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1. Accounting Policies
The consolidated financial statements of the Group and Company are
prepared in accordance with UK adopted IAS and the requirements
of the Companies Act 2006. The Company has taken advantage of
section 408 of the Companies Act 2006 not to present the parent
company profit and loss account. The Company is domiciled in the
United Kingdom.
The financial statements have been prepared on a going concern
basis and under the historical cost convention except for the
revaluation of financial instruments (including derivatives), investment
properties held at fair value through profit or loss (FVPL), associates
held at FVPL, certain non-consolidated subsidiaries held at FVPL,
and property, plant and equipment held at fair value. The going
concern assumption covers the period to 30 June 2027, which is
sixteen months from the date of approval of the financial statements.
In making this going concern assumption, the Directors have taken
into account the closed-ended nature of the Group; its existing cash
balances (\u00a3221 million) and monitoring procedures; its borrowing
capacity (\u00a3155 million facilities committed and undrawn); the value of
investments which could be realised to fund liabilities; loan covenants
as well as cash flow forecasts for the period to 30 June 2027; and
uncalled commitments (\u00a3205 million). Further details can be found on
page 112.
The principal accounting policies adopted are set out below.
Where the presentational guidance set out in the Statement of
Recommended Practice: Financial Statements of Investment Trust
Companies (the SORP) issued by the Association of Investment
Companies (AIC) in July 2022 is consistent with the requirements of
UK adopted IAS, the Directors have sought to prepare the financial
statements on a basis which complies with the recommendations of
the SORP.
Climate change
In preparing the financial statements, the Directors have considered
the impact of climate change insofar as they are reasonably able,
particularly in the context of the climate-related risks identified in the
Risk Management and Going Concern and Viability sections of the
Strategic Report and the Sustainability Report. These considerations
did not have a material impact on the financial reporting judgements
and estimates in the current year, as the investments are held at fair
value and reflect market participants\u2019 view of climate change risk, nor
were they expected to have a significant impact on the Group\u2019s going
concern or viability.
Basis of consolidation
The consolidated financial statements incorporate the financial
statements of the Company and entities controlled by the Company
(its subsidiaries) made up to 31 December each year. The Board has
concluded that the Company, being the parent entity of the Group,
continues to meet the particular characteristics of an \u2018Investment
Entity\u2019. The \u2018Investment Entity\u2019 amendment to IFRS 10 Consolidated
Financial Statements requires that:
(i) the single subsidiary J.Rothschild Capital Management Limited (JRCM), that is not itself an investment entity and which provides investment management services to the Group, is consolidated on a line-by-line basis with balances between the parent and this subsidiary eliminated; and (ii) all other subsidiaries, including Spencer House Limited (SHL), RIT Investments US Inc, RIT Investments GP Limited and J. Rothschild Capital Management US Inc, are accounted for as investments held at FVPL. In the financial statements of the Company investments in non- consolidated subsidiaries are carried at fair value and the consolidated subsidiary is carried at cost less any provision for impairment made in accordance with IAS 36 Impairment of Assets. Impairment tests are carried out twice each year concurrent with the Group\u2019s principal reporting dates. The financial statements of the subsidiaries are prepared at the same reporting date using consistent accounting policies. Control is achieved where the Company has all of the following; (i) power over the investee (ii) exposure, or rights, to variable returns from its involvement with the investee (iii) the ability to use its power over the investee to affect the amount of the Company\u2019s returns Both the Group and Company hold investments in associates and joint ventures at fair value as allowed by IAS 28 Investments in Associates and Joint Ventures and IFRS 9 Financial Instruments. Presentation of income statement In order to better reflect the activities of an investment trust company, and in accordance with guidance issued by the AIC, supplementary information which analyses the consolidated income statement between items of a revenue and capital nature has been presented within the consolidated income statement and the consolidated statement of comprehensive income (SOCI). Income Dividend income from investments is recognised when the right to receive payment has been established and this is normally the ex-dividend date. UK dividend income is recorded at the amount receivable. Overseas dividend income is shown net of withholding tax under investment income. Interest and other income is accrued on a time basis. Rental income from investment properties under short-term leases is accounted for on a straight-line basis, over the lease term. Allocation between capital and revenue In respect of the analysis between capital and revenue items presented within the consolidated income statement, the SOCI and the statement of changes in equity, all expenses and finance costs, which are accounted for on an accruals basis, have been presented as revenue items except those items listed on the next page. The allocation between capital and revenue is reviewed periodically to ensure it remains appropriate. \u2022 expenses are allocated to capital where a direct connection with the maintenance or enhancement of the value of the investments can be demonstrated. Expenses are allocated to revenue where there is an indirect connection \u2022 all segregated account fees are considered to be a cost of achieving a capital return for those external managers operating segregated accounts. This ensures consistency with the treatment of all other investment management fees within our fund investments, which are automatically included in capital and reflected in the investment gain/loss \u2022 the Group has in place certain incentive arrangements whereby individuals receive share awards based on investment performance and/or share price growth. The cost of these arrangements derives principally from the capital performance and therefore the Directors consider it appropriate to allocate such costs to capital \u2022 expenses which are incidental to the purchase or disposal of an investment are deducted from the initial fair value or disposal proceeds of the investment \u2022 costs incurred in connection with aborted portfolio investment transactions are also allocated to capital The following are also presented as capital items: \u2022 gains and losses on the realisation of investments, including foreign exchange differences \u2022 increases and decreases in the valuation of investments held at the year end, including foreign exchange differences \u2022 realised and unrealised gains and losses on derivatives transactions of a capital nature \u2022 expenses, together with the related taxation effect, allocated to capital in accordance with the above policies Finance costs Finance costs on borrowings are accounted for on an accruals basis and are settled at the end of each contractual period. Finance costs on derivatives are settled in line with the underlying contract. Finance costs are allocated in the ratio 20:80 to the revenue and capital columns of the income statement, with the allocation ratio reviewed periodically for appropriateness. Foreign currencies The individual financial statements of each Group entity are presented in the currency of the primary economic environment in which the entity operates, i.e. its functional currency. For the purpose of the consolidated financial statements, the results and financial position of each entity are expressed in sterling which is the functional currency of the Company, and the presentational currency of the Group. Transactions in currencies other than sterling are recorded at the rate of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary items and non-monetary assets and liabilities that are fair valued and are denominated in foreign currencies are translated at the rates prevailing on the balance sheet date. All foreign exchange gains and losses are recognised in the consolidated income statement. Taxation The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the consolidated income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are not subject to tax or are not deductible for tax purposes. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Investment trusts which have approval under Section 1158 of the Corporation Tax Act 2010 are not subject to tax on capital gains. In view of the Company\u2019s status as an investment trust, and its intention to continue meeting the conditions required to maintain approval for the foreseeable future, the Company has not provided current or deferred tax on any capital gains or losses arising on the revaluation or disposal of investments. The carrying amount of the deferred tax asset is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited to the consolidated income statement or SOCI, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Investments Investments are recognised and derecognised on the trade date where a purchase or sale is made under a contract whose terms require delivery within the timeframe established by the market concerned. All investments are measured initially and at subsequent reporting dates at fair value and classified in accordance with IFRS as FVPL. Unrealised changes in the fair value of these investments are recognised in the consolidated income statement as capital items. The gain or loss arising on the disposal of investments is determined as the difference between the sale proceeds and the carrying amount of the asset at the beginning of the year and is recognised in the consolidated income statement as capital items. Transaction costs are included within gains or losses on these investments. Fair value, for quoted investments, is either the bid price or the last traded price, depending on the convention of the exchange on which the investment is quoted. Investments in externally-managed funds are valued at the closing price, the bid price or the single price as appropriate, released by the relevant fund administrator or investment manager.
In respect of private investments, or where the market for a financial
instrument is not active, fair value is estimated by using appropriate
valuation techniques and often involves significant judgement and
estimation uncertainty. For direct private investments held through
co-investment vehicles managed by a General Partner (GP), as well
as private funds managed by a GP, the estimated fair value is based
on the most recent valuation provided by the GP. These valuations
are normally prepared quarterly and usually received within three
months of the relevant valuation date. Depending on the timing of
the finalisation of the half-year and year-end report and accounts, it
is likely that the majority of these assets are valued at the previous
quarter end. Where this is the case, the valuations of private funds
are adjusted for subsequent investments, distributions and currency
moves. In relation to direct co-investments, the valuations will also
be adjusted for subsequent investments, distributions and currency
moves, as well as pricing events where there is sufficient information
to suggest the period-end valuation should be adjusted. Further,
in light of the intrinsic valuation uncertainty, where information is
received after the year end which relates to conditions present at
the year end, an adjustment will be considered if it would be likely to
have a material impact on the net assets. Ultimately these valuations
are dependent on the reasonableness of the fair value estimation by
the GP. The valuations are reviewed periodically by the Manager, and
in the absence of contrary information, are assumed to be reliable.
A review is also conducted annually in respect of the valuation bases
of the investee funds to confirm these are in accordance with fair
value standards.
Where the Manager has sufficient information to undertake its
own valuations, these will be prepared having regard to the
International Private Equity and Venture Capital Valuation Guidelines
as recommended by the British Private Equity and Venture Capital
Association. The inputs into the valuation methodologies adopted
include observable data such as historical earnings or cash flows as
well as more subjective data such as earnings forecasts or discount
rates. At period ends, all of the valuations are subject to review,
adjustment as appropriate and ultimately approval by the Company\u2019s
Valuation Committee that operates as a sub-committee of the Board
comprised entirely of independent non-executive Directors.
The gains and losses on financial assets classified at FVPL exclude
any related interest income, dividend income and finance costs where
these items are separately identifiable. These items are disclosed
separately in the financial statements.
Leasehold and freehold investment properties are measured initially
at cost, including related transaction costs. After initial recognition at
cost, investment properties are carried at their fair values based on
the external professional valuation made as of each reporting date.
Valuation surpluses and deficits arising in the year are included in the
consolidated income statement.
Derivative financial instruments, including futures, options and
other derivatives, are stated in the balance sheet at fair value. For
derivatives that are capital in nature, the associated change in value
is presented as a capital item in the income statement. The Group
has adopted trade date accounting. Accordingly, derivative financial
instruments are recognised on the date the Group enters into the
relevant contract, and are derecognised on the date on which it
commits to their sale or they expire. All derivatives are classified as
FVPL and are presented as assets when their fair value is positive, and
as liabilities when their fair value is negative.
Cash at bank
Cash at bank in the balance sheet comprises cash balances
and deposits.
Provisions
A provision is recognised in the balance sheet when the Group or
Company has a constructive or legal obligation as a result of a past
event and it is probable that an outflow of economic benefits will be
required to settle the obligation and the amount can be measured
reliably.
Share-based payment
In accordance with IFRS 2 Share-based Payment (IFRS 2), the Group
is required to reflect in its income statement and balance sheet the
effects of share-based payment transactions. The Group\u2019s share-
settled incentive schemes include the Annual Incentive Scheme
(AIS) in part, share appreciation rights (SARs) and restricted share
units (RSUs).
AIS awards are structured such that 60% of individual amounts in
excess of \u00a3250,000 are paid in deferred shares of the Company which
vest equally over the three years following the award. Deferred shares
are valued using the prevailing market price at award. The expense
is recognised over the year the award relates to, and the following
three years, adjusted for subsequent leavers/lapses.
Historically, long-term incentive plan (LTIP) awards were made via
SARs and performance shares. SARs were measured at the fair value
at grant date using a trinomial option valuation model. The cost is then
recognised through the capital column of the income statement over
the three-year vest period.
Performance shares were conditional awards of shares subject to
performance conditions. They were accounted for as equity settled
in accordance with IFRS 2. The awards were fair valued at grant
using a Monte Carlo model and the resulting cost of an award is then
recognised through the capital column of the income statement over
the vest period particular to that award.
Following a review by the Remuneration Committee, it was decided
that from 2021, future LTIP awards would be made using restricted
share units (RSUs), with the first such award in March 2021.
RSUs are equity-settled awards accounted for in accordance with
IFRS 2 and are measured at fair value using the share price at the
grant date. The expense is recognised through the capital column of
the income statement over the three-year vest period.
On 31 March 2021, staff members were given the option to convert
their existing SARs and performance shares at fair value into RSUs,
with the vast majority subsequently converted. This conversion was
accounted for in accordance with IFRS 2.
Shares required to meet the estimated future requirements from grants or exercises under all schemes, are purchased by an Employee Benefit Trust (EBT), which is consolidated by the Group. The cost of own shares held at the end of the year by the EBT is reflected in the Group\u2019s own shares reserve on the consolidated balance sheet. The movement in equity arising under IFRS 2 is applied to the capital reserve. Property, plant and equipment Property, plant and equipment is shown at cost less accumulated depreciation, save as detailed below. Depreciation is calculated by the Group on a straight-line basis by reference to original cost, estimated useful life and residual value. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. The period of estimated useful life for this purpose is between three and five years for the majority of assets except for the Company\u2019s leasehold interest in 27 St. James\u2019s Place for which the estimated useful life is 58 years, which is also the period remaining on the property lease. The proportion of this asset occupied by the Group is accounted for at fair value under the revaluation model allowed by IAS 16. Property, Plant and Equipment, which is intended to ensure that the carrying value of the asset is never substantially different to its fair value. Changes in fair value are reflected in the SOCI and a separate revaluation reserve. The proportion of property assets not occupied by the Group is accounted for as investment properties at fair value. Determination of fair value requires significant judgement and external advisers are used. Pensions JRCM had been a participating employer in the Group\u2019s non- contributory, funded, defined benefit retirement scheme which was closed to new members in 1997. The Group accounts for this defined benefit retirement scheme by reference to IAS 19 Employee Benefits. The cost of benefits accruing during the year in respect of past service is charged to the income statement and allocated to revenue. The net interest on the net defined benefit liability or asset is recognised in the income statement. Actuarial gains and losses and the return on plan assets, excluding amounts included in the net interest on the net defined benefit liability or asset, are recognised in the SOCI. An actuarial valuation of the defined benefit retirement scheme is undertaken every three years as at 1 January and is updated as at each principal reporting date. The valuation is carried out using the projected unit credit method of funding basis. The income statement also includes costs incurred in respect of defined contribution schemes, comprising the contributions payable in the year. Following notification from JRCM, the Trustee commenced winding up the Scheme on 30 January 2025 and on 12 February 2025 all of the Scheme\u2019s liabilities were bought out with individual insurance policies issued to all members by Just Retirement Limited. Further to that, the Group no longer has any liabilities against the scheme. Other receivables/other payables Other receivables/other payables do not carry any interest, are short-term in nature and are carried at amortised cost. Application of the expected credit loss model to receivables has had an immaterial impact on their carrying value. The carrying value of receivables and payables approximates to their fair value. Amounts owed to/by Group undertakings Amounts owed to/by Group undertakings do not carry any interest and are carried at amortised cost. Application of the expected credit loss model to these items has had an immaterial impact on their carrying value. The carrying value of amounts owed to/by Group undertakings approximates to their fair value. Bank borrowings Interest-bearing bank loans are recorded initially at the proceeds received and subsequently at FVPL, on the basis that the Group and its performance is evaluated on a fair value basis, in line with IFRS 9, paragraph 4.2.2. The fair value is calculated as the amount to replace the facility which is equal to par. Loan notes Loan notes are classified as a financial liability at FVPL and are measured initially and subsequently at fair value with movements in fair value taken to the income statement as a capital item. The fair value is calculated with a discounted cash flow model using the fixed interest and redemption payments based on the underlying contractual cash flows. The discount rate adopted reflects the prevailing market rate for similar instruments. As a result, the determination of fair value requires management judgement. Further details of the loan notes are provided on page 114. Dividends The Company recognises interim dividends in the year in which they are paid. Share capital and share premium Share capital is classified as equity. Share premium reflects the excess of the consideration received on issuing shares over the nominal value of those shares, net of issue costs. Treasury shares The cost of repurchasing shares into treasury, including all related costs, is dealt with in the Statement of Changes in Equity and deducted from the Capital Reserve. New and amended standards and interpretations not applied The IASB issued the following new/amended accounting standards which were not effective as at 31 December 2025: \u2022 Amendments to IFRS 7 Financial Instruments: Disclosures and IFRS 9 Financial Instruments, effective for annual reporting periods beginning or after 1 January 2026. The amendments set out changes to settling financial liabilities using an electronic payment system, assessing contractual cash flow characteristics of financial assets including those with environmental, social and governance (ESG)-linked features and requiring additional disclosures for certain financial instruments. This amendment is not expected to have a material impact for RIT. \u2022 Implementation of IFRS 18 Presentation and Disclosure, effective for annual reporting periods beginning or after 1 January 2027. The new standard will replace IAS 1 Presentation of Financial Statements and introduces changes to the categories for classifying income and expenses and subtotals presented in the income statement and new or amended disclosures in respect of management-defined performance measures and specified expenses by nature. RIT is assessing IFRS 18 to determine the potential impacts on the financial statements when the standard becomes effective. Critical accounting estimates and judgements The preparation of financial statements in conformity with UK adopted IAS requires the use of certain critical accounting estimates. It also requires the Manager and Board to exercise judgement in the process of applying the Group\u2019s accounting policies. The areas requiring a higher degree of judgement or complexity and where assumptions and estimates are significant to the consolidated financial statements, are in relation to the valuation of private investments (see pages 95 and 96 and Note 13) and property (see page 97 and Notes 10 and 15).", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-409": { "value": "1. Accounting Policies The consolidated financial statements of the Group and Company are prepared in accordance with UK adopted IAS and the requirements of the Companies Act 2006. The Company has taken advantage of section 408 of the Companies Act 2006 not to present the parent company profit and loss account. The Company is domiciled in the United Kingdom. The financial statements have been prepared on a going concern basis and under the historical cost convention except for the revaluation of financial instruments (including derivatives), investment properties held at fair value through profit or loss (FVPL), associates held at FVPL, certain non-consolidated subsidiaries held at FVPL, and property, plant and equipment held at fair value. The going concern assumption covers the period to 30 June 2027, which is sixteen months from the date of approval of the financial statements. In making this going concern assumption, the Directors have taken into account the closed-ended nature of the Group; its existing cash balances (\u00a3221 million) and monitoring procedures; its borrowing capacity (\u00a3155 million facilities committed and undrawn); the value of investments which could be realised to fund liabilities; loan covenants as well as cash flow forecasts for the period to 30 June 2027; and uncalled commitments (\u00a3205 million). Further details can be found on page 112. The principal accounting policies adopted are set out below. Where the presentational guidance set out in the Statement of Recommended Practice: Financial Statements of Investment Trust Companies (the SORP) issued by the Association of Investment Companies (AIC) in July 2022 is consistent with the requirements of UK adopted IAS, the Directors have sought to prepare the financial statements on a basis which complies with the recommendations of the SORP. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-452": { "value": "The consolidated financial statements of the Group and Company are prepared in accordance with UK adopted IAS and the requirements of the Companies Act 2006. The Company has taken advantage of section 408 of the Companies Act 2006 not to present the parent company profit and loss account. The Company is domiciled in the United Kingdom. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-407": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-453": { "value": "The financial statements have been prepared on a going concern basis and under the historical cost convention except for the revaluation of financial instruments (including derivatives), investment properties held at fair value through profit or loss (FVPL), associates held at FVPL, certain non-consolidated subsidiaries held at FVPL, and property, plant and equipment held at fair value. The going concern assumption covers the period to 30 June 2027, which is sixteen months from the date of approval of the financial statements. In making this going concern assumption, the Directors have taken into account the closed-ended nature of the Group; its existing cash balances (\u00a3221 million) and monitoring procedures; its borrowing capacity (\u00a3155 million facilities committed and undrawn); the value of investments which could be realised to fund liabilities; loan covenants as well as cash flow forecasts for the period to 30 June 2027; and uncalled commitments (\u00a3205 million). Further details can be found on page 112. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-410": { "value": "Climate change In preparing the financial statements, the Directors have considered the impact of climate change insofar as they are reasonably able, particularly in the context of the climate-related risks identified in the Risk Management and Going Concern and Viability sections of the Strategic Report and the Sustainability Report. These considerations did not have a material impact on the financial reporting judgements and estimates in the current year, as the investments are held at fair value and reflect market participants\u2019 view of climate change risk, nor were they expected to have a significant impact on the Group\u2019s going concern or viability. ", "dimensions": { "concept": "ritplc:DescriptionOfAccountingPolicyForClimateChange", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-411": { "value": "Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to 31 December each year. The Board has concluded that the Company, being the parent entity of the Group, continues to meet the particular characteristics of an \u2018Investment Entity\u2019. The \u2018Investment Entity\u2019 amendment to IFRS 10 Consolidated Financial Statements requires that:
(i) the single subsidiary J.Rothschild Capital Management Limited
(JRCM), that is not itself an investment entity and which provides
investment management services to the Group, is consolidated
on a line-by-line basis with balances between the parent and this
subsidiary eliminated; and
(ii) all other subsidiaries, including Spencer House Limited (SHL), RIT
Investments US Inc, RIT Investments GP Limited and J. Rothschild
Capital Management US Inc, are accounted for as investments held
at FVPL.
In the financial statements of the Company investments in non-
consolidated subsidiaries are carried at fair value and the consolidated
subsidiary is carried at cost less any provision for impairment made
in accordance with IAS 36 Impairment of Assets. Impairment tests
are carried out twice each year concurrent with the Group\u2019s principal
reporting dates.
The financial statements of the subsidiaries are prepared at the
same reporting date using consistent accounting policies. Control is
achieved where the Company has all of the following;
(i) power over the investee
(ii) exposure, or rights, to variable returns from its involvement with
the investee
(iii) the ability to use its power over the investee to affect the amount
of the Company\u2019s returns
Both the Group and Company hold investments in associates and joint
ventures at fair value as allowed by IAS 28 Investments in Associates
and Joint Ventures and IFRS 9 Financial Instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-412": { "value": "
Presentation of income statement
In order to better reflect the activities of an investment trust company,
and in accordance with guidance issued by the AIC, supplementary
information which analyses the consolidated income statement
between items of a revenue and capital nature has been presented
within the consolidated income statement and the consolidated
statement of comprehensive income (SOCI).
", "dimensions": { "concept": "ritplc:DescriptionOfAccountingPolicyForPresentationOfIncomeStatement", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-413": { "value": "
Income
Dividend income from investments is recognised when the right
to receive payment has been established and this is normally the
ex-dividend date.
UK dividend income is recorded at the amount receivable. Overseas
dividend income is shown net of withholding tax under investment
income.
Interest and other income is accrued on a time basis.
Rental income from investment properties under short-term leases is
accounted for on a straight-line basis, over the lease term.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-414": { "value": "
Allocation between capital and revenue
In respect of the analysis between capital and revenue items
presented within the consolidated income statement, the SOCI and
the statement of changes in equity, all expenses and finance costs,
which are accounted for on an accruals basis, have been presented as
revenue items except those items listed on the next page. The
allocation between capital and revenue is reviewed periodically to
ensure it remains appropriate.
\u2022 expenses are allocated to capital where a direct connection with
the maintenance or enhancement of the value of the investments
can be demonstrated. Expenses are allocated to revenue where
there is an indirect connection
\u2022 all segregated account fees are considered to be a cost of
achieving a capital return for those external managers operating
segregated accounts. This ensures consistency with the
treatment of all other investment management fees within our
fund investments, which are automatically included in capital and
reflected in the investment gain/loss
\u2022 the Group has in place certain incentive arrangements whereby
individuals receive share awards based on investment performance
and/or share price growth. The cost of these arrangements derives
principally from the capital performance and therefore the Directors
consider it appropriate to allocate such costs to capital
\u2022 expenses which are incidental to the purchase or disposal of an
investment are deducted from the initial fair value or disposal
proceeds of the investment
\u2022 costs incurred in connection with aborted portfolio investment
transactions are also allocated to capital
The following are also presented as capital items:
\u2022 gains and losses on the realisation of investments, including foreign
exchange differences
\u2022 increases and decreases in the valuation of investments held at the
year end, including foreign exchange differences
\u2022 realised and unrealised gains and losses on derivatives
transactions of a capital nature
\u2022 expenses, together with the related taxation effect, allocated to
capital in accordance with the above policies
", "dimensions": { "concept": "ritplc:DescriptionOfAccountingPolicyForAllocationBetweenCapitalAndRevenue", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-454": { "value": "
Finance costs
Finance costs on borrowings are accounted for on an accruals basis
and are settled at the end of each contractual period. Finance costs
on derivatives are settled in line with the underlying contract.
Finance costs are allocated in the ratio 20:80 to the revenue and
capital columns of the income statement, with the allocation ratio
reviewed periodically for appropriateness.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-418": { "value": "Finance costs Finance costs on borrowings are accounted for on an accruals basis and are settled at the end of each contractual period. Finance costs on derivatives are settled in line with the underlying contract. Finance costs are allocated in the ratio 20:80 to the revenue and capital columns of the income statement, with the allocation ratio reviewed periodically for appropriateness. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-480": { "value": "Finance costs Finance costs on borrowings are accounted for on an accruals basis and are settled at the end of each contractual period. Finance costs on derivatives are settled in line with the underlying contract. Finance costs are allocated in the ratio 20:80 to the revenue and capital columns of the income statement, with the allocation ratio reviewed periodically for appropriateness. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-417": { "value": "Foreign currencies The individual financial statements of each Group entity are presented in the currency of the primary economic environment in which the entity operates, i.e. its functional currency. For the purpose of the consolidated financial statements, the results and financial position of each entity are expressed in sterling which is the functional currency of the Company, and the presentational currency of the Group. Transactions in currencies other than sterling are recorded at the rate of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary items and non-monetary assets and liabilities that are fair valued and are denominated in foreign
currencies are translated at the rates prevailing on the balance sheet
date. All foreign exchange gains and losses are recognised in the
consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-455": { "value": "The individual financial statements of each Group entity are presented in the currency of the primary economic environment in which the entity operates, i.e. its functional currency. For the purpose of the consolidated financial statements, the results and financial position of each entity are expressed in sterling which is the functional currency of the Company, and the presentational currency of the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-416": { "value": "
Taxation
The tax expense represents the sum of the tax currently payable and
deferred tax.
The tax currently payable is based on taxable profit for the year.
Taxable profit differs from profit before tax as reported in the
consolidated income statement because it excludes items of income
or expense that are taxable or deductible in other years and it further
excludes items that are not subject to tax or are not deductible for tax
purposes. The Group\u2019s liability for current tax is calculated using tax
rates that have been enacted or substantively enacted by the balance
sheet date.
Investment trusts which have approval under Section 1158 of the
Corporation Tax Act 2010 are not subject to tax on capital gains. In
view of the Company\u2019s status as an investment trust, and its intention
to continue meeting the conditions required to maintain approval
for the foreseeable future, the Company has not provided current or
deferred tax on any capital gains or losses arising on the revaluation or
disposal of investments.
The carrying amount of the deferred tax asset is reviewed at each
balance sheet date and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow all or
part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply
in the period when the liability is settled or the asset is realised.
Deferred tax is charged or credited to the consolidated income
statement or SOCI, except when it relates to items charged or
credited directly to equity, in which case the deferred tax is also dealt
with in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-456": { "value": "Taxation The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the consolidated income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are not subject to tax or are not deductible for tax purposes. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Investment trusts which have approval under Section 1158 of the Corporation Tax Act 2010 are not subject to tax on capital gains. In view of the Company\u2019s status as an investment trust, and its intention to continue meeting the conditions required to maintain approval for the foreseeable future, the Company has not provided current or deferred tax on any capital gains or losses arising on the revaluation or disposal of investments. The carrying amount of the deferred tax asset is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited to the consolidated income statement or SOCI, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-415": { "value": "
Investments
Investments are recognised and derecognised on the trade date
where a purchase or sale is made under a contract whose terms
require delivery within the timeframe established by the market
concerned. All investments are measured initially and at subsequent
reporting dates at fair value and classified in accordance with IFRS as
FVPL. Unrealised changes in the fair value of these investments are
recognised in the consolidated income statement as capital items.
The gain or loss arising on the disposal of investments is determined
as the difference between the sale proceeds and the carrying amount
of the asset at the beginning of the year and is recognised in the
consolidated income statement as capital items. Transaction costs are
included within gains or losses on these investments.
Fair value, for quoted investments, is either the bid price or the
last traded price, depending on the convention of the exchange on
which the investment is quoted. Investments in externally-managed
funds are valued at the closing price, the bid price or the single
price as appropriate, released by the relevant fund administrator or
investment manager.
In respect of private investments, or where the market for a financial instrument is not active, fair value is estimated by using appropriate valuation techniques and often involves significant judgement and estimation uncertainty. For direct private investments held through co-investment vehicles managed by a General Partner (GP), as well as private funds managed by a GP, the estimated fair value is based on the most recent valuation provided by the GP. These valuations are normally prepared quarterly and usually received within three months of the relevant valuation date. Depending on the timing of the finalisation of the half-year and year-end report and accounts, it is likely that the majority of these assets are valued at the previous quarter end. Where this is the case, the valuations of private funds are adjusted for subsequent investments, distributions and currency moves. In relation to direct co-investments, the valuations will also be adjusted for subsequent investments, distributions and currency moves, as well as pricing events where there is sufficient information to suggest the period-end valuation should be adjusted. Further, in light of the intrinsic valuation uncertainty, where information is received after the year end which relates to conditions present at the year end, an adjustment will be considered if it would be likely to have a material impact on the net assets. Ultimately these valuations are dependent on the reasonableness of the fair value estimation by the GP. The valuations are reviewed periodically by the Manager, and in the absence of contrary information, are assumed to be reliable. A review is also conducted annually in respect of the valuation bases of the investee funds to confirm these are in accordance with fair value standards. Where the Manager has sufficient information to undertake its own valuations, these will be prepared having regard to the International Private Equity and Venture Capital Valuation Guidelines as recommended by the British Private Equity and Venture Capital Association. The inputs into the valuation methodologies adopted include observable data such as historical earnings or cash flows as well as more subjective data such as earnings forecasts or discount rates. At period ends, all of the valuations are subject to review, adjustment as appropriate and ultimately approval by the Company\u2019s Valuation Committee that operates as a sub-committee of the Board comprised entirely of independent non-executive Directors. The gains and losses on financial assets classified at FVPL exclude any related interest income, dividend income and finance costs where these items are separately identifiable. These items are disclosed separately in the financial statements. Leasehold and freehold investment properties are measured initially at cost, including related transaction costs. After initial recognition at cost, investment properties are carried at their fair values based on the external professional valuation made as of each reporting date. Valuation surpluses and deficits arising in the year are included in the consolidated income statement. Derivative financial instruments, including futures, options and other derivatives, are stated in the balance sheet at fair value. For derivatives that are capital in nature, the associated change in value is presented as a capital item in the income statement. The Group has adopted trade date accounting. Accordingly, derivative financial instruments are recognised on the date the Group enters into the relevant contract, and are derecognised on the date on which it commits to their sale or they expire. All derivatives are classified as FVPL and are presented as assets when their fair value is positive, and as liabilities when their fair value is negative. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-419": { "value": "Cash at bank Cash at bank in the balance sheet comprises cash balances and deposits. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-420": { "value": "Provisions A provision is recognised in the balance sheet when the Group or Company has a constructive or legal obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation and the amount can be measured reliably. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-421": { "value": "Share-based payment In accordance with IFRS 2 Share-based Payment (IFRS 2), the Group is required to reflect in its income statement and balance sheet the effects of share-based payment transactions. The Group\u2019s share- settled incentive schemes include the Annual Incentive Scheme (AIS) in part, share appreciation rights (SARs) and restricted share units (RSUs). AIS awards are structured such that 60% of individual amounts in excess of \u00a3250,000 are paid in deferred shares of the Company which vest equally over the three years following the award. Deferred shares are valued using the prevailing market price at award. The expense is recognised over the year the award relates to, and the following three years, adjusted for subsequent leavers/lapses. Historically, long-term incentive plan (LTIP) awards were made via SARs and performance shares. SARs were measured at the fair value at grant date using a trinomial option valuation model. The cost is then recognised through the capital column of the income statement over the three-year vest period. Performance shares were conditional awards of shares subject to performance conditions. They were accounted for as equity settled in accordance with IFRS 2. The awards were fair valued at grant using a Monte Carlo model and the resulting cost of an award is then recognised through the capital column of the income statement over the vest period particular to that award. Following a review by the Remuneration Committee, it was decided that from 2021, future LTIP awards would be made using restricted share units (RSUs), with the first such award in March 2021. RSUs are equity-settled awards accounted for in accordance with IFRS 2 and are measured at fair value using the share price at the grant date. The expense is recognised through the capital column of the income statement over the three-year vest period. On 31 March 2021, staff members were given the option to convert their existing SARs and performance shares at fair value into RSUs, with the vast majority subsequently converted. This conversion was accounted for in accordance with IFRS 2.
