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  "fact-309": {
   "value": "<div class=\"t m0 h14 ff69 fsf fc0 sc0 ls0 ws0 gs20\">1. Principal activity<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs21\">The principal activity of the Company is that of an investment trust company within the meaning of Section 1158 of the </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs22\">Corporation T<span class=\"_ _6\"></span>ax Act 2010. The Company was incorporated in England on 28 October 1993 and this is the thirt<span class=\"_ _8\"></span>y-second </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs23\">Annual Report.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs24\">The principal activity of the subsidiar<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>, BlackRock World Mining Investment Company Limited, is investment dealing.</div>",
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   "value": "The principal activity of the Company is that of an investment trust company within the meaning of Section 1158 of the Corporation Tax Act 2010. The Company was incorporated in England on 28 October 1993 and this is the thirty-second Annual Report. ",
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    "language": "en",
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  "fact-308": {
   "value": "<div class=\"t m0 h14 ff69 fsf fc0 sc0 ls0 ws0 gs26\">2. Material accounting policies<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs27\">The material accounting policies adopted by the Group and Company have been applied consistently<span class=\"_ _6\"></span>, other than where new </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs28\">policies have been adopted and are set out below<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h3 ff66 fs1 fc0 sc0 ls0 ws0 gs29\">(a) Basis of preparation<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2a\">The Group and Company financial statements have been prepared under the historic cost convention modified by the </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2b\">revaluation of certain financial assets and financial liabilities held at fair value through profit or loss and in accordance </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2c\">with UK<span class=\"_ _6\"></span>-adopted International Accounting Standards IA<span class=\"_ _8\"></span>Ss, with future changes being subject to endorsement by the UK </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2d\">Endorsement Board and with the requirements of the Companies Act 2006 as applicable to companies reporting under those </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2e\">standards. The Company has taken advantage of the exemption provided under Section 408 of the Companies Act 2006 not to </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2f\">publish its individual Statement of Comprehensive Income and related notes. All of the Group\u2019<span class=\"_ _6\"></span>s operations are of a continuing </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs30\">nature.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs31\">Insofar as the Statement of Recommended Practice (SORP) for investment trust companies and venture capital trusts, is<span class=\"_ _6\"></span>sued </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs32\">by the Association of Investment Companies (AIC) in October 2019 and updated in July 2022, is compatible with UK-adopted </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs33\">IASs, the financial statements have been prepared in accordance with guidance set out in the SORP<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs34\">Substantially all of the assets of the Group consist of securities that are readily realisable and, accordingly<span class=\"_ _6\"></span>, the Directors </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs35\">believe that the Group has adequate resources to continue in operational existence for the foreseeable future for the period to </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs36\">31 March 2027, being a period of at least twelve months from the date of approval of the financial statements and therefore </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs37\">consider the going concern assumption to be appropriate. The Directors have reviewed compliance with the covenants </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs38\">associated with the bank overdraft facility<span class=\"_ _6\"></span>, loan facilit<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>, annual continuation vote, income and expense projections and the </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs39\">liquidity of the investment por<span class=\"_ _8\"></span>tfolio in making their asses<span class=\"_ _6\"></span>sment.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs3a\">The Directors have considered the impact of climate change on the value of the investments included in the financial </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs3b\">statements and have concluded that there was no further impact of climate change to be considered as the investments are </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs3c\">valued based on market pricing as required by IFRS 13.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs3d\">None of the Group\u2019<span class=\"_ _6\"></span>s other assets and liabilities were considered to be potentially impacted by climate change.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs3e\">The Group\u2019<span class=\"_ _6\"></span>s financial statements are presented in Sterling, which is the currency of the primary economic environment in </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs3f\">which the Group operates. All values are rounded to the nearest thousand pounds (\u00a3\u2019000) except where other<span class=\"_ _8\"></span>wise indicated.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h3 ff66 fs1 fc0 sc0 ls0 ws0 gs40\">Adoption of new and amended International Accounting Standards and interpretations:<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff66 fs3 fc0 sc0 ls0 ws0 gs41\">IAS 21 \u2013 Lack of exchangeability<span class=\"ff68\"> (effective <span>1 January 2025</span>). The IA<span class=\"_ _8\"></span>SB issued amendments to IAS 21 The Effects of Changes </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs42\">in Foreign Exchange Rates to specify how an entity should assess whether a currency is exchangeable and how it should </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs43\">determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs44\">enables users of its financial statements to understand how the currency not being exchangeable into the other currency </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs45\">affects, or is expected to affect, the entity<span class=\"_ _8\"></span>\u2019<span class=\"_ _6\"></span>s financial per<span class=\"_ _8\"></span>formance, financial position and cash flows.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs46\">The amendment of this standard did not have a significant impact on the Group\u2019<span class=\"_ _6\"></span>s operations as IAS 21 better reflects the </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs47\">practical considerations of establishing fair values for the Group\u2019<span class=\"_ _6\"></span>s foreign currency assets.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h3 ff66 fs1 fc0 sc0 ls0 ws0 gs49\">Relevant International Accounting Standards that hav<span class=\"_ _6\"></span>e yet to be adopted:<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff66 fs3 fc0 sc0 ls0 ws0 gs4a\">IFRS 18 \u2013 Presentation and disclosure in financial statements<span class=\"ff68\"> (effective 1 Januar<span class=\"_ _8\"></span>y 2027). The IASB issued IFRS 18, which </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs4b\">replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs4c\">statement of profit or loss, including specified totals and subtotals. F<span class=\"_ _6\"></span>ur<span class=\"_ _8\"></span>thermore, entities are required to classify all income </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs4d\">and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs4e\">and discontinued operations, whereof the first three are new<span class=\"_ _6\"></span>. It also requires disclosure of newly defined management </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs4f\">defined per<span class=\"_ _8\"></span>formance measures, subtotals of income and expenses, and includes new requirements for aggregation and </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs50\">disaggregation of financial information based on the identified \u2018roles\u2019 of the primar<span class=\"_ _8\"></span>y financial statements and the notes.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs51\">The amendment of this standard is expected to have an impact on the disclosure and presentation of the Statement of </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs52\">Comprehensive Income but will not have any impact on the accounting or financial results.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h3 ff66 fs1 fc0 sc0 ls0 ws0 gs53\">(b) Basis of consolidation<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs54\">The Group\u2019<span class=\"_ _6\"></span>s financial statements are made up to 31 December each year and consolidate the financial statements of the </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs55\">Company and its wholly owned subsidiar<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>, which is registered and operates in England and Wales, BlackRock World Mining </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs56\">Investment Company Limited (together \u2018the Group\u2019). The subsidiary company is not considered an investment entit<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>. In the </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs57\">financial statements of the Parent Company<span class=\"_ _6\"></span>, the investment in the subsidiary company is held at fair value.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs58\">Subsidiaries are consolidated from the date of their acquisition, being the date on which the Company obtains control, and </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs59\">continue to be consolidated until the date that such control ceases. The financial statements of subsidiaries used in the </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs5a\">preparation of the consolidated financial statements are based on consistent accounting policies. All intra-group balances </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs5b\">and transactions, including unrealised profits arising therefrom, are eliminated.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h3 ff66 fs1 fc0 sc0 ls0 ws0 gs5c\">(c)  <span class=\"_ _10\"></span>Presentation of the Statement of Comprehensive Income<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs5d\">In order to better reflect the activities of an investment trust company and in accordance with guidance issued by the AIC, </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs5e\">supplementar<span class=\"_ _8\"></span>y information which analyses the Consolidated Statement of Comprehensive Income between items of a revenue </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs5f\">and a capital nature has been presented alongside the Consolidated Statement of Comprehensive Income. </div><div class=\"t m0 h3 ff66 fs1 fc0 sc0 ls0 ws0 gs60\">(d) Segmental reporting<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs61\">The Directors are of the opinion that the Group is engaged in a single segment of business being investment busines<span class=\"_ _6\"></span>s.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h3 ff66 fs1 fc0 sc0 ls0 ws0 gs62\">(e) Income<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs63\">Dividends receivable on equity shares are recognised as revenue for the year on an ex-dividend basis. Where no ex-dividend </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs64\">date is available, dividends receivable on or before the year end are treated as revenue for the year<span class=\"_ _6\"></span>. Provision is made for any </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs65\">dividends and interest income not expected to be received. Special dividends, if any<span class=\"_ _6\"></span>, are treated as a capital or a revenue </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs66\">receipt depending on the facts or circumstances of each particular case. The return on a debt securit<span class=\"_ _8\"></span>y is recognised on a time </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs67\">apportionment basis so as to reflect the effective yield on the debt securit<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>. Interest income and deposit interest is accounted </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs68\">for on an accruals basis.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs69\">Options may be purchased or written over securities held in the portfolio for generating or protecting capital returns, or for </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs6a\">generating or maintaining revenue returns. Where the purpose of the option is the generation of income, the premium is </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs6b\">treated as a revenue item. Where the purpose of the option is the maintenance of capital, the premium is treated as a capital </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs6c\">item.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs6d\">Option premium income is recognised as revenue evenly over the life of the option contract and included in the revenue </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs6e\">account of the Consolidated Statement of Comprehensive Income unless the option has been written for the maintenance and </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs6f\">enhancement of the Group\u2019<span class=\"_ _6\"></span>s investment portfolio and represents an incidental par<span class=\"_ _8\"></span>t of a larger capital transaction, in which </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs70\">case any premia arising are allocated to the capital account of the Consolidated Statement of Comprehensive Income.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gs71\">Royalty income from contractual rights <span class=\"_ _6\"></span>is measured at the fair value <span class=\"_ _6\"></span>of the consideration received or <span class=\"_ _6\"></span>receivable where the </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gs72\">Investment Manager can <span class=\"_ _6\"></span>reliably estimate the amount, pursuant to <span class=\"_ _6\"></span>the terms of the agreement. <span class=\"_ _6\"></span>Royalt<span class=\"_ _8\"></span>y income from contractual </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gs73\">rights received comprises <span class=\"_ _6\"></span>of a return of income and <span class=\"_ _6\"></span>a return of capital based <span class=\"_ _6\"></span>on the underlying cost of the <span class=\"_ _6\"></span>contract and, </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gs74\">accordingly<span class=\"_ _6\"></span>, the return of income <span class=\"_ _6\"></span>element is taken to the <span class=\"_ _6\"></span>revenue account and the return of <span class=\"_ _6\"></span>capital element is taken to <span class=\"_ _6\"></span>the capital </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gs75\">account. These amounts <span class=\"_ _6\"></span>are disclosed in the Consolidated Statement <span class=\"_ _6\"></span>of Comprehensive Income within income <span class=\"_ _6\"></span>from investments </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gs76\">and net profit <span class=\"_ _6\"></span>on investments held at fair value <span class=\"_ _6\"></span>through profit or los<span class=\"_ _6\"></span>s, respectively.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs78\">The useful life of the contractual rights will be determined by reference to the contractual arrangements, the planned mine life </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs79\">on commencement of mining and the underlying cost of the contractual rights will be revalued on a systematic basis using </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs7a\">the units of production method over the life of the contractual rights which is estimated using available estimated proved and </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs7b\">probable reser<span class=\"_ _8\"></span>ves specifically as<span class=\"_ _6\"></span>sociated with the mine. The Investment Manager relies on public disclosures for information </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs7c\">on proven and probable reser<span class=\"_ _8\"></span>ves from the operators of the mine. Amortisation rates are adjusted on a prospective basis for all </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs7d\">changes to estimates of the life of contractual rights and iron ore reser<span class=\"_ _8\"></span>ves. These are disclosed in the Consolidated Statement </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs7e\">of Comprehensive Income within net profit on investments held at fair value through profit or loss.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs7f\">Where the Group has elected to receive its dividends in the form of additional shares rather than in cash, the cash equivalent </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs80\">of the dividend is recognised as income. Any excess in the value of the shares received over the amount of the cash dividend is </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs81\">recognised in capital.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs82\">Under<span class=\"_ _8\"></span>writing commis<span class=\"_ _6\"></span>sion receivable is taken into account on an accruals basis.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h3 ff66 fs1 fc0 sc0 ls0 ws0 gs83\">(f<span class=\"_ _8\"></span>) Expenses<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs84\">All expenses, including finance costs, are accounted for on an accruals basis. Expenses have been charged wholly to the </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs85\">revenue account of the Consolidated Statement of Comprehensive Income, except as follows:<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff67 fs3 fc0 sc0 ls0 ws0 gs86\">\u2022 <span class=\"_ _dc\"> </span><span class=\"ff68\"> <span class=\"_ _b\"></span>expenses which are incidental to the acquisition or sale of an investment are charged to the capital account of the </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs87\">Consolidated Statement of Comprehensive Income. Details of transaction costs on the purchases and sales of investments </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs88\">are disclosed within note 10 to the financial statements on page 109;<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff67 fs3 fc0 sc0 ls0 ws0 gs89\">\u2022 <span class=\"_ _dc\"> </span><span class=\"ff68\"> <span class=\"_ _b\"></span>expenses are treated as capital where a connection with the maintenance or enhancement of the value of the investments </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs8a\">can be demonstrated; and<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff67 fs3 fc0 sc0 ls0 ws0 gs8b\">\u2022 <span class=\"_ _dc\"> </span><span class=\"ff68 ls2 ws2\"> <span class=\"_ _b\"></span>the investment <span class=\"_ _6\"></span>management fee and finance costs have <span class=\"_ _6\"></span>been allocated 75% to the <span class=\"_ _6\"></span>capital account and 25% to the <span class=\"_ _6\"></span>revenue </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gs8c\">account of the <span class=\"_ _6\"></span>Consolidated Statement of Comprehensive Income in <span class=\"_ _6\"></span>line with the Board\u2019<span class=\"_ _6\"></span>s expectations of the <span class=\"_ _6\"></span>long-term split of </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gs8d\">returns, in the <span class=\"_ _6\"></span>form of capital gains and income, <span class=\"_ _6\"></span>respectively, <span class=\"_ _6\"></span>from the investment portfolio.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h3 ff66 fs1 fc0 sc0 ls0 ws0 gs8e\">(g) T<span class=\"_ _6\"></span>axation<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs8f\">The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on the </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs90\">taxable profit for the year<span class=\"_ _6\"></span>. T<span class=\"_ _6\"></span>axable profit differs from net profit as reported in the Consolidated Statement of Comprehensive </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs91\">Income because it excludes items of income or expenses that are taxable or deductible in other years and it further excludes </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs92\">items that are never taxable or deductible. The Group\u2019<span class=\"_ _6\"></span>s liability for current tax is calculated using tax rates that were applicable </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs93\">at the balance sheet date.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs94\">Where expenses are allocated between capital and revenue accounts, any tax relief in respect of the expenses is allocated </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs95\">between capital and revenue returns on the marginal basis using the Company<span class=\"_ _8\"></span>\u2019<span class=\"_ _6\"></span>s effective rate of corporation tax for the </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs96\">accounting period.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs97\">Deferred taxation is recognised in respect of all temporar<span class=\"_ _8\"></span>y differences that have originated but not reversed at the financial </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs98\">reporting date, where transactions or events that result in an obligation to pay more taxation in the future or right to pay </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs99\">less taxation in the future have occurred at the financial reporting date. This is subject to deferred taxation assets only being </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs9a\">recognised if it is considered more likely than not that there will be suitable profits from which the future reversal of the </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs9b\">temporar<span class=\"_ _8\"></span>y differences can be deducted. Deferred taxation as<span class=\"_ _6\"></span>sets and liabilities are measured at the rates applicable to the </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs9c\">legal jurisdictions in which they arise.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h3 ff66 fs1 fc0 sc0 ls0 ws0 gs9e\">(h)  <span class=\"_ _10\"></span>Investments held at fair value through profit or loss<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gs9f\">In accordance with <span class=\"_ _6\"></span>IFRS 9, the Group clas<span class=\"_ _6\"></span>sifies its investments at initial <span class=\"_ _6\"></span>recognition as held at fair value <span class=\"_ _6\"></span>through profit or los<span class=\"_ _6\"></span>s and </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gsa0\">are managed and <span class=\"_ _6\"></span>evaluated on a fair value basis <span class=\"_ _6\"></span>in accordance with its investment <span class=\"_ _6\"></span>strategy and business model.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls1 ws12 gsa1\">All <span class=\"_ _6\"></span>investments, including contractual <span class=\"_ _6\"></span>rights, are measured <span class=\"_ _6\"></span>initially and subsequently <span class=\"_ _6\"></span>at fair <span class=\"_ _6\"></span>value through profit <span class=\"_ _6\"></span>or loss. <span class=\"_ _6\"></span>Purchases </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls12 ws15 gsa2\">of inv<span class=\"_ _8\"></span>estme<span class=\"_ _8\"></span>nts are<span class=\"_ _8\"></span> <span class=\"_ _6\"></span>r<span class=\"_ _8\"></span>ecogn<span class=\"_ _8\"></span>ised<span class=\"_ _8\"></span> on a <span class=\"_ _6\"></span>tr<span class=\"_ _8\"></span>ade dat<span class=\"_ _8\"></span>e basis.<span class=\"_ _8\"></span> Contractual <span class=\"_ _6\"></span>rights <span class=\"_ _6\"></span>are recognised <span class=\"_ _6\"></span>on the <span class=\"_ _6\"></span>completion date, <span class=\"_ _6\"></span>where a pur<span class=\"_ _8\"></span>ch<span class=\"_ _8\"></span>as<span class=\"_ _8\"></span>e </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gsa3\">of the rights <span class=\"_ _6\"></span>is under a contract, and are <span class=\"_ _6\"></span>initially measured at fair value <span class=\"_ _6\"></span>excluding transaction costs. Sales of investments <span class=\"_ _6\"></span>are<span class=\"_ _8\"></span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gsa4\">recognised at the <span class=\"_ _6\"></span>trade date of the disposal. </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsa5\">The fair value of the financial investments is based on their quoted bid price at the financial reporting date, without deduction </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsa6\">for the estimated future selling costs. This policy applies to all current and non-current asset investments held by the Group.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gsa7\">The gains and <span class=\"_ _6\"></span>losses from changes in <span class=\"_ _6\"></span>fair value of contractual rights <span class=\"_ _6\"></span>are taken to the Consolidated Statement <span class=\"_ _6\"></span>of Comprehensive </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gsa8\">Income and arise <span class=\"_ _6\"></span>as a result of the revaluation <span class=\"_ _6\"></span>of the underlying cost of <span class=\"_ _6\"></span>the contractual rights, changes in commodity prices and </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gsa9\">changes in estimates <span class=\"_ _6\"></span>of proven and probable reserves specifically associated <span class=\"_ _6\"></span>with the mine.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsaa\">Under IAS, the investment in the subsidiar<span class=\"_ _8\"></span>y in the Company\u2019s Statement of Financial P<span class=\"_ _6\"></span>osition is fair valued which is deemed to </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsab\">be the net asset value of the subsidiary<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gsac\">Changes in the <span class=\"_ _6\"></span>value of investments held at fair <span class=\"_ _6\"></span>value through profit or los<span class=\"_ _6\"></span>s and gains and los<span class=\"_ _6\"></span>ses on disposal are <span class=\"_ _6\"></span>recognised in </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gsad\">the Consolidated Statement <span class=\"_ _6\"></span>of Comprehensive Income as \u2018Net profit <span class=\"_ _6\"></span>on investments held at fair <span class=\"_ _6\"></span>value through profit or los<span class=\"_ _6\"></span>s\u2019<span class=\"_ _6\"></span>. Also </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gsae\">included within the <span class=\"_ _6\"></span>heading are transaction costs in relation <span class=\"_ _6\"></span>to the purchase or sale <span class=\"_ _6\"></span>of investments.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsaf\">For all financial instruments not traded in an active market, the fair value is determined by using various valuation techniques. </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsb0\">Valuation techniques include market approach (i.e., using recent arm<span class=\"_ _6\"></span>\u2019s length market transactions adjusted as neces<span class=\"_ _6\"></span>sar<span class=\"_ _8\"></span>y and </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsb1\">reference to the current market value of another instrument that is substantially the same) and the income approach (i.e., </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsb2\">discounted cash flow analysis and option pricing models making as much use of available and supportable market data where </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsb3\">possible). See note 2(q) below<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h3 ff66 fs1 fc0 sc0 ls0 ws0 gsb4\">(i) Options<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsb5\">Options are held at fair value through profit or loss based on the bid/<span class=\"_ _9\"></span>offer prices of the options written to which the Group is </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsb6\">exposed. The value of the option is subsequently marked-to-market to reflect the fair value through profit or loss of the option </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsb7\">based on traded prices. Where the premium is taken to the revenue account, an appropriate amount is shown as capital return </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsb8\">such that the total return reflects the overall change in the fair value of the option. When an option is exercised, the gain or loss </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsb9\">is accounted for as a capital gain or loss. Any cost on closing out an option is transferred to the revenue account along with </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsba\">any remaining unamortised premium.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h3 ff66 fs1 fc0 sc0 ls0 ws0 gsbb\">(<span class=\"_ _2f\"></span>j) Other receivables and other payables<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsbc\">Other receivables and other payables do not carr<span class=\"_ _8\"></span>y any interest and are short-term in nature and are accordingly stated on an </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsbd\">amortised cost basis.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h3 ff66 fs1 fc0 sc0 ls0 ws0 gsbe\">(k<span class=\"_ _8\"></span>) Dividends payable<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsbf\">Under IAS, final dividends should not be accrued in the financial statements unless they have been approved by shareholders </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsc0\">before the financial reporting date. Interim dividends should not be recognised in the financial statements unless they have </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsc1\">been paid.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsc2\">Dividends payable to equity shareholders are recognised in the Consolidated and Parent Company Statements of Changes in </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsc3\">Equity.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h3 ff66 fs1 fc0 sc0 ls0 ws0 gsc4\">(l) Foreign currency translation<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsc5\">T<span class=\"_ _6\"></span>ransactions involving foreign currencies are converted at the rate ruling at the date of the transaction. Foreign currency </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsc6\">monetar<span class=\"_ _8\"></span>y as<span class=\"_ _6\"></span>sets and liabilities and non-monetar<span class=\"_ _8\"></span>y assets held at fair value are translated into Sterling at the rate ruling </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsc7\">on the financial reporting date. Foreign exchange differences arising on translation are recognised in the Consolidated </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsc8\">Statement of Comprehensive Income as a revenue or capital item depending on the income or expense to which they relate. </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsc9\">For investment transactions and investments held at the year end, denominated in a foreign currency<span class=\"_ _6\"></span>, the resulting gains or </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsca\">losses are included in the profit/(loss) on investments held at fair value through profit or los<span class=\"_ _6\"></span>s in the Consolidated Statement of </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gscb\">Comprehensive Income.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h3 ff66 fs1 fc0 sc0 ls0 ws0 gscd\">(m) Cash and cash equivalents<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsce\">Cash comprises cash in hand, bank overdrafts and on demand deposits. Cash equivalents are shor<span class=\"_ _8\"></span>t-term, highly liquid </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gscf\">investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsd0\">value. Bank overdrafts are shown separately on the Consolidated and Parent Company Statements of Financial P<span class=\"_ _6\"></span>osition.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h3 ff66 fs1 fc0 sc0 ls0 ws0 gsd1\">(n) Bank borrowings<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsd2\">Bank overdrafts and loans are recorded at the net proceeds received. Finance charges, including any premium payable on </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsd3\">settlement or redemption and direct issue costs, are accounted for on an accruals basis in the Consolidated Statement of </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsd4\">Comprehensive Income using the effective interest rate method and are added to the carr<span class=\"_ _8\"></span>ying amount of the instrument to the </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsd5\">extent that they are not settled in the period in which they arise.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h3 ff66 fs1 fc0 sc0 ls0 ws0 gsd6\">(o) Offsetting<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsd7\">Financial assets and financial liabilities are offset and the net amount reported in the Consolidated and Parent Company </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsd8\">Statements of Financial Position if there is a currently enforceable legal right to offset the recognised amounts and there is an </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsd9\">intention to settle on a net basis, or to realise the asset and settle the liability simultaneously<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h3 ff66 fs1 fc0 sc0 ls0 ws0 gsda\">(p) Share repurchases and share reissues<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsdb\">Shares repurchased and subsequently cancelled \u2013 share capital is reduced by the nominal value of the shares repurchased </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsdc\">and the capital redemption reser<span class=\"_ _8\"></span>ve is correspondingly increased in accordance with Section 733 of the Companies Act 2006. </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsdd\">The full cost of the repurchase is charged to the special reser<span class=\"_ _8\"></span>ve.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsde\">Shares repurchased and held in treasur<span class=\"_ _8\"></span>y \u2013 the full cost of the repurchase is charged to the special reserve.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsdf\">Where treasur<span class=\"_ _8\"></span>y shares are subsequently reis<span class=\"_ _6\"></span>sued:<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff67 fs3 fc0 sc0 ls0 ws0 gse0\">\u2022 <span class=\"_ _dc\"> </span><span class=\"ff68\"> <span class=\"_ _b\"></span>amounts received to the extent of the repurchase price are credited to the special reserve and capital reser<span class=\"_ _8\"></span>ves based on a </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gse1\">weighted average basis of amounts utilised from these reser<span class=\"_ _8\"></span>ves on repurchases; and<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff67 fs3 fc0 sc0 ls0 ws0 gse2\">\u2022 <span class=\"_ _dc\"> </span><span class=\"ff68\"> <span class=\"_ _b\"></span>any surplus received in exces<span class=\"_ _6\"></span>s of the repurchase price is taken to the share premium account.<span class=\"_ _25b\"> </span></span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gse3\">Costs on share reissues are charged to the special reserve and capital reser<span class=\"_ _8\"></span>ves.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h3 ff66 fs1 fc0 sc0 ls0 ws0 gse4\">(q) Critical accounting estimates and judgements<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gse5\">The Group makes estimates and assumptions concerning the future. The resulting accounting estimates and as<span class=\"_ _6\"></span>sumptions </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gse6\">will, by definition, seldom equal the related actual results. Estimates and judgements are regularly evaluated and are based on </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gse7\">historical experience and other factors, including expectations of future events that are believed to be reasonable under the </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gse8\">circumstances. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gse9\">amounts of assets and liabilities within the next financial year are addres<span class=\"_ _6\"></span>sed below.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h7e ff71 fs1 fc0 sc0 ls0 ws0 gsea\">Fair value of unquoted financial instruments<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gseb\">When the fair values of financial assets and financial liabilities recorded in the Consolidated and P<span class=\"_ _6\"></span>arent Company Statements </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsec\">of Financial Position cannot be derived from active markets, their fair value is determined using a variety of valuation </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsed\">techniques that include the use of valuation models. </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsee\">(a) <span class=\"_ _176\"> </span> <span class=\"_ _b\"></span>The fair value of the investment in equity shares of Jetti Resources and MCC Mining were as<span class=\"_ _6\"></span>sessed by an independent </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsef\">valuer with a recognised and relevant professional qualification.</div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gsf0\"> <span class=\"_ _57\"> </span> <span class=\"_ _b\"></span>The valuation is <span class=\"_ _6\"></span>carried out based on market approach <span class=\"_ _6\"></span>using earnings multiple and price <span class=\"_ _6\"></span>of recent transactions. Changes in </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gsf1\">assumptions <span class=\"_ _6\"></span>about these factors could affect the <span class=\"_ _6\"></span>repor<span class=\"_ _8\"></span>ted fair value of <span class=\"_ _6\"></span>financial instruments in the Consolidated <span class=\"_ _6\"></span>and Parent </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gsf2\">Company Statements of <span class=\"_ _6\"></span>Financial Position and the <span class=\"_ _6\"></span>level where the instruments are <span class=\"_ _6\"></span>disclosed in the fair value hierarchy<span class=\"_ _6\"></span>. T<span class=\"_ _9\"></span>o<span class=\"_ _8\"></span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gsf3\">asses<span class=\"_ _6\"></span>s the significance of a <span class=\"_ _6\"></span>par<span class=\"_ _8\"></span>ticular input to the <span class=\"_ _6\"></span>entire measurement, the external valuer <span class=\"_ _6\"></span>per<span class=\"_ _8\"></span>forms sensitivity analysis.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsf4\">(b)   <span class=\"_ _b\"></span>The investment in the subsidiary company was valued based on the net assets of the subsidiary company, which is </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsf5\">considered appropriate based on the nature and volume of transactions in the subsidiar<span class=\"_ _8\"></span>y company<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsf6\">The key assumptions used to determine the fair value of the unquoted financial instruments and sensitivity analyses are </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsf7\">provided in note 17(d).</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-310": {
   "value": "(a) Basis of preparation<span class=\"_ _25b\"> </span>The Group and Company financial statements have been prepared under the historic cost convention modified by the revaluation of certain financial assets and financial liabilities held at fair value through profit or loss and in accordance with UK<span class=\"_ _6\"></span>-adopted International Accounting Standards IA<span class=\"_ _8\"></span>Ss, with future changes being subject to endorsement by the UK Endorsement Board and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The Company has taken advantage of the exemption provided under Section 408 of the Companies Act 2006 not to publish its individual Statement of Comprehensive Income and related notes. All of the Group\u2019<span class=\"_ _6\"></span>s operations are of a continuing nature.<span class=\"_ _25b\"> </span>Insofar as the Statement of Recommended Practice (SORP) for investment trust companies and venture capital trusts, is<span class=\"_ _6\"></span>sued by the Association of Investment Companies (AIC) in October 2019 and updated in July 2022, is compatible with UK-adopted IASs, the financial statements have been prepared in accordance with guidance set out in the SORP<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span>Substantially all of the assets of the Group consist of securities that are readily realisable and, accordingly<span class=\"_ _6\"></span>, the Directors believe that the Group has adequate resources to continue in operational existence for the foreseeable future for the period to 31 March 2027, being a period of at least twelve months from the date of approval of the financial statements and therefore consider the going concern assumption to be appropriate. The Directors have reviewed compliance with the covenants associated with the bank overdraft facility<span class=\"_ _6\"></span>, loan facilit<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>, annual continuation vote, income and expense projections and the liquidity of the investment por<span class=\"_ _8\"></span>tfolio in making their asses<span class=\"_ _6\"></span>sment.<span class=\"_ _25b\"> </span>The Directors have considered the impact of climate change on the value of the investments included in the financial statements and have concluded that there was no further impact of climate change to be considered as the investments are valued based on market pricing as required by IFRS 13.<span class=\"_ _25b\"> </span>None of the Group\u2019<span class=\"_ _6\"></span>s other assets and liabilities were considered to be potentially impacted by climate change.<span class=\"_ _25b\"> </span>The Group\u2019<span class=\"_ _6\"></span>s financial statements are presented in Sterling, which is the currency of the primary economic environment in which the Group operates. All values are rounded to the nearest thousand pounds (\u00a3\u2019000) except where other<span class=\"_ _8\"></span>wise indicated.<span class=\"_ _25b\"> </span>Adoption of new and amended International Accounting Standards and interpretations:<span class=\"_ _25b\"> </span>IAS 21 \u2013 Lack of exchangeability<span class=\"ff68\"> (effective <span>1 January 2025</span>). The IA<span class=\"_ _8\"></span>SB issued amendments to IAS 21 The Effects of Changes </span>in Foreign Exchange Rates to specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity<span class=\"_ _8\"></span>\u2019<span class=\"_ _6\"></span>s financial per<span class=\"_ _8\"></span>formance, financial position and cash flows.<span class=\"_ _25b\"> </span>The amendment of this standard did not have a significant impact on the Group\u2019<span class=\"_ _6\"></span>s operations as IAS 21 better reflects the practical considerations of establishing fair values for the Group\u2019<span class=\"_ _6\"></span>s foreign currency assets.<span class=\"_ _25b\"> </span>Relevant International Accounting Standards that hav<span class=\"_ _6\"></span>e yet to be adopted:<span class=\"_ _25b\"> </span>IFRS 18 \u2013 Presentation and disclosure in financial statements<span class=\"ff68\"> (effective 1 Januar<span class=\"_ _8\"></span>y 2027). The IASB issued IFRS 18, which </span>replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. F<span class=\"_ _6\"></span>ur<span class=\"_ _8\"></span>thermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new<span class=\"_ _6\"></span>. It also requires disclosure of newly defined management defined per<span class=\"_ _8\"></span>formance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primar<span class=\"_ _8\"></span>y financial statements and the notes.<span class=\"_ _25b\"> </span>The amendment of this standard is expected to have an impact on the disclosure and presentation of the Statement of Comprehensive Income but will not have any impact on the accounting or financial results.<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-342": {
   "value": "The Group and Company financial statements have been prepared under the historic cost convention modified by the revaluation of certain financial assets and financial liabilities held at fair value through profit or loss and in accordance with UK<span class=\"_ _6\"></span>-adopted International Accounting Standards IA<span class=\"_ _8\"></span>Ss, with future changes being subject to endorsement by the UK Endorsement Board and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The Company has taken advantage of the exemption provided under Section 408 of the Companies Act 2006 not to publish its individual Statement of Comprehensive Income and related notes. All of the Group\u2019<span class=\"_ _6\"></span>s operations are of a continuing nature.<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:StatementOfIFRSCompliance",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-343": {
   "value": "The Group\u2019<span class=\"_ _6\"></span>s financial statements are presented in Sterling, which is the currency of the primary economic environment in which the Group operates. All values are rounded to the nearest thousand pounds (\u00a3\u2019000) except where other<span class=\"_ _8\"></span>wise indicated.<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-363": {
   "value": "Adoption of new and amended International Accounting Standards and interpretations:<span class=\"_ _25b\"> </span>IAS 21 \u2013 Lack of exchangeability<span class=\"ff68\"> (effective <span>1 January 2025</span>). The IA<span class=\"_ _8\"></span>SB issued amendments to IAS 21 The Effects of Changes </span>in Foreign Exchange Rates to specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity<span class=\"_ _8\"></span>\u2019<span class=\"_ _6\"></span>s financial per<span class=\"_ _8\"></span>formance, financial position and cash flows.<span class=\"_ _25b\"> </span>The amendment of this standard did not have a significant impact on the Group\u2019<span class=\"_ _6\"></span>s operations as IAS 21 better reflects the practical considerations of establishing fair values for the Group\u2019<span class=\"_ _6\"></span>s foreign currency assets.<span class=\"_ _25b\"> </span>Relevant International Accounting Standards that hav<span class=\"_ _6\"></span>e yet to be adopted:<span class=\"_ _25b\"> </span>IFRS 18 \u2013 Presentation and disclosure in financial statements<span class=\"ff68\"> (effective 1 Januar<span class=\"_ _8\"></span>y 2027). The IASB issued IFRS 18, which </span>replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. F<span class=\"_ _6\"></span>ur<span class=\"_ _8\"></span>thermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new<span class=\"_ _6\"></span>. It also requires disclosure of newly defined management defined per<span class=\"_ _8\"></span>formance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primar<span class=\"_ _8\"></span>y financial statements and the notes.<span class=\"_ _25b\"> </span>The amendment of this standard is expected to have an impact on the disclosure and presentation of the Statement of Comprehensive Income but will not have any impact on the accounting or financial results.<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-344": {
   "value": "Adoption of new and amended International Accounting Standards and interpretations:<span class=\"_ _25b\"> </span>IAS 21 \u2013 Lack of exchangeability<span class=\"ff68\"> (effective <span>1 January 2025</span>). The IA<span class=\"_ _8\"></span>SB issued amendments to IAS 21 The Effects of Changes </span>in Foreign Exchange Rates to specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity<span class=\"_ _8\"></span>\u2019<span class=\"_ _6\"></span>s financial per<span class=\"_ _8\"></span>formance, financial position and cash flows.<span class=\"_ _25b\"> </span>The amendment of this standard did not have a significant impact on the Group\u2019<span class=\"_ _6\"></span>s operations as IAS 21 better reflects the practical considerations of establishing fair values for the Group\u2019<span class=\"_ _6\"></span>s foreign currency assets.<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-345": {
   "value": "Relevant International Accounting Standards that hav<span class=\"_ _6\"></span>e yet to be adopted:<span class=\"_ _25b\"> </span>IFRS 18 \u2013 Presentation and disclosure in financial statements<span class=\"ff68\"> (effective 1 Januar<span class=\"_ _8\"></span>y 2027). The IASB issued IFRS 18, which </span>replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. F<span class=\"_ _6\"></span>ur<span class=\"_ _8\"></span>thermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new<span class=\"_ _6\"></span>. It also requires disclosure of newly defined management defined per<span class=\"_ _8\"></span>formance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primar<span class=\"_ _8\"></span>y financial statements and the notes.<span class=\"_ _25b\"> </span>The amendment of this standard is expected to have an impact on the disclosure and presentation of the Statement of Comprehensive Income but will not have any impact on the accounting or financial results.<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-311": {
   "value": "(b) Basis of consolidation<span class=\"_ _25b\"> </span>The Group\u2019<span class=\"_ _6\"></span>s financial statements are made up to 31 December each year and consolidate the financial statements of the Company and its wholly owned subsidiar<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>, which is registered and operates in England and Wales, BlackRock World Mining Investment Company Limited (together \u2018the Group\u2019). The subsidiary company is not considered an investment entit<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>. In the financial statements of the Parent Company<span class=\"_ _6\"></span>, the investment in the subsidiary company is held at fair value.<span class=\"_ _25b\"> </span>Subsidiaries are consolidated from the date of their acquisition, being the date on which the Company obtains control, and continue to be consolidated until the date that such control ceases. The financial statements of subsidiaries used in the preparation of the consolidated financial statements are based on consistent accounting policies. All intra-group balances and transactions, including unrealised profits arising therefrom, are eliminated.<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-312": {
   "value": "(c)  <span class=\"_ _10\"></span>Presentation of the Statement of Comprehensive Income<span class=\"_ _25b\"> </span>In order to better reflect the activities of an investment trust company and in accordance with guidance issued by the AIC, supplementar<span class=\"_ _8\"></span>y information which analyses the Consolidated Statement of Comprehensive Income between items of a revenue and a capital nature has been presented alongside the Consolidated Statement of Comprehensive Income. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-313": {
   "value": "(d) Segmental reporting<span class=\"_ _25b\"> </span>The Directors are of the opinion that the Group is engaged in a single segment of business being investment busines<span class=\"_ _6\"></span>s.<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-346": {
   "value": "(e) Income<span class=\"_ _25b\"> </span>Dividends receivable on equity shares are recognised as revenue for the year on an ex-dividend basis. Where no ex-dividend date is available, dividends receivable on or before the year end are treated as revenue for the year<span class=\"_ _6\"></span>. Provision is made for any dividends and interest income not expected to be received. Special dividends, if any<span class=\"_ _6\"></span>, are treated as a capital or a revenue receipt depending on the facts or circumstances of each particular case. The return on a debt securit<span class=\"_ _8\"></span>y is recognised on a time apportionment basis so as to reflect the effective yield on the debt securit<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>. Interest income and deposit interest is accounted for on an accruals basis.<span class=\"_ _25b\"> </span>Options may be purchased or written over securities held in the portfolio for generating or protecting capital returns, or for generating or maintaining revenue returns. Where the purpose of the option is the generation of income, the premium is treated as a revenue item. Where the purpose of the option is the maintenance of capital, the premium is treated as a capital item.<span class=\"_ _25b\"> </span>Option premium income is recognised as revenue evenly over the life of the option contract and included in the revenue account of the Consolidated Statement of Comprehensive Income unless the option has been written for the maintenance and enhancement of the Group\u2019<span class=\"_ _6\"></span>s investment portfolio and represents an incidental par<span class=\"_ _8\"></span>t of a larger capital transaction, in which case any premia arising are allocated to the capital account of the Consolidated Statement of Comprehensive Income.<span class=\"_ _25b\"> </span>Royalty income from contractual rights <span class=\"_ _6\"></span>is measured at the fair value <span class=\"_ _6\"></span>of the consideration received or <span class=\"_ _6\"></span>receivable where the Investment Manager can <span class=\"_ _6\"></span>reliably estimate the amount, pursuant to <span class=\"_ _6\"></span>the terms of the agreement. <span class=\"_ _6\"></span>Royalt<span class=\"_ _8\"></span>y income from contractual rights received comprises <span class=\"_ _6\"></span>of a return of income and <span class=\"_ _6\"></span>a return of capital based <span class=\"_ _6\"></span>on the underlying cost of the <span class=\"_ _6\"></span>contract and, accordingly<span class=\"_ _6\"></span>, the return of income <span class=\"_ _6\"></span>element is taken to the <span class=\"_ _6\"></span>revenue account and the return of <span class=\"_ _6\"></span>capital element is taken to <span class=\"_ _6\"></span>the capital account. These amounts <span class=\"_ _6\"></span>are disclosed in the Consolidated Statement <span class=\"_ _6\"></span>of Comprehensive Income within income <span class=\"_ _6\"></span>from investments and net profit <span class=\"_ _6\"></span>on investments held at fair value <span class=\"_ _6\"></span>through profit or los<span class=\"_ _6\"></span>s, respectively.<span class=\"_ _25b\"> </span>The useful life of the contractual rights will be determined by reference to the contractual arrangements, the planned mine life on commencement of mining and the underlying cost of the contractual rights will be revalued on a systematic basis using the units of production method over the life of the contractual rights which is estimated using available estimated proved and probable reser<span class=\"_ _8\"></span>ves specifically as<span class=\"_ _6\"></span>sociated with the mine. The Investment Manager relies on public disclosures for information on proven and probable reser<span class=\"_ _8\"></span>ves from the operators of the mine. Amortisation rates are adjusted on a prospective basis for all changes to estimates of the life of contractual rights and iron ore reser<span class=\"_ _8\"></span>ves. These are disclosed in the Consolidated Statement of Comprehensive Income within net profit on investments held at fair value through profit or loss.<span class=\"_ _25b\"> </span>Where the Group has elected to receive its dividends in the form of additional shares rather than in cash, the cash equivalent of the dividend is recognised as income. Any excess in the value of the shares received over the amount of the cash dividend is recognised in capital.<span class=\"_ _25b\"> </span>Under<span class=\"_ _8\"></span>writing commis<span class=\"_ _6\"></span>sion receivable is taken into account on an accruals basis.<span class=\"_ _25b\"> </span>(f<span class=\"_ _8\"></span>) Expenses<span class=\"_ _25b\"> </span>All expenses, including finance costs, are accounted for on an accruals basis. Expenses have been charged wholly to the revenue account of the Consolidated Statement of Comprehensive Income, except as follows:<span class=\"_ _25b\"> </span>\u2022 <span class=\"_ _dc\"> </span><span class=\"ff68\"> <span class=\"_ _b\"></span>expenses which are incidental to the acquisition or sale of an investment are charged to the capital account of the </span>Consolidated Statement of Comprehensive Income. Details of transaction costs on the purchases and sales of investments are disclosed within note 10 to the financial statements on page 109;<span class=\"_ _25b\"> </span>\u2022 <span class=\"_ _dc\"> </span><span class=\"ff68\"> <span class=\"_ _b\"></span>expenses are treated as capital where a connection with the maintenance or enhancement of the value of the investments </span>can be demonstrated; and<span class=\"_ _25b\"> </span>\u2022 <span class=\"_ _dc\"> </span><span class=\"ff68 ls2 ws2\"> <span class=\"_ _b\"></span>the investment <span class=\"_ _6\"></span>management fee and finance costs have <span class=\"_ _6\"></span>been allocated 75% to the <span class=\"_ _6\"></span>capital account and 25% to the <span class=\"_ _6\"></span>revenue </span>account of the <span class=\"_ _6\"></span>Consolidated Statement of Comprehensive Income in <span class=\"_ _6\"></span>line with the Board\u2019<span class=\"_ _6\"></span>s expectations of the <span class=\"_ _6\"></span>long-term split of returns, in the <span class=\"_ _6\"></span>form of capital gains and income, <span class=\"_ _6\"></span>respectively, <span class=\"_ _6\"></span>from the investment portfolio.<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-314": {
   "value": "(e) Income<span class=\"_ _25b\"> </span>Dividends receivable on equity shares are recognised as revenue for the year on an ex-dividend basis. Where no ex-dividend date is available, dividends receivable on or before the year end are treated as revenue for the year<span class=\"_ _6\"></span>. Provision is made for any dividends and interest income not expected to be received. Special dividends, if any<span class=\"_ _6\"></span>, are treated as a capital or a revenue receipt depending on the facts or circumstances of each particular case. The return on a debt securit<span class=\"_ _8\"></span>y is recognised on a time apportionment basis so as to reflect the effective yield on the debt securit<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>. Interest income and deposit interest is accounted for on an accruals basis.<span class=\"_ _25b\"> </span>Options may be purchased or written over securities held in the portfolio for generating or protecting capital returns, or for generating or maintaining revenue returns. Where the purpose of the option is the generation of income, the premium is treated as a revenue item. Where the purpose of the option is the maintenance of capital, the premium is treated as a capital item.<span class=\"_ _25b\"> </span>Option premium income is recognised as revenue evenly over the life of the option contract and included in the revenue account of the Consolidated Statement of Comprehensive Income unless the option has been written for the maintenance and enhancement of the Group\u2019<span class=\"_ _6\"></span>s investment portfolio and represents an incidental par<span class=\"_ _8\"></span>t of a larger capital transaction, in which case any premia arising are allocated to the capital account of the Consolidated Statement of Comprehensive Income.<span class=\"_ _25b\"> </span>Royalty income from contractual rights <span class=\"_ _6\"></span>is measured at the fair value <span class=\"_ _6\"></span>of the consideration received or <span class=\"_ _6\"></span>receivable where the Investment Manager can <span class=\"_ _6\"></span>reliably estimate the amount, pursuant to <span class=\"_ _6\"></span>the terms of the agreement. <span class=\"_ _6\"></span>Royalt<span class=\"_ _8\"></span>y income from contractual rights received comprises <span class=\"_ _6\"></span>of a return of income and <span class=\"_ _6\"></span>a return of capital based <span class=\"_ _6\"></span>on the underlying cost of the <span class=\"_ _6\"></span>contract and, accordingly<span class=\"_ _6\"></span>, the return of income <span class=\"_ _6\"></span>element is taken to the <span class=\"_ _6\"></span>revenue account and the return of <span class=\"_ _6\"></span>capital element is taken to <span class=\"_ _6\"></span>the capital account. These amounts <span class=\"_ _6\"></span>are disclosed in the Consolidated Statement <span class=\"_ _6\"></span>of Comprehensive Income within income <span class=\"_ _6\"></span>from investments and net profit <span class=\"_ _6\"></span>on investments held at fair value <span class=\"_ _6\"></span>through profit or los<span class=\"_ _6\"></span>s, respectively.<span class=\"_ _25b\"> </span>The useful life of the contractual rights will be determined by reference to the contractual arrangements, the planned mine life on commencement of mining and the underlying cost of the contractual rights will be revalued on a systematic basis using the units of production method over the life of the contractual rights which is estimated using available estimated proved and probable reser<span class=\"_ _8\"></span>ves specifically as<span class=\"_ _6\"></span>sociated with the mine. The Investment Manager relies on public disclosures for information on proven and probable reser<span class=\"_ _8\"></span>ves from the operators of the mine. Amortisation rates are adjusted on a prospective basis for all changes to estimates of the life of contractual rights and iron ore reser<span class=\"_ _8\"></span>ves. These are disclosed in the Consolidated Statement of Comprehensive Income within net profit on investments held at fair value through profit or loss.<span class=\"_ _25b\"> </span>Where the Group has elected to receive its dividends in the form of additional shares rather than in cash, the cash equivalent of the dividend is recognised as income. Any excess in the value of the shares received over the amount of the cash dividend is recognised in capital.<span class=\"_ _25b\"> </span>Under<span class=\"_ _8\"></span>writing commis<span class=\"_ _6\"></span>sion receivable is taken into account on an accruals basis.<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-373": {
   "value": "(f<span class=\"_ _8\"></span>) Expenses<span class=\"_ _25b\"> </span>All expenses, including finance costs, are accounted for on an accruals basis. Expenses have been charged wholly to the revenue account of the Consolidated Statement of Comprehensive Income, except as follows:<span class=\"_ _25b\"> </span>\u2022 <span class=\"_ _dc\"> </span><span class=\"ff68\"> <span class=\"_ _b\"></span>expenses which are incidental to the acquisition or sale of an investment are charged to the capital account of the </span>Consolidated Statement of Comprehensive Income. Details of transaction costs on the purchases and sales of investments are disclosed within note 10 to the financial statements on page 109;<span class=\"_ _25b\"> </span>\u2022 <span class=\"_ _dc\"> </span><span class=\"ff68\"> <span class=\"_ _b\"></span>expenses are treated as capital where a connection with the maintenance or enhancement of the value of the investments </span>can be demonstrated; and<span class=\"_ _25b\"> </span>\u2022 <span class=\"_ _dc\"> </span><span class=\"ff68 ls2 ws2\"> <span class=\"_ _b\"></span>the investment <span class=\"_ _6\"></span>management fee and finance costs have <span class=\"_ _6\"></span>been allocated 75% to the <span class=\"_ _6\"></span>capital account and 25% to the <span class=\"_ _6\"></span>revenue </span>account of the <span class=\"_ _6\"></span>Consolidated Statement of Comprehensive Income in <span class=\"_ _6\"></span>line with the Board\u2019<span class=\"_ _6\"></span>s expectations of the <span class=\"_ _6\"></span>long-term split of returns, in the <span class=\"_ _6\"></span>form of capital gains and income, <span class=\"_ _6\"></span>respectively, <span class=\"_ _6\"></span>from the investment portfolio.<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-364": {
   "value": "(f<span class=\"_ _8\"></span>) Expenses<span class=\"_ _25b\"> </span>All expenses, including finance costs, are accounted for on an accruals basis. Expenses have been charged wholly to the revenue account of the Consolidated Statement of Comprehensive Income, except as follows:<span class=\"_ _25b\"> </span>\u2022 <span class=\"_ _dc\"> </span><span class=\"ff68\"> <span class=\"_ _b\"></span>expenses which are incidental to the acquisition or sale of an investment are charged to the capital account of the </span>Consolidated Statement of Comprehensive Income. Details of transaction costs on the purchases and sales of investments are disclosed within note 10 to the financial statements on page 109;<span class=\"_ _25b\"> </span>\u2022 <span class=\"_ _dc\"> </span><span class=\"ff68\"> <span class=\"_ _b\"></span>expenses are treated as capital where a connection with the maintenance or enhancement of the value of the investments </span>can be demonstrated; and<span class=\"_ _25b\"> </span>\u2022 <span class=\"_ _dc\"> </span><span class=\"ff68 ls2 ws2\"> <span class=\"_ _b\"></span>the investment <span class=\"_ _6\"></span>management fee and finance costs have <span class=\"_ _6\"></span>been allocated 75% to the <span class=\"_ _6\"></span>capital account and 25% to the <span class=\"_ _6\"></span>revenue </span>account of the <span class=\"_ _6\"></span>Consolidated Statement of Comprehensive Income in <span class=\"_ _6\"></span>line with the Board\u2019<span class=\"_ _6\"></span>s expectations of the <span class=\"_ _6\"></span>long-term split of returns, in the <span class=\"_ _6\"></span>form of capital gains and income, <span class=\"_ _6\"></span>respectively, <span class=\"_ _6\"></span>from the investment portfolio.<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-315": {
   "value": "(f<span class=\"_ _8\"></span>) Expenses<span class=\"_ _25b\"> </span>All expenses, including finance costs, are accounted for on an accruals basis. Expenses have been charged wholly to the revenue account of the Consolidated Statement of Comprehensive Income, except as follows:<span class=\"_ _25b\"> </span>\u2022 <span class=\"_ _dc\"> </span><span class=\"ff68\"> <span class=\"_ _b\"></span>expenses which are incidental to the acquisition or sale of an investment are charged to the capital account of the </span>Consolidated Statement of Comprehensive Income. Details of transaction costs on the purchases and sales of investments are disclosed within note 10 to the financial statements on page 109;<span class=\"_ _25b\"> </span>\u2022 <span class=\"_ _dc\"> </span><span class=\"ff68\"> <span class=\"_ _b\"></span>expenses are treated as capital where a connection with the maintenance or enhancement of the value of the investments </span>can be demonstrated; and<span class=\"_ _25b\"> </span>\u2022 <span class=\"_ _dc\"> </span><span class=\"ff68 ls2 ws2\"> <span class=\"_ _b\"></span>the investment <span class=\"_ _6\"></span>management fee and finance costs have <span class=\"_ _6\"></span>been allocated 75% to the <span class=\"_ _6\"></span>capital account and 25% to the <span class=\"_ _6\"></span>revenue </span>account of the <span class=\"_ _6\"></span>Consolidated Statement of Comprehensive Income in <span class=\"_ _6\"></span>line with the Board\u2019<span class=\"_ _6\"></span>s expectations of the <span class=\"_ _6\"></span>long-term split of returns, in the <span class=\"_ _6\"></span>form of capital gains and income, <span class=\"_ _6\"></span>respectively, <span class=\"_ _6\"></span>from the investment portfolio.<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-365": {
   "value": "(g) T<span class=\"_ _6\"></span>axation<span class=\"_ _25b\"> </span>The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on the taxable profit for the year<span class=\"_ _6\"></span>. T<span class=\"_ _6\"></span>axable profit differs from net profit as reported in the Consolidated Statement of Comprehensive Income because it excludes items of income or expenses that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019<span class=\"_ _6\"></span>s liability for current tax is calculated using tax rates that were applicable at the balance sheet date.<span class=\"_ _25b\"> </span>Where expenses are allocated between capital and revenue accounts, any tax relief in respect of the expenses is allocated between capital and revenue returns on the marginal basis using the Company<span class=\"_ _8\"></span>\u2019<span class=\"_ _6\"></span>s effective rate of corporation tax for the accounting period.<span class=\"_ _25b\"> </span>Deferred taxation is recognised in respect of all temporar<span class=\"_ _8\"></span>y differences that have originated but not reversed at the financial reporting date, where transactions or events that result in an obligation to pay more taxation in the future or right to pay less taxation in the future have occurred at the financial reporting date. This is subject to deferred taxation assets only being recognised if it is considered more likely than not that there will be suitable profits from which the future reversal of the temporar<span class=\"_ _8\"></span>y differences can be deducted. Deferred taxation as<span class=\"_ _6\"></span>sets and liabilities are measured at the rates applicable to the legal jurisdictions in which they arise.<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-347": {
   "value": "(g) T<span class=\"_ _6\"></span>axation<span class=\"_ _25b\"> </span>The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on the taxable profit for the year<span class=\"_ _6\"></span>. T<span class=\"_ _6\"></span>axable profit differs from net profit as reported in the Consolidated Statement of Comprehensive Income because it excludes items of income or expenses that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019<span class=\"_ _6\"></span>s liability for current tax is calculated using tax rates that were applicable at the balance sheet date.<span class=\"_ _25b\"> </span>Where expenses are allocated between capital and revenue accounts, any tax relief in respect of the expenses is allocated between capital and revenue returns on the marginal basis using the Company<span class=\"_ _8\"></span>\u2019<span class=\"_ _6\"></span>s effective rate of corporation tax for the accounting period.<span class=\"_ _25b\"> </span>Deferred taxation is recognised in respect of all temporar<span class=\"_ _8\"></span>y differences that have originated but not reversed at the financial reporting date, where transactions or events that result in an obligation to pay more taxation in the future or right to pay less taxation in the future have occurred at the financial reporting date. This is subject to deferred taxation assets only being recognised if it is considered more likely than not that there will be suitable profits from which the future reversal of the temporar<span class=\"_ _8\"></span>y differences can be deducted. Deferred taxation as<span class=\"_ _6\"></span>sets and liabilities are measured at the rates applicable to the legal jurisdictions in which they arise.<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-316": {
   "value": "(g) T<span class=\"_ _6\"></span>axation<span class=\"_ _25b\"> </span>The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on the taxable profit for the year<span class=\"_ _6\"></span>. T<span class=\"_ _6\"></span>axable profit differs from net profit as reported in the Consolidated Statement of Comprehensive Income because it excludes items of income or expenses that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019<span class=\"_ _6\"></span>s liability for current tax is calculated using tax rates that were applicable at the balance sheet date.<span class=\"_ _25b\"> </span>Where expenses are allocated between capital and revenue accounts, any tax relief in respect of the expenses is allocated between capital and revenue returns on the marginal basis using the Company<span class=\"_ _8\"></span>\u2019<span class=\"_ _6\"></span>s effective rate of corporation tax for the accounting period.<span class=\"_ _25b\"> </span>Deferred taxation is recognised in respect of all temporar<span class=\"_ _8\"></span>y differences that have originated but not reversed at the financial reporting date, where transactions or events that result in an obligation to pay more taxation in the future or right to pay less taxation in the future have occurred at the financial reporting date. This is subject to deferred taxation assets only being recognised if it is considered more likely than not that there will be suitable profits from which the future reversal of the temporar<span class=\"_ _8\"></span>y differences can be deducted. Deferred taxation as<span class=\"_ _6\"></span>sets and liabilities are measured at the rates applicable to the legal jurisdictions in which they arise.<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-348": {
   "value": "(h)  <span class=\"_ _10\"></span>Investments held at fair value through profit or loss<span class=\"_ _25b\"> </span>In accordance with <span class=\"_ _6\"></span>IFRS 9, the Group clas<span class=\"_ _6\"></span>sifies its investments at initial <span class=\"_ _6\"></span>recognition as held at fair value <span class=\"_ _6\"></span>through profit or los<span class=\"_ _6\"></span>s and are managed and <span class=\"_ _6\"></span>evaluated on a fair value basis <span class=\"_ _6\"></span>in accordance with its investment <span class=\"_ _6\"></span>strategy and business model.<span class=\"_ _25b\"> </span>All <span class=\"_ _6\"></span>investments, including contractual <span class=\"_ _6\"></span>rights, are measured <span class=\"_ _6\"></span>initially and subsequently <span class=\"_ _6\"></span>at fair <span class=\"_ _6\"></span>value through profit <span class=\"_ _6\"></span>or loss. <span class=\"_ _6\"></span>Purchases of inv<span class=\"_ _8\"></span>estme<span class=\"_ _8\"></span>nts are<span class=\"_ _8\"></span> <span class=\"_ _6\"></span>r<span class=\"_ _8\"></span>ecogn<span class=\"_ _8\"></span>ised<span class=\"_ _8\"></span> on a <span class=\"_ _6\"></span>tr<span class=\"_ _8\"></span>ade dat<span class=\"_ _8\"></span>e basis.<span class=\"_ _8\"></span> Contractual <span class=\"_ _6\"></span>rights <span class=\"_ _6\"></span>are recognised <span class=\"_ _6\"></span>on the <span class=\"_ _6\"></span>completion date, <span class=\"_ _6\"></span>where a pur<span class=\"_ _8\"></span>ch<span class=\"_ _8\"></span>as<span class=\"_ _8\"></span>e of the rights <span class=\"_ _6\"></span>is under a contract, and are <span class=\"_ _6\"></span>initially measured at fair value <span class=\"_ _6\"></span>excluding transaction costs. Sales of investments <span class=\"_ _6\"></span>are<span class=\"_ _8\"></span> recognised at the <span class=\"_ _6\"></span>trade date of the disposal. The fair value of the financial investments is based on their quoted bid price at the financial reporting date, without deduction for the estimated future selling costs. This policy applies to all current and non-current asset investments held by the Group.<span class=\"_ _25b\"> </span>The gains and <span class=\"_ _6\"></span>losses from changes in <span class=\"_ _6\"></span>fair value of contractual rights <span class=\"_ _6\"></span>are taken to the Consolidated Statement <span class=\"_ _6\"></span>of Comprehensive Income and arise <span class=\"_ _6\"></span>as a result of the revaluation <span class=\"_ _6\"></span>of the underlying cost of <span class=\"_ _6\"></span>the contractual rights, changes in commodity prices and changes in estimates <span class=\"_ _6\"></span>of proven and probable reserves specifically associated <span class=\"_ _6\"></span>with the mine.<span class=\"_ _25b\"> </span>Under IAS, the investment in the subsidiar<span class=\"_ _8\"></span>y in the Company\u2019s Statement of Financial P<span class=\"_ _6\"></span>osition is fair valued which is deemed to be the net asset value of the subsidiary<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span>Changes in the <span class=\"_ _6\"></span>value of investments held at fair <span class=\"_ _6\"></span>value through profit or los<span class=\"_ _6\"></span>s and gains and los<span class=\"_ _6\"></span>ses on disposal are <span class=\"_ _6\"></span>recognised in the Consolidated Statement <span class=\"_ _6\"></span>of Comprehensive Income as \u2018Net profit <span class=\"_ _6\"></span>on investments held at fair <span class=\"_ _6\"></span>value through profit or los<span class=\"_ _6\"></span>s\u2019<span class=\"_ _6\"></span>. Also included within the <span class=\"_ _6\"></span>heading are transaction costs in relation <span class=\"_ _6\"></span>to the purchase or sale <span class=\"_ _6\"></span>of investments.<span class=\"_ _25b\"> </span>For all financial instruments not traded in an active market, the fair value is determined by using various valuation techniques. Valuation techniques include market approach (i.e., using recent arm<span class=\"_ _6\"></span>\u2019s length market transactions adjusted as neces<span class=\"_ _6\"></span>sar<span class=\"_ _8\"></span>y and reference to the current market value of another instrument that is substantially the same) and the income approach (i.e., discounted cash flow analysis and option pricing models making as much use of available and supportable market data where possible). See note 2(q) below<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-317": {
   "value": "(h)  <span class=\"_ _10\"></span>Investments held at fair value through profit or loss<span class=\"_ _25b\"> </span>In accordance with <span class=\"_ _6\"></span>IFRS 9, the Group clas<span class=\"_ _6\"></span>sifies its investments at initial <span class=\"_ _6\"></span>recognition as held at fair value <span class=\"_ _6\"></span>through profit or los<span class=\"_ _6\"></span>s and are managed and <span class=\"_ _6\"></span>evaluated on a fair value basis <span class=\"_ _6\"></span>in accordance with its investment <span class=\"_ _6\"></span>strategy and business model.<span class=\"_ _25b\"> </span>All <span class=\"_ _6\"></span>investments, including contractual <span class=\"_ _6\"></span>rights, are measured <span class=\"_ _6\"></span>initially and subsequently <span class=\"_ _6\"></span>at fair <span class=\"_ _6\"></span>value through profit <span class=\"_ _6\"></span>or loss. <span class=\"_ _6\"></span>Purchases of inv<span class=\"_ _8\"></span>estme<span class=\"_ _8\"></span>nts are<span class=\"_ _8\"></span> <span class=\"_ _6\"></span>r<span class=\"_ _8\"></span>ecogn<span class=\"_ _8\"></span>ised<span class=\"_ _8\"></span> on a <span class=\"_ _6\"></span>tr<span class=\"_ _8\"></span>ade dat<span class=\"_ _8\"></span>e basis.<span class=\"_ _8\"></span> Contractual <span class=\"_ _6\"></span>rights <span class=\"_ _6\"></span>are recognised <span class=\"_ _6\"></span>on the <span class=\"_ _6\"></span>completion date, <span class=\"_ _6\"></span>where a pur<span class=\"_ _8\"></span>ch<span class=\"_ _8\"></span>as<span class=\"_ _8\"></span>e of the rights <span class=\"_ _6\"></span>is under a contract, and are <span class=\"_ _6\"></span>initially measured at fair value <span class=\"_ _6\"></span>excluding transaction costs. Sales of investments <span class=\"_ _6\"></span>are<span class=\"_ _8\"></span> recognised at the <span class=\"_ _6\"></span>trade date of the disposal. The fair value of the financial investments is based on their quoted bid price at the financial reporting date, without deduction for the estimated future selling costs. This policy applies to all current and non-current asset investments held by the Group.<span class=\"_ _25b\"> </span>The gains and <span class=\"_ _6\"></span>losses from changes in <span class=\"_ _6\"></span>fair value of contractual rights <span class=\"_ _6\"></span>are taken to the Consolidated Statement <span class=\"_ _6\"></span>of Comprehensive Income and arise <span class=\"_ _6\"></span>as a result of the revaluation <span class=\"_ _6\"></span>of the underlying cost of <span class=\"_ _6\"></span>the contractual rights, changes in commodity prices and changes in estimates <span class=\"_ _6\"></span>of proven and probable reserves specifically associated <span class=\"_ _6\"></span>with the mine.<span class=\"_ _25b\"> </span>Under IAS, the investment in the subsidiar<span class=\"_ _8\"></span>y in the Company\u2019s Statement of Financial P<span class=\"_ _6\"></span>osition is fair valued which is deemed to be the net asset value of the subsidiary<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span>Changes in the <span class=\"_ _6\"></span>value of investments held at fair <span class=\"_ _6\"></span>value through profit or los<span class=\"_ _6\"></span>s and gains and los<span class=\"_ _6\"></span>ses on disposal are <span class=\"_ _6\"></span>recognised in the Consolidated Statement <span class=\"_ _6\"></span>of Comprehensive Income as \u2018Net profit <span class=\"_ _6\"></span>on investments held at fair <span class=\"_ _6\"></span>value through profit or los<span class=\"_ _6\"></span>s\u2019<span class=\"_ _6\"></span>. Also included within the <span class=\"_ _6\"></span>heading are transaction costs in relation <span class=\"_ _6\"></span>to the purchase or sale <span class=\"_ _6\"></span>of investments.<span class=\"_ _25b\"> </span>For all financial instruments not traded in an active market, the fair value is determined by using various valuation techniques. Valuation techniques include market approach (i.e., using recent arm<span class=\"_ _6\"></span>\u2019s length market transactions adjusted as neces<span class=\"_ _6\"></span>sar<span class=\"_ _8\"></span>y and reference to the current market value of another instrument that is substantially the same) and the income approach (i.e., discounted cash flow analysis and option pricing models making as much use of available and supportable market data where possible). See note 2(q) below<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-318": {
   "value": "(i) Options<span class=\"_ _25b\"> </span>Options are held at fair value through profit or loss based on the bid/<span class=\"_ _9\"></span>offer prices of the options written to which the Group is exposed. The value of the option is subsequently marked-to-market to reflect the fair value through profit or loss of the option based on traded prices. Where the premium is taken to the revenue account, an appropriate amount is shown as capital return such that the total return reflects the overall change in the fair value of the option. When an option is exercised, the gain or loss is accounted for as a capital gain or loss. Any cost on closing out an option is transferred to the revenue account along with any remaining unamortised premium.<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "blackrockworldmining:DescriptionOfAccountingPolicyForOptions",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-349": {
   "value": "(<span class=\"_ _2f\"></span>j) Other receivables and other payables<span class=\"_ _25b\"> </span>Other receivables and other payables do not carr<span class=\"_ _8\"></span>y any interest and are short-term in nature and are accordingly stated on an amortised cost basis.<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-319": {
   "value": "(<span class=\"_ _2f\"></span>j) Other receivables and other payables<span class=\"_ _25b\"> </span>Other receivables and other payables do not carr<span class=\"_ _8\"></span>y any interest and are short-term in nature and are accordingly stated on an amortised cost basis.<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-320": {
   "value": "(k<span class=\"_ _8\"></span>) Dividends payable<span class=\"_ _25b\"> </span>Under IAS, final dividends should not be accrued in the financial statements unless they have been approved by shareholders before the financial reporting date. Interim dividends should not be recognised in the financial statements unless they have been paid.<span class=\"_ _25b\"> </span>Dividends payable to equity shareholders are recognised in the Consolidated and Parent Company Statements of Changes in Equity.<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-321": {
   "value": "(l) Foreign currency translation<span class=\"_ _25b\"> </span>T<span class=\"_ _6\"></span>ransactions involving foreign currencies are converted at the rate ruling at the date of the transaction. Foreign currency monetar<span class=\"_ _8\"></span>y as<span class=\"_ _6\"></span>sets and liabilities and non-monetar<span class=\"_ _8\"></span>y assets held at fair value are translated into Sterling at the rate ruling on the financial reporting date. Foreign exchange differences arising on translation are recognised in the Consolidated Statement of Comprehensive Income as a revenue or capital item depending on the income or expense to which they relate. For investment transactions and investments held at the year end, denominated in a foreign currency<span class=\"_ _6\"></span>, the resulting gains or losses are included in the profit/(loss) on investments held at fair value through profit or los<span class=\"_ _6\"></span>s in the Consolidated Statement of Comprehensive Income.<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-322": {
   "value": "(m) Cash and cash equivalents<span class=\"_ _25b\"> </span>Cash comprises cash in hand, bank overdrafts and on demand deposits. Cash equivalents are shor<span class=\"_ _8\"></span>t-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. Bank overdrafts are shown separately on the Consolidated and Parent Company Statements of Financial P<span class=\"_ _6\"></span>osition.<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-323": {
   "value": "(n) Bank borrowings<span class=\"_ _25b\"> </span>Bank overdrafts and loans are recorded at the net proceeds received. Finance charges, including any premium payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis in the Consolidated Statement of Comprehensive Income using the effective interest rate method and are added to the carr<span class=\"_ _8\"></span>ying amount of the instrument to the extent that they are not settled in the period in which they arise.<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-324": {
   "value": "(o) Offsetting<span class=\"_ _25b\"> </span>Financial assets and financial liabilities are offset and the net amount reported in the Consolidated and Parent Company Statements of Financial Position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-325": {
   "value": "(p) Share repurchases and share reissues<span class=\"_ _25b\"> </span>Shares repurchased and subsequently cancelled \u2013 share capital is reduced by the nominal value of the shares repurchased and the capital redemption reser<span class=\"_ _8\"></span>ve is correspondingly increased in accordance with Section 733 of the Companies Act 2006. The full cost of the repurchase is charged to the special reser<span class=\"_ _8\"></span>ve.<span class=\"_ _25b\"> </span>Shares repurchased and held in treasur<span class=\"_ _8\"></span>y \u2013 the full cost of the repurchase is charged to the special reserve.<span class=\"_ _25b\"> </span>Where treasur<span class=\"_ _8\"></span>y shares are subsequently reis<span class=\"_ _6\"></span>sued:<span class=\"_ _25b\"> </span>\u2022 <span class=\"_ _dc\"> </span><span class=\"ff68\"> <span class=\"_ _b\"></span>amounts received to the extent of the repurchase price are credited to the special reserve and capital reser<span class=\"_ _8\"></span>ves based on a </span>weighted average basis of amounts utilised from these reser<span class=\"_ _8\"></span>ves on repurchases; and<span class=\"_ _25b\"> </span>\u2022 <span class=\"_ _dc\"> </span><span class=\"ff68\"> <span class=\"_ _b\"></span>any surplus received in exces<span class=\"_ _6\"></span>s of the repurchase price is taken to the share premium account.<span class=\"_ _25b\"> </span></span>Costs on share reissues are charged to the special reserve and capital reser<span class=\"_ _8\"></span>ves.<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-326": {
   "value": "(q) Critical accounting estimates and judgements<span class=\"_ _25b\"> </span>The Group makes estimates and assumptions concerning the future. The resulting accounting estimates and as<span class=\"_ _6\"></span>sumptions will, by definition, seldom equal the related actual results. Estimates and judgements are regularly evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addres<span class=\"_ _6\"></span>sed below.<span class=\"_ _25b\"> </span>Fair value of unquoted financial instruments<span class=\"_ _25b\"> </span>When the fair values of financial assets and financial liabilities recorded in the Consolidated and P<span class=\"_ _6\"></span>arent Company Statements of Financial Position cannot be derived from active markets, their fair value is determined using a variety of valuation techniques that include the use of valuation models. (a) <span class=\"_ _176\"> </span> <span class=\"_ _b\"></span>The fair value of the investment in equity shares of Jetti Resources and MCC Mining were as<span class=\"_ _6\"></span>sessed by an independent valuer with a recognised and relevant professional qualification. <span class=\"_ _57\"> </span> <span class=\"_ _b\"></span>The valuation is <span class=\"_ _6\"></span>carried out based on market approach <span class=\"_ _6\"></span>using earnings multiple and price <span class=\"_ _6\"></span>of recent transactions. Changes in assumptions <span class=\"_ _6\"></span>about these factors could affect the <span class=\"_ _6\"></span>repor<span class=\"_ _8\"></span>ted fair value of <span class=\"_ _6\"></span>financial instruments in the Consolidated <span class=\"_ _6\"></span>and Parent Company Statements of <span class=\"_ _6\"></span>Financial Position and the <span class=\"_ _6\"></span>level where the instruments are <span class=\"_ _6\"></span>disclosed in the fair value hierarchy<span class=\"_ _6\"></span>. T<span class=\"_ _9\"></span>o<span class=\"_ _8\"></span> asses<span class=\"_ _6\"></span>s the significance of a <span class=\"_ _6\"></span>par<span class=\"_ _8\"></span>ticular input to the <span class=\"_ _6\"></span>entire measurement, the external valuer <span class=\"_ _6\"></span>per<span class=\"_ _8\"></span>forms sensitivity analysis.<span class=\"_ _25b\"> </span>(b)   <span class=\"_ _b\"></span>The investment in the subsidiary company was valued based on the net assets of the subsidiary company, which is considered appropriate based on the nature and volume of transactions in the subsidiar<span class=\"_ _8\"></span>y company<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span>The key assumptions used to determine the fair value of the unquoted financial instruments and sensitivity analyses are provided in note 17(d).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-327": {
   "value": "<div class=\"t m0 h14 ff69 fsf fc0 sc0 ls0 ws0 gsf9\">3. Income<span class=\"_ _25b\"> </span></div><div class=\"gsfa\"><table class=\"s wb5 hbc\" id=\"_57cd1a1d-e42d-451f-9f23-637827eaf126\"><tr><td></td><td class=\"c n x35d y1827 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x35e y1827 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td class=\"c n x35f y1828 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x360 y1828 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1829 ff66 fs7 fc0 sc0 ls0 ws0\">Investment income:<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y182a wb6 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">UK dividends<span class=\"_ _25b\"> </span></div></td><td class=\"c n x361 y182a w38 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">9,007<span class=\"_ _25b\"> </span></div></td><td class=\"c n x362 y182a w7b hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">10,223<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y182b wb7 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Overseas dividends<span class=\"_ _25b\"> </span></div></td><td class=\"c n x363 y182b w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">26,506<span class=\"_ _25b\"> </span></div></td><td class=\"c n x364 y182b w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">24,602<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y182c wb8 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Overseas special dividends<span class=\"_ _25b\"> </span></div></td><td class=\"c n x365 y182c wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">765<span class=\"_ _25b\"> </span></div></td><td class=\"c n x366 y182c w77 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,558<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y182d wba hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Overseas stock dividends<span class=\"_ _25b\"> </span></div></td><td class=\"c n x365 y182d wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">680<span class=\"_ _25b\"> </span></div></td><td class=\"c n x367 y182d w9c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">440<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y182e wbb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Income from contractual rights (BHP Brazil Royalty)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x368 y182e w77 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">7,366<span class=\"_ _25b\"> </span></div></td><td class=\"c n x369 y182e w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,431<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y182f wbc hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Income from Vale debentures<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36a y182f w77 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">3,272<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36b y182f w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,815<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1830 wbd hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Income from fixed income investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x365 y1830 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">652<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36c y1830 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">810<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1831 wbe hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal investment income<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36d y1831 w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">48,248<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36e y1831 w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">43,879<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1832 ff66 fs7 fc0 sc0 ls0 ws0\">Other income:<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y1833 wbf hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Option premium income<span class=\"_ _25b\"> </span></div></td><td class=\"c n x361 y1833 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">8,317<span class=\"_ _25b\"> </span></div></td><td class=\"c n x362 y1833 w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,227<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1834 wc0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Deposit interest<span class=\"_ _25b\"> </span></div></td><td class=\"c n x365 y1834 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">563<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36c y1834 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">719<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1835 wc1 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Interest received on cash collateral with brokers<span class=\"_ _25b\"> </span></div></td><td class=\"c n x365 y1835 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">140<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36c y1835 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">189<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1836 wc2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Stock lending income<span class=\"_ _25b\"> </span></div></td><td class=\"c n x365 y1836 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">101<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36c y1836 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">120<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1837 wc3 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal other income<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36f y1837 w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">9,121<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36e y1837 w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">11,255<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36d y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">57,369<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36e y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">55,134<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsfb\">During the year<span class=\"_ _6\"></span>, the Group received option premium income in cash totalling \u00a38,310,000 (2024: \u00a310,909,000) for writing put </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsfc\">and covered call options for the purposes of revenue generation.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsfd\">Option premium income is amortised evenly over the life of the option contract and, accordingly, during the year<span class=\"_ _9\"></span>, option </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsfe\">premiums of \u00a38,317,000 (2024: \u00a310,227,000) were amortised to revenue.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsff\">At 31 December 2025, there were two open positions (2024: three) with an associated liability of \u00a3359,000 (2024: \u00a3622,000).<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs100\">Dividends and interest received in cash during the year amounted to \u00a330,122,000 and \u00a33,898,000 (2024: \u00a336,895,000 and </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs101\">\u00a34,584,000).<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs102\">No special dividends have been recognised in capital during the year (2024: none).<span class=\"_ _25b\"> </span></div><div class=\"t m0 h14 ff69 fsf fc0 sc0 ls0 ws0 gs123\">6. Finance costs<span class=\"_ _25b\"> </span></div><div class=\"gs124\"><table class=\"s wea hc1\" id=\"_2af87140-6f45-477d-9af9-59ec7e7fa2a1\"><tr><td></td><td></td><td class=\"c n x3c5 y1862 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td></td><td></td><td class=\"c n x3c6 y1862 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x372 h9 y1863 ff66 fs7 fc0 sc0 ls0 ws0\">Revenue </td><td class=\"t m0 x3c7 h9 y1863 ff66 fs7 fc0 sc0 ls0 ws0\">Capital </td><td class=\"t m0 x3c8 h9 y1863 ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal </td><td class=\"t m0 x3c9 h9 y1863 ff66 fs7 fc0 sc0 ls0 ws0\">Revenue </td><td class=\"t m0 x3ca h9 y1863 ff66 fs7 fc0 sc0 ls0 ws0\">Capital </td><td class=\"t m0 x377 h9 y1863 ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal </td></tr><tr><td></td><td class=\"t m0 x378 h9 y1864 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cb h9 y1864 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x37a h9 y1864 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x37b h9 y1864 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cc h9 y1864 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cd h9 y1864 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"c n x1b1 y1836 web hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">Interest paid on bank loans<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3ce y1836 w38 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">1,477<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3cf y1836 w38 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">4,430<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d0 y1836 w38 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">5,907<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d1 y1836 w38 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">2,196<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d2 y1836 w38 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">6,581<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d3 y1836 w38 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">8,777<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17da wec hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">Interest paid on bank overdraft<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d4 y17da wed hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff67 fs7 fc0 sc0 ls0 ws0\">48<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d5 y17da wee hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">143<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d6 y17da wdb hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">191<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d7 y17da wd0 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">16<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d8 y17da wd0 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff67 fs7 fc0 sc0 ls0 ws0\">49<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d9 y17da wd2 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">65<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3da y17bd w5c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,525<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3db y17bd w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">4,573<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3dc y17bd w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">6,098<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3dd y17bd w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2,212<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3de y17bd w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">6,630<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3df y17bd w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">8,842</div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-376": {
   "value": "3. Income<span class=\"_ _25b\"> </span><table class=\"s wb5 hbc\" id=\"_57cd1a1d-e42d-451f-9f23-637827eaf126\"><tr><td></td><td class=\"c n x35d y1827 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x35e y1827 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td class=\"c n x35f y1828 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x360 y1828 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1829 ff66 fs7 fc0 sc0 ls0 ws0\">Investment income:<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y182a wb6 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">UK dividends<span class=\"_ _25b\"> </span></div></td><td class=\"c n x361 y182a w38 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">9,007<span class=\"_ _25b\"> </span></div></td><td class=\"c n x362 y182a w7b hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">10,223<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y182b wb7 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Overseas dividends<span class=\"_ _25b\"> </span></div></td><td class=\"c n x363 y182b w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">26,506<span class=\"_ _25b\"> </span></div></td><td class=\"c n x364 y182b w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">24,602<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y182c wb8 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Overseas special dividends<span class=\"_ _25b\"> </span></div></td><td class=\"c n x365 y182c wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">765<span class=\"_ _25b\"> </span></div></td><td class=\"c n x366 y182c w77 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,558<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y182d wba hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Overseas stock dividends<span class=\"_ _25b\"> </span></div></td><td class=\"c n x365 y182d wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">680<span class=\"_ _25b\"> </span></div></td><td class=\"c n x367 y182d w9c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">440<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y182e wbb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Income from contractual rights (BHP Brazil Royalty)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x368 y182e w77 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">7,366<span class=\"_ _25b\"> </span></div></td><td class=\"c n x369 y182e w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,431<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y182f wbc hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Income from Vale debentures<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36a y182f w77 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">3,272<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36b y182f w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,815<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1830 wbd hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Income from fixed income investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x365 y1830 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">652<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36c y1830 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">810<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1831 wbe hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal investment income<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36d y1831 w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">48,248<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36e y1831 w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">43,879<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1832 ff66 fs7 fc0 sc0 ls0 ws0\">Other income:<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y1833 wbf hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Option premium income<span class=\"_ _25b\"> </span></div></td><td class=\"c n x361 y1833 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">8,317<span class=\"_ _25b\"> </span></div></td><td class=\"c n x362 y1833 w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,227<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1834 wc0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Deposit interest<span class=\"_ _25b\"> </span></div></td><td class=\"c n x365 y1834 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">563<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36c y1834 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">719<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1835 wc1 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Interest received on cash collateral with brokers<span class=\"_ _25b\"> </span></div></td><td class=\"c n x365 y1835 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">140<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36c y1835 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">189<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1836 wc2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Stock lending income<span class=\"_ _25b\"> </span></div></td><td class=\"c n x365 y1836 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">101<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36c y1836 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">120<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1837 wc3 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal other income<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36f y1837 w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">9,121<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36e y1837 w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">11,255<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36d y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">57,369<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36e y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">55,134<span class=\"_ _25b\"> </span></div></td></tr></table>During the year<span class=\"_ _6\"></span>, the Group received option premium income in cash totalling \u00a38,310,000 (2024: \u00a310,909,000) for writing put and covered call options for the purposes of revenue generation.<span class=\"_ _25b\"> </span>Option premium income is amortised evenly over the life of the option contract and, accordingly, during the year<span class=\"_ _9\"></span>, option premiums of \u00a38,317,000 (2024: \u00a310,227,000) were amortised to revenue.<span class=\"_ _25b\"> </span>At 31 December 2025, there were two open positions (2024: three) with an associated liability of \u00a3359,000 (2024: \u00a3622,000).<span class=\"_ _25b\"> </span>Dividends and interest received in cash during the year amounted to \u00a330,122,000 and \u00a33,898,000 (2024: \u00a336,895,000 and \u00a34,584,000).<span class=\"_ _25b\"> </span>No special dividends have been recognised in capital during the year (2024: none).<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-374": {
   "value": "3. Income<span class=\"_ _25b\"> </span><table class=\"s wb5 hbc\" id=\"_57cd1a1d-e42d-451f-9f23-637827eaf126\"><tr><td></td><td class=\"c n x35d y1827 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x35e y1827 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td class=\"c n x35f y1828 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x360 y1828 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1829 ff66 fs7 fc0 sc0 ls0 ws0\">Investment income:<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y182a wb6 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">UK dividends<span class=\"_ _25b\"> </span></div></td><td class=\"c n x361 y182a w38 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">9,007<span class=\"_ _25b\"> </span></div></td><td class=\"c n x362 y182a w7b hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">10,223<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y182b wb7 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Overseas dividends<span class=\"_ _25b\"> </span></div></td><td class=\"c n x363 y182b w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">26,506<span class=\"_ _25b\"> </span></div></td><td class=\"c n x364 y182b w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">24,602<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y182c wb8 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Overseas special dividends<span class=\"_ _25b\"> </span></div></td><td class=\"c n x365 y182c wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">765<span class=\"_ _25b\"> </span></div></td><td class=\"c n x366 y182c w77 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,558<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y182d wba hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Overseas stock dividends<span class=\"_ _25b\"> </span></div></td><td class=\"c n x365 y182d wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">680<span class=\"_ _25b\"> </span></div></td><td class=\"c n x367 y182d w9c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">440<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y182e wbb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Income from contractual rights (BHP Brazil Royalty)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x368 y182e w77 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">7,366<span class=\"_ _25b\"> </span></div></td><td class=\"c n x369 y182e w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,431<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y182f wbc hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Income from Vale debentures<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36a y182f w77 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">3,272<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36b y182f w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,815<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1830 wbd hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Income from fixed income investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x365 y1830 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">652<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36c y1830 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">810<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1831 wbe hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal investment income<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36d y1831 w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">48,248<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36e y1831 w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">43,879<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1832 ff66 fs7 fc0 sc0 ls0 ws0\">Other income:<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y1833 wbf hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Option premium income<span class=\"_ _25b\"> </span></div></td><td class=\"c n x361 y1833 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">8,317<span class=\"_ _25b\"> </span></div></td><td class=\"c n x362 y1833 w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,227<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1834 wc0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Deposit interest<span class=\"_ _25b\"> </span></div></td><td class=\"c n x365 y1834 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">563<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36c y1834 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">719<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1835 wc1 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Interest received on cash collateral with brokers<span class=\"_ _25b\"> </span></div></td><td class=\"c n x365 y1835 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">140<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36c y1835 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">189<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1836 wc2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Stock lending income<span class=\"_ _25b\"> </span></div></td><td class=\"c n x365 y1836 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">101<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36c y1836 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">120<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1837 wc3 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal other income<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36f y1837 w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">9,121<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36e y1837 w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">11,255<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36d y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">57,369<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36e y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">55,134<span class=\"_ _25b\"> </span></div></td></tr></table>During the year<span class=\"_ _6\"></span>, the Group received option premium income in cash totalling \u00a38,310,000 (2024: \u00a310,909,000) for writing put and covered call options for the purposes of revenue generation.<span class=\"_ _25b\"> </span>Option premium income is amortised evenly over the life of the option contract and, accordingly, during the year<span class=\"_ _9\"></span>, option premiums of \u00a38,317,000 (2024: \u00a310,227,000) were amortised to revenue.<span class=\"_ _25b\"> </span>At 31 December 2025, there were two open positions (2024: three) with an associated liability of \u00a3359,000 (2024: \u00a3622,000).<span class=\"_ _25b\"> </span>Dividends and interest received in cash during the year amounted to \u00a330,122,000 and \u00a33,898,000 (2024: \u00a336,895,000 and \u00a34,584,000).<span class=\"_ _25b\"> </span>No special dividends have been recognised in capital during the year (2024: none).<span class=\"_ _25b\"> </span>6. Finance costs<span class=\"_ _25b\"> </span><table class=\"s wea hc1\" id=\"_2af87140-6f45-477d-9af9-59ec7e7fa2a1\"><tr><td></td><td></td><td class=\"c n x3c5 y1862 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td></td><td></td><td class=\"c n x3c6 y1862 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x372 h9 y1863 ff66 fs7 fc0 sc0 ls0 ws0\">Revenue </td><td class=\"t m0 x3c7 h9 y1863 ff66 fs7 fc0 sc0 ls0 ws0\">Capital </td><td class=\"t m0 x3c8 h9 y1863 ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal </td><td class=\"t m0 x3c9 h9 y1863 ff66 fs7 fc0 sc0 ls0 ws0\">Revenue </td><td class=\"t m0 x3ca h9 y1863 ff66 fs7 fc0 sc0 ls0 ws0\">Capital </td><td class=\"t m0 x377 h9 y1863 ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal </td></tr><tr><td></td><td class=\"t m0 x378 h9 y1864 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cb h9 y1864 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x37a h9 y1864 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x37b h9 y1864 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cc h9 y1864 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cd h9 y1864 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"c n x1b1 y1836 web hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">Interest paid on bank loans<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3ce y1836 w38 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">1,477<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3cf y1836 w38 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">4,430<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d0 y1836 w38 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">5,907<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d1 y1836 w38 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">2,196<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d2 y1836 w38 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">6,581<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d3 y1836 w38 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">8,777<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17da wec hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">Interest paid on bank overdraft<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d4 y17da wed hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff67 fs7 fc0 sc0 ls0 ws0\">48<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d5 y17da wee hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">143<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d6 y17da wdb hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">191<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d7 y17da wd0 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">16<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d8 y17da wd0 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff67 fs7 fc0 sc0 ls0 ws0\">49<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d9 y17da wd2 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">65<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3da y17bd w5c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,525<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3db y17bd w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">4,573<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3dc y17bd w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">6,098<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3dd y17bd w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2,212<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3de y17bd w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">6,630<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3df y17bd w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">8,842</div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-366": {
