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GENERAL INFORMATION VPC Specialty Lending Investments PLC (the \u201cParent Company\u201d or \u201cCompany\u201d) with its subsidiaries (together \u201cthe Group\u201d) is primarily focused on an orderly realisation of the assets of the Company, to be effected in a manner that seeks to achieve a balance between returning cash to Shareholders promptly and maximising value. The Parent Company, which is limited by shares, was incorporated and domiciled in England and Wales on 12 January 2015 with registered number 9385218. The Parent Company commenced its operations on 17 March 2015 and intends to carry on business as an investment trust within the meaning of Chapter 4 of Part 24 of the Corporation Tax Act 2010. The Group\u2019s investment manager is Victory Park Capital Advisors, LLC (the \u201cInvestment Manager\u201d), a US Securities and Exchange Commission registered investment adviser. The Investment Manager also acts as the Alternative Investment Fund Manager of the Group under the Alternative Investment Fund Managers Directive (\u201cAIFMD\u201d). The Parent Company is defined as an Alternative Investment Fund and is subject to the relevant articles of the AIFMD. The Group\u2019s investments will be realised in an orderly manner, that is, with a view to achieving a balance between returning cash to Shareholders promptly and maximising value. Until 30 June 2023, per the investment policy, the Group could make new investments directly (in aggregate) up to 5% of its Gross Assets (at the time of the investment) in consumer loans, SME loans, advances against corporate trade receivables and/or purchases of corporate trade receivables originated by portfolio companies (\u201cDebt Instruments\u201d). Following this period, the Group could not make any new investments save that: (a) investments may be made to honour existing documented contractual commitments to existing portfolio companies as a majority of the Group\u2019s investments are delayed draw term loans; (b) further investment may be made into the Group\u2019s existing investments without redemption rights in order to preserve the value of such investments; and (c) realised cash may be invested in cash or cash equivalents, government or public securities (as defined in the rules of the UK Financial Conduct Authority), money market instruments, bonds, commercial paper or other debt obligations with banks or other counterparties having a \u201csingle A\u201d (or equivalent) or higher credit rating as determined by any internationally recognised rating agency selected by the directors of the Group (which may or may not be registered in the European Union) (\u201cCash Instruments\u201d) pending its return to Shareholders in accordance with the Group\u2019s investment objective. Any return of proceeds to the Shareholders will be subject to compliance with existing gearing facilities and hedging arrangements, payment of expenses and reserves for potential liabilities. As at 31 December 2025, the Parent Company had equity in the form of 382,615,665 Ordinary Shares, 278,276,392 Ordinary Shares in issue and 104,339,273 Ordinary Shares in Treasury (31 December 2024: 382,615,665 Ordinary Shares, 278,276,392 Ordinary Shares in issue and 104,339,273 Ordinary Shares in Treasury). The Ordinary Shares are listed on the Equity Shares (Commercial Companies) (formerly the premium listing segment) of the Official List of the UK Listing Authority and trade on the London Stock Exchange\u2019s main market for listed securities. Citco Fund Administration (Cayman Islands) Limited (the \u201cAdministrator\u201d) is the administrator of the Group. The Administrator is responsible for the Group\u2019s general administrative functions, such as the calculation and publication of the Net Asset Value (\u201cNAV\u201d) and maintenance of the Group\u2019s accounting records. For any terms not herein defined, refer to Part X of the IPO Prospectus. The Parent Company\u2019s IPO Prospectus dated 26 February 2015 is available on the Parent Company\u2019s website, www.vpcspecialtylending.com. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-379": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-417": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-378": { "value": "to carry on business as an investment trust within the meaning of Chapter 4 of Part 24 of the Corporation Tax Act 2010. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "2. MATERIAL ACCOUNTING POLICIES The principal accounting policies followed by the Group are set out below and have been applied consistently in both the current and prior year. Basis of preparation The consolidated financial statements present the financial performance of the Group and Company for the year ended 31 December 2025. These statements have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies under those standards and on the assumption that approval as an investment trust will continue to be granted. They comprise standards and interpretations approved by the International Accounting Standards Board (\u201cIASB\u201d) and International Financial Reporting Committee as adopted in the United Kingdom, including interpretations issued by the IFRS Interpretations Committee and interpretations issued by the International Accounting Standard Committee (\u201cIASC\u201d) that remain in effect. The financial statements have been prepared on a going concern basis and under the historical cost convention modified by the revaluation to a fair value basis for certain financial instruments as specified in the accounting policies below. Where presentational guidance set out in the Statement of Recommended Practice (\u201cSORP\u201d) for investment trusts issued by the Association of Investment Companies (\u201cAIC\u201d) in November 2014 and updated in October 2019 with consequential amendments is consistent with the requirements of IFRS, the Directors have sought to prepare the consolidated financial statements on a basis compliant with the recommendations of the SORP. The Directors have reviewed the financial projections of the Group and Company from the date of this report, which shows that the Group and Company will be able to generate sufficient cash flows supplemented by existing cash reserves in order to meet its liabilities as they fall due. In assessing the Group\u2019s and Company\u2019s ability to continue as a going concern, the Directors have considered the Company\u2019s investment objective, risk management policies, capital management, the nature of its portfolio and expenditure projections. Additionally, the Directors have considered the risks arising of reduced asset values and have considered the impact of the winddown. The Investment Manager has also performed a range of stress tests and demonstrated to the Directors that even in an adverse scenario of depressed markets that the Group could still generate sufficient funds to meet its liabilities over at least the next 12 months from the approval of these financial statements. The Directors believe that the Group has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future being a period of at least 12 months from the date of this report. The Directors are mindful of the principal risks and uncertainties impacting the Group and Company and have accordingly appointed a corporate finance advisory firm \u2018PMB Capital\u2019 to explore a range of solutions which might complement the initiatives being pursued by the Investment Manager to accelerate the managed wind-down in a manner that is beneficial to shareholder value. As of the date of this report, there is no clear indication on timing or success of any potential realisations on the portfolio arising from the aforementioned process executed by PMB Capital. The Board cannot predict the outcome of this process. However, as the appointment of an advisor could potentially accelerate the winddown of the Group and Company, the Board has identified a material uncertainty in relation to the timing and outcome of this acceleration process in these financial statements. Based on their assessment and considerations above, the Directors have concluded that the financial statements of the Group and Company should continue to be prepared on a going concern basis and the financial statements have been prepared accordingly. This conclusion is consistent with the Company\u2019s Viability Statement on pages 92 to 93. The timing, however, of the realisation of the Group\u2019s and Company\u2019s private markets investments, as part of its Managed Wind Down, remains uncertain. The Directors note that these conditions indicate the existence of a material uncertainty which may cast significant doubt about the Group\u2019s and Company\u2019s ability to continue as a going concern for at least 12 months from the approval of these financial statements. Based on their assessment and considerations above, the Directors have concluded that it remains appropriate for the financial statements of the Group and Company to continue to be prepared on a going concern basis and the financial statements do not include the adjustments that would result if the Group and Company was unable to continue as a going concern. The Group\u2019s and Company\u2019s presentational currency is Pound Sterling (\u00a3). Pound Sterling is also the functional currency because it is the currency of the Parent Company\u2019s share capital and the currency which is most relevant to the majority of the Parent Company\u2019s shareholders. Basis of consolidation The consolidated financial statements incorporate the financial statements of the Parent Company and its subsidiaries. Control is achieved where the Parent Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities. The Parent Company controls an entity when the Parent Company is exposed to, or has rights to, variable returns from its investment and has the ability to affect those returns through its power over the entity. All intra-group transactions, balances, income and expenses are eliminated on consolidation. The accounting policies of the subsidiaries have been applied on a consistent basis to ensure consistency with the policies adopted by the Parent Company. The period ends for the subsidiaries are consistent with the Parent Company. Subsidiaries of the Parent Company, where applicable, have been consolidated on a line-by-line bases as the Parent Company does not meet the definition of an investment entity under IFRS 10 because it does not measure and evaluate the performance of all its investments on the fair value basis of accounting. Investments in subsidiaries The Parent Company\u2019s investments in its subsidiaries are measured at fair value which is determined with reference to the underlying NAV of the subsidiary. The NAV of the subsidiaries are used as a best estimate of fair value through profit or loss. The NAV is the value of all the assets of the subsidiary less its liabilities to creditors (including provisions for such liabilities) determined in accordance with applicable accounting standards, which represents fair value based on the Company\u2019s assessment. Presentation of Consolidated Statement of Comprehensive Income In order to better reflect the activities of an investment trust company and in accordance with the guidance set out by the AIC, supplementary information which analyses the Consolidated Statement of Comprehensive Income between items of revenue and capital nature has been presented alongside the Consolidated Statement of Comprehensive Income. The Directors have taken advantage of the exemption under Section 408 of the Companies Act 2006 and accordingly have not presented a separate Parent Company statement of comprehensive income. The net loss on ordinary activities after taxation of the Parent Company was \u00a3(33,043,730) (31 December 2024: \u00a3(46,777,155)). Income For financial instruments measured at amortised cost, the effective interest rate method is used to measure the carrying value of a financial asset or liability and to allocate associated interest income or expense in the revenue account over the relevant period. The effective interest rate is the rate that discounts estimated future cash payments or receipts over the expected life of the financial instrument or, when appropriate, a shorter period, to the net carrying amount of the financial asset or financial liability. In calculating the effective interest rate, the Group estimates cash flows considering all contractual terms of the financial instrument but does not consider expected credit losses. The calculation includes all fees received and paid, costs borne that are an integral part of the effective interest rate and all other premiums or discounts above or below market rates. Dividend income from investments is taken to the revenue account on an ex-dividend basis. Bank interest and other income receivable is accounted for on an effective interest basis. Dividend income from investments is reflected in Other income on the Consolidated Statement of Comprehensive Income. Further disclosure can be found in Note 5. Distributions from investments in funds are accounted for on an accrual basis as of the date the Group is entitled to the distribution. The income is treated as revenue return provided that the underlying assets of the investments comprise solely income generating loans, or investments in lending platforms which themselves generate net interest income. Distributions from investments in funds is reflected in Other income on the Consolidated Statement of Comprehensive Income. Further disclosure can be found in Note 5. Interest income from Investment assets designated as held at fair value through profit or loss are reflected in other income on the Consolidated Statement of Comprehensive Income. Further disclosure can be found in Note 5. In the instance where the retained earnings of the Parent Company\u2019s investment in a subsidiary are negative, all income from that investment is allocated to the capital reserve for both the Group and the Parent Company. Finance costs Finance costs are recognised using the effective interest rate method. The Group currently charges all finance costs to either revenue or capital based on retained earnings of the investment that generates the fees from the perspective of the Parent Company. Expenses Expenses not directly attributable to generating a financial instrument are recognised as services are received, or on the performance of a significant act which means the Group has become contractually obligated to settle those amounts. The Group currently charges all expenses, including investment management fees and performance fees, to either revenue or capital based on the retained earnings of the investment. For the year ended 31 December 2025, no management fees (31 December 2024: \u00a3nil) have been charged to the capital return of the Group or the Parent Company. At 31 December 2025, no performance fees (31 December 2024: \u00a3nil) have been charged to the capital return of the Group and Parent Company relating to the net return on ordinary activities after taxation allocated to the capital return. Refer to Note 10 for further details of the management and performance fees. All expenses are accounted for on an accruals basis. Dividends payable to Shareholders Dividends payable to Shareholders are recognised in the Consolidated Statement of Changes in Equity when they are paid or have been approved by Shareholders in the case of a final dividend and become a liability to the Parent Company. Taxation The tax currently payable is based on the taxable profit for the year. Taxable profit differs from net profit as reported in the Consolidated Statement of Comprehensive Income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted at the Consolidated Statement of Financial Position date. In line with the recommendations of SORP for investment trusts issued by the AIC, the allocation method used to calculate tax relief on expenses presented against capital returns in the supplementary information in the Consolidated Statement of Comprehensive Income is the \u201cmarginal basis\u201d. Under this basis, if taxable income is capable of being offset entirely by expenses presented in the revenue return column of the Consolidated Statement of Comprehensive Income, then no tax relief is transferred to the capital return column. Investment trusts which have approval as such under section 1158 of the Corporation Tax Act 2010 are not liable for taxation on capital gains. Financial assets and financial liabilities The Group classifies its financial assets and financial liabilities in one of the following categories below. The classification depends on the purpose for which the financial assets and liabilities were acquired. The classification of financial assets and liabilities are determined at initial recognition. IFRS 9 contains a classification and measurement approach for financial assets that reflects the business model in which assets are managed and their cash flow characteristics. IFRS 9 contains a principal-based approach and applies one classification approach for all types of financial assets. For Debt Instruments, two criteria are used to determine how financial assets should be classified and measured: The entity\u2019s business model (i.e., how an entity manages its financial assets in order to generate cash flows by collecting contractual cash flows, selling financial assets or both); and The contractual cash flow characteristics of the financial asset (i.e., whether the contractual cash flows are solely payments of principal and interest). A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at fair value through profit or loss (\u201cFVTPL\u201d): It is held within a business model whose objective is to hold assets to collect contractual cash flows; and Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The carrying amount of these assets is adjusted by any expected credit loss allowance recognised and measured as described further in this note. A financial asset is measured at fair value through other comprehensive income (\u201cFVOCI\u201d) if it meets both of the following conditions and is not designated as at FVTPL: It is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Movements in the carrying amount are taken through the Other Comprehensive Income (\u201cOCI\u201d), except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses on the investments amortised cost which is recognised in the Consolidated Statement of Comprehensive Income. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to the Consolidated Statement of Comprehensive Income and recognised in Income. Interest income from these financial assets is included in Income using the effective interest rate method (\u201cERIM\u201d). Equity instruments are measured at FVTPL, unless they are not held for trading purposes, in which case an irrevocable election can be made on initial recognition to measure them at FVOCI with no subsequent reclassification to the Consolidated Statement of Comprehensive Income. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. Financial assets measured at FVTPL are recognised in the Consolidated Statement of Financial Position at their fair value. Fair value gains and losses, together with interest coupons and dividend income, are recognised in the Consolidated Statement of Comprehensive Income within net trading income in the period in which they occur. The fair values of assets and liabilities traded in active markets are based on current bid and offer prices respectively. If the market is not active, the Group establishes a fair value by using valuation techniques. In addition, on initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI as FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. There are no positions measured at FVOCI in the current or prior year. Business model assessment The Group assesses the objective of the business model in which a financial asset is held at a portfolio level in order to generate cash flows because this best reflects the way the business is managed, and information is provided to the Investment Manager. That is, whether the Group\u2019s objective is solely to collect the contractual cash flows from the assets or is to collect both the contractual cash flows and cash flows arising from the sale of assets. If neither of these are applicable, then the financial assets are classified as part of the other business model and measured at FVTPL. The information that will be considered by the Group in determining the business model includes: The stated policies and objectives for the portfolio and the operation of those policies in practice, including whether the strategy focuses on earning contractual interest revenue, maintaining a particular interest rate profile, matching duration of the financial assets to the duration of the liabilities that are funding those assets or realising cash flows through the sale of assets; Past experience on how the cash flows for these assets were collected; How the performance of the portfolio is evaluated and reported to the Investment Manager; The risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed; and The frequency, volume and timing of sales in prior periods, the reasons for such sales and expectations about future sales activity. However, information about sales activity is not considered in isolation, but as part of an overall assessment of how the Investment Manager\u2019s stated objective for managing the financial assets is achieved and how cash flows are realised. Assessment whether contractual cash flows are solely payments of principal and interest For the purposes of this assessment, \u201cprincipal\u201d is defined as the fair value of the financial asset on initial recognition. \u201cInterest\u201d is defined as consideration for the time value of money, for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a reasonable profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, the contractual terms of the instrument will be considered to see if the contractual cash flows are consistent with a basic lending arrangement. In making the assessment, the following features will be considered: Contingent events that would change the amount and timing of cash flows; Prepayment and extension terms; Terms that limit the Company\u2019s claim to cash flows from specified assets, e.g., non-recourse asset arrangements; and Features that modify consideration for the time value of money, e.g., periodic reset of interest rates. The Group reclassifies debt investments when and only when its business model for managing those assets changes. The reclassification that has taken place forms the start of the first reporting period following the change. Such changes are expected to be very infrequent. Expected credit loss allowance for financial assets measured at amortised cost The Credit impairment losses in the Consolidated Statement of Comprehensive Income includes the change in expected credit losses which are recognised for loans and advances to customers, other financial assets held at amortised cost and certain loan commitments. At initial recognition, allowance is made for expected credit losses resulting from default events that are possible within the next 12 months (12-month expected credit losses). In the event of a significant increase in credit risk, allowance (or provision) is made for expected credit losses resulting from all possible default events over the expected life of the financial instrument (lifetime expected credit losses). Financial assets where 12-month expected credit losses are recognised are considered to be Stage 1; financial assets which are considered to have experienced a significant increase in credit risk are in Stage 2; and financial assets which have defaulted or are otherwise considered to be credit impaired are allocated to Stage 3. The measurement of expected credit losses will primarily be based on the product of the instrument\u2019s probability of default (\u201cPD\u201d), loss given default (\u201cLGD\u201d), and exposure at default (\u201cEAD\u201d), taking into account the value of any collateral held or other mitigants of loss and including the impact of discounting using the effective interest rate (\u201cEIR\u201d). The PD represents the likelihood of a borrower defaulting on its financial obligation, either over the next 12 months (\u201c12M PD\u201d), or over the remaining lifetime (\u201cLifetime PD\u201d) of the obligation. EAD is based on the amounts the Group expects to be owed at the time of default, over the next 12 months (\u201c12M EAD\u201d) or over the remaining lifetime (\u201cLifetime EAD\u201d). For example, for a revolving commitment, the Group includes the current drawn balance plus any further amount that is expected to be drawn up to the current contractual limit by the time of default, should it occur. LGD represents the Group\u2019s expectation of the extent of loss on a defaulted exposure. LGD varies by type of counterparty, type and seniority of claim and availability of collateral or other credit support. LGD is expressed as a percentage loss per unit of exposure at the time of default. LGD is calculated on a 12-month or lifetime basis, where 12-month LGD is the percentage of loss expected to be made if the default occurs in the next 12 months and Lifetime LGD is the percentage of loss expected to be made if the default occurs over the remaining expected lifetime of the loan. The estimated credit loss (\u201cECL\u201d) is determined by projecting the PD, LGD, and EAD for each future month and for each individual exposure. Movements between Stage 1 and Stage 2 are based on whether an instrument\u2019s credit risk as at the reporting date has increased significantly relative to the date it was initially recognised. Where the credit risk subsequently improves such that it no longer represents a significant increase in credit risk since origination, the asset is transferred back to Stage 1. General expectations with regards to expected losses on loans are assessed based on an analysis of loan collateral and credit enhancement. Impairments are recognised once a loan is deemed to have a non-trivial likelihood of facing a material loss. The expected credit loss allowance reflects the increasing likelihood of loss as collateral and credit enhancement become diminished or impaired. The adequacy of credit enhancement is typically based on the actual contractual terms of the investment, including such provisions as collateral eligibility, advance rate and/or loan to value ratio. The value and cash flows of the collateral are determined based on all available historical performance data on the specific asset pool being assessed, including historical loss performance data and forward-looking information, supplemented by additional sources as needed. Unless identified at an earlier stage, the credit risk of financial assets is deemed to have increased significantly when more than 30 days past due. The Group does not rebut the presumption in IFRS 9 that all financial assets that are more than 30 days past due have experienced a significant increase in credit risk. The assessment as to when a financial asset has experienced a significant increase in the probability of default requires the application of management judgement. In addition, the Group typically considers a financial instrument to have experienced a significant increase in credit risk when one of the following have occurred: Significant increase in credit spread; Significant adverse changes in business, financial and/or economic conditions in which the borrower operates; Actual or expected forbearance or restructuring; Actual or expected significant adverse change in operating results of the borrower; Significant change in collateral value which is expected to increase the risk of default; or Early signs of cashflow or liquidity problems. Movements between Stage 2 and Stage 3 are based on whether financial assets are credit impaired as at the reporting date. Assets can move in both directions through the stages of the impairment model. The criteria for determining whether credit risk has increased significantly will vary by portfolio and will include a backstop based on delinquency. IFRS 9 contains a rebuttable presumption that default occurs no later than when a payment is 90 days past due which the Group does not rebut. A loan is normally written off, either partially or in full, when there is no realistic prospect of recovery (as a result of the customer\u2019s insolvency, ceasing to trade or other reason) and the amount of the loss has been determined. Subsequent recoveries of amounts previously written off decrease the amount of impairment losses recorded. The Company assesses at each reporting date whether there is objective evidence that a loan or group of loans is impaired. In performing such analysis, the Company assesses the probability of default based on the level of collateral and credit enhancement and on the number of days past due, using recent historical rates of default on loan portfolios with credit risk characteristics similar to those of the Company or past history if sufficient data is available to demonstrate a reliable loss profile. Inputs into the assessment of whether a financial instrument is in default and their significance may vary over time to reflect changes in circumstances. Under IFRS 9, when determining whether the credit risk (i.e. the risk of default) on a financial instrument has increased significantly since initial recognition, reasonable and supportable information that is relevant and available without undue cost or effort, including both quantitative and qualitative information and analysis based on historical experience, credit assessment and forward-looking information is used. The measurement of expected credit losses for each stage and the assessment of significant increases in credit risk must consider information about past events and current conditions as well as reasonable and supportable forward-looking information, including a \u201cbase case\u201d view of the future direction of relevant economic variables and a representative range of other possible forecasts scenarios. The process will involve developing two or more additional economic scenarios and considering the relative probabilities of each outcome. The base case will represent a most likely outcome and be aligned with information used for other purposes, such as strategic planning and budgeting. The number of scenarios used and their attributes are reassessed at each reporting date by investment. The scenario weightings are determined by a combination of statistical analysis and expert credit judgement, taking account of the range of possible outcomes each chosen scenario is representative of. These scenarios are informed by data from the Federal Reserve regarding the probability of a recession in the US over the subsequent 12-month period. The estimation and application of forward-looking information requires significant judgement. PD, LGD and EAD inputs used to estimate Stage 1 and Stage 2 credit loss allowances, are modelled based on the macroeconomic variables (or changes in macroeconomic variables) that are most closely correlated with credit losses in the relevant portfolio. As with any economic forecasts, the projections and likelihoods of occurrence are subject to a high degree of inherent uncertainty and therefore the actual outcomes may be significantly different to those projected. The Group considers these forecasts to represent its best estimate of the possible outcomes and has analysed the non-linearities and asymmetries within the Group\u2019s different portfolios to establish that the chosen scenarios are appropriately representative of the range of possible scenarios. Other forward-looking considerations not otherwise incorporated within the above scenarios, such as the impact of any regulatory, legislative or political changes, have also been considered, but are not deemed to have a material impact and therefore no adjustment has been made to the ECL for such factors. This is reviewed and monitored for appropriateness on a quarterly basis. Collateral and other credit enhancements The Group employs a range of policies to mitigate credit risk. The most common of these is accepting collateral for funds advanced. The Group has internal policies of the acceptability of specific classes of collateral or credit risk mitigation. Modification of financial assets The Group sometimes modifies the terms or loans provided to customers due to commercial renegotiations, or for distressed loans, with a view to maximising recovery. Such restructuring activities include extended payment term arrangements, payment holidays and payment forgiveness. Restructuring policies and practice are based on indicators or criteria which, in the judgement of management, indicate that payment will most likely continue. These policies are kept under continuous review. The risk of default of such assets after modification is assessed at the reporting date and compared with the risk under the original terms at initial recognition, when the modification is not substantial and so does not result in derecognition of the original assets. The Group monitors the subsequent performance of modified assets. The Group may determine that the credit risk has significantly improved after restructuring, so that the assets are moved from Stage 3 or Stage 2. Modification of terms is not an indicator of a change in risk. Modification of loans The Group sometimes renegotiates or otherwise modifies the contractual cash flows of loans to customers. When this happens, the Group assesses whether or not the new terms are substantially different to the original terms. The Group does this by considering, among others, the following factors: If the borrower is in financial difficulty, whether the modification merely reduces the contractual cash flows to amounts the borrower is expected to be able to pay; Whether any substantial new terms are introduced, such as a profit share/equity-based return that substantially affect the risk profile of the loan; Significant extension of the loan term when the borrower is not in financial difficulty; Significant change in the interest rate; Change in the currency the loan is denominated in; and Insertion of collateral, other security or credit enhancements that significantly affect the credit risk associated with the loan. If the terms are substantially different, the Group derecognises the original financial asset and recognises a new asset at fair value and recalculates a new effective interest rate for the asset. The date of renegotiation is consequently considered to be the date of initial recognition for impairment calculation purposes, including for the purpose of determining if a significant increase in credit risk has occurred. However, the Group also assesses whether the new financial asset recognised is deemed to be credit-impaired at initial recognition, especially in circumstances where the renegotiation was driven by the debtor being unable to make the originally agreed payments. Differences in the carrying amounts are also recognised in the Consolidated Statement of Comprehensive Income as a gain or loss on derecognition. If the terms are not substantially different, the renegotiation or modification does not result in derecognition, and the Group recalculates the gross carrying amount based on the revised cash flows of the financial asset and recognises a modification gain or loss in the Consolidated Statement of Comprehensive Income. The new gross carrying amount is recalculated by discounting the modified cash flows at the original effective interest rate (or credit-adjusted effective interest rate for purchased or originated credit-impaired financial assets). During the year and the prior year, no investments were modified per the Group\u2019s policy. Derecognition other than a modification Financial assets, or a portion thereof, are derecognised when the contractual rights to receive the cash flows from the assets have expired, or when they have been transferred and either (i) the Group transfers substantially all the risks and rewards of ownership, or (ii) the Group neither transfers nor retains substantially all the risks and rewards of ownership and the Group has not retained control. The Group enters into transactions where it retains the contractual rights to receive cash flows from assets but assumes a contractual obligation to pay those cash flows to other entities and transfers substantially all of the risks and rewards. These transactions are accounted for as \u2018pass through\u2019 transfers that result in derecognition if the Group: Has no obligation to make payments unless it collects equivalent amounts from the assets; Is prohibited from selling or pledging the assets; and Has an obligation to remit any cash it collects from the assets without material delay. Collateral furnished by the Group under standard repurchase agreements and securities lending and borrowing transactions are not derecognised because the Group retains substantially all the risks and rewards on the basis of the predetermined repurchase price, and the criteria for derecognition are therefore not met. Financial assets and financial liabilities designated as held at fair value through profit or loss This category consists of forward foreign exchange contracts, common equity, preferred stock, warrants and investments in funds. Assets and liabilities in this category are carried at fair value. The fair values of derivative instruments are estimated using discounted cash flow models using yield curves that are based on observable market data or are based on valuations obtained from counterparties. Investments in funds are carried at fair value through profit or loss and designated as such at inception. This is valued for the units at the balance sheet date based on the NAV where it is assessed that NAV equates to fair value. Common equity, preferred stock and warrants are valued using a variety of techniques. These techniques include market comparables, discounted cash flows, yield analysis, and transaction prices. Refer to Note 3. Gains and losses arising from the changes in the fair values are recognised in the Consolidated Statement of Comprehensive Income. Loans at amortised cost Loans at amortised cost are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans are recognised when the funds are advanced to borrowers and are carried at amortised cost using the effective interest rate method less provisions for impairment. Purchases and sales of financial assets Purchases and sales of financial assets are accounted for at trade date. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Fair value estimation The determination of fair value of investments requires the use of accounting estimates and assumptions that could cause material adjustment to the carrying value of those investments. Financial liabilities Borrowings, deposits, debt securities in issue and subordinated liabilities, if any, are recognised initially at fair value, being the issue proceeds net of premiums, discounts and transaction costs incurred. All borrowings are subsequently measured at amortised cost using the effective interest rate method. Amortised cost is adjusted for the amortisation of any premiums, discounts and transaction costs. The amortisation is recognised in interest expense and similar charges using the effective interest rate method. Financial liabilities are derecognised when the obligation is discharged, cancelled or has expired. Derivatives Derivatives are entered into to reduce exposures to fluctuations in interest rates, exchange rates, market indices and credit risks and are not used for speculative purposes. The Parent Company entered into forward foreign currency exchange contracts as a hedge against exchange rate fluctuations for investments in Portfolio Companies denominated in foreign currencies. A forward foreign currency exchange contract is an agreement between two parties to purchase or sell a specified quantity of a currency at or before a specified date in the future. Forward contracts are typically traded in the OTC markets and all details of the contract are negotiated between the counterparties to the agreement. Gains and losses arising from derivative instruments are credited or charged to the Consolidated Statement of Comprehensive Income. Gains and losses of a revenue nature are reflected in the revenue column and gains and losses of a capital nature are reflected in the capital column. Gains and losses on forward foreign exchange contracts are reflected in Foreign exchange gain/(loss) in the Consolidated Statement of Comprehensive Income. As at 31 December 2024, The Company closed all derivatives as reflected in the Consolidated Statement of Financial Position. Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the Consolidated Statement of Financial Position if, and only if, there is currently enforceable legal right to set off the recognised amounts and there is an intention to settle on a net basis, or to realise an asset and settle the liability simultaneously. Investments in funds Investments in funds are measured at fair value through profit or loss. The NAV of the fund is used as a best estimate of fair value through profit or loss. The NAV is the value of all the assets of the fund less its liabilities to creditors (including provisions for such liabilities) determined in accordance with applicable accounting standards, which represents fair value based on the Company\u2019s assessment. Refer to Note 3 and Note 18 for further information. Equity securities Equity securities are measured at fair value. These securities are considered either Level 1, 2, or 3 investments. Further details of the valuation of equity securities are included in Note 3. Equity securities consist of common and preferred stock, warrants and convertible note investments. Other receivables Other receivables do not carry interest and are short-term in nature and are accordingly recognised at fair value as reduced by appropriate allowances for estimated irrecoverable amounts. Cash and cash equivalents Cash comprises of cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments with a maturity of 90 days or less that are readily convertible to known amounts of cash. Deferred income The Group and Parent Company defer draw fees received from investments and the deferred fees amortise into income on a straight-line basis over the life of the loan, which approximates the effective interest rate method. Other liabilities Other liabilities and accrued expenses are not interest-bearing and are stated at their nominal values. Due to their short-term nature this is determined to be equivalent to their fair value. Share Capital The Ordinary Shares are classified as equity. The costs of issuing or acquiring equity are recognised in equity (net of any related income tax benefit), as a reduction of equity on the condition that these are incremental costs directly attributable to the equity transaction that otherwise would have been avoided. The costs of an equity transaction that is abandoned are recognised as an expense. Those costs might include registration and other regulatory fees, amounts paid to legal, accounting and other professional advisers, printing costs and stamp duties. The Group\u2019s equity NAV per share is calculated by dividing the equity \u2013 net assets attributable to the holder of Ordinary Shares by the total number of outstanding Ordinary Shares. Treasury Shares have no entitlements to vote and are held by the Company. Foreign exchange Transactions in foreign currencies are translated into Pound Sterling at the rate of exchange ruling on the date of each transaction. Monetary assets, liabilities and equity investments in foreign currencies at the Consolidated Statement of Financial Position date are translated into Pound Sterling at the rates of exchange ruling on that date. Profits or losses on exchange, together with differences arising on the translation of foreign currency assets or liabilities, are taken to the capital return column of the Consolidated Statement of Comprehensive Income. Foreign exchange gains and losses arising on investment assets including loans are included within Net gain/(loss) on investments within the capital return column of the Consolidated Statement of Comprehensive Income. The assets and liabilities of the Group\u2019s foreign operations are translated using the exchange rates prevailing at the reporting date. Income and expense items are translated using the average exchange rates during the period. Exchange differences arising from the translation of foreign operations are taken directly as currency translation differences through the Consolidated Statement of Comprehensive Income. Capital reserves Capital reserve \u2013 arising on investments sold includes: gains/losses on disposal of investments and the related foreign exchange differences; exchange differences on currency balances; cost of own shares bought back; and other capital charges and credits charged to this account in accordance with the accounting policies above. Capital reserve \u2013 arising on investments held includes: increases and decreases in the valuation of investments held at the year-end; increases and decreases in the IFRS 9 reserve of investments held at the year-end; and investments in subsidiaries by the Parent Company where retained earnings is negative. In the instance where the retained earnings of the Parent Company\u2019s investment in a subsidiary are negative, all income and expenses from that investment are allocated to the capital reserve for both the Group and the Parent Company. All the above are accounted for in the Consolidated Statement of Comprehensive Income except the cost of own shares bought back, if applicable, which would be accounted for in the Consolidated Statement of Changes in Equity. Revenue reserves The revenue reserve represents the accumulated revenue profits retained by the Group. The Group makes interest distributions from the revenue reserve to Shareholders. Segmental reporting The chief operating decision maker is the Board of Directors. The Directors are of the opinion that the Group is engaged in a single segment of business, being the investment of the Group\u2019s capital in financial assets comprising consumer loans, SME loans, corporate trade receivables and/or advances thereon. The Board focuses on the overall return from these assets irrespective of the structure through which the investment is made. Critical accounting estimates The preparation of financial statements in conformity with UK-adopted international accounting standards requires the Group to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Although these estimates are based on the Directors\u2019 best knowledge of the amount, actual results may differ ultimately from those estimates. The areas requiring a higher degree of judgement or complexity and areas where assumptions and estimates are significant to the financial statements, are in relation to expected credit losses and investments at fair value through profit or loss. These are detailed below. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Measurement of the expected credit loss allowance The calculation of the Group\u2019s ECL allowances and provisions against loan commitments and guarantees under IFRS 9 is highly complex and involves the use of significant judgement and estimation. The investment manager proactively monitors and reviews the Company\u2019s investments quarterly related to expected credit losses and IFRS 9. Specific models are developed for each underlying investment and the results are discussed on an ongoing basis as new information is received. A review is first performed to identify what stage the Company\u2019s investments are in and the appropriate analysis is then performed. This includes the formulation and incorporation of multiple forward-looking economic conditions into ECL to meet the measurement objective of IFRS 9. The most significant estimates that are discussed below are considered to be the effect of potential future economic scenarios, collateral cash flows, and probability of default. These estimates vary on an investment-by-investment basis and may not be applicable to all investments held in the portfolio. Base case and stress case cash flow methodology under IFRS 9 Each loan in the Group\u2019s investment portfolio is analysed to assess the likelihood of the Group incurring any loss either: (i) in the normal course of events; (ii) in a stress scenario; or (iii) in some cases, an upside scenario. Given that these positions are typically secured by specific collateral and often further secured by guarantees from the operating business, the analysis looks at the impacts on both the specific collateral, as well as any obligations of the operating business to understand how the Group\u2019s investment would fair in each scenario. The collateral performance assumptions for each transaction are established using all available historical performance data on the specific asset pool being assessed, including historical loss performance data and forward-looking information, supplemented by additional sources as needed. Base case To establish the base case model, a representative portfolio is established based on the specific nature of the underlying collateral. The expected cash flows are assessed based on the relevant collateral parameters which will vary based on the specific asset class being assessed. In certain instances the collateral cash flows may entail the presumed sale of collateral assets to third parties based on expected market values. Cash flow and market assumptions are based on a combination of: (1) historical collateral data; (2) management forecasts; (3) proxy data from comparable assets or businesses; and (4) judgement from the investment professionals based on general research and knowledge. The model is then burdened with the following costs: (1) servicing costs which broadly reflect the expected costs of either (i) engaging a backup servicer to wind down the portfolio, or (ii) of operating the business through a liquidation; (2) upfront liquidation costs to reflect potential expenses associated with moving into liquidation; and (3) ongoing liquidation costs to reflect incremental costs born to oversee the liquidation. The last input component is the terms of the Group\u2019s investment, which includes the applicable advance rate and interest rate which are based on the prevailing terms and circumstances of the facility. The representative portfolio is deemed to reflect the most reliable and relevant information available about the portfolio attributes and expected performance. As part of the ongoing investment monitoring and risk management process, the Investment Manager is monitoring performance on the underlying collateral on a monthly basis to identify whether performance indicators are trending positively or negatively, and how much cushion exists compared to contractual covenant trigger levels. Any such changes would be reviewed to determine whether an adjustment is required to the model assumptions. 2008 Recession Loss Scalars by Asset and Population SUBPRIME & DEEP NEAR PRIME SUBPRIME VINTAGE VINTAGE PRIME VINTAGE SCORE BELOW 601 SCORE 601-660 SCORE ABOVE 660 Student Loan 0% 10% 8% fact that stress will emerge (and dissipate) over a period of time rather than having an immediate and constant impact. Retail Stress case Once the Base Case scenario is established, one or more \u201cStress Case\u201d scenarios are created for each transaction. The Stress Case is established by stressing the inputs that are most directly tied to outcomes to an extent consistent with a severe recession or comparably severe deterioration in the investment position. The primary driver of collateral value for many asset classes is the loss rates on the underlying receivables as these have the most direct impact on liquidation outcomes. For other asset classes it may include revenue yields, market values, or other economic variables. Certain variables with less significant impacts on the cash flow outcomes may be held constant to enhance model explanatory power. Stress variables may be adjusted to reflect the 17% 10% 3% Personal Loan 16% 41% 108% Auto Source: Assessing Performance of Consumer Lending Assets through Macroeconomic Shocks, Second Order Solutions (June 2019). Among the most heavily represented populations in the Group\u2019s borrower portfolios are personal loans (or amortising instalment loans). As seen in the above table, default rates on these loans increased by 1.16x-2.08x. Each portfolio was IFRS 9 calls for an assessment of the probability of default over the upcoming 12 months, and thus the Investment Manager provides a view of the probability of such a severe scenario occurring in the next 12 months for each of the investments which are at risk of incurring a loss (as some of the variables will vary between investments). Typically, the Investment Manager reviews macroeconomic data to assess the probability of a recession or stress scenario over a forward looking 12-month horizon. Such information may be supplemented with additional investment level or macroeconomic information to determine the appropriate probabilities of stress (most commonly any such adjustments would be to apply additional likelihood of stress). In certain instances, the assessed impairment reserves are constant across all scenarios, this most commonly occurs when the assessed impairment reserves are zero. In these instances, there shall be no need to assess probability weightings as it would not impact the overall analysis. Once the model has been run at the stressed scenario, if the cash flows continue to support the payment of an investment\u2019s principal and interest, the portfolio is deemed to have adequate coverage. If there is a shortfall in principal payments, a further assessment is done to note whether there are any excluded variables that need to be considered in determining the need for reserves on the position, including taking into account other additional credit enhancements provided in each deal (i.e., corporate guarantees, etc.). Such assessment would consider the likelihood of a scenario that could pose a loss and the expected magnitude of such loss in order to determine the appropriate reserve level. For asset backed investments, two of the primary drivers of the impairment analysis are the underlying collateral cash flows and the probability of default which is defined as the likelihood of an economic recession in the upcoming 12-month period. Regarding the underlying collateral cash flows, these may vary based on various underlying drivers depending on asset class (such as loss rates for financial assets and asset revenue and margin for ecommerce assets). For financial assets, loss rates are stressed ranging from 110% to 200% of base case as part of the impairment analysis and the impacts of those stresses are reflected in the impairment amounts on a probability weighted basis. For ecommerce assets, revenues are stressed ranging from 16% to 36% and margins are stressed ranging from 9% to 21% over the forecast period. Establishing Impairment Reserves Once the model has been run at the stressed scenario, if the cash flows continue to support the payment of all principal and interest after the burdens of servicing and liquidation costs, the portfolio is deemed to have adequate coverage based solely on direct collateral. If there is a shortfall in principal payments, a further assessment is done to note whether there are any excluded variables that need to be considered in determining the need for reserves on the position, including other additional credit enhancements provided in each deal (i.e., corporate guarantees, boot collateral, etc.). Such assessment would consider the likelihood of a scenario that could pose a loss or impairment and the expected magnitude of such loss in order to determine the appropriate reserve level. 