Company registration number 05050608 (England and Wales)
SANCTUARY INSURANCE BROKERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
SANCTUARY INSURANCE BROKERS LIMITED
COMPANY INFORMATION
Directors
Mr N W J Andrews
Mr R L Hearn
Mr P S Wells
Ms BJ Curtis
(Appointed 28 January 2025)
Secretary
Mr P S Wells
Company number
05050608
Registered office
1st Floor, Landmark House
69 Leadenhall Street
London
United Kingdom
EC3A 2BG
Auditor
Lawrence Grant LLP
2nd Floor
Hygeia House
66 College Road
Harrow
Middlesex
United Kingdom
HA1 1BE
SANCTUARY INSURANCE BROKERS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 6
Independent auditor's report
7 - 10
Income statement
11
Statement of financial position
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 27
SANCTUARY INSURANCE BROKERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report for the year ended 31 December 2025.

The principal activity of the company is that of an insurance broker.

Review of the business

The results for the year and financial position of the company are as shown in the annexed financial statements.

Sanctuary Insurance Brokers Limited is registered to act as a Lloyds Broker operating a s an insurance broker.

Sanctuary Insurance Brokers Limited is a fully wholly owned subsidiary of Kastor Holdings Limited, part of the ZIM Integrated Shipping Services Ltd group.

The company operate s as an equal opportunities employer. Regardless of religion, ethnic origin or physical disability, suitable training and career development enables an employee to progress within the company and the group.

We have continued our focus on rebuilding and transforming Sanctuary in 202 5. We have continued to expand our network of clients, but also seen the impact of merger and acquisitions on our client base.This principal strategy has allowed us, where possible, to re-invest additional incomes back into the business allowing us to create a structure for profitable and streamlined business in the future.

BREXIT Disclosure

After considering all options following BREXIT, we have partnered with a fully accredited broker in Dublin. This allows us access to the European Market and the ability to provide a full service to all clients.

The results indicate that the company made a loss of £1 53,280 compared to a profit of £191,064 in 2024.

Principal risks and uncertainties

The principal risks and uncertainties include the identification and assessment of new business opportunities and the monitoring of the impact of lost business, effect of exchange rate differences and control of expenses.

The company continued, within the given time scales, to meet the Financial Conduct Authority targets and deadlines. The cost in time, effort and additional expenses, continues to be absorbed in the day to day running of the company.

The company has systems in place, whereby all Insurance Carriers are approved by the company prior to any risk being placed with them, and approved security is regularly revisited, likewise due diligence is conducted on all new clients. In accordance with the regulations, Terms of Business Agreements are in place with Insurance Carriers.

The company's financial position is such that there are more than sufficient reserves available to finance current operations and any expansion opportunities which may arise. The company has interest bearing accounts and currently does not need financing facilities.

Key performance indicators

The key financial performance indicators (KPIs) are reviewed on a regular basis and include the following:

Comparison of actual income to budget

Review of new and lost business

Levels of overhead expenses

Cash flow positions during the year

SANCTUARY INSURANCE BROKERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

On behalf of the board

Mr N W J Andrews
Director
3 February 2026
SANCTUARY INSURANCE BROKERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company continued to be that of an insurance broker.

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr N W J Andrews
Mr C Edwards
(Resigned 8 January 2025)
Mr R L Hearn
Mr P S Wells
Ms BJ Curtis
(Appointed 28 January 2025)
Supplier payment policy

The company's current policy concerning the payment of trade creditors is to follow the Confederation of British Industry's Prompt Payers Code (copies are available from the CBI, 78 Cannon Street, London EC4N 6HN).

The company's current policy concerning the payment of trade creditors is to:

- settle the terms of payment with suppliers when agreeing the terms of each transaction;

- ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and

- pay in accordance with the company's contractual and other legal obligations.

Trade creditors of the company at the year end were equivalent to 30 days purchases, based on the average daily amount invoiced by suppliers during the year.

Auditor

The auditor, Lawrence Grant LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

SANCTUARY INSURANCE BROKERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom 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 International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. 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 of the profit or loss of the company for that period.

