Annual Financial Report

Summary by AI ^BETAClose X

Hansard Global plc reported strong full-year results for the year ended 30 June 2026, with new business sales on a PVNBP basis increasing by 31.4% to £108.3 million and APE sales up 19.7% to £14.6 million. The company saw a significant improvement in profitability, with IFRS profit before tax rising to £6.5 million from £1.0 million in the prior year, and underlying operating profit increasing to £5.2 million from £4.3 million. Assets under administration grew by 11.6% to £1.26 billion, and the group maintained a strong capital position with a solvency coverage ratio of 170%. Significant progress was made in resolving legacy litigation, materially reducing uncertainty, and the board recommended maintaining the total dividend at 4.45p per share.

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Hansard Global (HSD)

UK 100

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Metric (full year)	FY26	FY25	Change
New business sales (PVNBP)1	£108.3m	£82.4m	+31.4%
New business sales (APE)2	£14.6m	£12.2m	+19.7%
Net Issued Commission Credit (NICC)3	£7.7m	£5.8m	+32.8%
Weighted Net Issued Commission Credit (WNICC)4	£5.2m	£4.2m	+23.8%
IFRS Profit before tax5	£6.5m	£1.0m	+£5.5m
Underlying operating profit6	£5.2m	£4.3m	+£0.9m
Administrative expenses7	£28.4m	£28.3m	+£0.1m
Net cash flow before dividends	£0.3m	(£3.7m)	+£4.0m
Recommended final dividend per share8	2.65p	2.65p	Unchanged
Full Dividend for the year8	4.45p	4.45p	Unchanged

Metric (as at)	30 June 2026	30 June 2025	Change
Cash and deposits	£78.5m	£66.2m	+£12.3m
Net assets	£16.6m	£16.5m	+£0.1m
Assets under Administration	£1.26bn	£1.13bn	+11.6%
Own Funds	£111.9m	£111.4m	+0.4%
Value of In-Force	£102.7m	£103.1m	-0.4%
Solvency coverage ratio	170%	169%	+1pp

Metric (full year)	FY26	FY25	Change
New business sales (PVNBP)1	£108.3m	£82.4m	+31.4%
New business sales (APE)2	£14.6m	£12.2m	+19.7%
Net Issued Commission Credit (NICC)3	£7.7m	£5.8m	+32.8%
Weighted Net Issued Commission Credit (WNICC)4	£5.2m	£4.2m	+23.8%
IFRS Profit before tax5	£6.5m	£1.0m	+£5.5m
Underlying operating profit5	£5.2m	£4.3m	+£0.9m
Administrative expenses6	£28.4m	£28.3m	+£0.1m
Net cash flow before dividends	£0.3m	(£3.7m)	+£4.0m
Recommended final dividend per share7	2.65p	2.65p	Unchanged
Total dividend for the year7	4.45p	4.45p	Unchanged

Metric (as at)	30 June 2026	30 June 2025	Change
Cash and deposits	£78.5m	£66.2m	+£12.3m
Net assets	£16.6m	£16.5m	+£0.1m
Assets under Administration	£1.26bn	£1.13bn	+11.6%
Own Funds	£111.9m	£111.4m	+0.4%
Value of In-Force	£102.7m	£103.1m	-0.4%
Solvency coverage ratio	170%	169%	+1pp

Cash – Bank balances and significant movements on balances are reported monthly. The Group’s cash and deposits at the balance sheet date were £78.5m (FY25: £66.2m). Movements are reflective of cash earned from new and existing business, commissions and expenses paid, investments in new systems, the level of inflight transactions, and the dividends paid to shareholders.
Operational Resilience – Maintaining uninterrupted access to data and services is critical to the Group. Operational resilience is supported by a robust technology infrastructure, regular business continuity and penetration testing, and a continued focus on data security and integrity. The Group's ability to operate effectively through remote working further demonstrates the strength of these arrangements.
Risk profile – The Group's risk profile is monitored continuously through its established risk management framework, with senior management regularly reviewing actual, emerging and evolving risks. The principal risks facing the Group are summarised in the Principal Risks section.
Solvency – The Solvency Capital Requirement (“SCR”) of the Group and its subsidiaries is monitored quarterly and reported to the Board. The solvency coverage as at 30 June 2026 is 170% and detailed in Other Information.