24% 54% 88% Credit Card 43% 71% 132% assessed based on the applicable stress factor range based on the product and borrower population. IFRS 9 calls for an assessment of the probability of default over the upcoming 12 months, and thus the Investment Manager will also provide a view of the probability of such a severe scenario occurring in the next 12 months for each of the investments which are at risk of incurring a loss (as some of the variables will vary between investments). The Investment Manager reviews macroeconomic data and central bank indicators to assess the probability of a recession or stress scenario over a forward looking 12-month horizon. Such information may be supplemented with additional investment level or macroeconomic information to determine the appropriate probabilities of stress (most commonly any such adjustments would be to apply additional likelihood of stress). In certain instances, the assessed impairment reserves are constant across all scenarios, this most commonly occurs when the assessed impairment reserves are zero. In these instances there shall be no need to assess probability weightings as it would not impact the overall analysis. The Group has established impairment reserves by applying a weighting of 76% to the base case scenario and 24% to the stress case scenario for the majority of assets as at 31 December 2025. For a bespoke asset, we applied weighting of 60% to the base case, 20% to a stress case, and 20% to an upside case scenario. An increase in the likelihood of an economic recession of 10% would increase the stress case weighting to 34%. The resulting expected credit losses as at 31 December 2025 would be an increase of \u00a3318,395. The impact on the estimated credit losses as of 31 December 2024 was an increase of \u00a3510,472. In 2024, the weighting was 51% to the stress scenario. The cumulative base case loss rates for cash flowing investments ranged from 1% to 12%. If the cumulative loss rates in the stress scenario were increased by 10%, the resulting expected credit losses as at 31 December 2025 was \u00a354,295. The impact to expected credit losses as at 31 December 2024 was an increase of \u00a336,564. The Group has recognised the probability of default in the upcoming 12-month period for E-commerce investments ranged from 33% to 100% as at 31 December 2025. If the probability of default were increased by 10%, the impact to expected credit losses as at 31 December 2025 would be an increase of \u00a341,414. The impact on the estimated credit losses as of 31 December 2024 was an increase of \u00a3386,865. Valuation of unquoted investments The valuation of unquoted investments and investments for which there is an inactive market is a key area of judgement and may cause material adjustment to the carrying value of those assets and liabilities. The unquoted equity assets are valued on periodic basis using techniques including a market approach, costs approach and/or income approach. The valuation process is collaborative, involving the finance and investment functions within the Investment Manager with the final valuations being reviewed by the Board\u2019s Audit and Valuation Committee. The specific techniques used typically include earnings multiples, discounted cash flow analysis, the value of recent transactions, and, where appropriate, industry rules of thumb. The valuations often reflect a synthesis of a number of different approaches in determining the final fair value estimate. The individual approach for each investment will vary depending on relevant factors that a market participant would take into account in pricing the asset. Changes in fair value of all investments held at fair value are recognised in the Consolidated Statement of Comprehensive Income as a capital item. On disposal, realised gains and losses are also recognised in the Consolidated Statement of Comprehensive Income as a capital item. Transaction costs are included within gains or losses on investments held at fair value, although any related interest income, dividend income and finance costs are disclosed separately in the Consolidated Financial Statements. The ultimate sale price of investments may not be the same as fair value. Refer to Note 3. Critical accounting judgments Judgement is required to determine whether the Parent Company exercises control over its investee entities and whether they should be consolidated. Control is achieved where the Parent Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities. The Parent Company controls an investee entity when the Parent Company is exposed to, or has rights to, variable returns from its investment and has the ability to affect those returns through its power over the entity. At each reporting date, an assessment is undertaken of investee entities to determine control. In the intervening period, assessments are undertaken where circumstances change that may give rise to a change in the control assessment. These include when an investment is made into a new entity, or an amendment to existing entity documentation or processes. When assessing whether the Parent Company has the power to affect its variable returns, and therefore control investee entities, an assessment is undertaken of the Parent Company\u2019s ability to influence the relevant activities of the investee entity. These activities include considering the ability to appoint or remove key management or the manager, which party has decision making powers over the entity and whether the manager of an entity is acting as principal or agent. The assessment undertaken for entities considers the Parent Company\u2019s level of investment into the entity and its intended long-term holding in the entity and there may be instances where the Parent Company owns less than 51% of an investee entity but that entity is consolidated. Further details of the Parent Company\u2019s subsidiaries are included in Note 17. The Group\u2019s investments in associates all consist of limited partner interest in funds. There are no significant restrictions between investors with joint control or significant influence over the associates listed above on the ability of the associates to transfer funds to any party in the form of cash dividends or to repay loans or advances made by the Group. Further details of the Parent Company\u2019s associates are included in Note 18. Accounting standards issued but not yet effective or not material to the Group A number of new accounting standards and amendments to accounting standards are effective for annual periods beginning after 1 January 2025 and earlier application is permitted; however, the Group has not early adopted the new or amended accounting standards in preparing these financial statements. IFRS 18 Presentation and Disclosure in Financial Statements (effective for annual periods beginning on or after 1 January 2027) IFRS 18 will replace IAS 1 Presentation of financial statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive, in particular those related to the statement of financial performance and providing management-defined performance measures within the financial statements. Management is currently assessing the detailed implications of applying the new standard on the group\u2019s consolidated financial statements. From the high-level preliminary assessment, the following potential impacts have been identified: Although the adoption of IFRS 18 will have no impact on the group\u2019s net profit, the group expects that grouping items of income and expenses in the statement of profit or loss into the new categories will impact how operating profit is calculated and reported. The group does not expect there to be a significant change in the information that is currently disclosed in the notes because the requirement to disclose material information remains unchanged; however, the way in which the information is grouped might change as a result of the aggregation/disaggregation principles. In addition, there will be significant new disclosures required for: management-defined performance measures; a break-down of the nature of expenses for line items presented by function in the operating category of the statement of profit or loss \u2013 this break-down is only required for certain nature expenses; and for the first annual period of application of IFRS 18, a reconciliation for each line item in the statement of profit or loss between the restated amounts presented by applying IFRS 18 and the amounts previously presented applying IAS 1. The group will apply the new standard from its mandatory effective date of 1 January 2027. Retrospective application is required, and so the comparative information for the financial year ending 31 December 2026 will be restated in accordance with IFRS 18. The following new and amended accounting standards are not expected to have a significant impact on the Group\u2019s financial statements: IFRS 19 \u2013 \u2018Subsidiaries without Public Accountability: Disclosures\u2019 Annual improvements to IFRS \u2013 Volume 11 Amendments to IFRS 7 and IFRS 9 \u2013 Classification and Measurement of Financial Instruments IFRS 18, \u2018Presentation and Disclosure in Financial Statements\u2019 Other future developments include the IASB undertaking a comprehensive review of existing IFRSs. The Group will consider the financial impact of these new standards as they are finalised. Accounting standards effective during the year At the date of authorisation of these financial statements, the following standards and interpretations were adopted by the Group which are effective for annual periods beginning on or after 1 January 2025. Issued in August 2023, the amendments to IAS 21 (\u201cLack of Exchangeability\u201d) require entities to apply a consistent approach to determine if a currency is exchangeable into another, and if not, how to estimate the spot rate and provide disclosures. This amendment had no impact on the Group\u2019s financial statements of, nor is there expected to be any future impact. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-380": { "value": "Basis of preparation The consolidated financial statements present the financial performance of the Group and Company for the year ended 31 December 2025. These statements have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies under those standards and on the assumption that approval as an investment trust will continue to be granted. They comprise standards and interpretations approved by the International Accounting Standards Board (\u201cIASB\u201d) and International Financial Reporting Committee as adopted in the United Kingdom, including interpretations issued by the IFRS Interpretations Committee and interpretations issued by the International Accounting Standard Committee (\u201cIASC\u201d) that remain in effect. The financial statements have been prepared on a going concern basis and under the historical cost convention modified by the revaluation to a fair value basis for certain financial instruments as specified in the accounting policies below. Where presentational guidance set out in the Statement of Recommended Practice (\u201cSORP\u201d) for investment trusts issued by the Association of Investment Companies (\u201cAIC\u201d) in November 2014 and updated in October 2019 with consequential amendments is consistent with the requirements of IFRS, the Directors have sought to prepare the consolidated financial statements on a basis compliant with the recommendations of the SORP. The Directors have reviewed the financial projections of the Group and Company from the date of this report, which shows that the Group and Company will be able to generate sufficient cash flows supplemented by existing cash reserves in order to meet its liabilities as they fall due. In assessing the Group\u2019s and Company\u2019s ability to continue as a going concern, the Directors have considered the Company\u2019s investment objective, risk management policies, capital management, the nature of its portfolio and expenditure projections. Additionally, the Directors have considered the risks arising of reduced asset values and have considered the impact of the winddown. The Investment Manager has also performed a range of stress tests and demonstrated to the Directors that even in an adverse scenario of depressed markets that the Group could still generate sufficient funds to meet its liabilities over at least the next 12 months from the approval of these financial statements. The Directors believe that the Group has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future being a period of at least 12 months from the date of this report. The Directors are mindful of the principal risks and uncertainties impacting the Group and Company and have accordingly appointed a corporate finance advisory firm \u2018PMB Capital\u2019 to explore a range of solutions which might complement the initiatives being pursued by the Investment Manager to accelerate the managed wind-down in a manner that is beneficial to shareholder value. As of the date of this report, there is no clear indication on timing or success of any potential realisations on the portfolio arising from the aforementioned process executed by PMB Capital. The Board cannot predict the outcome of this process. However, as the appointment of an advisor could potentially accelerate the winddown of the Group and Company, the Board has identified a material uncertainty in relation to the timing and outcome of this acceleration process in these financial statements. Based on their assessment and considerations above, the Directors have concluded that the financial statements of the Group and Company should continue to be prepared on a going concern basis and the financial statements have been prepared accordingly. This conclusion is consistent with the Company\u2019s Viability Statement on pages 92 to 93. The timing, however, of the realisation of the Group\u2019s and Company\u2019s private markets investments, as part of its Managed Wind Down, remains uncertain. The Directors note that these conditions indicate the existence of a material uncertainty which may cast significant doubt about the Group\u2019s and Company\u2019s ability to continue as a going concern for at least 12 months from the approval of these financial statements. Based on their assessment and considerations above, the Directors have concluded that it remains appropriate for the financial statements of the Group and Company to continue to be prepared on a going concern basis and the financial statements do not include the adjustments that would result if the Group and Company was unable to continue as a going concern. The Group\u2019s and Company\u2019s presentational currency is Pound Sterling (\u00a3). Pound Sterling is also the functional currency because it is the currency of the Parent Company\u2019s share capital and the currency which is most relevant to the majority of the Parent Company\u2019s shareholders. Presentation of Consolidated Statement of Comprehensive Income In order to better reflect the activities of an investment trust company and in accordance with the guidance set out by the AIC, supplementary information which analyses the Consolidated Statement of Comprehensive Income between items of revenue and capital nature has been presented alongside the Consolidated Statement of Comprehensive Income. The Directors have taken advantage of the exemption under Section 408 of the Companies Act 2006 and accordingly have not presented a separate Parent Company statement of comprehensive income. The net loss on ordinary activities after taxation of the Parent Company was \u00a3(33,043,730) (31 December 2024: \u00a3(46,777,155)). ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-418": { "value": "The consolidated financial statements present the financial performance of the Group and Company for the year ended 31 December 2025. These statements have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies under those standards and on the assumption that approval as an investment trust will continue to be granted. They comprise standards and interpretations approved by the International Accounting Standards Board (\u201cIASB\u201d) and International Financial Reporting Committee as adopted in the United Kingdom, including interpretations issued by the IFRS Interpretations Committee and interpretations issued by the International Accounting Standard Committee (\u201cIASC\u201d) that remain in effect.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-419": { "value": "The Directors have reviewed the financial projections of the Group and Company from the date of this report, which shows that the Group and Company will be able to generate sufficient cash flows supplemented by existing cash reserves in order to meet its liabilities as they fall due. In assessing the Group\u2019s and Company\u2019s ability to continue as a going concern, the Directors have considered the Company\u2019s investment objective, risk management policies, capital management, the nature of its portfolio and expenditure projections. Additionally, the Directors have considered the risks arising of reduced asset values and have considered the impact of the winddown. The Investment Manager has also performed a range of stress tests and demonstrated to the Directors that even in an adverse scenario of depressed markets that the Group could still generate sufficient funds to meet its liabilities over at least the next 12 months from the approval of these financial statements. The Directors believe that the Group has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future being a period of at least 12 months from the date of this report. The Directors are mindful of the principal risks and uncertainties impacting the Group and Company and have accordingly appointed a corporate finance advisory firm \u2018PMB Capital\u2019 to explore a range of solutions which might complement the initiatives being pursued by the Investment Manager to accelerate the managed wind-down in a manner that is beneficial to shareholder value. As of the date of this report, there is no clear indication on timing or success of any potential realisations on the portfolio arising from the aforementioned process executed by PMB Capital. The Board cannot predict the outcome of this process. However, as the appointment of an advisor could potentially accelerate the winddown of the Group and Company, the Board has identified a material uncertainty in relation to the timing and outcome of this acceleration process in these financial statements. Based on their assessment and considerations above, the Directors have concluded that the financial statements of the Group and Company should continue to be prepared on a going concern basis and the financial statements have been prepared accordingly. This conclusion is consistent with the Company\u2019s Viability Statement on pages 92 to 93. The timing, however, of the realisation of the Group\u2019s and Company\u2019s private markets investments, as part of its Managed Wind Down, remains uncertain. The Directors note that these conditions indicate the existence of a material uncertainty which may cast significant doubt about the Group\u2019s and Company\u2019s ability to continue as a going concern for at least 12 months from the approval of these financial statements. Based on their assessment and considerations above, the Directors have concluded that it remains appropriate for the financial statements of the Group and Company to continue to be prepared on a going concern basis and the financial statements do not include the adjustments that would result if the Group and Company was unable to continue as a going concern. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-436": { "value": "The Directors have reviewed the financial projections of the Group and Company from the date of this report, which shows that the Group and Company will be able to generate sufficient cash flows supplemented by existing cash reserves in order to meet its liabilities as they fall due. In assessing the Group\u2019s and Company\u2019s ability to continue as a going concern, the Directors have considered the Company\u2019s investment objective, risk management policies, capital management, the nature of its portfolio and expenditure projections. Additionally, the Directors have considered the risks arising of reduced asset values and have considered the impact of the winddown. The Investment Manager has also performed a range of stress tests and demonstrated to the Directors that even in an adverse scenario of depressed markets that the Group could still generate sufficient funds to meet its liabilities over at least the next 12 months from the approval of these financial statements. The Directors believe that the Group has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future being a period of at least 12 months from the date of this report. The Directors are mindful of the principal risks and uncertainties impacting the Group and Company and have accordingly appointed a corporate finance advisory firm \u2018PMB Capital\u2019 to explore a range of solutions which might complement the initiatives being pursued by the Investment Manager to accelerate the managed wind-down in a manner that is beneficial to shareholder value. As of the date of this report, there is no clear indication on timing or success of any potential realisations on the portfolio arising from the aforementioned process executed by PMB Capital. The Board cannot predict the outcome of this process. However, as the appointment of an advisor could potentially accelerate the winddown of the Group and Company, the Board has identified a material uncertainty in relation to the timing and outcome of this acceleration process in these financial statements. Based on their assessment and considerations above, the Directors have concluded that the financial statements of the Group and Company should continue to be prepared on a going concern basis and the financial statements have been prepared accordingly. This conclusion is consistent with the Company\u2019s Viability Statement on pages 92 to 93. The timing, however, of the realisation of the Group\u2019s and Company\u2019s private markets investments, as part of its Managed Wind Down, remains uncertain. The Directors note that these conditions indicate the existence of a material uncertainty which may cast significant doubt about the Group\u2019s and Company\u2019s ability to continue as a going concern for at least 12 months from the approval of these financial statements. Based on their assessment and considerations above, the Directors have concluded that it remains appropriate for the financial statements of the Group and Company to continue to be prepared on a going concern basis and the financial statements do not include the adjustments that would result if the Group and Company was unable to continue as a going concern. ", "dimensions": { "concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-420": { "value": "The Group\u2019s and Company\u2019s presentational currency is Pound Sterling (\u00a3). Pound Sterling is also the functional currency because it is the currency of the Parent Company\u2019s share capital and the currency which is most relevant to the majority of the Parent Company\u2019s shareholders. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-381": { "value": "Basis of consolidation The consolidated financial statements incorporate the financial statements of the Parent Company and its subsidiaries. Control is achieved where the Parent Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities. The Parent Company controls an entity when the Parent Company is exposed to, or has rights to, variable returns from its investment and has the ability to affect those returns through its power over the entity. All intra-group transactions, balances, income and expenses are eliminated on consolidation. The accounting policies of the subsidiaries have been applied on a consistent basis to ensure consistency with the policies adopted by the Parent Company. The period ends for the subsidiaries are consistent with the Parent Company. Subsidiaries of the Parent Company, where applicable, have been consolidated on a line-by-line bases as the Parent Company does not meet the definition of an investment entity under IFRS 10 because it does not measure and evaluate the performance of all its investments on the fair value basis of accounting. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-382": { "value": "Investments in subsidiaries The Parent Company\u2019s investments in its subsidiaries are measured at fair value which is determined with reference to the underlying NAV of the subsidiary. The NAV of the subsidiaries are used as a best estimate of fair value through profit or loss. The NAV is the value of all the assets of the subsidiary less its liabilities to creditors (including provisions for such liabilities) determined in accordance with applicable accounting standards, which represents fair value based on the Company\u2019s assessment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-437": { "value": "Income For financial instruments measured at amortised cost, the effective interest rate method is used to measure the carrying value of a financial asset or liability and to allocate associated interest income or expense in the revenue account over the relevant period. The effective interest rate is the rate that discounts estimated future cash payments or receipts over the expected life of the financial instrument or, when appropriate, a shorter period, to the net carrying amount of the financial asset or financial liability. In calculating the effective interest rate, the Group estimates cash flows considering all contractual terms of the financial instrument but does not consider expected credit losses. The calculation includes all fees received and paid, costs borne that are an integral part of the effective interest rate and all other premiums or discounts above or below market rates. Dividend income from investments is taken to the revenue account on an ex-dividend basis. Bank interest and other income receivable is accounted for on an effective interest basis. Dividend income from investments is reflected in Other income on the Consolidated Statement of Comprehensive Income. Further disclosure can be found in Note 5. Distributions from investments in funds are accounted for on an accrual basis as of the date the Group is entitled to the distribution. The income is treated as revenue return provided that the underlying assets of the investments comprise solely income generating loans, or investments in lending platforms which themselves generate net interest income. Distributions from investments in funds is reflected in Other income on the Consolidated Statement of Comprehensive Income. Further disclosure can be found in Note 5. Interest income from Investment assets designated as held at fair value through profit or loss are reflected in other income on the Consolidated Statement of Comprehensive Income. Further disclosure can be found in Note 5. In the instance where the retained earnings of the Parent Company\u2019s investment in a subsidiary are negative, all income from that investment is allocated to the capital reserve for both the Group and the Parent Company. Finance costs Finance costs are recognised using the effective interest rate method. The Group currently charges all finance costs to either revenue or capital based on retained earnings of the investment that generates the fees from the perspective of the Parent Company. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-421": { "value": "Income For financial instruments measured at amortised cost, the effective interest rate method is used to measure the carrying value of a financial asset or liability and to allocate associated interest income or expense in the revenue account over the relevant period. The effective interest rate is the rate that discounts estimated future cash payments or receipts over the expected life of the financial instrument or, when appropriate, a shorter period, to the net carrying amount of the financial asset or financial liability. In calculating the effective interest rate, the Group estimates cash flows considering all contractual terms of the financial instrument but does not consider expected credit losses. The calculation includes all fees received and paid, costs borne that are an integral part of the effective interest rate and all other premiums or discounts above or below market rates. Dividend income from investments is taken to the revenue account on an ex-dividend basis. Bank interest and other income receivable is accounted for on an effective interest basis. Dividend income from investments is reflected in Other income on the Consolidated Statement of Comprehensive Income. Further disclosure can be found in Note 5. Distributions from investments in funds are accounted for on an accrual basis as of the date the Group is entitled to the distribution. The income is treated as revenue return provided that the underlying assets of the investments comprise solely income generating loans, or investments in lending platforms which themselves generate net interest income. Distributions from investments in funds is reflected in Other income on the Consolidated Statement of Comprehensive Income. Further disclosure can be found in Note 5. Interest income from Investment assets designated as held at fair value through profit or loss are reflected in other income on the Consolidated Statement of Comprehensive Income. Further disclosure can be found in Note 5. In the instance where the retained earnings of the Parent Company\u2019s investment in a subsidiary are negative, all income from that investment is allocated to the capital reserve for both the Group and the Parent Company. Finance costs Finance costs are recognised using the effective interest rate method. The Group currently charges all finance costs to either revenue or capital based on retained earnings of the investment that generates the fees from the perspective of the Parent Company. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-383": { "value": "Income For financial instruments measured at amortised cost, the effective interest rate method is used to measure the carrying value of a financial asset or liability and to allocate associated interest income or expense in the revenue account over the relevant period. The effective interest rate is the rate that discounts estimated future cash payments or receipts over the expected life of the financial instrument or, when appropriate, a shorter period, to the net carrying amount of the financial asset or financial liability. In calculating the effective interest rate, the Group estimates cash flows considering all contractual terms of the financial instrument but does not consider expected credit losses. The calculation includes all fees received and paid, costs borne that are an integral part of the effective interest rate and all other premiums or discounts above or below market rates. Dividend income from investments is taken to the revenue account on an ex-dividend basis. Bank interest and other income receivable is accounted for on an effective interest basis. Dividend income from investments is reflected in Other income on the Consolidated Statement of Comprehensive Income. Further disclosure can be found in Note 5. Distributions from investments in funds are accounted for on an accrual basis as of the date the Group is entitled to the distribution. The income is treated as revenue return provided that the underlying assets of the investments comprise solely income generating loans, or investments in lending platforms which themselves generate net interest income. Distributions from investments in funds is reflected in Other income on the Consolidated Statement of Comprehensive Income. Further disclosure can be found in Note 5. Interest income from Investment assets designated as held at fair value through profit or loss are reflected in other income on the Consolidated Statement of Comprehensive Income. Further disclosure can be found in Note 5. In the instance where the retained earnings of the Parent Company\u2019s investment in a subsidiary are negative, all income from that investment is allocated to the capital reserve for both the Group and the Parent Company. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-384": { "value": "Finance costs Finance costs are recognised using the effective interest rate method. The Group currently charges all finance costs to either revenue or capital based on retained earnings of the investment that generates the fees from the perspective of the Parent Company. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-422": { "value": "Expenses Expenses not directly attributable to generating a financial instrument are recognised as services are received, or on the performance of a significant act which means the Group has become contractually obligated to settle those amounts. The Group currently charges all expenses, including investment management fees and performance fees, to either revenue or capital based on the retained earnings of the investment. For the year ended 31 December 2025, no management fees (31 December 2024: \u00a3nil) have been charged to the capital return of the Group or the Parent Company. At 31 December 2025, no performance fees (31 December 2024: \u00a3nil) have been charged to the capital return of the Group and Parent Company relating to the net return on ordinary activities after taxation allocated to the capital return. Refer to Note 10 for further details of the management and performance fees. All expenses are accounted for on an accruals basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-385": { "value": "Expenses Expenses not directly attributable to generating a financial instrument are recognised as services are received, or on the performance of a significant act which means the Group has become contractually obligated to settle those amounts. The Group currently charges all expenses, including investment management fees and performance fees, to either revenue or capital based on the retained earnings of the investment. For the year ended 31 December 2025, no management fees (31 December 2024: \u00a3nil) have been charged to the capital return of the Group or the Parent Company. At 31 December 2025, no performance fees (31 December 2024: \u00a3nil) have been charged to the capital return of the Group and Parent Company relating to the net return on ordinary activities after taxation allocated to the capital return. Refer to Note 10 for further details of the management and performance fees. All expenses are accounted for on an accruals basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-386": { "value": "Dividends payable to Shareholders Dividends payable to Shareholders are recognised in the Consolidated Statement of Changes in Equity when they are paid or have been approved by Shareholders in the case of a final dividend and become a liability to the Parent Company. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-387": { "value": "Taxation The tax currently payable is based on the taxable profit for the year. Taxable profit differs from net profit as reported in the Consolidated Statement of Comprehensive Income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted at the Consolidated Statement of Financial Position date. In line with the recommendations of SORP for investment trusts issued by the AIC, the allocation method used to calculate tax relief on expenses presented against capital returns in the supplementary information in the Consolidated Statement of Comprehensive Income is the \u201cmarginal basis\u201d. Under this basis, if taxable income is capable of being offset entirely by expenses presented in the revenue return column of the Consolidated Statement of Comprehensive Income, then no tax relief is transferred to the capital return column. Investment trusts which have approval as such under section 1158 of the Corporation Tax Act 2010 are not liable for taxation on capital gains. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-438": { "value": "Financial assets and financial liabilities The Group classifies its financial assets and financial liabilities in one of the following categories below. The classification depends on the purpose for which the financial assets and liabilities were acquired. The classification of financial assets and liabilities are determined at initial recognition. IFRS 9 contains a classification and measurement approach for financial assets that reflects the business model in which assets are managed and their cash flow characteristics. IFRS 9 contains a principal-based approach and applies one classification approach for all types of financial assets. For Debt Instruments, two criteria are used to determine how financial assets should be classified and measured: The entity\u2019s business model (i.e., how an entity manages its financial assets in order to generate cash flows by collecting contractual cash flows, selling financial assets or both); and The contractual cash flow characteristics of the financial asset (i.e., whether the contractual cash flows are solely payments of principal and interest). A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at fair value through profit or loss (\u201cFVTPL\u201d): It is held within a business model whose objective is to hold assets to collect contractual cash flows; and Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The carrying amount of these assets is adjusted by any expected credit loss allowance recognised and measured as described further in this note. Financial assets and financial liabilities designated as held at fair value through profit or loss This category consists of forward foreign exchange contracts, common equity, preferred stock, warrants and investments in funds. Assets and liabilities in this category are carried at fair value. The fair values of derivative instruments are estimated using discounted cash flow models using yield curves that are based on observable market data or are based on valuations obtained from counterparties. Investments in funds are carried at fair value through profit or loss and designated as such at inception. This is valued for the units at the balance sheet date based on the NAV where it is assessed that NAV equates to fair value. Common equity, preferred stock and warrants are valued using a variety of techniques. These techniques include market comparables, discounted cash flows, yield analysis, and transaction prices. Refer to Note 3. Gains and losses arising from the changes in the fair values are recognised in the Consolidated Statement of Comprehensive Income. Fair value estimation The determination of fair value of investments requires the use of accounting estimates and assumptions that could cause material adjustment to the carrying value of those investments. Financial liabilities Borrowings, deposits, debt securities in issue and subordinated liabilities, if any, are recognised initially at fair value, being the issue proceeds net of premiums, discounts and transaction costs incurred. All borrowings are subsequently measured at amortised cost using the effective interest rate method. Amortised cost is adjusted for the amortisation of any premiums, discounts and transaction costs. The amortisation is recognised in interest expense and similar charges using the effective interest rate method. Financial liabilities are derecognised when the obligation is discharged, cancelled or has expired. Derivatives Derivatives are entered into to reduce exposures to fluctuations in interest rates, exchange rates, market indices and credit risks and are not used for speculative purposes. The Parent Company entered into forward foreign currency exchange contracts as a hedge against exchange rate fluctuations for investments in Portfolio Companies denominated in foreign currencies. A forward foreign currency exchange contract is an agreement between two parties to purchase or sell a specified quantity of a currency at or before a specified date in the future. Forward contracts are typically traded in the OTC markets and all details of the contract are negotiated between the counterparties to the agreement. Gains and losses arising from derivative instruments are credited or charged to the Consolidated Statement of Comprehensive Income. Gains and losses of a revenue nature are reflected in the revenue column and gains and losses of a capital nature are reflected in the capital column. Gains and losses on forward foreign exchange contracts are reflected in Foreign exchange gain/(loss) in the Consolidated Statement of Comprehensive Income. As at 31 December 2024, The Company closed all derivatives as reflected in the Consolidated Statement of Financial Position. Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the Consolidated Statement of Financial Position if, and only if, there is currently enforceable legal right to set off the recognised amounts and there is an intention to settle on a net basis, or to realise an asset and settle the liability simultaneously. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-423": { "value": "Financial assets and financial liabilities The Group classifies its financial assets and financial liabilities in one of the following categories below. The classification depends on the purpose for which the financial assets and liabilities were acquired. The classification of financial assets and liabilities are determined at initial recognition. IFRS 9 contains a classification and measurement approach for financial assets that reflects the business model in which assets are managed and their cash flow characteristics. IFRS 9 contains a principal-based approach and applies one classification approach for all types of financial assets. For Debt Instruments, two criteria are used to determine how financial assets should be classified and measured: The entity\u2019s business model (i.e., how an entity manages its financial assets in order to generate cash flows by collecting contractual cash flows, selling financial assets or both); and The contractual cash flow characteristics of the financial asset (i.e., whether the contractual cash flows are solely payments of principal and interest). A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at fair value through profit or loss (\u201cFVTPL\u201d): It is held within a business model whose objective is to hold assets to collect contractual cash flows; and Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The carrying amount of these assets is adjusted by any expected credit loss allowance recognised and measured as described further in this note. A financial asset is measured at fair value through other comprehensive income (\u201cFVOCI\u201d) if it meets both of the following conditions and is not designated as at FVTPL: It is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Movements in the carrying amount are taken through the Other Comprehensive Income (\u201cOCI\u201d), except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses on the investments amortised cost which is recognised in the Consolidated Statement of Comprehensive Income. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to the Consolidated Statement of Comprehensive Income and recognised in Income. Interest income from these financial assets is included in Income using the effective interest rate method (\u201cERIM\u201d). Equity instruments are measured at FVTPL, unless they are not held for trading purposes, in which case an irrevocable election can be made on initial recognition to measure them at FVOCI with no subsequent reclassification to the Consolidated Statement of Comprehensive Income. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. Financial assets measured at FVTPL are recognised in the Consolidated Statement of Financial Position at their fair value. Fair value gains and losses, together with interest coupons and dividend income, are recognised in the Consolidated Statement of Comprehensive Income within net trading income in the period in which they occur. The fair values of assets and liabilities traded in active markets are based on current bid and offer prices respectively. If the market is not active, the Group establishes a fair value by using valuation techniques. In addition, on initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI as FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. There are no positions measured at FVOCI in the current or prior year. Business model assessment The Group assesses the objective of the business model in which a financial asset is held at a portfolio level in order to generate cash flows because this best reflects the way the business is managed, and information is provided to the Investment Manager. That is, whether the Group\u2019s objective is solely to collect the contractual cash flows from the assets or is to collect both the contractual cash flows and cash flows arising from the sale of assets. If neither of these are applicable, then the financial assets are classified as part of the other business model and measured at FVTPL. The information that will be considered by the Group in determining the business model includes: The stated policies and objectives for the portfolio and the operation of those policies in practice, including whether the strategy focuses on earning contractual interest revenue, maintaining a particular interest rate profile, matching duration of the financial assets to the duration of the liabilities that are funding those assets or realising cash flows through the sale of assets; Past experience on how the cash flows for these assets were collected; How the performance of the portfolio is evaluated and reported to the Investment Manager; The risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed; and The frequency, volume and timing of sales in prior periods, the reasons for such sales and expectations about future sales activity. However, information about sales activity is not considered in isolation, but as part of an overall assessment of how the Investment Manager\u2019s stated objective for managing the financial assets is achieved and how cash flows are realised. Assessment whether contractual cash flows are solely payments of principal and interest For the purposes of this assessment, \u201cprincipal\u201d is defined as the fair value of the financial asset on initial recognition. \u201cInterest\u201d is defined as consideration for the time value of money, for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a reasonable profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, the contractual terms of the instrument will be considered to see if the contractual cash flows are consistent with a basic lending arrangement. In making the assessment, the following features will be considered: Contingent events that would change the amount and timing of cash flows; Prepayment and extension terms; Terms that limit the Company\u2019s claim to cash flows from specified assets, e.g., non-recourse asset arrangements; and Features that modify consideration for the time value of money, e.g., periodic reset of interest rates. The Group reclassifies debt investments when and only when its business model for managing those assets changes. The reclassification that has taken place forms the start of the first reporting period following the change. Such changes are expected to be very infrequent. Expected credit loss allowance for financial assets measured at amortised cost The Credit impairment losses in the Consolidated Statement of Comprehensive Income includes the change in expected credit losses which are recognised for loans and advances to customers, other financial assets held at amortised cost and certain loan commitments. At initial recognition, allowance is made for expected credit losses resulting from default events that are possible within the next 12 months (12-month expected credit losses). In the event of a significant increase in credit risk, allowance (or provision) is made for expected credit losses resulting from all possible default events over the expected life of the financial instrument (lifetime expected credit losses). Financial assets where 12-month expected credit losses are recognised are considered to be Stage 1; financial assets which are considered to have experienced a significant increase in credit risk are in Stage 2; and financial assets which have defaulted or are otherwise considered to be credit impaired are allocated to Stage 3. The measurement of expected credit losses will primarily be based on the product of the instrument\u2019s probability of default (\u201cPD\u201d), loss given default (\u201cLGD\u201d), and exposure at default (\u201cEAD\u201d), taking into account the value of any collateral held or other mitigants of loss and including the impact of discounting using the effective interest rate (\u201cEIR\u201d). The PD represents the likelihood of a borrower defaulting on its financial obligation, either over the next 12 months (\u201c12M PD\u201d), or over the remaining lifetime (\u201cLifetime PD\u201d) of the obligation. EAD is based on the amounts the Group expects to be owed at the time of default, over the next 12 months (\u201c12M EAD\u201d) or over the remaining lifetime (\u201cLifetime EAD\u201d). For example, for a revolving commitment, the Group includes the current drawn balance plus any further amount that is expected to be drawn up to the current contractual limit by the time of default, should it occur. LGD represents the Group\u2019s expectation of the extent of loss on a defaulted exposure. LGD varies by type of counterparty, type and seniority of claim and availability of collateral or other credit support. LGD is expressed as a percentage loss per unit of exposure at the time of default. LGD is calculated on a 12-month or lifetime basis, where 12-month LGD is the percentage of loss expected to be made if the default occurs in the next 12 months and Lifetime LGD is the percentage of loss expected to be made if the default occurs over the remaining expected lifetime of the loan. The estimated credit loss (\u201cECL\u201d) is determined by projecting the PD, LGD, and EAD for each future month and for each individual exposure. Movements between Stage 1 and Stage 2 are based on whether an instrument\u2019s credit risk as at the reporting date has increased significantly relative to the date it was initially recognised. Where the credit risk subsequently improves such that it no longer represents a significant increase in credit risk since origination, the asset is transferred back to Stage 1. General expectations with regards to expected losses on loans are assessed based on an analysis of loan collateral and credit enhancement. Impairments are recognised once a loan is deemed to have a non-trivial likelihood of facing a material loss. The expected credit loss allowance reflects the increasing likelihood of loss as collateral and credit enhancement become diminished or impaired. The adequacy of credit enhancement is typically based on the actual contractual terms of the investment, including such provisions as collateral eligibility, advance rate and/or loan to value ratio. The value and cash flows of the collateral are determined based on all available historical performance data on the specific asset pool being assessed, including historical loss performance data and forward-looking information, supplemented by additional sources as needed. Unless identified at an earlier stage, the credit risk of financial assets is deemed to have increased significantly when more than 30 days past due. The Group does not rebut the presumption in IFRS 9 that all financial assets that are more than 30 days past due have experienced a significant increase in credit risk. The assessment as to when a financial asset has experienced a significant increase in the probability of default requires the application of management judgement. In addition, the Group typically considers a financial instrument to have experienced a significant increase in credit risk when one of the following have occurred: Significant increase in credit spread; Significant adverse changes in business, financial and/or economic conditions in which the borrower operates; Actual or expected forbearance or restructuring; Actual or expected significant adverse change in operating results of the borrower; Significant change in collateral value which is expected to increase the risk of default; or Early signs of cashflow or liquidity problems. Movements between Stage 2 and Stage 3 are based on whether financial assets are credit impaired as at the reporting date. Assets can move in both directions through the stages of the impairment model. The criteria for determining whether credit risk has increased significantly will vary by portfolio and will include a backstop based on delinquency. IFRS 9 contains a rebuttable presumption that default occurs no later than when a payment is 90 days past due which the Group does not rebut. A loan is normally written off, either partially or in full, when there is no realistic prospect of recovery (as a result of the customer\u2019s insolvency, ceasing to trade or other reason) and the amount of the loss has been determined. Subsequent recoveries of amounts previously written off decrease the amount of impairment losses recorded. The Company assesses at each reporting date whether there is objective evidence that a loan or group of loans is impaired. In performing such analysis, the Company assesses the probability of default based on the level of collateral and credit enhancement and on the number of days past due, using recent historical rates of default on loan portfolios with credit risk characteristics similar to those of the Company or past history if sufficient data is available to demonstrate a reliable loss profile. Inputs into the assessment of whether a financial instrument is in default and their significance may vary over time to reflect changes in circumstances. Under IFRS 9, when determining whether the credit risk (i.e. the risk of default) on a financial instrument has increased significantly since initial recognition, reasonable and supportable information that is relevant and available without undue cost or effort, including both quantitative and qualitative information and analysis based on historical experience, credit assessment and forward-looking information is used. The measurement of expected credit losses for each stage and the assessment of significant increases in credit risk must consider information about past events and current conditions as well as reasonable and supportable forward-looking information, including a \u201cbase case\u201d view of the future direction of relevant economic variables and a representative range of other possible forecasts scenarios. The process will involve developing two or more additional economic scenarios and considering the relative probabilities of each outcome. The base case will represent a most likely outcome and be aligned with information used for other purposes, such as strategic planning and budgeting. The number of scenarios used and their attributes are reassessed at each reporting date by investment. The scenario weightings are determined by a combination of statistical analysis and expert credit judgement, taking account of the range of possible outcomes each chosen scenario is representative of. These scenarios are informed by data from the Federal Reserve regarding the probability of a recession in the US over the subsequent 12-month period. The estimation and application of forward-looking information requires significant judgement. PD, LGD and EAD inputs used to estimate Stage 1 and Stage 2 credit loss allowances, are modelled based on the macroeconomic variables (or changes in macroeconomic variables) that are most closely correlated with credit losses in the relevant portfolio. As with any economic forecasts, the projections and likelihoods of occurrence are subject to a high degree of inherent uncertainty and therefore the actual outcomes may be significantly different to those projected. The Group considers these forecasts to represent its best estimate of the possible outcomes and has analysed the non-linearities and asymmetries within the Group\u2019s different portfolios to establish that the chosen scenarios are appropriately representative of the range of possible scenarios. Other forward-looking considerations not otherwise incorporated within the above scenarios, such as the impact of any regulatory, legislative or political changes, have also been considered, but are not deemed to have a material impact and therefore no adjustment has been made to the ECL for such factors. This is reviewed and monitored for appropriateness on a quarterly basis. Collateral and other credit enhancements The Group employs a range of policies to mitigate credit risk. The most common of these is accepting collateral for funds advanced. The Group has internal policies of the acceptability of specific classes of collateral or credit risk mitigation. Modification of financial assets The Group sometimes modifies the terms or loans provided to customers due to commercial renegotiations, or for distressed loans, with a view to maximising recovery. Such restructuring activities include extended payment term arrangements, payment holidays and payment forgiveness. Restructuring policies and practice are based on indicators or criteria which, in the judgement of management, indicate that payment will most likely continue. These policies are kept under continuous review. The risk of default of such assets after modification is assessed at the reporting date and compared with the risk under the original terms at initial recognition, when the modification is not substantial and so does not result in derecognition of the original assets. The Group monitors the subsequent performance of modified assets. The Group may determine that the credit risk has significantly improved after restructuring, so that the assets are moved from Stage 3 or Stage 2. Modification of terms is not an indicator of a change in risk. Modification of loans The Group sometimes renegotiates or otherwise modifies the contractual cash flows of loans to customers. When this happens, the Group assesses whether or not the new terms are substantially different to the original terms. The Group does this by considering, among others, the following factors: If the borrower is in financial difficulty, whether the modification merely reduces the contractual cash flows to amounts the borrower is expected to be able to pay; Whether any substantial new terms are introduced, such as a profit share/equity-based return that substantially affect the risk profile of the loan; Significant extension of the loan term when the borrower is not in financial difficulty; Significant change in the interest rate; Change in the currency the loan is denominated in; and Insertion of collateral, other security or credit enhancements that significantly affect the credit risk associated with the loan. If the terms are substantially different, the Group derecognises the original financial asset and recognises a new asset at fair value and recalculates a new effective interest rate for the asset. The date of renegotiation is consequently considered to be the date of initial recognition for impairment calculation purposes, including for the purpose of determining if a significant increase in credit risk has occurred. However, the Group also assesses whether the new financial asset recognised is deemed to be credit-impaired at initial recognition, especially in circumstances where the renegotiation was driven by the debtor being unable to make the originally agreed payments. Differences in the carrying amounts are also recognised in the Consolidated Statement of Comprehensive Income as a gain or loss on derecognition. If the terms are not substantially different, the renegotiation or modification does not result in derecognition, and the Group recalculates the gross carrying amount based on the revised cash flows of the financial asset and recognises a modification gain or loss in the Consolidated Statement of Comprehensive Income. The new gross carrying amount is recalculated by discounting the modified cash flows at the original effective interest rate (or credit-adjusted effective interest rate for purchased or originated credit-impaired financial assets). During the year and the prior year, no investments were modified per the Group\u2019s policy. Derecognition other than a modification Financial assets, or a portion thereof, are derecognised when the contractual rights to receive the cash flows from the assets have expired, or when they have been transferred and either (i) the Group transfers substantially all the risks and rewards of ownership, or (ii) the Group neither transfers nor retains substantially all the risks and rewards of ownership and the Group has not retained control. The Group enters into transactions where it retains the contractual rights to receive cash flows from assets but assumes a contractual obligation to pay those cash flows to other entities and transfers substantially all of the risks and rewards. These transactions are accounted for as \u2018pass through\u2019 transfers that result in derecognition if the Group: Has no obligation to make payments unless it collects equivalent amounts from the assets; Is prohibited from selling or pledging the assets; and Has an obligation to remit any cash it collects from the assets without material delay. Collateral furnished by the Group under standard repurchase agreements and securities lending and borrowing transactions are not derecognised because the Group retains substantially all the risks and rewards on the basis of the predetermined repurchase price, and the criteria for derecognition are therefore not met. Financial assets and financial liabilities designated as held at fair value through profit or loss This category consists of forward foreign exchange contracts, common equity, preferred stock, warrants and investments in funds. Assets and liabilities in this category are carried at fair value. The fair values of derivative instruments are estimated using discounted cash flow models using yield curves that are based on observable market data or are based on valuations obtained from counterparties. Investments in funds are carried at fair value through profit or loss and designated as such at inception. This is valued for the units at the balance sheet date based on the NAV where it is assessed that NAV equates to fair value. Common equity, preferred stock and warrants are valued using a variety of techniques. These techniques include market comparables, discounted cash flows, yield analysis, and transaction prices. Refer to Note 3. Gains and losses arising from the changes in the fair values are recognised in the Consolidated Statement of Comprehensive Income. Loans at amortised cost Loans at amortised cost are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans are recognised when the funds are advanced to borrowers and are carried at amortised cost using the effective interest rate method less provisions for impairment. Purchases and sales of financial assets Purchases and sales of financial assets are accounted for at trade date. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Fair value estimation The determination of fair value of investments requires the use of accounting estimates and assumptions that could cause material adjustment to the carrying value of those investments. Derivatives Derivatives are entered into to reduce exposures to fluctuations in interest rates, exchange rates, market indices and credit risks and are not used for speculative purposes. The Parent Company entered into forward foreign currency exchange contracts as a hedge against exchange rate fluctuations for investments in Portfolio Companies denominated in foreign currencies. A forward foreign currency exchange contract is an agreement between two parties to purchase or sell a specified quantity of a currency at or before a specified date in the future. Forward contracts are typically traded in the OTC markets and all details of the contract are negotiated between the counterparties to the agreement. Gains and losses arising from derivative instruments are credited or charged to the Consolidated Statement of Comprehensive Income. Gains and losses of a revenue nature are reflected in the revenue column and gains and losses of a capital nature are reflected in the capital column. Gains and losses on forward foreign exchange contracts are reflected in Foreign exchange gain/(loss) in the Consolidated Statement of Comprehensive Income. As at 31 December 2024, The Company closed all derivatives as reflected in the Consolidated Statement of Financial Position. Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the Consolidated Statement of Financial Position if, and only if, there is currently enforceable legal right to set off the recognised amounts and there is an intention to settle on a net basis, or to realise an asset and settle the liability simultaneously. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-388": { "value": "Financial assets and financial liabilities The Group classifies its financial assets and financial liabilities in one of the following categories below. The classification depends on the purpose for which the financial assets and liabilities were acquired. The classification of financial assets and liabilities are determined at initial recognition. IFRS 9 contains a classification and measurement approach for financial assets that reflects the business model in which assets are managed and their cash flow characteristics. IFRS 9 contains a principal-based approach and applies one classification approach for all types of financial assets. For Debt Instruments, two criteria are used to determine how financial assets should be classified and measured: The entity\u2019s business model (i.e., how an entity manages its financial assets in order to generate cash flows by collecting contractual cash flows, selling financial assets or both); and The contractual cash flow characteristics of the financial asset (i.e., whether the contractual cash flows are solely payments of principal and interest). A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at fair value through profit or loss (\u201cFVTPL\u201d): It is held within a business model whose objective is to hold assets to collect contractual cash flows; and Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The carrying amount of these assets is adjusted by any expected credit loss allowance recognised and measured as described further in this note. A financial asset is measured at fair value through other comprehensive income (\u201cFVOCI\u201d) if it meets both of the following conditions and is not designated as at FVTPL: It is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Movements in the carrying amount are taken through the Other Comprehensive Income (\u201cOCI\u201d), except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses on the investments amortised cost which is recognised in the Consolidated Statement of Comprehensive Income. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to the Consolidated Statement of Comprehensive Income and recognised in Income. Interest income from these financial assets is included in Income using the effective interest rate method (\u201cERIM\u201d). Equity instruments are measured at FVTPL, unless they are not held for trading purposes, in which case an irrevocable election can be made on initial recognition to measure them at FVOCI with no subsequent reclassification to the Consolidated Statement of Comprehensive Income. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. Financial assets measured at FVTPL are recognised in the Consolidated Statement of Financial Position at their fair value. Fair value gains and losses, together with interest coupons and dividend income, are recognised in the Consolidated Statement of Comprehensive Income within net trading income in the period in which they occur. The fair values of assets and liabilities traded in active markets are based on current bid and offer prices respectively. If the market is not active, the Group establishes a fair value by using valuation techniques. In addition, on initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI as FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. There are no positions measured at FVOCI in the current or prior year. Business model assessment The Group assesses the objective of the business model in which a financial asset is held at a portfolio level in order to generate cash flows because this best reflects the way the business is managed, and information is provided to the Investment Manager. That is, whether the Group\u2019s objective is solely to collect the contractual cash flows from the assets or is to collect both the contractual cash flows and cash flows arising from the sale of assets. If neither of these are applicable, then the financial assets are classified as part of the other business model and measured at FVTPL. The information that will be considered by the Group in determining the business model includes: The stated policies and objectives for the portfolio and the operation of those policies in practice, including whether the strategy focuses on earning contractual interest revenue, maintaining a particular interest rate profile, matching duration of the financial assets to the duration of the liabilities that are funding those assets or realising cash flows through the sale of assets; Past experience on how the cash flows for these assets were collected; How the performance of the portfolio is evaluated and reported to the Investment Manager; The risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed; and The frequency, volume and timing of sales in prior periods, the reasons for such sales and expectations about future sales activity. However, information about sales activity is not considered in isolation, but as part of an overall assessment of how the Investment Manager\u2019s stated objective for managing the financial assets is achieved and how cash flows are realised. Assessment whether contractual cash flows are solely payments of principal and interest For the purposes of this assessment, \u201cprincipal\u201d is defined as the fair value of the financial asset on initial recognition. \u201cInterest\u201d is defined as consideration for the time value of money, for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a reasonable profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, the contractual terms of the instrument will be considered to see if the contractual cash flows are consistent with a basic lending arrangement. In making the assessment, the following features will be considered: Contingent events that would change the amount and timing of cash flows; Prepayment and extension terms; Terms that limit the Company\u2019s claim to cash flows from specified assets, e.g., non-recourse asset arrangements; and Features that modify consideration for the time value of money, e.g., periodic reset of interest rates. The Group reclassifies debt investments when and only when its business model for managing those assets changes. The reclassification that has taken place forms the start of the first reporting period following the change. Such changes are expected to be very infrequent. Expected credit loss allowance for financial assets measured at amortised cost The Credit impairment losses in the Consolidated Statement of Comprehensive Income includes the change in expected credit losses which are recognised for loans and advances to customers, other financial assets held at amortised cost and certain loan commitments. At initial recognition, allowance is made for expected credit losses resulting from default events that are possible within the next 12 months (12-month expected credit losses). In the event of a significant increase in credit risk, allowance (or provision) is made for expected credit losses resulting from all possible default events over the expected life of the financial instrument (lifetime expected credit losses). Financial assets where 12-month expected credit losses are recognised are considered to be Stage 1; financial assets which are considered to have experienced a significant increase in credit risk are in Stage 2; and financial assets which have defaulted or are otherwise considered to be credit impaired are allocated to Stage 3. The measurement of expected credit losses will primarily be based on the product of the instrument\u2019s probability of default (\u201cPD\u201d), loss given default (\u201cLGD\u201d), and exposure at default (\u201cEAD\u201d), taking into account the value of any collateral held or other mitigants of loss and including the impact of discounting using the effective interest rate (\u201cEIR\u201d). The PD represents the likelihood of a borrower defaulting on its financial obligation, either over the next 12 months (\u201c12M PD\u201d), or over the remaining lifetime (\u201cLifetime PD\u201d) of the obligation. EAD is based on the amounts the Group expects to be owed at the time of default, over the next 12 months (\u201c12M EAD\u201d) or over the remaining lifetime (\u201cLifetime EAD\u201d). For example, for a revolving commitment, the Group includes the current drawn balance plus any further amount that is expected to be drawn up to the current contractual limit by the time of default, should it occur. LGD represents the Group\u2019s expectation of the extent of loss on a defaulted exposure. LGD varies by type of counterparty, type and seniority of claim and availability of collateral or other credit support. LGD is expressed as a percentage loss per unit of exposure at the time of default. LGD is calculated on a 12-month or lifetime basis, where 12-month LGD is the percentage of loss expected to be made if the default occurs in the next 12 months and Lifetime LGD is the percentage of loss expected to be made if the default occurs over the remaining expected lifetime of the loan. The estimated credit loss (\u201cECL\u201d) is determined by projecting the PD, LGD, and EAD for each future month and for each individual exposure. Movements between Stage 1 and Stage 2 are based on whether an instrument\u2019s credit risk as at the reporting date has increased significantly relative to the date it was initially recognised. Where the credit risk subsequently improves such that it no longer represents a significant increase in credit risk since origination, the asset is transferred back to Stage 1. General expectations with regards to expected losses on loans are assessed based on an analysis of loan collateral and credit enhancement. Impairments are recognised once a loan is deemed to have a non-trivial likelihood of facing a material loss. The expected credit loss allowance reflects the increasing likelihood of loss as collateral and credit enhancement become diminished or impaired. The adequacy of credit enhancement is typically based on the actual contractual terms of the investment, including such provisions as collateral eligibility, advance rate and/or loan to value ratio. The value and cash flows of the collateral are determined based on all available historical performance data on the specific asset pool being assessed, including historical loss performance data and forward-looking information, supplemented by additional sources as needed. Unless identified at an earlier stage, the credit risk of financial assets is deemed to have increased significantly when more than 30 days past due. The Group does not rebut the presumption in IFRS 9 that all financial assets that are more than 30 days past due have experienced a significant increase in credit risk. The assessment as to when a financial asset has experienced a significant increase in the probability of default requires the application of management judgement. In addition, the Group typically considers a financial instrument to have experienced a significant increase in credit risk when one of the following have occurred: Significant increase in credit spread; Significant adverse changes in business, financial and/or economic conditions in which the borrower operates; Actual or expected forbearance or restructuring; Actual or expected significant adverse change in operating results of the borrower; Significant change in collateral value which is expected to increase the risk of default; or Early signs of cashflow or liquidity problems. Movements between Stage 2 and Stage 3 are based on whether financial assets are credit impaired as at the reporting date. Assets can move in both directions through the stages of the impairment model. The criteria for determining whether credit risk has increased significantly will vary by portfolio and will include a backstop based on delinquency. IFRS 9 contains a rebuttable presumption that default occurs no later than when a payment is 90 days past due which the Group does not rebut. A loan is normally written off, either partially or in full, when there is no realistic prospect of recovery (as a result of the customer\u2019s insolvency, ceasing to trade or other reason) and the amount of the loss has been determined. Subsequent recoveries of amounts previously written off decrease the amount of impairment losses recorded. The Company assesses at each reporting date whether there is objective evidence that a loan or group of loans is impaired. In performing such analysis, the Company assesses the probability of default based on the level of collateral and credit enhancement and on the number of days past due, using recent historical rates of default on loan portfolios with credit risk characteristics similar to those of the Company or past history if sufficient data is available to demonstrate a reliable loss profile. Inputs into the assessment of whether a financial instrument is in default and their significance may vary over time to reflect changes in circumstances. Under IFRS 9, when determining whether the credit risk (i.e. the risk of default) on a financial instrument has increased significantly since initial recognition, reasonable and supportable information that is relevant and available without undue cost or effort, including both quantitative and qualitative information and analysis based on historical experience, credit assessment and forward-looking information is used. The measurement of expected credit losses for each stage and the assessment of significant increases in credit risk must consider information about past events and current conditions as well as reasonable and supportable forward-looking information, including a \u201cbase case\u201d view of the future direction of relevant economic variables and a representative range of other possible forecasts scenarios. The process will involve developing two or more additional economic scenarios and considering the relative probabilities of each outcome. The base case will represent a most likely outcome and be aligned with information used for other purposes, such as strategic planning and budgeting. The number of scenarios used and their attributes are reassessed at each reporting date by investment. The scenario weightings are determined by a combination of statistical analysis and expert credit judgement, taking account of the range of possible outcomes each chosen scenario is representative of. These scenarios are informed by data from the Federal Reserve regarding the probability of a recession in the US over the subsequent 12-month period. The estimation and application of forward-looking information requires significant judgement. PD, LGD and EAD inputs used to estimate Stage 1 and Stage 2 credit loss allowances, are modelled based on the macroeconomic variables (or changes in macroeconomic variables) that are most closely correlated with credit losses in the relevant portfolio. As with any economic forecasts, the projections and likelihoods of occurrence are subject to a high degree of inherent uncertainty and therefore the actual outcomes may be significantly different to those projected. The Group considers these forecasts to represent its best estimate of the possible outcomes and has analysed the non-linearities and asymmetries within the Group\u2019s different portfolios to establish that the chosen scenarios are appropriately representative of the range of possible scenarios. Other forward-looking considerations not otherwise incorporated within the above scenarios, such as the impact of any regulatory, legislative or political changes, have also been considered, but are not deemed to have a material impact and therefore no adjustment has been made to the ECL for such factors. This is reviewed and monitored for appropriateness on a quarterly basis. Collateral and other credit enhancements The Group employs a range of policies to mitigate credit risk. The most common of these is accepting collateral for funds advanced. The Group has internal policies of the acceptability of specific classes of collateral or credit risk mitigation. Modification of financial assets The Group sometimes modifies the terms or loans provided to customers due to commercial renegotiations, or for distressed loans, with a view to maximising recovery. Such restructuring activities include extended payment term arrangements, payment holidays and payment forgiveness. Restructuring policies and practice are based on indicators or criteria which, in the judgement of management, indicate that payment will most likely continue. These policies are kept under continuous review. The risk of default of such assets after modification is assessed at the reporting date and compared with the risk under the original terms at initial recognition, when the modification is not substantial and so does not result in derecognition of the original assets. The Group monitors the subsequent performance of modified assets. The Group may determine that the credit risk has significantly improved after restructuring, so that the assets are moved from Stage 3 or Stage 2. Modification of terms is not an indicator of a change in risk. Modification of loans The Group sometimes renegotiates or otherwise modifies the contractual cash flows of loans to customers. When this happens, the Group assesses whether or not the new terms are substantially different to the original terms. The Group does this by considering, among others, the following factors: If the borrower is in financial difficulty, whether the modification merely reduces the contractual cash flows to amounts the borrower is expected to be able to pay; Whether any substantial new terms are introduced, such as a profit share/equity-based return that substantially affect the risk profile of the loan; Significant extension of the loan term when the borrower is not in financial difficulty; Significant change in the interest rate; Change in the currency the loan is denominated in; and Insertion of collateral, other security or credit enhancements that significantly affect the credit risk associated with the loan. If the terms are substantially different, the Group derecognises the original financial asset and recognises a new asset at fair value and recalculates a new effective interest rate for the asset. The date of renegotiation is consequently considered to be the date of initial recognition for impairment calculation purposes, including for the purpose of determining if a significant increase in credit risk has occurred. However, the Group also assesses whether the new financial asset recognised is deemed to be credit-impaired at initial recognition, especially in circumstances where the renegotiation was driven by the debtor being unable to make the originally agreed payments. Differences in the carrying amounts are also recognised in the Consolidated Statement of Comprehensive Income as a gain or loss on derecognition. If the terms are not substantially different, the renegotiation or modification does not result in derecognition, and the Group recalculates the gross carrying amount based on the revised cash flows of the financial asset and recognises a modification gain or loss in the Consolidated Statement of Comprehensive Income. The new gross carrying amount is recalculated by discounting the modified cash flows at the original effective interest rate (or credit-adjusted effective interest rate for purchased or originated credit-impaired financial assets). During the year and the prior year, no investments were modified per the Group\u2019s policy. Derecognition other than a modification Financial assets, or a portion thereof, are derecognised when the contractual rights to receive the cash flows from the assets have expired, or when they have been transferred and either (i) the Group transfers substantially all the risks and rewards of ownership, or (ii) the Group neither transfers nor retains substantially all the risks and rewards of ownership and the Group has not retained control. The Group enters into transactions where it retains the contractual rights to receive cash flows from assets but assumes a contractual obligation to pay those cash flows to other entities and transfers substantially all of the risks and rewards. These transactions are accounted for as \u2018pass through\u2019 transfers that result in derecognition if the Group: Has no obligation to make payments unless it collects equivalent amounts from the assets; Is prohibited from selling or pledging the assets; and Has an obligation to remit any cash it collects from the assets without material delay. Collateral furnished by the Group under standard repurchase agreements and securities lending and borrowing transactions are not derecognised because the Group retains substantially all the risks and rewards on the basis of the predetermined repurchase price, and the criteria for derecognition are therefore not met. Financial assets and financial liabilities designated as held at fair value through profit or loss This category consists of forward foreign exchange contracts, common equity, preferred stock, warrants and investments in funds. Assets and liabilities in this category are carried at fair value. The fair values of derivative instruments are estimated using discounted cash flow models using yield curves that are based on observable market data or are based on valuations obtained from counterparties. Investments in funds are carried at fair value through profit or loss and designated as such at inception. This is valued for the units at the balance sheet date based on the NAV where it is assessed that NAV equates to fair value. Common equity, preferred stock and warrants are valued using a variety of techniques. These techniques include market comparables, discounted cash flows, yield analysis, and transaction prices. Refer to Note 3. Gains and losses arising from the changes in the fair values are recognised in the Consolidated Statement of Comprehensive Income. Loans at amortised cost Loans at amortised cost are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans are recognised when the funds are advanced to borrowers and are carried at amortised cost using the effective interest rate method less provisions for impairment. Purchases and sales of financial assets Purchases and sales of financial assets are accounted for at trade date. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Fair value estimation The determination of fair value of investments requires the use of accounting estimates and assumptions that could cause material adjustment to the carrying value of those investments. Financial liabilities Borrowings, deposits, debt securities in issue and subordinated liabilities, if any, are recognised initially at fair value, being the issue proceeds net of premiums, discounts and transaction costs incurred. All borrowings are subsequently measured at amortised cost using the effective interest rate method. Amortised cost is adjusted for the amortisation of any premiums, discounts and transaction costs. The amortisation is recognised in interest expense and similar charges using the effective interest rate method. Financial liabilities are derecognised when the obligation is discharged, cancelled or has expired. Derivatives Derivatives are entered into to reduce exposures to fluctuations in interest rates, exchange rates, market indices and credit risks and are not used for speculative purposes. The Parent Company entered into forward foreign currency exchange contracts as a hedge against exchange rate fluctuations for investments in Portfolio Companies denominated in foreign currencies. A forward foreign currency exchange contract is an agreement between two parties to purchase or sell a specified quantity of a currency at or before a specified date in the future. Forward contracts are typically traded in the OTC markets and all details of the contract are negotiated between the counterparties to the agreement. Gains and losses arising from derivative instruments are credited or charged to the Consolidated Statement of Comprehensive Income. Gains and losses of a revenue nature are reflected in the revenue column and gains and losses of a capital nature are reflected in the capital column. Gains and losses on forward foreign exchange contracts are reflected in Foreign exchange gain/(loss) in the Consolidated Statement of Comprehensive Income. As at 31 December 2024, The Company closed all derivatives as reflected in the Consolidated Statement of Financial Position. Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the Consolidated Statement of Financial Position if, and only if, there is currently enforceable legal right to set off the recognised amounts and there is an intention to settle on a net basis, or to realise an asset and settle the liability simultaneously. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-444": { "value": "Expected credit loss allowance for financial assets measured at amortised cost The Credit impairment losses in the Consolidated Statement of Comprehensive Income includes the change in expected credit losses which are recognised for loans and advances to customers, other financial assets held at amortised cost and certain loan commitments. At initial recognition, allowance is made for expected credit losses resulting from default events that are possible within the next 12 months (12-month expected credit losses). In the event of a significant increase in credit risk, allowance (or provision) is made for expected credit losses resulting from all possible default events over the expected life of the financial instrument (lifetime expected credit losses). Financial assets where 12-month expected credit losses are recognised are considered to be Stage 1; financial assets which are considered to have experienced a significant increase in credit risk are in Stage 2; and financial assets which have defaulted or are otherwise considered to be credit impaired are allocated to Stage 3. The measurement of expected credit losses will primarily be based on the product of the instrument\u2019s probability of default (\u201cPD\u201d), loss given default (\u201cLGD\u201d), and exposure at default (\u201cEAD\u201d), taking into account the value of any collateral held or other mitigants of loss and including the impact of discounting using the effective interest rate (\u201cEIR\u201d). The PD represents the likelihood of a borrower defaulting on its financial obligation, either over the next 12 months (\u201c12M PD\u201d), or over the remaining lifetime (\u201cLifetime PD\u201d) of the obligation. EAD is based on the amounts the Group expects to be owed at the time of default, over the next 12 months (\u201c12M EAD\u201d) or over the remaining lifetime (\u201cLifetime EAD\u201d). For example, for a revolving commitment, the Group includes the current drawn balance plus any further amount that is expected to be drawn up to the current contractual limit by the time of default, should it occur. LGD represents the Group\u2019s expectation of the extent of loss on a defaulted exposure. LGD varies by type of counterparty, type and seniority of claim and availability of collateral or other credit support. LGD is expressed as a percentage loss per unit of exposure at the time of default. LGD is calculated on a 12-month or lifetime basis, where 12-month LGD is the percentage of loss expected to be made if the default occurs in the next 12 months and Lifetime LGD is the percentage of loss expected to be made if the default occurs over the remaining expected lifetime of the loan. The estimated credit loss (\u201cECL\u201d) is determined by projecting the PD, LGD, and EAD for each future month and for each individual exposure. Movements between Stage 1 and Stage 2 are based on whether an instrument\u2019s credit risk as at the reporting date has increased significantly relative to the date it was initially recognised. Where the credit risk subsequently improves such that it no longer represents a significant increase in credit risk since origination, the asset is transferred back to Stage 1. General expectations with regards to expected losses on loans are assessed based on an analysis of loan collateral and credit enhancement. Impairments are recognised once a loan is deemed to have a non-trivial likelihood of facing a material loss. The expected credit loss allowance reflects the increasing likelihood of loss as collateral and credit enhancement become diminished or impaired. The adequacy of credit enhancement is typically based on the actual contractual terms of the investment, including such provisions as collateral eligibility, advance rate and/or loan to value ratio. The value and cash flows of the collateral are determined based on all available historical performance data on the specific asset pool being assessed, including historical loss performance data and forward-looking information, supplemented by additional sources as needed. Unless identified at an earlier stage, the credit risk of financial assets is deemed to have increased significantly when more than 30 days past due. The Group does not rebut the presumption in IFRS 9 that all financial assets that are more than 30 days past due have experienced a significant increase in credit risk. The assessment as to when a financial asset has experienced a significant increase in the probability of default requires the application of management judgement. In addition, the Group typically considers a financial instrument to have experienced a significant increase in credit risk when one of the following have occurred: Significant increase in credit spread; Significant adverse changes in business, financial and/or economic conditions in which the borrower operates; Actual or expected forbearance or restructuring; Actual or expected significant adverse change in operating results of the borrower; Significant change in collateral value which is expected to increase the risk of default; or Early signs of cashflow or liquidity problems. Movements between Stage 2 and Stage 3 are based on whether financial assets are credit impaired as at the reporting date. Assets can move in both directions through the stages of the impairment model. The criteria for determining whether credit risk has increased significantly will vary by portfolio and will include a backstop based on delinquency. IFRS 9 contains a rebuttable presumption that default occurs no later than when a payment is 90 days past due which the Group does not rebut. A loan is normally written off, either partially or in full, when there is no realistic prospect of recovery (as a result of the customer\u2019s insolvency, ceasing to trade or other reason) and the amount of the loss has been determined. Subsequent recoveries of amounts previously written off decrease the amount of impairment losses recorded. The Company assesses at each reporting date whether there is objective evidence that a loan or group of loans is impaired. In performing such analysis, the Company assesses the probability of default based on the level of collateral and credit enhancement and on the number of days past due, using recent historical rates of default on loan portfolios with credit risk characteristics similar to those of the Company or past history if sufficient data is available to demonstrate a reliable loss profile. Inputs into the assessment of whether a financial instrument is in default and their significance may vary over time to reflect changes in circumstances. Under IFRS 9, when determining whether the credit risk (i.e. the risk of default) on a financial instrument has increased significantly since initial recognition, reasonable and supportable information that is relevant and available without undue cost or effort, including both quantitative and qualitative information and analysis based on historical experience, credit assessment and forward-looking information is used. The measurement of expected credit losses for each stage and the assessment of significant increases in credit risk must consider information about past events and current conditions as well as reasonable and supportable forward-looking information, including a \u201cbase case\u201d view of the future direction of relevant economic variables and a representative range of other possible forecasts scenarios. The process will involve developing two or more additional economic scenarios and considering the relative probabilities of each outcome. The base case will represent a most likely outcome and be aligned with information used for other purposes, such as strategic planning and budgeting. The number of scenarios used and their attributes are reassessed at each reporting date by investment. The scenario weightings are determined by a combination of statistical analysis and expert credit judgement, taking account of the range of possible outcomes each chosen scenario is representative of. These scenarios are informed by data from the Federal Reserve regarding the probability of a recession in the US over the subsequent 12-month period. The estimation and application of forward-looking information requires significant judgement. PD, LGD and EAD inputs used to estimate Stage 1 and Stage 2 credit loss allowances, are modelled based on the macroeconomic variables (or changes in macroeconomic variables) that are most closely correlated with credit losses in the relevant portfolio. As with any economic forecasts, the projections and likelihoods of occurrence are subject to a high degree of inherent uncertainty and therefore the actual outcomes may be significantly different to those projected. The Group considers these forecasts to represent its best estimate of the possible outcomes and has analysed the non-linearities and asymmetries within the Group\u2019s different portfolios to establish that the chosen scenarios are appropriately representative of the range of possible scenarios. Other forward-looking considerations not otherwise incorporated within the above scenarios, such as the impact of any regulatory, legislative or political changes, have also been considered, but are not deemed to have a material impact and therefore no adjustment has been made to the ECL for such factors. This is reviewed and monitored for appropriateness on a quarterly basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-439": { "value": "Expected credit loss allowance for financial assets measured at amortised cost The Credit impairment losses in the Consolidated Statement of Comprehensive Income includes the change in expected credit losses which are recognised for loans and advances to customers, other financial assets held at amortised cost and certain loan commitments. At initial recognition, allowance is made for expected credit losses resulting from default events that are possible within the next 12 months (12-month expected credit losses). In the event of a significant increase in credit risk, allowance (or provision) is made for expected credit losses resulting from all possible default events over the expected life of the financial instrument (lifetime expected credit losses). Financial assets where 12-month expected credit losses are recognised are considered to be Stage 1; financial assets which are considered to have experienced a significant increase in credit risk are in Stage 2; and financial assets which have defaulted or are otherwise considered to be credit impaired are allocated to Stage 3. The measurement of expected credit losses will primarily be based on the product of the instrument\u2019s probability of default (\u201cPD\u201d), loss given default (\u201cLGD\u201d), and exposure at default (\u201cEAD\u201d), taking into account the value of any collateral held or other mitigants of loss and including the impact of discounting using the effective interest rate (\u201cEIR\u201d). The PD represents the likelihood of a borrower defaulting on its financial obligation, either over the next 12 months (\u201c12M PD\u201d), or over the remaining lifetime (\u201cLifetime PD\u201d) of the obligation. EAD is based on the amounts the Group expects to be owed at the time of default, over the next 12 months (\u201c12M EAD\u201d) or over the remaining lifetime (\u201cLifetime EAD\u201d). For example, for a revolving commitment, the Group includes the current drawn balance plus any further amount that is expected to be drawn up to the current contractual limit by the time of default, should it occur. LGD represents the Group\u2019s expectation of the extent of loss on a defaulted exposure. LGD varies by type of counterparty, type and seniority of claim and availability of collateral or other credit support. LGD is expressed as a percentage loss per unit of exposure at the time of default. LGD is calculated on a 12-month or lifetime basis, where 12-month LGD is the percentage of loss expected to be made if the default occurs in the next 12 months and Lifetime LGD is the percentage of loss expected to be made if the default occurs over the remaining expected lifetime of the loan. The estimated credit loss (\u201cECL\u201d) is determined by projecting the PD, LGD, and EAD for each future month and for each individual exposure. Movements between Stage 1 and Stage 2 are based on whether an instrument\u2019s credit risk as at the reporting date has increased significantly relative to the date it was initially recognised. Where the credit risk subsequently improves such that it no longer represents a significant increase in credit risk since origination, the asset is transferred back to Stage 1. General expectations with regards to expected losses on loans are assessed based on an analysis of loan collateral and credit enhancement. Impairments are recognised once a loan is deemed to have a non-trivial likelihood of facing a material loss. The expected credit loss allowance reflects the increasing likelihood of loss as collateral and credit enhancement become diminished or impaired. The adequacy of credit enhancement is typically based on the actual contractual terms of the investment, including such provisions as collateral eligibility, advance rate and/or loan to value ratio. The value and cash flows of the collateral are determined based on all available historical performance data on the specific asset pool being assessed, including historical loss performance data and forward-looking information, supplemented by additional sources as needed. Unless identified at an earlier stage, the credit risk of financial assets is deemed to have increased significantly when more than 30 days past due. The Group does not rebut the presumption in IFRS 9 that all financial assets that are more than 30 days past due have experienced a significant increase in credit risk. The assessment as to when a financial asset has experienced a significant increase in the probability of default requires the application of management judgement. In addition, the Group typically considers a financial instrument to have experienced a significant increase in credit risk when one of the following have occurred: Significant increase in credit spread; Significant adverse changes in business, financial and/or economic conditions in which the borrower operates; Actual or expected forbearance or restructuring; Actual or expected significant adverse change in operating results of the borrower; Significant change in collateral value which is expected to increase the risk of default; or Early signs of cashflow or liquidity problems. Movements between Stage 2 and Stage 3 are based on whether financial assets are credit impaired as at the reporting date. Assets can move in both directions through the stages of the impairment model. The criteria for determining whether credit risk has increased significantly will vary by portfolio and will include a backstop based on delinquency. IFRS 9 contains a rebuttable presumption that default occurs no later than when a payment is 90 days past due which the Group does not rebut. A loan is normally written off, either partially or in full, when there is no realistic prospect of recovery (as a result of the customer\u2019s insolvency, ceasing to trade or other reason) and the amount of the loss has been determined. Subsequent recoveries of amounts previously written off decrease the amount of impairment losses recorded. The Company assesses at each reporting date whether there is objective evidence that a loan or group of loans is impaired. In performing such analysis, the Company assesses the probability of default based on the level of collateral and credit enhancement and on the number of days past due, using recent historical rates of default on loan portfolios with credit risk characteristics similar to those of the Company or past history if sufficient data is available to demonstrate a reliable loss profile. Inputs into the assessment of whether a financial instrument is in default and their significance may vary over time to reflect changes in circumstances. Under IFRS 9, when determining whether the credit risk (i.e. the risk of default) on a financial instrument has increased significantly since initial recognition, reasonable and supportable information that is relevant and available without undue cost or effort, including both quantitative and qualitative information and analysis based on historical experience, credit assessment and forward-looking information is used. The measurement of expected credit losses for each stage and the assessment of significant increases in credit risk must consider information about past events and current conditions as well as reasonable and supportable forward-looking information, including a \u201cbase case\u201d view of the future direction of relevant economic variables and a representative range of other possible forecasts scenarios. The process will involve developing two or more additional economic scenarios and considering the relative probabilities of each outcome. The base case will represent a most likely outcome and be aligned with information used for other purposes, such as strategic planning and budgeting. The number of scenarios used and their attributes are reassessed at each reporting date by investment. The scenario weightings are determined by a combination of statistical analysis and expert credit judgement, taking account of the range of possible outcomes each chosen scenario is representative of. These scenarios are informed by data from the Federal Reserve regarding the probability of a recession in the US over the subsequent 12-month period. The estimation and application of forward-looking information requires significant judgement. PD, LGD and EAD inputs used to estimate Stage 1 and Stage 2 credit loss allowances, are modelled based on the macroeconomic variables (or changes in macroeconomic variables) that are most closely correlated with credit losses in the relevant portfolio. As with any economic forecasts, the projections and likelihoods of occurrence are subject to a high degree of inherent uncertainty and therefore the actual outcomes may be significantly different to those projected. The Group considers these forecasts to represent its best estimate of the possible outcomes and has analysed the non-linearities and asymmetries within the Group\u2019s different portfolios to establish that the chosen scenarios are appropriately representative of the range of possible scenarios. Other forward-looking considerations not otherwise incorporated within the above scenarios, such as the impact of any regulatory, legislative or political changes, have also been considered, but are not deemed to have a material impact and therefore no adjustment has been made to the ECL for such factors. This is reviewed and monitored for appropriateness on a quarterly basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-440": { "value": "Collateral and other credit enhancements The Group employs a range of policies to mitigate credit risk. The most common of these is accepting collateral for funds advanced. The Group has internal policies of the acceptability of specific classes of collateral or credit risk mitigation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-445": { "value": "Derecognition other than a modification Financial assets, or a portion thereof, are derecognised when the contractual rights to receive the cash flows from the assets have expired, or when they have been transferred and either (i) the Group transfers substantially all the risks and rewards of ownership, or (ii) the Group neither transfers nor retains substantially all the risks and rewards of ownership and the Group has not retained control. The Group enters into transactions where it retains the contractual rights to receive cash flows from assets but assumes a contractual obligation to pay those cash flows to other entities and transfers substantially all of the risks and rewards. These transactions are accounted for as \u2018pass through\u2019 transfers that result in derecognition if the Group: Has no obligation to make payments unless it collects equivalent amounts from the assets; Is prohibited from selling or pledging the assets; and Has an obligation to remit any cash it collects from the assets without material delay. Collateral furnished by the Group under standard repurchase agreements and securities lending and borrowing transactions are not derecognised because the Group retains substantially all the risks and rewards on the basis of the predetermined repurchase price, and the criteria for derecognition are therefore not met. Financial liabilities are derecognised when the obligation is discharged, cancelled or has expired. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-446": { "value": "Financial assets and financial liabilities designated as held at fair value through profit or loss This category consists of forward foreign exchange contracts, common equity, preferred stock, warrants and investments in funds. Assets and liabilities in this category are carried at fair value. The fair values of derivative instruments are estimated using discounted cash flow models using yield curves that are based on observable market data or are based on valuations obtained from counterparties. Investments in funds are carried at fair value through profit or loss and designated as such at inception. This is valued for the units at the balance sheet date based on the NAV where it is assessed that NAV equates to fair value. Common equity, preferred stock and warrants are valued using a variety of techniques. These techniques include market comparables, discounted cash flows, yield analysis, and transaction prices. Refer to Note 3. Gains and losses arising from the changes in the fair values are recognised in the Consolidated Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-447": { "value": "Borrowings, deposits, debt securities in issue and subordinated liabilities, if any, are recognised initially at fair value, being the issue proceeds net of premiums, discounts and transaction costs incurred. All borrowings are subsequently measured at amortised cost using the effective interest rate method. Amortised cost is adjusted for the amortisation of any premiums, discounts and transaction costs. The amortisation is recognised in interest expense and similar charges using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-452": { "value": "Derivatives Derivatives are entered into to reduce exposures to fluctuations in interest rates, exchange rates, market indices and credit risks and are not used for speculative purposes. The Parent Company entered into forward foreign currency exchange contracts as a hedge against exchange rate fluctuations for investments in Portfolio Companies denominated in foreign currencies. A forward foreign currency exchange contract is an agreement between two parties to purchase or sell a specified quantity of a currency at or before a specified date in the future. Forward contracts are typically traded in the OTC markets and all details of the contract are negotiated between the counterparties to the agreement. Gains and losses arising from derivative instruments are credited or charged to the Consolidated Statement of Comprehensive Income. Gains and losses of a revenue nature are reflected in the revenue column and gains and losses of a capital nature are reflected in the capital column. Gains and losses on forward foreign exchange contracts are reflected in Foreign exchange gain/(loss) in the Consolidated Statement of Comprehensive Income. As at 31 December 2024, The Company closed all derivatives as reflected in the Consolidated Statement of Financial Position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-451": { "value": "Derivatives Derivatives are entered into to reduce exposures to fluctuations in interest rates, exchange rates, market indices and credit risks and are not used for speculative purposes. The Parent Company entered into forward foreign currency exchange contracts as a hedge against exchange rate fluctuations for investments in Portfolio Companies denominated in foreign currencies. A forward foreign currency exchange contract is an agreement between two parties to purchase or sell a specified quantity of a currency at or before a specified date in the future. Forward contracts are typically traded in the OTC markets and all details of the contract are negotiated between the counterparties to the agreement. Gains and losses arising from derivative instruments are credited or charged to the Consolidated Statement of Comprehensive Income. Gains and losses of a revenue nature are reflected in the revenue column and gains and losses of a capital nature are reflected in the capital column. Gains and losses on forward foreign exchange contracts are reflected in Foreign exchange gain/(loss) in the Consolidated Statement of Comprehensive Income. As at 31 December 2024, The Company closed all derivatives as reflected in the Consolidated Statement of Financial Position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-448": { "value": "Derivatives Derivatives are entered into to reduce exposures to fluctuations in interest rates, exchange rates, market indices and credit risks and are not used for speculative purposes. The Parent Company entered into forward foreign currency exchange contracts as a hedge against exchange rate fluctuations for investments in Portfolio Companies denominated in foreign currencies. A forward foreign currency exchange contract is an agreement between two parties to purchase or sell a specified quantity of a currency at or before a specified date in the future. Forward contracts are typically traded in the OTC markets and all details of the contract are negotiated between the counterparties to the agreement. Gains and losses arising from derivative instruments are credited or charged to the Consolidated Statement of Comprehensive Income. Gains and losses of a revenue nature are reflected in the revenue column and gains and losses of a capital nature are reflected in the capital column. Gains and losses on forward foreign exchange contracts are reflected in Foreign exchange gain/(loss) in the Consolidated Statement of Comprehensive Income. As at 31 December 2024, The Company closed all derivatives as reflected in the Consolidated Statement of Financial Position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-449": { "value": "Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the Consolidated Statement of Financial Position if, and only if, there is currently enforceable legal right to set off the recognised amounts and there is an intention to settle on a net basis, or to realise an asset and settle the liability simultaneously. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-390": { "value": "Investments in funds Investments in funds are measured at fair value through profit or loss. The NAV of the fund is used as a best estimate of fair value through profit or loss. The NAV is the value of all the assets of the fund less its liabilities to creditors (including provisions for such liabilities) determined in accordance with applicable accounting standards, which represents fair value based on the Company\u2019s assessment. Refer to Note 3 and Note 18 for further information. Equity securities Equity securities are measured at fair value. These securities are considered either Level 1, 2, or 3 investments. Further details of the valuation of equity securities are included in Note 3. Equity securities consist of common and preferred stock, warrants and convertible note investments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-424": { "value": "Equity securities Equity securities are measured at fair value. These securities are considered either Level 1, 2, or 3 investments. Further details of the valuation of equity securities are included in Note 3. Equity securities consist of common and preferred stock, warrants and convertible note investments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-389": { "value": "Other receivables Other receivables do not carry interest and are short-term in nature and are accordingly recognised at fair value as reduced by appropriate allowances for estimated irrecoverable amounts. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-391": { "value": "Cash and cash equivalents Cash comprises of cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments with a maturity of 90 days or less that are readily convertible to known amounts of cash. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-392": { "value": "Deferred income The Group and Parent Company defer draw fees received from investments and the deferred fees amortise into income on a straight-line basis over the life of the loan, which approximates the effective interest rate method. Other liabilities Other liabilities and accrued expenses are not interest-bearing and are stated at their nominal values. Due to their short-term nature this is determined to be equivalent to their fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-393": { "value": "Share Capital The Ordinary Shares are classified as equity. The costs of issuing or acquiring equity are recognised in equity (net of any related income tax benefit), as a reduction of equity on the condition that these are incremental costs directly attributable to the equity transaction that otherwise would have been avoided. The costs of an equity transaction that is abandoned are recognised as an expense. Those costs might include registration and other regulatory fees, amounts paid to legal, accounting and other professional advisers, printing costs and stamp duties. The Group\u2019s equity NAV per share is calculated by dividing the equity \u2013 net assets attributable to the holder of Ordinary Shares by the total number of outstanding Ordinary Shares. Treasury Shares have no entitlements to vote and are held by the Company. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-425": { "value": "Treasury Shares have no entitlements to vote and are held by the Company.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-394": { "value": "Foreign exchange Transactions in foreign currencies are translated into Pound Sterling at the rate of exchange ruling on the date of each transaction. Monetary assets, liabilities and equity investments in foreign currencies at the Consolidated Statement of Financial Position date are translated into Pound Sterling at the rates of exchange ruling on that date. Profits or losses on exchange, together with differences arising on the translation of foreign currency assets or liabilities, are taken to the capital return column of the Consolidated Statement of Comprehensive Income. Foreign exchange gains and losses arising on investment assets including loans are included within Net gain/(loss) on investments within the capital return column of the Consolidated Statement of Comprehensive Income. The assets and liabilities of the Group\u2019s foreign operations are translated using the exchange rates prevailing at the reporting date. Income and expense items are translated using the average exchange rates during the period. Exchange differences arising from the translation of foreign operations are taken directly as currency translation differences through the Consolidated Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-395": { "value": "Capital reserves Capital reserve \u2013 arising on investments sold includes: gains/losses on disposal of investments and the related foreign exchange differences; exchange differences on currency balances; cost of own shares bought back; and other capital charges and credits charged to this account in accordance with the accounting policies above. Capital reserve \u2013 arising on investments held includes: increases and decreases in the valuation of investments held at the year-end; increases and decreases in the IFRS 9 reserve of investments held at the year-end; and investments in subsidiaries by the Parent Company where retained earnings is negative. In the instance where the retained earnings of the Parent Company\u2019s investment in a subsidiary are negative, all income and expenses from that investment are allocated to the capital reserve for both the Group and the Parent Company. All the above are accounted for in the Consolidated Statement of Comprehensive Income except the cost of own shares bought back, if applicable, which would be accounted for in the Consolidated Statement of Changes in Equity. ", "dimensions": { "concept": "vsl:DescriptionOfAccountingPolicyForCapitalReservesExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-396": { "value": "Revenue reserves The revenue reserve represents the accumulated revenue profits retained by the Group. The Group makes interest distributions from the revenue reserve to Shareholders. ", "dimensions": { "concept": "vsl:DescriptionOfAccountingPolicyForRevenueReservesExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-397": { "value": "Segmental reporting The chief operating decision maker is the Board of Directors. The Directors are of the opinion that the Group is engaged in a single segment of business, being the investment of the Group\u2019s capital in financial assets comprising consumer loans, SME loans, corporate trade receivables and/or advances thereon. The Board focuses on the overall return from these assets irrespective of the structure through which the investment is made. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-398": { "value": "Critical accounting estimates The preparation of financial statements in conformity with UK-adopted international accounting standards requires the Group to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Although these estimates are based on the Directors\u2019 best knowledge of the amount, actual results may differ ultimately from those estimates. The areas requiring a higher degree of judgement or complexity and areas where assumptions and estimates are significant to the financial statements, are in relation to expected credit losses and investments at fair value through profit or loss. These are detailed below. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Measurement of the expected credit loss allowance The calculation of the Group\u2019s ECL allowances and provisions against loan commitments and guarantees under IFRS 9 is highly complex and involves the use of significant judgement and estimation. The investment manager proactively monitors and reviews the Company\u2019s investments quarterly related to expected credit losses and IFRS 9. Specific models are developed for each underlying investment and the results are discussed on an ongoing basis as new information is received. A review is first performed to identify what stage the Company\u2019s investments are in and the appropriate analysis is then performed. This includes the formulation and incorporation of multiple forward-looking economic conditions into ECL to meet the measurement objective of IFRS 9. The most significant estimates that are discussed below are considered to be the effect of potential future economic scenarios, collateral cash flows, and probability of default. These estimates vary on an investment-by-investment basis and may not be applicable to all investments held in the portfolio. Base case and stress case cash flow methodology under IFRS 9 Each loan in the Group\u2019s investment portfolio is analysed to assess the likelihood of the Group incurring any loss either: (i) in the normal course of events; (ii) in a stress scenario; or (iii) in some cases, an upside scenario. Given that these positions are typically secured by specific collateral and often further secured by guarantees from the operating business, the analysis looks at the impacts on both the specific collateral, as well as any obligations of the operating business to understand how the Group\u2019s investment would fair in each scenario. The collateral performance assumptions for each transaction are established using all available historical performance data on the specific asset pool being assessed, including historical loss performance data and forward-looking information, supplemented by additional sources as needed. Base case To establish the base case model, a representative portfolio is established based on the specific nature of the underlying collateral. The expected cash flows are assessed based on the relevant collateral parameters which will vary based on the specific asset class being assessed. In certain instances the collateral cash flows may entail the presumed sale of collateral assets to third parties based on expected market values. Cash flow and market assumptions are based on a combination of: (1) historical collateral data; (2) management forecasts; (3) proxy data from comparable assets or businesses; and (4) judgement from the investment professionals based on general research and knowledge. The model is then burdened with the following costs: (1) servicing costs which broadly reflect the expected costs of either (i) engaging a backup servicer to wind down the portfolio, or (ii) of operating the business through a liquidation; (2) upfront liquidation costs to reflect potential expenses associated with moving into liquidation; and (3) ongoing liquidation costs to reflect incremental costs born to oversee the liquidation. The last input component is the terms of the Group\u2019s investment, which includes the applicable advance rate and interest rate which are based on the prevailing terms and circumstances of the facility. The representative portfolio is deemed to reflect the most reliable and relevant information available about the portfolio attributes and expected performance. As part of the ongoing investment monitoring and risk management process, the Investment Manager is monitoring performance on the underlying collateral on a monthly basis to identify whether performance indicators are trending positively or negatively, and how much cushion exists compared to contractual covenant trigger levels. Any such changes would be reviewed to determine whether an adjustment is required to the model assumptions. 2008 Recession Loss Scalars by Asset and Population SUBPRIME & DEEP NEAR PRIME SUBPRIME VINTAGE VINTAGE PRIME VINTAGE SCORE BELOW 601 SCORE 601-660 SCORE ABOVE 660 Student Loan 0% 10% 8% fact that stress will emerge (and dissipate) over a period of time rather than having an immediate and constant impact. Retail Stress case Once the Base Case scenario is established, one or more \u201cStress Case\u201d scenarios are created for each transaction. The Stress Case is established by stressing the inputs that are most directly tied to outcomes to an extent consistent with a severe recession or comparably severe deterioration in the investment position. The primary driver of collateral value for many asset classes is the loss rates on the underlying receivables as these have the most direct impact on liquidation outcomes. For other asset classes it may include revenue yields, market values, or other economic variables. Certain variables with less significant impacts on the cash flow outcomes may be held constant to enhance model explanatory power. Stress variables may be adjusted to reflect the 17% 10% 3% Personal Loan 16% 41% 108% Auto Source: Assessing Performance of Consumer Lending Assets through Macroeconomic Shocks, Second Order Solutions (June 2019). Among the most heavily represented populations in the Group\u2019s borrower portfolios are personal loans (or amortising instalment loans). As seen in the above table, default rates on these loans increased by 1.16x-2.08x. Each portfolio was IFRS 9 calls for an assessment of the probability of default over the upcoming 12 months, and thus the Investment Manager provides a view of the probability of such a severe scenario occurring in the next 12 months for each of the investments which are at risk of incurring a loss (as some of the variables will vary between investments). Typically, the Investment Manager reviews macroeconomic data to assess the probability of a recession or stress scenario over a forward looking 12-month horizon. Such information may be supplemented with additional investment level or macroeconomic information to determine the appropriate probabilities of stress (most commonly any such adjustments would be to apply additional likelihood of stress). In certain instances, the assessed impairment reserves are constant across all scenarios, this most commonly occurs when the assessed impairment reserves are zero. In these instances, there shall be no need to assess probability weightings as it would not impact the overall analysis. Once the model has been run at the stressed scenario, if the cash flows continue to support the payment of an investment\u2019s principal and interest, the portfolio is deemed to have adequate coverage. If there is a shortfall in principal payments, a further assessment is done to note whether there are any excluded variables that need to be considered in determining the need for reserves on the position, including taking into account other additional credit enhancements provided in each deal (i.e., corporate guarantees, etc.). Such assessment would consider the likelihood of a scenario that could pose a loss and the expected magnitude of such loss in order to determine the appropriate reserve level. For asset backed investments, two of the primary drivers of the impairment analysis are the underlying collateral cash flows and the probability of default which is defined as the likelihood of an economic recession in the upcoming 12-month period. Regarding the underlying collateral cash flows, these may vary based on various underlying drivers depending on asset class (such as loss rates for financial assets and asset revenue and margin for ecommerce assets). For financial assets, loss rates are stressed ranging from 110% to 200% of base case as part of the impairment analysis and the impacts of those stresses are reflected in the impairment amounts on a probability weighted basis. For ecommerce assets, revenues are stressed ranging from 16% to 36% and margins are stressed ranging from 9% to 21% over the forecast period. Establishing Impairment Reserves Once the model has been run at the stressed scenario, if the cash flows continue to support the payment of all principal and interest after the burdens of servicing and liquidation costs, the portfolio is deemed to have adequate coverage based solely on direct collateral. If there is a shortfall in principal payments, a further assessment is done to note whether there are any excluded variables that need to be considered in determining the need for reserves on the position, including other additional credit enhancements provided in each deal (i.e., corporate guarantees, boot collateral, etc.). Such assessment would consider the likelihood of a scenario that could pose a loss or impairment and the expected magnitude of such loss in order to determine the appropriate reserve level. 24% 54% 88% Credit Card 43% 71% 132% assessed based on the applicable stress factor range based on the product and borrower population. IFRS 9 calls for an assessment of the probability of default over the upcoming 12 months, and thus the Investment Manager will also provide a view of the probability of such a severe scenario occurring in the next 12 months for each of the investments which are at risk of incurring a loss (as some of the variables will vary between investments). The Investment Manager reviews macroeconomic data and central bank indicators to assess the probability of a recession or stress scenario over a forward looking 12-month horizon. Such information may be supplemented with additional investment level or macroeconomic information to determine the appropriate probabilities of stress (most commonly any such adjustments would be to apply additional likelihood of stress). In certain instances, the assessed impairment reserves are constant across all scenarios, this most commonly occurs when the assessed impairment reserves are zero. In these instances there shall be no need to assess probability weightings as it would not impact the overall analysis. The Group has established impairment reserves by applying a weighting of 76% to the base case scenario and 24% to the stress case scenario for the majority of assets as at 31 December 2025. For a bespoke asset, we applied weighting of 60% to the base case, 20% to a stress case, and 20% to an upside case scenario. An increase in the likelihood of an economic recession of 10% would increase the stress case weighting to 34%. The resulting expected credit losses as at 31 December 2025 would be an increase of \u00a3318,395. The impact on the estimated credit losses as of 31 December 2024 was an increase of \u00a3510,472. In 2024, the weighting was 51% to the stress scenario. The cumulative base case loss rates for cash flowing investments ranged from 1% to 12%. If the cumulative loss rates in the stress scenario were increased by 10%, the resulting expected credit losses as at 31 December 2025 was \u00a354,295. The impact to expected credit losses as at 31 December 2024 was an increase of \u00a336,564. The Group has recognised the probability of default in the upcoming 12-month period for E-commerce investments ranged from 33% to 100% as at 31 December 2025. If the probability of default were increased by 10%, the impact to expected credit losses as at 31 December 2025 would be an increase of \u00a341,414. The impact on the estimated credit losses as of 31 December 2024 was an increase of \u00a3386,865. Valuation of unquoted investments The valuation of unquoted investments and investments for which there is an inactive market is a key area of judgement and may cause material adjustment to the carrying value of those assets and liabilities. The unquoted equity assets are valued on periodic basis using techniques including a market approach, costs approach and/or income approach. The valuation process is collaborative, involving the finance and investment functions within the Investment Manager with the final valuations being reviewed by the Board\u2019s Audit and Valuation Committee. The specific techniques used typically include earnings multiples, discounted cash flow analysis, the value of recent transactions, and, where appropriate, industry rules of thumb. The valuations often reflect a synthesis of a number of different approaches in determining the final fair value estimate. The individual approach for each investment will vary depending on relevant factors that a market participant would take into account in pricing the asset. Changes in fair value of all investments held at fair value are recognised in the Consolidated Statement of Comprehensive Income as a capital item. On disposal, realised gains and losses are also recognised in the Consolidated Statement of Comprehensive Income as a capital item. Transaction costs are included within gains or losses on investments held at fair value, although any related interest income, dividend income and finance costs are disclosed separately in the Consolidated Financial Statements. The ultimate sale price of investments may not be the same as fair value. Refer to Note 3. Critical accounting judgments Judgement is required to determine whether the Parent Company exercises control over its investee entities and whether they should be consolidated. Control is achieved where the Parent Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities. The Parent Company controls an investee entity when the Parent Company is exposed to, or has rights to, variable returns from its investment and has the ability to affect those returns through its power over the entity. At each reporting date, an assessment is undertaken of investee entities to determine control. In the intervening period, assessments are undertaken where circumstances change that may give rise to a change in the control assessment. These include when an investment is made into a new entity, or an amendment to existing entity documentation or processes. When assessing whether the Parent Company has the power to affect its variable returns, and therefore control investee entities, an assessment is undertaken of the Parent Company\u2019s ability to influence the relevant activities of the investee entity. These activities include considering the ability to appoint or remove key management or the manager, which party has decision making powers over the entity and whether the manager of an entity is acting as principal or agent. The assessment undertaken for entities considers the Parent Company\u2019s level of investment into the entity and its intended long-term holding in the entity and there may be instances where the Parent Company owns less than 51% of an investee entity but that entity is consolidated. Further details of the Parent Company\u2019s subsidiaries are included in Note 17. The Group\u2019s investments in associates all consist of limited partner interest in funds. There are no significant restrictions between investors with joint control or significant influence over the associates listed above on the ability of the associates to transfer funds to any party in the form of cash dividends or to repay loans or advances made by the Group. Further details of the Parent Company\u2019s associates are included in Note 18. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-426": { "value": "Accounting standards issued but not yet effective or not material to the Group A number of new accounting standards and amendments to accounting standards are effective for annual periods beginning after 1 January 2025 and earlier application is permitted; however, the Group has not early adopted the new or amended accounting standards in preparing these financial statements. IFRS 18 Presentation and Disclosure in Financial Statements (effective for annual periods beginning on or after 1 January 2027) IFRS 18 will replace IAS 1 Presentation of financial statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive, in particular those related to the statement of financial performance and providing management-defined performance measures within the financial statements. Management is currently assessing the detailed implications of applying the new standard on the group\u2019s consolidated financial statements. From the high-level preliminary assessment, the following potential impacts have been identified: Although the adoption of IFRS 18 will have no impact on the group\u2019s net profit, the group expects that grouping items of income and expenses in the statement of profit or loss into the new categories will impact how operating profit is calculated and reported. The group does not expect there to be a significant change in the information that is currently disclosed in the notes because the requirement to disclose material information remains unchanged; however, the way in which the information is grouped might change as a result of the aggregation/disaggregation principles. In addition, there will be significant new disclosures required for: management-defined performance measures; a break-down of the nature of expenses for line items presented by function in the operating category of the statement of profit or loss \u2013 this break-down is only required for certain nature expenses; and for the first annual period of application of IFRS 18, a reconciliation for each line item in the statement of profit or loss between the restated amounts presented by applying IFRS 18 and the amounts previously presented applying IAS 1. The group will apply the new standard from its mandatory effective date of 1 January 2027. Retrospective application is required, and so the comparative information for the financial year ending 31 December 2026 will be restated in accordance with IFRS 18. The following new and amended accounting standards are not expected to have a significant impact on the Group\u2019s financial statements: IFRS 19 \u2013 \u2018Subsidiaries without Public Accountability: Disclosures\u2019 Annual improvements to IFRS \u2013 Volume 11 Amendments to IFRS 7 and IFRS 9 \u2013 Classification and Measurement of Financial Instruments IFRS 18, \u2018Presentation and Disclosure in Financial Statements\u2019 Other future developments include the IASB undertaking a comprehensive review of existing IFRSs. The Group will consider the financial impact of these new standards as they are finalised. Accounting standards effective during the year At the date of authorisation of these financial statements, the following standards and interpretations were adopted by the Group which are effective for annual periods beginning on or after 1 January 2025. Issued in August 2023, the amendments to IAS 21 (\u201cLack of Exchangeability\u201d) require entities to apply a consistent approach to determine if a currency is exchangeable into another, and if not, how to estimate the spot rate and provide disclosures. This amendment had no impact on the Group\u2019s financial statements of, nor is there expected to be any future impact. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-399": { "value": "Accounting standards issued but not yet effective or not material to the Group A number of new accounting standards and amendments to accounting standards are effective for annual periods beginning after 1 January 2025 and earlier application is permitted; however, the Group has not early adopted the new or amended accounting standards in preparing these financial statements. IFRS 18 Presentation and Disclosure in Financial Statements (effective for annual periods beginning on or after 1 January 2027) IFRS 18 will replace IAS 1 Presentation of financial statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive, in particular those related to the statement of financial performance and providing management-defined performance measures within the financial statements. Management is currently assessing the detailed implications of applying the new standard on the group\u2019s consolidated financial statements. From the high-level preliminary assessment, the following potential impacts have been identified: Although the adoption of IFRS 18 will have no impact on the group\u2019s net profit, the group expects that grouping items of income and expenses in the statement of profit or loss into the new categories will impact how operating profit is calculated and reported. The group does not expect there to be a significant change in the information that is currently disclosed in the notes because the requirement to disclose material information remains unchanged; however, the way in which the information is grouped might change as a result of the aggregation/disaggregation principles. In addition, there will be significant new disclosures required for: management-defined performance measures; a break-down of the nature of expenses for line items presented by function in the operating category of the statement of profit or loss \u2013 this break-down is only required for certain nature expenses; and for the first annual period of application of IFRS 18, a reconciliation for each line item in the statement of profit or loss between the restated amounts presented by applying IFRS 18 and the amounts previously presented applying IAS 1. The group will apply the new standard from its mandatory effective date of 1 January 2027. Retrospective application is required, and so the comparative information for the financial year ending 31 December 2026 will be restated in accordance with IFRS 18. The following new and amended accounting standards are not expected to have a significant impact on the Group\u2019s financial statements: IFRS 19 \u2013 \u2018Subsidiaries without Public Accountability: Disclosures\u2019 Annual improvements to IFRS \u2013 Volume 11 Amendments to IFRS 7 and IFRS 9 \u2013 Classification and Measurement of Financial Instruments IFRS 18, \u2018Presentation and Disclosure in Financial Statements\u2019 Other future developments include the IASB undertaking a comprehensive review of existing IFRSs. The Group will consider the financial impact of these new standards as they are finalised. Accounting standards effective during the year At the date of authorisation of these financial statements, the following standards and interpretations were adopted by the Group which are effective for annual periods beginning on or after 1 January 2025. Issued in August 2023, the amendments to IAS 21 (\u201cLack of Exchangeability\u201d) require entities to apply a consistent approach to determine if a currency is exchangeable into another, and if not, how to estimate the spot rate and provide disclosures. This amendment had no impact on the Group\u2019s financial statements of, nor is there expected to be any future impact. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-441": { "value": "3. FAIR VALUE MEASUREMENT Financial instruments measured and reported at fair value are classified and disclosed in one of the following fair value hierarchy levels based on the significance of the inputs used in measuring its fair value: Level 1 \u2013 Quoted prices (unadjusted) in active markets for identical assets and liabilities; Level 2 \u2013 Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); and Level 3 \u2013 Pricing inputs for the asset or liability that are not based on observable market data (unobservable inputs). An investment is always categorised as Level 1, 2 or 3 in its entirety. In certain cases, the fair value measurement for an investment may use a number of different inputs that fall into different levels of the fair value hierarchy. In such cases, an investment\u2019s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment and is specific to the investment. Valuation of investments in funds The Group\u2019s investments in funds are subject to the terms and conditions of the respective fund\u2019s offering documentation. The investments in funds are primarily valued based on the latest available financial information. The Investment Manager reviews the details of the reported information obtained from the funds and considers: (i) the valuation of the fund\u2019s underlying investments; (ii) the value date of the NAV provided; (iii) cash flows (calls/distributions) since the latest value date; and (iv) the basis of accounting and, in instances where the basis of accounting is other than fair value, fair valuation information provided by the funds. If necessary, adjustments to the NAV are made to the funds to obtain the best estimate of fair value. The funds in which the Group invests are close-ended and unquoted. No adjustments have been determined to be necessary to the NAV as provided as at 31 December 2025 as this reflects fair value under the relevant valuation methodology. The NAV is provided to investors only and is not made publicly available. Valuation of equity securities Fair value is determined based on the Group\u2019s valuation methodology, which is either determined using market comparables, discounted cash flow models or recent transactions. Under the Enterprise Valuation Waterfall Analysis, the Group estimates the fair value of a portfolio company using traditional valuation methodologies including market, income, and cost approaches, as well as other applicable industry-specific approaches and then waterfall the enterprise value over the portfolio company\u2019s securities in order of their preference relative to one another. Some or all the traditional valuation methodologies are weighted based on the individual circumstances of the portfolio company to determine an estimate of the enterprise value. The traditional valuation methodologies consist of valuation estimates based on: valuations of comparable public companies, recent sales of private and public comparable companies, discounting the forecasted cash flows of the portfolio company, estimating the liquidation or collateral value of the portfolio company\u2019s assets, third-party valuations of the portfolio company or its assets, considering offers from third-parties to buy the portfolio company, estimating the value to potential strategic buyers and considering the value of recent investments in the equity securities of the portfolio company. To determine the enterprise value of a portfolio company, its historical and projected financial results, as well as other factors that may impact value, such as exposure to litigation, loss of significant customers or other contingencies are considered. This financial and other information is generally obtained from the Group\u2019s portfolio companies, and in most cases represents unaudited, projected, or pro-forma financial information. In using a valuation methodology based on the discounting of forecasted cash flows of the portfolio company, significant judgment is required in the development of an appropriate discount rate to be applied to the forecasted cash flows. When applicable, a weighted average cost of capital approach is used to derive a discount rate that takes into account i) the risk-free rate ii) the cost of debt for creditworthiness and iii) the cost of equity for performance risk. The three inputs to the discount rate are based on third-party market studies, portfolio company interest rates, and an overall understanding of the inherent risk in the cash flows. The remaining assumptions incorporated in the valuation methodologies used to estimate the enterprise value consist primarily of unobservable Level 3 inputs, including management assumptions based on judgment. For example, from time to time, a portfolio company has exposure to potential or actual litigation. In evaluating the impact on the valuation for such items, the amount that a market participant would consider in estimating fair value is considered. These estimates are highly subjective, based on the Group\u2019s assessment of the potential outcome(s) and the related impact on the fair value of such potential outcome(s). A change in these assumptions could have a material impact on the determination of fair value. In using a valuation methodology based on comparable public companies or sales of private or public comparable companies, significant judgment is required in the application of discounts or premiums to the prices of comparable companies for factors such as size, marketability and relative performance. Related to the use of private company transactions, when a portfolio company closes on new equity, the new round\u2019s implied valuation is used in valuing the equity investment. The use of an equity round includes gaining an understanding of the resulting rights between equity classes, and when applicable, a discount related to rights and preference differences is applied to the implied valuation. In addition, when a portfolio company has significant reason to believe an equity round is closing in the near future, a weighted-probability approach with the applicable discounts may be used. Under the yield analysis approach, expected future cash flows are discounted back using a discount rate. The discount rate used incorporates market-based yields for similar credits to the public market and the underlying risk of the individual credit. Due to the inherent uncertainty of determining the fair value of Level 3 assets that do not have a readily available market value, the fair value of the assets may differ significantly from the values that would have been used had a ready market existed for such assets and may differ materially from the values that may ultimately be received or settled. Further, such assets are INVESTMENT ASSETS DESIGNATED non-transferability. classified as Level 2. TOTAL LEVEL 1 LEVEL 2 LEVEL 3 values, with the fair value based on the Group\u2019s assessment of the most representative point within the range. AS HELD AT FAIR VALUE \u00a3 at which such investment had previously been recorded. \u00a3 \u00a3 not be equally representative of fair value, due to factors such as assumptions made in the valuation. \u00a3 generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If the Group were required to liquidate a portfolio investment in a forced or liquidation sale, the Group may realise significantly less than the value The selection of appropriate valuation techniques may be affected by the availability of relevant inputs as well as the relative reliability of the inputs. In some cases, one valuation technique may provide the best indication of fair value while in other circumstances, multiple valuation techniques may be appropriate. The results of the application of the various techniques may In some situations, the Group may determine it appropriate to evaluate and weigh the results to develop a range of possible Investments may be classified as Level 2 when market information becomes available, yet the investment is not traded in an active market and/or the investment is subject to transfer restrictions, or the valuation is adjusted to reflect illiquidity and/or The Group, at times, may hold Level 1 investments and will use the available market quotes to value the investments. As noted above, these investments may include an illiquid period in which the investment does not have the ability to trade and will be The following table analyses the fair value hierarchy of the Group\u2019s assets and liabilities measured at fair value at 31 December 2025: Common stock Fair value disclosures 13,827,362 \u2013 \u2013 13,827,362 Preferred stock 7,368,110 \u2013 \u2013 7,368,110 Warrant 2,725,900 \u2013 \u2013 2,725,900 Convertible debt 4,500,179 \u2013 \u2013 4,500,179 Total The following table analyses the fair value hierarchy of the Group\u2019s assets and liabilities measured at fair value at 31 December 28,421,551 \u2013 \u2013 28,421,551 INVESTMENT ASSETS DESIGNATED2024: TOTAL LEVEL 1 LEVEL 2 LEVEL 3 AS HELD AT FAIR VALUE \u00a3 \u00a3 \u00a3 \u00a3 Investments in funds 638,095 \u2013 \u2013 638,095 Common stock 21,432,139 2,037,137 1,131,961 18,263,041 Preferred stock 7,146,490 \u2013 \u2013 7,146,490 Warrant 2,699,976 106,083 \u2013 2,593,893 Convertible debt 2,801,240 \u2013 \u2013 2,801,240 Total 34,717,940 2,143,220 1,131,961 The Parent Company has no asset and liabilities measured at fair value as at 31 December 2025. 31,442,759 INVESTMENT ASSETS DESIGNATED TOTAL LEVEL 1 LEVEL 2 LEVEL 3 AS HELD AT FAIR VALUE \u00a3 \u00a3 \u00a3 \u00a3 The following table analyses the fair value hierarchy of the Parent Company\u2019s assets and liabilities measured at fair value at Investments in funds 638,095 \u2013 \u2013 638,095 Total 31 December 2024: The \u00a32,915,171 of transfers in/out of Level 3 fair value measurement for the Group during the year ended 31 December 2025 were related to restructuring transactions that occurred during the year (31 December 2024: \u00a317,469,568). There were no transfers into and out of Level 3 fair value measurements for the Parent Company during the years ended 31 December 2025 and 31 December 2024. 638,095 \u2013 \u2013 638,095
TOTAL IN FUNDS
STOCK
STOCK
WARRANT
DEBT
The following table presents the movement in Level 3 positions for the year ended 31 December 2025 for the Group:
\u00a3
INVESTMENTS COMMON PREFERRED CONVERTIBLE
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Beginning balance,
1 January 2025
31,442,759
638,095
18,263,041
7,146,490
2,593,893
2,801,240
Purchases
2,049,724
\u2013
43,917
\u2013
75,014
1,930,793
Sales
(2,519,308)
(1,106,174)
(622,409)
\u2013
(652,187)
(138,538)
Transfer in (out)
2,915,171
\u2013
17,804,060
2,812,413
\u2013
(17,701,302)
Net change in unrealised
gains (losses)
(5,466,795)
468,079
(21,661,247)
(2,590,793)
709,180
17,607,986
Ending balance,
31 December 2025
28,421,551
Comprehensive Income.
\u2013
13,827,362
7,368,110
2,725,900
4,500,179
The net change in unrealised gains (losses) is recognised within gains (losses) on investments in the Consolidated Statement of
INVESTMENTS COMMON PREFERRED CONVERTIBLE TOTAL IN FUNDS STOCK STOCK WARRANT DEBT The following table presents the movement in Level 3 positions for the year ended 31 December 2024 for the Group: \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 Beginning balance, 1 January 2024 74,645,903 15,888,315 15,068,128 31,426,617 1,956,475 10,306,368 Purchases 1,807,171 \u2013 360,054 60,690 551,811 834,616 Sales (10,987,867) \u2013 (926,418) (3,543,641) (430,141) (6,087,667) Transfer In (Out) 17,469,568 \u2013 \u2013 20,285,109 (1,117,597) (1,697,944) Net change in unrealised gains (losses) (51,492,016) (15,250,220) 3,761,277 (41,082,285) 1,633,345 (554,133) Ending balance, 31 December 2024 31,442,759 638,095 18,263,041 7,146,490 2,593,893 2,801,240 INVESTMENTS IN FUNDS \u00a3 The following table presents the movement in Level 3 positions for the period ended 31 December 2025 for the Parent Company: Beginning balance, 1 January 2025 638,095 Purchases \u2013 Sales (1,106,174) Net change in unrealised foreign exchange losses (48,135) Net change in unrealised gains 516,214 Ending balance, 31 December 2025 \u2013 The following table presents the movement in Level 3 positions for the period ended 31 December 2024 for the Parent Company: INVESTMENTS IN FUNDS \u00a3 Beginning balance, 1 January 2024 15,888,315 Purchases \u2013 Sales the Consolidated Statement of Comprehensive Income. \u2013 Net change in unrealised foreign exchange losses (178,580) Net change in unrealised losses (15,071,640) Ending balance, 31 December 2024 638,095 The net change in unrealised gains (losses) is recognised within gains (losses) on investments and foreign exchange gain(loss) in FAIR VALUE AT 31 DECEMBER 2025 VALUATION UNOBSERVABLE DESCRIPTION \u00a3 TECHNIQUE INPUT RANGE Quantitative information regarding the unobservable inputs for Level 3 positions as at 31 December 2025 is given below: Common stock 4,312,238 Discounted Cash Flows Discount Rate 11.0% \u2013 30.0% & Multiples Price to Book 1.4x Price to Earnings 9.6x Private Company Discount 15.0% 83,342 Transaction Price/Recent Recent Round Price per Share $0.05 Round Price 786,862 Net Asset Value Preferred Return 12.5% Gross Legal Fee Receivables $45,700,000 979,320 Cost N/A N/A 7,665,600 Black Scholes/Recent Recent Round Price per Share $35.67 Transaction Price Convertible debt 2,302,021 Yield Analysis Market Yield 14.0% \u2013 14.5% Market Discount 13.7% 2,198,158 Cost N/A N/A Preferred stock 3,168,951 Transaction Price/Recent Recent Round Price per Share $0.30 \u2013 \u20ac13.49 Round Price Rights and Preferences Discount 0.0% \u2013 25.0% Enterprise Value \u20ac253.2M 4,199,159 Black Scholes/Recent EBITDA Multiple 18.3x Transaction Price Private Company Discount 25.0% Revenue Multiple 0.9x Risk Free Rate 3.5% Term 1.0 years Volatility 43.0% Warrants 469,517 Black Scholes Price Per Share $5.35 Rights and Preferences Discount 20.0% Risk Free Rate 3.47% Term 0.7 years Volatility 21.1% 2,256,383 Black Scholes/Transaction EBITDA Multiple 18.3x Price Private Company Discount 25.0% Recent Round Price per Share $35.67 Revenue Multiple 0.9x Risk Free Rate 3.5% Term 1.0 years Volatility 43.0% Total If the illiquidity discount of the preferred stock and common stock valued based on discounted cash flows increased/decreased by 10% it would have resulted in an increase/decrease to the total value of those securities of \u00a31,312,151 which would affect the Net gain/(loss) on investments within the capital return column of the Consolidated Statement of Comprehensive Income. If the volatility rate used for the warrants valued based on a Black Scholes increased/decreased by 10% it would have resulted in an increase/decrease to the total value of those equity securities of \u00a3808,113 which would affect the Net gain/(loss) on investments within the capital return column of the Consolidated Statement of Comprehensive Income. If the price of all the investment assets held at period end, including individually those mentioned above, had increased/decreased by 10% it would have resulted in an increase/decrease in the total value the investments in funds and equity securities of \u00a32,842,155 (31 December 2024: \u00a33,144,276) which would affect the Net gain/(loss) on investments within the capital return column of the Consolidated Statement of Comprehensive Income. 28,421,551 CARRYING credits in the public market and the underlying risk of the individual credit. FAIR MARKET VALUE Assets and liabilities not carried at fair value but for which fair value is disclosed VALUE \u00a3 \u00a3 The following table presents the fair value of the Group\u2019s assets and liabilities not measured at fair value through profit and loss at 31 December 2025 but for which fair value is disclosed. In using a valuation methodology based on the discounting of forecasted cash flows of the Portfolio Company, significant judgment is required in the development of an appropriate discount rate to be applied to the forecasted cash flows. In determining the fair value of loans and advances to customers, the expected future cash flows are discounted back using a discount rate. The discount rate used incorporates market-based yields for similar Assets Loans at amortised cost 26,673,397 27,723,978 Total For all other assets and liabilities not carried at fair value, the carrying value is a reasonable approximation of fair value. The following table presents the fair value of the Group\u2019s assets and liabilities not measured at fair value through profit and loss at 31 December 2024 but for which fair value is disclosed. The carrying value has been used where it is a reasonable approximation of fair value: 26,673,397 27,723,978 CARRYING FAIR MARKET VALUE VALUE \u00a3 \u00a3 Assets Loans at amortised cost 119,983,485 122,863,760 Total For all other assets and liabilities not carried at fair value, the carrying value is a reasonable approximation of fair value. 119,983,485 122,863,760 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-427": { "value": "3. FAIR VALUE MEASUREMENT Financial instruments measured and reported at fair value are classified and disclosed in one of the following fair value hierarchy levels based on the significance of the inputs used in measuring its fair value: Level 1 \u2013 Quoted prices (unadjusted) in active markets for identical assets and liabilities; Level 2 \u2013 Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); and Level 3 \u2013 Pricing inputs for the asset or liability that are not based on observable market data (unobservable inputs). An investment is always categorised as Level 1, 2 or 3 in its entirety. In certain cases, the fair value measurement for an investment may use a number of different inputs that fall into different levels of the fair value hierarchy. In such cases, an investment\u2019s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment and is specific to the investment. Valuation of investments in funds The Group\u2019s investments in funds are subject to the terms and conditions of the respective fund\u2019s offering documentation. The investments in funds are primarily valued based on the latest available financial information. The Investment Manager reviews the details of the reported information obtained from the funds and considers: (i) the valuation of the fund\u2019s underlying investments; (ii) the value date of the NAV provided; (iii) cash flows (calls/distributions) since the latest value date; and (iv) the basis of accounting and, in instances where the basis of accounting is other than fair value, fair valuation information provided by the funds. If necessary, adjustments to the NAV are made to the funds to obtain the best estimate of fair value. The funds in which the Group invests are close-ended and unquoted. No adjustments have been determined to be necessary to the NAV as provided as at 31 December 2025 as this reflects fair value under the relevant valuation methodology. The NAV is provided to investors only and is not made publicly available. Valuation of equity securities Fair value is determined based on the Group\u2019s valuation methodology, which is either determined using market comparables, discounted cash flow models or recent transactions. Under the Enterprise Valuation Waterfall Analysis, the Group estimates the fair value of a portfolio company using traditional valuation methodologies including market, income, and cost approaches, as well as other applicable industry-specific approaches and then waterfall the enterprise value over the portfolio company\u2019s securities in order of their preference relative to one another. Some or all the traditional valuation methodologies are weighted based on the individual circumstances of the portfolio company to determine an estimate of the enterprise value. The traditional valuation methodologies consist of valuation estimates based on: valuations of comparable public companies, recent sales of private and public comparable companies, discounting the forecasted cash flows of the portfolio company, estimating the liquidation or collateral value of the portfolio company\u2019s assets, third-party valuations of the portfolio company or its assets, considering offers from third-parties to buy the portfolio company, estimating the value to potential strategic buyers and considering the value of recent investments in the equity securities of the portfolio company. To determine the enterprise value of a portfolio company, its historical and projected financial results, as well as other factors that may impact value, such as exposure to litigation, loss of significant customers or other contingencies are considered. This financial and other information is generally obtained from the Group\u2019s portfolio companies, and in most cases represents unaudited, projected, or pro-forma financial information. In using a valuation methodology based on the discounting of forecasted cash flows of the portfolio company, significant judgment is required in the development of an appropriate discount rate to be applied to the forecasted cash flows. When applicable, a weighted average cost of capital approach is used to derive a discount rate that takes into account i) the risk-free rate ii) the cost of debt for creditworthiness and iii) the cost of equity for performance risk. The three inputs to the discount rate are based on third-party market studies, portfolio company interest rates, and an overall understanding of the inherent risk in the cash flows. The remaining assumptions incorporated in the valuation methodologies used to estimate the enterprise value consist primarily of unobservable Level 3 inputs, including management assumptions based on judgment. For example, from time to time, a portfolio company has exposure to potential or actual litigation. In evaluating the impact on the valuation for such items, the amount that a market participant would consider in estimating fair value is considered. These estimates are highly subjective, based on the Group\u2019s assessment of the potential outcome(s) and the related impact on the fair value of such potential outcome(s). A change in these assumptions could have a material impact on the determination of fair value. In using a valuation methodology based on comparable public companies or sales of private or public comparable companies, significant judgment is required in the application of discounts or premiums to the prices of comparable companies for factors such as size, marketability and relative performance. Related to the use of private company transactions, when a portfolio company closes on new equity, the new round\u2019s implied valuation is used in valuing the equity investment. The use of an equity round includes gaining an understanding of the resulting rights between equity classes, and when applicable, a discount related to rights and preference differences is applied to the implied valuation. In addition, when a portfolio company has significant reason to believe an equity round is closing in the near future, a weighted-probability approach with the applicable discounts may be used. Under the yield analysis approach, expected future cash flows are discounted back using a discount rate. The discount rate used incorporates market-based yields for similar credits to the public market and the underlying risk of the individual credit. Due to the inherent uncertainty of determining the fair value of Level 3 assets that do not have a readily available market value, the fair value of the assets may differ significantly from the values that would have been used had a ready market existed for such assets and may differ materially from the values that may ultimately be received or settled. Further, such assets are INVESTMENT ASSETS DESIGNATED non-transferability. classified as Level 2. TOTAL LEVEL 1 LEVEL 2 LEVEL 3 values, with the fair value based on the Group\u2019s assessment of the most representative point within the range. AS HELD AT FAIR VALUE \u00a3 at which such investment had previously been recorded. \u00a3 \u00a3 not be equally representative of fair value, due to factors such as assumptions made in the valuation. \u00a3 generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If the Group were required to liquidate a portfolio investment in a forced or liquidation sale, the Group may realise significantly less than the value The selection of appropriate valuation techniques may be affected by the availability of relevant inputs as well as the relative reliability of the inputs. In some cases, one valuation technique may provide the best indication of fair value while in other circumstances, multiple valuation techniques may be appropriate. The results of the application of the various techniques may In some situations, the Group may determine it appropriate to evaluate and weigh the results to develop a range of possible Investments may be classified as Level 2 when market information becomes available, yet the investment is not traded in an active market and/or the investment is subject to transfer restrictions, or the valuation is adjusted to reflect illiquidity and/or The Group, at times, may hold Level 1 investments and will use the available market quotes to value the investments. As noted above, these investments may include an illiquid period in which the investment does not have the ability to trade and will be The following table analyses the fair value hierarchy of the Group\u2019s assets and liabilities measured at fair value at 31 December 2025: Common stock Fair value disclosures 13,827,362 \u2013 \u2013 13,827,362 Preferred stock 7,368,110 \u2013 \u2013 7,368,110 Warrant 2,725,900 \u2013 \u2013 2,725,900 Convertible debt 4,500,179 \u2013 \u2013 4,500,179 Total The following table analyses the fair value hierarchy of the Group\u2019s assets and liabilities measured at fair value at 31 December 28,421,551 \u2013 \u2013 28,421,551 INVESTMENT ASSETS DESIGNATED2024: TOTAL LEVEL 1 LEVEL 2 LEVEL 3 AS HELD AT FAIR VALUE \u00a3 \u00a3 \u00a3 \u00a3 Investments in funds 638,095 \u2013 \u2013 638,095 Common stock 21,432,139 2,037,137 1,131,961 18,263,041 Preferred stock 7,146,490 \u2013 \u2013 7,146,490 Warrant 2,699,976 106,083 \u2013 2,593,893 Convertible debt 2,801,240 \u2013 \u2013 2,801,240 Total 34,717,940 2,143,220 1,131,961 The Parent Company has no asset and liabilities measured at fair value as at 31 December 2025. 31,442,759 INVESTMENT ASSETS DESIGNATED TOTAL LEVEL 1 LEVEL 2 LEVEL 3 AS HELD AT FAIR VALUE \u00a3 \u00a3 \u00a3 \u00a3 The following table analyses the fair value hierarchy of the Parent Company\u2019s assets and liabilities measured at fair value at Investments in funds 638,095 \u2013 \u2013 638,095 Total 31 December 2024: The \u00a32,915,171 of transfers in/out of Level 3 fair value measurement for the Group during the year ended 31 December 2025 were related to restructuring transactions that occurred during the year (31 December 2024: \u00a317,469,568). There were no transfers into and out of Level 3 fair value measurements for the Parent Company during the years ended 31 December 2025 and 31 December 2024. 638,095 \u2013 \u2013 638,095
TOTAL IN FUNDS
STOCK
STOCK
WARRANT
DEBT
The following table presents the movement in Level 3 positions for the year ended 31 December 2025 for the Group:
\u00a3
INVESTMENTS COMMON PREFERRED CONVERTIBLE
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Beginning balance,
1 January 2025
31,442,759
638,095
18,263,041
7,146,490
2,593,893
2,801,240
Purchases
2,049,724
\u2013
43,917
\u2013
75,014
1,930,793
Sales
(2,519,308)
(1,106,174)
(622,409)
\u2013
(652,187)
(138,538)
Transfer in (out)
2,915,171
\u2013
17,804,060
2,812,413
\u2013
(17,701,302)
Net change in unrealised
gains (losses)
(5,466,795)
468,079
(21,661,247)
(2,590,793)
709,180
17,607,986
Ending balance,
31 December 2025
28,421,551
Comprehensive Income.