In preparing these financial statements, International Accounting Standard 1 requires that directors:

- properly select and apply accounting policies;

- present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

- provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and

- make an assessment of the company's ability to continue as a going concern.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

- so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

- the director has taken all the steps that he / she ought to have taken as a director in order to make himself / herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

SANCTUARY INSURANCE BROKERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -
Risk management

The company's exposure and policies relating to financial risk, price risk, credit risk, liquidity risk and cash flow risk are disclosed below:

Financial risk management

The company's activities expose it to a variety of financial risks: liquidity risk, market risk (including currency risk, fair value interest rate risk, cash flow interest rate risk and price risk), and credit risk.

Risk management is carried out by the Finance Director under policies approved by the board of directors. The board provides written principles for overall risk management, as well as written policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of excess liquidity.

Liquidity risk

The ultimate responsibility for liquidity risk management rests with the board of directors, which has established an appropriate liquidity risk management framework for the management of the company's short, medium and long term funding and liquidity management requirements. The company manages liquidity risk by maintaining adequate

reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cashflows, and by matching the maturity profiles of financial assets and liabilities.

An analysis of the company's financial liabilities into relevant maturity groupings based on the remaining period at the statement of financial position to the contractual maturity date is detailed below. The amounts disclosed are the contractual undiscounted cashflows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.

At 31 December 202 5:

Payable within one month or on demand

Social security and other taxes - £24,431 (2024: £9,860)

Payable in more than one month but not exceeding 12 months

Insurance broking creditors - £627,869 (2024: £7 17,515)

Trade creditors - £11,601 (2024: £17,821)

Other payables - £36,125 (2024: £38,597)

Accruals and deferred income - £82,665 (2024: £87,864)

Interest rate risk

Cash and cash equivalents are exposed to interest rate risk. Deposits at banks attract a variable average interest rate of 0.5%.

The company manages interest rate risk by monitoring interest rates on a regular basis.

Sensitivity analysis

At 31 December 202 5, if interest rates relevant to the current account at that date had been 1.0% lower/higher, with all other variables held constant, net profit of the company for the year would have been £1,130 lower/higher, arising mainly as a result of lower/higher interest income on cash deposits at banks.

SANCTUARY INSURANCE BROKERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -

Credit risk

Credit risk consists mainly of cash and cash equivalents, trade debtors and receivables from related entities. The company only deposits cash with major banks with high quality credit standing.

The company does not consider significant credit risk to arise from its receivables from related entities.

The counter parties include high net worth companies and highly regulated entities. Historically, the default rate has been zero.

The company's maximum exposure to credit risk at 31 December 202 5 is represented by the carrying amounts of cash and cash equivalents at that date.

202 5

£

Financial instrument

Trade debtors 167,492

Amounts owed by group 335,772

Prepayments 1 8,506

Deposits 639,548

Cash and cash equivalents 112,987

Foreign exchange risk

The company operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the Euro, US Dollar and Pound Sterling. Foreign exchange risk arises from future commercial transactions and recognized assets and liabilities.

Price risk

The company did not hold any major investments during the year ended 31 December 202 5 and is therefore not exposed to price risk.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr N W J Andrews
Director
3 February 2026
SANCTUARY INSURANCE BROKERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SANCTUARY INSURANCE BROKERS LIMITED
- 7 -
Opinion

We have audited the financial statements of Sanctuary Insurance Brokers Limited (the 'company') for the year ended 31 December 2025 which comprise the income statement, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss for the year then ended;

- have been properly prepared in accordance with UK adopted international accounting standards; 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 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.

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 our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

SANCTUARY INSURANCE BROKERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SANCTUARY INSURANCE BROKERS LIMITED (CONTINUED)
- 8 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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 directors' r esponsibilities s tatement, 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.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

SANCTUARY INSURANCE BROKERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SANCTUARY INSURANCE BROKERS LIMITED (CONTINUED)
- 9 -

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;

- The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows;

- Companies Act 2006

- IFRS

- Tax legislation

- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing board minutes;

- Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

- Making enquires of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;

- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

- Reviewing the financial statements and testing the disclosures against supporting documentation;

- Performing analytical procedures to identify any unusual or unexpected trends or anomalies;

- Inspecting and testing journal entries to identify unusual or unexpected transactions;

- Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias; and

- Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.

