Registered number: 10471852
AUDITED
ANNUAL REPORT
AND FINANCIAL STATEMENTS
AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2026
31 MARCH 2026
GRAVIS CAPITAL MANAGEMENT LTD
COMPANY INFORMATION
GRAVIS CAPITAL MANAGEMENT LTD
CONTENTS
GRAVIS CAPITAL MANAGEMENT LTD
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The Directors present their Group Srategic Report for Gravis Capital Management Ltd (“the Company”) and its subsidiary Gravis Advisory Ltd (“GAL”) (collectively “the Group” or “Gravis”) for the year ended 31 March 2026.
Gravis is a London-based specialist investment manager which is authorised and regulated by the FCA. The principal activity of the Group and Company is investment management and advisory services.
At Gravis we invent and manage funds that aim to give investors radically steady returns. We are involved in long-term projects that have a human dimension, investing in assets that will be needed for many years to come, including renewable, social, economic and digital infrastructure and real estate.
The Gravis team has worked together over many years to build our investment philosophy and has a successful track record across all of our funds. We have a multi-disciplined investment team with the capability to identify, evaluate, execute and manage investment opportunities.
At Gravis, we seek to deliver dependable and predictable long-term cash flows for investors. Our long-term approach enables us to engage with investee companies, borrowers, developers and operators on matters relating to Responsible Investment. This gives us the opportunity to drive positive change where possible.
The Company has three strategic objectives:
At Gravis we invent and manage funds that aim to give investors radically steady returns. We are involved in long-term projects that have a human dimension, investing in assets that will be needed for many years to come, including renewable, social, economic and digital infrastructure and real estate.
The Gravis team has worked together over many years to build our investment philosophy and has a successful track record across all of our funds. We have a multi-disciplined investment team with the capability to identify, evaluate, execute and manage investment opportunities.
At Gravis, we seek to deliver dependable and predictable long-term cash flows for investors. Our long-term approach enables us to engage with investee companies, borrowers, developers and operators on matters relating to Responsible Investment. This gives us the opportunity to drive positive change where possible.
The Company has three strategic objectives:
∙Best-in-class investment execution and management;
∙Highly efficient distribution and investor relations; and
∙Robust operational and governance structure.
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GRAVIS CAPITAL MANAGEMENT LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
Gravis Capital Management Limited
The Company is appointed as investment manager and investment adviser to two UK-listed closed-ended investment companies with a combined net asset value of £1.0 billion as at 31 March 2026 (2025: £1.0 billion).
The vehicles are as follows:
The Company is appointed as investment manager and investment adviser to two UK-listed closed-ended investment companies with a combined net asset value of £1.0 billion as at 31 March 2026 (2025: £1.0 billion).
The vehicles are as follows:
∙GCP Infrastructure Investments Limited (“GCP Infra”): an infrastructure debt focused fund with a net asset value of £828.9 million (2025: £871.7 million); and
∙GCP Asset Backed Income Limited (“GABI”): a debt focused fund with a net asset value of £127.0 million (2025: £175.2 million).
Additionally, the Company is portfolio manager to the Robeco Gravis Digital Infrastructure Income Fund which was launched in February 2024 and offers investors exposure to companies that own the physical assets that are vital to the digital economy, in line with the TM Gravis Digital Infrastructure Income Fund. Assets under management are €2.9m (2025: €3.0m).
Gravis Advisory Limited
GAL is investment manager to four UK open-ended investment companies ("OEICs") with assets under management as at 31 March 2026 of £0.7 billion (2025: £0.9 billion).
In October 2024, GAL was granted permission by the FCA to become investment manager of the OEIC funds, having previously been Appointed Representative.
On the 11th August 2025, the Authorised Corporate Director to the OEICs moved from Valu-Trac Investment Management Limited to Thesis Unit Trust Management Limited. GAL continues to act as the Delegated Investment Manager and there have been no changes to the investment management of the OEICs as a result of these changes.
The OEICs are as follows:
Gravis Advisory Limited
GAL is investment manager to four UK open-ended investment companies ("OEICs") with assets under management as at 31 March 2026 of £0.7 billion (2025: £0.9 billion).
In October 2024, GAL was granted permission by the FCA to become investment manager of the OEIC funds, having previously been Appointed Representative.
On the 11th August 2025, the Authorised Corporate Director to the OEICs moved from Valu-Trac Investment Management Limited to Thesis Unit Trust Management Limited. GAL continues to act as the Delegated Investment Manager and there have been no changes to the investment management of the OEICs as a result of these changes.
The OEICs are as follows:
∙TM Gravis UK Infrastructure Income Fund: launched in January 2016, this fund invests in the UK listed infrastructure sector with assets under management of £418.9m (2025: £518.9m).
∙TM Gravis Clean Energy Income Fund: launched in December 2017, this fund invests in a portfolio of securities listed in developed markets, involved in the operation, funding, construction, generation and supply of clean energy. Assets under management of £155.4m (2025: £226.7m).
∙TM Gravis UK Listed Property (PAIF) Fund: launched in October 2019, this fund invests primarily in UK Real Estate Investment Trusts, which are aligned to benefit from four socio-economic mega trends: ageing population, digitalisation, generation rent, and urbanisation. The fund avoids exposure to retail. Assets under management are £135.6m (2025: £93.8m).
∙TM Gravis Digital Infrastructure Income Fund: launched in May 2021, this fund offers investors exposure to companies which own the physical infrastructure assets that are vital to the digital economy. Assets under management are £12.4m (2025: £21.6m).
The Group's revenue streams comprise investment management and investment advisory fees, arrangement fees, and other fees from its funds under management as set out above. The level of investment management and advisory fees is determined by the net asset values of the funds and the rate of capital deployment. The Group reviews the funds’ net asset values and fund performance on a regular basis.
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GRAVIS CAPITAL MANAGEMENT LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
The Company Board meets every quarter to evaluate Group performance against budget including a review of fund performance, analysis of turnover and operating profit. The key financial performance indicators during the year were:
* Excluding amortisation of goodwill.
Turnover and Operating Profit have decreased year on year, as a direct result of lower AUM and reduced investment activity. Turnover is 12% lower than prior year, in line with the 12% fall in AUM over the same period.
GAL assets under management fell year-on-year due to net investor redemptions, partially offset by positive investment performance across three of the four strategies. While the motivations to redeem from the funds varied, there has been negative sentiment towards investing in the UK, compounded by political uncertainty and government interventions in energy markets. Further, the persistent high central bank interest rate environment has made the income generated by the funds less attractive on a relative basis. In addition, ongoing regulatory developments related to cost disclosure for listed alternative investments, together with global equity markets approaching record highs, contributed to reduced investor flows into the funds. The macroeconomic backdrop remained uncertain, and geopolitical tensions elevated throughout the year.
The Company continues to work with the GABI Board of Directors on the managed wind-down of GABI. The Company was retained as investment manager to GABI to provide investment management services in connection with the orderly realisation of the fund’s assets. The reduction in the fund’s NAV over the period reflects the orderly realisation of portfolio assets and the resultant partial redemption of GABI shares. The consequent reduction in Company revenue over this period was in line with plan.
Another contributing factor to this year's net loss of £0.7m was amortisation of goodwill amounting to £2.1m. Excluding this non-cash charge, the Group would have reported a profit for the year. EBITDA for the year was £0.7m. The Group also earned £0.8m of interest income from cash balances held on the balance sheet.
Operational costs were 4% lower than prior year, reflecting a commitment to cost control. Despite this reduction, staff costs remained consistent with prior year demonstrating the Group’s on-going commitment to investing in people and building strong teams to support growth and diversification of the business.
The Group’s cash position remained strong at £24.4m (2025: £25.4m). The decrease in cash in the year was driven by the purchase of shares in GCP Infra, amounting to £1.4m. The reduction therefore reflects a balance sheet reallocation rather than an operating cash outflow. Excluding this investment activity, the Group would have generated net cash inflow during the year.
* Excluding amortisation of goodwill.
Turnover and Operating Profit have decreased year on year, as a direct result of lower AUM and reduced investment activity. Turnover is 12% lower than prior year, in line with the 12% fall in AUM over the same period.
GAL assets under management fell year-on-year due to net investor redemptions, partially offset by positive investment performance across three of the four strategies. While the motivations to redeem from the funds varied, there has been negative sentiment towards investing in the UK, compounded by political uncertainty and government interventions in energy markets. Further, the persistent high central bank interest rate environment has made the income generated by the funds less attractive on a relative basis. In addition, ongoing regulatory developments related to cost disclosure for listed alternative investments, together with global equity markets approaching record highs, contributed to reduced investor flows into the funds. The macroeconomic backdrop remained uncertain, and geopolitical tensions elevated throughout the year.