\u2013
13,827,362
7,368,110
2,725,900
4,500,179
The net change in unrealised gains (losses) is recognised within gains (losses) on investments in the Consolidated Statement of
INVESTMENTS COMMON PREFERRED CONVERTIBLE TOTAL IN FUNDS STOCK STOCK WARRANT DEBT The following table presents the movement in Level 3 positions for the year ended 31 December 2024 for the Group: \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 Beginning balance, 1 January 2024 74,645,903 15,888,315 15,068,128 31,426,617 1,956,475 10,306,368 Purchases 1,807,171 \u2013 360,054 60,690 551,811 834,616 Sales (10,987,867) \u2013 (926,418) (3,543,641) (430,141) (6,087,667) Transfer In (Out) 17,469,568 \u2013 \u2013 20,285,109 (1,117,597) (1,697,944) Net change in unrealised gains (losses) (51,492,016) (15,250,220) 3,761,277 (41,082,285) 1,633,345 (554,133) Ending balance, 31 December 2024 31,442,759 638,095 18,263,041 7,146,490 2,593,893 2,801,240 INVESTMENTS IN FUNDS \u00a3 The following table presents the movement in Level 3 positions for the period ended 31 December 2025 for the Parent Company: Beginning balance, 1 January 2025 638,095 Purchases \u2013 Sales (1,106,174) Net change in unrealised foreign exchange losses (48,135) Net change in unrealised gains 516,214 Ending balance, 31 December 2025 \u2013 The following table presents the movement in Level 3 positions for the period ended 31 December 2024 for the Parent Company: INVESTMENTS IN FUNDS \u00a3 Beginning balance, 1 January 2024 15,888,315 Purchases \u2013 Sales the Consolidated Statement of Comprehensive Income. \u2013 Net change in unrealised foreign exchange losses (178,580) Net change in unrealised losses (15,071,640) Ending balance, 31 December 2024 638,095 The net change in unrealised gains (losses) is recognised within gains (losses) on investments and foreign exchange gain(loss) in FAIR VALUE AT 31 DECEMBER 2025 VALUATION UNOBSERVABLE DESCRIPTION \u00a3 TECHNIQUE INPUT RANGE Quantitative information regarding the unobservable inputs for Level 3 positions as at 31 December 2025 is given below: Common stock 4,312,238 Discounted Cash Flows Discount Rate 11.0% \u2013 30.0% & Multiples Price to Book 1.4x Price to Earnings 9.6x Private Company Discount 15.0% 83,342 Transaction Price/Recent Recent Round Price per Share $0.05 Round Price 786,862 Net Asset Value Preferred Return 12.5% Gross Legal Fee Receivables $45,700,000 979,320 Cost N/A N/A 7,665,600 Black Scholes/Recent Recent Round Price per Share $35.67 Transaction Price Convertible debt 2,302,021 Yield Analysis Market Yield 14.0% \u2013 14.5% Market Discount 13.7% 2,198,158 Cost N/A N/A Preferred stock 3,168,951 Transaction Price/Recent Recent Round Price per Share $0.30 \u2013 \u20ac13.49 Round Price Rights and Preferences Discount 0.0% \u2013 25.0% Enterprise Value \u20ac253.2M 4,199,159 Black Scholes/Recent EBITDA Multiple 18.3x Transaction Price Private Company Discount 25.0% Revenue Multiple 0.9x Risk Free Rate 3.5% Term 1.0 years Volatility 43.0% Warrants 469,517 Black Scholes Price Per Share $5.35 Rights and Preferences Discount 20.0% Risk Free Rate 3.47% Term 0.7 years Volatility 21.1% 2,256,383 Black Scholes/Transaction EBITDA Multiple 18.3x Price Private Company Discount 25.0% Recent Round Price per Share $35.67 Revenue Multiple 0.9x Risk Free Rate 3.5% Term 1.0 years Volatility 43.0% Total If the illiquidity discount of the preferred stock and common stock valued based on discounted cash flows increased/decreased by 10% it would have resulted in an increase/decrease to the total value of those securities of \u00a31,312,151 which would affect the Net gain/(loss) on investments within the capital return column of the Consolidated Statement of Comprehensive Income. If the volatility rate used for the warrants valued based on a Black Scholes increased/decreased by 10% it would have resulted in an increase/decrease to the total value of those equity securities of \u00a3808,113 which would affect the Net gain/(loss) on investments within the capital return column of the Consolidated Statement of Comprehensive Income. If the price of all the investment assets held at period end, including individually those mentioned above, had increased/decreased by 10% it would have resulted in an increase/decrease in the total value the investments in funds and equity securities of \u00a32,842,155 (31 December 2024: \u00a33,144,276) which would affect the Net gain/(loss) on investments within the capital return column of the Consolidated Statement of Comprehensive Income. 28,421,551 CARRYING credits in the public market and the underlying risk of the individual credit. FAIR MARKET VALUE Assets and liabilities not carried at fair value but for which fair value is disclosed VALUE \u00a3 \u00a3 The following table presents the fair value of the Group\u2019s assets and liabilities not measured at fair value through profit and loss at 31 December 2025 but for which fair value is disclosed. In using a valuation methodology based on the discounting of forecasted cash flows of the Portfolio Company, significant judgment is required in the development of an appropriate discount rate to be applied to the forecasted cash flows. In determining the fair value of loans and advances to customers, the expected future cash flows are discounted back using a discount rate. The discount rate used incorporates market-based yields for similar Assets Loans at amortised cost 26,673,397 27,723,978 Total For all other assets and liabilities not carried at fair value, the carrying value is a reasonable approximation of fair value. The following table presents the fair value of the Group\u2019s assets and liabilities not measured at fair value through profit and loss at 31 December 2024 but for which fair value is disclosed. The carrying value has been used where it is a reasonable approximation of fair value: 26,673,397 27,723,978 CARRYING FAIR MARKET VALUE VALUE \u00a3 \u00a3 Assets Loans at amortised cost 119,983,485 122,863,760 Total For all other assets and liabilities not carried at fair value, the carrying value is a reasonable approximation of fair value. 119,983,485 122,863,760 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-400": { "value": "3. FAIR VALUE MEASUREMENT Financial instruments measured and reported at fair value are classified and disclosed in one of the following fair value hierarchy levels based on the significance of the inputs used in measuring its fair value: Level 1 \u2013 Quoted prices (unadjusted) in active markets for identical assets and liabilities; Level 2 \u2013 Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); and Level 3 \u2013 Pricing inputs for the asset or liability that are not based on observable market data (unobservable inputs). An investment is always categorised as Level 1, 2 or 3 in its entirety. In certain cases, the fair value measurement for an investment may use a number of different inputs that fall into different levels of the fair value hierarchy. In such cases, an investment\u2019s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment and is specific to the investment. Valuation of investments in funds The Group\u2019s investments in funds are subject to the terms and conditions of the respective fund\u2019s offering documentation. The investments in funds are primarily valued based on the latest available financial information. The Investment Manager reviews the details of the reported information obtained from the funds and considers: (i) the valuation of the fund\u2019s underlying investments; (ii) the value date of the NAV provided; (iii) cash flows (calls/distributions) since the latest value date; and (iv) the basis of accounting and, in instances where the basis of accounting is other than fair value, fair valuation information provided by the funds. If necessary, adjustments to the NAV are made to the funds to obtain the best estimate of fair value. The funds in which the Group invests are close-ended and unquoted. No adjustments have been determined to be necessary to the NAV as provided as at 31 December 2025 as this reflects fair value under the relevant valuation methodology. The NAV is provided to investors only and is not made publicly available. Valuation of equity securities Fair value is determined based on the Group\u2019s valuation methodology, which is either determined using market comparables, discounted cash flow models or recent transactions. Under the Enterprise Valuation Waterfall Analysis, the Group estimates the fair value of a portfolio company using traditional valuation methodologies including market, income, and cost approaches, as well as other applicable industry-specific approaches and then waterfall the enterprise value over the portfolio company\u2019s securities in order of their preference relative to one another. Some or all the traditional valuation methodologies are weighted based on the individual circumstances of the portfolio company to determine an estimate of the enterprise value. The traditional valuation methodologies consist of valuation estimates based on: valuations of comparable public companies, recent sales of private and public comparable companies, discounting the forecasted cash flows of the portfolio company, estimating the liquidation or collateral value of the portfolio company\u2019s assets, third-party valuations of the portfolio company or its assets, considering offers from third-parties to buy the portfolio company, estimating the value to potential strategic buyers and considering the value of recent investments in the equity securities of the portfolio company. To determine the enterprise value of a portfolio company, its historical and projected financial results, as well as other factors that may impact value, such as exposure to litigation, loss of significant customers or other contingencies are considered. This financial and other information is generally obtained from the Group\u2019s portfolio companies, and in most cases represents unaudited, projected, or pro-forma financial information. In using a valuation methodology based on the discounting of forecasted cash flows of the portfolio company, significant judgment is required in the development of an appropriate discount rate to be applied to the forecasted cash flows. When applicable, a weighted average cost of capital approach is used to derive a discount rate that takes into account i) the risk-free rate ii) the cost of debt for creditworthiness and iii) the cost of equity for performance risk. The three inputs to the discount rate are based on third-party market studies, portfolio company interest rates, and an overall understanding of the inherent risk in the cash flows. The remaining assumptions incorporated in the valuation methodologies used to estimate the enterprise value consist primarily of unobservable Level 3 inputs, including management assumptions based on judgment. For example, from time to time, a portfolio company has exposure to potential or actual litigation. In evaluating the impact on the valuation for such items, the amount that a market participant would consider in estimating fair value is considered. These estimates are highly subjective, based on the Group\u2019s assessment of the potential outcome(s) and the related impact on the fair value of such potential outcome(s). A change in these assumptions could have a material impact on the determination of fair value. In using a valuation methodology based on comparable public companies or sales of private or public comparable companies, significant judgment is required in the application of discounts or premiums to the prices of comparable companies for factors such as size, marketability and relative performance. Related to the use of private company transactions, when a portfolio company closes on new equity, the new round\u2019s implied valuation is used in valuing the equity investment. The use of an equity round includes gaining an understanding of the resulting rights between equity classes, and when applicable, a discount related to rights and preference differences is applied to the implied valuation. In addition, when a portfolio company has significant reason to believe an equity round is closing in the near future, a weighted-probability approach with the applicable discounts may be used. Under the yield analysis approach, expected future cash flows are discounted back using a discount rate. The discount rate used incorporates market-based yields for similar credits to the public market and the underlying risk of the individual credit. Due to the inherent uncertainty of determining the fair value of Level 3 assets that do not have a readily available market value, the fair value of the assets may differ significantly from the values that would have been used had a ready market existed for such assets and may differ materially from the values that may ultimately be received or settled. Further, such assets are INVESTMENT ASSETS DESIGNATED non-transferability. classified as Level 2. TOTAL LEVEL 1 LEVEL 2 LEVEL 3 values, with the fair value based on the Group\u2019s assessment of the most representative point within the range. AS HELD AT FAIR VALUE \u00a3 at which such investment had previously been recorded. \u00a3 \u00a3 not be equally representative of fair value, due to factors such as assumptions made in the valuation. \u00a3 generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If the Group were required to liquidate a portfolio investment in a forced or liquidation sale, the Group may realise significantly less than the value The selection of appropriate valuation techniques may be affected by the availability of relevant inputs as well as the relative reliability of the inputs. In some cases, one valuation technique may provide the best indication of fair value while in other circumstances, multiple valuation techniques may be appropriate. The results of the application of the various techniques may In some situations, the Group may determine it appropriate to evaluate and weigh the results to develop a range of possible Investments may be classified as Level 2 when market information becomes available, yet the investment is not traded in an active market and/or the investment is subject to transfer restrictions, or the valuation is adjusted to reflect illiquidity and/or The Group, at times, may hold Level 1 investments and will use the available market quotes to value the investments. As noted above, these investments may include an illiquid period in which the investment does not have the ability to trade and will be The following table analyses the fair value hierarchy of the Group\u2019s assets and liabilities measured at fair value at 31 December 2025: Common stock Fair value disclosures 13,827,362 \u2013 \u2013 13,827,362 Preferred stock 7,368,110 \u2013 \u2013 7,368,110 Warrant 2,725,900 \u2013 \u2013 2,725,900 Convertible debt 4,500,179 \u2013 \u2013 4,500,179 Total The following table analyses the fair value hierarchy of the Group\u2019s assets and liabilities measured at fair value at 31 December 28,421,551 \u2013 \u2013 28,421,551 INVESTMENT ASSETS DESIGNATED2024: TOTAL LEVEL 1 LEVEL 2 LEVEL 3 AS HELD AT FAIR VALUE \u00a3 \u00a3 \u00a3 \u00a3 Investments in funds 638,095 \u2013 \u2013 638,095 Common stock 21,432,139 2,037,137 1,131,961 18,263,041 Preferred stock 7,146,490 \u2013 \u2013 7,146,490 Warrant 2,699,976 106,083 \u2013 2,593,893 Convertible debt 2,801,240 \u2013 \u2013 2,801,240 Total 34,717,940 2,143,220 1,131,961 The Parent Company has no asset and liabilities measured at fair value as at 31 December 2025. 31,442,759 INVESTMENT ASSETS DESIGNATED TOTAL LEVEL 1 LEVEL 2 LEVEL 3 AS HELD AT FAIR VALUE \u00a3 \u00a3 \u00a3 \u00a3 The following table analyses the fair value hierarchy of the Parent Company\u2019s assets and liabilities measured at fair value at Investments in funds 638,095 \u2013 \u2013 638,095 Total 31 December 2024: The \u00a32,915,171 of transfers in/out of Level 3 fair value measurement for the Group during the year ended 31 December 2025 were related to restructuring transactions that occurred during the year (31 December 2024: \u00a317,469,568). There were no transfers into and out of Level 3 fair value measurements for the Parent Company during the years ended 31 December 2025 and 31 December 2024. 638,095 \u2013 \u2013 638,095
TOTAL IN FUNDS
STOCK
STOCK
WARRANT
DEBT
The following table presents the movement in Level 3 positions for the year ended 31 December 2025 for the Group:
\u00a3
INVESTMENTS COMMON PREFERRED CONVERTIBLE
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Beginning balance,
1 January 2025
31,442,759
638,095
18,263,041
7,146,490
2,593,893
2,801,240
Purchases
2,049,724
\u2013
43,917
\u2013
75,014
1,930,793
Sales
(2,519,308)
(1,106,174)
(622,409)
\u2013
(652,187)
(138,538)
Transfer in (out)
2,915,171
\u2013
17,804,060
2,812,413
\u2013
(17,701,302)
Net change in unrealised
gains (losses)
(5,466,795)
468,079
(21,661,247)
(2,590,793)
709,180
17,607,986
Ending balance,
31 December 2025
28,421,551
Comprehensive Income.
\u2013
13,827,362
7,368,110
2,725,900
4,500,179
The net change in unrealised gains (losses) is recognised within gains (losses) on investments in the Consolidated Statement of
INVESTMENTS COMMON PREFERRED CONVERTIBLE TOTAL IN FUNDS STOCK STOCK WARRANT DEBT The following table presents the movement in Level 3 positions for the year ended 31 December 2024 for the Group: \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 Beginning balance, 1 January 2024 74,645,903 15,888,315 15,068,128 31,426,617 1,956,475 10,306,368 Purchases 1,807,171 \u2013 360,054 60,690 551,811 834,616 Sales (10,987,867) \u2013 (926,418) (3,543,641) (430,141) (6,087,667) Transfer In (Out) 17,469,568 \u2013 \u2013 20,285,109 (1,117,597) (1,697,944) Net change in unrealised gains (losses) (51,492,016) (15,250,220) 3,761,277 (41,082,285) 1,633,345 (554,133) Ending balance, 31 December 2024 31,442,759 638,095 18,263,041 7,146,490 2,593,893 2,801,240 INVESTMENTS IN FUNDS \u00a3 The following table presents the movement in Level 3 positions for the period ended 31 December 2025 for the Parent Company: Beginning balance, 1 January 2025 638,095 Purchases \u2013 Sales (1,106,174) Net change in unrealised foreign exchange losses (48,135) Net change in unrealised gains 516,214 Ending balance, 31 December 2025 \u2013 The following table presents the movement in Level 3 positions for the period ended 31 December 2024 for the Parent Company: INVESTMENTS IN FUNDS \u00a3 Beginning balance, 1 January 2024 15,888,315 Purchases \u2013 Sales the Consolidated Statement of Comprehensive Income. \u2013 Net change in unrealised foreign exchange losses (178,580) Net change in unrealised losses (15,071,640) Ending balance, 31 December 2024 638,095 The net change in unrealised gains (losses) is recognised within gains (losses) on investments and foreign exchange gain(loss) in FAIR VALUE AT 31 DECEMBER 2025 VALUATION UNOBSERVABLE DESCRIPTION \u00a3 TECHNIQUE INPUT RANGE Quantitative information regarding the unobservable inputs for Level 3 positions as at 31 December 2025 is given below: Common stock 4,312,238 Discounted Cash Flows Discount Rate 11.0% \u2013 30.0% & Multiples Price to Book 1.4x Price to Earnings 9.6x Private Company Discount 15.0% 83,342 Transaction Price/Recent Recent Round Price per Share $0.05 Round Price 786,862 Net Asset Value Preferred Return 12.5% Gross Legal Fee Receivables $45,700,000 979,320 Cost N/A N/A 7,665,600 Black Scholes/Recent Recent Round Price per Share $35.67 Transaction Price Convertible debt 2,302,021 Yield Analysis Market Yield 14.0% \u2013 14.5% Market Discount 13.7% 2,198,158 Cost N/A N/A Preferred stock 3,168,951 Transaction Price/Recent Recent Round Price per Share $0.30 \u2013 \u20ac13.49 Round Price Rights and Preferences Discount 0.0% \u2013 25.0% Enterprise Value \u20ac253.2M 4,199,159 Black Scholes/Recent EBITDA Multiple 18.3x Transaction Price Private Company Discount 25.0% Revenue Multiple 0.9x Risk Free Rate 3.5% Term 1.0 years Volatility 43.0% Warrants 469,517 Black Scholes Price Per Share $5.35 Rights and Preferences Discount 20.0% Risk Free Rate 3.47% Term 0.7 years Volatility 21.1% 2,256,383 Black Scholes/Transaction EBITDA Multiple 18.3x Price Private Company Discount 25.0% Recent Round Price per Share $35.67 Revenue Multiple 0.9x Risk Free Rate 3.5% Term 1.0 years Volatility 43.0% Total If the illiquidity discount of the preferred stock and common stock valued based on discounted cash flows increased/decreased by 10% it would have resulted in an increase/decrease to the total value of those securities of \u00a31,312,151 which would affect the Net gain/(loss) on investments within the capital return column of the Consolidated Statement of Comprehensive Income. If the volatility rate used for the warrants valued based on a Black Scholes increased/decreased by 10% it would have resulted in an increase/decrease to the total value of those equity securities of \u00a3808,113 which would affect the Net gain/(loss) on investments within the capital return column of the Consolidated Statement of Comprehensive Income. If the price of all the investment assets held at period end, including individually those mentioned above, had increased/decreased by 10% it would have resulted in an increase/decrease in the total value the investments in funds and equity securities of \u00a32,842,155 (31 December 2024: \u00a33,144,276) which would affect the Net gain/(loss) on investments within the capital return column of the Consolidated Statement of Comprehensive Income. 28,421,551 CARRYING credits in the public market and the underlying risk of the individual credit. FAIR MARKET VALUE Assets and liabilities not carried at fair value but for which fair value is disclosed VALUE \u00a3 \u00a3 The following table presents the fair value of the Group\u2019s assets and liabilities not measured at fair value through profit and loss at 31 December 2025 but for which fair value is disclosed. In using a valuation methodology based on the discounting of forecasted cash flows of the Portfolio Company, significant judgment is required in the development of an appropriate discount rate to be applied to the forecasted cash flows. In determining the fair value of loans and advances to customers, the expected future cash flows are discounted back using a discount rate. The discount rate used incorporates market-based yields for similar Assets Loans at amortised cost 26,673,397 27,723,978 Total For all other assets and liabilities not carried at fair value, the carrying value is a reasonable approximation of fair value. The following table presents the fair value of the Group\u2019s assets and liabilities not measured at fair value through profit and loss at 31 December 2024 but for which fair value is disclosed. The carrying value has been used where it is a reasonable approximation of fair value: 26,673,397 27,723,978 CARRYING FAIR MARKET VALUE VALUE \u00a3 \u00a3 Assets Loans at amortised cost 119,983,485 122,863,760 Total For all other assets and liabilities not carried at fair value, the carrying value is a reasonable approximation of fair value. 119,983,485 122,863,760 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "3. FAIR VALUE MEASUREMENT Financial instruments measured and reported at fair value are classified and disclosed in one of the following fair value hierarchy levels based on the significance of the inputs used in measuring its fair value: Level 1 \u2013 Quoted prices (unadjusted) in active markets for identical assets and liabilities; Level 2 \u2013 Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); and Level 3 \u2013 Pricing inputs for the asset or liability that are not based on observable market data (unobservable inputs). An investment is always categorised as Level 1, 2 or 3 in its entirety. In certain cases, the fair value measurement for an investment may use a number of different inputs that fall into different levels of the fair value hierarchy. In such cases, an investment\u2019s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment and is specific to the investment. Valuation of investments in funds The Group\u2019s investments in funds are subject to the terms and conditions of the respective fund\u2019s offering documentation. The investments in funds are primarily valued based on the latest available financial information. The Investment Manager reviews the details of the reported information obtained from the funds and considers: (i) the valuation of the fund\u2019s underlying investments; (ii) the value date of the NAV provided; (iii) cash flows (calls/distributions) since the latest value date; and (iv) the basis of accounting and, in instances where the basis of accounting is other than fair value, fair valuation information provided by the funds. If necessary, adjustments to the NAV are made to the funds to obtain the best estimate of fair value. The funds in which the Group invests are close-ended and unquoted. No adjustments have been determined to be necessary to the NAV as provided as at 31 December 2025 as this reflects fair value under the relevant valuation methodology. The NAV is provided to investors only and is not made publicly available. Valuation of equity securities Fair value is determined based on the Group\u2019s valuation methodology, which is either determined using market comparables, discounted cash flow models or recent transactions. Under the Enterprise Valuation Waterfall Analysis, the Group estimates the fair value of a portfolio company using traditional valuation methodologies including market, income, and cost approaches, as well as other applicable industry-specific approaches and then waterfall the enterprise value over the portfolio company\u2019s securities in order of their preference relative to one another. Some or all the traditional valuation methodologies are weighted based on the individual circumstances of the portfolio company to determine an estimate of the enterprise value. The traditional valuation methodologies consist of valuation estimates based on: valuations of comparable public companies, recent sales of private and public comparable companies, discounting the forecasted cash flows of the portfolio company, estimating the liquidation or collateral value of the portfolio company\u2019s assets, third-party valuations of the portfolio company or its assets, considering offers from third-parties to buy the portfolio company, estimating the value to potential strategic buyers and considering the value of recent investments in the equity securities of the portfolio company. To determine the enterprise value of a portfolio company, its historical and projected financial results, as well as other factors that may impact value, such as exposure to litigation, loss of significant customers or other contingencies are considered. This financial and other information is generally obtained from the Group\u2019s portfolio companies, and in most cases represents unaudited, projected, or pro-forma financial information. In using a valuation methodology based on the discounting of forecasted cash flows of the portfolio company, significant judgment is required in the development of an appropriate discount rate to be applied to the forecasted cash flows. When applicable, a weighted average cost of capital approach is used to derive a discount rate that takes into account i) the risk-free rate ii) the cost of debt for creditworthiness and iii) the cost of equity for performance risk. The three inputs to the discount rate are based on third-party market studies, portfolio company interest rates, and an overall understanding of the inherent risk in the cash flows. The remaining assumptions incorporated in the valuation methodologies used to estimate the enterprise value consist primarily of unobservable Level 3 inputs, including management assumptions based on judgment. For example, from time to time, a portfolio company has exposure to potential or actual litigation. In evaluating the impact on the valuation for such items, the amount that a market participant would consider in estimating fair value is considered. These estimates are highly subjective, based on the Group\u2019s assessment of the potential outcome(s) and the related impact on the fair value of such potential outcome(s). A change in these assumptions could have a material impact on the determination of fair value. In using a valuation methodology based on comparable public companies or sales of private or public comparable companies, significant judgment is required in the application of discounts or premiums to the prices of comparable companies for factors such as size, marketability and relative performance. Related to the use of private company transactions, when a portfolio company closes on new equity, the new round\u2019s implied valuation is used in valuing the equity investment. The use of an equity round includes gaining an understanding of the resulting rights between equity classes, and when applicable, a discount related to rights and preference differences is applied to the implied valuation. In addition, when a portfolio company has significant reason to believe an equity round is closing in the near future, a weighted-probability approach with the applicable discounts may be used. Under the yield analysis approach, expected future cash flows are discounted back using a discount rate. The discount rate used incorporates market-based yields for similar credits to the public market and the underlying risk of the individual credit. Due to the inherent uncertainty of determining the fair value of Level 3 assets that do not have a readily available market value, the fair value of the assets may differ significantly from the values that would have been used had a ready market existed for such assets and may differ materially from the values that may ultimately be received or settled. Further, such assets are INVESTMENT ASSETS DESIGNATED non-transferability. classified as Level 2. TOTAL LEVEL 1 LEVEL 2 LEVEL 3 values, with the fair value based on the Group\u2019s assessment of the most representative point within the range. AS HELD AT FAIR VALUE \u00a3 at which such investment had previously been recorded. \u00a3 \u00a3 not be equally representative of fair value, due to factors such as assumptions made in the valuation. \u00a3 generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If the Group were required to liquidate a portfolio investment in a forced or liquidation sale, the Group may realise significantly less than the value The selection of appropriate valuation techniques may be affected by the availability of relevant inputs as well as the relative reliability of the inputs. In some cases, one valuation technique may provide the best indication of fair value while in other circumstances, multiple valuation techniques may be appropriate. The results of the application of the various techniques may In some situations, the Group may determine it appropriate to evaluate and weigh the results to develop a range of possible Investments may be classified as Level 2 when market information becomes available, yet the investment is not traded in an active market and/or the investment is subject to transfer restrictions, or the valuation is adjusted to reflect illiquidity and/or The Group, at times, may hold Level 1 investments and will use the available market quotes to value the investments. As noted above, these investments may include an illiquid period in which the investment does not have the ability to trade and will be The following table analyses the fair value hierarchy of the Group\u2019s assets and liabilities measured at fair value at 31 December 2025: Common stock Fair value disclosures 13,827,362 \u2013 \u2013 13,827,362 Preferred stock 7,368,110 \u2013 \u2013 7,368,110 Warrant 2,725,900 \u2013 \u2013 2,725,900 Convertible debt 4,500,179 \u2013 \u2013 4,500,179 Total The following table analyses the fair value hierarchy of the Group\u2019s assets and liabilities measured at fair value at 31 December 28,421,551 \u2013 \u2013 28,421,551 INVESTMENT ASSETS DESIGNATED2024: TOTAL LEVEL 1 LEVEL 2 LEVEL 3 AS HELD AT FAIR VALUE \u00a3 \u00a3 \u00a3 \u00a3 Investments in funds 638,095 \u2013 \u2013 638,095 Common stock 21,432,139 2,037,137 1,131,961 18,263,041 Preferred stock 7,146,490 \u2013 \u2013 7,146,490 Warrant 2,699,976 106,083 \u2013 2,593,893 Convertible debt 2,801,240 \u2013 \u2013 2,801,240 Total 34,717,940 2,143,220 1,131,961 The Parent Company has no asset and liabilities measured at fair value as at 31 December 2025. 31,442,759 INVESTMENT ASSETS DESIGNATED TOTAL LEVEL 1 LEVEL 2 LEVEL 3 AS HELD AT FAIR VALUE \u00a3 \u00a3 \u00a3 \u00a3 The following table analyses the fair value hierarchy of the Parent Company\u2019s assets and liabilities measured at fair value at Investments in funds 638,095 \u2013 \u2013 638,095 Total 31 December 2024: The \u00a32,915,171 of transfers in/out of Level 3 fair value measurement for the Group during the year ended 31 December 2025 were related to restructuring transactions that occurred during the year (31 December 2024: \u00a317,469,568). There were no transfers into and out of Level 3 fair value measurements for the Parent Company during the years ended 31 December 2025 and 31 December 2024. 638,095 \u2013 \u2013 638,095
TOTAL IN FUNDS
STOCK
STOCK
WARRANT
DEBT
The following table presents the movement in Level 3 positions for the year ended 31 December 2025 for the Group:
\u00a3
INVESTMENTS COMMON PREFERRED CONVERTIBLE
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Beginning balance,
1 January 2025
31,442,759
638,095
18,263,041
7,146,490
2,593,893
2,801,240
Purchases
2,049,724
\u2013
43,917
\u2013
75,014
1,930,793
Sales
(2,519,308)
(1,106,174)
(622,409)
\u2013
(652,187)
(138,538)
Transfer in (out)
2,915,171
\u2013
17,804,060
2,812,413
\u2013
(17,701,302)
Net change in unrealised
gains (losses)
(5,466,795)
468,079
(21,661,247)
(2,590,793)
709,180
17,607,986
Ending balance,
31 December 2025
28,421,551
Comprehensive Income.
\u2013
13,827,362
7,368,110
2,725,900
4,500,179
The net change in unrealised gains (losses) is recognised within gains (losses) on investments in the Consolidated Statement of
INVESTMENTS COMMON PREFERRED CONVERTIBLE TOTAL IN FUNDS STOCK STOCK WARRANT DEBT The following table presents the movement in Level 3 positions for the year ended 31 December 2024 for the Group: \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 Beginning balance, 1 January 2024 74,645,903 15,888,315 15,068,128 31,426,617 1,956,475 10,306,368 Purchases 1,807,171 \u2013 360,054 60,690 551,811 834,616 Sales (10,987,867) \u2013 (926,418) (3,543,641) (430,141) (6,087,667) Transfer In (Out) 17,469,568 \u2013 \u2013 20,285,109 (1,117,597) (1,697,944) Net change in unrealised gains (losses) (51,492,016) (15,250,220) 3,761,277 (41,082,285) 1,633,345 (554,133) Ending balance, 31 December 2024 31,442,759 638,095 18,263,041 7,146,490 2,593,893 2,801,240 INVESTMENTS IN FUNDS \u00a3 The following table presents the movement in Level 3 positions for the period ended 31 December 2025 for the Parent Company: Beginning balance, 1 January 2025 638,095 Purchases \u2013 Sales (1,106,174) Net change in unrealised foreign exchange losses (48,135) Net change in unrealised gains 516,214 Ending balance, 31 December 2025 \u2013 The following table presents the movement in Level 3 positions for the period ended 31 December 2024 for the Parent Company: INVESTMENTS IN FUNDS \u00a3 Beginning balance, 1 January 2024 15,888,315 Purchases \u2013 Sales the Consolidated Statement of Comprehensive Income. \u2013 Net change in unrealised foreign exchange losses (178,580) Net change in unrealised losses (15,071,640) Ending balance, 31 December 2024 638,095 The net change in unrealised gains (losses) is recognised within gains (losses) on investments and foreign exchange gain(loss) in FAIR VALUE AT 31 DECEMBER 2025 VALUATION UNOBSERVABLE DESCRIPTION \u00a3 TECHNIQUE INPUT RANGE Quantitative information regarding the unobservable inputs for Level 3 positions as at 31 December 2025 is given below: Common stock 4,312,238 Discounted Cash Flows Discount Rate 11.0% \u2013 30.0% & Multiples Price to Book 1.4x Price to Earnings 9.6x Private Company Discount 15.0% 83,342 Transaction Price/Recent Recent Round Price per Share $0.05 Round Price 786,862 Net Asset Value Preferred Return 12.5% Gross Legal Fee Receivables $45,700,000 979,320 Cost N/A N/A 7,665,600 Black Scholes/Recent Recent Round Price per Share $35.67 Transaction Price Convertible debt 2,302,021 Yield Analysis Market Yield 14.0% \u2013 14.5% Market Discount 13.7% 2,198,158 Cost N/A N/A Preferred stock 3,168,951 Transaction Price/Recent Recent Round Price per Share $0.30 \u2013 \u20ac13.49 Round Price Rights and Preferences Discount 0.0% \u2013 25.0% Enterprise Value \u20ac253.2M 4,199,159 Black Scholes/Recent EBITDA Multiple 18.3x Transaction Price Private Company Discount 25.0% Revenue Multiple 0.9x Risk Free Rate 3.5% Term 1.0 years Volatility 43.0% Warrants 469,517 Black Scholes Price Per Share $5.35 Rights and Preferences Discount 20.0% Risk Free Rate 3.47% Term 0.7 years Volatility 21.1% 2,256,383 Black Scholes/Transaction EBITDA Multiple 18.3x Price Private Company Discount 25.0% Recent Round Price per Share $35.67 Revenue Multiple 0.9x Risk Free Rate 3.5% Term 1.0 years Volatility 43.0% Total If the illiquidity discount of the preferred stock and common stock valued based on discounted cash flows increased/decreased by 10% it would have resulted in an increase/decrease to the total value of those securities of \u00a31,312,151 which would affect the Net gain/(loss) on investments within the capital return column of the Consolidated Statement of Comprehensive Income. If the volatility rate used for the warrants valued based on a Black Scholes increased/decreased by 10% it would have resulted in an increase/decrease to the total value of those equity securities of \u00a3808,113 which would affect the Net gain/(loss) on investments within the capital return column of the Consolidated Statement of Comprehensive Income. If the price of all the investment assets held at period end, including individually those mentioned above, had increased/decreased by 10% it would have resulted in an increase/decrease in the total value the investments in funds and equity securities of \u00a32,842,155 (31 December 2024: \u00a33,144,276) which would affect the Net gain/(loss) on investments within the capital return column of the Consolidated Statement of Comprehensive Income. 28,421,551 CARRYING credits in the public market and the underlying risk of the individual credit. FAIR MARKET VALUE Assets and liabilities not carried at fair value but for which fair value is disclosed VALUE \u00a3 \u00a3 The following table presents the fair value of the Group\u2019s assets and liabilities not measured at fair value through profit and loss at 31 December 2025 but for which fair value is disclosed. In using a valuation methodology based on the discounting of forecasted cash flows of the Portfolio Company, significant judgment is required in the development of an appropriate discount rate to be applied to the forecasted cash flows. In determining the fair value of loans and advances to customers, the expected future cash flows are discounted back using a discount rate. The discount rate used incorporates market-based yields for similar Assets Loans at amortised cost 26,673,397 27,723,978 Total For all other assets and liabilities not carried at fair value, the carrying value is a reasonable approximation of fair value. The following table presents the fair value of the Group\u2019s assets and liabilities not measured at fair value through profit and loss at 31 December 2024 but for which fair value is disclosed. The carrying value has been used where it is a reasonable approximation of fair value: 26,673,397 27,723,978 CARRYING FAIR MARKET VALUE VALUE \u00a3 \u00a3 Assets Loans at amortised cost 119,983,485 122,863,760 Total For all other assets and liabilities not carried at fair value, the carrying value is a reasonable approximation of fair value. 119,983,485 122,863,760 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "4. DERIVATIVES Typically, derivative contracts serve as components of the Group\u2019s investment strategy and are utilised primarily to structure and hedge investments to enhance performance and reduce risk to the Group. All hedges were closed during 2024 and accordingly the Group did not designate any derivatives as hedges for hedge accounting purposes as described under IFRS 9. See Note 2 for the valuation policy for financial instruments. Forward contracts Forward contracts entered into represent a firm commitment to buy or sell an underlying asset, or currency at a specified value and point in time based upon an agreed or contracted quantity. The realised/unrealised gain or loss is equal to the difference between the value of the contract at the onset and the value of the contract at settlement date/year end date and is included in the Consolidated Statement of Comprehensive Income. Notional contract amounts of derivatives indicate the nominal value of transactions outstanding as of the balance sheet date and do not represent the amounts at risk. As at 31 December 2025 and 31 December 2024, no forward foreign exchange contracts were included in the Group\u2019s Consolidated Statement of Financial Position at fair value through profit or loss and the Parent Company\u2019s Statement of Financial Position at fair value through profit or loss. The Parent and Group do not hold any derivative contracts under financial assets and liabilities as at 31 December 2025 and 2024. As a result, as at 31 December 2025 and 31 December 2024 there were no offsetting of derivative assets and liabilities in the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-450": { "value": "31 DECEMBER 5. INCOME AND GAINS ON INVESTMENTS AND LOANS 31 DECEMBER (31 December 2024: \u00a3nil) has been allocated to capital in line with the Group\u2019s policy as set out in Note 2. 2025 2024 \u00a3 \u00a3 Interest income in the amount of \u00a37,577,529 (31 December 2024: \u00a318,955,706) has been allocated to revenue and \u00a3nil Other Income Distributable income from investments in funds \u2013 2,075,247 Interest income from investment assets designated as held at fair value through profit or loss 415,696 305,213 Other income 100,061 199,430 Total 515,757 2,579,890 31 DECEMBER 31 DECEMBER 2025 2024 \u00a3 \u00a3 Net gains (losses) on investments Realised gain on sale of investments 2,897,977 2,665,334 Unrealised gains (losses) on investment in funds 516,214 (17,146,887) Unrealised losses on equity securities (2,367,685) (35,864,899) Total The Group received \u00a36,246,805 from investments held at fair market value sold during the year. The cost of these investments sold were \u00a33,278,493. These investments have been revalued over time and until they were sold any unrealised gains/losses were included in the fair value of the investments. 1,046,506 (50,346,452) ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-8": { "value": "31 DECEMBER 5. INCOME AND GAINS ON INVESTMENTS AND LOANS 31 DECEMBER (31 December 2024: \u00a3nil) has been allocated to capital in line with the Group\u2019s policy as set out in Note 2. 2025 2024 \u00a3 \u00a3 Interest income in the amount of \u00a37,577,529 (31 December 2024: \u00a318,955,706) has been allocated to revenue and \u00a3nil Other Income Distributable income from investments in funds \u2013 2,075,247 Interest income from investment assets designated as held at fair value through profit or loss 415,696 305,213 Other income 100,061 199,430 Total 515,757 2,579,890 31 DECEMBER 31 DECEMBER 2025 2024 \u00a3 \u00a3 Net gains (losses) on investments Realised gain on sale of investments 2,897,977 2,665,334 Unrealised gains (losses) on investment in funds 516,214 (17,146,887) Unrealised losses on equity securities (2,367,685) (35,864,899) Total The Group received \u00a36,246,805 from investments held at fair market value sold during the year. The cost of these investments sold were \u00a33,278,493. These investments have been revalued over time and until they were sold any unrealised gains/losses were included in the fair value of the investments. 1,046,506 (50,346,452) ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-442": { "value": "31 DECEMBER 5. INCOME AND GAINS ON INVESTMENTS AND LOANS 31 DECEMBER (31 December 2024: \u00a3nil) has been allocated to capital in line with the Group\u2019s policy as set out in Note 2. 2025 2024 \u00a3 \u00a3 Interest income in the amount of \u00a37,577,529 (31 December 2024: \u00a318,955,706) has been allocated to revenue and \u00a3nil Other Income Distributable income from investments in funds \u2013 2,075,247 Interest income from investment assets designated as held at fair value through profit or loss 415,696 305,213 Other income 100,061 199,430 Total 515,757 2,579,890 31 DECEMBER 31 DECEMBER 2025 2024 \u00a3 \u00a3 Net gains (losses) on investments Realised gain on sale of investments 2,897,977 2,665,334 Unrealised gains (losses) on investment in funds 516,214 (17,146,887) Unrealised losses on equity securities (2,367,685) (35,864,899) Total The Group received \u00a36,246,805 from investments held at fair market value sold during the year. The cost of these investments sold were \u00a33,278,493. These investments have been revalued over time and until they were sold any unrealised gains/losses were included in the fair value of the investments. 1,046,506 (50,346,452) ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-402": { "value": "31 DECEMBER 5. INCOME AND GAINS ON INVESTMENTS AND LOANS 31 DECEMBER (31 December 2024: \u00a3nil) has been allocated to capital in line with the Group\u2019s policy as set out in Note 2. 2025 2024 \u00a3 \u00a3 Interest income in the amount of \u00a37,577,529 (31 December 2024: \u00a318,955,706) has been allocated to revenue and \u00a3nil Other Income Distributable income from investments in funds \u2013 2,075,247 Interest income from investment assets designated as held at fair value through profit or loss 415,696 305,213 Other income 100,061 199,430 Total 515,757 2,579,890 31 DECEMBER 31 DECEMBER 2025 2024 \u00a3 \u00a3 Net gains (losses) on investments Realised gain on sale of investments 2,897,977 2,665,334 Unrealised gains (losses) on investment in funds 516,214 (17,146,887) Unrealised losses on equity securities (2,367,685) (35,864,899) Total The Group received \u00a36,246,805 from investments held at fair market value sold during the year. The cost of these investments sold were \u00a33,278,493. These investments have been revalued over time and until they were sold any unrealised gains/losses were included in the fair value of the investments. 1,046,506 (50,346,452) ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-428": { "value": "31 DECEMBER 5. INCOME AND GAINS ON INVESTMENTS AND LOANS 31 DECEMBER (31 December 2024: \u00a3nil) has been allocated to capital in line with the Group\u2019s policy as set out in Note 2. 2025 2024 \u00a3 \u00a3 Interest income in the amount of \u00a37,577,529 (31 December 2024: \u00a318,955,706) has been allocated to revenue and \u00a3nil Other Income Distributable income from investments in funds \u2013 2,075,247 Interest income from investment assets designated as held at fair value through profit or loss 415,696 305,213 Other income 100,061 199,430 Total 515,757 2,579,890 31 DECEMBER 31 DECEMBER 2025 2024 \u00a3 \u00a3 Net gains (losses) on investments Realised gain on sale of investments 2,897,977 2,665,334 Unrealised gains (losses) on investment in funds 516,214 (17,146,887) Unrealised losses on equity securities (2,367,685) (35,864,899) Total The Group received \u00a36,246,805 from investments held at fair market value sold during the year. The cost of these investments sold were \u00a33,278,493. These investments have been revalued over time and until they were sold any unrealised gains/losses were included in the fair value of the investments. 1,046,506 (50,346,452) ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-401": { "value": "6. FINANCIAL INSTRUMENTS AND ASSOCIATED RISKS Introduction Risk is inherent in the Group\u2019s activities, but it is managed through a process of ongoing identification, measurement and monitoring, subject to risk limits and other controls. The Group is exposed to market risk (which includes currency risk, interest Risk management structure The Directors are ultimately responsible for identifying and controlling risks. Day to day management of the risks arising from the financial instruments held by the Group has been delegated to Victory Park Capital Advisors, LLC as Investment Manager to the Parent Company and the Group. The Investment Manager regularly reviews the investment portfolio and industry developments to ensure that any events which impact the Group are identified and considered. This also ensures that any risks affecting the investment portfolio are identified and mitigated to the fullest extent possible. The Group has no employees, and the Directors have all been appointed on a Non-Executive basis. Whilst the Group has taken all reasonable steps to establish and maintain adequate procedures, systems and controls to enable it to comply with its obligations, the Group is reliant upon the performance of third-party service providers for its executive function. In particular, the Investment Manager, the Custodian, the Administrator, the Corporate Secretary and the Registrar will be performing services which are integral to the operation of the Group. Failure by any service provider to carry out its obligations to the Group in accordance with the terms of its appointment could have a materially detrimental impact on the operation of the Group. In seeking to implement the investment objectives of the Parent Company while limiting risk, the Parent Company and the Group are subject to the investment limits restrictions set out in the Credit Risk section of this note. rate risk and other price risk), credit risk and liquidity risk arising from the financial instruments held by the Group. Market risk (incorporating price, interest rate and currency risks) Market risk is the risk of loss arising from movements in observable market variables such as foreign exchange rates, equity prices and interest rates. The Group is exposed to market risk primarily through its Financial Instruments. Market price risk The Group is exposed to price risk arising from the investments held by the Group for which prices in the future are uncertain. The investment in funds and equity investments are exposed to market price risk. Refer to Note 3 for further details on the sensitivity of the Group\u2019s Level 3 investments to price risk. Interest rate risk Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows or the fair values of financial instruments. The Group is exposed to risks associated with the effects of fluctuations in the prevailing levels of market interest rates on its financial position and cash flows. Due to the nature of the investments at 31 December 2025, the Group has limited exposure to variations in interest rates as the key components of interest rates are fixed and determinable or variable based on the size of the loan. While the Group is exposed to risks associated with the effects of fluctuations in the prevailing levels of market interest rates on its financial position and cash flows, the downside exposure of the Group is limited at 31 December 2025 due to the fixed rate nature of the investments or interest rate floors that are in place on most of the Group\u2019s variable interest rate loans. The interest rate floors that are in place on most of the Group\u2019s variable interest rate loans reduces the potential impact that a decrease in rates would have on the Group\u2019s investments. As at 31 December 2025, if interest rates had increased by 1%, with all other variables held constant, the change in 12 months of future cash flows on the current investment portfolio, including both interest income and expense, would have been \u00a3721,144 (31 December 2024: \u00a31,206,663). As at 31 December 2025, if interest rates had decreased by 1%, with all other variables held constant, the change in 12 months of future cash flows on the current investment portfolio, including both interest income and expense, would be \u00a3(244,784) (31 December 2024: \u00a3(736,285)) due to the floors in place on the Group\u2019s investments. The Group does not intend to hedge interest rate risk on a regular basis. However, where it enters floating rate liabilities against fixed-rate loans, it may at its sole discretion seek to hedge out the interest rate exposure, taking into consideration amongst other things the cost of hedging and the general interest rate environment. Currency risk Currency risk is the risk that the value of net assets will fluctuate due to changes in foreign exchange rates. Relevant risk variables are generally movements in the exchange rates of non-functional currencies in which the Group holds financial assets and liabilities. The assets of the Group as at 31 December 2025 were invested in assets which were denominated in US Dollar, Euro, Australian Dollar, Pound Sterling and other currencies. Accordingly, the value of such assets may be affected favourably or unfavourably by fluctuations in currency rates. Micro and small cap company investing risk The Group will generally invest with companies that are small, not widely known and not widely held. Small companies tend to be more vulnerable to adverse developments than larger companies and may have little or no track records. Small companies may have limited product lines, markets, or financial resources, and may depend on less seasoned management. Their securities may trade infrequently and in limited volumes. It may take a relatively long period of time to accumulate an investment in a particular issue in order to minimise the effect of purchases on market price. Similarly, it could be difficult to dispose of such investments on a timely basis without adversely affecting market prices. As a result, the prices of these securities may fluctuate more than the prices of larger, more widely traded companies. Also, there may be less publicly available information about small companies or less market interest in their securities compared to larger companies, and it may take longer for the prices of these securities to reflect the full value of their issuers\u2019 earnings potential or assets. FORWARD NET Whilst the use of borrowings by the Group should enhance the net asset value of an investment when the value of an investment\u2019s underlying assets is rising, it will, however, have the opposite effect where the underlying asset value is falling. In addition, in the event that an investment\u2019s income falls for whatever reason, the use of borrowings will increase the impact of such a fall on the net revenue of the Group\u2019s investment and accordingly will have an adverse effect on the ability of the investment to make distributions to the Group. This risk is mitigated by limiting borrowings to ring-fenced Special-Purpose Vehicles (\u201cSPVs\u201d) without recourse to the Group and employing gearing in a disciplined manner. The Company fully repaid its The Investment Manager monitors the fluctuations in foreign currency exchange rates and may use forward foreign exchange contracts to hedge the currency exposure of the Parent Company and Group\u2019s non-Pound Sterling denominated investments. The Investment Manager re-examines the currency exposure on a regular basis in each currency and manages the Parent Company\u2019s currency exposure in accordance with market expectations. As part of the evaluation of the relative currency risk during the managed wind down of the portfolio, all foreign currency exchange contracts were eliminated as at 31 December The below table presents the net exposure to foreign currency at 31 December 2025. The table excludes all GBP assets and liabilities recorded on the Group\u2019s Consolidated Statement of Financial Position. If the GBP exchange rate simultaneously increased/decreased by 10% against the below currencies, the impact on profit would be an increase/decrease of \u00a35,535,058. 10% is considered to be a reasonably possible movement in foreign exchange rates. The table below includes the exposure of ASSETS Concentration of foreign currency exposure the non-consolidated interest investment in the Group. LIABILITIES borrowings in the period and therefore the risk is limited going forward. CONTRACTS EXPOSURE 31 DECEMBER Gearing and borrowing risk 31 DECEMBER 31 DECEMBER 31 DECEMBER 2025 2025 2025 2025 \u00a3 \u00a3 \u00a3 \u00a3 Euro 2025. 2,570,765 \u2013 \u2013 2,570,765 US Dollar 52,396,284 \u2013 \u2013 52,396,284 Swiss Francs 383,533 \u2013 \u2013 383,533 The below table presents the net exposure to foreign currency at 31 December 2024. The table includes forward foreign FORWARD NET exchange contracts at their notional exposure value and excludes all GBP assets and liabilities recorded on the Group\u2019s ASSETS LIABILITIES CONTRACTS EXPOSURE 31 DECEMBER Consolidated Statement of Financial Position. 31 DECEMBER 31 DECEMBER 31 DECEMBER 2024 2024 2024 2024 \u00a3 \u00a3 \u00a3 \u00a3 Euro 945,754 \u2013 \u2013 945,754 US Dollar 153,841,834 (22,132,171) \u2013 131,709,663 Swiss Francs 546,222 \u2013 \u2013 546,222 Australian Dollars 496,523 \u2013 \u2013 496,523 FORWARD NET The table below presents the net exposure to foreign currency at 31 December 2025. The table excludes all GBP assets and ASSETS LIABILITIES CONTRACTS EXPOSURE 31 DECEMBER 31 DECEMBER 31 DECEMBER 31 DECEMBER 2025 2025 liabilities recorded on the Parent Company\u2019s Statement of Financial Position. 2025 2025 \u00a3 \u00a3 \u00a3 \u00a3 Euro 2,570,765 \u2013 \u2013 2,570,765 US Dollar 52,396,284 \u2013 \u2013 52,396,284 Swiss Francs 383,533 \u2013 \u2013 383,533 The table below presents the net exposure to foreign currency at 31 December 2024. The table includes forward foreign
FORWARD
NET
exchange contracts at their notional exposure value and excludes all GBP assets and liabilities recorded on the Parent Company\u2019s
ASSETS
LIABILITIES
CONTRACTS
EXPOSURE
31 DECEMBER
Statement of Financial Position.