The areas that we identified as being susceptible to misstatement through fraud were:

- Management bias in the estimates and judgements made;

- Management override of controls; and

- Posting of unusual journals or transactions.

We did not identify any matters relating to non-compliance with laws and regulation or relating to fraud.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://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 an auditor's report 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.

SANCTUARY INSURANCE BROKERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SANCTUARY INSURANCE BROKERS LIMITED (CONTINUED)
- 10 -
V R Thayalan (Senior Statutory Auditor)
For and on behalf of Lawrence Grant LLP, Statutory Auditor
Chartered Accountants
2nd Floor
Hygeia House
66 College Road
Harrow
Middlesex
HA1 1BE
United Kingdom
4 February 2026
SANCTUARY INSURANCE BROKERS LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
2025
2024
Notes
£
£
Revenue
4
1,066,343
1,239,956
Gross profit
1,066,343
1,239,956
Administrative expenses
(1,269,042)
(1,052,101)
Operating (loss)/profit
5
(202,699)
187,855
Investment revenues
8
7,140
3,153
Finance costs
9
(2)
-
0
(Loss)/profit before taxation
(195,561)
191,008
Income tax income
10
42,281
56
(Loss)/profit and total comprehensive income for the year
(153,280)
191,064
SANCTUARY INSURANCE BROKERS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 12 -
2025
2024
Notes
£
£
Non-current assets
Deferred tax asset
14
42,025
-
0
Current assets
Trade and other receivables
11
1,168,252
1,302,107
Cash and cash equivalents
112,987
282,677
1,281,239
1,584,784
Current liabilities
Trade and other payables
13
800,853
908,837
Net current assets
480,386
675,947
Non-current liabilities
Deferred tax liabilities
14
-
0
256
Net assets
522,411
675,691
Equity
Called up share capital
16
75,000
75,000
Retained earnings
447,411
600,691
Total equity
522,411
675,691

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 3 February 2026 and are signed on its behalf by:
Mr N W J Andrews
Director
Company registration number 05050608 (England and Wales)
SANCTUARY INSURANCE BROKERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 January 2024
75,000
409,627
484,627
Year ended 31 December 2024:
Profit and total comprehensive income
-
191,064
191,064
Balance at 31 December 2024
75,000
600,691
675,691
Year ended 31 December 2025:
Loss and total comprehensive income
-
(153,280)
(153,280)
Balance at 31 December 2025
75,000
447,411
522,411
SANCTUARY INSURANCE BROKERS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
20
(176,828)
139,195
Interest paid
(2)
-
0
Net cash (outflow)/inflow from operating activities
(176,830)
139,195
Investing activities
Interest received
7,140
3,153
Net cash generated from investing activities
7,140
3,153
Net (decrease)/increase in cash and cash equivalents
(169,690)
142,348
Cash and cash equivalents at beginning of year
282,677
140,329
Cash and cash equivalents at end of year
112,987
282,677
SANCTUARY INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
1
Accounting policies
Company information

Sanctuary Insurance Brokers Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, Landmark House, 69 Leadenhall Street, London, United Kingdom, EC3A 2BG. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Basis of preparation

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The accounting policies adopted by the company for all periods presented are in compliance with the IFRS's that are effective for the year.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the true company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue is measured as per the revenue recognition model under IFRS 15. Management identifies the commission contracts with the underwriters, entity's performance obligations in respect of the insurance agreements, commission rates agreed with the underwriters. allocation of the commission income to the written insurance agreements and portion of the revenue attributable to the satisfaction of claims.

Management recognizes the commission income when the specific performance obligations are satisfied at the fair value of the consideration received or receivable that represents the amounts receivable for the performance obligations satisfied in the normal course of business, net of trade discounts and volume rebates, and insurance premium tax.

Revenue represents commissions receivable and brokerage fees earned less commissions payable. Part of the revenue is recognized at the time of satisfaction of the performance obligations in respect of the writing of the insurance contracts and issuance of the debit notes. Such performance obligation is considered as satisfied when the insurance contract has been approved by the underwriters.

Portion of the commission income is attributable to the settlement of the claims and where claims are ongoing, a proportion of the revenue relating to those claims is carried forward until the claims are settled.

