The directors present their annual report and financial statements for the year ended 31 December 2025.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Risks and risk management
The Company is exposed to financial risks such as market risk, credit risk and liquidity risk, and the monitoring of these risks is detailed in note 16 to the financial statements.
Principal risks and uncertainties
The principal risks and uncertainties facing the Company and its investee company, and an explanation of how they are managed are set out below. The Board does not consider the likelihood or impact of these risks to have changed in the year.
Manager
The ability of the Company to achieve its investment objective depends heavily on the experience of the management team within the Manager and more generally on the Manager’s ability to attract and retain suitable staff. The sustained growth of the Company depends upon the ability of the Manager to identify, select and execute further which offer the potential for satisfactory returns.
Regulation
If a change in Government renewable energy policy was applied retrospectively to current operating projects, including Greencoat Brecon, this could adversely impact the market price for renewable energy, or the value of the green benefits earned from generating renewable energy. The Government has evolved the regulatory framework for renewable energy over time and has generally provided a stable framework for operating projects. Whilst support mechanisms remain in place, future changes to regulation or policy may affect project revenues and asset values.
Financing risk
The Company has financed its investments through the issuance of loan notes of £275,723,443 (2024: £250,000,000). The Company may finance new investments by issuing further loan notes or allotting additional shares to the LPs.
Electricity prices
Other things being equal, a decline in the market price of electricity would reduce the investee companies’ revenues. The average N2EX Day Ahead auction price was £80.65/MWh (2024: £72.53 /MWh). The company's adheres to its strategy to maintain a balanced approach to fixed and merchant revenues.
Feedstock prices
The price paid for feedstock is a key, approximately 34% of MGEL’s operating expenses for 2025. Future cashflows have been modelled using a forecast of feedstock prices determined by independent market experts. A sustained increase in actual feedstock prices above these forecasts would have a negative impact on MGEL.
Fuel required for the plant is secured under a long-term contract with Seras, the leading waste wood biomass supplier in the UK, with a fixed price escalated in accordance with published inflation indices. This contract is underwritten by suitable guarantees and securities from Seras’ parent company. A fall in the creditworthiness of Seras or its parent could have a negative impact on the Company.
Availability and operating performance
The availability and operating performance of the equipment used by the plant may be impacted by accidents, mechanical failure, grid availability, theft or damage which will directly impact the revenues and profitability of the renewable infrastructure asset. The Company does not have any control over these risks, and accordingly, no provisions have been made for them. Failures may be the result of a short-term issue or a long-term fundamental failure of one piece of equipment, for example, which could impact returns.
Investments undergo significant due diligence prior to acquisition. Operations and maintenance agreements and asset management agreements are put in place to monitor the investment, which is overseen by the Manager. Insurance coverage is put in place for theft, damage and business interruption.
Asset life
In the event that the plant does not operate for the period of time assumed or require higher than expected maintenance expenditure to do so, it could have a material adverse effect on the financial performance and position of the investee company.
The Manager performs regular reviews and ensures that maintenance is performed at the asset. Regular maintenance ensures that equipment is in good working order to meet its expected life span.
Health and safety and the environment
The operations of Company’s asset is subject to health and safety and environmental regulation. A breach of these or an accident could lead to damages or compensation to the extent such loss is not covered by insurance policies, adverse publicity or reputational damage.
The Company engages an independent health and safety consultant to ensure the ongoing appropriateness of its health and safety policies and procedures. The investee companies have reporting lines ensuring that the Manager is informed of events as soon as possible after they occur.
Following the year end, on 28 January 2026, the UK Government confirmed that the indexation basis for Renewables Obligation ("RO") support will change from RPI to CPI from the 2026/27 compliance year. Had this change been reflected in the valuation of the Company's investment at 31 December 2025, management estimates that the value of the investment would have reduced by approximately £7.8 million, -2.85%. The change reflects lower forecast escalation of future ROC revenues under CPI indexation.
There were no other material subsequent events to disclose.
Pursuant to section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and BDO LLP (the ‘Auditor’) will therefore continue in office.
The Board is of the opinion that the financial statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for the shareholder to assess the performance, strategy and business model of the Company.
Other information
The Directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and the auditor’s report thereon.
Results and dividends
The results for the year are set out in the Statement of Comprehensive Income on page 10. Losses after tax attributable to the shareholder in the year ended 31 December 2025 were £36,261,897 (2024: £40,810,360).
Dividend payments made during the year amounted to £nil (2024: £574,436).
The Directors do not recommend the payment of a final dividend for the year ended 31 December 2025.