   "value": "3. Income<span class=\"_ _25b\"> </span><table class=\"s wb5 hbc\" id=\"_57cd1a1d-e42d-451f-9f23-637827eaf126\"><tr><td></td><td class=\"c n x35d y1827 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x35e y1827 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td class=\"c n x35f y1828 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x360 y1828 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1829 ff66 fs7 fc0 sc0 ls0 ws0\">Investment income:<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y182a wb6 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">UK dividends<span class=\"_ _25b\"> </span></div></td><td class=\"c n x361 y182a w38 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">9,007<span class=\"_ _25b\"> </span></div></td><td class=\"c n x362 y182a w7b hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">10,223<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y182b wb7 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Overseas dividends<span class=\"_ _25b\"> </span></div></td><td class=\"c n x363 y182b w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">26,506<span class=\"_ _25b\"> </span></div></td><td class=\"c n x364 y182b w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">24,602<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y182c wb8 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Overseas special dividends<span class=\"_ _25b\"> </span></div></td><td class=\"c n x365 y182c wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">765<span class=\"_ _25b\"> </span></div></td><td class=\"c n x366 y182c w77 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,558<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y182d wba hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Overseas stock dividends<span class=\"_ _25b\"> </span></div></td><td class=\"c n x365 y182d wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">680<span class=\"_ _25b\"> </span></div></td><td class=\"c n x367 y182d w9c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">440<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y182e wbb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Income from contractual rights (BHP Brazil Royalty)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x368 y182e w77 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">7,366<span class=\"_ _25b\"> </span></div></td><td class=\"c n x369 y182e w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,431<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y182f wbc hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Income from Vale debentures<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36a y182f w77 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">3,272<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36b y182f w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,815<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1830 wbd hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Income from fixed income investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x365 y1830 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">652<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36c y1830 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">810<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1831 wbe hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal investment income<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36d y1831 w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">48,248<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36e y1831 w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">43,879<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1832 ff66 fs7 fc0 sc0 ls0 ws0\">Other income:<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y1833 wbf hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Option premium income<span class=\"_ _25b\"> </span></div></td><td class=\"c n x361 y1833 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">8,317<span class=\"_ _25b\"> </span></div></td><td class=\"c n x362 y1833 w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,227<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1834 wc0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Deposit interest<span class=\"_ _25b\"> </span></div></td><td class=\"c n x365 y1834 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">563<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36c y1834 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">719<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1835 wc1 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Interest received on cash collateral with brokers<span class=\"_ _25b\"> </span></div></td><td class=\"c n x365 y1835 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">140<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36c y1835 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">189<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1836 wc2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Stock lending income<span class=\"_ _25b\"> </span></div></td><td class=\"c n x365 y1836 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">101<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36c y1836 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">120<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1837 wc3 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal other income<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36f y1837 w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">9,121<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36e y1837 w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">11,255<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36d y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">57,369<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36e y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">55,134<span class=\"_ _25b\"> </span></div></td></tr></table>During the year<span class=\"_ _6\"></span>, the Group received option premium income in cash totalling \u00a38,310,000 (2024: \u00a310,909,000) for writing put and covered call options for the purposes of revenue generation.<span class=\"_ _25b\"> </span>Option premium income is amortised evenly over the life of the option contract and, accordingly, during the year<span class=\"_ _9\"></span>, option premiums of \u00a38,317,000 (2024: \u00a310,227,000) were amortised to revenue.<span class=\"_ _25b\"> </span>At 31 December 2025, there were two open positions (2024: three) with an associated liability of \u00a3359,000 (2024: \u00a3622,000).<span class=\"_ _25b\"> </span>Dividends and interest received in cash during the year amounted to \u00a330,122,000 and \u00a33,898,000 (2024: \u00a336,895,000 and \u00a34,584,000).<span class=\"_ _25b\"> </span>No special dividends have been recognised in capital during the year (2024: none).<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-350": {
   "value": "3. Income<span class=\"_ _25b\"> </span><table class=\"s wb5 hbc\" id=\"_57cd1a1d-e42d-451f-9f23-637827eaf126\"><tr><td></td><td class=\"c n x35d y1827 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x35e y1827 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td class=\"c n x35f y1828 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x360 y1828 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1829 ff66 fs7 fc0 sc0 ls0 ws0\">Investment income:<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y182a wb6 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">UK dividends<span class=\"_ _25b\"> </span></div></td><td class=\"c n x361 y182a w38 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">9,007<span class=\"_ _25b\"> </span></div></td><td class=\"c n x362 y182a w7b hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">10,223<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y182b wb7 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Overseas dividends<span class=\"_ _25b\"> </span></div></td><td class=\"c n x363 y182b w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">26,506<span class=\"_ _25b\"> </span></div></td><td class=\"c n x364 y182b w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">24,602<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y182c wb8 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Overseas special dividends<span class=\"_ _25b\"> </span></div></td><td class=\"c n x365 y182c wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">765<span class=\"_ _25b\"> </span></div></td><td class=\"c n x366 y182c w77 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,558<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y182d wba hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Overseas stock dividends<span class=\"_ _25b\"> </span></div></td><td class=\"c n x365 y182d wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">680<span class=\"_ _25b\"> </span></div></td><td class=\"c n x367 y182d w9c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">440<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y182e wbb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Income from contractual rights (BHP Brazil Royalty)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x368 y182e w77 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">7,366<span class=\"_ _25b\"> </span></div></td><td class=\"c n x369 y182e w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,431<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y182f wbc hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Income from Vale debentures<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36a y182f w77 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">3,272<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36b y182f w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,815<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1830 wbd hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Income from fixed income investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x365 y1830 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">652<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36c y1830 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">810<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1831 wbe hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal investment income<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36d y1831 w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">48,248<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36e y1831 w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">43,879<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1832 ff66 fs7 fc0 sc0 ls0 ws0\">Other income:<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y1833 wbf hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Option premium income<span class=\"_ _25b\"> </span></div></td><td class=\"c n x361 y1833 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">8,317<span class=\"_ _25b\"> </span></div></td><td class=\"c n x362 y1833 w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,227<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1834 wc0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Deposit interest<span class=\"_ _25b\"> </span></div></td><td class=\"c n x365 y1834 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">563<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36c y1834 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">719<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1835 wc1 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Interest received on cash collateral with brokers<span class=\"_ _25b\"> </span></div></td><td class=\"c n x365 y1835 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">140<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36c y1835 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">189<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1836 wc2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Stock lending income<span class=\"_ _25b\"> </span></div></td><td class=\"c n x365 y1836 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">101<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36c y1836 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">120<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1837 wc3 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal other income<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36f y1837 w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">9,121<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36e y1837 w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">11,255<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36d y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">57,369<span class=\"_ _25b\"> </span></div></td><td class=\"c n x36e y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">55,134<span class=\"_ _25b\"> </span></div></td></tr></table>During the year<span class=\"_ _6\"></span>, the Group received option premium income in cash totalling \u00a38,310,000 (2024: \u00a310,909,000) for writing put and covered call options for the purposes of revenue generation.<span class=\"_ _25b\"> </span>Option premium income is amortised evenly over the life of the option contract and, accordingly, during the year<span class=\"_ _9\"></span>, option premiums of \u00a38,317,000 (2024: \u00a310,227,000) were amortised to revenue.<span class=\"_ _25b\"> </span>At 31 December 2025, there were two open positions (2024: three) with an associated liability of \u00a3359,000 (2024: \u00a3622,000).<span class=\"_ _25b\"> </span>Dividends and interest received in cash during the year amounted to \u00a330,122,000 and \u00a33,898,000 (2024: \u00a336,895,000 and \u00a34,584,000).<span class=\"_ _25b\"> </span>No special dividends have been recognised in capital during the year (2024: none).<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-328": {
   "value": "<div class=\"t m0 h14 ff69 fsf fc0 sc0 ls0 ws0 gs104\">4. Inv<span class=\"_ _6\"></span>estment management fee<span class=\"_ _25b\"> </span></div><div class=\"gsfa\"><table class=\"s wc4 hbd\" id=\"_56d35c8b-3651-41b3-bca9-c88d8f07cfc3\"><tr><td></td><td></td><td class=\"c n x370 y1838 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td></td><td></td><td class=\"c n x371 y1838 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x372 h9 y1839 ff66 fs7 fc0 sc0 ls0 ws0\">Revenue </td><td class=\"t m0 x373 h9 y1839 ff66 fs7 fc0 sc0 ls0 ws0\">Capital </td><td class=\"t m0 x374 h9 y1839 ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></td><td class=\"t m0 x375 h9 y1839 ff66 fs7 fc0 sc0 ls0 ws0\">Revenue </td><td class=\"t m0 x376 h9 y1839 ff66 fs7 fc0 sc0 ls0 ws0\">Capital </td><td class=\"t m0 x377 h9 y1839 ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></td></tr><tr><td></td><td class=\"t m0 x378 h9 y183a ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x379 h9 y183a ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x37a h9 y183a ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x37b h9 y183a ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x37c h9 y183a ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000</td><td class=\"t m0 x37d h9 y183a ff66 fs7 fc0 sc0 ls0 ws0\"> \u00a3\u2019000<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"c n x1b1 y17da w49 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">Investment management fee<span class=\"_ _25b\"> </span></div></td><td class=\"c n x37e y17da w63 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">2,590<span class=\"_ _25b\"> </span></div></td><td class=\"c n x37f y17da w63 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">7,963</div></td><td class=\"c n x380 y17da w36 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">10,553<span class=\"_ _25b\"> </span></div></td><td class=\"c n x381 y17da w38 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">2,188<span class=\"_ _25b\"> </span></div></td><td class=\"c n x382 y17da w38 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">6,764<span class=\"_ _25b\"> </span></div></td><td class=\"c n x383 y17da w38 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">8,952<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x384 y17bd w5d hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2,590<span class=\"_ _25b\"> </span></div></td><td class=\"c n x385 y17bd w5d hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">7,963</div></td><td class=\"c n x386 y17bd w3c hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">10,553<span class=\"_ _25b\"> </span></div></td><td class=\"c n x387 y17bd w5d hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2,188<span class=\"_ _25b\"> </span></div></td><td class=\"c n x388 y17bd w5d hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">6,764<span class=\"_ _25b\"> </span></div></td><td class=\"c n x389 y17bd w5d hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">8,952<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs105\">The investment management fee (which includes all ser<span class=\"_ _8\"></span>vices provided by BlackRock) is 0.80% of the Company<span class=\"_ _8\"></span>\u2019<span class=\"_ _6\"></span>s gross as<span class=\"_ _6\"></span>sets </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs106\">(subject to certain adjustments). During the year<span class=\"_ _6\"></span>, \u00a39,800,000 (2024: \u00a38,471,000) of the investment management fee was </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs107\">generated from net assets and \u00a3753,000 (2024: \u00a3481,000) from the gearing effect on gros<span class=\"_ _6\"></span>s assets due to the quarter\u2013on\u2013<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs108\">quarter increase in the NAV per share for the year as set out below:<span class=\"_ _25b\"> </span></div><div class=\"gs109\"><table class=\"s wc5 hbe\" id=\"_3bc14f87-6c5e-4e50-999b-63e6286791b0\"><tr><td></td><td class=\"t m0 x38a h9 y183b ff66 fs7 fc0 sc0 ls0 ws0\">Cum income<span class=\"_ _25b\"> </span></td><td class=\"t m0 x38b h9 y183b ff66 fs7 fc0 sc0 ls0 ws0\">Quarterly<span class=\"_ _25b\"> </span></td><td class=\"t m0 x38c h9 y183b ff66 fs7 fc0 sc0 ls0 ws0\">Gearing effect<span class=\"_ _25b\"> </span></td></tr><tr><td></td><td class=\"t m0 x38d h9 y183c ff66 fs7 fc0 sc0 ls0 ws0\">NA<span class=\"_ _6\"></span>V per share </td><td class=\"t m0 x38b h9 y183c ff66 fs7 fc0 sc0 ls0 ws0\">increase/<span class=\"_ _25b\"> </span></td><td class=\"t m0 x38e h9 y183c ff66 fs7 fc0 sc0 ls0 ws0\">on management<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x1c6 h9 y183d ff66 fs7 fc0 sc0 ls0 ws0\">Quarter end<span class=\"_ _25b\"> </span></td><td class=\"t m0 x37a h9 y183d ff66 fs7 fc0 sc0 ls0 ws0\">(pence)<span class=\"_ _25b\"> </span></td><td class=\"t m0 x37b h9 y183d ff66 fs7 fc0 sc0 ls0 ws0\">(decrease) %<span class=\"_ _25b\"> </span></td><td class=\"t m0 x38f h9 y183d ff66 fs7 fc0 sc0 ls0 ws0\">fees (\u00a3\u2019000)<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"c n x1b1 y183e wc6 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _25b\"> </span></div></td><td class=\"c n x390 y183e w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">606.78<span class=\"_ _25b\"> </span></div></td><td class=\"c n x391 y183e w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x392 y183e w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y183f wc7 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">31 March 2024<span class=\"_ _25b\"> </span></div></td><td class=\"c n x393 y183f w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">568.07<span class=\"_ _25b\"> </span></div></td><td class=\"c n x394 y183f wc8 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">-6.4<span class=\"_ _25b\"> </span></div></td><td class=\"c n x395 y183f w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1840 wc9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">30 June 2024<span class=\"_ _25b\"> </span></div></td><td class=\"c n x393 y1840 w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">572.21<span class=\"_ _25b\"> </span></div></td><td class=\"c n x396 y1840 wca hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">+0.7<span class=\"_ _25b\"> </span></div></td><td class=\"c n x397 y1840 w9c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">259<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1841 wcb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">30 September 2024<span class=\"_ _25b\"> </span></div></td><td class=\"c n x398 y1841 w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">580.66<span class=\"_ _25b\"> </span></div></td><td class=\"c n x399 y1841 wca hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">+1.5<span class=\"_ _25b\"> </span></div></td><td class=\"c n x39a y1841 w9c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">222<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1842 wc6 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">31 December 2024<span class=\"_ _25b\"> </span></div></td><td class=\"c n x390 y1842 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">510.53<span class=\"_ _25b\"> </span></div></td><td class=\"c n x39b y1842 wcc hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">-12.1<span class=\"_ _25b\"> </span></div></td><td class=\"c n x392 y1842 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1843 wc7 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">31 March 2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x393 y1843 w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">524.77<span class=\"_ _25b\"> </span></div></td><td class=\"c n x396 y1843 wca hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">+2.8<span class=\"_ _25b\"> </span></div></td><td class=\"c n x397 y1843 w9c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">235<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1844 wc9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">30 June 2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x393 y1844 w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">540.48<span class=\"_ _25b\"> </span></div></td><td class=\"c n x396 y1844 wca hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">+3.0<span class=\"_ _25b\"> </span></div></td><td class=\"c n x397 y1844 w9c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">121<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1845 wcb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">30 September 2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x398 y1845 w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">700.52<span class=\"_ _25b\"> </span></div></td><td class=\"c n x39c y1845 wcd hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">+29.6<span class=\"_ _25b\"> </span></div></td><td class=\"c n x39d y1845 w9c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">186<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1846 wc6 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">31 December 2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x390 y1846 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">856.23<span class=\"_ _25b\"> </span></div></td><td class=\"c n x39e y1846 wcd hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">+22.2<span class=\"_ _25b\"> </span></div></td><td class=\"c n x397 y1846 w9c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">211<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs10a\">The daily average of the net assets under management during the year ended 31 December 2025 was \u00a31,142,715,000 (2024: </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs10b\">\u00a31,082,468,000).<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs10c\">The fee is allocated 25% to the revenue account and 75% to the capital account of the Consolidated Statement of </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs10d\">Comprehensive Income.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs10e\">There is no additional fee for company secretarial and administration ser<span class=\"_ _8\"></span>vices.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-329": {
   "value": "<div class=\"t m0 h14 ff69 fsf fc0 sc0 ls0 ws0 gs110\">5. Other operating expenses<span class=\"_ _25b\"> </span></div><div class=\"gsfa\"><table class=\"s wce hbf\" id=\"_639ce8cf-5fb0-4e10-a045-0e6c2a5cbc62\"><tr><td></td><td class=\"c n x35d y1847 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x35e y1847 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td class=\"c n x39f y1848 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a0 y1848 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1849 ff66 fs7 fc0 sc0 ls0 ws0\">Allocated to revenue:<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y184a wcf hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">Custody fee<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a1 y184a wb9 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">108<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a2 y184a wd0 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff67 fs7 fc0 sc0 ls0 ws0\">98<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x1b1 y184c wd1 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Auditors\u2019 remuneration \u2013 audit services</div><div class=\"t m0 x3a3 h10 y184b ff68 fsd fc0 sc0 ls0 ws0\">1<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a4 y184c wd2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">56<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a5 y184c w3e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">65<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y184d wd3 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Registrar\u2019s fee<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a6 y184d wd2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">89<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a2 y184d wd0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">88<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x1b1 y184e wd4 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Directors\u2019 emoluments</div><div class=\"t m0 x3a7 h10 y1807 ff68 fsd fc0 sc0 ls0 ws0\">2<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a8 y184e wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">161<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a9 y184e wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">166<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y184f wd5 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">AIC fees<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a6 y184f wd2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">29<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a2 y184f wd0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">21<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1850 wd6 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Broker fees<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a6 y1850 wd2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">35<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a2 y1850 wd0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">30<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1851 wd7 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Depositary fees<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a6 y1851 wd2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">96<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3aa y1851 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">104<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1852 wd8 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">FC<span class=\"_ _8\"></span>A fee<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a6 y1852 wd2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">53<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a2 y1852 wd0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">49<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1853 wd9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Directors\u2019 insurance<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a6 y1853 wd2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">19<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a2 y1853 wd0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">21<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1854 wda hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Marketing fees<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3ab y1854 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">161<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3ac y1854 wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">169<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1855 wdc hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Stock exchange listing fees<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3ad y1855 wd0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">59<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3ae y1855 wd2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">52<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1856 wdd hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Legal and professional fees<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3af y1856 wd2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">76<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3b0 y1856 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">126<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x1b1 y1857 wde hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank facility fees</div><div class=\"t m0 x3b1 h10 y184b ff67 fsd fc0 sc0 ls0 ws0\">3<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a4 y1857 wd2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">92<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3b2 y1857 wd0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">92<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1858 wdf hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Printing and postage fees<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a6 y1858 wd2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">65<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a2 y1858 wd0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1859 we0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Directors\u2019 search fees<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a6 y1859 wd2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">27<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3b3 y1859 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x1b1 y185a we1 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Write back of prior year expenses</div><div class=\"t m0 x3b4 h10 y184b ff67 fsd fc0 sc0 ls0 ws0\">4<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3b5 y185a w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3b6 y185a w50 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(19)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y185b we2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Other administrative costs<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a1 y185b wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">275<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3b7 y185b w9c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">161<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y185c we3 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal revenue expenses<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3b8 y185c w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,401<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3b9 y185c w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,269<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y185d ff66 fs7 fc0 sc0 ls0 ws0\">Allocated to capital:<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td class=\"c x1b1 y185e we4 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>ransaction charges</div><div class=\"t m0 x3ba h10 y1807 ff68 fsd fc0 sc0 ls0 ws0\">5<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3bb y185e we5 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">8<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3bc y185e wd0 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">12<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y185f we6 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal capital expenses<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3bd y185f we5 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">8<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3be y185f w3e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">12<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1860 ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></td><td class=\"c n x3bf y17bd w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,409<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3c0 y17bd w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,281<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"gs111\"><table class=\"s wb5 hc0\" id=\"_ee257de3-5f63-4412-b7aa-42a80703c471\"><tr><td></td><td class=\"c n x35d y1861 w2a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x35e y1861 w2a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x1b1 y1845 we7 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Ongoing charges (as a percentage of average daily net as<span class=\"_ _6\"></span>sets)</div><div class=\"t m0 x3c1 h10 y1807 ff68 fsd fc0 sc0 ls0 ws0\">6<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3c2 y1845 we8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1.05%<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3c3 y1845 we8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">0.95%<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x1b1 y1846 we9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Ongoing charges (as a percentage of average daily gros<span class=\"_ _6\"></span>s assets)</div><div class=\"t m0 x3c4 h10 y1807 ff68 fsd fc0 sc0 ls0 ws0\">6<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3c2 y1846 we8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">0.95%<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3c3 y1846 we8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">0.84%<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"t m0 h9 ff68 fs7 fc0 sc0 ls0 ws0 gs112\">\u00b9 <span class=\"_ _a\"> </span> <span class=\"_ _b\"></span>Fees paid to the auditors for non-audit services were \u00a3nil excluding VA<span class=\"_ _6\"></span>T (2024: \u00a3nil).<span class=\"_ _25b\"> </span></div><div class=\"t m0 h10 ff68 fsd fc0 sc0 ls0 ws0 gs113\">2</div><div class=\"t m0 h9 ff68 fs7 fc0 sc0 ls0 ws0 gs114\"> <span class=\"_ _c\"> </span> <span class=\"_ _b\"></span>Details of the Directors\u2019 emoluments can be found in the Directors\u2019 Remuneration Report on page 63. The Company has <span>no</span> </div><div class=\"t m0 h9 ff68 fs7 fc0 sc0 ls0 ws0 gs115\">employees.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h10 ff67 fsd fc0 sc0 ls0 ws0 gs116\">3</div><div class=\"t m0 h9 ff68 fs7 fc0 sc0 ls0 ws0 gs117\"> <span class=\"_ _c\"> </span>There is a 4 basis point facility fee chargeable on the full loan facilit<span class=\"_ _8\"></span>y whether drawn or undrawn.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h10 ff67 fsd fc0 sc0 ls0 ws0 gs118\">4</div><div class=\"t m0 h9 ff68 fs7 fc0 sc0 ls0 ws0 gs119\"> <span class=\"_ _c\"> </span>No expenses were written back during the year (2024: legal and professional fees and Directors\u2019 expenses).<span class=\"_ _25b\"> </span></div><div class=\"t m0 h10 ff68 fsd fc0 sc0 ls0 ws0 gs11a\">5</div><div class=\"t m0 h9 ff68 fs7 fc0 sc0 ls0 ws0 gs11b\"> <span class=\"_ _c\"> </span> <span class=\"_ _b\"></span> <span class=\"_ _b\"></span>Expenses of \u00a38,000 (2024: \u00a312,000) were charged to the capital account of the Consolidated Statement of Comprehensive Income. </div><div class=\"t m0 h9 ff68 fs7 fc0 sc0 ls0 ws0 gs11c\">These include transaction costs charged by the custodian on sale and purchase trades.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h10 ff68 fsd fc0 sc0 ls0 ws0 gs11d\">6</div><div class=\"t m0 h9 ff68 fs7 fc0 sc0 ls0 ws0 gs11e\"> <span class=\"_ _c\"> </span> <span class=\"_ _b\"></span>The Company\u2019s ongoing charges, calculated as a percentage of average daily net as<span class=\"_ _6\"></span>sets and as a percentage of average daily </div><div class=\"t m0 h9 ff68 fs7 fc0 sc0 ls0 ws0 gs11f\">gross as<span class=\"_ _6\"></span>sets, and using the management fee and all other operating expenses, excluding finance costs, direct transaction costs, </div><div class=\"t m0 h9 ff68 fs7 fc0 sc0 ls0 ws0 gs120\">transaction charges, VA<span class=\"_ _6\"></span>T recovered, taxation, prior year expenses written back and certain non-recurring items. Alternative </div><div class=\"t m0 h9 ff68 fs7 fc0 sc0 ls0 ws0 gs121\">Performance Measure, see Glossary on pages 146 and 147.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-351": {
   "value": "5. Other operating expenses<span class=\"_ _25b\"> </span><table class=\"s wce hbf\" id=\"_639ce8cf-5fb0-4e10-a045-0e6c2a5cbc62\"><tr><td></td><td class=\"c n x35d y1847 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x35e y1847 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td class=\"c n x39f y1848 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a0 y1848 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1849 ff66 fs7 fc0 sc0 ls0 ws0\">Allocated to revenue:<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y184a wcf hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">Custody fee<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a1 y184a wb9 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">108<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a2 y184a wd0 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff67 fs7 fc0 sc0 ls0 ws0\">98<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x1b1 y184c wd1 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Auditors\u2019 remuneration \u2013 audit services</div><div class=\"t m0 x3a3 h10 y184b ff68 fsd fc0 sc0 ls0 ws0\">1<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a4 y184c wd2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">56<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a5 y184c w3e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">65<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y184d wd3 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Registrar\u2019s fee<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a6 y184d wd2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">89<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a2 y184d wd0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">88<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x1b1 y184e wd4 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Directors\u2019 emoluments</div><div class=\"t m0 x3a7 h10 y1807 ff68 fsd fc0 sc0 ls0 ws0\">2<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a8 y184e wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">161<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a9 y184e wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">166<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y184f wd5 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">AIC fees<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a6 y184f wd2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">29<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a2 y184f wd0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">21<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1850 wd6 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Broker fees<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a6 y1850 wd2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">35<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a2 y1850 wd0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">30<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1851 wd7 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Depositary fees<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a6 y1851 wd2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">96<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3aa y1851 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">104<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1852 wd8 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">FC<span class=\"_ _8\"></span>A fee<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a6 y1852 wd2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">53<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a2 y1852 wd0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">49<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1853 wd9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Directors\u2019 insurance<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a6 y1853 wd2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">19<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a2 y1853 wd0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">21<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1854 wda hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Marketing fees<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3ab y1854 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">161<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3ac y1854 wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">169<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1855 wdc hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Stock exchange listing fees<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3ad y1855 wd0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">59<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3ae y1855 wd2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">52<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1856 wdd hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Legal and professional fees<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3af y1856 wd2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">76<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3b0 y1856 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">126<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x1b1 y1857 wde hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank facility fees</div><div class=\"t m0 x3b1 h10 y184b ff67 fsd fc0 sc0 ls0 ws0\">3<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a4 y1857 wd2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">92<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3b2 y1857 wd0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">92<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1858 wdf hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Printing and postage fees<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a6 y1858 wd2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">65<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a2 y1858 wd0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1859 we0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Directors\u2019 search fees<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a6 y1859 wd2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">27<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3b3 y1859 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x1b1 y185a we1 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Write back of prior year expenses</div><div class=\"t m0 x3b4 h10 y184b ff67 fsd fc0 sc0 ls0 ws0\">4<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3b5 y185a w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3b6 y185a w50 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(19)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y185b we2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Other administrative costs<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3a1 y185b wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">275<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3b7 y185b w9c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">161<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y185c we3 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal revenue expenses<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3b8 y185c w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,401<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3b9 y185c w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,269<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y185d ff66 fs7 fc0 sc0 ls0 ws0\">Allocated to capital:<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td class=\"c x1b1 y185e we4 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>ransaction charges</div><div class=\"t m0 x3ba h10 y1807 ff68 fsd fc0 sc0 ls0 ws0\">5<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3bb y185e we5 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">8<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3bc y185e wd0 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">12<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y185f we6 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal capital expenses<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3bd y185f we5 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">8<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3be y185f w3e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">12<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1860 ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></td><td class=\"c n x3bf y17bd w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,409<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3c0 y17bd w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,281<span class=\"_ _25b\"> </span></div></td></tr></table><table class=\"s wb5 hc0\" id=\"_ee257de3-5f63-4412-b7aa-42a80703c471\"><tr><td></td><td class=\"c n x35d y1861 w2a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x35e y1861 w2a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x1b1 y1845 we7 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Ongoing charges (as a percentage of average daily net as<span class=\"_ _6\"></span>sets)</div><div class=\"t m0 x3c1 h10 y1807 ff68 fsd fc0 sc0 ls0 ws0\">6<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3c2 y1845 we8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1.05%<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3c3 y1845 we8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">0.95%<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x1b1 y1846 we9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Ongoing charges (as a percentage of average daily gros<span class=\"_ _6\"></span>s assets)</div><div class=\"t m0 x3c4 h10 y1807 ff68 fsd fc0 sc0 ls0 ws0\">6<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3c2 y1846 we8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">0.95%<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3c3 y1846 we8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">0.84%<span class=\"_ _25b\"> </span></div></td></tr></table>\u00b9 <span class=\"_ _a\"> </span> <span class=\"_ _b\"></span>Fees paid to the auditors for non-audit services were \u00a3nil excluding VA<span class=\"_ _6\"></span>T (2024: \u00a3nil).<span class=\"_ _25b\"> </span>2 <span class=\"_ _c\"> </span> <span class=\"_ _b\"></span>Details of the Directors\u2019 emoluments can be found in the Directors\u2019 Remuneration Report on page 63. The Company has <span>no</span> employees.<span class=\"_ _25b\"> </span>3 <span class=\"_ _c\"> </span>There is a 4 basis point facility fee chargeable on the full loan facilit<span class=\"_ _8\"></span>y whether drawn or undrawn.<span class=\"_ _25b\"> </span>4 <span class=\"_ _c\"> </span>No expenses were written back during the year (2024: legal and professional fees and Directors\u2019 expenses).<span class=\"_ _25b\"> </span>5 <span class=\"_ _c\"> </span> <span class=\"_ _b\"></span> <span class=\"_ _b\"></span>Expenses of \u00a38,000 (2024: \u00a312,000) were charged to the capital account of the Consolidated Statement of Comprehensive Income. These include transaction costs charged by the custodian on sale and purchase trades.<span class=\"_ _25b\"> </span>6 <span class=\"_ _c\"> </span> <span class=\"_ _b\"></span>The Company\u2019s ongoing charges, calculated as a percentage of average daily net as<span class=\"_ _6\"></span>sets and as a percentage of average daily gross as<span class=\"_ _6\"></span>sets, and using the management fee and all other operating expenses, excluding finance costs, direct transaction costs, transaction charges, VA<span class=\"_ _6\"></span>T recovered, taxation, prior year expenses written back and certain non-recurring items. Alternative Performance Measure, see Glossary on pages 146 and 147.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-367": {
   "value": "6. Finance costs<span class=\"_ _25b\"> </span><table class=\"s wea hc1\" id=\"_2af87140-6f45-477d-9af9-59ec7e7fa2a1\"><tr><td></td><td></td><td class=\"c n x3c5 y1862 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td></td><td></td><td class=\"c n x3c6 y1862 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x372 h9 y1863 ff66 fs7 fc0 sc0 ls0 ws0\">Revenue </td><td class=\"t m0 x3c7 h9 y1863 ff66 fs7 fc0 sc0 ls0 ws0\">Capital </td><td class=\"t m0 x3c8 h9 y1863 ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal </td><td class=\"t m0 x3c9 h9 y1863 ff66 fs7 fc0 sc0 ls0 ws0\">Revenue </td><td class=\"t m0 x3ca h9 y1863 ff66 fs7 fc0 sc0 ls0 ws0\">Capital </td><td class=\"t m0 x377 h9 y1863 ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal </td></tr><tr><td></td><td class=\"t m0 x378 h9 y1864 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cb h9 y1864 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x37a h9 y1864 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x37b h9 y1864 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cc h9 y1864 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cd h9 y1864 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"c n x1b1 y1836 web hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">Interest paid on bank loans<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3ce y1836 w38 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">1,477<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3cf y1836 w38 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">4,430<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d0 y1836 w38 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">5,907<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d1 y1836 w38 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">2,196<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d2 y1836 w38 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">6,581<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d3 y1836 w38 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">8,777<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17da wec hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">Interest paid on bank overdraft<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d4 y17da wed hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff67 fs7 fc0 sc0 ls0 ws0\">48<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d5 y17da wee hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">143<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d6 y17da wdb hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">191<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d7 y17da wd0 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">16<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d8 y17da wd0 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff67 fs7 fc0 sc0 ls0 ws0\">49<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d9 y17da wd2 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">65<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3da y17bd w5c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,525<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3db y17bd w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">4,573<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3dc y17bd w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">6,098<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3dd y17bd w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2,212<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3de y17bd w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">6,630<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3df y17bd w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">8,842</div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-352": {
   "value": "6. Finance costs<span class=\"_ _25b\"> </span><table class=\"s wea hc1\" id=\"_2af87140-6f45-477d-9af9-59ec7e7fa2a1\"><tr><td></td><td></td><td class=\"c n x3c5 y1862 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td></td><td></td><td class=\"c n x3c6 y1862 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x372 h9 y1863 ff66 fs7 fc0 sc0 ls0 ws0\">Revenue </td><td class=\"t m0 x3c7 h9 y1863 ff66 fs7 fc0 sc0 ls0 ws0\">Capital </td><td class=\"t m0 x3c8 h9 y1863 ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal </td><td class=\"t m0 x3c9 h9 y1863 ff66 fs7 fc0 sc0 ls0 ws0\">Revenue </td><td class=\"t m0 x3ca h9 y1863 ff66 fs7 fc0 sc0 ls0 ws0\">Capital </td><td class=\"t m0 x377 h9 y1863 ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal </td></tr><tr><td></td><td class=\"t m0 x378 h9 y1864 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cb h9 y1864 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x37a h9 y1864 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x37b h9 y1864 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cc h9 y1864 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cd h9 y1864 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"c n x1b1 y1836 web hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">Interest paid on bank loans<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3ce y1836 w38 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">1,477<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3cf y1836 w38 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">4,430<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d0 y1836 w38 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">5,907<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d1 y1836 w38 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">2,196<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d2 y1836 w38 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">6,581<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d3 y1836 w38 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">8,777<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17da wec hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">Interest paid on bank overdraft<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d4 y17da wed hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff67 fs7 fc0 sc0 ls0 ws0\">48<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d5 y17da wee hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">143<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d6 y17da wdb hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">191<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d7 y17da wd0 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">16<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d8 y17da wd0 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff67 fs7 fc0 sc0 ls0 ws0\">49<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3d9 y17da wd2 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">65<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3da y17bd w5c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,525<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3db y17bd w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">4,573<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3dc y17bd w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">6,098<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3dd y17bd w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2,212<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3de y17bd w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">6,630<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3df y17bd w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">8,842</div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-330": {
   "value": "<div class=\"t m0 h14 ff69 fsf fc0 sc0 ls0 ws0 gs126\">7. T<span class=\"_ _6\"></span>axation<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff66 fs3 fc0 sc0 ls0 ws0 gs127\">(a) Analy<span class=\"_ _6\"></span>sis of charge in the year<span class=\"_ _25b\"> </span></div><div class=\"gs128\"><table class=\"s wef hc2\" id=\"_93acc2b9-6e48-4a98-ad58-453ce5d0b158\"><tr><td></td><td></td><td class=\"c n x370 y1865 w2a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td></td><td></td><td class=\"c n x3e0 y1865 w2a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x372 h9 y1866 ff66 fs7 fc0 sc0 ls0 ws0\">Revenue </td><td class=\"t m0 x3c7 h9 y1866 ff66 fs7 fc0 sc0 ls0 ws0\">Capital </td><td class=\"t m0 x3c8 h9 y1866 ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal </td><td class=\"t m0 x3c9 h9 y1866 ff66 fs7 fc0 sc0 ls0 ws0\">Revenue </td><td class=\"t m0 x3ca h9 y1866 ff66 fs7 fc0 sc0 ls0 ws0\">Capital </td><td class=\"t m0 x377 h9 y1866 ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal </td></tr><tr><td></td><td class=\"t m0 x378 h9 y1867 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cb h9 y1867 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x37a h9 y1867 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x37b h9 y1867 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cc h9 y1867 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cd h9 y1867 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x1c6 h9 y1868 ff66 fs7 fc0 sc0 ls0 ws0\">Current taxation:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y1869 wf0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Corporation taxation<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3e1 y1869 w63 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,098<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3e2 y1869 w4b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(2,305)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3e3 y1869 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,793<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3e4 y1869 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">3,339<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3e5 y1869 w4f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(1,976)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x324 y1869 w77 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,363<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y186a wf1 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Prior years corporation taxation adjustment<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3e6 y186a w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3e7 y186a w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3e8 y186a w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3e9 y186a wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">119<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3ea y186a w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3eb y186a wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">119<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y186b wf2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Double taxation relief<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3ec y186b w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(866)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3ed y186b w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3ee y186b w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(866)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3ef y186b w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(657)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3f0 y186b w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3f1 y186b w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(657)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y186c wf3 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Overseas taxation<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3e1 y186c w63 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,464<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3f2 y186c w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3f3 y186c w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,464<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3f4 y186c w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,235<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3f5 y186c w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3f6 y186c w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,235<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y186d wf4 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Peruvian capital gains taxation (credit)/<span class=\"_ _6\"></span>charge<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3f7 y186d w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3f8 y186d wf5 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(3)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3f9 y186d w4e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(3)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3fa y186d w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3fb y186d wd2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">18<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3fc y186d wd0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">18<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y186e wf6 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal current taxation charge/(credit<span class=\"_ _8\"></span>)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3fd y186e w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">5,696<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3fe y186e w52 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(2,308)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3ff y186e w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">3,388<span class=\"_ _25b\"> </span></div></td><td class=\"c n x400 y186e w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">5,036<span class=\"_ _25b\"> </span></div></td><td class=\"c n x401 y186e w52 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(1,958)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x402 y186e w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">3,078<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y186f ff66 fs7 fc0 sc0 ls0 ws0\">Deferred taxation:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y1870 wf7 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Peruvian capital gains taxation movement (note 7(c))<span class=\"_ _25b\"> </span></div></td><td class=\"c n x403 y1870 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x404 y1870 wdb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">155<span class=\"_ _25b\"> </span></div></td><td class=\"c n x405 y1870 wb9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">155<span class=\"_ _25b\"> </span></div></td><td class=\"c n x406 y1870 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x407 y1870 wdb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">125<span class=\"_ _25b\"> </span></div></td><td class=\"c n x408 y1870 wb9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">125<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1871 wf8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Deferred taxation movement (note 7(c))<span class=\"_ _25b\"> </span></div></td><td class=\"c n x409 y1871 wee hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">259<span class=\"_ _25b\"> </span></div></td><td class=\"c n x40a y1871 wf9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x40b y1871 w9c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">259<span class=\"_ _25b\"> </span></div></td><td class=\"c n x40c y1871 w50 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(81)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x40d y1871 wd2 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">31<span class=\"_ _25b\"> </span></div></td><td class=\"c n x40e y1871 w50 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(50)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1872 wfa hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Prior years deferred taxation adjustment<span class=\"_ _25b\"> </span></div></td><td class=\"c n x40f y1872 wed hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">31<span class=\"_ _25b\"> </span></div></td><td class=\"c n x410 y1872 w50 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(31)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x411 y1872 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x412 y1872 wdb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">383<span class=\"_ _25b\"> </span></div></td><td class=\"c n x413 y1872 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x414 y1872 wb9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">383<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1873 wfb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal deferred taxation charge<span class=\"_ _25b\"> </span></div></td><td class=\"c n x415 y1873 w9c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">290<span class=\"_ _25b\"> </span></div></td><td class=\"c n x416 y1873 wee hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">124<span class=\"_ _25b\"> </span></div></td><td class=\"c n x417 y1873 w9c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">414<span class=\"_ _25b\"> </span></div></td><td class=\"c n x418 y1873 w9c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">302<span class=\"_ _25b\"> </span></div></td><td class=\"c n x419 y1873 w9c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">156<span class=\"_ _25b\"> </span></div></td><td class=\"c n x41a y1873 w9c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">458<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd wfc hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal taxation charge/(credit<span class=\"_ _8\"></span>) (note 7(b))<span class=\"_ _25b\"> </span></div></td><td class=\"c n x41b y17bd w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">5,986<span class=\"_ _25b\"> </span></div></td><td class=\"c n x41c y17bd w52 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(2,184)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x41d y17bd w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">3,802<span class=\"_ _25b\"> </span></div></td><td class=\"c n x41e y17bd w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">5,338<span class=\"_ _25b\"> </span></div></td><td class=\"c n x41f y17bd w52 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(1,802)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x420 y17bd w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">3,536<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"t m0 h5 ff66 fs3 fc0 sc0 ls0 ws0 gs12a\">(b) Factors affecting total taxation charge/(credit) for the year<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs12b\">The taxation asses<span class=\"_ _6\"></span>sed for the year is lower (2024: higher) than the standard rate of corporation tax used of 25.00% (2024: </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs12c\">25.00%). The differences are explained below:<span class=\"_ _25b\"> </span></div><div class=\"gs12d\"><table class=\"s wfd hc3\" id=\"_98a2386e-3ee1-40f1-ac3c-cfd9c84923a7\"><tr><td></td><td></td><td class=\"c n x370 y1874 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td></td><td></td><td class=\"c n x3e0 y1874 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x372 h9 y1875 ff66 fs7 fc0 sc0 ls0 ws0\">Revenue </td><td class=\"t m0 x3c7 h9 y1875 ff66 fs7 fc0 sc0 ls0 ws0\">Capital </td><td class=\"t m0 x3c8 h9 y1875 ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal </td><td class=\"t m0 x3c9 h9 y1875 ff66 fs7 fc0 sc0 ls0 ws0\">Revenue </td><td class=\"t m0 x3ca h9 y1875 ff66 fs7 fc0 sc0 ls0 ws0\">Capital </td><td class=\"t m0 x377 h9 y1875 ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal </td></tr><tr><td></td><td class=\"t m0 x378 h9 y1876 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cb h9 y1876 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x37a h9 y1876 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x37b h9 y1876 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cc h9 y1876 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cd h9 y1876 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"c n x1b1 y1877 wfe hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Profit/(loss) before taxation<span class=\"_ _25b\"> </span></div></td><td class=\"c n x421 y1877 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">51,853</div></td><td class=\"c n x422 y1877 w64 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">640,539</div></td><td class=\"c n x423 y1877 w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">692,392</div></td><td class=\"c n x424 y1877 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">49,465</div></td><td class=\"c n x425 y1877 w41 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(165,870)</div></td><td class=\"c n x426 y1877 w40 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(116,405)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1878 ff68 fs7 fc0 sc0 ls0 ws0\">Profit/(loss) before taxation multiplied by standard </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y1879 wff hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">rate of 25.00% (2024: 25.00%)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x427 y1879 w34 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">12,963</div></td><td class=\"c n x428 y1879 w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">160,134</div></td><td class=\"c n x429 y1879 w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">173,097</div></td><td class=\"c n x42a y1879 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">12,366</div></td><td class=\"c n x42b y1879 w68 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(41,468)</div></td><td class=\"c n x1db y1879 w4c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(29,102)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y187a ff66 fs7 fc0 sc0 ls0 ws0\">Effects of:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2f7 y187b w100 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Overseas tax suffered<span class=\"_ _25b\"> </span></div></td><td class=\"c n x42c y187b w63 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,464<span class=\"_ _25b\"> </span></div></td><td class=\"c n x42d y187b w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x42e y187b w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,464<span class=\"_ _25b\"> </span></div></td><td class=\"c n x42f y187b w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,235<span class=\"_ _25b\"> </span></div></td><td class=\"c n x430 y187b w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x431 y187b w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,235<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x2f7 y187c w101 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Foreign exchange (gain)/los<span class=\"_ _6\"></span>s not taxable<span class=\"_ _25b\"> </span></div></td><td class=\"c n x432 y187c w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x433 y187c w4a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(3,325)</div></td><td class=\"c n x434 y187c w4b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(3,325)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x435 y187c w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x436 y187c wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">168<span class=\"_ _25b\"> </span></div></td><td class=\"c n x437 y187c wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">168<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x2f7 y187d w102 hb5\"><div class=\"t m0 x1a0 h9 y17b7 ff68 fs7 fc0 sc0 ls0 ws0\">(Gain)/loss on investments held at fair value through<span class=\"_ _25b\"> </span></div><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">profit or loss not subject to tax<span class=\"_ _25b\"> </span></div></td><td class=\"c n x438 y187d w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x439 y187d w40 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(159,825)</div></td><td class=\"c n x43a y187d w41 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(159,825)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x43b y187d w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x43c y187d w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">38,047</div></td><td class=\"c n x43d y187d w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">38,047<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x2f7 y187e w103 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Non taxable UK dividends<span class=\"_ _25b\"> </span></div></td><td class=\"c n x43e y187e w4a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(2,251)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x43f y187e w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x440 y187e w4f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(2,251)</div></td><td class=\"c n x441 y187e w4b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(2,556)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x442 y187e w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x443 y187e w4f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(2,556)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x2f7 y187f w104 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Non taxable overseas dividends<span class=\"_ _25b\"> </span></div></td><td class=\"c n x444 y187f w4a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(6,317)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x445 y187f w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x446 y187f w4b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(6,317)</div></td><td class=\"c n x447 y187f w4f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(6,605)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x448 y187f w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x449 y187f w4b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(6,605)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x2f7 y1880 w105 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Disallowed expenses<span class=\"_ _25b\"> </span></div></td><td class=\"c n x44a y1880 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x44b y1880 we5 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2<span class=\"_ _25b\"> </span></div></td><td class=\"c n x44c y1880 we5 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2<span class=\"_ _25b\"> </span></div></td><td class=\"c n x44d y1880 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x44e y1880 w33 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">4<span class=\"_ _25b\"> </span></div></td><td class=\"c n x44f y1880 w33 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">4<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x2f7 y1881 wf2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Double taxation relief<span class=\"_ _25b\"> </span></div></td><td class=\"c n x450 y1881 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(904)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x445 y1881 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x451 y1881 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(904)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x452 y1881 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(604)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x453 y1881 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x454 y1881 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(604)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x2f7 y1882 w106 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Prior years adjustment<span class=\"_ _25b\"> </span></div></td><td class=\"c n x455 y1882 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x456 y1882 w107 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x457 y1882 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x458 y1882 wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">502<span class=\"_ _25b\"> </span></div></td><td class=\"c n x459 y1882 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x45a y1882 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">502<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x2f7 y1833 w108 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Peruvian capital gains tax (credit)/<span class=\"_ _6\"></span>charge<span class=\"_ _25b\"> </span></div></td><td class=\"c n x45b y1833 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x45c y1833 wf5 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(3)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x45d y1833 w4e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(3)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x45e y1833 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x45f y1833 wd2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">18<span class=\"_ _25b\"> </span></div></td><td class=\"c n x460 y1833 wd0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">18<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x2f7 y1834 w109 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Peruvian capital gains deferred tax movement<span class=\"_ _25b\"> </span></div></td><td class=\"c n x461 y1834 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x462 y1834 wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">155<span class=\"_ _25b\"> </span></div></td><td class=\"c n x463 y1834 wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">155<span class=\"_ _25b\"> </span></div></td><td class=\"c n x464 y1834 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x465 y1834 wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">125<span class=\"_ _25b\"> </span></div></td><td class=\"c n x466 y1834 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">125<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x2f7 y1835 w10a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Disallowed interest expense<span class=\"_ _25b\"> </span></div></td><td class=\"c n x467 y1835 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x468 y1835 wee hb6\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">709<span class=\"_ _25b\"> </span></div></td><td class=\"c n x469 y1835 wb9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">709<span class=\"_ _25b\"> </span></div></td><td class=\"c n x435 y1835 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x46a y1835 w77 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,304<span class=\"_ _25b\"> </span></div></td><td class=\"c n x46b y1835 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,304<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x2f7 y1836 wfa hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Prior years deferred taxation adjustment<span class=\"_ _25b\"> </span></div></td><td class=\"c n x46c y1836 wd0 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">31<span class=\"_ _25b\"> </span></div></td><td class=\"c n x46d y1836 w50 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(31)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x46e y1836 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x46f y1836 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x470 y1836 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x471 y1836 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td class=\"c n x472 y17da w4a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(6,977)</div></td><td class=\"c n x473 y17da w41 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(162,318)</div></td><td class=\"c n x474 y17da w40 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(169,295)</div></td><td class=\"c n x475 y17da w4f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(7,028)</div></td><td class=\"c n x476 y17da w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">39,666</div></td><td class=\"c n x477 y17da w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">32,638<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w10b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal taxation charge/(credit<span class=\"_ _8\"></span>) (note 7(a))<span class=\"_ _25b\"> </span></div></td><td class=\"c n x478 y17bd w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">5,986</div></td><td class=\"c n x479 y17bd waf hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(2,184)</div></td><td class=\"c n x47a y17bd w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">3,802<span class=\"_ _25b\"> </span></div></td><td class=\"c n x47b y17bd w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">5,338</div></td><td class=\"c n x47c y17bd w52 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(1,802)</div></td><td class=\"c n x47d y17bd w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">3,536<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs12e\">The Company is exempt from corporation tax on capital gains provided it maintains its status as an investment trust under </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs12f\">Chapter 4 of Part 24 of the Corporation T<span class=\"_ _6\"></span>ax Act 2010. Due to the Company\u2019s intention to meet the conditions required to </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs130\">maintain its investment trust status, it has not provided for deferred tax on any capital gains or losses.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff66 fs3 fc0 sc0 ls0 ws0 gs132\">(c) Deferred taxation liability<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs133\">Following the changes in P<span class=\"_ _6\"></span>eruvian tax legislation effective from 1 Januar<span class=\"_ _8\"></span>y 2011, a capital gains tax is imposed on gains </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs134\">realised by non-residents at rates of 5% or 30% depending on whether the transaction took place inside or outside of Peru. As </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs135\">at 31 December 2025, the Group has an accrued capital gains tax liability of \u00a3765,000 (2024: \u00a3610,000) for unrealised capital </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs136\">gains arising on investments in stocks listed on the Peruvian stock exchange. The tax has been calculated at the rate of 5% of </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gs137\">the<span class=\"_ _8\"></span> unrea<span class=\"_ _8\"></span>lise<span class=\"_ _8\"></span>d capital gains, being <span class=\"_ _6\"></span>the difference between the market value of the <span class=\"_ _6\"></span>investments at the year end <span class=\"_ _6\"></span>and their average </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gs138\">purchase cost.<span class=\"_ _25b\"> </span></div><div class=\"gs139\"><table class=\"s w10c hc4\" id=\"_8b8f8ace-591b-40bf-b2f4-fda8a942561c\"><tr><td></td><td class=\"t m0 x47e h9 y1883 ff66 fs7 fc0 sc0 ls0 ws0\">Group and </td><td class=\"t m0 x47f h9 y1883 ff66 fs7 fc0 sc0 ls0 ws0\">Group and </td></tr><tr><td></td><td class=\"t m0 x480 h9 y1884 ff66 fs7 fc0 sc0 ls0 ws0\">Company<span class=\"_ _25b\"> </span></td><td class=\"t m0 x481 h9 y1884 ff66 fs7 fc0 sc0 ls0 ws0\">Company </td></tr><tr><td></td><td class=\"t m0 x482 h9 y1885 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cd h9 y1885 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td></tr><tr><td></td><td class=\"c n x35f y1886 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x360 y1886 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1887 ff68 fs7 fc0 sc0 ls0 ws0\">Deferred taxation liabilities in respect of temporary differences:<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y1888 w10d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Deferred taxation liability brought for<span class=\"_ _8\"></span>ward<span class=\"_ _25b\"> </span></div></td><td class=\"c n x483 y1888 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(943)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x484 y1888 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(485)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1834 w10e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Movement in Peruvian capital gains taxation liability (note 7(a))<span class=\"_ _25b\"> </span></div></td><td class=\"c n x485 y1834 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(155)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x486 y1834 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(125)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1889 w10f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Deferred tax movement associated with income taxable on receipt<span class=\"_ _25b\"> </span></div></td><td class=\"c n x485 y1889 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(272)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x487 y1889 wd0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">56<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y188a w110 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Deferred tax movement associated with expenditure deductible when paid<span class=\"_ _25b\"> </span></div></td><td class=\"c n x488 y188a wd0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">13<span class=\"_ _25b\"> </span></div></td><td class=\"c n x489 y188a w4e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(6)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17da w111 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Deferred taxation - prior year adjustment (note 7(a))<span class=\"_ _25b\"> </span></div></td><td class=\"c n x48a y17da w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x48b y17da w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(383)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w112 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Deferred taxation liability carried forward<span class=\"_ _25b\"> </span></div></td><td class=\"c n x48c y17bd w52 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(1,357)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x48d y17bd w113 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(943)<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs13a\">No deferred taxation asset has been recognised in respect of the carried forward disallowed interest expenditure of </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs13b\">\u00a313,214,000 (2024: \u00a310,379,000).</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-353": {
   "value": "7. T<span class=\"_ _6\"></span>axation<span class=\"_ _25b\"> </span>(a) Analy<span class=\"_ _6\"></span>sis of charge in the year<span class=\"_ _25b\"> </span><table class=\"s wef hc2\" id=\"_93acc2b9-6e48-4a98-ad58-453ce5d0b158\"><tr><td></td><td></td><td class=\"c n x370 y1865 w2a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td></td><td></td><td class=\"c n x3e0 y1865 w2a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x372 h9 y1866 ff66 fs7 fc0 sc0 ls0 ws0\">Revenue </td><td class=\"t m0 x3c7 h9 y1866 ff66 fs7 fc0 sc0 ls0 ws0\">Capital </td><td class=\"t m0 x3c8 h9 y1866 ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal </td><td class=\"t m0 x3c9 h9 y1866 ff66 fs7 fc0 sc0 ls0 ws0\">Revenue </td><td class=\"t m0 x3ca h9 y1866 ff66 fs7 fc0 sc0 ls0 ws0\">Capital </td><td class=\"t m0 x377 h9 y1866 ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal </td></tr><tr><td></td><td class=\"t m0 x378 h9 y1867 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cb h9 y1867 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x37a h9 y1867 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x37b h9 y1867 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cc h9 y1867 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cd h9 y1867 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x1c6 h9 y1868 ff66 fs7 fc0 sc0 ls0 ws0\">Current taxation:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y1869 wf0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Corporation taxation<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3e1 y1869 w63 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,098<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3e2 y1869 w4b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(2,305)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3e3 y1869 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,793<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3e4 y1869 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">3,339<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3e5 y1869 w4f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(1,976)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x324 y1869 w77 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,363<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y186a wf1 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Prior years corporation taxation adjustment<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3e6 y186a w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3e7 y186a w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3e8 y186a w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3e9 y186a wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">119<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3ea y186a w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3eb y186a wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">119<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y186b wf2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Double taxation relief<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3ec y186b w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(866)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3ed y186b w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3ee y186b w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(866)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3ef y186b w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(657)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3f0 y186b w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3f1 y186b w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(657)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y186c wf3 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Overseas taxation<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3e1 y186c w63 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,464<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3f2 y186c w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3f3 y186c w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,464<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3f4 y186c w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,235<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3f5 y186c w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3f6 y186c w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,235<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y186d wf4 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Peruvian capital gains taxation (credit)/<span class=\"_ _6\"></span>charge<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3f7 y186d w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3f8 y186d wf5 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(3)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3f9 y186d w4e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(3)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3fa y186d w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3fb y186d wd2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">18<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3fc y186d wd0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">18<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y186e wf6 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal current taxation charge/(credit<span class=\"_ _8\"></span>)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3fd y186e w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">5,696<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3fe y186e w52 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(2,308)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3ff y186e w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">3,388<span class=\"_ _25b\"> </span></div></td><td class=\"c n x400 y186e w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">5,036<span class=\"_ _25b\"> </span></div></td><td class=\"c n x401 y186e w52 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(1,958)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x402 y186e w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">3,078<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y186f ff66 fs7 fc0 sc0 ls0 ws0\">Deferred taxation:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y1870 wf7 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Peruvian capital gains taxation movement (note 7(c))<span class=\"_ _25b\"> </span></div></td><td class=\"c n x403 y1870 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x404 y1870 wdb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">155<span class=\"_ _25b\"> </span></div></td><td class=\"c n x405 y1870 wb9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">155<span class=\"_ _25b\"> </span></div></td><td class=\"c n x406 y1870 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x407 y1870 wdb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">125<span class=\"_ _25b\"> </span></div></td><td class=\"c n x408 y1870 wb9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">125<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1871 wf8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Deferred taxation movement (note 7(c))<span class=\"_ _25b\"> </span></div></td><td class=\"c n x409 y1871 wee hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">259<span class=\"_ _25b\"> </span></div></td><td class=\"c n x40a y1871 wf9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x40b y1871 w9c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">259<span class=\"_ _25b\"> </span></div></td><td class=\"c n x40c y1871 w50 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(81)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x40d y1871 wd2 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">31<span class=\"_ _25b\"> </span></div></td><td class=\"c n x40e y1871 w50 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(50)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1872 wfa hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Prior years deferred taxation adjustment<span class=\"_ _25b\"> </span></div></td><td class=\"c n x40f y1872 wed hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">31<span class=\"_ _25b\"> </span></div></td><td class=\"c n x410 y1872 w50 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(31)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x411 y1872 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x412 y1872 wdb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">383<span class=\"_ _25b\"> </span></div></td><td class=\"c n x413 y1872 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x414 y1872 wb9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">383<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1873 wfb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal deferred taxation charge<span class=\"_ _25b\"> </span></div></td><td class=\"c n x415 y1873 w9c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">290<span class=\"_ _25b\"> </span></div></td><td class=\"c n x416 y1873 wee hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">124<span class=\"_ _25b\"> </span></div></td><td class=\"c n x417 y1873 w9c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">414<span class=\"_ _25b\"> </span></div></td><td class=\"c n x418 y1873 w9c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">302<span class=\"_ _25b\"> </span></div></td><td class=\"c n x419 y1873 w9c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">156<span class=\"_ _25b\"> </span></div></td><td class=\"c n x41a y1873 w9c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">458<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd wfc hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal taxation charge/(credit<span class=\"_ _8\"></span>) (note 7(b))<span class=\"_ _25b\"> </span></div></td><td class=\"c n x41b y17bd w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">5,986<span class=\"_ _25b\"> </span></div></td><td class=\"c n x41c y17bd w52 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(2,184)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x41d y17bd w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">3,802<span class=\"_ _25b\"> </span></div></td><td class=\"c n x41e y17bd w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">5,338<span class=\"_ _25b\"> </span></div></td><td class=\"c n x41f y17bd w52 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(1,802)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x420 y17bd w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">3,536<span class=\"_ _25b\"> </span></div></td></tr></table>(c) Deferred taxation liability<span class=\"_ _25b\"> </span>Following the changes in P<span class=\"_ _6\"></span>eruvian tax legislation effective from 1 Januar<span class=\"_ _8\"></span>y 2011, a capital gains tax is imposed on gains realised by non-residents at rates of 5% or 30% depending on whether the transaction took place inside or outside of Peru. As at 31 December 2025, the Group has an accrued capital gains tax liability of \u00a3765,000 (2024: \u00a3610,000) for unrealised capital gains arising on investments in stocks listed on the Peruvian stock exchange. The tax has been calculated at the rate of 5% of the<span class=\"_ _8\"></span> unrea<span class=\"_ _8\"></span>lise<span class=\"_ _8\"></span>d capital gains, being <span class=\"_ _6\"></span>the difference between the market value of the <span class=\"_ _6\"></span>investments at the year end <span class=\"_ _6\"></span>and their average purchase cost.<span class=\"_ _25b\"> </span><table class=\"s w10c hc4\" id=\"_8b8f8ace-591b-40bf-b2f4-fda8a942561c\"><tr><td></td><td class=\"t m0 x47e h9 y1883 ff66 fs7 fc0 sc0 ls0 ws0\">Group and </td><td class=\"t m0 x47f h9 y1883 ff66 fs7 fc0 sc0 ls0 ws0\">Group and </td></tr><tr><td></td><td class=\"t m0 x480 h9 y1884 ff66 fs7 fc0 sc0 ls0 ws0\">Company<span class=\"_ _25b\"> </span></td><td class=\"t m0 x481 h9 y1884 ff66 fs7 fc0 sc0 ls0 ws0\">Company </td></tr><tr><td></td><td class=\"t m0 x482 h9 y1885 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cd h9 y1885 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td></tr><tr><td></td><td class=\"c n x35f y1886 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x360 y1886 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1887 ff68 fs7 fc0 sc0 ls0 ws0\">Deferred taxation liabilities in respect of temporary differences:<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y1888 w10d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Deferred taxation liability brought for<span class=\"_ _8\"></span>ward<span class=\"_ _25b\"> </span></div></td><td class=\"c n x483 y1888 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(943)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x484 y1888 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(485)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1834 w10e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Movement in Peruvian capital gains taxation liability (note 7(a))<span class=\"_ _25b\"> </span></div></td><td class=\"c n x485 y1834 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(155)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x486 y1834 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(125)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1889 w10f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Deferred tax movement associated with income taxable on receipt<span class=\"_ _25b\"> </span></div></td><td class=\"c n x485 y1889 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(272)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x487 y1889 wd0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">56<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y188a w110 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Deferred tax movement associated with expenditure deductible when paid<span class=\"_ _25b\"> </span></div></td><td class=\"c n x488 y188a wd0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">13<span class=\"_ _25b\"> </span></div></td><td class=\"c n x489 y188a w4e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(6)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17da w111 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Deferred taxation - prior year adjustment (note 7(a))<span class=\"_ _25b\"> </span></div></td><td class=\"c n x48a y17da w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x48b y17da w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(383)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w112 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Deferred taxation liability carried forward<span class=\"_ _25b\"> </span></div></td><td class=\"c n x48c y17bd w52 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(1,357)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x48d y17bd w113 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(943)<span class=\"_ _25b\"> </span></div></td></tr></table>No deferred taxation asset has been recognised in respect of the carried forward disallowed interest expenditure of \u00a313,214,000 (2024: \u00a310,379,000).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-331": {
   "value": "<div class=\"t m0 h14 ff69 fsf fc0 sc0 ls0 ws0 gs13d\">8. Dividends<span class=\"_ _25b\"> </span></div><div class=\"gs13e\"><table class=\"s w114 hc5\" id=\"_cb32017c-3e3f-4282-ac6e-cde47e874019\"><tr><td></td><td></td><td></td><td class=\"c n x48e y188b w2a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x48f y188b w2a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y188d w115 hc6\"><div class=\"t m0 x1a0 h5 y188c ff66 fs3 fc0 sc0 ls0 ws0\">Dividends paid on equity shares:<span class=\"_ _25b\"> </span></div></td><td class=\"c n x490 y188f w116 hb6\"><div class=\"t m0 x1a0 h5 y188e ff66 fs7 fc0 sc0 ls0 ws0\">Record date<span class=\"_ _25b\"> </span></div></td><td class=\"c n x491 y188f w117 hb6\"><div class=\"t m0 x1a0 h5 y188e ff66 fs7 fc0 sc0 ls0 ws0\">Payment date<span class=\"_ _25b\"> </span></div></td><td class=\"c n x492 y1890 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x493 y1890 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x226 h9 y1891 ff68 fs7 fc0 sc0 ls0 ws0\">Final dividend of 6.50p per share for the year </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x21e y1892 w118 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">ended 31 December 2024 (2023: 17.00p)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x494 y1892 wc7 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">21 March 2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x495 y1892 w119 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">27 May 2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x496 y1892 w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">12,381<span class=\"_ _25b\"> </span></div></td><td class=\"c n x497 y1892 w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">32,501<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x21e y1893 w11a hb7\"><div class=\"t m0 x1a0 h9 y17b7 ff68 fs7 fc0 sc0 ls0 ws0\">1st interim dividend of 5.50p per share for the<span class=\"_ _25b\"> </span></div><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">year ended 31 December 2025 (2024: 5.50p)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x498 y1893 w11b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">30 May 2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x499 y1893 wc9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">27 June 2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x49a y1893 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,306<span class=\"_ _25b\"> </span></div></td><td class=\"c n x49b y1893 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,515<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x21e y1894 w11c hbb\"><div class=\"t m0 x1a0 h9 y1817 ff68 fs7 fc0 sc0 ls0 ws0\">2nd interim dividend of 5.50p per share for the<span class=\"_ _25b\"> </span></div><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">year ended 31 December 2025 (2024: 5.50p)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x49c y1894 wcb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">12 September 2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x49d y1894 wcb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">26 September 2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x49e y1894 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,305<span class=\"_ _25b\"> </span></div></td><td class=\"c n x49f y1894 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,515<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x21e y1895 w11d hb7\"><div class=\"t m0 x1a0 h9 y17b7 ff68 fs7 fc0 sc0 ls0 ws0\">3rd interim dividend of 5.50p per share for the<span class=\"_ _25b\"> </span></div><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">year ended 31 December 2025 (2024: 5.50p)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4a0 y1896 w11e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">28 November 2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4a1 y1896 wc6 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">19 December 2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4a2 y1895 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,268<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4a3 y1895 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,506<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x21e y17bd w11f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Accounted for in the financial statements<span class=\"_ _25b\"> </span></div></td><td></td><td></td><td class=\"c n x4a4 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">43,260<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4a5 y17bd w3c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">64,037<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs13f\">The total dividends payable in respect of the year ended 31 December 2025 which form the basis of Section 1158 of the </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs140\">Corporation T<span class=\"_ _6\"></span>ax Act 2010 and Section 833 of the Companies Act 2006, and the amounts declared, meet the relevant </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs141\">requirements as set out in this legislation.<span class=\"_ _25b\"> </span></div><div class=\"gs142\"><table class=\"s w114 hc7\" id=\"_6d4af3ea-b28b-4324-a8e3-a0ff2360e401\"><tr><td></td><td class=\"c n x48e y1897 w2a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x48f y1897 w2a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x4a6 h5 y1898 ff66 fs3 fc0 sc0 ls0 ws0\">Dividends paid or declared on equity shares:<span class=\"_ _25b\"> </span></td><td class=\"c n x492 y1899 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x493 y1899 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x226 h9 y189a ff68 fs7 fc0 sc0 ls0 ws0\">1st quarterly interim dividend of 5.50p per share for the year ended 31 December 2025 <span class=\"ff67\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x21e y189b w120 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(2024: 5.50p)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4a7 y189b w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,306<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4a8 y189b w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,515<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x226 h9 y189c ff68 fs7 fc0 sc0 ls0 ws0\">2nd quarterly interim dividend of 5.50p per share for the year ended 31 December 2025 <span class=\"ff67\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x21e y189d w120 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(2024: 5.50p)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4a7 y189d w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,305<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4a8 y189d w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,515<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x226 h9 y189e ff68 fs7 fc0 sc0 ls0 ws0\">3rd quarterly interim dividend of 5.50p per share for the year ended 31 December 2025 <span class=\"ff67\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x21e y189f w120 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(2024: 5.50p)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4a7 y189f w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,268<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4a8 y189f w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,506<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x21e y18a0 w121 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Final dividend of 7.50p per share for the year ended 31 December 2025</div><div class=\"t m0 x4a9 h10 y1807 ff68 fsd fc0 sc0 ls0 ws0\">1<span class=\"_ _25b\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c n x21e y17da w120 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(2024: 6.50p)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4a7 y17da w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">13,990<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4aa y17da w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">12,406<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x21e y17bd w122 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal for the year<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4ab y17bd w3c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">44,869<span class=\"_ _25b\"> </span></div></td><td class=\"c n x49f y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">43,942<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"t m0 h10 ff68 fsd fc0 sc0 ls0 ws0 gs143\">1</div><div class=\"t m0 h9 ff68 fs7 fc0 sc0 ls0 ws0 gs144\"> <span class=\"_ _c\"> </span> Based on 186,527,036 ordinary shares in issue on 12 March 2026.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDividendsExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-332": {
   "value": "<div class=\"t m0 h14 ff69 fsf fc0 sc0 ls0 ws0 gs146\">9. Consolidated earnings and net asset value per ordinar<span class=\"_ _8\"></span>y share<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs147\">T<span class=\"_ _6\"></span>otal revenue, capital profit/(loss) and net asset value per ordinary share are shown below and have been calculated using </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs148\">the<span class=\"_ gs149\"> </span>following:<span class=\"_ _25b\"> </span></div><div class=\"gs14a\"><table class=\"s w123 hc8\" id=\"_054f99f0-370b-49c9-a4b7-1762191d286d\"><tr><td></td><td class=\"c n x39f y18a1 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4ac y18a1 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18a2 w124 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">Net revenue profit attributable to ordinary shareholders (\u00a3\u2019000)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4ad y18a2 w7b hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">45,867<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4ae y18a2 w36 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">44,127<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18a3 w125 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">Net capital profit/(loss) attributable to ordinar<span class=\"_ _8\"></span>y shareholders (\u00a3\u2019000)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4af y18a3 w3f hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">642,723<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4b0 y18a3 w41 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">(164,068)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18a4 w126 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal profit/(loss) attributable to ordinar<span class=\"_ _8\"></span>y shareholders (\u00a3\u2019000)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4b1 y18a4 w46 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">688,590<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4b2 y18a4 w47 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(119,941)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18a5 w127 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Equity shareholders\u2019 funds (\u00a3\u2019000)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4b3 y18a5 w6d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,598,428<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4b4 y18a5 w46 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">975,199<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y18a6 ff68 fs7 fc0 sc0 ls0 ws0\">The weighted average number of ordinary shares in issue during the year on which the earnings </td><td></td><td></td></tr><tr><td class=\"c n x1b1 y18a7 w128 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">per ordinary share was calculated was:<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4b5 y18a7 w129 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">188,213,496<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4b6 y18a7 w129 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">191,149,163<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y18a8 ff68 fs7 fc0 sc0 ls0 ws0\">The actual number of ordinary shares in issue at the year end on which the net asset value per </td><td></td><td></td></tr><tr><td class=\"c n x1b1 y1834 w12a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">ordinary share was calculated was:<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4b7 y1834 w12b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">186,683,036<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4b8 y1834 w129 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">191,018,036<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y18a9 ff66 fs7 fc0 sc0 ls0 ws0\">Earnings per ordinary share<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y1836 w12c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Revenue earnings per share (pence) - basic and diluted<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4b9 y1836 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">24.37<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4ba y1836 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">23.09<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17da w12d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Capital earnings/(loss) per share (pence) - basic and diluted<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4bb y17da w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">341.49<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4bc y17da w4f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(85.84)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w12e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal earnings/(loss) per share (pence) - basic and diluted<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4bd y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">365.86<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4be y17bd w52 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(62.75)<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"gs14b\"><table class=\"s w12f hc9\" id=\"_e5fa4cf9-8078-4aff-b01e-8e45e6669c8f\"><tr><td></td><td class=\"t m0 x4bf h9 y18aa ff66 fs7 fc0 sc0 ls0 ws0\">As at </td><td class=\"t m0 x377 h9 y18aa ff66 fs7 fc0 sc0 ls0 ws0\">As at </td></tr><tr><td></td><td class=\"t m0 x4c0 h9 y18ab ff66 fs7 fc0 sc0 ls0 ws0\">31 December </td><td class=\"t m0 x4c1 h9 y18ab ff66 fs7 fc0 sc0 ls0 ws0\">31 December </td></tr><tr><td></td><td class=\"t m0 x482 h9 y18ac ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cd h9 y18ac ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"c n x1b1 y1837 w130 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Net asset value per ordinary share (pence)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4bb y1837 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">856.23<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4c2 y1837 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">510.53<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w131 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Ordinary share price (pence)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4c3 y17bd w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">804.00<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4c4 y17bd w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">481.00<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs14c\">There were no dilutive securities at the year end.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-354": {