Shares required to meet the estimated future requirements from
grants or exercises under all schemes, are purchased by an Employee
Benefit Trust (EBT), which is consolidated by the Group. The cost of
own shares held at the end of the year by the EBT is reflected in the
Group\u2019s own shares reserve on the consolidated balance sheet.
The movement in equity arising under IFRS 2 is applied to the
capital reserve.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-422": { "value": "
Property, plant and equipment
Property, plant and equipment is shown at cost less accumulated
depreciation, save as detailed below. Depreciation is calculated by the
Group on a straight-line basis by reference to original cost, estimated
useful life and residual value. Cost includes the original purchase price
of the asset and the costs attributable to bringing the asset to its
working condition for its intended use. The period of estimated useful
life for this purpose is between three and five years for the majority of
assets except for the Company\u2019s leasehold interest in 27 St. James\u2019s
Place for which the estimated useful life is 58 years, which is also
the period remaining on the property lease. The proportion of this
asset occupied by the Group is accounted for at fair value under the
revaluation model allowed by IAS 16. Property, Plant and Equipment,
which is intended to ensure that the carrying value of the asset is
never substantially different to its fair value. Changes in fair value
are reflected in the SOCI and a separate revaluation reserve. The
proportion of property assets not occupied by the Group is accounted
for as investment properties at fair value. Determination of fair value
requires significant judgement and external advisers are used.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-458": { "value": "Property, plant and equipment Property, plant and equipment is shown at cost less accumulated depreciation, save as detailed below. Depreciation is calculated by the Group on a straight-line basis by reference to original cost, estimated useful life and residual value. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. The period of estimated useful life for this purpose is between three and five years for the majority of assets except for the Company\u2019s leasehold interest in 27 St. James\u2019s Place for which the estimated useful life is 58 years, which is also the period remaining on the property lease. The proportion of this asset occupied by the Group is accounted for at fair value under the revaluation model allowed by IAS 16. Property, Plant and Equipment, which is intended to ensure that the carrying value of the asset is never substantially different to its fair value. Changes in fair value are reflected in the SOCI and a separate revaluation reserve. The proportion of property assets not occupied by the Group is accounted for as investment properties at fair value. Determination of fair value requires significant judgement and external advisers are used. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-423": { "value": "
Pensions
JRCM had been a participating employer in the Group\u2019s non-
contributory, funded, defined benefit retirement scheme which was
closed to new members in 1997.
The Group accounts for this defined benefit retirement scheme
by reference to IAS 19 Employee Benefits. The cost of benefits
accruing during the year in respect of past service is charged to
the income statement and allocated to revenue. The net interest on
the net defined benefit liability or asset is recognised in the income
statement. Actuarial gains and losses and the return on plan assets,
excluding amounts included in the net interest on the net defined
benefit liability or asset, are recognised in the SOCI. An actuarial
valuation of the defined benefit retirement scheme is undertaken
every three years as at 1 January and is updated as at each principal
reporting date. The valuation is carried out using the projected unit
credit method of funding basis. The income statement also includes
costs incurred in respect of defined contribution schemes, comprising
the contributions payable in the year.
Following notification from JRCM, the Trustee commenced winding up
the Scheme on 30 January 2025 and on 12 February 2025 all of the
Scheme\u2019s liabilities were bought out with individual insurance policies
issued to all members by Just Retirement Limited. Further to that, the
Group no longer has any liabilities against the scheme.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-429": { "value": "
Other receivables/other payables
Other receivables/other payables do not carry any interest, are
short-term in nature and are carried at amortised cost. Application of
the expected credit loss model to receivables has had an immaterial
impact on their carrying value. The carrying value of receivables and
payables approximates to their fair value.
Amounts owed to/by Group undertakings Amounts owed to/by Group undertakings do not carry any interest and are carried at amortised cost. Application of the expected credit loss model to these items has had an immaterial impact on their carrying value. The carrying value of amounts owed to/by Group undertakings approximates to their fair value", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-459": { "value": "Other receivables/other payables Other receivables/other payables do not carry any interest, are short-term in nature and are carried at amortised cost. Application of the expected credit loss model to receivables has had an immaterial impact on their carrying value. The carrying value of receivables and payables approximates to their fair value. Amounts owed to/by Group undertakings Amounts owed to/by Group undertakings do not carry any interest and are carried at amortised cost. Application of the expected credit loss model to these items has had an immaterial impact on their carrying value. The carrying value of amounts owed to/by Group undertakings approximates to their fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-457": { "value": "
Bank borrowings
Interest-bearing bank loans are recorded initially at the proceeds
received and subsequently at FVPL, on the basis that the Group and
its performance is evaluated on a fair value basis, in line with IFRS 9,
paragraph 4.2.2. The fair value is calculated as the amount to replace
the facility which is equal to par.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-428": { "value": "Bank borrowings Interest-bearing bank loans are recorded initially at the proceeds received and subsequently at FVPL, on the basis that the Group and its performance is evaluated on a fair value basis, in line with IFRS 9, paragraph 4.2.2. The fair value is calculated as the amount to replace the facility which is equal to par. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-427": { "value": "
Loan notes
Loan notes are classified as a financial liability at FVPL and are
measured initially and subsequently at fair value with movements
in fair value taken to the income statement as a capital item. The
fair value is calculated with a discounted cash flow model using the
fixed interest and redemption payments based on the underlying
contractual cash flows. The discount rate adopted reflects the
prevailing market rate for similar instruments. As a result, the
determination of fair value requires management judgement. Further
details of the loan notes are provided on page 114.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-426": { "value": "
Dividends
The Company recognises interim dividends in the year in which they
are paid.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-425": { "value": "
Share capital and share premium
Share capital is classified as equity. Share premium reflects the excess
of the consideration received on issuing shares over the nominal value
of those shares, net of issue costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-424": { "value": "
Treasury shares
The cost of repurchasing shares into treasury, including all related
costs, is dealt with in the Statement of Changes in Equity and
deducted from the Capital Reserve.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-430": { "value": "
New and amended standards and interpretations not applied
The IASB issued the following new/amended accounting standards
which were not effective as at 31 December 2025:
\u2022 Amendments to IFRS 7 Financial Instruments: Disclosures and
IFRS 9 Financial Instruments, effective for annual reporting periods
beginning or after 1 January 2026. The amendments set out
changes to settling financial liabilities using an electronic payment
system, assessing contractual cash flow characteristics of financial
assets including those with environmental, social and governance
(ESG)-linked features and requiring additional disclosures for
certain financial instruments. This amendment is not expected to
have a material impact for RIT.
\u2022 Implementation of IFRS 18 Presentation and Disclosure, effective
for annual reporting periods beginning or after 1 January 2027.
The new standard will replace IAS 1 Presentation of Financial
Statements and introduces changes to the categories for
classifying income and expenses and subtotals presented in the
income statement and new or amended disclosures in respect
of management-defined performance measures and specified
expenses by nature. RIT is assessing IFRS 18 to determine the
potential impacts on the financial statements when the standard
becomes effective.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-460": { "value": "New and amended standards and interpretations not applied The IASB issued the following new/amended accounting standards which were not effective as at 31 December 2025: \u2022 Amendments to IFRS 7 Financial Instruments: Disclosures and IFRS 9 Financial Instruments, effective for annual reporting periods beginning or after 1 January 2026. The amendments set out changes to settling financial liabilities using an electronic payment system, assessing contractual cash flow characteristics of financial assets including those with environmental, social and governance (ESG)-linked features and requiring additional disclosures for certain financial instruments. This amendment is not expected to have a material impact for RIT. \u2022 Implementation of IFRS 18 Presentation and Disclosure, effective for annual reporting periods beginning or after 1 January 2027. The new standard will replace IAS 1 Presentation of Financial Statements and introduces changes to the categories for classifying income and expenses and subtotals presented in the income statement and new or amended disclosures in respect of management-defined performance measures and specified expenses by nature. RIT is assessing IFRS 18 to determine the potential impacts on the financial statements when the standard becomes effective. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-431": { "value": "
Critical accounting estimates and judgements
The preparation of financial statements in conformity with UK adopted
IAS requires the use of certain critical accounting estimates. It also
requires the Manager and Board to exercise judgement in the process
of applying the Group\u2019s accounting policies. The areas requiring a
higher degree of judgement or complexity and where assumptions and
estimates are significant to the consolidated financial statements, are
in relation to the valuation of private investments (see pages 95 and
96 and Note 13) and property (see page 97 and Notes 10 and 15).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-433": { "value": "
2. Investment income
\u00a3 million
2025
2024
Income from listed investments:
Dividends
16.2
15.6
Interest
3.8
2.4
Income from unlisted investments:
Interest
4.9
\u2013
Interest income on cash and
margin balances
10.9
9.6
Income from investment properties
1.4
1.5
Total investment income
37.2
29.1
7. Finance costs
\u00a3 million
2025
2024
Interest on borrowings
19.0
16.9
Interest on swaps
14.2
16.4
Other finance costs
0.3
0.1
Finance costs
33.5
33.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-461": { "value": "2. Investment income
\u00a3 million
2025
2024
Income from listed investments:
Dividends
16.2
15.6
Interest
3.8
2.4
Income from unlisted investments:
Interest
4.9
\u2013
Interest income on cash and
margin balances
10.9
9.6
Income from investment properties
1.4
1.5
Total investment income
37.2
29.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-495": { "value": "2. Investment income
\u00a3 million
2025
2024
Income from listed investments:
Dividends
16.2
15.6
Interest
3.8
2.4
Income from unlisted investments:
Interest
4.9
\u2013
Interest income on cash and
margin balances
10.9
9.6
Income from investment properties
1.4
1.5
Total investment income
37.2
29.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-481": { "value": "2. Investment income
\u00a3 million
2025
2024
Income from listed investments:
Dividends
16.2
15.6
Interest
3.8
2.4
Income from unlisted investments:
Interest
4.9
\u2013
Interest income on cash and
margin balances
10.9
9.6
Income from investment properties
1.4
1.5
Total investment income
37.2
29.1
7. Finance costs
\u00a3 million
2025
2024
Interest on borrowings
19.0
16.9
Interest on swaps
14.2
16.4
Other finance costs
0.3
0.1
Finance costs
33.5
33.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-500": { "value": "2. Investment income
\u00a3 million
2025
2024
Income from listed investments:
Dividends
16.2
15.6
Interest
3.8
2.4
Income from unlisted investments:
Interest
4.9
\u2013
Interest income on cash and
margin balances
10.9
9.6
Income from investment properties
1.4
1.5
Total investment income
37.2
29.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-432": { "value": "
3. Gains/(losses) on fair value investments
\u00a3 million
2025
2024
Gains/(losses) on fair value investments
excluding segregated accounts
479.3
304.8
Gains/(losses) on segregated accounts
25.8
47.5
Segregated account fees - annual
(1.8)
(2.0)
Segregated account fees - performance
(4.7)
(4.4)
Net gains/(losses) on fair value
investments held in segregated
accounts
19.3
41.1
Gains/(losses) on fair value
investments
498.6
345.9
The Company\u2019s Investment Policy involves the allocation of part of
the portfolio to external fund managers. The vast majority of these
managers operate funds where the fees are charged within the fund.
These \u2018indirect\u2019 investment management and performance fees are
therefore automatically reflected within the valuations received from
the administrators or managers, and form part of the investment
gains/(losses). At 31 December 2025, three funds (31 December 2024:
three) were structured as segregated accounts, where the managers
separately invoice the Company for investment management fees. In
order to provide a consistent presentation for all external fees, these
are included within the gains/(losses) on fair value investments as
shown alongside below. Further details on the typical fee structures
for the external funds are set out in the Directors\u2019 Report on page 83.
", "dimensions": { "concept": "ritplc:DisclosureOfGainsLossesOnFairValueInvestments", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-434": { "value": "
4. Operating expenses
\u00a3 million
2025
2024
Staff costs:
Wages and salaries
18.0
18.9
Share-based payment costs
(Note 25)
8.0
5.9
Social security costs
3.8
3.2
Pension costs (Note 11)
0.7
0.7
Total staff costs
30.5
28.7
Auditor\u2019s remuneration (Note 5)
0.4
0.4
Depreciation
0.3
0.3
Lease payments
0.5
0.5
Other operating expenses
9.3
8.6
Total operating expenses
41.0
38.5
Operating expenses include costs incurred by JRCM in managing the
Group\u2019s assets and property costs from the Group\u2019s property portfolio.
Further information is provided in Note 6. Refer to Note 1 on page 95
for an explanation of how operating expenses are allocated between
capital and revenue in the Consolidated Income Statement on page 88.
The figures include Directors\u2019 emoluments, details of which are shown
in the Directors\u2019 Remuneration Report on pages 78 to 81.
The average monthly number of employees during the year was
64 (2024: 63) of which 51 (2024: 50) were employed by JRCM and
13 (2024: 13) were employed by SHL.
5. Other disclosable expenses
During the year the Group obtained the following services from the
Company\u2019s auditor and its associates:
\u00a3 thousand
2025
2024
Fees payable to the Company\u2019s auditor
and its associates for the audit of the
Parent Company and consolidated
financial statements
275
266
Fees payable to the Company\u2019s auditor
and its associates for other services:
Audit of the Company\u2019s subsidiaries
108
105
Audit-related assurance services
6
3
Total
389
374
Transaction costs The following transaction costs represent commissions paid on the purchase and sale of listed investments and are included within gains/ (losses) on fair value investments.
\u00a3 million
2025
2024
Purchases
1.7
2.1
Sales
1.4
1.1
Transaction costs
3.1
3.2
Furthermore less than \u00a30.1 million of professional fees (2024: \u00a30.5 million) incurred on purchases of investments are included within gains/ (losses) on fair value investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-499": { "value": "4. Operating expenses
\u00a3 million
2025
2024
Staff costs:
Wages and salaries
18.0
18.9
Share-based payment costs
(Note 25)
8.0
5.9
Social security costs
3.8
3.2
Pension costs (Note 11)
0.7
0.7
Total staff costs
30.5
28.7
Auditor\u2019s remuneration (Note 5)
0.4
0.4
Depreciation
0.3
0.3
Lease payments
0.5
0.5
Other operating expenses
9.3
8.6
Total operating expenses
41.0
38.5
Operating expenses include costs incurred by JRCM in managing the Group\u2019s assets and property costs from the Group\u2019s property portfolio. Further information is provided in Note 6. Refer to Note 1 on page 95 for an explanation of how operating expenses are allocated between capital and revenue in the Consolidated Income Statement on page 88. The figures include Directors\u2019 emoluments, details of which are shown in the Directors\u2019 Remuneration Report on pages 78 to 81. The average monthly number of employees during the year was 64 (2024: 63) of which 51 (2024: 50) were employed by JRCM and 13 (2024: 13) were employed by SHL. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-462": { "value": "4. Operating expenses
\u00a3 million
2025
2024
Staff costs:
Wages and salaries
18.0
18.9
Share-based payment costs
(Note 25)
8.0
5.9
Social security costs
3.8
3.2
Pension costs (Note 11)
0.7
0.7
Total staff costs
30.5
28.7
Auditor\u2019s remuneration (Note 5)
0.4
0.4
Depreciation
0.3
0.3
Lease payments
0.5
0.5
Other operating expenses
9.3
8.6
Total operating expenses
41.0
38.5
Operating expenses include costs incurred by JRCM in managing the Group\u2019s assets and property costs from the Group\u2019s property portfolio. Further information is provided in Note 6. Refer to Note 1 on page 95 for an explanation of how operating expenses are allocated between capital and revenue in the Consolidated Income Statement on page 88. The figures include Directors\u2019 emoluments, details of which are shown in the Directors\u2019 Remuneration Report on pages 78 to 81. The average monthly number of employees during the year was 64 (2024: 63) of which 51 (2024: 50) were employed by JRCM and 13 (2024: 13) were employed by SHL. 5. Other disclosable expenses During the year the Group obtained the following services from the Company\u2019s auditor and its associates:
\u00a3 thousand
2025
2024
Fees payable to the Company\u2019s auditor
and its associates for the audit of the
Parent Company and consolidated
financial statements
275
266
Fees payable to the Company\u2019s auditor
and its associates for other services:
Audit of the Company\u2019s subsidiaries
108
105
Audit-related assurance services
6
3
Total
389
374
Transaction costs
The following transaction costs represent commissions paid on the
purchase and sale of listed investments and are included within gains/
(losses) on fair value investments.
\u00a3 million
2025
2024
Purchases
1.7
2.1
Sales
1.4
1.1
Transaction costs
3.1
3.2
Furthermore less than \u00a30.1 million of professional fees (2024: \u00a30.5
million) incurred on purchases of investments are included within
gains/ (losses) on fair value investments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-482": { "value": "4. Operating expenses
\u00a3 million
2025
2024
Staff costs:
Wages and salaries
18.0
18.9
Share-based payment costs
(Note 25)
8.0
5.9
Social security costs
3.8
3.2
Pension costs (Note 11)
0.7
0.7
Total staff costs
30.5
28.7
Auditor\u2019s remuneration (Note 5)
0.4
0.4
Depreciation
0.3
0.3
Lease payments
0.5
0.5
Other operating expenses
9.3
8.6
Total operating expenses
41.0
38.5
Operating expenses include costs incurred by JRCM in managing the Group\u2019s assets and property costs from the Group\u2019s property portfolio. Further information is provided in Note 6. Refer to Note 1 on page 95 for an explanation of how operating expenses are allocated between capital and revenue in the Consolidated Income Statement on page 88. The figures include Directors\u2019 emoluments, details of which are shown in the Directors\u2019 Remuneration Report on pages 78 to 81. The average monthly number of employees during the year was 64 (2024: 63) of which 51 (2024: 50) were employed by JRCM and 13 (2024: 13) were employed by SHL. 5. Other disclosable expenses During the year the Group obtained the following services from the Company\u2019s auditor and its associates:
\u00a3 thousand
2025
2024
Fees payable to the Company\u2019s auditor
and its associates for the audit of the
Parent Company and consolidated
financial statements
275
266
Fees payable to the Company\u2019s auditor
and its associates for other services:
Audit of the Company\u2019s subsidiaries
108
105
Audit-related assurance services
6
3
Total
389
374
Transaction costs The following transaction costs represent commissions paid on the purchase and sale of listed investments and are included within gains/ (losses) on fair value investments.
\u00a3 million
2025
2024
Purchases
1.7
2.1
Sales
1.4
1.1
Transaction costs
3.1
3.2
Furthermore less than \u00a30.1 million of professional fees (2024: \u00a30.5 million) incurred on purchases of investments are included within gains/ (losses) on fair value investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-496": { "value": "5. Other disclosable expenses During the year the Group obtained the following services from the Company\u2019s auditor and its associates:
\u00a3 thousand
2025
2024
Fees payable to the Company\u2019s auditor
and its associates for the audit of the
Parent Company and consolidated
financial statements
275
266
Fees payable to the Company\u2019s auditor
and its associates for other services:
Audit of the Company\u2019s subsidiaries
108
105
Audit-related assurance services
6
3
Total
389
374
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-464": { "value": "
6. Business and geographical segments
For 2025 and 2024, the Group is considered to have three principal
operating segments, all based in the UK, as follows:
2025 2024
AUM 2025 AUM 2024
Segment
Business
\u00a3 million
1
Employees
1
\u00a3 million
2
Employees
2
RIT
Investment
\u2013
\u2013
\u2013
\u2013
trust
JRCM
Investment
4,040
51
3,731
48
management/
administration
SHL
Events/
\u2013
15
\u2013
13
premises
management
1
At 31 December 2025.
2
At 31 December 2024.
Key financial information for 2025 is as follows:
Net Income/ Operating
\u00a3 million
assets
4
gains
1
expenses
1
Profit
2
RIT
3,901.5
530.2
(56.3)
473.9
JRCM
144.9
53.1
(34.4)
18.7
SHL
1.7
4.3
(4.1)
0.2
Adjustments
3
(8.0)
(53.8)
53.8
\u2013
Total
4,040.1
533.8
(41.0)
492.8
Key financial information for 2024 is as follows:
Net Income/ Operating
\u00a3 million
assets
4
gains
1
expenses
1
Profit
2
RIT
3,609.6
373.7
(52.9)
320.8
JRCM
127.9
49.5
(32.1)
17.4
SHL
1.5
4.4
(4.2)
0.2
Adjustments
3
(7.8)
(50.7)
50.7
\u2013
Total
3,731.2
376.9
(38.5)
338.4
1
Includes intra-group income and expenses.
2
Profit before finance costs and taxation.
3
Consolidation adjustments in accordance with IFRS 10 Consolidated Financial Statements.
4
Net assets is deemed to be the most appropriate measure in accordance with IFRS 8
Operating Segments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-483": { "value": "6. Business and geographical segments For 2025 and 2024, the Group is considered to have three principal operating segments, all based in the UK, as follows:
2025 2024
AUM 2025 AUM 2024
Segment
Business
\u00a3 million
1
Employees
1
\u00a3 million
2
Employees
2
RIT
Investment
\u2013
\u2013
\u2013
\u2013
trust
JRCM
Investment
4,040
51
3,731
48
management/
administration
SHL
Events/
\u2013
15
\u2013
13
premises
management
1 At 31 December 2025. 2 At 31 December 2024. Key financial information for 2025 is as follows:
Net Income/ Operating
\u00a3 million
assets
4
gains
1
expenses
1
Profit
2
RIT
3,901.5
530.2
(56.3)
473.9
JRCM
144.9
53.1
(34.4)
18.7
SHL
1.7
4.3
(4.1)
0.2
Adjustments
3
(8.0)
(53.8)
53.8
\u2013
Total
4,040.1
533.8
(41.0)
492.8
Key financial information for 2024 is as follows:
Net Income/ Operating
\u00a3 million
assets
4
gains
1
expenses
1
Profit
2
RIT
3,609.6
373.7
(52.9)
320.8
JRCM
127.9
49.5
(32.1)
17.4
SHL
1.5
4.4
(4.2)
0.2
Adjustments
3
(7.8)
(50.7)
50.7
\u2013
Total
3,731.2
376.9
(38.5)
338.4
1 Includes intra-group income and expenses. 2 Profit before finance costs and taxation. 3 Consolidation adjustments in accordance with IFRS 10 Consolidated Financial Statements. 4 Net assets is deemed to be the most appropriate measure in accordance with IFRS 8 Operating Segments.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-463": { "value": "7. Finance costs
\u00a3 million
2025
2024
Interest on borrowings
19.0
16.9
Interest on swaps
14.2
16.4
Other finance costs
0.3
0.1
Finance costs
33.5
33.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-497": { "value": "7. Finance costs
\u00a3 million
2025
2024
Interest on borrowings
19.0
16.9
Interest on swaps
14.2
16.4
Other finance costs
0.3
0.1
Finance costs
33.5
33.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-435": { "value": "
8. Taxation
Year ended 31 December 2025
\u00a3 million
Revenue
Capital
Total
UK corporation tax charge/(credit)
\u2013
\u2013
\u2013
Current tax charge/(credit)
\u2013
\u2013
\u2013
Deferred tax charge/(credit)
\u2013
\u2013
\u2013
Taxation charge/(credit)
\u2013
\u2013
\u2013
Year ended 31 December 2024
\u00a3 million
Revenue
Capital
Total
UK corporation tax charge/(credit)
\u2013
\u2013
\u2013
Current tax charge/(credit)
\u2013
\u2013
\u2013
Deferred tax charge/(credit)
\u2013
\u2013
\u2013
Taxation charge/(credit)
\u2013
\u2013
\u2013
The tax charge for the year differs from the effective rate of
corporation tax in the UK for 2025 of 25% (2024: 25%). The
differences are explained as follows:
Year ended 31 December 2025
\u00a3 million
Revenue
Capital
Total
Profit/(loss) before taxation
2.1
457.2
459.3
Tax at the standard UK corporation
tax rate of 25.0%
0.5
114.3
114.8
Effect of:
Capital items exempt from
corporation tax
\u2013
(123.3)
(123.3)
Dividend income not taxable
(3.1)
\u2013
(3.1)
Expenses not deductible for tax
purposes
0.1
\u2013
0.1
Tax losses not recognised
2.5
10.9
13.4
Other items
0.0
(1.9)
(1.9)
Total taxation charge/(credit)
\u2013
\u2013
\u2013
Year ended 31 December 2024
\u00a3 million
Revenue
Capital
Total
Profit/(loss) before taxation
(9.2)
314.2
305.0
Tax at the standard UK corporation
tax rate of 25.0%
(2.3)
78.6
76.3
Effect of:
Capital items exempt from
corporation tax
\u2013
(88.9)
(88.9)
Dividend income not taxable
(3.4)
\u2013
(3.4)
Expenses not deductible for tax
purposes
0.2
\u2013
0.2
Tax losses not recognised
5.5
11.9
17.4
Other items
\u2013
(1.6)
(1.6)
Total taxation charge/(credit)
\u2013
\u2013
\u2013
Refer to Note 12 on page 103 for the explanation of carried forward
tax losses.
12. Deferred taxation
The gross movement on deferred tax during the year is shown below:
\u00a3 million
2025
2024
Balance at start of year
(0.1)
(0.0)
(Debit)/credit to consolidated income
statement
\u2013
\u2013
(Debit)/credit to SOCI
0.1
(0.1)
Balance at end of year
\u2013
(0.1)
The deferred tax asset/(liability) is analysed below:
\u00a3 million
2025
2024
Retirement benefit asset
\u2013
(0.1)
Balance at end of year
\u2013
(0.1)
The Group had carried forward tax losses of \u00a3673 million at
31 December 2025 (2024: \u00a3607 million) that have not been
recognised as a deferred tax asset, as it is considered unlikely that the
unrecognised asset will be utilised in the foreseeable future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-465": { "value": "8. Taxation
Year ended 31 December 2025
\u00a3 million
Revenue
Capital
Total
UK corporation tax charge/(credit)
\u2013
\u2013
\u2013
Current tax charge/(credit)
\u2013
\u2013
\u2013
Deferred tax charge/(credit)
\u2013
\u2013
\u2013
Taxation charge/(credit)
\u2013
\u2013
\u2013
Year ended 31 December 2024
\u00a3 million
Revenue
Capital
Total
UK corporation tax charge/(credit)
\u2013
\u2013
\u2013
Current tax charge/(credit)
\u2013
\u2013
\u2013
Deferred tax charge/(credit)
\u2013
\u2013
\u2013
Taxation charge/(credit)
\u2013
\u2013
\u2013
The tax charge for the year differs from the effective rate of corporation tax in the UK for 2025 of 25% (2024: 25%). The differences are explained as follows:
Year ended 31 December 2025
\u00a3 million
Revenue
Capital
Total
Profit/(loss) before taxation
2.1
457.2
459.3
Tax at the standard UK corporation
tax rate of 25.0%
0.5
114.3
114.8
Effect of:
Capital items exempt from
corporation tax
\u2013
(123.3)
(123.3)
Dividend income not taxable
(3.1)
\u2013
(3.1)
Expenses not deductible for tax
purposes
0.1
\u2013
0.1
Tax losses not recognised
2.5
10.9
13.4
Other items
0.0
(1.9)
(1.9)
Total taxation charge/(credit)
\u2013
\u2013
\u2013
Year ended 31 December 2024
\u00a3 million
Revenue
Capital
Total
Profit/(loss) before taxation
(9.2)
314.2
305.0
Tax at the standard UK corporation
tax rate of 25.0%
(2.3)
78.6
76.3
Effect of:
Capital items exempt from
corporation tax
\u2013
(88.9)
(88.9)
Dividend income not taxable
(3.4)
\u2013
(3.4)
Expenses not deductible for tax
purposes
0.2
\u2013
0.2
Tax losses not recognised
5.5
11.9
17.4
Other items
\u2013
(1.6)
(1.6)
Total taxation charge/(credit)
\u2013
\u2013
\u2013
Refer to Note 12 on page 103 for the explanation of carried forward tax losses. 12. Deferred taxation The gross movement on deferred tax during the year is shown below:
\u00a3 million
2025
2024
Balance at start of year
(0.1)
(0.0)
(Debit)/credit to consolidated income
statement
\u2013
\u2013
(Debit)/credit to SOCI
0.1
(0.1)
Balance at end of year
\u2013
(0.1)
The deferred tax asset/(liability) is analysed below:
\u00a3 million
2025
2024
Retirement benefit asset
\u2013
(0.1)
Balance at end of year
\u2013
(0.1)
The Group had carried forward tax losses of \u00a3673 million at 31 December 2025 (2024: \u00a3607 million) that have not been recognised as a deferred tax asset, as it is considered unlikely that the unrecognised asset will be utilised in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-436": { "value": "
9. Earnings per ordinary share \u2013 basic and diluted
The basic earnings per ordinary share for 2025 is based on the profit
of \u00a3459.3 million (2024: \u00a3305.0 million) and the weighted average
number of ordinary shares in issue during the period of 139.9 million
(2024: 144.4 million). The weighted average number of shares is
adjusted for shares held in the EBT and in treasury in accordance with
IAS 33 \u2013 Earnings per share.
