Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker who is responsible for allocating resources and assessing performance of the segments has been identified as the Board. It is considered that the Company’s operations comprise of two operating segments, as described below. For each of them, the Board of Directors receives detailed reports on at least a quarterly basis. The following summary describes the operations in each of the Company’s reportable segments:
- Fund investments
- Direct Investments and unquoted debt securities.
Balance sheet and income and expense items which cannot be clearly allocated to one of the segments are shown in the column ‘Corporate’ in the following tables.
The reportable operating segments derive their revenue primarily by seeking investments to achieve an attractive return in relation to the risk being taken. The return consists of interest, dividends and/or unrealised and realised capital gains.
The financial information provided to the Board of Directors with respect to total assets and liabilities is presented in a manner consistent with the Consolidated Financial Statements. The assessment of the performance of the operating segments is based on measurements consistent with IFRS. With the exception of capital calls payable, liabilities are not considered to be segment liabilities but rather managed at the corporate level.
There have been no transactions between the reportable segments during the financial year 2025 (2024: there were no transactions between the reportable segments).
The segment information for the year ended 31 December 2025 is as follows:
Fund investments £’000 | Direct Investments and unquoted debt securities £’000 | Total operating segments £’000 | Corporate £’000 | Total £’000 | |
|---|---|---|---|---|---|
Net realised gains on financial assets at fair value through profit and loss | 31,126 | – | 31,126 | – | 31,126 |
Net change in unrealised gains (losses) on financial assets at fair value through profit and loss | 88,506 | (45,201) | 43,305 | – | 43,305 |
Interest income | – | 3,860 | 3,860 | 1,097 | 4,957 |
Net foreign currency gain (losses) | – | – | – | (2,503) | (2,503) |
Other income | 1,522 | – | 1,522 | – | 1,522 |
Expenses | – | – | – | (10,214) | (10,214) |
Interest expense | – | – | – | (9,599) | (9,599) |
Profit (loss) for the year | 121,154 | (41,341) | 79,813 | (21,219) | 58,594 |
Total assets | 1,169,190 | 192,544 | 1,361,734 | 98,682 | 1,460,416 |
Total liabilities | – | – | – | (227,550) | (227,550) |
Net assets | 1,169,190 | 192,544 | 1,361,734 | (128,868) | 1,232,866 |
Total assets include: |
|
|
|
|
|
Financial assets at fair value through profit and loss | 1,169,190 | 192,544 | 1,361,734 | – | 1,361,734 |
Cash and Other | – | – | – | 98,682 | 98,682 |
The segment information for the year ended 31 December 2024 is as follows:
Fund investments £’000 | Direct Investments and unquoted debt securities £’000 | Total operating segments £’000 | Corporate £’000 | Total £’000 | |
|---|---|---|---|---|---|
Net realised gains on financial assets at fair value through profit and loss | (41,966) | – | (41,966) | – | (41,966) |
Net change in unrealised gains (losses) on financial assets at fair value through profit and loss | 73,130 | 7,234 | 80,364 | – | 80,364 |
Interest income | – | 699 | 699 | 3,957 | 4,656 |
Net foreign currency gain (losses) | – | – | – | (1,175) | (1,175) |
Expenses | – | – | – | (7,887) | (7,887) |
Interest expense | – | – | – | (7,136) | (7,136) |
Profit (loss) for the year | 31,164 | 7,933 | 39,097 | (12,241) | 26,856 |
Total assets | 997,715 | 231,021 | 1,228,736 | 104,092 | 1,332,828 |
Total liabilities | – | – | – | (106,872) | (106,872) |
Net assets | 997,715 | 231,021 | 1,228,736 | (2,780) | 1,225,956 |
Total assets include: |
|
|
|
|
|
Financial assets at fair value through profit and loss | 997,715 | 231,021 | 1,228,736 | – | 1,228,736 |
Cash and Other | – | – | – | 104,092 | 104,092 |
The fund investments and direct debt and equity investments are registered on a worldwide basis across different regions based on the funds’ and Direct Investments’ domicile. The Company does not manage its business on a geographic basis and therefore entity-wide disclosures are provided solely to meet the requirements of IFRS 8. No geographic breakdown is provided for financial assets held as non-current assets.
| Income | 2025 £’000 | 2024 £’000 | |
|---|---|---|---|
Bermuda | 23,213 | 6,764 | |
Foreign countries |
| ||
UK | (56,796) | (1,758) | |
Europe | 111,429 | 33,529 | |
Americas | 561 | 3,344 | |
Total | 78,407 | 41,879 |