   "value": "9. Consolidated earnings and net asset value per ordinar<span class=\"_ _8\"></span>y share<span class=\"_ _25b\"> </span>T<span class=\"_ _6\"></span>otal revenue, capital profit/(loss) and net asset value per ordinary share are shown below and have been calculated using the<span class=\"_ gs149\"> </span>following:<span class=\"_ _25b\"> </span><table class=\"s w123 hc8\" id=\"_054f99f0-370b-49c9-a4b7-1762191d286d\"><tr><td></td><td class=\"c n x39f y18a1 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4ac y18a1 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18a2 w124 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">Net revenue profit attributable to ordinary shareholders (\u00a3\u2019000)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4ad y18a2 w7b hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">45,867<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4ae y18a2 w36 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">44,127<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18a3 w125 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">Net capital profit/(loss) attributable to ordinar<span class=\"_ _8\"></span>y shareholders (\u00a3\u2019000)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4af y18a3 w3f hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">642,723<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4b0 y18a3 w41 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">(164,068)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18a4 w126 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal profit/(loss) attributable to ordinar<span class=\"_ _8\"></span>y shareholders (\u00a3\u2019000)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4b1 y18a4 w46 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">688,590<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4b2 y18a4 w47 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(119,941)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18a5 w127 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Equity shareholders\u2019 funds (\u00a3\u2019000)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4b3 y18a5 w6d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,598,428<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4b4 y18a5 w46 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">975,199<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y18a6 ff68 fs7 fc0 sc0 ls0 ws0\">The weighted average number of ordinary shares in issue during the year on which the earnings </td><td></td><td></td></tr><tr><td class=\"c n x1b1 y18a7 w128 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">per ordinary share was calculated was:<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4b5 y18a7 w129 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">188,213,496<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4b6 y18a7 w129 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">191,149,163<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y18a8 ff68 fs7 fc0 sc0 ls0 ws0\">The actual number of ordinary shares in issue at the year end on which the net asset value per </td><td></td><td></td></tr><tr><td class=\"c n x1b1 y1834 w12a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">ordinary share was calculated was:<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4b7 y1834 w12b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">186,683,036<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4b8 y1834 w129 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">191,018,036<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y18a9 ff66 fs7 fc0 sc0 ls0 ws0\">Earnings per ordinary share<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y1836 w12c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Revenue earnings per share (pence) - basic and diluted<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4b9 y1836 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">24.37<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4ba y1836 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">23.09<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17da w12d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Capital earnings/(loss) per share (pence) - basic and diluted<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4bb y17da w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">341.49<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4bc y17da w4f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(85.84)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w12e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal earnings/(loss) per share (pence) - basic and diluted<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4bd y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">365.86<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4be y17bd w52 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(62.75)<span class=\"_ _25b\"> </span></div></td></tr></table><table class=\"s w12f hc9\" id=\"_e5fa4cf9-8078-4aff-b01e-8e45e6669c8f\"><tr><td></td><td class=\"t m0 x4bf h9 y18aa ff66 fs7 fc0 sc0 ls0 ws0\">As at </td><td class=\"t m0 x377 h9 y18aa ff66 fs7 fc0 sc0 ls0 ws0\">As at </td></tr><tr><td></td><td class=\"t m0 x4c0 h9 y18ab ff66 fs7 fc0 sc0 ls0 ws0\">31 December </td><td class=\"t m0 x4c1 h9 y18ab ff66 fs7 fc0 sc0 ls0 ws0\">31 December </td></tr><tr><td></td><td class=\"t m0 x482 h9 y18ac ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cd h9 y18ac ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"c n x1b1 y1837 w130 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Net asset value per ordinary share (pence)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4bb y1837 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">856.23<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4c2 y1837 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">510.53<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w131 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Ordinary share price (pence)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4c3 y17bd w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">804.00<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4c4 y17bd w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">481.00<span class=\"_ _25b\"> </span></div></td></tr></table>There were no dilutive securities at the year end.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-333": {
   "value": "<div class=\"t m0 h14 ff69 fsf fc0 sc0 ls0 ws0 gs14e\">10. Inv<span class=\"_ _6\"></span>estments held at fair value through profit or loss<span class=\"_ _25b\"> </span></div><div class=\"gs14f\"><table class=\"s w132 hca\" id=\"_83bcac8c-20cd-439b-9f1c-37f9f09ea337\"><tr><td></td><td class=\"t m0 x4c5 h9 y18ad ff66 fs7 fc0 sc0 ls0 ws0\">Group </td><td class=\"t m0 x4c6 h9 y18ad ff66 fs7 fc0 sc0 ls0 ws0\">Company </td><td class=\"t m0 x4c7 h9 y18ad ff66 fs7 fc0 sc0 ls0 ws0\">Group </td><td class=\"t m0 x481 h9 y18ad ff66 fs7 fc0 sc0 ls0 ws0\">Company </td></tr><tr><td></td><td class=\"t m0 x4c8 h9 y18ae ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></td><td class=\"t m0 x4c9 h9 y18ae ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></td><td class=\"t m0 x482 h9 y18ae ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td><td class=\"t m0 x4ca h9 y18ae ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td></tr><tr><td></td><td class=\"c n x3c5 y18af w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4cb y18af w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4cc y18af w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4cd y18af w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x1b1 y18b0 w133 hb3\"><div class=\"t m0 x1a0 h9 y17aa ff68 fs7 fc0 sc0 ls0 ws0\">UK listed equity investments held at fair value through<span class=\"_ _25b\"> </span></div><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">profit or loss<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4ce y18b0 w3f hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">249,372<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4cf y18b0 w3f hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">249,372<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4d0 y18b0 w65 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">156,480<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4d1 y18b0 w3f hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">156,480<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x1b1 y18b1 w134 hcb\"><div class=\"t m0 x1a0 h9 y1817 ff68 fs7 fc0 sc0 ls0 ws0\">Overseas listed equity investments held at fair value<span class=\"_ _25b\"> </span></div><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">through profit or loss<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4d2 y18b1 w135 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,379,138<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4d3 y18b1 w6e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,379,138<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4d4 y18b1 w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">877,868<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4d5 y18b1 w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">877,868<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y18b2 ff68 fs7 fc0 sc0 ls0 ws0\">Fixed income investments held at fair value through profit </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y18b3 w75 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">or loss<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4d6 y18b3 w34 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4d7 y18b3 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4d8 y18b3 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4d9 y18b3 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18b4 w136 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls13 ws16\">Contractual rights held at fair value through <span class=\"_ _6\"></span>profit or loss<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4da y18b4 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4db y18b4 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4dc y18b4 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,197<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4dd y18b4 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,197<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y18b5 ff68 fs7 fc0 sc0 ls0 ws0\">Investment in subsidiary held at fair value through profit </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x1b1 y18b6 w137 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">or loss</div><div class=\"t m0 x4de h10 y184b ff68 fsd fc0 sc0 ls0 ws0\">1<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4df y18b7 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4e0 y18b7 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">7,621<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4e1 y18b7 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4e2 y18b7 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">7,524<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18b8 w138 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal value of financial asset investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4e3 y18b8 w7f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,675,057<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4e4 y18b8 w6d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,682,678<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4e5 y18b8 w92 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,093,198<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4e6 y18b8 w6d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,100,722<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18b9 w139 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls14 ws17\">Derivative financial instruments - <span class=\"_ _6\"></span>written option contracts<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4e7 y18b9 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(359)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4e8 y18b9 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(359)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4e9 y18b9 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4ea y18b9 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x1b1 y18ba w13a hb5\"><div class=\"t m0 x1a0 h9 y17b7 ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal value of financial asset investments and<span class=\"_ _25b\"> </span></div><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">derivatives at 31 December<span class=\"_ _25b\"> </span></div></td><td class=\"c n x291 y18ba w7f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,674,698<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4eb y18ba w6d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,682,319<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4ec y18ba w6d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,092,576<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4ed y18ba w92 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,100,100<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18bb w13b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Opening book cost of investment and derivative holdings<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4ee y18bb w135 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,027,823<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4ef y18bb w6e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,027,823<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4f0 y18bb w6e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,082,258<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4f1 y18bb w13c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,082,258<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18bc w13d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Investment holding gains<span class=\"_ _25b\"> </span></div></td><td class=\"c n x2c0 y18bc w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">64,753<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4f2 y18bc w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">72,277<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4f3 y18bc w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">214,761<span class=\"_ _25b\"> </span></div></td><td class=\"c n x328 y18bc w65 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">222,168<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18bd w13e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Opening fair value<span class=\"_ _25b\"> </span></div></td><td class=\"c n x291 y18bd w7f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,092,576<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4eb y18bd w6d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,100,100<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4ec y18bd w6d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,297,019<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4f4 y18bd w6d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,304,426<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y18be ff66 fs7 fc0 sc0 ls0 ws0\">Analysis of transactions made during the year:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y18bf w13f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Purchases at cost<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4f5 y18bf w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">716,063<span class=\"_ _25b\"> </span></div></td><td class=\"c n x2bc y18bf w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">716,063<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4f6 y18bf w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">585,496<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4f7 y18bf w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">585,496<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18c0 w140 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Sales proceeds received<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4f8 y18c0 wa1 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(773,242)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4f9 y18c0 w41 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(773,242)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4fa y18c0 w41 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(637,750)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4fb y18c0 w40 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(637,750)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18c1 w141 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Contractual rights - return of capital<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4fc y18c1 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(483)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4fd y18c1 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(483)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4fe y18c1 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(397)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4ff y18c1 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(397)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x1b1 y18c2 w142 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Gains/(losses) on investments and derivatives</div><div class=\"t m0 x500 h10 y17cb ff68 fsd fc0 sc0 ls0 ws0\">2<span class=\"_ _25b\"> </span></div></td><td class=\"c n x2f3 y18c3 w3f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">639,784<span class=\"_ _25b\"> </span></div></td><td class=\"c n x501 y18c3 w3f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">639,881<span class=\"_ _25b\"> </span></div></td><td class=\"c n x502 y18c3 w41 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(151,792)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x503 y18c3 w41 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(151,675)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18c4 w143 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Closing fair value<span class=\"_ _25b\"> </span></div></td><td class=\"c n x291 y18c4 w7f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,674,698<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4eb y18c4 w6d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,682,319<span class=\"_ _25b\"> </span></div></td><td class=\"c n x293 y18c4 w6d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,092,576<span class=\"_ _25b\"> </span></div></td><td class=\"c n x504 y18c4 w6d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,100,100<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18c5 w144 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Closing book cost of investment and derivative holdings<span class=\"_ _25b\"> </span></div></td><td class=\"c n x505 y18c5 w135 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,058,374<span class=\"_ _25b\"> </span></div></td><td class=\"c n x506 y18c5 w6e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,058,374<span class=\"_ _25b\"> </span></div></td><td class=\"c n x507 y18c5 w13c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,027,823<span class=\"_ _25b\"> </span></div></td><td class=\"c n x508 y18c5 w13c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,027,823<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18c6 w145 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Closing investment and derivative holding gains<span class=\"_ _25b\"> </span></div></td><td class=\"c n x509 y18c6 w3f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">616,324<span class=\"_ _25b\"> </span></div></td><td class=\"c n x50a y18c6 w3f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">623,945<span class=\"_ _25b\"> </span></div></td><td class=\"c n x50b y18c6 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">64,753<span class=\"_ _25b\"> </span></div></td><td class=\"c n x50c y18c6 w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">72,277<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18c7 w143 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Closing fair value<span class=\"_ _25b\"> </span></div></td><td class=\"c n x291 y18c7 w7f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,674,698<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4eb y18c7 w6d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,682,319<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4ec y18c7 w6d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,092,576<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4ed y18c7 w92 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,100,100<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y18c8 ff68 fs7 fc0 sc0 ls0 ws0\">Comprising of:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y18c9 w146 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013 Equity investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x50d y18c9 w6e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,628,510<span class=\"_ _25b\"> </span></div></td><td class=\"c n x50e y18c9 w6e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,636,131<span class=\"_ _25b\"> </span></div></td><td class=\"c n x50f y18c9 w6e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,056,545<span class=\"_ _25b\"> </span></div></td><td class=\"c n x510 y18c9 w6e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,064,069<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18ca w147 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013 Fixed income investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x2db y18ca w34 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x2c1 y18ca w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x511 y18ca w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td><td class=\"c n x512 y18ca w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18cb w148 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls3 ws18\">\u2013  <span class=\"_ _b\"></span>Derivative <span class=\"_ _6\"></span>financial instruments - written <span class=\"_ _6\"></span>option contracts<span class=\"_ _25b\"> </span></div></td><td class=\"c n x513 y18cb w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(359)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x514 y18cb w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(359)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x515 y18cb w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x516 y18cb w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1802 w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x517 y1802 w6d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,674,698<span class=\"_ _25b\"> </span></div></td><td class=\"c n x518 y1802 w6d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,682,319<span class=\"_ _25b\"> </span></div></td><td class=\"c n x519 y1802 w6d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,092,576<span class=\"_ _25b\"> </span></div></td><td class=\"c n x51a y1802 w6d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,100,100<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"t m0 h10 ff68 fsd fc0 sc0 ls0 ws0 gs150\">1</div><div class=\"t m0 h9 ff68 fs7 fc0 sc0 ls0 ws0 gs151\"> <span class=\"_ _c\"> </span>Relates to wholly owned subsidiary, BlackRock World Mining Investment Company Limited.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h10 ff68 fsd fc0 sc0 ls0 ws0 gs152\">2</div><div class=\"t m0 h9 ff68 fs7 fc0 sc0 ls0 ws0 gs153\"> <span class=\"_ _c\"> </span>Includes profit received in the subsidiary company of \u00a397,000 (2024: \u00a3117,000) included within income.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls1 ws12 gs154\">The Group <span class=\"_ _6\"></span>and Company received <span class=\"_ _6\"></span>\u00a3773,242,000 (2024: <span class=\"_ _6\"></span>\u00a3637,750,000) from investments <span class=\"_ _6\"></span>sold in the <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span>. The <span class=\"_ _6\"></span>book cost of <span class=\"_ _6\"></span>these<span class=\"_ _8\"></span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls1 ws12 gs155\">investments when <span class=\"_ _6\"></span>they were purchased <span class=\"_ _6\"></span>was \u00a3685,029,000 <span class=\"_ _6\"></span>(2024: \u00a3639,534,000). These <span class=\"_ _6\"></span>investments have been <span class=\"_ _6\"></span>revalued over time </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls1 ws12 gs156\">and until <span class=\"_ _6\"></span>they were sold <span class=\"_ _6\"></span>any unrealised <span class=\"_ _6\"></span>gains/losses were <span class=\"_ _6\"></span>included in the <span class=\"_ _6\"></span>fair value of <span class=\"_ _6\"></span>investments. Special <span class=\"_ _6\"></span>dividends amounting to </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls1 ws12 gs157\">\u00a3nil (2024: <span class=\"_ _6\"></span>\u00a3nil) have been <span class=\"_ _6\"></span>recognised in <span class=\"_ _6\"></span>capital during the <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls1 ws12 gs158\">During the <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span>, transaction <span class=\"_ _6\"></span>costs of \u00a31,142,000 <span class=\"_ _6\"></span>(2024: \u00a31,128,000) were <span class=\"_ _6\"></span>incurred on the <span class=\"_ _6\"></span>acquisition of <span class=\"_ _6\"></span>investments. Costs relating </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls1 ws12 gs159\">to the <span class=\"_ _6\"></span>disposal of investments <span class=\"_ _6\"></span>during the <span class=\"_ _6\"></span>year amounted to <span class=\"_ _6\"></span>\u00a3415,000 (2024: \u00a3255,000). <span class=\"_ _6\"></span>All transaction costs <span class=\"_ _6\"></span>have been <span class=\"_ _6\"></span>included<span class=\"_ _8\"></span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls1 ws12 gs15a\">within the <span class=\"_ _6\"></span>capital reserves.<span class=\"_ _25b\"> </span></div><div class=\"gs15b\"><table class=\"s w149 hcc\" id=\"_a3a7c5c0-bedc-403e-941a-c4d2f2c739a0\"><tr><td></td><td class=\"c n x39f y18cc w2a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x51b y18cc w14a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y18cd ff66 fs7 fc0 sc0 ls0 ws0\">Securities lending<span class=\"_ _25b\"> </span></td><td class=\"c n x35f y18ce w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x360 y18ce w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1836 w14b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Aggregate value of securities on loan at year end<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4af y1836 w3f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">103,730<span class=\"_ _25b\"> </span></div></td><td class=\"c n x51c y1836 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">76,551<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1837 w14c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Maximum aggregate value of securities on loan during the year<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4af y1837 w3f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">111,429<span class=\"_ _25b\"> </span></div></td><td class=\"c n x51d y1837 w65 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">155,680<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w14d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Fee income from stock lending during the year<span class=\"_ _25b\"> </span></div></td><td class=\"c n x51e y17bd wdb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">101<span class=\"_ _25b\"> </span></div></td><td class=\"c n x51f y17bd w9c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">120<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs15c\">In respect of securities on loan at the year end, securities of \u00a3112,883,000 (2024: \u00a383,029,000) were held as collateral, the </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs15d\">value of which exceeded the value of securities on loan by \u00a39,153,000 (2024: \u00a36,478,000).<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls15 ws19 gs15e\">In respect <span class=\"_ _6\"></span>of the maximum aggregate <span class=\"_ _6\"></span>value of securities on <span class=\"_ _6\"></span>loan during the <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span>, securities of \u00a3119,587,000 <span class=\"_ _6\"></span>(2024: \u00a3171,929,000) </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls15 ws19 gs15f\">were held <span class=\"_ _6\"></span>as collateral, the value <span class=\"_ _6\"></span>of which is more <span class=\"_ _6\"></span>than the value <span class=\"_ _6\"></span>of securities on loan <span class=\"_ _6\"></span>by \u00a38,158,000 (\u00a316,249,000).<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs160\">The value of securities on loan did not exceed the value of collateral held at any time during the year ended 31 December 2025 </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs161\">and 31 December 2024.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-334": {
   "value": "<div class=\"t m0 h14 ff69 fsf fc0 sc0 ls0 ws0 gs163\">11. Inv<span class=\"_ _6\"></span>estment in subsidiar<span class=\"_ _8\"></span>y<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs164\">At 31 December 2025, the Company had one wholly owned subsidiar<span class=\"_ _8\"></span>y which is registered and operating in England and Wales </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs165\">and has been included in the consolidated financial statements. BlackRock World Mining Investment Company Limited was </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs166\">incorporated on 11 November 1993. There are no non-controlling interests in the subsidiar<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs167\">The principal activity of the subsidiar<span class=\"_ _8\"></span>y company is investment dealing. The registered address of the subsidiary company is </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs168\">12<span class=\"_ gs149\"> </span>Throgmorton Avenue, London EC2N 2DL.<span class=\"_ _25b\"> </span></div><div class=\"gs169\"><table class=\"s w14e hcd\" id=\"_a9723802-6e16-400d-8673-23dbfaf19ced\"><tr><td></td><td></td><td class=\"t m0 x480 h9 y18cf ff66 fs7 fc0 sc0 ls0 ws0\">Issued share capital<span class=\"_ _25b\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 x3c7 h9 y18d0 ff66 fs7 fc0 sc0 ls0 ws0\">Description of shares<span class=\"_ _25b\"> </span></td><td class=\"c n x39f y18d1 w2a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4ac y18d1 w2a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w14f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">BlackRock World Mining Investment Company Limited<span class=\"_ _25b\"> </span></div></td><td class=\"c n x520 y17bd w150 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Ordinary shares of \u00a31<span class=\"_ _25b\"> </span></div></td><td class=\"c n x521 y17bd w151 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u00a3100<span class=\"_ _25b\"> </span></div></td><td class=\"c n x522 y17bd w152 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u00a3100<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs16a\">Under IASs, the investment in the subsidiar<span class=\"_ _8\"></span>y is fair valued in the separate financial statements of the Company which is </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs16b\">deemed to be the total equity of the Company and equates to \u00a37,621,000 (2024: \u00a37,524,000). The subsidiar<span class=\"_ _8\"></span>y has not paid </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs16c\">dividends to the parent company during the years ended 31 December 2025 or 31 December 2024.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-335": {
   "value": "<div class=\"t m0 h14 ff69 fsf fc0 sc0 ls0 ws0 gs16e\">12. Other receivables<span class=\"_ _25b\"> </span></div><div class=\"gsfa\"><table class=\"s w153 hce\" id=\"_b7f12e5c-fb53-4971-afd3-b6c885a02cb5\"><tr><td></td><td class=\"t m0 x523 h9 y18d2 ff66 fs7 fc0 sc0 ls0 ws0\">Group </td><td class=\"t m0 x524 h9 y18d2 ff66 fs7 fc0 sc0 ls0 ws0\">Company </td><td class=\"t m0 x4c7 h9 y18d2 ff66 fs7 fc0 sc0 ls0 ws0\">Group </td><td class=\"t m0 x525 h9 y18d2 ff66 fs7 fc0 sc0 ls0 ws0\">Company </td></tr><tr><td></td><td class=\"t m0 x526 h9 y18d3 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></td><td class=\"t m0 x527 h9 y18d3 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></td><td class=\"t m0 x4bf h9 y18d3 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td><td class=\"t m0 x377 h9 y18d3 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td></tr><tr><td></td><td class=\"c n x3c5 y18d4 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4cb y18d4 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4cc y18d4 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4cd y18d4 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18d5 w154 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Amounts due from brokers<span class=\"_ _25b\"> </span></div></td><td class=\"c n x528 y18d5 wee hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">179<span class=\"_ _25b\"> </span></div></td><td class=\"c n x529 y18d5 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">179<span class=\"_ _25b\"> </span></div></td><td class=\"c n x391 y18d5 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x52a y18d5 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1837 w155 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Prepayments and accrued income<span class=\"_ _25b\"> </span></div></td><td class=\"c n x52b y1837 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">8,913<span class=\"_ _25b\"> </span></div></td><td class=\"c n x52c y1837 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">8,913<span class=\"_ _25b\"> </span></div></td><td class=\"c n x52d y1837 w77 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,861<span class=\"_ _25b\"> </span></div></td><td class=\"c n x52e y1837 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,861<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x52f y17bd w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">9,092<span class=\"_ _25b\"> </span></div></td><td class=\"c n x530 y17bd w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">9,092<span class=\"_ _25b\"> </span></div></td><td class=\"c n x531 y17bd wb4 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2,861<span class=\"_ _25b\"> </span></div></td><td class=\"c n x532 y17bd w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2,861</div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-356": {
   "value": "12. Other receivables<span class=\"_ _25b\"> </span><table class=\"s w153 hce\" id=\"_b7f12e5c-fb53-4971-afd3-b6c885a02cb5\"><tr><td></td><td class=\"t m0 x523 h9 y18d2 ff66 fs7 fc0 sc0 ls0 ws0\">Group </td><td class=\"t m0 x524 h9 y18d2 ff66 fs7 fc0 sc0 ls0 ws0\">Company </td><td class=\"t m0 x4c7 h9 y18d2 ff66 fs7 fc0 sc0 ls0 ws0\">Group </td><td class=\"t m0 x525 h9 y18d2 ff66 fs7 fc0 sc0 ls0 ws0\">Company </td></tr><tr><td></td><td class=\"t m0 x526 h9 y18d3 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></td><td class=\"t m0 x527 h9 y18d3 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></td><td class=\"t m0 x4bf h9 y18d3 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td><td class=\"t m0 x377 h9 y18d3 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td></tr><tr><td></td><td class=\"c n x3c5 y18d4 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4cb y18d4 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4cc y18d4 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4cd y18d4 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18d5 w154 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Amounts due from brokers<span class=\"_ _25b\"> </span></div></td><td class=\"c n x528 y18d5 wee hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">179<span class=\"_ _25b\"> </span></div></td><td class=\"c n x529 y18d5 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">179<span class=\"_ _25b\"> </span></div></td><td class=\"c n x391 y18d5 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x52a y18d5 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1837 w155 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Prepayments and accrued income<span class=\"_ _25b\"> </span></div></td><td class=\"c n x52b y1837 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">8,913<span class=\"_ _25b\"> </span></div></td><td class=\"c n x52c y1837 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">8,913<span class=\"_ _25b\"> </span></div></td><td class=\"c n x52d y1837 w77 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,861<span class=\"_ _25b\"> </span></div></td><td class=\"c n x52e y1837 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,861<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x52f y17bd w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">9,092<span class=\"_ _25b\"> </span></div></td><td class=\"c n x530 y17bd w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">9,092<span class=\"_ _25b\"> </span></div></td><td class=\"c n x531 y17bd wb4 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2,861<span class=\"_ _25b\"> </span></div></td><td class=\"c n x532 y17bd w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2,861</div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-336": {
   "value": "<div class=\"t m0 h14 ff69 fsf fc0 sc0 ls0 ws0 gs170\">13. Other payables<span class=\"_ _25b\"> </span></div><div class=\"gsfa\"><table class=\"s w153 hcf\" id=\"_b9c6c3c2-9972-4c3a-b2ad-7857acaaa243\"><tr><td></td><td class=\"t m0 x523 h9 y18d6 ff66 fs7 fc0 sc0 ls0 ws0\">Group </td><td class=\"t m0 x524 h9 y18d6 ff66 fs7 fc0 sc0 ls0 ws0\">Company </td><td class=\"t m0 x4c7 h9 y18d6 ff66 fs7 fc0 sc0 ls0 ws0\">Group </td><td class=\"t m0 x525 h9 y18d6 ff66 fs7 fc0 sc0 ls0 ws0\">Company </td></tr><tr><td></td><td class=\"t m0 x526 h9 y18d7 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></td><td class=\"t m0 x527 h9 y18d7 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></td><td class=\"t m0 x4bf h9 y18d7 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td><td class=\"t m0 x377 h9 y18d7 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td></tr><tr><td></td><td class=\"c n x3c5 y18d8 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4cb y18d8 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4cc y18d8 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4cd y18d8 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18d9 w156 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Amounts due to brokers<span class=\"_ _25b\"> </span></div></td><td class=\"c n x533 y18d9 wed hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">67<span class=\"_ _25b\"> </span></div></td><td class=\"c n x534 y18d9 wd0 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">67<span class=\"_ _25b\"> </span></div></td><td class=\"c n x535 y18d9 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x536 y18d9 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18d5 w157 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Accruals for expenses and interest payable<span class=\"_ _25b\"> </span></div></td><td class=\"c n x537 y18d5 w63 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">7,464<span class=\"_ _25b\"> </span></div></td><td class=\"c n x538 y18d5 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">7,464<span class=\"_ _25b\"> </span></div></td><td class=\"c n x539 y18d5 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,270<span class=\"_ _25b\"> </span></div></td><td class=\"c n x53a y18d5 w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,270<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17da w158 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Amounts due to subsidiary<span class=\"_ _25b\"> </span></div></td><td class=\"c n x53b y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x53c y17da w77 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,015<span class=\"_ _25b\"> </span></div></td><td class=\"c n x53d y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x53e y17da w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,015<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x53f y17bd w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">7,531<span class=\"_ _25b\"> </span></div></td><td class=\"c n x540 y17bd w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">8,546<span class=\"_ _25b\"> </span></div></td><td class=\"c n x541 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">10,270<span class=\"_ _25b\"> </span></div></td><td class=\"c n x542 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">11,285</div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-355": {
   "value": "13. Other payables<span class=\"_ _25b\"> </span><table class=\"s w153 hcf\" id=\"_b9c6c3c2-9972-4c3a-b2ad-7857acaaa243\"><tr><td></td><td class=\"t m0 x523 h9 y18d6 ff66 fs7 fc0 sc0 ls0 ws0\">Group </td><td class=\"t m0 x524 h9 y18d6 ff66 fs7 fc0 sc0 ls0 ws0\">Company </td><td class=\"t m0 x4c7 h9 y18d6 ff66 fs7 fc0 sc0 ls0 ws0\">Group </td><td class=\"t m0 x525 h9 y18d6 ff66 fs7 fc0 sc0 ls0 ws0\">Company </td></tr><tr><td></td><td class=\"t m0 x526 h9 y18d7 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></td><td class=\"t m0 x527 h9 y18d7 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></td><td class=\"t m0 x4bf h9 y18d7 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td><td class=\"t m0 x377 h9 y18d7 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td></tr><tr><td></td><td class=\"c n x3c5 y18d8 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4cb y18d8 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4cc y18d8 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4cd y18d8 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18d9 w156 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Amounts due to brokers<span class=\"_ _25b\"> </span></div></td><td class=\"c n x533 y18d9 wed hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">67<span class=\"_ _25b\"> </span></div></td><td class=\"c n x534 y18d9 wd0 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">67<span class=\"_ _25b\"> </span></div></td><td class=\"c n x535 y18d9 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x536 y18d9 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18d5 w157 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Accruals for expenses and interest payable<span class=\"_ _25b\"> </span></div></td><td class=\"c n x537 y18d5 w63 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">7,464<span class=\"_ _25b\"> </span></div></td><td class=\"c n x538 y18d5 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">7,464<span class=\"_ _25b\"> </span></div></td><td class=\"c n x539 y18d5 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,270<span class=\"_ _25b\"> </span></div></td><td class=\"c n x53a y18d5 w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,270<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17da w158 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Amounts due to subsidiary<span class=\"_ _25b\"> </span></div></td><td class=\"c n x53b y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x53c y17da w77 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,015<span class=\"_ _25b\"> </span></div></td><td class=\"c n x53d y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x53e y17da w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,015<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x53f y17bd w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">7,531<span class=\"_ _25b\"> </span></div></td><td class=\"c n x540 y17bd w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">8,546<span class=\"_ _25b\"> </span></div></td><td class=\"c n x541 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">10,270<span class=\"_ _25b\"> </span></div></td><td class=\"c n x542 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">11,285</div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-337": {
   "value": "<div class=\"t m0 h14 ff69 fsf fc0 sc0 ls0 ws0 gs172\">14. Interest bearing loans and borrowings<span class=\"_ _25b\"> </span></div><div class=\"gsfa\"><table class=\"s w159 hd0\" id=\"_4cb168f7-9b3a-499a-8e24-ed8533249ede\"><tr><td></td><td class=\"t m0 x4c5 h9 y18da ff66 fs7 fc0 sc0 ls0 ws0\">Group<span class=\"_ _25b\"> </span></td><td class=\"t m0 x4c6 h9 y18da ff66 fs7 fc0 sc0 ls0 ws0\">Company <span class=\"_ _b\"></span> </td><td class=\"t m0 x4c7 h9 y18da ff66 fs7 fc0 sc0 ls0 ws0\">Group<span class=\"_ _25b\"> </span></td><td class=\"t m0 x481 h9 y18da ff66 fs7 fc0 sc0 ls0 ws0\">Company <span class=\"_ _b\"></span> </td></tr><tr><td></td><td class=\"t m0 x526 h9 y18db ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></td><td class=\"t m0 x527 h9 y18db ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></td><td class=\"t m0 x4bf h9 y18db ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td><td class=\"t m0 x4ca h9 y18db ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td></tr><tr><td></td><td class=\"c n x3c5 y18dc w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4cb y18dc w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4cc y18dc w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4cd y18dc w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y18dd ff66 fs7 fc0 sc0 ls3 ws0\">Debt arising from financing activities at beginning of year<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y18de w15a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">Bank loan<span class=\"_ _25b\"> </span></div></td><td class=\"c n x543 y18de w3f hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">135,739<span class=\"_ _25b\"> </span></div></td><td class=\"c n x544 y18de w3f hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">135,739<span class=\"_ _25b\"> </span></div></td><td class=\"c n x545 y18de w3f hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">149,828<span class=\"_ _25b\"> </span></div></td><td class=\"c n x546 y18de w65 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">149,828<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x1b1 y18df w15b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank loan interest payable</div><div class=\"t m0 x547 h10 y1807 ff68 fsd fc0 sc0 ls0 ws0\">1<span class=\"_ _25b\"> </span></div></td><td class=\"c n x548 y18e0 wee hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">433<span class=\"_ _25b\"> </span></div></td><td class=\"c n x549 y18e0 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">433<span class=\"_ _25b\"> </span></div></td><td class=\"c n x54a y18e0 wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">238<span class=\"_ _25b\"> </span></div></td><td class=\"c n x54b y18e0 wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">238<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18e1 w15c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash at bank - bank overdraft<span class=\"_ _25b\"> </span></div></td><td class=\"c n x54c y18e1 w15d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">4<span class=\"_ _25b\"> </span></div></td><td class=\"c n x54d y18e1 w15e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">4<span class=\"_ _25b\"> </span></div></td><td class=\"c n x54e y18e1 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x54f y18e1 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18e2 w44 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x550 y18e2 w45 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">136,176<span class=\"_ _25b\"> </span></div></td><td class=\"c n x551 y18e2 w46 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">136,176<span class=\"_ _25b\"> </span></div></td><td class=\"c n x552 y18e2 w46 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">150,066<span class=\"_ _25b\"> </span></div></td><td class=\"c n x553 y18e2 w46 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">150,066<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y18e3 ff66 fs7 fc0 sc0 ls0 ws0\">Cash flows:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y18e4 w15f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Net repayment of loan<span class=\"_ _25b\"> </span></div></td><td class=\"c n x554 y18e4 w4c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(25,362)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x555 y18e4 w4c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(25,362)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x556 y18e4 w68 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(14,599)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x557 y18e4 w68 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(14,599)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x1b1 y18e5 w160 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank loan interest paid</div><div class=\"t m0 x558 h10 y17cb ff68 fsd fc0 sc0 ls0 ws0\">1<span class=\"_ _25b\"> </span></div></td><td class=\"c n x2ec y18e6 w4a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(6,058)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x559 y18e6 w4f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(6,058)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x55a y18e6 w4f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(8,582)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x55b y18e6 w4b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(8,582)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x1b1 y18e7 w161 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank overdraft interest paid</div><div class=\"t m0 x55c h10 y1807 ff68 fsd fc0 sc0 ls0 ws0\">1<span class=\"_ _25b\"> </span></div></td><td class=\"c n x370 y18e8 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(191)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x55d y18e8 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(191)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x55e y18e8 w50 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(65)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x55f y18e8 w50 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(65)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18e9 w162 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Movement in overdraft<span class=\"_ _25b\"> </span></div></td><td class=\"c n x560 y18e9 wed hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">53<span class=\"_ _25b\"> </span></div></td><td class=\"c n x561 y18e9 wd0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">53<span class=\"_ _25b\"> </span></div></td><td class=\"c n x562 y18e9 we5 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">4<span class=\"_ _25b\"> </span></div></td><td class=\"c n x563 y18e9 w15e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">4<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y18ea ff66 fs7 fc0 sc0 ls0 ws0\">Non cash flows:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y18eb w163 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Effects of foreign exchange (gains)/losses<span class=\"_ _25b\"> </span></div></td><td class=\"c n x564 y18eb w4c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(13,726)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x565 y18eb w4c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(13,726)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x566 y18eb wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">510<span class=\"_ _25b\"> </span></div></td><td class=\"c n x567 y18eb wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">510<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x1b1 y18ec w164 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Finance costs expense</div><div class=\"t m0 x568 h10 y1807 ff68 fsd fc0 sc0 ls0 ws0\">1<span class=\"_ _25b\"> </span></div></td><td class=\"c n x569 y1833 w63 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">6,098<span class=\"_ _25b\"> </span></div></td><td class=\"c n x56a y1833 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">6,098<span class=\"_ _25b\"> </span></div></td><td class=\"c n x56b y1833 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">8,842<span class=\"_ _25b\"> </span></div></td><td class=\"c n x56c y1833 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">8,842<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y18ed ff66 fs7 fc0 sc0 ls0 ws0\">Debt arising from financing activities at end of year<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y1835 w15a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank loan<span class=\"_ _25b\"> </span></div></td><td class=\"c n x56d y1835 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">96,651<span class=\"_ _25b\"> </span></div></td><td class=\"c n x56e y1835 w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">96,651<span class=\"_ _25b\"> </span></div></td><td class=\"c n x56f y1835 w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">135,739<span class=\"_ _25b\"> </span></div></td><td class=\"c n x570 y1835 w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">135,739<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x1b1 y17d7 w15b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank loan interest payable</div><div class=\"t m0 x547 h10 y17cb ff68 fsd fc0 sc0 ls0 ws0\">1<span class=\"_ _25b\"> </span></div></td><td class=\"c n x548 y1836 wee hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">282<span class=\"_ _25b\"> </span></div></td><td class=\"c n x549 y1836 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">282<span class=\"_ _25b\"> </span></div></td><td class=\"c n x54a y1836 wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">433<span class=\"_ _25b\"> </span></div></td><td class=\"c n x54b y1836 wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">433<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17da w15c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash at bank - bank overdraft<span class=\"_ _25b\"> </span></div></td><td class=\"c n x571 y17da wed hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">57<span class=\"_ _25b\"> </span></div></td><td class=\"c n x572 y17da wd0 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">57<span class=\"_ _25b\"> </span></div></td><td class=\"c n x573 y17da w15e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">4<span class=\"_ _25b\"> </span></div></td><td class=\"c n x54f y17da we5 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">4<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x574 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">96,990<span class=\"_ _25b\"> </span></div></td><td class=\"c n x575 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">96,990<span class=\"_ _25b\"> </span></div></td><td class=\"c n x576 y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">136,176<span class=\"_ _25b\"> </span></div></td><td class=\"c n x577 y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">136,176<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"t m0 h10 ff68 fsd fc0 sc0 ls0 ws0 gs173\">1</div><div class=\"t m0 h9 ff68 fs7 fc0 sc0 ls0 ws0 gs174\"> <span class=\"_ _c\"> </span> <span class=\"_ _b\"></span>Movement on interest and finance costs expense and payments on borrowings have now been included in the reconciliation above </div><div class=\"t m0 h9 ff68 fs7 fc0 sc0 ls0 ws0 gs175\">to reflect movements in financing activities.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs176\">The Group has an overdraft facilit<span class=\"_ _8\"></span>y of \u00a330 million (2024: \u00a330 million) and a multi-currency loan facility of \u00a3200 million (2024: </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs177\">\u00a3200 million) which are updated and renewed on an annual basis. Under the multi-currency loan facility, the individual loan </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs178\">drawdowns are taken with a three month maturity period. At 31 December 2025, the Group had a US Dollar loan outstanding </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs179\">of US$130,000,000 which matures on 11 June 2026 (2024: US Dollar loan for US$170,000,000 which matured on 12 March </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs17a\">2025). The loans are provided by The Bank of New Y<span class=\"_ _9\"></span>ork Mellon (International) Limited. The interest rate on bank loans is </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs17b\">approximately 5.39% per annum for US Dollar balances (2024: 6.16% per annum for US Dollar balances). The Company </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs17c\">generated a total foreign currency gain of \u00a313,299,000 (2024: loss of \u00a3672,000) which included a gain on the translation of US </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs17d\">Dollar denominated loans of \u00a313,726,000 (2024: loss of \u00a3510,000).<span class=\"_ _25b\"> </span></div><div class=\"t m0 h14 ff69 fsf fc0 sc0 ls0 ws0 gs19e\">17. Risk management policies and procedures<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs19f\">The Group\u2019<span class=\"_ _6\"></span>s investment activities expose it to various types of risks which are associated with the financial instruments </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1a0\">and markets in which it invests. The following information is not intended to be a comprehensive summar<span class=\"_ _8\"></span>y of all risks and </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1a1\">shareholders should refer to the Alternative Investment Fund Managers\u2019 Directive FUND 3.2.2R Disclosures which can be </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1a2\">found at <span class=\"fc2\">w<span class=\"_ _8\"></span>ww.blackrock.com/<span class=\"_ _9\"></span>uk<span class=\"_ _8\"></span>/brwm<span class=\"fc0\"> for a more detailed discussion of the risks inherent in investing in the Group.<span class=\"_ _25b\"> </span></span></span></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs1a3\">Risk management framework<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1a4\">The following information refers to the risk management framework of the Alternative Investment Fund Manager (AIFM). </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1a5\">However<span class=\"_ _6\"></span>, as disclosed in the Corporate Governance Statement on pages 72 and 73 and in the Statement of Directors\u2019 </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1a6\">Responsibilities on pages 80 and 81, it is the ultimate responsibility of the Board to ensure that the Group\u2019<span class=\"_ _6\"></span>s risks are </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1a7\">appropriately monitored, and to the extent that elements of this are delegated to third-part<span class=\"_ _8\"></span>y ser<span class=\"_ _8\"></span>vice providers, the Board is </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1a8\">responsible for ensuring that the relevant parties are discharging their duties in accordance with the terms of the relevant </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1a9\">agreements and taking appropriate action to the extent issues are identified.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1aa\">The Directors of the AIFM review quarterly investment per<span class=\"_ _8\"></span>formance repor<span class=\"_ _8\"></span>ts and receive semi-annual presentations in </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1ab\">person from the Investment Manager covering the Group\u2019<span class=\"_ _6\"></span>s performance and risk profile during the year<span class=\"_ _6\"></span>. The AIFM has </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1ac\">delegated the day-to-day administration of the investment programme to the Investment Manager<span class=\"_ _6\"></span>. The Investment </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1ad\">Manager is also responsible for ensuring that the Group is managed within the terms of its investment guidelines and </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1ae\">limits set out in the Alternative Investment Fund Managers\u2019 Directive FUND 3.2.2R Disclosures which can be found at </div><div class=\"t m0 h5 ff68 fs3 fc2 sc0 ls0 ws0 gs1af\">w<span class=\"_ _8\"></span>ww.blackrock.com/<span class=\"_ _9\"></span>uk<span class=\"_ _8\"></span>/brwm<span class=\"fc0\">.<span class=\"_ _25b\"> </span></span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1b0\">The AIFM is responsible for monitoring investment per<span class=\"_ _8\"></span>formance, product risk monitoring and oversight and has the </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1b1\">responsibility for the monitoring and oversight of regulator<span class=\"_ _8\"></span>y and operational risk for the Group. The Directors of the AIFM </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1b2\">have appointed a Risk Manager who has responsibility for the daily risk management process with assistance from key risk </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1b3\">management personnel of the Investment Manager<span class=\"_ _6\"></span>, including members of the Risk and Quantitative Analysis Group (RQA) </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1b4\">which is a centralised group which per<span class=\"_ _8\"></span>forms an independent risk management function. RQA independently identifies, </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1b5\">measures and monitors investment risk, including climate related risk, and tracks the actual risk management practices </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1b6\">being deployed across the Group. By breaking down the components of the proces<span class=\"_ _6\"></span>s, RQA has the abilit<span class=\"_ _8\"></span>y to determine if the </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1b7\">appropriate risk management processes are in place. This captures the risk management tools employed, how the levels of risk </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1b8\">are controlled, ensuring risk<span class=\"_ _8\"></span>/<span class=\"_ _9\"></span>return is considered in por<span class=\"_ _8\"></span>tfolio construction and reviewing outcomes.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1b9\">The AIFM reports to the Audit and Risk Committee t<span class=\"_ _8\"></span>wice yearly on key risk metrics and risk management processes; in </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1ba\">addition, the Depositar<span class=\"_ _8\"></span>y monitors the performance of the AIFM and repor<span class=\"_ _8\"></span>ts to the Audit and Risk Committee semi-annually<span class=\"_ _6\"></span>. </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1bb\">Any significant issues are reported to the Board as they arise.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs1bc\">Risk Exposures<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1bd\">The risk exposures of the Group and Company are set out as follows:<span class=\"_ _25b\"> </span></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs1be\">(a) Mark<span class=\"_ _6\"></span>et risk<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1bf\">Market risk arises mainly from uncertaint<span class=\"_ _8\"></span>y about future values of financial instruments influenced by other price, currency and </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1c0\">interest rate movements. It represents the potential loss the Group may suffer through holding market positions in financial </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1c1\">instruments in the face of market movements.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1c2\">A key metric the RQA Group uses to measure market risk is Value-at-Risk (VaR<span class=\"_ _8\"></span>) which encompasses price, currency and </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1c3\">interest rate risk. VaR is a statistical risk measure that estimates the potential portfolio loss from adverse market moves in </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1c4\">an ordinar<span class=\"_ _8\"></span>y market environment. VaR analysis reflects the interdependencies between risk variables, unlike a traditional </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1c5\">sensitivity analysis.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1c6\">The VaR calculations are based on a confidence level of 99%, with a holding period of not greater than one day and a historical </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1c7\">obser<span class=\"_ _8\"></span>vation period of not les<span class=\"_ _6\"></span>s than one year (250 days). A VaR number is defined at a specified probabilit<span class=\"_ _8\"></span>y and a specified </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1c8\">time horizon. A 99% one day VaR means that the expectation is that 99% of the time over a one-day period the Company will </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1c9\">lose less than this number in percentage terms. Therefore, higher VaR numbers indicate higher risk. It is noted that the use </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1ca\">of VaR methodology has limitations, namely assumptions that risk factor returns are normally distributed and that the use of </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1cb\">historical market data as a basis for estimating future events does not encompass all pos<span class=\"_ _6\"></span>sible scenarios, par<span class=\"_ _8\"></span>ticularly those </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1cc\">that are of an extreme nature and that the use of a specified confidence level (e.g. 99%) does not take into account losses </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1cd\">that occur beyond this level. There is some probability that the loss could be greater than the VaR percentage amounts. These </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1ce\">limitations, and the nature of the VaR measure, mean that the Company can neither guarantee that losses will not exceed the </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1cf\">VaR amounts indicated, nor that losses in exces<span class=\"_ _6\"></span>s of the VaR amounts will not occur more frequently.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1d1\">The one-day VaR for the Group and Company as of 31 December 2025 and 31 December 2024 (based on a 99% confidence </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1d2\">level) was 3.25% and 2.98% respectively<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs1d3\">(i) Mark<span class=\"_ _6\"></span>et risk arising from other price risk<span class=\"_ _25b\"> </span></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs1d4\">Exposure to other price risk<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1d5\">Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1d6\">market prices (other than those arising from interest rate risk or currency risk<span class=\"_ _8\"></span>), whether those changes are caused by factors </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1d7\">specific to the individual financial instrument or its issuer<span class=\"_ _9\"></span>, or factors affecting similar financial instruments traded in the </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1d8\">market. Local, regional or global events such as war<span class=\"_ _6\"></span>, acts of terrorism, the spread of infectious illness or other public health </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1d9\">issues, reces<span class=\"_ _6\"></span>sions, climate change, or other events could have a significant impact on the Group and the market price of its </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1da\">investments and could result in increased premiums or discounts to the Group\u2019<span class=\"_ _6\"></span>s net asset value.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1db\">The Group is exposed to market price risk arising from its equity investments, fixed income investments and written options. </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1dc\">The movements in the prices of these investments result in movements in the per<span class=\"_ _8\"></span>formance of the Group. Other price risk </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1dd\">sensitivity has been covered by the VaR analysis under the market risk section above.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1de\">The Group\u2019<span class=\"_ _6\"></span>s exposure to other changes in market prices at 31 December 2025 on its equity and fixed interest investments </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1df\">was \u00a31,675,057,000 (2024: \u00a31,093,198,000). In addition, the Group\u2019<span class=\"_ _6\"></span>s gross notional market exposure to these price </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1e0\">changes through its option portfolio on the t<span class=\"_ _8\"></span>wo put options written (2024: one put and two call options) that were open was </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1e1\">\u00a3118,195,000 (2024: \u00a351,436,000).<span class=\"_ _25b\"> </span></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs1e2\">Management of other price risk<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1e3\">By diversifying the por<span class=\"_ _8\"></span>tfolio, where this is appropriate and consistent with the Group\u2019<span class=\"_ _6\"></span>s objectives, the risk that a price change </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1e4\">of a particular investment will have a material impact on the NAV of the Group is minimised which is in line with the investment </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1e5\">objectives of the Group.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs1e6\">Use of derivativ<span class=\"_ _6\"></span>es<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1e7\">The Group may utilise both exchange traded and over-the-counter (OTC) option contracts as part of its investment policy. </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1e8\">Options written by the Group provide the purchaser with the opportunit<span class=\"_ _8\"></span>y to purchase from or sell the Group the underlying </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1e9\">asset at an agreed-upon value either on or before the expiration of the option. Options are generally settled on a net basis.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1ea\">During the year ended 31 December 2025 and 2024 the Group wrote covered call and put option contracts to generate </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1eb\">revenue income for the Group. As the call and put options are covered by dedicated cash resources and no call and put option </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1ec\">contracts were written to manage price risk, there is no impact on the Group\u2019<span class=\"_ _6\"></span>s exposure to gearing or leverage as a result of </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1ed\">writing covered call and put options. </div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs1ee\">Management of OTC financial derivative instruments<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1ef\">Economic exposure through option writing is restricted such that no more than 10% of the Group\u2019<span class=\"_ _6\"></span>s portfolio shall be under </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1f0\">option at any given time. Exposures are monitored daily by the Investment Manager and its independent risk management </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1f1\">team. The Board also reviews the exposures regularly<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1f2\">The option positions are diversified across sectors and geographies comprising two positions as at 31 December 2025 (2024: </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1f3\">three).<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1f4\">The economic exposures to options can be closed out at any time by the Group with immediate effect. Details of securities and </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1f5\">exposures to market risk and credit risk implicit within the options portfolio are given above and on pages 29 to 31.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs1f6\">Concentration of exposure to mark<span class=\"_ _6\"></span>et price risks<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1f7\">An analysis of the Group\u2019<span class=\"_ _6\"></span>s investment portfolio is shown on pages 29 to 31. At 31 December 2025 this shows that the por<span class=\"_ _8\"></span>tfolio </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1f8\">had significant levels of investments in the United States, Canada and Latin America. Accordingly<span class=\"_ _6\"></span>, there is a concentration </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1f9\">of exposure to those regions, though it is recognised that an investment\u2019<span class=\"_ _6\"></span>s countr<span class=\"_ _8\"></span>y of domicile or listing does not necessarily </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1fa\">equate its exposure to the economic conditions in that countr<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs1fb\">(ii) Mark<span class=\"_ _6\"></span>et risk arising from foreign currency risk<span class=\"_ _25b\"> </span></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs1fc\">Exposure to foreign currency risk<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1fd\">Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1fe\">changes in foreign exchange rates. Foreign currency sensitivity risk has been covered by the VaR analysis under the market </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs1ff\">risk section.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs201\">The fair values of the Group\u2019<span class=\"_ _6\"></span>s and Company\u2019s monetary items which have foreign currency exposure at 31 December 2025<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs202\">and 31 December 2024 are shown below<span class=\"_ _6\"></span>. Where the equit<span class=\"_ _8\"></span>y investments which are not monetary items are denominated in a<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs203\">foreign currency<span class=\"_ _6\"></span>, they have been included separately in the analysis so as to show the overall level of exposure.<span class=\"_ _25b\"> </span></div><div class=\"gs204\"><table class=\"s w16d hd5\" id=\"_ff333fff-e0e8-43c8-b556-015c58e5e9cc\"><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x480 h9 y1924 ff66 fs7 fc0 sc0 ls0 ws0\">South </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x5f2 h9 y1925 ff66 fs7 fc0 sc0 ls0 ws0\">US </td><td class=\"t m0 x5f3 h9 y1925 ff66 fs7 fc0 sc0 ls0 ws0\">Canadian<span class=\"_ _25b\"> </span></td><td class=\"t m0 x374 h9 y1925 ff66 fs7 fc0 sc0 ls0 ws0\">Australian </td><td class=\"t m0 x5f4 h9 y1925 ff66 fs7 fc0 sc0 ls0 ws0\">African </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x57d h9 y1926 ff66 fs7 fc0 sc0 ls0 ws0\">Dollar</td><td class=\"t m0 x57b h9 y1926 ff66 fs7 fc0 sc0 ls0 ws0\"> Dollar<span class=\"_ _25b\"> </span></td><td class=\"t m0 x5f5 h9 y1926 ff66 fs7 fc0 sc0 ls0 ws0\">Dollar<span class=\"_ _25b\"> </span></td><td class=\"c n x5f6 y1927 w16e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Rand<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5f7 y1927 w16f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Others<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5f8 y1927 w30 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1928 w2a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5f9 y1928 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5fa y1928 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5fb y1928 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5fc y1928 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5fd y1928 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5fe y1928 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x1b1 y182f w170 hb5\"><div class=\"t m0 x1a0 h9 y17b7 ff68 fs7 fc0 sc0 ls0 ws0\">Receivables (tax recoverable, due from brokers, dividends and<span class=\"_ _25b\"> </span></div><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">other income receivable)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ff y182f w63 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">7,443<span class=\"_ _25b\"> </span></div></td><td class=\"c n x600 y182f wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">450<span class=\"_ _25b\"> </span></div></td><td class=\"c n x601 y182f w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x602 y182f w15e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">6<span class=\"_ _25b\"> </span></div></td><td class=\"c n x603 y182f w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,558<span class=\"_ _25b\"> </span></div></td><td class=\"c n x604 y182f w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">9,457<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1929 w79 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash collateral held with brokers<span class=\"_ _25b\"> </span></div></td><td class=\"c n x605 y1929 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,115<span class=\"_ _25b\"> </span></div></td><td class=\"c n x606 y1929 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x607 y1929 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x608 y1929 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x609 y1929 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x60a y1929 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,115<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y192a w171 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 cash at bank<span class=\"_ _25b\"> </span></div></td><td class=\"c n x60b y192a wee hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">354<span class=\"_ _25b\"> </span></div></td><td class=\"c n x60c y192a w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x60d y192a w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x60e y192a w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x60f y192a w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x610 y192a wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">354<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y192b w83 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank loans<span class=\"_ _25b\"> </span></div></td><td class=\"c n x611 y192b w84 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(96,651)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x612 y192b w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x613 y192b w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x614 y192b w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x615 y192b w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x616 y192b w4c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(96,651)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y192c w172 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 bank overdraft<span class=\"_ _25b\"> </span></div></td><td class=\"c n x617 y192c w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x618 y192c w50 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(57)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x619 y192c w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x61a y192c w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x61b y192c w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x61c y192c w50 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(57)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y192d w173 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Payables (due to brokers and other payables)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x61d y192d w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(282)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x61e y192d w50 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(67)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x61f y192d w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x620 y192d w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x621 y192d w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x622 y192d w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(349)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y192e w174 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal foreign currency exposure on net monetary items<span class=\"_ _25b\"> </span></div></td><td class=\"c n x623 y192e w53 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(85,021)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x624 y192e wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">326<span class=\"_ _25b\"> </span></div></td><td class=\"c n x625 y192e w175 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x626 y192e we5 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">6<span class=\"_ _25b\"> </span></div></td><td class=\"c n x627 y192e w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,558<span class=\"_ _25b\"> </span></div></td><td class=\"c n x628 y192e w53 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(83,131)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1836 w176 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Investments at fair value through profit or loss<span class=\"_ _25b\"> </span></div></td><td class=\"c n x629 y1836 w64 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">679,191<span class=\"_ _25b\"> </span></div></td><td class=\"c n x62a y1836 w64 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">462,204<span class=\"_ _25b\"> </span></div></td><td class=\"c n x62b y1836 w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">179,834<span class=\"_ _25b\"> </span></div></td><td class=\"c n x62c y1836 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">52,835<span class=\"_ _25b\"> </span></div></td><td class=\"c n x62d y1836 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">85,923<span class=\"_ _25b\"> </span></div></td><td class=\"c n x62e y1836 w13c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,459,987<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17da w177 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Derivative financial liabilities at fair value through profit or loss<span class=\"_ _25b\"> </span></div></td><td class=\"c n x62f y17da w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(349)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x630 y17da w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x631 y17da w50 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(10)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x632 y17da w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x633 y17da w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x634 y17da w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(359)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w178 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal net foreign currency exposure<span class=\"_ _25b\"> </span></div></td><td class=\"c n x635 y17bd w45 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">593,821<span class=\"_ _25b\"> </span></div></td><td class=\"c n x636 y17bd w46 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">462,530<span class=\"_ _25b\"> </span></div></td><td class=\"c n x637 y17bd w55 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">179,824<span class=\"_ _25b\"> </span></div></td><td class=\"c n x638 y17bd w3c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">52,841<span class=\"_ _25b\"> </span></div></td><td class=\"c n x639 y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">87,481<span class=\"_ _25b\"> </span></div></td><td class=\"c n x63a y17bd w6c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,376,497<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"gs205\"><table class=\"s w179 hd6\" id=\"_26670b53-cea2-4879-9ec6-0a342f6878f2\"><tr><td></td><td class=\"t m0 x63b h9 y192f ff66 fs7 fc0 sc0 ls0 ws0\">Canadian<span class=\"_ _25b\"> </span></td><td class=\"t m0 x63c h9 y192f ff66 fs7 fc0 sc0 ls0 ws0\">US </td><td class=\"t m0 x374 h9 y192f ff66 fs7 fc0 sc0 ls0 ws0\">Australian </td><td class=\"t m0 x37b h9 y192f ff66 fs7 fc0 sc0 ls0 ws0\">Brazilian </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x63d h9 y1930 ff66 fs7 fc0 sc0 ls0 ws0\"> Dollar<span class=\"_ _25b\"> </span></td><td class=\"t m0 x63e h9 y1930 ff66 fs7 fc0 sc0 ls0 ws0\">Dollar<span class=\"_ _25b\"> </span></td><td class=\"t m0 x5f5 h9 y1930 ff66 fs7 fc0 sc0 ls0 ws0\">Dollar<span class=\"_ _25b\"> </span></td><td class=\"c n x63f y1931 w17a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Real<span class=\"_ _25b\"> </span></div></td><td class=\"c n x640 y1931 w16f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Others<span class=\"_ _25b\"> </span></div></td><td class=\"c n x641 y1931 w30 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1932 w2a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5f9 y1932 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5fa y1932 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5fb y1932 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5fc y1932 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5fd y1932 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5fe y1932 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1933 ff68 fs7 fc0 sc0 ls0 ws0\">Receivables (due from brokers, dividends and other income </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y1934 w17b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">receivable)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x642 y1934 wdb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">785<span class=\"_ _25b\"> </span></div></td><td class=\"c n x643 y1934 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,870<span class=\"_ _25b\"> </span></div></td><td class=\"c n x644 y1934 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x645 y1934 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,120<span class=\"_ _25b\"> </span></div></td><td class=\"c n x646 y1934 wdb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">214<span class=\"_ _25b\"> </span></div></td><td class=\"c n x647 y1934 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">3,989<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1880 w79 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash collateral held with brokers<span class=\"_ _25b\"> </span></div></td><td class=\"c n x648 y1880 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x649 y1880 w63 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,882<span class=\"_ _25b\"> </span></div></td><td class=\"c n x64a y1880 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x64b y1880 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x64c y1880 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x64d y1880 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,882<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1935 w171 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 cash at bank<span class=\"_ _25b\"> </span></div></td><td class=\"c n x64e y1935 wed hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">60<span class=\"_ _25b\"> </span></div></td><td class=\"c n x64f y1935 w9c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">807<span class=\"_ _25b\"> </span></div></td><td class=\"c n x650 y1935 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x651 y1935 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x652 y1935 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x653 y1935 w9c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">867<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1882 w83 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank loans<span class=\"_ _25b\"> </span></div></td><td class=\"c n x654 y1882 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x655 y1882 w41 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(135,739)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x656 y1882 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x657 y1882 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x658 y1882 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x659 y1882 w41 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(135,739)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1888 w172 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 bank overdraft<span class=\"_ _25b\"> </span></div></td><td class=\"c n x65a y1888 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x65b y1888 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x65c y1888 w4e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(4)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x65d y1888 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x65e y1888 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x65f y1888 w4e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(4)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1834 w173 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Payables (due to brokers and other payables)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x65a y1834 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x660 y1834 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(913)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x661 y1834 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x662 y1834 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x663 y1834 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x664 y1834 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(913)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1889 w174 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal foreign currency exposure on net monetary items<span class=\"_ _25b\"> </span></div></td><td class=\"c n x665 y1889 wee hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">845<span class=\"_ _25b\"> </span></div></td><td class=\"c n x666 y1889 w17c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(129,093)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x667 y1889 w17d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(4)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x668 y1889 w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,120<span class=\"_ _25b\"> </span></div></td><td class=\"c n x669 y1889 wb9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">214<span class=\"_ _25b\"> </span></div></td><td class=\"c n x66a y1889 w56 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(126,918)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y188a w176 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Investments at fair value through profit or loss<span class=\"_ _25b\"> </span></div></td><td class=\"c n x629 y188a w64 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">289,515<span class=\"_ _25b\"> </span></div></td><td class=\"c n x62a y188a w64 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">354,623<span class=\"_ _25b\"> </span></div></td><td class=\"c n x62b y188a w3f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">169,039<span class=\"_ _25b\"> </span></div></td><td class=\"c n x62c y188a w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">29,308<span class=\"_ _25b\"> </span></div></td><td class=\"c n x62d y188a w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">42,290<span class=\"_ _25b\"> </span></div></td><td class=\"c n x66b y188a w3f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">884,775<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17da w177 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Derivative financial liabilities at fair value through profit or loss<span class=\"_ _25b\"> </span></div></td><td class=\"c n x65a y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x660 y17da w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x661 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x662 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x663 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x664 y17da w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w178 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal net foreign currency exposure<span class=\"_ _25b\"> </span></div></td><td class=\"c n x635 y17bd w45 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">290,360<span class=\"_ _25b\"> </span></div></td><td class=\"c n x636 y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">224,908<span class=\"_ _25b\"> </span></div></td><td class=\"c n x637 y17bd w55 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">169,035<span class=\"_ _25b\"> </span></div></td><td class=\"c n x638 y17bd w3c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">30,428<span class=\"_ _25b\"> </span></div></td><td class=\"c n x639 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">42,504<span class=\"_ _25b\"> </span></div></td><td class=\"c n x66c y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">757,235<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs206\">Management of foreign currency risk<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs207\">The Investment Manager monitors the Group\u2019<span class=\"_ _6\"></span>s exposure to foreign currencies on a daily basis and reports to the Board of the<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs208\">Company on a regular basis.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs209\">The Investment Manager measures the risk to the Group of the foreign currency exposure by considering the effect on the<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs20a\">Group\u2019<span class=\"_ _6\"></span>s net asset value and income of a movement in the exchange rate to which the Group<span class=\"_ _6\"></span>\u2019<span class=\"_ _6\"></span>s assets, liabilities, income and<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs20b\">expenses are exposed.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs20c\">The Group does not use financial instruments to mitigate the currency exposure in the period between the time that income<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs20d\">is included in the financial statements and its receipt. Derivative contracts are not used to hedge against exposure to foreign<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs20e\">currency risk.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs20f\">Consequently<span class=\"_ _6\"></span>, the Group is exposed to risks that the exchange rate of its repor<span class=\"_ _8\"></span>ting currencies, relative to other currencies, may<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs210\">change in a manner which has an adverse effect on the value of the portion of the Group\u2019<span class=\"_ _6\"></span>s assets which are denominated in<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs211\">currencies other than their own currencies.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs213\">(iii) Mark<span class=\"_ _6\"></span>et risk arising from interest rate risk<span class=\"_ _25b\"> </span></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs214\">Exposure to interest rate risk<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs215\">Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs216\">market interest rates.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs217\">The Group is exposed to interest rate risk specifically through its fixed income investments, cash holdings and its borrowing<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs218\">facility for investment purposes. Interest rate movements may affect the level of income receivable from any cash at bank<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs219\">and on deposits. The effect of interest rate changes on the earnings of the companies held within the portfolio may have<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs21a\">a significant impact on the valuation of the Group\u2019<span class=\"_ _6\"></span>s investments. Interest rate sensitivity risk has been covered by the VaR<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs21b\">analysis under the market risk section.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs21c\">Interest rate exposure<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs21d\">The exposure for Group and Company at 31 December 2025 and 31 December 2024 of financial assets and liabilities to<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs21e\">interest rate risk is shown by reference to:<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs21f\">\u2013 <span class=\"_ _137\"> </span>floating interest rates \u2013 when the interest rate is due to be re-set; and<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs220\">\u2013 <span class=\"_ _137\"> </span>fixed interest rates \u2013 when the financial instrument is due for repayment.<span class=\"_ _25b\"> </span></div><div class=\"gs221\"><table class=\"s w17e hd7\" id=\"_f374c327-2fc4-4536-a0a1-91ed911f5a25\"><tr><td></td><td></td><td class=\"c n x66d y1936 w2a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td></td><td></td><td class=\"c n x66e y1936 w2a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x66f h9 y1937 ff66 fs7 fc0 sc0 ls0 ws0\">Within one </td><td class=\"t m0 x670 h9 y1937 ff66 fs7 fc0 sc0 ls0 ws0\">More than </td><td></td><td class=\"t m0 x591 h9 y1937 ff66 fs7 fc0 sc0 ls0 ws0\">Within one </td><td class=\"t m0 x4bf h9 y1937 ff66 fs7 fc0 sc0 ls0 ws0\">More than </td><td></td></tr><tr><td></td><td class=\"t m0 x671 h9 y1938 ff66 fs7 fc0 sc0 ls0 ws0\"> year<span class=\"_ _25b\"> </span></td><td class=\"c n x66d y1939 w17f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">one year<span class=\"_ _25b\"> </span></div></td><td class=\"c n x672 y1939 w30 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal</div></td><td class=\"t m0 x57c h9 y1938 ff66 fs7 fc0 sc0 ls0 ws0\"> year<span class=\"_ _25b\"> </span></td><td class=\"c n x673 y1939 w17f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">one year<span class=\"_ _25b\"> </span></div></td><td class=\"c n x674 y1939 w30 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y193a w5f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Group<span class=\"_ _25b\"> </span></div></td><td class=\"c n x675 y193a w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x676 y193a w180 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x677 y193a w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x678 y193a w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x679 y193a w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x67a y193a w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y193b ff68 fs7 fc0 sc0 ls0 ws0\">Exposure to floating interest rates:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y1882 w79 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash collateral held with brokers<span class=\"_ _25b\"> </span></div></td><td class=\"c n x67b y1882 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,415<span class=\"_ _25b\"> </span></div></td><td class=\"c n x67c y1882 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x67d y1882 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,415<span class=\"_ _25b\"> </span></div></td><td class=\"c n x67e y1882 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,882<span class=\"_ _25b\"> </span></div></td><td class=\"c n x67f y1882 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x680 y1882 w77 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,882<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1888 w171 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 cash at bank<span class=\"_ _25b\"> </span></div></td><td class=\"c n x681 y1888 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">13,800<span class=\"_ _25b\"> </span></div></td><td class=\"c n x682 y1888 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x683 y1888 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">13,800<span class=\"_ _25b\"> </span></div></td><td class=\"c n x684 y1888 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">21,396<span class=\"_ _25b\"> </span></div></td><td class=\"c n x685 y1888 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x686 y1888 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">21,396<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1834 w83 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank loans<span class=\"_ _25b\"> </span></div></td><td class=\"c n x687 y1834 w84 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(96,651)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x688 y1834 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x689 y1834 w4c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(96,651)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x68a y1834 w41 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(135,739)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x68b y1834 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x68c y1834 w41 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(135,739)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1889 w172 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 bank overdraft<span class=\"_ _25b\"> </span></div></td><td class=\"c n x68d y1889 w50 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(57)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x68e y1889 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x68f y1889 w50 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(57)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x690 y1889 w4e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(4)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x691 y1889 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x692 y1889 w4e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(4)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y193c ff68 fs7 fc0 sc0 ls0 ws0\">Exposure to fixed interest rates:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y17da w181 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Fixed income investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x693 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x694 y17da w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x695 y17da w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x696 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x697 y17da w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td><td class=\"c n x698 y17da w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w182 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal exposure to interest rates<span class=\"_ _25b\"> </span></div></td><td class=\"c n x699 y17bd w53 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(78,493)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x69a y17bd w7d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x69b y17bd w53 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(31,946)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x69c y17bd w56 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(109,465)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x69d y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td><td class=\"c n x69e y17bd w53 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(72,812)<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"gs222\"><table class=\"s w183 hd8\" id=\"_dccca3c7-9b01-40a9-b27c-5aa68e9adcf2\"><tr><td></td><td></td><td class=\"c n x66d y1932 w2a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td></td><td></td><td class=\"c n x66e y1932 w2a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x66f h9 y193d ff66 fs7 fc0 sc0 ls0 ws0\">Within one </td><td class=\"t m0 x670 h9 y193d ff66 fs7 fc0 sc0 ls0 ws0\">More than </td><td></td><td class=\"t m0 x591 h9 y193d ff66 fs7 fc0 sc0 ls0 ws0\">Within one </td><td class=\"t m0 x4bf h9 y193d ff66 fs7 fc0 sc0 ls0 ws0\">More than </td><td></td></tr><tr><td></td><td class=\"t m0 x671 h9 y193e ff66 fs7 fc0 sc0 ls0 ws0\"> year<span class=\"_ _25b\"> </span></td><td class=\"c n x66d y1939 w17f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">one year<span class=\"_ _25b\"> </span></div></td><td class=\"c n x672 y1939 w30 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal</div></td><td class=\"t m0 x57c h9 y193e ff66 fs7 fc0 sc0 ls0 ws0\"> year<span class=\"_ _25b\"> </span></td><td class=\"c n x673 y1939 w17f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">one year<span class=\"_ _25b\"> </span></div></td><td class=\"c n x674 y1939 w30 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y193f w74 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Company<span class=\"_ _25b\"> </span></div></td><td class=\"c n x675 y193f w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x676 y193f w180 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x677 y193f w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x678 y193f w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x679 y193f w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x67a y193f w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1940 ff68 fs7 fc0 sc0 ls0 ws0\">Exposure to floating interest rates:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y1882 w79 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash collateral held with brokers<span class=\"_ _25b\"> </span></div></td><td class=\"c n x69f y1882 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,415<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6a0 y1882 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6a1 y1882 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,415<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6a2 y1882 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,882<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6a3 y1882 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6a4 y1882 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,882<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1888 w171 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 cash at bank<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6a5 y1888 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">7,161<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6a6 y1888 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6a7 y1888 w77 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">7,161<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6a8 y1888 w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">14,834<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6a9 y1888 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6aa y1888 w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">14,834<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1834 w83 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank loans<span class=\"_ _25b\"> </span></div></td><td class=\"c n x687 y1834 w84 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(96,651)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x688 y1834 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ab y1834 w4c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(96,651)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ac y1834 w41 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(135,739)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ad y1834 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ae y1834 w41 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(135,739)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1889 w172 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 bank overdraft<span class=\"_ _25b\"> </span></div></td><td class=\"c n x68d y1889 w50 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(57)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x68e y1889 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6af y1889 w50 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(57)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6b0 y1889 w4e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(4)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6b1 y1889 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6b2 y1889 w4e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(4)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1941 ff68 fs7 fc0 sc0 ls0 ws0\">Exposure to fixed interest rates:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y17da w181 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Fixed income investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x693 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x694 y17da w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x695 y17da w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x696 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x697 y17da w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td><td class=\"c n x698 y17da w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w182 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal exposure to interest rates<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6b3 y17bd w53 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(85,132)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6b4 y17bd w7d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6b5 y17bd w53 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(38,585)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6b6 y17bd w47 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(116,027)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6b7 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6b8 y17bd w53 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(79,374)<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs223\">Interest rates received on cash balances are approximately 3.95% for US Dollar balances and 4.03% per annum for Sterling<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs224\">balances (2024: 4.98% for US Dollar balances and 4.74% for Sterling balances). Interest rates paid on bank loans are<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs225\">approximately 5.39% per annum for US Dollar balances (2024: 6.16% per annum). Effective interest rates on fixed income<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs226\">investments ranged from 4.00% to 8.75% (2024: 4.00% to 8.75%).<span class=\"_ _25b\"> </span></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs228\">Management of interest rate risk<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs229\">The possible effects on fair value and cash flows that could arise as a result of changes in interest rates are taken into account<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs22a\">when making investment decisions and borrowings under the loan and overdraft facilities.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs22b\">The Group finances part of its activities through borrowings at levels approved and monitored by the Board of the Company.<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs22c\">Derivative contracts are not used to hedge against the exposure to interest rate risk.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs22d\">(b) Counterparty credit risk<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs22e\">Counterpart<span class=\"_ _8\"></span>y credit risk is the risk that the issuer of a financial instrument will fail to fulfil an obligation or commitment that it<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs22f\">has entered into with the Group.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs230\">The Group is exposed to counterpart<span class=\"_ _8\"></span>y credit risk from the parties with which it trades and will bear the risk of settlement<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs231\">default. Counterpart<span class=\"_ _8\"></span>y credit risk to the Group arises from transactions to purchase or sell investments, fixed income<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs232\">investments and through option writing transactions on equity investments held within the por<span class=\"_ _8\"></span>tfolio.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs233\">The major counterparties engaged with the Group and Company are all widely recognised and regulated entities.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs234\">Depositary<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs235\">The Group\u2019<span class=\"_ _6\"></span>s Depositary is The Bank of New Y<span class=\"_ _6\"></span>ork Mellon (International) Limited (BNY or the Depositar<span class=\"_ _8\"></span>y) (S&amp;P long-term credit<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs236\">rating as at 31 December 2025: A<span class=\"_ _8\"></span>A- (2024: A<span class=\"_ _8\"></span>A-)). The Group\u2019<span class=\"_ _6\"></span>s listed investments are held on its behalf by The Bank of New<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs237\">Y<span class=\"_ _6\"></span>ork Mellon (International) Limited (BNY) as the Group\u2019<span class=\"_ _6\"></span>s Custodian (as sub-delegated by the Depositary). All of the equit<span class=\"_ _8\"></span>y<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs238\">and fixed income assets and cash of the Group are held within the custodial network of the global custodian appointed<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs239\">by the Depositar<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>. Bankruptcy or insolvency of the Depositary/Custodian may cause the Group\u2019<span class=\"_ _6\"></span>s rights with respect to its<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs23a\">investments held by the Depositar<span class=\"_ _8\"></span>y/Custodian to be delayed or limited. The maximum exposure to this risk at 31 December<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs23b\">2025 is the total value of equity and fixed income investments held with the Depositar<span class=\"_ _8\"></span>y/Custodian and cash and cash<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs23c\">equivalents in the Consolidated and Parent Company Statements of Financial P<span class=\"_ _6\"></span>osition.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs23d\">In accordance with the requirements of the depositar<span class=\"_ _8\"></span>y agreement, the Depositary will ensure that any agents it appoints<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs23e\">to assist in safekeeping the equity and fixed income investments of the Group will segregate the equity and fixed income<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs23f\">investments of the Group. Thus, in the event of insolvency or bankruptcy of the Depositar<span class=\"_ _8\"></span>y/Custodian, the Group<span class=\"_ _6\"></span>\u2019s non-cash<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs240\">assets are segregated and this reduces counterparty credit risk. The Group will, however<span class=\"_ _6\"></span>, be exposed to the counterpar<span class=\"_ _8\"></span>ty credit<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs241\">risk of the Depositar<span class=\"_ _8\"></span>y in relation to the Group<span class=\"_ _6\"></span>\u2019s cash held by the Depositary. In the event of the insolvency or bankruptcy of<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs242\">the Depositar<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>, the Group will be treated as a general creditor of the Depositar<span class=\"_ _8\"></span>y in relation to cash holdings of the Group. The<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs243\">Board monitors the Group\u2019<span class=\"_ _6\"></span>s risk by reviewing the custodian<span class=\"_ _6\"></span>\u2019s internal control reports.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs244\">Securities lending<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs245\">All securities lending transactions entered into by the Company are subject to a written legal agreement between the Company<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs246\">and the Securities Lending Agent, BlackRock Advisors (UK<span class=\"_ _8\"></span>) Limited, a related part<span class=\"_ _8\"></span>y to the Company<span class=\"_ _6\"></span>, and separately bet<span class=\"_ _8\"></span>ween<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs247\">the Securities Lending Agent and the approved borrowing counterpart<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>. Collateral received in exchange for securities lent is<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs248\">transferred under a title transfer arrangement and is delivered to and held in an account with a tri-part<span class=\"_ _8\"></span>y collateral manager<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs249\">in the name of the Depositar<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>, The Bank of New Y<span class=\"_ _9\"></span>ork Mellon (International) Limited, on behalf of the Company. Collateral<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gsfd\">received is segregated from the assets belonging to the Company\u2019<span class=\"_ _6\"></span>s Depositar<span class=\"_ _8\"></span>y or the Lending Agent.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs24a\">The value of securities on loan as a proportion of the Group and Company<span class=\"_ _8\"></span>\u2019<span class=\"_ _6\"></span>s total lendable assets as at 31 December 2025 was<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs24b\">6.7% (2024: 7.6%) and as a proportion of the Group\u2019<span class=\"_ _6\"></span>s net assets as at 31 December 2025 was 7.1% (2024: 8.5%). Income<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs24c\">earned from securities lending during the year ended 31 December 2025 is set out in note 3 of the financial statements.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs24d\">T<span class=\"_ _6\"></span>otal lendable assets represent the aggregate value of as<span class=\"_ _6\"></span>sets forming par<span class=\"_ _8\"></span>t of the Group and Company\u2019s securities lending<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs24e\">programme. This excludes any assets held by the Company that are not considered lendable due to any market, regulatory<span class=\"_ _6\"></span>,<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs24f\">investment or other restriction.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs251\">The following table details the value of securities on loan and associated collateral received, analysed by counterparty as at </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs252\">31 December 2025 and 31 December 2024.