Established distribution	Competitive proposition	Scalable operating model	Financial strength
Long-standing adviser and distributor relationships	Strong single and regular-premium products	Investment in technology, digital services and operational resilience	Strong liquidity and solvency
Regional knowledge and credibility	Targeted innovation based on adviser and client needs	Capacity to support higher activity and deliver operating leverage	Capital-light model with capacity to fund growth

	2026 £m	2025 As restated £m
Fees and commissions	44.3	42.4
Investment and other income	4.2	5.2
Total income	48.5	47.6
Origination costs	(15.0)	(15.0)
Operating expenses	(26.1)	(26.2)
Depreciation and amortisation	(2.2)	(2.1)
Underlying operating profit (non-GAAP)	5.2	4.3
Litigation and non-recurring items	1.3	(3.3)
IFRS Profit before tax	6.5	1.0
Tax	-	-
IFRS Profit after tax	6.5	1.0

PVNBP by type	2026 £m	2025 £m	Change
Single premium	73.3	54.5	+34.5%
Regular premium	35.0	27.9	+25.4%
Total PVNBP	108.3	82.4	+31.4%

APE by type	2026 £m	2025 £m	Change
Single premium	7.3	6.0	+21.7%
Regular premium	7.3	6.2	+17.7%
Total APE	14.6	12.2	+19.7%

PVNBP by region	2026 £m	2025 £m	Change
Middle East and Africa	35.7	32.9	+8.5%
Latin America	34.2	28.1	+21.7%
Rest of World	26.9	16.2	+66.0%
Asia (including Japan)	11.5	5.2	+121.2%
Total PVNBP	108.3	82.4	+31.4%

	2026 £m	2025 As restated £m
Contract fee income	30.2	28.5
Fund management fee income	9.1	8.8
Commissions receivable	5.0	5.1
Total fees and commissions	44.3	42.4

	2026 £m	2025 As restated £m
Bank interest and other income receivable	4.7	5.0
Foreign exchange (loss)/profit on revaluation	(0.5)	0.2
Total investment and other income	4.2	5.2

	2026 £m	2025 £m
Amortisation of deferred origination costs	13.2	13.2
Other origination costs incurred in the year	1.8	1.8
Total origination costs	15.0	15.0

	2026 £m	2025 £m
Salaries and other employment costs	12.7	12.3
Other administrative expenses	11.7	9.8
Professional fees, including audit	3.0	3.6
Recurring administrative expenses	27.4	25.7
Growth investment spend	1.0	2.6
Excluding litigation and non-recurring items	28.4	28.3
Litigation defence and settlement costs	(2.1)	2.8
Provision for doubtful debts	0.8	0.5
Total administrative and other expenses	27.1	31.6

Summary cash flow	2026 £m	2025 £m
Net cash surplus from operating activities	4.7	3.8
Interest received	4.6	4.7
Net cash inflow from operations	9.3	8.5
Net cash investment in new business	(8.7)	(7.3)
Purchase of property and computer equipment	(0.3)	(1.0)
Net cash investment in bond portfolio	-	(3.8)
Corporation tax paid	-	(0.1)
Net cash inflow/(outflow) before dividends	0.3	(3.7)
Dividends paid	(6.1)	(6.1)
Net cash flow after dividends	(5.8)	(9.8)
Increase in amounts due to contract holders	17.8	10.0
Net Group cash movements	12.0	0.2
Group cash and deposits – opening position	66.2	65.0
Effect of exchange rate movements	0.3	1.0
Group cash and deposits – closing position	78.5	66.2

Group bank deposits and money market funds	2026 £m	2025 £m
Money market funds and immediately available cash	63.1	50.9
Short-term deposits with credit institutions	0.6	0.6
Cash and cash equivalents under IFRS	63.7	51.5
Deposits and money market funds	14.8	14.7
Group cash and deposits	78.5	66.2

