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Notes to the financial statements
| 2026 | 2025 | |
| £ | £ | |
| Amounts falling due after more than one year: | ||
Loan r eceivables — gross | 39,563,204 | 36,865,567 |
Less: provision for bad debts | - | - |
Loan receivables - net | 39,563,204 | 36,865,567 |
Deferred tax asset | 46,212 | - |
Total amounts due after one year | 39,609,416 | 36,865,567 |
Direct loan book — gross | 57,235,495 | 50,260,142 |
Pr ovision for bad debts | (3,778,033) | (3,916,990) |
Direct loan book — net | 53,457,462 | 46,343,152 |
| 2026 | 2025 | |
| £ | £ | |
| Amounts falling due within one year: | ||
Loan r eceivables — gross | 17,672,291 | 15,330,748 |
Less: provision for bad debts | (3,778,033) | (3,916,990) |
Loan receivables - net | 13,894,258 | 11,413,758 |
Corporation tax recoverable | - | 273,436 |
Other debtors and prepayments | 2,140,616 | - |
Total amounts due within one year | 16,034,874 | 11,687,194 |
40 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Notes to the financial statements
| 2026 | 2025 | ||
| Notes | £ | £ | |
Bonds | 16 | 42,812,140 | 36,612,039 |
Amounts due to gr oup undertakings | 1,132,232 | 817,298 | |
Other taxation and social security | 72,841 | - | |
Other payables | 1,354,484 | 302,135 | |
Accruals and deferred income | 220,499 | 478,697 | |
45,592,196 | 38,210,169 |
| 2026 | 2025 | ||
| Notes | £ | £ | |
Bonds | 16 | 61,845,610 | 47,604,574 |
Accruals and deferr ed income | 366,534 | 159,338 | |
62,212,144 | 47,763,912 |
| 2026 | 2025 | |
| £ | £ | |
At 1 April | 3,916,990 | 1,960,890 |
Pr ovision adjustments | (138,957) | 1,956,100 |
At 31 March | 3,778,033 | 3,916,990 |
41 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Notes to the financial statements
| 2026 | 2025 | ||
| Notes | £ | £ | |
Bonds | 104,657,750 | 84,216,613 | |
| Payable within one year | 42,812,140 | 36,612,039 | |
Payable after one year | 61,845,610 | 47,604,574 |
42 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Notes to the financial statements
| 2026 | |
| £ | |
| Carrying amount of bonds at 31 March | 104,657,750 |
Fair value at 31 Mar ch | 104,657,750 |
| — of which: listed bonds (quoted price) | 14,150,000 |
| — of which: unlisted bonds (amortised cost approximation) | 90,507,750 |
| Liabilities | Liabilities | Assets | |
| 2026 | 2025 | 2026 | |
| £ | £ | £ | |
| Balances: | |||
Fixed asset timing differences | - | 18,176 | 25,213 - |
Short term timing differences | - | (220,340) | (254,715) - |
Revaluations | - | 305,808 | 183,290 - |
- | 103,644 | (46,212) - |
| 2026 | |
| £ | |
| Movements in the year: | |
| Liability at 1 April 2025 | (103,644) |
Release to pr ofit or loss | 149,856 |
| Asset at 31 March 2026 | 46,212 |
43 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Notes to the financial statements
| 2026 | 2025 | ||
| £ | £ | ||
| Ordinary share capital | |||
50,000 | Or dinary shares of £1 each | 50,000 | 50,000 |
19 Related party transactions
Transactions with related parties
At the year end a director and a close family member had interests within the bonds issued by the entity. The
value of the bonds held had a total value of £417,295 (2025: £397,295).
The Company has taken advantage of the exemption in FRS 102 from disclosing related party transactions
with wholly owned members of the same group.
20 Ultimate controlling party
The parent undertaking is Triple Point Holdings Limited. The directors do not consider there to be any one
ultimate controlling party.