<span class=\"_ _25b\"> </span></div><div class=\"gs253\"><table class=\"s w184 hd9\" id=\"_61ac26f8-ac45-4951-9e3a-c9b70fabce4d\"><tr><td></td><td></td><td class=\"t m0 x482 h9 y1942 ff66 fs7 fc0 sc0 ls0 ws0\">Stock </td><td class=\"t m0 x481 h9 y1942 ff66 fs7 fc0 sc0 ls0 ws0\">Collateral </td></tr><tr><td></td><td class=\"t m0 x6b9 h9 y1943 ff66 fs7 fc0 sc0 ls0 ws0\">Country of </td><td class=\"t m0 x6ba h9 y1944 ff66 fs7 fc0 sc0 ls0 ws0\">lending<span class=\"_ _25b\"> </span></td><td class=\"t m0 x579 h9 y1944 ff66 fs7 fc0 sc0 ls0 ws0\">received<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x1c6 h9 y1945 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></td><td class=\"t m0 x6bb h9 y1945 ff66 fs7 fc0 sc0 ls0 ws0\">establishment<span class=\"_ _25b\"> </span></td><td class=\"c n x35f y1946 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x360 y1946 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1947 w185 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Barclays Capital Securities Limited<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6bc y1947 w186 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6bd y1947 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">20,484<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6be y1947 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">21,697<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1948 w187 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">BNP Paribas Financial Markets<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6bf y1948 w188 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">France<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c0 y1948 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">6,803<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c1 y1948 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">7,595<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1949 w189 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Citigroup Global Markets Limited<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c2 y1949 w18a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c3 y1949 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">19,967<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c4 y1949 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,130<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194a w18b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Goldman Sachs International<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c5 y194a w18a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c6 y194a w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">17,248<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c7 y194a w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">18,134<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194b w18c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">HSBC Bank plc<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c2 y194b w18a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c8 y194b wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">315<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c9 y194b wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">348<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194c w18d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">J.P<span class=\"_ _9\"></span>. Morgan Securities plc<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ca y194c w18e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6cb y194c w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,601<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6cc y194c w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,744<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194d w18f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Macquarie Bank Limited<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6cd y194d w190 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Australia<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ce y194d w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">3,789<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6cf y194d w77 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,183<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194e w191 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Morgan Stanley &amp; Co International plc<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d0 y194e w18a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d1 y194e w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">9,697<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d2 y194e w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,194<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194f w192 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">UBS AG<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d3 y194f w193 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Switzerland<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6bd y194f w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">23,826<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6be y194f w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">26,858<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td></td><td class=\"c n x6d4 y17bd w55 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">103,730<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d5 y17bd w55 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">112,883<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"gs254\"><table class=\"s w184 hda\" id=\"_e8a144d1-488e-4a5e-bfce-c9b6a6e12594\"><tr><td></td><td></td><td class=\"t m0 x482 h9 y1950 ff66 fs7 fc0 sc0 ls0 ws0\">Stock </td><td class=\"t m0 x481 h9 y1950 ff66 fs7 fc0 sc0 ls0 ws0\">Collateral </td></tr><tr><td></td><td class=\"t m0 x6b9 h9 y1951 ff66 fs7 fc0 sc0 ls0 ws0\">Country of </td><td class=\"t m0 x6ba h9 y1952 ff66 fs7 fc0 sc0 ls0 ws0\">lending<span class=\"_ _25b\"> </span></td><td class=\"t m0 x579 h9 y1952 ff66 fs7 fc0 sc0 ls0 ws0\">received<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x1c6 h9 y1953 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td><td class=\"t m0 x6bb h9 y1953 ff66 fs7 fc0 sc0 ls0 ws0\">establishment<span class=\"_ _25b\"> </span></td><td class=\"c n x35f y1954 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x360 y1954 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1955 w185 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Barclays Capital Securities Limited<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6bc y1955 w186 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6bd y1955 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">13,839<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6be y1955 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">15,031<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1947 w187 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">BNP Paribas Financial Markets<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6bf y1947 w188 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">France<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d6 y1947 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">20,475<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d7 y1947 w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">21,739<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1948 w189 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Citigroup Global Markets Limited<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c2 y1948 w18a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d8 y1948 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,957<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d9 y1948 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">3,237<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1949 w18b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Goldman Sachs International<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c5 y1949 w18a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c6 y1949 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,640<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c7 y1949 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">11,768<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194a w18c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">HSBC Bank plc<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c2 y194a w18a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d8 y194a w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">3,952<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d9 y194a w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,363<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194b w18d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">J.P<span class=\"_ _9\"></span>. Morgan Securities plc<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ca y194b w18e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6da y194b w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">19,963<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6db y194b w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">21,725<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194c w18f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Macquarie Bank Limited<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6cd y194c w190 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Australia<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ce y194c w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,623<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6cf y194c w77 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,777<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194d w191 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Morgan Stanley &amp; Co International plc<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d0 y194d w18a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6dc y194d wb9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">240<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6dd y194d wdb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">255<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194e w194 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Soci\u00e9t\u00e9 G\u00e9n\u00e9rale<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6de y194e w188 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">France<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6df y194e w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,687<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e0 y194e w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,938<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194f w192 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">UBS AG<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d3 y194f w193 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Switzerland<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e1 y194f wdb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">175<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e2 y194f wb9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">196<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td></td><td class=\"c n x6da y17bd w3c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">76,551<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e3 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">83,029<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs256\">Collateral<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs257\">The Company engages in securities lending transactions for which it may hold collateral received from a counterpart<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs258\">The<span class=\"_ gs149\"> </span>following table provides an analysis by currency of the underlying non-cash collateral received by way of a title<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs259\">transfer collateral arrangement by the Company<span class=\"_ _6\"></span>, in respect of securities lending transactions as at 31 December 2025 and<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs25a\">31 December 2024:<span class=\"_ _25b\"> </span></div><div class=\"gs25b\"><table class=\"s w195 hdb\" id=\"_d84261eb-4892-4522-84cd-def449c542a4\"><tr><td></td><td class=\"t m0 x481 h9 y1956 ff66 fs7 fc0 sc0 ls0 ws0\">Non-cash </td></tr><tr><td></td><td class=\"t m0 x525 h9 y1957 ff66 fs7 fc0 sc0 ls0 ws0\">collateral </td></tr><tr><td class=\"t m0 x1c6 h9 y1958 ff66 fs7 fc0 sc0 ls0 ws0\">2025 </td><td class=\"t m0 x579 h9 y1959 ff66 fs7 fc0 sc0 ls0 ws0\">received </td></tr><tr><td class=\"t m0 x1c6 h9 y195a ff66 fs7 fc0 sc0 ls0 ws0\">Currency<span class=\"_ _25b\"> </span></td><td class=\"t m0 x6e4 h9 y195a ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"c n x1b1 y195b w196 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Australian Dollar<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e5 y195b wd0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">34<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y195c w197 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Canadian Dollar<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e6 y195c wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">116<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y195d w198 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Chinese Y<span class=\"_ _6\"></span>uan<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e7 y195d w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">11,632<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y195e w199 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Danish Krone<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e5 y195e wd0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">63<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y195f w19a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Euro<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e6 y195f wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">765<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1960 w19b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Hong Kong Dollar<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e8 y1960 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,815<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1961 w19c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Israeli Shekel<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e9 y1961 w15e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1962 w19d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Japanese Y<span class=\"_ _6\"></span>en<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ea y1962 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,297<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1963 w19e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Singapore Dollar<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e9 y1963 w15e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">7<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1964 w19f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Swiss F<span class=\"_ _6\"></span>ranc<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6eb y1964 wd2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">77<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1965 w1a0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">UK Sterling<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e8 y1965 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">9,791<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194f w1a1 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">US Dollar<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ec y194f w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">83,284<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ed y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">112,883<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"gs25c\"><table class=\"s w195 hdc\" id=\"_f20a9180-4640-40c8-9485-3d5ff2d6683d\"><tr><td></td><td class=\"t m0 x481 h9 y1966 ff66 fs7 fc0 sc0 ls0 ws0\">Non-cash </td></tr><tr><td></td><td class=\"t m0 x525 h9 y1967 ff66 fs7 fc0 sc0 ls0 ws0\">collateral </td></tr><tr><td class=\"t m0 x1c6 h9 y1968 ff66 fs7 fc0 sc0 ls0 ws0\">2024 </td><td class=\"t m0 x579 h9 y1969 ff66 fs7 fc0 sc0 ls0 ws0\">received </td></tr><tr><td class=\"t m0 x1c6 h9 y196a ff66 fs7 fc0 sc0 ls0 ws0\">Currency<span class=\"_ _25b\"> </span></td><td class=\"t m0 x6e4 h9 y196a ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"c n x1b1 y195d w198 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Chinese Y<span class=\"_ _6\"></span>uan<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ee y195d w77 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">8,037<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y195e w19a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Euro<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e8 y195e w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">6,127<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y195f w19b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Hong Kong Dollar<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e8 y195f w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,080<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1960 w19d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Japanese Y<span class=\"_ _6\"></span>en<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ea y1960 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">5,669<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y196b w1a2 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Norwegian Krone<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e5 y196b wd0 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1962 w19e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Singapore Dollar<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e9 y1962 w33 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1963 w1a3 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Swedish Krone<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3b7 y1963 wb9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">204<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1964 w19f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Swiss F<span class=\"_ _6\"></span>ranc<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ef y1964 w9c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">390<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1965 w1a0 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">UK Sterling<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e7 y1965 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">16,877<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194f w1a1 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">US Dollar<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ec y194f w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">44,622<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6f0 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">83,029<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs25d\">Non-cash collateral received by way of a title transfer collateral arrangement in relation to securities lending transactions<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs25e\">cannot be sold, reinvested or pledged.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs260\">The following table provides an analysis of the type, qualit<span class=\"_ _8\"></span>y and maturity tenor of non-cash collateral received and posted by </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs261\">the Group and Company by way of a title transfer collateral arrangement in respect of securities lending transactions as at </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs262\">31<span class=\"_ gs149\"> </span>December 2025 and 31 December 2024.<span class=\"_ _25b\"> </span></div><div class=\"gs263\"><table class=\"s w1a4 hdd\" id=\"_7a05d790-e319-4e6d-9c26-27ab42dedc4b\"><tr><td></td><td></td><td></td><td class=\"t m0 x3c8 h9 y196c ff66 fs7 fc0 sc0 ls0 ws0\">Maturity T<span class=\"_ _6\"></span>enor<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x6f1 h9 y196d ff66 fs7 fc0 sc0 ls0 ws0\">91 to 365 </td><td class=\"t m0 x6f2 h9 y196d ff66 fs7 fc0 sc0 ls0 ws0\">More than <span class=\"_ _b\"></span> </td><td class=\"t m0 x376 h9 y196d ff66 fs7 fc0 sc0 ls0 ws0\">Open </td><td></td></tr><tr><td></td><td class=\"t m0 x578 h9 y196e ff66 fs7 fc0 sc0 ls0 ws0\">8 to 30 days<span class=\"_ _25b\"> </span></td><td class=\"t m0 x6f3 h9 y196e ff66 fs7 fc0 sc0 ls14 ws17\">days<span class=\"_ _25b\"> </span></td><td class=\"t m0 x6f4 h9 y196e ff66 fs7 fc0 sc0 ls0 ws0\">365 days<span class=\"_ _25b\"> </span></td><td class=\"c n x5f6 y1886 w1a5 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>ransactions<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6f5 y1886 w2e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y196f ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></td><td class=\"c n x6f6 y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6f7 y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6f8 y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6f9 y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6fa y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1971 ff66 fs7 fc0 sc0 ls0 ws0\">Collateral received - securities lending<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x1c6 h9 y1972 ff66 fs7 fc0 sc0 ls0 ws0\">Fixed income<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y1889 w1a6 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Investment grade<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6fb y1889 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6fc y1889 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6fd y1889 w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">48,537<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6fe y1889 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ff y1889 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">48,537<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1973 ff66 fs7 fc0 sc0 ls0 ws0\">Equities<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y17da w1a7 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Recognised equities<span class=\"_ _25b\"> </span></div></td><td class=\"c n x700 y17da w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x701 y17da w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x702 y17da w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x703 y17da w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">64,346<span class=\"_ _25b\"> </span></div></td><td class=\"c n x704 y17da w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">64,346<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x705 y17bd w3b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x706 y17bd w3b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x707 y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">48,537<span class=\"_ _25b\"> </span></div></td><td class=\"c n x708 y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">64,346<span class=\"_ _25b\"> </span></div></td><td class=\"c n x709 y17bd w46 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">112,883<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"gs264\"><table class=\"s w1a4 hdd\" id=\"_489824a0-9282-4f62-a63e-3b3dc9f72d97\"><tr><td></td><td></td><td></td><td class=\"t m0 x3c8 h9 y1974 ff66 fs7 fc0 sc0 ls0 ws0\">Maturity T<span class=\"_ _6\"></span>enor<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x6f1 h9 y1975 ff66 fs7 fc0 sc0 ls0 ws0\">91 to 365 </td><td class=\"t m0 x6f2 h9 y1975 ff66 fs7 fc0 sc0 ls0 ws0\">More than <span class=\"_ _b\"></span> </td><td class=\"t m0 x376 h9 y1975 ff66 fs7 fc0 sc0 ls0 ws0\">Open </td><td></td></tr><tr><td></td><td class=\"t m0 x578 h9 y1976 ff66 fs7 fc0 sc0 ls0 ws0\">8 to 30 days<span class=\"_ _25b\"> </span></td><td class=\"t m0 x6f3 h9 y1976 ff66 fs7 fc0 sc0 ls14 ws17\">days<span class=\"_ _25b\"> </span></td><td class=\"t m0 x6f4 h9 y1976 ff66 fs7 fc0 sc0 ls0 ws0\">365 days<span class=\"_ _25b\"> </span></td><td class=\"c n x5f6 y1886 w1a5 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>ransactions<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6f5 y1886 w2e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1977 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td><td class=\"c n x6f6 y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6f7 y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6f8 y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6f9 y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6fa y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1978 ff66 fs7 fc0 sc0 ls0 ws0\">Collateral received \u2013 securities lending<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x1c6 h9 y1979 ff66 fs7 fc0 sc0 ls0 ws0\">Fixed income<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y1889 w1a6 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Investment grade<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6fb y1889 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6fc y1889 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6fd y1889 w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">24,536<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6fe y1889 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ff y1889 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">24,536<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y197a ff66 fs7 fc0 sc0 ls0 ws0\">Equities<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y17da w1a7 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Recognised equities<span class=\"_ _25b\"> </span></div></td><td class=\"c n x700 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x701 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x702 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x703 y17da w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">58,493<span class=\"_ _25b\"> </span></div></td><td class=\"c n x704 y17da w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">58,493<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x705 y17bd w3b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x706 y17bd w3b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x707 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">24,536<span class=\"_ _25b\"> </span></div></td><td class=\"c n x708 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">58,493<span class=\"_ _25b\"> </span></div></td><td class=\"c n x70a y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">83,029<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs265\">Investment grade securities are those issued by an entity with a minimum investment grade credit rating from at least one </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs266\">globally recognised credit rating agency; Standard &amp; Poor<span class=\"_ _8\"></span>\u2019<span class=\"_ _6\"></span>s, Moody\u2019s or Fitch.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs267\">The maturity tenor analysis for fixed income securities received as collateral is based on the respective contractual maturit<span class=\"_ _8\"></span>y </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs268\">date, while equity securities received as collateral are presented as open transactions as they are not subject to a contractual </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs269\">maturity date.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs26a\">As at 31 December 2025 and 2024, all non-cash collateral (equity and debt securities) received by the Group and Company in </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs26b\">respect of securities lending transactions is held by the Group\u2019<span class=\"_ _6\"></span>s Depositary (or through its delegates).<span class=\"_ _25b\"> </span></div>The following table lists the ten largest issuers by value of non-cash collateral (equity and debt securities) received by the<span class=\"_ _25b\"> </span>Group and Company by way of a title transfer collateral arrangement across securities lending transactions as at 31 December<span class=\"_ _25b\"> </span>2025 and 2024.<span class=\"_ _25b\"> </span>Value<span class=\"_ _25b\"> </span>% of the<span class=\"_ _25b\"> </span>2025<span class=\"_ _25b\"> </span>Company\u2019s<span class=\"_ _25b\"> </span>Non-cash collateral issuer \u2013 securities<span class=\"_ _25b\"> </span>\u00a3\u2019000<span class=\"_ _25b\"> </span>United States T<span class=\"_ _6\"></span>reasury Note<span class=\"_ _25b\"> </span>36,459<span class=\"_ _25b\"> </span>2.28<span class=\"_ _25b\"> </span>UK (Government of<span class=\"_ _8\"></span>)<span class=\"_ _25b\"> </span>9,735<span class=\"_ _25b\"> </span>0.61<span class=\"_ _25b\"> </span>Alibaba<span class=\"_ _25b\"> </span>2,916<span class=\"_ _25b\"> </span>0.18<span class=\"_ _25b\"> </span>Sea Limited<span class=\"_ _25b\"> </span>2,825<span class=\"_ _25b\"> </span>0.18<span class=\"_ _25b\"> </span>Walmart<span class=\"_ _25b\"> </span>2,488<span class=\"_ _25b\"> </span>0.16<span class=\"_ _25b\"> </span>Axalta<span class=\"_ _25b\"> </span>2,446<span class=\"_ _25b\"> </span>0.15<span class=\"_ _25b\"> </span>Daiichi<span class=\"_ _25b\"> </span>2,446<span class=\"_ _25b\"> </span>0.15<span class=\"_ _25b\"> </span>AIA Group<span class=\"_ _25b\"> </span>2,241<span class=\"_ _25b\"> </span>0.14<span class=\"_ _25b\"> </span>Mastercard<span class=\"_ _25b\"> </span>2,165<span class=\"_ _25b\"> </span>0.14<span class=\"_ _25b\"> </span>Haier<span class=\"_ _25b\"> </span>2,152<span class=\"_ _25b\"> </span>0.13<span class=\"_ _25b\"> </span>Other issuers<span class=\"_ _25b\"> </span>47,010<span class=\"_ _25b\"> </span>2.94<span class=\"_ _25b\"> </span>T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span>112,883<span class=\"_ _25b\"> </span>7.06<span class=\"_ _25b\"> </span>Value<span class=\"_ _25b\"> </span>% of the<span class=\"_ _25b\"> </span>2024<span class=\"_ _25b\"> </span>Company\u2019s<span class=\"_ _25b\"> </span>Non-cash collateral issuer \u2013 securities<span class=\"_ _25b\"> </span>\u00a3\u2019000<span class=\"_ _25b\"> </span>UK (Government of<span class=\"_ _8\"></span>)<span class=\"_ _25b\"> </span>14,209<span class=\"_ _25b\"> </span>1.46<span class=\"_ _25b\"> </span>United States T<span class=\"_ _6\"></span>reasury Note<span class=\"_ _25b\"> </span>7,723<span class=\"_ _25b\"> </span>0.79<span class=\"_ _25b\"> </span>Microsoft<span class=\"_ _25b\"> </span>2,840<span class=\"_ _25b\"> </span>0.29<span class=\"_ _25b\"> </span>Nvidia<span class=\"_ _25b\"> </span>2,749<span class=\"_ _25b\"> </span>0.28<span class=\"_ _25b\"> </span>Apple<span class=\"_ _25b\"> </span>2,605<span class=\"_ _25b\"> </span>0.27<span class=\"_ _25b\"> </span>T<span class=\"_ _6\"></span>encent Holdings<span class=\"_ _25b\"> </span>2,342<span class=\"_ _25b\"> </span>0.24<span class=\"_ _25b\"> </span>iShares T<span class=\"_ _6\"></span>rust<span class=\"_ _25b\"> </span>2,198<span class=\"_ _25b\"> </span>0.23<span class=\"_ _25b\"> </span>SPDR<span class=\"_ _25b\"> </span>2,198<span class=\"_ _25b\"> </span>0.23<span class=\"_ _25b\"> </span>T<span class=\"_ _6\"></span>esla<span class=\"_ _25b\"> </span>2,174<span class=\"_ _25b\"> </span>0.22<span class=\"_ _25b\"> </span>Broadcom<span class=\"_ _25b\"> </span>2,174<span class=\"_ _25b\"> </span>0.22<span class=\"_ _25b\"> </span>Other issuers<span class=\"_ _25b\"> </span>41,817<span class=\"_ _25b\"> </span>4.28<span class=\"_ _25b\"> </span>T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span>83,029<span class=\"_ _25b\"> </span>8.51<span class=\"_ _25b\"> </span>Counterparties/brokers<span class=\"_ _25b\"> </span>The Group only invests directly in markets that operate on a deliver<span class=\"_ _8\"></span>y versus payment basis and consequently most investment<span class=\"_ _25b\"> </span>transactions in listed securities involve simultaneous deliver<span class=\"_ _8\"></span>y of securities against cash payment using an approved broker<span class=\"_ _9\"></span>.<span class=\"_ _25b\"> </span>The risk of default is considered minimal and the trade will fail if either part<span class=\"_ _8\"></span>y fails to meet its obligation.<span class=\"_ _25b\"> </span>For a few markets that the Group invests in from time to time, although they operate on a delivery versus payment basis, there<span class=\"_ _25b\"> </span>may be a ver<span class=\"_ _8\"></span>y short time gap bet<span class=\"_ _8\"></span>ween stock delivery and payment, giving a potential rise to counterpar<span class=\"_ _8\"></span>ty credit risk with the<span class=\"_ _25b\"> </span>broker in relation to transactions awaiting settlement. Risk relating to unsettled transactions is considered small due to the<span class=\"_ _25b\"> </span>short settlement period involved and the high credit qualit<span class=\"_ _8\"></span>y of the brokers used for those markets. The Group monitors the<span class=\"_ _25b\"> </span>credit rating and financial position of the broker used to further mitigate this risk.<span class=\"_ _25b\"> </span><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs27b\">Cash held by a counterpart<span class=\"_ _8\"></span>y to financial derivative contracts is subject to the <span class=\"_ _6\"></span>credit risk of the counterpar<span class=\"_ _8\"></span>ty. The following <span class=\"_ _6\"></span>table </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs27c\">details the total number of counterparties to which the Group is exposed, the maximum exposure to any one counterpar<span class=\"_ _8\"></span>ty, </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs27d\">any collateral held by the Group against this exposure, the total exposure to all other counterparties and the lowest long-term </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs27e\">credit rating of any one counterpart<span class=\"_ _8\"></span>y (or its ultimate parent if unrated).<span class=\"_ _25b\"> </span></div><div class=\"gs27f\"><table class=\"s w1c1 he0\" id=\"_95e0349a-7937-4bbe-9636-db8407039c3d\"><tr><td></td><td></td><td class=\"t m0 x725 h9 y1989 ff66 fs7 fc0 sc0 ls0 ws0\">Maximum </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x726 h9 y198a ff66 fs7 fc0 sc0 ls0 ws0\">exposure </td><td></td><td class=\"t m0 x727 h9 y198b ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal exposure </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x725 h9 y198c ff66 fs7 fc0 sc0 ls0 ws0\">to any one </td><td></td><td class=\"t m0 x47e h9 y198d ff66 fs7 fc0 sc0 ls0 ws0\">to all other </td><td class=\"t m0 x728 h9 y198e ff66 fs7 fc0 sc0 ls0 ws0\">Lowest credit </td></tr><tr><td></td><td class=\"t m0 x729 h9 y198f ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal number of </td><td class=\"c x72b y1990 w1c2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">counterparty</div><div class=\"t m0 x72a h10 y1807 ff66 fsd fc0 sc0 ls0 ws0\">1<span class=\"_ _25b\"> </span></div></td><td class=\"c x72d y1990 w1c3 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Collateral held</div><div class=\"t m0 x72c h10 y1807 ff66 fsd fc0 sc0 ls0 ws0\">1<span class=\"_ _25b\"> </span></div></td><td class=\"c x72f y1990 w1c4 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">counterparties</div><div class=\"t m0 x72e h10 y1807 ff66 fsd fc0 sc0 ls0 ws0\">1<span class=\"_ _25b\"> </span></div></td><td class=\"t m0 x598 h9 y198f ff66 fs7 fc0 sc0 ls0 ws0\">rating of any one </td></tr><tr><td></td><td class=\"t m0 x730 h9 y1991 ff66 fs7 fc0 sc0 ls0 ws0\">counterparties<span class=\"_ _25b\"> </span></td><td class=\"c n x3c5 y1992 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4cb y1992 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4cc y1992 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c x732 y1992 w1c5 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">counterparty</div><div class=\"t m0 x731 h10 y1807 ff66 fsd fc0 sc0 ls0 ws0\">2<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1993 w2a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x733 y1993 w15e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">4<span class=\"_ _25b\"> </span></div></td><td class=\"c n x734 y1993 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">13,800<span class=\"_ _25b\"> </span></div></td><td class=\"c n x735 y1993 w77 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,415<span class=\"_ _25b\"> </span></div></td><td class=\"c n x736 y1993 wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">179<span class=\"_ _25b\"> </span></div></td><td class=\"c n x737 y1993 w1c6 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">A<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1994 ff68 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td><td class=\"c n x738 y17bd w15d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2<span class=\"_ _25b\"> </span></div></td><td class=\"c n x739 y17bd w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">21,396<span class=\"_ _25b\"> </span></div></td><td class=\"c n x73a y17bd w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,882<span class=\"_ _25b\"> </span></div></td><td class=\"c n x73b y17bd w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x73c y17bd w1c7 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">A+<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"t m0 h10 ff68 fsd fc0 sc0 ls0 ws0 gs280\">1</div><div class=\"t m0 h9 ff68 fs7 fc0 sc0 ls0 ws0 gs281\"> <span class=\"_ _c\"> </span>Calculated on a net basis.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h10 ff68 fsd fc0 sc0 ls0 ws0 gs282\">2</div><div class=\"t m0 h9 ff68 fs7 fc0 sc0 ls0 ws0 gs283\"> <span class=\"_ _c\"> </span>Standard &amp; Poor\u2019s ratings.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs284\">The Group may also be exposed to counterpart<span class=\"_ _8\"></span>y risk should there be any rehypothecation of pledged collateral. Collateral </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs285\">is received/<span class=\"_ _6\"></span>paid where the client service agreement states that there should be collateral movements agreed with the </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs286\">counterpart<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>, where there is a requirement for a mark-to-market process or collateralisation to ensure that the Group is </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs287\">protected against any counterpart<span class=\"_ _8\"></span>y default.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs288\">Collateral<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs289\">The Group engages in activities which may require collateral to be provided to a counterpart<span class=\"_ _8\"></span>y (pledged collateral) or may hold </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs28a\">collateral received (Inbound Collateral) from a counterpart<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>. The Group uses inbound collateral received from a counterpar<span class=\"_ _8\"></span>ty </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs28b\">to reduce the counterpart<span class=\"_ _8\"></span>y credit risk associated with any trading activity in which the Group has engaged.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs28c\">Cash collateral pledged by the Group is separately identified as an asset in the Consolidated and P<span class=\"_ _6\"></span>arent Company Statements </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs28d\">of Financial Position and is not included as a component of cash and cash equivalents. The cash is subject to certain </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs28e\">counterpart<span class=\"_ _8\"></span>y credit risk as the Group\u2019<span class=\"_ _6\"></span>s access to its cash could be delayed should the counterparties become insolvent or </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs28f\">bankrupt. Collateral received in the form of securities is not reflected in the Consolidated and Parent Company Statements of </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs290\">Financial Position. The Group has the right to sell or re-pledge collateral received in the form of securities in circumstances </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs291\">such as default. </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs292\">The fair value of inbound cash collateral and cash collateral pledged is reflected in the table below:<span class=\"_ _25b\"> </span></div><div class=\"gs293\"><table class=\"s w1c8 he1\" id=\"_5d03534c-ee6f-42e3-b9cc-a129dfad1bcf\"><tr><td></td><td></td><td></td><td class=\"t m0 x73d h9 y1995 ff66 fs7 fc0 sc0 ls0 ws0\">Liability for </td><td></td></tr><tr><td></td><td class=\"t m0 x73e h9 y1996 ff66 fs7 fc0 sc0 ls0 ws0\">Pledged collateral<span class=\"_ _25b\"> </span></td><td></td><td class=\"t m0 x73f h34 y1996 ff72 fs7 fc0 sc0 ls0 ws0\">inbound<span class=\"_ gs294\"> </span>collateral<span class=\"_ _25b\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 x63c h9 y1997 ff66 fs7 fc0 sc0 ls0 ws0\">As at </td><td class=\"t m0 x3c9 h9 y1997 ff66 fs7 fc0 sc0 ls0 ws0\">As at </td><td class=\"t m0 x73d h9 y1997 ff66 fs7 fc0 sc0 ls0 ws0\">As at </td><td class=\"t m0 x377 h9 y1997 ff66 fs7 fc0 sc0 ls0 ws0\">As at </td></tr><tr><td></td><td class=\"t m0 x740 h9 y1998 ff66 fs7 fc0 sc0 ls0 ws0\">31 December </td><td class=\"t m0 x741 h9 y1998 ff66 fs7 fc0 sc0 ls0 ws0\">31 December </td><td class=\"t m0 x38b h9 y1998 ff66 fs7 fc0 sc0 ls0 ws0\">31 December </td><td class=\"t m0 x728 h9 y1998 ff66 fs7 fc0 sc0 ls0 ws0\">31 December </td></tr><tr><td></td><td class=\"t m0 x63c h9 y1999 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></td><td class=\"t m0 x375 h9 y1999 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td><td class=\"t m0 x73d h9 y1999 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></td><td class=\"t m0 x4ca h9 y1999 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td></tr><tr><td></td><td class=\"c n x742 y199a w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x743 y199a w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x744 y199a w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x745 y199a w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y199b w1c9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank of America Merrill Lynch<span class=\"_ _25b\"> </span></div></td><td class=\"c n x746 y199b w77 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,115<span class=\"_ _25b\"> </span></div></td><td class=\"c n x747 y199b w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,882<span class=\"_ _25b\"> </span></div></td><td class=\"c n x748 y199b w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x749 y199b w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1873 w1ca hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">BNP Paribas<span class=\"_ _25b\"> </span></div></td><td class=\"c n x74a y1873 w9c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">300<span class=\"_ _25b\"> </span></div></td><td class=\"c n x74b y1873 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x748 y1873 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x749 y1873 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x74c y17bd w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">4,415<span class=\"_ _25b\"> </span></div></td><td class=\"c n x74d y17bd w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">4,882<span class=\"_ _25b\"> </span></div></td><td class=\"c n x74e y17bd w3b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x74f y17bd w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs296\">Receivables<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs297\">Amounts due from debtors are disclosed in the Consolidated and Parent Company Statements of Financial P<span class=\"_ _6\"></span>osition as<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs298\">receivables. The counterparties included in receivables are the same counterpar<span class=\"_ _8\"></span>ties discussed previously under counterpart<span class=\"_ _8\"></span>y<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs299\">credit risk and subject to the same scrutiny by the BlackRock RQA Counterpart<span class=\"_ _8\"></span>y &amp; Concentration Risk T<span class=\"_ _6\"></span>eam (RQA CCR). The<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs29a\">Group monitors the ageing of receivables to mitigate the risk of debtor balances becoming overdue.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs29b\">In summar<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>, the exposure to credit risk at 31 December 2025 and 2024 was as follows:<span class=\"_ _25b\"> </span></div><div class=\"gs29c\"><table class=\"s w14e he2\" id=\"_36d36f3c-b409-4301-ab0d-0ccbdea17983\"><tr><td></td><td class=\"c n x39f y199c w2a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4ac y199c w2a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y199d w5f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Group<span class=\"_ _25b\"> </span></div></td><td class=\"c n x750 y199d w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x751 y199d w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y199e w1cb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Investment in contractual rights<span class=\"_ _25b\"> </span></div></td><td class=\"c n x48a y199e w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x752 y199e w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,197<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y199f w181 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Fixed income investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4c3 y199f w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x753 y199f w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19a0 w79 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash collateral held with brokers<span class=\"_ _25b\"> </span></div></td><td class=\"c n x754 y19a0 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,415<span class=\"_ _25b\"> </span></div></td><td class=\"c n x755 y19a0 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,882<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19a1 w171 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 cash at bank<span class=\"_ _25b\"> </span></div></td><td class=\"c n x756 y19a1 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">13,800<span class=\"_ _25b\"> </span></div></td><td class=\"c n x757 y19a1 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">21,396<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19a2 w1cc hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Other receivables (amounts due from brokers, dividends and interest receivable)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x758 y19a2 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">9,092<span class=\"_ _25b\"> </span></div></td><td class=\"c n x759 y19a2 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,861<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x75a y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">73,854<span class=\"_ _25b\"> </span></div></td><td class=\"c n x75b y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">87,989<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"gs29d\"><table class=\"s w1cd he3\" id=\"_b55dabfa-aee0-4d1b-bf7f-14c071acd6a1\"><tr><td></td><td class=\"c n x39f y19a3 w2a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x51b y19a3 w14a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1970 w74 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Company<span class=\"_ _25b\"> </span></div></td><td class=\"c n x75c y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x75d y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1888 w1cb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Investment in contractual rights<span class=\"_ _25b\"> </span></div></td><td class=\"c n x48a y1888 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x752 y1888 w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,197<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1834 w181 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Fixed income investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4c3 y1834 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x753 y1834 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1889 w79 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash collateral held with brokers<span class=\"_ _25b\"> </span></div></td><td class=\"c n x754 y1889 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,415<span class=\"_ _25b\"> </span></div></td><td class=\"c n x755 y1889 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,882<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1836 w171 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 cash at bank<span class=\"_ _25b\"> </span></div></td><td class=\"c n x323 y1836 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">7,161<span class=\"_ _25b\"> </span></div></td><td class=\"c n x753 y1836 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">14,834<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17da w1cc hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Other receivables (amounts due from brokers, dividends and interest receivable)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x758 y17da w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">9,092<span class=\"_ _25b\"> </span></div></td><td class=\"c n x759 y17da w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,861<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x75a y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">67,215<span class=\"_ _25b\"> </span></div></td><td class=\"c n x75b y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">81,427<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs29e\">Management of counterparty credit risk<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs29f\">Credit risk is monitored and managed by RQA CCR. The team is headed by BlackRock\u2019<span class=\"_ _6\"></span>s Chief Credit Officer who repor<span class=\"_ _8\"></span>ts to the<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2a0\">Global Head of RQA<span class=\"_ _8\"></span>. Credit authority resides with the Chief Credit Officer and selected team members to whom specific credit<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2a1\">authority has been delegated. As such, counterpar<span class=\"_ _8\"></span>ty approvals may be granted by the Chief Credit Officer<span class=\"_ _6\"></span>, or by identified RQA<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2a2\">Credit Risk Officers who have been formally delegated authority by the Chief Credit Officer<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2a3\">The counterpart<span class=\"_ _8\"></span>y/<span class=\"_ _6\"></span>credit risk is managed as follows:<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2a4\">\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>transactions are only entered into with those counterparties approved by RQA CCR, with a formal review carried out for<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2a5\">each new counterpart<span class=\"_ _8\"></span>y and with counterparties selected by RQA CCR on the basis of a number of risk mitigation criteria<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2a6\">designed to reduce the risk to the Group of default;<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2a7\">\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>the creditworthiness of financial institutions with whom cash and fixed income instruments are held is reviewed regularly<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2a8\">by RQA CCR; and<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2a9\">\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>RQA C<span class=\"_ _6\"></span>CR review the credit standard of the Group\u2019<span class=\"_ _6\"></span>s brokers on a periodic basis and set limits on the amount that may be<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2aa\">due from any one broker<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2ab\">The Board monitors the Group\u2019<span class=\"_ _6\"></span>s counterpart<span class=\"_ _8\"></span>y risk by reviewing:<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2ac\">\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>the semi-annual report from the Depositary, which includes the results of periodic site visits to the Group<span class=\"_ _6\"></span>\u2019s Custodian<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2ad\">where controls are reviewed and tested;<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2ae\">\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>the Custodian<span class=\"_ _6\"></span>'s Ser<span class=\"_ _8\"></span>vice Organisation Control (SOC 1) reports which include a repor<span class=\"_ _8\"></span>t by the Custodian's auditor<span class=\"_ _9\"></span>. This repor<span class=\"_ _8\"></span>t<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2af\">sets out any exceptions or issues noted as a result of the auditor\u2019<span class=\"_ _6\"></span>s review of the custodian\u2019<span class=\"_ _6\"></span>s control processes;<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2b0\">\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>the Manager\u2019<span class=\"_ _6\"></span>s internal control repor<span class=\"_ _8\"></span>ts which include a report by the Manager<span class=\"_ _8\"></span>\u2019<span class=\"_ _6\"></span>s auditor<span class=\"_ _6\"></span>. This repor<span class=\"_ _8\"></span>t sets out any exceptions<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2b1\">or issues noted as a result of the auditor\u2019<span class=\"_ _6\"></span>s review of the Manager<span class=\"_ _8\"></span>\u2019s control proces<span class=\"_ _6\"></span>ses; and<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2b2\">\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>in addition, the Depositary and the Manager report any significant breaches or issues arising to the Board as soon as these<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2b3\">are identified.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2b5\">There were no past due or impaired assets as of 31 December 2025 (2024: nil). The major counterparties engaged with the </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2b6\">Group are all widely recognised and regulated entities.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs2b7\">Offsetting disclosures<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gs2b8\">In order to <span class=\"_ _6\"></span>better define its contractual rights and <span class=\"_ _6\"></span>to secure rights that will <span class=\"_ _6\"></span>help the Group mitigate its counterparty risk, the </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gs2b9\">Group may enter <span class=\"_ _6\"></span>into an ISDA Master Agreement or <span class=\"_ _6\"></span>similar agreement with its OTC <span class=\"_ _6\"></span>derivative contract counterpar<span class=\"_ _8\"></span>ties. An <span class=\"_ _6\"></span>ISDA<span class=\"_ _8\"></span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gs2ba\">Master Agreement is <span class=\"_ _6\"></span>an agreement between the Group and the counterparty that governs OTC derivative <span class=\"_ _6\"></span>contracts and typically<span class=\"_ _8\"></span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gs2bb\">contains, among other <span class=\"_ _6\"></span>things, collateral posting terms and netting <span class=\"_ _6\"></span>provisions in the event of <span class=\"_ _6\"></span>a default and/<span class=\"_ _6\"></span>or termination <span class=\"_ _6\"></span>event.<span class=\"_ _8\"></span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gs2bc\">Under an ISDA <span class=\"_ _6\"></span>Master Agreement, the Group has a <span class=\"_ _6\"></span>contractual right to offset with <span class=\"_ _6\"></span>the counterpar<span class=\"_ _8\"></span>ty cer<span class=\"_ _8\"></span>tain derivative <span class=\"_ _6\"></span>financial<span class=\"_ _8\"></span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gs2bd\">instruments payables and/<span class=\"_ _9\"></span>or receivables with collateral held <span class=\"_ _6\"></span>and/<span class=\"_ _6\"></span>or posted and create <span class=\"_ _6\"></span>one single net payment in <span class=\"_ _6\"></span>the event </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gs2be\">of default including <span class=\"_ _6\"></span>the bankruptcy or insolvency of the <span class=\"_ _6\"></span>counterpar<span class=\"_ _8\"></span>ty. However<span class=\"_ _9\"></span>, bankruptcy or insolvency laws <span class=\"_ _6\"></span>of a particular<span class=\"_ _8\"></span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gs2bf\">jurisdiction may impose <span class=\"_ _6\"></span>restrictions on, or prohibitions against, the <span class=\"_ _6\"></span>right of offset in bankruptcy<span class=\"_ _6\"></span>, insolvency or <span class=\"_ _6\"></span>other events.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2c0\">For financial reporting purposes, the Group does not offset derivative assets and derivative liabilities that are subject to netting </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2c1\">arrangements in the Statements of Financial Position. The disclosures set out in the following tables include financial as<span class=\"_ _6\"></span>sets </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2c2\">and financial liabilities that are subject to an enforceable master netting arrangement or similar agreement.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2c3\">At 31 December 2025 and 2024, the Group\u2019<span class=\"_ _6\"></span>s and Company\u2019s derivative as<span class=\"_ _6\"></span>sets and liabilities (by t<span class=\"_ _8\"></span>ype) are as follows:<span class=\"_ _25b\"> </span></div><div class=\"gs2c4\"><table class=\"s w1ce he4\" id=\"_0680054a-dbda-419e-ae40-d9c58103cc38\"><tr><td></td><td></td><td class=\"c n x75e y19a4 w1cf hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">At 31 December 2025<span class=\"_ _25b\"> </span></div></td><td></td><td class=\"c n x75f y19a4 w1d0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">At 31 December 2024<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td class=\"c n x760 y19a5 w1d1 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Assets<span class=\"_ _25b\"> </span></div></td><td class=\"c n x761 y19a5 w1d2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Liabilities<span class=\"_ _25b\"> </span></div></td><td class=\"c n x762 y19a5 w1d3 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Assets<span class=\"_ _25b\"> </span></div></td><td class=\"c n x763 y19a5 w1d2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Liabilities<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19a6 w1d4 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Derivatives<span class=\"_ _25b\"> </span></div></td><td class=\"c n x764 y19a6 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x765 y19a6 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x766 y19a6 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x767 y19a6 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19a7 w1d5 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Written option contracts<span class=\"_ _25b\"> </span></div></td><td class=\"c n x768 y19a7 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x769 y19a7 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(359)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x76a y19a7 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x76b y19a7 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19a8 ff68 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal derivative assets and liabilities in the Consolidated and P<span class=\"_ _6\"></span>arent </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y17da w1d6 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Company Statements of Financial Position<span class=\"_ _25b\"> </span></div></td><td class=\"c n x76c y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x76d y17da w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(359)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x76e y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x76f y17da w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w1d7 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal assets and liabilities subject to a master netting agreement<span class=\"_ _25b\"> </span></div></td><td class=\"c n x770 y17bd w3b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x771 y17bd w1d8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(359)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x772 y17bd w3b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x773 y17bd w113 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2c5\">The following table presents the Group\u2019<span class=\"_ _6\"></span>s and Company\u2019s derivative liabilities by counterparty, net of amounts available for </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2c6\">offset, under a master netting agreement and net of any related collateral paid/(received) by the Group at 31 December 2025 </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2c7\">and 2024:<span class=\"_ _25b\"> </span></div><div class=\"gs2c8\"><table class=\"s w1d9 he5\" id=\"_14edf6c7-4633-44f0-9082-a9a4b6287ad3\"><tr><td></td><td class=\"t m0 x774 h9 y19a9 ff66 fs7 fc0 sc0 ls0 ws0\">Derivative </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x775 h9 y19aa ff66 fs7 fc0 sc0 ls0 ws0\">liabilities </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x776 h9 y19ab ff66 fs7 fc0 sc0 ls0 ws0\">subject to a </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x730 h9 y19ac ff66 fs7 fc0 sc0 ls0 ws0\">master netting </td><td class=\"t m0 x596 h9 y19ac ff66 fs7 fc0 sc0 ls0 ws0\">Derivatives </td><td></td><td></td><td class=\"t m0 x38f h9 y19ac ff66 fs7 fc0 sc0 ls0 ws0\">Net amount </td></tr><tr><td></td><td class=\"t m0 x777 h9 y19ad ff66 fs7 fc0 sc0 ls0 ws0\">agreement by a </td><td class=\"t m0 x778 h9 y19ad ff66 fs7 fc0 sc0 ls0 ws0\">available for </td><td class=\"t m0 x4c6 h9 y19ad ff66 fs7 fc0 sc0 ls0 ws0\">Non-cash </td><td class=\"t m0 x779 h9 y19ad ff66 fs7 fc0 sc0 ls0 ws0\">Pledged cash </td><td class=\"t m0 x77a h9 y19ad ff66 fs7 fc0 sc0 ls0 ws0\">of derivative </td></tr><tr><td></td><td class=\"t m0 x77b h9 y19ae ff66 fs7 fc0 sc0 ls0 ws0\">counterparty<span class=\"_ _25b\"> </span></td><td class=\"t m0 x77c h9 y19ae ff66 fs7 fc0 sc0 ls0 ws0\">offset<span class=\"_ _25b\"> </span></td><td class=\"t m0 x63e h9 y19ae ff66 fs7 fc0 sc0 ls0 ws0\">collateral given<span class=\"_ _25b\"> </span></td><td class=\"t m0 x77d h9 y19ae ff66 fs7 fc0 sc0 ls0 ws0\">collateral<span class=\"_ _25b\"> </span></td><td class=\"t m0 x59d h9 y19ae ff66 fs7 fc0 sc0 ls0 ws0\">liabilities<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"c n x1b1 y19af w1da hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Counterparty<span class=\"_ _25b\"> </span></div></td><td class=\"c n x77e y19af w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x77f y19af w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x780 y19af w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x781 y19af w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x782 y19af w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19b0 ff68 fs7 fc0 sc0 ls0 ws0\">At 31 December 2025<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2c9 y19b1 w1db hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">UBS<span class=\"_ _25b\"> </span></div></td><td class=\"c n x783 y19b1 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(349)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x784 y19b1 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x785 y19b1 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x786 y19b1 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x787 y19b1 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(349)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x2c9 y19b2 w1ca hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">BNP Paribas<span class=\"_ _25b\"> </span></div></td><td class=\"c n x788 y19b2 w50 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(10)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x789 y19b2 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x78a y19b2 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x78b y19b2 w3e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10<span class=\"_ _25b\"> </span></div></td><td class=\"c n x78c y19b2 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17ba w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x78d y17ba w1dc hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(359)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x78e y17ba w3b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x78f y17ba w3b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x790 y17ba w3e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">10<span class=\"_ _25b\"> </span></div></td><td class=\"c n x791 y17ba w1d8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(349)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19b3 ff68 fs7 fc0 sc0 ls0 ws0\">At 31 December 2024<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2c9 y1896 w1c9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank of America Merrill Lynch<span class=\"_ _25b\"> </span></div></td><td class=\"c n x792 y1896 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x793 y1896 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x794 y1896 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x795 y1896 wdb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">622<span class=\"_ _25b\"> </span></div></td><td class=\"c n x796 y1896 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x78d y17bd w1dc hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x78e y17bd w3b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x78f y17bd w3b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x797 y17bd w9c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">622<span class=\"_ _25b\"> </span></div></td><td class=\"c n x798 y17bd w1dd hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">-<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs2c9\">Offsetting and cash pooling arrangements<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2ca\">The Company and its subsidiar<span class=\"_ _8\"></span>y have a legally enforceable right under the bank overdraft agreement with The Bank of New </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2cb\">Y<span class=\"_ _6\"></span>ork Mellon (International) Limited to set off the cash held in the subsidiary and bank overdraft balance in the Company. The </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2cc\">cash and overdraft balances are held in the same currency and are managed under a compensated group arrangement with </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2cd\">the same bank where interest is received/<span class=\"_ _6\"></span>charged on the net cash/<span class=\"_ _9\"></span>overdraft balance. </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2ce\">In practice, the Group has not and does not expect the cash and overdraft balances to settle on a net basis and, accordingly<span class=\"_ _6\"></span>, we </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2cf\">have presented the cash and cash equivalents and bank overdraft balances in the Statement of Financial Position on a gros<span class=\"_ _6\"></span>s </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2d0\">basis before offsetting the positive cash balances held in the subsidiar<span class=\"_ _8\"></span>y company against the bank overdraft balance in the </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2d1\">Company<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs2d3\">(c) Liquidity risk<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2d4\">Liquidity risk is the risk that the Group will encounter difficulties in meeting obligations associated with financial liabilities. </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2d5\">The Group is also exposed to the liquidity risk for margin calls on derivative instruments. The Group has an overdraf<span class=\"_ _8\"></span>t facility </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2d6\">of \u00a330 million (2024: \u00a330 million) and a multi-currency loan facility of \u00a3200 million (2024: \u00a3200 million) which are updated </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2d7\">and renewed on an annual basis. As per the borrowing agreements, borrowings under the overdraft and loan facilities shall </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2d8\">at no time exceed \u00a3230 million or 25% of the Group\u2019<span class=\"_ _6\"></span>s net asset value (whichever is the lower) (2024: \u00a3230 million or 25% of </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2d9\">the Group\u2019<span class=\"_ _6\"></span>s net asset value (whichever is lower)) and this covenant was complied with during the year<span class=\"_ _9\"></span>. For details of the loan </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2da\">facility, refer to note 14.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs2db\">Liquidity risk exposure<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2dc\">The remaining undiscounted gross cash flows of the financial liabilities as at 31 December 2025 and 2024, based on the </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2dd\">earliest date on which payment can be required, were as follows:<span class=\"_ _25b\"> </span></div><div class=\"gs2de\"><table class=\"s w1de he6\" id=\"_70148b21-3e3e-4619-88c6-f0b36c92b4ba\"><tr><td></td><td class=\"t m0 x73d h9 y19b4 ff66 fs7 fc0 sc0 ls0 ws0\">2025 </td><td class=\"t m0 x4ca h9 y19b4 ff66 fs7 fc0 sc0 ls0 ws0\">2024 </td></tr><tr><td></td><td class=\"t m0 x799 h9 y19b5 ff66 fs7 fc0 sc0 ls0 ws0\">3 months or </td><td class=\"t m0 x38f h9 y19b5 ff66 fs7 fc0 sc0 ls0 ws0\">3 months or </td></tr><tr><td></td><td class=\"t m0 x37c h9 y19b6 ff66 fs7 fc0 sc0 ls0 ws0\">less<span class=\"_ _25b\"> </span></td><td class=\"t m0 x79a h9 y19b6 ff66 fs7 fc0 sc0 ls0 ws0\">less<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"c n x1b1 y19b7 w5f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Group<span class=\"_ _25b\"> </span></div></td><td class=\"c n x79b y19b7 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x79c y19b7 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19b8 ff68 fs7 fc0 sc0 ls0 ws0\">Current liabilities:<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y1834 w1df hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Amounts due to brokers, accruals and provisions<span class=\"_ _25b\"> </span></div></td><td class=\"c n x79d y1834 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">7,531<span class=\"_ _25b\"> </span></div></td><td class=\"c n x79e y1834 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,270<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1835 w177 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Derivative financial liabilities at fair value through profit or loss<span class=\"_ _25b\"> </span></div></td><td class=\"c n x79f y1835 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">359<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a0 y1835 wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">622<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1836 w83 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank loans<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a1 y1836 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">96,651<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a2 y1836 w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">135,739<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1837 w172 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 bank overdraft<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a3 y1837 wd2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">57<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a4 y1837 w15e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">4<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a5 y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">104,598<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a6 y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">146,635<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"gs2df\"><table class=\"s w1de he7\" id=\"_6729bdb7-03bc-4173-b45e-9d8dff8ca954\"><tr><td></td><td class=\"t m0 x73d h9 y19b9 ff66 fs7 fc0 sc0 ls0 ws0\">2025 </td><td class=\"t m0 x4ca h9 y19b9 ff66 fs7 fc0 sc0 ls0 ws0\">2024 </td></tr><tr><td></td><td class=\"t m0 x799 h9 y19ba ff66 fs7 fc0 sc0 ls0 ws0\">3 months or </td><td class=\"t m0 x38f h9 y19ba ff66 fs7 fc0 sc0 ls0 ws0\">3 months or </td></tr><tr><td></td><td class=\"t m0 x37c h9 y19bb ff66 fs7 fc0 sc0 ls0 ws0\">less<span class=\"_ _25b\"> </span></td><td class=\"t m0 x79a h9 y19bb ff66 fs7 fc0 sc0 ls0 ws0\">less<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"c n x1b1 y19b7 w74 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Company<span class=\"_ _25b\"> </span></div></td><td class=\"c n x79b y19b7 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x79c y19b7 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19bc ff68 fs7 fc0 sc0 ls0 ws0\">Current liabilities:<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y1834 w1df hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Amounts due to brokers, accruals and provisions<span class=\"_ _25b\"> </span></div></td><td class=\"c n x79d y1834 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">8,546<span class=\"_ _25b\"> </span></div></td><td class=\"c n x79e y1834 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">11,285<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1835 w177 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Derivative financial liabilities at fair value through profit or loss<span class=\"_ _25b\"> </span></div></td><td class=\"c n x79f y1835 wb9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">359<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a0 y1835 wdb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">622<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1836 w83 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank loans<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a1 y1836 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">96,651<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a2 y1836 w3f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">135,739<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1837 w172 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 bank overdraft<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a3 y1837 wd2 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">57<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a4 y1837 w15e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">4<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a5 y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">105,613<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a6 y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">147,650<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs2e0\">Management of liquidity risk<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2e1\">Liquidity risk is minimised by holding sufficient liquid investments which can be readily realised to meet liquidit<span class=\"_ _8\"></span>y demands. </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2e2\">Asset disposals may also be required to meet liquidity needs. However<span class=\"_ _6\"></span>, the timely sale of trading positions can be impaired </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2e3\">by many factors including decreased trading volume and increased price volatility. As a result, the Group may experience </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2e4\">difficulties in disposing of assets to satisfy liquidity demands. Liquidit<span class=\"_ _8\"></span>y risk is not significant as the majority of the Group\u2019<span class=\"_ _6\"></span>s </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2e5\">assets are investments in listed securities that are readily realisable.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2e6\">The Board gives guidance to the Investment Manager as to the maximum amounts of the Group\u2019<span class=\"_ _6\"></span>s resources that should be </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2e7\">invested in any one company<span class=\"_ _6\"></span>. The policy is that the Group should remain 90% invested in normal market conditions and that </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2e8\">25% of the Group\u2019<span class=\"_ _6\"></span>s assets may be invested in cash or cash equivalents. Short-term borrowings may be used to manage short-<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2e9\">term cash requirements.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2ea\">The Group\u2019<span class=\"_ _6\"></span>s liquidity risk is managed on a daily basis by the Investment Manager in accordance with established policies </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2eb\">and procedures in place. The Investment Manager reviews daily for<span class=\"_ _8\"></span>ward-looking cash reports which project cash obligations. </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2ec\">These reports allow them to manage their obligations.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2ed\">For the avoidance of doubt, none of the as<span class=\"_ _6\"></span>sets of the Group are subject to special liquidit<span class=\"_ _8\"></span>y arrangements.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs2ef\">(d) V<span class=\"_ _6\"></span>aluation of financial instruments<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2f0\">Financial assets and financial liabilities are either carried in the Consolidated and P<span class=\"_ _6\"></span>arent Company Statements of Financial </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2f1\">Position at their fair value (investment and derivatives) or at amortised cost (due from brokers, dividends and interest </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2f2\">receivable, due to brokers, accruals, cash at bank and bank overdrafts). IFRS 13 requires the Group to classify fair value </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2f3\">measurements using a fair value hierarchy that reflects the significance of inputs used in making the measurements. The </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2f4\">valuation techniques used by the Group are explained in the accounting policies note 2(h) to the Financial Statements on </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2f5\">page 100.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2f6\">Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2f7\">value measurement of the relevant asset.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2f8\">The fair value hierarchy has the following levels:<span class=\"_ _25b\"> </span></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs2f9\">Level 1 \u2013 Quoted mark<span class=\"_ _6\"></span>et price for identical instruments in active mark<span class=\"_ _6\"></span>ets<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2fa\">A financial instrument is regarded as quoted in an active market if quoted prices are readily available from an exchange, dealer<span class=\"_ _9\"></span>, </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2fb\">broker<span class=\"_ _6\"></span>, industry group, pricing ser<span class=\"_ _8\"></span>vice or regulator<span class=\"_ _8\"></span>y agency and those prices represent actual and regularly occurring market </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2fc\">transactions on an arm<span class=\"_ _6\"></span>\u2019s length basis. The Group does not adjust the quoted price for these instruments.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs2fd\">Level 2 \u2013 V<span class=\"_ _6\"></span>aluation techniques using obser<span class=\"_ _8\"></span>vable inputs<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2fe\">This categor<span class=\"_ _8\"></span>y includes instruments valued using quoted prices for similar instruments in markets that are considered les<span class=\"_ _6\"></span>s </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs2ff\">than active, or other valuation techniques where all significant inputs are directly or indirectly obser<span class=\"_ _8\"></span>vable from market data.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs300\">Valuation techniques used for non-standardised financial instruments such as options, currency swaps and other over-the-<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs301\">counter derivatives include the use of comparable recent arm<span class=\"_ _6\"></span>\u2019s length transactions, reference to other instruments that are </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs302\">substantially the same, discounted cash flow analysis, option pricing models and other valuation techniques commonly used </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs303\">by market participants making the maximum use of market inputs and relying as little as possible on entity specific inputs.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs304\">Over-the-counter derivative option contracts have been classified as Level 2 investments as their valuation has been based on </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs305\">market obser<span class=\"_ _8\"></span>vable inputs represented by the underlying quoted securities to which these contracts expose the Group.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs306\">Level 3 \u2013 V<span class=\"_ _6\"></span>aluation techniques using significant unobser<span class=\"_ _8\"></span>vable inputs<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs307\">This categor<span class=\"_ _8\"></span>y includes all instruments where the valuation technique includes inputs not based on market data and these </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs308\">inputs could have a significant impact on the instrument\u2019<span class=\"_ _6\"></span>s valuation.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs309\">This categor<span class=\"_ _8\"></span>y also includes instruments that are valued based on quoted prices for similar instruments where significant </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs30a\">entity determined adjustments or assumptions are required to reflect differences between the instruments and instruments </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs30b\">for which there is no active market. The Investment Manager considers obser<span class=\"_ _8\"></span>vable data to be that market data that is readily </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs30c\">available, regularly distributed or updated, reliable and verifiable, not proprietar<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>, and provided by independent sources that </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs30d\">are actively involved in the relevant market.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs30e\">The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs30f\">basis of the lowest level input that is significant to the fair value measurement. If a fair value measurement uses obser<span class=\"_ _8\"></span>vable </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs310\">inputs that require significant adjustment based on unobser<span class=\"_ _8\"></span>vable inputs, that measurement is a Level 3 measurement.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs311\">Asses<span class=\"_ _6\"></span>sing the significance of a par<span class=\"_ _8\"></span>ticular input to the fair value measurement requires judgement, considering factors </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs312\">specific to the asset or liability including an asses<span class=\"_ _6\"></span>sment of the relevant risks including but not limited to credit risk, market </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs313\">risk, liquidity risk, business risk and sustainability risk. The determination of what constitutes \u2018observable\u2019 inputs requires </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs314\">significant judgement by the Investment Manager and these risks are adequately captured in the assumptions and inputs </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs315\">used in measurement of Level 3 assets or liabilities.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs316\">V<span class=\"_ _6\"></span>aluation process and techniques for Level 3 valuations<span class=\"_ _25b\"> </span></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs317\">Jetti Resources and MCC Mining equity shares<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs318\">The fair value of the investment equity shares of Jetti Resources and MCC Mining were asses<span class=\"_ _6\"></span>sed by an independent valuer </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs319\">with a recognised and relevant professional qualification. The valuation is carried out based on market approach using </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs31a\">earnings multiple and price of recent transactions. Changes in assumptions about these factors could affect the reported </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs31b\">fair value of financial instruments in the Consolidated and Parent Company Statements of Financial P<span class=\"_ _6\"></span>osition and the level </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs31c\">where the instruments are disclosed in the fair value hierarchy<span class=\"_ _6\"></span>. T<span class=\"_ _6\"></span>o asses<span class=\"_ _6\"></span>s the significance of a par<span class=\"_ _8\"></span>ticular input to the entire </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs31d\">measurement, the external valuer per<span class=\"_ _8\"></span>forms a sensitivity analysis.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs31f\">Fair values of financial assets and financial liabilities<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs320\">The table below sets out fair value measurements using the IFRS 13 fair value hierarchy<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span></div><div class=\"gs321\"><table class=\"s w1e0 he8\" id=\"_a1717031-6d20-48e4-9881-ade42a07c63f\"><tr><td class=\"t m0 x1c6 h9 y19bd ff66 fs7 fc0 sc0 ls0 ws0\">Financial assets/(liabilities) at fair value through profit or loss </td><td class=\"t m0 x6bb h9 y19bd ff66 fs7 fc0 sc0 ls0 ws0\">Level 1 </td><td class=\"t m0 x591 h9 y19bd ff66 fs7 fc0 sc0 ls0 ws0\">Level 2 </td><td class=\"t m0 x7a7 h9 y19bd ff66 fs7 fc0 sc0 ls0 ws0\">Level 3 </td><td class=\"t m0 x377 h9 y19bd ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal </td></tr><tr><td class=\"t m0 x1c6 h9 y19be ff66 fs7 fc0 sc0 ls0 ws0\">at 31 December 2025 \u2013 Group<span class=\"_ _25b\"> </span></td><td class=\"t m0 x7a8 h9 y19be ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x7a9 h9 y19be ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x376 h9 y19be ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cd h9 y19be ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x1c6 h9 y19bf ff66 fs7 fc0 sc0 ls0 ws0\">Assets:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y19c0 w1e1 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Equity investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7aa y19c0 w6e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,595,718<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ab y19c0 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ac y19c0 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">32,792<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ad y19c0 w13c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,628,510<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y19c1 w1e2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Fixed income securities<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ae y19c1 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7af y19c1 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b0 y19c1 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b1 y19c1 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1871 w7e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal assets<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b2 y1871 w7f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,595,718<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b3 y1871 w3c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b4 y1871 w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">32,792<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b5 y1871 w6d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,675,057<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19c2 ff66 fs7 fc0 sc0 ls0 ws0\">Liabilities:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y1873 w1e3 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Derivative financial instruments \u2013 written options<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b6 y1873 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(349)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b7 y1873 w50 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(10)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b8 y1873 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b9 y1873 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(359)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ba y17bd w7f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,595,369<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7bb y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">46,537<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7bc y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">32,792<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7bd y17bd w6d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,674,698<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"gs322\"><table class=\"s w1e4 he9\" id=\"_b785905d-7b46-4c03-aa75-1ee1b7863d64\"><tr><td class=\"t m0 x1c6 h9 y19c3 ff66 fs7 fc0 sc0 ls0 ws0\">Financial assets/(liabilities) at fair value through profit or loss </td><td class=\"t m0 x6bb h9 y19c3 ff66 fs7 fc0 sc0 ls0 ws0\">Level 1 </td><td class=\"t m0 x591 h9 y19c3 ff66 fs7 fc0 sc0 ls0 ws0\">Level 2 </td><td class=\"t m0 x7a7 h9 y19c3 ff66 fs7 fc0 sc0 ls0 ws0\">Level 3 </td><td class=\"t m0 x377 h9 y19c3 ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal </td></tr><tr><td class=\"t m0 x1c6 h9 y19c4 ff66 fs7 fc0 sc0 ls0 ws0\">at 31 December 2024 \u2013 Group<span class=\"_ _25b\"> </span></td><td class=\"t m0 x7a8 h9 y19c4 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x7a9 h9 y19c4 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x376 h9 y19c4 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cd h9 y19c4 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x1c6 h9 y19c5 ff66 fs7 fc0 sc0 ls0 ws0\">Assets:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y192b w1e1 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Equity investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7be y192b w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">987,723<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7bf y192b w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,555<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c0 y192b w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,070<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c1 y192b w6e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,034,348<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y19c6 w1e2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Fixed income securities<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c2 y19c6 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c3 y19c6 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c4 y19c6 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c5 y19c6 w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1870 w1cb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Investment in contractual rights<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c6 y1870 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c7 y1870 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c8 y1870 w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,197<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c9 y1870 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,197<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1871 w7e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal assets<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ca y1871 w45 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">987,723<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7cb y1871 w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">47,208<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7cc y1871 w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">58,267<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7cd y1871 w6d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,093,198<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19c7 ff66 fs7 fc0 sc0 ls0 ws0\">Liabilities:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y1873 w1e3 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Derivative financial instruments \u2013 written options<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ce y1873 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7cf y1873 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d0 y1873 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d1 y1873 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d2 y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">987,723<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d3 y17bd w3c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">46,586<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d4 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">58,267<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4f1 y17bd w92 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,092,576<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"gs323\"><table class=\"s w1e0 hea\" id=\"_4831a4f0-01ff-4a3e-afd0-1383e3e1021a\"><tr><td class=\"t m0 x1c6 h9 y19c8 ff66 fs7 fc0 sc0 ls0 ws0\">Financial assets/(liabilities) at fair value through profit or loss </td><td class=\"t m0 x6bb h9 y19c8 ff66 fs7 fc0 sc0 ls0 ws0\">Level 1 </td><td class=\"t m0 x591 h9 y19c8 ff66 fs7 fc0 sc0 ls0 ws0\">Level 2 </td><td class=\"t m0 x7a7 h9 y19c8 ff66 fs7 fc0 sc0 ls0 ws0\">Level 3 </td><td class=\"t m0 x377 h9 y19c8 ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal </td></tr><tr><td class=\"t m0 x1c6 h9 y19c9 ff66 fs7 fc0 sc0 ls0 ws0\">at 31 December 2025 \u2013 Company<span class=\"_ _25b\"> </span></td><td class=\"t m0 x7a8 h9 y19c9 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x7a9 h9 y19c9 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x376 h9 y19c9 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cd h9 y19c9 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x1c6 h9 y19ca ff66 fs7 fc0 sc0 ls0 ws0\">Assets:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y19c6 w1e1 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Equity investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7aa y19c6 w6e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,595,718<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ab y19c6 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ac y19c6 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">40,413<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ad y19c6 w13c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,636,131<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1870 w181 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Fixed income investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d5 y1870 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d6 y1870 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d7 y1870 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d8 y1870 w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19cb w7e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal assets<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d9 y19cb w7f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,595,718<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7da y19cb w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7db y19cb w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">40,413<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7dc y19cb w6d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,682,678<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19cc ff66 fs7 fc0 sc0 ls0 ws0\">Liabilities:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y1873 w1e3 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Derivative financial instruments \u2013 written options<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b6 y1873 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(349)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b7 y1873 w50 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(10)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b8 y1873 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b9 y1873 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(359)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ba y17bd w7f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,595,369<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7dd y17bd w3c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">46,537<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7bc y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">40,413<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7bd y17bd w6d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,682,319<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"gs324\"><table class=\"s w1e4 heb\" id=\"_e09f5ab7-6e4a-4fbd-b97c-cb998eb6d32f\"><tr><td class=\"t m0 x1c6 h9 y19cd ff66 fs7 fc0 sc0 ls0 ws0\">Financial assets/(liabilities) at fair value through profit or loss </td><td class=\"t m0 x6bb h9 y19cd ff66 fs7 fc0 sc0 ls0 ws0\">Level 1 </td><td class=\"t m0 x591 h9 y19cd ff66 fs7 fc0 sc0 ls0 ws0\">Level 2 </td><td class=\"t m0 x7a7 h9 y19cd ff66 fs7 fc0 sc0 ls0 ws0\">Level 3 </td><td class=\"t m0 x377 h9 y19cd ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal </td></tr><tr><td class=\"t m0 x1c6 h9 y19ce ff66 fs7 fc0 sc0 ls0 ws0\">at 31 December 2024 \u2013 Company<span class=\"_ _25b\"> </span></td><td class=\"t m0 x7a8 h9 y19ce ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x7a9 h9 y19ce ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x376 h9 y19ce ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cd h9 y19ce ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x1c6 h9 y19cf ff66 fs7 fc0 sc0 ls0 ws0\">Assets:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y19d0 w1e1 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Equity investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7be y19d0 w3f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">987,723<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7bf y19d0 w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,555<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c0 y19d0 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">43,594<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c1 y19d0 w6e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,041,872<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y19c6 w1e2 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Fixed income securities<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c2 y19c6 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c3 y19c6 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c4 y19c6 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c5 y19c6 w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1870 w1cb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Investment in contractual rights<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c6 y1870 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c7 y1870 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c8 y1870 w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,197<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c9 y1870 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,197<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1871 w7e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal assets<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ca y1871 w45 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">987,723<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7cb y1871 w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">47,208<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7cc y1871 w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">65,791<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7cd y1871 w6d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,100,722<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19d1 ff66 fs7 fc0 sc0 ls0 ws0\">Liabilities:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y1873 w1e3 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Derivative financial instruments \u2013 written options<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ce y1873 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7cf y1873 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d0 y1873 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d1 y1873 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d2 y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">987,723<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d3 y17bd w3c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">46,586<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d4 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">65,791<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4f1 y17bd w92 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,100,100<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs325\">A reconciliation of fair value measurement in Level 3 is set out on the following page.<span class=\"_ _25b\"> </span></div><div class=\"gs187\"><table class=\"s w1e5 hec\" id=\"_63061267-23a9-4ee3-b77d-db2919f6d1e5\"><tr><td></td><td></td><td class=\"c n x7de y19d2 w73 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">Group<span class=\"_ _25b\"> </span></div></td><td></td><td class=\"c n x7df y19d2 w98 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">Company<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td class=\"c n x7e0 y19d3 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e1 y19d3 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e2 y19d3 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e3 y19d3 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19d4 ff66 fs7 fc0 sc0 ls0 ws0\">Level 3 Financial assets at fair value through profit or loss </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y19d5 w1e6 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">at 31 December<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e4 y19d5 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e5 y19d5 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e6 y19d5 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e7 y19d5 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19d6 w1e7 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">Opening fair value<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e8 y19d6 w34 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">58,267<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e9 y19d6 w36 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">51,011<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ea y19d6 w36 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">65,791<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7eb y19d6 w36 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">58,418<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19d7 w1e8 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">Return of capital \u2013 royalty<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ec y19d7 w43 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">(483)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ed y19d7 w43 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">(397)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ee y19d7 w43 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">(483)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ef y19d7 w43 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">(397)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19d8 w1e9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Additions at cost<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f0 y19d8 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,847<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f1 y19d8 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">5,626<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f2 y19d8 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,847<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f3 y19d8 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">5,626<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19d9 w1ea hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Sale of investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f4 y19d9 w4c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(52,582)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f5 y19d9 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f6 y19d9 w68 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(52,582)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f7 y19d9 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x1b1 y19da w1eb hcb\"><div class=\"t m0 x1a0 h9 y1817 ff68 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal profit or loss included in net profit/(loss) on investments in the<span class=\"_ _25b\"> </span></div><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Consolidated Statement of Comprehensive Income<span class=\"_ _25b\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y19db w1ec hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013 realised gain on investments sold<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f8 y19db w34 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">30,868<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f9 y19db w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7fa y19db w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">30,868<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7fb y19db w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17da w1ed hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013 unrealised (losses)/<span class=\"_ _6\"></span>gains on as<span class=\"_ _6\"></span>sets held at the end of the year<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7fc y17da w4f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(6,125)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7fd y17da w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,027<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7fe y17da w4b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(6,028)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ff y17da w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,144<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w1ee hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Closing balance<span class=\"_ _25b\"> </span></div></td><td class=\"c n x800 y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">32,792<span class=\"_ _25b\"> </span></div></td><td class=\"c n x801 y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">58,267<span class=\"_ _25b\"> </span></div></td><td class=\"c n x802 y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">40,413<span class=\"_ _25b\"> </span></div></td><td class=\"c n x803 y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">65,791<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs327\">The BHP Brazil Royalty was sold on 8 December 2025 for US$70.0 million at a premium of 105% to the fair value of US$34.1 </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs328\">million as of 8 December 2025.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs329\">The Level 3 valuation process and techniques used are explained in the accounting policies in notes 2(h) and 2(q). A more </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs32a\">detailed description of the techniques is found on page 127 under \u2018<span class=\"_ _8\"></span>Valuation proces<span class=\"_ _6\"></span>s and techniques for Level 3 valuations\u2019<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs32b\">The Level 3 investments as at 31 December 2025 in the table that follows relate to equity shares of Jetti Resources and MCC </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs32c\">Mining. In accordance with IFRS 13, these investments were categorised as Level 3. </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs32d\">In arriving at the fair value of Jetti Resources and MCC Mining, the key inputs are shown below<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs32e\">Quantitative information of significant unobservable inputs \u2013 Level 3 \u2013 Group and Company<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs32f\">The significant unobser<span class=\"_ _8\"></span>vable inputs used in the fair value measurement categorised within Level 3 of the fair value </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs330\">hierarchy<span class=\"_ _6\"></span>,<span class=\"_ gs149\"> </span>together with an estimated quantitative sensitivit<span class=\"_ _8\"></span>y analysis, as at 31 December 2025 and 31 December 2024 are </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs331\">as<span class=\"_ gs149\"> </span>shown below<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span></div><div class=\"gs332\"><table class=\"s w1ef hed\" id=\"_a2be4c65-b48a-4177-ac1b-ea403d3f4098\"><tr><td></td><td class=\"t m0 x804 h9 y19dc ff66 fs7 fc0 sc0 ls0 ws0\">As at<span class=\"_ _25b\"> </span></td><td></td><td></td><td class=\"t m0 x805 h9 y19dc ff66 fs7 fc0 sc0 ls0 ws0\">Range of </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x806 h9 y19dd ff66 fs7 fc0 sc0 ls0 ws0\">31 December </td><td></td><td></td><td class=\"t m0 x807 h9 y19dd ff66 fs7 fc0 sc0 ls0 ws0\">weighted<span class=\"_ _25b\"> </span></td><td class=\"t m0 x808 h9 y19dd ff66 fs7 fc0 sc0 ls0 ws0\">Reasonable<span class=\"_ _25b\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 x804 h9 y19de ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></td><td class=\"t m0 x809 h9 y19de ff66 fs7 fc0 sc0 ls0 ws0\">Valuation </td><td class=\"t m0 x80a h9 y19de ff66 fs7 fc0 sc0 ls0 ws0\">Unobservable </td><td class=\"t m0 x80b h9 y19de ff66 fs7 fc0 sc0 ls0 ws0\">average </td><td class=\"t m0 x80c h9 y19de ff66 fs7 fc0 sc0 ls0 ws0\">possible </td><td class=\"t m0 x80d h9 y19de ff66 fs7 fc0 sc0 ls0 ws0\">Impact on<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x4a6 h9 y19df ff66 fs7 fc0 sc0 ls0 ws0\">Description<span class=\"_ _25b\"> </span></td><td class=\"t m0 x80e h9 y19df ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x80f h9 y19df ff66 fs7 fc0 sc0 ls0 ws0\">technique<span class=\"_ _25b\"> </span></td><td class=\"t m0 x810 h9 y19df ff66 fs7 fc0 sc0 ls0 ws0\">input<span class=\"_ _25b\"> </span></td><td class=\"t m0 x811 h9 y19df ff66 fs7 fc0 sc0 ls0 ws0\">inputs<span class=\"_ _25b\"> </span></td><td class=\"t m0 x812 h9 y19df ff66 fs7 fc0 sc0 ls0 ws0\">shift\u00b9 +/-<span class=\"_ _25b\"> </span></td><td class=\"t m0 x813 h9 y19df ff66 fs7 fc0 sc0 ls0 ws0\">fair value<span class=\"_ _25b\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x814 h9 y19e0 ff68 fs7 fc0 sc0 ls0 ws0\">Market<span class=\"ff67\"> </span></td><td class=\"t m0 x80a h9 y19e0 ff68 fs7 fc0 sc0 ls0 ws0\">Price of recent </td><td></td><td></td><td></td></tr><tr><td class=\"c n x21e y19e1 wa9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">MCC Mining<span class=\"_ _25b\"> </span></div></td><td class=\"c n x815 y19e1 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">20,356</div></td><td class=\"t m0 x816 h9 y19e2 ff68 fs7 fc0 sc0 ls0 ws0\">approach<span class=\"_ _25b\"> </span></td><td class=\"c n x817 y19e1 w1f0 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">transaction<span class=\"_ _25b\"> </span></div></td><td></td><td class=\"c n x818 y19e1 we8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10.0%<span class=\"_ _25b\"> </span></div></td><td class=\"c n x819 y19e1 w1f1 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u00a32.0m<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x81a h9 y19e3 ff68 fs7 fc0 sc0 ls0 ws0\">Market<span class=\"ff67\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x21e y19e4 w1f2 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Jetti Resources<span class=\"_ _25b\"> </span></div></td><td class=\"c n x81b y19e4 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">12,436<span class=\"_ _25b\"> </span></div></td><td class=\"c n x81c y19e4 w1f3 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">approach<span class=\"_ _25b\"> </span></div></td><td class=\"c n x81d y19e4 w1f4 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Earnings multiple<span class=\"_ _25b\"> </span></div></td><td class=\"c n x81e y19e4 w1f5 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">17.50x<span class=\"_ _25b\"> </span></div></td><td class=\"c n x81f y19e4 we8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10.0%<span class=\"_ _25b\"> </span></div></td><td class=\"c n x820 y19e4 w1f1 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u00a31.2m<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x21e y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x821 y17bd w7d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">32,792<span class=\"_ _25b\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"gs333\"><table class=\"s w1f6 hee\" id=\"_cdd6d636-3821-42dd-a29f-eea8b8b4db58\"><tr><td></td><td class=\"t m0 x804 h9 y19e5 ff66 fs7 fc0 sc0 ls0 ws0\">As at<span class=\"_ _25b\"> </span></td><td></td><td></td><td class=\"t m0 x805 h9 y19e5 ff66 fs7 fc0 sc0 ls0 ws0\">Range of </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x806 h9 y19e6 ff66 fs7 fc0 sc0 ls0 ws0\">31 December </td><td></td><td></td><td class=\"t m0 x807 h9 y19e6 ff66 fs7 fc0 sc0 ls0 ws0\">weighted<span class=\"_ _25b\"> </span></td><td class=\"t m0 x808 h9 y19e6 ff66 fs7 fc0 sc0 ls0 ws0\">Reasonable<span class=\"_ _25b\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 x804 h9 y19e7 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td><td class=\"t m0 x809 h9 y19e7 ff66 fs7 fc0 sc0 ls0 ws0\">Valuation </td><td class=\"t m0 x80a h9 y19e7 ff66 fs7 fc0 sc0 ls0 ws0\">Unobservable </td><td class=\"t m0 x80b h9 y19e7 ff66 fs7 fc0 sc0 ls0 ws0\">average </td><td class=\"t m0 x80c h9 y19e7 ff66 fs7 fc0 sc0 ls0 ws0\">possible </td><td class=\"t m0 x80d h9 y19e7 ff66 fs7 fc0 sc0 ls0 ws0\">Impact on<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x4a6 h9 y19e8 ff66 fs7 fc0 sc0 ls0 ws0\">Description<span class=\"_ _25b\"> </span></td><td class=\"t m0 x80e h9 y19e8 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x80f h9 y19e8 ff66 fs7 fc0 sc0 ls0 ws0\">technique<span class=\"_ _25b\"> </span></td><td class=\"t m0 x810 h9 y19e8 ff66 fs7 fc0 sc0 ls0 ws0\">input<span class=\"_ _25b\"> </span></td><td class=\"t m0 x811 h9 y19e8 ff66 fs7 fc0 sc0 ls0 ws0\">inputs<span class=\"_ _25b\"> </span></td><td class=\"t m0 x812 h9 y19e8 ff66 fs7 fc0 sc0 ls0 ws0\">shift\u00b9 +/-<span class=\"_ _25b\"> </span></td><td class=\"t m0 x813 h9 y19e8 ff66 fs7 fc0 sc0 ls0 ws0\">fair value<span class=\"_ _25b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x822 h9 y19e9 ff68 fs7 fc0 sc0 ls0 ws0\">Discount rate\u2013<span class=\"ff67\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x823 h9 y19ea ff68 fs7 fc0 sc0 ls0 ws0\">weighted average </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x824 h9 y19eb ff68 fs7 fc0 sc0 ls0 ws0\">Discounted </td><td class=\"t m0 x825 h9 y19eb ff67 fs7 fc0 sc0 ls0 ws0\">cost <span class=\"_ _b\"></span> </td><td class=\"t m0 x826 h9 y19eb ff68 fs7 fc0 sc0 ls0 ws0\">5.0% - 8.0%<span class=\"ff67\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x21e y19ec w1f7 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">BHP Brazil Royalty<span class=\"_ _25b\"> </span></div></td><td class=\"c n x815 y19ec w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,197</div></td><td class=\"t m0 x80f h9 y19ed ff68 fs7 fc0 sc0 ls0 ws0\">cash flows<span class=\"_ _25b\"> </span></td><td class=\"t m0 x827 h9 y19ed ff68 fs7 fc0 sc0 ls0 ws0\">of capital<span class=\"_ _25b\"> </span></td><td></td><td class=\"c n x828 y19ec w1f8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1.0%<span class=\"_ _25b\"> </span></div></td><td class=\"c n x829 y19ec w1f1 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u00a31.2m<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x82a h9 y19ee ff68 fs7 fc0 sc0 ls0 ws0\">US$2,270-<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x211 h9 y19ef ff68 fs7 fc0 sc0 ls0 ws0\">Average <span class=\"_ _b\"></span><span class=\"ff67\"> </span></td><td class=\"t m0 x82b h9 y19ef ff68 fs7 fc0 sc0 ls0 ws0\">US$2,376<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x82c h9 y19f0 ff68 fs7 fc0 sc0 ls0 ws0\">gold prices<span class=\"_ _25b\"> </span></td><td class=\"c n x82d y19f1 w1f9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">per ounce<span class=\"_ _25b\"> </span></div></td><td class=\"c n x82e y19f1 we8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10.0%<span class=\"_ _25b\"> </span></div></td><td class=\"c n x82f y19f1 w1f1 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u00a32.1m<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x82a h9 y19f2 ff68 fs7 fc0 sc0 ls0 ws0\">US$9,025-<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x211 h9 y19f3 ff68 fs7 fc0 sc0 ls0 ws0\">Average <span class=\"_ _b\"></span><span class=\"ff67\"> </span></td><td class=\"t m0 x82b h9 y19f3 ff68 fs7 fc0 sc0 ls0 ws0\">US$9,325 </td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x830 h9 y19f4 ff68 fs7 fc0 sc0 ls0 ws0\">copper prices<span class=\"_ _25b\"> </span></td><td class=\"c n x831 y19f5 w1fa hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">per tonne<span class=\"_ _25b\"> </span></div></td><td class=\"c n x832 y19f5 we8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10.0%<span class=\"_ _25b\"> </span></div></td><td class=\"c n x833 y19f5 w1fb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u00a31.0m<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x814 h9 y19f6 ff68 fs7 fc0 sc0 ls0 ws0\">Market<span class=\"ff67\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x21e y19f7 w1f2 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Jetti Resources<span class=\"_ _25b\"> </span></div></td><td class=\"c n x834 y19f7 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">21,973<span class=\"_ _25b\"> </span></div></td><td class=\"c n x835 y19f7 w1f3 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">approach<span class=\"_ _25b\"> </span></div></td><td class=\"c n x836 y19f7 w1f4 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Earnings multiple<span class=\"_ _25b\"> </span></div></td><td class=\"c n x837 y19f7 w1fc hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4.75x<span class=\"_ _25b\"> </span></div></td><td class=\"c n x838 y19f7 we8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10.0%<span class=\"_ _25b\"> </span></div></td><td class=\"c n x839 y19f7 w1f1 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u00a32.3m<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x81a h9 y19f8 ff68 fs7 fc0 sc0 ls0 ws0\">Market<span class=\"ff67\"> </span></td><td class=\"t m0 x830 h9 y19f8 ff68 fs7 fc0 sc0 ls0 ws0\">Price of recent<span class=\"ff67\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x21e y1896 wa9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">MCC Mining<span class=\"_ _25b\"> </span></div></td><td class=\"c n x83a y1896 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">14,097</div></td><td class=\"t m0 x83b h9 y19f9 ff68 fs7 fc0 sc0 ls0 ws0\">approach<span class=\"_ _25b\"> </span></td><td class=\"c n x83c y1896 w1f0 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">transaction<span class=\"_ _25b\"> </span></div></td><td></td><td class=\"c n x83d y1896 we8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10.0%<span class=\"_ _25b\"> </span></div></td><td class=\"c n x83e y1896 w1fb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u00a31.4m<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x21e y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x83f y17bd w7d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">58,267<span class=\"_ _25b\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"t m0 h10 ff68 fsd fc0 sc0 ls0 ws0 gs334\">1</div><div class=\"t m0 h9 ff68 fs7 fc0 sc0 ls0 ws0 gs335\"> <span class=\"_ _c\"> </span>The sensitivity analysis refers to a percentage amount added or deducted from the input and the effect this has on the fair value.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs337\">The sensitivity impact on fair value is calculated based on the sensitivit<span class=\"_ _8\"></span>y estimates set out by the independent valuer in its </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs338\">report on the valuation of contractual rights. Significant increases/(decreases) in estimated commodit<span class=\"_ _8\"></span>y prices and discount </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs339\">rates in isolation would result in a significantly higher<span class=\"_ _6\"></span>/(lower) fair value measurement. Generally<span class=\"_ _6\"></span>, a change in the assumption </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs33a\">made for the estimated value is accompanied by a directionally similar change in the commodity prices and discount rates.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs33b\">For exchange listed equity investments, the quoted price is the bid price. Substantially<span class=\"_ _6\"></span>, all investments are valued based on </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs33c\">unadjusted quoted market prices. Where such quoted prices are readily available in an active market, such prices are not </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs33d\">required to be asses<span class=\"_ _6\"></span>sed or adjusted for any price related risks, including climate risk, in accordance with the fair value related </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs33e\">requirements of the Company\u2019s financial reporting framework.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs33f\">(e) Capital management policies and procedures<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs340\">The Group\u2019<span class=\"_ _6\"></span>s capital management objectives are:<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs341\">\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>to ensure it will be able to continue as a going concern; and<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs342\">\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>to achieve a balanced return of dividends and capital growth over the longer term, by investing primarily in securities of </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs343\">companies in the mining and metals sectors.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs344\">This is to be achieved through an appropriate balance of equity capital and gearing. The Company operates a flexible gearing </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs345\">policy which depends on prevailing conditions. The policy is that debt should not be more than 25% of the Group\u2019<span class=\"_ _6\"></span>s net assets.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs346\">The Group\u2019<span class=\"_ _6\"></span>s total invested capital at 31 December 2025 was \u00a31,695,136,000 (2024: \u00a31,110,942,000) comprising of bank </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs347\">loans and an overdraft of \u00a396,708,000 (2024: \u00a3135,743,000) and equit<span class=\"_ _8\"></span>y shares, capital and reserves of \u00a31,598,428,000 </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs348\">(2024: \u00a3975,199,000).<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs349\">Under the terms of the overdraft and loan facilit<span class=\"_ _8\"></span>y agreement, the Group<span class=\"_ _6\"></span>\u2019s total indebtednes<span class=\"_ _6\"></span>s shall at no time exceed </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs34a\">\u00a3230<span class=\"_ gs149\"> </span>million or 25% of the Group\u2019<span class=\"_ _6\"></span>s net asset value (whichever is the lowest).<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs34b\">The cash and bank overdraft accounts of the Company and subsidiar<span class=\"_ _8\"></span>y in the same currency are managed under a </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs34c\">compensated group arrangement and are therefore presented on a net basis in the Group financial statements.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs34d\">The Board with the assistance of the Investment Manager monitors and reviews the broad structure of the Group<span class=\"_ _6\"></span>\u2019s capital on </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs34e\">an ongoing basis. This review includes:<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs34f\">\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>the planned level of gearing, which takes into account the Investment Manager\u2019<span class=\"_ _6\"></span>s view on the market; and<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs350\">\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>the need to buy back equity shares, either for cancellation or to be held in treasury, which takes account of the difference </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs351\">between the NAV per share and the share price (i.e. the level of share price discount or premium).<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs352\">The Group is subject to externally imposed capital requirements:<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs353\">\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>as a public company<span class=\"_ _6\"></span>, the Group has a minimum share capital of \u00a350,000; and<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs354\">\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>in order to be able to pay dividends out of profits available for distribution, the Group has to be able to meet one of the two </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs355\">capital restrictions tests imposed on investment companies by law<span class=\"_ _6\"></span>. Under Companies Act 2006, a company can make a </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs356\">distribution only out of accumulated realised profits and if their net assets are not les<span class=\"_ _6\"></span>s than the aggregate of their capital </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs357\">and undistributable reser<span class=\"_ _8\"></span>ves.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs358\">During the year<span class=\"_ _6\"></span>, the Group complied with the externally imposed capital requirements to which it was subject.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-357": {