Interest is recognized, in the statement of profit and loss, using the effective interest rate method.

1.4
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

SANCTUARY INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.5
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

SANCTUARY INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

For trade receivables, the simplified approach permitted by IFRS 9 is applied, which requires expected lifetime losses to be recognised from initial recognition of the receivables.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.6
Financial liabilities

The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the 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 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 reporting end date.

SANCTUARY INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
Deferred tax

Deferred tax is the tax expected to be payable or recoverable on 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, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end 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 in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

The expected cost of bonus payments is recognised as an expense when there is a legal or constructive obligation to make such payments as a result of past performance.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Foreign exchange

In the company's financial statements, a foreign currency transaction is recorded, on initial recognition in Pound Sterling, by applying to the foreign currency amount the spot exchange rate between the functional currency and foreign currency at the date of the transaction.

At each statement of financial position date:

- foreign currency monetary items are translated using the closing rate;

- non monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction; and

- non monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined.

Exchange differences arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were translated on initial recognition during the period are recognised in profit or loss in the period in which they arise.

Cash flows in the company arising from transactions in a foreign currency are recorded in Pound Sterling by applying to the foreign currency amount the exchange rate between the Pound Sterling and the foreign currency at the date of the cash flow.

SANCTUARY INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
2
Adoption of new and revised standards and changes in accounting policies

In the current year, the following new and revised standards and interpretations have been effective and may have an effect on the current period or a prior period or on the future periods:

a) New standards, interpretations and amendments adopted from 1 January 2025

The following amendments are effective for the period beginning 1 January 202 5:

- Lack of exchangeability (Amendment to IAS 21 The Effects of Changes in Foreign Exchange Rates);

- Disclosures about Uncertainties in Financial Statements – Amendments to Illustrative E xamples on;

- IFRS 7 Financial Instruments: Disclosures;

- IFRS 18 Presentation and Disclosure in Financial Statements;

- IAS 1 Presentation of Financial Statements;

- IAS 8 Basis of Preparation of Financial Statements,

- IAS 36 Impairment of Assets; and

- IAS 37 Provisions, Contingent Liabilities and Contingent Assets.

On 15 August 2023, the IASB issued Lack of Exchangeability which amended IAS 21 The Effects of Changes in Foreign Exchange Rates (the Amendments). The Amendments introduce requirements to assess when a currency is exchangeable into another currency and when it is not. The Amendments require an entity to estimate the spot exchange rate when it concludes that a currency is not exchangeable into another currency.

These amendments had no effect on the consolidated financial statements of the Company.

The following illustrative examples have been issued during 2025 with no effective date:

Illustrative examples on reporting uncertainties in financial statements. On 28 November 2025, the IASB issued Disclosures about Uncertainties in the Financial Statements – Illustrative examples, which amended multiple IFRS Accounting Standards to include illustrative examples demonstrating how companies can apply IFRS Accounting Standards when reporting the effects of uncertainties in their financial statements. The illustrative examples are accompanying materials to IFRS Accounting Standards and do not have an effective date. The IASB had issued a near-final staff draft of the illustrative examples in July 2025.

The Company has considered these illustrative examples in its preparation of the consolidated financial statements and no additional disclosures or changes in presentation were considered necessary.

SANCTUARY INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Adoption of new and revised standards and changes in accounting policies
(Continued)
- 20 -
Standards which are in issue but not yet effective

b) New standards, interpretations and amendments not yet effective

There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods that the Company has decided not to adopt early.

The following amendments are effective for the period beginning 1 January 202 6:

- Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7)

- Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7)

- Annual Improvements to IFRS Accounting Standards – Volume 11

The following standards and amendments are effective for the annual reporting period beginning 1 January 202 7:

- IFRS 18 Presentation and Disclosure in Financial Statements; and

- IFRS 19 Subsidiaries without Public Accountability: Disclosures

The Company is currently assessing the impact of these new accounting standards and amendments.