\u00a3 million
2025
2024
Net revenue profit/(loss)
2.1
(9.2)
Net capital profit/(loss)
457.2
314.2
Total profit/(loss) for the year
459.3
305.0
Weighted average (million)
2025
2024
Number of shares in issue
1
147.2
156.8
Shares held in EBT
(1.1)
(1.2)
Shares held in treasury
1
(6.2)
(11.2)
Basic shares
139.9
144.4
1
On 21 May 2025, the Company cancelled 15.7 million ordinary shares of \u00a31 each which were
held in treasury.
pence
2025
2024
Revenue earnings/(loss)
per ordinary share \u2013 basic
1.5
(6.4)
Capital earnings/(loss)
per ordinary share \u2013 basic
326.7
217.6
Total earnings per share \u2013 basic
328.2
211.2
The diluted earnings per ordinary share for the period is based on the
basic shares (above) adjusted for the effect of share-based payments
awards for the period.
Weighted average (million)
2025
2024
Basic shares
139.9
144.4
Effect of share-based payment awards
0.5
0.7
Diluted shares
140.4
145.1
pence
2025
2024
Revenue earnings/(loss)
per ordinary share \u2013 diluted
1.5
(6.3)
Capital earnings/(loss)
per ordinary share \u2013 diluted
325.5
216.5
Total earnings per ordinary share \u2013
diluted
327.0
210.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-437": { "value": "
10. Property, plant and equipment
The Group\u2019s property, plant and equipment as at 31 December 2025
was \u00a322.3 million (2024: \u00a321.7 million).
Accumulated Net book/
Group \u00a3 million
Cost
depreciation
Revaluation
fair value
At 1 January
2025
17.9
(6.8)
10.6
21.7
Additions
0.4
\u2013
\u2013
0.4
Charge for
depreciation
\u2013
(0.3)
\u2013
(0.3)
Revaluation gain/
(loss)
\u2013
\u2013
0.5
0.5
Disposals
(1.3)
1.3
\u2013
\u2013
Fair value at
31 December
2025
1 7.0
(5.8)
11.1
22.3
Of which:
Property \u2013
leasehold
14.1
(5.5)
11.1
19.7
Accumulated Net book/
Group \u00a3 million
Cost
depreciation
Revaluation
fair value
At 1 January
2024
17.8
(6.5)
10.3
21.6
Additions
0.1
\u2013
\u2013
0.1
Charge for
depreciation
\u2013
(0.3)
\u2013
(0.3)
Revaluation gain/
(loss)
\u2013
\u2013
0.3
0.3
Fair value at
31 December
2024
17.9
(6.8)
10.6
21.7
Of which:
Property \u2013
leasehold
14.1
(5.2)
10.6
19.5
The Company\u2019s property, plant and equipment as at 31 December
2025 was \u00a322.2 million (2024: \u00a321.6 million).
Company Accumulated Net book/
\u00a3 million
Cost
depreciation
Revaluation
fair value
At 1 January
2025
16.2
(5.2)
10.6
21.6
Additions
0.4
\u2013
\u2013
0.4
Charge for
depreciation
\u2013
(0.3)
\u2013
(0.3)
Revaluation gain/
(loss)
\u2013
\u2013
0.5
0.5
Fair value at
31 December
2025
16.6
(5.5)
11.1
22.2
Of which:
Property \u2013
leasehold
14.1
(5.5)
11.1
19.7
Company Accumulated Net book/
\u00a3 million
Cost
depreciation
Revaluation
fair value
At 1 January
2024
16.1
(4.9)
10.3
21.5
Additions
0.1
\u2013
\u2013
0.1
Charge for
depreciation
\u2013
(0.3)
\u2013
(0.3)
Revaluation gain/
(loss)
\u2013
\u2013
0.3
0.3
Fair value at
31 December
2024
16.2
(5.2)
10.6
21.6
Of which:
Property \u2013
leasehold
14.1
(5.2)
10.6
19.5
The fair value at both year ends predominantly relates to the
proportion of the leasehold interest in 27 St. James\u2019s Place occupied
by the Group. The property valuations are based on Jones Lang
LaSalle\u2019s (JLL) valuations at the respective year ends.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-466": { "value": "10. Property, plant and equipment The Group\u2019s property, plant and equipment as at 31 December 2025 was \u00a322.3 million (2024: \u00a321.7 million).
Accumulated Net book/
Group \u00a3 million
Cost
depreciation
Revaluation
fair value
At 1 January
2025
17.9
(6.8)
10.6
21.7
Additions
0.4
\u2013
\u2013
0.4
Charge for
depreciation
\u2013
(0.3)
\u2013
(0.3)
Revaluation gain/
(loss)
\u2013
\u2013
0.5
0.5
Disposals
(1.3)
1.3
\u2013
\u2013
Fair value at
31 December
2025
1 7.0
(5.8)
11.1
22.3
Of which:
Property \u2013
leasehold
14.1
(5.5)
11.1
19.7
Accumulated Net book/
Group \u00a3 million
Cost
depreciation
Revaluation
fair value
At 1 January
2024
17.8
(6.5)
10.3
21.6
Additions
0.1
\u2013
\u2013
0.1
Charge for
depreciation
\u2013
(0.3)
\u2013
(0.3)
Revaluation gain/
(loss)
\u2013
\u2013
0.3
0.3
Fair value at
31 December
2024
17.9
(6.8)
10.6
21.7
Of which:
Property \u2013
leasehold
14.1
(5.2)
10.6
19.5
The Company\u2019s property, plant and equipment as at 31 December 2025 was \u00a322.2 million (2024: \u00a321.6 million).
Company Accumulated Net book/
\u00a3 million
Cost
depreciation
Revaluation
fair value
At 1 January
2025
16.2
(5.2)
10.6
21.6
Additions
0.4
\u2013
\u2013
0.4
Charge for
depreciation
\u2013
(0.3)
\u2013
(0.3)
Revaluation gain/
(loss)
\u2013
\u2013
0.5
0.5
Fair value at
31 December
2025
16.6
(5.5)
11.1
22.2
Of which:
Property \u2013
leasehold
14.1
(5.5)
11.1
19.7
Company Accumulated Net book/
\u00a3 million
Cost
depreciation
Revaluation
fair value
At 1 January
2024
16.1
(4.9)
10.3
21.5
Additions
0.1
\u2013
\u2013
0.1
Charge for
depreciation
\u2013
(0.3)
\u2013
(0.3)
Revaluation gain/
(loss)
\u2013
\u2013
0.3
0.3
Fair value at
31 December
2024
16.2
(5.2)
10.6
21.6
Of which:
Property \u2013
leasehold
14.1
(5.2)
10.6
19.5
The fair value at both year ends predominantly relates to the proportion of the leasehold interest in 27 St. James\u2019s Place occupied by the Group. The property valuations are based on Jones Lang LaSalle\u2019s (JLL) valuations at the respective year ends.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-467": { "value": "
11. Pension commitments
Until February 2025, the Group had pension commitments in respect
of its participation in the RITCP Pension and Life Assurance Scheme
(the Scheme). The Scheme consisted of a defined benefit plan which
was closed to new members in 1997 and was administered under a
Trust Deed and Rules and a corporate trustee, Law Debenture Pension
Trust Corporation plc, who is independent of the Group and was
appointed in May 2019.
On 8 December 2022 the Trustee, after consulting with the Employer,
purchased an insurance policy to \u2019buy-in\u2018 almost all Scheme liabilities
with Just Retirement Limited (JUST). The buy-in premium paid to Just
was \u00a320 million. A further balancing premium of \u00a30.2 million was paid
to Just in December 2024 in respect of final data and benefits, and
discretionary increases granted as at 1 January 2023 and 1 January
2024.
Following notification from JRCM on 30 January 2025 the Trustee
formally commenced winding up the Scheme.
On 12 February 2025 all of the Scheme\u2019s liabilities were assigned
to Just and the Scheme was bought out with individual insurance
policies issued to all members.
The Trustee was discharged of any further liability in December 2025.
The costs associated with the Scheme, their recognition in the
financial statements, the assumptions underlying the calculation of
those costs and their disclosure in the consolidated income statement
or statement of comprehensive income (SOCI) are set out below.
Defined benefit cost
\u00a3 million
2025
2024
Net interest on defined benefit asset
(0.0)
(0.0)
Administration costs and taxes
0.1
0.2
Remeasurement effects recognised in
the SOCI
0.1
(0.3)
Total cost/(credit)
0.2
(0.1)
Recognised in the consolidated income statement
\u00a3 million
2025
2024
Defined contribution schemes
0.6
0.5
Defined benefit scheme:
Net interest on defined benefit asset
0.0
0.0
Administration costs and taxes
0.1
0.2
Total pension cost recognised in the
consolidated income statement
0.7
0.7
Recognised in the SOCI
\u00a3 million
2025
2024
Defined benefit scheme:
Actuarial loss due to liability experience
(0.1)
0.2
Actuarial (gain)/loss due to liability
assumption changes
0.0
(1.7)
Actuarial (gain)/loss due to
demographic assumption changes in
defined benefit obligation (DBO)
\u2013
0.1
Return on Scheme assets greater than
discount rate
0.2
1.1
Remeasurement effects recognised in
the SOCI
0.1
(0.3)
Total (credit)/expense
0.8
0.4
The Scheme\u2019s assets and liabilities are shown below together with the actuarial assumptions used. Changes in the DBO
\u00a3 million
2025
2024
DBO at end of prior year
15.8
17.3
Interest cost on the DBO
0.1
0.8
Actuarial (gain)/loss - demographic
experience
(0.1)
0.2
Actuarial (gain)/loss - demographic
assumptions
0.0
0.1
Actuarial gain - financial assumptions
0.1
(1.7)
Benefits paid from scheme assets
(0.1)
(0.9)
Settlements
(15.8)
\u2013
Total DBO
\u2013
15.8
Changes in Scheme assets
\u00a3 million
2025
2024
Opening fair value of the Scheme
assets
16.0
17.4
Interest income on Scheme assets
0.1
0.8
Return on Scheme assets greater than
discount rate
(0.2)
(1.1)
Benefits paid
(0.1)
(0.9)
Administration costs and taxes
0.0
(0.2)
Settlements
(15.8)
\u2013
Total Scheme assets
\u2013
16.0
The Company had unrestricted rights to any surplus in the Scheme upon wind-up. As such there is no irrecoverable surplus for either the current year or prior year. Development of the net balance sheet position
\u00a3 million
2025
2024
Net defined benefit asset at end of
prior year
0.2
0.1
Net cost recognised in profit and loss
(0.1)
(0.2)
Remeasurement effects recognised in
the SOCI
(0.1)
0.3
Net defined benefit asset
\u2013
0.2
The assumptions used to determine the measurements at the reporting dates are shown below:
2025
2024
Discount rate
n/a
5.55%
Price inflation (RPI)
n/a
3.40%
Rate of salary increase
n/a
n/a
Pension increases for pre 6 April 1997
pension
n/a
4.00%
Pension increases for post 6 April 1997
pension
n/a
4.25%
Pension increases for deferred benefits
(non Guaranteed Minimum Pension)
n/a
3.40%
Scheme participant census date 31 December
n/a 2023
Post retirement mortality
assumption-source
n/a
SAPS
1
1 Self-administered Pension Scheme light series year of birth tables allowing for Continuous Mortality Investigation projections and a 1.5% per annum long-term trend. Sensitivity analysis In accordance with IAS 19 (revised), the sensitivity of the DBO to the relevant actuarial assumptions is shown below. In each case the changed assumption has been considered in isolation (i.e. all other factors remain constant).
\u00a3 million
2025
2024
DBO
\u2013
15.8
No actuarial assumptions were required at 31 December 2025. Significant actuarial assumptions at 31 December 2024:
Assumptions Revised
used for DBO
sensitivity Sensitivity for each
\u00a3 million analysis analysis sensitivity
Discount rate
5.05%
0.5% point decrease
16.8
Price inflation (RPI)
3.90%
0.5% point increase
16.0
Life expectancy
\u2013
Increase of 1 year
16.4
The weighted average duration of the DBO was 11 years at 31 December 2024. Further Scheme analysis is shown below. Analysis of DBO by participant category
\u00a3 million
2025
2024
Deferred participants
\u2013
1.7
Pensioners
\u2013
14.1
DBO
\u2013
15.8
The fair value of Scheme assets as at 31 December 2024 were \u00a317.4 million.
31 December 31 December
Scheme asset breakdown 2025 2024
Bulk insurance policy
n/a
99%
Cash and liquidity/other
n/a
1%
Total
n/a
100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-438": { "value": "11. Pension commitments Until February 2025, the Group had pension commitments in respect of its participation in the RITCP Pension and Life Assurance Scheme (the Scheme). The Scheme consisted of a defined benefit plan which was closed to new members in 1997 and was administered under a Trust Deed and Rules and a corporate trustee, Law Debenture Pension Trust Corporation plc, who is independent of the Group and was appointed in May 2019. On 8 December 2022 the Trustee, after consulting with the Employer, purchased an insurance policy to \u2019buy-in\u2018 almost all Scheme liabilities with Just Retirement Limited (JUST). The buy-in premium paid to Just was \u00a320 million. A further balancing premium of \u00a30.2 million was paid to Just in December 2024 in respect of final data and benefits, and discretionary increases granted as at 1 January 2023 and 1 January 2024. Following notification from JRCM on 30 January 2025 the Trustee formally commenced winding up the Scheme. On 12 February 2025 all of the Scheme\u2019s liabilities were assigned to Just and the Scheme was bought out with individual insurance policies issued to all members. The Trustee was discharged of any further liability in December 2025. The costs associated with the Scheme, their recognition in the financial statements, the assumptions underlying the calculation of those costs and their disclosure in the consolidated income statement or statement of comprehensive income (SOCI) are set out below. Defined benefit cost
\u00a3 million
2025
2024
Net interest on defined benefit asset
(0.0)
(0.0)
Administration costs and taxes
0.1
0.2
Remeasurement effects recognised in
the SOCI
0.1
(0.3)
Total cost/(credit)
0.2
(0.1)
Recognised in the consolidated income statement
\u00a3 million
2025
2024
Defined contribution schemes
0.6
0.5
Defined benefit scheme:
Net interest on defined benefit asset
0.0
0.0
Administration costs and taxes
0.1
0.2
Total pension cost recognised in the
consolidated income statement
0.7
0.7
Recognised in the SOCI
\u00a3 million
2025
2024
Defined benefit scheme:
Actuarial loss due to liability experience
(0.1)
0.2
Actuarial (gain)/loss due to liability
assumption changes
0.0
(1.7)
Actuarial (gain)/loss due to
demographic assumption changes in
defined benefit obligation (DBO)
\u2013
0.1
Return on Scheme assets greater than
discount rate
0.2
1.1
Remeasurement effects recognised in
the SOCI
0.1
(0.3)
Total (credit)/expense
0.8
0.4
The Scheme\u2019s assets and liabilities are shown below together with the
actuarial assumptions used.
Changes in the DBO
\u00a3 million
2025
2024
DBO at end of prior year
15.8
17.3
Interest cost on the DBO
0.1
0.8
Actuarial (gain)/loss - demographic
experience
(0.1)
0.2
Actuarial (gain)/loss - demographic
assumptions
0.0
0.1
Actuarial gain - financial assumptions
0.1
(1.7)
Benefits paid from scheme assets
(0.1)
(0.9)
Settlements
(15.8)
\u2013
Total DBO
\u2013
15.8
Changes in Scheme assets
\u00a3 million
2025
2024
Opening fair value of the Scheme
assets
16.0
17.4
Interest income on Scheme assets
0.1
0.8
Return on Scheme assets greater than
discount rate
(0.2)
(1.1)
Benefits paid
(0.1)
(0.9)
Administration costs and taxes
0.0
(0.2)
Settlements
(15.8)
\u2013
Total Scheme assets
\u2013
16.0
The Company had unrestricted rights to any surplus in the Scheme
upon wind-up. As such there is no irrecoverable surplus for either the
current year or prior year.
Development of the net balance sheet position
\u00a3 million
2025
2024
Net defined benefit asset at end of
prior year
0.2
0.1
Net cost recognised in profit and loss
(0.1)
(0.2)
Remeasurement effects recognised in
the SOCI
(0.1)
0.3
Net defined benefit asset
\u2013
0.2
The assumptions used to determine the measurements at the
reporting dates are shown below:
2025
2024
Discount rate
n/a
5.55%
Price inflation (RPI)
n/a
3.40%
Rate of salary increase
n/a
n/a
Pension increases for pre 6 April 1997
pension
n/a
4.00%
Pension increases for post 6 April 1997
pension
n/a
4.25%
Pension increases for deferred benefits
(non Guaranteed Minimum Pension)
n/a
3.40%
Scheme participant census date 31 December
n/a 2023
Post retirement mortality
assumption-source
n/a
SAPS
1
1
Self-administered Pension Scheme light series year of birth tables allowing for Continuous
Mortality Investigation projections and a 1.5% per annum long-term trend.
Sensitivity analysis
In accordance with IAS 19 (revised), the sensitivity of the DBO to
the relevant actuarial assumptions is shown below. In each case the
changed assumption has been considered in isolation (i.e. all other
factors remain constant).
\u00a3 million
2025
2024
DBO
\u2013
15.8
No actuarial assumptions were required at 31 December 2025.
Significant actuarial assumptions at 31 December 2024:
Assumptions Revised
used for DBO
sensitivity Sensitivity for each
\u00a3 million analysis analysis sensitivity
Discount rate
5.05%
0.5% point decrease
16.8
Price inflation (RPI)
3.90%
0.5% point increase
16.0
Life expectancy
\u2013
Increase of 1 year
16.4
The weighted average duration of the DBO was 11 years at
31 December 2024. Further Scheme analysis is shown below.
Analysis of DBO by participant category
\u00a3 million
2025
2024
Deferred participants
\u2013
1.7
Pensioners
\u2013
14.1
DBO
\u2013
15.8
The fair value of Scheme assets as at 31 December 2024 were \u00a317.4
million.
31 December 31 December
Scheme asset breakdown 2025 2024
Bulk insurance policy
n/a
99%
Cash and liquidity/other
n/a
1%
Total
n/a
100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-484": { "value": "12. Deferred taxation The gross movement on deferred tax during the year is shown below:
\u00a3 million
2025
2024
Balance at start of year
(0.1)
(0.0)
(Debit)/credit to consolidated income
statement
\u2013
\u2013
(Debit)/credit to SOCI
0.1
(0.1)
Balance at end of year
\u2013
(0.1)
The deferred tax asset/(liability) is analysed below:
\u00a3 million
2025
2024
Retirement benefit asset
\u2013
(0.1)
Balance at end of year
\u2013
(0.1)
The Group had carried forward tax losses of \u00a3673 million at 31 December 2025 (2024: \u00a3607 million) that have not been recognised as a deferred tax asset, as it is considered unlikely that the unrecognised asset will be utilised in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-439": { "value": "
13. Financial instruments
As an investment company, financial instruments make up the vast majority
of the Group\u2019s assets and liabilities and generate its performance.
Financial instruments comprise securities, derivatives and other
investments, cash, short-term receivables and payables, and short
and long-term borrowings.
The nature and extent of the financial instruments outstanding can
be seen on the face of the balance sheet and the risk management
policies employed by the Group and Company are set out below.
The Group\u2019s policy for determining the fair value of investments
(including private investments) is set out on pages 95 and 96.
In relation to receivables, payables and short-term borrowings, the
carrying amount is viewed as being a reasonable approximation of
fair value.
13.1. Financial risk management
The main risks arising from the Group\u2019s financial instruments are
market risk (including price risk, interest rate risk and currency risk),
credit risk and liquidity risk. The day-to-day identification, mitigation
and monitoring of these risks is undertaken by the Manager under
the authority of the Board and the Audit and Risk Committee, and is
described in more detail below.
The objectives, policies and processes for managing risks have not
changed since the previous accounting year. The risk management
processes of the Company are aligned with those of the Group
as a whole and it is at the Group level that the majority of the
risk management procedures are performed. Where relevant and
materially different from the Group position, Company-specific risk
exposures are explained alongside those of the Group.
13.1.1. Market risk
The fair value or future cash flows of a financial instrument or
investment property held by the Group may fluctuate as a result
of changes in market prices. Market risk can be summarised as
comprising three types of risk:
\u2022 Price risk
The risk that the fair value or future cash flows of financial
instruments and investment properties will fluctuate because of
changes in market prices (other than those arising from interest
rate risk or currency risk).
\u2022 Interest rate risk
The risk that the fair value or future cash flows of financial
instruments and investment properties will fluctuate because of
changes in interest rates.
\u2022 Currency risk
The risk that the fair value or future cash flows of financial
instruments will fluctuate because of changes in foreign exchange
rates.
The Group\u2019s exposure to, sensitivity to and management of each of
these risks are described in further detail below.
Management of market risk is fundamental to the Group\u2019s investment
objective. The investment portfolio is continually monitored to target
an appropriate balance of risk and reward.
The Manager may seek to reduce or increase the portfolio\u2019s exposure
to stock markets, interest rates and currencies by utilising derivatives
such as index futures, options, swaps and currency forward contracts.
These instruments are used for the purpose of hedging some or all
of the existing exposure within the portfolio to those currencies or
particular markets, as well as to enable increased exposure when
deemed appropriate. With respect to equity, foreign exchange and
interest rate options, the notional exposure presented in this Note
is adjusted to reflect the estimated sensitivity of the option to
movements in the underlying security.
13.1.2. Price risk Price risk may affect the value of the quoted, private and other investments held by the Group. The Group has a widely diversified investment portfolio which significantly reduces the exposure to individual asset price risk. The performance of third-party investment managers is regularly reviewed and assessed to ensure compliance with their mandates and that their performance is compatible with the Group\u2019s investment objective. The Group\u2019s exposure to price risk is monitored and managed by analysing the levels of direct exposure from quoted equity price risk and the exposure from other price risk. The Group\u2019s exposure to quoted equity price risk (also described as net quoted equity exposure) can be assumed to be equivalent to the quoted equity investments in the investment portfolio adjusted for: \u2022 notional exposure from quoted equity derivatives \u2022 estimated cash balances held by external managers \u2022 estimated net equity exposure from hedge fund managers Other price risk exposure relates to investments in private investments, absolute return and credit, and real assets, adjusted for the notional exposure from commodity and credit derivatives.
31 December 31 December
\u00a3 million 2025 2024
Exposure to quoted equity price risk
1
2,041.9
1,900.5
Exposure to other price risk
2,139.5
2,018.6
Total exposure to price risk
4,181.4
3,919.1
1 Quoted equity price risk represented 51% of year-end net assets (2024: 51%). Price risk sensitivity analysis The sensitivity of the Group\u2019s net assets and profit with regards to changes in market prices is illustrated below. This is estimated using an assumed 10% increase in general market prices with all other variables held constant. A 10% decrease is assumed to produce an equal and opposite effect. The sensitivity analysis takes account of the relevant derivative transactions the Group has entered into including those designed to provide a hedge against such movements.
2025 2024
Impact on Impact on
profit and net profit and net
\u00a3 million assets assets
Quoted equity
233.9
268.6
Other
236.5
207.4
Total
470.4
476.0
The Group is exposed to market risk in respect to the fair value of the investment properties. The investment properties are valued by JLL using a market valuation approach and as such, the valuation will be influenced by trends experienced in the property market and also the wider economic environment. In particular, the valuation will be dependent on rental income yields, demand and supply for office space in London and comparable transactions completed in the marketplace. Fluctuations in any of the inputs used by the valuers to value the investment properties may increase or decrease the fair value of the properties. 13.1.3. Interest rate risk The Group finances its operations mainly through its share capital and reserves, including realised gains on investments. In addition, financing has been obtained through bank borrowings and fixed rate loan notes. Changes in interest rates have a direct or indirect impact on the fair value or future cash flows of the following financial assets and liabilities: \u2022 Gilts and other government securities \u2022 Money market funds \u2022 Credit funds \u2022 Cash and cash equivalents \u2022 Group borrowings \u2022 Certain derivative contracts Changes in interest rates indirectly affect the fair value of the Group\u2019s other investments including those in quoted equity securities, private investments or property. Interest rate risk is managed by taking into account the possible effects on fair value and cash flows that could arise as a result of changes in interest rates when making decisions on investments and borrowings. Exposure of the Group\u2019s financial assets and liabilities to floating interest rates (giving cash flow interest rate risk when rates are reset) and fixed interest rates (giving fair value risk), is shown below.
31 December 2025
\u00a3 million
Floating rate
Fixed rate
Total
Portfolio investments \u2013
debt securities
1
6.9
240.9
24 7.8
Cash
220.6
\u2013
220.6
Borrowings
(176.4)
(125.8)
(302.2)
Total
51.1
115.1
166.2
31 December 2024
\u00a3 million
Floating rate
Fixed rate
Total
Portfolio investments \u2013
debt securities
1
\u2013
128.1
128.1
Cash
189.4
\u2013
189.4
Borrowings
(200.1)
(133.8)
(333.9)
Total
(10.7)
(5.7)
(16.4)
1
In addition, the Group holds \u00a3646.7 million (2024: \u00a3686.4 million) invested in absolute return
and credit, of which \u00a3311.1 million (2024: \u00a3360.7 million) is in funds that predominantly
invest in credit instruments. These provide indirect exposure to interest rate risk.
Exposures vary throughout the year as a consequence of changes
in the composition of the net assets of the Group arising out of
investment, borrowing and risk management processes.
Portfolio investments include direct and indirect (via externally-
managed funds) investments in government securities, money
markets, as well as quoted and unquoted debt securities issued
by companies.
Interest received on cash and cash equivalents is at prevailing
market rates.
The Group has total borrowings with a fair value of \u00a3302.2 million
outstanding at the year end (2024: \u00a3333.9 million). The revolving
credit facilities and term loan comprising \u00a3176.4 million of this total
incur floating interest payments (2024: \u00a3200.1 million). The loan notes
with a fair value of \u00a3125.8 million (par value of \u00a3138.0 million) have
fixed interest payments (2024: fair value \u00a3133.8 million; par value
\u00a3151.0 million). Further details are provided in Note 18.
Interest rate risk sensitivity analysis
The approximate sensitivity of the Group\u2019s net assets and profit in
regard to changes in interest rates is illustrated below. This is based
on an assumed 50 basis point annualised increase in prevailing
interest rates at the balance sheet date applied to the floating rate
and fixed rate assets and liabilities and the following assumptions:
\u2022 the fair values of all other assets and liabilities are not affected by a
change in interest rates
\u2022 funds will be reinvested in similar interest-bearing securities on
maturity
\u2022 all other variables are held constant
A 50 basis point decrease is assumed to produce an equal and
opposite impact.
2025 2024
Impact on Impact on
profit and net profit and net
\u00a3 million assets assets
Total
(1.2)
(1.7)
The Group has direct exposure to the effect of interest rate changes on the valuation and cash flows of its interest-bearing assets and liabilities. However, it may also be indirectly affected by the impact of interest rate changes on the earnings of certain companies in which the Group invests, and the impact on valuations that use interest rates as an input, including valuation models for private investments. Therefore, the sensitivity analysis may not reflect the full effect on the Group\u2019s net assets. 13.1.4. Currency risk Consistent with its Investment Policy, the Group invests in financial instruments and transactions denominated in currencies other than sterling. As such, the Group\u2019s profit and net assets could be significantly affected by currency movements. Currency risk is managed by the Group by entering into currency options or forward currency contracts as a means of limiting or increasing its exposure to particular currencies. These contracts are used for the purpose of hedging part of the existing currency exposure of the Group\u2019s portfolio (as a means of reducing risk) or to enable increased exposure when this is deemed appropriate by the Manager. Foreign currency exposure
2025 2024
Net exposure Net exposure
% NAV % of NAV % of NAV
US dollar
23.6
32.1
Japanese yen
3.4
4.3
Euro
3.0
1.7
Other non-sterling
2.7
4.4
Total
1
32.7
42.5
1 Amounts in the above table are based on the carrying value of all foreign currency denominated assets and liabilities and the underlying notional amounts of forward currency contracts. It does not take into account any estimates of \u2018look-through\u2019 exposure from our fund investments. Currency risk sensitivity analysis The sensitivity of the Group\u2019s net assets and profit in regard to changes in key currencies is illustrated on the next page. This is based on an assumed 10% strengthening of sterling relative to the foreign currencies as at 31 December 2025, and assumes all other variables are held constant. A 10% weakening is assumed to produce an equal and opposite effect. The sensitivity analysis is based on the net foreign currency assets held at the balance sheet dates and takes account of currency forwards and options that adjust the effects of changes in currency exchange rates.
2025 2024
Impact on Impact on
profit and net profit and net
\u00a3 million assets assets
US dollar
(95.5)
(67.3)
Japanese yen
(13.8)
(15.9)
Euro
(12.3)
(6.5)
Other non-sterling
(11.0)
(16.4)
Total
(132.6)
(106.1)
13.1.5. Credit risk
Credit risk is the risk that a counterparty to a financial instrument held by
the Group will fail to discharge an obligation or commitment that it has
entered into with the Group, which could result in a loss to the Group.
This risk is not considered significant and is managed as follows:
\u2022 the vast majority of the Group\u2019s listed transactions are settled
on a delivery versus payment basis and are held directly by the
custodian in fully segregated client accounts
\u2022 use of a range of brokers and counterparties with their credit
quality monitored regularly
\u2022 cash balances are predominantly held with our custodian, whose
credit worthiness is regularly monitored
\u2022 cash margin is held by a range of approved counterparties, with
both margin balances and counterparties\u2019 creditworthiness
monitored regularly
\u2022 careful selection of a diversified portfolio of credit managers
A credit exposure could arise in respect of derivative contracts
entered into by the Group if a counterparty was unable to fulfil its
contractual obligations.
The Group has exposure to certain debt instruments. The credit
risk associated with these instruments is managed as part of the
overall investment risk in the relevant portfolio companies and is not
considered separately.
The Group\u2019s maximum credit exposure is limited to the carrying
amount of financial assets recognised at the reporting date, as
summarised below.
Credit risk exposure
\u00a3 million
2025
2024
Portfolio investments \u2013 debt securities
1
247.8
128.1
Derivative financial instruments
2
36.1
92.2
Cash margin
50.8
117.3
Other receivables
10.4
5.8
Cash at bank
220.6
189.4
Total
565.7
532.8
1
Debt securities held within portfolio investments include a private loan note issued by
Oriflame Investment Holding plc and promissory notes issued by Webull Corporation.
2
Represents the fair value of assets held by counterparties.
The credit quality of certain financial assets that are not past due,
where the risk of loss is primarily that a counterparty fails to meet an
obligation, can be assessed by reference to external credit ratings.