   "value": "14. Interest bearing loans and borrowings<span class=\"_ _25b\"> </span><table class=\"s w159 hd0\" id=\"_4cb168f7-9b3a-499a-8e24-ed8533249ede\"><tr><td></td><td class=\"t m0 x4c5 h9 y18da ff66 fs7 fc0 sc0 ls0 ws0\">Group<span class=\"_ _25b\"> </span></td><td class=\"t m0 x4c6 h9 y18da ff66 fs7 fc0 sc0 ls0 ws0\">Company <span class=\"_ _b\"></span> </td><td class=\"t m0 x4c7 h9 y18da ff66 fs7 fc0 sc0 ls0 ws0\">Group<span class=\"_ _25b\"> </span></td><td class=\"t m0 x481 h9 y18da ff66 fs7 fc0 sc0 ls0 ws0\">Company <span class=\"_ _b\"></span> </td></tr><tr><td></td><td class=\"t m0 x526 h9 y18db ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></td><td class=\"t m0 x527 h9 y18db ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></td><td class=\"t m0 x4bf h9 y18db ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td><td class=\"t m0 x4ca h9 y18db ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td></tr><tr><td></td><td class=\"c n x3c5 y18dc w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4cb y18dc w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4cc y18dc w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4cd y18dc w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y18dd ff66 fs7 fc0 sc0 ls3 ws0\">Debt arising from financing activities at beginning of year<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y18de w15a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">Bank loan<span class=\"_ _25b\"> </span></div></td><td class=\"c n x543 y18de w3f hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">135,739<span class=\"_ _25b\"> </span></div></td><td class=\"c n x544 y18de w3f hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">135,739<span class=\"_ _25b\"> </span></div></td><td class=\"c n x545 y18de w3f hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">149,828<span class=\"_ _25b\"> </span></div></td><td class=\"c n x546 y18de w65 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">149,828<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x1b1 y18df w15b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank loan interest payable</div><div class=\"t m0 x547 h10 y1807 ff68 fsd fc0 sc0 ls0 ws0\">1<span class=\"_ _25b\"> </span></div></td><td class=\"c n x548 y18e0 wee hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">433<span class=\"_ _25b\"> </span></div></td><td class=\"c n x549 y18e0 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">433<span class=\"_ _25b\"> </span></div></td><td class=\"c n x54a y18e0 wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">238<span class=\"_ _25b\"> </span></div></td><td class=\"c n x54b y18e0 wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">238<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18e1 w15c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash at bank - bank overdraft<span class=\"_ _25b\"> </span></div></td><td class=\"c n x54c y18e1 w15d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">4<span class=\"_ _25b\"> </span></div></td><td class=\"c n x54d y18e1 w15e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">4<span class=\"_ _25b\"> </span></div></td><td class=\"c n x54e y18e1 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x54f y18e1 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18e2 w44 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x550 y18e2 w45 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">136,176<span class=\"_ _25b\"> </span></div></td><td class=\"c n x551 y18e2 w46 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">136,176<span class=\"_ _25b\"> </span></div></td><td class=\"c n x552 y18e2 w46 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">150,066<span class=\"_ _25b\"> </span></div></td><td class=\"c n x553 y18e2 w46 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">150,066<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y18e3 ff66 fs7 fc0 sc0 ls0 ws0\">Cash flows:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y18e4 w15f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Net repayment of loan<span class=\"_ _25b\"> </span></div></td><td class=\"c n x554 y18e4 w4c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(25,362)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x555 y18e4 w4c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(25,362)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x556 y18e4 w68 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(14,599)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x557 y18e4 w68 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(14,599)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x1b1 y18e5 w160 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank loan interest paid</div><div class=\"t m0 x558 h10 y17cb ff68 fsd fc0 sc0 ls0 ws0\">1<span class=\"_ _25b\"> </span></div></td><td class=\"c n x2ec y18e6 w4a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(6,058)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x559 y18e6 w4f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(6,058)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x55a y18e6 w4f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(8,582)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x55b y18e6 w4b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(8,582)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x1b1 y18e7 w161 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank overdraft interest paid</div><div class=\"t m0 x55c h10 y1807 ff68 fsd fc0 sc0 ls0 ws0\">1<span class=\"_ _25b\"> </span></div></td><td class=\"c n x370 y18e8 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(191)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x55d y18e8 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(191)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x55e y18e8 w50 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(65)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x55f y18e8 w50 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(65)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18e9 w162 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Movement in overdraft<span class=\"_ _25b\"> </span></div></td><td class=\"c n x560 y18e9 wed hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">53<span class=\"_ _25b\"> </span></div></td><td class=\"c n x561 y18e9 wd0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">53<span class=\"_ _25b\"> </span></div></td><td class=\"c n x562 y18e9 we5 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">4<span class=\"_ _25b\"> </span></div></td><td class=\"c n x563 y18e9 w15e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">4<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y18ea ff66 fs7 fc0 sc0 ls0 ws0\">Non cash flows:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y18eb w163 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Effects of foreign exchange (gains)/losses<span class=\"_ _25b\"> </span></div></td><td class=\"c n x564 y18eb w4c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(13,726)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x565 y18eb w4c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(13,726)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x566 y18eb wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">510<span class=\"_ _25b\"> </span></div></td><td class=\"c n x567 y18eb wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">510<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x1b1 y18ec w164 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Finance costs expense</div><div class=\"t m0 x568 h10 y1807 ff68 fsd fc0 sc0 ls0 ws0\">1<span class=\"_ _25b\"> </span></div></td><td class=\"c n x569 y1833 w63 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">6,098<span class=\"_ _25b\"> </span></div></td><td class=\"c n x56a y1833 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">6,098<span class=\"_ _25b\"> </span></div></td><td class=\"c n x56b y1833 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">8,842<span class=\"_ _25b\"> </span></div></td><td class=\"c n x56c y1833 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">8,842<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y18ed ff66 fs7 fc0 sc0 ls0 ws0\">Debt arising from financing activities at end of year<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y1835 w15a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank loan<span class=\"_ _25b\"> </span></div></td><td class=\"c n x56d y1835 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">96,651<span class=\"_ _25b\"> </span></div></td><td class=\"c n x56e y1835 w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">96,651<span class=\"_ _25b\"> </span></div></td><td class=\"c n x56f y1835 w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">135,739<span class=\"_ _25b\"> </span></div></td><td class=\"c n x570 y1835 w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">135,739<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x1b1 y17d7 w15b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank loan interest payable</div><div class=\"t m0 x547 h10 y17cb ff68 fsd fc0 sc0 ls0 ws0\">1<span class=\"_ _25b\"> </span></div></td><td class=\"c n x548 y1836 wee hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">282<span class=\"_ _25b\"> </span></div></td><td class=\"c n x549 y1836 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">282<span class=\"_ _25b\"> </span></div></td><td class=\"c n x54a y1836 wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">433<span class=\"_ _25b\"> </span></div></td><td class=\"c n x54b y1836 wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">433<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17da w15c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash at bank - bank overdraft<span class=\"_ _25b\"> </span></div></td><td class=\"c n x571 y17da wed hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">57<span class=\"_ _25b\"> </span></div></td><td class=\"c n x572 y17da wd0 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">57<span class=\"_ _25b\"> </span></div></td><td class=\"c n x573 y17da w15e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">4<span class=\"_ _25b\"> </span></div></td><td class=\"c n x54f y17da we5 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">4<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x574 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">96,990<span class=\"_ _25b\"> </span></div></td><td class=\"c n x575 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">96,990<span class=\"_ _25b\"> </span></div></td><td class=\"c n x576 y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">136,176<span class=\"_ _25b\"> </span></div></td><td class=\"c n x577 y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">136,176<span class=\"_ _25b\"> </span></div></td></tr></table>1 <span class=\"_ _c\"> </span> <span class=\"_ _b\"></span>Movement on interest and finance costs expense and payments on borrowings have now been included in the reconciliation above to reflect movements in financing activities.<span class=\"_ _25b\"> </span>The Group has an overdraft facilit<span class=\"_ _8\"></span>y of \u00a330 million (2024: \u00a330 million) and a multi-currency loan facility of \u00a3200 million (2024: \u00a3200 million) which are updated and renewed on an annual basis. Under the multi-currency loan facility, the individual loan drawdowns are taken with a three month maturity period. At 31 December 2025, the Group had a US Dollar loan outstanding of US$130,000,000 which matures on 11 June 2026 (2024: US Dollar loan for US$170,000,000 which matured on 12 March 2025). The loans are provided by The Bank of New Y<span class=\"_ _9\"></span>ork Mellon (International) Limited. The interest rate on bank loans is approximately 5.39% per annum for US Dollar balances (2024: 6.16% per annum for US Dollar balances). The Company generated a total foreign currency gain of \u00a313,299,000 (2024: loss of \u00a3672,000) which included a gain on the translation of US Dollar denominated loans of \u00a313,726,000 (2024: loss of \u00a3510,000).<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-338": {
   "value": "<div class=\"t m0 h14 ff69 fsf fc0 sc0 ls0 ws0 gs17f\">15. Share capital<span class=\"_ _25b\"> </span></div><div class=\"gsfa\"><table class=\"s wea hd1\" id=\"_6b4892f9-b9f7-4a95-b061-e62499ae19a4\"><tr><td></td><td class=\"t m0 x578 h9 y18ee ff66 fs7 fc0 sc0 ls0 ws0\">Ordinary shares <span class=\"_ _b\"></span> </td><td></td><td></td><td class=\"t m0 x579 h9 y18ee ff66 fs7 fc0 sc0 ls0 ws0\">Nominal </td></tr><tr><td></td><td class=\"t m0 x57a h9 y18ef ff66 fs7 fc0 sc0 ls0 ws0\">in issue </td><td class=\"t m0 x57b h9 y18ef ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>reasur<span class=\"_ _8\"></span>y shares </td><td class=\"t m0 x57c h9 y18ef ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal shares </td><td class=\"t m0 x3cd h9 y18ef ff66 fs7 fc0 sc0 ls0 ws0\">value <span class=\"_ _b\"></span> </td></tr><tr><td></td><td class=\"t m0 x57d h9 y18f0 ff66 fs7 fc0 sc0 ls0 ws0\">number<span class=\"_ _25b\"> </span></td><td class=\"t m0 x57e h9 y18f0 ff66 fs7 fc0 sc0 ls0 ws0\">number<span class=\"_ _25b\"> </span></td><td class=\"t m0 x57f h9 y18f0 ff66 fs7 fc0 sc0 ls0 ws0\">number<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cd h9 y18f0 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x1c6 h9 y18f1 ff66 fs7 fc0 sc0 ls0 ws0\">Allotted, called up and fully paid share capital </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x1c6 h9 y18f2 ff66 fs7 fc0 sc0 ls0 ws0\">comprised:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x1b1 y18f4 w165 hd2\"><div class=\"t m0 x1a0 h9 y18f3 ff66 fs7 fc0 sc0 ls0 ws0\">Ordinary shares of 5p each<span class=\"_ _25b\"> </span></div><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">At 31 December 2023<span class=\"_ _25b\"> </span></div></td><td class=\"c n x580 y18f5 w166 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">191,183,036<span class=\"_ _25b\"> </span></div></td><td class=\"c n x581 y18f5 w6d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,828,806<span class=\"_ _25b\"> </span></div></td><td class=\"c n x582 y18f5 w166 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">193,011,842<span class=\"_ _25b\"> </span></div></td><td class=\"c n x583 y18f5 w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">9,651<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18f6 w67 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Ordinary shares repurchased into treasur<span class=\"_ _8\"></span>y<span class=\"_ _25b\"> </span></div></td><td class=\"c n x584 y18f6 wa1 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(165,000)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x585 y18f6 w65 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">165,000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x586 y18f6 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x587 y18f6 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y18f7 ff66 fs7 fc0 sc0 ls0 ws0\">At 31 December 2024<span class=\"_ _25b\"> </span></td><td class=\"c n x580 y18f8 w166 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">191,018,036<span class=\"_ _25b\"> </span></div></td><td class=\"c n x581 y18f8 w6d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,993,806<span class=\"_ _25b\"> </span></div></td><td class=\"c n x582 y18f8 w166 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">193,011,842<span class=\"_ _25b\"> </span></div></td><td class=\"c n x583 y18f8 w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">9,651<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17da w67 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Ordinary shares repurchased into treasur<span class=\"_ _8\"></span>y<span class=\"_ _25b\"> </span></div></td><td class=\"c n x588 y17da w167 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(4,335,000)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x589 y17da w6e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,335,000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x58a y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x58b y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w6b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">At 31 December 2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x58c y17bd w168 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">186,683,036<span class=\"_ _25b\"> </span></div></td><td class=\"c n x58d y17bd w6d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">6,328,806<span class=\"_ _25b\"> </span></div></td><td class=\"c n x58e y17bd w166 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">193,011,842<span class=\"_ _25b\"> </span></div></td><td class=\"c n x58f y17bd wb4 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">9,651<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs180\">During the year ended 31 December 2025 the Company repurchased 4,335,000 shares into treasur<span class=\"_ _8\"></span>y (2024: 165,000) for a </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs181\">total consideration including costs of \u00a322,101,000 (2024: \u00a3874,000).<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs182\">Since the year end and up to 12 March 2026, the Company has repurchased 156,000 shares into treasur<span class=\"_ _8\"></span>y for a total </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs183\">consideration including costs of \u00a31,451,000. No shares were reissued.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h14 ff69 fsf fc0 sc0 ls0 ws0 gs185\">16. Reser<span class=\"_ _8\"></span>v<span class=\"_ _6\"></span>es<span class=\"_ _25b\"> </span></div><div class=\"gsfa\"><table class=\"s wfd hd3\" id=\"_25a4a955-bc59-4483-848d-7350922809f6\"><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x590 h9 y18f9 ff66 fs7 fc0 sc0 ls0 ws0\">Capital </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x590 h9 y18fa ff66 fs7 fc0 sc0 ls0 ws0\">reserve </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x591 h9 y18fb ff66 fs7 fc0 sc0 ls0 ws0\">Capital </td><td class=\"t m0 x592 h9 y18fb ff66 fs7 fc0 sc0 ls0 ws0\">arising on </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x593 h9 y18fc ff66 fs7 fc0 sc0 ls0 ws0\">reserve </td><td class=\"t m0 x594 h9 y18fc ff66 fs7 fc0 sc0 ls0 ws0\">revaluation </td><td></td></tr><tr><td></td><td class=\"t m0 x595 h9 y18fd ff66 fs7 fc0 sc0 ls0 ws0\">Share </td><td class=\"t m0 x596 h9 y18fd ff66 fs7 fc0 sc0 ls0 ws0\">Capital </td><td></td><td class=\"t m0 x597 h9 y18fd ff66 fs7 fc0 sc0 ls0 ws0\">arising on </td><td class=\"t m0 x598 h9 y18fd ff66 fs7 fc0 sc0 ls0 ws0\">of </td><td></td></tr><tr><td></td><td class=\"t m0 x599 h9 y18fe ff66 fs7 fc0 sc0 ls0 ws0\">premium </td><td class=\"t m0 x59a h9 y18fe ff66 fs7 fc0 sc0 ls0 ws0\">redemption </td><td class=\"t m0 x59b h9 y18fe ff66 fs7 fc0 sc0 ls0 ws0\">Special </td><td class=\"t m0 x4c9 h9 y18fe ff66 fs7 fc0 sc0 ls0 ws0\">investments </td><td class=\"t m0 x59c h9 y18fe ff66 fs7 fc0 sc0 ls0 ws0\">investments </td><td class=\"t m0 x59d h9 y18fe ff66 fs7 fc0 sc0 ls0 ws0\">Revenue </td></tr><tr><td></td><td class=\"t m0 x59e h9 y18ff ff66 fs7 fc0 sc0 ls0 ws0\">account<span class=\"_ _25b\"> </span></td><td class=\"t m0 x59f h9 y18ff ff66 fs7 fc0 sc0 ls0 ws0\">reserve<span class=\"_ _25b\"> </span></td><td class=\"t m0 x59b h9 y18ff ff66 fs7 fc0 sc0 ls0 ws0\">reserve<span class=\"_ _25b\"> </span></td><td class=\"t m0 x5a0 h9 y18ff ff66 fs7 fc0 sc0 ls0 ws0\">sold<span class=\"_ _25b\"> </span></td><td class=\"t m0 x5a1 h9 y18ff ff66 fs7 fc0 sc0 ls0 ws0\">held<span class=\"_ _25b\"> </span></td><td class=\"t m0 x5a2 h9 y18ff ff66 fs7 fc0 sc0 ls0 ws0\">reserve<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"c n x1b1 y1900 w5f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Group<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5a3 y1900 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5a4 y1900 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5a5 y1900 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5a6 y1900 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5a7 y1900 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5a8 y1900 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1901 w169 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">At 31 December 2023<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5a9 y1901 w64 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">151,493<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5aa y1901 w34 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,779<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ab y1901 w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">193,008<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ac y1901 w65 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">510,400<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ad y1901 w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">214,761<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ae y1901 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">57,959<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1902 ff68 fs7 fc0 sc0 ls0 ws0\">Movement during the year:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x1c6 h9 y1903 ff68 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal comprehensive (loss)/income:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2c9 y1904 w16a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Net (loss)/<span class=\"_ _9\"></span>profit for the year<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5af y1904 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5b0 y1904 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5b1 y1904 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5b2 y1904 w68 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(13,425)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5b3 y1904 w40 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(150,643)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5b4 y1904 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">44,127<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1905 ff68 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>ransactions with owners, recorded </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x1c6 h9 y1906 ff68 fs7 fc0 sc0 ls0 ws0\">directly to equity<span class=\"_ _8\"></span>:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x1c7 y1907 w16b hb5\"><div class=\"t m0 x5b5 h9 y17b7 ff68 fs7 fc0 sc0 ls0 ws0\">Ordinary shares repurchased into<span class=\"_ _25b\"> </span></div><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">treasury<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5b6 y1907 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5b7 y1907 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5b8 y1907 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(868)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5b9 y1907 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ba y1907 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5bb y1907 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x2c9 y1908 w69 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Share repurchase costs<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5af y1908 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5b0 y1908 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5bc y1908 w4e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(6)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5bd y1908 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5be y1908 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5bf y1908 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x2c9 y1909 w93 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Dividends paid<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c0 y1909 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c1 y1909 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c2 y1909 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c3 y1909 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c4 y1909 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x1db y1909 w4c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(64,037)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17b4 w6b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">At 31 December 2024<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c5 y17b4 w45 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">151,493<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c6 y17b4 w7d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">22,779<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c7 y17b4 w45 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">192,134<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c8 y17b4 w46 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">496,975<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c9 y17b4 w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">64,118<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ca y17b4 w3c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">38,049<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y190a ff68 fs7 fc0 sc0 ls0 ws0\">Movement during the year:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x1c6 h9 y190b ff68 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal comprehensive income:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2c9 y190c w16c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Net profit for the year<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5cb y190c w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5cc y190c w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5cd y190c w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ce y190c w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">77,298<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5cf y190c w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">565,425<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4c2 y190c w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">45,867<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y190d ff68 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>ransactions with owners, recorded </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x1c6 h9 y190e ff68 fs7 fc0 sc0 ls0 ws0\">directly to equity<span class=\"_ _8\"></span>:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x1c7 y1835 w16b hb7\"><div class=\"t m0 x5b5 h9 y17b7 ff68 fs7 fc0 sc0 ls0 ws0\">Ordinary shares repurchased into<span class=\"_ _25b\"> </span></div><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">treasury<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5b6 y1835 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5b7 y1835 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5d0 y1835 w4c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(21,947)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5d1 y1835 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5d2 y1835 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5d3 y1835 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x2c9 y1836 w69 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Share repurchase costs<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5af y1836 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5d4 y1836 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5d5 y1836 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(154)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5d6 y1836 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5d7 y1836 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5d8 y1836 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x2c9 y1837 w93 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Dividends paid<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c0 y1837 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c1 y1837 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c2 y1837 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c3 y1837 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c4 y1837 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x1db y1837 w4c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(43,260)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w6b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">At 31 December 2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c5 y17bd w45 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">151,493<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c6 y17bd w7d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">22,779<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c7 y17bd w45 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">170,033<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c8 y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">574,273<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5d9 y17bd w55 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">629,543<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5da y17bd w3c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">40,656<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"gs187\"><table class=\"s wfd hd4\" id=\"_3139e8c1-5235-4e5d-bd23-fc0954a2a47b\"><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x5db h9 y190f ff66 fs7 fc0 sc0 ls0 ws0\">Distributable reserves<span class=\"_ _25b\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x590 h9 y1910 ff66 fs7 fc0 sc0 ls0 ws0\">Capital </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x590 h9 y1911 ff66 fs7 fc0 sc0 ls0 ws0\">reserve </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x591 h9 y1912 ff66 fs7 fc0 sc0 ls0 ws0\">Capital </td><td class=\"t m0 x592 h9 y1912 ff66 fs7 fc0 sc0 ls0 ws0\">arising on </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x593 h9 y1913 ff66 fs7 fc0 sc0 ls0 ws0\">reserve </td><td class=\"t m0 x594 h9 y1913 ff66 fs7 fc0 sc0 ls0 ws0\">revaluation </td><td></td></tr><tr><td></td><td class=\"t m0 x595 h9 y1914 ff66 fs7 fc0 sc0 ls0 ws0\">Share </td><td class=\"t m0 x596 h9 y1914 ff66 fs7 fc0 sc0 ls0 ws0\">Capital </td><td></td><td class=\"t m0 x597 h9 y1914 ff66 fs7 fc0 sc0 ls0 ws0\">arising on </td><td class=\"t m0 x598 h9 y1914 ff66 fs7 fc0 sc0 ls0 ws0\">of </td><td></td></tr><tr><td></td><td class=\"t m0 x599 h9 y1915 ff66 fs7 fc0 sc0 ls0 ws0\">premium </td><td class=\"t m0 x578 h9 y1915 ff66 fs7 fc0 sc0 ls0 ws0\">redemption </td><td class=\"t m0 x59b h9 y1915 ff66 fs7 fc0 sc0 ls0 ws0\">Special </td><td class=\"t m0 x4c9 h9 y1915 ff66 fs7 fc0 sc0 ls0 ws0\">investments </td><td class=\"t m0 x59c h9 y1915 ff66 fs7 fc0 sc0 ls0 ws0\">investments </td><td class=\"t m0 x59d h9 y1915 ff66 fs7 fc0 sc0 ls0 ws0\">Revenue </td></tr><tr><td></td><td class=\"t m0 x59e h9 y1916 ff66 fs7 fc0 sc0 ls0 ws0\">account<span class=\"_ _25b\"> </span></td><td class=\"t m0 x59f h9 y1916 ff66 fs7 fc0 sc0 ls0 ws0\">reserve<span class=\"_ _25b\"> </span></td><td class=\"t m0 x59b h9 y1916 ff66 fs7 fc0 sc0 ls0 ws0\">reserve<span class=\"_ _25b\"> </span></td><td class=\"t m0 x5a0 h9 y1916 ff66 fs7 fc0 sc0 ls0 ws0\">sold<span class=\"_ _25b\"> </span></td><td class=\"t m0 x5a1 h9 y1916 ff66 fs7 fc0 sc0 ls0 ws0\">held<span class=\"_ _25b\"> </span></td><td class=\"t m0 x5a2 h9 y1916 ff66 fs7 fc0 sc0 ls0 ws0\">reserve<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"c n x1b1 y1917 w74 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Company<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5dc y1917 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5dd y1917 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5de y1917 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5df y1917 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5e0 y1917 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5e1 y1917 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1918 w169 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">At 31 December 2023<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5a9 y1918 w64 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">151,493<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5aa y1918 w34 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,779<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ab y1918 w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">193,008<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ac y1918 w65 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">508,899<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ad y1918 w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">222,168<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ae y1918 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">52,053<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1919 ff68 fs7 fc0 sc0 ls0 ws0\">Movement during the year:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x1c6 h9 y191a ff68 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal comprehensive (loss)/income:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2c9 y191b w16a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Net (loss)/<span class=\"_ _9\"></span>profit for the year<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5af y191b w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5d4 y191b w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5e2 y191b w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5e3 y191b w68 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(13,425)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5e4 y191b w40 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(150,526)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4ae y191b w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">44,010<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y191c ff68 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>ransactions with owners, recorded </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x1c6 h9 y191d ff68 fs7 fc0 sc0 ls0 ws0\">directly to equity<span class=\"_ _8\"></span>:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x1c7 y1907 w16b hb5\"><div class=\"t m0 x5b5 h9 y17b7 ff68 fs7 fc0 sc0 ls0 ws0\">Ordinary shares repurchased into<span class=\"_ _25b\"> </span></div><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">treasury<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5b6 y1907 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5e5 y1907 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5e6 y1907 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(868)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5e7 y1907 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5e8 y1907 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5e9 y1907 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x2c9 y1908 w69 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Share repurchase costs<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5af y1908 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5d4 y1908 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ea y1908 w4e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(6)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5eb y1908 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ec y1908 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ed y1908 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x2c9 y191e w93 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Dividends paid<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c0 y191e w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c1 y191e w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c2 y191e w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c3 y191e w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c4 y191e w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x1db y191e w4c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(64,037)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y191f w6b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">At 31 December 2024<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c5 y191f w45 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">151,493<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c6 y191f w7d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">22,779<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c7 y191f w45 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">192,134<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c8 y191f w46 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">495,474<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c9 y191f w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">71,642<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ca y191f w3c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">32,026<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1920 ff68 fs7 fc0 sc0 ls0 ws0\">Movement during the year:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x1c6 h9 y1921 ff68 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal comprehensive income:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2c9 y190c w16c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Net profit for the year<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5cb y190c w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5cc y190c w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5cd y190c w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ce y190c w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">77,298<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5cf y190c w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">565,522<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4c2 y190c w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">45,770<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1922 ff68 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>ransactions with owners, recorded </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x1c6 h9 y1923 ff68 fs7 fc0 sc0 ls0 ws0\">directly to equity<span class=\"_ _8\"></span>:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x1c7 y1889 w16b hbb\"><div class=\"t m0 x5b5 h9 y1817 ff68 fs7 fc0 sc0 ls0 ws0\">Ordinary shares repurchased into<span class=\"_ _25b\"> </span></div><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">treasury<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5b6 y1889 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5b7 y1889 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5d0 y1889 w4c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(21,947)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5d1 y1889 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5d2 y1889 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5d3 y1889 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x2c9 y1836 w69 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Share repurchase costs<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5af y1836 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5b0 y1836 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ee y1836 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(154)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ef y1836 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5f0 y1836 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5f1 y1836 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x2c9 y17da w93 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Dividends paid<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c0 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c1 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c2 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c3 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c4 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x1db y17da w4c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(43,260)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w6b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">At 31 December 2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c5 y17bd w45 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">151,493<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c6 y17bd w7d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">22,779<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c7 y17bd w45 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">170,033<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c8 y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">572,772<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5d9 y17bd w55 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">637,164<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5da y17bd w3c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">34,536<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs188\">Pursuant to a resolution of the Company pas<span class=\"_ _6\"></span>sed at an Extraordinar<span class=\"_ _8\"></span>y General Meeting on 13 Januar<span class=\"_ _8\"></span>y 1998 and following </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs189\">the Company\u2019s application to the Court for cancellation of its share premium account, the Cour<span class=\"_ _8\"></span>t approval was received </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs18a\">on 27<span class=\"_ gs149\"> </span>Januar<span class=\"_ _8\"></span>y 1999 and \u00a3157,633,000 was transferred from the share premium account to a special reserve which is a </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs18b\">distributable reser<span class=\"_ _8\"></span>ve.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gs18c\">The share premium <span class=\"_ _6\"></span>account and capital redemption reserve of \u00a3151,493,000 and \u00a322,779,000 <span class=\"_ _6\"></span>(2024: \u00a3151,493,000 and </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gs18d\">\u00a322,779,000) are not <span class=\"_ _6\"></span>distributable reser<span class=\"_ _8\"></span>ves under the Companies <span class=\"_ _6\"></span>Act 2006. In accordance with <span class=\"_ _6\"></span>IC<span class=\"_ _8\"></span>AEW T<span class=\"_ _6\"></span>echnical Release </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gs18e\">02/17BL on Guidance <span class=\"_ _6\"></span>on Realised and Distributable P<span class=\"_ _6\"></span>rofits under the Companies Act <span class=\"_ _6\"></span>2006, the special reserve and capital </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gs18f\">reser<span class=\"_ _8\"></span>ves of <span class=\"_ _6\"></span>the Parent Company may <span class=\"_ _6\"></span>be used as distributable reserves for all purposes <span class=\"_ _6\"></span>and, in particular<span class=\"_ _6\"></span>, the repurchase by the </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gs190\">Parent <span class=\"_ _6\"></span>Company of its ordinary shares and for payment as <span class=\"_ _6\"></span>dividends. In accordance with the <span class=\"_ _6\"></span>Company<span class=\"_ _8\"></span>\u2019<span class=\"_ _6\"></span>s Ar<span class=\"_ _8\"></span>ticles of <span class=\"_ _6\"></span>Association, </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gs191\">the special reserve of \u00a3170,033,000 (2024: <span class=\"_ _6\"></span>\u00a3192,134,000), capital reser<span class=\"_ _8\"></span>ves of \u00a31,209,936,000 <span class=\"_ _6\"></span>(2024: \u00a3567,116,000) and the </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gs192\">revenue reserve of \u00a334,536,000 (2024: \u00a332,026,000) <span class=\"_ _6\"></span>may be distributed by way of <span class=\"_ _6\"></span>dividend. The Parent <span class=\"_ _6\"></span>Company<span class=\"_ _8\"></span>\u2019<span class=\"_ _6\"></span>s capital gains </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gs193\">of \u00a31,209,936,000 (2024: <span class=\"_ _6\"></span>\u00a3567,116,000) comprise a gain on the <span class=\"_ _6\"></span>capital reser<span class=\"_ _8\"></span>ve arising on <span class=\"_ _6\"></span>investments sold of \u00a3572,772,000 </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gs194\">(2024: \u00a3495,474,000), a <span class=\"_ _6\"></span>gain on the capital reserve arising on revaluation of <span class=\"_ _6\"></span>listed investments of \u00a3632,821,000 (2024: </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gs195\">\u00a356,862,000), revaluation los<span class=\"_ _6\"></span>ses on unquoted investments of <span class=\"_ _6\"></span>\u00a33,278,000 (2024: gains of \u00a37,256,000) <span class=\"_ _6\"></span>and a revaluation gain </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gs196\">on the investment <span class=\"_ _6\"></span>in the subsidiar<span class=\"_ _8\"></span>y of \u00a37,621,000 <span class=\"_ _6\"></span>(2024: \u00a37,524,000). The capital reserve arising on the <span class=\"_ _6\"></span>revaluation of listed </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gs197\">investments of \u00a3632,821,000 <span class=\"_ _6\"></span>(2024: \u00a356,862,000) is subject to fair <span class=\"_ _6\"></span>value movements and may not <span class=\"_ _6\"></span>be readily realisable at short </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gs198\">notice; as such <span class=\"_ _6\"></span>it may not be entirely distributable. <span class=\"_ _6\"></span>The investments are subject to <span class=\"_ _6\"></span>financial risks, as such capital reserves (arising </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gs199\">on investments sold) <span class=\"_ _6\"></span>and the revenue reserve may not be entirely distributable <span class=\"_ _6\"></span>if a loss <span class=\"_ _6\"></span>occurred during the realisation of these </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls2 ws2 gs19a\">investments. The reserves of the subsidiary company are not <span class=\"_ _6\"></span>distributable until distributed as a dividend <span class=\"_ _6\"></span>to the Parent <span class=\"_ _6\"></span>Company.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs19b\">As at 31 December 2025, the Parent Company\u2019<span class=\"_ _6\"></span>s distributable reser<span class=\"_ _8\"></span>ves (excluding capital reser<span class=\"_ _8\"></span>ves on the revaluation of </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs19c\">investments) amounted to \u00a3777,341,000 (2024: \u00a3719,634,000).</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-358": {
   "value": "15. Share capital<span class=\"_ _25b\"> </span><table class=\"s wea hd1\" id=\"_6b4892f9-b9f7-4a95-b061-e62499ae19a4\"><tr><td></td><td class=\"t m0 x578 h9 y18ee ff66 fs7 fc0 sc0 ls0 ws0\">Ordinary shares <span class=\"_ _b\"></span> </td><td></td><td></td><td class=\"t m0 x579 h9 y18ee ff66 fs7 fc0 sc0 ls0 ws0\">Nominal </td></tr><tr><td></td><td class=\"t m0 x57a h9 y18ef ff66 fs7 fc0 sc0 ls0 ws0\">in issue </td><td class=\"t m0 x57b h9 y18ef ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>reasur<span class=\"_ _8\"></span>y shares </td><td class=\"t m0 x57c h9 y18ef ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal shares </td><td class=\"t m0 x3cd h9 y18ef ff66 fs7 fc0 sc0 ls0 ws0\">value <span class=\"_ _b\"></span> </td></tr><tr><td></td><td class=\"t m0 x57d h9 y18f0 ff66 fs7 fc0 sc0 ls0 ws0\">number<span class=\"_ _25b\"> </span></td><td class=\"t m0 x57e h9 y18f0 ff66 fs7 fc0 sc0 ls0 ws0\">number<span class=\"_ _25b\"> </span></td><td class=\"t m0 x57f h9 y18f0 ff66 fs7 fc0 sc0 ls0 ws0\">number<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cd h9 y18f0 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x1c6 h9 y18f1 ff66 fs7 fc0 sc0 ls0 ws0\">Allotted, called up and fully paid share capital </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x1c6 h9 y18f2 ff66 fs7 fc0 sc0 ls0 ws0\">comprised:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x1b1 y18f4 w165 hd2\"><div class=\"t m0 x1a0 h9 y18f3 ff66 fs7 fc0 sc0 ls0 ws0\">Ordinary shares of 5p each<span class=\"_ _25b\"> </span></div><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">At 31 December 2023<span class=\"_ _25b\"> </span></div></td><td class=\"c n x580 y18f5 w166 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">191,183,036<span class=\"_ _25b\"> </span></div></td><td class=\"c n x581 y18f5 w6d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,828,806<span class=\"_ _25b\"> </span></div></td><td class=\"c n x582 y18f5 w166 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">193,011,842<span class=\"_ _25b\"> </span></div></td><td class=\"c n x583 y18f5 w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">9,651<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y18f6 w67 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Ordinary shares repurchased into treasur<span class=\"_ _8\"></span>y<span class=\"_ _25b\"> </span></div></td><td class=\"c n x584 y18f6 wa1 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(165,000)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x585 y18f6 w65 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">165,000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x586 y18f6 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x587 y18f6 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y18f7 ff66 fs7 fc0 sc0 ls0 ws0\">At 31 December 2024<span class=\"_ _25b\"> </span></td><td class=\"c n x580 y18f8 w166 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">191,018,036<span class=\"_ _25b\"> </span></div></td><td class=\"c n x581 y18f8 w6d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,993,806<span class=\"_ _25b\"> </span></div></td><td class=\"c n x582 y18f8 w166 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">193,011,842<span class=\"_ _25b\"> </span></div></td><td class=\"c n x583 y18f8 w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">9,651<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17da w67 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Ordinary shares repurchased into treasur<span class=\"_ _8\"></span>y<span class=\"_ _25b\"> </span></div></td><td class=\"c n x588 y17da w167 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(4,335,000)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x589 y17da w6e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,335,000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x58a y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x58b y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w6b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">At 31 December 2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x58c y17bd w168 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">186,683,036<span class=\"_ _25b\"> </span></div></td><td class=\"c n x58d y17bd w6d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">6,328,806<span class=\"_ _25b\"> </span></div></td><td class=\"c n x58e y17bd w166 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">193,011,842<span class=\"_ _25b\"> </span></div></td><td class=\"c n x58f y17bd wb4 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">9,651<span class=\"_ _25b\"> </span></div></td></tr></table>During the year ended 31 December 2025 the Company repurchased 4,335,000 shares into treasur<span class=\"_ _8\"></span>y (2024: 165,000) for a total consideration including costs of \u00a322,101,000 (2024: \u00a3874,000).<span class=\"_ _25b\"> </span>Since the year end and up to 12 March 2026, the Company has repurchased 156,000 shares into treasur<span class=\"_ _8\"></span>y for a total consideration including costs of \u00a31,451,000. No shares were reissued.<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-359": {
   "value": "16. Reser<span class=\"_ _8\"></span>v<span class=\"_ _6\"></span>es<span class=\"_ _25b\"> </span><table class=\"s wfd hd3\" id=\"_25a4a955-bc59-4483-848d-7350922809f6\"><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x590 h9 y18f9 ff66 fs7 fc0 sc0 ls0 ws0\">Capital </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x590 h9 y18fa ff66 fs7 fc0 sc0 ls0 ws0\">reserve </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x591 h9 y18fb ff66 fs7 fc0 sc0 ls0 ws0\">Capital </td><td class=\"t m0 x592 h9 y18fb ff66 fs7 fc0 sc0 ls0 ws0\">arising on </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x593 h9 y18fc ff66 fs7 fc0 sc0 ls0 ws0\">reserve </td><td class=\"t m0 x594 h9 y18fc ff66 fs7 fc0 sc0 ls0 ws0\">revaluation </td><td></td></tr><tr><td></td><td class=\"t m0 x595 h9 y18fd ff66 fs7 fc0 sc0 ls0 ws0\">Share </td><td class=\"t m0 x596 h9 y18fd ff66 fs7 fc0 sc0 ls0 ws0\">Capital </td><td></td><td class=\"t m0 x597 h9 y18fd ff66 fs7 fc0 sc0 ls0 ws0\">arising on </td><td class=\"t m0 x598 h9 y18fd ff66 fs7 fc0 sc0 ls0 ws0\">of </td><td></td></tr><tr><td></td><td class=\"t m0 x599 h9 y18fe ff66 fs7 fc0 sc0 ls0 ws0\">premium </td><td class=\"t m0 x59a h9 y18fe ff66 fs7 fc0 sc0 ls0 ws0\">redemption </td><td class=\"t m0 x59b h9 y18fe ff66 fs7 fc0 sc0 ls0 ws0\">Special </td><td class=\"t m0 x4c9 h9 y18fe ff66 fs7 fc0 sc0 ls0 ws0\">investments </td><td class=\"t m0 x59c h9 y18fe ff66 fs7 fc0 sc0 ls0 ws0\">investments </td><td class=\"t m0 x59d h9 y18fe ff66 fs7 fc0 sc0 ls0 ws0\">Revenue </td></tr><tr><td></td><td class=\"t m0 x59e h9 y18ff ff66 fs7 fc0 sc0 ls0 ws0\">account<span class=\"_ _25b\"> </span></td><td class=\"t m0 x59f h9 y18ff ff66 fs7 fc0 sc0 ls0 ws0\">reserve<span class=\"_ _25b\"> </span></td><td class=\"t m0 x59b h9 y18ff ff66 fs7 fc0 sc0 ls0 ws0\">reserve<span class=\"_ _25b\"> </span></td><td class=\"t m0 x5a0 h9 y18ff ff66 fs7 fc0 sc0 ls0 ws0\">sold<span class=\"_ _25b\"> </span></td><td class=\"t m0 x5a1 h9 y18ff ff66 fs7 fc0 sc0 ls0 ws0\">held<span class=\"_ _25b\"> </span></td><td class=\"t m0 x5a2 h9 y18ff ff66 fs7 fc0 sc0 ls0 ws0\">reserve<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"c n x1b1 y1900 w5f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Group<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5a3 y1900 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5a4 y1900 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5a5 y1900 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5a6 y1900 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5a7 y1900 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5a8 y1900 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1901 w169 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">At 31 December 2023<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5a9 y1901 w64 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">151,493<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5aa y1901 w34 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,779<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ab y1901 w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">193,008<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ac y1901 w65 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">510,400<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ad y1901 w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">214,761<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ae y1901 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">57,959<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1902 ff68 fs7 fc0 sc0 ls0 ws0\">Movement during the year:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x1c6 h9 y1903 ff68 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal comprehensive (loss)/income:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2c9 y1904 w16a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Net (loss)/<span class=\"_ _9\"></span>profit for the year<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5af y1904 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5b0 y1904 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5b1 y1904 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5b2 y1904 w68 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(13,425)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5b3 y1904 w40 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(150,643)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5b4 y1904 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">44,127<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1905 ff68 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>ransactions with owners, recorded </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x1c6 h9 y1906 ff68 fs7 fc0 sc0 ls0 ws0\">directly to equity<span class=\"_ _8\"></span>:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x1c7 y1907 w16b hb5\"><div class=\"t m0 x5b5 h9 y17b7 ff68 fs7 fc0 sc0 ls0 ws0\">Ordinary shares repurchased into<span class=\"_ _25b\"> </span></div><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">treasury<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5b6 y1907 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5b7 y1907 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5b8 y1907 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(868)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5b9 y1907 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ba y1907 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5bb y1907 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x2c9 y1908 w69 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Share repurchase costs<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5af y1908 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5b0 y1908 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5bc y1908 w4e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(6)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5bd y1908 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5be y1908 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5bf y1908 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x2c9 y1909 w93 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Dividends paid<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c0 y1909 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c1 y1909 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c2 y1909 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c3 y1909 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c4 y1909 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x1db y1909 w4c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(64,037)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17b4 w6b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">At 31 December 2024<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c5 y17b4 w45 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">151,493<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c6 y17b4 w7d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">22,779<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c7 y17b4 w45 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">192,134<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c8 y17b4 w46 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">496,975<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c9 y17b4 w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">64,118<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ca y17b4 w3c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">38,049<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y190a ff68 fs7 fc0 sc0 ls0 ws0\">Movement during the year:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x1c6 h9 y190b ff68 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal comprehensive income:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2c9 y190c w16c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Net profit for the year<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5cb y190c w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5cc y190c w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5cd y190c w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ce y190c w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">77,298<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5cf y190c w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">565,425<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4c2 y190c w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">45,867<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y190d ff68 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>ransactions with owners, recorded </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x1c6 h9 y190e ff68 fs7 fc0 sc0 ls0 ws0\">directly to equity<span class=\"_ _8\"></span>:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x1c7 y1835 w16b hb7\"><div class=\"t m0 x5b5 h9 y17b7 ff68 fs7 fc0 sc0 ls0 ws0\">Ordinary shares repurchased into<span class=\"_ _25b\"> </span></div><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">treasury<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5b6 y1835 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5b7 y1835 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5d0 y1835 w4c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(21,947)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5d1 y1835 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5d2 y1835 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5d3 y1835 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x2c9 y1836 w69 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Share repurchase costs<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5af y1836 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5d4 y1836 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5d5 y1836 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(154)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5d6 y1836 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5d7 y1836 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5d8 y1836 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x2c9 y1837 w93 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Dividends paid<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c0 y1837 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c1 y1837 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c2 y1837 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c3 y1837 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c4 y1837 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x1db y1837 w4c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(43,260)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w6b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">At 31 December 2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c5 y17bd w45 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">151,493<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c6 y17bd w7d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">22,779<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c7 y17bd w45 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">170,033<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c8 y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">574,273<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5d9 y17bd w55 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">629,543<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5da y17bd w3c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">40,656<span class=\"_ _25b\"> </span></div></td></tr></table><table class=\"s wfd hd4\" id=\"_3139e8c1-5235-4e5d-bd23-fc0954a2a47b\"><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x5db h9 y190f ff66 fs7 fc0 sc0 ls0 ws0\">Distributable reserves<span class=\"_ _25b\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x590 h9 y1910 ff66 fs7 fc0 sc0 ls0 ws0\">Capital </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x590 h9 y1911 ff66 fs7 fc0 sc0 ls0 ws0\">reserve </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x591 h9 y1912 ff66 fs7 fc0 sc0 ls0 ws0\">Capital </td><td class=\"t m0 x592 h9 y1912 ff66 fs7 fc0 sc0 ls0 ws0\">arising on </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x593 h9 y1913 ff66 fs7 fc0 sc0 ls0 ws0\">reserve </td><td class=\"t m0 x594 h9 y1913 ff66 fs7 fc0 sc0 ls0 ws0\">revaluation </td><td></td></tr><tr><td></td><td class=\"t m0 x595 h9 y1914 ff66 fs7 fc0 sc0 ls0 ws0\">Share </td><td class=\"t m0 x596 h9 y1914 ff66 fs7 fc0 sc0 ls0 ws0\">Capital </td><td></td><td class=\"t m0 x597 h9 y1914 ff66 fs7 fc0 sc0 ls0 ws0\">arising on </td><td class=\"t m0 x598 h9 y1914 ff66 fs7 fc0 sc0 ls0 ws0\">of </td><td></td></tr><tr><td></td><td class=\"t m0 x599 h9 y1915 ff66 fs7 fc0 sc0 ls0 ws0\">premium </td><td class=\"t m0 x578 h9 y1915 ff66 fs7 fc0 sc0 ls0 ws0\">redemption </td><td class=\"t m0 x59b h9 y1915 ff66 fs7 fc0 sc0 ls0 ws0\">Special </td><td class=\"t m0 x4c9 h9 y1915 ff66 fs7 fc0 sc0 ls0 ws0\">investments </td><td class=\"t m0 x59c h9 y1915 ff66 fs7 fc0 sc0 ls0 ws0\">investments </td><td class=\"t m0 x59d h9 y1915 ff66 fs7 fc0 sc0 ls0 ws0\">Revenue </td></tr><tr><td></td><td class=\"t m0 x59e h9 y1916 ff66 fs7 fc0 sc0 ls0 ws0\">account<span class=\"_ _25b\"> </span></td><td class=\"t m0 x59f h9 y1916 ff66 fs7 fc0 sc0 ls0 ws0\">reserve<span class=\"_ _25b\"> </span></td><td class=\"t m0 x59b h9 y1916 ff66 fs7 fc0 sc0 ls0 ws0\">reserve<span class=\"_ _25b\"> </span></td><td class=\"t m0 x5a0 h9 y1916 ff66 fs7 fc0 sc0 ls0 ws0\">sold<span class=\"_ _25b\"> </span></td><td class=\"t m0 x5a1 h9 y1916 ff66 fs7 fc0 sc0 ls0 ws0\">held<span class=\"_ _25b\"> </span></td><td class=\"t m0 x5a2 h9 y1916 ff66 fs7 fc0 sc0 ls0 ws0\">reserve<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"c n x1b1 y1917 w74 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Company<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5dc y1917 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5dd y1917 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5de y1917 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5df y1917 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5e0 y1917 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5e1 y1917 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1918 w169 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">At 31 December 2023<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5a9 y1918 w64 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">151,493<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5aa y1918 w34 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,779<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ab y1918 w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">193,008<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ac y1918 w65 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">508,899<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ad y1918 w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">222,168<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ae y1918 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">52,053<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1919 ff68 fs7 fc0 sc0 ls0 ws0\">Movement during the year:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x1c6 h9 y191a ff68 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal comprehensive (loss)/income:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2c9 y191b w16a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Net (loss)/<span class=\"_ _9\"></span>profit for the year<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5af y191b w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5d4 y191b w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5e2 y191b w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5e3 y191b w68 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(13,425)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5e4 y191b w40 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(150,526)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4ae y191b w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">44,010<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y191c ff68 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>ransactions with owners, recorded </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x1c6 h9 y191d ff68 fs7 fc0 sc0 ls0 ws0\">directly to equity<span class=\"_ _8\"></span>:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x1c7 y1907 w16b hb5\"><div class=\"t m0 x5b5 h9 y17b7 ff68 fs7 fc0 sc0 ls0 ws0\">Ordinary shares repurchased into<span class=\"_ _25b\"> </span></div><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">treasury<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5b6 y1907 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5e5 y1907 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5e6 y1907 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(868)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5e7 y1907 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5e8 y1907 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5e9 y1907 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x2c9 y1908 w69 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Share repurchase costs<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5af y1908 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5d4 y1908 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ea y1908 w4e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(6)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5eb y1908 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ec y1908 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ed y1908 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x2c9 y191e w93 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Dividends paid<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c0 y191e w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c1 y191e w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c2 y191e w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c3 y191e w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c4 y191e w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x1db y191e w4c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(64,037)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y191f w6b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">At 31 December 2024<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c5 y191f w45 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">151,493<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c6 y191f w7d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">22,779<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c7 y191f w45 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">192,134<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c8 y191f w46 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">495,474<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c9 y191f w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">71,642<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ca y191f w3c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">32,026<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1920 ff68 fs7 fc0 sc0 ls0 ws0\">Movement during the year:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x1c6 h9 y1921 ff68 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal comprehensive income:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2c9 y190c w16c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Net profit for the year<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5cb y190c w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5cc y190c w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5cd y190c w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ce y190c w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">77,298<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5cf y190c w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">565,522<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4c2 y190c w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">45,770<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1922 ff68 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>ransactions with owners, recorded </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x1c6 h9 y1923 ff68 fs7 fc0 sc0 ls0 ws0\">directly to equity<span class=\"_ _8\"></span>:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x1c7 y1889 w16b hbb\"><div class=\"t m0 x5b5 h9 y1817 ff68 fs7 fc0 sc0 ls0 ws0\">Ordinary shares repurchased into<span class=\"_ _25b\"> </span></div><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">treasury<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5b6 y1889 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5b7 y1889 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5d0 y1889 w4c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(21,947)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5d1 y1889 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5d2 y1889 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5d3 y1889 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x2c9 y1836 w69 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Share repurchase costs<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5af y1836 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5b0 y1836 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ee y1836 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(154)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ef y1836 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5f0 y1836 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5f1 y1836 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x2c9 y17da w93 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Dividends paid<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c0 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c1 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c2 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c3 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c4 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x1db y17da w4c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(43,260)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w6b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">At 31 December 2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c5 y17bd w45 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">151,493<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c6 y17bd w7d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">22,779<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c7 y17bd w45 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">170,033<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5c8 y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">572,772<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5d9 y17bd w55 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">637,164<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5da y17bd w3c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">34,536<span class=\"_ _25b\"> </span></div></td></tr></table>Pursuant to a resolution of the Company pas<span class=\"_ _6\"></span>sed at an Extraordinar<span class=\"_ _8\"></span>y General Meeting on 13 Januar<span class=\"_ _8\"></span>y 1998 and following the Company\u2019s application to the Court for cancellation of its share premium account, the Cour<span class=\"_ _8\"></span>t approval was received on 27<span class=\"_ gs149\"> </span>Januar<span class=\"_ _8\"></span>y 1999 and \u00a3157,633,000 was transferred from the share premium account to a special reserve which is a distributable reser<span class=\"_ _8\"></span>ve.<span class=\"_ _25b\"> </span>The share premium <span class=\"_ _6\"></span>account and capital redemption reserve of \u00a3151,493,000 and \u00a322,779,000 <span class=\"_ _6\"></span>(2024: \u00a3151,493,000 and \u00a322,779,000) are not <span class=\"_ _6\"></span>distributable reser<span class=\"_ _8\"></span>ves under the Companies <span class=\"_ _6\"></span>Act 2006. In accordance with <span class=\"_ _6\"></span>IC<span class=\"_ _8\"></span>AEW T<span class=\"_ _6\"></span>echnical Release 02/17BL on Guidance <span class=\"_ _6\"></span>on Realised and Distributable P<span class=\"_ _6\"></span>rofits under the Companies Act <span class=\"_ _6\"></span>2006, the special reserve and capital reser<span class=\"_ _8\"></span>ves of <span class=\"_ _6\"></span>the Parent Company may <span class=\"_ _6\"></span>be used as distributable reserves for all purposes <span class=\"_ _6\"></span>and, in particular<span class=\"_ _6\"></span>, the repurchase by the Parent <span class=\"_ _6\"></span>Company of its ordinary shares and for payment as <span class=\"_ _6\"></span>dividends. In accordance with the <span class=\"_ _6\"></span>Company<span class=\"_ _8\"></span>\u2019<span class=\"_ _6\"></span>s Ar<span class=\"_ _8\"></span>ticles of <span class=\"_ _6\"></span>Association, the special reserve of \u00a3170,033,000 (2024: <span class=\"_ _6\"></span>\u00a3192,134,000), capital reser<span class=\"_ _8\"></span>ves of \u00a31,209,936,000 <span class=\"_ _6\"></span>(2024: \u00a3567,116,000) and the revenue reserve of \u00a334,536,000 (2024: \u00a332,026,000) <span class=\"_ _6\"></span>may be distributed by way of <span class=\"_ _6\"></span>dividend. The Parent <span class=\"_ _6\"></span>Company<span class=\"_ _8\"></span>\u2019<span class=\"_ _6\"></span>s capital gains of \u00a31,209,936,000 (2024: <span class=\"_ _6\"></span>\u00a3567,116,000) comprise a gain on the <span class=\"_ _6\"></span>capital reser<span class=\"_ _8\"></span>ve arising on <span class=\"_ _6\"></span>investments sold of \u00a3572,772,000 (2024: \u00a3495,474,000), a <span class=\"_ _6\"></span>gain on the capital reserve arising on revaluation of <span class=\"_ _6\"></span>listed investments of \u00a3632,821,000 (2024: \u00a356,862,000), revaluation los<span class=\"_ _6\"></span>ses on unquoted investments of <span class=\"_ _6\"></span>\u00a33,278,000 (2024: gains of \u00a37,256,000) <span class=\"_ _6\"></span>and a revaluation gain on the investment <span class=\"_ _6\"></span>in the subsidiar<span class=\"_ _8\"></span>y of \u00a37,621,000 <span class=\"_ _6\"></span>(2024: \u00a37,524,000). The capital reserve arising on the <span class=\"_ _6\"></span>revaluation of listed investments of \u00a3632,821,000 <span class=\"_ _6\"></span>(2024: \u00a356,862,000) is subject to fair <span class=\"_ _6\"></span>value movements and may not <span class=\"_ _6\"></span>be readily realisable at short notice; as such <span class=\"_ _6\"></span>it may not be entirely distributable. <span class=\"_ _6\"></span>The investments are subject to <span class=\"_ _6\"></span>financial risks, as such capital reserves (arising on investments sold) <span class=\"_ _6\"></span>and the revenue reserve may not be entirely distributable <span class=\"_ _6\"></span>if a loss <span class=\"_ _6\"></span>occurred during the realisation of these investments. The reserves of the subsidiary company are not <span class=\"_ _6\"></span>distributable until distributed as a dividend <span class=\"_ _6\"></span>to the Parent <span class=\"_ _6\"></span>Company.<span class=\"_ _25b\"> </span>As at 31 December 2025, the Parent Company\u2019<span class=\"_ _6\"></span>s distributable reser<span class=\"_ _8\"></span>ves (excluding capital reser<span class=\"_ _8\"></span>ves on the revaluation of investments) amounted to \u00a3777,341,000 (2024: \u00a3719,634,000).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-360": {
   "value": "17. Risk management policies and procedures<span class=\"_ _25b\"> </span>The Group\u2019<span class=\"_ _6\"></span>s investment activities expose it to various types of risks which are associated with the financial instruments and markets in which it invests. The following information is not intended to be a comprehensive summar<span class=\"_ _8\"></span>y of all risks and shareholders should refer to the Alternative Investment Fund Managers\u2019 Directive FUND 3.2.2R Disclosures which can be found at <span class=\"fc2\">w<span class=\"_ _8\"></span>ww.blackrock.com/<span class=\"_ _9\"></span>uk<span class=\"_ _8\"></span>/brwm<span class=\"fc0\"> for a more detailed discussion of the risks inherent in investing in the Group.<span class=\"_ _25b\"> </span></span></span>Risk management framework<span class=\"_ _25b\"> </span>The following information refers to the risk management framework of the Alternative Investment Fund Manager (AIFM). However<span class=\"_ _6\"></span>, as disclosed in the Corporate Governance Statement on pages 72 and 73 and in the Statement of Directors\u2019 Responsibilities on pages 80 and 81, it is the ultimate responsibility of the Board to ensure that the Group\u2019<span class=\"_ _6\"></span>s risks are appropriately monitored, and to the extent that elements of this are delegated to third-part<span class=\"_ _8\"></span>y ser<span class=\"_ _8\"></span>vice providers, the Board is responsible for ensuring that the relevant parties are discharging their duties in accordance with the terms of the relevant agreements and taking appropriate action to the extent issues are identified.<span class=\"_ _25b\"> </span>The Directors of the AIFM review quarterly investment per<span class=\"_ _8\"></span>formance repor<span class=\"_ _8\"></span>ts and receive semi-annual presentations in person from the Investment Manager covering the Group\u2019<span class=\"_ _6\"></span>s performance and risk profile during the year<span class=\"_ _6\"></span>. The AIFM has delegated the day-to-day administration of the investment programme to the Investment Manager<span class=\"_ _6\"></span>. The Investment Manager is also responsible for ensuring that the Group is managed within the terms of its investment guidelines and limits set out in the Alternative Investment Fund Managers\u2019 Directive FUND 3.2.2R Disclosures which can be found at w<span class=\"_ _8\"></span>ww.blackrock.com/<span class=\"_ _9\"></span>uk<span class=\"_ _8\"></span>/brwm<span class=\"fc0\">.<span class=\"_ _25b\"> </span></span>The AIFM is responsible for monitoring investment per<span class=\"_ _8\"></span>formance, product risk monitoring and oversight and has the responsibility for the monitoring and oversight of regulator<span class=\"_ _8\"></span>y and operational risk for the Group. The Directors of the AIFM have appointed a Risk Manager who has responsibility for the daily risk management process with assistance from key risk management personnel of the Investment Manager<span class=\"_ _6\"></span>, including members of the Risk and Quantitative Analysis Group (RQA) which is a centralised group which per<span class=\"_ _8\"></span>forms an independent risk management function. RQA independently identifies, measures and monitors investment risk, including climate related risk, and tracks the actual risk management practices being deployed across the Group. By breaking down the components of the proces<span class=\"_ _6\"></span>s, RQA has the abilit<span class=\"_ _8\"></span>y to determine if the appropriate risk management processes are in place. This captures the risk management tools employed, how the levels of risk are controlled, ensuring risk<span class=\"_ _8\"></span>/<span class=\"_ _9\"></span>return is considered in por<span class=\"_ _8\"></span>tfolio construction and reviewing outcomes.<span class=\"_ _25b\"> </span>The AIFM reports to the Audit and Risk Committee t<span class=\"_ _8\"></span>wice yearly on key risk metrics and risk management processes; in addition, the Depositar<span class=\"_ _8\"></span>y monitors the performance of the AIFM and repor<span class=\"_ _8\"></span>ts to the Audit and Risk Committee semi-annually<span class=\"_ _6\"></span>. Any significant issues are reported to the Board as they arise.<span class=\"_ _25b\"> </span>Risk Exposures<span class=\"_ _25b\"> </span>The risk exposures of the Group and Company are set out as follows:<span class=\"_ _25b\"> </span>(a) Mark<span class=\"_ _6\"></span>et risk<span class=\"_ _25b\"> </span>Market risk arises mainly from uncertaint<span class=\"_ _8\"></span>y about future values of financial instruments influenced by other price, currency and interest rate movements. It represents the potential loss the Group may suffer through holding market positions in financial instruments in the face of market movements.<span class=\"_ _25b\"> </span>A key metric the RQA Group uses to measure market risk is Value-at-Risk (VaR<span class=\"_ _8\"></span>) which encompasses price, currency and interest rate risk. VaR is a statistical risk measure that estimates the potential portfolio loss from adverse market moves in an ordinar<span class=\"_ _8\"></span>y market environment. VaR analysis reflects the interdependencies between risk variables, unlike a traditional sensitivity analysis.<span class=\"_ _25b\"> </span>The VaR calculations are based on a confidence level of 99%, with a holding period of not greater than one day and a historical obser<span class=\"_ _8\"></span>vation period of not les<span class=\"_ _6\"></span>s than one year (250 days). A VaR number is defined at a specified probabilit<span class=\"_ _8\"></span>y and a specified time horizon. A 99% one day VaR means that the expectation is that 99% of the time over a one-day period the Company will lose less than this number in percentage terms. Therefore, higher VaR numbers indicate higher risk. It is noted that the use of VaR methodology has limitations, namely assumptions that risk factor returns are normally distributed and that the use of historical market data as a basis for estimating future events does not encompass all pos<span class=\"_ _6\"></span>sible scenarios, par<span class=\"_ _8\"></span>ticularly those that are of an extreme nature and that the use of a specified confidence level (e.g. 99%) does not take into account losses that occur beyond this level. There is some probability that the loss could be greater than the VaR percentage amounts. These limitations, and the nature of the VaR measure, mean that the Company can neither guarantee that losses will not exceed the VaR amounts indicated, nor that losses in exces<span class=\"_ _6\"></span>s of the VaR amounts will not occur more frequently.<span class=\"_ _25b\"> </span>The one-day VaR for the Group and Company as of 31 December 2025 and 31 December 2024 (based on a 99% confidence level) was 3.25% and 2.98% respectively<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span>(i) Mark<span class=\"_ _6\"></span>et risk arising from other price risk<span class=\"_ _25b\"> </span>Exposure to other price risk<span class=\"_ _25b\"> </span>Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk<span class=\"_ _8\"></span>), whether those changes are caused by factors specific to the individual financial instrument or its issuer<span class=\"_ _9\"></span>, or factors affecting similar financial instruments traded in the market. Local, regional or global events such as war<span class=\"_ _6\"></span>, acts of terrorism, the spread of infectious illness or other public health issues, reces<span class=\"_ _6\"></span>sions, climate change, or other events could have a significant impact on the Group and the market price of its investments and could result in increased premiums or discounts to the Group\u2019<span class=\"_ _6\"></span>s net asset value.<span class=\"_ _25b\"> </span>The Group is exposed to market price risk arising from its equity investments, fixed income investments and written options. The movements in the prices of these investments result in movements in the per<span class=\"_ _8\"></span>formance of the Group. Other price risk sensitivity has been covered by the VaR analysis under the market risk section above.<span class=\"_ _25b\"> </span>The Group\u2019<span class=\"_ _6\"></span>s exposure to other changes in market prices at 31 December 2025 on its equity and fixed interest investments was \u00a31,675,057,000 (2024: \u00a31,093,198,000). In addition, the Group\u2019<span class=\"_ _6\"></span>s gross notional market exposure to these price changes through its option portfolio on the t<span class=\"_ _8\"></span>wo put options written (2024: one put and two call options) that were open was \u00a3118,195,000 (2024: \u00a351,436,000).<span class=\"_ _25b\"> </span>Management of other price risk<span class=\"_ _25b\"> </span>By diversifying the por<span class=\"_ _8\"></span>tfolio, where this is appropriate and consistent with the Group\u2019<span class=\"_ _6\"></span>s objectives, the risk that a price change of a particular investment will have a material impact on the NAV of the Group is minimised which is in line with the investment objectives of the Group.<span class=\"_ _25b\"> </span>Use of derivativ<span class=\"_ _6\"></span>es<span class=\"_ _25b\"> </span>The Group may utilise both exchange traded and over-the-counter (OTC) option contracts as part of its investment policy. Options written by the Group provide the purchaser with the opportunit<span class=\"_ _8\"></span>y to purchase from or sell the Group the underlying asset at an agreed-upon value either on or before the expiration of the option. Options are generally settled on a net basis.<span class=\"_ _25b\"> </span>During the year ended 31 December 2025 and 2024 the Group wrote covered call and put option contracts to generate revenue income for the Group. As the call and put options are covered by dedicated cash resources and no call and put option contracts were written to manage price risk, there is no impact on the Group\u2019<span class=\"_ _6\"></span>s exposure to gearing or leverage as a result of writing covered call and put options. Management of OTC financial derivative instruments<span class=\"_ _25b\"> </span>Economic exposure through option writing is restricted such that no more than 10% of the Group\u2019<span class=\"_ _6\"></span>s portfolio shall be under option at any given time. Exposures are monitored daily by the Investment Manager and its independent risk management team. The Board also reviews the exposures regularly<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span>The option positions are diversified across sectors and geographies comprising two positions as at 31 December 2025 (2024: three).<span class=\"_ _25b\"> </span>The economic exposures to options can be closed out at any time by the Group with immediate effect. Details of securities and exposures to market risk and credit risk implicit within the options portfolio are given above and on pages 29 to 31.<span class=\"_ _25b\"> </span>Concentration of exposure to mark<span class=\"_ _6\"></span>et price risks<span class=\"_ _25b\"> </span>An analysis of the Group\u2019<span class=\"_ _6\"></span>s investment portfolio is shown on pages 29 to 31. At 31 December 2025 this shows that the por<span class=\"_ _8\"></span>tfolio had significant levels of investments in the United States, Canada and Latin America. Accordingly<span class=\"_ _6\"></span>, there is a concentration of exposure to those regions, though it is recognised that an investment\u2019<span class=\"_ _6\"></span>s countr<span class=\"_ _8\"></span>y of domicile or listing does not necessarily equate its exposure to the economic conditions in that countr<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span>(ii) Mark<span class=\"_ _6\"></span>et risk arising from foreign currency risk<span class=\"_ _25b\"> </span>Exposure to foreign currency risk<span class=\"_ _25b\"> </span>Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Foreign currency sensitivity risk has been covered by the VaR analysis under the market risk section.<span class=\"_ _25b\"> </span>The fair values of the Group\u2019<span class=\"_ _6\"></span>s and Company\u2019s monetary items which have foreign currency exposure at 31 December 2025<span class=\"_ _25b\"> </span>and 31 December 2024 are shown below<span class=\"_ _6\"></span>. Where the equit<span class=\"_ _8\"></span>y investments which are not monetary items are denominated in a<span class=\"_ _25b\"> </span>foreign currency<span class=\"_ _6\"></span>, they have been included separately in the analysis so as to show the overall level of exposure.<span class=\"_ _25b\"> </span><table class=\"s w16d hd5\" id=\"_ff333fff-e0e8-43c8-b556-015c58e5e9cc\"><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x480 h9 y1924 ff66 fs7 fc0 sc0 ls0 ws0\">South </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x5f2 h9 y1925 ff66 fs7 fc0 sc0 ls0 ws0\">US </td><td class=\"t m0 x5f3 h9 y1925 ff66 fs7 fc0 sc0 ls0 ws0\">Canadian<span class=\"_ _25b\"> </span></td><td class=\"t m0 x374 h9 y1925 ff66 fs7 fc0 sc0 ls0 ws0\">Australian </td><td class=\"t m0 x5f4 h9 y1925 ff66 fs7 fc0 sc0 ls0 ws0\">African </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x57d h9 y1926 ff66 fs7 fc0 sc0 ls0 ws0\">Dollar</td><td class=\"t m0 x57b h9 y1926 ff66 fs7 fc0 sc0 ls0 ws0\"> Dollar<span class=\"_ _25b\"> </span></td><td class=\"t m0 x5f5 h9 y1926 ff66 fs7 fc0 sc0 ls0 ws0\">Dollar<span class=\"_ _25b\"> </span></td><td class=\"c n x5f6 y1927 w16e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Rand<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5f7 y1927 w16f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Others<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5f8 y1927 w30 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1928 w2a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5f9 y1928 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5fa y1928 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5fb y1928 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5fc y1928 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5fd y1928 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5fe y1928 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x1b1 y182f w170 hb5\"><div class=\"t m0 x1a0 h9 y17b7 ff68 fs7 fc0 sc0 ls0 ws0\">Receivables (tax recoverable, due from brokers, dividends and<span class=\"_ _25b\"> </span></div><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">other income receivable)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ff y182f w63 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">7,443<span class=\"_ _25b\"> </span></div></td><td class=\"c n x600 y182f wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">450<span class=\"_ _25b\"> </span></div></td><td class=\"c n x601 y182f w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x602 y182f w15e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">6<span class=\"_ _25b\"> </span></div></td><td class=\"c n x603 y182f w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,558<span class=\"_ _25b\"> </span></div></td><td class=\"c n x604 y182f w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">9,457<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1929 w79 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash collateral held with brokers<span class=\"_ _25b\"> </span></div></td><td class=\"c n x605 y1929 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,115<span class=\"_ _25b\"> </span></div></td><td class=\"c n x606 y1929 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x607 y1929 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x608 y1929 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x609 y1929 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x60a y1929 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,115<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y192a w171 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 cash at bank<span class=\"_ _25b\"> </span></div></td><td class=\"c n x60b y192a wee hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">354<span class=\"_ _25b\"> </span></div></td><td class=\"c n x60c y192a w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x60d y192a w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x60e y192a w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x60f y192a w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x610 y192a wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">354<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y192b w83 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank loans<span class=\"_ _25b\"> </span></div></td><td class=\"c n x611 y192b w84 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(96,651)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x612 y192b w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x613 y192b w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x614 y192b w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x615 y192b w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x616 y192b w4c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(96,651)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y192c w172 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 bank overdraft<span class=\"_ _25b\"> </span></div></td><td class=\"c n x617 y192c w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x618 y192c w50 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(57)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x619 y192c w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x61a y192c w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x61b y192c w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x61c y192c w50 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(57)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y192d w173 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Payables (due to brokers and other payables)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x61d y192d w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(282)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x61e y192d w50 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(67)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x61f y192d w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x620 y192d w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x621 y192d w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x622 y192d w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(349)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y192e w174 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal foreign currency exposure on net monetary items<span class=\"_ _25b\"> </span></div></td><td class=\"c n x623 y192e w53 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(85,021)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x624 y192e wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">326<span class=\"_ _25b\"> </span></div></td><td class=\"c n x625 y192e w175 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x626 y192e we5 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">6<span class=\"_ _25b\"> </span></div></td><td class=\"c n x627 y192e w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,558<span class=\"_ _25b\"> </span></div></td><td class=\"c n x628 y192e w53 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(83,131)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1836 w176 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Investments at fair value through profit or loss<span class=\"_ _25b\"> </span></div></td><td class=\"c n x629 y1836 w64 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">679,191<span class=\"_ _25b\"> </span></div></td><td class=\"c n x62a y1836 w64 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">462,204<span class=\"_ _25b\"> </span></div></td><td class=\"c n x62b y1836 w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">179,834<span class=\"_ _25b\"> </span></div></td><td class=\"c n x62c y1836 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">52,835<span class=\"_ _25b\"> </span></div></td><td class=\"c n x62d y1836 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">85,923<span class=\"_ _25b\"> </span></div></td><td class=\"c n x62e y1836 w13c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,459,987<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17da w177 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Derivative financial liabilities at fair value through profit or loss<span class=\"_ _25b\"> </span></div></td><td class=\"c n x62f y17da w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(349)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x630 y17da w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x631 y17da w50 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(10)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x632 y17da w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x633 y17da w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x634 y17da w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(359)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w178 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal net foreign currency exposure<span class=\"_ _25b\"> </span></div></td><td class=\"c n x635 y17bd w45 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">593,821<span class=\"_ _25b\"> </span></div></td><td class=\"c n x636 y17bd w46 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">462,530<span class=\"_ _25b\"> </span></div></td><td class=\"c n x637 y17bd w55 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">179,824<span class=\"_ _25b\"> </span></div></td><td class=\"c n x638 y17bd w3c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">52,841<span class=\"_ _25b\"> </span></div></td><td class=\"c n x639 y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">87,481<span class=\"_ _25b\"> </span></div></td><td class=\"c n x63a y17bd w6c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,376,497<span class=\"_ _25b\"> </span></div></td></tr></table><table class=\"s w179 hd6\" id=\"_26670b53-cea2-4879-9ec6-0a342f6878f2\"><tr><td></td><td class=\"t m0 x63b h9 y192f ff66 fs7 fc0 sc0 ls0 ws0\">Canadian<span class=\"_ _25b\"> </span></td><td class=\"t m0 x63c h9 y192f ff66 fs7 fc0 sc0 ls0 ws0\">US </td><td class=\"t m0 x374 h9 y192f ff66 fs7 fc0 sc0 ls0 ws0\">Australian </td><td class=\"t m0 x37b h9 y192f ff66 fs7 fc0 sc0 ls0 ws0\">Brazilian </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x63d h9 y1930 ff66 fs7 fc0 sc0 ls0 ws0\"> Dollar<span class=\"_ _25b\"> </span></td><td class=\"t m0 x63e h9 y1930 ff66 fs7 fc0 sc0 ls0 ws0\">Dollar<span class=\"_ _25b\"> </span></td><td class=\"t m0 x5f5 h9 y1930 ff66 fs7 fc0 sc0 ls0 ws0\">Dollar<span class=\"_ _25b\"> </span></td><td class=\"c n x63f y1931 w17a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Real<span class=\"_ _25b\"> </span></div></td><td class=\"c n x640 y1931 w16f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Others<span class=\"_ _25b\"> </span></div></td><td class=\"c n x641 y1931 w30 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1932 w2a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5f9 y1932 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5fa y1932 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5fb y1932 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5fc y1932 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5fd y1932 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5fe y1932 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1933 ff68 fs7 fc0 sc0 ls0 ws0\">Receivables (due from brokers, dividends and other income </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y1934 w17b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">receivable)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x642 y1934 wdb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">785<span class=\"_ _25b\"> </span></div></td><td class=\"c n x643 y1934 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,870<span class=\"_ _25b\"> </span></div></td><td class=\"c n x644 y1934 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x645 y1934 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,120<span class=\"_ _25b\"> </span></div></td><td class=\"c n x646 y1934 wdb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">214<span class=\"_ _25b\"> </span></div></td><td class=\"c n x647 y1934 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">3,989<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1880 w79 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash collateral held with brokers<span class=\"_ _25b\"> </span></div></td><td class=\"c n x648 y1880 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x649 y1880 w63 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,882<span class=\"_ _25b\"> </span></div></td><td class=\"c n x64a y1880 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x64b y1880 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x64c y1880 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x64d y1880 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,882<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1935 w171 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 cash at bank<span class=\"_ _25b\"> </span></div></td><td class=\"c n x64e y1935 wed hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">60<span class=\"_ _25b\"> </span></div></td><td class=\"c n x64f y1935 w9c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">807<span class=\"_ _25b\"> </span></div></td><td class=\"c n x650 y1935 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x651 y1935 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x652 y1935 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x653 y1935 w9c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">867<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1882 w83 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank loans<span class=\"_ _25b\"> </span></div></td><td class=\"c n x654 y1882 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x655 y1882 w41 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(135,739)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x656 y1882 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x657 y1882 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x658 y1882 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x659 y1882 w41 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(135,739)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1888 w172 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 bank overdraft<span class=\"_ _25b\"> </span></div></td><td class=\"c n x65a y1888 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x65b y1888 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x65c y1888 w4e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(4)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x65d y1888 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x65e y1888 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x65f y1888 w4e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(4)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1834 w173 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Payables (due to brokers and other payables)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x65a y1834 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x660 y1834 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(913)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x661 y1834 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x662 y1834 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x663 y1834 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x664 y1834 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(913)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1889 w174 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal foreign currency exposure on net monetary items<span class=\"_ _25b\"> </span></div></td><td class=\"c n x665 y1889 wee hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">845<span class=\"_ _25b\"> </span></div></td><td class=\"c n x666 y1889 w17c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(129,093)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x667 y1889 w17d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(4)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x668 y1889 w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,120<span class=\"_ _25b\"> </span></div></td><td class=\"c n x669 y1889 wb9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">214<span class=\"_ _25b\"> </span></div></td><td class=\"c n x66a y1889 w56 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(126,918)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y188a w176 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Investments at fair value through profit or loss<span class=\"_ _25b\"> </span></div></td><td class=\"c n x629 y188a w64 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">289,515<span class=\"_ _25b\"> </span></div></td><td class=\"c n x62a y188a w64 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">354,623<span class=\"_ _25b\"> </span></div></td><td class=\"c n x62b y188a w3f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">169,039<span class=\"_ _25b\"> </span></div></td><td class=\"c n x62c y188a w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">29,308<span class=\"_ _25b\"> </span></div></td><td class=\"c n x62d y188a w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">42,290<span class=\"_ _25b\"> </span></div></td><td class=\"c n x66b y188a w3f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">884,775<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17da w177 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Derivative financial liabilities at fair value through profit or loss<span class=\"_ _25b\"> </span></div></td><td class=\"c n x65a y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x660 y17da w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x661 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x662 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x663 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x664 y17da w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w178 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal net foreign currency exposure<span class=\"_ _25b\"> </span></div></td><td class=\"c n x635 y17bd w45 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">290,360<span class=\"_ _25b\"> </span></div></td><td class=\"c n x636 y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">224,908<span class=\"_ _25b\"> </span></div></td><td class=\"c n x637 y17bd w55 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">169,035<span class=\"_ _25b\"> </span></div></td><td class=\"c n x638 y17bd w3c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">30,428<span class=\"_ _25b\"> </span></div></td><td class=\"c n x639 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">42,504<span class=\"_ _25b\"> </span></div></td><td class=\"c n x66c y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">757,235<span class=\"_ _25b\"> </span></div></td></tr></table>Management of foreign currency risk<span class=\"_ _25b\"> </span>The Investment Manager monitors the Group\u2019<span class=\"_ _6\"></span>s exposure to foreign currencies on a daily basis and reports to the Board of the<span class=\"_ _25b\"> </span>Company on a regular basis.<span class=\"_ _25b\"> </span>The Investment Manager measures the risk to the Group of the foreign currency exposure by considering the effect on the<span class=\"_ _25b\"> </span>Group\u2019<span class=\"_ _6\"></span>s net asset value and income of a movement in the exchange rate to which the Group<span class=\"_ _6\"></span>\u2019<span class=\"_ _6\"></span>s assets, liabilities, income and<span class=\"_ _25b\"> </span>expenses are exposed.<span class=\"_ _25b\"> </span>The Group does not use financial instruments to mitigate the currency exposure in the period between the time that income<span class=\"_ _25b\"> </span>is included in the financial statements and its receipt. Derivative contracts are not used to hedge against exposure to foreign<span class=\"_ _25b\"> </span>currency risk.<span class=\"_ _25b\"> </span>Consequently<span class=\"_ _6\"></span>, the Group is exposed to risks that the exchange rate of its repor<span class=\"_ _8\"></span>ting currencies, relative to other currencies, may<span class=\"_ _25b\"> </span>change in a manner which has an adverse effect on the value of the portion of the Group\u2019<span class=\"_ _6\"></span>s assets which are denominated in<span class=\"_ _25b\"> </span>currencies other than their own currencies.<span class=\"_ _25b\"> </span>(iii) Mark<span class=\"_ _6\"></span>et risk arising from interest rate risk<span class=\"_ _25b\"> </span>Exposure to interest rate risk<span class=\"_ _25b\"> </span>Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in<span class=\"_ _25b\"> </span>market interest rates.