Distribution Risk:
The business environment in which the international insurance industry operates remains subject to continuous change and development as new market and competitor forces come into effect, regulatory landscapes evolve, and technological advancements are realised. Any failure by the Group to ensure that distribution strategy is well planned, governed and executed, or to anticipate the emergence of events or conditions which obstruct the achievement of business plan targets, can be expected to result in a range of adverse outcomes, including: - Decreased revenues and reduced profitability. Loss of competitive advantage in commercially significant jurisdictions, or market segments. Failure to build and sustain successful distribution relationships. Failure to build necessary levels of scale to support long-term sustainability. Loss of stakeholder confidence and reputational damage.
How we manage the risk:	Robust governance, risk management and internal control practices underpin the development and formalisation of distribution strategy. Strategy revisions are designed to add additional scale to the business, on a more diversified basis, through organic growth at acceptable levels of risk and profitability. Key Risk Indicators provide for continuous monitoring of marketplaces, competitor activity and consumer sentiment by the Executive Committee and the early identification of emerging risks or threats. Well established reporting arrangements enable the timely analysis of any adverse indicators and onward escalation to the Audit and Risk Committee, where necessary. Stress and scenario modelling considers the consequences of production falling materially above or below forecast new business levels. This allows the Board to ensure that forecasting and planning activities are sufficiently robust and well targeted. Continuous investment in and development of technology to best support our distribution partners as new technological solutions are identified. Close monitoring of marketplace and competitor activity for signs of threats to forecast new business levels. Strategy revisions identified via the 2026 strategic planning cycle are designed to add transformative scale to the business, via investment in new markets and existing markets, development of new key distributor relationships and new product initiatives.
Market Risk:
Market risks remain an inherent element of the Group’s unit-linked business model, and these are regularly assessed and monitored via the quarterly ERM conventions governing risk monitoring, analysis and reporting, with particular scrutiny of: The potential for adverse market movements to cause a sustained deterioration in currency pairings and the capacity for impacts to manifest via transaction exposures, economic exposures, forecast exposures and translation exposures. The balance sheet and profit reduction impacts which have the potential to emerge from a drop in equities, causing a reduction in AMC income, and the contagion effects for aspects of the broader risk portfolio. Such contagion might include deferred impacts to profit through reduced sales activity, concentration risks on fund holdings/underlying assets and reduced incomes through increased lapse rates. Macro-economic challenges and geopolitical volatilities, which have the potential to undermine socioeconomic stability and curb consumer appetite for the selection and purchase of financial services products and the period over which business is retained.
How we manage the risk:	The Board recognises that market volatilities and currency movements are unpredictable and driven by a diverse range of factors. These risks are inherent in the provision of investment-linked products. KRIs are established to monitor evolving and emerging indicators of adverse experience to enable the triggering of management actions at the earliest opportunity. The currencies of assets and liabilities are matched within set tolerances and certain expenses are invoiced in US Dollars to match against US Dollar income streams. During the year the Group implemented a Policy to hedge, via forward contracts, 100% of the first USD 1m income each month over a rolling 18-month horizon. Business plans are modelled across a broad range of market and economic scenarios and take account of alternative commercial outlooks within overall business strategy. This promotes a greater understanding of market and currency risk, the limits of the Group’s resilience and the range of possible mitigating options. Stress testing performed during the year ended 30 June 2026 assessed the impacts of reasonably plausible market risk events and scenarios, including those resulting from macroeconomic challenges, geopolitical instabilities, inflationary outlooks, uncertainties in commodity price and currency volatilities. This enabled the Board to review respective risk management and mitigation techniques and reaffirm their adequacy. The long-term nature of the Group’s products serves to smooth short term currency fluctuations. However, longer term trends are monitored and considered in pricing models.

Credit Risk:
In dealing with third party financial institutions, including banking, money market and settlement, custody, reinsurers and other counterparties, the Group is exposed to the risk of financial loss and potential disruption of core business functional and operational processes. Financial loss can also arise when the funds in which contract holders are invested become illiquid, resulting in past and future fee income not being received.
How we manage the risk:	The Group limits exposure to loss or detriment via counterparty failure through robust selection criteria, minimum rating agency limits, pre-defined risk-based limits on concentrations of exposures and continuous review of positions to identify, evaluate, restrict, and monitor various forms of exposure on an individual and aggregate basis. These include selection criteria and ongoing monitoring in respect of intermediaries with whom we establish Terms of Business; key risk indicators and appetite tolerance limits are assessed and analysed on a quarterly basis. During the reporting period we have continued to closely monitor geopolitical developments and potential for disruptions to international payment systems and capital markets.
Liquidity and Cashflow Risk:
If the Group does not have sufficient levels of liquid assets and cashflow to support business activities or settle its obligations as they fall due, the Group may be in default of its obligations and may incur significant sanction, loss, or cost to rectify the position.
How we manage the risk:	Shareholder and policyholder cash assets are invested in a prudent manner, in accordance with set criteria, designed to mitigate liquidity and cashflow risk, including high-quality Money Market Funds, Fixed Deposits and Corporate Bonds. The Treasury Working Group, which reports to the Investment Committee, oversees the day-to-day investment of balances. The Investment Committee and Audit and Risk Committee are responsible for setting the criteria used.

Operational Resilience Risk:
The Board recognises operational resilience risks to be those threats, originating via internal triggers or via external events, with the capacity to undermine the Group’s capabilities to prevent, adapt and respond to, and recover and learn from operational disruptions. Resilience risk and associated management and mitigation arrangements directly extend to consideration of threats originating via third parties and external providers, supply chains networks and outsourcing architectures. The Board remain conscious that global supervisory attention is focussed on regulating for resilience by ensuring that strategies such as grounding resilience analyses in key delivery requirements, appreciating the potential for systemic vulnerabilities and embracing a diversity of approaches, combine to strengthen the ability of financial services firms to withstand operational risk related events.
How we manage the risk:	ERM conventions guide the identification and assessment of events or scenarios presenting risk to operational resilience – typically pandemics, cyber incidents, technology failures or natural disasters – as well as supply chain disruption impacts to critical processes, business continuity and good governance. Impact tolerances, together with mapping and testing allow the identification of services which could cause harm, if disrupted and identify any areas of vulnerability. Stress testing, continuity planning, and recovery and resolution strategies provide for continuous review of the adequacy and effectiveness with which the business can respond to and recover from disruptions.
Employee Engagement and Talent Risk:
‘Talent risk’ remains a key feature of the Group’s operational risk agenda, with continued evidence at industry level of the persistent challenges linked to attracting and retaining employees across all financial services sectors. The Group’s strategy has core dependencies on attracting and retaining experienced and high-performing management and employees and building a strong and sustainable culture, driven by our purpose, our leadership, our performance management regime and our governance principles and objectives. The Board regularly monitor the risks which would emerge in the event of any failure to attract, develop, engage and retain key personnel, recognising that the knowledge, skills, attitudes and behaviours of our employees, and the success with which these attributes shape and define our culture, are central to our success.
How we manage the risk:	Significant continuing investment in initiatives to address and support cultural change and development, shape strategy and inform tactical solutions. Defined areas of focus under three core pillars, those being: High Performance Culture Learning Culture Environment & Wellbeing Employee Engagement Surveys are regularly conducted, which sense check employee engagement, morale and commitment. Analysis of the Survey results, at cumulative, divisional and team levels allows the Executive Team to tailor actions to any specific issues or areas of concern and facilitates constructive discussions at Board level via CRO reporting. A comprehensive Performance Review and Appraisal Framework operates on a continuing basis, with annual benchmarking of remuneration and reward schemes. This enables ongoing performance management of employees at all levels, targeted succession planning – including ‘key employees’ - and proactive mitigation of emerging ‘flight risk’.

	Non-GAAP Cash Flow	Consolidated Cash Flow Statement
	£m	£m
Net cash flow from operations before tax	9.3	18.9
Adjust for net movement in policyholder financial assets and liabilities	-	(0.2)
	9.3	18.7
Purchase of property and computer equipment (tangible and intangible)	(0.3)	(0.3)
Dividends paid	(6.1)	(6.1)
Net cash investment in new business	(8.7)	-
Cashflows from investing activities	-	(0.3)
Increase in amounts due to contract holders	17.8	-
Net Group cash movements	12.0	12.0

	2026 £m	2025 £m
Deferred origination costs	102.0	106.3
Other assets	59.5	47.7
Bank deposits and money market funds	78.5	66.2
Total assets	240.0	220.2
Deferred income	132.9	137.5
Other payables	90.5	66.2
Total liabilities	223.4	203.7
Net assets	16.6	16.5

Corporate Sustainability Risk:
The Board remain alert to the inherent risks which would emerge in the event of failure to integrate environmental, social and governance considerations into the Group’s strategic and business planning activities, or to proactively review, understand and act on the challenges and opportunities presented. ERM protocols and work to support climate-related financial disclosures continue to assess the plausibility of climate-risk and broader sustainability stresses emerging over short-, mid- and longer-term time horizons. Associated analyses have focussed on the impact of the Group’s business on the environment as well as the capacity for future environmental disruption to the Group’s strategic and business plan objectives and targets, taking account of both physical and transition risks.
How we manage the risk:	Work to implement and embed the revised Sustainability Strategy has continued during the reporting period. The Sustainability Strategy seeks to integrate sustainability issues into the Group’s core strategies and business plans and recognises the need for proportionate, value-driven and adaptive practices which continuously enhance the Group’s corporate governance arrangements, as sustainability related issues evolve. Consistent with the Sustainability Strategy actively building sustainability considerations into future strategy development and business planning processes through structured analysis, formal assessment mechanisms and cross-functional collaboration. Factoring emerging sustainability risk issues into key decision-making and understanding the impacts for the tools and methodologies currently used to manage risk, including governance structures, risk ownership, risk and control self-assessment principles, regulatory developments, third party service provisions and effective reporting. Development of adaptation plans, which embrace forward-looking analysis and support strategic decision-making, with consideration of relevant business planning, operations, underwriting and investment activities to contribute to a sustainable transition to net-zero targets and provide effective mitigation of climate change related risks. Detailed analysis of climate and other ESG risks, which could cause macroeconomic stresses in future, including impacts to markets, interest rates, inflation and exchange rates. Developing and updating relevant components in relation to the sustainability risk domain, including policies, procedures, risk indicators, management data and stress testing. Initiatives addressing cultural alignment and structural resilience which encompass core ESG considerations, including Sustainability Training deliveries, and collaborative working between business forums leading on employee engagement initiatives.

Board of Directors	Page 34
Directors’ Report	Page 36
Directors’ Responsibilities	Page 42
Corporate Governance Report	Page 44
Report of the Audit and Risk Committee	Page 76
Report of the Nominations Committee	Page 80
Directors’ Remuneration Report	Page 83

Company	Business
Hansard International Limited*	Life Assurance
Hansard Europe Designated Activity Company	Life Assurance
Hansard Worldwide Limited	Life Assurance
Hansard Administration Services Limited**	Administration services
Hansard Development Services Limited	Marketing and development services
Hansard Development Services Middle East Limited	Marketing and development services

Name	Shares (millions)	% holding
The Polonsky Foundation	58.4	42.5
Aberforth Partners LLP	20.0	14.6
Mr M A L Polonsky *	7.8	5.7
Premier Miton Group plc	5.7	4.1

Directors of the Group	Pages 34-35
Dividends	Page 36
TCFD Reporting (including climate-related risks and opportunities)	Pages 60-75
Future Prospects	Page 12
Going concern Statement	Pages 100, 114
Post balance sheet events	Page 41
Reporting under Section 172 of the (UK) Companies Act 2006 and engagement with stakeholders	Pages 45-49
Risk Management and Internal Controls	Pages 20-32

	Board	Audit and Risk	Nominations	Remuneration
Number of meetings	6	5	3	4
Philip Kay	6/6		3/3	4/4
Noel Harwerth*	0/2	0/2	0/1	0/1
Marc Polonsky	6/6
David Peach	6/6	5/5	3/3	4/4
Lynzi Harrison	6/6	5/5	3/3	4/4
Thomas Morfett	6/6
Ollie Byrne	6/6


Location	2026	2025
Isle of Man	156	145
Republic of Ireland	13	15
Other	16	15
Total	185	175

Physical Risks
	Potential Impact to Hansard	Time Horizon	Mitigants / Controls / Monitoring
Acute Risks Increased frequency and geographical coverage of extreme weather events (flooding, cyclones/hurricanes and heatwaves).	Potential and existing customers have reduced disposable income to invest as they prioritise maintaining sufficient financial means to cover damage caused by extreme weather, leading to lower revenues and diminished future sales for Hansard.	All	Stress and scenario testing analyses the impacts of potential events in terms of below target sales, loss of revenue, and / or unplanned expenses. Disaster recovery plans are in place to ensure continuity of services via robust contingency and technology solutions.
	Weather disasters result in extreme operational disruption, with potential for increased operational costs.
	Sudden market shocks triggered by natural disasters, leading to volatility in exchange rates or asset prices increasing pressure on IFRS earnings and/or equity-linked revenues.		Maintain a diversified investment portfolio to mitigate or reduce the impact of sudden market shocks.
Chronic Risks Scarcity of multiple resources (fuel, food etc) to support global population levels leading to chronic health and wellbeing issues. Habitability of certain geographical areas becomes unsustainable, resulting in loss of life or mass migration.	Mass migration from countries susceptible to recurring extreme weather events or rendered uninhabitable to the extent that the business model becomes unsustainable	Medium	Diversify our geographic exposure, in line with our wider growth strategy.
	Asset prices, particularly those with high exposure to emissions or natural resources, are negatively impacted leading to a reduction in equity-linked revenues.	Long	Maintain a diversified investment portfolio to mitigate or reduce the impact of sudden market shocks.
	Increased operational costs due to sustained temperature increases (e.g. electricity usage in relation to air-conditioning).	Medium - Long	Ensuring that our use of an reliance on fossil fuels is appropriate for our type of business and support local initiatives that aim to make a positive environmental impact.
	Disruption to our supply chain where suppliers are based in regions that have a higher exposure to chronic risks of climate change.	Medium - Long	Broaden supplier risk assessments to consider regional exposure to climate change and climate resilience strategies to minimise the impact of disruption to Hansard.

Annual Financial Report

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BUSINESS MODEL & STRATEGY

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Transitional Risks
	Potential Impact to Hansard	Time Horizon	Mitigants / Controls / Monitoring
Policy and Legal Enhanced reporting requirements associated with climate and sustainability. Wider transition to renewable energies due to emission reduction commitments - increasing reliance on more volatile sources of power and the potential to drive up cost.	Requirement to develop internal capabilities or recruit specialist individuals or consultants to ensure disclosures comply with legal and regulatory obligations.	All	Mandatory Corporate Sustainability training has been rolled out to all employees and is included within new-starter induction materials.
	Increased operational costs resulting from the transition to renewable energies and reliance on national infrastructure.	Medium	Monitor the development of renewable energy on the Isle of Man to identify potential entry points.
	Inability to achieve emission reduction aims due to limited progress from energy suppliers and constrained market options (Isle of Man specific).	Long
Technological Failure to invest in technologies that are climate or disaster resilient. Data limitations based on new reporting requirements which require investment in new technologies.	Costs associated with investing in new technologies or maintaining existing assets that are incompatible with a low-carbon economy or have limited resilience to climate change impacts.	Medium	Ensure the data and service centres we rely on have the capability of adapting to the impacts of climate change.
	Sunk costs due to early retirement of technologies which are no longer fit for purpose.	Long	Equipment can be returned for refurbishment or recycled where feasible.
	Lack of data to satisfy regulatory reporting requirements could result in unclear climate-related impacts and exposures.	Medium – Long	Regular periodic horizon scanning to identify emerging risks.
Market A decline in product demand resulting from shifts in customer preferences and / or variations in customers’ investable wealth. Reduced availability of suitable investment markets due to asset scarcity or increasingly stringent regulatory constraints.	Failure to adapt our current investments in line with shifting market sentiment may result in lower or non-existent return.		Assessing our exposure to carbon-intensive funds in order to identify and manage the potential climate-related risks. The majority of shareholder funds are invested in money market funds which limit direct exposure.
	Reduced sales resulting from a failure to adapt our product and investment offerings to meet customer needs.		Products are regularly reviewed and adapted to meet customer needs.
	Potential and existing customers may have less disposable income to invest in our products due to broader climate-related impacts such as rising cost of living and increased spending on adaptation methods.	All	Our regular premium products offer flexible payment options which are available to customers who may experience a reduction in disposable income.
Reputational Shifts in the wants and needs of stakeholders in relation to environmental issues. Failure to comply with legal and regulatory obligations.	A decline in share price or investor withdrawal due to a loss of confidence in business decision making.	Medium	Maintain transparency around climate and sustainability-related issues within our disclosures.
	Failure to demonstrate sufficient long-term progress against ESG targets could lead to material financial loss and jeopardise the long-term viability of the business model.	All	Ensure a robust ESG governance and performance management framework is in place and operating effectively to monitor and report against ESG aims.
	Disclosure of information that could be considered within the definition of greenwashing or greenhushing potentially leading to fines and reputational damage.	All	Any claims that we make must be true and substantiated by evidence.

Opportunities
Category	Benefit	Time Horizon	Controls / Monitoring
Physical – chronic / Reputational	Continued investment in local projects which protect and enhance the biodiversity and natural ecosystems of the local area which will provide co-benefits such as: - Building trust and connections with the local community - Improved employee engagement and wellbeing - Helping to address climate and nature related issues - Enhancing company reputation - Strengthening the local landscape and reduce the physical impact of climate change	All	Green Team / Group Sustainability Officer to actively seek out opportunities to engage with local projects.
Reputational	Maintaining regulatory compliance and transparency in our disclosures can have a positive reputational impact.	All	Substantiate disclosures and statements with supporting evidence.
Technological	Driving internal efficiencies and reducing costs by adopting new technologies, where needed, whilst achieving emissions reduction as a co-benefit.	Medium	When evaluating investment in new technologies, ensure that climate impacts (e.g. energy efficiencies) are considered as part of the assessment process.
Technological	Adoption of new technologies to enhance data tracking will improve management and monitoring of our climate-related exposures.	Medium	Integrate with governance processes and ensure that new technologies and data-tracking are effectively leveraged to improve management of climate-related exposures.

Scope	Description	FY 20221 (tCO2e)	FY 2025 (tCO2e)	FY 2026 (tCO2e)
1	Emissions from gas, refrigerants and owned vehicles:
	Fugitive Emissions	10.60	0.23	0
	Static Combustion	5.30	-	-
	Mobile Combustion	0.90	0.17	0.12
Gross Measurable Scope 1 Emissions		16.80	0.40	0.12
2	Electricity emissions using purchased electricity factor (market based)	104.60	43.15	58.50
Gross Measurable Scope 2 Emissions		104.60	43.15	58.50
3	Emissions relating to activities within our wider value chain:
	Category 3 - Fuel related activities	-	40.63	42.62
	Category 6 - Business travel	N/A	93.46	114.01
	Category 7 - Employee commuting	N/A	95.88	88.40
	Category 7 - Working from home emissions	N/A	13.09	13.20
	Category 13 - Downstream leased assets3	N/A	N/A	2.17
Gross Scope 3 Emissions			243.06	260.40
Gross Total Company Emissions		121.40	286.612	319.02
Carbon Offsets Purchased		(121.40)	(500)	(500)
Net Measurable Scope 1, 2 and 3 Emissions		0.00	(213.39)	(180.98)

	Number of board members	Percentage of the board	Number of senior positions in the board (CEO, CFO, SID and Chair)	Number in Executive Committee	Percentage of Executive Committee
Men	5	83.3%	3	5	63%
Women	1	16.7%	1	3	38%
Not specified/prefer not to say	-	-	-	-	-

Name	Salary and fees	Pension	Cash bonus	Bonus in Shares 2	Other1	Aggregate	Aggregate
	2026	2026	2026	2026	2026	2026	2025
	£	£	£	£	£	£	£
Executive Directors
Thomas Morfett3 (CEO)	234,043	43,000	85,625	85,625	1,133	449,426	435,773
Ollie Byrne4 (CFO)	169,267	49,987	56,288	56,288	2,322	334,152	241,616
Graham Sheward5 (CEO)	-	-	-	-	-	-	284,622
Non-executive Directors
Marc Polonsky	50,000	-	-	-	-	50,000	50,000
Noel Harwerth6	12,386	-	-	-	-	12,386	45,154
Jose Ribeiro7	-	-	-	-	-	-	31,500
Philip Kay8	120,000	-	-	-	-	120,000	120,000
David Peach9	80,000	-	-	-	-	80,000	80,000
Lynzi Harrison10	62,217	-	-	-	-	62,217	29,167
Total	727,913	92,987	141,913	141,913	3,455	1,108,181	1,317,832

Number of shares	Direct	Indirect	Total 2026	Direct	Indirect	Total 2025
Executive Directors
Thomas Morfett	74,899	-	74,899	74,899	-	74,899
Ollie Byrne	105,800	-	105,800	105,800	-	105,800
Non-executive Directors
Marc Polonsky1	7,800,000	-	7,800,000	7,800,000	-	7,800,000

Name	Salary and Fees 2027
	£
Executive Directors
Thomas Morfett (CEO) 1	275,000
Ollie Byrne (CFO) 2	200,000
Non-executive Directors
Marc Polonsky	50,000
Philip Kay3	130,000
David Peach4	88,000
Lynzi Harrison5	68,000
Total	811,000

Consolidated Statement of Profit or loss for the year ended 30 June 2026

		Year ended	Year ended
		30 June	30 June
		2026	2025 As restated1
	Notes	£m	£m


Fees and commissions	5	49.8	47.5

Investment income	6	197.8	32.3

Other operating income		-	-

		247.6	79.8

Change in provisions for investment contract liabilities	17	(193.6)	(27.1)

Origination costs	7	(15.0)	(15.0)

Administrative and other expenses	8	(32.5)	(36.7)
		(241.1)	(78.8)
Profit before tax		6.5	1.0

Income tax expense	10	-	-

Profit for the year		6.5	1.0

Consolidated Statement of Other Comprehensive Income for the year ended 30 June 2026

		Year ended	Year ended
		30 June	30 June
		2026	2025 As restated1
	Notes	£m	£m
Profit for the year		6.5	1.0
Other comprehensive income
Items that are or may subsequently be reclassified to Profit or Loss
Cash flow hedges, effective portion of changes in fair value	3	(0.3)	-


Total comprehensive income for the year		6.2	1.0

Earnings per share

As restated	Share	Hedge	Other	Retained
	capital	Reserve	reserves	earnings	Total
	£m	£m	£m	£m	£m
At 1 July 2024 (as reported)	68.8	-	(48.6)	0.6	20.8
Effect of prior period restatement1	-	-	-	0.8	0.8
At 1 July 2024 (as restated)	68.8	-	(48.6)	1.4	21.6

Total comprehensive income for the	-	-	-	1.0	1.0
year (as restated)
Share based payment reserve	-	-	-	-	-
Transactions with owners
Dividends paid	-	-	-	(6.1)	(6.1)
At 30 June 2025 (restated)	68.8	-	(48.6)	(3.7)	16.5