The Manager has a review process in place that includes an evaluation
of a potential counterparty\u2019s ability to service and repay its debt. This
is considered on a regular basis. Cash margins and other receivables
comprise mainly balances with counterparties which are investment
grade financial institutions with a short-term credit rating by S&P of
A-2 or higher (2024: A-2).
BNP is the custodian and depositary to the Company under the
Alternative Investment Fund Managers Directive (AIFMD). Under the
UK equivalent regulations, the Company is the Alternative Investment
Fund (AIF) and JRCM is the Alternative Investment Fund Manager
(AIFM). As custodian, substantially all of the Company\u2019s directly-
held listed portfolio investments and cash at bank are held by BNP.
Bankruptcy or insolvency of the custodian may cause the Group\u2019s
rights with respect to securities held by the custodian to be delayed;
however, BNP Paribas\u2019 local long-term rating from S&P was A+ in the
most recent rating prior to 31 December 2025 (2024: A+).
As depositary under AIFMD, the main obligation of BNP is the
safeguarding of those custodied assets on behalf of the RIT
shareholder. The depositary is liable for the loss of financial
instruments held in custody, other than under limited circumstances.
As a result of this obligation, the depositary maintains oversight of
all transactions undertaken by the AIFM (JRCM) on behalf of the AIF
(RIT). This includes reviewing all cash movements, receiving copies
of internal sign\u2010off documentation and key legal agreements, and
oversight and review of key procedures and controls.
13.1.6. Liquidity risk
Liquidity risk is the risk that the Group will have difficulty in meeting its
obligations in respect of financial liabilities as they fall due.
In addition to the Group\u2019s liquidity balances and committed but
undrawn borrowings, the investment portfolio includes a substantial
amount of assets which would be expected to be realised within a
relatively short time frame, depending on market conditions. This
might include stocks (unless held via a co-investment fund or subject
to a lock-up), government bonds and derivatives. Other investments
can be realised over varying timeframes depending on the nature of
the investment and/or the legal terms governing disposal. Investments
in externally-managed equity and hedge funds have redemption
periods which typically range from daily to quarterly and longer,
depending in part on the underlying nature of the portfolio holdings.
There is also a risk in stress situations of the funds imposing additional
restrictions or \u2018gates\u2019 on redemptions (as happened in particular to
hedge funds during the global financial crisis). Direct private and
private fund investments are inherently less liquid, and while there is a
secondary market, participants will often experience discounts to fair
value, in particular at times of stress.
JRCM manages the Group\u2019s liquid resources in line with a liquidity
risk framework overseen by the Board. This establishes a minimum
level of liquidity available to meet expected contractual commitments,
including ongoing costs, margin calls and capital calls (from funds
with a commitment/drawdown structure - see Note 14). The Manager
monitors the level of short-term funding, and balances the need for
access to short-term funding, with the long-term funding needs of the
Group.
The Group has three revolving credit facilities with a total capacity of
\u00a3285 million (of which \u00a3155 million was committed and undrawn at
the year end), a term loan of $66 million and \u00a3138 million par value
long-term loan notes (details of which are disclosed in Note 18).
The remaining contractual financial liabilities of the Group to maturity
of each instrument at the year end, presented on an undiscounted
basis, with borrowings at par value, and based on the earliest date on
which payment could be required are as follows:
31 December 2025
3 months 3-12
\u00a3 million or less
months
>1 year
Total
Current liabilities:
Borrowings
\u2013
127.4
\u2013
127.4
Derivative financial
instruments
1.8
0.2
\u2013
2.0
Amounts owed to
group undertakings
13.9
\u2013
\u2013
13.9
Non-current liabilities:
Derivative financial
instruments
\u2013
\u2013
0.4
0.4
Borrowings
1.4
6.3
216.6
224.3
Lease liability
0.1
0.1
6.9
7.1
Financial liabilities
17.2
134.0
223.9
375.1
Other non-financial
liabilities
24.4
\u2013
3.1
27.5
Total
41.6
134.0
227.0
402.6
31 December 2024
3 months 3-12
\u00a3 million or less
months
>1 year
Total
Current liabilities:
Borrowings
\u2013
161.1
\u2013
161.1
Derivative financial
instruments
58.2
11.6
\u2013
69.8
Amounts owed to
group undertakings
16.3
\u2013
\u2013
16.3
Non-current liabilities:
Derivative financial
instruments
\u2013
\u2013
17.5
17.5
Borrowings
1.8
6.6
223.3
231.7
Lease liability
0.1
0.1
6.5
6.7
Financial liabilities
76.4
179.4
247.3
503.1
Other non-financial
liabilities
77.5
\u2013
3.1
80.6
Total
153.9
179.4
250.4
583.7
In addition, the Company has contingent liabilities in the form of
commitments amounting to \u00a3204.9 million (2024: \u00a3215.2 million) as
set out in Note 14.
13.2. Collateral
Collateral in the form of cash margin is posted by the Group in relation
to certain derivative transactions, transacted under the auspices of
the International Swaps and Derivatives Association. The Group does
not hold collateral from other counterparties.
Set out below is the amount of financial assets pledged as collateral at
the year end.
\u00a3 million
2025
2024
Cash margin
50.8
117.3
13.3. Derivative financial instruments
The Group typically uses the following types of derivative instruments
in the portfolio:
\u2022 futures and forward contracts relating to market indices, foreign
currencies and government bonds
\u2022 options relating to foreign currencies, market indices, stocks and
interest rates
\u2022 swaps relating to interest rates, bonds, credit spreads, equity
indices and stocks
As explained above, the Manager uses derivatives to hedge various
exposures and also selectively to increase or decrease exposure
where desired. The Group does not apply hedge accounting under
IFRS 9, consequently, all gains and losses arising from changes in the
fair value are recognised immediately through profit and loss. The
notional amount of certain types of derivatives provides a basis for
comparison with instruments recognised on the balance sheet, but
does not necessarily indicate the amount of future cash flows involved
or the current fair value of the derivatives.
The derivative instruments become favourable (assets) or
unfavourable (liabilities) as a result of fluctuations in indices, security
prices, market interest rates or foreign exchange rates relevant to
the terms of the derivative instrument. The aggregate contractual or
notional amount of derivative financial instruments held, the extent
to which instruments are favourable or unfavourable and thus the
aggregate fair values of derivative financial assets and liabilities can
fluctuate significantly from time to time.
Details of the unsettled derivatives at 31 December 2025 and
31 December 2024 are:
Group and Company
Assets Liabilities
As at 31 December 2025
Notional
1
(positive (negative Total fair
\u00a3 million amount fair value) fair value) value
Commodity derivatives
163.0
7.0
\u2013
7.0
Currency derivatives
1,988.7
23.0
(1.7)
21.3
Equity derivatives
247.4
6.1
(0.7)
5.4
Total
2,399.1
36.1
(2.4)
33.7
Group and Company
Assets Liabilities
As at 31 December 2024
Notional
1
(positive (negative Total fair
\u00a3 million amount fair value) fair value) value
Commodity derivatives
122.1
2.2
(9.7)
(7.5)
Currency derivatives
1,660.9
9.3
(49.0)
(39.7)
Equity derivatives
317.5
80.7
(28.6)
52.1
Total
2,100.5
92.2
(87.3)
4.9
1
Long and short notional exposure has been netted.
13.4. IFRS 13 fair value measurement classification
IFRS 13 requires the Group to classify its financial instruments held at
fair value using a hierarchy that reflects the significance of the inputs
used in the valuation methodologies. These are as follows:
\u2022 Level 1: Quoted prices (unadjusted) in active markets for identical
assets or liabilities
\u2022 Level 2: Inputs other than quoted prices included within level 1
that are observable for the asset or liability, either directly (i.e. as
prices) or indirectly (i.e. derived from prices)
\u2022 Level 3: Inputs for the asset or liability that are not based on
observable market data (i.e. unobservable inputs)
The vast majority of the Group\u2019s financial assets and liabilities,
investment properties and property, plant and equipment are
measured at fair value on a recurring basis.
The Group\u2019s policy is to recognise transfers into and transfers out of
fair value hierarchy levels at the end of the reporting year when they
are deemed to occur.
A description of the valuation techniques used by the Group with
regards to investments categorised in each level of the fair value
hierarchy is detailed below. Where the Group invests in a fund or
a partnership, which is not itself listed on an active market, the
categorisation of such investments between levels 2 and 3 is
determined by reference to the nature of the fund or partnership\u2019s
underlying investments. If such investments are categorised across
different levels, the lowest level of the hierarchy that forms a
significant proportion of the fund or partnership exposure is used to
determine the reporting disclosure.
If the proportion of the underlying investments categorised between
levels changes during the period, these will be reclassified to the most
appropriate level.
Level 1
The fair value of financial instruments traded in active markets is
based on quoted market prices at the balance sheet date. A market is
regarded as active if quoted prices are readily and regularly available
from an exchange, dealer, broker, industry group, pricing service, or
regulatory agency, and those prices represent actual and regularly
occurring market transactions on an arm\u2019s length basis. The quoted
market price used for financial assets held by the Group is the current
bid price or the last traded price, depending on the convention of the
exchange on which the investment is quoted. Where a market price is
available but the market is not considered active (including discount
adjustments to quoted prices in the case of restrictions to sell such
securities), the Group has classified these investments as level 2.
Level 2
The fair value of financial instruments that are not traded in an active
market is determined by using valuation techniques which maximise
the use of observable market data where it is available. Specific
valuation techniques used to value OTC derivatives include quoted
market prices for similar instruments, counterparty quotes and the
use of forward exchange rates to estimate the fair value of forward
foreign exchange contracts at the balance sheet date. Investments
in externally-managed funds which themselves invest primarily in
listed securities are valued at the price or net asset value released
by the investment manager or fund administrator as at the balance
sheet date.
Level 3
The Group considers all private investments, whether direct or funds,
(as described in the Investment Portfolio on page 43) as level 3
assets, as the valuations of these assets are not typically based on
observable market data. Where other funds invest into illiquid stocks,
these are also considered by the Group to be level 3 assets.
Private fund investments are held at the most recent fair values
provided by the GPs managing those funds, adjusted for subsequent
investments, distributions, and currency movements up to the period
end, and are subject to periodic review by the Manager.
Direct co-investments are also held at the most recent fair values
provided by the GPs managing those co-investments, adjusted for
subsequent investments, distributions, currency moves, as well
as pricing events where the Manager has sufficient information to
suggest the period-end valuation should be adjusted. The remaining
directly-held private investments are valued on a semi-annual basis
using techniques including a market approach or income approach.
The valuation process involves the investment functions of the
Manager who prepare the initial valuations, which are then subject
to review by the finance function, with the final valuations being
determined by the Valuation Committee, comprised of independent
non-executive Directors, of which the Audit and Risk Committee Chair
is also a member.
Specific valuation techniques used will typically include the value of recent transactions, earnings multiples, discounted cash flow analysis, and, where appropriate, industry specific methodologies. The acquisition cost, if determined to be fair value, may be used to calibrate inputs to the valuation. The valuations will often reflect a synthesis of a number of distinct approaches in determining the final fair value estimate. The individual approach for each investment will vary depending on relevant factors that a market participant would take into account in pricing the asset. These might include the specific industry dynamics, the company\u2019s stage of development, profitability, growth prospects or risk as well as the rights associated with the particular security. Borrowings at 31 December 2025 comprise bank loans and senior loan notes. The bank loans are revolving credit facilities paying floating interest, and are typically drawn in tranches with a duration of three or six months. The loans are therefore short-term in nature, and their fair value approximates their nominal value. The term loan was drawn in September 2024 with a tenor of three years and pays floating interest. The loan notes were issued in 2015 with tenors of between 10 and 20 years with a weighted average of 15 years. They are valued on a monthly basis using a discounted cash flow model where the discount rate is derived from the yield of similar tenor UK Government bonds, adjusted for any significant changes in either credit spreads or the perceived credit risk of the Company. The first tranche of loan notes matured in June 2025. The fair value of investments in non-consolidated subsidiaries is considered to be the net asset value of the individual subsidiary as at the balance sheet date. The net asset value comprises various assets and liabilities which are fair valued on a recurring basis and is considered to be level 3. On a semi-annual basis, the Group engages external, independent and qualified valuers to determine the fair value of the Group\u2019s investment properties and property, plant and equipment held at fair value. Further information is shown in Notes 10 and 15.
As at 31 December 2025
\u00a3 million
Level 1
Level 2
Level 3
Total
Financial assets at fair value through profit or loss (FVPL):
Portfolio investments
995.0
961.8
2,011.7
3,968.5
Non-consolidated
subsidiaries
\u2013
\u2013
46.8
46.8
Investments held at fair
value
995.0
961.8
2,058.5
4,015.3
Derivative financial
instruments
8.8
27.3
\u2013
36.1
Total financial assets at
FVPL
1,003.8
989.1
2,058.5
4,051.4
Non-financial assets measured at fair value:
Investment property
\u2013
\u2013
32.7
32.7
Property, plant and
equipment
\u2013
\u2013
22.3
22.3
Total non-financial assets
measured at fair value
\u2013
\u2013
55.0
55.0
Financial liabilities at FVPL:
Borrowings
\u2013
\u2013
(302.2)
(302.2)
Derivative financial
instruments
\u2013
(2.4)
\u2013
(2.4)
Total financial liabilities
at FVPL
\u2013
(2.4)
(302.2)
(304.6)
Total net assets
measured at fair value 1,003.8
986.7
1,811.3
3,801.8
Cash at bank
220.6
Other current assets
61.2
Other current liabilities
(38.3)
Other non-current liabilities (5.2)
Net assets
4,040.1
The following table analyses the Group\u2019s assets and liabilities within the fair value hierarchy, at 31 December 2025:
Movements in level 3 assets
Investments
Year ended 31 December 2025 held at fair
\u00a3 million
value
Properties
Total
Opening balance
1,806.4
54.4
1,860.8
Purchases
613.3
0.4
613.7
Sales
(393.0)
\u2013
(393.0)
Gains/(losses) through profit
or loss
1
174.9
(0.4)
174.5
Unrealised gains/(losses) through
other comprehensive income
\u2013
0.5
0.5
Transfer out of level 3
(137.5)
\u2013
(137.5)
Other
(5.6)
0.1
(5.5)
Closing balance
2,058.5
55.0
2,113.5
1
Included within gains/(losses) through profit or loss is \u00a377.8 million of unrealised gains (2024:
\u00a3129.6 million gain
) relating to those level 3 assets held at the end of the reporting period.
During the year, investments with a fair value of \u00a3137.5 million
were transferred out of level 3. This is as a result of new financial
information received during the year in respect of these investments.
Investments held at fair value of \u00a32,058.5 million above comprise
all private investments (Investment Portfolio page 43 of \u00a31,454.2
million, gross of quoted stocks held within private investment funds),
investments held in non-consolidated subsidiaries (\u00a346.8 million on
page 109), with the balance held across quoted equity and absolute
return and credit funds (Investment Portfolio pages 42 and 44 of
\u00a3557.5 million).
Level 3 assets
Level 3 assets \u2013 direct private investments
Further information in relation to the directly-held private investments
is set out in the following table. This summarises the portfolio by the
primary method used in estimating the fair value of the investment. As
a range of valuation methods and inputs may be used in the valuation
process, selection of a primary method is subjective, and designed
primarily to assist the subsequent sensitivity analysis.
Primary valuation method/approach
31 December 31 December
\u00a3 million 2025 2024
Third-party valuation
1
200.6
213.8
Recent transaction
2
146.0
39.6
Earnings multiple
1
18.9
21.5
Blend of methods
2
13.0
15.3
Discount to recent transaction
6.7
8.1
Discount to earnings multiple
3.9
50.2
Other industry metrics
3.1
14.1
Discount to agreed sale
\u2013
12.0
Total
392.2
374.6
1
Included in these methods are direct private investments held within the non-consolidated
subsidiaries with a total of \u00a37.7 million (December 2024: \u00a37.2 million).
2
Includes assets previously held in \u2018cost\u2019.
The majority of the direct private investments are structured
as co-investments, managed by a GP. For these investments,
the valuation approach is to typically use the latest quarterly
fair valuations provided by the GP, adjusted for any subsequent
investments/distributions and currency moves as well as pricing
events or other factors, where there is sufficient information to
suggest the period-end valuation should be adjusted.
Where the Manager has sufficient information to undertake its own
valuation, a range of methods will typically be used. For companies
with positive earnings, this will usually involve a earnings multiple
approach, typically using EBITDA or similar. The earnings multiple is
assessed by reference to similar listed companies or transactions
involving similar companies. When an asset is undergoing a sale and
the price has been agreed but not yet completed or an offer has
been submitted, the agreed or offered price will be used, often with
a discount as appropriate to reflect the risks associated with the
transaction completing or any price adjustments. Where a company
has been the subject of a recent financing round which is viewed as
representative of fair value, this transaction price will be used. Other
methods employed include discounted cash flow analysis and industry
metrics such as multiples of assets under management or revenue,
where market participants use these approaches in pricing assets.
The following table provides a sensitivity analysis of the valuation of
directly-held private investments, and the impact on net assets:
Valuation
method/approach
Sensitivity analysis
Third-party A 5% change in the value of these assets would
valuation result in a \u00a310.0 million or 0.2% (December
2024: \u00a310.7 million, 0.3%) change in net assets.
Recent transaction
A 5% change in the value of these assets would
result in a \u00a37.3 million or 0.2% (December
2024: \u00a32.0 million, 0.1%) change in net assets.
Earnings multiple
Assets in this category are valued using
earnings multiples in the range of 0.5x - 9.3x.
If the multiple used for valuation purposes is
increased or decreased by 5% then the net
assets would increase/decrease by \u00a30.6 million
or 0.01% (December 2024: \u00a30.6 million, 0.02%).
Blend of methods
A 5% change in the value of these assets would
result in a \u00a30.7 million or <0.01% (December
2024: \u00a30.8 million, 0.02%) change in net
assets.
Discount to recent Assets in this category are valued using a
transaction discount applied to a recent financing round
or secondary transaction. Discounts range
between 25% and 30% and are reflective
of a number of different factors including
elapsed time since the transaction and the
movement in market prices of broadly similar
listed companies. A 5% change to the discount
applied would result in a \u00a30.3 million or 0.01%
(December 2024: \u00a30.4 million, 0.01%).
Valuation
method/approach
Sensitivity analysis
Discount to earnings Assets in this category are valued using
multiple discounts applied to earnings multiples. The
discounts range between 50% and 75% and
the resulting multiples used range between
0.4x - 3.8x. If the net impact of these variables
caused an increase or decrease of 5% then
the net assets would increase/decrease by
\u00a30.2 million or <0.01% (December 2024:
\u00a32.5 million, 0.07%).
Other industry A 5% change in the value of these assets would
metrics result in a \u00a30.2 million or <0.01% (December
2024: \u00a30.7 million, 0.02%) change in net assets.
Level 3 assets \u2013 other The investment property and property, plant and equipment with an aggregate fair value of \u00a355.0 million (2024: \u00a354.4 million) were valued using a third-party valuation provided by Jones Lang LaSalle. The properties were valued using weighted average capital values of \u00a31,499 per square foot (2024: \u00a31,484) developed from rental yields and supported by market transactions. A 5% per square foot increase/ decrease in capital values would result in a \u00a32.5 million increase/ decrease in fair value (2024: \u00a32.4 million increase/decrease). The non-consolidated subsidiaries are held at their fair value of \u00a346.8 million (2024: \u00a3140.8 million) representing \u00a330.2 million of portfolio investments (2024: \u00a3124.5 million) and \u00a316.6 million of remaining assets (2024: \u00a316.3 million of remaining assets). A 5% change in the value of these assets would result in \u00a32.3 million or 0.06% (2024: \u00a37.0 million, 0.2%) change in total net assets. The remaining investments held at fair value and classified as level 3 of \u00a31,627.2 million (2024: \u00a31,298.2 million) were valued using the most recent third-party valuations from a GP, administrator or fund manager. A 5% change in the value of these assets would result in a \u00a381.4 million or 2.01% (2024: \u00a364.9 million, 1.74%) change in net assets. In aggregate, the sum of the direct private investments, investment property, property, plant and equipment, non-consolidated subsidiaries and the remaining fund investments represents the total level 3 assets of \u00a32,113.5 million (2024: \u00a31,860.8 million). The following table analyses the Group\u2019s assets and liabilities within the fair value hierarchy, at 31 December 2024:
As at 31 December 2024
\u00a3 million
Level 1
Level 2
Level 3
Total
Financial assets at fair value through profit or loss (FVPL):
Portfolio investments
996.3
989.4
1,665.6
3,651.3
Non-consolidated
subsidiaries
\u2013
\u2013
140.8
140.8
Investments held at fair
value
996.3
989.4
1,806.4
3,792.1
Derivative financial
instruments
8.1
84.1
\u2013
92.2
Total financial assets at
FVPL
1,004.4
1,073.5
1,806.4
3,884.3
Non-financial assets measured at fair value:
Investment property
\u2013
\u2013
32.7
32.7
Property, plant and
equipment
\u2013
\u2013
21.7
21.7
Total non-financial assets
measured at fair value
\u2013
\u2013
54.4
54.4
Financial liabilities at FVPL:
Borrowings
\u2013
\u2013
(333.9)
(333.9)
Derivative financial
instruments
(8.0)
(79.3)
\u2013
(87.3)
Total financial liabilities
at FVPL
(8.0)
(79.3)
(333.9)
(421.2)
Total net assets
measured at fair value
996.4
994.2
1,526.9
3,517.5
Other non-current assets
0.2
Cash at bank
189.4
Other current assets
123.1
Other current liabilities
(93.8)
Other non-current liabilities (5.2)
Net assets
3,731.2
Movements in level 3 assets
Investments
Year ended 31 December 2024 held at fair
\u00a3 million
value
Properties
Total
Opening balance
1,765.2
55.7
1,820.9
Purchases
222.8
\u2013
222.8
Sales
(242.3)
\u2013
(242.3)
Gains/(losses) through profit
or loss
1
138.9
(0.5)
138.4
Unrealised gains/(losses)
through other comprehensive
income
\u2013
0.3
0.3
Transfer in to level 3
43.2
\u2013
43.2
Transfer out of level 3
(137.3)
\u2013
(137.3)
Other
15.9
(1.1)
14.8
Closing balance
1,806.4
54.4
1,860.8
1
Included within gains/(losses) through profit or loss is \u00a3129.6 million of unrealised gains
relating to those level 3 assets held at the end of the reporting period.
13.5. Capital management
The Group\u2019s primary objectives in relation to the management of
capital are:
\u2022 to deliver long-term capital growth for its shareholders, while
preserving shareholders\u2019 capital
\u2022 to deliver for shareholders increases in capital value in excess of
the relevant indices over time through an appropriate balance of
equity capital and gearing
\u2022 to ensure the Group\u2019s ability to continue as a going concern
The Company is subject to externally imposed capital requirements:
\u2022 the Company\u2019s Articles of Association restrict borrowings to a
maximum of five times share capital and reserves
\u2022 the Company\u2019s borrowings are subject to covenants limiting the
total exposure based on a minimum net assets and a cap of
borrowings as a percentage of adjusted net assets
All these conditions were met during this year and the previous
financial year.
In addition, JRCM is subject to capital requirements imposed by the
FCA and must ensure that it has sufficient capital to meet these
requirements. JRCM was compliant with those capital requirements
throughout the year.
The Group\u2019s capital at 31 December 2025 and 31 December
2024 comprised:
\u00a3 million
2025
2024
Equity share capital
141.1
156.8
Retained earnings and other reserves
3,899.0
3,574.4
Net asset value
4,040.1
3,731.2
Borrowings
302.2
333.9
Total capital
4,342.3
4,065.1
There have been no significant changes to the Group\u2019s capital
management objectives, policies and processes in the year, nor has
there been any change in what the Group considers to be its capital.
18. Borrowings
Group and Company
\u00a3 million
2025
2024
Unsecured loans payable within one
year:
Revolving credit facilities
127.4
147.3
Fixed rate loan notes
\u2013
12.9
Unsecured loans payable in more than
one year:
Floating rate term loan
49.0
52.8
Fixed rate loan notes
125.8
120.9
Total borrowings
302.2
333.9
At 31 December 2025 the Company had three revolving credit
facilities (RCFs): a \u00a3100 million, three-year facility with BNP Paribas
SA, a \u00a385 million three-year facility with Industrial and Commercial
Bank of China and a \u00a3100 million, three-year facility with SMBC
Bank International plc. These are flexible as to currency, duration
and number of drawdowns, and pay floating interest linked to
SONIA, SOFR or equivalent relevant to the period and currency
drawn. As they are drawn in tranches with tenors less than one
year they are classified as current liabilities. The fair value and par
value of the drawn borrowings at the year end was \u00a3127.4 million
(2024: \u00a3147.3 million). A change in interest rates is not expected to
have a significant impact on the fair value of the RCFs. No bank loans
are held within subsidiaries. The weighted average interest rate on
drawn RCFs at the year end was 6.00% (2024: 6.62%).
In September 2024 the Company agreed a $66 million, three-year
term loan with BNP Paribas SA. This is flexible as to currency and pays
floating interest linked to SOFR. The fair value of the term loan at year
end was \u00a349.0 million (2024: \u00a352.8 million). A change in interest rates
is not expected to have a significant impact on the fair value of the term
loan. The weighted average interest rate on the term loan at year end
was 5.79% (2024: 7.16%).
On 1 June 2015 the Company issued \u00a3151.0 million of fixed rate loan
notes with tenors between 10 and 20 years and coupons from 3.00% to
3.56%. These notes are held at fair value and pay interest on a semi-
annual basis. The fair value of this debt at the end of the year was
\u00a3125.8
million (2024: \u00a3133.8 million) calculated using a discount rate of
5.37% (2024: 5.87%). The first tranche of these notes, with a par value
of \u00a313.0 million, matured in June 2025. A 5% increase/decrease in the
underlying discount rate would result in an increase/decrease in net
assets of approximately \u00a31.7 million (2024: \u00a32.0 million) or 0.04% (2024:
0.05%). The weighted average interest rate payable on these Notes
is 3.49% (2024: 3.45%) and their remaining weighted average tenor is
5.7 years (2024: 6.2 years).
The overall weighted average interest rate on drawn borrowings at
the year end was 4.87% (2024: 5.31%). The Company\u2019s borrowings are
subject to covenants as outlined in Note 13.5.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-468": { "value": "13. Financial instruments As an investment company, financial instruments make up the vast majority of the Group\u2019s assets and liabilities and generate its performance. Financial instruments comprise securities, derivatives and other investments, cash, short-term receivables and payables, and short and long-term borrowings. The nature and extent of the financial instruments outstanding can be seen on the face of the balance sheet and the risk management policies employed by the Group and Company are set out below. The Group\u2019s policy for determining the fair value of investments (including private investments) is set out on pages 95 and 96. In relation to receivables, payables and short-term borrowings, the carrying amount is viewed as being a reasonable approximation of fair value. 13.1. Financial risk management The main risks arising from the Group\u2019s financial instruments are market risk (including price risk, interest rate risk and currency risk), credit risk and liquidity risk. The day-to-day identification, mitigation and monitoring of these risks is undertaken by the Manager under the authority of the Board and the Audit and Risk Committee, and is described in more detail below. The objectives, policies and processes for managing risks have not changed since the previous accounting year. The risk management processes of the Company are aligned with those of the Group as a whole and it is at the Group level that the majority of the risk management procedures are performed. Where relevant and materially different from the Group position, Company-specific risk exposures are explained alongside those of the Group. 13.1.1. Market risk The fair value or future cash flows of a financial instrument or investment property held by the Group may fluctuate as a result of changes in market prices. Market risk can be summarised as comprising three types of risk: \u2022 Price risk The risk that the fair value or future cash flows of financial instruments and investment properties will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk). \u2022 Interest rate risk The risk that the fair value or future cash flows of financial instruments and investment properties will fluctuate because of changes in interest rates. \u2022 Currency risk The risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to, sensitivity to and management of each of these risks are described in further detail below. Management of market risk is fundamental to the Group\u2019s investment objective. The investment portfolio is continually monitored to target an appropriate balance of risk and reward. The Manager may seek to reduce or increase the portfolio\u2019s exposure to stock markets, interest rates and currencies by utilising derivatives such as index futures, options, swaps and currency forward contracts. These instruments are used for the purpose of hedging some or all of the existing exposure within the portfolio to those currencies or particular markets, as well as to enable increased exposure when deemed appropriate. With respect to equity, foreign exchange and interest rate options, the notional exposure presented in this Note is adjusted to reflect the estimated sensitivity of the option to movements in the underlying security. 13.1.2. Price risk Price risk may affect the value of the quoted, private and other investments held by the Group. The Group has a widely diversified investment portfolio which significantly reduces the exposure to individual asset price risk. The performance of third-party investment managers is regularly reviewed and assessed to ensure compliance with their mandates and that their performance is compatible with the Group\u2019s investment objective. The Group\u2019s exposure to price risk is monitored and managed by analysing the levels of direct exposure from quoted equity price risk and the exposure from other price risk. The Group\u2019s exposure to quoted equity price risk (also described as net quoted equity exposure) can be assumed to be equivalent to the quoted equity investments in the investment portfolio adjusted for: \u2022 notional exposure from quoted equity derivatives \u2022 estimated cash balances held by external managers \u2022 estimated net equity exposure from hedge fund managers Other price risk exposure relates to investments in private investments, absolute return and credit, and real assets, adjusted for the notional exposure from commodity and credit derivatives.
31 December 31 December
\u00a3 million 2025 2024
Exposure to quoted equity price risk
1
2,041.9
1,900.5
Exposure to other price risk
2,139.5
2,018.6
Total exposure to price risk
4,181.4
3,919.1
1 Quoted equity price risk represented 51% of year-end net assets (2024: 51%). Price risk sensitivity analysis The sensitivity of the Group\u2019s net assets and profit with regards to changes in market prices is illustrated below. This is estimated using an assumed 10% increase in general market prices with all other variables held constant. A 10% decrease is assumed to produce an equal and opposite effect. The sensitivity analysis takes account of the relevant derivative transactions the Group has entered into including those designed to provide a hedge against such movements.