<span class=\"_ _25b\"> </span>The Group is exposed to interest rate risk specifically through its fixed income investments, cash holdings and its borrowing<span class=\"_ _25b\"> </span>facility for investment purposes. Interest rate movements may affect the level of income receivable from any cash at bank<span class=\"_ _25b\"> </span>and on deposits. The effect of interest rate changes on the earnings of the companies held within the portfolio may have<span class=\"_ _25b\"> </span>a significant impact on the valuation of the Group\u2019<span class=\"_ _6\"></span>s investments. Interest rate sensitivity risk has been covered by the VaR<span class=\"_ _25b\"> </span>analysis under the market risk section.<span class=\"_ _25b\"> </span>Interest rate exposure<span class=\"_ _25b\"> </span>The exposure for Group and Company at 31 December 2025 and 31 December 2024 of financial assets and liabilities to<span class=\"_ _25b\"> </span>interest rate risk is shown by reference to:<span class=\"_ _25b\"> </span>\u2013 <span class=\"_ _137\"> </span>floating interest rates \u2013 when the interest rate is due to be re-set; and<span class=\"_ _25b\"> </span>\u2013 <span class=\"_ _137\"> </span>fixed interest rates \u2013 when the financial instrument is due for repayment.<span class=\"_ _25b\"> </span><table class=\"s w17e hd7\" id=\"_f374c327-2fc4-4536-a0a1-91ed911f5a25\"><tr><td></td><td></td><td class=\"c n x66d y1936 w2a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td></td><td></td><td class=\"c n x66e y1936 w2a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x66f h9 y1937 ff66 fs7 fc0 sc0 ls0 ws0\">Within one </td><td class=\"t m0 x670 h9 y1937 ff66 fs7 fc0 sc0 ls0 ws0\">More than </td><td></td><td class=\"t m0 x591 h9 y1937 ff66 fs7 fc0 sc0 ls0 ws0\">Within one </td><td class=\"t m0 x4bf h9 y1937 ff66 fs7 fc0 sc0 ls0 ws0\">More than </td><td></td></tr><tr><td></td><td class=\"t m0 x671 h9 y1938 ff66 fs7 fc0 sc0 ls0 ws0\"> year<span class=\"_ _25b\"> </span></td><td class=\"c n x66d y1939 w17f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">one year<span class=\"_ _25b\"> </span></div></td><td class=\"c n x672 y1939 w30 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal</div></td><td class=\"t m0 x57c h9 y1938 ff66 fs7 fc0 sc0 ls0 ws0\"> year<span class=\"_ _25b\"> </span></td><td class=\"c n x673 y1939 w17f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">one year<span class=\"_ _25b\"> </span></div></td><td class=\"c n x674 y1939 w30 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y193a w5f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Group<span class=\"_ _25b\"> </span></div></td><td class=\"c n x675 y193a w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x676 y193a w180 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x677 y193a w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x678 y193a w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x679 y193a w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x67a y193a w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y193b ff68 fs7 fc0 sc0 ls0 ws0\">Exposure to floating interest rates:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y1882 w79 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash collateral held with brokers<span class=\"_ _25b\"> </span></div></td><td class=\"c n x67b y1882 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,415<span class=\"_ _25b\"> </span></div></td><td class=\"c n x67c y1882 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x67d y1882 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,415<span class=\"_ _25b\"> </span></div></td><td class=\"c n x67e y1882 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,882<span class=\"_ _25b\"> </span></div></td><td class=\"c n x67f y1882 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x680 y1882 w77 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,882<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1888 w171 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 cash at bank<span class=\"_ _25b\"> </span></div></td><td class=\"c n x681 y1888 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">13,800<span class=\"_ _25b\"> </span></div></td><td class=\"c n x682 y1888 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x683 y1888 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">13,800<span class=\"_ _25b\"> </span></div></td><td class=\"c n x684 y1888 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">21,396<span class=\"_ _25b\"> </span></div></td><td class=\"c n x685 y1888 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x686 y1888 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">21,396<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1834 w83 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank loans<span class=\"_ _25b\"> </span></div></td><td class=\"c n x687 y1834 w84 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(96,651)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x688 y1834 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x689 y1834 w4c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(96,651)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x68a y1834 w41 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(135,739)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x68b y1834 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x68c y1834 w41 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(135,739)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1889 w172 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 bank overdraft<span class=\"_ _25b\"> </span></div></td><td class=\"c n x68d y1889 w50 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(57)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x68e y1889 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x68f y1889 w50 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(57)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x690 y1889 w4e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(4)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x691 y1889 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x692 y1889 w4e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(4)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y193c ff68 fs7 fc0 sc0 ls0 ws0\">Exposure to fixed interest rates:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y17da w181 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Fixed income investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x693 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x694 y17da w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x695 y17da w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x696 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x697 y17da w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td><td class=\"c n x698 y17da w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w182 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal exposure to interest rates<span class=\"_ _25b\"> </span></div></td><td class=\"c n x699 y17bd w53 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(78,493)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x69a y17bd w7d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x69b y17bd w53 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(31,946)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x69c y17bd w56 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(109,465)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x69d y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td><td class=\"c n x69e y17bd w53 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(72,812)<span class=\"_ _25b\"> </span></div></td></tr></table><table class=\"s w183 hd8\" id=\"_dccca3c7-9b01-40a9-b27c-5aa68e9adcf2\"><tr><td></td><td></td><td class=\"c n x66d y1932 w2a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td></td><td></td><td class=\"c n x66e y1932 w2a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x66f h9 y193d ff66 fs7 fc0 sc0 ls0 ws0\">Within one </td><td class=\"t m0 x670 h9 y193d ff66 fs7 fc0 sc0 ls0 ws0\">More than </td><td></td><td class=\"t m0 x591 h9 y193d ff66 fs7 fc0 sc0 ls0 ws0\">Within one </td><td class=\"t m0 x4bf h9 y193d ff66 fs7 fc0 sc0 ls0 ws0\">More than </td><td></td></tr><tr><td></td><td class=\"t m0 x671 h9 y193e ff66 fs7 fc0 sc0 ls0 ws0\"> year<span class=\"_ _25b\"> </span></td><td class=\"c n x66d y1939 w17f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">one year<span class=\"_ _25b\"> </span></div></td><td class=\"c n x672 y1939 w30 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal</div></td><td class=\"t m0 x57c h9 y193e ff66 fs7 fc0 sc0 ls0 ws0\"> year<span class=\"_ _25b\"> </span></td><td class=\"c n x673 y1939 w17f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">one year<span class=\"_ _25b\"> </span></div></td><td class=\"c n x674 y1939 w30 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y193f w74 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Company<span class=\"_ _25b\"> </span></div></td><td class=\"c n x675 y193f w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x676 y193f w180 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x677 y193f w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x678 y193f w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x679 y193f w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x67a y193f w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1940 ff68 fs7 fc0 sc0 ls0 ws0\">Exposure to floating interest rates:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y1882 w79 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash collateral held with brokers<span class=\"_ _25b\"> </span></div></td><td class=\"c n x69f y1882 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,415<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6a0 y1882 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6a1 y1882 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,415<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6a2 y1882 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,882<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6a3 y1882 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6a4 y1882 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,882<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1888 w171 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 cash at bank<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6a5 y1888 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">7,161<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6a6 y1888 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6a7 y1888 w77 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">7,161<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6a8 y1888 w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">14,834<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6a9 y1888 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6aa y1888 w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">14,834<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1834 w83 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank loans<span class=\"_ _25b\"> </span></div></td><td class=\"c n x687 y1834 w84 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(96,651)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x688 y1834 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ab y1834 w4c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(96,651)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ac y1834 w41 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(135,739)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ad y1834 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ae y1834 w41 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(135,739)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1889 w172 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 bank overdraft<span class=\"_ _25b\"> </span></div></td><td class=\"c n x68d y1889 w50 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(57)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x68e y1889 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6af y1889 w50 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(57)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6b0 y1889 w4e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(4)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6b1 y1889 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6b2 y1889 w4e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(4)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1941 ff68 fs7 fc0 sc0 ls0 ws0\">Exposure to fixed interest rates:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y17da w181 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Fixed income investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x693 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x694 y17da w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x695 y17da w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x696 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x697 y17da w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td><td class=\"c n x698 y17da w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w182 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal exposure to interest rates<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6b3 y17bd w53 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(85,132)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6b4 y17bd w7d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6b5 y17bd w53 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(38,585)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6b6 y17bd w47 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(116,027)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6b7 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6b8 y17bd w53 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(79,374)<span class=\"_ _25b\"> </span></div></td></tr></table>Interest rates received on cash balances are approximately 3.95% for US Dollar balances and 4.03% per annum for Sterling<span class=\"_ _25b\"> </span>balances (2024: 4.98% for US Dollar balances and 4.74% for Sterling balances). Interest rates paid on bank loans are<span class=\"_ _25b\"> </span>approximately 5.39% per annum for US Dollar balances (2024: 6.16% per annum). Effective interest rates on fixed income<span class=\"_ _25b\"> </span>investments ranged from 4.00% to 8.75% (2024: 4.00% to 8.75%).<span class=\"_ _25b\"> </span>Management of interest rate risk<span class=\"_ _25b\"> </span>The possible effects on fair value and cash flows that could arise as a result of changes in interest rates are taken into account<span class=\"_ _25b\"> </span>when making investment decisions and borrowings under the loan and overdraft facilities.<span class=\"_ _25b\"> </span>The Group finances part of its activities through borrowings at levels approved and monitored by the Board of the Company.<span class=\"_ _25b\"> </span>Derivative contracts are not used to hedge against the exposure to interest rate risk.<span class=\"_ _25b\"> </span>(b) Counterparty credit risk<span class=\"_ _25b\"> </span>Counterpart<span class=\"_ _8\"></span>y credit risk is the risk that the issuer of a financial instrument will fail to fulfil an obligation or commitment that it<span class=\"_ _25b\"> </span>has entered into with the Group.<span class=\"_ _25b\"> </span>The Group is exposed to counterpart<span class=\"_ _8\"></span>y credit risk from the parties with which it trades and will bear the risk of settlement<span class=\"_ _25b\"> </span>default. Counterpart<span class=\"_ _8\"></span>y credit risk to the Group arises from transactions to purchase or sell investments, fixed income<span class=\"_ _25b\"> </span>investments and through option writing transactions on equity investments held within the por<span class=\"_ _8\"></span>tfolio.<span class=\"_ _25b\"> </span>The major counterparties engaged with the Group and Company are all widely recognised and regulated entities.<span class=\"_ _25b\"> </span>Depositary<span class=\"_ _25b\"> </span>The Group\u2019<span class=\"_ _6\"></span>s Depositary is The Bank of New Y<span class=\"_ _6\"></span>ork Mellon (International) Limited (BNY or the Depositar<span class=\"_ _8\"></span>y) (S&amp;P long-term credit<span class=\"_ _25b\"> </span>rating as at 31 December 2025: A<span class=\"_ _8\"></span>A- (2024: A<span class=\"_ _8\"></span>A-)). The Group\u2019<span class=\"_ _6\"></span>s listed investments are held on its behalf by The Bank of New<span class=\"_ _25b\"> </span>Y<span class=\"_ _6\"></span>ork Mellon (International) Limited (BNY) as the Group\u2019<span class=\"_ _6\"></span>s Custodian (as sub-delegated by the Depositary). All of the equit<span class=\"_ _8\"></span>y<span class=\"_ _25b\"> </span>and fixed income assets and cash of the Group are held within the custodial network of the global custodian appointed<span class=\"_ _25b\"> </span>by the Depositar<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>. Bankruptcy or insolvency of the Depositary/Custodian may cause the Group\u2019<span class=\"_ _6\"></span>s rights with respect to its<span class=\"_ _25b\"> </span>investments held by the Depositar<span class=\"_ _8\"></span>y/Custodian to be delayed or limited. The maximum exposure to this risk at 31 December<span class=\"_ _25b\"> </span>2025 is the total value of equity and fixed income investments held with the Depositar<span class=\"_ _8\"></span>y/Custodian and cash and cash<span class=\"_ _25b\"> </span>equivalents in the Consolidated and Parent Company Statements of Financial P<span class=\"_ _6\"></span>osition.<span class=\"_ _25b\"> </span>In accordance with the requirements of the depositar<span class=\"_ _8\"></span>y agreement, the Depositary will ensure that any agents it appoints<span class=\"_ _25b\"> </span>to assist in safekeeping the equity and fixed income investments of the Group will segregate the equity and fixed income<span class=\"_ _25b\"> </span>investments of the Group. Thus, in the event of insolvency or bankruptcy of the Depositar<span class=\"_ _8\"></span>y/Custodian, the Group<span class=\"_ _6\"></span>\u2019s non-cash<span class=\"_ _25b\"> </span>assets are segregated and this reduces counterparty credit risk. The Group will, however<span class=\"_ _6\"></span>, be exposed to the counterpar<span class=\"_ _8\"></span>ty credit<span class=\"_ _25b\"> </span>risk of the Depositar<span class=\"_ _8\"></span>y in relation to the Group<span class=\"_ _6\"></span>\u2019s cash held by the Depositary. In the event of the insolvency or bankruptcy of<span class=\"_ _25b\"> </span>the Depositar<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>, the Group will be treated as a general creditor of the Depositar<span class=\"_ _8\"></span>y in relation to cash holdings of the Group. The<span class=\"_ _25b\"> </span>Board monitors the Group\u2019<span class=\"_ _6\"></span>s risk by reviewing the custodian<span class=\"_ _6\"></span>\u2019s internal control reports.<span class=\"_ _25b\"> </span>Securities lending<span class=\"_ _25b\"> </span>All securities lending transactions entered into by the Company are subject to a written legal agreement between the Company<span class=\"_ _25b\"> </span>and the Securities Lending Agent, BlackRock Advisors (UK<span class=\"_ _8\"></span>) Limited, a related part<span class=\"_ _8\"></span>y to the Company<span class=\"_ _6\"></span>, and separately bet<span class=\"_ _8\"></span>ween<span class=\"_ _25b\"> </span>the Securities Lending Agent and the approved borrowing counterpart<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>. Collateral received in exchange for securities lent is<span class=\"_ _25b\"> </span>transferred under a title transfer arrangement and is delivered to and held in an account with a tri-part<span class=\"_ _8\"></span>y collateral manager<span class=\"_ _25b\"> </span>in the name of the Depositar<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>, The Bank of New Y<span class=\"_ _9\"></span>ork Mellon (International) Limited, on behalf of the Company. Collateral<span class=\"_ _25b\"> </span>received is segregated from the assets belonging to the Company\u2019<span class=\"_ _6\"></span>s Depositar<span class=\"_ _8\"></span>y or the Lending Agent.<span class=\"_ _25b\"> </span>The value of securities on loan as a proportion of the Group and Company<span class=\"_ _8\"></span>\u2019<span class=\"_ _6\"></span>s total lendable assets as at 31 December 2025 was<span class=\"_ _25b\"> </span>6.7% (2024: 7.6%) and as a proportion of the Group\u2019<span class=\"_ _6\"></span>s net assets as at 31 December 2025 was 7.1% (2024: 8.5%). Income<span class=\"_ _25b\"> </span>earned from securities lending during the year ended 31 December 2025 is set out in note 3 of the financial statements.<span class=\"_ _25b\"> </span>T<span class=\"_ _6\"></span>otal lendable assets represent the aggregate value of as<span class=\"_ _6\"></span>sets forming par<span class=\"_ _8\"></span>t of the Group and Company\u2019s securities lending<span class=\"_ _25b\"> </span>programme. This excludes any assets held by the Company that are not considered lendable due to any market, regulatory<span class=\"_ _6\"></span>,<span class=\"_ _25b\"> </span>investment or other restriction.<span class=\"_ _25b\"> </span>The following table details the value of securities on loan and associated collateral received, analysed by counterparty as at 31 December 2025 and 31 December 2024.<span class=\"_ _25b\"> </span><table class=\"s w184 hd9\" id=\"_61ac26f8-ac45-4951-9e3a-c9b70fabce4d\"><tr><td></td><td></td><td class=\"t m0 x482 h9 y1942 ff66 fs7 fc0 sc0 ls0 ws0\">Stock </td><td class=\"t m0 x481 h9 y1942 ff66 fs7 fc0 sc0 ls0 ws0\">Collateral </td></tr><tr><td></td><td class=\"t m0 x6b9 h9 y1943 ff66 fs7 fc0 sc0 ls0 ws0\">Country of </td><td class=\"t m0 x6ba h9 y1944 ff66 fs7 fc0 sc0 ls0 ws0\">lending<span class=\"_ _25b\"> </span></td><td class=\"t m0 x579 h9 y1944 ff66 fs7 fc0 sc0 ls0 ws0\">received<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x1c6 h9 y1945 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></td><td class=\"t m0 x6bb h9 y1945 ff66 fs7 fc0 sc0 ls0 ws0\">establishment<span class=\"_ _25b\"> </span></td><td class=\"c n x35f y1946 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x360 y1946 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1947 w185 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Barclays Capital Securities Limited<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6bc y1947 w186 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6bd y1947 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">20,484<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6be y1947 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">21,697<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1948 w187 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">BNP Paribas Financial Markets<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6bf y1948 w188 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">France<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c0 y1948 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">6,803<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c1 y1948 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">7,595<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1949 w189 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Citigroup Global Markets Limited<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c2 y1949 w18a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c3 y1949 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">19,967<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c4 y1949 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,130<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194a w18b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Goldman Sachs International<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c5 y194a w18a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c6 y194a w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">17,248<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c7 y194a w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">18,134<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194b w18c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">HSBC Bank plc<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c2 y194b w18a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c8 y194b wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">315<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c9 y194b wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">348<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194c w18d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">J.P<span class=\"_ _9\"></span>. Morgan Securities plc<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ca y194c w18e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6cb y194c w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,601<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6cc y194c w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,744<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194d w18f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Macquarie Bank Limited<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6cd y194d w190 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Australia<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ce y194d w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">3,789<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6cf y194d w77 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,183<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194e w191 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Morgan Stanley &amp; Co International plc<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d0 y194e w18a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d1 y194e w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">9,697<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d2 y194e w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,194<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194f w192 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">UBS AG<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d3 y194f w193 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Switzerland<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6bd y194f w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">23,826<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6be y194f w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">26,858<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td></td><td class=\"c n x6d4 y17bd w55 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">103,730<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d5 y17bd w55 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">112,883<span class=\"_ _25b\"> </span></div></td></tr></table><table class=\"s w184 hda\" id=\"_e8a144d1-488e-4a5e-bfce-c9b6a6e12594\"><tr><td></td><td></td><td class=\"t m0 x482 h9 y1950 ff66 fs7 fc0 sc0 ls0 ws0\">Stock </td><td class=\"t m0 x481 h9 y1950 ff66 fs7 fc0 sc0 ls0 ws0\">Collateral </td></tr><tr><td></td><td class=\"t m0 x6b9 h9 y1951 ff66 fs7 fc0 sc0 ls0 ws0\">Country of </td><td class=\"t m0 x6ba h9 y1952 ff66 fs7 fc0 sc0 ls0 ws0\">lending<span class=\"_ _25b\"> </span></td><td class=\"t m0 x579 h9 y1952 ff66 fs7 fc0 sc0 ls0 ws0\">received<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x1c6 h9 y1953 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td><td class=\"t m0 x6bb h9 y1953 ff66 fs7 fc0 sc0 ls0 ws0\">establishment<span class=\"_ _25b\"> </span></td><td class=\"c n x35f y1954 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x360 y1954 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1955 w185 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Barclays Capital Securities Limited<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6bc y1955 w186 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6bd y1955 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">13,839<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6be y1955 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">15,031<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1947 w187 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">BNP Paribas Financial Markets<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6bf y1947 w188 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">France<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d6 y1947 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">20,475<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d7 y1947 w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">21,739<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1948 w189 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Citigroup Global Markets Limited<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c2 y1948 w18a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d8 y1948 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,957<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d9 y1948 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">3,237<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1949 w18b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Goldman Sachs International<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c5 y1949 w18a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c6 y1949 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,640<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c7 y1949 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">11,768<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194a w18c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">HSBC Bank plc<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c2 y194a w18a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d8 y194a w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">3,952<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d9 y194a w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,363<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194b w18d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">J.P<span class=\"_ _9\"></span>. Morgan Securities plc<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ca y194b w18e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6da y194b w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">19,963<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6db y194b w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">21,725<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194c w18f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Macquarie Bank Limited<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6cd y194c w190 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Australia<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ce y194c w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,623<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6cf y194c w77 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,777<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194d w191 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Morgan Stanley &amp; Co International plc<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d0 y194d w18a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6dc y194d wb9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">240<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6dd y194d wdb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">255<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194e w194 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Soci\u00e9t\u00e9 G\u00e9n\u00e9rale<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6de y194e w188 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">France<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6df y194e w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,687<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e0 y194e w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,938<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194f w192 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">UBS AG<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d3 y194f w193 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Switzerland<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e1 y194f wdb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">175<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e2 y194f wb9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">196<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td></td><td class=\"c n x6da y17bd w3c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">76,551<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e3 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">83,029<span class=\"_ _25b\"> </span></div></td></tr></table>Collateral<span class=\"_ _25b\"> </span>The Company engages in securities lending transactions for which it may hold collateral received from a counterpart<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span>The<span class=\"_ gs149\"> </span>following table provides an analysis by currency of the underlying non-cash collateral received by way of a title<span class=\"_ _25b\"> </span>transfer collateral arrangement by the Company<span class=\"_ _6\"></span>, in respect of securities lending transactions as at 31 December 2025 and<span class=\"_ _25b\"> </span>31 December 2024:<span class=\"_ _25b\"> </span><table class=\"s w195 hdb\" id=\"_d84261eb-4892-4522-84cd-def449c542a4\"><tr><td></td><td class=\"t m0 x481 h9 y1956 ff66 fs7 fc0 sc0 ls0 ws0\">Non-cash </td></tr><tr><td></td><td class=\"t m0 x525 h9 y1957 ff66 fs7 fc0 sc0 ls0 ws0\">collateral </td></tr><tr><td class=\"t m0 x1c6 h9 y1958 ff66 fs7 fc0 sc0 ls0 ws0\">2025 </td><td class=\"t m0 x579 h9 y1959 ff66 fs7 fc0 sc0 ls0 ws0\">received </td></tr><tr><td class=\"t m0 x1c6 h9 y195a ff66 fs7 fc0 sc0 ls0 ws0\">Currency<span class=\"_ _25b\"> </span></td><td class=\"t m0 x6e4 h9 y195a ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"c n x1b1 y195b w196 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Australian Dollar<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e5 y195b wd0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">34<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y195c w197 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Canadian Dollar<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e6 y195c wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">116<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y195d w198 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Chinese Y<span class=\"_ _6\"></span>uan<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e7 y195d w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">11,632<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y195e w199 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Danish Krone<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e5 y195e wd0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">63<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y195f w19a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Euro<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e6 y195f wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">765<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1960 w19b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Hong Kong Dollar<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e8 y1960 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,815<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1961 w19c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Israeli Shekel<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e9 y1961 w15e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1962 w19d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Japanese Y<span class=\"_ _6\"></span>en<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ea y1962 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,297<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1963 w19e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Singapore Dollar<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e9 y1963 w15e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">7<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1964 w19f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Swiss F<span class=\"_ _6\"></span>ranc<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6eb y1964 wd2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">77<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1965 w1a0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">UK Sterling<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e8 y1965 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">9,791<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194f w1a1 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">US Dollar<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ec y194f w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">83,284<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ed y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">112,883<span class=\"_ _25b\"> </span></div></td></tr></table><table class=\"s w195 hdc\" id=\"_f20a9180-4640-40c8-9485-3d5ff2d6683d\"><tr><td></td><td class=\"t m0 x481 h9 y1966 ff66 fs7 fc0 sc0 ls0 ws0\">Non-cash </td></tr><tr><td></td><td class=\"t m0 x525 h9 y1967 ff66 fs7 fc0 sc0 ls0 ws0\">collateral </td></tr><tr><td class=\"t m0 x1c6 h9 y1968 ff66 fs7 fc0 sc0 ls0 ws0\">2024 </td><td class=\"t m0 x579 h9 y1969 ff66 fs7 fc0 sc0 ls0 ws0\">received </td></tr><tr><td class=\"t m0 x1c6 h9 y196a ff66 fs7 fc0 sc0 ls0 ws0\">Currency<span class=\"_ _25b\"> </span></td><td class=\"t m0 x6e4 h9 y196a ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"c n x1b1 y195d w198 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Chinese Y<span class=\"_ _6\"></span>uan<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ee y195d w77 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">8,037<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y195e w19a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Euro<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e8 y195e w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">6,127<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y195f w19b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Hong Kong Dollar<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e8 y195f w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,080<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1960 w19d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Japanese Y<span class=\"_ _6\"></span>en<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ea y1960 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">5,669<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y196b w1a2 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Norwegian Krone<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e5 y196b wd0 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1962 w19e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Singapore Dollar<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e9 y1962 w33 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1963 w1a3 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Swedish Krone<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3b7 y1963 wb9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">204<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1964 w19f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Swiss F<span class=\"_ _6\"></span>ranc<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ef y1964 w9c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">390<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1965 w1a0 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">UK Sterling<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e7 y1965 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">16,877<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194f w1a1 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">US Dollar<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ec y194f w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">44,622<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6f0 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">83,029<span class=\"_ _25b\"> </span></div></td></tr></table>Non-cash collateral received by way of a title transfer collateral arrangement in relation to securities lending transactions<span class=\"_ _25b\"> </span>cannot be sold, reinvested or pledged.<span class=\"_ _25b\"> </span>The following table provides an analysis of the type, qualit<span class=\"_ _8\"></span>y and maturity tenor of non-cash collateral received and posted by the Group and Company by way of a title transfer collateral arrangement in respect of securities lending transactions as at 31<span class=\"_ gs149\"> </span>December 2025 and 31 December 2024.<span class=\"_ _25b\"> </span><table class=\"s w1a4 hdd\" id=\"_7a05d790-e319-4e6d-9c26-27ab42dedc4b\"><tr><td></td><td></td><td></td><td class=\"t m0 x3c8 h9 y196c ff66 fs7 fc0 sc0 ls0 ws0\">Maturity T<span class=\"_ _6\"></span>enor<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x6f1 h9 y196d ff66 fs7 fc0 sc0 ls0 ws0\">91 to 365 </td><td class=\"t m0 x6f2 h9 y196d ff66 fs7 fc0 sc0 ls0 ws0\">More than <span class=\"_ _b\"></span> </td><td class=\"t m0 x376 h9 y196d ff66 fs7 fc0 sc0 ls0 ws0\">Open </td><td></td></tr><tr><td></td><td class=\"t m0 x578 h9 y196e ff66 fs7 fc0 sc0 ls0 ws0\">8 to 30 days<span class=\"_ _25b\"> </span></td><td class=\"t m0 x6f3 h9 y196e ff66 fs7 fc0 sc0 ls14 ws17\">days<span class=\"_ _25b\"> </span></td><td class=\"t m0 x6f4 h9 y196e ff66 fs7 fc0 sc0 ls0 ws0\">365 days<span class=\"_ _25b\"> </span></td><td class=\"c n x5f6 y1886 w1a5 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>ransactions<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6f5 y1886 w2e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y196f ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></td><td class=\"c n x6f6 y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6f7 y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6f8 y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6f9 y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6fa y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1971 ff66 fs7 fc0 sc0 ls0 ws0\">Collateral received - securities lending<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x1c6 h9 y1972 ff66 fs7 fc0 sc0 ls0 ws0\">Fixed income<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y1889 w1a6 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Investment grade<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6fb y1889 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6fc y1889 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6fd y1889 w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">48,537<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6fe y1889 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ff y1889 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">48,537<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1973 ff66 fs7 fc0 sc0 ls0 ws0\">Equities<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y17da w1a7 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Recognised equities<span class=\"_ _25b\"> </span></div></td><td class=\"c n x700 y17da w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x701 y17da w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x702 y17da w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x703 y17da w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">64,346<span class=\"_ _25b\"> </span></div></td><td class=\"c n x704 y17da w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">64,346<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x705 y17bd w3b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x706 y17bd w3b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x707 y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">48,537<span class=\"_ _25b\"> </span></div></td><td class=\"c n x708 y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">64,346<span class=\"_ _25b\"> </span></div></td><td class=\"c n x709 y17bd w46 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">112,883<span class=\"_ _25b\"> </span></div></td></tr></table><table class=\"s w1a4 hdd\" id=\"_489824a0-9282-4f62-a63e-3b3dc9f72d97\"><tr><td></td><td></td><td></td><td class=\"t m0 x3c8 h9 y1974 ff66 fs7 fc0 sc0 ls0 ws0\">Maturity T<span class=\"_ _6\"></span>enor<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x6f1 h9 y1975 ff66 fs7 fc0 sc0 ls0 ws0\">91 to 365 </td><td class=\"t m0 x6f2 h9 y1975 ff66 fs7 fc0 sc0 ls0 ws0\">More than <span class=\"_ _b\"></span> </td><td class=\"t m0 x376 h9 y1975 ff66 fs7 fc0 sc0 ls0 ws0\">Open </td><td></td></tr><tr><td></td><td class=\"t m0 x578 h9 y1976 ff66 fs7 fc0 sc0 ls0 ws0\">8 to 30 days<span class=\"_ _25b\"> </span></td><td class=\"t m0 x6f3 h9 y1976 ff66 fs7 fc0 sc0 ls14 ws17\">days<span class=\"_ _25b\"> </span></td><td class=\"t m0 x6f4 h9 y1976 ff66 fs7 fc0 sc0 ls0 ws0\">365 days<span class=\"_ _25b\"> </span></td><td class=\"c n x5f6 y1886 w1a5 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>ransactions<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6f5 y1886 w2e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1977 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td><td class=\"c n x6f6 y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6f7 y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6f8 y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6f9 y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6fa y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1978 ff66 fs7 fc0 sc0 ls0 ws0\">Collateral received \u2013 securities lending<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x1c6 h9 y1979 ff66 fs7 fc0 sc0 ls0 ws0\">Fixed income<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y1889 w1a6 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Investment grade<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6fb y1889 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6fc y1889 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6fd y1889 w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">24,536<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6fe y1889 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ff y1889 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">24,536<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y197a ff66 fs7 fc0 sc0 ls0 ws0\">Equities<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y17da w1a7 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Recognised equities<span class=\"_ _25b\"> </span></div></td><td class=\"c n x700 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x701 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x702 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x703 y17da w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">58,493<span class=\"_ _25b\"> </span></div></td><td class=\"c n x704 y17da w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">58,493<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x705 y17bd w3b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x706 y17bd w3b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x707 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">24,536<span class=\"_ _25b\"> </span></div></td><td class=\"c n x708 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">58,493<span class=\"_ _25b\"> </span></div></td><td class=\"c n x70a y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">83,029<span class=\"_ _25b\"> </span></div></td></tr></table>Investment grade securities are those issued by an entity with a minimum investment grade credit rating from at least one globally recognised credit rating agency; Standard &amp; Poor<span class=\"_ _8\"></span>\u2019<span class=\"_ _6\"></span>s, Moody\u2019s or Fitch.<span class=\"_ _25b\"> </span>The maturity tenor analysis for fixed income securities received as collateral is based on the respective contractual maturit<span class=\"_ _8\"></span>y date, while equity securities received as collateral are presented as open transactions as they are not subject to a contractual maturity date.<span class=\"_ _25b\"> </span>As at 31 December 2025 and 2024, all non-cash collateral (equity and debt securities) received by the Group and Company in respect of securities lending transactions is held by the Group\u2019<span class=\"_ _6\"></span>s Depositary (or through its delegates).<span class=\"_ _25b\"> </span>The following table lists the ten largest issuers by value of non-cash collateral (equity and debt securities) received by the<span class=\"_ _25b\"> </span>Group and Company by way of a title transfer collateral arrangement across securities lending transactions as at 31 December<span class=\"_ _25b\"> </span>2025 and 2024.<span class=\"_ _25b\"> </span>Value<span class=\"_ _25b\"> </span>% of the<span class=\"_ _25b\"> </span>2025<span class=\"_ _25b\"> </span>Company\u2019s<span class=\"_ _25b\"> </span>Non-cash collateral issuer \u2013 securities<span class=\"_ _25b\"> </span>\u00a3\u2019000<span class=\"_ _25b\"> </span>United States T<span class=\"_ _6\"></span>reasury Note<span class=\"_ _25b\"> </span>36,459<span class=\"_ _25b\"> </span>2.28<span class=\"_ _25b\"> </span>UK (Government of<span class=\"_ _8\"></span>)<span class=\"_ _25b\"> </span>9,735<span class=\"_ _25b\"> </span>0.61<span class=\"_ _25b\"> </span>Alibaba<span class=\"_ _25b\"> </span>2,916<span class=\"_ _25b\"> </span>0.18<span class=\"_ _25b\"> </span>Sea Limited<span class=\"_ _25b\"> </span>2,825<span class=\"_ _25b\"> </span>0.18<span class=\"_ _25b\"> </span>Walmart<span class=\"_ _25b\"> </span>2,488<span class=\"_ _25b\"> </span>0.16<span class=\"_ _25b\"> </span>Axalta<span class=\"_ _25b\"> </span>2,446<span class=\"_ _25b\"> </span>0.15<span class=\"_ _25b\"> </span>Daiichi<span class=\"_ _25b\"> </span>2,446<span class=\"_ _25b\"> </span>0.15<span class=\"_ _25b\"> </span>AIA Group<span class=\"_ _25b\"> </span>2,241<span class=\"_ _25b\"> </span>0.14<span class=\"_ _25b\"> </span>Mastercard<span class=\"_ _25b\"> </span>2,165<span class=\"_ _25b\"> </span>0.14<span class=\"_ _25b\"> </span>Haier<span class=\"_ _25b\"> </span>2,152<span class=\"_ _25b\"> </span>0.13<span class=\"_ _25b\"> </span>Other issuers<span class=\"_ _25b\"> </span>47,010<span class=\"_ _25b\"> </span>2.94<span class=\"_ _25b\"> </span>T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span>112,883<span class=\"_ _25b\"> </span>7.06<span class=\"_ _25b\"> </span>Value<span class=\"_ _25b\"> </span>% of the<span class=\"_ _25b\"> </span>2024<span class=\"_ _25b\"> </span>Company\u2019s<span class=\"_ _25b\"> </span>Non-cash collateral issuer \u2013 securities<span class=\"_ _25b\"> </span>\u00a3\u2019000<span class=\"_ _25b\"> </span>UK (Government of<span class=\"_ _8\"></span>)<span class=\"_ _25b\"> </span>14,209<span class=\"_ _25b\"> </span>1.46<span class=\"_ _25b\"> </span>United States T<span class=\"_ _6\"></span>reasury Note<span class=\"_ _25b\"> </span>7,723<span class=\"_ _25b\"> </span>0.79<span class=\"_ _25b\"> </span>Microsoft<span class=\"_ _25b\"> </span>2,840<span class=\"_ _25b\"> </span>0.29<span class=\"_ _25b\"> </span>Nvidia<span class=\"_ _25b\"> </span>2,749<span class=\"_ _25b\"> </span>0.28<span class=\"_ _25b\"> </span>Apple<span class=\"_ _25b\"> </span>2,605<span class=\"_ _25b\"> </span>0.27<span class=\"_ _25b\"> </span>T<span class=\"_ _6\"></span>encent Holdings<span class=\"_ _25b\"> </span>2,342<span class=\"_ _25b\"> </span>0.24<span class=\"_ _25b\"> </span>iShares T<span class=\"_ _6\"></span>rust<span class=\"_ _25b\"> </span>2,198<span class=\"_ _25b\"> </span>0.23<span class=\"_ _25b\"> </span>SPDR<span class=\"_ _25b\"> </span>2,198<span class=\"_ _25b\"> </span>0.23<span class=\"_ _25b\"> </span>T<span class=\"_ _6\"></span>esla<span class=\"_ _25b\"> </span>2,174<span class=\"_ _25b\"> </span>0.22<span class=\"_ _25b\"> </span>Broadcom<span class=\"_ _25b\"> </span>2,174<span class=\"_ _25b\"> </span>0.22<span class=\"_ _25b\"> </span>Other issuers<span class=\"_ _25b\"> </span>41,817<span class=\"_ _25b\"> </span>4.28<span class=\"_ _25b\"> </span>T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span>83,029<span class=\"_ _25b\"> </span>8.51<span class=\"_ _25b\"> </span>Counterparties/brokers<span class=\"_ _25b\"> </span>The Group only invests directly in markets that operate on a deliver<span class=\"_ _8\"></span>y versus payment basis and consequently most investment<span class=\"_ _25b\"> </span>transactions in listed securities involve simultaneous deliver<span class=\"_ _8\"></span>y of securities against cash payment using an approved broker<span class=\"_ _9\"></span>.<span class=\"_ _25b\"> </span>The risk of default is considered minimal and the trade will fail if either part<span class=\"_ _8\"></span>y fails to meet its obligation.<span class=\"_ _25b\"> </span>For a few markets that the Group invests in from time to time, although they operate on a delivery versus payment basis, there<span class=\"_ _25b\"> </span>may be a ver<span class=\"_ _8\"></span>y short time gap bet<span class=\"_ _8\"></span>ween stock delivery and payment, giving a potential rise to counterpar<span class=\"_ _8\"></span>ty credit risk with the<span class=\"_ _25b\"> </span>broker in relation to transactions awaiting settlement. Risk relating to unsettled transactions is considered small due to the<span class=\"_ _25b\"> </span>short settlement period involved and the high credit qualit<span class=\"_ _8\"></span>y of the brokers used for those markets. The Group monitors the<span class=\"_ _25b\"> </span>credit rating and financial position of the broker used to further mitigate this risk.<span class=\"_ _25b\"> </span>Cash held by a counterpart<span class=\"_ _8\"></span>y to financial derivative contracts is subject to the <span class=\"_ _6\"></span>credit risk of the counterpar<span class=\"_ _8\"></span>ty. The following <span class=\"_ _6\"></span>table details the total number of counterparties to which the Group is exposed, the maximum exposure to any one counterpar<span class=\"_ _8\"></span>ty, any collateral held by the Group against this exposure, the total exposure to all other counterparties and the lowest long-term credit rating of any one counterpart<span class=\"_ _8\"></span>y (or its ultimate parent if unrated).<span class=\"_ _25b\"> </span><table class=\"s w1c1 he0\" id=\"_95e0349a-7937-4bbe-9636-db8407039c3d\"><tr><td></td><td></td><td class=\"t m0 x725 h9 y1989 ff66 fs7 fc0 sc0 ls0 ws0\">Maximum </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x726 h9 y198a ff66 fs7 fc0 sc0 ls0 ws0\">exposure </td><td></td><td class=\"t m0 x727 h9 y198b ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal exposure </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x725 h9 y198c ff66 fs7 fc0 sc0 ls0 ws0\">to any one </td><td></td><td class=\"t m0 x47e h9 y198d ff66 fs7 fc0 sc0 ls0 ws0\">to all other </td><td class=\"t m0 x728 h9 y198e ff66 fs7 fc0 sc0 ls0 ws0\">Lowest credit </td></tr><tr><td></td><td class=\"t m0 x729 h9 y198f ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal number of </td><td class=\"c x72b y1990 w1c2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">counterparty</div><div class=\"t m0 x72a h10 y1807 ff66 fsd fc0 sc0 ls0 ws0\">1<span class=\"_ _25b\"> </span></div></td><td class=\"c x72d y1990 w1c3 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Collateral held</div><div class=\"t m0 x72c h10 y1807 ff66 fsd fc0 sc0 ls0 ws0\">1<span class=\"_ _25b\"> </span></div></td><td class=\"c x72f y1990 w1c4 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">counterparties</div><div class=\"t m0 x72e h10 y1807 ff66 fsd fc0 sc0 ls0 ws0\">1<span class=\"_ _25b\"> </span></div></td><td class=\"t m0 x598 h9 y198f ff66 fs7 fc0 sc0 ls0 ws0\">rating of any one </td></tr><tr><td></td><td class=\"t m0 x730 h9 y1991 ff66 fs7 fc0 sc0 ls0 ws0\">counterparties<span class=\"_ _25b\"> </span></td><td class=\"c n x3c5 y1992 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4cb y1992 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4cc y1992 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c x732 y1992 w1c5 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">counterparty</div><div class=\"t m0 x731 h10 y1807 ff66 fsd fc0 sc0 ls0 ws0\">2<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1993 w2a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x733 y1993 w15e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">4<span class=\"_ _25b\"> </span></div></td><td class=\"c n x734 y1993 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">13,800<span class=\"_ _25b\"> </span></div></td><td class=\"c n x735 y1993 w77 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,415<span class=\"_ _25b\"> </span></div></td><td class=\"c n x736 y1993 wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">179<span class=\"_ _25b\"> </span></div></td><td class=\"c n x737 y1993 w1c6 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">A<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1994 ff68 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td><td class=\"c n x738 y17bd w15d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2<span class=\"_ _25b\"> </span></div></td><td class=\"c n x739 y17bd w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">21,396<span class=\"_ _25b\"> </span></div></td><td class=\"c n x73a y17bd w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,882<span class=\"_ _25b\"> </span></div></td><td class=\"c n x73b y17bd w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x73c y17bd w1c7 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">A+<span class=\"_ _25b\"> </span></div></td></tr></table>1 <span class=\"_ _c\"> </span>Calculated on a net basis.<span class=\"_ _25b\"> </span>2 <span class=\"_ _c\"> </span>Standard &amp; Poor\u2019s ratings.<span class=\"_ _25b\"> </span>The Group may also be exposed to counterpart<span class=\"_ _8\"></span>y risk should there be any rehypothecation of pledged collateral. Collateral is received/<span class=\"_ _6\"></span>paid where the client service agreement states that there should be collateral movements agreed with the counterpart<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>, where there is a requirement for a mark-to-market process or collateralisation to ensure that the Group is protected against any counterpart<span class=\"_ _8\"></span>y default.<span class=\"_ _25b\"> </span>Collateral<span class=\"_ _25b\"> </span>The Group engages in activities which may require collateral to be provided to a counterpart<span class=\"_ _8\"></span>y (pledged collateral) or may hold collateral received (Inbound Collateral) from a counterpart<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>. The Group uses inbound collateral received from a counterpar<span class=\"_ _8\"></span>ty to reduce the counterpart<span class=\"_ _8\"></span>y credit risk associated with any trading activity in which the Group has engaged.<span class=\"_ _25b\"> </span>Cash collateral pledged by the Group is separately identified as an asset in the Consolidated and P<span class=\"_ _6\"></span>arent Company Statements of Financial Position and is not included as a component of cash and cash equivalents. The cash is subject to certain counterpart<span class=\"_ _8\"></span>y credit risk as the Group\u2019<span class=\"_ _6\"></span>s access to its cash could be delayed should the counterparties become insolvent or bankrupt. Collateral received in the form of securities is not reflected in the Consolidated and Parent Company Statements of Financial Position. The Group has the right to sell or re-pledge collateral received in the form of securities in circumstances such as default. The fair value of inbound cash collateral and cash collateral pledged is reflected in the table below:<span class=\"_ _25b\"> </span><table class=\"s w1c8 he1\" id=\"_5d03534c-ee6f-42e3-b9cc-a129dfad1bcf\"><tr><td></td><td></td><td></td><td class=\"t m0 x73d h9 y1995 ff66 fs7 fc0 sc0 ls0 ws0\">Liability for </td><td></td></tr><tr><td></td><td class=\"t m0 x73e h9 y1996 ff66 fs7 fc0 sc0 ls0 ws0\">Pledged collateral<span class=\"_ _25b\"> </span></td><td></td><td class=\"t m0 x73f h34 y1996 ff72 fs7 fc0 sc0 ls0 ws0\">inbound<span class=\"_ gs294\"> </span>collateral<span class=\"_ _25b\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 x63c h9 y1997 ff66 fs7 fc0 sc0 ls0 ws0\">As at </td><td class=\"t m0 x3c9 h9 y1997 ff66 fs7 fc0 sc0 ls0 ws0\">As at </td><td class=\"t m0 x73d h9 y1997 ff66 fs7 fc0 sc0 ls0 ws0\">As at </td><td class=\"t m0 x377 h9 y1997 ff66 fs7 fc0 sc0 ls0 ws0\">As at </td></tr><tr><td></td><td class=\"t m0 x740 h9 y1998 ff66 fs7 fc0 sc0 ls0 ws0\">31 December </td><td class=\"t m0 x741 h9 y1998 ff66 fs7 fc0 sc0 ls0 ws0\">31 December </td><td class=\"t m0 x38b h9 y1998 ff66 fs7 fc0 sc0 ls0 ws0\">31 December </td><td class=\"t m0 x728 h9 y1998 ff66 fs7 fc0 sc0 ls0 ws0\">31 December </td></tr><tr><td></td><td class=\"t m0 x63c h9 y1999 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></td><td class=\"t m0 x375 h9 y1999 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td><td class=\"t m0 x73d h9 y1999 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></td><td class=\"t m0 x4ca h9 y1999 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td></tr><tr><td></td><td class=\"c n x742 y199a w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x743 y199a w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x744 y199a w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x745 y199a w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y199b w1c9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank of America Merrill Lynch<span class=\"_ _25b\"> </span></div></td><td class=\"c n x746 y199b w77 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,115<span class=\"_ _25b\"> </span></div></td><td class=\"c n x747 y199b w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,882<span class=\"_ _25b\"> </span></div></td><td class=\"c n x748 y199b w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x749 y199b w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1873 w1ca hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">BNP Paribas<span class=\"_ _25b\"> </span></div></td><td class=\"c n x74a y1873 w9c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">300<span class=\"_ _25b\"> </span></div></td><td class=\"c n x74b y1873 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x748 y1873 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x749 y1873 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x74c y17bd w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">4,415<span class=\"_ _25b\"> </span></div></td><td class=\"c n x74d y17bd w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">4,882<span class=\"_ _25b\"> </span></div></td><td class=\"c n x74e y17bd w3b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x74f y17bd w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr></table>Receivables<span class=\"_ _25b\"> </span>Amounts due from debtors are disclosed in the Consolidated and Parent Company Statements of Financial P<span class=\"_ _6\"></span>osition as<span class=\"_ _25b\"> </span>receivables. The counterparties included in receivables are the same counterpar<span class=\"_ _8\"></span>ties discussed previously under counterpart<span class=\"_ _8\"></span>y<span class=\"_ _25b\"> </span>credit risk and subject to the same scrutiny by the BlackRock RQA Counterpart<span class=\"_ _8\"></span>y &amp; Concentration Risk T<span class=\"_ _6\"></span>eam (RQA CCR). The<span class=\"_ _25b\"> </span>Group monitors the ageing of receivables to mitigate the risk of debtor balances becoming overdue.<span class=\"_ _25b\"> </span>In summar<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>, the exposure to credit risk at 31 December 2025 and 2024 was as follows:<span class=\"_ _25b\"> </span><table class=\"s w14e he2\" id=\"_36d36f3c-b409-4301-ab0d-0ccbdea17983\"><tr><td></td><td class=\"c n x39f y199c w2a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4ac y199c w2a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y199d w5f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Group<span class=\"_ _25b\"> </span></div></td><td class=\"c n x750 y199d w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x751 y199d w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y199e w1cb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Investment in contractual rights<span class=\"_ _25b\"> </span></div></td><td class=\"c n x48a y199e w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x752 y199e w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,197<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y199f w181 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Fixed income investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4c3 y199f w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x753 y199f w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19a0 w79 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash collateral held with brokers<span class=\"_ _25b\"> </span></div></td><td class=\"c n x754 y19a0 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,415<span class=\"_ _25b\"> </span></div></td><td class=\"c n x755 y19a0 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,882<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19a1 w171 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 cash at bank<span class=\"_ _25b\"> </span></div></td><td class=\"c n x756 y19a1 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">13,800<span class=\"_ _25b\"> </span></div></td><td class=\"c n x757 y19a1 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">21,396<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19a2 w1cc hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Other receivables (amounts due from brokers, dividends and interest receivable)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x758 y19a2 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">9,092<span class=\"_ _25b\"> </span></div></td><td class=\"c n x759 y19a2 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,861<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x75a y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">73,854<span class=\"_ _25b\"> </span></div></td><td class=\"c n x75b y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">87,989<span class=\"_ _25b\"> </span></div></td></tr></table><table class=\"s w1cd he3\" id=\"_b55dabfa-aee0-4d1b-bf7f-14c071acd6a1\"><tr><td></td><td class=\"c n x39f y19a3 w2a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x51b y19a3 w14a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1970 w74 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Company<span class=\"_ _25b\"> </span></div></td><td class=\"c n x75c y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x75d y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1888 w1cb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Investment in contractual rights<span class=\"_ _25b\"> </span></div></td><td class=\"c n x48a y1888 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x752 y1888 w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,197<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1834 w181 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Fixed income investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4c3 y1834 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x753 y1834 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1889 w79 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash collateral held with brokers<span class=\"_ _25b\"> </span></div></td><td class=\"c n x754 y1889 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,415<span class=\"_ _25b\"> </span></div></td><td class=\"c n x755 y1889 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,882<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1836 w171 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 cash at bank<span class=\"_ _25b\"> </span></div></td><td class=\"c n x323 y1836 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">7,161<span class=\"_ _25b\"> </span></div></td><td class=\"c n x753 y1836 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">14,834<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17da w1cc hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Other receivables (amounts due from brokers, dividends and interest receivable)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x758 y17da w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">9,092<span class=\"_ _25b\"> </span></div></td><td class=\"c n x759 y17da w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,861<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x75a y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">67,215<span class=\"_ _25b\"> </span></div></td><td class=\"c n x75b y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">81,427<span class=\"_ _25b\"> </span></div></td></tr></table>Management of counterparty credit risk<span class=\"_ _25b\"> </span>Credit risk is monitored and managed by RQA CCR. The team is headed by BlackRock\u2019<span class=\"_ _6\"></span>s Chief Credit Officer who repor<span class=\"_ _8\"></span>ts to the<span class=\"_ _25b\"> </span>Global Head of RQA<span class=\"_ _8\"></span>. Credit authority resides with the Chief Credit Officer and selected team members to whom specific credit<span class=\"_ _25b\"> </span>authority has been delegated. As such, counterpar<span class=\"_ _8\"></span>ty approvals may be granted by the Chief Credit Officer<span class=\"_ _6\"></span>, or by identified RQA<span class=\"_ _25b\"> </span>Credit Risk Officers who have been formally delegated authority by the Chief Credit Officer<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span>The counterpart<span class=\"_ _8\"></span>y/<span class=\"_ _6\"></span>credit risk is managed as follows:<span class=\"_ _25b\"> </span>\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>transactions are only entered into with those counterparties approved by RQA CCR, with a formal review carried out for<span class=\"_ _25b\"> </span>each new counterpart<span class=\"_ _8\"></span>y and with counterparties selected by RQA CCR on the basis of a number of risk mitigation criteria<span class=\"_ _25b\"> </span>designed to reduce the risk to the Group of default;<span class=\"_ _25b\"> </span>\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>the creditworthiness of financial institutions with whom cash and fixed income instruments are held is reviewed regularly<span class=\"_ _25b\"> </span>by RQA CCR; and<span class=\"_ _25b\"> </span>\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>RQA C<span class=\"_ _6\"></span>CR review the credit standard of the Group\u2019<span class=\"_ _6\"></span>s brokers on a periodic basis and set limits on the amount that may be<span class=\"_ _25b\"> </span>due from any one broker<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span>The Board monitors the Group\u2019<span class=\"_ _6\"></span>s counterpart<span class=\"_ _8\"></span>y risk by reviewing:<span class=\"_ _25b\"> </span>\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>the semi-annual report from the Depositary, which includes the results of periodic site visits to the Group<span class=\"_ _6\"></span>\u2019s Custodian<span class=\"_ _25b\"> </span>where controls are reviewed and tested;<span class=\"_ _25b\"> </span>\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>the Custodian<span class=\"_ _6\"></span>'s Ser<span class=\"_ _8\"></span>vice Organisation Control (SOC 1) reports which include a repor<span class=\"_ _8\"></span>t by the Custodian's auditor<span class=\"_ _9\"></span>. This repor<span class=\"_ _8\"></span>t<span class=\"_ _25b\"> </span>sets out any exceptions or issues noted as a result of the auditor\u2019<span class=\"_ _6\"></span>s review of the custodian\u2019<span class=\"_ _6\"></span>s control processes;<span class=\"_ _25b\"> </span>\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>the Manager\u2019<span class=\"_ _6\"></span>s internal control repor<span class=\"_ _8\"></span>ts which include a report by the Manager<span class=\"_ _8\"></span>\u2019<span class=\"_ _6\"></span>s auditor<span class=\"_ _6\"></span>. This repor<span class=\"_ _8\"></span>t sets out any exceptions<span class=\"_ _25b\"> </span>or issues noted as a result of the auditor\u2019<span class=\"_ _6\"></span>s review of the Manager<span class=\"_ _8\"></span>\u2019s control proces<span class=\"_ _6\"></span>ses; and<span class=\"_ _25b\"> </span>\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>in addition, the Depositary and the Manager report any significant breaches or issues arising to the Board as soon as these<span class=\"_ _25b\"> </span>are identified.<span class=\"_ _25b\"> </span>There were no past due or impaired assets as of 31 December 2025 (2024: nil). The major counterparties engaged with the Group are all widely recognised and regulated entities.<span class=\"_ _25b\"> </span>Offsetting disclosures<span class=\"_ _25b\"> </span>In order to <span class=\"_ _6\"></span>better define its contractual rights and <span class=\"_ _6\"></span>to secure rights that will <span class=\"_ _6\"></span>help the Group mitigate its counterparty risk, the Group may enter <span class=\"_ _6\"></span>into an ISDA Master Agreement or <span class=\"_ _6\"></span>similar agreement with its OTC <span class=\"_ _6\"></span>derivative contract counterpar<span class=\"_ _8\"></span>ties. An <span class=\"_ _6\"></span>ISDA<span class=\"_ _8\"></span> Master Agreement is <span class=\"_ _6\"></span>an agreement between the Group and the counterparty that governs OTC derivative <span class=\"_ _6\"></span>contracts and typically<span class=\"_ _8\"></span> contains, among other <span class=\"_ _6\"></span>things, collateral posting terms and netting <span class=\"_ _6\"></span>provisions in the event of <span class=\"_ _6\"></span>a default and/<span class=\"_ _6\"></span>or termination <span class=\"_ _6\"></span>event.<span class=\"_ _8\"></span> Under an ISDA <span class=\"_ _6\"></span>Master Agreement, the Group has a <span class=\"_ _6\"></span>contractual right to offset with <span class=\"_ _6\"></span>the counterpar<span class=\"_ _8\"></span>ty cer<span class=\"_ _8\"></span>tain derivative <span class=\"_ _6\"></span>financial<span class=\"_ _8\"></span> instruments payables and/<span class=\"_ _9\"></span>or receivables with collateral held <span class=\"_ _6\"></span>and/<span class=\"_ _6\"></span>or posted and create <span class=\"_ _6\"></span>one single net payment in <span class=\"_ _6\"></span>the event of default including <span class=\"_ _6\"></span>the bankruptcy or insolvency of the <span class=\"_ _6\"></span>counterpar<span class=\"_ _8\"></span>ty. However<span class=\"_ _9\"></span>, bankruptcy or insolvency laws <span class=\"_ _6\"></span>of a particular<span class=\"_ _8\"></span> jurisdiction may impose <span class=\"_ _6\"></span>restrictions on, or prohibitions against, the <span class=\"_ _6\"></span>right of offset in bankruptcy<span class=\"_ _6\"></span>, insolvency or <span class=\"_ _6\"></span>other events.<span class=\"_ _25b\"> </span>For financial reporting purposes, the Group does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Financial Position. The disclosures set out in the following tables include financial as<span class=\"_ _6\"></span>sets and financial liabilities that are subject to an enforceable master netting arrangement or similar agreement.<span class=\"_ _25b\"> </span>At 31 December 2025 and 2024, the Group\u2019<span class=\"_ _6\"></span>s and Company\u2019s derivative as<span class=\"_ _6\"></span>sets and liabilities (by t<span class=\"_ _8\"></span>ype) are as follows:<span class=\"_ _25b\"> </span><table class=\"s w1ce he4\" id=\"_0680054a-dbda-419e-ae40-d9c58103cc38\"><tr><td></td><td></td><td class=\"c n x75e y19a4 w1cf hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">At 31 December 2025<span class=\"_ _25b\"> </span></div></td><td></td><td class=\"c n x75f y19a4 w1d0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">At 31 December 2024<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td class=\"c n x760 y19a5 w1d1 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Assets<span class=\"_ _25b\"> </span></div></td><td class=\"c n x761 y19a5 w1d2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Liabilities<span class=\"_ _25b\"> </span></div></td><td class=\"c n x762 y19a5 w1d3 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Assets<span class=\"_ _25b\"> </span></div></td><td class=\"c n x763 y19a5 w1d2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Liabilities<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19a6 w1d4 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Derivatives<span class=\"_ _25b\"> </span></div></td><td class=\"c n x764 y19a6 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x765 y19a6 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x766 y19a6 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x767 y19a6 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19a7 w1d5 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Written option contracts<span class=\"_ _25b\"> </span></div></td><td class=\"c n x768 y19a7 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x769 y19a7 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(359)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x76a y19a7 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x76b y19a7 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19a8 ff68 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal derivative assets and liabilities in the Consolidated and P<span class=\"_ _6\"></span>arent </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y17da w1d6 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Company Statements of Financial Position<span class=\"_ _25b\"> </span></div></td><td class=\"c n x76c y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x76d y17da w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(359)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x76e y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x76f y17da w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w1d7 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal assets and liabilities subject to a master netting agreement<span class=\"_ _25b\"> </span></div></td><td class=\"c n x770 y17bd w3b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x771 y17bd w1d8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(359)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x772 y17bd w3b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x773 y17bd w113 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td></tr></table>The following table presents the Group\u2019<span class=\"_ _6\"></span>s and Company\u2019s derivative liabilities by counterparty, net of amounts available for offset, under a master netting agreement and net of any related collateral paid/(received) by the Group at 31 December 2025 and 2024:<span class=\"_ _25b\"> </span><table class=\"s w1d9 he5\" id=\"_14edf6c7-4633-44f0-9082-a9a4b6287ad3\"><tr><td></td><td class=\"t m0 x774 h9 y19a9 ff66 fs7 fc0 sc0 ls0 ws0\">Derivative </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x775 h9 y19aa ff66 fs7 fc0 sc0 ls0 ws0\">liabilities </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x776 h9 y19ab ff66 fs7 fc0 sc0 ls0 ws0\">subject to a </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x730 h9 y19ac ff66 fs7 fc0 sc0 ls0 ws0\">master netting </td><td class=\"t m0 x596 h9 y19ac ff66 fs7 fc0 sc0 ls0 ws0\">Derivatives </td><td></td><td></td><td class=\"t m0 x38f h9 y19ac ff66 fs7 fc0 sc0 ls0 ws0\">Net amount </td></tr><tr><td></td><td class=\"t m0 x777 h9 y19ad ff66 fs7 fc0 sc0 ls0 ws0\">agreement by a </td><td class=\"t m0 x778 h9 y19ad ff66 fs7 fc0 sc0 ls0 ws0\">available for </td><td class=\"t m0 x4c6 h9 y19ad ff66 fs7 fc0 sc0 ls0 ws0\">Non-cash </td><td class=\"t m0 x779 h9 y19ad ff66 fs7 fc0 sc0 ls0 ws0\">Pledged cash </td><td class=\"t m0 x77a h9 y19ad ff66 fs7 fc0 sc0 ls0 ws0\">of derivative </td></tr><tr><td></td><td class=\"t m0 x77b h9 y19ae ff66 fs7 fc0 sc0 ls0 ws0\">counterparty<span class=\"_ _25b\"> </span></td><td class=\"t m0 x77c h9 y19ae ff66 fs7 fc0 sc0 ls0 ws0\">offset<span class=\"_ _25b\"> </span></td><td class=\"t m0 x63e h9 y19ae ff66 fs7 fc0 sc0 ls0 ws0\">collateral given<span class=\"_ _25b\"> </span></td><td class=\"t m0 x77d h9 y19ae ff66 fs7 fc0 sc0 ls0 ws0\">collateral<span class=\"_ _25b\"> </span></td><td class=\"t m0 x59d h9 y19ae ff66 fs7 fc0 sc0 ls0 ws0\">liabilities<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"c n x1b1 y19af w1da hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Counterparty<span class=\"_ _25b\"> </span></div></td><td class=\"c n x77e y19af w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x77f y19af w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x780 y19af w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x781 y19af w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x782 y19af w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19b0 ff68 fs7 fc0 sc0 ls0 ws0\">At 31 December 2025<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2c9 y19b1 w1db hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">UBS<span class=\"_ _25b\"> </span></div></td><td class=\"c n x783 y19b1 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(349)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x784 y19b1 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x785 y19b1 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x786 y19b1 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x787 y19b1 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(349)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x2c9 y19b2 w1ca hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">BNP Paribas<span class=\"_ _25b\"> </span></div></td><td class=\"c n x788 y19b2 w50 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(10)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x789 y19b2 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x78a y19b2 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x78b y19b2 w3e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10<span class=\"_ _25b\"> </span></div></td><td class=\"c n x78c y19b2 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17ba w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x78d y17ba w1dc hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(359)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x78e y17ba w3b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x78f y17ba w3b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x790 y17ba w3e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">10<span class=\"_ _25b\"> </span></div></td><td class=\"c n x791 y17ba w1d8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(349)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19b3 ff68 fs7 fc0 sc0 ls0 ws0\">At 31 December 2024<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2c9 y1896 w1c9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank of America Merrill Lynch<span class=\"_ _25b\"> </span></div></td><td class=\"c n x792 y1896 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x793 y1896 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x794 y1896 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x795 y1896 wdb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">622<span class=\"_ _25b\"> </span></div></td><td class=\"c n x796 y1896 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x78d y17bd w1dc hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x78e y17bd w3b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x78f y17bd w3b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x797 y17bd w9c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">622<span class=\"_ _25b\"> </span></div></td><td class=\"c n x798 y17bd w1dd hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">-<span class=\"_ _25b\"> </span></div></td></tr></table>Offsetting and cash pooling arrangements<span class=\"_ _25b\"> </span>The Company and its subsidiar<span class=\"_ _8\"></span>y have a legally enforceable right under the bank overdraft agreement with The Bank of New Y<span class=\"_ _6\"></span>ork Mellon (International) Limited to set off the cash held in the subsidiary and bank overdraft balance in the Company. The cash and overdraft balances are held in the same currency and are managed under a compensated group arrangement with the same bank where interest is received/<span class=\"_ _6\"></span>charged on the net cash/<span class=\"_ _9\"></span>overdraft balance. In practice, the Group has not and does not expect the cash and overdraft balances to settle on a net basis and, accordingly<span class=\"_ _6\"></span>, we have presented the cash and cash equivalents and bank overdraft balances in the Statement of Financial Position on a gros<span class=\"_ _6\"></span>s basis before offsetting the positive cash balances held in the subsidiar<span class=\"_ _8\"></span>y company against the bank overdraft balance in the Company<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span>(c) Liquidity risk<span class=\"_ _25b\"> </span>Liquidity risk is the risk that the Group will encounter difficulties in meeting obligations associated with financial liabilities. The Group is also exposed to the liquidity risk for margin calls on derivative instruments. The Group has an overdraf<span class=\"_ _8\"></span>t facility of \u00a330 million (2024: \u00a330 million) and a multi-currency loan facility of \u00a3200 million (2024: \u00a3200 million) which are updated and renewed on an annual basis. As per the borrowing agreements, borrowings under the overdraft and loan facilities shall at no time exceed \u00a3230 million or 25% of the Group\u2019<span class=\"_ _6\"></span>s net asset value (whichever is the lower) (2024: \u00a3230 million or 25% of the Group\u2019<span class=\"_ _6\"></span>s net asset value (whichever is lower)) and this covenant was complied with during the year<span class=\"_ _9\"></span>. For details of the loan facility, refer to note 14.<span class=\"_ _25b\"> </span>Liquidity risk exposure<span class=\"_ _25b\"> </span>The remaining undiscounted gross cash flows of the financial liabilities as at 31 December 2025 and 2024, based on the earliest date on which payment can be required, were as follows:<span class=\"_ _25b\"> </span><table class=\"s w1de he6\" id=\"_70148b21-3e3e-4619-88c6-f0b36c92b4ba\"><tr><td></td><td class=\"t m0 x73d h9 y19b4 ff66 fs7 fc0 sc0 ls0 ws0\">2025 </td><td class=\"t m0 x4ca h9 y19b4 ff66 fs7 fc0 sc0 ls0 ws0\">2024 </td></tr><tr><td></td><td class=\"t m0 x799 h9 y19b5 ff66 fs7 fc0 sc0 ls0 ws0\">3 months or </td><td class=\"t m0 x38f h9 y19b5 ff66 fs7 fc0 sc0 ls0 ws0\">3 months or </td></tr><tr><td></td><td class=\"t m0 x37c h9 y19b6 ff66 fs7 fc0 sc0 ls0 ws0\">less<span class=\"_ _25b\"> </span></td><td class=\"t m0 x79a h9 y19b6 ff66 fs7 fc0 sc0 ls0 ws0\">less<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"c n x1b1 y19b7 w5f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Group<span class=\"_ _25b\"> </span></div></td><td class=\"c n x79b y19b7 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x79c y19b7 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19b8 ff68 fs7 fc0 sc0 ls0 ws0\">Current liabilities:<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y1834 w1df hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Amounts due to brokers, accruals and provisions<span class=\"_ _25b\"> </span></div></td><td class=\"c n x79d y1834 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">7,531<span class=\"_ _25b\"> </span></div></td><td class=\"c n x79e y1834 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,270<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1835 w177 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Derivative financial liabilities at fair value through profit or loss<span class=\"_ _25b\"> </span></div></td><td class=\"c n x79f y1835 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">359<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a0 y1835 wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">622<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1836 w83 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank loans<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a1 y1836 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">96,651<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a2 y1836 w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">135,739<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1837 w172 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 bank overdraft<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a3 y1837 wd2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">57<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a4 y1837 w15e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">4<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a5 y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">104,598<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a6 y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">146,635<span class=\"_ _25b\"> </span></div></td></tr></table><table class=\"s w1de he7\" id=\"_6729bdb7-03bc-4173-b45e-9d8dff8ca954\"><tr><td></td><td class=\"t m0 x73d h9 y19b9 ff66 fs7 fc0 sc0 ls0 ws0\">2025 </td><td class=\"t m0 x4ca h9 y19b9 ff66 fs7 fc0 sc0 ls0 ws0\">2024 </td></tr><tr><td></td><td class=\"t m0 x799 h9 y19ba ff66 fs7 fc0 sc0 ls0 ws0\">3 months or </td><td class=\"t m0 x38f h9 y19ba ff66 fs7 fc0 sc0 ls0 ws0\">3 months or </td></tr><tr><td></td><td class=\"t m0 x37c h9 y19bb ff66 fs7 fc0 sc0 ls0 ws0\">less<span class=\"_ _25b\"> </span></td><td class=\"t m0 x79a h9 y19bb ff66 fs7 fc0 sc0 ls0 ws0\">less<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"c n x1b1 y19b7 w74 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Company<span class=\"_ _25b\"> </span></div></td><td class=\"c n x79b y19b7 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x79c y19b7 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19bc ff68 fs7 fc0 sc0 ls0 ws0\">Current liabilities:<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y1834 w1df hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Amounts due to brokers, accruals and provisions<span class=\"_ _25b\"> </span></div></td><td class=\"c n x79d y1834 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">8,546<span class=\"_ _25b\"> </span></div></td><td class=\"c n x79e y1834 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">11,285<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1835 w177 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Derivative financial liabilities at fair value through profit or loss<span class=\"_ _25b\"> </span></div></td><td class=\"c n x79f y1835 wb9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">359<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a0 y1835 wdb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">622<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1836 w83 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank loans<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a1 y1836 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">96,651<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a2 y1836 w3f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">135,739<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1837 w172 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 bank overdraft<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a3 y1837 wd2 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">57<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a4 y1837 w15e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">4<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a5 y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">105,613<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a6 y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">147,650<span class=\"_ _25b\"> </span></div></td></tr></table>Management of liquidity risk<span class=\"_ _25b\"> </span>Liquidity risk is minimised by holding sufficient liquid investments which can be readily realised to meet liquidit<span class=\"_ _8\"></span>y demands. Asset disposals may also be required to meet liquidity needs. However<span class=\"_ _6\"></span>, the timely sale of trading positions can be impaired by many factors including decreased trading volume and increased price volatility. As a result, the Group may experience difficulties in disposing of assets to satisfy liquidity demands. Liquidit<span class=\"_ _8\"></span>y risk is not significant as the majority of the Group\u2019<span class=\"_ _6\"></span>s assets are investments in listed securities that are readily realisable.<span class=\"_ _25b\"> </span>The Board gives guidance to the Investment Manager as to the maximum amounts of the Group\u2019<span class=\"_ _6\"></span>s resources that should be invested in any one company<span class=\"_ _6\"></span>. The policy is that the Group should remain 90% invested in normal market conditions and that 25% of the Group\u2019<span class=\"_ _6\"></span>s assets may be invested in cash or cash equivalents. Short-term borrowings may be used to manage short-<span class=\"_ _25b\"> </span>term cash requirements.<span class=\"_ _25b\"> </span>The Group\u2019<span class=\"_ _6\"></span>s liquidity risk is managed on a daily basis by the Investment Manager in accordance with established policies and procedures in place. The Investment Manager reviews daily for<span class=\"_ _8\"></span>ward-looking cash reports which project cash obligations. These reports allow them to manage their obligations.<span class=\"_ _25b\"> </span>For the avoidance of doubt, none of the as<span class=\"_ _6\"></span>sets of the Group are subject to special liquidit<span class=\"_ _8\"></span>y arrangements.<span class=\"_ _25b\"> </span>(d) V<span class=\"_ _6\"></span>aluation of financial instruments<span class=\"_ _25b\"> </span>Financial assets and financial liabilities are either carried in the Consolidated and P<span class=\"_ _6\"></span>arent Company Statements of Financial Position at their fair value (investment and derivatives) or at amortised cost (due from brokers, dividends and interest receivable, due to brokers, accruals, cash at bank and bank overdrafts). IFRS 13 requires the Group to classify fair value measurements using a fair value hierarchy that reflects the significance of inputs used in making the measurements. The valuation techniques used by the Group are explained in the accounting policies note 2(h) to the Financial Statements on page 100.<span class=\"_ _25b\"> </span>Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value measurement of the relevant asset.<span class=\"_ _25b\"> </span>The fair value hierarchy has the following levels:<span class=\"_ _25b\"> </span>Level 1 \u2013 Quoted mark<span class=\"_ _6\"></span>et price for identical instruments in active mark<span class=\"_ _6\"></span>ets<span class=\"_ _25b\"> </span>A financial instrument is regarded as quoted in an active market if quoted prices are readily available from an exchange, dealer<span class=\"_ _9\"></span>, broker<span class=\"_ _6\"></span>, industry group, pricing ser<span class=\"_ _8\"></span>vice or regulator<span class=\"_ _8\"></span>y agency and those prices represent actual and regularly occurring market transactions on an arm<span class=\"_ _6\"></span>\u2019s length basis. The Group does not adjust the quoted price for these instruments.<span class=\"_ _25b\"> </span>Level 2 \u2013 V<span class=\"_ _6\"></span>aluation techniques using obser<span class=\"_ _8\"></span>vable inputs<span class=\"_ _25b\"> </span>This categor<span class=\"_ _8\"></span>y includes instruments valued using quoted prices for similar instruments in markets that are considered les<span class=\"_ _6\"></span>s than active, or other valuation techniques where all significant inputs are directly or indirectly obser<span class=\"_ _8\"></span>vable from market data.<span class=\"_ _25b\"> </span>Valuation techniques used for non-standardised financial instruments such as options, currency swaps and other over-the-<span class=\"_ _25b\"> </span>counter derivatives include the use of comparable recent arm<span class=\"_ _6\"></span>\u2019s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, option pricing models and other valuation techniques commonly used by market participants making the maximum use of market inputs and relying as little as possible on entity specific inputs.<span class=\"_ _25b\"> </span>Over-the-counter derivative option contracts have been classified as Level 2 investments as their valuation has been based on market obser<span class=\"_ _8\"></span>vable inputs represented by the underlying quoted securities to which these contracts expose the Group.<span class=\"_ _25b\"> </span>Level 3 \u2013 V<span class=\"_ _6\"></span>aluation techniques using significant unobser<span class=\"_ _8\"></span>vable inputs<span class=\"_ _25b\"> </span>This categor<span class=\"_ _8\"></span>y includes all instruments where the valuation technique includes inputs not based on market data and these inputs could have a significant impact on the instrument\u2019<span class=\"_ _6\"></span>s valuation.<span class=\"_ _25b\"> </span>This categor<span class=\"_ _8\"></span>y also includes instruments that are valued based on quoted prices for similar instruments where significant entity determined adjustments or assumptions are required to reflect differences between the instruments and instruments for which there is no active market. The Investment Manager considers obser<span class=\"_ _8\"></span>vable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietar<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>, and provided by independent sources that are actively involved in the relevant market.<span class=\"_ _25b\"> </span>The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement. If a fair value measurement uses obser<span class=\"_ _8\"></span>vable inputs that require significant adjustment based on unobser<span class=\"_ _8\"></span>vable inputs, that measurement is a Level 3 measurement.<span class=\"_ _25b\"> </span>Asses<span class=\"_ _6\"></span>sing the significance of a par<span class=\"_ _8\"></span>ticular input to the fair value measurement requires judgement, considering factors specific to the asset or liability including an asses<span class=\"_ _6\"></span>sment of the relevant risks including but not limited to credit risk, market risk, liquidity risk, business risk and sustainability risk. The determination of what constitutes \u2018observable\u2019 inputs requires significant judgement by the Investment Manager and these risks are adequately captured in the assumptions and inputs used in measurement of Level 3 assets or liabilities.<span class=\"_ _25b\"> </span>V<span class=\"_ _6\"></span>aluation process and techniques for Level 3 valuations<span class=\"_ _25b\"> </span>Jetti Resources and MCC Mining equity shares<span class=\"_ _25b\"> </span>The fair value of the investment equity shares of Jetti Resources and MCC Mining were asses<span class=\"_ _6\"></span>sed by an independent valuer with a recognised and relevant professional qualification. The valuation is carried out based on market approach using earnings multiple and price of recent transactions. Changes in assumptions about these factors could affect the reported fair value of financial instruments in the Consolidated and Parent Company Statements of Financial P<span class=\"_ _6\"></span>osition and the level where the instruments are disclosed in the fair value hierarchy<span class=\"_ _6\"></span>. T<span class=\"_ _6\"></span>o asses<span class=\"_ _6\"></span>s the significance of a par<span class=\"_ _8\"></span>ticular input to the entire measurement, the external valuer per<span class=\"_ _8\"></span>forms a sensitivity analysis.<span class=\"_ _25b\"> </span>Fair values of financial assets and financial liabilities<span class=\"_ _25b\"> </span>The table below sets out fair value measurements using the IFRS 13 fair value hierarchy<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span><table class=\"s w1e0 he8\" id=\"_a1717031-6d20-48e4-9881-ade42a07c63f\"><tr><td class=\"t m0 x1c6 h9 y19bd ff66 fs7 fc0 sc0 ls0 ws0\">Financial assets/(liabilities) at fair value through profit or loss </td><td class=\"t m0 x6bb h9 y19bd ff66 fs7 fc0 sc0 ls0 ws0\">Level 1 </td><td class=\"t m0 x591 h9 y19bd ff66 fs7 fc0 sc0 ls0 ws0\">Level 2 </td><td class=\"t m0 x7a7 h9 y19bd ff66 fs7 fc0 sc0 ls0 ws0\">Level 3 </td><td class=\"t m0 x377 h9 y19bd ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal </td></tr><tr><td class=\"t m0 x1c6 h9 y19be ff66 fs7 fc0 sc0 ls0 ws0\">at 31 December 2025 \u2013 Group<span class=\"_ _25b\"> </span></td><td class=\"t m0 x7a8 h9 y19be ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x7a9 h9 y19be ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x376 h9 y19be ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cd h9 y19be ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x1c6 h9 y19bf ff66 fs7 fc0 sc0 ls0 ws0\">Assets:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y19c0 w1e1 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Equity investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7aa y19c0 w6e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,595,718<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ab y19c0 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ac y19c0 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">32,792<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ad y19c0 w13c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,628,510<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y19c1 w1e2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Fixed income securities<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ae y19c1 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7af y19c1 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b0 y19c1 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b1 y19c1 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1871 w7e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal assets<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b2 y1871 w7f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,595,718<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b3 y1871 w3c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b4 y1871 w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">32,792<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b5 y1871 w6d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,675,057<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19c2 ff66 fs7 fc0 sc0 ls0 ws0\">Liabilities:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y1873 w1e3 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Derivative financial instruments \u2013 written options<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b6 y1873 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(349)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b7 y1873 w50 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(10)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b8 y1873 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b9 y1873 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(359)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ba y17bd w7f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,595,369<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7bb y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">46,537<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7bc y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">32,792<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7bd y17bd w6d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,674,698<span class=\"_ _25b\"> </span></div></td></tr></table><table class=\"s w1e4 he9\" id=\"_b785905d-7b46-4c03-aa75-1ee1b7863d64\"><tr><td class=\"t m0 x1c6 h9 y19c3 ff66 fs7 fc0 sc0 ls0 ws0\">Financial assets/(liabilities) at fair value through profit or loss </td><td class=\"t m0 x6bb h9 y19c3 ff66 fs7 fc0 sc0 ls0 ws0\">Level 1 </td><td class=\"t m0 x591 h9 y19c3 ff66 fs7 fc0 sc0 ls0 ws0\">Level 2 </td><td class=\"t m0 x7a7 h9 y19c3 ff66 fs7 fc0 sc0 ls0 ws0\">Level 3 </td><td class=\"t m0 x377 h9 y19c3 ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal </td></tr><tr><td class=\"t m0 x1c6 h9 y19c4 ff66 fs7 fc0 sc0 ls0 ws0\">at 31 December 2024 \u2013 Group<span class=\"_ _25b\"> </span></td><td class=\"t m0 x7a8 h9 y19c4 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x7a9 h9 y19c4 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x376 h9 y19c4 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cd h9 y19c4 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x1c6 h9 y19c5 ff66 fs7 fc0 sc0 ls0 ws0\">Assets:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y192b w1e1 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Equity investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7be y192b w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">987,723<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7bf y192b w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,555<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c0 y192b w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,070<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c1 y192b w6e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,034,348<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y19c6 w1e2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Fixed income securities<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c2 y19c6 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c3 y19c6 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c4 y19c6 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c5 y19c6 w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1870 w1cb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Investment in contractual rights<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c6 y1870 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c7 y1870 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c8 y1870 w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,197<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c9 y1870 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,197<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1871 w7e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal assets<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ca y1871 w45 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">987,723<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7cb y1871 w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">47,208<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7cc y1871 w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">58,267<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7cd y1871 w6d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,093,198<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19c7 ff66 fs7 fc0 sc0 ls0 ws0\">Liabilities:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y1873 w1e3 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Derivative financial instruments \u2013 written options<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ce y1873 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7cf y1873 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d0 y1873 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d1 y1873 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d2 y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">987,723<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d3 y17bd w3c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">46,586<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d4 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">58,267<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4f1 y17bd w92 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,092,576<span class=\"_ _25b\"> </span></div></td></tr></table><table class=\"s w1e0 hea\" id=\"_4831a4f0-01ff-4a3e-afd0-1383e3e1021a\"><tr><td class=\"t m0 x1c6 h9 y19c8 ff66 fs7 fc0 sc0 ls0 ws0\">Financial assets/(liabilities) at fair value through profit or loss </td><td class=\"t m0 x6bb h9 y19c8 ff66 fs7 fc0 sc0 ls0 ws0\">Level 1 </td><td class=\"t m0 x591 h9 y19c8 ff66 fs7 fc0 sc0 ls0 ws0\">Level 2 </td><td class=\"t m0 x7a7 h9 y19c8 ff66 fs7 fc0 sc0 ls0 ws0\">Level 3 </td><td class=\"t m0 x377 h9 y19c8 ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal </td></tr><tr><td class=\"t m0 x1c6 h9 y19c9 ff66 fs7 fc0 sc0 ls0 ws0\">at 31 December 2025 \u2013 Company<span class=\"_ _25b\"> </span></td><td class=\"t m0 x7a8 h9 y19c9 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x7a9 h9 y19c9 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x376 h9 y19c9 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cd h9 y19c9 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x1c6 h9 y19ca ff66 fs7 fc0 sc0 ls0 ws0\">Assets:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y19c6 w1e1 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Equity investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7aa y19c6 w6e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,595,718<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ab y19c6 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ac y19c6 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">40,413<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ad y19c6 w13c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,636,131<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1870 w181 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Fixed income investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d5 y1870 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d6 y1870 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d7 y1870 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d8 y1870 w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19cb w7e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal assets<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d9 y19cb w7f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,595,718<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7da y19cb w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7db y19cb w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">40,413<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7dc y19cb w6d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,682,678<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19cc ff66 fs7 fc0 sc0 ls0 ws0\">Liabilities:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y1873 w1e3 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Derivative financial instruments \u2013 written options<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b6 y1873 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(349)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b7 y1873 w50 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(10)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b8 y1873 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b9 y1873 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(359)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ba y17bd w7f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,595,369<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7dd y17bd w3c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">46,537<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7bc y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">40,413<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7bd y17bd w6d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,682,319<span class=\"_ _25b\"> </span></div></td></tr></table><table class=\"s w1e4 heb\" id=\"_e09f5ab7-6e4a-4fbd-b97c-cb998eb6d32f\"><tr><td class=\"t m0 x1c6 h9 y19cd ff66 fs7 fc0 sc0 ls0 ws0\">Financial assets/(liabilities) at fair value through profit or loss </td><td class=\"t m0 x6bb h9 y19cd ff66 fs7 fc0 sc0 ls0 ws0\">Level 1 </td><td class=\"t m0 x591 h9 y19cd ff66 fs7 fc0 sc0 ls0 ws0\">Level 2 </td><td class=\"t m0 x7a7 h9 y19cd ff66 fs7 fc0 sc0 ls0 ws0\">Level 3 </td><td class=\"t m0 x377 h9 y19cd ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal </td></tr><tr><td class=\"t m0 x1c6 h9 y19ce ff66 fs7 fc0 sc0 ls0 ws0\">at 31 December 2024 \u2013 Company<span class=\"_ _25b\"> </span></td><td class=\"t m0 x7a8 h9 y19ce ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x7a9 h9 y19ce ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x376 h9 y19ce ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cd h9 y19ce ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x1c6 h9 y19cf ff66 fs7 fc0 sc0 ls0 ws0\">Assets:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y19d0 w1e1 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Equity investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7be y19d0 w3f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">987,723<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7bf y19d0 w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,555<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c0 y19d0 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">43,594<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c1 y19d0 w6e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,041,872<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y19c6 w1e2 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Fixed income securities<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c2 y19c6 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c3 y19c6 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c4 y19c6 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c5 y19c6 w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1870 w1cb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Investment in contractual rights<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c6 y1870 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c7 y1870 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c8 y1870 w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,197<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c9 y1870 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,197<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1871 w7e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal assets<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ca y1871 w45 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">987,723<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7cb y1871 w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">47,208<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7cc y1871 w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">65,791<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7cd y1871 w6d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,100,722<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19d1 ff66 fs7 fc0 sc0 ls0 ws0\">Liabilities:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y1873 w1e3 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Derivative financial instruments \u2013 written options<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ce y1873 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7cf y1873 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d0 y1873 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d1 y1873 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d2 y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">987,723<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d3 y17bd w3c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">46,586<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d4 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">65,791<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4f1 y17bd w92 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,100,100<span class=\"_ _25b\"> </span></div></td></tr></table>A reconciliation of fair value measurement in Level 3 is set out on the following page.<span class=\"_ _25b\"> </span><table class=\"s w1e5 hec\" id=\"_63061267-23a9-4ee3-b77d-db2919f6d1e5\"><tr><td></td><td></td><td class=\"c n x7de y19d2 w73 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">Group<span class=\"_ _25b\"> </span></div></td><td></td><td class=\"c n x7df y19d2 w98 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">Company<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td class=\"c n x7e0 y19d3 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e1 y19d3 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e2 y19d3 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e3 y19d3 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19d4 ff66 fs7 fc0 sc0 ls0 ws0\">Level 3 Financial assets at fair value through profit or loss </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y19d5 w1e6 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">at 31 December<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e4 y19d5 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e5 y19d5 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e6 y19d5 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e7 y19d5 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19d6 w1e7 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">Opening fair value<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e8 y19d6 w34 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">58,267<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e9 y19d6 w36 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">51,011<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ea y19d6 w36 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">65,791<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7eb y19d6 w36 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">58,418<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19d7 w1e8 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">Return of capital \u2013 royalty<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ec y19d7 w43 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">(483)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ed y19d7 w43 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">(397)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ee y19d7 w43 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">(483)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ef y19d7 w43 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">(397)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19d8 w1e9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Additions at cost<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f0 y19d8 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,847<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f1 y19d8 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">5,626<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f2 y19d8 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,847<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f3 y19d8 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">5,626<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19d9 w1ea hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Sale of investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f4 y19d9 w4c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(52,582)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f5 y19d9 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f6 y19d9 w68 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(52,582)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f7 y19d9 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x1b1 y19da w1eb hcb\"><div class=\"t m0 x1a0 h9 y1817 ff68 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal profit or loss included in net profit/(loss) on investments in the<span class=\"_ _25b\"> </span></div><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Consolidated Statement of Comprehensive Income<span class=\"_ _25b\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y19db w1ec hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013 realised gain on investments sold<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f8 y19db w34 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">30,868<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f9 y19db w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7fa y19db w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">30,868<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7fb y19db w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17da w1ed hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013 unrealised (losses)/<span class=\"_ _6\"></span>gains on as<span class=\"_ _6\"></span>sets held at the end of the year<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7fc y17da w4f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(6,125)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7fd y17da w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,027<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7fe y17da w4b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(6,028)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ff y17da w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,144<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w1ee hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Closing balance<span class=\"_ _25b\"> </span></div></td><td class=\"c n x800 y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">32,792<span class=\"_ _25b\"> </span></div></td><td class=\"c n x801 y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">58,267<span class=\"_ _25b\"> </span></div></td><td class=\"c n x802 y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">40,413<span class=\"_ _25b\"> </span></div></td><td class=\"c n x803 y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">65,791<span class=\"_ _25b\"> </span></div></td></tr></table>The BHP Brazil Royalty was sold on 8 December 2025 for US$70.0 million at a premium of 105% to the fair value of US$34.1 million as of 8 December 2025.