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

The principal activity of the company is to provide clinically led private healthcare claims administration. These services are delivered through the healthcare mastertrust framework and as third-party administrator for corporate healthcare trusts, health insurance underwriters and organisations.

The Healix mastertrust solution is the core expertise of Healix Health and is designed to provide organisations with a flexible solution to their employee, student, or member healthcare benefit scheme. Healthcare trusts offer a viable alternative to the medical insurance model; allowing schemes to be bespoke to clients’ requirements on both the range and variety of healthcare benefits as well as appropriate or preferred limits. The healthcare trust scheme provides an attractive commercial model whereby unspent funds - contributed by the participating company – remain within the trust and can be used by the scheme members for healthcare benefits in future years. Clients decide which services are of the most benefit to them and their teams, paying only for what is used.

The Healix Health directors are pleased to report that the company has delivered a profit for the year that agrees with what had been forecast in the annual budget and represents a 24% increase on the prior year’s net profit. Total income in the year is 8% up on the previous year and the company is confident in delivering further strong growth for the year ending June 2027 and remains on course to achieve the 5-year financial and strategic plans.

The business has continued to drive growth by focusing on our people, our relationships and our position in the healthcare provider market and the digitalisation and automation of systems and member access to services:

• Ongoing restructuring and developing teams and function specialties across the business has been a core action to ensure that the business is structured appropriately to support growth strategies.

• Investing in client and broker relationships has included recruiting additional Strategic Key Account Director roles to join the expanding client relationships team to ensure Healix continues to respond to broker and client feedback on product and service development whilst providing excellent account management support.

• Strengthening the Healix Health culture and values through regular and clear communications, the engagement and promotion of hybrid working whilst encouraging and ensuring office interactions remain prominent, and team incentive programs promoting performance and the demonstration of the Company values. Expanding on the Employee Benefits offered to our people continues to enhance the well-being focus of Healix Health.

• Expanding the marketing function including further recruitment of specialty experts in the areas of brand development, social media, content insights, and event and PR management.

• Enhancing product offering through the expansion of the digital pathways within an easily accessible app. for all healthcare trust members.

• Automating and streamlining processes and systems to continuously improve both internal efficiencies and member service experiences through improved digital access.

• Relocating the Surrey office before the close of the 2026 calendar year and continuing to build the Bristol office with teams across several business functions and a further growth in headcount.

The business has a healthy cash balance to support the business moving forward. We continue to develop our service offerings and invest in our people and systems.

An increase in net assets to £3.61m – up from £3.24m in 2025 and £2.25m for 2024 – aligns with the forecast for this year.

Regular review of risks and controls that affect the achievement of business targets and objectives or the reputation of the company are addressed at all levels.

To achieve business objectives effectively managed risks need to be taken. By understanding the nature of our risks we ensure that we keep ourselves in a position to make informed decisions. Healix reviews and manages a Corporate Risk Register (CRR) and invests resource to keep up to date with clinical, technological, market and industry changes and developments.

Outlined below are the principal risks identified, notwithstanding that there are other risks that may occur and impact the achievement of the Company’s objectives.

• Financial Risk as a result of the level of contributions for Service Credits paid into the mastertrusts: Healix agrees to a maximum client contribution to fund their healthcare scheme and accepts the risk of contributing a capped value of service credits to add further funding to schemes if required.

• Business Risk from the supplier of stop-loss insurance terminating arrangements with Healix. Healix has mitigated this risk by engaging with an alternative supplier and focusing on the relationships with all parties

• Competitive Risk as a result of actions and/or activities of larger healthcare insurance providers.

• Changes in taxation legislation governing healthcare trusts.

Healix Health is pleased with the growth of new business and the expansion of an increasingly diverse client base during the year. The directors remain optimistic that the growing presence in the marketplace will continue for Healix Health through the next year. The strategic vision for the Company includes a considerably increased investment in marketing resources and activity including a project to expand the Healix Health brand. A new updated website will be launched before 2027 and a drive to interact with our end consumers (and not only our corporate clients) through the development of social media activity and communications on multiple platforms continues to be a key activity.

Ongoing system developments and investments to improve both business processes and member service experience through increased automation and enhanced technologies such as easy-to-access portals and apps, digital treatment pathways using Artificial Intelligence (AI), and quicker interactive communications continue in 2026 and transformation is to accelerate in 2027 and beyond.

The company is planning to expand further through investment in other businesses and is pleased to be in the positive position of increasing headcount to meet business demand.

Environmental and Social Matters:

Healix Health Services supports local communities’ initiatives through donations and employee involvement and supports charities involved in health and well-being.

On behalf of the board

The directors present their annual report and financial statements for the year ended 30 June 2026.

The principal activity of the company continued to be that of the provision of health claim services.

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

The results for the year are set out on page 8 - profit and loss.

Ordinary dividends were paid amounting to £1,345,880. The directors do not recommend payment of a further dividend.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

The directors are responsible for preparing the annual report 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). 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; and

• 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.