The Company continues to work with the GABI Board of Directors on the managed wind-down of GABI. The Company was retained as investment manager to GABI to provide investment management services in connection with the orderly realisation of the fund’s assets. The reduction in the fund’s NAV over the period reflects the orderly realisation of portfolio assets and the resultant partial redemption of GABI shares. The consequent reduction in Company revenue over this period was in line with plan.
Another contributing factor to this year's net loss of £0.7m was amortisation of goodwill amounting to £2.1m. Excluding this non-cash charge, the Group would have reported a profit for the year. EBITDA for the year was £0.7m. The Group also earned £0.8m of interest income from cash balances held on the balance sheet.
Operational costs were 4% lower than prior year, reflecting a commitment to cost control. Despite this reduction, staff costs remained consistent with prior year demonstrating the Group’s on-going commitment to investing in people and building strong teams to support growth and diversification of the business.
The Group’s cash position remained strong at £24.4m (2025: £25.4m). The decrease in cash in the year was driven by the purchase of shares in GCP Infra, amounting to £1.4m. The reduction therefore reflects a balance sheet reallocation rather than an operating cash outflow. Excluding this investment activity, the Group would have generated net cash inflow during the year.
The Directors do not consider that there are any other key performance indicators to the Group.
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GRAVIS CAPITAL MANAGEMENT LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
Gravis believes that integrating environmental, social and governance considerations into its own corporate processes and its investment management processes helps create a successful and sustainable business over the long-term and supports the Group’s investment track record by supporting businesses that deliver sustainable environmental and social impacts.
Gravis operates a Responsible Investment Committee which comprises senior personnel who oversee all ESG matters on behalf of the Board. The Responsible Investment policy is integrated into investment management processes and incorporates pre-investment, active ownership and governance processes. The Responsible Investment policy can be found at www.graviscapital.com/responsible-investing.
Principles for Responsible Investment (PRI)
Gravis has been a signatory to the Principles for Responsible Investment (“PRI”) since 2019. The PRI, established in 2006, is a global collaborative network of investors working together to put the six Principles for Responsible Investment into practice.
Gravis recognises that applying these principles better aligns investment activities with the broader interests of society and is committed to their adoption and implementation. The Group is particularly focused on the development of products to help accelerate the transition to net zero. This transition represents a significant transformation in the infrastructure sector, particularly in the way energy is generated and used, the use of natural resources and the requirement to capture and store carbon.
UN Global Compact
Gravis is proud to be a participant in the UN Global Compact Network and aims to operate within the principles set out in the UN Global Compact with reference to human rights, labour, environment and anti-corruption practices. As part of this commitment, Gravis does not procure services from, nor invest in, businesses that make use of slavery, human trafficking, forced labour, compulsory labour or harmful child labour. Gravis works with other organisations that share the Group’s commitment to accelerating sustainability efforts where possible.
Sustainable Development Goals
Gravis supports the Sustainable Development Goals, as outlined by the United Nations. The Group’s approach to governance, labour and health and safety makes a positive contribution to the employees, customers, suppliers and local communities in which the Group operates. In addition, the Group’s funds positively contribute to the provision of assets in the areas of climate change, mitigation and adaption, energy transition, critical infrastructure, affordable living, social housing, education and healthcare.
B Corp Certification
Gravis is proud to have been awarded a B Corp certification in April 2024 and to join an international movement of c.10,900 businesses across 102 countries that meet B Corp’s high standard of social and environmental performance, transparency and accountability, from supply chain to charitable giving and employee benefits, alongside a commitment to goals that go beyond shareholder value. As a certified B Corp, Gravis is part of a community of like-minded businesses that engage with each other to share ideas and best practice. This formalises our sustainable and long-term business model, as well as providing a framework to ensure the Group continues to operate in accordance with the highest ESG standards.
Gravis operates a Responsible Investment Committee which comprises senior personnel who oversee all ESG matters on behalf of the Board. The Responsible Investment policy is integrated into investment management processes and incorporates pre-investment, active ownership and governance processes. The Responsible Investment policy can be found at www.graviscapital.com/responsible-investing.
Principles for Responsible Investment (PRI)
Gravis has been a signatory to the Principles for Responsible Investment (“PRI”) since 2019. The PRI, established in 2006, is a global collaborative network of investors working together to put the six Principles for Responsible Investment into practice.
Gravis recognises that applying these principles better aligns investment activities with the broader interests of society and is committed to their adoption and implementation. The Group is particularly focused on the development of products to help accelerate the transition to net zero. This transition represents a significant transformation in the infrastructure sector, particularly in the way energy is generated and used, the use of natural resources and the requirement to capture and store carbon.
UN Global Compact
Gravis is proud to be a participant in the UN Global Compact Network and aims to operate within the principles set out in the UN Global Compact with reference to human rights, labour, environment and anti-corruption practices. As part of this commitment, Gravis does not procure services from, nor invest in, businesses that make use of slavery, human trafficking, forced labour, compulsory labour or harmful child labour. Gravis works with other organisations that share the Group’s commitment to accelerating sustainability efforts where possible.
Sustainable Development Goals
Gravis supports the Sustainable Development Goals, as outlined by the United Nations. The Group’s approach to governance, labour and health and safety makes a positive contribution to the employees, customers, suppliers and local communities in which the Group operates. In addition, the Group’s funds positively contribute to the provision of assets in the areas of climate change, mitigation and adaption, energy transition, critical infrastructure, affordable living, social housing, education and healthcare.
B Corp Certification
Gravis is proud to have been awarded a B Corp certification in April 2024 and to join an international movement of c.10,900 businesses across 102 countries that meet B Corp’s high standard of social and environmental performance, transparency and accountability, from supply chain to charitable giving and employee benefits, alongside a commitment to goals that go beyond shareholder value. As a certified B Corp, Gravis is part of a community of like-minded businesses that engage with each other to share ideas and best practice. This formalises our sustainable and long-term business model, as well as providing a framework to ensure the Group continues to operate in accordance with the highest ESG standards.
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GRAVIS CAPITAL MANAGEMENT LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
Diversity and Employee Wellbeing
In 2022, Gravis introduced a formal diversity policy, as well as diversity and equality training for all employees. The Group carries out annual anonymous questionnaires to help understand the makeup of its workforce and to monitor data over time as it strives for improvement in diversity, equality and inclusion. Just under half the Group’s staff members are female, and c.40% of senior management positions are held by female employees. The Company’s board of directors has seven members, all of which are male. Gravis recognises that gender diversity is a particular challenge in the investment industry, and that concerted and collaborative effort is required to make the financial services sector more attractive for women at all levels of seniority. As such, Gravis is a supporter of the Young Women Into Finance Scholarship Program, a not-for-profit social organisation dedicated to the eradication of gender bias for new graduates entering the finance industry. This year, the Group facilitated one paid internship for a student as part of the program. The intern worked across various teams at Gravis.
Gravis also participated in the 10,000 Black Interns program this year for the third year, which offers paid internship opportunities across more than 25 sectors, along with training and development opportunities. One paid internship was offered as part of the program, with the individual working across various functions within the Group.
The health, safety and wellbeing of employees is one of Gravis’ main priorities. The Group invests in professional development and supports employee health and wellbeing. In 2022, Gravis was awarded an ‘Investors in People’ accreditation, which assesses organisational performance in areas such as employee engagement, communication, culture and work practices. The Group continued its work with Investors in People during the year, and following a reassessment, achieved the silver accreditation. The Group is committed to implementing further improvements based on the feedback received and is working towards achieving a gold accreditation at our next review planned for 2028.
For further details please refer to the Gravis Responsible Investment Report on the Company’s website.
In 2022, Gravis introduced a formal diversity policy, as well as diversity and equality training for all employees. The Group carries out annual anonymous questionnaires to help understand the makeup of its workforce and to monitor data over time as it strives for improvement in diversity, equality and inclusion. Just under half the Group’s staff members are female, and c.40% of senior management positions are held by female employees. The Company’s board of directors has seven members, all of which are male. Gravis recognises that gender diversity is a particular challenge in the investment industry, and that concerted and collaborative effort is required to make the financial services sector more attractive for women at all levels of seniority. As such, Gravis is a supporter of the Young Women Into Finance Scholarship Program, a not-for-profit social organisation dedicated to the eradication of gender bias for new graduates entering the finance industry. This year, the Group facilitated one paid internship for a student as part of the program. The intern worked across various teams at Gravis.
Gravis also participated in the 10,000 Black Interns program this year for the third year, which offers paid internship opportunities across more than 25 sectors, along with training and development opportunities. One paid internship was offered as part of the program, with the individual working across various functions within the Group.
The health, safety and wellbeing of employees is one of Gravis’ main priorities. The Group invests in professional development and supports employee health and wellbeing. In 2022, Gravis was awarded an ‘Investors in People’ accreditation, which assesses organisational performance in areas such as employee engagement, communication, culture and work practices. The Group continued its work with Investors in People during the year, and following a reassessment, achieved the silver accreditation. The Group is committed to implementing further improvements based on the feedback received and is working towards achieving a gold accreditation at our next review planned for 2028.