31 DECEMBER
31 DECEMBER
31 DECEMBER
2024
2024
2024
2024
\u00a3
\u00a3
\u00a3
\u00a3
Euro
945,754
\u2013
\u2013
945,754
US Dollar
131,709,663
\u2013
\u2013
131,709,663
Swiss Francs
546,222
\u2013
\u2013
546,222
Australian Dollars
Liquidity risk
496,523
\u2013
\u2013
496,523
If the GBP exchange rate simultaneously increased/decreased by 10% against the above currencies, the impact on profit would
be an increase/decrease of \u00a35,535,058. 10% is considered to be a reasonably possible movement in foreign exchange rates.
WITHIN ONE TO OVER FIVE of the financial assets and financial liabilities of the Group as at 31 December 2025: ONE YEAR FIVE price. Ordinary Shares are not redeemable at the holder\u2019s option. YEARS YEARS TOTAL \u00a3 \u00a3 \u00a3 \u00a3 Liquidity risk is defined as the risk that the Group may not be able to settle or meet its obligations on time or at a reasonable The maturities of the non-current financial liabilities are disclosed in Note 8. The following tables show the contractual maturity Assets Loans 17,219,758 9,453,639 \u2013 26,673,397 Cash and cash equivalents 7,338,937 \u2013 \u2013 7,338,937 Interest receivable 531,848 \u2013 \u2013 531,848 Other assets and prepaid expenses 100,170 \u2013 \u2013 100,170 Total 25,190,713 9,453,639 \u2013 34,644,352 WITHIN ONE TO OVER FIVE ONE YEAR FIVE YEARS YEARS TOTAL \u00a3 \u00a3 \u00a3 \u00a3 Liabilities Management fee payable 178,897 \u2013 \u2013 178,897 Other liabilities and accrued expenses 727,447 \u2013 \u2013 727,447 Total The following tables show the contractual maturity of the financial assets and financial liabilities of the Group as at 31 December 2024: 906,344 \u2013 \u2013 906,344
WITHIN
ONE TO
OVER FIVE
ONE
YEAR
FIVE
YEARS
YEARS TOTAL
\u00a3 \u00a3 \u00a3 \u00a3
Assets
Loans
55,108,677
64,874,808
\u2013
119,983,485
Cash and cash equivalents
8,299,518
\u2013
\u2013
8,299,518
Cash posted as collateral
711,232
\u2013
\u2013
711,232
Interest receivable
5,531,877
\u2013
\u2013
5,531,877
Other assets and prepaid expenses
727,689
\u2013
\u2013
727,689
Total
70,378,993
64,874,808
\u2013
135,253,801
WITHIN ONE TO OVER FIVE ONE YEAR FIVE YEARS YEARS TOTAL \u00a3 \u00a3 \u00a3 \u00a3 Liabilities Notes payable \u2013 22,132,171 \u2013 22,132,171 Management fee payable 109,188 \u2013 \u2013 109,188 Other liabilities and accrued expenses 1,039,664 \u2013 \u2013 1,039,664 Total The Investment Manager manages the Group\u2019s liquidity risk by investing primarily in a diverse portfolio of assets. At 31 December 2025, the Group had investments in 17 Portfolio Companies (31 December 2024: 31 Portfolio Companies). At As at 31 December 2025, \u00a3nil (31 December 2024: \u00a3nil) of the Group\u2019s liabilities relating to principal and interest payments are tied directly to the performance of investment assets that mature on or near the same date as the investment liability. The amounts above represent the values as at 31 December 2025 and do not project cash flows until maturity of the investment liabilities. Credit risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Group\u2019s credit risks arise principally through exposures to loans acquired by the Group, which are subject to risk of borrower default. The ability of the Group to earn revenue is completely dependent upon payments being made by the borrower, such as adverse movements in investment markets. The Group will invest across various Portfolio Companies, asset classes, geographies (primarily United States, United Kingdom, Europe and Latin America) and credit bands in order to ensure diversification and to seek to mitigate concentration risks. 1,148,852 22,132,171 \u2013 23,281,023 31 December 2025, 65% of the loans had a stated maturity date of less than a year (31 December 2024: 46%). TOTAL Under the Asset Backed Lending Model, the Group provides a floating rate credit facility to the portfolio company via an SPV, which retains Debt Instruments that are originated by the portfolio company. The debt financing is typically arranged in the form of a senior secured facility and the portfolio company injects junior capital in the SPV, which provides significant first loss protection to the Group and excess spread. The Group\u2019s asset backed investments are loans to SPVs that are capitalised and actively managed by the portfolio companies in their capacity as both the owner and managing partner of the SPVs and the The credit quality of loans is assessed through the evaluation of various factors, including (but not limited to) credit scores, payment data, collateral and other information. Set out below is the analysis of the Group\u2019s loan investments by grade, 31 DECEMBER FINTECH eCOMMERCE There are no loans past due which are not impaired. Refer to Note 9. LEGAL FINANCE 2025 INTERNAL GRADE \u00a3 SPVs are not considered structured entities under IFRS 12. \u00a3 \u00a3 \u00a3 Stage 1 Credit quality geography, and sector: A \u2013 1 \u2013 \u2013 \u2013 \u2013 A \u2013 2 \u2013 \u2013 \u2013 \u2013 B \u2013 9,425,491 \u2013 9,425,491 C \u2013 \u2013 \u2013 \u2013 Total \u2013 9,425,491 \u2013 9,425,491 Stage 2 A \u2013 1 \u2013 \u2013 \u2013 \u2013 A \u2013 2 \u2013 \u2013 \u2013 \u2013 B 11,136,435 960,017 8,215,212 20,311,664 C \u2013 \u2013 \u2013 \u2013 Total 11,136,435 960,017 8,215,212 20,311,664 Stage 3 A \u2013 1 \u2013 \u2013 \u2013 \u2013 A \u2013 2 \u2013 \u2013 \u2013 \u2013 B \u2013 \u2013 \u2013 \u2013 C \u2013 15,365,973 \u2013 15,365,973 Total \u2013 15,365,973 \u2013 15,365,973 TOTAL 31 DECEMBER EUROPE ASIA UNITED STATES 2025 INTERNAL GRADE \u00a3 \u00a3 \u00a3 \u00a3 Stage 1 A \u2013 1 \u2013 \u2013 \u2013 \u2013 A \u2013 2 \u2013 \u2013 \u2013 \u2013 B \u2013 \u2013 9,425,491 9,425,491 C \u2013 \u2013 \u2013 \u2013 Total \u2013 \u2013 9,425,491 9,425,491 Stage 2 A \u2013 1 \u2013 \u2013 \u2013 \u2013 A \u2013 2 \u2013 \u2013 \u2013 \u2013 B \u2013 \u2013 20,311,664 20,311,664 C \u2013 \u2013 \u2013 \u2013 Total \u2013 \u2013 20,311,664 20,311,664 Stage 3 A \u2013 1 \u2013 \u2013 \u2013 \u2013 A \u2013 2 \u2013 \u2013 \u2013 \u2013 B \u2013 \u2013 \u2013 \u2013 C 611,601 \u2013 14,754,372 15,365,973 Total 611,601 \u2013 14,754,372 15,365,973 TOTAL 31 DECEMBER EUROPE ASIA UNITED STATES 2024 INTERNAL GRADE \u00a3 \u00a3 \u00a3 \u00a3 Stage 1 A \u2013 1 \u2013 7,038,004 8,663,719 15,701,723 A \u2013 2 \u2013 \u2013 156,659 156,659 B 449,748 10,911,293 19,381,887 30,742,928 C \u2013 \u2013 \u2013 \u2013 Total 449,748 17,949,297 28,202,265 46,601,310 Stage 2 A \u2013 1 \u2013 \u2013 \u2013 \u2013 A \u2013 2 \u2013 \u2013 \u2013 \u2013 B \u2013 \u2013 63,463,255 63,463,255 C 22,646,957 \u2013 \u2013 22,646,957 Total 22,646,957 \u2013 63,463,255 86,110,212 Stage 3 A \u2013 1 \u2013 \u2013 \u2013 \u2013 A \u2013 2 \u2013 \u2013 \u2013 \u2013 B \u2013 \u2013 \u2013 \u2013 C 2,270,983 \u2013 \u2013 2,270,983 Total 2,270,983 \u2013 \u2013 2,270,983 INTERNAL GRADE DEFINITION A \u2013 1 Asset backed loans structured with credit enhancement and strong operating liquidity positions A \u2013 2 High credit quality borrowers or asset backed loans structured with credit enhancement B The following investment limits and restrictions shall apply to the Group, to ensure that the diversification of the Group\u2019s portfolio is maintained, and that concentration risk is limited: Portfolio Company restrictions The Group does not intend to invest more than 20% of its Gross Assets in Debt Instruments (net of any gearing ring-fenced within any special purpose vehicle which would be without recourse to the Group), originated by, and/or Credit Facilities and equity instruments in, any single Portfolio Company, calculated at the time of investment. All such aggregate exposure to any single Portfolio Company (including investments via a special purpose vehicle) will always be subject to an absolute maximum, calculated at the time of investment, of 25% of the Group\u2019s Gross Assets. The Group does not intend to acquire Debt Instruments for a term longer than five years. The Group will not invest more than 20% of its Gross Assets, at the time of investment, via any single investment fund investing in Debt Instruments and Credit Facilities. In any event, the Group will not invest, in aggregate, more than 60% of its Gross Assets, at the time of investment, in investment funds that invest in Debt Instruments and Credit Facilities. High credit quality borrowers with some indicators of credit risk or asset backed loans with limited structural credit enhancement Asset class restrictions C Borrowers with elevated levels of credit risk Other restrictions No single consumer loan acquired by the Group shall exceed 0.25% of its Gross Assets. No single trade receivable asset acquired by the Group shall exceed 5.0% of its Gross Assets. The Group will not invest more than 10% of its Gross Assets, at the time of investment, in other listed closed-ended investment funds, whether managed by the Investment Manager or not, except that this restriction shall not apply to investments in listed closed-ended investment funds which themselves have stated investment policies to invest no more than 15% of their gross The following restrictions apply, in each case at the time of investment by the Group, to both Debt Instruments acquired by the Group via wholly owned special purpose vehicles or partially-owned special purpose vehicles on a proportionate basis under the Marketplace Model, as well as on a look-through basis under the Asset Backed Lending Model and to any Debt Instruments held No single SME loan acquired by the Group shall exceed 5.0% of its Gross Assets. For the avoidance of doubt, Credit The Group\u2019s un-invested or surplus capital or assets may be invested in Cash Instruments for cash management purposes and assets in other listed closed-ended investment funds. by another investment fund in which the Group invests: with a view to enhancing returns to Shareholders or mitigating credit exposure. Maximum credit exposure Facilities entered into directly with Platforms are not considered SME loans. The carrying value of the Group\u2019s loan investments represents the maximum credit exposure of the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "6. FINANCIAL INSTRUMENTS AND ASSOCIATED RISKS Introduction Risk is inherent in the Group\u2019s activities, but it is managed through a process of ongoing identification, measurement and monitoring, subject to risk limits and other controls. The Group is exposed to market risk (which includes currency risk, interest Risk management structure The Directors are ultimately responsible for identifying and controlling risks. Day to day management of the risks arising from the financial instruments held by the Group has been delegated to Victory Park Capital Advisors, LLC as Investment Manager to the Parent Company and the Group. The Investment Manager regularly reviews the investment portfolio and industry developments to ensure that any events which impact the Group are identified and considered. This also ensures that any risks affecting the investment portfolio are identified and mitigated to the fullest extent possible. The Group has no employees, and the Directors have all been appointed on a Non-Executive basis. Whilst the Group has taken all reasonable steps to establish and maintain adequate procedures, systems and controls to enable it to comply with its obligations, the Group is reliant upon the performance of third-party service providers for its executive function. In particular, the Investment Manager, the Custodian, the Administrator, the Corporate Secretary and the Registrar will be performing services which are integral to the operation of the Group. Failure by any service provider to carry out its obligations to the Group in accordance with the terms of its appointment could have a materially detrimental impact on the operation of the Group. In seeking to implement the investment objectives of the Parent Company while limiting risk, the Parent Company and the Group are subject to the investment limits restrictions set out in the Credit Risk section of this note. rate risk and other price risk), credit risk and liquidity risk arising from the financial instruments held by the Group. Market risk (incorporating price, interest rate and currency risks) Market risk is the risk of loss arising from movements in observable market variables such as foreign exchange rates, equity prices and interest rates. The Group is exposed to market risk primarily through its Financial Instruments. Market price risk The Group is exposed to price risk arising from the investments held by the Group for which prices in the future are uncertain. The investment in funds and equity investments are exposed to market price risk. Refer to Note 3 for further details on the sensitivity of the Group\u2019s Level 3 investments to price risk. Interest rate risk Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows or the fair values of financial instruments. The Group is exposed to risks associated with the effects of fluctuations in the prevailing levels of market interest rates on its financial position and cash flows. Due to the nature of the investments at 31 December 2025, the Group has limited exposure to variations in interest rates as the key components of interest rates are fixed and determinable or variable based on the size of the loan. While the Group is exposed to risks associated with the effects of fluctuations in the prevailing levels of market interest rates on its financial position and cash flows, the downside exposure of the Group is limited at 31 December 2025 due to the fixed rate nature of the investments or interest rate floors that are in place on most of the Group\u2019s variable interest rate loans. The interest rate floors that are in place on most of the Group\u2019s variable interest rate loans reduces the potential impact that a decrease in rates would have on the Group\u2019s investments. As at 31 December 2025, if interest rates had increased by 1%, with all other variables held constant, the change in 12 months of future cash flows on the current investment portfolio, including both interest income and expense, would have been \u00a3721,144 (31 December 2024: \u00a31,206,663). As at 31 December 2025, if interest rates had decreased by 1%, with all other variables held constant, the change in 12 months of future cash flows on the current investment portfolio, including both interest income and expense, would be \u00a3(244,784) (31 December 2024: \u00a3(736,285)) due to the floors in place on the Group\u2019s investments. The Group does not intend to hedge interest rate risk on a regular basis. However, where it enters floating rate liabilities against fixed-rate loans, it may at its sole discretion seek to hedge out the interest rate exposure, taking into consideration amongst other things the cost of hedging and the general interest rate environment. Currency risk Currency risk is the risk that the value of net assets will fluctuate due to changes in foreign exchange rates. Relevant risk variables are generally movements in the exchange rates of non-functional currencies in which the Group holds financial assets and liabilities. The assets of the Group as at 31 December 2025 were invested in assets which were denominated in US Dollar, Euro, Australian Dollar, Pound Sterling and other currencies. Accordingly, the value of such assets may be affected favourably or unfavourably by fluctuations in currency rates. Micro and small cap company investing risk The Group will generally invest with companies that are small, not widely known and not widely held. Small companies tend to be more vulnerable to adverse developments than larger companies and may have little or no track records. Small companies may have limited product lines, markets, or financial resources, and may depend on less seasoned management. Their securities may trade infrequently and in limited volumes. It may take a relatively long period of time to accumulate an investment in a particular issue in order to minimise the effect of purchases on market price. Similarly, it could be difficult to dispose of such investments on a timely basis without adversely affecting market prices. As a result, the prices of these securities may fluctuate more than the prices of larger, more widely traded companies. Also, there may be less publicly available information about small companies or less market interest in their securities compared to larger companies, and it may take longer for the prices of these securities to reflect the full value of their issuers\u2019 earnings potential or assets. FORWARD NET Whilst the use of borrowings by the Group should enhance the net asset value of an investment when the value of an investment\u2019s underlying assets is rising, it will, however, have the opposite effect where the underlying asset value is falling. In addition, in the event that an investment\u2019s income falls for whatever reason, the use of borrowings will increase the impact of such a fall on the net revenue of the Group\u2019s investment and accordingly will have an adverse effect on the ability of the investment to make distributions to the Group. This risk is mitigated by limiting borrowings to ring-fenced Special-Purpose Vehicles (\u201cSPVs\u201d) without recourse to the Group and employing gearing in a disciplined manner. The Company fully repaid its The Investment Manager monitors the fluctuations in foreign currency exchange rates and may use forward foreign exchange contracts to hedge the currency exposure of the Parent Company and Group\u2019s non-Pound Sterling denominated investments. The Investment Manager re-examines the currency exposure on a regular basis in each currency and manages the Parent Company\u2019s currency exposure in accordance with market expectations. As part of the evaluation of the relative currency risk during the managed wind down of the portfolio, all foreign currency exchange contracts were eliminated as at 31 December The below table presents the net exposure to foreign currency at 31 December 2025. The table excludes all GBP assets and liabilities recorded on the Group\u2019s Consolidated Statement of Financial Position. If the GBP exchange rate simultaneously increased/decreased by 10% against the below currencies, the impact on profit would be an increase/decrease of \u00a35,535,058. 10% is considered to be a reasonably possible movement in foreign exchange rates. The table below includes the exposure of ASSETS Concentration of foreign currency exposure the non-consolidated interest investment in the Group. LIABILITIES borrowings in the period and therefore the risk is limited going forward. CONTRACTS EXPOSURE 31 DECEMBER Gearing and borrowing risk 31 DECEMBER 31 DECEMBER 31 DECEMBER 2025 2025 2025 2025 \u00a3 \u00a3 \u00a3 \u00a3 Euro 2025. 2,570,765 \u2013 \u2013 2,570,765 US Dollar 52,396,284 \u2013 \u2013 52,396,284 Swiss Francs 383,533 \u2013 \u2013 383,533 The below table presents the net exposure to foreign currency at 31 December 2024. The table includes forward foreign FORWARD NET exchange contracts at their notional exposure value and excludes all GBP assets and liabilities recorded on the Group\u2019s ASSETS LIABILITIES CONTRACTS EXPOSURE 31 DECEMBER Consolidated Statement of Financial Position. 31 DECEMBER 31 DECEMBER 31 DECEMBER 2024 2024 2024 2024 \u00a3 \u00a3 \u00a3 \u00a3 Euro 945,754 \u2013 \u2013 945,754 US Dollar 153,841,834 (22,132,171) \u2013 131,709,663 Swiss Francs 546,222 \u2013 \u2013 546,222 Australian Dollars 496,523 \u2013 \u2013 496,523 FORWARD NET The table below presents the net exposure to foreign currency at 31 December 2025. The table excludes all GBP assets and ASSETS LIABILITIES CONTRACTS EXPOSURE 31 DECEMBER 31 DECEMBER 31 DECEMBER 31 DECEMBER 2025 2025 liabilities recorded on the Parent Company\u2019s Statement of Financial Position. 2025 2025 \u00a3 \u00a3 \u00a3 \u00a3 Euro 2,570,765 \u2013 \u2013 2,570,765 US Dollar 52,396,284 \u2013 \u2013 52,396,284 Swiss Francs 383,533 \u2013 \u2013 383,533 The table below presents the net exposure to foreign currency at 31 December 2024. The table includes forward foreign
FORWARD
NET
exchange contracts at their notional exposure value and excludes all GBP assets and liabilities recorded on the Parent Company\u2019s
ASSETS
LIABILITIES
CONTRACTS
EXPOSURE
31 DECEMBER
Statement of Financial Position.
31 DECEMBER
31 DECEMBER
31 DECEMBER
2024
2024
2024
2024
\u00a3
\u00a3
\u00a3
\u00a3
Euro
945,754
\u2013
\u2013
945,754
US Dollar
131,709,663
\u2013
\u2013
131,709,663
Swiss Francs
546,222
\u2013
\u2013
546,222
Australian Dollars
Liquidity risk
496,523
\u2013
\u2013
496,523
If the GBP exchange rate simultaneously increased/decreased by 10% against the above currencies, the impact on profit would
be an increase/decrease of \u00a35,535,058. 10% is considered to be a reasonably possible movement in foreign exchange rates.