The smallest and largest group in which the results of the Company are consolidated is that headed by
Triple Point LLP, 1 King William Street, London, United Kingdom, EC4N 7AF. Copies of the group financial
statements are available to the public at 1 King William Street, London, United Kingdom, EC4N 7AF.
44 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Notes to the financial statements
45 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Notes to the financial statements
21 Financial risk management (continued)
22 Analysis of changes in net debt
| 1 April | Cash | 31 March | |
| 2025 | flows | 2026 | |
| £ | £ | £ | |
| Cash and cash equivalents | 1,764,514 | 2,331,672 | 4,096,186 |
| Borrowing | (84,216,613) | (20,441,137) | (104,657,750) |
(82,452,099) | (18,109,465) | (100,561,564) |
46 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Notes to the financial statements
23 Cash generated from operations
| 2026 | 2025 | |
| £ | £ | |
Profit for the year after tax | 1,621,598 | 643,181 |
| Adjustments for: | ||
Realised r eturn on LLP interests | (1,533,110) | (1,420,756) |
| Taxation charged | 333,055 | 339,428 |
| Finance costs | 6,375,055 | 5,178,730 |
| Finance income | (149,579) | (323,251) |
| Bad and doubtful debts provision movement | (18,122) | 2,263,586 |
| Fair value (gain)/loss on investment | 221,288 | (38,063) |
| Amortisation and impairment of intangible assets | 12,197 | 2,355 |
| Movements in working capital | ||
| Increase in trade and other receivables | (2,903,492) | (630,321) |
| Increase/(decrease) in trade and other payables | 1,792,349 | 2,862,565 |
Cash generated from operations | 5,751,239 | 8,877,454 |
47 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Unaudited Performance Measures
1 Additional Performance Measures (APMs)
For the purposes of these financial statements, the Company defines Alternative Performance Measures
(APMs) as financial measures of historical or future financial performance, financial position, or cash flows that
are not defined or specified in the applicable financial reporting framework, FRS 102.
The key APMs used and disclosed by the Company are Profit before Group Deductions, the Interest Coverage
Ratio, Total Loan Book and the Asset Coverage Ratio. The following tables provide the definition, use, and
reconciliation of the key APMs used by the Company.
1.1 Profit before Group Deductions
Definition and Use
Profit before Group Deductions (PBG Deductions) is defined as the Company’s Profit after Tax and Group
Costs, adjusted to exclude the impact of Triple Point Group Costs and Internal recharges. Management uses
this APM to evaluate the financial performance of the underlying business before the allocation of centralised
Group costs, which aids in assessing the operational efficiency of the Company’s lending activities.
Operating expenses include an allocation of the Triple Point Group Costs and Internal Recharges. Group costs
typically comprise centralised administrative and governance functions, including executive leadership, legal,
and regulatory compliance.
Reconciliation - APM PBGD to Statutory PAT
FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | ||
| Profit after tax | A | 1,621,598 | 643,181 | 1,652,710 | 1,712,842 | 515,059 |
| Add Back: | ||||||
| Triple Point | B | 4,420,590 | 2,970,093 | 2,087,148 | 1,290,207 | |
| Group Costs | ||||||
| Profit Before Group | A+B | 6,042,188 | 3,613,274 | 3,739,858 | 3,003,049 | 515,059 |
| Deductions (APM) |
48 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Unaudited Performance Measures
FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | ||
| Statutory PBT | A | 1,954,653 | 982,609 | 1,785,775 | 2,280,983 | 645,343 |
| Add: Cost of Finance | B | 6,375,055 | 5,178,730 | 4,684,000 | 3,712,473 | 2,790,858 |
| Add: Triple Point | C | 4,420,590 | 2,970,093 | 2,087,148 | 1,290,207 | - |
| Group Costs | ||||||
| EBIT & TP Group | D | 12,750,298 | 9,131,432 | 8,556,922 | 7,283,663 | 3,436,201 |
| Deductions | ||||||
| Cost of Finance | B | (6,375,055) | (5,178,730) | (4,684,000) | (3,712,473) | (2,790,858) |
| Interest Coverage | D/B | 2.0 x | 1.8 x | 1.8 x | 2.0 x | 1.2 x |
| Ratio (x) |
1.2 Interest Coverage Ratio
Definition and Use
The Inter
est Coverage Ratio is a measure of the Company’s ability to service its debt obligations from its
underlying operational earnings. It is calculated by dividing EBIT before Triple Point Group Deductions divided
by finance costs (Statutory Interest Expense).
