GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

THE EDUCATION MUTUAL LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

Sir K A Gibson

Mr N S Hurn OBE

Mr D E Rickersey

Mr P M Kennedy

Mrs S Pattison

Mr D B Holmes

Mrs C Hewitson

SECRETARY:

Mr P Mccarron

REGISTERED OFFICE:

I2 Centre

Hamilton Court

Hamilton Way

Mansfield

Nottinghamshire

NG18 5BR

REGISTERED NUMBER:

11446659 (England and Wales)

AUDITORS:

Hewitt Card Limited

Statutory Auditors

70-72 Nottingham Road

Mansfield

Nottinghamshire

NG18 1BN

The directors present their strategic report of the company and the group for the year ended 31 December 2025.

The directors present their Group Strategic Report for The Education Mutual Limited for the financial year ended 31 December 2025. This year marks the seventh year of offering our distinctive solution for staff absence protection across United Kingdom schools. Our core mission remains firmly centered around supporting schools and retaining critical funding within the education sector, rather than allowing commercial leakages.

Our operations continue to be guided by our founding values: supportive, ethical, and entirely yours. Over the years, Education Mutual has expanded to become one of the UK's leading choices for staff absence protection. Throughout 2025, an increasing volume of educational institutions shifted away from traditional models to adopt our unique discretionary solution.

Post-Pandemic Landscape & Reserve Stabilisation

Long-term structural shifts in staff absence rates within UK schools persist as a legacy of the COVID-19 pandemic, with baseline sector absences tracking generally higher. While Education Mutual provided uninterrupted claims support during the pandemic height-when many standard commercial providers limited exposure-our financial models have proactively adjusted to this higher baseline. Consequently, 2025 has yielded positive trends, demonstrating that our underlying reserve balances are rebuilding efficiently in perfect alignment with our long-term financial security goals.

Strategic Product Innovations & Preventative Care

In 2025, Education Mutual pioneered proactive, clinical, and training interventions intentionally built for the specific strains of the modern educational workspace, targeting absence reduction at the root source:

Targeted Men's Mental Health Support: Addressing established data showing that 1 in 8 men experience mental health concerns yet remain far less likely to seek professional guidance, Education Mutual rolled out an inclusive, low-friction pathway encouraging earlier clinical engagement.

Neurodiversity Training & Advisory Services: A newly integrated service program assisting schools in managing, valuing, and supporting cognitively diverse educator teams, safeguarding employee well-being while optimizing classroom performance.

REVIEW OF BUSINESS

The management consider that the key performance indicators are:

Membership fees

£29,047,830

Membership strategy

Education Mutual was established by like-minded educational professionals who had grown disillusioned with ever-increasing commercial premiums and decreasing service quality. Built as a discretionary mutual, our structure offers a stable, trusted, and modern alternative to standard corporate insurance.

Because we are wholly owned by our members-spanning schools, colleges, nurseries, and diverse education providers-we carry zero obligation to generate returns for external investors or equity shareholders. All contributions made by the membership are utilized exclusively to resolve member absence claims and fund preventative clinical care. Members retain absolute democratic control, exercising voting rights at our Annual General Meeting (AGM) to elect board members, approve coverage improvements, and govern financial contribution metrics.

Any generated operational surpluses remain within the sector, with the board consulting members on strategic reinvestment paths including:

*Direct Financial Refunds to Members

* Reductions in Future Annual Contributions

* Comprehensive Coverage Enhancements

* Discretionary Member Grants

* Specialized Member Training Events

PRINCIPAL RISKS AND UNCERTAINTIES

Risk Category

Context & Exposure

Mitigation Framework

Business & Operational Risk

The dynamic business landscape might alter the organization's ability to seamlessly execute long-term strategic plans.

Constant monitoring of operational metrics, ongoing threat matrices integrated into the management planning workflow, and agile project re-allocation.

Regulatory Risk

Discretionary mutuals do not fall under standard FCA oversight rules, presenting possible governance gaps if unmonitored.

Maintained full active compliance and alignment with the Association of Financial Mutuals (AFM) corporate governance protocols.

Disaster Recovery & Continuity

Severe structural or IT operational failures could severely disrupt rapid member absence claims processing.

Robust business continuity architecture paired with comprehensive third-party insurance frameworks to protect ongoing claims delivery.

Financial Instrument & Catastrophic Risk

Systemic spikes in national teacher illness risk disrupting the localized balance sheet capacity.

Strict monitoring of asset-to-liability ratios coupled with robust global 'Stop Loss' secondary reinsurance policies to absorb massive macro spikes.

Corporate Outlook & Stakeholder Engagement

Our entire strategic scope remains rigidly anchored to our membership base. Throughout 2025, robust feedback channels were actively maintained to ensure member insight explicitly drives executive service updates and board developments.

Looking forward into 2026, the Directors express complete confidence in the company's organizational stability, balance sheet strength, and professional capability to consistently deliver identical high-tier services. Our core priorities will firmly remain focused on equipping schools with the exact toolsets required to structurally combat occupational absence, enabling educators to provide exemplary instruction to pupils nationwide.

