REGISTERED NUMBER: 03849924 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2026

FOR

HATHAWAY INVESTMENT MANAGEMENT LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

S R G Englefield

G A J Englefield

J Pearce

REGISTERED OFFICE:

Grosvenor House

14 Bennetts Hill

Birmingham

West Midlands

B2 5RS

REGISTERED NUMBER:

03849924 (England and Wales)

AUDITORS:

Prime

Chartered Accountants

Statutory Auditor

161 Newhall Street

Birmingham

B3 1SW

The directors present their strategic report for the year ended 30 April 2026.

REVIEW OF BUSINESS

In the year, our investments continued to be affected by national and international events, particularly in the Middle East - with their customary impact on input costs - but with the general stock market returning 25%, while gilts retrenched to provide yields not seen for many years.

Meanwhile, clients' investment portfolios continued to put in a recovering performance in the twelve months, albeit once more held back by certain stocks exposed to the international crisis etc.; equally, the general investing scene was dominated by all things AI - and its accompanying enthusiasms - to which we have no material exposure.

Thanks to the compound interest model though, and strong previous returns: by 30th April, our unit trust had advanced to a 410% total return since launch in 2002 [as against 376% a year ago], well ahead of its benchmark over that long term and buttressing our wider proposition to investors. Furthermore: after 30th April, our fund experienced material advances/recoveries in certain holdings, further consolidating its long-term position.

Supported by that performance, we enjoyed a stable client list in the year.

PRINCIPAL RISKS AND UNCERTAINTIES

Although investment performance remains robust over the long term, clearly the principal risk facing the company in the short term is its vulnerability to the ever present stock market uncertainty, although the outlook for quoted equities remains positive. However, governments and their debts and taxation play an unwelcome role and inflation (only ever in remission) is likely to remain a continuing challenge.

KEY PERFORMANCE INDICATORS

The key performance indicators are turnover and profit before taxation.

MARKET AND REGULATORY ENVIRONMENT

Details of the company's Pillar 3 disclosures, required under Chapter 11 of the Financial Conduct Authority's Prudential Sourcebook of Banks, Building Societies and Investment Firms ("BIPRU"), may be obtained from the company's registered office.

FUTURE PROSPECTS

The company is now a well-established independent investment manager with emphasis placed on quality and accuracy and it has a growing profile. The company maintains a high level of personal attention to its clients. The company continues to pursue new business opportunities and remains fortunate in its committed teams at all levels. The IFSL Hathaway Fund continues to develop deserved custom and interest.

ON BEHALF OF THE BOARD:

S R G Englefield - Director

20 August 2026

The directors present their report with the financial statements of the company for the year ended 30 April 2026.

PRINCIPAL ACTIVITY

The company acts as investment manager for a wide range of clients, including individuals, trusts, companies, charities, pension funds and the IFSL Hathaway Fund, an authorised unit trust.

DIVIDENDS

No dividends (2025: 4 interim dividends that totalled £20 per share) were paid to ordinary shareholders during the year.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 May 2025 to the date of this report.

S R G Englefield

G A J Englefield

J Pearce

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's 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 AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

Prime, were appointed auditors by the company and will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S R G Englefield - Director

20 August 2026

Opinion

We have audited the financial statements of Hathaway Investment Management Limited (the 'company') for the year ended 30 April 2026 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 April 2026 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws 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 discussions with directors and other management, and from our commercial knowledge and experience of the industry sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;

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

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

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

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC and other relevant parties.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 Report of the Auditors.

Use of our report

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

Luke Edwards ACA FCCA (Senior Statutory Auditor)

for and on behalf of Prime

Chartered Accountants

Statutory Auditor

161 Newhall Street

Birmingham

B3 1SW

24 August 2026

TURNOVER

3

878,478

845,119

Administrative expenses

851,742

767,453

OPERATING PROFIT and

PROFIT BEFORE TAXATION

26,736

77,666

Tax on profit

6

5,466

18,539

PROFIT FOR THE FINANCIAL YEAR

21,270

59,127

PROFIT FOR THE YEAR

21,270

59,127

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

21,270

59,127

FIXED ASSETS

Tangible assets

8

3,858

5,894

Investments

9

150

150

4,008

6,044

CURRENT ASSETS

Debtors

10

176,126

145,673

Cash at bank and in hand

223,981

240,715

400,107

386,388

CREDITORS

Amounts falling due within one year

11

48,043

57,630

NET CURRENT ASSETS

352,064

328,758

TOTAL ASSETS LESS CURRENT LIABILITIES

356,072

334,802

CAPITAL AND RESERVES

Called up share capital

13

900

900

Share premium

14

299,700

299,700

Retained earnings

14

55,472

34,202

SHAREHOLDERS' FUNDS

356,072

334,802

The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2026 and were signed on its behalf by:

S R G Englefield - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 May 2024

900

47,075

299,700

347,675

Changes in equity

Dividends

-

(72,000

)

-

(72,000

)

Total comprehensive income

-

59,127

-

59,127

Balance at 30 April 2025

900

34,202

299,700

334,802

Changes in equity

Total comprehensive income

-

21,270

-

21,270

Balance at 30 April 2026

900

55,472

299,700

356,072

Cash flows from operating activities

Cash generated from operations

1

1,805

102,736

Tax paid

(18,539

)