Going concern
At the 31 December 2025, the Company had net current assets of £11,196 (2024: £18,489,208 net current liabilities), net liabilities of £2,059,350 (2024: net assets of £34,202,547) and cash balances of £260,491 (2024: £87,441). Included in the net current position is £nil (2024: £25,154,109) relating to accrued loan interest payable, this can be capitalised when agreed in writing from the LPs. As of 31 December 2025, the Company owed the LPs £275,723,443 (2024: £250,000,000) which as disclosed in note 14 mature on 30 June 2053. The Company continues to meet its day-to-day liquidity requirements through its cash resources, which are managed via distributions received from the SPV.
The investment is forecast to make repayments in the coming year.
The Manager has reviewed the Company’s forecasts and projections taking into account foreseeable changes in investment and trading performance, as well as consideration to worst case outcomes, which show that the Company has sufficient financial resources to meet its current obligations as they fall due for a period of at least 12 months from the date of approval of this report.
On the basis of this review, and after making due enquiries, the Directors and the Manager have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least 12 months from the date of approval of this report. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The Directors expect the activity and performance of the Company’s investee company to be satisfactory in the forthcoming year and are not aware of any potential circumstance that would adversely affect operations.
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 (‘UK GAAP’) (United Kingdom Accounting Standards and applicable law), including FRS 102 - The Financial Reporting Standard applicable in the UK and 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;
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 company will continue in business; and
prepare a Directors’ Report which complies with the requirements of the Companies Act 2006.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose the financial position of the Company with reasonable accuracy at any time 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.
The Directors confirm to the best of their knowledge that:
The financial statements, prepared in accordance with UK GAAP, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company;
The Directors’ Report includes a fair review of the development and performance of the Company and the position of the Company, together with a description of the principal risks and uncertainties it faces; and
So far as each Director is aware, there is no relevant audit information of which the Company’s Auditor is unaware, and each Director has taken all steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company’s Auditor is aware of that information.
We have audited the financial statements of Greencoat Brecon Limited (“the Company”) for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and 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).
Basis for 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.
Emphasis of matter
Other information
Other Companies Act 2006 reporting
In our opinion, based on the work undertaken in the course of the audit:
the information given in the Directors’ report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Directors’ report has been prepared in accordance with applicable legal requirements.
In 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 Directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the Directors were not entitled to take advantage of the small companies’ exemptions from the requirement to prepare a Strategic report.
Extent to which the audit was capable of detecting irregularities, including fraud.
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:
Non-compliance with laws and regulations
We gained an understanding of the legal and regulatory framework applicable to the Company, the policies and procedures regarding compliance with laws and regulations and the industry in which it operates and considered the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud.
Our tests included, but were not limited to:
Obtaining an understanding of the control environment in monitoring compliance with laws and regulations;
Review of financial statement disclosures and agreeing to supporting documentation;
Enquiries of management and those charged with governance regarding any instances of non-compliance with laws and regulations; and
Review of minutes of the board meetings throughout the period regarding any instances of non-compliance with laws and regulations.
Fraud
We assessed the susceptibility of the financial statements to material misstatement including fraud.
Our risk assessment procedures included:
Enquiry with management and those charged with governance regarding any known or suspected instances of fraud;
Obtaining an understanding of the Company’s policies and procedures relating to:
Detecting and responding to the risks of fraud; and
Internal controls established to mitigate risks related to fraud.
Review of minutes of meeting of those charged with governance for any known or suspected instances of fraud;
Discussion amongst the engagement team as to how and where fraud might occur in the financial statements; and
Considering remuneration incentive schemes and performance targets and the related financial statement areas impacted by these.
Based on our risk assessment, we considered the areas most susceptible to fraud to be the valuation of investments and management override of controls.
Our procedures in response to the above included:
Assessing significant estimates made by management in the valuation of investments for bias; and
Review and consideration of the appropriateness of adjustments made in the preparation of the financial statements; and
Review of unadjusted audit differences, if any, for indication of bias or deliberate misstatement.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
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.
The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.
The notes on pages 14 to 25 form part of these financial statements.
The notes on pages 14 to 25 form part of these financial statements.
The notes on pages 14 to 25 form part of these financial statements.
The notes on pages 14 to 25 form part of these financial statements.
Greencoat Brecon Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 London Wall Place, London, Greater London, England, EC2Y 5AU.
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 £.
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including trade and other payables and loans from related parties, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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.
Interest payable and expenses
Interest payable and expenses are accounted for on an accruals basis, with interest being recognised using the effective interest rate method.