Reconciliation: Interest Coverage
FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
| Direct Loan Book | 57,235,495 | 50,260,142 | 55,901,632 | 55,350,343 | 33,392,570 |
| Membership interests | 53,367,142 | 40,595,278 | 19,385,893 | 19,186,976 | 16,647,061 |
Total Gross Loan book | 110,602,637 | 90,855,420 | 75,287,525 | 74,537,319 | 50,039,631 |
| Provision for Bad Debts | (3,778,033) | (3,916,990) | (1,960,890) | (1,687,487) | (2,128,445) |
Total Net Loan book | 106,824,604 | 86,938,430 | 73,326,635 | 72,849,832 | 47,911,186 |
1.3 Total Loan Book
Definition and Use
T
he Total Loan Book comprises the membership interests, representing the Company’s investment in lending
partnerships, and Direct Loans, which are held in the Company’s own name and presented within the other receivables
note. Management believes this measure provides investors with a more comprehensive view of the Company’s total
credit exposure.
Total Loan Book Reconciliation
49 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
Unaudited Performance Measures
1.4 Asset Coverage
Definition and Use
Asset Coverage is a measure of the Company’s financial resilience, specifically comparing the Company’s net
lending assets (Loans less any provisions) and Cash held against the carrying value of the Company’s Bonds
outstanding. This ratio is used to ensure the capital structure is appropriate for the nature of the loan book and
is a key metric for monitoring how the Company maintains a balanced and sustainable capital structure.
Reconciliation: Asset Coverage Ratio Calculation
FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | ||
| Direct Loan Book | 57,235,495 | 50,260,142 | 55,901,632 | 55,350,343 | 33,392,570 | |
(Gr oss) | ||||||
| Membership | 53,367,142 | 40,595,278 | 19,385,893 | 19,186,976 | 16,647,061 | |
| interests | ||||||
| Total Gross | 110,602,637 | 90,855,420 | 75,287,525 | 74,537,319 | 50,039,631 | |
| Loan book | ||||||
| Provisions for bad | (3,778,033) | (3,916,990) | (1,960,890) | (1,687,487) | (2,128,445) | |
| debts | ||||||
Total Net Loan | A | 106,824,604 | 86,938,430 | 73,326,635 | 72,849,832 | 47,911,186 |
| Bonds | B | (104,657,750) | (84,216,613) | (69,178,419) | (73,329,380) | (59,387,659) |
| Cash | C | 4,096,186 | 1,764,514 | 1,691,658 | 6,629,714 | 16,304,987 |
| Asset Coverage | (A+C) | 1.1 x | 1.1 x | 1.1 x | 1.1 x | 1.1 x |
| /B |
50 | Secured Fixed Income - Annual accounts for the year ended 31 March 2026
For further information about Triple Point,
please call or email:
020 7201 8990
contact@triplepoint.co.uk
Triple Point
1 King William Street
London
EC4N 7AF
triplepoint.co.uk
Triple Point is the trading name for the Triple Point Group, which
includes the following companies and associated entities: Triple
Point Investment Management LLP registered in England & Wales
no. OC321250, authorised and regulated by the Financial Conduct
Authority no. 456597, Triple Point Administration LLP registered in
England & Wales no. OC391352 and authorised and regulated by
the Financial Conduct Authority no. 618187, and TP Nominees Limited
registered in England & Wales no.07839571, all of 1 King William
Street, London, EC4N 7AF, UK.
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