2025 2024
Impact on Impact on
profit and net profit and net
\u00a3 million assets assets
Quoted equity
233.9
268.6
Other
236.5
207.4
Total
470.4
476.0
The Group is exposed to market risk in respect to the fair value of the investment properties. The investment properties are valued by JLL using a market valuation approach and as such, the valuation will be influenced by trends experienced in the property market and also the wider economic environment. In particular, the valuation will be dependent on rental income yields, demand and supply for office space in London and comparable transactions completed in the marketplace. Fluctuations in any of the inputs used by the valuers to value the investment properties may increase or decrease the fair value of the properties. 13.1.3. Interest rate risk The Group finances its operations mainly through its share capital and reserves, including realised gains on investments. In addition, financing has been obtained through bank borrowings and fixed rate loan notes. Changes in interest rates have a direct or indirect impact on the fair value or future cash flows of the following financial assets and liabilities: \u2022 Gilts and other government securities \u2022 Money market funds \u2022 Credit funds \u2022 Cash and cash equivalents \u2022 Group borrowings \u2022 Certain derivative contracts Changes in interest rates indirectly affect the fair value of the Group\u2019s other investments including those in quoted equity securities, private investments or property. Interest rate risk is managed by taking into account the possible effects on fair value and cash flows that could arise as a result of changes in interest rates when making decisions on investments and borrowings. Exposure of the Group\u2019s financial assets and liabilities to floating interest rates (giving cash flow interest rate risk when rates are reset) and fixed interest rates (giving fair value risk), is shown below.
31 December 2025
\u00a3 million
Floating rate
Fixed rate
Total
Portfolio investments \u2013
debt securities
1
6.9
240.9
24 7.8
Cash
220.6
\u2013
220.6
Borrowings
(176.4)
(125.8)
(302.2)
Total
51.1
115.1
166.2
31 December 2024
\u00a3 million
Floating rate
Fixed rate
Total
Portfolio investments \u2013
debt securities
1
\u2013
128.1
128.1
Cash
189.4
\u2013
189.4
Borrowings
(200.1)
(133.8)
(333.9)
Total
(10.7)
(5.7)
(16.4)
1 In addition, the Group holds \u00a3646.7 million (2024: \u00a3686.4 million) invested in absolute return and credit, of which \u00a3311.1 million (2024: \u00a3360.7 million) is in funds that predominantly invest in credit instruments. These provide indirect exposure to interest rate risk. Exposures vary throughout the year as a consequence of changes in the composition of the net assets of the Group arising out of investment, borrowing and risk management processes. Portfolio investments include direct and indirect (via externally- managed funds) investments in government securities, money markets, as well as quoted and unquoted debt securities issued by companies. Interest received on cash and cash equivalents is at prevailing market rates. The Group has total borrowings with a fair value of \u00a3302.2 million outstanding at the year end (2024: \u00a3333.9 million). The revolving credit facilities and term loan comprising \u00a3176.4 million of this total incur floating interest payments (2024: \u00a3200.1 million). The loan notes with a fair value of \u00a3125.8 million (par value of \u00a3138.0 million) have fixed interest payments (2024: fair value \u00a3133.8 million; par value \u00a3151.0 million). Further details are provided in Note 18. Interest rate risk sensitivity analysis The approximate sensitivity of the Group\u2019s net assets and profit in regard to changes in interest rates is illustrated below. This is based on an assumed 50 basis point annualised increase in prevailing interest rates at the balance sheet date applied to the floating rate and fixed rate assets and liabilities and the following assumptions: \u2022 the fair values of all other assets and liabilities are not affected by a change in interest rates \u2022 funds will be reinvested in similar interest-bearing securities on maturity \u2022 all other variables are held constant A 50 basis point decrease is assumed to produce an equal and opposite impact.
2025 2024
Impact on Impact on
profit and net profit and net
\u00a3 million assets assets
Total
(1.2)
(1.7)
The Group has direct exposure to the effect of interest rate changes on the valuation and cash flows of its interest-bearing assets and liabilities. However, it may also be indirectly affected by the impact of interest rate changes on the earnings of certain companies in which the Group invests, and the impact on valuations that use interest rates as an input, including valuation models for private investments. Therefore, the sensitivity analysis may not reflect the full effect on the Group\u2019s net assets. 13.1.4. Currency risk Consistent with its Investment Policy, the Group invests in financial instruments and transactions denominated in currencies other than sterling. As such, the Group\u2019s profit and net assets could be significantly affected by currency movements. Currency risk is managed by the Group by entering into currency options or forward currency contracts as a means of limiting or increasing its exposure to particular currencies. These contracts are used for the purpose of hedging part of the existing currency exposure of the Group\u2019s portfolio (as a means of reducing risk) or to enable increased exposure when this is deemed appropriate by the Manager. Foreign currency exposure
2025 2024
Net exposure Net exposure
% NAV % of NAV % of NAV
US dollar
23.6
32.1
Japanese yen
3.4
4.3
Euro
3.0
1.7
Other non-sterling
2.7
4.4
Total
1
32.7
42.5
1 Amounts in the above table are based on the carrying value of all foreign currency denominated assets and liabilities and the underlying notional amounts of forward currency contracts. It does not take into account any estimates of \u2018look-through\u2019 exposure from our fund investments. Currency risk sensitivity analysis The sensitivity of the Group\u2019s net assets and profit in regard to changes in key currencies is illustrated on the next page. This is based on an assumed 10% strengthening of sterling relative to the foreign currencies as at 31 December 2025, and assumes all other variables are held constant. A 10% weakening is assumed to produce an equal and opposite effect. The sensitivity analysis is based on the net foreign currency assets held at the balance sheet dates and takes account of currency forwards and options that adjust the effects of changes in currency exchange rates.
2025 2024
Impact on Impact on
profit and net profit and net
\u00a3 million assets assets
US dollar
(95.5)
(67.3)
Japanese yen
(13.8)
(15.9)
Euro
(12.3)
(6.5)
Other non-sterling
(11.0)
(16.4)
Total
(132.6)
(106.1)
13.1.5. Credit risk Credit risk is the risk that a counterparty to a financial instrument held by the Group will fail to discharge an obligation or commitment that it has entered into with the Group, which could result in a loss to the Group. This risk is not considered significant and is managed as follows: \u2022 the vast majority of the Group\u2019s listed transactions are settled on a delivery versus payment basis and are held directly by the custodian in fully segregated client accounts \u2022 use of a range of brokers and counterparties with their credit quality monitored regularly \u2022 cash balances are predominantly held with our custodian, whose credit worthiness is regularly monitored \u2022 cash margin is held by a range of approved counterparties, with both margin balances and counterparties\u2019 creditworthiness monitored regularly \u2022 careful selection of a diversified portfolio of credit managers A credit exposure could arise in respect of derivative contracts entered into by the Group if a counterparty was unable to fulfil its contractual obligations. The Group has exposure to certain debt instruments. The credit risk associated with these instruments is managed as part of the overall investment risk in the relevant portfolio companies and is not considered separately. The Group\u2019s maximum credit exposure is limited to the carrying amount of financial assets recognised at the reporting date, as summarised below. Credit risk exposure
\u00a3 million
2025
2024
Portfolio investments \u2013 debt securities
1
247.8
128.1
Derivative financial instruments
2
36.1
92.2
Cash margin
50.8
117.3
Other receivables
10.4
5.8
Cash at bank
220.6
189.4
Total
565.7
532.8
1 Debt securities held within portfolio investments include a private loan note issued by Oriflame Investment Holding plc and promissory notes issued by Webull Corporation. 2 Represents the fair value of assets held by counterparties. The credit quality of certain financial assets that are not past due, where the risk of loss is primarily that a counterparty fails to meet an obligation, can be assessed by reference to external credit ratings. The Manager has a review process in place that includes an evaluation of a potential counterparty\u2019s ability to service and repay its debt. This is considered on a regular basis. Cash margins and other receivables comprise mainly balances with counterparties which are investment grade financial institutions with a short-term credit rating by S&P of A-2 or higher (2024: A-2). BNP is the custodian and depositary to the Company under the Alternative Investment Fund Managers Directive (AIFMD). Under the UK equivalent regulations, the Company is the Alternative Investment Fund (AIF) and JRCM is the Alternative Investment Fund Manager (AIFM). As custodian, substantially all of the Company\u2019s directly- held listed portfolio investments and cash at bank are held by BNP. Bankruptcy or insolvency of the custodian may cause the Group\u2019s rights with respect to securities held by the custodian to be delayed; however, BNP Paribas\u2019 local long-term rating from S&P was A+ in the most recent rating prior to 31 December 2025 (2024: A+). As depositary under AIFMD, the main obligation of BNP is the safeguarding of those custodied assets on behalf of the RIT shareholder. The depositary is liable for the loss of financial instruments held in custody, other than under limited circumstances. As a result of this obligation, the depositary maintains oversight of all transactions undertaken by the AIFM (JRCM) on behalf of the AIF (RIT). This includes reviewing all cash movements, receiving copies of internal sign\u2010off documentation and key legal agreements, and oversight and review of key procedures and controls. 13.1.6. Liquidity risk Liquidity risk is the risk that the Group will have difficulty in meeting its obligations in respect of financial liabilities as they fall due. In addition to the Group\u2019s liquidity balances and committed but undrawn borrowings, the investment portfolio includes a substantial amount of assets which would be expected to be realised within a relatively short time frame, depending on market conditions. This might include stocks (unless held via a co-investment fund or subject to a lock-up), government bonds and derivatives. Other investments can be realised over varying timeframes depending on the nature of the investment and/or the legal terms governing disposal. Investments in externally-managed equity and hedge funds have redemption periods which typically range from daily to quarterly and longer, depending in part on the underlying nature of the portfolio holdings. There is also a risk in stress situations of the funds imposing additional restrictions or \u2018gates\u2019 on redemptions (as happened in particular to hedge funds during the global financial crisis). Direct private and private fund investments are inherently less liquid, and while there is a secondary market, participants will often experience discounts to fair value, in particular at times of stress. JRCM manages the Group\u2019s liquid resources in line with a liquidity risk framework overseen by the Board. This establishes a minimum level of liquidity available to meet expected contractual commitments, including ongoing costs, margin calls and capital calls (from funds with a commitment/drawdown structure - see Note 14). The Manager monitors the level of short-term funding, and balances the need for access to short-term funding, with the long-term funding needs of the Group. The Group has three revolving credit facilities with a total capacity of \u00a3285 million (of which \u00a3155 million was committed and undrawn at the year end), a term loan of $66 million and \u00a3138 million par value long-term loan notes (details of which are disclosed in Note 18). The remaining contractual financial liabilities of the Group to maturity of each instrument at the year end, presented on an undiscounted basis, with borrowings at par value, and based on the earliest date on which payment could be required are as follows:
31 December 2025
3 months 3-12
\u00a3 million or less
months
>1 year
Total
Current liabilities:
Borrowings
\u2013
127.4
\u2013
127.4
Derivative financial
instruments
1.8
0.2
\u2013
2.0
Amounts owed to
group undertakings
13.9
\u2013
\u2013
13.9
Non-current liabilities:
Derivative financial
instruments
\u2013
\u2013
0.4
0.4
Borrowings
1.4
6.3
216.6
224.3
Lease liability
0.1
0.1
6.9
7.1
Financial liabilities
17.2
134.0
223.9
375.1
Other non-financial
liabilities
24.4
\u2013
3.1
27.5
Total
41.6
134.0
227.0
402.6
31 December 2024
3 months 3-12
\u00a3 million or less
months
>1 year
Total
Current liabilities:
Borrowings
\u2013
161.1
\u2013
161.1
Derivative financial
instruments
58.2
11.6
\u2013
69.8
Amounts owed to
group undertakings
16.3
\u2013
\u2013
16.3
Non-current liabilities:
Derivative financial
instruments
\u2013
\u2013
17.5
17.5
Borrowings
1.8
6.6
223.3
231.7
Lease liability
0.1
0.1
6.5
6.7
Financial liabilities
76.4
179.4
247.3
503.1
Other non-financial
liabilities
77.5
\u2013
3.1
80.6
Total
153.9
179.4
250.4
583.7
In addition, the Company has contingent liabilities in the form of commitments amounting to \u00a3204.9 million (2024: \u00a3215.2 million) as set out in Note 14. 13.5. Capital management The Group\u2019s primary objectives in relation to the management of capital are: \u2022 to deliver long-term capital growth for its shareholders, while preserving shareholders\u2019 capital \u2022 to deliver for shareholders increases in capital value in excess of the relevant indices over time through an appropriate balance of equity capital and gearing \u2022 to ensure the Group\u2019s ability to continue as a going concern The Company is subject to externally imposed capital requirements: \u2022 the Company\u2019s Articles of Association restrict borrowings to a maximum of five times share capital and reserves \u2022 the Company\u2019s borrowings are subject to covenants limiting the total exposure based on a minimum net assets and a cap of borrowings as a percentage of adjusted net assets All these conditions were met during this year and the previous financial year. In addition, JRCM is subject to capital requirements imposed by the FCA and must ensure that it has sufficient capital to meet these requirements. JRCM was compliant with those capital requirements throughout the year. The Group\u2019s capital at 31 December 2025 and 31 December 2024 comprised:
\u00a3 million
2025
2024
Equity share capital
141.1
156.8
Retained earnings and other reserves
3,899.0
3,574.4
Net asset value
4,040.1
3,731.2
Borrowings
302.2
333.9
Total capital
4,342.3
4,065.1
There have been no significant changes to the Group\u2019s capital management objectives, policies and processes in the year, nor has there been any change in what the Group considers to be its capital. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-485": { "value": "13.1.1. Market risk The fair value or future cash flows of a financial instrument or investment property held by the Group may fluctuate as a result of changes in market prices. Market risk can be summarised as comprising three types of risk: \u2022 Price risk The risk that the fair value or future cash flows of financial instruments and investment properties will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk). \u2022 Interest rate risk The risk that the fair value or future cash flows of financial instruments and investment properties will fluctuate because of changes in interest rates. \u2022 Currency risk The risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to, sensitivity to and management of each of these risks are described in further detail below. Management of market risk is fundamental to the Group\u2019s investment objective. The investment portfolio is continually monitored to target an appropriate balance of risk and reward. The Manager may seek to reduce or increase the portfolio\u2019s exposure to stock markets, interest rates and currencies by utilising derivatives such as index futures, options, swaps and currency forward contracts. These instruments are used for the purpose of hedging some or all of the existing exposure within the portfolio to those currencies or particular markets, as well as to enable increased exposure when deemed appropriate. With respect to equity, foreign exchange and interest rate options, the notional exposure presented in this Note is adjusted to reflect the estimated sensitivity of the option to movements in the underlying security.
13.1.2. Price risk
Price risk may affect the value of the quoted, private and other
investments held by the Group.
The Group has a widely diversified investment portfolio which
significantly reduces the exposure to individual asset price risk. The
performance of third-party investment managers is regularly reviewed
and assessed to ensure compliance with their mandates and that their
performance is compatible with the Group\u2019s investment objective.
The Group\u2019s exposure to price risk is monitored and managed by
analysing the levels of direct exposure from quoted equity price risk
and the exposure from other price risk.
The Group\u2019s exposure to quoted equity price risk (also described as
net quoted equity exposure) can be assumed to be equivalent to the
quoted equity investments in the investment portfolio adjusted for:
\u2022 notional exposure from quoted equity derivatives
\u2022 estimated cash balances held by external managers
\u2022 estimated net equity exposure from hedge fund managers
Other price risk exposure relates to investments in private
investments, absolute return and credit, and real assets, adjusted for
the notional exposure from commodity and credit derivatives.
31 December 31 December
\u00a3 million 2025 2024
Exposure to quoted equity price risk
1
2,041.9
1,900.5
Exposure to other price risk
2,139.5
2,018.6
Total exposure to price risk
4,181.4
3,919.1
1
Quoted equity price risk represented 51% of year-end net assets (2024: 51%).
Price risk sensitivity analysis
The sensitivity of the Group\u2019s net assets and profit with regards to
changes in market prices is illustrated below. This is estimated using
an assumed 10% increase in general market prices with all other
variables held constant. A 10% decrease is assumed to produce an
equal and opposite effect.
The sensitivity analysis takes account of the relevant derivative
transactions the Group has entered into including those designed to
provide a hedge against such movements.
2025 2024
Impact on Impact on
profit and net profit and net
\u00a3 million assets assets
Quoted equity
233.9
268.6
Other
236.5
207.4
Total
470.4
476.0
The Group is exposed to market risk in respect to the fair value of
the investment properties. The investment properties are valued by
JLL using a market valuation approach and as such, the valuation
will be influenced by trends experienced in the property market and
also the wider economic environment. In particular, the valuation
will be dependent on rental income yields, demand and supply for
office space in London and comparable transactions completed in
the marketplace. Fluctuations in any of the inputs used by the valuers
to value the investment properties may increase or decrease the fair
value of the properties.
13.1.3. Interest rate risk
The Group finances its operations mainly through its share capital
and reserves, including realised gains on investments. In addition,
financing has been obtained through bank borrowings and fixed rate
loan notes. Changes in interest rates have a direct or indirect impact
on the fair value or future cash flows of the following financial assets
and liabilities:
\u2022 Gilts and other government securities
\u2022 Money market funds
\u2022 Credit funds
\u2022 Cash and cash equivalents
\u2022 Group borrowings
\u2022 Certain derivative contracts
Changes in interest rates indirectly affect the fair value of the Group\u2019s
other investments including those in quoted equity securities, private
investments or property.
Interest rate risk is managed by taking into account the possible
effects on fair value and cash flows that could arise as a result of
changes in interest rates when making decisions on investments
and borrowings.
Exposure of the Group\u2019s financial assets and liabilities to floating
interest rates (giving cash flow interest rate risk when rates are reset)
and fixed interest rates (giving fair value risk), is shown below.
31 December 2025
\u00a3 million
Floating rate
Fixed rate
Total
Portfolio investments \u2013
debt securities
1
6.9
240.9
24 7.8
Cash
220.6
\u2013
220.6
Borrowings
(176.4)
(125.8)
(302.2)
Total
51.1
115.1
166.2
31 December 2024
\u00a3 million
Floating rate
Fixed rate
Total
Portfolio investments \u2013
debt securities
1
\u2013
128.1
128.1
Cash
189.4
\u2013
189.4
Borrowings
(200.1)
(133.8)
(333.9)
Total
(10.7)
(5.7)
(16.4)
1 In addition, the Group holds \u00a3646.7 million (2024: \u00a3686.4 million) invested in absolute return and credit, of which \u00a3311.1 million (2024: \u00a3360.7 million) is in funds that predominantly invest in credit instruments. These provide indirect exposure to interest rate risk. Exposures vary throughout the year as a consequence of changes in the composition of the net assets of the Group arising out of investment, borrowing and risk management processes. Portfolio investments include direct and indirect (via externally- managed funds) investments in government securities, money markets, as well as quoted and unquoted debt securities issued by companies. Interest received on cash and cash equivalents is at prevailing market rates. The Group has total borrowings with a fair value of \u00a3302.2 million outstanding at the year end (2024: \u00a3333.9 million). The revolving credit facilities and term loan comprising \u00a3176.4 million of this total incur floating interest payments (2024: \u00a3200.1 million). The loan notes with a fair value of \u00a3125.8 million (par value of \u00a3138.0 million) have fixed interest payments (2024: fair value \u00a3133.8 million; par value \u00a3151.0 million). Further details are provided in Note 18. Interest rate risk sensitivity analysis The approximate sensitivity of the Group\u2019s net assets and profit in regard to changes in interest rates is illustrated below. This is based on an assumed 50 basis point annualised increase in prevailing interest rates at the balance sheet date applied to the floating rate and fixed rate assets and liabilities and the following assumptions: \u2022 the fair values of all other assets and liabilities are not affected by a change in interest rates \u2022 funds will be reinvested in similar interest-bearing securities on maturity \u2022 all other variables are held constant A 50 basis point decrease is assumed to produce an equal and opposite impact.
2025 2024
Impact on Impact on
profit and net profit and net
\u00a3 million assets assets
Total
(1.2)
(1.7)
The Group has direct exposure to the effect of interest rate changes
on the valuation and cash flows of its interest-bearing assets and
liabilities. However, it may also be indirectly affected by the impact of
interest rate changes on the earnings of certain companies in which
the Group invests, and the impact on valuations that use interest
rates as an input, including valuation models for private investments.
Therefore, the sensitivity analysis may not reflect the full effect on the
Group\u2019s net assets.
13.1.4. Currency risk
Consistent with its Investment Policy, the Group invests in financial
instruments and transactions denominated in currencies other
than sterling. As such, the Group\u2019s profit and net assets could be
significantly affected by currency movements.
Currency risk is managed by the Group by entering into currency
options or forward currency contracts as a means of limiting or
increasing its exposure to particular currencies. These contracts
are used for the purpose of hedging part of the existing currency
exposure of the Group\u2019s portfolio (as a means of reducing risk) or to
enable increased exposure when this is deemed appropriate by the
Manager.
Foreign currency exposure
2025 2024
Net exposure Net exposure
% NAV % of NAV % of NAV
US dollar
23.6
32.1
Japanese yen
3.4
4.3
Euro
3.0
1.7
Other non-sterling
2.7
4.4
Total
1
32.7
42.5
1
Amounts in the above table are based on the carrying value of all foreign currency
denominated assets and liabilities and the underlying notional amounts of forward currency
contracts. It does not take into account any estimates of \u2018look-through\u2019 exposure from our
fund investments.
Currency risk sensitivity analysis
The sensitivity of the Group\u2019s net assets and profit in regard to
changes in key currencies is illustrated on the next page. This is based
on an assumed 10% strengthening of sterling relative to the foreign
currencies as at 31 December 2025, and assumes all other variables
are held constant. A 10% weakening is assumed to produce an equal
and opposite effect.
The sensitivity analysis is based on the net foreign currency assets
held at the balance sheet dates and takes account of currency
forwards and options that adjust the effects of changes in currency
exchange rates.
2025 2024
Impact on Impact on
profit and net profit and net
\u00a3 million assets assets
US dollar
(95.5)
(67.3)
Japanese yen
(13.8)
(15.9)
Euro
(12.3)
(6.5)
Other non-sterling
(11.0)
(16.4)
Total
(132.6)
(106.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-486": { "value": "13.1.5. Credit risk Credit risk is the risk that a counterparty to a financial instrument held by the Group will fail to discharge an obligation or commitment that it has entered into with the Group, which could result in a loss to the Group. This risk is not considered significant and is managed as follows: \u2022 the vast majority of the Group\u2019s listed transactions are settled on a delivery versus payment basis and are held directly by the custodian in fully segregated client accounts \u2022 use of a range of brokers and counterparties with their credit quality monitored regularly \u2022 cash balances are predominantly held with our custodian, whose credit worthiness is regularly monitored \u2022 cash margin is held by a range of approved counterparties, with both margin balances and counterparties\u2019 creditworthiness monitored regularly \u2022 careful selection of a diversified portfolio of credit managers A credit exposure could arise in respect of derivative contracts entered into by the Group if a counterparty was unable to fulfil its contractual obligations. The Group has exposure to certain debt instruments. The credit risk associated with these instruments is managed as part of the overall investment risk in the relevant portfolio companies and is not considered separately. The Group\u2019s maximum credit exposure is limited to the carrying amount of financial assets recognised at the reporting date, as summarised below. Credit risk exposure
\u00a3 million
2025
2024
Portfolio investments \u2013 debt securities
1
247.8
128.1
Derivative financial instruments
2
36.1
92.2
Cash margin
50.8
117.3
Other receivables
10.4
5.8
Cash at bank
220.6
189.4
Total
565.7
532.8
1 Debt securities held within portfolio investments include a private loan note issued by Oriflame Investment Holding plc and promissory notes issued by Webull Corporation. 2 Represents the fair value of assets held by counterparties. The credit quality of certain financial assets that are not past due, where the risk of loss is primarily that a counterparty fails to meet an obligation, can be assessed by reference to external credit ratings. The Manager has a review process in place that includes an evaluation of a potential counterparty\u2019s ability to service and repay its debt. This is considered on a regular basis. Cash margins and other receivables comprise mainly balances with counterparties which are investment grade financial institutions with a short-term credit rating by S&P of A-2 or higher (2024: A-2). BNP is the custodian and depositary to the Company under the Alternative Investment Fund Managers Directive (AIFMD). Under the UK equivalent regulations, the Company is the Alternative Investment Fund (AIF) and JRCM is the Alternative Investment Fund Manager (AIFM). As custodian, substantially all of the Company\u2019s directly- held listed portfolio investments and cash at bank are held by BNP. Bankruptcy or insolvency of the custodian may cause the Group\u2019s rights with respect to securities held by the custodian to be delayed; however, BNP Paribas\u2019 local long-term rating from S&P was A+ in the most recent rating prior to 31 December 2025 (2024: A+). As depositary under AIFMD, the main obligation of BNP is the safeguarding of those custodied assets on behalf of the RIT shareholder. The depositary is liable for the loss of financial instruments held in custody, other than under limited circumstances. As a result of this obligation, the depositary maintains oversight of all transactions undertaken by the AIFM (JRCM) on behalf of the AIF (RIT). This includes reviewing all cash movements, receiving copies of internal sign\u2010off documentation and key legal agreements, and oversight and review of key procedures and controls. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-487": { "value": "13.1.6. Liquidity risk Liquidity risk is the risk that the Group will have difficulty in meeting its obligations in respect of financial liabilities as they fall due. In addition to the Group\u2019s liquidity balances and committed but undrawn borrowings, the investment portfolio includes a substantial amount of assets which would be expected to be realised within a relatively short time frame, depending on market conditions. This might include stocks (unless held via a co-investment fund or subject to a lock-up), government bonds and derivatives. Other investments can be realised over varying timeframes depending on the nature of the investment and/or the legal terms governing disposal. Investments in externally-managed equity and hedge funds have redemption periods which typically range from daily to quarterly and longer, depending in part on the underlying nature of the portfolio holdings. There is also a risk in stress situations of the funds imposing additional restrictions or \u2018gates\u2019 on redemptions (as happened in particular to hedge funds during the global financial crisis). Direct private and private fund investments are inherently less liquid, and while there is a secondary market, participants will often experience discounts to fair value, in particular at times of stress. JRCM manages the Group\u2019s liquid resources in line with a liquidity risk framework overseen by the Board. This establishes a minimum level of liquidity available to meet expected contractual commitments, including ongoing costs, margin calls and capital calls (from funds with a commitment/drawdown structure - see Note 14). The Manager monitors the level of short-term funding, and balances the need for access to short-term funding, with the long-term funding needs of the Group. The Group has three revolving credit facilities with a total capacity of \u00a3285 million (of which \u00a3155 million was committed and undrawn at the year end), a term loan of $66 million and \u00a3138 million par value long-term loan notes (details of which are disclosed in Note 18). The remaining contractual financial liabilities of the Group to maturity of each instrument at the year end, presented on an undiscounted basis, with borrowings at par value, and based on the earliest date on which payment could be required are as follows:
31 December 2025
3 months 3-12
\u00a3 million or less
months
>1 year
Total
Current liabilities:
Borrowings
\u2013
127.4
\u2013
127.4
Derivative financial
instruments
1.8
0.2
\u2013
2.0
Amounts owed to
group undertakings
13.9
\u2013
\u2013
13.9
Non-current liabilities:
Derivative financial
instruments
\u2013
\u2013
0.4
0.4
Borrowings
1.4
6.3
216.6
224.3
Lease liability
0.1
0.1
6.9
7.1
Financial liabilities
17.2
134.0
223.9
375.1
Other non-financial
liabilities
24.4
\u2013
3.1
27.5
Total
41.6
134.0
227.0
402.6
31 December 2024
3 months 3-12
\u00a3 million or less
months
>1 year
Total
Current liabilities:
Borrowings
\u2013
161.1
\u2013
161.1
Derivative financial
instruments
58.2
11.6
\u2013
69.8
Amounts owed to
group undertakings
16.3
\u2013
\u2013
16.3
Non-current liabilities:
Derivative financial
instruments
\u2013
\u2013
17.5
17.5
Borrowings
1.8
6.6
223.3
231.7
Lease liability
0.1
0.1
6.5
6.7
Financial liabilities
76.4
179.4
247.3
503.1
Other non-financial
liabilities
77.5
\u2013
3.1
80.6
Total
153.9
179.4
250.4
583.7
In addition, the Company has contingent liabilities in the form of commitments amounting to \u00a3204.9 million (2024: \u00a3215.2 million) as set out in Note 14. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-470": { "value": "13.2. Collateral Collateral in the form of cash margin is posted by the Group in relation to certain derivative transactions, transacted under the auspices of the International Swaps and Derivatives Association. The Group does not hold collateral from other counterparties. Set out below is the amount of financial assets pledged as collateral at the year end.