<span class=\"_ _25b\"> </span>The Level 3 valuation process and techniques used are explained in the accounting policies in notes 2(h) and 2(q). A more detailed description of the techniques is found on page 127 under \u2018<span class=\"_ _8\"></span>Valuation proces<span class=\"_ _6\"></span>s and techniques for Level 3 valuations\u2019<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span>The Level 3 investments as at 31 December 2025 in the table that follows relate to equity shares of Jetti Resources and MCC Mining. In accordance with IFRS 13, these investments were categorised as Level 3. In arriving at the fair value of Jetti Resources and MCC Mining, the key inputs are shown below<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span>Quantitative information of significant unobservable inputs \u2013 Level 3 \u2013 Group and Company<span class=\"_ _25b\"> </span>The significant unobser<span class=\"_ _8\"></span>vable inputs used in the fair value measurement categorised within Level 3 of the fair value hierarchy<span class=\"_ _6\"></span>,<span class=\"_ gs149\"> </span>together with an estimated quantitative sensitivit<span class=\"_ _8\"></span>y analysis, as at 31 December 2025 and 31 December 2024 are as<span class=\"_ gs149\"> </span>shown below<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span><table class=\"s w1ef hed\" id=\"_a2be4c65-b48a-4177-ac1b-ea403d3f4098\"><tr><td></td><td class=\"t m0 x804 h9 y19dc ff66 fs7 fc0 sc0 ls0 ws0\">As at<span class=\"_ _25b\"> </span></td><td></td><td></td><td class=\"t m0 x805 h9 y19dc ff66 fs7 fc0 sc0 ls0 ws0\">Range of </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x806 h9 y19dd ff66 fs7 fc0 sc0 ls0 ws0\">31 December </td><td></td><td></td><td class=\"t m0 x807 h9 y19dd ff66 fs7 fc0 sc0 ls0 ws0\">weighted<span class=\"_ _25b\"> </span></td><td class=\"t m0 x808 h9 y19dd ff66 fs7 fc0 sc0 ls0 ws0\">Reasonable<span class=\"_ _25b\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 x804 h9 y19de ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></td><td class=\"t m0 x809 h9 y19de ff66 fs7 fc0 sc0 ls0 ws0\">Valuation </td><td class=\"t m0 x80a h9 y19de ff66 fs7 fc0 sc0 ls0 ws0\">Unobservable </td><td class=\"t m0 x80b h9 y19de ff66 fs7 fc0 sc0 ls0 ws0\">average </td><td class=\"t m0 x80c h9 y19de ff66 fs7 fc0 sc0 ls0 ws0\">possible </td><td class=\"t m0 x80d h9 y19de ff66 fs7 fc0 sc0 ls0 ws0\">Impact on<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x4a6 h9 y19df ff66 fs7 fc0 sc0 ls0 ws0\">Description<span class=\"_ _25b\"> </span></td><td class=\"t m0 x80e h9 y19df ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x80f h9 y19df ff66 fs7 fc0 sc0 ls0 ws0\">technique<span class=\"_ _25b\"> </span></td><td class=\"t m0 x810 h9 y19df ff66 fs7 fc0 sc0 ls0 ws0\">input<span class=\"_ _25b\"> </span></td><td class=\"t m0 x811 h9 y19df ff66 fs7 fc0 sc0 ls0 ws0\">inputs<span class=\"_ _25b\"> </span></td><td class=\"t m0 x812 h9 y19df ff66 fs7 fc0 sc0 ls0 ws0\">shift\u00b9 +/-<span class=\"_ _25b\"> </span></td><td class=\"t m0 x813 h9 y19df ff66 fs7 fc0 sc0 ls0 ws0\">fair value<span class=\"_ _25b\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x814 h9 y19e0 ff68 fs7 fc0 sc0 ls0 ws0\">Market<span class=\"ff67\"> </span></td><td class=\"t m0 x80a h9 y19e0 ff68 fs7 fc0 sc0 ls0 ws0\">Price of recent </td><td></td><td></td><td></td></tr><tr><td class=\"c n x21e y19e1 wa9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">MCC Mining<span class=\"_ _25b\"> </span></div></td><td class=\"c n x815 y19e1 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">20,356</div></td><td class=\"t m0 x816 h9 y19e2 ff68 fs7 fc0 sc0 ls0 ws0\">approach<span class=\"_ _25b\"> </span></td><td class=\"c n x817 y19e1 w1f0 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">transaction<span class=\"_ _25b\"> </span></div></td><td></td><td class=\"c n x818 y19e1 we8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10.0%<span class=\"_ _25b\"> </span></div></td><td class=\"c n x819 y19e1 w1f1 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u00a32.0m<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x81a h9 y19e3 ff68 fs7 fc0 sc0 ls0 ws0\">Market<span class=\"ff67\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x21e y19e4 w1f2 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Jetti Resources<span class=\"_ _25b\"> </span></div></td><td class=\"c n x81b y19e4 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">12,436<span class=\"_ _25b\"> </span></div></td><td class=\"c n x81c y19e4 w1f3 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">approach<span class=\"_ _25b\"> </span></div></td><td class=\"c n x81d y19e4 w1f4 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Earnings multiple<span class=\"_ _25b\"> </span></div></td><td class=\"c n x81e y19e4 w1f5 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">17.50x<span class=\"_ _25b\"> </span></div></td><td class=\"c n x81f y19e4 we8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10.0%<span class=\"_ _25b\"> </span></div></td><td class=\"c n x820 y19e4 w1f1 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u00a31.2m<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x21e y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x821 y17bd w7d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">32,792<span class=\"_ _25b\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr></table><table class=\"s w1f6 hee\" id=\"_cdd6d636-3821-42dd-a29f-eea8b8b4db58\"><tr><td></td><td class=\"t m0 x804 h9 y19e5 ff66 fs7 fc0 sc0 ls0 ws0\">As at<span class=\"_ _25b\"> </span></td><td></td><td></td><td class=\"t m0 x805 h9 y19e5 ff66 fs7 fc0 sc0 ls0 ws0\">Range of </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x806 h9 y19e6 ff66 fs7 fc0 sc0 ls0 ws0\">31 December </td><td></td><td></td><td class=\"t m0 x807 h9 y19e6 ff66 fs7 fc0 sc0 ls0 ws0\">weighted<span class=\"_ _25b\"> </span></td><td class=\"t m0 x808 h9 y19e6 ff66 fs7 fc0 sc0 ls0 ws0\">Reasonable<span class=\"_ _25b\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 x804 h9 y19e7 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td><td class=\"t m0 x809 h9 y19e7 ff66 fs7 fc0 sc0 ls0 ws0\">Valuation </td><td class=\"t m0 x80a h9 y19e7 ff66 fs7 fc0 sc0 ls0 ws0\">Unobservable </td><td class=\"t m0 x80b h9 y19e7 ff66 fs7 fc0 sc0 ls0 ws0\">average </td><td class=\"t m0 x80c h9 y19e7 ff66 fs7 fc0 sc0 ls0 ws0\">possible </td><td class=\"t m0 x80d h9 y19e7 ff66 fs7 fc0 sc0 ls0 ws0\">Impact on<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x4a6 h9 y19e8 ff66 fs7 fc0 sc0 ls0 ws0\">Description<span class=\"_ _25b\"> </span></td><td class=\"t m0 x80e h9 y19e8 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x80f h9 y19e8 ff66 fs7 fc0 sc0 ls0 ws0\">technique<span class=\"_ _25b\"> </span></td><td class=\"t m0 x810 h9 y19e8 ff66 fs7 fc0 sc0 ls0 ws0\">input<span class=\"_ _25b\"> </span></td><td class=\"t m0 x811 h9 y19e8 ff66 fs7 fc0 sc0 ls0 ws0\">inputs<span class=\"_ _25b\"> </span></td><td class=\"t m0 x812 h9 y19e8 ff66 fs7 fc0 sc0 ls0 ws0\">shift\u00b9 +/-<span class=\"_ _25b\"> </span></td><td class=\"t m0 x813 h9 y19e8 ff66 fs7 fc0 sc0 ls0 ws0\">fair value<span class=\"_ _25b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x822 h9 y19e9 ff68 fs7 fc0 sc0 ls0 ws0\">Discount rate\u2013<span class=\"ff67\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x823 h9 y19ea ff68 fs7 fc0 sc0 ls0 ws0\">weighted average </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x824 h9 y19eb ff68 fs7 fc0 sc0 ls0 ws0\">Discounted </td><td class=\"t m0 x825 h9 y19eb ff67 fs7 fc0 sc0 ls0 ws0\">cost <span class=\"_ _b\"></span> </td><td class=\"t m0 x826 h9 y19eb ff68 fs7 fc0 sc0 ls0 ws0\">5.0% - 8.0%<span class=\"ff67\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x21e y19ec w1f7 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">BHP Brazil Royalty<span class=\"_ _25b\"> </span></div></td><td class=\"c n x815 y19ec w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,197</div></td><td class=\"t m0 x80f h9 y19ed ff68 fs7 fc0 sc0 ls0 ws0\">cash flows<span class=\"_ _25b\"> </span></td><td class=\"t m0 x827 h9 y19ed ff68 fs7 fc0 sc0 ls0 ws0\">of capital<span class=\"_ _25b\"> </span></td><td></td><td class=\"c n x828 y19ec w1f8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1.0%<span class=\"_ _25b\"> </span></div></td><td class=\"c n x829 y19ec w1f1 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u00a31.2m<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x82a h9 y19ee ff68 fs7 fc0 sc0 ls0 ws0\">US$2,270-<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x211 h9 y19ef ff68 fs7 fc0 sc0 ls0 ws0\">Average <span class=\"_ _b\"></span><span class=\"ff67\"> </span></td><td class=\"t m0 x82b h9 y19ef ff68 fs7 fc0 sc0 ls0 ws0\">US$2,376<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x82c h9 y19f0 ff68 fs7 fc0 sc0 ls0 ws0\">gold prices<span class=\"_ _25b\"> </span></td><td class=\"c n x82d y19f1 w1f9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">per ounce<span class=\"_ _25b\"> </span></div></td><td class=\"c n x82e y19f1 we8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10.0%<span class=\"_ _25b\"> </span></div></td><td class=\"c n x82f y19f1 w1f1 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u00a32.1m<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x82a h9 y19f2 ff68 fs7 fc0 sc0 ls0 ws0\">US$9,025-<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x211 h9 y19f3 ff68 fs7 fc0 sc0 ls0 ws0\">Average <span class=\"_ _b\"></span><span class=\"ff67\"> </span></td><td class=\"t m0 x82b h9 y19f3 ff68 fs7 fc0 sc0 ls0 ws0\">US$9,325 </td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x830 h9 y19f4 ff68 fs7 fc0 sc0 ls0 ws0\">copper prices<span class=\"_ _25b\"> </span></td><td class=\"c n x831 y19f5 w1fa hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">per tonne<span class=\"_ _25b\"> </span></div></td><td class=\"c n x832 y19f5 we8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10.0%<span class=\"_ _25b\"> </span></div></td><td class=\"c n x833 y19f5 w1fb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u00a31.0m<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x814 h9 y19f6 ff68 fs7 fc0 sc0 ls0 ws0\">Market<span class=\"ff67\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x21e y19f7 w1f2 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Jetti Resources<span class=\"_ _25b\"> </span></div></td><td class=\"c n x834 y19f7 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">21,973<span class=\"_ _25b\"> </span></div></td><td class=\"c n x835 y19f7 w1f3 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">approach<span class=\"_ _25b\"> </span></div></td><td class=\"c n x836 y19f7 w1f4 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Earnings multiple<span class=\"_ _25b\"> </span></div></td><td class=\"c n x837 y19f7 w1fc hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4.75x<span class=\"_ _25b\"> </span></div></td><td class=\"c n x838 y19f7 we8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10.0%<span class=\"_ _25b\"> </span></div></td><td class=\"c n x839 y19f7 w1f1 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u00a32.3m<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x81a h9 y19f8 ff68 fs7 fc0 sc0 ls0 ws0\">Market<span class=\"ff67\"> </span></td><td class=\"t m0 x830 h9 y19f8 ff68 fs7 fc0 sc0 ls0 ws0\">Price of recent<span class=\"ff67\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x21e y1896 wa9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">MCC Mining<span class=\"_ _25b\"> </span></div></td><td class=\"c n x83a y1896 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">14,097</div></td><td class=\"t m0 x83b h9 y19f9 ff68 fs7 fc0 sc0 ls0 ws0\">approach<span class=\"_ _25b\"> </span></td><td class=\"c n x83c y1896 w1f0 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">transaction<span class=\"_ _25b\"> </span></div></td><td></td><td class=\"c n x83d y1896 we8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10.0%<span class=\"_ _25b\"> </span></div></td><td class=\"c n x83e y1896 w1fb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u00a31.4m<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x21e y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x83f y17bd w7d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">58,267<span class=\"_ _25b\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr></table>1 <span class=\"_ _c\"> </span>The sensitivity analysis refers to a percentage amount added or deducted from the input and the effect this has on the fair value.<span class=\"_ _25b\"> </span>The sensitivity impact on fair value is calculated based on the sensitivit<span class=\"_ _8\"></span>y estimates set out by the independent valuer in its report on the valuation of contractual rights. Significant increases/(decreases) in estimated commodit<span class=\"_ _8\"></span>y prices and discount rates in isolation would result in a significantly higher<span class=\"_ _6\"></span>/(lower) fair value measurement. Generally<span class=\"_ _6\"></span>, a change in the assumption made for the estimated value is accompanied by a directionally similar change in the commodity prices and discount rates.<span class=\"_ _25b\"> </span>For exchange listed equity investments, the quoted price is the bid price. Substantially<span class=\"_ _6\"></span>, all investments are valued based on unadjusted quoted market prices. Where such quoted prices are readily available in an active market, such prices are not required to be asses<span class=\"_ _6\"></span>sed or adjusted for any price related risks, including climate risk, in accordance with the fair value related requirements of the Company\u2019s financial reporting framework.<span class=\"_ _25b\"> </span>(e) Capital management policies and procedures<span class=\"_ _25b\"> </span>The Group\u2019<span class=\"_ _6\"></span>s capital management objectives are:<span class=\"_ _25b\"> </span>\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>to ensure it will be able to continue as a going concern; and<span class=\"_ _25b\"> </span>\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>to achieve a balanced return of dividends and capital growth over the longer term, by investing primarily in securities of companies in the mining and metals sectors.<span class=\"_ _25b\"> </span>This is to be achieved through an appropriate balance of equity capital and gearing. The Company operates a flexible gearing policy which depends on prevailing conditions. The policy is that debt should not be more than 25% of the Group\u2019<span class=\"_ _6\"></span>s net assets.<span class=\"_ _25b\"> </span>The Group\u2019<span class=\"_ _6\"></span>s total invested capital at 31 December 2025 was \u00a31,695,136,000 (2024: \u00a31,110,942,000) comprising of bank loans and an overdraft of \u00a396,708,000 (2024: \u00a3135,743,000) and equit<span class=\"_ _8\"></span>y shares, capital and reserves of \u00a31,598,428,000 (2024: \u00a3975,199,000).<span class=\"_ _25b\"> </span>Under the terms of the overdraft and loan facilit<span class=\"_ _8\"></span>y agreement, the Group<span class=\"_ _6\"></span>\u2019s total indebtednes<span class=\"_ _6\"></span>s shall at no time exceed \u00a3230<span class=\"_ gs149\"> </span>million or 25% of the Group\u2019<span class=\"_ _6\"></span>s net asset value (whichever is the lowest).<span class=\"_ _25b\"> </span>The cash and bank overdraft accounts of the Company and subsidiar<span class=\"_ _8\"></span>y in the same currency are managed under a compensated group arrangement and are therefore presented on a net basis in the Group financial statements.<span class=\"_ _25b\"> </span>The Board with the assistance of the Investment Manager monitors and reviews the broad structure of the Group<span class=\"_ _6\"></span>\u2019s capital on an ongoing basis. This review includes:<span class=\"_ _25b\"> </span>\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>the planned level of gearing, which takes into account the Investment Manager\u2019<span class=\"_ _6\"></span>s view on the market; and<span class=\"_ _25b\"> </span>\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>the need to buy back equity shares, either for cancellation or to be held in treasury, which takes account of the difference between the NAV per share and the share price (i.e. the level of share price discount or premium).<span class=\"_ _25b\"> </span>The Group is subject to externally imposed capital requirements:<span class=\"_ _25b\"> </span>\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>as a public company<span class=\"_ _6\"></span>, the Group has a minimum share capital of \u00a350,000; and<span class=\"_ _25b\"> </span>\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>in order to be able to pay dividends out of profits available for distribution, the Group has to be able to meet one of the two capital restrictions tests imposed on investment companies by law<span class=\"_ _6\"></span>. Under Companies Act 2006, a company can make a distribution only out of accumulated realised profits and if their net assets are not les<span class=\"_ _6\"></span>s than the aggregate of their capital and undistributable reser<span class=\"_ _8\"></span>ves.<span class=\"_ _25b\"> </span>During the year<span class=\"_ _6\"></span>, the Group complied with the externally imposed capital requirements to which it was subject.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-368": {
   "value": "(a) Mark<span class=\"_ _6\"></span>et risk<span class=\"_ _25b\"> </span>Market risk arises mainly from uncertaint<span class=\"_ _8\"></span>y about future values of financial instruments influenced by other price, currency and interest rate movements. It represents the potential loss the Group may suffer through holding market positions in financial instruments in the face of market movements.<span class=\"_ _25b\"> </span>A key metric the RQA Group uses to measure market risk is Value-at-Risk (VaR<span class=\"_ _8\"></span>) which encompasses price, currency and interest rate risk. VaR is a statistical risk measure that estimates the potential portfolio loss from adverse market moves in an ordinar<span class=\"_ _8\"></span>y market environment. VaR analysis reflects the interdependencies between risk variables, unlike a traditional sensitivity analysis.<span class=\"_ _25b\"> </span>The VaR calculations are based on a confidence level of 99%, with a holding period of not greater than one day and a historical obser<span class=\"_ _8\"></span>vation period of not les<span class=\"_ _6\"></span>s than one year (250 days). A VaR number is defined at a specified probabilit<span class=\"_ _8\"></span>y and a specified time horizon. A 99% one day VaR means that the expectation is that 99% of the time over a one-day period the Company will lose less than this number in percentage terms. Therefore, higher VaR numbers indicate higher risk. It is noted that the use of VaR methodology has limitations, namely assumptions that risk factor returns are normally distributed and that the use of historical market data as a basis for estimating future events does not encompass all pos<span class=\"_ _6\"></span>sible scenarios, par<span class=\"_ _8\"></span>ticularly those that are of an extreme nature and that the use of a specified confidence level (e.g. 99%) does not take into account losses that occur beyond this level. There is some probability that the loss could be greater than the VaR percentage amounts. These limitations, and the nature of the VaR measure, mean that the Company can neither guarantee that losses will not exceed the VaR amounts indicated, nor that losses in exces<span class=\"_ _6\"></span>s of the VaR amounts will not occur more frequently.<span class=\"_ _25b\"> </span>The one-day VaR for the Group and Company as of 31 December 2025 and 31 December 2024 (based on a 99% confidence level) was 3.25% and 2.98% respectively<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span>(i) Mark<span class=\"_ _6\"></span>et risk arising from other price risk<span class=\"_ _25b\"> </span>Exposure to other price risk<span class=\"_ _25b\"> </span>Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk<span class=\"_ _8\"></span>), whether those changes are caused by factors specific to the individual financial instrument or its issuer<span class=\"_ _9\"></span>, or factors affecting similar financial instruments traded in the market. Local, regional or global events such as war<span class=\"_ _6\"></span>, acts of terrorism, the spread of infectious illness or other public health issues, reces<span class=\"_ _6\"></span>sions, climate change, or other events could have a significant impact on the Group and the market price of its investments and could result in increased premiums or discounts to the Group\u2019<span class=\"_ _6\"></span>s net asset value.<span class=\"_ _25b\"> </span>The Group is exposed to market price risk arising from its equity investments, fixed income investments and written options. The movements in the prices of these investments result in movements in the per<span class=\"_ _8\"></span>formance of the Group. Other price risk sensitivity has been covered by the VaR analysis under the market risk section above.<span class=\"_ _25b\"> </span>The Group\u2019<span class=\"_ _6\"></span>s exposure to other changes in market prices at 31 December 2025 on its equity and fixed interest investments was \u00a31,675,057,000 (2024: \u00a31,093,198,000). In addition, the Group\u2019<span class=\"_ _6\"></span>s gross notional market exposure to these price changes through its option portfolio on the t<span class=\"_ _8\"></span>wo put options written (2024: one put and two call options) that were open was \u00a3118,195,000 (2024: \u00a351,436,000).<span class=\"_ _25b\"> </span>Management of other price risk<span class=\"_ _25b\"> </span>By diversifying the por<span class=\"_ _8\"></span>tfolio, where this is appropriate and consistent with the Group\u2019<span class=\"_ _6\"></span>s objectives, the risk that a price change of a particular investment will have a material impact on the NAV of the Group is minimised which is in line with the investment objectives of the Group.<span class=\"_ _25b\"> </span>Use of derivativ<span class=\"_ _6\"></span>es<span class=\"_ _25b\"> </span>The Group may utilise both exchange traded and over-the-counter (OTC) option contracts as part of its investment policy. Options written by the Group provide the purchaser with the opportunit<span class=\"_ _8\"></span>y to purchase from or sell the Group the underlying asset at an agreed-upon value either on or before the expiration of the option. Options are generally settled on a net basis.<span class=\"_ _25b\"> </span>During the year ended 31 December 2025 and 2024 the Group wrote covered call and put option contracts to generate revenue income for the Group. As the call and put options are covered by dedicated cash resources and no call and put option contracts were written to manage price risk, there is no impact on the Group\u2019<span class=\"_ _6\"></span>s exposure to gearing or leverage as a result of writing covered call and put options. Management of OTC financial derivative instruments<span class=\"_ _25b\"> </span>Economic exposure through option writing is restricted such that no more than 10% of the Group\u2019<span class=\"_ _6\"></span>s portfolio shall be under option at any given time. Exposures are monitored daily by the Investment Manager and its independent risk management team. The Board also reviews the exposures regularly<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span>The option positions are diversified across sectors and geographies comprising two positions as at 31 December 2025 (2024: three).<span class=\"_ _25b\"> </span>The economic exposures to options can be closed out at any time by the Group with immediate effect. Details of securities and exposures to market risk and credit risk implicit within the options portfolio are given above and on pages 29 to 31.<span class=\"_ _25b\"> </span>Concentration of exposure to mark<span class=\"_ _6\"></span>et price risks<span class=\"_ _25b\"> </span>An analysis of the Group\u2019<span class=\"_ _6\"></span>s investment portfolio is shown on pages 29 to 31. At 31 December 2025 this shows that the por<span class=\"_ _8\"></span>tfolio had significant levels of investments in the United States, Canada and Latin America. Accordingly<span class=\"_ _6\"></span>, there is a concentration of exposure to those regions, though it is recognised that an investment\u2019<span class=\"_ _6\"></span>s countr<span class=\"_ _8\"></span>y of domicile or listing does not necessarily equate its exposure to the economic conditions in that countr<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span>(ii) Mark<span class=\"_ _6\"></span>et risk arising from foreign currency risk<span class=\"_ _25b\"> </span>Exposure to foreign currency risk<span class=\"_ _25b\"> </span>Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Foreign currency sensitivity risk has been covered by the VaR analysis under the market risk section.<span class=\"_ _25b\"> </span>The fair values of the Group\u2019<span class=\"_ _6\"></span>s and Company\u2019s monetary items which have foreign currency exposure at 31 December 2025<span class=\"_ _25b\"> </span> and 31 December 2024 are shown below<span class=\"_ _6\"></span>. Where the equit<span class=\"_ _8\"></span>y investments which are not monetary items are denominated in a<span class=\"_ _25b\"> </span> foreign currency<span class=\"_ _6\"></span>, they have been included separately in the analysis so as to show the overall level of exposure.<span class=\"_ _25b\"> </span><table class=\"s w16d hd5\" id=\"_ff333fff-e0e8-43c8-b556-015c58e5e9cc\"><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x480 h9 y1924 ff66 fs7 fc0 sc0 ls0 ws0\">South </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x5f2 h9 y1925 ff66 fs7 fc0 sc0 ls0 ws0\">US </td><td class=\"t m0 x5f3 h9 y1925 ff66 fs7 fc0 sc0 ls0 ws0\">Canadian<span class=\"_ _25b\"> </span></td><td class=\"t m0 x374 h9 y1925 ff66 fs7 fc0 sc0 ls0 ws0\">Australian </td><td class=\"t m0 x5f4 h9 y1925 ff66 fs7 fc0 sc0 ls0 ws0\">African </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x57d h9 y1926 ff66 fs7 fc0 sc0 ls0 ws0\">Dollar</td><td class=\"t m0 x57b h9 y1926 ff66 fs7 fc0 sc0 ls0 ws0\"> Dollar<span class=\"_ _25b\"> </span></td><td class=\"t m0 x5f5 h9 y1926 ff66 fs7 fc0 sc0 ls0 ws0\">Dollar<span class=\"_ _25b\"> </span></td><td class=\"c n x5f6 y1927 w16e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Rand<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5f7 y1927 w16f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Others<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5f8 y1927 w30 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1928 w2a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5f9 y1928 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5fa y1928 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5fb y1928 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5fc y1928 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5fd y1928 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5fe y1928 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x1b1 y182f w170 hb5\"><div class=\"t m0 x1a0 h9 y17b7 ff68 fs7 fc0 sc0 ls0 ws0\">Receivables (tax recoverable, due from brokers, dividends and<span class=\"_ _25b\"> </span></div><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">other income receivable)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5ff y182f w63 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">7,443<span class=\"_ _25b\"> </span></div></td><td class=\"c n x600 y182f wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">450<span class=\"_ _25b\"> </span></div></td><td class=\"c n x601 y182f w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x602 y182f w15e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">6<span class=\"_ _25b\"> </span></div></td><td class=\"c n x603 y182f w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,558<span class=\"_ _25b\"> </span></div></td><td class=\"c n x604 y182f w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">9,457<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1929 w79 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash collateral held with brokers<span class=\"_ _25b\"> </span></div></td><td class=\"c n x605 y1929 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,115<span class=\"_ _25b\"> </span></div></td><td class=\"c n x606 y1929 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x607 y1929 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x608 y1929 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x609 y1929 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x60a y1929 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,115<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y192a w171 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 cash at bank<span class=\"_ _25b\"> </span></div></td><td class=\"c n x60b y192a wee hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">354<span class=\"_ _25b\"> </span></div></td><td class=\"c n x60c y192a w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x60d y192a w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x60e y192a w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x60f y192a w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x610 y192a wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">354<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y192b w83 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank loans<span class=\"_ _25b\"> </span></div></td><td class=\"c n x611 y192b w84 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(96,651)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x612 y192b w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x613 y192b w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x614 y192b w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x615 y192b w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x616 y192b w4c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(96,651)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y192c w172 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 bank overdraft<span class=\"_ _25b\"> </span></div></td><td class=\"c n x617 y192c w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x618 y192c w50 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(57)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x619 y192c w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x61a y192c w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x61b y192c w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x61c y192c w50 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(57)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y192d w173 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Payables (due to brokers and other payables)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x61d y192d w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(282)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x61e y192d w50 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(67)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x61f y192d w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x620 y192d w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x621 y192d w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x622 y192d w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(349)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y192e w174 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal foreign currency exposure on net monetary items<span class=\"_ _25b\"> </span></div></td><td class=\"c n x623 y192e w53 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(85,021)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x624 y192e wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">326<span class=\"_ _25b\"> </span></div></td><td class=\"c n x625 y192e w175 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x626 y192e we5 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">6<span class=\"_ _25b\"> </span></div></td><td class=\"c n x627 y192e w5d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,558<span class=\"_ _25b\"> </span></div></td><td class=\"c n x628 y192e w53 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(83,131)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1836 w176 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Investments at fair value through profit or loss<span class=\"_ _25b\"> </span></div></td><td class=\"c n x629 y1836 w64 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">679,191<span class=\"_ _25b\"> </span></div></td><td class=\"c n x62a y1836 w64 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">462,204<span class=\"_ _25b\"> </span></div></td><td class=\"c n x62b y1836 w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">179,834<span class=\"_ _25b\"> </span></div></td><td class=\"c n x62c y1836 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">52,835<span class=\"_ _25b\"> </span></div></td><td class=\"c n x62d y1836 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">85,923<span class=\"_ _25b\"> </span></div></td><td class=\"c n x62e y1836 w13c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,459,987<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17da w177 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Derivative financial liabilities at fair value through profit or loss<span class=\"_ _25b\"> </span></div></td><td class=\"c n x62f y17da w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(349)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x630 y17da w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x631 y17da w50 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(10)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x632 y17da w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x633 y17da w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x634 y17da w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(359)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w178 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal net foreign currency exposure<span class=\"_ _25b\"> </span></div></td><td class=\"c n x635 y17bd w45 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">593,821<span class=\"_ _25b\"> </span></div></td><td class=\"c n x636 y17bd w46 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">462,530<span class=\"_ _25b\"> </span></div></td><td class=\"c n x637 y17bd w55 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">179,824<span class=\"_ _25b\"> </span></div></td><td class=\"c n x638 y17bd w3c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">52,841<span class=\"_ _25b\"> </span></div></td><td class=\"c n x639 y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">87,481<span class=\"_ _25b\"> </span></div></td><td class=\"c n x63a y17bd w6c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,376,497<span class=\"_ _25b\"> </span></div></td></tr></table><table class=\"s w179 hd6\" id=\"_26670b53-cea2-4879-9ec6-0a342f6878f2\"><tr><td></td><td class=\"t m0 x63b h9 y192f ff66 fs7 fc0 sc0 ls0 ws0\">Canadian<span class=\"_ _25b\"> </span></td><td class=\"t m0 x63c h9 y192f ff66 fs7 fc0 sc0 ls0 ws0\">US </td><td class=\"t m0 x374 h9 y192f ff66 fs7 fc0 sc0 ls0 ws0\">Australian </td><td class=\"t m0 x37b h9 y192f ff66 fs7 fc0 sc0 ls0 ws0\">Brazilian </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x63d h9 y1930 ff66 fs7 fc0 sc0 ls0 ws0\"> Dollar<span class=\"_ _25b\"> </span></td><td class=\"t m0 x63e h9 y1930 ff66 fs7 fc0 sc0 ls0 ws0\">Dollar<span class=\"_ _25b\"> </span></td><td class=\"t m0 x5f5 h9 y1930 ff66 fs7 fc0 sc0 ls0 ws0\">Dollar<span class=\"_ _25b\"> </span></td><td class=\"c n x63f y1931 w17a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Real<span class=\"_ _25b\"> </span></div></td><td class=\"c n x640 y1931 w16f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Others<span class=\"_ _25b\"> </span></div></td><td class=\"c n x641 y1931 w30 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1932 w2a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5f9 y1932 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5fa y1932 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5fb y1932 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5fc y1932 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5fd y1932 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x5fe y1932 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1933 ff68 fs7 fc0 sc0 ls0 ws0\">Receivables (due from brokers, dividends and other income </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y1934 w17b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">receivable)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x642 y1934 wdb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">785<span class=\"_ _25b\"> </span></div></td><td class=\"c n x643 y1934 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,870<span class=\"_ _25b\"> </span></div></td><td class=\"c n x644 y1934 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x645 y1934 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,120<span class=\"_ _25b\"> </span></div></td><td class=\"c n x646 y1934 wdb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">214<span class=\"_ _25b\"> </span></div></td><td class=\"c n x647 y1934 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">3,989<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1880 w79 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash collateral held with brokers<span class=\"_ _25b\"> </span></div></td><td class=\"c n x648 y1880 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x649 y1880 w63 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,882<span class=\"_ _25b\"> </span></div></td><td class=\"c n x64a y1880 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x64b y1880 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x64c y1880 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x64d y1880 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,882<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1935 w171 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 cash at bank<span class=\"_ _25b\"> </span></div></td><td class=\"c n x64e y1935 wed hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">60<span class=\"_ _25b\"> </span></div></td><td class=\"c n x64f y1935 w9c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">807<span class=\"_ _25b\"> </span></div></td><td class=\"c n x650 y1935 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x651 y1935 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x652 y1935 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x653 y1935 w9c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">867<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1882 w83 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank loans<span class=\"_ _25b\"> </span></div></td><td class=\"c n x654 y1882 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x655 y1882 w41 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(135,739)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x656 y1882 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x657 y1882 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x658 y1882 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x659 y1882 w41 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(135,739)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1888 w172 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 bank overdraft<span class=\"_ _25b\"> </span></div></td><td class=\"c n x65a y1888 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x65b y1888 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x65c y1888 w4e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(4)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x65d y1888 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x65e y1888 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x65f y1888 w4e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(4)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1834 w173 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Payables (due to brokers and other payables)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x65a y1834 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x660 y1834 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(913)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x661 y1834 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x662 y1834 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x663 y1834 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x664 y1834 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(913)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1889 w174 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal foreign currency exposure on net monetary items<span class=\"_ _25b\"> </span></div></td><td class=\"c n x665 y1889 wee hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">845<span class=\"_ _25b\"> </span></div></td><td class=\"c n x666 y1889 w17c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(129,093)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x667 y1889 w17d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(4)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x668 y1889 w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,120<span class=\"_ _25b\"> </span></div></td><td class=\"c n x669 y1889 wb9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">214<span class=\"_ _25b\"> </span></div></td><td class=\"c n x66a y1889 w56 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(126,918)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y188a w176 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Investments at fair value through profit or loss<span class=\"_ _25b\"> </span></div></td><td class=\"c n x629 y188a w64 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">289,515<span class=\"_ _25b\"> </span></div></td><td class=\"c n x62a y188a w64 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">354,623<span class=\"_ _25b\"> </span></div></td><td class=\"c n x62b y188a w3f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">169,039<span class=\"_ _25b\"> </span></div></td><td class=\"c n x62c y188a w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">29,308<span class=\"_ _25b\"> </span></div></td><td class=\"c n x62d y188a w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">42,290<span class=\"_ _25b\"> </span></div></td><td class=\"c n x66b y188a w3f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">884,775<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17da w177 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Derivative financial liabilities at fair value through profit or loss<span class=\"_ _25b\"> </span></div></td><td class=\"c n x65a y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x660 y17da w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x661 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x662 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x663 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x664 y17da w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w178 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal net foreign currency exposure<span class=\"_ _25b\"> </span></div></td><td class=\"c n x635 y17bd w45 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">290,360<span class=\"_ _25b\"> </span></div></td><td class=\"c n x636 y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">224,908<span class=\"_ _25b\"> </span></div></td><td class=\"c n x637 y17bd w55 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">169,035<span class=\"_ _25b\"> </span></div></td><td class=\"c n x638 y17bd w3c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">30,428<span class=\"_ _25b\"> </span></div></td><td class=\"c n x639 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">42,504<span class=\"_ _25b\"> </span></div></td><td class=\"c n x66c y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">757,235<span class=\"_ _25b\"> </span></div></td></tr></table>Management of foreign currency risk<span class=\"_ _25b\"> </span>The Investment Manager monitors the Group\u2019<span class=\"_ _6\"></span>s exposure to foreign currencies on a daily basis and reports to the Board of the<span class=\"_ _25b\"> </span> Company on a regular basis.<span class=\"_ _25b\"> </span>The Investment Manager measures the risk to the Group of the foreign currency exposure by considering the effect on the<span class=\"_ _25b\"> </span> Group\u2019<span class=\"_ _6\"></span>s net asset value and income of a movement in the exchange rate to which the Group<span class=\"_ _6\"></span>\u2019<span class=\"_ _6\"></span>s assets, liabilities, income and<span class=\"_ _25b\"> </span> expenses are exposed.<span class=\"_ _25b\"> </span>The Group does not use financial instruments to mitigate the currency exposure in the period between the time that income<span class=\"_ _25b\"> </span> is included in the financial statements and its receipt. Derivative contracts are not used to hedge against exposure to foreign<span class=\"_ _25b\"> </span> currency risk.<span class=\"_ _25b\"> </span>Consequently<span class=\"_ _6\"></span>, the Group is exposed to risks that the exchange rate of its repor<span class=\"_ _8\"></span>ting currencies, relative to other currencies, may<span class=\"_ _25b\"> </span> change in a manner which has an adverse effect on the value of the portion of the Group\u2019<span class=\"_ _6\"></span>s assets which are denominated in<span class=\"_ _25b\"> </span> currencies other than their own currencies.<span class=\"_ _25b\"> </span>(iii) Mark<span class=\"_ _6\"></span>et risk arising from interest rate risk<span class=\"_ _25b\"> </span>Exposure to interest rate risk<span class=\"_ _25b\"> </span>Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in<span class=\"_ _25b\"> </span> market interest rates.<span class=\"_ _25b\"> </span>The Group is exposed to interest rate risk specifically through its fixed income investments, cash holdings and its borrowing<span class=\"_ _25b\"> </span> facility for investment purposes. Interest rate movements may affect the level of income receivable from any cash at bank<span class=\"_ _25b\"> </span> and on deposits. The effect of interest rate changes on the earnings of the companies held within the portfolio may have<span class=\"_ _25b\"> </span> a significant impact on the valuation of the Group\u2019<span class=\"_ _6\"></span>s investments. Interest rate sensitivity risk has been covered by the VaR<span class=\"_ _25b\"> </span> analysis under the market risk section.<span class=\"_ _25b\"> </span>Interest rate exposure<span class=\"_ _25b\"> </span>The exposure for Group and Company at 31 December 2025 and 31 December 2024 of financial assets and liabilities to<span class=\"_ _25b\"> </span> interest rate risk is shown by reference to:<span class=\"_ _25b\"> </span>\u2013 <span class=\"_ _137\"> </span>floating interest rates \u2013 when the interest rate is due to be re-set; and<span class=\"_ _25b\"> </span>\u2013 <span class=\"_ _137\"> </span>fixed interest rates \u2013 when the financial instrument is due for repayment.<span class=\"_ _25b\"> </span><table class=\"s w17e hd7\" id=\"_f374c327-2fc4-4536-a0a1-91ed911f5a25\"><tr><td></td><td></td><td class=\"c n x66d y1936 w2a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td></td><td></td><td class=\"c n x66e y1936 w2a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x66f h9 y1937 ff66 fs7 fc0 sc0 ls0 ws0\">Within one </td><td class=\"t m0 x670 h9 y1937 ff66 fs7 fc0 sc0 ls0 ws0\">More than </td><td></td><td class=\"t m0 x591 h9 y1937 ff66 fs7 fc0 sc0 ls0 ws0\">Within one </td><td class=\"t m0 x4bf h9 y1937 ff66 fs7 fc0 sc0 ls0 ws0\">More than </td><td></td></tr><tr><td></td><td class=\"t m0 x671 h9 y1938 ff66 fs7 fc0 sc0 ls0 ws0\"> year<span class=\"_ _25b\"> </span></td><td class=\"c n x66d y1939 w17f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">one year<span class=\"_ _25b\"> </span></div></td><td class=\"c n x672 y1939 w30 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal</div></td><td class=\"t m0 x57c h9 y1938 ff66 fs7 fc0 sc0 ls0 ws0\"> year<span class=\"_ _25b\"> </span></td><td class=\"c n x673 y1939 w17f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">one year<span class=\"_ _25b\"> </span></div></td><td class=\"c n x674 y1939 w30 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y193a w5f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Group<span class=\"_ _25b\"> </span></div></td><td class=\"c n x675 y193a w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x676 y193a w180 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x677 y193a w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x678 y193a w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x679 y193a w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x67a y193a w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y193b ff68 fs7 fc0 sc0 ls0 ws0\">Exposure to floating interest rates:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y1882 w79 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash collateral held with brokers<span class=\"_ _25b\"> </span></div></td><td class=\"c n x67b y1882 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,415<span class=\"_ _25b\"> </span></div></td><td class=\"c n x67c y1882 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x67d y1882 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,415<span class=\"_ _25b\"> </span></div></td><td class=\"c n x67e y1882 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,882<span class=\"_ _25b\"> </span></div></td><td class=\"c n x67f y1882 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x680 y1882 w77 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,882<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1888 w171 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 cash at bank<span class=\"_ _25b\"> </span></div></td><td class=\"c n x681 y1888 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">13,800<span class=\"_ _25b\"> </span></div></td><td class=\"c n x682 y1888 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x683 y1888 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">13,800<span class=\"_ _25b\"> </span></div></td><td class=\"c n x684 y1888 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">21,396<span class=\"_ _25b\"> </span></div></td><td class=\"c n x685 y1888 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x686 y1888 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">21,396<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1834 w83 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank loans<span class=\"_ _25b\"> </span></div></td><td class=\"c n x687 y1834 w84 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(96,651)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x688 y1834 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x689 y1834 w4c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(96,651)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x68a y1834 w41 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(135,739)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x68b y1834 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x68c y1834 w41 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(135,739)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1889 w172 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 bank overdraft<span class=\"_ _25b\"> </span></div></td><td class=\"c n x68d y1889 w50 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(57)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x68e y1889 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x68f y1889 w50 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(57)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x690 y1889 w4e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(4)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x691 y1889 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x692 y1889 w4e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(4)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y193c ff68 fs7 fc0 sc0 ls0 ws0\">Exposure to fixed interest rates:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y17da w181 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Fixed income investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x693 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x694 y17da w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x695 y17da w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x696 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x697 y17da w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td><td class=\"c n x698 y17da w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w182 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal exposure to interest rates<span class=\"_ _25b\"> </span></div></td><td class=\"c n x699 y17bd w53 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(78,493)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x69a y17bd w7d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x69b y17bd w53 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(31,946)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x69c y17bd w56 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(109,465)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x69d y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td><td class=\"c n x69e y17bd w53 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(72,812)<span class=\"_ _25b\"> </span></div></td></tr></table><table class=\"s w183 hd8\" id=\"_dccca3c7-9b01-40a9-b27c-5aa68e9adcf2\"><tr><td></td><td></td><td class=\"c n x66d y1932 w2a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td></td><td></td><td class=\"c n x66e y1932 w2a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x66f h9 y193d ff66 fs7 fc0 sc0 ls0 ws0\">Within one </td><td class=\"t m0 x670 h9 y193d ff66 fs7 fc0 sc0 ls0 ws0\">More than </td><td></td><td class=\"t m0 x591 h9 y193d ff66 fs7 fc0 sc0 ls0 ws0\">Within one </td><td class=\"t m0 x4bf h9 y193d ff66 fs7 fc0 sc0 ls0 ws0\">More than </td><td></td></tr><tr><td></td><td class=\"t m0 x671 h9 y193e ff66 fs7 fc0 sc0 ls0 ws0\"> year<span class=\"_ _25b\"> </span></td><td class=\"c n x66d y1939 w17f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">one year<span class=\"_ _25b\"> </span></div></td><td class=\"c n x672 y1939 w30 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal</div></td><td class=\"t m0 x57c h9 y193e ff66 fs7 fc0 sc0 ls0 ws0\"> year<span class=\"_ _25b\"> </span></td><td class=\"c n x673 y1939 w17f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">one year<span class=\"_ _25b\"> </span></div></td><td class=\"c n x674 y1939 w30 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y193f w74 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Company<span class=\"_ _25b\"> </span></div></td><td class=\"c n x675 y193f w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x676 y193f w180 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x677 y193f w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x678 y193f w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x679 y193f w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x67a y193f w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1940 ff68 fs7 fc0 sc0 ls0 ws0\">Exposure to floating interest rates:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y1882 w79 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash collateral held with brokers<span class=\"_ _25b\"> </span></div></td><td class=\"c n x69f y1882 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,415<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6a0 y1882 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6a1 y1882 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,415<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6a2 y1882 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,882<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6a3 y1882 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6a4 y1882 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,882<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1888 w171 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 cash at bank<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6a5 y1888 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">7,161<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6a6 y1888 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6a7 y1888 w77 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">7,161<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6a8 y1888 w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">14,834<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6a9 y1888 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6aa y1888 w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">14,834<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1834 w83 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank loans<span class=\"_ _25b\"> </span></div></td><td class=\"c n x687 y1834 w84 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(96,651)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x688 y1834 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ab y1834 w4c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(96,651)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ac y1834 w41 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(135,739)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ad y1834 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ae y1834 w41 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(135,739)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1889 w172 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 bank overdraft<span class=\"_ _25b\"> </span></div></td><td class=\"c n x68d y1889 w50 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(57)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x68e y1889 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6af y1889 w50 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(57)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6b0 y1889 w4e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(4)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6b1 y1889 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6b2 y1889 w4e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(4)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1941 ff68 fs7 fc0 sc0 ls0 ws0\">Exposure to fixed interest rates:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y17da w181 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Fixed income investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x693 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x694 y17da w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x695 y17da w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x696 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x697 y17da w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td><td class=\"c n x698 y17da w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w182 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal exposure to interest rates<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6b3 y17bd w53 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(85,132)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6b4 y17bd w7d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6b5 y17bd w53 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(38,585)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6b6 y17bd w47 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(116,027)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6b7 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6b8 y17bd w53 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(79,374)<span class=\"_ _25b\"> </span></div></td></tr></table>Interest rates received on cash balances are approximately 3.95% for US Dollar balances and 4.03% per annum for Sterling<span class=\"_ _25b\"> </span> balances (2024: 4.98% for US Dollar balances and 4.74% for Sterling balances). Interest rates paid on bank loans are<span class=\"_ _25b\"> </span> approximately 5.39% per annum for US Dollar balances (2024: 6.16% per annum). Effective interest rates on fixed income<span class=\"_ _25b\"> </span> investments ranged from 4.00% to 8.75% (2024: 4.00% to 8.75%).<span class=\"_ _25b\"> </span>Management of interest rate risk<span class=\"_ _25b\"> </span>The possible effects on fair value and cash flows that could arise as a result of changes in interest rates are taken into account<span class=\"_ _25b\"> </span> when making investment decisions and borrowings under the loan and overdraft facilities.<span class=\"_ _25b\"> </span>The Group finances part of its activities through borrowings at levels approved and monitored by the Board of the Company.<span class=\"_ _25b\"> </span> Derivative contracts are not used to hedge against the exposure to interest rate risk.<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-369": {
   "value": "(b) Counterparty credit risk<span class=\"_ _25b\"> </span>Counterpart<span class=\"_ _8\"></span>y credit risk is the risk that the issuer of a financial instrument will fail to fulfil an obligation or commitment that it<span class=\"_ _25b\"> </span> has entered into with the Group.<span class=\"_ _25b\"> </span>The Group is exposed to counterpart<span class=\"_ _8\"></span>y credit risk from the parties with which it trades and will bear the risk of settlement<span class=\"_ _25b\"> </span> default. Counterpart<span class=\"_ _8\"></span>y credit risk to the Group arises from transactions to purchase or sell investments, fixed income<span class=\"_ _25b\"> </span> investments and through option writing transactions on equity investments held within the por<span class=\"_ _8\"></span>tfolio.<span class=\"_ _25b\"> </span>The major counterparties engaged with the Group and Company are all widely recognised and regulated entities.<span class=\"_ _25b\"> </span>Depositary<span class=\"_ _25b\"> </span>The Group\u2019<span class=\"_ _6\"></span>s Depositary is The Bank of New Y<span class=\"_ _6\"></span>ork Mellon (International) Limited (BNY or the Depositar<span class=\"_ _8\"></span>y) (S&amp;P long-term credit<span class=\"_ _25b\"> </span> rating as at 31 December 2025: A<span class=\"_ _8\"></span>A- (2024: A<span class=\"_ _8\"></span>A-)). The Group\u2019<span class=\"_ _6\"></span>s listed investments are held on its behalf by The Bank of New<span class=\"_ _25b\"> </span> Y<span class=\"_ _6\"></span>ork Mellon (International) Limited (BNY) as the Group\u2019<span class=\"_ _6\"></span>s Custodian (as sub-delegated by the Depositary). All of the equit<span class=\"_ _8\"></span>y<span class=\"_ _25b\"> </span> and fixed income assets and cash of the Group are held within the custodial network of the global custodian appointed<span class=\"_ _25b\"> </span> by the Depositar<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>. Bankruptcy or insolvency of the Depositary/Custodian may cause the Group\u2019<span class=\"_ _6\"></span>s rights with respect to its<span class=\"_ _25b\"> </span> investments held by the Depositar<span class=\"_ _8\"></span>y/Custodian to be delayed or limited. The maximum exposure to this risk at 31 December<span class=\"_ _25b\"> </span> 2025 is the total value of equity and fixed income investments held with the Depositar<span class=\"_ _8\"></span>y/Custodian and cash and cash<span class=\"_ _25b\"> </span> equivalents in the Consolidated and Parent Company Statements of Financial P<span class=\"_ _6\"></span>osition.<span class=\"_ _25b\"> </span>In accordance with the requirements of the depositar<span class=\"_ _8\"></span>y agreement, the Depositary will ensure that any agents it appoints<span class=\"_ _25b\"> </span> to assist in safekeeping the equity and fixed income investments of the Group will segregate the equity and fixed income<span class=\"_ _25b\"> </span> investments of the Group. Thus, in the event of insolvency or bankruptcy of the Depositar<span class=\"_ _8\"></span>y/Custodian, the Group<span class=\"_ _6\"></span>\u2019s non-cash<span class=\"_ _25b\"> </span> assets are segregated and this reduces counterparty credit risk. The Group will, however<span class=\"_ _6\"></span>, be exposed to the counterpar<span class=\"_ _8\"></span>ty credit<span class=\"_ _25b\"> </span> risk of the Depositar<span class=\"_ _8\"></span>y in relation to the Group<span class=\"_ _6\"></span>\u2019s cash held by the Depositary. In the event of the insolvency or bankruptcy of<span class=\"_ _25b\"> </span> the Depositar<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>, the Group will be treated as a general creditor of the Depositar<span class=\"_ _8\"></span>y in relation to cash holdings of the Group. The<span class=\"_ _25b\"> </span> Board monitors the Group\u2019<span class=\"_ _6\"></span>s risk by reviewing the custodian<span class=\"_ _6\"></span>\u2019s internal control reports.<span class=\"_ _25b\"> </span>Securities lending<span class=\"_ _25b\"> </span> All securities lending transactions entered into by the Company are subject to a written legal agreement between the Company<span class=\"_ _25b\"> </span> and the Securities Lending Agent, BlackRock Advisors (UK<span class=\"_ _8\"></span>) Limited, a related part<span class=\"_ _8\"></span>y to the Company<span class=\"_ _6\"></span>, and separately bet<span class=\"_ _8\"></span>ween<span class=\"_ _25b\"> </span> the Securities Lending Agent and the approved borrowing counterpart<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>. Collateral received in exchange for securities lent is<span class=\"_ _25b\"> </span> transferred under a title transfer arrangement and is delivered to and held in an account with a tri-part<span class=\"_ _8\"></span>y collateral manager<span class=\"_ _25b\"> </span> in the name of the Depositar<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>, The Bank of New Y<span class=\"_ _9\"></span>ork Mellon (International) Limited, on behalf of the Company. Collateral<span class=\"_ _25b\"> </span> received is segregated from the assets belonging to the Company\u2019<span class=\"_ _6\"></span>s Depositar<span class=\"_ _8\"></span>y or the Lending Agent.<span class=\"_ _25b\"> </span>The value of securities on loan as a proportion of the Group and Company<span class=\"_ _8\"></span>\u2019<span class=\"_ _6\"></span>s total lendable assets as at 31 December 2025 was<span class=\"_ _25b\"> </span> 6.7% (2024: 7.6%) and as a proportion of the Group\u2019<span class=\"_ _6\"></span>s net assets as at 31 December 2025 was 7.1% (2024: 8.5%). Income<span class=\"_ _25b\"> </span> earned from securities lending during the year ended 31 December 2025 is set out in note 3 of the financial statements.<span class=\"_ _25b\"> </span>T<span class=\"_ _6\"></span>otal lendable assets represent the aggregate value of as<span class=\"_ _6\"></span>sets forming par<span class=\"_ _8\"></span>t of the Group and Company\u2019s securities lending<span class=\"_ _25b\"> </span> programme. This excludes any assets held by the Company that are not considered lendable due to any market, regulatory<span class=\"_ _6\"></span>,<span class=\"_ _25b\"> </span> investment or other restriction.<span class=\"_ _25b\"> </span>The following table details the value of securities on loan and associated collateral received, analysed by counterparty as at 31 December 2025 and 31 December 2024.<span class=\"_ _25b\"> </span><table class=\"s w184 hd9\" id=\"_61ac26f8-ac45-4951-9e3a-c9b70fabce4d\"><tr><td></td><td></td><td class=\"t m0 x482 h9 y1942 ff66 fs7 fc0 sc0 ls0 ws0\">Stock </td><td class=\"t m0 x481 h9 y1942 ff66 fs7 fc0 sc0 ls0 ws0\">Collateral </td></tr><tr><td></td><td class=\"t m0 x6b9 h9 y1943 ff66 fs7 fc0 sc0 ls0 ws0\">Country of </td><td class=\"t m0 x6ba h9 y1944 ff66 fs7 fc0 sc0 ls0 ws0\">lending<span class=\"_ _25b\"> </span></td><td class=\"t m0 x579 h9 y1944 ff66 fs7 fc0 sc0 ls0 ws0\">received<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x1c6 h9 y1945 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></td><td class=\"t m0 x6bb h9 y1945 ff66 fs7 fc0 sc0 ls0 ws0\">establishment<span class=\"_ _25b\"> </span></td><td class=\"c n x35f y1946 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x360 y1946 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1947 w185 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Barclays Capital Securities Limited<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6bc y1947 w186 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6bd y1947 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">20,484<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6be y1947 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">21,697<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1948 w187 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">BNP Paribas Financial Markets<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6bf y1948 w188 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">France<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c0 y1948 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">6,803<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c1 y1948 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">7,595<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1949 w189 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Citigroup Global Markets Limited<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c2 y1949 w18a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c3 y1949 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">19,967<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c4 y1949 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,130<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194a w18b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Goldman Sachs International<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c5 y194a w18a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c6 y194a w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">17,248<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c7 y194a w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">18,134<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194b w18c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">HSBC Bank plc<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c2 y194b w18a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c8 y194b wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">315<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c9 y194b wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">348<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194c w18d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">J.P<span class=\"_ _9\"></span>. Morgan Securities plc<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ca y194c w18e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6cb y194c w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,601<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6cc y194c w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,744<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194d w18f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Macquarie Bank Limited<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6cd y194d w190 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Australia<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ce y194d w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">3,789<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6cf y194d w77 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,183<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194e w191 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Morgan Stanley &amp; Co International plc<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d0 y194e w18a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d1 y194e w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">9,697<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d2 y194e w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,194<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194f w192 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">UBS AG<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d3 y194f w193 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Switzerland<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6bd y194f w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">23,826<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6be y194f w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">26,858<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td></td><td class=\"c n x6d4 y17bd w55 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">103,730<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d5 y17bd w55 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">112,883<span class=\"_ _25b\"> </span></div></td></tr></table><table class=\"s w184 hda\" id=\"_e8a144d1-488e-4a5e-bfce-c9b6a6e12594\"><tr><td></td><td></td><td class=\"t m0 x482 h9 y1950 ff66 fs7 fc0 sc0 ls0 ws0\">Stock </td><td class=\"t m0 x481 h9 y1950 ff66 fs7 fc0 sc0 ls0 ws0\">Collateral </td></tr><tr><td></td><td class=\"t m0 x6b9 h9 y1951 ff66 fs7 fc0 sc0 ls0 ws0\">Country of </td><td class=\"t m0 x6ba h9 y1952 ff66 fs7 fc0 sc0 ls0 ws0\">lending<span class=\"_ _25b\"> </span></td><td class=\"t m0 x579 h9 y1952 ff66 fs7 fc0 sc0 ls0 ws0\">received<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x1c6 h9 y1953 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td><td class=\"t m0 x6bb h9 y1953 ff66 fs7 fc0 sc0 ls0 ws0\">establishment<span class=\"_ _25b\"> </span></td><td class=\"c n x35f y1954 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x360 y1954 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1955 w185 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Barclays Capital Securities Limited<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6bc y1955 w186 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6bd y1955 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">13,839<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6be y1955 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">15,031<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1947 w187 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">BNP Paribas Financial Markets<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6bf y1947 w188 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">France<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d6 y1947 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">20,475<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d7 y1947 w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">21,739<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1948 w189 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Citigroup Global Markets Limited<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c2 y1948 w18a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d8 y1948 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,957<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d9 y1948 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">3,237<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1949 w18b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Goldman Sachs International<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c5 y1949 w18a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c6 y1949 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,640<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c7 y1949 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">11,768<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194a w18c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">HSBC Bank plc<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6c2 y194a w18a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d8 y194a w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">3,952<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d9 y194a w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,363<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194b w18d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">J.P<span class=\"_ _9\"></span>. Morgan Securities plc<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ca y194b w18e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6da y194b w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">19,963<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6db y194b w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">21,725<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194c w18f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Macquarie Bank Limited<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6cd y194c w190 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Australia<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ce y194c w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,623<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6cf y194c w77 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,777<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194d w191 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Morgan Stanley &amp; Co International plc<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d0 y194d w18a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United Kingdom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6dc y194d wb9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">240<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6dd y194d wdb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">255<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194e w194 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Soci\u00e9t\u00e9 G\u00e9n\u00e9rale<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6de y194e w188 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">France<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6df y194e w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,687<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e0 y194e w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,938<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194f w192 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">UBS AG<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6d3 y194f w193 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Switzerland<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e1 y194f wdb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">175<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e2 y194f wb9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">196<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td></td><td class=\"c n x6da y17bd w3c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">76,551<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e3 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">83,029<span class=\"_ _25b\"> </span></div></td></tr></table>Collateral<span class=\"_ _25b\"> </span>The Company engages in securities lending transactions for which it may hold collateral received from a counterpart<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span> The<span class=\"_ gs149\"> </span>following table provides an analysis by currency of the underlying non-cash collateral received by way of a title<span class=\"_ _25b\"> </span> transfer collateral arrangement by the Company<span class=\"_ _6\"></span>, in respect of securities lending transactions as at 31 December 2025 and<span class=\"_ _25b\"> </span> 31 December 2024:<span class=\"_ _25b\"> </span><table class=\"s w195 hdb\" id=\"_d84261eb-4892-4522-84cd-def449c542a4\"><tr><td></td><td class=\"t m0 x481 h9 y1956 ff66 fs7 fc0 sc0 ls0 ws0\">Non-cash </td></tr><tr><td></td><td class=\"t m0 x525 h9 y1957 ff66 fs7 fc0 sc0 ls0 ws0\">collateral </td></tr><tr><td class=\"t m0 x1c6 h9 y1958 ff66 fs7 fc0 sc0 ls0 ws0\">2025 </td><td class=\"t m0 x579 h9 y1959 ff66 fs7 fc0 sc0 ls0 ws0\">received </td></tr><tr><td class=\"t m0 x1c6 h9 y195a ff66 fs7 fc0 sc0 ls0 ws0\">Currency<span class=\"_ _25b\"> </span></td><td class=\"t m0 x6e4 h9 y195a ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"c n x1b1 y195b w196 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Australian Dollar<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e5 y195b wd0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">34<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y195c w197 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Canadian Dollar<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e6 y195c wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">116<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y195d w198 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Chinese Y<span class=\"_ _6\"></span>uan<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e7 y195d w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">11,632<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y195e w199 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Danish Krone<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e5 y195e wd0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">63<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y195f w19a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Euro<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e6 y195f wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">765<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1960 w19b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Hong Kong Dollar<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e8 y1960 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,815<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1961 w19c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Israeli Shekel<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e9 y1961 w15e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1962 w19d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Japanese Y<span class=\"_ _6\"></span>en<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ea y1962 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,297<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1963 w19e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Singapore Dollar<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e9 y1963 w15e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">7<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1964 w19f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Swiss F<span class=\"_ _6\"></span>ranc<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6eb y1964 wd2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">77<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1965 w1a0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">UK Sterling<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e8 y1965 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">9,791<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194f w1a1 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">US Dollar<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ec y194f w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">83,284<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ed y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">112,883<span class=\"_ _25b\"> </span></div></td></tr></table><table class=\"s w195 hdc\" id=\"_f20a9180-4640-40c8-9485-3d5ff2d6683d\"><tr><td></td><td class=\"t m0 x481 h9 y1966 ff66 fs7 fc0 sc0 ls0 ws0\">Non-cash </td></tr><tr><td></td><td class=\"t m0 x525 h9 y1967 ff66 fs7 fc0 sc0 ls0 ws0\">collateral </td></tr><tr><td class=\"t m0 x1c6 h9 y1968 ff66 fs7 fc0 sc0 ls0 ws0\">2024 </td><td class=\"t m0 x579 h9 y1969 ff66 fs7 fc0 sc0 ls0 ws0\">received </td></tr><tr><td class=\"t m0 x1c6 h9 y196a ff66 fs7 fc0 sc0 ls0 ws0\">Currency<span class=\"_ _25b\"> </span></td><td class=\"t m0 x6e4 h9 y196a ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"c n x1b1 y195d w198 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Chinese Y<span class=\"_ _6\"></span>uan<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ee y195d w77 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">8,037<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y195e w19a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Euro<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e8 y195e w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">6,127<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y195f w19b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Hong Kong Dollar<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e8 y195f w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,080<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1960 w19d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Japanese Y<span class=\"_ _6\"></span>en<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ea y1960 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">5,669<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y196b w1a2 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Norwegian Krone<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e5 y196b wd0 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1962 w19e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Singapore Dollar<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e9 y1962 w33 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1963 w1a3 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Swedish Krone<span class=\"_ _25b\"> </span></div></td><td class=\"c n x3b7 y1963 wb9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">204<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1964 w19f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Swiss F<span class=\"_ _6\"></span>ranc<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ef y1964 w9c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">390<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1965 w1a0 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">UK Sterling<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6e7 y1965 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">16,877<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y194f w1a1 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">US Dollar<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ec y194f w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">44,622<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6f0 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">83,029<span class=\"_ _25b\"> </span></div></td></tr></table>Non-cash collateral received by way of a title transfer collateral arrangement in relation to securities lending transactions<span class=\"_ _25b\"> </span> cannot be sold, reinvested or pledged.<span class=\"_ _25b\"> </span>The following table provides an analysis of the type, qualit<span class=\"_ _8\"></span>y and maturity tenor of non-cash collateral received and posted by the Group and Company by way of a title transfer collateral arrangement in respect of securities lending transactions as at 31<span class=\"_ gs149\"> </span>December 2025 and 31 December 2024.<span class=\"_ _25b\"> </span><table class=\"s w1a4 hdd\" id=\"_7a05d790-e319-4e6d-9c26-27ab42dedc4b\"><tr><td></td><td></td><td></td><td class=\"t m0 x3c8 h9 y196c ff66 fs7 fc0 sc0 ls0 ws0\">Maturity T<span class=\"_ _6\"></span>enor<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x6f1 h9 y196d ff66 fs7 fc0 sc0 ls0 ws0\">91 to 365 </td><td class=\"t m0 x6f2 h9 y196d ff66 fs7 fc0 sc0 ls0 ws0\">More than <span class=\"_ _b\"></span> </td><td class=\"t m0 x376 h9 y196d ff66 fs7 fc0 sc0 ls0 ws0\">Open </td><td></td></tr><tr><td></td><td class=\"t m0 x578 h9 y196e ff66 fs7 fc0 sc0 ls0 ws0\">8 to 30 days<span class=\"_ _25b\"> </span></td><td class=\"t m0 x6f3 h9 y196e ff66 fs7 fc0 sc0 ls14 ws17\">days<span class=\"_ _25b\"> </span></td><td class=\"t m0 x6f4 h9 y196e ff66 fs7 fc0 sc0 ls0 ws0\">365 days<span class=\"_ _25b\"> </span></td><td class=\"c n x5f6 y1886 w1a5 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>ransactions<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6f5 y1886 w2e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y196f ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></td><td class=\"c n x6f6 y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6f7 y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6f8 y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6f9 y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6fa y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1971 ff66 fs7 fc0 sc0 ls0 ws0\">Collateral received - securities lending<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x1c6 h9 y1972 ff66 fs7 fc0 sc0 ls0 ws0\">Fixed income<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y1889 w1a6 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Investment grade<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6fb y1889 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6fc y1889 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6fd y1889 w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">48,537<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6fe y1889 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ff y1889 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">48,537<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1973 ff66 fs7 fc0 sc0 ls0 ws0\">Equities<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y17da w1a7 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Recognised equities<span class=\"_ _25b\"> </span></div></td><td class=\"c n x700 y17da w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x701 y17da w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x702 y17da w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x703 y17da w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">64,346<span class=\"_ _25b\"> </span></div></td><td class=\"c n x704 y17da w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">64,346<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x705 y17bd w3b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x706 y17bd w3b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x707 y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">48,537<span class=\"_ _25b\"> </span></div></td><td class=\"c n x708 y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">64,346<span class=\"_ _25b\"> </span></div></td><td class=\"c n x709 y17bd w46 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">112,883<span class=\"_ _25b\"> </span></div></td></tr></table><table class=\"s w1a4 hdd\" id=\"_489824a0-9282-4f62-a63e-3b3dc9f72d97\"><tr><td></td><td></td><td></td><td class=\"t m0 x3c8 h9 y1974 ff66 fs7 fc0 sc0 ls0 ws0\">Maturity T<span class=\"_ _6\"></span>enor<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x6f1 h9 y1975 ff66 fs7 fc0 sc0 ls0 ws0\">91 to 365 </td><td class=\"t m0 x6f2 h9 y1975 ff66 fs7 fc0 sc0 ls0 ws0\">More than <span class=\"_ _b\"></span> </td><td class=\"t m0 x376 h9 y1975 ff66 fs7 fc0 sc0 ls0 ws0\">Open </td><td></td></tr><tr><td></td><td class=\"t m0 x578 h9 y1976 ff66 fs7 fc0 sc0 ls0 ws0\">8 to 30 days<span class=\"_ _25b\"> </span></td><td class=\"t m0 x6f3 h9 y1976 ff66 fs7 fc0 sc0 ls14 ws17\">days<span class=\"_ _25b\"> </span></td><td class=\"t m0 x6f4 h9 y1976 ff66 fs7 fc0 sc0 ls0 ws0\">365 days<span class=\"_ _25b\"> </span></td><td class=\"c n x5f6 y1886 w1a5 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>ransactions<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6f5 y1886 w2e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1977 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td><td class=\"c n x6f6 y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6f7 y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6f8 y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6f9 y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6fa y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1978 ff66 fs7 fc0 sc0 ls0 ws0\">Collateral received \u2013 securities lending<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x1c6 h9 y1979 ff66 fs7 fc0 sc0 ls0 ws0\">Fixed income<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y1889 w1a6 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Investment grade<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6fb y1889 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6fc y1889 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6fd y1889 w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">24,536<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6fe y1889 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x6ff y1889 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">24,536<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y197a ff66 fs7 fc0 sc0 ls0 ws0\">Equities<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y17da w1a7 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Recognised equities<span class=\"_ _25b\"> </span></div></td><td class=\"c n x700 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x701 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x702 y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x703 y17da w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">58,493<span class=\"_ _25b\"> </span></div></td><td class=\"c n x704 y17da w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">58,493<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x705 y17bd w3b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x706 y17bd w3b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x707 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">24,536<span class=\"_ _25b\"> </span></div></td><td class=\"c n x708 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">58,493<span class=\"_ _25b\"> </span></div></td><td class=\"c n x70a y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">83,029<span class=\"_ _25b\"> </span></div></td></tr></table>Investment grade securities are those issued by an entity with a minimum investment grade credit rating from at least one globally recognised credit rating agency; Standard &amp; Poor<span class=\"_ _8\"></span>\u2019<span class=\"_ _6\"></span>s, Moody\u2019s or Fitch.<span class=\"_ _25b\"> </span>The maturity tenor analysis for fixed income securities received as collateral is based on the respective contractual maturit<span class=\"_ _8\"></span>y date, while equity securities received as collateral are presented as open transactions as they are not subject to a contractual maturity date.<span class=\"_ _25b\"> </span>As at 31 December 2025 and 2024, all non-cash collateral (equity and debt securities) received by the Group and Company in respect of securities lending transactions is held by the Group\u2019<span class=\"_ _6\"></span>s Depositary (or through its delegates).<span class=\"_ _25b\"> </span><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs26d\">The following table lists the ten largest issuers by value of non-cash collateral (equity and debt securities) received by the<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs26e\">Group and Company by way of a title transfer collateral arrangement across securities lending transactions as at 31 December<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs26f\">2025 and 2024.<span class=\"_ _25b\"> </span></div><div class=\"gs204\"><table class=\"s w1a8 hde\" id=\"_4078448e-f515-4495-b74b-f9a81610c5ea\"><tr><td></td><td class=\"c n x70b y197b w1a9 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">Value<span class=\"_ _25b\"> </span></div></td><td class=\"c n x70c y197b w1aa hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">% of the<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y197c ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span> </td><td></td><td class=\"t m0 x70d h9 y197c ff66 fs7 fc0 sc0 ls0 ws0\">Company\u2019s<span class=\"_ _25b\"> </span> </td></tr><tr><td class=\"t m0 x1c6 h9 y197d ff66 fs7 fc0 sc0 ls0 ws0\">Non-cash collateral issuer \u2013 securities<span class=\"_ _25b\"> </span></td><td class=\"c n x70e y197e w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls16 ws1a\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x70f y197e w1ab hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls16 ws1a\">N<span class=\"_ _8\"></span>AV<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y197f w1ac hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United States T<span class=\"_ _6\"></span>reasury Note<span class=\"_ _25b\"> </span></div></td><td class=\"c n x710 y197f w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,459<span class=\"_ _25b\"> </span></div></td><td class=\"c n x711 y197f w1ad hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2.28<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1980 w1ae hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">UK (Government of<span class=\"_ _8\"></span>)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x712 y1980 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">9,735<span class=\"_ _25b\"> </span></div></td><td class=\"c n x713 y1980 w1ad hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">0.61<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1981 w1af hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Alibaba<span class=\"_ _25b\"> </span></div></td><td class=\"c n x714 y1981 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,916<span class=\"_ _25b\"> </span></div></td><td class=\"c n x715 y1981 w1ad hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">0.18<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1982 w1b0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Sea Limited<span class=\"_ _25b\"> </span></div></td><td class=\"c n x714 y1982 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,825<span class=\"_ _25b\"> </span></div></td><td class=\"c n x715 y1982 w1ad hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">0.18<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1983 w1b1 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Walmart<span class=\"_ _25b\"> </span></div></td><td class=\"c n x714 y1983 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,488<span class=\"_ _25b\"> </span></div></td><td class=\"c n x715 y1983 w1ad hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">0.16<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1882 w1b2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Axalta<span class=\"_ _25b\"> </span></div></td><td class=\"c n x714 y1882 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,446<span class=\"_ _25b\"> </span></div></td><td class=\"c n x715 y1882 w1ad hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">0.15<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1888 w1b3 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Daiichi<span class=\"_ _25b\"> </span></div></td><td class=\"c n x714 y1888 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,446<span class=\"_ _25b\"> </span></div></td><td class=\"c n x715 y1888 w1ad hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">0.15<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1834 w1b4 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">AIA Group<span class=\"_ _25b\"> </span></div></td><td class=\"c n x714 y1834 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,241<span class=\"_ _25b\"> </span></div></td><td class=\"c n x715 y1834 w1ad hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">0.14<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1889 w1b5 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Mastercard<span class=\"_ _25b\"> </span></div></td><td class=\"c n x716 y1889 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,165<span class=\"_ _25b\"> </span></div></td><td class=\"c n x717 y1889 w1ad hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">0.14<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1836 w1b6 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Haier<span class=\"_ _25b\"> </span></div></td><td class=\"c n x714 y1836 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,152<span class=\"_ _25b\"> </span></div></td><td class=\"c n x715 y1836 w1ad hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">0.13<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17da w1b7 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Other issuers<span class=\"_ _25b\"> </span></div></td><td class=\"c n x718 y17da w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">47,010<span class=\"_ _25b\"> </span></div></td><td class=\"c n x715 y17da w1ad hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2.94<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x719 y17bd w46 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">112,883<span class=\"_ _25b\"> </span></div></td><td class=\"c n x71a y17bd w1b8 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">7.06<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"gs270\"><table class=\"s w1a8 hdf\" id=\"_3fc4416f-7068-42ce-8690-81868a8c0fb1\"><tr><td></td><td class=\"c n x70b y197b w1a9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Value<span class=\"_ _25b\"> </span></div></td><td class=\"c n x70c y197b w1aa hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">% of the<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1984 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span> </td><td></td><td class=\"t m0 x70d h9 y1984 ff66 fs7 fc0 sc0 ls0 ws0\">Company\u2019s<span class=\"_ _25b\"> </span> </td></tr><tr><td class=\"t m0 x1c6 h9 y1985 ff66 fs7 fc0 sc0 ls0 ws0\">Non-cash collateral issuer \u2013 securities<span class=\"_ _25b\"> </span></td><td class=\"c n x70e y197e w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls16 ws1a\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x70f y197e w1ab hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls16 ws1a\">N<span class=\"_ _8\"></span>AV<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1986 w1ae hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">UK (Government of<span class=\"_ _8\"></span>)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x71b y1986 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">14,209<span class=\"_ _25b\"> </span></div></td><td class=\"c n x71c y1986 w1ad hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1.46<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1980 w1ac hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">United States T<span class=\"_ _6\"></span>reasury Note<span class=\"_ _25b\"> </span></div></td><td class=\"c n x71d y1980 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">7,723<span class=\"_ _25b\"> </span></div></td><td class=\"c n x71a y1980 w1b9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">0.79<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1987 w1ba hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Microsoft<span class=\"_ _25b\"> </span></div></td><td class=\"c n x714 y1987 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,840<span class=\"_ _25b\"> </span></div></td><td class=\"c n x715 y1987 w1ad hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">0.29<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1982 w1bb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Nvidia<span class=\"_ _25b\"> </span></div></td><td class=\"c n x714 y1982 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,749<span class=\"_ _25b\"> </span></div></td><td class=\"c n x715 y1982 w1ad hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">0.28<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1988 w1bc hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Apple<span class=\"_ _25b\"> </span></div></td><td class=\"c n x714 y1988 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,605<span class=\"_ _25b\"> </span></div></td><td class=\"c n x715 y1988 w1ad hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">0.27<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1882 w1bd hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>encent Holdings<span class=\"_ _25b\"> </span></div></td><td class=\"c n x71e y1882 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,342<span class=\"_ _25b\"> </span></div></td><td class=\"c n x71f y1882 w1ad hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">0.24<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1833 w1be hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">iShares T<span class=\"_ _6\"></span>rust<span class=\"_ _25b\"> </span></div></td><td class=\"c n x71d y1833 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,198<span class=\"_ _25b\"> </span></div></td><td class=\"c n x71a y1833 w1b9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">0.23<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1834 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">SPDR<span class=\"_ _25b\"> </span></div></td><td class=\"c n x720 y1834 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,198<span class=\"_ _25b\"> </span></div></td><td class=\"c n x721 y1834 w1ad hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">0.23<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1835 w1bf hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>esla<span class=\"_ _25b\"> </span></div></td><td class=\"c n x71d y1835 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,174<span class=\"_ _25b\"> </span></div></td><td class=\"c n x71a y1835 w1b9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">0.22<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1836 w1c0 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">Broadcom<span class=\"_ _25b\"> </span></div></td><td class=\"c n x722 y1836 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,174<span class=\"_ _25b\"> </span></div></td><td class=\"c n x723 y1836 w1ad hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">0.22<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1837 w1b7 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Other issuers<span class=\"_ _25b\"> </span></div></td><td class=\"c n x718 y1837 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">41,817<span class=\"_ _25b\"> </span></div></td><td class=\"c n x715 y1837 w1ad hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4.28<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x724 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">83,029<span class=\"_ _25b\"> </span></div></td><td class=\"c n x71a y17bd w1b8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">8.51<span class=\"_ _25b\"> </span></div></td></tr></table></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs271\">Counterparties/brokers<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs272\">The Group only invests directly in markets that operate on a deliver<span class=\"_ _8\"></span>y versus payment basis and consequently most investment<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs273\">transactions in listed securities involve simultaneous deliver<span class=\"_ _8\"></span>y of securities against cash payment using an approved broker<span class=\"_ _9\"></span>.<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs274\">The risk of default is considered minimal and the trade will fail if either part<span class=\"_ _8\"></span>y fails to meet its obligation.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs275\">For a few markets that the Group invests in from time to time, although they operate on a delivery versus payment basis, there<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs276\">may be a ver<span class=\"_ _8\"></span>y short time gap bet<span class=\"_ _8\"></span>ween stock delivery and payment, giving a potential rise to counterpar<span class=\"_ _8\"></span>ty credit risk with the<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs277\">broker in relation to transactions awaiting settlement. Risk relating to unsettled transactions is considered small due to the<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs278\">short settlement period involved and the high credit qualit<span class=\"_ _8\"></span>y of the brokers used for those markets. The Group monitors the<span class=\"_ _25b\"> </span> </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs279\">credit rating and financial position of the broker used to further mitigate this risk.<span class=\"_ _25b\"> </span></div>Cash held by a counterpart<span class=\"_ _8\"></span>y to financial derivative contracts is subject to the <span class=\"_ _6\"></span>credit risk of the counterpar<span class=\"_ _8\"></span>ty. The following <span class=\"_ _6\"></span>table details the total number of counterparties to which the Group is exposed, the maximum exposure to any one counterpar<span class=\"_ _8\"></span>ty, any collateral held by the Group against this exposure, the total exposure to all other counterparties and the lowest long-term credit rating of any one counterpart<span class=\"_ _8\"></span>y (or its ultimate parent if unrated).<span class=\"_ _25b\"> </span><table class=\"s w1c1 he0\" id=\"_95e0349a-7937-4bbe-9636-db8407039c3d\"><tr><td></td><td></td><td class=\"t m0 x725 h9 y1989 ff66 fs7 fc0 sc0 ls0 ws0\">Maximum </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x726 h9 y198a ff66 fs7 fc0 sc0 ls0 ws0\">exposure </td><td></td><td class=\"t m0 x727 h9 y198b ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal exposure </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x725 h9 y198c ff66 fs7 fc0 sc0 ls0 ws0\">to any one </td><td></td><td class=\"t m0 x47e h9 y198d ff66 fs7 fc0 sc0 ls0 ws0\">to all other </td><td class=\"t m0 x728 h9 y198e ff66 fs7 fc0 sc0 ls0 ws0\">Lowest credit </td></tr><tr><td></td><td class=\"t m0 x729 h9 y198f ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal number of </td><td class=\"c x72b y1990 w1c2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">counterparty</div><div class=\"t m0 x72a h10 y1807 ff66 fsd fc0 sc0 ls0 ws0\">1<span class=\"_ _25b\"> </span></div></td><td class=\"c x72d y1990 w1c3 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Collateral held</div><div class=\"t m0 x72c h10 y1807 ff66 fsd fc0 sc0 ls0 ws0\">1<span class=\"_ _25b\"> </span></div></td><td class=\"c x72f y1990 w1c4 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">counterparties</div><div class=\"t m0 x72e h10 y1807 ff66 fsd fc0 sc0 ls0 ws0\">1<span class=\"_ _25b\"> </span></div></td><td class=\"t m0 x598 h9 y198f ff66 fs7 fc0 sc0 ls0 ws0\">rating of any one </td></tr><tr><td></td><td class=\"t m0 x730 h9 y1991 ff66 fs7 fc0 sc0 ls0 ws0\">counterparties<span class=\"_ _25b\"> </span></td><td class=\"c n x3c5 y1992 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4cb y1992 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4cc y1992 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c x732 y1992 w1c5 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">counterparty</div><div class=\"t m0 x731 h10 y1807 ff66 fsd fc0 sc0 ls0 ws0\">2<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1993 w2a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x733 y1993 w15e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">4<span class=\"_ _25b\"> </span></div></td><td class=\"c n x734 y1993 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">13,800<span class=\"_ _25b\"> </span></div></td><td class=\"c n x735 y1993 w77 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,415<span class=\"_ _25b\"> </span></div></td><td class=\"c n x736 y1993 wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">179<span class=\"_ _25b\"> </span></div></td><td class=\"c n x737 y1993 w1c6 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">A<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y1994 ff68 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td><td class=\"c n x738 y17bd w15d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2<span class=\"_ _25b\"> </span></div></td><td class=\"c n x739 y17bd w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">21,396<span class=\"_ _25b\"> </span></div></td><td class=\"c n x73a y17bd w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,882<span class=\"_ _25b\"> </span></div></td><td class=\"c n x73b y17bd w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x73c y17bd w1c7 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">A+<span class=\"_ _25b\"> </span></div></td></tr></table>1 <span class=\"_ _c\"> </span>Calculated on a net basis.<span class=\"_ _25b\"> </span>2 <span class=\"_ _c\"> </span>Standard &amp; Poor\u2019s ratings.<span class=\"_ _25b\"> </span>The Group may also be exposed to counterpart<span class=\"_ _8\"></span>y risk should there be any rehypothecation of pledged collateral. Collateral is received/<span class=\"_ _6\"></span>paid where the client service agreement states that there should be collateral movements agreed with the counterpart<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>, where there is a requirement for a mark-to-market process or collateralisation to ensure that the Group is protected against any counterpart<span class=\"_ _8\"></span>y default.<span class=\"_ _25b\"> </span>Collateral<span class=\"_ _25b\"> </span>The Group engages in activities which may require collateral to be provided to a counterpart<span class=\"_ _8\"></span>y (pledged collateral) or may hold collateral received (Inbound Collateral) from a counterpart<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>. The Group uses inbound collateral received from a counterpar<span class=\"_ _8\"></span>ty to reduce the counterpart<span class=\"_ _8\"></span>y credit risk associated with any trading activity in which the Group has engaged.<span class=\"_ _25b\"> </span>Cash collateral pledged by the Group is separately identified as an asset in the Consolidated and P<span class=\"_ _6\"></span>arent Company Statements of Financial Position and is not included as a component of cash and cash equivalents. The cash is subject to certain counterpart<span class=\"_ _8\"></span>y credit risk as the Group\u2019<span class=\"_ _6\"></span>s access to its cash could be delayed should the counterparties become insolvent or bankrupt. Collateral received in the form of securities is not reflected in the Consolidated and Parent Company Statements of Financial Position. The Group has the right to sell or re-pledge collateral received in the form of securities in circumstances such as default. The fair value of inbound cash collateral and cash collateral pledged is reflected in the table below:<span class=\"_ _25b\"> </span><table class=\"s w1c8 he1\" id=\"_5d03534c-ee6f-42e3-b9cc-a129dfad1bcf\"><tr><td></td><td></td><td></td><td class=\"t m0 x73d h9 y1995 ff66 fs7 fc0 sc0 ls0 ws0\">Liability for </td><td></td></tr><tr><td></td><td class=\"t m0 x73e h9 y1996 ff66 fs7 fc0 sc0 ls0 ws0\">Pledged collateral<span class=\"_ _25b\"> </span></td><td></td><td class=\"t m0 x73f h34 y1996 ff72 fs7 fc0 sc0 ls0 ws0\">inbound<span class=\"_ gs294\"> </span>collateral<span class=\"_ _25b\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 x63c h9 y1997 ff66 fs7 fc0 sc0 ls0 ws0\">As at </td><td class=\"t m0 x3c9 h9 y1997 ff66 fs7 fc0 sc0 ls0 ws0\">As at </td><td class=\"t m0 x73d h9 y1997 ff66 fs7 fc0 sc0 ls0 ws0\">As at </td><td class=\"t m0 x377 h9 y1997 ff66 fs7 fc0 sc0 ls0 ws0\">As at </td></tr><tr><td></td><td class=\"t m0 x740 h9 y1998 ff66 fs7 fc0 sc0 ls0 ws0\">31 December </td><td class=\"t m0 x741 h9 y1998 ff66 fs7 fc0 sc0 ls0 ws0\">31 December </td><td class=\"t m0 x38b h9 y1998 ff66 fs7 fc0 sc0 ls0 ws0\">31 December </td><td class=\"t m0 x728 h9 y1998 ff66 fs7 fc0 sc0 ls0 ws0\">31 December </td></tr><tr><td></td><td class=\"t m0 x63c h9 y1999 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></td><td class=\"t m0 x375 h9 y1999 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td><td class=\"t m0 x73d h9 y1999 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></td><td class=\"t m0 x4ca h9 y1999 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td></tr><tr><td></td><td class=\"c n x742 y199a w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x743 y199a w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x744 y199a w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x745 y199a w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y199b w1c9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank of America Merrill Lynch<span class=\"_ _25b\"> </span></div></td><td class=\"c n x746 y199b w77 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,115<span class=\"_ _25b\"> </span></div></td><td class=\"c n x747 y199b w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,882<span class=\"_ _25b\"> </span></div></td><td class=\"c n x748 y199b w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x749 y199b w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1873 w1ca hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">BNP Paribas<span class=\"_ _25b\"> </span></div></td><td class=\"c n x74a y1873 w9c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">300<span class=\"_ _25b\"> </span></div></td><td class=\"c n x74b y1873 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x748 y1873 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x749 y1873 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x74c y17bd w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">4,415<span class=\"_ _25b\"> </span></div></td><td class=\"c n x74d y17bd w5d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">4,882<span class=\"_ _25b\"> </span></div></td><td class=\"c n x74e y17bd w3b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x74f y17bd w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr></table>Receivables<span class=\"_ _25b\"> </span>Amounts due from debtors are disclosed in the Consolidated and Parent Company Statements of Financial P<span class=\"_ _6\"></span>osition as<span class=\"_ _25b\"> </span> receivables. The counterparties included in receivables are the same counterpar<span class=\"_ _8\"></span>ties discussed previously under counterpart<span class=\"_ _8\"></span>y<span class=\"_ _25b\"> </span> credit risk and subject to the same scrutiny by the BlackRock RQA Counterpart<span class=\"_ _8\"></span>y &amp; Concentration Risk T<span class=\"_ _6\"></span>eam (RQA CCR). The<span class=\"_ _25b\"> </span> Group monitors the ageing of receivables to mitigate the risk of debtor balances becoming overdue.