For further details please refer to the Gravis Responsible Investment Report on the Company’s website.
The Group is indirectly affected by the risk of a general downturn in the economy and in the sectors in which the funds managed or advised by the Group operate, which may negatively impact on asset returns or investor sentiment, and therefore the turnover of the Group. The Group mitigates this risk by maintaining good relationships with stakeholders, employing experienced teams, its investment process and increasing the diversification of investors in funds managed and advised by Gravis.
The Group maintains a business risk register which covers investment management, portfolio management, operations, strategy and compliance. The risk register is reviewed semi-annually and approved by the Operations Committee, with any material findings reported to the Board.
The Group does not use derivative financial instruments to hedge interest rate, foreign exchange or any other exposures given the risks posed are deemed minimal.
The Group maintains a business risk register which covers investment management, portfolio management, operations, strategy and compliance. The risk register is reviewed semi-annually and approved by the Operations Committee, with any material findings reported to the Board.
The Group does not use derivative financial instruments to hedge interest rate, foreign exchange or any other exposures given the risks posed are deemed minimal.
The Directors of the Group have acted in accordance with their duties codified in law, which include their duty to act in the way in which they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole, having regard to the stakeholders and matters set out in section 172 of the Companies Act 2006.
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GRAVIS CAPITAL MANAGEMENT LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
This report was approved by the board and signed on its behalf.
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GRAVIS CAPITAL MANAGEMENT LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The Directors present their report and the financial statements for the year ended 31 March 2026.
The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
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 the Group and to 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.
The loss for the year, after taxation and minority interests, amounted to £835,000 (2025 - loss £734,000).
Dividends paid and declared by the Group during the year amounted to £144,000 (2025 - £554,000).
The Directors who served during the year were:
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GRAVIS CAPITAL MANAGEMENT LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
The Group's operations expose it to a variety of financial risks including liquidity risk and credit risk. The Group's principal financial instruments comprise cash, trade debtors and trade creditors all of which arise directly from its operations.
The Directors note that the Group has significant cash reserves which are actively managed to ensure the Group has sufficient liquidity to fund its working capital requirements and mitigate the risk exposures arising from the management of the funds. In the context of the Group's financial instruments as set out in note 18 disclosure of financial risk management is not considered necessary as it is not considered to be material for the assessment of the Group's assets, liabilities, financial position and profit or loss.
The Directors note that the Group has significant cash reserves which are actively managed to ensure the Group has sufficient liquidity to fund its working capital requirements and mitigate the risk exposures arising from the management of the funds. In the context of the Group's financial instruments as set out in note 18 disclosure of financial risk management is not considered necessary as it is not considered to be material for the assessment of the Group's assets, liabilities, financial position and profit or loss.
The above emissions result from energy provision at the Group’s office premises, which is managed by the building operator. The premises in London has been awarded an ‘Excellent’ rating from BREEAM which is a gold standard in sustainability certifications. The building operator switched energy providers at the beginning of 2024, changing the energy supply from renewable to mixed fuel.
The Group offsets its emissions using a carbon offsetting scheme. Further information can be found in the Group’s Responsible Investment report on its website.
The Group offsets its emissions using a carbon offsetting scheme. Further information can be found in the Group’s Responsible Investment report on its website.
Key ratios used by the Group in assessing its energy efficiency include average energy consumption per employee (in tonnes of CO2 equivalent) - 0.14 (2025 - 0.20).
The auditors, Wellden Turnbull Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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GRAVIS CAPITAL MANAGEMENT LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
This report was approved by the board and signed on its behalf.
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GRAVIS CAPITAL MANAGEMENT LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRAVIS CAPITAL MANAGEMENT LTD
We have audited the financial statements of Gravis Capital Management Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2026, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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 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 or the parent 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.