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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions that may have a significant impact on the carrying value of assets and liabilities are those used to determine the fair value of the investment. The fair value of the investment is based on the discounted values of expected future cash flows, which are subject to certain key assumptions including the useful life of the asset, the discount factors, the rate of inflation, the price at which the power and associated benefits can be sold, the amount of electricity the asset is expected to produce and volume of feedstock.
Assumptions about the useful life of the asset is based on the Manager’s estimates of the period over which the asset will generate revenue. These assumptions are periodically reviewed for continued appropriateness. The actual useful life of the asset may be shorter or longer depending on the actual operating conditions experienced by this asset.
The discount factors are subjective. It is feasible that a reasonable alternative assumption could be used that would result in a different value. Discount rates are periodically reviewed taking into account any recent market transactions of a similar nature.
The revenues and expenditure of the asset are frequently partly or wholly subject to indexation, typically with reference to the Consumer Price Index (CPI) or Retail Price Index (RPI). From a financial modelling perspective, an assumption is usually made that the inflation index will increase at a long-term rate.
The price at which the output from the generating asset is sold is a factor of both wholesale electricity prices and the revenue received from the Government support regimes. Future power prices are estimated using external third-party forecasts which take the form of specialist consultancy reports, which reflect various factors including gas prices, carbon prices and renewables deployment, each of which reflect the UK and global response to climate change. The future power price assumptions are reviewed as and when these forecasts are updated. There is an inherent uncertainty in future wholesale electricity price projection.
The volume of electricity produced depends on the capacity factor of the power plant, which is a product of the generation capacity and the availability of the plant. The capacity factor is tested at the commencement of operations and the availability forecast is provided by specialist technical consultants. The volume of electricity produced per year is guaranteed by the operator of the plant as part of a long-term operation and maintenance contract. However, residual risks remain with the project owner such as in relation to unexpected breakdown of major items of equipment or non-supply of fuel.
Future cashflows have been modelled using a forecast of feedstock prices determined by independent market experts. A sustained increase in actual feedstock prices above these forecasts would have a negative impact on MGEL.
Fuel required for the plant is secured under a long-term contract with Seras, the leading waste wood biomass supplier in the UK, with a fixed price escalated in accordance with published inflation indices. This contract is underwritten by suitable guarantees and securities from Seras’ parent company. A fall in the creditworthiness of Seras or its parent could have a negative impact on the Company.
Estimates and judgements are continually evaluated and are based on historical experience of the Manager and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Although the Manager uses its best judgement in estimating the fair value of investments, there are inherent limitations in any estimation techniques. Future events could also affect the estimates of fair value. The effect of such events on the estimates of fair value, including the ultimate liquidation of the investment, could be material to the financial statements. The financial risk management objectives and policies of the Company, including exposure to price risk, interest rate risk, credit risk and liquidity risk are discussed in note 16 to the financial statements.
All income arose within the UK market.
The average monthly number of persons (including directors) employed by the company during the year was nil (2024: nil).
The directors did not receive emoluments in relation to services to this entity in either reported year.
The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
At the reporting date the Company had timing differences relating to corporate interest restriction of £22,551,192 (2024: £15,022,222). A deferred tax asset of £5,637,798 (2024: £3,755,556) has not been recognised, as the timing of permitted reactivation of these restrictions is uncertain.
The investment made in the underlying asset is carried at fair value. The investment is made through a combination of loans and equity into the investment vehicle which owns the underlying asset, and the fair value movements above have been allocated to equity. At the point that the equity carrying value is reduced to nil, further reductions will be allocated against loan investments.
Fair value measurements
FRS 102 requires disclosure of fair value measurement by level. The level of fair value hierarchy within the financial assets or financial liabilities is determined on the basis of the lowest level input that is significant to the fair value measurement. Financial assets and financial liabilities are classified in their entirety into only one of the following three levels:
Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2 - inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
Level 3- inputs for assets or liabilities that are not based on observable market data (unobservable inputs).
The determination of what constitutes ‘observable’ requires judgement by the Company. The Company considers observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.
The investment is held at fair value and are fair valued at each reporting date. The investment has been classified within level 3 as the investment is not traded and contain unobservable inputs. Due to the nature of the investment, it is always expected to be classified as level 3. There have been no transfers between levels during the year ended 31 December 2025. Any transfers between the levels would be accounted for on the last day of each financial year.
The Directors consider the following investee companies to be subsidiaries of the Company. The Directors have concluded that the subsidiaries should be excluded from consolidation as the interests are held as part of an investment portfolio.