(18,235

)

Net cash from operating activities

(16,734

)

84,501

Cash flows from financing activities

Equity dividends paid

-

(72,000

)

Net cash from financing activities

-

(72,000

)

(Decrease)/increase in cash and cash equivalents

(16,734

)

12,501

Cash and cash equivalents at beginning of year

2

240,715

228,214

Cash and cash equivalents at end of year

2

223,981

240,715

1.	RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

2026

2025

£

£

Profit for the financial year

21,270

59,127

Depreciation charges

2,036

6,128

Taxation

5,466

18,539

28,772

83,794

(Increase)/decrease in trade and other debtors

(30,453

)

21,345

Increase/(decrease) in trade and other creditors

3,486

(2,403

)

Cash generated from operations

1,805

102,736

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2026

30.4.26

1.5.25

£

£

Cash and cash equivalents

223,981

240,715

Year ended 30 April 2025

30.4.25

1.5.24

£

£

Cash and cash equivalents

240,715

228,214

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.25

Cash flow

At 30.4.26

£

£

£

Net cash

Cash at bank and in hand

240,715

(16,734

)

223,981

240,715

(16,734

)

223,981

Total

240,715

(16,734

)

223,981

1.	STATUTORY INFORMATION

Hathaway Investment Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The company is exempt under Section 402 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as the directors consider that all of the company's subsidiaries may be excluded from consolidation for the reasons set out in note 10. These financial statements therefore present information about the company as an individual undertaking and not about its group.

Turnover

Turnover represents fees, dealing charges and net interest income, excluding value added tax. Revenue from management fees is recognised at the point of invoicing. Dealing charges and net interest income is recognised on an accruals basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office Equipment

-

20% on cost

Fixtures and fittings

-

20% on cost

Computer equipment and software

-

20% on cost

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

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

Current tax

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

Turnover arises solely within the United Kingdom.

4.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

432,358

436,860

Social security costs

49,499

46,278

Other pension costs

34,589

32,021

516,446

515,159

The average number of employees during the year was as follows:

2026

2025

Administrative

7

7

2026

2025

£

£

Directors' remuneration

275,033

284,350

Directors' pension contributions to money purchase schemes

22,003

22,748

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

3

3

Information regarding the highest paid director is as follows:

2026

2025

£

£

Emoluments etc

96,667

102,350

Pension contributions to money purchase schemes

7,733

8,188

5.	OPERATING PROFIT

The operating profit is stated after charging:

2026

2025

£

£

Depreciation - owned assets

2,036

6,126

Auditors' remuneration

11,633

9,950

Operating leases - Land & buildings

34,174

30,516

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2026

2025

£

£

Current tax:

UK corporation tax

5,466

18,539

Tax on profit

5,466

18,539

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2026

2025

£

£

Profit before tax

26,736

77,666

Profit multiplied by the standard rate of corporation tax in the UK of 19% (2025 - 21.797%)

5,080

16,929

Effects of:

Expenses not deductible for tax purposes

11

97

Depreciation in excess of capital allowances

375

1,513

Total tax charge

5,466

18,539

7.

DIVIDENDS

2026

2025

£

£

Interim

-

72,000

8.	TANGIBLE FIXED ASSETS

Computer

Fixtures

equipment

Office

and

and

Equipment

fittings

software

Totals

£

£

£

£

COST

At 1 May 2025

and 30 April 2026

77,020

27,443

67,017

171,480

DEPRECIATION

At 1 May 2025

71,126

27,443

67,017

165,586

Charge for year

2,036

-

-

2,036

At 30 April 2026

73,162

27,443

67,017

167,622

NET BOOK VALUE

At 30 April 2026

3,858

-

-

3,858

At 30 April 2025

5,894

-

-

5,894

9.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 May 2025

and 30 April 2026

150

NET BOOK VALUE

At 30 April 2026

150

At 30 April 2025

150

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Tempest Nominees Limited

Registered office: Grosvenor House, 14 Bennetts Hill, Birmingham, West Midlands, B2 5RS

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

146,232

116,000

Prepayments and accrued income

29,894

29,673

176,126

145,673

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade creditors

3,773

3,611

Tax

5,466

18,539

Social security and other taxes

9,649

11,135

VAT

15,047

14,885

Accrued expenses

14,108

9,460

48,043

57,630

12.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2026

2025

£

£

Within one year

43,231

22,887

Between one and five years

32,423

-

75,654

22,887

All operating lease commitments disclosed above were in respect of land and buildings.

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2026

2025

value:

£

£

900

Ordinary shares

£1

900

900

The company has one class of ordinary shares which carry full rights to voting, dividends and return of capital on wind up of the company. The ordinary shares do not carry any right to fixed income.

14.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 May 2025

34,202

299,700

333,902

Profit for the year

21,270

-

21,270

At 30 April 2026

55,472

299,700

355,172

The company's reserves are as follows:

The retained earnings reserve, which represents cumulative profits or losses net of dividends paid.

The share premium reserve, which represents the cumulative premium arising on the issue of new shares in the company.