<span class=\"_ _25b\"> </span>In summar<span class=\"_ _8\"></span>y<span class=\"_ _6\"></span>, the exposure to credit risk at 31 December 2025 and 2024 was as follows:<span class=\"_ _25b\"> </span><table class=\"s w14e he2\" id=\"_36d36f3c-b409-4301-ab0d-0ccbdea17983\"><tr><td></td><td class=\"c n x39f y199c w2a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4ac y199c w2a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y199d w5f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Group<span class=\"_ _25b\"> </span></div></td><td class=\"c n x750 y199d w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x751 y199d w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y199e w1cb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Investment in contractual rights<span class=\"_ _25b\"> </span></div></td><td class=\"c n x48a y199e w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x752 y199e w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,197<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y199f w181 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Fixed income investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4c3 y199f w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x753 y199f w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19a0 w79 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash collateral held with brokers<span class=\"_ _25b\"> </span></div></td><td class=\"c n x754 y19a0 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,415<span class=\"_ _25b\"> </span></div></td><td class=\"c n x755 y19a0 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,882<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19a1 w171 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 cash at bank<span class=\"_ _25b\"> </span></div></td><td class=\"c n x756 y19a1 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">13,800<span class=\"_ _25b\"> </span></div></td><td class=\"c n x757 y19a1 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">21,396<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19a2 w1cc hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Other receivables (amounts due from brokers, dividends and interest receivable)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x758 y19a2 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">9,092<span class=\"_ _25b\"> </span></div></td><td class=\"c n x759 y19a2 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,861<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x75a y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">73,854<span class=\"_ _25b\"> </span></div></td><td class=\"c n x75b y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">87,989<span class=\"_ _25b\"> </span></div></td></tr></table><table class=\"s w1cd he3\" id=\"_b55dabfa-aee0-4d1b-bf7f-14c071acd6a1\"><tr><td></td><td class=\"c n x39f y19a3 w2a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x51b y19a3 w14a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1970 w74 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Company<span class=\"_ _25b\"> </span></div></td><td class=\"c n x75c y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x75d y1970 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1888 w1cb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Investment in contractual rights<span class=\"_ _25b\"> </span></div></td><td class=\"c n x48a y1888 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x752 y1888 w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,197<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1834 w181 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Fixed income investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4c3 y1834 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x753 y1834 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1889 w79 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash collateral held with brokers<span class=\"_ _25b\"> </span></div></td><td class=\"c n x754 y1889 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,415<span class=\"_ _25b\"> </span></div></td><td class=\"c n x755 y1889 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4,882<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1836 w171 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 cash at bank<span class=\"_ _25b\"> </span></div></td><td class=\"c n x323 y1836 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">7,161<span class=\"_ _25b\"> </span></div></td><td class=\"c n x753 y1836 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">14,834<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17da w1cc hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Other receivables (amounts due from brokers, dividends and interest receivable)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x758 y17da w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">9,092<span class=\"_ _25b\"> </span></div></td><td class=\"c n x759 y17da w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,861<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x75a y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">67,215<span class=\"_ _25b\"> </span></div></td><td class=\"c n x75b y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">81,427<span class=\"_ _25b\"> </span></div></td></tr></table>Management of counterparty credit risk<span class=\"_ _25b\"> </span>Credit risk is monitored and managed by RQA CCR. The team is headed by BlackRock\u2019<span class=\"_ _6\"></span>s Chief Credit Officer who repor<span class=\"_ _8\"></span>ts to the<span class=\"_ _25b\"> </span> Global Head of RQA<span class=\"_ _8\"></span>. Credit authority resides with the Chief Credit Officer and selected team members to whom specific credit<span class=\"_ _25b\"> </span> authority has been delegated. As such, counterpar<span class=\"_ _8\"></span>ty approvals may be granted by the Chief Credit Officer<span class=\"_ _6\"></span>, or by identified RQA<span class=\"_ _25b\"> </span> Credit Risk Officers who have been formally delegated authority by the Chief Credit Officer<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span>The counterpart<span class=\"_ _8\"></span>y/<span class=\"_ _6\"></span>credit risk is managed as follows:<span class=\"_ _25b\"> </span>\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>transactions are only entered into with those counterparties approved by RQA CCR, with a formal review carried out for<span class=\"_ _25b\"> </span> each new counterpart<span class=\"_ _8\"></span>y and with counterparties selected by RQA CCR on the basis of a number of risk mitigation criteria<span class=\"_ _25b\"> </span> designed to reduce the risk to the Group of default;<span class=\"_ _25b\"> </span>\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>the creditworthiness of financial institutions with whom cash and fixed income instruments are held is reviewed regularly<span class=\"_ _25b\"> </span> by RQA CCR; and<span class=\"_ _25b\"> </span>\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>RQA C<span class=\"_ _6\"></span>CR review the credit standard of the Group\u2019<span class=\"_ _6\"></span>s brokers on a periodic basis and set limits on the amount that may be<span class=\"_ _25b\"> </span> due from any one broker<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span>The Board monitors the Group\u2019<span class=\"_ _6\"></span>s counterpart<span class=\"_ _8\"></span>y risk by reviewing:<span class=\"_ _25b\"> </span>\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>the semi-annual report from the Depositary, which includes the results of periodic site visits to the Group<span class=\"_ _6\"></span>\u2019s Custodian<span class=\"_ _25b\"> </span> where controls are reviewed and tested;<span class=\"_ _25b\"> </span>\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>the Custodian<span class=\"_ _6\"></span>'s Ser<span class=\"_ _8\"></span>vice Organisation Control (SOC 1) reports which include a repor<span class=\"_ _8\"></span>t by the Custodian's auditor<span class=\"_ _9\"></span>. This repor<span class=\"_ _8\"></span>t<span class=\"_ _25b\"> </span> sets out any exceptions or issues noted as a result of the auditor\u2019<span class=\"_ _6\"></span>s review of the custodian\u2019<span class=\"_ _6\"></span>s control processes;<span class=\"_ _25b\"> </span>\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>the Manager\u2019<span class=\"_ _6\"></span>s internal control repor<span class=\"_ _8\"></span>ts which include a report by the Manager<span class=\"_ _8\"></span>\u2019<span class=\"_ _6\"></span>s auditor<span class=\"_ _6\"></span>. This repor<span class=\"_ _8\"></span>t sets out any exceptions<span class=\"_ _25b\"> </span> or issues noted as a result of the auditor\u2019<span class=\"_ _6\"></span>s review of the Manager<span class=\"_ _8\"></span>\u2019s control proces<span class=\"_ _6\"></span>ses; and<span class=\"_ _25b\"> </span>\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>in addition, the Depositary and the Manager report any significant breaches or issues arising to the Board as soon as these<span class=\"_ _25b\"> </span> are identified.<span class=\"_ _25b\"> </span>There were no past due or impaired assets as of 31 December 2025 (2024: nil). The major counterparties engaged with the Group are all widely recognised and regulated entities.<span class=\"_ _25b\"> </span>Offsetting disclosures<span class=\"_ _25b\"> </span>In order to <span class=\"_ _6\"></span>better define its contractual rights and <span class=\"_ _6\"></span>to secure rights that will <span class=\"_ _6\"></span>help the Group mitigate its counterparty risk, the Group may enter <span class=\"_ _6\"></span>into an ISDA Master Agreement or <span class=\"_ _6\"></span>similar agreement with its OTC <span class=\"_ _6\"></span>derivative contract counterpar<span class=\"_ _8\"></span>ties. An <span class=\"_ _6\"></span>ISDA<span class=\"_ _8\"></span> Master Agreement is <span class=\"_ _6\"></span>an agreement between the Group and the counterparty that governs OTC derivative <span class=\"_ _6\"></span>contracts and typically<span class=\"_ _8\"></span> contains, among other <span class=\"_ _6\"></span>things, collateral posting terms and netting <span class=\"_ _6\"></span>provisions in the event of <span class=\"_ _6\"></span>a default and/<span class=\"_ _6\"></span>or termination <span class=\"_ _6\"></span>event.<span class=\"_ _8\"></span> Under an ISDA <span class=\"_ _6\"></span>Master Agreement, the Group has a <span class=\"_ _6\"></span>contractual right to offset with <span class=\"_ _6\"></span>the counterpar<span class=\"_ _8\"></span>ty cer<span class=\"_ _8\"></span>tain derivative <span class=\"_ _6\"></span>financial<span class=\"_ _8\"></span> instruments payables and/<span class=\"_ _9\"></span>or receivables with collateral held <span class=\"_ _6\"></span>and/<span class=\"_ _6\"></span>or posted and create <span class=\"_ _6\"></span>one single net payment in <span class=\"_ _6\"></span>the event of default including <span class=\"_ _6\"></span>the bankruptcy or insolvency of the <span class=\"_ _6\"></span>counterpar<span class=\"_ _8\"></span>ty. However<span class=\"_ _9\"></span>, bankruptcy or insolvency laws <span class=\"_ _6\"></span>of a particular<span class=\"_ _8\"></span> jurisdiction may impose <span class=\"_ _6\"></span>restrictions on, or prohibitions against, the <span class=\"_ _6\"></span>right of offset in bankruptcy<span class=\"_ _6\"></span>, insolvency or <span class=\"_ _6\"></span>other events.<span class=\"_ _25b\"> </span>For financial reporting purposes, the Group does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Financial Position. The disclosures set out in the following tables include financial as<span class=\"_ _6\"></span>sets and financial liabilities that are subject to an enforceable master netting arrangement or similar agreement.<span class=\"_ _25b\"> </span>At 31 December 2025 and 2024, the Group\u2019<span class=\"_ _6\"></span>s and Company\u2019s derivative as<span class=\"_ _6\"></span>sets and liabilities (by t<span class=\"_ _8\"></span>ype) are as follows:<span class=\"_ _25b\"> </span><table class=\"s w1ce he4\" id=\"_0680054a-dbda-419e-ae40-d9c58103cc38\"><tr><td></td><td></td><td class=\"c n x75e y19a4 w1cf hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">At 31 December 2025<span class=\"_ _25b\"> </span></div></td><td></td><td class=\"c n x75f y19a4 w1d0 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">At 31 December 2024<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td class=\"c n x760 y19a5 w1d1 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Assets<span class=\"_ _25b\"> </span></div></td><td class=\"c n x761 y19a5 w1d2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Liabilities<span class=\"_ _25b\"> </span></div></td><td class=\"c n x762 y19a5 w1d3 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Assets<span class=\"_ _25b\"> </span></div></td><td class=\"c n x763 y19a5 w1d2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Liabilities<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19a6 w1d4 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Derivatives<span class=\"_ _25b\"> </span></div></td><td class=\"c n x764 y19a6 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x765 y19a6 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x766 y19a6 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x767 y19a6 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19a7 w1d5 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Written option contracts<span class=\"_ _25b\"> </span></div></td><td class=\"c n x768 y19a7 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x769 y19a7 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(359)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x76a y19a7 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x76b y19a7 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19a8 ff68 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal derivative assets and liabilities in the Consolidated and P<span class=\"_ _6\"></span>arent </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y17da w1d6 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Company Statements of Financial Position<span class=\"_ _25b\"> </span></div></td><td class=\"c n x76c y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x76d y17da w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(359)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x76e y17da w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x76f y17da w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w1d7 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal assets and liabilities subject to a master netting agreement<span class=\"_ _25b\"> </span></div></td><td class=\"c n x770 y17bd w3b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x771 y17bd w1d8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(359)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x772 y17bd w3b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x773 y17bd w113 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td></tr></table>The following table presents the Group\u2019<span class=\"_ _6\"></span>s and Company\u2019s derivative liabilities by counterparty, net of amounts available for offset, under a master netting agreement and net of any related collateral paid/(received) by the Group at 31 December 2025 and 2024:<span class=\"_ _25b\"> </span><table class=\"s w1d9 he5\" id=\"_14edf6c7-4633-44f0-9082-a9a4b6287ad3\"><tr><td></td><td class=\"t m0 x774 h9 y19a9 ff66 fs7 fc0 sc0 ls0 ws0\">Derivative </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x775 h9 y19aa ff66 fs7 fc0 sc0 ls0 ws0\">liabilities </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x776 h9 y19ab ff66 fs7 fc0 sc0 ls0 ws0\">subject to a </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x730 h9 y19ac ff66 fs7 fc0 sc0 ls0 ws0\">master netting </td><td class=\"t m0 x596 h9 y19ac ff66 fs7 fc0 sc0 ls0 ws0\">Derivatives </td><td></td><td></td><td class=\"t m0 x38f h9 y19ac ff66 fs7 fc0 sc0 ls0 ws0\">Net amount </td></tr><tr><td></td><td class=\"t m0 x777 h9 y19ad ff66 fs7 fc0 sc0 ls0 ws0\">agreement by a </td><td class=\"t m0 x778 h9 y19ad ff66 fs7 fc0 sc0 ls0 ws0\">available for </td><td class=\"t m0 x4c6 h9 y19ad ff66 fs7 fc0 sc0 ls0 ws0\">Non-cash </td><td class=\"t m0 x779 h9 y19ad ff66 fs7 fc0 sc0 ls0 ws0\">Pledged cash </td><td class=\"t m0 x77a h9 y19ad ff66 fs7 fc0 sc0 ls0 ws0\">of derivative </td></tr><tr><td></td><td class=\"t m0 x77b h9 y19ae ff66 fs7 fc0 sc0 ls0 ws0\">counterparty<span class=\"_ _25b\"> </span></td><td class=\"t m0 x77c h9 y19ae ff66 fs7 fc0 sc0 ls0 ws0\">offset<span class=\"_ _25b\"> </span></td><td class=\"t m0 x63e h9 y19ae ff66 fs7 fc0 sc0 ls0 ws0\">collateral given<span class=\"_ _25b\"> </span></td><td class=\"t m0 x77d h9 y19ae ff66 fs7 fc0 sc0 ls0 ws0\">collateral<span class=\"_ _25b\"> </span></td><td class=\"t m0 x59d h9 y19ae ff66 fs7 fc0 sc0 ls0 ws0\">liabilities<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"c n x1b1 y19af w1da hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Counterparty<span class=\"_ _25b\"> </span></div></td><td class=\"c n x77e y19af w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x77f y19af w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x780 y19af w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x781 y19af w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x782 y19af w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19b0 ff68 fs7 fc0 sc0 ls0 ws0\">At 31 December 2025<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2c9 y19b1 w1db hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">UBS<span class=\"_ _25b\"> </span></div></td><td class=\"c n x783 y19b1 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(349)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x784 y19b1 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x785 y19b1 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x786 y19b1 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x787 y19b1 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(349)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x2c9 y19b2 w1ca hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">BNP Paribas<span class=\"_ _25b\"> </span></div></td><td class=\"c n x788 y19b2 w50 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(10)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x789 y19b2 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x78a y19b2 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x78b y19b2 w3e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10<span class=\"_ _25b\"> </span></div></td><td class=\"c n x78c y19b2 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17ba w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x78d y17ba w1dc hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(359)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x78e y17ba w3b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x78f y17ba w3b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x790 y17ba w3e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">10<span class=\"_ _25b\"> </span></div></td><td class=\"c n x791 y17ba w1d8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(349)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19b3 ff68 fs7 fc0 sc0 ls0 ws0\">At 31 December 2024<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2c9 y1896 w1c9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank of America Merrill Lynch<span class=\"_ _25b\"> </span></div></td><td class=\"c n x792 y1896 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x793 y1896 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x794 y1896 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x795 y1896 wdb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">622<span class=\"_ _25b\"> </span></div></td><td class=\"c n x796 y1896 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x78d y17bd w1dc hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x78e y17bd w3b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x78f y17bd w3b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x797 y17bd w9c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">622<span class=\"_ _25b\"> </span></div></td><td class=\"c n x798 y17bd w1dd hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">-<span class=\"_ _25b\"> </span></div></td></tr></table>Offsetting and cash pooling arrangements<span class=\"_ _25b\"> </span>The Company and its subsidiar<span class=\"_ _8\"></span>y have a legally enforceable right under the bank overdraft agreement with The Bank of New Y<span class=\"_ _6\"></span>ork Mellon (International) Limited to set off the cash held in the subsidiary and bank overdraft balance in the Company. The cash and overdraft balances are held in the same currency and are managed under a compensated group arrangement with the same bank where interest is received/<span class=\"_ _6\"></span>charged on the net cash/<span class=\"_ _9\"></span>overdraft balance. In practice, the Group has not and does not expect the cash and overdraft balances to settle on a net basis and, accordingly<span class=\"_ _6\"></span>, we have presented the cash and cash equivalents and bank overdraft balances in the Statement of Financial Position on a gros<span class=\"_ _6\"></span>s basis before offsetting the positive cash balances held in the subsidiar<span class=\"_ _8\"></span>y company against the bank overdraft balance in the Company<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-370": {
   "value": "(c) Liquidity risk<span class=\"_ _25b\"> </span>Liquidity risk is the risk that the Group will encounter difficulties in meeting obligations associated with financial liabilities. The Group is also exposed to the liquidity risk for margin calls on derivative instruments. The Group has an overdraf<span class=\"_ _8\"></span>t facility of \u00a330 million (2024: \u00a330 million) and a multi-currency loan facility of \u00a3200 million (2024: \u00a3200 million) which are updated and renewed on an annual basis. As per the borrowing agreements, borrowings under the overdraft and loan facilities shall at no time exceed \u00a3230 million or 25% of the Group\u2019<span class=\"_ _6\"></span>s net asset value (whichever is the lower) (2024: \u00a3230 million or 25% of the Group\u2019<span class=\"_ _6\"></span>s net asset value (whichever is lower)) and this covenant was complied with during the year<span class=\"_ _9\"></span>. For details of the loan facility, refer to note 14.<span class=\"_ _25b\"> </span>Liquidity risk exposure<span class=\"_ _25b\"> </span>The remaining undiscounted gross cash flows of the financial liabilities as at 31 December 2025 and 2024, based on the earliest date on which payment can be required, were as follows:<span class=\"_ _25b\"> </span><table class=\"s w1de he6\" id=\"_70148b21-3e3e-4619-88c6-f0b36c92b4ba\"><tr><td></td><td class=\"t m0 x73d h9 y19b4 ff66 fs7 fc0 sc0 ls0 ws0\">2025 </td><td class=\"t m0 x4ca h9 y19b4 ff66 fs7 fc0 sc0 ls0 ws0\">2024 </td></tr><tr><td></td><td class=\"t m0 x799 h9 y19b5 ff66 fs7 fc0 sc0 ls0 ws0\">3 months or </td><td class=\"t m0 x38f h9 y19b5 ff66 fs7 fc0 sc0 ls0 ws0\">3 months or </td></tr><tr><td></td><td class=\"t m0 x37c h9 y19b6 ff66 fs7 fc0 sc0 ls0 ws0\">less<span class=\"_ _25b\"> </span></td><td class=\"t m0 x79a h9 y19b6 ff66 fs7 fc0 sc0 ls0 ws0\">less<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"c n x1b1 y19b7 w5f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Group<span class=\"_ _25b\"> </span></div></td><td class=\"c n x79b y19b7 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x79c y19b7 w31 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19b8 ff68 fs7 fc0 sc0 ls0 ws0\">Current liabilities:<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y1834 w1df hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Amounts due to brokers, accruals and provisions<span class=\"_ _25b\"> </span></div></td><td class=\"c n x79d y1834 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">7,531<span class=\"_ _25b\"> </span></div></td><td class=\"c n x79e y1834 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,270<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1835 w177 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Derivative financial liabilities at fair value through profit or loss<span class=\"_ _25b\"> </span></div></td><td class=\"c n x79f y1835 wb9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">359<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a0 y1835 wdb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">622<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1836 w83 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank loans<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a1 y1836 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">96,651<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a2 y1836 w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">135,739<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1837 w172 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 bank overdraft<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a3 y1837 wd2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">57<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a4 y1837 w15e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">4<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a5 y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">104,598<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a6 y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">146,635<span class=\"_ _25b\"> </span></div></td></tr></table><table class=\"s w1de he7\" id=\"_6729bdb7-03bc-4173-b45e-9d8dff8ca954\"><tr><td></td><td class=\"t m0 x73d h9 y19b9 ff66 fs7 fc0 sc0 ls0 ws0\">2025 </td><td class=\"t m0 x4ca h9 y19b9 ff66 fs7 fc0 sc0 ls0 ws0\">2024 </td></tr><tr><td></td><td class=\"t m0 x799 h9 y19ba ff66 fs7 fc0 sc0 ls0 ws0\">3 months or </td><td class=\"t m0 x38f h9 y19ba ff66 fs7 fc0 sc0 ls0 ws0\">3 months or </td></tr><tr><td></td><td class=\"t m0 x37c h9 y19bb ff66 fs7 fc0 sc0 ls0 ws0\">less<span class=\"_ _25b\"> </span></td><td class=\"t m0 x79a h9 y19bb ff66 fs7 fc0 sc0 ls0 ws0\">less<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"c n x1b1 y19b7 w74 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Company<span class=\"_ _25b\"> </span></div></td><td class=\"c n x79b y19b7 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x79c y19b7 w31 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19bc ff68 fs7 fc0 sc0 ls0 ws0\">Current liabilities:<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y1834 w1df hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Amounts due to brokers, accruals and provisions<span class=\"_ _25b\"> </span></div></td><td class=\"c n x79d y1834 w38 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">8,546<span class=\"_ _25b\"> </span></div></td><td class=\"c n x79e y1834 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">11,285<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1835 w177 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Derivative financial liabilities at fair value through profit or loss<span class=\"_ _25b\"> </span></div></td><td class=\"c n x79f y1835 wb9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">359<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a0 y1835 wdb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">622<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1836 w83 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Bank loans<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a1 y1836 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">96,651<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a2 y1836 w3f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">135,739<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1837 w172 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Cash and cash equivalents \u2013 bank overdraft<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a3 y1837 wd2 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">57<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a4 y1837 w15e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">4<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a5 y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">105,613<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7a6 y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">147,650<span class=\"_ _25b\"> </span></div></td></tr></table>Management of liquidity risk<span class=\"_ _25b\"> </span>Liquidity risk is minimised by holding sufficient liquid investments which can be readily realised to meet liquidit<span class=\"_ _8\"></span>y demands. Asset disposals may also be required to meet liquidity needs. However<span class=\"_ _6\"></span>, the timely sale of trading positions can be impaired by many factors including decreased trading volume and increased price volatility. As a result, the Group may experience difficulties in disposing of assets to satisfy liquidity demands. Liquidit<span class=\"_ _8\"></span>y risk is not significant as the majority of the Group\u2019<span class=\"_ _6\"></span>s assets are investments in listed securities that are readily realisable.<span class=\"_ _25b\"> </span>The Board gives guidance to the Investment Manager as to the maximum amounts of the Group\u2019<span class=\"_ _6\"></span>s resources that should be invested in any one company<span class=\"_ _6\"></span>. The policy is that the Group should remain 90% invested in normal market conditions and that 25% of the Group\u2019<span class=\"_ _6\"></span>s assets may be invested in cash or cash equivalents. Short-term borrowings may be used to manage short-<span class=\"_ _25b\"> </span>term cash requirements.<span class=\"_ _25b\"> </span>The Group\u2019<span class=\"_ _6\"></span>s liquidity risk is managed on a daily basis by the Investment Manager in accordance with established policies and procedures in place. The Investment Manager reviews daily for<span class=\"_ _8\"></span>ward-looking cash reports which project cash obligations. These reports allow them to manage their obligations.<span class=\"_ _25b\"> </span>For the avoidance of doubt, none of the as<span class=\"_ _6\"></span>sets of the Group are subject to special liquidit<span class=\"_ _8\"></span>y arrangements.<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-375": {
   "value": "Fair values of financial assets and financial liabilities<span class=\"_ _25b\"> </span>The table below sets out fair value measurements using the IFRS 13 fair value hierarchy<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span><table class=\"s w1e0 he8\" id=\"_a1717031-6d20-48e4-9881-ade42a07c63f\"><tr><td class=\"t m0 x1c6 h9 y19bd ff66 fs7 fc0 sc0 ls0 ws0\">Financial assets/(liabilities) at fair value through profit or loss </td><td class=\"t m0 x6bb h9 y19bd ff66 fs7 fc0 sc0 ls0 ws0\">Level 1 </td><td class=\"t m0 x591 h9 y19bd ff66 fs7 fc0 sc0 ls0 ws0\">Level 2 </td><td class=\"t m0 x7a7 h9 y19bd ff66 fs7 fc0 sc0 ls0 ws0\">Level 3 </td><td class=\"t m0 x377 h9 y19bd ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal </td></tr><tr><td class=\"t m0 x1c6 h9 y19be ff66 fs7 fc0 sc0 ls0 ws0\">at 31 December 2025 \u2013 Group<span class=\"_ _25b\"> </span></td><td class=\"t m0 x7a8 h9 y19be ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x7a9 h9 y19be ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x376 h9 y19be ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cd h9 y19be ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x1c6 h9 y19bf ff66 fs7 fc0 sc0 ls0 ws0\">Assets:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y19c0 w1e1 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Equity investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7aa y19c0 w6e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,595,718<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ab y19c0 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ac y19c0 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">32,792<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ad y19c0 w13c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,628,510<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y19c1 w1e2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Fixed income securities<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ae y19c1 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7af y19c1 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b0 y19c1 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b1 y19c1 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1871 w7e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal assets<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b2 y1871 w7f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,595,718<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b3 y1871 w3c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b4 y1871 w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">32,792<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b5 y1871 w6d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,675,057<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19c2 ff66 fs7 fc0 sc0 ls0 ws0\">Liabilities:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y1873 w1e3 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Derivative financial instruments \u2013 written options<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b6 y1873 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(349)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b7 y1873 w50 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(10)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b8 y1873 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b9 y1873 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(359)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ba y17bd w7f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,595,369<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7bb y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">46,537<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7bc y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">32,792<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7bd y17bd w6d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,674,698<span class=\"_ _25b\"> </span></div></td></tr></table><table class=\"s w1e4 he9\" id=\"_b785905d-7b46-4c03-aa75-1ee1b7863d64\"><tr><td class=\"t m0 x1c6 h9 y19c3 ff66 fs7 fc0 sc0 ls0 ws0\">Financial assets/(liabilities) at fair value through profit or loss </td><td class=\"t m0 x6bb h9 y19c3 ff66 fs7 fc0 sc0 ls0 ws0\">Level 1 </td><td class=\"t m0 x591 h9 y19c3 ff66 fs7 fc0 sc0 ls0 ws0\">Level 2 </td><td class=\"t m0 x7a7 h9 y19c3 ff66 fs7 fc0 sc0 ls0 ws0\">Level 3 </td><td class=\"t m0 x377 h9 y19c3 ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal </td></tr><tr><td class=\"t m0 x1c6 h9 y19c4 ff66 fs7 fc0 sc0 ls0 ws0\">at 31 December 2024 \u2013 Group<span class=\"_ _25b\"> </span></td><td class=\"t m0 x7a8 h9 y19c4 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x7a9 h9 y19c4 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x376 h9 y19c4 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cd h9 y19c4 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x1c6 h9 y19c5 ff66 fs7 fc0 sc0 ls0 ws0\">Assets:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y192b w1e1 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Equity investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7be y192b w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">987,723<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7bf y192b w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,555<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c0 y192b w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,070<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c1 y192b w6e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,034,348<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y19c6 w1e2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Fixed income securities<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c2 y19c6 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c3 y19c6 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c4 y19c6 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c5 y19c6 w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1870 w1cb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Investment in contractual rights<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c6 y1870 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c7 y1870 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c8 y1870 w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,197<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c9 y1870 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,197<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1871 w7e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal assets<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ca y1871 w45 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">987,723<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7cb y1871 w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">47,208<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7cc y1871 w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">58,267<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7cd y1871 w6d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,093,198<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19c7 ff66 fs7 fc0 sc0 ls0 ws0\">Liabilities:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y1873 w1e3 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Derivative financial instruments \u2013 written options<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ce y1873 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7cf y1873 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d0 y1873 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d1 y1873 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d2 y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">987,723<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d3 y17bd w3c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">46,586<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d4 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">58,267<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4f1 y17bd w92 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,092,576<span class=\"_ _25b\"> </span></div></td></tr></table><table class=\"s w1e0 hea\" id=\"_4831a4f0-01ff-4a3e-afd0-1383e3e1021a\"><tr><td class=\"t m0 x1c6 h9 y19c8 ff66 fs7 fc0 sc0 ls0 ws0\">Financial assets/(liabilities) at fair value through profit or loss </td><td class=\"t m0 x6bb h9 y19c8 ff66 fs7 fc0 sc0 ls0 ws0\">Level 1 </td><td class=\"t m0 x591 h9 y19c8 ff66 fs7 fc0 sc0 ls0 ws0\">Level 2 </td><td class=\"t m0 x7a7 h9 y19c8 ff66 fs7 fc0 sc0 ls0 ws0\">Level 3 </td><td class=\"t m0 x377 h9 y19c8 ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal </td></tr><tr><td class=\"t m0 x1c6 h9 y19c9 ff66 fs7 fc0 sc0 ls0 ws0\">at 31 December 2025 \u2013 Company<span class=\"_ _25b\"> </span></td><td class=\"t m0 x7a8 h9 y19c9 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x7a9 h9 y19c9 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x376 h9 y19c9 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cd h9 y19c9 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x1c6 h9 y19ca ff66 fs7 fc0 sc0 ls0 ws0\">Assets:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y19c6 w1e1 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Equity investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7aa y19c6 w6e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,595,718<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ab y19c6 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ac y19c6 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">40,413<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ad y19c6 w13c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,636,131<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1870 w181 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Fixed income investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d5 y1870 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d6 y1870 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d7 y1870 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d8 y1870 w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19cb w7e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal assets<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d9 y19cb w7f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,595,718<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7da y19cb w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7db y19cb w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">40,413<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7dc y19cb w6d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,682,678<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19cc ff66 fs7 fc0 sc0 ls0 ws0\">Liabilities:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y1873 w1e3 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Derivative financial instruments \u2013 written options<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b6 y1873 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(349)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b7 y1873 w50 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(10)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b8 y1873 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b9 y1873 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(359)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ba y17bd w7f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,595,369<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7dd y17bd w3c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">46,537<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7bc y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">40,413<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7bd y17bd w6d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,682,319<span class=\"_ _25b\"> </span></div></td></tr></table><table class=\"s w1e4 heb\" id=\"_e09f5ab7-6e4a-4fbd-b97c-cb998eb6d32f\"><tr><td class=\"t m0 x1c6 h9 y19cd ff66 fs7 fc0 sc0 ls0 ws0\">Financial assets/(liabilities) at fair value through profit or loss </td><td class=\"t m0 x6bb h9 y19cd ff66 fs7 fc0 sc0 ls0 ws0\">Level 1 </td><td class=\"t m0 x591 h9 y19cd ff66 fs7 fc0 sc0 ls0 ws0\">Level 2 </td><td class=\"t m0 x7a7 h9 y19cd ff66 fs7 fc0 sc0 ls0 ws0\">Level 3 </td><td class=\"t m0 x377 h9 y19cd ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal </td></tr><tr><td class=\"t m0 x1c6 h9 y19ce ff66 fs7 fc0 sc0 ls0 ws0\">at 31 December 2024 \u2013 Company<span class=\"_ _25b\"> </span></td><td class=\"t m0 x7a8 h9 y19ce ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x7a9 h9 y19ce ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x376 h9 y19ce ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cd h9 y19ce ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x1c6 h9 y19cf ff66 fs7 fc0 sc0 ls0 ws0\">Assets:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y19d0 w1e1 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Equity investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7be y19d0 w3f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">987,723<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7bf y19d0 w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,555<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c0 y19d0 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">43,594<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c1 y19d0 w6e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,041,872<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y19c6 w1e2 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Fixed income securities<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c2 y19c6 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c3 y19c6 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c4 y19c6 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c5 y19c6 w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1870 w1cb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Investment in contractual rights<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c6 y1870 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c7 y1870 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c8 y1870 w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,197<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c9 y1870 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,197<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1871 w7e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal assets<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ca y1871 w45 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">987,723<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7cb y1871 w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">47,208<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7cc y1871 w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">65,791<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7cd y1871 w6d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,100,722<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19d1 ff66 fs7 fc0 sc0 ls0 ws0\">Liabilities:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y1873 w1e3 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Derivative financial instruments \u2013 written options<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ce y1873 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7cf y1873 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d0 y1873 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d1 y1873 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d2 y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">987,723<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d3 y17bd w3c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">46,586<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d4 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">65,791<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4f1 y17bd w92 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,100,100<span class=\"_ _25b\"> </span></div></td></tr></table>A reconciliation of fair value measurement in Level 3 is set out on the following page.<span class=\"_ _25b\"> </span><table class=\"s w1e5 hec\" id=\"_63061267-23a9-4ee3-b77d-db2919f6d1e5\"><tr><td></td><td></td><td class=\"c n x7de y19d2 w73 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">Group<span class=\"_ _25b\"> </span></div></td><td></td><td class=\"c n x7df y19d2 w98 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">Company<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td class=\"c n x7e0 y19d3 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e1 y19d3 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e2 y19d3 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e3 y19d3 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19d4 ff66 fs7 fc0 sc0 ls0 ws0\">Level 3 Financial assets at fair value through profit or loss </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y19d5 w1e6 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">at 31 December<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e4 y19d5 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e5 y19d5 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e6 y19d5 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e7 y19d5 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19d6 w1e7 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">Opening fair value<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e8 y19d6 w34 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">58,267<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e9 y19d6 w36 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">51,011<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ea y19d6 w36 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">65,791<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7eb y19d6 w36 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">58,418<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19d7 w1e8 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">Return of capital \u2013 royalty<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ec y19d7 w43 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">(483)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ed y19d7 w43 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">(397)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ee y19d7 w43 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">(483)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ef y19d7 w43 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">(397)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19d8 w1e9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Additions at cost<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f0 y19d8 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,847<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f1 y19d8 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">5,626<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f2 y19d8 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,847<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f3 y19d8 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">5,626<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19d9 w1ea hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Sale of investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f4 y19d9 w4c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(52,582)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f5 y19d9 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f6 y19d9 w68 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(52,582)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f7 y19d9 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x1b1 y19da w1eb hcb\"><div class=\"t m0 x1a0 h9 y1817 ff68 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal profit or loss included in net profit/(loss) on investments in the<span class=\"_ _25b\"> </span></div><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Consolidated Statement of Comprehensive Income<span class=\"_ _25b\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y19db w1ec hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013 realised gain on investments sold<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f8 y19db w34 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">30,868<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f9 y19db w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7fa y19db w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">30,868<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7fb y19db w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17da w1ed hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013 unrealised (losses)/<span class=\"_ _6\"></span>gains on as<span class=\"_ _6\"></span>sets held at the end of the year<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7fc y17da w4f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(6,125)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7fd y17da w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,027<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7fe y17da w4b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(6,028)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ff y17da w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,144<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w1ee hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Closing balance<span class=\"_ _25b\"> </span></div></td><td class=\"c n x800 y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">32,792<span class=\"_ _25b\"> </span></div></td><td class=\"c n x801 y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">58,267<span class=\"_ _25b\"> </span></div></td><td class=\"c n x802 y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">40,413<span class=\"_ _25b\"> </span></div></td><td class=\"c n x803 y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">65,791<span class=\"_ _25b\"> </span></div></td></tr></table>The BHP Brazil Royalty was sold on 8 December 2025 for US$70.0 million at a premium of 105% to the fair value of US$34.1 million as of 8 December 2025.<span class=\"_ _25b\"> </span>The Level 3 valuation process and techniques used are explained in the accounting policies in notes 2(h) and 2(q). A more detailed description of the techniques is found on page 127 under \u2018<span class=\"_ _8\"></span>Valuation proces<span class=\"_ _6\"></span>s and techniques for Level 3 valuations\u2019<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span>The Level 3 investments as at 31 December 2025 in the table that follows relate to equity shares of Jetti Resources and MCC Mining. In accordance with IFRS 13, these investments were categorised as Level 3. In arriving at the fair value of Jetti Resources and MCC Mining, the key inputs are shown below<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span>Quantitative information of significant unobservable inputs \u2013 Level 3 \u2013 Group and Company<span class=\"_ _25b\"> </span>The significant unobser<span class=\"_ _8\"></span>vable inputs used in the fair value measurement categorised within Level 3 of the fair value hierarchy<span class=\"_ _6\"></span>,<span class=\"_ gs149\"> </span>together with an estimated quantitative sensitivit<span class=\"_ _8\"></span>y analysis, as at 31 December 2025 and 31 December 2024 are as<span class=\"_ gs149\"> </span>shown below<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span><table class=\"s w1ef hed\" id=\"_a2be4c65-b48a-4177-ac1b-ea403d3f4098\"><tr><td></td><td class=\"t m0 x804 h9 y19dc ff66 fs7 fc0 sc0 ls0 ws0\">As at<span class=\"_ _25b\"> </span></td><td></td><td></td><td class=\"t m0 x805 h9 y19dc ff66 fs7 fc0 sc0 ls0 ws0\">Range of </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x806 h9 y19dd ff66 fs7 fc0 sc0 ls0 ws0\">31 December </td><td></td><td></td><td class=\"t m0 x807 h9 y19dd ff66 fs7 fc0 sc0 ls0 ws0\">weighted<span class=\"_ _25b\"> </span></td><td class=\"t m0 x808 h9 y19dd ff66 fs7 fc0 sc0 ls0 ws0\">Reasonable<span class=\"_ _25b\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 x804 h9 y19de ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></td><td class=\"t m0 x809 h9 y19de ff66 fs7 fc0 sc0 ls0 ws0\">Valuation </td><td class=\"t m0 x80a h9 y19de ff66 fs7 fc0 sc0 ls0 ws0\">Unobservable </td><td class=\"t m0 x80b h9 y19de ff66 fs7 fc0 sc0 ls0 ws0\">average </td><td class=\"t m0 x80c h9 y19de ff66 fs7 fc0 sc0 ls0 ws0\">possible </td><td class=\"t m0 x80d h9 y19de ff66 fs7 fc0 sc0 ls0 ws0\">Impact on<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x4a6 h9 y19df ff66 fs7 fc0 sc0 ls0 ws0\">Description<span class=\"_ _25b\"> </span></td><td class=\"t m0 x80e h9 y19df ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x80f h9 y19df ff66 fs7 fc0 sc0 ls0 ws0\">technique<span class=\"_ _25b\"> </span></td><td class=\"t m0 x810 h9 y19df ff66 fs7 fc0 sc0 ls0 ws0\">input<span class=\"_ _25b\"> </span></td><td class=\"t m0 x811 h9 y19df ff66 fs7 fc0 sc0 ls0 ws0\">inputs<span class=\"_ _25b\"> </span></td><td class=\"t m0 x812 h9 y19df ff66 fs7 fc0 sc0 ls0 ws0\">shift\u00b9 +/-<span class=\"_ _25b\"> </span></td><td class=\"t m0 x813 h9 y19df ff66 fs7 fc0 sc0 ls0 ws0\">fair value<span class=\"_ _25b\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x814 h9 y19e0 ff68 fs7 fc0 sc0 ls0 ws0\">Market<span class=\"ff67\"> </span></td><td class=\"t m0 x80a h9 y19e0 ff68 fs7 fc0 sc0 ls0 ws0\">Price of recent </td><td></td><td></td><td></td></tr><tr><td class=\"c n x21e y19e1 wa9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">MCC Mining<span class=\"_ _25b\"> </span></div></td><td class=\"c n x815 y19e1 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">20,356</div></td><td class=\"t m0 x816 h9 y19e2 ff68 fs7 fc0 sc0 ls0 ws0\">approach<span class=\"_ _25b\"> </span></td><td class=\"c n x817 y19e1 w1f0 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">transaction<span class=\"_ _25b\"> </span></div></td><td></td><td class=\"c n x818 y19e1 we8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10.0%<span class=\"_ _25b\"> </span></div></td><td class=\"c n x819 y19e1 w1f1 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u00a32.0m<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x81a h9 y19e3 ff68 fs7 fc0 sc0 ls0 ws0\">Market<span class=\"ff67\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x21e y19e4 w1f2 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Jetti Resources<span class=\"_ _25b\"> </span></div></td><td class=\"c n x81b y19e4 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">12,436<span class=\"_ _25b\"> </span></div></td><td class=\"c n x81c y19e4 w1f3 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">approach<span class=\"_ _25b\"> </span></div></td><td class=\"c n x81d y19e4 w1f4 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Earnings multiple<span class=\"_ _25b\"> </span></div></td><td class=\"c n x81e y19e4 w1f5 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">17.50x<span class=\"_ _25b\"> </span></div></td><td class=\"c n x81f y19e4 we8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10.0%<span class=\"_ _25b\"> </span></div></td><td class=\"c n x820 y19e4 w1f1 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u00a31.2m<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x21e y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x821 y17bd w7d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">32,792<span class=\"_ _25b\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr></table><table class=\"s w1f6 hee\" id=\"_cdd6d636-3821-42dd-a29f-eea8b8b4db58\"><tr><td></td><td class=\"t m0 x804 h9 y19e5 ff66 fs7 fc0 sc0 ls0 ws0\">As at<span class=\"_ _25b\"> </span></td><td></td><td></td><td class=\"t m0 x805 h9 y19e5 ff66 fs7 fc0 sc0 ls0 ws0\">Range of </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x806 h9 y19e6 ff66 fs7 fc0 sc0 ls0 ws0\">31 December </td><td></td><td></td><td class=\"t m0 x807 h9 y19e6 ff66 fs7 fc0 sc0 ls0 ws0\">weighted<span class=\"_ _25b\"> </span></td><td class=\"t m0 x808 h9 y19e6 ff66 fs7 fc0 sc0 ls0 ws0\">Reasonable<span class=\"_ _25b\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 x804 h9 y19e7 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td><td class=\"t m0 x809 h9 y19e7 ff66 fs7 fc0 sc0 ls0 ws0\">Valuation </td><td class=\"t m0 x80a h9 y19e7 ff66 fs7 fc0 sc0 ls0 ws0\">Unobservable </td><td class=\"t m0 x80b h9 y19e7 ff66 fs7 fc0 sc0 ls0 ws0\">average </td><td class=\"t m0 x80c h9 y19e7 ff66 fs7 fc0 sc0 ls0 ws0\">possible </td><td class=\"t m0 x80d h9 y19e7 ff66 fs7 fc0 sc0 ls0 ws0\">Impact on<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x4a6 h9 y19e8 ff66 fs7 fc0 sc0 ls0 ws0\">Description<span class=\"_ _25b\"> </span></td><td class=\"t m0 x80e h9 y19e8 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x80f h9 y19e8 ff66 fs7 fc0 sc0 ls0 ws0\">technique<span class=\"_ _25b\"> </span></td><td class=\"t m0 x810 h9 y19e8 ff66 fs7 fc0 sc0 ls0 ws0\">input<span class=\"_ _25b\"> </span></td><td class=\"t m0 x811 h9 y19e8 ff66 fs7 fc0 sc0 ls0 ws0\">inputs<span class=\"_ _25b\"> </span></td><td class=\"t m0 x812 h9 y19e8 ff66 fs7 fc0 sc0 ls0 ws0\">shift\u00b9 +/-<span class=\"_ _25b\"> </span></td><td class=\"t m0 x813 h9 y19e8 ff66 fs7 fc0 sc0 ls0 ws0\">fair value<span class=\"_ _25b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x822 h9 y19e9 ff68 fs7 fc0 sc0 ls0 ws0\">Discount rate\u2013<span class=\"ff67\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x823 h9 y19ea ff68 fs7 fc0 sc0 ls0 ws0\">weighted average </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x824 h9 y19eb ff68 fs7 fc0 sc0 ls0 ws0\">Discounted </td><td class=\"t m0 x825 h9 y19eb ff67 fs7 fc0 sc0 ls0 ws0\">cost <span class=\"_ _b\"></span> </td><td class=\"t m0 x826 h9 y19eb ff68 fs7 fc0 sc0 ls0 ws0\">5.0% - 8.0%<span class=\"ff67\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x21e y19ec w1f7 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">BHP Brazil Royalty<span class=\"_ _25b\"> </span></div></td><td class=\"c n x815 y19ec w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,197</div></td><td class=\"t m0 x80f h9 y19ed ff68 fs7 fc0 sc0 ls0 ws0\">cash flows<span class=\"_ _25b\"> </span></td><td class=\"t m0 x827 h9 y19ed ff68 fs7 fc0 sc0 ls0 ws0\">of capital<span class=\"_ _25b\"> </span></td><td></td><td class=\"c n x828 y19ec w1f8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1.0%<span class=\"_ _25b\"> </span></div></td><td class=\"c n x829 y19ec w1f1 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u00a31.2m<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x82a h9 y19ee ff68 fs7 fc0 sc0 ls0 ws0\">US$2,270-<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x211 h9 y19ef ff68 fs7 fc0 sc0 ls0 ws0\">Average <span class=\"_ _b\"></span><span class=\"ff67\"> </span></td><td class=\"t m0 x82b h9 y19ef ff68 fs7 fc0 sc0 ls0 ws0\">US$2,376<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x82c h9 y19f0 ff68 fs7 fc0 sc0 ls0 ws0\">gold prices<span class=\"_ _25b\"> </span></td><td class=\"c n x82d y19f1 w1f9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">per ounce<span class=\"_ _25b\"> </span></div></td><td class=\"c n x82e y19f1 we8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10.0%<span class=\"_ _25b\"> </span></div></td><td class=\"c n x82f y19f1 w1f1 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u00a32.1m<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x82a h9 y19f2 ff68 fs7 fc0 sc0 ls0 ws0\">US$9,025-<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x211 h9 y19f3 ff68 fs7 fc0 sc0 ls0 ws0\">Average <span class=\"_ _b\"></span><span class=\"ff67\"> </span></td><td class=\"t m0 x82b h9 y19f3 ff68 fs7 fc0 sc0 ls0 ws0\">US$9,325 </td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x830 h9 y19f4 ff68 fs7 fc0 sc0 ls0 ws0\">copper prices<span class=\"_ _25b\"> </span></td><td class=\"c n x831 y19f5 w1fa hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">per tonne<span class=\"_ _25b\"> </span></div></td><td class=\"c n x832 y19f5 we8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10.0%<span class=\"_ _25b\"> </span></div></td><td class=\"c n x833 y19f5 w1fb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u00a31.0m<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x814 h9 y19f6 ff68 fs7 fc0 sc0 ls0 ws0\">Market<span class=\"ff67\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x21e y19f7 w1f2 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Jetti Resources<span class=\"_ _25b\"> </span></div></td><td class=\"c n x834 y19f7 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">21,973<span class=\"_ _25b\"> </span></div></td><td class=\"c n x835 y19f7 w1f3 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">approach<span class=\"_ _25b\"> </span></div></td><td class=\"c n x836 y19f7 w1f4 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Earnings multiple<span class=\"_ _25b\"> </span></div></td><td class=\"c n x837 y19f7 w1fc hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4.75x<span class=\"_ _25b\"> </span></div></td><td class=\"c n x838 y19f7 we8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10.0%<span class=\"_ _25b\"> </span></div></td><td class=\"c n x839 y19f7 w1f1 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u00a32.3m<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x81a h9 y19f8 ff68 fs7 fc0 sc0 ls0 ws0\">Market<span class=\"ff67\"> </span></td><td class=\"t m0 x830 h9 y19f8 ff68 fs7 fc0 sc0 ls0 ws0\">Price of recent<span class=\"ff67\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x21e y1896 wa9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">MCC Mining<span class=\"_ _25b\"> </span></div></td><td class=\"c n x83a y1896 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">14,097</div></td><td class=\"t m0 x83b h9 y19f9 ff68 fs7 fc0 sc0 ls0 ws0\">approach<span class=\"_ _25b\"> </span></td><td class=\"c n x83c y1896 w1f0 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">transaction<span class=\"_ _25b\"> </span></div></td><td></td><td class=\"c n x83d y1896 we8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10.0%<span class=\"_ _25b\"> </span></div></td><td class=\"c n x83e y1896 w1fb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u00a31.4m<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x21e y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x83f y17bd w7d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">58,267<span class=\"_ _25b\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr></table>1 <span class=\"_ _c\"> </span>The sensitivity analysis refers to a percentage amount added or deducted from the input and the effect this has on the fair value.<span class=\"_ _25b\"> </span>The sensitivity impact on fair value is calculated based on the sensitivit<span class=\"_ _8\"></span>y estimates set out by the independent valuer in its report on the valuation of contractual rights. Significant increases/(decreases) in estimated commodit<span class=\"_ _8\"></span>y prices and discount rates in isolation would result in a significantly higher<span class=\"_ _6\"></span>/(lower) fair value measurement. Generally<span class=\"_ _6\"></span>, a change in the assumption made for the estimated value is accompanied by a directionally similar change in the commodity prices and discount rates.<span class=\"_ _25b\"> </span>For exchange listed equity investments, the quoted price is the bid price. Substantially<span class=\"_ _6\"></span>, all investments are valued based on unadjusted quoted market prices. Where such quoted prices are readily available in an active market, such prices are not required to be asses<span class=\"_ _6\"></span>sed or adjusted for any price related risks, including climate risk, in accordance with the fair value related requirements of the Company\u2019s financial reporting framework.<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-371": {
   "value": "Fair values of financial assets and financial liabilities<span class=\"_ _25b\"> </span>The table below sets out fair value measurements using the IFRS 13 fair value hierarchy<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span><table class=\"s w1e0 he8\" id=\"_a1717031-6d20-48e4-9881-ade42a07c63f\"><tr><td class=\"t m0 x1c6 h9 y19bd ff66 fs7 fc0 sc0 ls0 ws0\">Financial assets/(liabilities) at fair value through profit or loss </td><td class=\"t m0 x6bb h9 y19bd ff66 fs7 fc0 sc0 ls0 ws0\">Level 1 </td><td class=\"t m0 x591 h9 y19bd ff66 fs7 fc0 sc0 ls0 ws0\">Level 2 </td><td class=\"t m0 x7a7 h9 y19bd ff66 fs7 fc0 sc0 ls0 ws0\">Level 3 </td><td class=\"t m0 x377 h9 y19bd ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal </td></tr><tr><td class=\"t m0 x1c6 h9 y19be ff66 fs7 fc0 sc0 ls0 ws0\">at 31 December 2025 \u2013 Group<span class=\"_ _25b\"> </span></td><td class=\"t m0 x7a8 h9 y19be ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x7a9 h9 y19be ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x376 h9 y19be ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cd h9 y19be ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x1c6 h9 y19bf ff66 fs7 fc0 sc0 ls0 ws0\">Assets:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y19c0 w1e1 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Equity investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7aa y19c0 w6e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,595,718<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ab y19c0 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ac y19c0 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">32,792<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ad y19c0 w13c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,628,510<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y19c1 w1e2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Fixed income securities<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ae y19c1 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7af y19c1 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b0 y19c1 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b1 y19c1 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1871 w7e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal assets<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b2 y1871 w7f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,595,718<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b3 y1871 w3c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b4 y1871 w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">32,792<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b5 y1871 w6d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,675,057<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19c2 ff66 fs7 fc0 sc0 ls0 ws0\">Liabilities:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y1873 w1e3 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Derivative financial instruments \u2013 written options<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b6 y1873 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(349)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b7 y1873 w50 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(10)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b8 y1873 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b9 y1873 w43 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(359)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ba y17bd w7f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,595,369<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7bb y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">46,537<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7bc y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">32,792<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7bd y17bd w6d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,674,698<span class=\"_ _25b\"> </span></div></td></tr></table><table class=\"s w1e4 he9\" id=\"_b785905d-7b46-4c03-aa75-1ee1b7863d64\"><tr><td class=\"t m0 x1c6 h9 y19c3 ff66 fs7 fc0 sc0 ls0 ws0\">Financial assets/(liabilities) at fair value through profit or loss </td><td class=\"t m0 x6bb h9 y19c3 ff66 fs7 fc0 sc0 ls0 ws0\">Level 1 </td><td class=\"t m0 x591 h9 y19c3 ff66 fs7 fc0 sc0 ls0 ws0\">Level 2 </td><td class=\"t m0 x7a7 h9 y19c3 ff66 fs7 fc0 sc0 ls0 ws0\">Level 3 </td><td class=\"t m0 x377 h9 y19c3 ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal </td></tr><tr><td class=\"t m0 x1c6 h9 y19c4 ff66 fs7 fc0 sc0 ls0 ws0\">at 31 December 2024 \u2013 Group<span class=\"_ _25b\"> </span></td><td class=\"t m0 x7a8 h9 y19c4 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x7a9 h9 y19c4 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x376 h9 y19c4 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cd h9 y19c4 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x1c6 h9 y19c5 ff66 fs7 fc0 sc0 ls0 ws0\">Assets:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y192b w1e1 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Equity investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7be y192b w3f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">987,723<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7bf y192b w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,555<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c0 y192b w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,070<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c1 y192b w6e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,034,348<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y19c6 w1e2 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Fixed income securities<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c2 y19c6 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c3 y19c6 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c4 y19c6 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c5 y19c6 w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1870 w1cb hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Investment in contractual rights<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c6 y1870 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c7 y1870 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c8 y1870 w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,197<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c9 y1870 w36 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,197<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1871 w7e hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal assets<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ca y1871 w45 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">987,723<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7cb y1871 w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">47,208<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7cc y1871 w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">58,267<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7cd y1871 w6d hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,093,198<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19c7 ff66 fs7 fc0 sc0 ls0 ws0\">Liabilities:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y1873 w1e3 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Derivative financial instruments \u2013 written options<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ce y1873 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7cf y1873 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d0 y1873 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d1 y1873 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d2 y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">987,723<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d3 y17bd w3c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">46,586<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d4 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">58,267<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4f1 y17bd w92 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,092,576<span class=\"_ _25b\"> </span></div></td></tr></table><table class=\"s w1e0 hea\" id=\"_4831a4f0-01ff-4a3e-afd0-1383e3e1021a\"><tr><td class=\"t m0 x1c6 h9 y19c8 ff66 fs7 fc0 sc0 ls0 ws0\">Financial assets/(liabilities) at fair value through profit or loss </td><td class=\"t m0 x6bb h9 y19c8 ff66 fs7 fc0 sc0 ls0 ws0\">Level 1 </td><td class=\"t m0 x591 h9 y19c8 ff66 fs7 fc0 sc0 ls0 ws0\">Level 2 </td><td class=\"t m0 x7a7 h9 y19c8 ff66 fs7 fc0 sc0 ls0 ws0\">Level 3 </td><td class=\"t m0 x377 h9 y19c8 ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal </td></tr><tr><td class=\"t m0 x1c6 h9 y19c9 ff66 fs7 fc0 sc0 ls0 ws0\">at 31 December 2025 \u2013 Company<span class=\"_ _25b\"> </span></td><td class=\"t m0 x7a8 h9 y19c9 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x7a9 h9 y19c9 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x376 h9 y19c9 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cd h9 y19c9 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x1c6 h9 y19ca ff66 fs7 fc0 sc0 ls0 ws0\">Assets:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y19c6 w1e1 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Equity investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7aa y19c6 w6e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,595,718<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ab y19c6 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ac y19c6 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">40,413<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ad y19c6 w13c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,636,131<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1870 w181 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Fixed income investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d5 y1870 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d6 y1870 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d7 y1870 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d8 y1870 w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19cb w7e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal assets<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d9 y19cb w7f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,595,718<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7da y19cb w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">46,547<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7db y19cb w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">40,413<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7dc y19cb w6d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,682,678<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19cc ff66 fs7 fc0 sc0 ls0 ws0\">Liabilities:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y1873 w1e3 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Derivative financial instruments \u2013 written options<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b6 y1873 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(349)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b7 y1873 w50 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(10)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b8 y1873 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7b9 y1873 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(359)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ba y17bd w7f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,595,369<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7dd y17bd w3c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">46,537<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7bc y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">40,413<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7bd y17bd w6d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,682,319<span class=\"_ _25b\"> </span></div></td></tr></table><table class=\"s w1e4 heb\" id=\"_e09f5ab7-6e4a-4fbd-b97c-cb998eb6d32f\"><tr><td class=\"t m0 x1c6 h9 y19cd ff66 fs7 fc0 sc0 ls0 ws0\">Financial assets/(liabilities) at fair value through profit or loss </td><td class=\"t m0 x6bb h9 y19cd ff66 fs7 fc0 sc0 ls0 ws0\">Level 1 </td><td class=\"t m0 x591 h9 y19cd ff66 fs7 fc0 sc0 ls0 ws0\">Level 2 </td><td class=\"t m0 x7a7 h9 y19cd ff66 fs7 fc0 sc0 ls0 ws0\">Level 3 </td><td class=\"t m0 x377 h9 y19cd ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal </td></tr><tr><td class=\"t m0 x1c6 h9 y19ce ff66 fs7 fc0 sc0 ls0 ws0\">at 31 December 2024 \u2013 Company<span class=\"_ _25b\"> </span></td><td class=\"t m0 x7a8 h9 y19ce ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x7a9 h9 y19ce ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x376 h9 y19ce ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x3cd h9 y19ce ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x1c6 h9 y19cf ff66 fs7 fc0 sc0 ls0 ws0\">Assets:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y19d0 w1e1 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Equity investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7be y19d0 w3f hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">987,723<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7bf y19d0 w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10,555<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c0 y19d0 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">43,594<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c1 y19d0 w6e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1,041,872<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y19c6 w1e2 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Fixed income securities<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c2 y19c6 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c3 y19c6 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c4 y19c6 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c5 y19c6 w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">36,653<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1c7 y1870 w1cb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Investment in contractual rights<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c6 y1870 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c7 y1870 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c8 y1870 w7b hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,197<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7c9 y1870 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,197<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y1871 w7e hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal assets<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ca y1871 w45 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">987,723<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7cb y1871 w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">47,208<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7cc y1871 w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">65,791<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7cd y1871 w6d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,100,722<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19d1 ff66 fs7 fc0 sc0 ls0 ws0\">Liabilities:<span class=\"_ _25b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1c7 y1873 w1e3 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Derivative financial instruments \u2013 written options<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ce y1873 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7cf y1873 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d0 y1873 w35 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d1 y1873 w43 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(622)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d2 y17bd w46 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">987,723<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d3 y17bd w3c hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">46,586<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7d4 y17bd w3a hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">65,791<span class=\"_ _25b\"> </span></div></td><td class=\"c n x4f1 y17bd w92 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">1,100,100<span class=\"_ _25b\"> </span></div></td></tr></table>A reconciliation of fair value measurement in Level 3 is set out on the following page.<span class=\"_ _25b\"> </span><table class=\"s w1e5 hec\" id=\"_63061267-23a9-4ee3-b77d-db2919f6d1e5\"><tr><td></td><td></td><td class=\"c n x7de y19d2 w73 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">Group<span class=\"_ _25b\"> </span></div></td><td></td><td class=\"c n x7df y19d2 w98 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">Company<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td class=\"c n x7e0 y19d3 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e1 y19d3 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e2 y19d3 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e3 y19d3 w2a hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"t m0 x1c6 h9 y19d4 ff66 fs7 fc0 sc0 ls0 ws0\">Level 3 Financial assets at fair value through profit or loss </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y19d5 w1e6 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">at 31 December<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e4 y19d5 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e5 y19d5 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e6 y19d5 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e7 y19d5 w31 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19d6 w1e7 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">Opening fair value<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e8 y19d6 w34 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">58,267<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7e9 y19d6 w36 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">51,011<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ea y19d6 w36 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">65,791<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7eb y19d6 w36 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">58,418<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19d7 w1e8 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">Return of capital \u2013 royalty<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ec y19d7 w43 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">(483)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ed y19d7 w43 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">(397)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ee y19d7 w43 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">(483)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ef y19d7 w43 hb2\"><div class=\"t m0 x1a0 h9 y17a6 ff68 fs7 fc0 sc0 ls0 ws0\">(397)<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19d8 w1e9 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Additions at cost<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f0 y19d8 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,847<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f1 y19d8 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">5,626<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f2 y19d8 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,847<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f3 y19d8 w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">5,626<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y19d9 w1ea hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Sale of investments<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f4 y19d9 w4c hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(52,582)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f5 y19d9 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f6 y19d9 w68 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(52,582)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f7 y19d9 w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c x1b1 y19da w1eb hcb\"><div class=\"t m0 x1a0 h9 y1817 ff68 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal profit or loss included in net profit/(loss) on investments in the<span class=\"_ _25b\"> </span></div><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Consolidated Statement of Comprehensive Income<span class=\"_ _25b\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1b1 y19db w1ec hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013 realised gain on investments sold<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f8 y19db w34 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">30,868<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7f9 y19db w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7fa y19db w7b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">30,868<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7fb y19db w35 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17da w1ed hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u2013 unrealised (losses)/<span class=\"_ _6\"></span>gains on as<span class=\"_ _6\"></span>sets held at the end of the year<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7fc y17da w4f hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(6,125)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7fd y17da w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,027<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7fe y17da w4b hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">(6,028)<span class=\"_ _25b\"> </span></div></td><td class=\"c n x7ff y17da w38 hb4\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">2,144<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w1ee hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">Closing balance<span class=\"_ _25b\"> </span></div></td><td class=\"c n x800 y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">32,792<span class=\"_ _25b\"> </span></div></td><td class=\"c n x801 y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">58,267<span class=\"_ _25b\"> </span></div></td><td class=\"c n x802 y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">40,413<span class=\"_ _25b\"> </span></div></td><td class=\"c n x803 y17bd w3a hb4\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">65,791<span class=\"_ _25b\"> </span></div></td></tr></table>The BHP Brazil Royalty was sold on 8 December 2025 for US$70.0 million at a premium of 105% to the fair value of US$34.1 million as of 8 December 2025.<span class=\"_ _25b\"> </span>The Level 3 valuation process and techniques used are explained in the accounting policies in notes 2(h) and 2(q). A more detailed description of the techniques is found on page 127 under \u2018<span class=\"_ _8\"></span>Valuation proces<span class=\"_ _6\"></span>s and techniques for Level 3 valuations\u2019<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span>The Level 3 investments as at 31 December 2025 in the table that follows relate to equity shares of Jetti Resources and MCC Mining. In accordance with IFRS 13, these investments were categorised as Level 3. In arriving at the fair value of Jetti Resources and MCC Mining, the key inputs are shown below<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span>Quantitative information of significant unobservable inputs \u2013 Level 3 \u2013 Group and Company<span class=\"_ _25b\"> </span>The significant unobser<span class=\"_ _8\"></span>vable inputs used in the fair value measurement categorised within Level 3 of the fair value hierarchy<span class=\"_ _6\"></span>,<span class=\"_ gs149\"> </span>together with an estimated quantitative sensitivit<span class=\"_ _8\"></span>y analysis, as at 31 December 2025 and 31 December 2024 are as<span class=\"_ gs149\"> </span>shown below<span class=\"_ _6\"></span>.<span class=\"_ _25b\"> </span><table class=\"s w1ef hed\" id=\"_a2be4c65-b48a-4177-ac1b-ea403d3f4098\"><tr><td></td><td class=\"t m0 x804 h9 y19dc ff66 fs7 fc0 sc0 ls0 ws0\">As at<span class=\"_ _25b\"> </span></td><td></td><td></td><td class=\"t m0 x805 h9 y19dc ff66 fs7 fc0 sc0 ls0 ws0\">Range of </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x806 h9 y19dd ff66 fs7 fc0 sc0 ls0 ws0\">31 December </td><td></td><td></td><td class=\"t m0 x807 h9 y19dd ff66 fs7 fc0 sc0 ls0 ws0\">weighted<span class=\"_ _25b\"> </span></td><td class=\"t m0 x808 h9 y19dd ff66 fs7 fc0 sc0 ls0 ws0\">Reasonable<span class=\"_ _25b\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 x804 h9 y19de ff66 fs7 fc0 sc0 ls0 ws0\">2025<span class=\"_ _25b\"> </span></td><td class=\"t m0 x809 h9 y19de ff66 fs7 fc0 sc0 ls0 ws0\">Valuation </td><td class=\"t m0 x80a h9 y19de ff66 fs7 fc0 sc0 ls0 ws0\">Unobservable </td><td class=\"t m0 x80b h9 y19de ff66 fs7 fc0 sc0 ls0 ws0\">average </td><td class=\"t m0 x80c h9 y19de ff66 fs7 fc0 sc0 ls0 ws0\">possible </td><td class=\"t m0 x80d h9 y19de ff66 fs7 fc0 sc0 ls0 ws0\">Impact on<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x4a6 h9 y19df ff66 fs7 fc0 sc0 ls0 ws0\">Description<span class=\"_ _25b\"> </span></td><td class=\"t m0 x80e h9 y19df ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x80f h9 y19df ff66 fs7 fc0 sc0 ls0 ws0\">technique<span class=\"_ _25b\"> </span></td><td class=\"t m0 x810 h9 y19df ff66 fs7 fc0 sc0 ls0 ws0\">input<span class=\"_ _25b\"> </span></td><td class=\"t m0 x811 h9 y19df ff66 fs7 fc0 sc0 ls0 ws0\">inputs<span class=\"_ _25b\"> </span></td><td class=\"t m0 x812 h9 y19df ff66 fs7 fc0 sc0 ls0 ws0\">shift\u00b9 +/-<span class=\"_ _25b\"> </span></td><td class=\"t m0 x813 h9 y19df ff66 fs7 fc0 sc0 ls0 ws0\">fair value<span class=\"_ _25b\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x814 h9 y19e0 ff68 fs7 fc0 sc0 ls0 ws0\">Market<span class=\"ff67\"> </span></td><td class=\"t m0 x80a h9 y19e0 ff68 fs7 fc0 sc0 ls0 ws0\">Price of recent </td><td></td><td></td><td></td></tr><tr><td class=\"c n x21e y19e1 wa9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">MCC Mining<span class=\"_ _25b\"> </span></div></td><td class=\"c n x815 y19e1 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">20,356</div></td><td class=\"t m0 x816 h9 y19e2 ff68 fs7 fc0 sc0 ls0 ws0\">approach<span class=\"_ _25b\"> </span></td><td class=\"c n x817 y19e1 w1f0 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">transaction<span class=\"_ _25b\"> </span></div></td><td></td><td class=\"c n x818 y19e1 we8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10.0%<span class=\"_ _25b\"> </span></div></td><td class=\"c n x819 y19e1 w1f1 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u00a32.0m<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x81a h9 y19e3 ff68 fs7 fc0 sc0 ls0 ws0\">Market<span class=\"ff67\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x21e y19e4 w1f2 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Jetti Resources<span class=\"_ _25b\"> </span></div></td><td class=\"c n x81b y19e4 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">12,436<span class=\"_ _25b\"> </span></div></td><td class=\"c n x81c y19e4 w1f3 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">approach<span class=\"_ _25b\"> </span></div></td><td class=\"c n x81d y19e4 w1f4 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Earnings multiple<span class=\"_ _25b\"> </span></div></td><td class=\"c n x81e y19e4 w1f5 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">17.50x<span class=\"_ _25b\"> </span></div></td><td class=\"c n x81f y19e4 we8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10.0%<span class=\"_ _25b\"> </span></div></td><td class=\"c n x820 y19e4 w1f1 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u00a31.2m<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x21e y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x821 y17bd w7d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">32,792<span class=\"_ _25b\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr></table><table class=\"s w1f6 hee\" id=\"_cdd6d636-3821-42dd-a29f-eea8b8b4db58\"><tr><td></td><td class=\"t m0 x804 h9 y19e5 ff66 fs7 fc0 sc0 ls0 ws0\">As at<span class=\"_ _25b\"> </span></td><td></td><td></td><td class=\"t m0 x805 h9 y19e5 ff66 fs7 fc0 sc0 ls0 ws0\">Range of </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x806 h9 y19e6 ff66 fs7 fc0 sc0 ls0 ws0\">31 December </td><td></td><td></td><td class=\"t m0 x807 h9 y19e6 ff66 fs7 fc0 sc0 ls0 ws0\">weighted<span class=\"_ _25b\"> </span></td><td class=\"t m0 x808 h9 y19e6 ff66 fs7 fc0 sc0 ls0 ws0\">Reasonable<span class=\"_ _25b\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 x804 h9 y19e7 ff66 fs7 fc0 sc0 ls0 ws0\">2024<span class=\"_ _25b\"> </span></td><td class=\"t m0 x809 h9 y19e7 ff66 fs7 fc0 sc0 ls0 ws0\">Valuation </td><td class=\"t m0 x80a h9 y19e7 ff66 fs7 fc0 sc0 ls0 ws0\">Unobservable </td><td class=\"t m0 x80b h9 y19e7 ff66 fs7 fc0 sc0 ls0 ws0\">average </td><td class=\"t m0 x80c h9 y19e7 ff66 fs7 fc0 sc0 ls0 ws0\">possible </td><td class=\"t m0 x80d h9 y19e7 ff66 fs7 fc0 sc0 ls0 ws0\">Impact on<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"t m0 x4a6 h9 y19e8 ff66 fs7 fc0 sc0 ls0 ws0\">Description<span class=\"_ _25b\"> </span></td><td class=\"t m0 x80e h9 y19e8 ff66 fs7 fc0 sc0 ls0 ws0\">\u00a3\u2019000<span class=\"_ _25b\"> </span></td><td class=\"t m0 x80f h9 y19e8 ff66 fs7 fc0 sc0 ls0 ws0\">technique<span class=\"_ _25b\"> </span></td><td class=\"t m0 x810 h9 y19e8 ff66 fs7 fc0 sc0 ls0 ws0\">input<span class=\"_ _25b\"> </span></td><td class=\"t m0 x811 h9 y19e8 ff66 fs7 fc0 sc0 ls0 ws0\">inputs<span class=\"_ _25b\"> </span></td><td class=\"t m0 x812 h9 y19e8 ff66 fs7 fc0 sc0 ls0 ws0\">shift\u00b9 +/-<span class=\"_ _25b\"> </span></td><td class=\"t m0 x813 h9 y19e8 ff66 fs7 fc0 sc0 ls0 ws0\">fair value<span class=\"_ _25b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x822 h9 y19e9 ff68 fs7 fc0 sc0 ls0 ws0\">Discount rate\u2013<span class=\"ff67\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x823 h9 y19ea ff68 fs7 fc0 sc0 ls0 ws0\">weighted average </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x824 h9 y19eb ff68 fs7 fc0 sc0 ls0 ws0\">Discounted </td><td class=\"t m0 x825 h9 y19eb ff67 fs7 fc0 sc0 ls0 ws0\">cost <span class=\"_ _b\"></span> </td><td class=\"t m0 x826 h9 y19eb ff68 fs7 fc0 sc0 ls0 ws0\">5.0% - 8.0%<span class=\"ff67\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x21e y19ec w1f7 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">BHP Brazil Royalty<span class=\"_ _25b\"> </span></div></td><td class=\"c n x815 y19ec w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">22,197</div></td><td class=\"t m0 x80f h9 y19ed ff68 fs7 fc0 sc0 ls0 ws0\">cash flows<span class=\"_ _25b\"> </span></td><td class=\"t m0 x827 h9 y19ed ff68 fs7 fc0 sc0 ls0 ws0\">of capital<span class=\"_ _25b\"> </span></td><td></td><td class=\"c n x828 y19ec w1f8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">1.0%<span class=\"_ _25b\"> </span></div></td><td class=\"c n x829 y19ec w1f1 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u00a31.2m<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x82a h9 y19ee ff68 fs7 fc0 sc0 ls0 ws0\">US$2,270-<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x211 h9 y19ef ff68 fs7 fc0 sc0 ls0 ws0\">Average <span class=\"_ _b\"></span><span class=\"ff67\"> </span></td><td class=\"t m0 x82b h9 y19ef ff68 fs7 fc0 sc0 ls0 ws0\">US$2,376<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x82c h9 y19f0 ff68 fs7 fc0 sc0 ls0 ws0\">gold prices<span class=\"_ _25b\"> </span></td><td class=\"c n x82d y19f1 w1f9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">per ounce<span class=\"_ _25b\"> </span></div></td><td class=\"c n x82e y19f1 we8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10.0%<span class=\"_ _25b\"> </span></div></td><td class=\"c n x82f y19f1 w1f1 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u00a32.1m<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x82a h9 y19f2 ff68 fs7 fc0 sc0 ls0 ws0\">US$9,025-<span class=\"_ _25b\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x211 h9 y19f3 ff68 fs7 fc0 sc0 ls0 ws0\">Average <span class=\"_ _b\"></span><span class=\"ff67\"> </span></td><td class=\"t m0 x82b h9 y19f3 ff68 fs7 fc0 sc0 ls0 ws0\">US$9,325 </td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x830 h9 y19f4 ff68 fs7 fc0 sc0 ls0 ws0\">copper prices<span class=\"_ _25b\"> </span></td><td class=\"c n x831 y19f5 w1fa hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">per tonne<span class=\"_ _25b\"> </span></div></td><td class=\"c n x832 y19f5 we8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10.0%<span class=\"_ _25b\"> </span></div></td><td class=\"c n x833 y19f5 w1fb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u00a31.0m<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x814 h9 y19f6 ff68 fs7 fc0 sc0 ls0 ws0\">Market<span class=\"ff67\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x21e y19f7 w1f2 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Jetti Resources<span class=\"_ _25b\"> </span></div></td><td class=\"c n x834 y19f7 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">21,973<span class=\"_ _25b\"> </span></div></td><td class=\"c n x835 y19f7 w1f3 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">approach<span class=\"_ _25b\"> </span></div></td><td class=\"c n x836 y19f7 w1f4 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">Earnings multiple<span class=\"_ _25b\"> </span></div></td><td class=\"c n x837 y19f7 w1fc hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">4.75x<span class=\"_ _25b\"> </span></div></td><td class=\"c n x838 y19f7 we8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10.0%<span class=\"_ _25b\"> </span></div></td><td class=\"c n x839 y19f7 w1f1 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u00a32.3m<span class=\"_ _25b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x81a h9 y19f8 ff68 fs7 fc0 sc0 ls0 ws0\">Market<span class=\"ff67\"> </span></td><td class=\"t m0 x830 h9 y19f8 ff68 fs7 fc0 sc0 ls0 ws0\">Price of recent<span class=\"ff67\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x21e y1896 wa9 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">MCC Mining<span class=\"_ _25b\"> </span></div></td><td class=\"c n x83a y1896 w36 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">14,097</div></td><td class=\"t m0 x83b h9 y19f9 ff68 fs7 fc0 sc0 ls0 ws0\">approach<span class=\"_ _25b\"> </span></td><td class=\"c n x83c y1896 w1f0 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff67 fs7 fc0 sc0 ls0 ws0\">transaction<span class=\"_ _25b\"> </span></div></td><td></td><td class=\"c n x83d y1896 we8 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">10.0%<span class=\"_ _25b\"> </span></div></td><td class=\"c n x83e y1896 w1fb hb6\"><div class=\"t m0 x1a0 h9 y17ac ff68 fs7 fc0 sc0 ls0 ws0\">\u00a31.4m<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x21e y17bd w44 hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal<span class=\"_ _25b\"> </span></div></td><td class=\"c n x83f y17bd w7d hb6\"><div class=\"t m0 x1a0 h9 y17ac ff66 fs7 fc0 sc0 ls0 ws0\">58,267<span class=\"_ _25b\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr></table>1 <span class=\"_ _c\"> </span>The sensitivity analysis refers to a percentage amount added or deducted from the input and the effect this has on the fair value.<span class=\"_ _25b\"> </span>The sensitivity impact on fair value is calculated based on the sensitivit<span class=\"_ _8\"></span>y estimates set out by the independent valuer in its report on the valuation of contractual rights. Significant increases/(decreases) in estimated commodit<span class=\"_ _8\"></span>y prices and discount rates in isolation would result in a significantly higher<span class=\"_ _6\"></span>/(lower) fair value measurement. Generally<span class=\"_ _6\"></span>, a change in the assumption made for the estimated value is accompanied by a directionally similar change in the commodity prices and discount rates.<span class=\"_ _25b\"> </span>For exchange listed equity investments, the quoted price is the bid price. Substantially<span class=\"_ _6\"></span>, all investments are valued based on unadjusted quoted market prices. Where such quoted prices are readily available in an active market, such prices are not required to be asses<span class=\"_ _6\"></span>sed or adjusted for any price related risks, including climate risk, in accordance with the fair value related requirements of the Company\u2019s financial reporting framework.<span class=\"_ _25b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-372": {
   "value": "(e) Capital management policies and procedures<span class=\"_ _25b\"> </span>The Group\u2019<span class=\"_ _6\"></span>s capital management objectives are:<span class=\"_ _25b\"> </span>\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>to ensure it will be able to continue as a going concern; and<span class=\"_ _25b\"> </span>\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>to achieve a balanced return of dividends and capital growth over the longer term, by investing primarily in securities of companies in the mining and metals sectors.<span class=\"_ _25b\"> </span>This is to be achieved through an appropriate balance of equity capital and gearing. The Company operates a flexible gearing policy which depends on prevailing conditions. The policy is that debt should not be more than 25% of the Group\u2019<span class=\"_ _6\"></span>s net assets.<span class=\"_ _25b\"> </span>The Group\u2019<span class=\"_ _6\"></span>s total invested capital at 31 December 2025 was \u00a31,695,136,000 (2024: \u00a31,110,942,000) comprising of bank loans and an overdraft of \u00a396,708,000 (2024: \u00a3135,743,000) and equit<span class=\"_ _8\"></span>y shares, capital and reserves of \u00a31,598,428,000 (2024: \u00a3975,199,000).<span class=\"_ _25b\"> </span>Under the terms of the overdraft and loan facilit<span class=\"_ _8\"></span>y agreement, the Group<span class=\"_ _6\"></span>\u2019s total indebtednes<span class=\"_ _6\"></span>s shall at no time exceed \u00a3230<span class=\"_ gs149\"> </span>million or 25% of the Group\u2019<span class=\"_ _6\"></span>s net asset value (whichever is the lowest).<span class=\"_ _25b\"> </span>The cash and bank overdraft accounts of the Company and subsidiar<span class=\"_ _8\"></span>y in the same currency are managed under a compensated group arrangement and are therefore presented on a net basis in the Group financial statements.<span class=\"_ _25b\"> </span>The Board with the assistance of the Investment Manager monitors and reviews the broad structure of the Group<span class=\"_ _6\"></span>\u2019s capital on an ongoing basis. This review includes:<span class=\"_ _25b\"> </span>\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>the planned level of gearing, which takes into account the Investment Manager\u2019<span class=\"_ _6\"></span>s view on the market; and<span class=\"_ _25b\"> </span>\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>the need to buy back equity shares, either for cancellation or to be held in treasury, which takes account of the difference between the NAV per share and the share price (i.e. the level of share price discount or premium).<span class=\"_ _25b\"> </span>The Group is subject to externally imposed capital requirements:<span class=\"_ _25b\"> </span>\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>as a public company<span class=\"_ _6\"></span>, the Group has a minimum share capital of \u00a350,000; and<span class=\"_ _25b\"> </span>\u2013 <span class=\"_ _137\"> </span> <span class=\"_ _b\"></span>in order to be able to pay dividends out of profits available for distribution, the Group has to be able to meet one of the two capital restrictions tests imposed on investment companies by law<span class=\"_ _6\"></span>. Under Companies Act 2006, a company can make a distribution only out of accumulated realised profits and if their net assets are not les<span class=\"_ _6\"></span>s than the aggregate of their capital and undistributable reser<span class=\"_ _8\"></span>ves.<span class=\"_ _25b\"> </span>During the year<span class=\"_ _6\"></span>, the Group complied with the externally imposed capital requirements to which it was subject.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-339": {
   "value": "<div class=\"t m0 h14 ff69 fsf fc0 sc0 ls0 ws0 gs35a\">18. T<span class=\"_ _6\"></span>ransactions with the Inv<span class=\"_ _6\"></span>estment Manager and AIFM<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs35b\">BlackRock Fund Managers Limited (BFM) provides management and administration services to the Company under a </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs35c\">contract which is terminable on six months\u2019 notice. BFM has (with the Group\u2019<span class=\"_ _6\"></span>s consent<span class=\"_ _8\"></span>) delegated certain por<span class=\"_ _8\"></span>tfolio and risk </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs35d\">management ser<span class=\"_ _8\"></span>vices, and other ancillary ser<span class=\"_ _8\"></span>vices to BlackRock Investment Management (UK<span class=\"_ _8\"></span>) Limited (BIM (UK<span class=\"_ _8\"></span>)). Further </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs35e\">details of the investment management contract are disclosed in the Directors\u2019 Report on page 55.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs35f\">The investment management fee due for the year ended 31 December 2025 amounted to \u00a310,553,000 (2024: \u00a38,952,000). </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs360\">At<span class=\"_ gs149\"> </span>the year end, \u00a36,266,000 was outstanding in respect of the management fee (2024: \u00a39,018,000).<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs361\">In addition to the above ser<span class=\"_ _8\"></span>vices, BIM (UK) has provided the Group with marketing ser<span class=\"_ _8\"></span>vices. The total fees paid or payable for </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs362\">these ser<span class=\"_ _8\"></span>vices for the year ended 31 December 2025 amounted to \u00a3161,000 excluding V<span class=\"_ _6\"></span>AT (2024: \u00a3169,000). Marketing fees </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs363\">of \u00a3216,000 were outstanding as at 31 December 2025 (2024: \u00a364,000).<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs364\">The ultimate holding company of the Manager and the Investment Manager is BlackRock, Inc., a company incorporated in </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs365\">Delaware, USA<span class=\"_ _8\"></span>.</div>",
   "dimensions": {
    "concept": "blackrockworldmining:DisclosureOfTransactionsWithTheInvestmentManagerAndAIFM",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-10": {
   "value": "BlackRock, Inc",
   "dimensions": {
    "concept": "ifrs-full:NameOfUltimateParentOfGroup",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-340": {
   "value": "<div class=\"t m0 h14 ff69 fsf fc0 sc0 ls0 ws0 gs367\">19. Related party disclosure<span class=\"_ _25b\"> </span></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs368\">Directors\u2019 emoluments<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs369\">At the date of this report, the Board consists of five non-executive Directors, all of whom are considered to be independent of </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs36a\">the Manager by the Board. Following the conclusion of the Annual General Meeting on 22 May 2026, the Board will consist of </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs36b\">four non-executive Directors.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs36c\">Disclosures of the Directors\u2019 interests in the ordinar<span class=\"_ _8\"></span>y shares of the Company and fees and expenses payable to the Directors </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs36d\">are set out in the Directors\u2019 Remuneration Report on pages 62 to 65. As at 31 December 2025, \u00a318,000 (2024: \u00a318,000) was </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs36e\">outstanding in respect of Directors\u2019 fees.<span class=\"_ _25b\"> </span></div><div class=\"t m0 h74 ff69 fs3 fc0 sc0 ls0 ws0 gs36f\">Significant holdings<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs370\">The following investors are:<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs371\">a. <span class=\"_ _138\"> </span>funds managed by the BlackRock Group or are affiliates of BlackRock Inc. (Related BlackRock Funds); or<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs372\">b. <span class=\"_ _4d\"> </span> <span class=\"_ _b\"></span>investors (other than those listed in (<span class=\"_ _6\"></span>a) above) who held more than 20% of the voting shares in issue in the Company and </div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs373\">are, as a result, considered to be related parties to the Company (Significant Investors).<span class=\"_ _25b\"> </span></div><div class=\"gs374\"><table class=\"s w1fd hef\" id=\"_fe819cbd-7f7e-47e9-b48e-2262ef207a43\"><tr><td></td><td></td><td class=\"t m0 x840 h9 y19fa ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal % of shares held by </td><td class=\"t m0 x841 h9 y19fa ff66 fs7 fc0 sc0 ls0 ws0\">Number of Significant  </td></tr><tr><td></td><td></td><td class=\"t m0 x840 h9 y19fb ff66 fs7 fc0 sc0 ls0 ws0\">Significant Investors who are </td><td class=\"t m0 x841 h9 y19fb ff66 fs7 fc0 sc0 ls0 ws0\">Investors who are not affiliates </td></tr><tr><td></td><td class=\"t m0 x842 h9 y19fc ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal % of shares held by </td><td class=\"t m0 x840 h9 y19fc ff66 fs7 fc0 sc0 ls0 ws0\">not affiliates of BlackRock </td><td class=\"t m0 x841 h9 y19fc ff66 fs7 fc0 sc0 ls0 ws0\">of BlackRock Group or </td></tr><tr><td></td><td class=\"t m0 x842 h9 y19fd ff66 fs7 fc0 sc0 ls0 ws0\">Related BlackRock Funds </td><td class=\"t m0 x840 h9 y19fd ff66 fs7 fc0 sc0 ls0 ws0\">Group or BlackRock, Inc. </td><td class=\"t m0 x841 h9 y19fd ff66 fs7 fc0 sc0 ls0 ws0\">BlackRock, Inc.<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"c n x1b1 y19fe w1fe hf0\"><div class=\"t m0 x1a0 h5 y188c ff68 fs3 fc0 sc0 ls0 ws0\">As at 31 December 2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x843 y19fe w1ff hb6\"><div class=\"t m0 x1a0 h5 y188c ff66 fs7 fc0 sc0 ls0 ws0\">1.18<span class=\"_ _25b\"> </span></div></td><td class=\"c n x844 y19fe w200 hb6\"><div class=\"t m0 x1a0 h5 y188c ff66 fs7 fc0 sc0 ls8 ws9\">n<span class=\"_ _8\"></span>/a<span class=\"_ _25b\"> </span></div></td><td class=\"c n x845 y19fe w200 hb6\"><div class=\"t m0 x1a0 h5 y188c ff66 fs7 fc0 sc0 ls8 ws9\">n<span class=\"_ _8\"></span>/a<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w1fe hf0\"><div class=\"t m0 x1a0 h5 y188c ff68 fs3 fc0 sc0 ls0 ws0\">As at 31 December 2024<span class=\"_ _25b\"> </span></div></td><td class=\"c n x846 y17bd w201 hb6\"><div class=\"t m0 x1a0 h5 y188c ff68 fs7 fc0 sc0 ls0 ws0\">1.19<span class=\"_ _25b\"> </span></div></td><td class=\"c n x847 y17bd w202 hb6\"><div class=\"t m0 x1a0 h5 y188c ff67 fs7 fc0 sc0 ls8 ws9\">n<span class=\"_ _8\"></span>/a<span class=\"_ _25b\"> </span></div></td><td class=\"c n x848 y17bd w203 hb6\"><div class=\"t m0 x1a0 h5 y188c ff67 fs7 fc0 sc0 ls8 ws9\">n<span class=\"_ _8\"></span>/a</div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-361": {
   "value": "19. Related party disclosure<span class=\"_ _25b\"> </span>Directors\u2019 emoluments<span class=\"_ _25b\"> </span>At the date of this report, the Board consists of five non-executive Directors, all of whom are considered to be independent of the Manager by the Board. Following the conclusion of the Annual General Meeting on 22 May 2026, the Board will consist of four non-executive Directors.<span class=\"_ _25b\"> </span>Disclosures of the Directors\u2019 interests in the ordinar<span class=\"_ _8\"></span>y shares of the Company and fees and expenses payable to the Directors are set out in the Directors\u2019 Remuneration Report on pages 62 to 65. As at 31 December 2025, \u00a318,000 (2024: \u00a318,000) was outstanding in respect of Directors\u2019 fees.<span class=\"_ _25b\"> </span>Significant holdings<span class=\"_ _25b\"> </span>The following investors are:<span class=\"_ _25b\"> </span>a. <span class=\"_ _138\"> </span>funds managed by the BlackRock Group or are affiliates of BlackRock Inc. (Related BlackRock Funds); or<span class=\"_ _25b\"> </span>b. <span class=\"_ _4d\"> </span> <span class=\"_ _b\"></span>investors (other than those listed in (<span class=\"_ _6\"></span>a) above) who held more than 20% of the voting shares in issue in the Company and are, as a result, considered to be related parties to the Company (Significant Investors).<span class=\"_ _25b\"> </span><table class=\"s w1fd hef\" id=\"_fe819cbd-7f7e-47e9-b48e-2262ef207a43\"><tr><td></td><td></td><td class=\"t m0 x840 h9 y19fa ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal % of shares held by </td><td class=\"t m0 x841 h9 y19fa ff66 fs7 fc0 sc0 ls0 ws0\">Number of Significant  </td></tr><tr><td></td><td></td><td class=\"t m0 x840 h9 y19fb ff66 fs7 fc0 sc0 ls0 ws0\">Significant Investors who are </td><td class=\"t m0 x841 h9 y19fb ff66 fs7 fc0 sc0 ls0 ws0\">Investors who are not affiliates </td></tr><tr><td></td><td class=\"t m0 x842 h9 y19fc ff66 fs7 fc0 sc0 ls0 ws0\">T<span class=\"_ _6\"></span>otal % of shares held by </td><td class=\"t m0 x840 h9 y19fc ff66 fs7 fc0 sc0 ls0 ws0\">not affiliates of BlackRock </td><td class=\"t m0 x841 h9 y19fc ff66 fs7 fc0 sc0 ls0 ws0\">of BlackRock Group or </td></tr><tr><td></td><td class=\"t m0 x842 h9 y19fd ff66 fs7 fc0 sc0 ls0 ws0\">Related BlackRock Funds </td><td class=\"t m0 x840 h9 y19fd ff66 fs7 fc0 sc0 ls0 ws0\">Group or BlackRock, Inc. </td><td class=\"t m0 x841 h9 y19fd ff66 fs7 fc0 sc0 ls0 ws0\">BlackRock, Inc.<span class=\"_ _25b\"> </span></td></tr><tr><td class=\"c n x1b1 y19fe w1fe hf0\"><div class=\"t m0 x1a0 h5 y188c ff68 fs3 fc0 sc0 ls0 ws0\">As at 31 December 2025<span class=\"_ _25b\"> </span></div></td><td class=\"c n x843 y19fe w1ff hb6\"><div class=\"t m0 x1a0 h5 y188c ff66 fs7 fc0 sc0 ls0 ws0\">1.18<span class=\"_ _25b\"> </span></div></td><td class=\"c n x844 y19fe w200 hb6\"><div class=\"t m0 x1a0 h5 y188c ff66 fs7 fc0 sc0 ls8 ws9\">n<span class=\"_ _8\"></span>/a<span class=\"_ _25b\"> </span></div></td><td class=\"c n x845 y19fe w200 hb6\"><div class=\"t m0 x1a0 h5 y188c ff66 fs7 fc0 sc0 ls8 ws9\">n<span class=\"_ _8\"></span>/a<span class=\"_ _25b\"> </span></div></td></tr><tr><td class=\"c n x1b1 y17bd w1fe hf0\"><div class=\"t m0 x1a0 h5 y188c ff68 fs3 fc0 sc0 ls0 ws0\">As at 31 December 2024<span class=\"_ _25b\"> </span></div></td><td class=\"c n x846 y17bd w201 hb6\"><div class=\"t m0 x1a0 h5 y188c ff68 fs7 fc0 sc0 ls0 ws0\">1.19<span class=\"_ _25b\"> </span></div></td><td class=\"c n x847 y17bd w202 hb6\"><div class=\"t m0 x1a0 h5 y188c ff67 fs7 fc0 sc0 ls8 ws9\">n<span class=\"_ _8\"></span>/a<span class=\"_ _25b\"> </span></div></td><td class=\"c n x848 y17bd w203 hb6\"><div class=\"t m0 x1a0 h5 y188c ff67 fs7 fc0 sc0 ls8 ws9\">n<span class=\"_ _8\"></span>/a</div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-341": {
   "value": "<div class=\"t m0 h14 ff69 fsf fc0 sc0 ls0 ws0 gs376\">20. Contingent liabilities<span class=\"_ _25b\"> </span></div><div class=\"t m0 h5 ff68 fs3 fc0 sc0 ls0 ws0 gs377\">There were no contingent liabilities at 31 December 2025 (2024: nil).</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-362": {
   "value": "20. Contingent liabilities<span class=\"_ _25b\"> </span>There were no contingent liabilities at 31 December 2025 (2024: nil).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-11": {
   "value": "12 Throgmorton Avenue London EC2N 2DL",
   "dimensions": {
    "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
    "language": "en",
    "entity": "scheme:LNFFPBEUZJBOSR6PW155",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  }
 }
}