WITHIN ONE TO OVER FIVE of the financial assets and financial liabilities of the Group as at 31 December 2025: ONE YEAR FIVE price. Ordinary Shares are not redeemable at the holder\u2019s option. YEARS YEARS TOTAL \u00a3 \u00a3 \u00a3 \u00a3 Liquidity risk is defined as the risk that the Group may not be able to settle or meet its obligations on time or at a reasonable The maturities of the non-current financial liabilities are disclosed in Note 8. The following tables show the contractual maturity Assets Loans 17,219,758 9,453,639 \u2013 26,673,397 Cash and cash equivalents 7,338,937 \u2013 \u2013 7,338,937 Interest receivable 531,848 \u2013 \u2013 531,848 Other assets and prepaid expenses 100,170 \u2013 \u2013 100,170 Total 25,190,713 9,453,639 \u2013 34,644,352 WITHIN ONE TO OVER FIVE ONE YEAR FIVE YEARS YEARS TOTAL \u00a3 \u00a3 \u00a3 \u00a3 Liabilities Management fee payable 178,897 \u2013 \u2013 178,897 Other liabilities and accrued expenses 727,447 \u2013 \u2013 727,447 Total The following tables show the contractual maturity of the financial assets and financial liabilities of the Group as at 31 December 2024: 906,344 \u2013 \u2013 906,344
WITHIN
ONE TO
OVER FIVE
ONE
YEAR
FIVE
YEARS
YEARS TOTAL
\u00a3 \u00a3 \u00a3 \u00a3
Assets
Loans
55,108,677
64,874,808
\u2013
119,983,485
Cash and cash equivalents
8,299,518
\u2013
\u2013
8,299,518
Cash posted as collateral
711,232
\u2013
\u2013
711,232
Interest receivable
5,531,877
\u2013
\u2013
5,531,877
Other assets and prepaid expenses
727,689
\u2013
\u2013
727,689
Total
70,378,993
64,874,808
\u2013
135,253,801
WITHIN ONE TO OVER FIVE ONE YEAR FIVE YEARS YEARS TOTAL \u00a3 \u00a3 \u00a3 \u00a3 Liabilities Notes payable \u2013 22,132,171 \u2013 22,132,171 Management fee payable 109,188 \u2013 \u2013 109,188 Other liabilities and accrued expenses 1,039,664 \u2013 \u2013 1,039,664 Total The Investment Manager manages the Group\u2019s liquidity risk by investing primarily in a diverse portfolio of assets. At 31 December 2025, the Group had investments in 17 Portfolio Companies (31 December 2024: 31 Portfolio Companies). At As at 31 December 2025, \u00a3nil (31 December 2024: \u00a3nil) of the Group\u2019s liabilities relating to principal and interest payments are tied directly to the performance of investment assets that mature on or near the same date as the investment liability. The amounts above represent the values as at 31 December 2025 and do not project cash flows until maturity of the investment liabilities. Credit risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Group\u2019s credit risks arise principally through exposures to loans acquired by the Group, which are subject to risk of borrower default. The ability of the Group to earn revenue is completely dependent upon payments being made by the borrower, such as adverse movements in investment markets. The Group will invest across various Portfolio Companies, asset classes, geographies (primarily United States, United Kingdom, Europe and Latin America) and credit bands in order to ensure diversification and to seek to mitigate concentration risks. 1,148,852 22,132,171 \u2013 23,281,023 31 December 2025, 65% of the loans had a stated maturity date of less than a year (31 December 2024: 46%). TOTAL Under the Asset Backed Lending Model, the Group provides a floating rate credit facility to the portfolio company via an SPV, which retains Debt Instruments that are originated by the portfolio company. The debt financing is typically arranged in the form of a senior secured facility and the portfolio company injects junior capital in the SPV, which provides significant first loss protection to the Group and excess spread. The Group\u2019s asset backed investments are loans to SPVs that are capitalised and actively managed by the portfolio companies in their capacity as both the owner and managing partner of the SPVs and the The credit quality of loans is assessed through the evaluation of various factors, including (but not limited to) credit scores, payment data, collateral and other information. Set out below is the analysis of the Group\u2019s loan investments by grade, 31 DECEMBER FINTECH eCOMMERCE There are no loans past due which are not impaired. Refer to Note 9. LEGAL FINANCE 2025 INTERNAL GRADE \u00a3 SPVs are not considered structured entities under IFRS 12. \u00a3 \u00a3 \u00a3 Stage 1 Credit quality geography, and sector: A \u2013 1 \u2013 \u2013 \u2013 \u2013 A \u2013 2 \u2013 \u2013 \u2013 \u2013 B \u2013 9,425,491 \u2013 9,425,491 C \u2013 \u2013 \u2013 \u2013 Total \u2013 9,425,491 \u2013 9,425,491 Stage 2 A \u2013 1 \u2013 \u2013 \u2013 \u2013 A \u2013 2 \u2013 \u2013 \u2013 \u2013 B 11,136,435 960,017 8,215,212 20,311,664 C \u2013 \u2013 \u2013 \u2013 Total 11,136,435 960,017 8,215,212 20,311,664 Stage 3 A \u2013 1 \u2013 \u2013 \u2013 \u2013 A \u2013 2 \u2013 \u2013 \u2013 \u2013 B \u2013 \u2013 \u2013 \u2013 C \u2013 15,365,973 \u2013 15,365,973 Total \u2013 15,365,973 \u2013 15,365,973 TOTAL 31 DECEMBER EUROPE ASIA UNITED STATES 2025 INTERNAL GRADE \u00a3 \u00a3 \u00a3 \u00a3 Stage 1 A \u2013 1 \u2013 \u2013 \u2013 \u2013 A \u2013 2 \u2013 \u2013 \u2013 \u2013 B \u2013 \u2013 9,425,491 9,425,491 C \u2013 \u2013 \u2013 \u2013 Total \u2013 \u2013 9,425,491 9,425,491 Stage 2 A \u2013 1 \u2013 \u2013 \u2013 \u2013 A \u2013 2 \u2013 \u2013 \u2013 \u2013 B \u2013 \u2013 20,311,664 20,311,664 C \u2013 \u2013 \u2013 \u2013 Total \u2013 \u2013 20,311,664 20,311,664 Stage 3 A \u2013 1 \u2013 \u2013 \u2013 \u2013 A \u2013 2 \u2013 \u2013 \u2013 \u2013 B \u2013 \u2013 \u2013 \u2013 C 611,601 \u2013 14,754,372 15,365,973 Total 611,601 \u2013 14,754,372 15,365,973 TOTAL 31 DECEMBER EUROPE ASIA UNITED STATES 2024 INTERNAL GRADE \u00a3 \u00a3 \u00a3 \u00a3 Stage 1 A \u2013 1 \u2013 7,038,004 8,663,719 15,701,723 A \u2013 2 \u2013 \u2013 156,659 156,659 B 449,748 10,911,293 19,381,887 30,742,928 C \u2013 \u2013 \u2013 \u2013 Total 449,748 17,949,297 28,202,265 46,601,310 Stage 2 A \u2013 1 \u2013 \u2013 \u2013 \u2013 A \u2013 2 \u2013 \u2013 \u2013 \u2013 B \u2013 \u2013 63,463,255 63,463,255 C 22,646,957 \u2013 \u2013 22,646,957 Total 22,646,957 \u2013 63,463,255 86,110,212 Stage 3 A \u2013 1 \u2013 \u2013 \u2013 \u2013 A \u2013 2 \u2013 \u2013 \u2013 \u2013 B \u2013 \u2013 \u2013 \u2013 C 2,270,983 \u2013 \u2013 2,270,983 Total 2,270,983 \u2013 \u2013 2,270,983 INTERNAL GRADE DEFINITION A \u2013 1 Asset backed loans structured with credit enhancement and strong operating liquidity positions A \u2013 2 High credit quality borrowers or asset backed loans structured with credit enhancement B The following investment limits and restrictions shall apply to the Group, to ensure that the diversification of the Group\u2019s portfolio is maintained, and that concentration risk is limited: Portfolio Company restrictions The Group does not intend to invest more than 20% of its Gross Assets in Debt Instruments (net of any gearing ring-fenced within any special purpose vehicle which would be without recourse to the Group), originated by, and/or Credit Facilities and equity instruments in, any single Portfolio Company, calculated at the time of investment. All such aggregate exposure to any single Portfolio Company (including investments via a special purpose vehicle) will always be subject to an absolute maximum, calculated at the time of investment, of 25% of the Group\u2019s Gross Assets. The Group does not intend to acquire Debt Instruments for a term longer than five years. The Group will not invest more than 20% of its Gross Assets, at the time of investment, via any single investment fund investing in Debt Instruments and Credit Facilities. In any event, the Group will not invest, in aggregate, more than 60% of its Gross Assets, at the time of investment, in investment funds that invest in Debt Instruments and Credit Facilities. High credit quality borrowers with some indicators of credit risk or asset backed loans with limited structural credit enhancement Asset class restrictions C Borrowers with elevated levels of credit risk Other restrictions No single consumer loan acquired by the Group shall exceed 0.25% of its Gross Assets. No single trade receivable asset acquired by the Group shall exceed 5.0% of its Gross Assets. The Group will not invest more than 10% of its Gross Assets, at the time of investment, in other listed closed-ended investment funds, whether managed by the Investment Manager or not, except that this restriction shall not apply to investments in listed closed-ended investment funds which themselves have stated investment policies to invest no more than 15% of their gross The following restrictions apply, in each case at the time of investment by the Group, to both Debt Instruments acquired by the Group via wholly owned special purpose vehicles or partially-owned special purpose vehicles on a proportionate basis under the Marketplace Model, as well as on a look-through basis under the Asset Backed Lending Model and to any Debt Instruments held No single SME loan acquired by the Group shall exceed 5.0% of its Gross Assets. For the avoidance of doubt, Credit The Group\u2019s un-invested or surplus capital or assets may be invested in Cash Instruments for cash management purposes and assets in other listed closed-ended investment funds. by another investment fund in which the Group invests: with a view to enhancing returns to Shareholders or mitigating credit exposure. Maximum credit exposure Facilities entered into directly with Platforms are not considered SME loans. The carrying value of the Group\u2019s loan investments represents the maximum credit exposure of the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-429": { "value": "Market risk (incorporating price, interest rate and currency risks) Market risk is the risk of loss arising from movements in observable market variables such as foreign exchange rates, equity prices and interest rates. The Group is exposed to market risk primarily through its Financial Instruments. Market price risk The Group is exposed to price risk arising from the investments held by the Group for which prices in the future are uncertain. The investment in funds and equity investments are exposed to market price risk. Refer to Note 3 for further details on the sensitivity of the Group\u2019s Level 3 investments to price risk. Interest rate risk Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows or the fair values of financial instruments. The Group is exposed to risks associated with the effects of fluctuations in the prevailing levels of market interest rates on its financial position and cash flows. Due to the nature of the investments at 31 December 2025, the Group has limited exposure to variations in interest rates as the key components of interest rates are fixed and determinable or variable based on the size of the loan. While the Group is exposed to risks associated with the effects of fluctuations in the prevailing levels of market interest rates on its financial position and cash flows, the downside exposure of the Group is limited at 31 December 2025 due to the fixed rate nature of the investments or interest rate floors that are in place on most of the Group\u2019s variable interest rate loans. The interest rate floors that are in place on most of the Group\u2019s variable interest rate loans reduces the potential impact that a decrease in rates would have on the Group\u2019s investments. As at 31 December 2025, if interest rates had increased by 1%, with all other variables held constant, the change in 12 months of future cash flows on the current investment portfolio, including both interest income and expense, would have been \u00a3721,144 (31 December 2024: \u00a31,206,663). As at 31 December 2025, if interest rates had decreased by 1%, with all other variables held constant, the change in 12 months of future cash flows on the current investment portfolio, including both interest income and expense, would be \u00a3(244,784) (31 December 2024: \u00a3(736,285)) due to the floors in place on the Group\u2019s investments. The Group does not intend to hedge interest rate risk on a regular basis. However, where it enters floating rate liabilities against fixed-rate loans, it may at its sole discretion seek to hedge out the interest rate exposure, taking into consideration amongst other things the cost of hedging and the general interest rate environment. Currency risk Currency risk is the risk that the value of net assets will fluctuate due to changes in foreign exchange rates. Relevant risk variables are generally movements in the exchange rates of non-functional currencies in which the Group holds financial assets and liabilities. The assets of the Group as at 31 December 2025 were invested in assets which were denominated in US Dollar, Euro, Australian Dollar, Pound Sterling and other currencies. Accordingly, the value of such assets may be affected favourably or unfavourably by fluctuations in currency rates. Micro and small cap company investing risk The Group will generally invest with companies that are small, not widely known and not widely held. Small companies tend to be more vulnerable to adverse developments than larger companies and may have little or no track records. Small companies may have limited product lines, markets, or financial resources, and may depend on less seasoned management. Their securities may trade infrequently and in limited volumes. It may take a relatively long period of time to accumulate an investment in a particular issue in order to minimise the effect of purchases on market price. Similarly, it could be difficult to dispose of such investments on a timely basis without adversely affecting market prices. As a result, the prices of these securities may fluctuate more than the prices of larger, more widely traded companies. Also, there may be less publicly available information about small companies or less market interest in their securities compared to larger companies, and it may take longer for the prices of these securities to reflect the full value of their issuers\u2019 earnings potential or assets. FORWARD NET Whilst the use of borrowings by the Group should enhance the net asset value of an investment when the value of an investment\u2019s underlying assets is rising, it will, however, have the opposite effect where the underlying asset value is falling. In addition, in the event that an investment\u2019s income falls for whatever reason, the use of borrowings will increase the impact of such a fall on the net revenue of the Group\u2019s investment and accordingly will have an adverse effect on the ability of the investment to make distributions to the Group. This risk is mitigated by limiting borrowings to ring-fenced Special-Purpose Vehicles (\u201cSPVs\u201d) without recourse to the Group and employing gearing in a disciplined manner. The Company fully repaid its The Investment Manager monitors the fluctuations in foreign currency exchange rates and may use forward foreign exchange contracts to hedge the currency exposure of the Parent Company and Group\u2019s non-Pound Sterling denominated investments. The Investment Manager re-examines the currency exposure on a regular basis in each currency and manages the Parent Company\u2019s currency exposure in accordance with market expectations. As part of the evaluation of the relative currency risk during the managed wind down of the portfolio, all foreign currency exchange contracts were eliminated as at 31 December The below table presents the net exposure to foreign currency at 31 December 2025. The table excludes all GBP assets and liabilities recorded on the Group\u2019s Consolidated Statement of Financial Position. If the GBP exchange rate simultaneously increased/decreased by 10% against the below currencies, the impact on profit would be an increase/decrease of \u00a35,535,058. 10% is considered to be a reasonably possible movement in foreign exchange rates. The table below includes the exposure of ASSETS Concentration of foreign currency exposure the non-consolidated interest investment in the Group. LIABILITIES borrowings in the period and therefore the risk is limited going forward. CONTRACTS EXPOSURE 31 DECEMBER Gearing and borrowing risk 31 DECEMBER 31 DECEMBER 31 DECEMBER 2025 2025 2025 2025 \u00a3 \u00a3 \u00a3 \u00a3 Euro 2025. 2,570,765 \u2013 \u2013 2,570,765 US Dollar 52,396,284 \u2013 \u2013 52,396,284 Swiss Francs 383,533 \u2013 \u2013 383,533 The below table presents the net exposure to foreign currency at 31 December 2024. The table includes forward foreign FORWARD NET exchange contracts at their notional exposure value and excludes all GBP assets and liabilities recorded on the Group\u2019s ASSETS LIABILITIES CONTRACTS EXPOSURE 31 DECEMBER Consolidated Statement of Financial Position. 31 DECEMBER 31 DECEMBER 31 DECEMBER 2024 2024 2024 2024 \u00a3 \u00a3 \u00a3 \u00a3 Euro 945,754 \u2013 \u2013 945,754 US Dollar 153,841,834 (22,132,171) \u2013 131,709,663 Swiss Francs 546,222 \u2013 \u2013 546,222 Australian Dollars 496,523 \u2013 \u2013 496,523 FORWARD NET The table below presents the net exposure to foreign currency at 31 December 2025. The table excludes all GBP assets and ASSETS LIABILITIES CONTRACTS EXPOSURE 31 DECEMBER 31 DECEMBER 31 DECEMBER 31 DECEMBER 2025 2025 liabilities recorded on the Parent Company\u2019s Statement of Financial Position. 2025 2025 \u00a3 \u00a3 \u00a3 \u00a3 Euro 2,570,765 \u2013 \u2013 2,570,765 US Dollar 52,396,284 \u2013 \u2013 52,396,284 Swiss Francs 383,533 \u2013 \u2013 383,533 The table below presents the net exposure to foreign currency at 31 December 2024. The table includes forward foreign FORWARD NET exchange contracts at their notional exposure value and excludes all GBP assets and liabilities recorded on the Parent Company\u2019s ASSETS LIABILITIES CONTRACTS EXPOSURE 31 DECEMBER Statement of Financial Position. 31 DECEMBER 31 DECEMBER 31 DECEMBER 2024 2024 2024 2024 \u00a3 \u00a3 \u00a3 \u00a3 Euro 945,754 \u2013 \u2013 945,754 US Dollar 131,709,663 \u2013 \u2013 131,709,663 Swiss Francs 546,222 \u2013 \u2013 546,222 Australian Dollars 496,523 \u2013 \u2013 496,523 If the GBP exchange rate simultaneously increased/decreased by 10% against the above currencies, the impact on profit would be an increase/decrease of \u00a35,535,058. 10% is considered to be a reasonably possible movement in foreign exchange rates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-430": { "value": "Liquidity risk WITHIN ONE TO OVER FIVE of the financial assets and financial liabilities of the Group as at 31 December 2025: ONE YEAR FIVE price. Ordinary Shares are not redeemable at the holder\u2019s option. YEARS YEARS TOTAL \u00a3 \u00a3 \u00a3 \u00a3 Liquidity risk is defined as the risk that the Group may not be able to settle or meet its obligations on time or at a reasonable The maturities of the non-current financial liabilities are disclosed in Note 8. The following tables show the contractual maturity Assets Loans 17,219,758 9,453,639 \u2013 26,673,397 Cash and cash equivalents 7,338,937 \u2013 \u2013 7,338,937 Interest receivable 531,848 \u2013 \u2013 531,848 Other assets and prepaid expenses 100,170 \u2013 \u2013 100,170 Total 25,190,713 9,453,639 \u2013 34,644,352 WITHIN ONE TO OVER FIVE ONE YEAR FIVE YEARS YEARS TOTAL \u00a3 \u00a3 \u00a3 \u00a3 Liabilities Management fee payable 178,897 \u2013 \u2013 178,897 Other liabilities and accrued expenses 727,447 \u2013 \u2013 727,447 Total The following tables show the contractual maturity of the financial assets and financial liabilities of the Group as at 31 December 2024: 906,344 \u2013 \u2013 906,344
WITHIN
ONE TO
OVER FIVE
ONE
YEAR
FIVE
YEARS
YEARS TOTAL
\u00a3 \u00a3 \u00a3 \u00a3
Assets
Loans
55,108,677
64,874,808
\u2013
119,983,485
Cash and cash equivalents
8,299,518
\u2013
\u2013
8,299,518
Cash posted as collateral
711,232
\u2013
\u2013
711,232
Interest receivable
5,531,877
\u2013
\u2013
5,531,877
Other assets and prepaid expenses
727,689
\u2013
\u2013
727,689
Total
70,378,993
64,874,808
\u2013
135,253,801
WITHIN ONE TO OVER FIVE ONE YEAR FIVE YEARS YEARS TOTAL \u00a3 \u00a3 \u00a3 \u00a3 Liabilities Notes payable \u2013 22,132,171 \u2013 22,132,171 Management fee payable 109,188 \u2013 \u2013 109,188 Other liabilities and accrued expenses 1,039,664 \u2013 \u2013 1,039,664 Total The Investment Manager manages the Group\u2019s liquidity risk by investing primarily in a diverse portfolio of assets. At 31 December 2025, the Group had investments in 17 Portfolio Companies (31 December 2024: 31 Portfolio Companies). At As at 31 December 2025, \u00a3nil (31 December 2024: \u00a3nil) of the Group\u2019s liabilities relating to principal and interest payments are tied directly to the performance of investment assets that mature on or near the same date as the investment liability. The amounts above represent the values as at 31 December 2025 and do not project cash flows until maturity of the investment liabilities. 1,148,852 22,132,171 \u2013 23,281,023 31 December 2025, 65% of the loans had a stated maturity date of less than a year (31 December 2024: 46%). ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-431": { "value": "Credit risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Group\u2019s credit risks arise principally through exposures to loans acquired by the Group, which are subject to risk of borrower default. The ability of the Group to earn revenue is completely dependent upon payments being made by the borrower, such as adverse movements in investment markets. The Group will invest across various Portfolio Companies, asset classes, geographies (primarily United States, United Kingdom, Europe and Latin America) and credit bands in order to ensure diversification and to seek to mitigate concentration risks. TOTAL Under the Asset Backed Lending Model, the Group provides a floating rate credit facility to the portfolio company via an SPV, which retains Debt Instruments that are originated by the portfolio company. The debt financing is typically arranged in the form of a senior secured facility and the portfolio company injects junior capital in the SPV, which provides significant first loss protection to the Group and excess spread. The Group\u2019s asset backed investments are loans to SPVs that are capitalised and actively managed by the portfolio companies in their capacity as both the owner and managing partner of the SPVs and the The credit quality of loans is assessed through the evaluation of various factors, including (but not limited to) credit scores, payment data, collateral and other information. Set out below is the analysis of the Group\u2019s loan investments by grade, 31 DECEMBER FINTECH eCOMMERCE There are no loans past due which are not impaired. Refer to Note 9. LEGAL FINANCE 2025 INTERNAL GRADE \u00a3 SPVs are not considered structured entities under IFRS 12. \u00a3 \u00a3 \u00a3 Stage 1 Credit quality geography, and sector: A \u2013 1 \u2013 \u2013 \u2013 \u2013 A \u2013 2 \u2013 \u2013 \u2013 \u2013 B \u2013 9,425,491 \u2013 9,425,491 C \u2013 \u2013 \u2013 \u2013 Total \u2013 9,425,491 \u2013 9,425,491 Stage 2 A \u2013 1 \u2013 \u2013 \u2013 \u2013 A \u2013 2 \u2013 \u2013 \u2013 \u2013 B 11,136,435 960,017 8,215,212 20,311,664 C \u2013 \u2013 \u2013 \u2013 Total 11,136,435 960,017 8,215,212 20,311,664 Stage 3 A \u2013 1 \u2013 \u2013 \u2013 \u2013 A \u2013 2 \u2013 \u2013 \u2013 \u2013 B \u2013 \u2013 \u2013 \u2013 C \u2013 15,365,973 \u2013 15,365,973 Total \u2013 15,365,973 \u2013 15,365,973 TOTAL 31 DECEMBER EUROPE ASIA UNITED STATES 2025 INTERNAL GRADE \u00a3 \u00a3 \u00a3 \u00a3 Stage 1 A \u2013 1 \u2013 \u2013 \u2013 \u2013 A \u2013 2 \u2013 \u2013 \u2013 \u2013 B \u2013 \u2013 9,425,491 9,425,491 C \u2013 \u2013 \u2013 \u2013 Total \u2013 \u2013 9,425,491 9,425,491 Stage 2 A \u2013 1 \u2013 \u2013 \u2013 \u2013 A \u2013 2 \u2013 \u2013 \u2013 \u2013 B \u2013 \u2013 20,311,664 20,311,664 C \u2013 \u2013 \u2013 \u2013 Total \u2013 \u2013 20,311,664 20,311,664 Stage 3 A \u2013 1 \u2013 \u2013 \u2013 \u2013 A \u2013 2 \u2013 \u2013 \u2013 \u2013 B \u2013 \u2013 \u2013 \u2013 C 611,601 \u2013 14,754,372 15,365,973 Total 611,601 \u2013 14,754,372 15,365,973 TOTAL 31 DECEMBER EUROPE ASIA UNITED STATES 2024 INTERNAL GRADE \u00a3 \u00a3 \u00a3 \u00a3 Stage 1 A \u2013 1 \u2013 7,038,004 8,663,719 15,701,723 A \u2013 2 \u2013 \u2013 156,659 156,659 B 449,748 10,911,293 19,381,887 30,742,928 C \u2013 \u2013 \u2013 \u2013 Total 449,748 17,949,297 28,202,265 46,601,310 Stage 2 A \u2013 1 \u2013 \u2013 \u2013 \u2013 A \u2013 2 \u2013 \u2013 \u2013 \u2013 B \u2013 \u2013 63,463,255 63,463,255 C 22,646,957 \u2013 \u2013 22,646,957 Total 22,646,957 \u2013 63,463,255 86,110,212 Stage 3 A \u2013 1 \u2013 \u2013 \u2013 \u2013 A \u2013 2 \u2013 \u2013 \u2013 \u2013 B \u2013 \u2013 \u2013 \u2013 C 2,270,983 \u2013 \u2013 2,270,983 Total 2,270,983 \u2013 \u2013 2,270,983 INTERNAL GRADE DEFINITION A \u2013 1 Asset backed loans structured with credit enhancement and strong operating liquidity positions A \u2013 2 High credit quality borrowers or asset backed loans structured with credit enhancement B The following investment limits and restrictions shall apply to the Group, to ensure that the diversification of the Group\u2019s portfolio is maintained, and that concentration risk is limited: Portfolio Company restrictions The Group does not intend to invest more than 20% of its Gross Assets in Debt Instruments (net of any gearing ring-fenced within any special purpose vehicle which would be without recourse to the Group), originated by, and/or Credit Facilities and equity instruments in, any single Portfolio Company, calculated at the time of investment. All such aggregate exposure to any single Portfolio Company (including investments via a special purpose vehicle) will always be subject to an absolute maximum, calculated at the time of investment, of 25% of the Group\u2019s Gross Assets. The Group does not intend to acquire Debt Instruments for a term longer than five years. The Group will not invest more than 20% of its Gross Assets, at the time of investment, via any single investment fund investing in Debt Instruments and Credit Facilities. In any event, the Group will not invest, in aggregate, more than 60% of its Gross Assets, at the time of investment, in investment funds that invest in Debt Instruments and Credit Facilities. High credit quality borrowers with some indicators of credit risk or asset backed loans with limited structural credit enhancement Asset class restrictions C Borrowers with elevated levels of credit risk Other restrictions No single consumer loan acquired by the Group shall exceed 0.25% of its Gross Assets. No single trade receivable asset acquired by the Group shall exceed 5.0% of its Gross Assets. The Group will not invest more than 10% of its Gross Assets, at the time of investment, in other listed closed-ended investment funds, whether managed by the Investment Manager or not, except that this restriction shall not apply to investments in listed closed-ended investment funds which themselves have stated investment policies to invest no more than 15% of their gross The following restrictions apply, in each case at the time of investment by the Group, to both Debt Instruments acquired by the Group via wholly owned special purpose vehicles or partially-owned special purpose vehicles on a proportionate basis under the Marketplace Model, as well as on a look-through basis under the Asset Backed Lending Model and to any Debt Instruments held No single SME loan acquired by the Group shall exceed 5.0% of its Gross Assets. For the avoidance of doubt, Credit The Group\u2019s un-invested or surplus capital or assets may be invested in Cash Instruments for cash management purposes and assets in other listed closed-ended investment funds. by another investment fund in which the Group invests: with a view to enhancing returns to Shareholders or mitigating credit exposure. Maximum credit exposure Facilities entered into directly with Platforms are not considered SME loans. The carrying value of the Group\u2019s loan investments represents the maximum credit exposure of the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-9": { "value": "7. CASH AND CASH EQUIVALENTS PARENT PARENT GROUP GROUP COMPANY COMPANY 31 DECEMBER 31 DECEMBER 31 DECEMBER 31 DECEMBER 2025 2024 2025 2024 \u00a3 \u00a3 \u00a3 \u00a3 Cash held at bank 7,338,937 8,299,518 7,338,937 8,299,518 Total Cash held at bank includes cash held on deposit with a bank and money market funds. The carrying amount approximates fair value for cash held on deposit with a bank, and cash equivalents in money market funds are recorded at fair value and categorised as Level 1. Money market funds are valued at the reported net asset value. As at 31 December 2025, the fair value of the investments in money market funds is \u00a393,589 (31 December 2024: \u00a37,155,160) which is comprised of investments in the State Street Institutional U.S. Government Money Market Fund. The Parent Company has posted cash collateral of \u00a3nil (31 December 2024: \u00a3711,232) with Morgan Stanley in relation to the Below are the credit ratings of the banks where the Parent Company and Group hold cash as at 31 December 2025 from Moody\u2019s: BANK 2025 2024 Northern Trust Aa2 Aa2 Goldman Sachs A1 A2 Morgan Stanley Aa3 Aa3 Keybank A2 Baa1 Bank of America Aa2 Aa1 7,338,937 8,299,518 7,338,937 RATING RATING 8,299,518 derivatives that were closed in December 2024. The cash collateral was returned to the Company in January 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-403": { "value": "The Parent Company has posted cash collateral of \u00a3nil (31 December 2024: \u00a3711,232) with Morgan Stanley in relation to the derivatives that were closed in December 2024. The cash collateral was returned to the Company in January 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-10": { "value": "NOTES previously unrealised losses have been realised in cash in the period during which the purchase/sale had occurred. PAYABLE \u00a3 The Group entered into contractual obligations with a third party to structurally subordinate a portion of the principal directly attributable to existing investments. The cash flows received by the Group from the underlying investments are used to pay the lender principal, interest, and draw fees based upon the stated terms of the Credit Facility. Unless due to a fraudulent act, as defined by the Credit Facilities, none of the Group\u2019s other investment assets can be used to satisfy the obligations of the Credit Facilities in the event that those obligations cannot be met by the subsidiaries. Each subsidiary with a Credit Facility is a Notes payable is inclusive of unrealised foreign exchange gains (losses) of \u00a3(195,466) and \u00a3203,939 as of December 31, 2025 and 2024, respectively. Due to cash settlements that occurred during the period in a foreign currency and translated into GBP, these There were no outstanding credit facility liabilities of the Group during the year ended 31 December 2025 (31 December 2024: The table below provides the movement of the notes payable and securities sold under agreements to repurchase for the year Beginning balance, 1 January 2025 22,132,171 Purchases \u2013 Sales 8. NOTES PAYABLE bankruptcy remote entity. \u00a322,132,171 Maturity at 1 March 2027). ended 31 December 2025 for the Group. ended 31 December 2024 for the Group. (21,936,705) Net change in unrealised foreign exchange losses (195,466) Ending balance, 31 December 2025 \u2013 The table below provides the movement of the notes payable and securities sold under agreements to repurchase for the year
NOTES
PAYABLE
\u00a3
Beginning balance, 1 January 2024
38,017,431
Purchases
15,476,032
Sales
(31,565,231)
Net change in unrealised foreign exchange gains
203,939
Ending balance, 31 December 2024
22,132,171
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-404": { "value": "COST BEFORE CARRYING ECL ECL 9. IMPAIRMENT OF FINANCIAL ASSETS AT AMORTISED COST VALUE \u00a3 \u00a3 \u00a3 The table below provides details of the investments at amortised cost held by the Group as at 31 December 2025 under IFRS 9: Loans at amortised cost 45,103,128 18,429,731 26,673,397 Total During the year ended 31 December 2025, \u00a3(25,492,345) of loans were written off. 45,103,128 18,429,731 26,673,397 COST BEFORE CARRYING ECL ECL VALUE \u00a3 \u00a3 \u00a3 The table below provides details of the investments at amortised cost held by the Group as at 31 December 2024 under IFRS 9: Loans at amortised cost 134,982,505 14,999,020 119,983,485 Total The Parent Company does not hold any loans (2024: none). Credit impairment losses 134,982,505 During the year ended 31 December 2024, no loans were written off. 14,999,020 119,983,485
CREDIT IMPAIRMENT LOSSES
31 DECEMBER 2025
\u00a3
The credit impairment losses of the Group for the year ended 31 December 2025 comprises of the following under IFRS 9:
Change in expected credit losses
28,923,056
Currency translation on expected credit losses
(673,384)
Credit impairment losses
28,249,672
CREDIT IMPAIRMENT LOSSES
31 DECEMBER 2024
\u00a3
The credit impairment losses of the Group for the year ended 31 December 2024 comprises of the following under IFRS 9:
Change in expected credit losses
8,544,624
Currency translation on expected credit losses
(471,208)
Credit impairment losses
Impairment of loans written off
Comprehensive Income.
Provision for expected credit losses
8,073,416
Impairment charges of loans written off of \u00a325,492,345 (31 December 2024: \u00a3nil) have been recorded in the Group\u2019s
Consolidated Statement of Financial Position and are included in credit impairment losses on the Consolidated Statement of
2025 Position and are included in Credit impairment losses on the Consolidated Statement of Comprehensive Income. \u00a3 As at 31 December 2025, the Group has created a reserve provision on the outstanding principal of the Group\u2019s loans of \u00a318,429,731 (31 December 2024: \u00a314,999,020), which have been recorded in the Group\u2019s Consolidated Statement of Financial Beginning balance 1 January 2025 14,999,020 Change in expected credit losses or equivalent 28,923,056 Loans written off The allowance for expected credit losses comprised the following during 2025: (25,492,345) Ending balance 31 December 2025 18,429,731 2024 \u00a3 Beginning balance 1 January 2024 6,454,396 Change in expected credit losses or equivalent 8,544,624 Loans written off The allowance for expected credit losses comprised the following during 2024: \u2013 Ending balance 31 December 2024 14,999,020 Below is a breakout of the provision for expected credit losses by stage of the ECL model as at 31 December 2025:
FINTECH
eCOMMERCE
LEGAL FINANCE
2025
INTERNAL GRADE
\u00a3
\u00a3
\u00a3
\u00a3
Stage 1
\u2013
\u2013
\u2013
\u2013
Stage 2
2,046,877
217,060
1,163,902
3,427,839
Stage 3
\u2013
15,001,892
\u2013
15,001,892
Expected credit losses
2,046,877
15,218,952
1,163,902
18,429,731
UNITED
LATIN
31 DECEMBER
STATES
AMERICA
EUROPE
2025
INTERNAL GRADE
\u00a3
\u00a3
\u00a3
\u00a3
Stage 1
\u2013
\u2013
\u2013
\u2013
Stage 2
3,427,839
\u2013
\u2013
3,427,839
Stage 3
14,754,372
\u2013
247,520
15,001,892
Expected credit losses
18,182,211
\u2013
247,520
18,429,731
Below is a breakout of the provision for expected credit losses by stage of the ECL model as at 31 December 2024:
FINTECH
eCOMMERCE
LEGAL FINANCE
2024
INTERNAL GRADE
\u00a3
\u00a3
\u00a3
\u00a3
Stage 1
\u2013
\u2013
1,242,926
1,242,926
Stage 2
3,157,850
10,040,945
\u2013
13,198,795
Stage 3
\u2013
557,299
\u2013
557,299
Expected credit losses
3,157,850
10,598,244
1,242,926
14,999,020
UNITED LATIN 31 DECEMBER STATES AMERICA EUROPE 2024 INTERNAL GRADE \u00a3 \u00a3 \u00a3 \u00a3 Stage 1 1,242,926 \u2013 \u2013 1,242,926 Stage 2 4,174,913 \u2013 9,023,882 13,198,795 Stage 3 The breakout of the gross value of loans by stage of the ECL model as at 31 December 2025 and 31 December 2024 can be found in Note 6. During the year, two investments were moved from Stage 1 to Stage 2 and during the prior year, two investments were \u2013 \u2013 557,299 557,299 Expected credit losses 5,417,839 \u2013 9,581,181 14,999,020 moved from Stage 1 to Stage 2. All write-offs during the current and prior year were on assets that were considered Stage 3.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-11": { "value": "COST BEFORE CARRYING ECL ECL 9. IMPAIRMENT OF FINANCIAL ASSETS AT AMORTISED COST VALUE \u00a3 \u00a3 \u00a3 The table below provides details of the investments at amortised cost held by the Group as at 31 December 2025 under IFRS 9: Loans at amortised cost 45,103,128 18,429,731 26,673,397 Total During the year ended 31 December 2025, \u00a3(25,492,345) of loans were written off. 45,103,128 18,429,731 26,673,397 COST BEFORE CARRYING ECL ECL VALUE \u00a3 \u00a3 \u00a3 The table below provides details of the investments at amortised cost held by the Group as at 31 December 2024 under IFRS 9: Loans at amortised cost 134,982,505 14,999,020 119,983,485 Total The Parent Company does not hold any loans (2024: none). Credit impairment losses 134,982,505 During the year ended 31 December 2024, no loans were written off. 14,999,020 119,983,485
CREDIT IMPAIRMENT LOSSES
31 DECEMBER 2025
\u00a3
The credit impairment losses of the Group for the year ended 31 December 2025 comprises of the following under IFRS 9:
Change in expected credit losses
28,923,056
Currency translation on expected credit losses
(673,384)
Credit impairment losses
28,249,672
CREDIT IMPAIRMENT LOSSES
31 DECEMBER 2024
\u00a3
The credit impairment losses of the Group for the year ended 31 December 2024 comprises of the following under IFRS 9:
Change in expected credit losses
8,544,624
Currency translation on expected credit losses
(471,208)
Credit impairment losses
Impairment of loans written off
Comprehensive Income.
Provision for expected credit losses
8,073,416
Impairment charges of loans written off of \u00a325,492,345 (31 December 2024: \u00a3nil) have been recorded in the Group\u2019s
Consolidated Statement of Financial Position and are included in credit impairment losses on the Consolidated Statement of
2025 Position and are included in Credit impairment losses on the Consolidated Statement of Comprehensive Income. \u00a3 As at 31 December 2025, the Group has created a reserve provision on the outstanding principal of the Group\u2019s loans of \u00a318,429,731 (31 December 2024: \u00a314,999,020), which have been recorded in the Group\u2019s Consolidated Statement of Financial Beginning balance 1 January 2025 14,999,020 Change in expected credit losses or equivalent 28,923,056 Loans written off The allowance for expected credit losses comprised the following during 2025: (25,492,345) Ending balance 31 December 2025 18,429,731 2024 \u00a3 Beginning balance 1 January 2024 6,454,396 Change in expected credit losses or equivalent 8,544,624 Loans written off The allowance for expected credit losses comprised the following during 2024: \u2013 Ending balance 31 December 2024 14,999,020 Below is a breakout of the provision for expected credit losses by stage of the ECL model as at 31 December 2025:
FINTECH
eCOMMERCE
LEGAL FINANCE
2025
INTERNAL GRADE
\u00a3
\u00a3
\u00a3
\u00a3
Stage 1
\u2013
\u2013
\u2013
\u2013
Stage 2
2,046,877
217,060
1,163,902
3,427,839
Stage 3
\u2013
15,001,892
\u2013
15,001,892
Expected credit losses
2,046,877
15,218,952
1,163,902
18,429,731
UNITED
LATIN
31 DECEMBER
STATES
AMERICA
EUROPE
2025
INTERNAL GRADE
\u00a3
\u00a3
\u00a3
\u00a3
Stage 1
\u2013
\u2013
\u2013
\u2013
Stage 2
3,427,839
\u2013
\u2013
3,427,839
Stage 3
14,754,372
\u2013
247,520
15,001,892
Expected credit losses
18,182,211
\u2013
247,520
18,429,731
Below is a breakout of the provision for expected credit losses by stage of the ECL model as at 31 December 2024:
FINTECH
eCOMMERCE
LEGAL FINANCE
2024
INTERNAL GRADE
\u00a3
\u00a3
\u00a3
\u00a3
Stage 1
\u2013
\u2013
1,242,926
1,242,926
Stage 2
3,157,850
10,040,945
\u2013
13,198,795
Stage 3
\u2013
557,299
\u2013
557,299
Expected credit losses
3,157,850
10,598,244
1,242,926
14,999,020
UNITED LATIN 31 DECEMBER STATES AMERICA EUROPE 2024 INTERNAL GRADE \u00a3 \u00a3 \u00a3 \u00a3 Stage 1 1,242,926 \u2013 \u2013 1,242,926 Stage 2 4,174,913 \u2013 9,023,882 13,198,795 Stage 3 The breakout of the gross value of loans by stage of the ECL model as at 31 December 2025 and 31 December 2024 can be found in Note 6. During the year, two investments were moved from Stage 1 to Stage 2 and during the prior year, two investments were \u2013 \u2013 557,299 557,299 Expected credit losses 5,417,839 \u2013 9,581,181 14,999,020 moved from Stage 1 to Stage 2. All write-offs during the current and prior year were on assets that were considered Stage 3.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-432": { "value": "10. FEES AND EXPENSES Investment management fees Under the terms of the Management Agreement, the Investment Manager is entitled to a management fee and a performance fee together with reimbursement of reasonable expenses incurred by it in the performance of its duties. The management fee is payable in Pound Sterling quarterly in arrears and is at the rate of 1/4 of 1.0% per quarter of NAV (the \u201cManagement Fee\u201d), except that, once the NAV is reduced to less than \u00a350 million, the quarterly management fee shall be subject to a minimum amount, therefore, the quarterly management fee shall be the higher of 1/4 of 1.0%. per month of the NAV and: (i) for the first year (the first to 4th Quarters) following the NAV first being reduced to less than \u00a350 million: 1/4 of \u00a3500,000 per quarter; (ii) for the second year (the 5th to 8th Quarters) following the NAV first being reduced to less than \u00a350 million: 1/4 of \u00a3350,000 per quarter; and (iii) for the third year (the 9th to 12th Quarters) following the NAV first being reduced to less than \u00a350 million: 1/4 of \u00a3200,000 per quarter. For the fourth year and beyond (37th month and beyond) following the NAV first being reduced to less than \u00a350 million, the quarterly management fee shall again be as it is currently (without any minimum amount requirement), which is 1/4 of 1.0% per quarter of the NAV. The management fee expense of the Group for the period is \u00a3988,083 (31 December 2024: \u00a32,165,845), of which \u00a3178,897 was payable as at 31 December 2025 (31 December 2024: \u00a3109,188). The Investment Manager shall not charge a management fee twice. Accordingly, if at any time the Group invests in or through any other investment fund or special purpose vehicle and a management fee or advisory fee is charged to such investment fund or special purpose vehicle by the Investment Manager or any of its affiliates, the Investment Manager agrees to either (at the option of the Investment Manager): (i) waive such management fee or advisory fee due to the Investment Manager or any of its affiliates in respect of such investment fund or special purpose vehicle, other than the fees charged by the Investment Manager under the Management Agreement; or (ii) charge the relevant fee to the relevant investment fund or special purpose vehicle, subject to the cap set out in the paragraph below, and ensure that the value of such investment shall be excluded from the calculation of the NAV for the purposes of determining the Management Fee payable pursuant to the above. Notwithstanding the above, where such investment fund or special purpose vehicle employs gearing from third parties and the Investment Manager or any of its affiliates is entitled to charge it a fee based on gross assets in respect of such investment, the Investment Manager may not charge a fee greater than 1.0% per annum of gross assets in respect of any investment made by the Parent Company or any member of the Group. Performance fees Provided that the cumulative aggregate cash returned to Shareholders pursuant to one or more Distribution Event(s) totals an amount which is at least the High Water Mark NAV Amount (the \u201cHigh Water Mark Condition\u201d), upon each Distribution Event, the Manager shall, subject to the Investment Hurdle Condition as set out below, be entitled to receive 20% of the Excess being returned to Shareholders at that Distribution Event (the \u201cPerformance Fee\u201d), provided that the Adjusted Net Asset Value as at the date of such Distribution Event exceeds the Adjusted Hurdle Value (the \u201cInvestment Hurdle Condition\u201d). The \u201cHigh Water Mark Condition\u201d starting value is \u00a3317,614,783, which reflects the high watermark of the Company when the last performance fee was calculated on 31 December 2021. The calculation of the performance fee as at 31 December 2025 is as follows: (A) High Water Mark Condition \u00a3317,614,783 (B) Cumulative Distributions from 1 January 2023 \u00a3105,421,818 (C) NAV before Performance Fee at 31 December 2025 \u00a362,159,559 Accrued Performance Fee = (B+C) \u2013 A *20% \u00a30 \u201cAdjusted Net Asset Value\u201d means the Net Asset Value plus (a) the aggregate amount of any dividends paid or distributions made in respect of any Ordinary Shares and (b) the aggregate amount of any dividends or distributions accrued but unpaid in respect of any Ordinary Shares, plus the amount of any Performance Fees both paid and accrued but unpaid, in each case after the Effective Date and without duplication. \u201cAdjusted Hurdle Value\u201d means the Net Asset Value as at 30 April 2017 adjusted for any increases or decreases in the Net Asset Value attributable to the issue or repurchase of any Ordinary Shares increasing at an uncompounded rate equal to the Hurdle. The \u201cHurdle\u201d means a 5% per annum total return for shareholders. 31 DECEMBER expenses on the Consolidated Statement of Comprehensive Income. Consolidated Statement of Comprehensive Income. 31 DECEMBER All Administrator fees are included in other expenses on the Consolidated Statement of Comprehensive Income. 2025 2024 \u00a3 \u00a3 The Performance Fee shall be payable to the Manager at the relevant Distribution Event or as soon as possible thereafter, within The performance fee expense for the period is \u00a3nil (31 December 2024: \u00a3nil) and no payable outstanding as at 31 December The Group has entered into an administration agreement with Citco Fund Administration (Cayman Islands) Limited. The Group pays to the Administrator an annual administration fee based on the Parent Company\u2019s net assets subject to a monthly minimum The Administrator shall also be entitled to be repaid all its reasonable out-of-pocket expenses incurred on behalf of the Group. Under the terms of the Company Secretarial Agreement, MUFG Corporate Governance Limited is entitled to an annual fee of \u00a380,000 (exclusive of VAT and disbursements). All Secretary fees are included in other expenses on the Consolidated Statement Under the terms of the Registrar Agreement, the Registrar is entitled to an annual maintenance fee of \u00a31.25 per Shareholder account per annum, subject to a minimum fee of \u00a32,500 per annum (exclusive of VAT). All Registrar fees are included in other Under the terms of the Custodian Agreement, Merrill Lynch, Pierce, Fenner & Smith Incorporated is entitled to be paid a fee of between US$180 and US$500 per annum per holding of securities in an entity. In addition, the Custodian is entitled to be paid fees up to US$300 per account per annum and other incidental fees. All Custodian fees are included in other expenses on the For the year ended 31 December 2025, the remuneration for work carried out by PricewaterhouseCoopers LLP, the statutory Fees charged by PricewaterhouseCoopers LLP: 30 calendar days thereof. 2025 (31 December 2024: \u00a3nil). Administration charge. Secretary of Comprehensive Income. Registrar Custodian Auditors\u2019 remuneration auditors, was as follows: the audit of the Parent Company and Consolidated Financial Statements 348,000 There were no non-audit services provided by PricewaterhouseCoopers LLP during the year. 405,000 Amounts are included in other expenses on the Consolidated Statement of Comprehensive Income and are exclusive of VAT. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-405": { "value": "10. FEES AND EXPENSES Investment management fees Under the terms of the Management Agreement, the Investment Manager is entitled to a management fee and a performance fee together with reimbursement of reasonable expenses incurred by it in the performance of its duties. The management fee is payable in Pound Sterling quarterly in arrears and is at the rate of 1/4 of 1.0% per quarter of NAV (the \u201cManagement Fee\u201d), except that, once the NAV is reduced to less than \u00a350 million, the quarterly management fee shall be subject to a minimum amount, therefore, the quarterly management fee shall be the higher of 1/4 of 1.0%. per month of the NAV and: (i) for the first year (the first to 4th Quarters) following the NAV first being reduced to less than \u00a350 million: 1/4 of \u00a3500,000 per quarter; (ii) for the second year (the 5th to 8th Quarters) following the NAV first being reduced to less than \u00a350 million: 1/4 of \u00a3350,000 per quarter; and (iii) for the third year (the 9th to 12th Quarters) following the NAV first being reduced to less than \u00a350 million: 1/4 of \u00a3200,000 per quarter. For the fourth year and beyond (37th month and beyond) following the NAV first being reduced to less than \u00a350 million, the quarterly management fee shall again be as it is currently (without any minimum amount requirement), which is 1/4 of 1.0% per quarter of the NAV. The management fee expense of the Group for the period is \u00a3988,083 (31 December 2024: \u00a32,165,845), of which \u00a3178,897 was payable as at 31 December 2025 (31 December 2024: \u00a3109,188). The Investment Manager shall not charge a management fee twice. Accordingly, if at any time the Group invests in or through any other investment fund or special purpose vehicle and a management fee or advisory fee is charged to such investment fund or special purpose vehicle by the Investment Manager or any of its affiliates, the Investment Manager agrees to either (at the option of the Investment Manager): (i) waive such management fee or advisory fee due to the Investment Manager or any of its affiliates in respect of such investment fund or special purpose vehicle, other than the fees charged by the Investment Manager under the Management Agreement; or (ii) charge the relevant fee to the relevant investment fund or special purpose vehicle, subject to the cap set out in the paragraph below, and ensure that the value of such investment shall be excluded from the calculation of the NAV for the purposes of determining the Management Fee payable pursuant to the above. Notwithstanding the above, where such investment fund or special purpose vehicle employs gearing from third parties and the Investment Manager or any of its affiliates is entitled to charge it a fee based on gross assets in respect of such investment, the Investment Manager may not charge a fee greater than 1.0% per annum of gross assets in respect of any investment made by the Parent Company or any member of the Group. Performance fees Provided that the cumulative aggregate cash returned to Shareholders pursuant to one or more Distribution Event(s) totals an amount which is at least the High Water Mark NAV Amount (the \u201cHigh Water Mark Condition\u201d), upon each Distribution Event, the Manager shall, subject to the Investment Hurdle Condition as set out below, be entitled to receive 20% of the Excess being returned to Shareholders at that Distribution Event (the \u201cPerformance Fee\u201d), provided that the Adjusted Net Asset Value as at the date of such Distribution Event exceeds the Adjusted Hurdle Value (the \u201cInvestment Hurdle Condition\u201d). The \u201cHigh Water Mark Condition\u201d starting value is \u00a3317,614,783, which reflects the high watermark of the Company when the last performance fee was calculated on 31 December 2021. The calculation of the performance fee as at 31 December 2025 is as follows: (A) High Water Mark Condition \u00a3317,614,783 (B) Cumulative Distributions from 1 January 2023 \u00a3105,421,818 (C) NAV before Performance Fee at 31 December 2025 \u00a362,159,559 Accrued Performance Fee = (B+C) \u2013 A *20% \u00a30 \u201cAdjusted Net Asset Value\u201d means the Net Asset Value plus (a) the aggregate amount of any dividends paid or distributions made in respect of any Ordinary Shares and (b) the aggregate amount of any dividends or distributions accrued but unpaid in respect of any Ordinary Shares, plus the amount of any Performance Fees both paid and accrued but unpaid, in each case after the Effective Date and without duplication. \u201cAdjusted Hurdle Value\u201d means the Net Asset Value as at 30 April 2017 adjusted for any increases or decreases in the Net Asset Value attributable to the issue or repurchase of any Ordinary Shares increasing at an uncompounded rate equal to the Hurdle. The \u201cHurdle\u201d means a 5% per annum total return for shareholders. 31 DECEMBER expenses on the Consolidated Statement of Comprehensive Income. Consolidated Statement of Comprehensive Income. 31 DECEMBER All Administrator fees are included in other expenses on the Consolidated Statement of Comprehensive Income. 2025 2024 \u00a3 \u00a3 The Performance Fee shall be payable to the Manager at the relevant Distribution Event or as soon as possible thereafter, within The performance fee expense for the period is \u00a3nil (31 December 2024: \u00a3nil) and no payable outstanding as at 31 December The Group has entered into an administration agreement with Citco Fund Administration (Cayman Islands) Limited. The Group pays to the Administrator an annual administration fee based on the Parent Company\u2019s net assets subject to a monthly minimum The Administrator shall also be entitled to be repaid all its reasonable out-of-pocket expenses incurred on behalf of the Group. Under the terms of the Company Secretarial Agreement, MUFG Corporate Governance Limited is entitled to an annual fee of \u00a380,000 (exclusive of VAT and disbursements). All Secretary fees are included in other expenses on the Consolidated Statement Under the terms of the Registrar Agreement, the Registrar is entitled to an annual maintenance fee of \u00a31.25 per Shareholder account per annum, subject to a minimum fee of \u00a32,500 per annum (exclusive of VAT). All Registrar fees are included in other Under the terms of the Custodian Agreement, Merrill Lynch, Pierce, Fenner & Smith Incorporated is entitled to be paid a fee of between US$180 and US$500 per annum per holding of securities in an entity. In addition, the Custodian is entitled to be paid fees up to US$300 per account per annum and other incidental fees. All Custodian fees are included in other expenses on the For the year ended 31 December 2025, the remuneration for work carried out by PricewaterhouseCoopers LLP, the statutory Fees charged by PricewaterhouseCoopers LLP: 30 calendar days thereof. 2025 (31 December 2024: \u00a3nil). Administration charge. Secretary of Comprehensive Income. Registrar Custodian Auditors\u2019 remuneration auditors, was as follows: the audit of the Parent Company and Consolidated Financial Statements 348,000 There were no non-audit services provided by PricewaterhouseCoopers LLP during the year. 405,000 Amounts are included in other expenses on the Consolidated Statement of Comprehensive Income and are exclusive of VAT. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-12": { "value": "10. FEES AND EXPENSES Investment management fees Under the terms of the Management Agreement, the Investment Manager is entitled to a management fee and a performance fee together with reimbursement of reasonable expenses incurred by it in the performance of its duties. The management fee is payable in Pound Sterling quarterly in arrears and is at the rate of 1/4 of 1.0% per quarter of NAV (the \u201cManagement Fee\u201d), except that, once the NAV is reduced to less than \u00a350 million, the quarterly management fee shall be subject to a minimum amount, therefore, the quarterly management fee shall be the higher of 1/4 of 1.0%. per month of the NAV and: (i) for the first year (the first to 4th Quarters) following the NAV first being reduced to less than \u00a350 million: 1/4 of \u00a3500,000 per quarter; (ii) for the second year (the 5th to 8th Quarters) following the NAV first being reduced to less than \u00a350 million: 1/4 of \u00a3350,000 per quarter; and (iii) for the third year (the 9th to 12th Quarters) following the NAV first being reduced to less than \u00a350 million: 1/4 of \u00a3200,000 per quarter. For the fourth year and beyond (37th month and beyond) following the NAV first being reduced to less than \u00a350 million, the quarterly management fee shall again be as it is currently (without any minimum amount requirement), which is 1/4 of 1.0% per quarter of the NAV. The management fee expense of the Group for the period is \u00a3988,083 (31 December 2024: \u00a32,165,845), of which \u00a3178,897 was payable as at 31 December 2025 (31 December 2024: \u00a3109,188). The Investment Manager shall not charge a management fee twice. Accordingly, if at any time the Group invests in or through any other investment fund or special purpose vehicle and a management fee or advisory fee is charged to such investment fund or special purpose vehicle by the Investment Manager or any of its affiliates, the Investment Manager agrees to either (at the option of the Investment Manager): (i) waive such management fee or advisory fee due to the Investment Manager or any of its affiliates in respect of such investment fund or special purpose vehicle, other than the fees charged by the Investment Manager under the Management Agreement; or (ii) charge the relevant fee to the relevant investment fund or special purpose vehicle, subject to the cap set out in the paragraph below, and ensure that the value of such investment shall be excluded from the calculation of the NAV for the purposes of determining the Management Fee payable pursuant to the above. Notwithstanding the above, where such investment fund or special purpose vehicle employs gearing from third parties and the Investment Manager or any of its affiliates is entitled to charge it a fee based on gross assets in respect of such investment, the Investment Manager may not charge a fee greater than 1.0% per annum of gross assets in respect of any investment made by the Parent Company or any member of the Group. Performance fees Provided that the cumulative aggregate cash returned to Shareholders pursuant to one or more Distribution Event(s) totals an amount which is at least the High Water Mark NAV Amount (the \u201cHigh Water Mark Condition\u201d), upon each Distribution Event, the Manager shall, subject to the Investment Hurdle Condition as set out below, be entitled to receive 20% of the Excess being returned to Shareholders at that Distribution Event (the \u201cPerformance Fee\u201d), provided that the Adjusted Net Asset Value as at the date of such Distribution Event exceeds the Adjusted Hurdle Value (the \u201cInvestment Hurdle Condition\u201d). The \u201cHigh Water Mark Condition\u201d starting value is \u00a3317,614,783, which reflects the high watermark of the Company when the last performance fee was calculated on 31 December 2021. The calculation of the performance fee as at 31 December 2025 is as follows: (A) High Water Mark Condition \u00a3317,614,783 (B) Cumulative Distributions from 1 January 2023 \u00a3105,421,818 (C) NAV before Performance Fee at 31 December 2025 \u00a362,159,559 Accrued Performance Fee = (B+C) \u2013 A *20% \u00a30 \u201cAdjusted Net Asset Value\u201d means the Net Asset Value plus (a) the aggregate amount of any dividends paid or distributions made in respect of any Ordinary Shares and (b) the aggregate amount of any dividends or distributions accrued but unpaid in respect of any Ordinary Shares, plus the amount of any Performance Fees both paid and accrued but unpaid, in each case after the Effective Date and without duplication. \u201cAdjusted Hurdle Value\u201d means the Net Asset Value as at 30 April 2017 adjusted for any increases or decreases in the Net Asset Value attributable to the issue or repurchase of any Ordinary Shares increasing at an uncompounded rate equal to the Hurdle. The \u201cHurdle\u201d means a 5% per annum total return for shareholders. 31 DECEMBER expenses on the Consolidated Statement of Comprehensive Income. Consolidated Statement of Comprehensive Income. 31 DECEMBER All Administrator fees are included in other expenses on the Consolidated Statement of Comprehensive Income. 2025 2024 \u00a3 \u00a3 The Performance Fee shall be payable to the Manager at the relevant Distribution Event or as soon as possible thereafter, within The performance fee expense for the period is \u00a3nil (31 December 2024: \u00a3nil) and no payable outstanding as at 31 December The Group has entered into an administration agreement with Citco Fund Administration (Cayman Islands) Limited. The Group pays to the Administrator an annual administration fee based on the Parent Company\u2019s net assets subject to a monthly minimum The Administrator shall also be entitled to be repaid all its reasonable out-of-pocket expenses incurred on behalf of the Group. Under the terms of the Company Secretarial Agreement, MUFG Corporate Governance Limited is entitled to an annual fee of \u00a380,000 (exclusive of VAT and disbursements). All Secretary fees are included in other expenses on the Consolidated Statement Under the terms of the Registrar Agreement, the Registrar is entitled to an annual maintenance fee of \u00a31.25 per Shareholder account per annum, subject to a minimum fee of \u00a32,500 per annum (exclusive of VAT). All Registrar fees are included in other Under the terms of the Custodian Agreement, Merrill Lynch, Pierce, Fenner & Smith Incorporated is entitled to be paid a fee of between US$180 and US$500 per annum per holding of securities in an entity. In addition, the Custodian is entitled to be paid fees up to US$300 per account per annum and other incidental fees. All Custodian fees are included in other expenses on the For the year ended 31 December 2025, the remuneration for work carried out by PricewaterhouseCoopers LLP, the statutory Fees charged by PricewaterhouseCoopers LLP: 30 calendar days thereof. 2025 (31 December 2024: \u00a3nil). Administration charge. Secretary of Comprehensive Income. Registrar Custodian Auditors\u2019 remuneration auditors, was as follows: the audit of the Parent Company and Consolidated Financial Statements 348,000 There were no non-audit services provided by PricewaterhouseCoopers LLP during the year. 405,000 Amounts are included in other expenses on the Consolidated Statement of Comprehensive Income and are exclusive of VAT. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-443": { "value": "31 DECEMBER 31 DECEMBER 2025 2024 \u00a3 \u00a3 For the year ended 31 December 2025, the remuneration for work carried out by PricewaterhouseCoopers LLP, the statutory Fees charged by PricewaterhouseCoopers LLP: Auditors\u2019 remuneration auditors, was as follows: the audit of the Parent Company and Consolidated Financial Statements 348,000 There were no non-audit services provided by PricewaterhouseCoopers LLP during the year. 405,000 Amounts are included in other expenses on the Consolidated Statement of Comprehensive Income and are exclusive of VAT. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-13": { "value": "Investment trust status tax liability will arise in the Parent Company. post-tax returns to Shareholders. 11. TAXATION ON ORDINARY ACTIVITIES It is the intention of the Directors to conduct the affairs of the Group so as to satisfy the conditions for approval as an investment trust under section 1158 of the Corporation Taxes Act 2010. As an investment trust the Parent Company is exempt from corporation tax on capital gains made on investments. Although interest income received would ordinarily be subject to corporation tax, the Parent Company will receive relief from corporation tax relief to the extent that interest distributions are made to shareholders. It is the intention of the Parent Company to make sufficient interest distributions so that no corporation Any change in the Group\u2019s tax status or in taxation legislation generally could affect the value of the investments held by the Group, affect the Group\u2019s ability to provide returns to Shareholders, lead to the loss of investment trust status or alter the REVENUE CAPITAL TOTAL \u00a3 \u00a3 The following table presents the tax chargeable on the Group for the period ended 31 December 2025: \u00a3 Net return on ordinary activities before taxation 4,626,447 (37,670,177) (33,043,730) Tax at the standard UK corporation tax rate of 19.00% 879,025 \u2013 879,025 Effects of: Non-taxable income (879,025) \u2013 (879,025) Capital items exempt from corporation tax \u2013 \u2013 \u2013 Total tax charge \u2013 \u2013 The following table presents the tax chargeable on the Group for the period ended 31 December 2024: \u2013
REVENUE
CAPITAL
TOTAL
\u00a3
\u00a3
\u00a3
Net return on ordinary activities before taxation
14,274,301
(61,051,456)
(46,777,155)
Tax at the standard UK corporation tax rate of 19.00%
2,712,117
\u2013
2,712,117
Effects of:
Non-taxable income
(2,712,117)
\u2013
(2,712,117)
Capital items exempt from corporation tax
\u2013
\u2013
\u2013
Total tax charge
Overseas taxation
\u2013
\u2013
\u2013
The Parent Company and Group may be subject to taxation under the tax rules of the jurisdictions in which they invest,
including by way of withholding of tax from interest and other income receipts. Although the Parent Company and Group will
endeavour to minimise any such taxes this may affect the level of returns to Shareholders of the Parent Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-14": { "value": "AS AT AS AT 31 DECEMBER 12. NET ASSET VALUE PER ORDINARY SHARE 31 DECEMBER 2025 2024 \u00a3 \u00a3 Net assets attributable to Shareholders of the Parent Company 62,159,559 146,690,718 Ordinary Shares in issue (excluding Treasury Shares) 278,276,392 278,276,392 Net asset value per Ordinary Share 22.34p 52.71p", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-15": { "value": "FOR THE FOR THE Basic and diluted earnings per share is calculated using the weighted average number of shares in issue during the year, excluding the average number of Ordinary Shares purchased by the Parent Company and held as Treasury Shares. YEAR ENDED YEAR ENDED 31 DECEMBER 31 DECEMBER 2025 2024 Loss for the year 13. RETURN PER ORDINARY SHARE \u00a3(33,043,730) \u00a3(46,777,155) Average number of Ordinary Shares in issue during the year (excluding Treasury Shares) 278,276,392 278,276,392 Earnings per Share (basic and diluted) (pence) (11.87)p (16.81)p The Parent Company has not issued any shares or other instruments that are considered to have dilutive potential. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-406": { "value": "14. SHAREHOLDERS\u2019 CAPITAL
NOMINAL
VALUE
NUMBER
Set out below is the issued share capital of the Company as at 31 December 2025. All shares issued are fully paid with none not
\u00a3
OF SHARES
Ordinary Shares in issue (excluding Treasury Shares)
fully paid:
fully paid:
0.01
278,276,392
Set out below is the issued share capital of the Company as at 31 December 2024. All shares issued are fully paid with none not
NOMINAL VALUE NUMBER \u00a3 OF SHARES Ordinary Shares in issue (excluding Treasury Shares) Rights attaching to the Ordinary Shares Voting rights of that share have been paid. 0.01 on ordinary activities after taxation by the number of shares in issue. and seniority shall be determined by the order in which the names of the holders stand in the Register. 278,276,392 The holders of the Ordinary Shares are entitled to receive, and to participate in, any dividends declared in relation to the Ordinary Shares. The holders of the Ordinary Shares shall be entitled to all the Parent Company\u2019s remaining net assets after taking into account any net assets attributable to other share classes in issue. The Shares shall carry the right to receive notice of, attend and vote at general meetings of the Parent Company. The consent of the holders of Shares will be required for the variation of any rights attached to the Ordinary Shares. The net return per Ordinary Share is calculated by dividing the net return Subject to any rights or restrictions attached to any shares, on a show of hands every shareholder present in person has one vote and every proxy present who has been duly appointed by a shareholder entitled to vote has one vote, and on a poll, every shareholder (whether present in person or by proxy) has one vote for every share of which he is the holder. A shareholder entitled to more than one vote need not, if he votes, use all his votes or cast all the votes he uses the same way. In the case of joint holders, the vote of the senior who tenders a vote shall be accepted to the exclusion of the vote of the other joint holders, No shareholder shall have any right to vote at any general meeting or at any separate meeting of the holders of any class of shares, either in person or by proxy, in respect of any share held by him unless all amounts presently payable by him in respect SHARES IN The table below shows the movement in shares through 31 December 2025: Company is a going concern or during or in contemplation of a winding-up. SHARES IN Subject to the provisions of the Act as amended and every other statute for the time being in force concerning companies and affecting the Parent Company (the \u201cStatutes\u201d), if at any time the share capital of the Parent Company is divided into different classes of shares, the rights attached to any class may be varied either with the consent in writing of the holders of three-quarters in nominal value of the issued shares of that class or with the sanction of an extraordinary resolution passed at a separate meeting of the holders of the shares of that class (but not otherwise) and may be so varied either whilst the Parent At every such separate general meeting the necessary quorum shall be at least two persons holding or representing by proxy at least one-third in nominal value of the issued shares of the class in question (but at any adjourned meeting any holder of shares of the class present in person or by proxy shall be a quorum), any holder of shares of the class present in person or by proxy may demand a poll and every such holder shall on a poll have one vote for every share of the class held by him. Where the rights of some only of the shares of any class are to be varied, the foregoing provisions apply as if each group of shares of The Parent Company has no fixed life but, pursuant to the Articles, an ordinary resolution for the continuation of the Parent Company was approved at the annual general meeting of the Parent Company in September 2025, and at every fifth annual general meeting thereafter, there shall be proposed an ordinary resolution that the Company shall continue in existence as an investment company. Upon any such resolution, not being passed, proposals will be put forward within three months after the date of the resolution to the effect that the Parent Company be wound up, liquidated, reconstructed or unitised. If the Parent Company is wound up, the liquidator may divide among the shareholders in specie the whole or any part of the assets of the Parent Company and for that purpose may value any assets and determine how the division shall be carried out FOR THE YEAR FROM ISSUE AT THE Variation of Rights & Distribution on Winding Up as between the shareholders or different classes of shareholders. ISSUE AT THE 1 JANUARY 2025 TO BEGINNING OF SHARES END OF 31 DECEMBER 2025 THE YEAR REPURCHASED the class differently treated formed a separate class whose rights are to be varied. THE YEAR Ordinary Shares 278,276,392 \u2013 278,276,392 SHARES IN The table below shows the movement in shares through 31 December 2024: SHARES IN FOR THE YEAR FROM ISSUE AT THE ISSUE AT THE 1 JANUARY 2024 TO BEGINNING OF SHARES END OF 31 DECEMBER 2024 THE YEAR REPURCHASED THE YEAR Ordinary Shares Share buyback programme were no share buybacks in 2025 and 2024. Mechanics for returning cash to Shareholders Other distributable reserve 278,276,392 distributed from the Earmarked B Share Premium as at 31 December 2025. \u2013 balance in the other distributable reserve remains at \u00a3112,779,146 (31 December 2024: \u00a3112,779,146). 278,276,392 All Ordinary Shares bought back through the share buyback programme are held in treasury as at 31 December 2025. There During 2024, the Company established an Earmarked B Share Premium amounting to \u00a3110,000,000, sourced from share premium account as authorised by the Board of Directors to issue up to 11,000,000,000 unlisted redeemable fixed rate preference shares of 1 penny each in the capital of the Company (\u201cB Shares\u201d). During the year, the Company issued and distributed B shares of \u00a342,999,999 (31 December 2024: \u00a311,858,999) from the Earmarked B Share Premium and have \u00a355,141,002 remaining to be During 2025, the Company declared and paid dividends of \u00a3nil (2024: \u00a3nil) from the other distributable reserve. The closing ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-16": { "value": "14. SHAREHOLDERS\u2019 CAPITAL
NOMINAL
VALUE
NUMBER
Set out below is the issued share capital of the Company as at 31 December 2025. All shares issued are fully paid with none not
\u00a3
OF SHARES
Ordinary Shares in issue (excluding Treasury Shares)
fully paid:
fully paid:
0.01
278,276,392
Set out below is the issued share capital of the Company as at 31 December 2024. All shares issued are fully paid with none not
NOMINAL VALUE NUMBER \u00a3 OF SHARES Ordinary Shares in issue (excluding Treasury Shares) Rights attaching to the Ordinary Shares Voting rights of that share have been paid. 0.01 on ordinary activities after taxation by the number of shares in issue. and seniority shall be determined by the order in which the names of the holders stand in the Register. 278,276,392 The holders of the Ordinary Shares are entitled to receive, and to participate in, any dividends declared in relation to the Ordinary Shares. The holders of the Ordinary Shares shall be entitled to all the Parent Company\u2019s remaining net assets after taking into account any net assets attributable to other share classes in issue. The Shares shall carry the right to receive notice of, attend and vote at general meetings of the Parent Company. The consent of the holders of Shares will be required for the variation of any rights attached to the Ordinary Shares. The net return per Ordinary Share is calculated by dividing the net return Subject to any rights or restrictions attached to any shares, on a show of hands every shareholder present in person has one vote and every proxy present who has been duly appointed by a shareholder entitled to vote has one vote, and on a poll, every shareholder (whether present in person or by proxy) has one vote for every share of which he is the holder. A shareholder entitled to more than one vote need not, if he votes, use all his votes or cast all the votes he uses the same way. In the case of joint holders, the vote of the senior who tenders a vote shall be accepted to the exclusion of the vote of the other joint holders, No shareholder shall have any right to vote at any general meeting or at any separate meeting of the holders of any class of shares, either in person or by proxy, in respect of any share held by him unless all amounts presently payable by him in respect SHARES IN The table below shows the movement in shares through 31 December 2025: Company is a going concern or during or in contemplation of a winding-up. SHARES IN Subject to the provisions of the Act as amended and every other statute for the time being in force concerning companies and affecting the Parent Company (the \u201cStatutes\u201d), if at any time the share capital of the Parent Company is divided into different classes of shares, the rights attached to any class may be varied either with the consent in writing of the holders of three-quarters in nominal value of the issued shares of that class or with the sanction of an extraordinary resolution passed at a separate meeting of the holders of the shares of that class (but not otherwise) and may be so varied either whilst the Parent At every such separate general meeting the necessary quorum shall be at least two persons holding or representing by proxy at least one-third in nominal value of the issued shares of the class in question (but at any adjourned meeting any holder of shares of the class present in person or by proxy shall be a quorum), any holder of shares of the class present in person or by proxy may demand a poll and every such holder shall on a poll have one vote for every share of the class held by him. Where the rights of some only of the shares of any class are to be varied, the foregoing provisions apply as if each group of shares of The Parent Company has no fixed life but, pursuant to the Articles, an ordinary resolution for the continuation of the Parent Company was approved at the annual general meeting of the Parent Company in September 2025, and at every fifth annual general meeting thereafter, there shall be proposed an ordinary resolution that the Company shall continue in existence as an investment company. Upon any such resolution, not being passed, proposals will be put forward within three months after the date of the resolution to the effect that the Parent Company be wound up, liquidated, reconstructed or unitised. If the Parent Company is wound up, the liquidator may divide among the shareholders in specie the whole or any part of the assets of the Parent Company and for that purpose may value any assets and determine how the division shall be carried out FOR THE YEAR FROM ISSUE AT THE Variation of Rights & Distribution on Winding Up as between the shareholders or different classes of shareholders. ISSUE AT THE 1 JANUARY 2025 TO BEGINNING OF SHARES END OF 31 DECEMBER 2025 THE YEAR REPURCHASED the class differently treated formed a separate class whose rights are to be varied. THE YEAR Ordinary Shares 278,276,392 \u2013 278,276,392 SHARES IN The table below shows the movement in shares through 31 December 2024: SHARES IN FOR THE YEAR FROM ISSUE AT THE ISSUE AT THE 1 JANUARY 2024 TO BEGINNING OF SHARES END OF 31 DECEMBER 2024 THE YEAR REPURCHASED THE YEAR Ordinary Shares Share buyback programme were no share buybacks in 2025 and 2024. Mechanics for returning cash to Shareholders Other distributable reserve 278,276,392 distributed from the Earmarked B Share Premium as at 31 December 2025. \u2013 balance in the other distributable reserve remains at \u00a3112,779,146 (31 December 2024: \u00a3112,779,146). 278,276,392 All Ordinary Shares bought back through the share buyback programme are held in treasury as at 31 December 2025. There During 2024, the Company established an Earmarked B Share Premium amounting to \u00a3110,000,000, sourced from share premium account as authorised by the Board of Directors to issue up to 11,000,000,000 unlisted redeemable fixed rate preference shares of 1 penny each in the capital of the Company (\u201cB Shares\u201d). During the year, the Company issued and distributed B shares of \u00a342,999,999 (31 December 2024: \u00a311,858,999) from the Earmarked B Share Premium and have \u00a355,141,002 remaining to be During 2025, the Company declared and paid dividends of \u00a3nil (2024: \u00a3nil) from the other distributable reserve. The closing ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-433": { "value": "Share buyback programme were no share buybacks in 2025 and 2024. All Ordinary Shares bought back through the share buyback programme are held in treasury as at 31 December 2025. There ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-434": { "value": "Mechanics for returning cash to Shareholders Other distributable reserve distributed from the Earmarked B Share Premium as at 31 December 2025. balance in the other distributable reserve remains at \u00a3112,779,146 (31 December 2024: \u00a3112,779,146). During 2024, the Company established an Earmarked B Share Premium amounting to \u00a3110,000,000, sourced from share premium account as authorised by the Board of Directors to issue up to 11,000,000,000 unlisted redeemable fixed rate preference shares of 1 penny each in the capital of the Company (\u201cB Shares\u201d). During the year, the Company issued and distributed B shares of \u00a342,999,999 (31 December 2024: \u00a311,858,999) from the Earmarked B Share Premium and have \u00a355,141,002 remaining to be During 2025, the Company declared and paid dividends of \u00a3nil (2024: \u00a3nil) from the other distributable reserve. The closing ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-18": { "value": "31 DECEMBER 31 DECEMBER The following table summarises the amounts recognised as distributions to equity shareholders in the period: 2025 2024 \u00a3 \u00a3 2023 interim dividend of 2.00 pence per Ordinary Share paid on 14 March 2024 \u2013 5,565,528 2024 interim dividend of 1.89 pence per Ordinary Share paid on 18 July 2024 \u2013 5,259,424 2024 interim dividend of 1.89 pence per Ordinary Share paid on 3 October 2024 \u2013 5,259,423 2024 interim dividend of 1.34 pence per Ordinary Share paid on 19 December 2024 \u2013 3,728,904 2024 interim dividend of 1.06 pence per Ordinary Share paid on 3 April 2025 2,949,730 \u2013 2025 interim dividend of 0.55 pence per Ordinary Share paid on 17 July 2025 1,530,520 \u2013 2025 interim dividend of 1.44 pence per Ordinary Share paid on 31 December 2025 4,007,180 \u2013 Total 15. DIVIDENDS PER SHARE An interim dividend of 1.70 pence per Ordinary Share, equalling \u00a34,730,699, was declared by the Board on 27 February 2026 in respect of the period to 31 December 2025, was paid to shareholders on 9 April 2026. The interim dividend has not been included as a liability in these financial statements in accordance with International Accounting Standard 10: Events After the Balance Sheet Date. 8,487,430 19,813,279 ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-407": { "value": "0.017", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-408": { "value": "4730699.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-409": { "value": "16. RELATED PARTY TRANSACTIONS Each of the Directors is entitled to receive a fee from the Parent Company at such rate as may be determined in accordance with the Articles. Save for the Chair of the Board, the fees are \u00a333,000 for each Director per annum. The Chair\u2019s fee is \u00a355,000 per annum. The chair of the Audit and Valuation Committee may also receive additional fees for acting as the chairman of such a committee. The current fee for serving as the chair of the Audit and Valuation Committee is \u00a35,500 per annum. 31 DECEMBER 31 DECEMBER 2025 are requested by the Board to perform extra or special services on behalf of the Parent Company. 2024 All the Directors are also entitled to be paid all reasonable expenses properly incurred by them in attending general meetings, board or committee meetings or otherwise in connection with the performance of their duties. The Board may determine that additional remuneration may be paid, from time to time, to any one or more Directors in the event such Director or Directors At 31 December 2025, \u00a3216,795 (31 December 2024: \u00a3209,469) was paid to the Directors and \u00a3nil (31 December 2024: \u00a3nil) was As at 31 December 2025 and 31 December 2024, the Directors\u2019 interests in the Parent Company\u2019s Shares were as follows: Oliver Grundy Number of Ordinary Shares owed for services performed. 30,000 30,000 Mark Katzenellenbogen Number of Ordinary Shares 215,000 215,000 Graeme Proudfoot Number of Ordinary Shares 130,000 130,000 Nick Campsie Number of Ordinary Shares \u2013 \u2013 Martin Rigby fees and performance fees payable during the year are disclosed in Note 10. Number of Ordinary Shares \u2013 \u2013 Investment management fees for the year ended 31 December 2025 are payable by the Parent Company to the Investment Manager and these are presented on the Consolidated Statement of Comprehensive Income. Details of investment management During 2022, as part of an amendment to its management agreement, the Investment Manager continued to purchase Ordinary Shares of the Parent Company with 20% of its monthly management fee. The Ordinary Shares were purchased at the prevailing market price. As at 31 December 2025, the Investment Manager held 2,253,598 (31 December 2024: 2,253,598) Ordinary Shares. Other Assets and prepaid expenses balance on the Consolidated Statement of Financial Position. investment in VPC Offshore Unleveraged Private Debt Fund Feeder, L.P. was \u00a3nil (31 December 2024: \u00a3638,095). As at 31 December 2025, Partners and Principals of the Investment Manager held 510,000 (31 December 2024: 510,000) Shares The Group has invested in VPC Offshore Unleveraged Private Debt Fund Feeder, L.P. The Investment Manager of the Parent Company also acts as manager to VPC Offshore Unleveraged Private Debt Fund Feeder, L.P. The principal activity of VPC Offshore Unleveraged Private Debt Fund Feeder, L.P. is to invest in alternative finance investments and related instruments with a view to achieving the Parent Company\u2019s investment objective. As at 31 December 2025 the investment was fully realised and the Group owned 0% (31 December 2024: 26%) of VPC Offshore Unleveraged Private Debt Fund Feeder, L.P. and the value of the Group\u2019s The Group has invested in VPC Synthesis, L.P. The Investment Manager of the Parent Company also acts as manager to VPC Synthesis, L.P. The principal activity of VPC Synthesis, L.P. is to invest in alternative finance investments and related instruments with a view to achieving the Parent Company\u2019s investment objective. As at 31 December 2025 the Group owned 4% (31 December 2024: 4%) of VPC Synthesis, L.P. and the value of the Group\u2019s investment in VPC Synthesis, L.P. was \u00a3nil The Investment Manager may pay directly various expenses that are attributable to the Group. These expenses are allocated to and reimbursed by the Group to the Investment Manager as outlined in the Management Agreement. Any excess expense previously allocated to and paid by the Group to the Investment Manager will be reimbursed to the Group by the Investment Manager. At 31 December 2025, \u00a32,612 (31 December 2024: \u00a3901) was due from the Investment Manager and is included in the in the Parent Company. (31 December 2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-17": { "value": "16. RELATED PARTY TRANSACTIONS Each of the Directors is entitled to receive a fee from the Parent Company at such rate as may be determined in accordance with the Articles. Save for the Chair of the Board, the fees are \u00a333,000 for each Director per annum. The Chair\u2019s fee is \u00a355,000 per annum. The chair of the Audit and Valuation Committee may also receive additional fees for acting as the chairman of such a committee. The current fee for serving as the chair of the Audit and Valuation Committee is \u00a35,500 per annum. 31 DECEMBER 31 DECEMBER 2025 are requested by the Board to perform extra or special services on behalf of the Parent Company. 2024 All the Directors are also entitled to be paid all reasonable expenses properly incurred by them in attending general meetings, board or committee meetings or otherwise in connection with the performance of their duties. The Board may determine that additional remuneration may be paid, from time to time, to any one or more Directors in the event such Director or Directors At 31 December 2025, \u00a3216,795 (31 December 2024: \u00a3209,469) was paid to the Directors and \u00a3nil (31 December 2024: \u00a3nil) was As at 31 December 2025 and 31 December 2024, the Directors\u2019 interests in the Parent Company\u2019s Shares were as follows: Oliver Grundy Number of Ordinary Shares owed for services performed. 30,000 30,000 Mark Katzenellenbogen Number of Ordinary Shares 215,000 215,000 Graeme Proudfoot Number of Ordinary Shares 130,000 130,000 Nick Campsie Number of Ordinary Shares \u2013 \u2013 Martin Rigby fees and performance fees payable during the year are disclosed in Note 10. Number of Ordinary Shares \u2013 \u2013 Investment management fees for the year ended 31 December 2025 are payable by the Parent Company to the Investment Manager and these are presented on the Consolidated Statement of Comprehensive Income. Details of investment management During 2022, as part of an amendment to its management agreement, the Investment Manager continued to purchase Ordinary Shares of the Parent Company with 20% of its monthly management fee. The Ordinary Shares were purchased at the prevailing market price. As at 31 December 2025, the Investment Manager held 2,253,598 (31 December 2024: 2,253,598) Ordinary Shares. Other Assets and prepaid expenses balance on the Consolidated Statement of Financial Position. investment in VPC Offshore Unleveraged Private Debt Fund Feeder, L.P. was \u00a3nil (31 December 2024: \u00a3638,095). As at 31 December 2025, Partners and Principals of the Investment Manager held 510,000 (31 December 2024: 510,000) Shares The Group has invested in VPC Offshore Unleveraged Private Debt Fund Feeder, L.P. The Investment Manager of the Parent Company also acts as manager to VPC Offshore Unleveraged Private Debt Fund Feeder, L.P. The principal activity of VPC Offshore Unleveraged Private Debt Fund Feeder, L.P. is to invest in alternative finance investments and related instruments with a view to achieving the Parent Company\u2019s investment objective. As at 31 December 2025 the investment was fully realised and the Group owned 0% (31 December 2024: 26%) of VPC Offshore Unleveraged Private Debt Fund Feeder, L.P. and the value of the Group\u2019s The Group has invested in VPC Synthesis, L.P. The Investment Manager of the Parent Company also acts as manager to VPC Synthesis, L.P. The principal activity of VPC Synthesis, L.P. is to invest in alternative finance investments and related instruments with a view to achieving the Parent Company\u2019s investment objective. As at 31 December 2025 the Group owned 4% (31 December 2024: 4%) of VPC Synthesis, L.P. and the value of the Group\u2019s investment in VPC Synthesis, L.P. was \u00a3nil The Investment Manager may pay directly various expenses that are attributable to the Group. These expenses are allocated to and reimbursed by the Group to the Investment Manager as outlined in the Management Agreement. Any excess expense previously allocated to and paid by the Group to the Investment Manager will be reimbursed to the Group by the Investment Manager. At 31 December 2025, \u00a32,612 (31 December 2024: \u00a3901) was due from the Investment Manager and is included in the in the Parent Company. (31 December 2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-435": { "value": "Each of the Directors is entitled to receive a fee from the Parent Company at such rate as may be determined in accordance with the Articles. Save for the Chair of the Board, the fees are \u00a333,000 for each Director per annum. The Chair\u2019s fee is \u00a355,000 per annum. The chair of the Audit and Valuation Committee may also receive additional fees for acting as the chairman of such a committee. The current fee for serving as the chair of the Audit and Valuation Committee is \u00a35,500 per annum. 31 DECEMBER 31 DECEMBER 2025 are requested by the Board to perform extra or special services on behalf of the Parent Company. 2024 All the Directors are also entitled to be paid all reasonable expenses properly incurred by them in attending general meetings, board or committee meetings or otherwise in connection with the performance of their duties. The Board may determine that additional remuneration may be paid, from time to time, to any one or more Directors in the event such Director or Directors At 31 December 2025, \u00a3216,795 (31 December 2024: \u00a3209,469) was paid to the Directors and \u00a3nil (31 December 2024: \u00a3nil) was As at 31 December 2025 and 31 December 2024, the Directors\u2019 interests in the Parent Company\u2019s Shares were as follows: Oliver Grundy Number of Ordinary Shares owed for services performed. 30,000 30,000 Mark Katzenellenbogen Number of Ordinary Shares 215,000 215,000 Graeme Proudfoot Number of Ordinary Shares 130,000 130,000 Nick Campsie Number of Ordinary Shares \u2013 \u2013 Martin Rigby Number of Ordinary Shares \u2013 \u2013 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-19": { "value": "PERCENTAGE PERCENTAGE OWNERSHIP OWNERSHIP AS AT AS AT PRINCIPAL COUNTRY OF 17. INVESTMENTS IN SUBSIDIARIES NATURE OF 31 DECEMBER 31 DECEMBER NAME ACTIVITY INCORPORATION INVESTMENT 2025 2024 VPC Specialty Investment vehicle USA Limited partner Sole limited Sole limited Lending Investments interest partner partner Intermediate, L.P. VPC Specialty Investment vehicle USA Limited partner Sole limited Sole limited Lending Investments interest partner partner Intermediate Holdings, L.P. VPC Specialty General partner USA Membership interest Sole member Sole member Lending Investments Intermediate GP, LLC NAMEthe subsidiaries listed as general partners. The subsidiaries listed above as investment vehicles are consolidated by the Group and there is no activity to consolidate within REGISTERED ADDRESS VPC Specialty Lending Investments Intermediate, L.P. 150 North Riverside Plaza, Suite 5200, Chicago, IL 60606 VPC Specialty Lending Investments Intermediate Holdings, L.P. 150 North Riverside Plaza, Suite 5200, Chicago, IL 60606 VPC Specialty Lending Investments Intermediate GP, LLC 150 North Riverside Plaza, Suite 5200, Chicago, IL 60606 INVESTMENTS The table below illustrates the movement of the investment in subsidiaries of the Parent Company in 2025: IN SUBSIDIARIES \u00a3 Beginning balance, 1 January 2025 131,931,159 Purchases 9,802,895 Sales (68,730,501) Change in fair value of investments in subsidiaries (17,908,605) Ending balance, 31 December 2025 55,094,948 INVESTMENTS The table below illustrates the movement of the investment in subsidiaries of the Parent Company in 2024: IN SUBSIDIARIES \u00a3 Beginning balance, 1 January 2024 184,812,034 Purchases 3,271,696 Sales (2,903,355) Change in fair value of investments in subsidiaries (53,249,216) Ending balance, 31 December 2024 131,931,159 ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-410": { "value": "18. INVESTMENTS IN FUNDS
MAXIMUM
entities. The following additional information is therefore provided as required by IFRS 12, Disclosure of Interests in Other Entities:
The Group has been determined to exercise significant influence in relation to certain of its in funds and other entities, as such
these investments are considered to be associates for accounting purposes and represent interests in unconsolidated structured
FAIR VALUE OF
EXPOSURE TO
INTEREST AS AT
LOSS AS AT
PRINCIPAL
PROPORTION OF
31 DECEMBER
31 DECEMBER
PLACE OF
PRINCIPAL
OWNERSHIP
BASIS OF
2025
2025
NAME OF ASSOCIATE
BUSINESS
ACTIVITY
INTERESTS HELD
VALUATION
\u00a3
\u00a3
VPC Offshore Unleveraged Private
Cayman
Investment
0%
Designated as
\u2013
\u2013
Debt Fund Feeder, L.P.
Islands
fund
held at fair value
through profit or
loss \u2013 using NAV
VPC Synthesis, L.P.
USA
Investment
4%
Designated as
\u2013
\u2013
fund
held at fair value
through profit or
loss \u2013 using NAV
SUMMARISED FINANCIAL 31 DECEMBER 2025 NAME OF ASSOCIATE INFORMATION FOR ASSOCIATE \u00a3 VPC Offshore Unleveraged Profit/(loss) of associate for period ended 31 December 2025 \u2013 Private Debt Fund Feeder, L.P. Assets as at 31 December 2025 \u2013 Liabilities at 31 December 2025 \u2013 VPC Synthesis, L.P. Profit/(loss) of associate for period ended 31 December 2025 \u2013 Assets as at 31 December 2025 39,537,225 Liabilities at 31 December 2025 39,537,225 MAXIMUM FAIR VALUE OF EXPOSURE TO INTEREST AS AT LOSS AS AT PRINCIPAL PROPORTION OF 31 DECEMBER 31 DECEMBER PLACE OF PRINCIPAL OWNERSHIP BASIS OF 2024 2024 NAME OF ASSOCIATE BUSINESS ACTIVITY INTERESTS HELD VALUATION \u00a3 \u00a3 VPC Offshore Unleveraged Private Cayman Investment 26% Designated as 638,095 638,095 Debt Fund Feeder, L.P. Islands fund held at fair value through profit or loss \u2013 using NAV VPC Synthesis, L.P. USA Investment 4% Designated as \u2013 \u2013 fund held at fair value through profit or loss \u2013 using NAV SUMMARISED FINANCIAL 31 DECEMBER 2024 NAME OF ASSOCIATE INFORMATION FOR ASSOCIATE \u00a3 VPC Offshore Unleveraged Profit/(loss) of associate for period ended 31 December 2024 (33,640) Private Debt Fund Feeder, L.P. Assets as at 31 December 2024 986,639 Liabilities at 31 December 2024 986,639 VPC Synthesis, L.P. Profit/(loss) of associate for period ended 31 December 2024 (62,775,786) Assets as at 31 December 2024 257,225,877 Liabilities at 31 December 2024 257,225,877 The Group\u2019s investments in associates all consist of limited partner interest in funds. There are no significant restrictions between investors with joint control or significant influence over the associates listed above on the ability of the associates to transfer funds to any party in the form of cash dividends or to repay loans or advances made by the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-20": { "value": "18. INVESTMENTS IN FUNDS
MAXIMUM
entities. The following additional information is therefore provided as required by IFRS 12, Disclosure of Interests in Other Entities:
The Group has been determined to exercise significant influence in relation to certain of its in funds and other entities, as such
these investments are considered to be associates for accounting purposes and represent interests in unconsolidated structured
FAIR VALUE OF
EXPOSURE TO
INTEREST AS AT
LOSS AS AT
PRINCIPAL
PROPORTION OF
31 DECEMBER
31 DECEMBER
PLACE OF
PRINCIPAL
OWNERSHIP
BASIS OF
2025
2025
NAME OF ASSOCIATE
BUSINESS
ACTIVITY
INTERESTS HELD
VALUATION
\u00a3
\u00a3
VPC Offshore Unleveraged Private
Cayman
Investment
0%
Designated as
\u2013
\u2013
Debt Fund Feeder, L.P.
Islands
fund
held at fair value
through profit or
loss \u2013 using NAV
VPC Synthesis, L.P.
USA
Investment
4%
Designated as
\u2013
\u2013
fund
held at fair value
through profit or
loss \u2013 using NAV
SUMMARISED FINANCIAL 31 DECEMBER 2025 NAME OF ASSOCIATE INFORMATION FOR ASSOCIATE \u00a3 VPC Offshore Unleveraged Profit/(loss) of associate for period ended 31 December 2025 \u2013 Private Debt Fund Feeder, L.P. Assets as at 31 December 2025 \u2013 Liabilities at 31 December 2025 \u2013 VPC Synthesis, L.P. Profit/(loss) of associate for period ended 31 December 2025 \u2013 Assets as at 31 December 2025 39,537,225 Liabilities at 31 December 2025 39,537,225 MAXIMUM FAIR VALUE OF EXPOSURE TO INTEREST AS AT LOSS AS AT PRINCIPAL PROPORTION OF 31 DECEMBER 31 DECEMBER PLACE OF PRINCIPAL OWNERSHIP BASIS OF 2024 2024 NAME OF ASSOCIATE BUSINESS ACTIVITY INTERESTS HELD VALUATION \u00a3 \u00a3 VPC Offshore Unleveraged Private Cayman Investment 26% Designated as 638,095 638,095 Debt Fund Feeder, L.P. Islands fund held at fair value through profit or loss \u2013 using NAV VPC Synthesis, L.P. USA Investment 4% Designated as \u2013 \u2013 fund held at fair value through profit or loss \u2013 using NAV SUMMARISED FINANCIAL 31 DECEMBER 2024 NAME OF ASSOCIATE INFORMATION FOR ASSOCIATE \u00a3 VPC Offshore Unleveraged Profit/(loss) of associate for period ended 31 December 2024 (33,640) Private Debt Fund Feeder, L.P. Assets as at 31 December 2024 986,639 Liabilities at 31 December 2024 986,639 VPC Synthesis, L.P. Profit/(loss) of associate for period ended 31 December 2024 (62,775,786) Assets as at 31 December 2024 257,225,877 Liabilities at 31 December 2024 257,225,877 The Group\u2019s investments in associates all consist of limited partner interest in funds. There are no significant restrictions between investors with joint control or significant influence over the associates listed above on the ability of the associates to transfer funds to any party in the form of cash dividends or to repay loans or advances made by the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-21": { "value": "19. SUBSEQUENT EVENTS AFTER THE REPORTING PERIOD 2025 and paid the dividend on 9 April 2026. The Company declared a dividend of 1.70 pence per Ordinary Share, equalling \u00a34,730,699 for the period ended 31 December There were no other significant events requiring adjustment or disclosure subsequent to the year end. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-22": { "value": "19th Floor 51 Lime Street London EC3M 7DQ United Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300UPEXC5DQB81P34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }