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REGISTERED NUMBER: 09993810 (England and Wales)

Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2024

for

Insurtech Gateway Limited

Insurtech Gateway Limited (Registered number: 09993810)

Contents of the Consolidated Financial Statements

for the Year Ended 31 December 2024

Page |

Company Information | 1 |

Report of the Directors | 2 |

Statement of Directors' Responsibilities | 3 |

Report of the Independent Auditors | 4 |

Consolidated Income Statement | 7 |

Consolidated Balance Sheet | 8 |

Company Balance Sheet | 10 |

Consolidated Statement of Changes in Equity | 12 |

Company Statement of Changes in Equity | 13 |

Notes to the Consolidated Financial Statements | 14 |

Insurtech Gateway Limited

Company Information

for the Year Ended 31 December 2024

| DIRECTORS: | T Bradley

| S A Brittain

| R M M Chattock

| R J Lumley

| J Moxley

| REGISTERED OFFICE: | Arquen House

| 4-6 Spicer Street

| St. Albans

| Hertfordshire

| AL3 4PQ

| REGISTERED NUMBER: | 09993810 (England and Wales)

| AUDITORS: | Blick Rothenberg Audit LLP

| Chartered Accountants & Statutory Auditor

| 16 Great Queen Street

| London

| WC2B 5AH

Insurtech Gateway Limited (Registered number: 09993810)

Report of the Directors

for the Year Ended 31 December 2024

The directors present their report with the financial statements of the Company and the Group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the Group in the year under review was that of an insurance technology focused investment company, holding its own investments, as well as providing advisory services to Gateway Fund GP Ltd ("the GP"), Gateway Seed II (GP) LLP and Gateway Seed II (Scot) Ltd.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

T Bradley

S A Brittain

R M M Chattock

R J Lumley

J Moxley

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Blick Rothenberg Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

R M M Chattock - Director

30 April 2025

Insurtech Gateway Limited (Registered number: 09993810)

Statement of Directors' Responsibilities

for the Year Ended 31 December 2024

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Report of the Independent Auditors to the Members of

Insurtech Gateway Limited

Opinion

We have audited the financial statements of Insurtech Gateway Limited (the 'Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise Consolidated Income Statement, the Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in equity and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the Group's and Company's affairs as at 31 December 2024 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's and Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Report of the Independent Auditors to the Members of

Insurtech Gateway Limited

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the Report of the Directors report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors Responsibilities set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

Insurtech Gateway Limited

Auditors' responsibilities for the audit of the financial statements

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Onisiforos Chourres (Senior Statutory Auditor)

for and on behalf of Blick Rothenberg Audit LLP

Chartered Accountants & Statutory Auditor

16 Great Queen Street

London

WC2B 5AH

30 April 2025

Insurtech Gateway Limited (Registered number: 09993810)

Consolidated Income Statement

for the Year Ended 31 December 2024

| 31.12.24 |  | 31.12.23

£ | £ |

TURNOVER | 567,331 |  | 810,837 |  |

Cost of sales | - |  | 99,000 |  |

GROSS PROFIT | 567,331 |  | 711,837 |  |

Administrative expenses | 1,064,189 |  | 1,506,118 |  |

(496,858 | ) | (794,281 | ) |

Gain/loss on revaluation of investments | (2,242,145 | ) | (1,891,836 | ) |

OPERATING LOSS | (2,739,003 | ) | (2,686,117 | ) |

Interest receivable and similar income | 1,864 |  | 1,438 |  |

(2,737,139 | ) | (2,684,679 | ) |

Interest payable and similar expenses | 239 |  | 4,682 |  |

LOSS BEFORE TAXATION | (2,737,378 | ) | (2,689,361 | ) |

Tax on loss | (608,658 | ) | (779,800 | ) |

LOSS FOR THE FINANCIAL YEAR | (2,128,720 | ) | (1,909,561 | ) |

Loss attributable to:

Owners of the parent | (2,128,720 | ) | (1,909,561 | ) |

Insurtech Gateway Limited (Registered number: 09993810)

Consolidated Balance Sheet

31 December 2024

| 31.12.24 | 31.12.23 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 7 | 1,950 |  | 4,198 |  |

Investments | 8 |

| Interest in associate | 910,974 |  | 1,351,507 |  |

| Other investments | 9,731,853 |  | 11,571,258 |  |

10,644,777 |  | 12,926,963 |  |

CURRENT ASSETS

Debtors | 9 | 87,070 |  | 227,085 |  |

Cash at bank | 594,768 |  | 893,928 |  |

681,838 |  | 1,121,013 |  |

CREDITORS

Amounts falling due within one year | 10 | 193,100 |  | 204,154 |  |

NET CURRENT ASSETS | 488,738 |  | 916,859 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 11,133,515 |  | 13,843,822 |  |

PROVISIONS FOR LIABILITIES | 11 | - |  | 608,658 |  |

NET ASSETS | 11,133,515 |  | 13,235,164 |  |

CAPITAL AND RESERVES

Called up share capital | 12 | 18,172 |  | 18,172 |  |

Share premium | 8,923,198 |  | 8,923,198 |  |

Share based payments | 421,682 |  | 394,611 |  |

Retained earnings | 1,770,463 |  | 3,899,183 |  |

SHAREHOLDERS' FUNDS | 11,133,515 |  | 13,235,164 |  |

Insurtech Gateway Limited (Registered number: 09993810)

Consolidated Balance Sheet - continued

31 December 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2025 and were signed on its behalf by:

R M M Chattock - Director

Insurtech Gateway Limited (Registered number: 09993810)

Company Balance Sheet

31 December 2024

| 31.12.24 | 31.12.23 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 7 | 1,950 |  | 4,198 |  |

Investments | 8 | 10,697,790 |  | 12,977,665 |  |

10,699,740 |  | 12,981,863 |  |

CURRENT ASSETS

Debtors | 9 | 30,351 |  | 83,758 |  |

Cash at bank | 447,178 |  | 145,137 |  |

477,529 |  | 228,895 |  |

CREDITORS

Amounts falling due within one year | 10 | 1,354,903 |  | 179,410 |  |

NET CURRENT (LIABILITIES)/ASSETS | (877,374 | ) | 49,485 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 9,822,366 |  | 13,031,348 |  |

PROVISIONS FOR LIABILITIES | 11 | - |  | 608,658 |  |

NET ASSETS | 9,822,366 |  | 12,422,690 |  |

CAPITAL AND RESERVES

Called up share capital | 12 | 18,172 |  | 18,172 |  |

Share premium | 8,923,198 |  | 8,923,198 |  |

Share based payments | 421,682 |  | 394,611 |  |

Retained earnings | 459,314 |  | 3,086,709 |  |

SHAREHOLDERS' FUNDS | 9,822,366 |  | 12,422,690 |  |

Company's loss for the financial year | (2,627,395 | ) | (2,542,495 | ) |

Insurtech Gateway Limited (Registered number: 09993810)

Company Balance Sheet - continued

31 December 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2025 and were signed on its behalf by:

R M M Chattock - Director

Insurtech Gateway Limited (Registered number: 09993810)

Consolidated Statement of Changes in Equity

for the Year Ended 31 December 2024

| Called up |  | Share |

| share |  | Retained |  | Share |  | based |  | Total

| capital |  | earnings |  | premium |  | payments |  | equity

£ | £ | £ | £ | £ |

Balance at 1 January 2023 | 16,725 |  | 5,808,744 |  | 8,923,198 |  | 326,442 |  | 15,075,109 |  |

Changes in equity

Total comprehensive income | - |  | (1,909,561 | ) | - |  | 68,169 |  | (1,841,392 | ) |

Issue of share capital | 1,447 |  | - |  | - |  | - |  | 1,447 |  |

Total transactions with owners, recognised directly in equity | 1,447 |  | - |  | - |  | - |  | 1,447 |  |

Balance at 31 December 2023 | 18,172 |  | 3,899,183 |  | 8,923,198 |  | 394,611 |  | 13,235,164 |  |

Changes in equity

Total comprehensive income | - |  | (2,128,720 | ) | - |  | 27,071 |  | (2,101,649 | ) |

Total transactions with owners, recognised directly in equity | - |  | - |  | - |  | - |  | - |  |

Balance at 31 December 2024 | 18,172 |  | 1,770,463 |  | 8,923,198 |  | 421,682 |  | 11,133,515 |  |

Insurtech Gateway Limited (Registered number: 09993810)

Company Statement of Changes in Equity

for the Year Ended 31 December 2024

| Called up |  | Share |

| share |  | Retained |  | Share |  | based |  | Total

| capital |  | earnings |  | premium |  | payments |  | equity

£ | £ | £ | £ | £ |

Balance at 1 January 2023 | 16,725 |  | 5,629,204 |  | 8,923,198 |  | 326,442 |  | 14,895,569 |  |

Changes in equity

Issue of share capital | 1,447 |  | - |  | - |  | - |  | 1,447 |  |

Total comprehensive income | - |  | (2,542,495 | ) | - |  | 68,169 |  | (2,474,326 | ) |

Balance at 31 December 2023 | 18,172 |  | 3,086,709 |  | 8,923,198 |  | 394,611 |  | 12,422,690 |  |

Changes in equity

Total comprehensive income | - |  | (2,627,395 | ) | - |  | 27,071 |  | (2,600,324 | ) |

Balance at 31 December 2024 | 18,172 |  | 459,314 |  | 8,923,198 |  | 421,682 |  | 9,822,366 |  |

Insurtech Gateway Limited (Registered number: 09993810)

Notes to the Consolidated Financial Statements

for the Year Ended 31 December 2024

1. | STATUTORY INFORMATION

| Insurtech Gateway Limited is a private company, limited by shares, registered in England and Wales under the Companies Act 2006. The address of its registered office and principal place of business is Arquen House, 4-6 Spicer Street, St. Albans, Hertfordshire, AL3 4PQ. The principal activity of the company in the year under review was that of an insurance focused technology and compliance incubator.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section lA "Small Entities" and the Companies Act 2006. A consolidated statement of cash flows has not been prepared in this report. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

| The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements.

| The following principal accounting policies have been applied:

| Basis of consolidation

| The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Group (its subsidiaries). Control is achieved where the Group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Accounting policies consistent with those of the parent are used and all intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

| Investments in subsidiaries, associates and carried interest partnerships

| Investments in subsidiaries are measured at cost.

| Investments in unlisted company shares and associates whose fair value can be reliably determined, are remeasured at fair value, dependent on available market information at each balance sheet date. Changes in fair value are recognised in the profit or loss for the period. Where fair value cannot be reliably determined, such investments are stated at historic cost less impairment.

| Where the Company has an associate that is held as part of an investment portfolio, the associate is measured at fair value with changes In fair value recognised in profit or loss in the consolidated financial statements, rather than applying the equity method of accounting.

| Investments in carried interest partnership are measured at fair value. Further details are given in note 3. Changes in fair value are recognised in profit or loss and are included in other gains/(losses) on the revaluation of investments within the income statement.

Insurtech Gateway Limited (Registered number: 09993810)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Turnover consists of fund management fees and services provided to portfolio companies and has been in the form of cash and non-cash consideration such as sweat equity.

| The company receives shares from portfolio investment companies for certain services that it carries out. The directors consider that the fair value of these shares cannot be determined at the time when it is agreed that the services will be carried out. As such, turnover is recognised based on the value of the services provided by reference to similar internal transactions.

| Tangible fixed assets

| Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

| At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

| Depreciation is provided on the following basis:

| Computer equipment - 33% straight line

| Office equipment - 25% straight line

| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.

Insurtech Gateway Limited (Registered number: 09993810)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

| For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

| Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

Insurtech Gateway Limited (Registered number: 09993810)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Current and deferred taxation

| Income 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 as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

| Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

| Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

| Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them, and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Insurtech Gateway Limited (Registered number: 09993810)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Pension costs and other post-retirement benefits

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

| Share based payments

| Where share options are awarded to employees, the fair value of the options is charged to the income statement over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

| Going concern

| The financial statements have been prepared on a going concern basis, which assumes that the group will continue in operational existence for a period of at least 12 months from the date the statement of financial position is signed.

| The directors have reviewed the forecast for the group for a period beyond one year from the date of approval of these financial statements. From this review the directors believe that there will be sufficient cash reserves to meet daily obligations throughout this period.

| Based on this review the directors have concluded that the company will have sufficient cash reserves to meet daily obligations and external liabilities as they fall due and that the going concern basis of preparation is therefore appropriate.

Insurtech Gateway Limited (Registered number: 09993810)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAI

| In preparing these financial statements, the directors have had to make the following judgements:

| Investments

| The most critical estimates, assumptions and judgements relate to the determination of carrying value of investments at fair value through the profit and loss account, the company follows the International Private Equity and Venture Capital Valuation Guidelines 2018, applying the overriding concept that fair value is the amount for which an asset can be exchanged between knowledgeable willing parties in an arm's length transaction. The nature, facts and circumstances of the investment drives the valuation methodology.

| All investments have been valued on the basis of recent funding rounds and have been calibrated in line with IPEV guidelines, including but not limited to the performance of the company, changes in the market and upcoming funding rounds (where applicable). The calibration was performed taking into account market movements and company performance measured by financial and non-financial milestones. In some instances, discount factors (adjustment for calibration) where applied as key judgements when arriving at the fair value of the investment.

| Carried interest partnerships

| The Company has an investment in a carried interest partnership, and have been valued based on the theoretical carried interest position at the balance sheet date based on the underlying Net Asset Value of the Gateway Fund LP ('the fund') and applying a discount factor of 25% due to:

| 1. Uncertainty around the timing of the proceeds from distributions - the fund is a 2019 vintage fund and there is still uncertainty around when we can reasonably expect the distributions to be made and carried interest to be realised.

| 2. Macroeconomic factors - recognising the challenging market and the impact that the difficult fundraising environment has on the portfolio companies and its subsequent impact on the fair value of the investments.

| Sweat equity

| As detailed in the turnover policy, the company receives shares from portfolio investment companies for certain services that it carries out. The directors' consider that the fair value of these shares cannot be determined at the time when it is agreed that the services will be carried out. As such, turnover is recognised based on the value of the services provided. The directors' determine the value of these services by reference to similar internal transactions. As such, there is inherent judgement & estimation uncertainty in the amounts recognised.

4. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 7 (2023 - 8 ) .

| The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2023 - NIL).

Insurtech Gateway Limited (Registered number: 09993810)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

5. | AUDITOR'S REMUNERATION

| The auditor's remuneration for year ending 31 December 2024 is £65,303 (2023: £48,500)

6. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

7. | TANGIBLE FIXED ASSETS

| Group

| Fixtures |

| and |  | Computer |

| fittings |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 January 2024 | 292 |  | 18,301 |  | 18,593 |  |

| Disposals | (142 | ) | (286 | ) | (428 | ) |

| At 31 December 2024 | 150 |  | 18,015 |  | 18,165 |  |

| DEPRECIATION

| At 1 January 2024 | 242 |  | 14,153 |  | 14,395 |  |

| Charge for year | 44 |  | 2,204 |  | 2,248 |  |

| Eliminated on disposal | (142 | ) | (286 | ) | (428 | ) |

| At 31 December 2024 | 144 |  | 16,071 |  | 16,215 |  |

| NET BOOK VALUE

| At 31 December 2024 | 6 |  | 1,944 |  | 1,950 |  |

| At 31 December 2023 | 50 |  | 4,148 |  | 4,198 |  |

Insurtech Gateway Limited (Registered number: 09993810)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

7. | TANGIBLE FIXED ASSETS - continued

| Company

| Fixtures |

| and |  | Computer |

| fittings |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 January 2024 | 292 |  | 18,301 |  | 18,593 |  |

| Disposals | (142 | ) | (286 | ) | (428 | ) |

| At 31 December 2024 | 150 |  | 18,015 |  | 18,165 |  |

| DEPRECIATION

| At 1 January 2024 | 242 |  | 14,153 |  | 14,395 |  |

| Charge for year | 44 |  | 2,204 |  | 2,248 |  |

| Eliminated on disposal | (142 | ) | (286 | ) | (428 | ) |

| At 31 December 2024 | 144 |  | 16,071 |  | 16,215 |  |

| NET BOOK VALUE

| At 31 December 2024 | 6 |  | 1,944 |  | 1,950 |  |

| At 31 December 2023 | 50 |  | 4,148 |  | 4,198 |  |

8. | FIXED ASSET INVESTMENTS

| Group

| Interest |

| in |  | Other |

| associate |  | investments |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1 January 2024 | 1,351,507 |  | 11,571,258 |  | 12,922,765 |  |

| Additions | - |  | 340,927 |  | 340,927 |  |

| Disposals | - |  | (369,289 | ) | (369,289 | ) |

| Revaluations | (440,533 | ) | (1,811,043 | ) | (2,251,576 | ) |

| At 31 December 2024 | 910,974 |  | 9,731,853 |  | 10,642,827 |  |

| NET BOOK VALUE

| At 31 December 2024 | 910,974 |  | 9,731,853 |  | 10,642,827 |  |

| At 31 December 2023 | 1,351,507 |  | 11,571,258 |  | 12,922,765 |  |

| Other investments include Investment in a Carry Partnership, the fair value of which has been determined to be of £0 (2023 : £0)

Insurtech Gateway Limited (Registered number: 09993810)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

8. | FIXED ASSET INVESTMENTS - continued

| Group

| Company

| Shares in |  | Interest |

| group |  | in |  | Unlisted |

| undertakings |  | associate |  | investments |  | Totals

£ | £ | £ | £ |

| COST OR VALUATION

| At 1 January 2024 | 55,000 |  | 1,351,507 |  | 11,571,158 |  | 12,977,665 |  |

| Additions | - |  | - |  | 340,927 |  | 340,927 |  |

| Disposals | - |  | - |  | (369,289 | ) | (369,289 | ) |

| Revaluations | - |  | (440,533 | ) | (1,810,980 | ) | (2,251,513 | ) |

| At 31 December 2024 | 55,000 |  | 910,974 |  | 9,731,816 |  | 10,697,790 |  |

| NET BOOK VALUE

| At 31 December 2024 | 55,000 |  | 910,974 |  | 9,731,816 |  | 10,697,790 |  |

| At 31 December 2023 | 55,000 |  | 1,351,507 |  | 11,571,158 |  | 12,977,665 |  |

| Other investments include Investment in a Carry Partnership, the fair value of which has been determined to be of £0 (2023 : £0)

9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| 31.12.24 |  | 31.12.23 |  | 31.12.24 |  | 31.12.23 |

£ | £ | £ | £ |

| Trade debtors | 31,762 |  | 61,500 |  | 1,762 |  | - |  |

| Amounts owed by group undertakings | - |  | - |  | - |  | 26,771 |  |

| Other debtors | 55,308 |  | 165,585 |  | 28,589 |  | 56,987 |  |

87,070 |  | 227,085 |  | 30,351 |  | 83,758 |  |

Insurtech Gateway Limited (Registered number: 09993810)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| 31.12.24 |  | 31.12.23 |  | 31.12.24 |  | 31.12.23 |

£ | £ | £ | £ |

| Trade creditors | 4,422 |  | 31,806 |  | 1,832 |  | 21,071 |  |

| Amounts owed to group undertakings | - |  | - |  | 1,261,873 |  | - |  |

| Taxation and social security | 39,549 |  | 50,666 |  | 38,084 |  | 49,847 |  |

| Other creditors | 149,129 |  | 121,682 |  | 53,114 |  | 108,492 |  |

193,100 |  | 204,154 |  | 1,354,903 |  | 179,410 |  |

11. | PROVISIONS FOR LIABILITIES

| Group |  | Company |

| 31.12.24 |  | 31.12.23 |  | 31.12.24 |  | 31.12.23 |

£ | £ | £ | £ |

| Deferred tax | - |  | 608,658 |  | - |  | 608,658 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 January 2024 | 608,658 |  |

| Deferred tax adjustment | (608,658 | ) |

| Balance at 31 December 2024 | - |  |

| Company

| Deferred |

| tax |

£ |

| Balance at 1 January 2024 | 608,658 |  |

| Deferred tax adjustment | (608,658 | ) |

| Balance at 31 December 2024 | - |  |

| There is a deferred tax asset of £229,636 (2023: £608,658 liability), arising from unrealised gains on investments less tax losses carried forward. However, this deferred tax asset has not been recognised in the financial statements because, in the opinion of the directors, it is not probable that there will be sufficient taxable profits in the future to offset the deferred tax asset.

Insurtech Gateway Limited (Registered number: 09993810)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

12. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.24 |  | 31.12.23

| value: | £ | £ |

| 15,644,835 | A Ordinary | .001 | 15,645 |  | 15,645 |  |

| 2,527,126 | G Ordinary | .001 | 2,527 |  | 2,527 |  |

18,172 |  | 18,172 |  |

| The Ordinary A Shares are non-redeemable, entitled to one vote per share, 80% of any approved dividend distribution and a 80% return on capital (including on a winding up).

| The Ordinary G Shares are non-redeemable, do not carry voting rights and have a right to shares in dividends if certain financial hurdles are met.

13. | FINANCIAL COMMITMENTS

| As at 31 December 2024, the financial commitment to Gateway Fund 1 was £159,386.73 until February 2029 and Gateway Seed II was £782,483 until June 2032.

14. | ULTIMATE CONTROLLING PARTY

| In the opinion of the directors, there is no single ultimate controlling party of the group.

Insurtech Gateway Limited (Registered number: 09993810)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

15. | SUBSIDIARIES AND RELATED UNDERTAKINGS

| During the year, the following entities are formed as a part of group:

| N ame |  | Address of registered office |  | Nature of business |  | Interest |  |

| Gateway Platform Services Limited |  | Arquen House, 4-6 Spicer Street, St Albans, AL3 4PQ |  | Activities of insurance agents and brokers |  | 100% |  |

| Gateway Fund GP Limited |  | PO Box 286, Floor 2, Trafalgar Court, Les Banques St Peter Port, Guernsey, GY1 4LY |  | Managers of funds, investments, and securities |  | 100% |  |

| Gateway seed II (GP) LLP |  | Arquen House, 4-6 Spicer Street, St Albans, AL3 4PQ |  | Holding Company |  | 100% |  |

| Gateway Seed II Scot Ltd |  | 4th Floor, 115 George Street, Edinburgh, EH2 4JN |  | Holding Company |  | 100% |  |

| Gateway Seed II SLP LP |  | 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ |  | Holding Company |  | 100% |  |

| The following entity is an associate and therefore not consolidated.

| N ame |  | Address of registered office |  | Nature of business |  | Interest |  |

| Insurtech Gateway Australia Pty Ltd |  | Lvl 5, 11 York St, Sydney, NSW 2000 |  | Activities of insurance agents and brokers |  | 30% |  |

16. | RELATED PARTY DISCLOSURES

| The company has taken advantage of the exemption under paragraph 33.1A of Financial Reporting Standard 102 not to disclose transactions with other wholly owned subsidiaries of the company.

17. | SUBSEQUENT EVENTS

| In the opinion of the Directors, there are no significant events subsequent to the year-end that are deemed necessary to be adjusted or disclosed in financial statements.