We have audited the financial statements of Healix Health Services Limited (the 'company') for the year ended 30 June 2026 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and 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 June 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

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

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

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

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

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

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

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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

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

• Enquiry of managementt and those charged with governance around actual and potential litigation and claims.

• Enquiry of the company's staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

• Reviewing minutes of meetings of those charged with governance.

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditors responsibilities. 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 profit and loss account has been prepared on the basis that all operations are continuing operations.

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

Healix Health Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Healix House, Esher Green, Esher, Surrey, KT10 8AB.

The financial statements have been prepared in accordance with FRS 102 (September 2024 edition). The company has elected to early adopt the amendments introduced by the FRC's Periodic Review 2024.

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

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

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. In assessing whether the going concern assumption is appropriate, management has taken into account all available relevant information about the future, which is at least, but is not limited to, 12 months from the date when the financial statements are authorised for issue.

Turnover represents amounts invoiced to third parties, net of VAT and trade discounts in respect of the following sources of income:

The minimum annual contract value for case fee revenues are recognised evenly over the contract period or until the minimum value is reached and thereafter the agreed unit pricing base is recognised in the month a claim is opened or the timing that the provider invoices for the case are approved.

The annual healthcare trust administration fee is recognised evenly on a straight-line/monthly basis over the length of the scheme for all Trust Administration fees; whether for the administration of the company's healthcare mastertrusts or the client’s own corporate healthcare trust. The performance of the schemes is assessed monthly and any costs in terms of service credits and/or contributions are recognised within the cost of sales as the scheme matures.

Where member numbers are fixed, Digital Pathways revenue is recognised in the month the scheme commences.

Helpline revenue is recognised over the contractual period, either on a fixed fee or volume basis.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Basic financial instruments are recognised at amortised cost, except for investments in nonconvertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Provisions are recognised on trust fees at risk when the company has assessed a loss on a scheme that is still ongoing as at the year end when it is probable that the company will be required to settle part of an obligation and a reliable estimate can be made of the amount of the obligation.

The provision takes into account the risks and uncertainties of the obligation.

Where a scheme is assessed and all of the fee will be lost the total income and expenditure on the scheme is bought into account and the loss is recognised.

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

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

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

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

At inception, the company assesses whether a contract is, or contains, a lease. A lease arises where the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control of the use of an asset occurs where the company has both the right to direct the use of the asset, and the right to obtain substantially all the economic benefits from that use.

Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within the same line items on the Balance sheet as owned assets.

The right-of-use asset is initially measured at cost, which comprises the initial measurement of the lease liability adjusted for lease payments made at or before the commencement date less any lease incentives or grants received, plus initial direct costs and an estimate of the cost of obligations to dismantle, remove or restore the underlying asset and the site on which it is located.

The right-of-use asset is subsequently adjusted for remeasurements of the lease liability and applies the relevant cost model, fair value model or revaluation model as set out within the accounting policies for the applicable asset class. Where the cost model is applied, the asset is depreciated from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term, and is periodically reduced by impairment losses, if any.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate or the company’s obtainable borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, amounts expected to be payable under residual value guarantees, the exercise price of any purchase options that the company is reasonably certain to exercise, and any penalties for early termination of a lease.

At each financial period end, the lease liability is adjusted to reflect payments made and interest accrued. Also, the lease liability is remeasured to reflect lease modifications and any changes to the factors considered at initial measurement, as set out above. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or recognised in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

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.

An analysis of the company's turnover is as follows:

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

Their aggregate remuneration comprised:

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

Included within tangible fixed assets are right-of-use assets, as follows:

Lease liabilities represent the present value of outstanding rental payments due for the lease of two business premises as at 30 June 2026. The leases are on a fixed payment basis and no arrangements have been entered into for contingent rental payments.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

National Westminster Bank Plc currently holds fixed and floating charges that are secured over the company. The fixed charge covers specific assets and the floating charge covers all the property or undertakings of the company. This charge was satisfied on the 30th July 2026.

J.P.Morgan SE currently holds a fixed charge that is secured over the company.

One of the core services provided by Healix Health Services is the administration of corporate healthcare trusts. Corporate healthcare trusts or medical benefit trusts, are a way of providing healthcare benefits to employees. They are an alternative to conventional private health insurance products, and they are often structured to resemble conventional insurance as closely as possible since that is what employees are used to.  Healix provides a range of healthcare mastertrust arrangements for large corporate clients as well as for SME or broker multi-employer trusts. The assets and liabilities of these trust funds are off balance sheet and are recorded as £64.5m as at 30 June 2026 (2025: £48.9m), with the cash balance being £34.8m (2025: £36m).

During the year the company entered into the following transactions with related parties:

During the year a company under common control repaid £48,285 in share capital.

The following amounts were outstanding at the reporting end date:

The following amounts were recognised as an expense in the period in respect of bad and doubtful debts due from related parties:

Included within other debtors, there are two interest free loans totalling £1,930,000 (2025: £1,930,000) provided to two connected companies (connected by way of mutual shareholding and directorship) during the year.