\u00a3 million
2025
2024
Cash margin
50.8
117.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-469": { "value": "13.3. Derivative financial instruments The Group typically uses the following types of derivative instruments in the portfolio: \u2022 futures and forward contracts relating to market indices, foreign currencies and government bonds \u2022 options relating to foreign currencies, market indices, stocks and interest rates \u2022 swaps relating to interest rates, bonds, credit spreads, equity indices and stocks As explained above, the Manager uses derivatives to hedge various exposures and also selectively to increase or decrease exposure where desired. The Group does not apply hedge accounting under IFRS 9, consequently, all gains and losses arising from changes in the fair value are recognised immediately through profit and loss. The notional amount of certain types of derivatives provides a basis for comparison with instruments recognised on the balance sheet, but does not necessarily indicate the amount of future cash flows involved or the current fair value of the derivatives. The derivative instruments become favourable (assets) or unfavourable (liabilities) as a result of fluctuations in indices, security prices, market interest rates or foreign exchange rates relevant to the terms of the derivative instrument. The aggregate contractual or notional amount of derivative financial instruments held, the extent to which instruments are favourable or unfavourable and thus the aggregate fair values of derivative financial assets and liabilities can fluctuate significantly from time to time. Details of the unsettled derivatives at 31 December 2025 and 31 December 2024 are:
Group and Company
Assets Liabilities
As at 31 December 2025
Notional
1
(positive (negative Total fair
\u00a3 million amount fair value) fair value) value
Commodity derivatives
163.0
7.0
\u2013
7.0
Currency derivatives
1,988.7
23.0
(1.7)
21.3
Equity derivatives
247.4
6.1
(0.7)
5.4
Total
2,399.1
36.1
(2.4)
33.7
Group and Company
Assets Liabilities
As at 31 December 2024
Notional
1
(positive (negative Total fair
\u00a3 million amount fair value) fair value) value
Commodity derivatives
122.1
2.2
(9.7)
(7.5)
Currency derivatives
1,660.9
9.3
(49.0)
(39.7)
Equity derivatives
317.5
80.7
(28.6)
52.1
Total
2,100.5
92.2
(87.3)
4.9
1 Long and short notional exposure has been netted. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-488": { "value": "13.4. IFRS 13 fair value measurement classification IFRS 13 requires the Group to classify its financial instruments held at fair value using a hierarchy that reflects the significance of the inputs used in the valuation methodologies. These are as follows: \u2022 Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities \u2022 Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) \u2022 Level 3: Inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs) The vast majority of the Group\u2019s financial assets and liabilities, investment properties and property, plant and equipment are measured at fair value on a recurring basis. The Group\u2019s policy is to recognise transfers into and transfers out of fair value hierarchy levels at the end of the reporting year when they are deemed to occur. A description of the valuation techniques used by the Group with regards to investments categorised in each level of the fair value hierarchy is detailed below. Where the Group invests in a fund or a partnership, which is not itself listed on an active market, the categorisation of such investments between levels 2 and 3 is determined by reference to the nature of the fund or partnership\u2019s underlying investments. If such investments are categorised across different levels, the lowest level of the hierarchy that forms a significant proportion of the fund or partnership exposure is used to determine the reporting disclosure. If the proportion of the underlying investments categorised between levels changes during the period, these will be reclassified to the most appropriate level. Level 1 The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. The quoted market price used for financial assets held by the Group is the current bid price or the last traded price, depending on the convention of the exchange on which the investment is quoted. Where a market price is available but the market is not considered active (including discount adjustments to quoted prices in the case of restrictions to sell such securities), the Group has classified these investments as level 2. Level 2 The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques which maximise the use of observable market data where it is available. Specific valuation techniques used to value OTC derivatives include quoted market prices for similar instruments, counterparty quotes and the use of forward exchange rates to estimate the fair value of forward foreign exchange contracts at the balance sheet date. Investments in externally-managed funds which themselves invest primarily in listed securities are valued at the price or net asset value released by the investment manager or fund administrator as at the balance sheet date. Level 3 The Group considers all private investments, whether direct or funds, (as described in the Investment Portfolio on page 43) as level 3 assets, as the valuations of these assets are not typically based on observable market data. Where other funds invest into illiquid stocks, these are also considered by the Group to be level 3 assets. Private fund investments are held at the most recent fair values provided by the GPs managing those funds, adjusted for subsequent investments, distributions, and currency movements up to the period end, and are subject to periodic review by the Manager. Direct co-investments are also held at the most recent fair values provided by the GPs managing those co-investments, adjusted for subsequent investments, distributions, currency moves, as well as pricing events where the Manager has sufficient information to suggest the period-end valuation should be adjusted. The remaining directly-held private investments are valued on a semi-annual basis using techniques including a market approach or income approach. The valuation process involves the investment functions of the Manager who prepare the initial valuations, which are then subject to review by the finance function, with the final valuations being determined by the Valuation Committee, comprised of independent non-executive Directors, of which the Audit and Risk Committee Chair is also a member. Specific valuation techniques used will typically include the value of recent transactions, earnings multiples, discounted cash flow analysis, and, where appropriate, industry specific methodologies. The acquisition cost, if determined to be fair value, may be used to calibrate inputs to the valuation. The valuations will often reflect a synthesis of a number of distinct approaches in determining the final fair value estimate. The individual approach for each investment will vary depending on relevant factors that a market participant would take into account in pricing the asset. These might include the specific industry dynamics, the company\u2019s stage of development, profitability, growth prospects or risk as well as the rights associated with the particular security. Borrowings at 31 December 2025 comprise bank loans and senior loan notes. The bank loans are revolving credit facilities paying floating interest, and are typically drawn in tranches with a duration of three or six months. The loans are therefore short-term in nature, and their fair value approximates their nominal value. The term loan was drawn in September 2024 with a tenor of three years and pays floating interest. The loan notes were issued in 2015 with tenors of between 10 and 20 years with a weighted average of 15 years. They are valued on a monthly basis using a discounted cash flow model where the discount rate is derived from the yield of similar tenor UK Government bonds, adjusted for any significant changes in either credit spreads or the perceived credit risk of the Company. The first tranche of loan notes matured in June 2025. The fair value of investments in non-consolidated subsidiaries is considered to be the net asset value of the individual subsidiary as at the balance sheet date. The net asset value comprises various assets and liabilities which are fair valued on a recurring basis and is considered to be level 3. On a semi-annual basis, the Group engages external, independent and qualified valuers to determine the fair value of the Group\u2019s investment properties and property, plant and equipment held at fair value. Further information is shown in Notes 10 and 15.
As at 31 December 2025
\u00a3 million
Level 1
Level 2
Level 3
Total
Financial assets at fair value through profit or loss (FVPL):
Portfolio investments
995.0
961.8
2,011.7
3,968.5
Non-consolidated
subsidiaries
\u2013
\u2013
46.8
46.8
Investments held at fair
value
995.0
961.8
2,058.5
4,015.3
Derivative financial
instruments
8.8
27.3
\u2013
36.1
Total financial assets at
FVPL
1,003.8
989.1
2,058.5
4,051.4
Non-financial assets measured at fair value:
Investment property
\u2013
\u2013
32.7
32.7
Property, plant and
equipment
\u2013
\u2013
22.3
22.3
Total non-financial assets
measured at fair value
\u2013
\u2013
55.0
55.0
Financial liabilities at FVPL:
Borrowings
\u2013
\u2013
(302.2)
(302.2)
Derivative financial
instruments
\u2013
(2.4)
\u2013
(2.4)
Total financial liabilities
at FVPL
\u2013
(2.4)
(302.2)
(304.6)
Total net assets
measured at fair value 1,003.8
986.7
1,811.3
3,801.8
Cash at bank
220.6
Other current assets
61.2
Other current liabilities
(38.3)
Other non-current liabilities (5.2)
Net assets
4,040.1
The following table analyses the Group\u2019s assets and liabilities within the fair value hierarchy, at 31 December 2025: Movements in level 3 assets
Investments
Year ended 31 December 2025 held at fair
\u00a3 million
value
Properties
Total
Opening balance
1,806.4
54.4
1,860.8
Purchases
613.3
0.4
613.7
Sales
(393.0)
\u2013
(393.0)
Gains/(losses) through profit
or loss
1
174.9
(0.4)
174.5
Unrealised gains/(losses) through
other comprehensive income
\u2013
0.5
0.5
Transfer out of level 3
(137.5)
\u2013
(137.5)
Other
(5.6)
0.1
(5.5)
Closing balance
2,058.5
55.0
2,113.5
1 Included within gains/(losses) through profit or loss is \u00a377.8 million of unrealised gains (2024: \u00a3129.6 million gain ) relating to those level 3 assets held at the end of the reporting period. During the year, investments with a fair value of \u00a3137.5 million were transferred out of level 3. This is as a result of new financial information received during the year in respect of these investments. Investments held at fair value of \u00a32,058.5 million above comprise all private investments (Investment Portfolio page 43 of \u00a31,454.2 million, gross of quoted stocks held within private investment funds), investments held in non-consolidated subsidiaries (\u00a346.8 million on page 109), with the balance held across quoted equity and absolute return and credit funds (Investment Portfolio pages 42 and 44 of \u00a3557.5 million). Level 3 assets Level 3 assets \u2013 direct private investments Further information in relation to the directly-held private investments is set out in the following table. This summarises the portfolio by the primary method used in estimating the fair value of the investment. As a range of valuation methods and inputs may be used in the valuation process, selection of a primary method is subjective, and designed primarily to assist the subsequent sensitivity analysis. Primary valuation method/approach
31 December 31 December
\u00a3 million 2025 2024
Third-party valuation
1
200.6
213.8
Recent transaction
2
146.0
39.6
Earnings multiple
1
18.9
21.5
Blend of methods
2
13.0
15.3
Discount to recent transaction
6.7
8.1
Discount to earnings multiple
3.9
50.2
Other industry metrics
3.1
14.1
Discount to agreed sale
\u2013
12.0
Total
392.2
374.6
1 Included in these methods are direct private investments held within the non-consolidated subsidiaries with a total of \u00a37.7 million (December 2024: \u00a37.2 million). 2 Includes assets previously held in \u2018cost\u2019. The majority of the direct private investments are structured as co-investments, managed by a GP. For these investments, the valuation approach is to typically use the latest quarterly fair valuations provided by the GP, adjusted for any subsequent investments/distributions and currency moves as well as pricing events or other factors, where there is sufficient information to suggest the period-end valuation should be adjusted. Where the Manager has sufficient information to undertake its own valuation, a range of methods will typically be used. For companies with positive earnings, this will usually involve a earnings multiple approach, typically using EBITDA or similar. The earnings multiple is assessed by reference to similar listed companies or transactions involving similar companies. When an asset is undergoing a sale and the price has been agreed but not yet completed or an offer has been submitted, the agreed or offered price will be used, often with a discount as appropriate to reflect the risks associated with the transaction completing or any price adjustments. Where a company has been the subject of a recent financing round which is viewed as representative of fair value, this transaction price will be used. Other methods employed include discounted cash flow analysis and industry metrics such as multiples of assets under management or revenue, where market participants use these approaches in pricing assets. The following table provides a sensitivity analysis of the valuation of directly-held private investments, and the impact on net assets:
Valuation
method/approach
Sensitivity analysis
Third-party A 5% change in the value of these assets would
valuation result in a \u00a310.0 million or 0.2% (December
2024: \u00a310.7 million, 0.3%) change in net assets.
Recent transaction
A 5% change in the value of these assets would
result in a \u00a37.3 million or 0.2% (December
2024: \u00a32.0 million, 0.1%) change in net assets.
Earnings multiple
Assets in this category are valued using
earnings multiples in the range of 0.5x - 9.3x.
If the multiple used for valuation purposes is
increased or decreased by 5% then the net
assets would increase/decrease by \u00a30.6 million
or 0.01% (December 2024: \u00a30.6 million, 0.02%).
Blend of methods
A 5% change in the value of these assets would
result in a \u00a30.7 million or <0.01% (December
2024: \u00a30.8 million, 0.02%) change in net
assets.
Discount to recent Assets in this category are valued using a
transaction discount applied to a recent financing round
or secondary transaction. Discounts range
between 25% and 30% and are reflective
of a number of different factors including
elapsed time since the transaction and the
movement in market prices of broadly similar
listed companies. A 5% change to the discount
applied would result in a \u00a30.3 million or 0.01%
(December 2024: \u00a30.4 million, 0.01%).
Valuation
method/approach
Sensitivity analysis
Discount to earnings Assets in this category are valued using
multiple discounts applied to earnings multiples. The
discounts range between 50% and 75% and
the resulting multiples used range between
0.4x - 3.8x. If the net impact of these variables
caused an increase or decrease of 5% then
the net assets would increase/decrease by
\u00a30.2 million or <0.01% (December 2024:
\u00a32.5 million, 0.07%).
Other industry A 5% change in the value of these assets would
metrics result in a \u00a30.2 million or <0.01% (December
2024: \u00a30.7 million, 0.02%) change in net assets.
Level 3 assets \u2013 other
The investment property and property, plant and equipment with
an aggregate fair value of \u00a355.0 million (2024: \u00a354.4 million) were
valued using a third-party valuation provided by Jones Lang LaSalle.
The properties were valued using weighted average capital values of
\u00a31,499 per square foot (2024: \u00a31,484) developed from rental yields
and supported by market transactions. A 5% per square foot increase/
decrease in capital values would result in a \u00a32.5 million increase/
decrease in fair value (2024: \u00a32.4 million increase/decrease).
The non-consolidated subsidiaries are held at their fair value of
\u00a346.8
million (2024: \u00a3140.8 million) representing \u00a330.2 million of
portfolio investments (2024: \u00a3124.5 million) and \u00a316.6 million of
remaining assets (2024: \u00a316.3 million of remaining assets). A 5%
change in the value of these assets would result in \u00a32.3 million or
0.06% (2024: \u00a37.0 million, 0.2%) change in total net assets.
The remaining investments held at fair value and classified as level 3
of \u00a31,627.2 million (2024: \u00a31,298.2 million) were valued using the
most recent third-party valuations from a GP, administrator or fund
manager. A 5% change in the value of these assets would result in
a \u00a381.4 million or 2.01% (2024: \u00a364.9 million, 1.74%) change in net
assets.
In aggregate, the sum of the direct private investments, investment
property, property, plant and equipment, non-consolidated
subsidiaries and the remaining fund investments represents the total
level 3 assets of \u00a32,113.5 million (2024: \u00a31,860.8 million).
The following table analyses the Group\u2019s assets and liabilities within the fair value hierarchy, at 31 December 2024:
As at 31 December 2024
\u00a3 million
Level 1
Level 2
Level 3
Total
Financial assets at fair value through profit or loss (FVPL):
Portfolio investments
996.3
989.4
1,665.6
3,651.3
Non-consolidated
subsidiaries
\u2013
\u2013
140.8
140.8
Investments held at fair
value
996.3
989.4
1,806.4
3,792.1
Derivative financial
instruments
8.1
84.1
\u2013
92.2
Total financial assets at
FVPL
1,004.4
1,073.5
1,806.4
3,884.3
Non-financial assets measured at fair value:
Investment property
\u2013
\u2013
32.7
32.7
Property, plant and
equipment
\u2013
\u2013
21.7
21.7
Total non-financial assets
measured at fair value
\u2013
\u2013
54.4
54.4
Financial liabilities at FVPL:
Borrowings
\u2013
\u2013
(333.9)
(333.9)
Derivative financial
instruments
(8.0)
(79.3)
\u2013
(87.3)
Total financial liabilities
at FVPL
(8.0)
(79.3)
(333.9)
(421.2)
Total net assets
measured at fair value
996.4
994.2
1,526.9
3,517.5
Other non-current assets
0.2
Cash at bank
189.4
Other current assets
123.1
Other current liabilities
(93.8)
Other non-current liabilities (5.2)
Net assets
3,731.2
Movements in level 3 assets
Investments
Year ended 31 December 2024 held at fair
\u00a3 million
value
Properties
Total
Opening balance
1,765.2
55.7
1,820.9
Purchases
222.8
\u2013
222.8
Sales
(242.3)
\u2013
(242.3)
Gains/(losses) through profit
or loss
1
138.9
(0.5)
138.4
Unrealised gains/(losses)
through other comprehensive
income
\u2013
0.3
0.3
Transfer in to level 3
43.2
\u2013
43.2
Transfer out of level 3
(137.3)
\u2013
(137.3)
Other
15.9
(1.1)
14.8
Closing balance
1,806.4
54.4
1,860.8
1 Included within gains/(losses) through profit or loss is \u00a3129.6 million of unrealised gains relating to those level 3 assets held at the end of the reporting period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-471": { "value": "13.4. IFRS 13 fair value measurement classification IFRS 13 requires the Group to classify its financial instruments held at fair value using a hierarchy that reflects the significance of the inputs used in the valuation methodologies. These are as follows: \u2022 Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities \u2022 Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) \u2022 Level 3: Inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs) The vast majority of the Group\u2019s financial assets and liabilities, investment properties and property, plant and equipment are measured at fair value on a recurring basis. The Group\u2019s policy is to recognise transfers into and transfers out of fair value hierarchy levels at the end of the reporting year when they are deemed to occur. A description of the valuation techniques used by the Group with regards to investments categorised in each level of the fair value hierarchy is detailed below. Where the Group invests in a fund or a partnership, which is not itself listed on an active market, the categorisation of such investments between levels 2 and 3 is determined by reference to the nature of the fund or partnership\u2019s underlying investments. If such investments are categorised across different levels, the lowest level of the hierarchy that forms a significant proportion of the fund or partnership exposure is used to determine the reporting disclosure. If the proportion of the underlying investments categorised between levels changes during the period, these will be reclassified to the most appropriate level. Level 1 The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. The quoted market price used for financial assets held by the Group is the current bid price or the last traded price, depending on the convention of the exchange on which the investment is quoted. Where a market price is available but the market is not considered active (including discount adjustments to quoted prices in the case of restrictions to sell such securities), the Group has classified these investments as level 2. Level 2 The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques which maximise the use of observable market data where it is available. Specific valuation techniques used to value OTC derivatives include quoted market prices for similar instruments, counterparty quotes and the use of forward exchange rates to estimate the fair value of forward foreign exchange contracts at the balance sheet date. Investments in externally-managed funds which themselves invest primarily in listed securities are valued at the price or net asset value released by the investment manager or fund administrator as at the balance sheet date. Level 3 The Group considers all private investments, whether direct or funds, (as described in the Investment Portfolio on page 43) as level 3 assets, as the valuations of these assets are not typically based on observable market data. Where other funds invest into illiquid stocks, these are also considered by the Group to be level 3 assets. Private fund investments are held at the most recent fair values provided by the GPs managing those funds, adjusted for subsequent investments, distributions, and currency movements up to the period end, and are subject to periodic review by the Manager. Direct co-investments are also held at the most recent fair values provided by the GPs managing those co-investments, adjusted for subsequent investments, distributions, currency moves, as well as pricing events where the Manager has sufficient information to suggest the period-end valuation should be adjusted. The remaining directly-held private investments are valued on a semi-annual basis using techniques including a market approach or income approach. The valuation process involves the investment functions of the Manager who prepare the initial valuations, which are then subject to review by the finance function, with the final valuations being determined by the Valuation Committee, comprised of independent non-executive Directors, of which the Audit and Risk Committee Chair is also a member.
Specific valuation techniques used will typically include the value
of recent transactions, earnings multiples, discounted cash flow
analysis, and, where appropriate, industry specific methodologies.
The acquisition cost, if determined to be fair value, may be used to
calibrate inputs to the valuation. The valuations will often reflect a
synthesis of a number of distinct approaches in determining the final
fair value estimate. The individual approach for each investment will
vary depending on relevant factors that a market participant would
take into account in pricing the asset. These might include the specific
industry dynamics, the company\u2019s stage of development, profitability,
growth prospects or risk as well as the rights associated with the
particular security.
Borrowings at 31 December 2025 comprise bank loans and senior loan
notes. The bank loans are revolving credit facilities paying floating
interest, and are typically drawn in tranches with a duration of three or
six months. The loans are therefore short-term in nature, and their fair
value approximates their nominal value. The term loan was drawn in
September 2024 with a tenor of three years and pays floating interest.
The loan notes were issued in 2015 with tenors of between 10 and
20 years with a weighted average of 15 years. They are valued on a
monthly basis using a discounted cash flow model where the discount
rate is derived from the yield of similar tenor UK Government bonds,
adjusted for any significant changes in either credit spreads or the
perceived credit risk of the Company. The first tranche of loan notes
matured in June 2025.
The fair value of investments in non-consolidated subsidiaries is
considered to be the net asset value of the individual subsidiary as
at the balance sheet date. The net asset value comprises various
assets and liabilities which are fair valued on a recurring basis and is
considered to be level 3.
On a semi-annual basis, the Group engages external, independent and
qualified valuers to determine the fair value of the Group\u2019s investment
properties and property, plant and equipment held at fair value.
Further information is shown in Notes 10 and 15.
As at 31 December 2025
\u00a3 million
Level 1
Level 2
Level 3
Total
Financial assets at fair value through profit or loss (FVPL):
Portfolio investments
995.0
961.8
2,011.7
3,968.5
Non-consolidated
subsidiaries
\u2013
\u2013
46.8
46.8
Investments held at fair
value
995.0
961.8
2,058.5
4,015.3
Derivative financial
instruments
8.8
27.3
\u2013
36.1
Total financial assets at
FVPL
1,003.8
989.1
2,058.5
4,051.4
Non-financial assets measured at fair value:
Investment property
\u2013
\u2013
32.7
32.7
Property, plant and
equipment
\u2013
\u2013
22.3
22.3
Total non-financial assets
measured at fair value
\u2013
\u2013
55.0
55.0
Financial liabilities at FVPL:
Borrowings
\u2013
\u2013
(302.2)
(302.2)
Derivative financial
instruments
\u2013
(2.4)
\u2013
(2.4)
Total financial liabilities
at FVPL
\u2013
(2.4)
(302.2)
(304.6)
Total net assets
measured at fair value 1,003.8
986.7
1,811.3
3,801.8
Cash at bank
220.6
Other current assets
61.2
Other current liabilities
(38.3)
Other non-current liabilities (5.2)
Net assets
4,040.1
The following table analyses the Group\u2019s assets and liabilities within the
fair value hierarchy, at 31 December 2025:
Movements in level 3 assets
Investments
Year ended 31 December 2025 held at fair
\u00a3 million
value
Properties
Total
Opening balance
1,806.4
54.4
1,860.8
Purchases
613.3
0.4
613.7
Sales
(393.0)
\u2013
(393.0)
Gains/(losses) through profit
or loss
1
174.9
(0.4)
174.5
Unrealised gains/(losses) through
other comprehensive income
\u2013
0.5
0.5
Transfer out of level 3
(137.5)
\u2013
(137.5)
Other
(5.6)
0.1
(5.5)
Closing balance
2,058.5
55.0
2,113.5
1 Included within gains/(losses) through profit or loss is \u00a377.8 million of unrealised gains (2024: \u00a3129.6 million gain ) relating to those level 3 assets held at the end of the reporting period. During the year, investments with a fair value of \u00a3137.5 million were transferred out of level 3. This is as a result of new financial information received during the year in respect of these investments. Investments held at fair value of \u00a32,058.5 million above comprise all private investments (Investment Portfolio page 43 of \u00a31,454.2 million, gross of quoted stocks held within private investment funds), investments held in non-consolidated subsidiaries (\u00a346.8 million on page 109), with the balance held across quoted equity and absolute return and credit funds (Investment Portfolio pages 42 and 44 of \u00a3557.5 million). Level 3 assets Level 3 assets \u2013 direct private investments Further information in relation to the directly-held private investments is set out in the following table. This summarises the portfolio by the primary method used in estimating the fair value of the investment. As a range of valuation methods and inputs may be used in the valuation process, selection of a primary method is subjective, and designed primarily to assist the subsequent sensitivity analysis. Primary valuation method/approach
31 December 31 December
\u00a3 million 2025 2024
Third-party valuation
1
200.6
213.8
Recent transaction
2
146.0
39.6
Earnings multiple
1
18.9
21.5
Blend of methods
2
13.0
15.3
Discount to recent transaction
6.7
8.1
Discount to earnings multiple
3.9
50.2
Other industry metrics
3.1
14.1
Discount to agreed sale
\u2013
12.0
Total
392.2
374.6
1 Included in these methods are direct private investments held within the non-consolidated subsidiaries with a total of \u00a37.7 million (December 2024: \u00a37.2 million). 2 Includes assets previously held in \u2018cost\u2019. The majority of the direct private investments are structured as co-investments, managed by a GP. For these investments, the valuation approach is to typically use the latest quarterly fair valuations provided by the GP, adjusted for any subsequent investments/distributions and currency moves as well as pricing events or other factors, where there is sufficient information to suggest the period-end valuation should be adjusted. Where the Manager has sufficient information to undertake its own valuation, a range of methods will typically be used. For companies with positive earnings, this will usually involve a earnings multiple approach, typically using EBITDA or similar. The earnings multiple is assessed by reference to similar listed companies or transactions involving similar companies. When an asset is undergoing a sale and the price has been agreed but not yet completed or an offer has been submitted, the agreed or offered price will be used, often with a discount as appropriate to reflect the risks associated with the transaction completing or any price adjustments. Where a company has been the subject of a recent financing round which is viewed as representative of fair value, this transaction price will be used. Other methods employed include discounted cash flow analysis and industry metrics such as multiples of assets under management or revenue, where market participants use these approaches in pricing assets. The following table provides a sensitivity analysis of the valuation of directly-held private investments, and the impact on net assets:
Valuation
method/approach
Sensitivity analysis
Third-party A 5% change in the value of these assets would
valuation result in a \u00a310.0 million or 0.2% (December
2024: \u00a310.7 million, 0.3%) change in net assets.
Recent transaction
A 5% change in the value of these assets would
result in a \u00a37.3 million or 0.2% (December
2024: \u00a32.0 million, 0.1%) change in net assets.
Earnings multiple
Assets in this category are valued using
earnings multiples in the range of 0.5x - 9.3x.
If the multiple used for valuation purposes is
increased or decreased by 5% then the net
assets would increase/decrease by \u00a30.6 million
or 0.01% (December 2024: \u00a30.6 million, 0.02%).
Blend of methods
A 5% change in the value of these assets would
result in a \u00a30.7 million or <0.01% (December
2024: \u00a30.8 million, 0.02%) change in net
assets.
Discount to recent Assets in this category are valued using a
transaction discount applied to a recent financing round
or secondary transaction. Discounts range
between 25% and 30% and are reflective
of a number of different factors including
elapsed time since the transaction and the
movement in market prices of broadly similar
listed companies. A 5% change to the discount
applied would result in a \u00a30.3 million or 0.01%
(December 2024: \u00a30.4 million, 0.01%).
Valuation
method/approach
Sensitivity analysis
Discount to earnings Assets in this category are valued using
multiple discounts applied to earnings multiples. The
discounts range between 50% and 75% and
the resulting multiples used range between
0.4x - 3.8x. If the net impact of these variables
caused an increase or decrease of 5% then
the net assets would increase/decrease by
\u00a30.2 million or <0.01% (December 2024:
\u00a32.5 million, 0.07%).
Other industry A 5% change in the value of these assets would
metrics result in a \u00a30.2 million or <0.01% (December
2024: \u00a30.7 million, 0.02%) change in net assets.
Level 3 assets \u2013 other The investment property and property, plant and equipment with an aggregate fair value of \u00a355.0 million (2024: \u00a354.4 million) were valued using a third-party valuation provided by Jones Lang LaSalle. The properties were valued using weighted average capital values of \u00a31,499 per square foot (2024: \u00a31,484) developed from rental yields and supported by market transactions. A 5% per square foot increase/ decrease in capital values would result in a \u00a32.5 million increase/ decrease in fair value (2024: \u00a32.4 million increase/decrease). The non-consolidated subsidiaries are held at their fair value of \u00a346.8 million (2024: \u00a3140.8 million) representing \u00a330.2 million of portfolio investments (2024: \u00a3124.5 million) and \u00a316.6 million of remaining assets (2024: \u00a316.3 million of remaining assets). A 5% change in the value of these assets would result in \u00a32.3 million or 0.06% (2024: \u00a37.0 million, 0.2%) change in total net assets. The remaining investments held at fair value and classified as level 3 of \u00a31,627.2 million (2024: \u00a31,298.2 million) were valued using the most recent third-party valuations from a GP, administrator or fund manager. A 5% change in the value of these assets would result in a \u00a381.4 million or 2.01% (2024: \u00a364.9 million, 1.74%) change in net assets. In aggregate, the sum of the direct private investments, investment property, property, plant and equipment, non-consolidated subsidiaries and the remaining fund investments represents the total level 3 assets of \u00a32,113.5 million (2024: \u00a31,860.8 million).
The following table analyses the Group\u2019s assets and liabilities within
the fair value hierarchy, at 31 December 2024:
As at 31 December 2024
\u00a3 million
Level 1
Level 2
Level 3
Total
Financial assets at fair value through profit or loss (FVPL):
Portfolio investments
996.3
989.4
1,665.6
3,651.3
Non-consolidated
subsidiaries
\u2013
\u2013
140.8
140.8
Investments held at fair
value
996.3
989.4
1,806.4
3,792.1
Derivative financial
instruments
8.1
84.1
\u2013
92.2
Total financial assets at
FVPL
1,004.4
1,073.5
1,806.4
3,884.3
Non-financial assets measured at fair value:
Investment property
\u2013
\u2013
32.7
32.7
Property, plant and
equipment
\u2013
\u2013
21.7
21.7
Total non-financial assets
measured at fair value
\u2013
\u2013
54.4
54.4
Financial liabilities at FVPL:
Borrowings
\u2013
\u2013
(333.9)
(333.9)
Derivative financial
instruments
(8.0)
(79.3)
\u2013
(87.3)
Total financial liabilities
at FVPL
(8.0)
(79.3)
(333.9)
(421.2)
Total net assets
measured at fair value
996.4
994.2
1,526.9
3,517.5
Other non-current assets
0.2
Cash at bank
189.4
Other current assets
123.1
Other current liabilities
(93.8)
Other non-current liabilities (5.2)
Net assets
3,731.2
Movements in level 3 assets
Investments
Year ended 31 December 2024 held at fair
\u00a3 million
value
Properties
Total
Opening balance
1,765.2
55.7
1,820.9
Purchases
222.8
\u2013
222.8
Sales
(242.3)
\u2013
(242.3)
Gains/(losses) through profit
or loss
1
138.9
(0.5)
138.4
Unrealised gains/(losses)
through other comprehensive
income
\u2013
0.3
0.3
Transfer in to level 3
43.2
\u2013
43.2
Transfer out of level 3
(137.3)
\u2013
(137.3)
Other
15.9
(1.1)
14.8
Closing balance
1,806.4
54.4
1,860.8
1 Included within gains/(losses) through profit or loss is \u00a3129.6 million of unrealised gains relating to those level 3 assets held at the end of the reporting period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-489": { "value": "13.5. Capital management The Group\u2019s primary objectives in relation to the management of capital are: \u2022 to deliver long-term capital growth for its shareholders, while preserving shareholders\u2019 capital \u2022 to deliver for shareholders increases in capital value in excess of the relevant indices over time through an appropriate balance of equity capital and gearing \u2022 to ensure the Group\u2019s ability to continue as a going concern The Company is subject to externally imposed capital requirements: \u2022 the Company\u2019s Articles of Association restrict borrowings to a maximum of five times share capital and reserves \u2022 the Company\u2019s borrowings are subject to covenants limiting the total exposure based on a minimum net assets and a cap of borrowings as a percentage of adjusted net assets All these conditions were met during this year and the previous financial year. In addition, JRCM is subject to capital requirements imposed by the FCA and must ensure that it has sufficient capital to meet these requirements. JRCM was compliant with those capital requirements throughout the year. The Group\u2019s capital at 31 December 2025 and 31 December 2024 comprised:
\u00a3 million
2025
2024
Equity share capital
141.1
156.8
Retained earnings and other reserves
3,899.0
3,574.4
Net asset value
4,040.1
3,731.2
Borrowings
302.2
333.9
Total capital
4,342.3
4,065.1
There have been no significant changes to the Group\u2019s capital management objectives, policies and processes in the year, nor has there been any change in what the Group considers to be its capital. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-440": { "value": "
14. Financial commitments
Financial commitments to invest additional funds which have not been
provided for are as follows:
31 December 2025
31 December 2024
\u00a3 million
Group
Company
Group
Company
Commitments
204.9
204.9
215.2
215.2
The financial commitments are principally uncalled commitments to
private funds (\u00a3176.8 million; 2024: \u00a3201.9 million), typically established
as 10-year funds with a five-year investment period, diversified across
multiple funds and vintage years, and may be called, with customary
notice, at any time. The majority are denominated in US dollars and
therefore subject to currency fluctuation. The balance are commitments
to quoted equity funds (\u00a35.6 million; 2024: \u00a32.4 million) and absolute
return and credit funds (\u00a322.5 million; 2024: \u00a310.9 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-472": { "value": "14. Financial commitments Financial commitments to invest additional funds which have not been provided for are as follows:
31 December 2025
31 December 2024
\u00a3 million
Group
Company
Group
Company
Commitments
204.9
204.9
215.2
215.2
The financial commitments are principally uncalled commitments to private funds (\u00a3176.8 million; 2024: \u00a3201.9 million), typically established as 10-year funds with a five-year investment period, diversified across multiple funds and vintage years, and may be called, with customary notice, at any time. The majority are denominated in US dollars and therefore subject to currency fluctuation. The balance are commitments to quoted equity funds (\u00a35.6 million; 2024: \u00a32.4 million) and absolute return and credit funds (\u00a322.5 million; 2024: \u00a310.9 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-441": { "value": "
15. Investment property
The Group and Company\u2019s investment property as at 31 December
2025 was \u00a332.7 million (2024: \u00a332.7 million).