IFRS 18 Presentation and Disclosure in Financial Statements, which was issued by the IASB in April 2024 supersedes IAS 1 and will result in major consequential amendments to IFRS Accounting Standards including IAS 8 Basis of Preparation of Financial Statements (renamed from Accounting Policies, Changes in Accounting Estimates and Errors). Even though IFRS 18 will not have any effect on the recognition and measurement of items in the consolidated financial statements, it is expected to have a significant effect on the presentation and disclosure of certain items. These changes include categorisation and sub-totals in the statement of profit or loss, aggregation/disaggregation and labelling of information, and disclosure of management-defined performance measures.

The Company does not expect to be eligible to apply IFRS 19.

SANCTUARY INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
3
Critical accounting estimates and judgements

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

The following are the critical judgements, that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Revenue recognition

Revenue represents commissions receivable and brokerage fees earned less commissions payable. It is recognised at the time of issue of premium debit notes. These are issued once the insurance contract has been approved by the underwriters. Where claims are ongoing, a proportion of the revenue relating to those claims is carried forward until the claims are settled.

Revenue comprises the amounts for goods and services provided in the normal course of business, net of trade discounts and volume rebates, and insurance premium tax. Revenues earned by the company are recognised on the following bases:

Sale of goods and services

Sales of goods and services are recognised when significant risks and rewards of ownership of the goods and services have been transferred to the customer, which is usually when the company has sold goods or provided services to the customer, the customer has accepted the goods and services and collectability of the related receivable is reasonably assured.

Finance income

Finance income includes interest which is recognised based on an accruals basis.

Finance costs

Interest expense and other borrowing costs are charged to the statement of profit or loss as incurred.

4
Revenue

Segmental reporting

The revenue and profit before taxation are attributable to the one principal activity of the company. The analysis of revenue by geographical market is given below:

SANCTUARY INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
4
Revenue
(Continued)
- 22 -
2025
2024
£
£
Revenue analysed by geographical market
United Kingdom
735,992
848,298
Europe
27,695
17,933
Americas
116,909
222,238
Rest of the World
185,747
151,487
1,066,343
1,239,956
5
Operating (loss)/profit
2025
2024
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Exchange losses
14,117
13,986
Fees payable to the company's auditor for the audit of the company's financial statements
24,755
20,700
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Management
4
3
Insurance brokers
3
3
Claims and administration
5
5
Total
12
11

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
719,444
639,652
Social security costs
98,056
82,919
Pension costs
59,989
52,307
877,489
774,878
SANCTUARY INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
168,850
130,382
Company pension contributions to defined contribution schemes
29,153
25,300
198,003
155,682

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

The company's key management personnel are considered to be the directors.

8
Investment income
2025
2024
£
£
Interest income
Financial instruments measured at amortised cost:
Bank deposits
7,140
3,153
Income above relates to assets held at amortised cost, unless stated otherwise.
9
Finance costs
2025
2024
£
£
Interest on bank overdrafts and loans
2
-
10
Income tax expense
2025
2024
£
£
Deferred tax
Origination and reversal of temporary differences
(42,281)
(56)
SANCTUARY INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Income tax expense
(Continued)
- 24 -

The charge for the year can be reconciled to the (loss)/profit per the income statement as follows:

2025
2024
£
£
(Loss)/profit before taxation
(195,561)
191,008
Expected tax (credit)/charge based on a corporation tax rate of 25.00% (2024: 25.00%)
(48,890)
47,752
Effect of expenses not deductible in determining taxable profit
6,702
5,228
Unutilised tax losses carried forward
42,234
-
0
Group relief
-
0
(52,924)
Capital allowances in excess of depreciation
(46)
(56)
Deferred tax
(42,281)
(56)
Taxation credit for the year
(42,281)
(56)
11
Trade and other receivables
2025
2024
£
£
Trade receivables
167,491
262,594
VAT recoverable
-
0
97
Amount owed by parent undertaking
250,593
200,012
Amounts owed by fellow group undertakings
85,179
91,326
Other receivables
646,483
729,869
Prepayments
18,506
18,209
1,168,252
1,302,107

Included in other receivables are deposits of £639,548 (2024: £722,160) which relate to funds held in non statutory client money trust bank accounts. The funds in these accounts cannot be used for office purposes. In accordance with the Financial Conduct Authority regulations, the company must withdraw, within twenty five business days, any brokerage income which is included in those funds.