Going Concern

The company has been in talks with it's main supplier and obtained assurances that the management charges will be negotiated should the company fall into cashflow issues.

FUTURE OUTLOOK

The Directors are confident that the Company will be able to provide in the foreseeable future the same quality of service that it has provided to date.

ON BEHALF OF THE BOARD:

Mr N S Hurn OBE - Director

1 October 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

DIRECTORS

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

Sir K A Gibson

Mr N S Hurn OBE

Mr D E Rickersey

Mr P M Kennedy

Mrs S Pattison

Mrs C Hewitson

Other changes in directors holding office are as follows:

Mr D M Meldrum - resigned 6 February 2025

Mr D B Holmes - appointed 1 September 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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). 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 the group and of the surplus or deficit of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Hewitt Card Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr N S Hurn OBE - Director

1 October 2026

Opinion

We have audited the financial statements of The Education Mutual Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 2025 and of the group's deficit 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 group 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.

We have identified that although the company's balance sheet is negative at the yearend we have assessed the board's cashflow projections and these show the company as being able to trade for the foreseeable future.

The company has been in talks with it's main supplier and obtained assurances that the management charges will be negotiated should the company fall into cashflow issues

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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 four, 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 group's and the parent 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 group or the parent 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:

We have adopted a risk based approach based upon analytical procedures and knowledge of the clients systems and environment it operates in.

This enables us to design and perform audit procedures responsive to those risks; and obtain audit evidence that is sufficient and appropriate to provide a basis for the audit opinion.

To obtain an understanding of internal control where relevant to the audit to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the companys internal control.

To evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

To conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern.

The likelihood of detecting irregularities is inherently difficult and we have designed our tests and procedures to reduce this risk.

- We have enquired of management and the company's solicitors around actual and potential litigation and claims.

- Review of company minutes of meetings of those charged with governance.

- Reviewing financial statements disclosure and testing supporting documentation to assess compliance with applicable laws and regulations.

- Review and testing of management override of controls, including through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions.

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.

James Timothy Card (Senior Statutory Auditor)

for and on behalf of Hewitt Card Limited

Statutory Auditors

70-72 Nottingham Road

Mansfield

Nottinghamshire

NG18 1BN

2 October 2026

TURNOVER

29,047,831

26,583,738

Cost of sales

29,013,323

24,514,594

GROSS SURPLUS

34,508

2,069,144

Administrative expenses

357,431

2,370,024

OPERATING DEFICIT

4

(322,923

)

(300,880

)

Interest receivable and similar income

371,411

484,218

48,488

183,338

Interest payable and similar expenses

5

561

-

SURPLUS BEFORE TAXATION

47,927

183,338

Tax on surplus

6

95,686

125,124

(DEFICIT)/SURPLUS FOR THE FINANCIAL YEAR

(47,759

)

58,214

(Deficit)/surplus attributable to:

Owners of the parent

(47,759

)

58,214

(DEFICIT)/SURPLUS FOR THE YEAR

(47,759

)

58,214

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(47,759

)

58,214

Total comprehensive income attributable to:

Owners of the parent

(47,759

)

58,214

CURRENT ASSETS

Debtors

9

4,810,631

3,951,044

Cash at bank and in hand

12,298,908

12,058,457

17,109,539

16,009,501

CREDITORS

Amounts falling due within one year

10

16,584,939

15,027,457

NET CURRENT ASSETS

524,600

982,044

TOTAL ASSETS LESS CURRENT LIABILITIES

524,600

982,044

PROVISIONS FOR LIABILITIES

11

482,003

891,688

NET ASSETS

42,597

90,356

RESERVES

Income and expenditure account

12

42,597

90,356

42,597

90,356

The financial statements were approved by the Board of Directors and authorised for issue on 1 October 2026 and were signed on its behalf by:

Mr N S Hurn OBE - Director

FIXED ASSETS

Investments

8

2

1

CURRENT ASSETS

Debtors

9

4,482,846

3,592,440

Cash at bank

11,918,790

11,710,863

16,401,636

15,303,303

CREDITORS

Amounts falling due within one year

10

15,936,563

14,368,708

NET CURRENT ASSETS

465,073

934,595

TOTAL ASSETS LESS CURRENT LIABILITIES

465,075

934,596

PROVISIONS FOR LIABILITIES

11

482,003

891,688

NET (LIABILITIES)/ASSETS

(16,928

)

42,908

RESERVES

Income and expenditure account

12

(16,928

)

42,908

(16,928

)

42,908

Company's (loss)/profit for the financial year

(59,836

)

41,769

The financial statements were approved by the Board of Directors and authorised for issue on 1 October 2026 and were signed on its behalf by:

Mr N S Hurn OBE - Director

Retained

Total

earnings

equity

£

£

Balance at 1 January 2024

32,142

32,142

Changes in equity

Total comprehensive income

58,214

58,214

Balance at 31 December 2024

90,356

90,356

Changes in equity

Total comprehensive income

(47,759

)

(47,759

)

Balance at 31 December 2025

42,597

42,597

Retained

Total

earnings

equity

£

£

Balance at 1 January 2024

1,139

1,139

Changes in equity

Total comprehensive income

41,769

41,769

Balance at 31 December 2024

42,908

42,908

Changes in equity

Total comprehensive income

(59,836

)

(59,836

)

Balance at 31 December 2025

(16,928

)

(16,928

)

Cash flows from operating activities

Cash generated from operations

1

406,257

282,429

Interest paid

(561

)

-

Tax paid

(126,971

)

(81,999

)

General provision

(409,685

)

891,688

Net cash from operating activities

(130,960

)

1,092,118

Cash flows from investing activities

Interest received

371,411

484,218

Net cash from investing activities

371,411

484,218

Increase in cash and cash equivalents

240,451

1,576,336

Cash and cash equivalents at beginning of year

2

12,058,457

10,482,121

Cash and cash equivalents at end of year

2

12,298,908

12,058,457

1.	RECONCILIATION OF SURPLUS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.25

31.12.24

£

£

Surplus before taxation

47,927

183,338

Finance costs

561

-

Finance income

(371,411

)

(484,218

)

(322,923

)

(300,880

)

Increase in trade and other debtors

(859,587

)

(854,371

)

Increase in trade and other creditors

1,588,767

1,437,680

Cash generated from operations

406,257

282,429

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 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

12,298,908

12,058,457

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

12,058,457

10,482,121

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

12,058,457

240,451

12,298,908

12,058,457

240,451

12,298,908

Total

12,058,457

240,451

12,298,908

1.	STATUTORY INFORMATION

The Education Mutual Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the General 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.

Critical accounting judgements and key sources of estimation uncertainty

The accounts include deferred income of membership fees and provision for known and anticipated future claims.

As the company offers staff absence cover for the life of the membership there are potential future claims to be incurred after the balance sheet date which are not reflected in the accounts.

However it is considered that the amounts provided in deferred income and the provision for claims not yet received, is in line with the companys projections for these future claims.

The company has calculated an estimated provision for claims based on assumptions reflecting the best estimate at the time allowing for a margin of risk. The adjustments used for claims is based on historic claims levels, adjusted where appropriate to reflect the company's own experience.

There is a risk that the actual claims that will be made by members in respect of events incurred up to the statement of financial Position date will differ significantly from the projections based on historic data.

There remains the risk that the actual claims that will be made by members in respect of events incurred up to the statement of financial position date will differ significantly from the patterns suggested by the historic knowledge. The directors believe that by recognising the impact the coronavirus has on the members it has presented the scenario that reflects perceived outcomes based on their judgement.

Any further loss is covered by stop loss insurance taken out in the eventuality of the company not being able to cover costs.

Significant changes to actual claims experience over the next financial year could materially affect the amount distributed to members over the next financial year.

Member contributions

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The gross membership fee's written during the accounting period are credited to the profit and loss account and an adjustment is made to the membership fee for fees unearned at the balance sheet date on a time apportioned basis.

Financial instruments

Cash and cash equivalents comprise cash on hand and other short-term highly liquid balances that are readily conversable to a known amount of cash and are subject to an insignificant risk of changes in value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Going concern

The directors consider that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, they continue to apply the going concern basis of accounting in preparing the Annual Report and Financial Statements.

Provisions for liabilities

Provisions are recognised when the Company has a present legal and constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation.

Claims provision

In making to assessment of the fair value of claims cost to be recognised, the directors also make a provision for the amount of potential claims not yet known at the balance sheet date, but that the linked to this accounting period, that may need to be paid in the future.

The provision for amounts due is based on historic knowledge of staff absence that have accrued in the school system over a sustained period of time.

3.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

£

£

Directors' remuneration

-

-

4.	OPERATING DEFICIT

The operating deficit is stated after charging:

31.12.25

31.12.24

£

£

Auditors' remuneration

14,400

12,600

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.25

31.12.24

£

£

Interest payable

561

-

6.

TAXATION

Analysis of the tax charge

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

31.12.25

31.12.24

£

£

Current tax:

UK corporation tax

95,686

125,124

Tax on surplus

95,686

125,124

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:

31.12.25

31.12.24

£

£

Surplus before tax

47,927

183,338

Surplus multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 24.746 %)

11,982

45,369

Effects of:

Expenses not deductible for tax purposes

6,154,778

-

Income not taxable for tax purposes

(6,071,074

)

79,755

Total tax charge

95,686

125,124

7.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

8.	FIXED ASSET INVESTMENTS

Company

Shares in

group

undertakings

£

COST

At 1 January 2025

1

Additions

1

At 31 December 2025

2

NET BOOK VALUE

At 31 December 2025

2

At 31 December 2024

1