\u00a3 million
2025
2024
Rental income from investment
properties
1.4
1.5
Direct operating expenses arising
from investment properties that
generated rental income during the
year
(1.6)
(1.7)
Cash outflow from leases
(0.5)
(0.5)
The Group and Company is committed to making the following
payments under non-cancellable leases over the periods described.
\u00a3 million
2025
2024
Within one year
0.2
0.2
Under non-cancellable leases the Group and Company will receive the
following:
\u00a3 million
2025
2024
Within one year
0.8
0.6
Between one and two years
0.5
0.5
Between two and three years
0.2
0.3
Between three and four years
0.2
\u2013
Between four and five years
0.1
\u2013
All investment properties held by the Group during the year generated
rental income.
The Company leases Spencer House from the Spencer Trustees (the
Trustees). The terms of this lease include provisions such that: any
assignment or sale of the lease can occur only with the consent of
the Trustees, there are limits on the frequency of events and that
the Trustees retain certain (de minimis) usage rights over the \u2018fine
rooms\u2019. The Company is required to externally redecorate every three
years and to internally redecorate every seven years. The property is
typically open to the public for viewing every Sunday, except during
August. The investment property portfolio is valued by JLL on a
six-monthly basis in accordance with current RICS Valuation \u2013 Global
Standards, published by the Royal Institution of Chartered Surveyors,
on the basis of open market value. The most recent valuation,
which reflects the factors highlighted above, was undertaken as at
31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-442": { "value": "
16. Other receivables
31 December 2025
31 December 2024
\u00a3 million
Group
Company
Group
Company
Cash margin
50.8
50.8
117.3
117.3
Amounts receivable
0.9
0.9
1.5
1.3
Prepayments and
accrued income
1.5
0.5
1.2
0.7
Sales for future
settlement
8.0
8.0
3.1
3.1
Total
61.2
60.2
123.1
122.4
The carrying amount of other receivables approximates their fair
value, due to their short-term nature.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-473": { "value": "16. Other receivables
31 December 2025
31 December 2024
\u00a3 million
Group
Company
Group
Company
Cash margin
50.8
50.8
117.3
117.3
Amounts receivable
0.9
0.9
1.5
1.3
Prepayments and
accrued income
1.5
0.5
1.2
0.7
Sales for future
settlement
8.0
8.0
3.1
3.1
Total
61.2
60.2
123.1
122.4
The carrying amount of other receivables approximates their fair value, due to their short-term nature.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-490": { "value": "
31 December 2025
31 December 2024
\u00a3 million
Group
Company
Group
Company
Cash margin
50.8
50.8
117.3
117.3
Amounts receivable
0.9
0.9
1.5
1.3
Prepayments and
accrued income
1.5
0.5
1.2
0.7
Sales for future
settlement
8.0
8.0
3.1
3.1
Total
61.2
60.2
123.1
122.4
The carrying amount of other receivables approximates their fair value, due to their short-term nature.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-443": { "value": "
17. Related party transactions
In the normal course of its business, the Group has entered into a
number of transactions with related parties. All arrangements with
related parties are monitored by the Conflicts Committee, which is
comprised solely of independent non-executive Directors.
Transactions with Dame Hannah Rothschild or parties related to her
During the current and prior year the Group transacted with entities
classified as related to Dame Hannah Rothschild as a result of her having
significant influence over them, a beneficial interest in them, or otherwise
in accordance with IAS 24 \u2013 Related Party Disclosures (IAS 24).
The Group had arrangements with these related parties covering the
provision and receipt of administrative, support and supply services.
Under these arrangements the Group received \u00a367,032 (2024:
\u00a339,711) and paid \u00a345,315 (2024: \u00a387,013).
Certain of these related parties occupy office space in St. James\u2019s
Place which is owned or leased by the Group. The rent, rates and
services charged by the Group for the year ended 31 December 2025
amounted to \u00a3222,896 (2024: \u00a3205,065).
Nothing was owed by the Group to the parties related to Dame
Hannah Rothschild at either 31 December 2025 or 31 December
2024. The balance due to the Group from these related parties at
31 December 2025 was \u00a321,344 (2024: \u00a311,567).
Over the year the Group earned \u00a31,267 (2024: \u00a3nil) from Dame
Hannah Rothschild for event services.
Group undertakings JRCM acts as the Company\u2019s manager, administrator and corporate secretary. During the year ended 31 December 2025, the charge for these services from JRCM to the Company amounted to \u00a353.1 million (2024: \u00a349.5 million). JRCM incurred rent charges of \u00a3580,000 (2024: \u00a3580,000) from the Company. During the year SHL (also a wholly- owned subsidiary of the Company) earned property management revenues of \u00a3100,754 from JRCM (2024: \u00a390,462) and \u00a31,962,299 from the Company (2024: \u00a31,809,849). Amounts due from subsidiaries and to subsidiaries are disclosed on the face of the Group\u2019s balance sheet. The balances outstanding at the year ends are show below:
Amounts owed by/(to)
Group undertakings
\u00a3 million
2025
2024
Spencer House Limited
(0.0)
\u2013
RIT US Holdings LLP
0.0
\u2013
RIT Investments US, Inc
(1.3)
(1.3)
RIT Investments GP Limited
(0.1)
(0.1)
J. Rothschild Capital Management US,
Inc
(12.5)
(14.9)
Total
(13.9)
(16.3)
\u00a3 million
Amounts owed by/(to)
Company undertakings
2025
2024
Spencer House Limited
(0.0)
\u2013
RIT US Holdings LLP
0.0
\u2013
RIT Investments US, Inc
(1.3)
(1.3)
JRCM
(150.8)
(131.5)
J. Rothschild Capital Management US,
Inc
(12.5)
(14.9)
Total
(164.6)
(147.7)
RITCP Pension and Life Assurance Scheme The Group\u2019s pension scheme was deemed to be a related party of the Company pursuant to IAS 24, until the scheme was wound up and the Trustee discharged in December 2025. Details of the pension contributions made during the year are disclosed in Note 11. There was \u00a3nil owing to the pension scheme by the Company at 31 December 2025 (31 December 2024: \u00a3nil). There was \u00a3nil owed by the Group\u2019s pension scheme to the Company at 31 December 2025 (31 December 2024: \u00a344,123). Directors and key management personnel Details of the remuneration and benefits attributable to Directors and key management personnel are set out below.
\u00a3 million
2025
2024
Short-term employee benefits
5.7
8.9
Share-based payment
5.7
4.4
Social security costs
1.8
1.9
Total
13.2
15.2
The Group has no ultimate controlling party. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-498": { "value": "17. Related party transactions In the normal course of its business, the Group has entered into a number of transactions with related parties. All arrangements with related parties are monitored by the Conflicts Committee, which is comprised solely of independent non-executive Directors. Transactions with Dame Hannah Rothschild or parties related to her During the current and prior year the Group transacted with entities classified as related to Dame Hannah Rothschild as a result of her having significant influence over them, a beneficial interest in them, or otherwise in accordance with IAS 24 \u2013 Related Party Disclosures (IAS 24). The Group had arrangements with these related parties covering the provision and receipt of administrative, support and supply services. Under these arrangements the Group received \u00a367,032 (2024: \u00a339,711) and paid \u00a345,315 (2024: \u00a387,013). Certain of these related parties occupy office space in St. James\u2019s Place which is owned or leased by the Group. The rent, rates and services charged by the Group for the year ended 31 December 2025 amounted to \u00a3222,896 (2024: \u00a3205,065). Nothing was owed by the Group to the parties related to Dame Hannah Rothschild at either 31 December 2025 or 31 December 2024. The balance due to the Group from these related parties at 31 December 2025 was \u00a321,344 (2024: \u00a311,567). Over the year the Group earned \u00a31,267 (2024: \u00a3nil) from Dame Hannah Rothschild for event services. Group undertakings JRCM acts as the Company\u2019s manager, administrator and corporate secretary. During the year ended 31 December 2025, the charge for these services from JRCM to the Company amounted to \u00a353.1 million (2024: \u00a349.5 million). JRCM incurred rent charges of \u00a3580,000 (2024: \u00a3580,000) from the Company. During the year SHL (also a wholly- owned subsidiary of the Company) earned property management revenues of \u00a3100,754 from JRCM (2024: \u00a390,462) and \u00a31,962,299 from the Company (2024: \u00a31,809,849). Amounts due from subsidiaries and to subsidiaries are disclosed on the face of the Group\u2019s balance sheet. The balances outstanding at the year ends are show below:
Amounts owed by/(to)
Group undertakings
\u00a3 million
2025
2024
Spencer House Limited
(0.0)
\u2013
RIT US Holdings LLP
0.0
\u2013
RIT Investments US, Inc
(1.3)
(1.3)
RIT Investments GP Limited
(0.1)
(0.1)
J. Rothschild Capital Management US,
Inc
(12.5)
(14.9)
Total
(13.9)
(16.3)
\u00a3 million
Amounts owed by/(to) Company undertakings 2025 2024 Spencer House Limited (0.0) \u2013 RIT US Holdings LLP 0.0 \u2013 RIT Investments US, Inc (1.3) (1.3) JRCM (150.8) (131.5) J. Rothschild Capital Management US, Inc (12.5) (14.9) Total (164.6) (147.7) RITCP Pension and Life Assurance Scheme The Group\u2019s pension scheme was deemed to be a related party of the Company pursuant to IAS 24, until the scheme was wound up and the Trustee discharged in December 2025. Details of the pension contributions made during the year are disclosed in Note 11. There was \u00a3nil owing to the pension scheme by the Company at 31 December 2025 (31 December 2024: \u00a3nil). There was \u00a3nil owed by the Group\u2019s pension scheme to the Company at 31 December 2025 (31 December 2024: \u00a344,123). Directors and key management personnel Details of the remuneration and benefits attributable to Directors and key management personnel are set out below.
\u00a3 million
2025
2024
Short-term employee benefits
5.7
8.9
Share-based payment
5.7
4.4
Social security costs
1.8
1.9
Total
13.2
15.2
The Group has no ultimate controlling party. 33. Material investments and related undertakings Further information regarding investments is shown here. Disclosed below are the ten largest investments in the portfolio (excluding investments in non-consolidated subsidiaries) shown at fair value:
As at 31 December 2025
\u00a3 million
BlackRock Strategic Equity
164.1
3D Opportunities
162.8
Perseverance Asset Management Int\u2019l
128.7
Parvus European Opportunities
119.0
HCIF Offshore
116.2
Tresidor Credit Opportunities
115.1
US Treasury Note
105.6
SpaceX
102.3
Attestor Value Fund
94.7
UK Treasury Gilt
93.0
Total
1,201.5
As at 31 December 2024
\u00a3 million
3D Opportunities
167.1
BlackRock Strategic Equity
128.0
Tresidor Credit Opportunities
98.3
Attestor Value
89.6
Motive
84.6
ARCM IV
83.6
Springs Opportunities
83.4
HCIF Offshore
80.1
RIT US Value Partnership
77.4
Woodline Fund
68.4
Total
960.5
Further to the disclosures in Note 30 (Investments in subsidiary undertakings), the table on the following page shows a list of significant related undertakings of the Group as at 31 December 2025. For the investments shown the principal place of business voting rights held is considered to be the ownership interest. The Directors do not consider that any of the portfolio investments shown in the table on the following page fall within the definition of an associated company (aside from the entities noted below the table) as the Group does not exercise significant influence over their operating and financial policies as it is a passive investor. In a number of cases the Group owns more than 50% of a particular class of shares or partnership interest. The Group does not consider these holdings, although greater than 50%, provide control of the investee entities concerned as firstly the Group\u2019s position as a passive investor in these entities acts as a substantive barrier to its exercising any power over the investee and secondly the nature of the Group\u2019s holding does not give it the ability to direct the relevant activities of the investee because it does not control or participate in the governing bodies of these entities. Unconsolidated structured entities The Group holds interests in closed-ended limited partnerships which invest in underlying companies or securities for the purpose of capital appreciation. The Group, alongside the other limited partners, makes commitments to finance the investment programme of the relevant GP or manager, who may draw down this committed amount either upfront or over a period of years. The table below shows the Group\u2019s carrying value of such investments and represents the maximum exposure to loss based on the Group\u2019s contributions to date.
\u00a3 million
2025
2024
Total
1
1,503.8
1,745.4
1 Included within Investments held at fair value The list of significant related undertakings below is pursuant to the requirements of Companies Act 2006, Statutory Instrument 2015 No. 980 The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015, IFRS and the SORP. Disclosed below for the year ended 31 December 2025 are: \u2022 entities classified as significant holdings (20% or greater interest in a class of shares or partnership) \u2022 material investee undertakings in which the Group had an interest of over 3% of the allotted shares of any class \u2022 material investment funds in which the Group had an interest of 10% or more in any class of share or unit All the investments in the table below are held at FVPL
Fair value %
Investment name
Place of registration Registered address
\u00a3 million interest
1992
Co-Invest (Offshore) LP
Cayman Islands
PO Box 309, Ugland House, Grand Cayman, KY1-1104
10.8
65.0%
Chicago Atlantic CO3 (Offshore) LP Cayman Islands
4th Floor, Harbour Place, 103 South Church Street, PO Box 10240,
17.2
30.4%
Grand Cayman KY1-1002
Darwin Private Equity I LP
England and
9 Mill Shaw, Oxted, RH8 9DQ
0.7
23.9%
Wales
Firebird New Russia Fund Ltd,
Cayman Islands
The Harbour Trust Co. Ltd., P.O. Box 897, Windward 1, Regatta
0.9
23.7%
Class A1 Office Park, Grand Cayman KY1-1103
HHLR Fund Feeder UK Ltd, Class A
Cayman Islands
4th Floor, Harbour Place, 103 South Church Street, PO Box 10240,
7.7
73.4%
Grand Cayman KY1-1002
JRG HPC Holdings LP
1
England and
27 St. James\u2019s Places, London SW1A 1 NR
9.1
27.3%
Wales
ICQ Holdings 6 LLC
Delaware, USA
251
Little Falls Drive Wilmington, New Castle, Delaware, 19808
17.6
100.0%
LCV Fund III LP
Delaware, USA
251
Little Falls Drive Wilmington, New Castle, Delaware, 19808
31.5
22.4%
Media Technology Ventures IV LP
California, USA
185
Berry Street, Suite 3600, San Francisco, California 94107
0.3
38.5%
Tresidor Credit Opportunities Fund
Ireland
4th Floor, 35 Shelbourne Road, Dublin, D04 A4e0, Ireland
142.6
100.0%
Xander Seleucus II LP
Cayman Islands
PO Box 309, Ugland House, Grand Cayman, KY1-1104
0.2
41.9%
Xander Seleucus LP
Cayman Islands
PO Box 309, Ugland House, Grand Cayman, KY1-1104
0.0
43.3%
Xander Seleucus Retail
Cayman Islands
PO Box 309, Ugland House, Grand Cayman, KY1-1104
1.2
48.8%
1 The Directors consider these entities, in which the Group holds ordinary shares, or limited partnership interests, as associated companies as the Group has significant influence due to circumstances particular to the investment. The Group has chosen to account for associated companies held for investment purposes at FVPL in accordance with IAS 28 Investments in Associates and Joint Ventures and IFRS 9 Financial Instruments.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-491": { "value": "
Directors and key management personnel
Details of the remuneration and benefits attributable to Directors and
key management personnel are set out below.
\u00a3 million
2025
2024
Short-term employee benefits
5.7
8.9
Share-based payment
5.7
4.4
Social security costs
1.8
1.9
Total
13.2
15.2
The Group has no ultimate controlling party.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-474": { "value": "18. Borrowings
Group and Company
\u00a3 million
2025
2024
Unsecured loans payable within one
year:
Revolving credit facilities
127.4
147.3
Fixed rate loan notes
\u2013
12.9
Unsecured loans payable in more than
one year:
Floating rate term loan
49.0
52.8
Fixed rate loan notes
125.8
120.9
Total borrowings
302.2
333.9
At 31 December 2025 the Company had three revolving credit facilities (RCFs): a \u00a3100 million, three-year facility with BNP Paribas SA, a \u00a385 million three-year facility with Industrial and Commercial Bank of China and a \u00a3100 million, three-year facility with SMBC Bank International plc. These are flexible as to currency, duration and number of drawdowns, and pay floating interest linked to SONIA, SOFR or equivalent relevant to the period and currency drawn. As they are drawn in tranches with tenors less than one year they are classified as current liabilities. The fair value and par value of the drawn borrowings at the year end was \u00a3127.4 million (2024: \u00a3147.3 million). A change in interest rates is not expected to have a significant impact on the fair value of the RCFs. No bank loans are held within subsidiaries. The weighted average interest rate on drawn RCFs at the year end was 6.00% (2024: 6.62%). In September 2024 the Company agreed a $66 million, three-year term loan with BNP Paribas SA. This is flexible as to currency and pays floating interest linked to SOFR. The fair value of the term loan at year end was \u00a349.0 million (2024: \u00a352.8 million). A change in interest rates is not expected to have a significant impact on the fair value of the term loan. The weighted average interest rate on the term loan at year end was 5.79% (2024: 7.16%). On 1 June 2015 the Company issued \u00a3151.0 million of fixed rate loan notes with tenors between 10 and 20 years and coupons from 3.00% to 3.56%. These notes are held at fair value and pay interest on a semi- annual basis. The fair value of this debt at the end of the year was \u00a3125.8 million (2024: \u00a3133.8 million) calculated using a discount rate of 5.37% (2024: 5.87%). The first tranche of these notes, with a par value of \u00a313.0 million, matured in June 2025. A 5% increase/decrease in the underlying discount rate would result in an increase/decrease in net assets of approximately \u00a31.7 million (2024: \u00a32.0 million) or 0.04% (2024: 0.05%). The weighted average interest rate payable on these Notes is 3.49% (2024: 3.45%) and their remaining weighted average tenor is 5.7 years (2024: 6.2 years). The overall weighted average interest rate on drawn borrowings at the year end was 4.87% (2024: 5.31%). The Company\u2019s borrowings are subject to covenants as outlined in Note 13.5.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-446": { "value": "
19. Other payables
31 December 2025
31 December 2024
\u00a3 million
Group
Company
Group
Company
Accruals
20.2
7.7
16.3
6.7
Other creditors
0.1
\u2013
18.0
17.7
Purchases for future
settlement
4.1
4.1
43.2
43.2
Total
24.4
11.8
77.5
67.6
The carrying value of the Group\u2019s other payables approximates their
fair value, due to their short-term nature.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-476": { "value": "19. Other payables
31 December 2025
31 December 2024
\u00a3 million
Group
Company
Group
Company
Accruals
20.2
7.7
16.3
6.7
Other creditors
0.1
\u2013
18.0
17.7
Purchases for future
settlement
4.1
4.1
43.2
43.2
Total
24.4
11.8
77.5
67.6
The carrying value of the Group\u2019s other payables approximates their fair value, due to their short-term nature.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-492": { "value": "19. Other payables
31 December 2025
31 December 2024
\u00a3 million
Group
Company
Group
Company
Accruals
20.2
7.7
16.3
6.7
Other creditors
0.1
\u2013
18.0
17.7
Purchases for future
settlement
4.1
4.1
43.2
43.2
Total
24.4
11.8
77.5
67.6
The carrying value of the Group\u2019s other payables approximates their fair value, due to their short-term nature.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-445": { "value": "
20. Provisions
31 December 2025
31 December 2024
\u00a3 million
Group
Company
Group
Company
Opening balance
3.0
3.0
3.0
3.0
Additional provision
0.7
0.7
0.2
0.2
Amounts utilised
(0.5)
(0.5)
(0.3)
(0.3)
Foreign exchange
movements
(0.2)
(0.2)
0.1
0.1
Total
3.0
3.0
3.0
3.0
The provision above relates to an indemnity provided by the
Company in 1991 when it profitably disposed of its indirect interest in
Cavenham Forest Industries (CFI). The sellers (including the Company)
indemnified the purchasers of CFI against certain ongoing costs being
incurred by CFI. The indemnity provision has been estimated based
on the net present value of the Company\u2019s share of the projected
indemnified costs.
As at 31 December 2025 there are no provisions in respect of
investments which are expected to settle within the next 12 months
(as at 31 December 2024: \u00a3nil). It is anticipated that provisions
noted above will be settled more than 12 months after the balance
sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-444": { "value": "
21. Share capital
2025 2024
Nominal value Nominal value
Shares in of total shares of total shares
\u00a3 million issue in issue in issue
Allotted, issued and fully paid:
At 1 January
156,848,065
156.8
156.8
Cancellation of treasury
shares
(15,733,152)
(15.7)
\u2013
At 31 December
141,114,913
141.1
156.8
The Company has one class of ordinary shares which carry no right to
fixed income. The share capital is not distributable.
In 2025, 4,480,968 shares were bought back at a cost of
\u00a389.0 million and held in treasury (2024: 4,290,460 shares at a cost
of \u00a380.4 million) and in May 2025 15,733,152 shares held in treasury
were cancelled (2024: nil), meaning at 31 December 2025, 2,346,093
shares were held in treasury (2024: 13,598,277 shares).
22. Share premium
\u00a3 million
2025
2024
At 1 January
45.7
45.7
At 31 December
45.7
45.7
The share premium is not distributable.
23. Capital redemption reserve
\u00a3 million
2025
2024
At 1 January
36.3
36.3
Cancellation of treasury shares
1
15.7
\u2013
At 31 December
52.0
36.3
1
21 May 2025.
The capital redemption reserve is not distributable and represents the
cumulative nominal value of shares cancelled.
24. Own shares reserve
\u00a3 million
2025
2024
Opening cost
(25.3)
(36.7)
Own shares acquired
(6.9)
(13.7)
Own shares transferred
12.1
25.1
Closing cost
(20.1)
(25.3)
The Group has established an Employee Benefit Trust (EBT) which
purchases shares in order to meet the anticipated value of equity-
settled, share-based awards. At the year end, the EBT held 995,275
shares with a cost of \u00a320.1 million and market value of \u00a322.6
million
(2024: 1,198,716 shares, cost \u00a325.3 million, market value \u00a323.8 million).
The own shares reserve is not distributable.
26. Capital reserve
31 December 2025
31 December 2024
\u00a3 million
Group
Company
Group
Company
Balance at start of year
3,548.3
3,617.6
3,393.1
3,435.8
Gains/(loss) for the year
496.3
495.7
347.5
348.1
Dividend paid
(60.2)
(60.2)
(56.5)
(56.5)
Other capital items
(135.0)
(130.8)
(135.8)
(109.8)
Total capital return
301.1
304.7
155.2
181.8
Balance at end of year
3,849.4
3,922.3
3,548.3
3,617.6
The Company\u2019s Articles of Association allow distribution by dividends
of realised capital reserves.
\u00a3 million
2025
2024
Capital reserve:
in respect of investments realised
2,796.6
2,670.2
in respect of investments held
1,125.7
947.4
Balance at end of year
3,922.3
3,617.6
27. Revenue reserve
31 December 2025
31 December 2024
\u00a3 million
Group
Company
Group
Company
Balance at start of year
(41.2)
(257.4)
(32.2)
(226.2)
Profit/(loss) for the year
2.1
(13.3)
(9.2)
(31.2)
Actuarial gain/(loss)
(0.1)
\u2013
0.3
\u2013
Deferred tax (charge)/
credit
0.1
\u2013
(0.1)
\u2013
Balance at end of year
(39.1)
(270.7)
(41.2)
(257.4)
As permitted by Section 408 of the Companies Act 2006, the
Company has not published a separate income statement or
statement of comprehensive income. The Company\u2019s revenue loss
after tax amounted to \u00a313.3 million (2024: loss \u00a331.2 million). The
Company\u2019s total comprehensive income for the year was \u00a3441.1 million
(2024: comprehensive income of \u00a3287.8 million).
28. Revaluation reserve
31 December 2025
31 December 2024
\u00a3 million
Group
Company
Group
Company
Balance at start of year
10.6
10.6
10.3
10.3
Revaluation gain/(loss)
on property, plant
and equipment
0.5
0.5
0.3
0.3
Balance at end of year
11.1
11.1
10.6
10.6
The revaluation reserve is not distributable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-475": { "value": "21. Share capital
2025 2024
Nominal value Nominal value
Shares in of total shares of total shares
\u00a3 million issue in issue in issue
Allotted, issued and fully paid:
At 1 January
156,848,065
156.8
156.8
Cancellation of treasury
shares
(15,733,152)
(15.7)
\u2013
At 31 December
141,114,913
141.1
156.8
The Company has one class of ordinary shares which carry no right to fixed income. The share capital is not distributable. In 2025, 4,480,968 shares were bought back at a cost of \u00a389.0 million and held in treasury (2024: 4,290,460 shares at a cost of \u00a380.4 million) and in May 2025 15,733,152 shares held in treasury were cancelled (2024: nil), meaning at 31 December 2025, 2,346,093 shares were held in treasury (2024: 13,598,277 shares). 22. Share premium
\u00a3 million
2025
2024
At 1 January
45.7
45.7
At 31 December
45.7
45.7
The share premium is not distributable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-477": { "value": "23. Capital redemption reserve
\u00a3 million
2025
2024
At 1 January
36.3
36.3
Cancellation of treasury shares
1
15.7
\u2013
At 31 December
52.0
36.3
1 21 May 2025. The capital redemption reserve is not distributable and represents the cumulative nominal value of shares cancelled. 26. Capital reserve
31 December 2025
31 December 2024
\u00a3 million
Group
Company
Group
Company
Balance at start of year
3,548.3
3,617.6
3,393.1
3,435.8
Gains/(loss) for the year
496.3
495.7
347.5
348.1
Dividend paid
(60.2)
(60.2)
(56.5)
(56.5)
Other capital items
(135.0)
(130.8)
(135.8)
(109.8)
Total capital return
301.1
304.7
155.2
181.8
Balance at end of year
3,849.4
3,922.3
3,548.3
3,617.6
The Company\u2019s Articles of Association allow distribution by dividends of realised capital reserves.
\u00a3 million
2025
2024
Capital reserve:
in respect of investments realised
2,796.6
2,670.2
in respect of investments held
1,125.7
947.4
Balance at end of year
3,922.3
3,617.6
27. Revenue reserve
31 December 2025
31 December 2024
\u00a3 million
Group
Company
Group
Company
Balance at start of year
(41.2)
(257.4)
(32.2)
(226.2)
Profit/(loss) for the year
2.1
(13.3)
(9.2)
(31.2)
Actuarial gain/(loss)
(0.1)
\u2013
0.3
\u2013
Deferred tax (charge)/
credit
0.1
\u2013
(0.1)
\u2013
Balance at end of year
(39.1)
(270.7)
(41.2)
(257.4)
As permitted by Section 408 of the Companies Act 2006, the Company has not published a separate income statement or statement of comprehensive income. The Company\u2019s revenue loss after tax amounted to \u00a313.3 million (2024: loss \u00a331.2 million). The Company\u2019s total comprehensive income for the year was \u00a3441.1 million (2024: comprehensive income of \u00a3287.8 million). 28. Revaluation reserve
31 December 2025
31 December 2024
\u00a3 million
Group
Company
Group
Company
Balance at start of year
10.6
10.6
10.3
10.3
Revaluation gain/(loss)
on property, plant
and equipment
0.5
0.5
0.3
0.3
Balance at end of year
11.1
11.1
10.6
10.6
The revaluation reserve is not distributable.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-478": { "value": "24. Own shares reserve
\u00a3 million
2025
2024
Opening cost
(25.3)
(36.7)
Own shares acquired
(6.9)
(13.7)
Own shares transferred
12.1
25.1
Closing cost
(20.1)
(25.3)
The Group has established an Employee Benefit Trust (EBT) which purchases shares in order to meet the anticipated value of equity- settled, share-based awards. At the year end, the EBT held 995,275 shares with a cost of \u00a320.1 million and market value of \u00a322.6 million (2024: 1,198,716 shares, cost \u00a325.3 million, market value \u00a323.8 million). The own shares reserve is not distributable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-447": { "value": "
25. Share-based payments
The Group utilises share-based awards for employees, the vast
majority of which are equity-settled, and designed to align the
interests of employees with those of shareholders.
Restricted share units (RSUs) were awarded to employees during the
year. These are widely used long-term incentive awards that comprise
awards of shares made to employees that will vest after a three-
year service period. There are also a small number of legacy share
appreciation rights (SARs) remaining. These are no longer awarded to
employees since the conversion to RSUs was made in 2021.
In addition, 60% of annual bonuses over \u00a3250,000 are made in
deferred shares which vest over three years (based on a service
condition).
The total expense for share-based awards is fixed based on the initial
fair value at the time the award is made, adjusted for subsequent
leavers/lapses. The ultimate impact on the net asset value is the cost
of the shares acquired by the EBT and then transferred to employees
if and when they vest. For 2025, the expense recognised in the
income statement (excluding national insurance) for share-based
awards was \u00a38.0 million (2024: \u00a35.9 million) of which \u00a33.9
million
relates to RSUs and \u00a34.1 million to deferred shares.
The movement in share-based awards is as follows:
Number (thousand)
2025
2024
Outstanding at the start of the year:
SARs
87
109
RSUs
905
1,200
Deferred shares
307
627
Total
1,299
1,936
Granted during the year:
RSUs
294
481
Deferred shares
206
102
Total
500
583
Exercised/vested during the year:
SARs
\u2013
\u2013
RSUs
(317)
(707)
Deferred shares
(308)
(387)
Total
(625)
(1,094)
Lapsed/forfeited during the year:
SARs
\u2013
(22)
RSUs
(198)
(69)
Deferred shares
(13)
(35)
Total
(211)
(126)
Outstanding at the end of the year:
SARs
87
87
RSUs
684
905
Deferred shares
192
307
Total
963
1,299
SARs exercisable at year end
87
87
Intrinsic value of SARs exercisable at
year end (\u00a3 million)
0.2
0.0
For share-based awards granted during the year, the weighted average
fair value of each award was 1,896 pence (2024: 1,630 pence).
Share-based awards with service conditions attached (deferred
shares and RSUs) were valued using the prevailing market price at
award.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-449": { "value": "
29. Net asset value per ordinary share \u2013 basic and diluted
Net asset value per ordinary share is based on the following data:
31 December
2025
2024
Net assets (\u00a3 million)
4,040.1
3,731.2
Number of shares in issue (million)
1
141.1
156.8
Shares held in EBT (million)
(1.0)
(1.1)
Shares held in treasury (million)
1
(2.3)
(13.6)
Basic shares (million)
137.8
142.1
Effect of share-based payment awards
(million)
0.5
0.7
Diluted shares (million)
138.3
142.8
1
On 21 May 2025, the Company cancelled 15.7 million ordinary shares of \u00a31 each which were
held in treasury.