12
Trade receivables - credit risk
Fair value of trade receivables

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

No significant receivable balances are impaired at the reporting end date.

SANCTUARY INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
13
Trade and other payables
2025
2024
£
£
Trade payables
639,470
735,336
Amounts owed to fellow group undertakings
18,162
37,180
Accruals
82,665
87,864
Social security and other taxation
24,431
9,860
Other payables
36,125
38,597
800,853
908,837

Trade payables and accruals principally comprise amounts outstanding for trade purchases, insurance broking creditors a nd ongoing costs. The company has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms.

The directors consider that the carrying amount of trade payables approximates to their fair value.

Other receivables and trade creditors include £639,548 (2024: £722,160) held in non-statutory client money trust bank accounts, which is not available to the Company for working capital purposes.

14
Deferred taxation
Liabilities
Assets
2025
2024
2025
2024
£
£
£
£
Deferred tax balances
-
0
256
42,025
-
0
Deferred tax assets are expected to be recovered after more than one year.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

Accelerated capital allowances
£
Liability at 1 January 2024
312
Deferred tax movements in prior year
Charge/(credit) to profit or loss
(56)
Liability at 1 January 2025
256
Deferred tax movements in current year
Charge/(credit) to profit or loss
(42,281)
Asset at 31 December 2025
(42,025)
SANCTUARY INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
14
Deferred taxation
(Continued)
- 26 -
15
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
59,989
52,307

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £Nil (2024: £2,472) were payable to the schemes at the balance sheet date.

16
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
75,000
75,000
75,000
75,000
17
Capital risk management

The company is not subject to any externally imposed capital requirements.

18
Related party transactions

1. Transactions with the immediate parent company, Kastor Holdings Limited, were as follows:

a. As at the year end, a loan of £2 50,593 (2024: £200,0 12) was due from the immediate parent company and is included in amount owed by parent undertaking in trade and other receivables.

b. There were no income transactions with Kastor Holdings Limited.

c. Management charge of £100,000 (2024: £Nil) was charged by Kastor Holdings L imited during the year.

2. Transactions with fellow group companies (in the Kastor Holdings Limited group) were as follows:

a. Management fees of £8,400 (2024: £8,200) were paid to a fellow group compan y during the year.

b. An amount of £85,179 (2024: £91,326) was receivable from these companies at the year end and is included in amounts owed by fellow group undertakings in trade and other receivables.

c. An amount of £18,162 (2024: £37,180) was payable to a fellow group company at the year end and is included in amounts owed to fellow group undertakings in trade and other payables.

d. During the year an amount of £149,707 (2024: £139,456) was recharged to other group companies in respect of staffing and overhead costs.

e. During the year an amount of £49,682 (2024: £89.864) was paid to other group companies in respect of staffing and overhead costs.

SANCTUARY INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
19
Controlling party

For the year under review, the immediate parent undertaking was Kastor Holdings Limited, a company registered in the United Kingdom.

The ultimate parent company was Zim Integrated Shipping Services Ltd, a company registered in Israel.

The smallest group for which Sanctuary Insurance Brokers Limited is a member for which group financial statements are prepared is Kastor Holdings Limited, whose copies can be obtained from 69 Leadenhall Street, City of London, London, England, EC3A 2BG.

The largest group for which Sanctuary Insurance Brokers Limited is a member for which group financial statements are prepared is Zim Integrated Shipping Services Ltd, whose copies can be obtained from 9 Andrei Sakharov Street, P.O. Box 15067, Matam, Haifa 3190500, Israel.

20
Cash (absorbed by)/generated from operations
2025
2024
£
£
(Loss)/profit for the year before taxation
(195,561)
191,008
Adjustments for:
Finance costs
2
-
Investment income
(7,140)
(3,153)
Movements in working capital:
Decrease/(increase) in trade and other receivables
133,758
(262,818)
(Decrease)/increase in trade and other payables
(107,887)
214,158
Cash (absorbed by)/generated from operations
(176,828)
139,195
21
Analysis of changes in net funds
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
282,677
(169,690)
112,987
1 January 2024
Cash flows
31 December 2024
Prior year:
£
£
£
Cash at bank and in hand
140,329
142,348
282,677
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