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GRAVIS CAPITAL MANAGEMENT LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRAVIS CAPITAL MANAGEMENT LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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GRAVIS CAPITAL MANAGEMENT LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRAVIS CAPITAL MANAGEMENT LTD (CONTINUED)
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 Auditors' 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 Group 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. We have identified the greatest risk of a material impact on the financial statements from irregularities, including fraud, to relate to the timing and recognition of revenue and the override of controls by management. We have obtained an understanding of the legal and regulatory frameworks that the Company and Group operates within including both those that directly have an impact on the financial statements and more widely those for which non-compliance could have a significant impact on the Company and Group's operations and reputation. The Companies Act 2006, UK company tax law, Financial Conduct Authority regulation, employee legislation and data protection are those we have identified in this regard. Auditing standards limit the required procedures as to non-compliance with laws and regulations to enquiries of those charged with governance and review of any applicable correspondence.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Assessing the susceptibility of the Company’s financial statements to material misstatements by obtaining an understanding of how fraud might occur;
∙Enquiring of management and those charged with governance as to actual and potential litigation and claims and testing of internal controls in place, where applicable, to mitigate risks of fraud and non-compliance with laws and regulations;
∙Identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, by identifying the laws and regulations applicable to the Company through discussions with management to ensure that no breaches have incurred that would have a reputational, operational or financial impact on the Company;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations, as well as reviewing minutes of meetings of those charged with Governance;
∙Performing audit work over the risk of timing and recognition of income, including testing of internal controls over income reconciliation and recognition, analytical procedures to ensure completeness and substantive procedures to ensure accuracy, based on the requirements of accounting standards; and
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business, and performing analytical procedures to identify any significant unusual or unexpected transactions or relationships.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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GRAVIS CAPITAL MANAGEMENT LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRAVIS CAPITAL MANAGEMENT LTD (CONTINUED)
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 Auditors' 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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Albany House
Claremont Lane
Surrey
KT10 9FQ
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GRAVIS CAPITAL MANAGEMENT LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
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GRAVIS CAPITAL MANAGEMENT LTD
REGISTERED NUMBER: 10471852
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 20 to 40 form part of these financial statements.
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GRAVIS CAPITAL MANAGEMENT LTD
REGISTERED NUMBER: 10471852
COMPANY BALANCE SHEET
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 20 to 40 form part of these financial statements.
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GRAVIS CAPITAL MANAGEMENT LTD
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
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GRAVIS CAPITAL MANAGEMENT LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
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GRAVIS CAPITAL MANAGEMENT LTD
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
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GRAVIS CAPITAL MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Gravis Capital Management Ltd is a private company, limited by shares and incorporated in England and Wales, registration number 10471852 . The registered office address is 24 Savile Row, London, W1S 2ES.
2.Accounting policies
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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GRAVIS CAPITAL MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Revenue from advisory and management fees are recognised in the accounting period in which the services are provided. Income earned not invoiced is included within accrued income.
Arrangement and share placement fees are one off transactions linked to the arrangement of loans and commission received from attracting new subscribers to shares. Revenue of this nature is recognised upon completion of each transaction.
Outstanding payments at the year end are included within trade debtors.
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GRAVIS CAPITAL MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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GRAVIS CAPITAL MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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GRAVIS CAPITAL MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
At each reporting date the Group 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 charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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 profit or loss.
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GRAVIS CAPITAL MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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GRAVIS CAPITAL MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Management do not consider the Company and Group to have any key sources of estimation uncertainty nor significant judgements or assumptions in preparing these financial statements.
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GRAVIS CAPITAL MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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GRAVIS CAPITAL MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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GRAVIS CAPITAL MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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GRAVIS CAPITAL MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
There were no factors that may affect future tax charges.
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GRAVIS CAPITAL MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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GRAVIS CAPITAL MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
11.Intangible assets (continued)
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GRAVIS CAPITAL MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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GRAVIS CAPITAL MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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GRAVIS CAPITAL MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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GRAVIS CAPITAL MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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GRAVIS CAPITAL MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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GRAVIS CAPITAL MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Profit and loss account
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £384,000 (2025 - £412,000). No amounts were payable to the fund at the year end in either the current or prior periods.
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GRAVIS CAPITAL MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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GRAVIS CAPITAL MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
24.Related party transactions (continued)
The Company's immediate parent undertaking is ORIX Corporation Europe N.V. , a company incorporated in the Netherlands, registered office address Weena 850 3014DA, Rotterdam, Netherlands .
The ultimate controlling party isORIX Corporation , a company incorporated in Japan, registered office address World Trade Center Building, 2-4-1, Hamamatsu-cho, Minato-ku, Tokyo, 1056135, Japan .
The smallest and largest group of undertakings into which the results of the Company are consolidated is headed byORIX Corporation . The consolidated financial statements are available on their website: www.orix.co.jp.
The ultimate controlling party is
The smallest and largest group of undertakings into which the results of the Company are consolidated is headed by
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