Loans from related parties are unsecured.
The Company issued loan notes to the LPs which are repayable on the termination date of 30 June 2053 and bear interest at a rate of 6.5 per cent per annum. Interest is payable quarterly, and any unpaid interest is capitalised upon written agreement of the LPs. As at 31 December 2025, the loan balance was £275,723,443 (2024: £250,000,000) and loan interest outstanding was £nil (2024: £25,154,110).
Debt instruments measured at amortised cost are comprised of amounts owed by group undertakings and other debtors.
Equity and shareholder loan investments measured at fair value through profit or loss are comprised of investments in subsidiaries split between their debt and equity components.
Financial liabilities measured at amortised cost are comprised of trade and other creditors, accruals and loans from related parties.
The Company’s activities expose it to a variety of financial risks: market risk (including price risk, interest rate risk and foreign currency risk), credit risk and liquidity risk. An explanation of those risks is set out below.
Price risk
Price risk is defined as the risk that the fair value of a financial instrument held by the Company will fluctuate. The investment is measured at fair value through profit or loss and is valued on an unlevered, discounted cashflow basis. Therefore, the value of the investment will be (amongst other risk factors, as per note 2) a function of the discounted value of expected cashflows and, as such, will vary with movements in interest rates and competition for such assets.
In relation to the investment, sensitivity analysis indicates that a discount rate increase of 50bp yields a downward adjustment to the fair value of Margam of £10.2 million (2024: £11.4 million). Conversely, a discount rate decrease of 50bp yields an upward adjustment to the fair value of Margam of £10.9 million (2024: £12.2 million).
The discount factors are subjective and therefore it is feasible that a reasonable alternative assumption may be used resulting in a different valuation for these investments.
Interest rate risk
Interest rate risk is the risk that the fair value or future cashflows of a financial instrument will fluctuate because of changes in market interest rates. The Board considers that the shareholder loan investments and shareholder loan payable do not carry any interest rate risk as they bear interest at a fixed rate, thereby mitigating the risks associated with the variability of cash flows arising from interest rate fluctuations.
Foreign currency risk
Foreign currency risk is defined as the risk that the fair values of future cash flows will fluctuate because of changes in foreign exchange rates. The Company’s financial assets and liabilities are denominated in GBP and substantially all of its revenues and expenses are in GBP. The Company is not considered to be materially exposed to foreign currency risk.
Credit risk
Credit risk is the risk of loss due to the failure of a borrower or counterparty to fulfil its contractual obligations. The Company is exposed to credit risk in respect of shareholder loan investments, accrued shareholder loan interest, cash at bank and other receivables. The Company’s credit risk exposure is minimised by dealing with financial institutions with investment grade credit ratings.
The Company has advanced loans to its investee companies. The Board regularly reviews the future cashflows and valuations of the investee company to gain comfort as to the recoverability of the loans. These loans are intra-group, and the performance and value of the underlying assets are expected to generate sufficient income and thus distributions therefore, no balances are impaired, nor past due. The maximum exposure as at 31 December 2025 was £107,388,395 (2024: £109,862,059).
Liquidity risk
Liquidity risk is the risk that the Company may not be able to meet a demand for cash or fund an obligation when due. The Manager and Board continuously monitor forecast and actual cash flows from operating, financing and investing activities. The Directors do not consider the liquidity risk to be material due to the limited working capital required to meet the day-to-day commitments of the Company. The Company has a loan liability to the LPs that is repayable on demand, however, it has received a letter of support from the LPs confirming that the loan and accrued interest thereon will not be recalled for at least 12 months from the date of approval of this report.
The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.
Following the year end, on 28 January 2026, the UK Government confirmed that the indexation basis for Renewables Obligation ("RO") support will change from RPI to CPI from the 2026/27 compliance year. Had this change been reflected in the valuation of the Company's investment at 31 December 2025, management estimates that the value of the affected investments would have reduced by approximately £7.8 million, -2.85%. The change reflects lower forecast escalation of future ROC revenues under CPI indexation.
There were no other material subsequent events to disclose.
The principal loan notes are redeemable on the termination date of 30 June 2053 and bears interest at a rate of 6.5 per cent. Interest is repayable at least quarterly. As at 31 December 2025, the loan balance was £275,723,443 (2024: £250,000,000) and loan interest outstanding was £Nil (2024: £25,154,110)
Any accrued interest loan notes are redeemable on the termination date of 30 June 2053 and are non-interest bearing. As at 31 December 2025 the accrued interest balance was £Nil (2024: £Nil).