2025 2024
31 December pence pence
Net asset value per ordinary share \u2013
basic
2,932
2,627
Net asset value per ordinary share \u2013
diluted
2,921
2,614
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-448": { "value": "
30. Investments in subsidiary undertakings
\u00a3 million
Carrying value at 1 January 2025
147.1
Additions
0.7
Disposals
(88.7)
Fair value movements in year
(6.0)
Carrying value at 31 December 2025
53.1
\u00a3 million
Carrying value at 1 January 2024
143.2
Additions
8.7
Disposals
(34.6)
Fair value movements in year
29.8
Carrying value at 31 December 2024
147.1
Investments in subsidiary undertakings are stated at fair value.
At 31 December 2025 the Company held investments in the following
subsidiaries, which, unless otherwise stated, are wholly-owned, share
the same accounting reference date as the Company and operate
principally in their country of incorporation. The voting share capital,
unless otherwise stated, is held directly by the Company.
In accordance with IFRS 10 the subsidiary below is consolidated by
the Group and held by the Company at cost:
Name
Issued share capital
JRCM
1
\u00a36,250,001 divided into 6
,250,000 ordinary shares of
\u00a31 each and one special share of \u00a31 which provides rights
over the use of the \u201cJ. Rothschild\u201d name.
1
Registered office and principal place of business: 27 St. James\u2019s Place, London SW1A 1NR.
In accordance with IFRS 10 the Company and Group holds the
following subsidiaries at fair value at 31 December 2025:
Principal place
Name
of business
Ownership
Spencer House Limited
1,5
England
100%
RIT US Value Partnership LP
1,6
England
100%
RIT Investments GP Limited
2,3,5
Scotland
100%
J. Rothschild Capital Management
US Inc
4,5
United States
100%
RIT Investments US Inc
3,4,5
United States
100%
RIT US Holdings LLP
3,4,6
United States
100%
1
Registered office and principal place of business: 27 St. James\u2019s Place, London SW1A 1NR.
2
Registered office and principal place of business: 50 Lothian Road, Edinburgh EH3 9WJ.
3
Held indirectly.
4
Registered office: 251 Little Falls Drive, Wilmington, Delaware 19808, USA.
5
Ownership interest is ordinary shares.
6
Ownership interest is partnership capital.
For all of the above the proportion of voting rights held is equivalent to
the ownership interest.
There are no significant restrictions arising from any contractual
arrangements or regulatory requirements that would affect the ability
of any of the above entities to transfer funds to or repay loans made
by the Company.
There are no other current commitments or contractual arrangements
to provide financial support to any of the entities above other
than in the normal course of business (e.g. funding of investment
transactions/capital calls). The Company has not assisted any of the
above entities in obtaining financial support in any way over the year.
33. Material investments and related undertakings
Further information regarding investments is shown here.
Disclosed below are the ten largest investments in the portfolio
(excluding investments in non-consolidated subsidiaries) shown at fair
value:
As at 31 December 2025
\u00a3 million
BlackRock Strategic Equity
164.1
3D Opportunities
162.8
Perseverance Asset Management Int\u2019l
128.7
Parvus European Opportunities
119.0
HCIF Offshore
116.2
Tresidor Credit Opportunities
115.1
US Treasury Note
105.6
SpaceX
102.3
Attestor Value Fund
94.7
UK Treasury Gilt
93.0
Total
1,201.5
As at 31 December 2024
\u00a3 million
3D Opportunities
167.1
BlackRock Strategic Equity
128.0
Tresidor Credit Opportunities
98.3
Attestor Value
89.6
Motive
84.6
ARCM IV
83.6
Springs Opportunities
83.4
HCIF Offshore
80.1
RIT US Value Partnership
77.4
Woodline Fund
68.4
Total
960.5
Further to the disclosures in Note 30 (Investments in subsidiary
undertakings), the table on the following page shows a list of
significant related undertakings of the Group as at 31 December 2025.
For the investments shown the principal place of business voting
rights held is considered to be the ownership interest.
The Directors do not consider that any of the portfolio investments
shown in the table on the following page fall within the definition of an
associated company (aside from the entities noted below the table) as
the Group does not exercise significant influence over their operating
and financial policies as it is a passive investor.
In a number of cases the Group owns more than 50% of a particular
class of shares or partnership interest. The Group does not consider
these holdings, although greater than 50%, provide control of the
investee entities concerned as firstly the Group\u2019s position as a passive
investor in these entities acts as a substantive barrier to its exercising
any power over the investee and secondly the nature of the Group\u2019s
holding does not give it the ability to direct the relevant activities
of the investee because it does not control or participate in the
governing bodies of these entities.
Unconsolidated structured entities
The Group holds interests in closed-ended limited partnerships which
invest in underlying companies or securities for the purpose of capital
appreciation. The Group, alongside the other limited partners, makes
commitments to finance the investment programme of the relevant GP
or manager, who may draw down this committed amount either upfront
or over a period of years.
The table below shows the Group\u2019s carrying value of such investments
and represents the maximum exposure to loss based on the Group\u2019s
contributions to date.
\u00a3 million
2025
2024
Total
1
1,503.8
1,745.4
1
Included within Investments held at fair value
The list of significant related undertakings below is pursuant to the requirements of Companies Act 2006, Statutory Instrument 2015 No. 980
The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015, IFRS and the SORP.
Disclosed below for the year ended 31 December 2025 are:
\u2022 entities classified as significant holdings (20% or greater interest in a class of shares or partnership)
\u2022 material investee undertakings in which the Group had an interest of over 3% of the allotted shares of any class
\u2022 material investment funds in which the Group had an interest of 10% or more in any class of share or unit
All the investments in the table below are held at FVPL
Fair value %
Investment name
Place of registration Registered address
\u00a3 million interest
1992
Co-Invest (Offshore) LP
Cayman Islands
PO Box 309, Ugland House, Grand Cayman, KY1-1104
10.8
65.0%
Chicago Atlantic CO3 (Offshore) LP Cayman Islands
4th Floor, Harbour Place, 103 South Church Street, PO Box 10240,
17.2
30.4%
Grand Cayman KY1-1002
Darwin Private Equity I LP
England and
9 Mill Shaw, Oxted, RH8 9DQ
0.7
23.9%
Wales
Firebird New Russia Fund Ltd,
Cayman Islands
The Harbour Trust Co. Ltd., P.O. Box 897, Windward 1, Regatta
0.9
23.7%
Class A1 Office Park, Grand Cayman KY1-1103
HHLR Fund Feeder UK Ltd, Class A
Cayman Islands
4th Floor, Harbour Place, 103 South Church Street, PO Box 10240,
7.7
73.4%
Grand Cayman KY1-1002
JRG HPC Holdings LP
1
England and
27 St. James\u2019s Places, London SW1A 1 NR
9.1
27.3%
Wales
ICQ Holdings 6 LLC
Delaware, USA
251
Little Falls Drive Wilmington, New Castle, Delaware, 19808
17.6
100.0%
LCV Fund III LP
Delaware, USA
251
Little Falls Drive Wilmington, New Castle, Delaware, 19808
31.5
22.4%
Media Technology Ventures IV LP
California, USA
185
Berry Street, Suite 3600, San Francisco, California 94107
0.3
38.5%
Tresidor Credit Opportunities Fund
Ireland
4th Floor, 35 Shelbourne Road, Dublin, D04 A4e0, Ireland
142.6
100.0%
Xander Seleucus II LP
Cayman Islands
PO Box 309, Ugland House, Grand Cayman, KY1-1104
0.2
41.9%
Xander Seleucus LP
Cayman Islands
PO Box 309, Ugland House, Grand Cayman, KY1-1104
0.0
43.3%
Xander Seleucus Retail
Cayman Islands
PO Box 309, Ugland House, Grand Cayman, KY1-1104
1.2
48.8%
1
The Directors consider these entities, in which the Group holds ordinary shares, or limited partnership interests, as associated companies as the Group has significant influence due to
circumstances particular to the investment. The Group has chosen to account for associated companies held for investment purposes at FVPL in accordance with IAS 28 Investments in
Associates and Joint Ventures and IFRS 9 Financial Instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-479": { "value": "30. Investments in subsidiary undertakings
\u00a3 million
Carrying value at 1 January 2025
147.1
Additions
0.7
Disposals
(88.7)
Fair value movements in year
(6.0)
Carrying value at 31 December 2025
53.1
\u00a3 million
Carrying value at 1 January 2024
143.2
Additions
8.7
Disposals
(34.6)
Fair value movements in year
29.8
Carrying value at 31 December 2024
147.1
Investments in subsidiary undertakings are stated at fair value. At 31 December 2025 the Company held investments in the following subsidiaries, which, unless otherwise stated, are wholly-owned, share the same accounting reference date as the Company and operate principally in their country of incorporation. The voting share capital, unless otherwise stated, is held directly by the Company. In accordance with IFRS 10 the subsidiary below is consolidated by the Group and held by the Company at cost:
Name
Issued share capital
JRCM
1
\u00a36,250,001 divided into 6
,250,000 ordinary shares of
\u00a31 each and one special share of \u00a31 which provides rights
over the use of the \u201cJ. Rothschild\u201d name.
1 Registered office and principal place of business: 27 St. James\u2019s Place, London SW1A 1NR. In accordance with IFRS 10 the Company and Group holds the following subsidiaries at fair value at 31 December 2025:
Principal place
Name
of business
Ownership
Spencer House Limited
1,5
England
100%
RIT US Value Partnership LP
1,6
England
100%
RIT Investments GP Limited
2,3,5
Scotland
100%
J. Rothschild Capital Management
US Inc
4,5
United States
100%
RIT Investments US Inc
3,4,5
United States
100%
RIT US Holdings LLP
3,4,6
United States
100%
1 Registered office and principal place of business: 27 St. James\u2019s Place, London SW1A 1NR. 2 Registered office and principal place of business: 50 Lothian Road, Edinburgh EH3 9WJ. 3 Held indirectly. 4 Registered office: 251 Little Falls Drive, Wilmington, Delaware 19808, USA. 5 Ownership interest is ordinary shares. 6 Ownership interest is partnership capital. For all of the above the proportion of voting rights held is equivalent to the ownership interest. There are no significant restrictions arising from any contractual arrangements or regulatory requirements that would affect the ability of any of the above entities to transfer funds to or repay loans made by the Company. There are no other current commitments or contractual arrangements to provide financial support to any of the entities above other than in the normal course of business (e.g. funding of investment transactions/capital calls). The Company has not assisted any of the above entities in obtaining financial support in any way over the year. 33. Material investments and related undertakings Further information regarding investments is shown here. Disclosed below are the ten largest investments in the portfolio (excluding investments in non-consolidated subsidiaries) shown at fair value:
As at 31 December 2025
\u00a3 million
BlackRock Strategic Equity
164.1
3D Opportunities
162.8
Perseverance Asset Management Int\u2019l
128.7
Parvus European Opportunities
119.0
HCIF Offshore
116.2
Tresidor Credit Opportunities
115.1
US Treasury Note
105.6
SpaceX
102.3
Attestor Value Fund
94.7
UK Treasury Gilt
93.0
Total
1,201.5
As at 31 December 2024
\u00a3 million
3D Opportunities
167.1
BlackRock Strategic Equity
128.0
Tresidor Credit Opportunities
98.3
Attestor Value
89.6
Motive
84.6
ARCM IV
83.6
Springs Opportunities
83.4
HCIF Offshore
80.1
RIT US Value Partnership
77.4
Woodline Fund
68.4
Total
960.5
Further to the disclosures in Note 30 (Investments in subsidiary undertakings), the table on the following page shows a list of significant related undertakings of the Group as at 31 December 2025. For the investments shown the principal place of business voting rights held is considered to be the ownership interest. The Directors do not consider that any of the portfolio investments shown in the table on the following page fall within the definition of an associated company (aside from the entities noted below the table) as the Group does not exercise significant influence over their operating and financial policies as it is a passive investor. In a number of cases the Group owns more than 50% of a particular class of shares or partnership interest. The Group does not consider these holdings, although greater than 50%, provide control of the investee entities concerned as firstly the Group\u2019s position as a passive investor in these entities acts as a substantive barrier to its exercising any power over the investee and secondly the nature of the Group\u2019s holding does not give it the ability to direct the relevant activities of the investee because it does not control or participate in the governing bodies of these entities. Unconsolidated structured entities The Group holds interests in closed-ended limited partnerships which invest in underlying companies or securities for the purpose of capital appreciation. The Group, alongside the other limited partners, makes commitments to finance the investment programme of the relevant GP or manager, who may draw down this committed amount either upfront or over a period of years. The table below shows the Group\u2019s carrying value of such investments and represents the maximum exposure to loss based on the Group\u2019s contributions to date.
\u00a3 million
2025
2024
Total
1
1,503.8
1,745.4
1 Included within Investments held at fair value The list of significant related undertakings below is pursuant to the requirements of Companies Act 2006, Statutory Instrument 2015 No. 980 The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015, IFRS and the SORP. Disclosed below for the year ended 31 December 2025 are: \u2022 entities classified as significant holdings (20% or greater interest in a class of shares or partnership) \u2022 material investee undertakings in which the Group had an interest of over 3% of the allotted shares of any class \u2022 material investment funds in which the Group had an interest of 10% or more in any class of share or unit All the investments in the table below are held at FVPL
Fair value %
Investment name
Place of registration Registered address
\u00a3 million interest
1992
Co-Invest (Offshore) LP
Cayman Islands
PO Box 309, Ugland House, Grand Cayman, KY1-1104
10.8
65.0%
Chicago Atlantic CO3 (Offshore) LP Cayman Islands
4th Floor, Harbour Place, 103 South Church Street, PO Box 10240,
17.2
30.4%
Grand Cayman KY1-1002
Darwin Private Equity I LP
England and
9 Mill Shaw, Oxted, RH8 9DQ
0.7
23.9%
Wales
Firebird New Russia Fund Ltd,
Cayman Islands
The Harbour Trust Co. Ltd., P.O. Box 897, Windward 1, Regatta
0.9
23.7%
Class A1 Office Park, Grand Cayman KY1-1103
HHLR Fund Feeder UK Ltd, Class A
Cayman Islands
4th Floor, Harbour Place, 103 South Church Street, PO Box 10240,
7.7
73.4%
Grand Cayman KY1-1002
JRG HPC Holdings LP
1
England and
27 St. James\u2019s Places, London SW1A 1 NR
9.1
27.3%
Wales
ICQ Holdings 6 LLC
Delaware, USA
251
Little Falls Drive Wilmington, New Castle, Delaware, 19808
17.6
100.0%
LCV Fund III LP
Delaware, USA
251
Little Falls Drive Wilmington, New Castle, Delaware, 19808
31.5
22.4%
Media Technology Ventures IV LP
California, USA
185
Berry Street, Suite 3600, San Francisco, California 94107
0.3
38.5%
Tresidor Credit Opportunities Fund
Ireland
4th Floor, 35 Shelbourne Road, Dublin, D04 A4e0, Ireland
142.6
100.0%
Xander Seleucus II LP
Cayman Islands
PO Box 309, Ugland House, Grand Cayman, KY1-1104
0.2
41.9%
Xander Seleucus LP
Cayman Islands
PO Box 309, Ugland House, Grand Cayman, KY1-1104
0.0
43.3%
Xander Seleucus Retail
Cayman Islands
PO Box 309, Ugland House, Grand Cayman, KY1-1104
1.2
48.8%
1 The Directors consider these entities, in which the Group holds ordinary shares, or limited partnership interests, as associated companies as the Group has significant influence due to circumstances particular to the investment. The Group has chosen to account for associated companies held for investment purposes at FVPL in accordance with IAS 28 Investments in Associates and Joint Ventures and IFRS 9 Financial Instruments.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-493": { "value": "30. Investments in subsidiary undertakings
\u00a3 million
Carrying value at 1 January 2025
147.1
Additions
0.7
Disposals
(88.7)
Fair value movements in year
(6.0)
Carrying value at 31 December 2025
53.1
\u00a3 million
Carrying value at 1 January 2024
143.2
Additions
8.7
Disposals
(34.6)
Fair value movements in year
29.8
Carrying value at 31 December 2024
147.1
Investments in subsidiary undertakings are stated at fair value. At 31 December 2025 the Company held investments in the following subsidiaries, which, unless otherwise stated, are wholly-owned, share the same accounting reference date as the Company and operate principally in their country of incorporation. The voting share capital, unless otherwise stated, is held directly by the Company. In accordance with IFRS 10 the subsidiary below is consolidated by the Group and held by the Company at cost:
Name
Issued share capital
JRCM
1
\u00a36,250,001 divided into 6
,250,000 ordinary shares of
\u00a31 each and one special share of \u00a31 which provides rights
over the use of the \u201cJ. Rothschild\u201d name.
1 Registered office and principal place of business: 27 St. James\u2019s Place, London SW1A 1NR. In accordance with IFRS 10 the Company and Group holds the following subsidiaries at fair value at 31 December 2025:
Principal place
Name
of business
Ownership
Spencer House Limited
1,5
England
100%
RIT US Value Partnership LP
1,6
England
100%
RIT Investments GP Limited
2,3,5
Scotland
100%
J. Rothschild Capital Management
US Inc
4,5
United States
100%
RIT Investments US Inc
3,4,5
United States
100%
RIT US Holdings LLP
3,4,6
United States
100%
1 Registered office and principal place of business: 27 St. James\u2019s Place, London SW1A 1NR. 2 Registered office and principal place of business: 50 Lothian Road, Edinburgh EH3 9WJ. 3 Held indirectly. 4 Registered office: 251 Little Falls Drive, Wilmington, Delaware 19808, USA. 5 Ownership interest is ordinary shares. 6 Ownership interest is partnership capital. For all of the above the proportion of voting rights held is equivalent to the ownership interest. There are no significant restrictions arising from any contractual arrangements or regulatory requirements that would affect the ability of any of the above entities to transfer funds to or repay loans made by the Company. There are no other current commitments or contractual arrangements to provide financial support to any of the entities above other than in the normal course of business (e.g. funding of investment transactions/capital calls). The Company has not assisted any of the above entities in obtaining financial support in any way over the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-450": { "value": "
31. Dividends
2025 2024
Pence per Pence per 2025 2024
share share \u00a3 million \u00a3 million
Dividends paid in year
4 3.0
3 9.0
60.2
56.5
The above amounts were paid as distributions to equity holders of the
Company in the relevant year from accumulated capital profits.
Dividends are not paid on shares held in treasury and the EBT waives
its rights to all dividends.
On 28 February 2025 the Board declared a first interim dividend
of 21.5 pence per share in respect of the year ended 31 December
2025 that was paid on 25 April 2025. A second interim dividend of
21.5 pence per share was declared by the Board on 6 August 2025
and paid on 31 October 2025.
The Board declares the payment of a first interim dividend of
22.5
pence per share in respect of the year ending 31 December
2026. This will be paid on 24 April 2026 to shareholders on the
register on 7 April 2026, and funded from the accumulated capital
profits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "0.43", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-6": { "value": "0.39", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-451": { "value": "
32. Reconciliation of profit/(loss) before finance costs
and taxation to net cash inflow/(outflow) from operating
activities before taxation and interest
Group
\u00a3 million
2025
2024
Profit/(loss) before dividend and
interest income, finance costs and
taxation
457.0
310.8
Dividend income
16.2
15.6
Interest income
19.6
12.0
Profit/(loss) before finance costs and
taxation
492.8
338.4
(Increase)/decrease in other receivables
61.9
(51.9)
Increase/(decrease) in other payables
(53.1)
38.3
Other movements
0.2
25.4
(Gains)/losses on borrowings
5.0
(4.1)
Realised foreign exchange (gains)/
losses on repayments and drawings
of borrowings
(7.1)
(1.8)
Unrealised foreign exchange (gains)/
losses on repayments and drawings
of borrowings
(7.5)
8.0
Purchase of investments held at fair
value
(2,330.7)
(1,480.6)
Sale of investments held at fair value
2,452.2
1,596.8
(Gains)/losses on fair value investments
(344.5)
(408.9)
(Increase)/decrease in derivatives
(28.8)
63.6
Net cash inflow/(outflow) from
operating activities before taxation
and interest
240.4
123.2
Company
\u00a3 million
2025
2024
Profit/(loss) before dividend and
interest income, finance costs and
taxation
438.3
293.3
Dividend income
16.3
15.6
Interest income
19.6
12.0
Profit/(loss) before finance costs and
taxation
474.2
320.9
(Increase)/decrease in other receivables
62.2
(51.8)
Increase/(decrease) in other payables
(55.8)
35.7
Other movements
(2.6)
5.8
(Gains)/losses on borrowings
5.0
(4.1)
Realised foreign exchange (gains)/
losses on repayments and drawings
of borrowings
(7.1)
(1.8)
Unrealised foreign exchange (gains)/
losses on repayments and drawings
of borrowings
(7.5)
8.0
(Increase)/decrease in investments in
subsidiary undertakings
5.9
(29.8)
Increase/(decrease) in amounts owed to
group undertakings
16.9
28.1
Purchase of investments held at fair
value
(2,112.4)
(1,379.0)
Sale of investments held at fair value
2,146.7
1,485.8
(Gains)/losses on fair value investments
(351.3)
(395.7)
(Increase)/decrease in derivatives
(28.8)
63.6
Net cash inflow/(outflow) from
operating activities before taxation
and interest
145.4
85.7
Reconciliation of liabilities arising from financing activities (Group and
Company):
Non-cash Net
changes in (drawdowns)/
\u00a3 million
2024
fair value
1
repayments
2025
Borrowings: current
(160.2)
10.7
22.1
(127.4)
Borrowings: non-
current
(173.7)
(1.1)
\u2013
(174.8)
Total
(333.9)
9.6
22.1
(302.2)
1
Including currency translation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-501": { "value": "33. Material investments and related undertakings Further information regarding investments is shown here. Disclosed below are the ten largest investments in the portfolio (excluding investments in non-consolidated subsidiaries) shown at fair value:
As at 31 December 2025
\u00a3 million
BlackRock Strategic Equity
164.1
3D Opportunities
162.8
Perseverance Asset Management Int\u2019l
128.7
Parvus European Opportunities
119.0
HCIF Offshore
116.2
Tresidor Credit Opportunities
115.1
US Treasury Note
105.6
SpaceX
102.3
Attestor Value Fund
94.7
UK Treasury Gilt
93.0
Total
1,201.5
As at 31 December 2024
\u00a3 million
3D Opportunities
167.1
BlackRock Strategic Equity
128.0
Tresidor Credit Opportunities
98.3
Attestor Value
89.6
Motive
84.6
ARCM IV
83.6
Springs Opportunities
83.4
HCIF Offshore
80.1
RIT US Value Partnership
77.4
Woodline Fund
68.4
Total
960.5
Further to the disclosures in Note 30 (Investments in subsidiary undertakings), the table on the following page shows a list of significant related undertakings of the Group as at 31 December 2025. For the investments shown the principal place of business voting rights held is considered to be the ownership interest. The Directors do not consider that any of the portfolio investments shown in the table on the following page fall within the definition of an associated company (aside from the entities noted below the table) as the Group does not exercise significant influence over their operating and financial policies as it is a passive investor. In a number of cases the Group owns more than 50% of a particular class of shares or partnership interest. The Group does not consider these holdings, although greater than 50%, provide control of the investee entities concerned as firstly the Group\u2019s position as a passive investor in these entities acts as a substantive barrier to its exercising any power over the investee and secondly the nature of the Group\u2019s holding does not give it the ability to direct the relevant activities of the investee because it does not control or participate in the governing bodies of these entities. Unconsolidated structured entities The Group holds interests in closed-ended limited partnerships which invest in underlying companies or securities for the purpose of capital appreciation. The Group, alongside the other limited partners, makes commitments to finance the investment programme of the relevant GP or manager, who may draw down this committed amount either upfront or over a period of years. The table below shows the Group\u2019s carrying value of such investments and represents the maximum exposure to loss based on the Group\u2019s contributions to date.
\u00a3 million
2025
2024
Total
1
1,503.8
1,745.4
1 Included within Investments held at fair value The list of significant related undertakings below is pursuant to the requirements of Companies Act 2006, Statutory Instrument 2015 No. 980 The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015, IFRS and the SORP. Disclosed below for the year ended 31 December 2025 are: \u2022 entities classified as significant holdings (20% or greater interest in a class of shares or partnership) \u2022 material investee undertakings in which the Group had an interest of over 3% of the allotted shares of any class \u2022 material investment funds in which the Group had an interest of 10% or more in any class of share or unit All the investments in the table below are held at FVPL
Fair value %
Investment name
Place of registration Registered address
\u00a3 million interest
1992
Co-Invest (Offshore) LP
Cayman Islands
PO Box 309, Ugland House, Grand Cayman, KY1-1104
10.8
65.0%
Chicago Atlantic CO3 (Offshore) LP Cayman Islands
4th Floor, Harbour Place, 103 South Church Street, PO Box 10240,
17.2
30.4%
Grand Cayman KY1-1002
Darwin Private Equity I LP
England and
9 Mill Shaw, Oxted, RH8 9DQ
0.7
23.9%
Wales
Firebird New Russia Fund Ltd,
Cayman Islands
The Harbour Trust Co. Ltd., P.O. Box 897, Windward 1, Regatta
0.9
23.7%
Class A1 Office Park, Grand Cayman KY1-1103
HHLR Fund Feeder UK Ltd, Class A
Cayman Islands
4th Floor, Harbour Place, 103 South Church Street, PO Box 10240,
7.7
73.4%
Grand Cayman KY1-1002
JRG HPC Holdings LP
1
England and
27 St. James\u2019s Places, London SW1A 1 NR
9.1
27.3%
Wales
ICQ Holdings 6 LLC
Delaware, USA
251
Little Falls Drive Wilmington, New Castle, Delaware, 19808
17.6
100.0%
LCV Fund III LP
Delaware, USA
251
Little Falls Drive Wilmington, New Castle, Delaware, 19808
31.5
22.4%
Media Technology Ventures IV LP
California, USA
185
Berry Street, Suite 3600, San Francisco, California 94107
0.3
38.5%
Tresidor Credit Opportunities Fund
Ireland
4th Floor, 35 Shelbourne Road, Dublin, D04 A4e0, Ireland
142.6
100.0%
Xander Seleucus II LP
Cayman Islands
PO Box 309, Ugland House, Grand Cayman, KY1-1104
0.2
41.9%
Xander Seleucus LP
Cayman Islands
PO Box 309, Ugland House, Grand Cayman, KY1-1104
0.0
43.3%
Xander Seleucus Retail
Cayman Islands
PO Box 309, Ugland House, Grand Cayman, KY1-1104
1.2
48.8%
1 The Directors consider these entities, in which the Group holds ordinary shares, or limited partnership interests, as associated companies as the Group has significant influence due to circumstances particular to the investment. The Group has chosen to account for associated companies held for investment purposes at FVPL in accordance with IAS 28 Investments in Associates and Joint Ventures and IFRS 9 Financial Instruments.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-494": { "value": "Unconsolidated structured entities The Group holds interests in closed-ended limited partnerships which invest in underlying companies or securities for the purpose of capital appreciation. The Group, alongside the other limited partners, makes commitments to finance the investment programme of the relevant GP or manager, who may draw down this committed amount either upfront or over a period of years. The table below shows the Group\u2019s carrying value of such investments and represents the maximum exposure to loss based on the Group\u2019s contributions to date.
\u00a3 million
2025
2024
Total
1
1,503.8
1,745.4
1 Included within Investments held at fair value The list of significant related undertakings below is pursuant to the requirements of Companies Act 2006, Statutory Instrument 2015 No. 980 The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015, IFRS and the SORP. Disclosed below for the year ended 31 December 2025 are: \u2022 entities classified as significant holdings (20% or greater interest in a class of shares or partnership) \u2022 material investee undertakings in which the Group had an interest of over 3% of the allotted shares of any class \u2022 material investment funds in which the Group had an interest of 10% or more in any class of share or unit All the investments in the table below are held at FVPL
Fair value %
Investment name
Place of registration Registered address
\u00a3 million interest
1992
Co-Invest (Offshore) LP
Cayman Islands
PO Box 309, Ugland House, Grand Cayman, KY1-1104
10.8
65.0%
Chicago Atlantic CO3 (Offshore) LP Cayman Islands
4th Floor, Harbour Place, 103 South Church Street, PO Box 10240,
17.2
30.4%
Grand Cayman KY1-1002
Darwin Private Equity I LP
England and
9 Mill Shaw, Oxted, RH8 9DQ
0.7
23.9%
Wales
Firebird New Russia Fund Ltd,
Cayman Islands
The Harbour Trust Co. Ltd., P.O. Box 897, Windward 1, Regatta
0.9
23.7%
Class A1 Office Park, Grand Cayman KY1-1103
HHLR Fund Feeder UK Ltd, Class A
Cayman Islands
4th Floor, Harbour Place, 103 South Church Street, PO Box 10240,
7.7
73.4%
Grand Cayman KY1-1002
JRG HPC Holdings LP
1
England and
27 St. James\u2019s Places, London SW1A 1 NR
9.1
27.3%
Wales
ICQ Holdings 6 LLC
Delaware, USA
251
Little Falls Drive Wilmington, New Castle, Delaware, 19808
17.6
100.0%
LCV Fund III LP
Delaware, USA
251
Little Falls Drive Wilmington, New Castle, Delaware, 19808
31.5
22.4%
Media Technology Ventures IV LP
California, USA
185
Berry Street, Suite 3600, San Francisco, California 94107
0.3
38.5%
Tresidor Credit Opportunities Fund
Ireland
4th Floor, 35 Shelbourne Road, Dublin, D04 A4e0, Ireland
142.6
100.0%
Xander Seleucus II LP
Cayman Islands
PO Box 309, Ugland House, Grand Cayman, KY1-1104
0.2
41.9%
Xander Seleucus LP
Cayman Islands
PO Box 309, Ugland House, Grand Cayman, KY1-1104
0.0
43.3%
Xander Seleucus Retail
Cayman Islands
PO Box 309, Ugland House, Grand Cayman, KY1-1104
1.2
48.8%
1 The Directors consider these entities, in which the Group holds ordinary shares, or limited partnership interests, as associated companies as the Group has significant influence due to circumstances particular to the investment. The Group has chosen to account for associated companies held for investment purposes at FVPL in accordance with IAS 28 Investments in Associates and Joint Ventures and IFRS 9 Financial Instruments.", "dimensions": { "concept": "ifrs-full:DisclosureOfUnconsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-8": { "value": "27 St. James\u2019s Place London SW1A 1NR", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }