Consolidated balance sheet

Notes

2025

£’000

2024

£’000

Assets

Non-current assets

Investments

8, 10

1,361,734

1,228,736

1,361,734

1,228,736

Current assets

Trade and other receivables

12

3,529

734

Cash and cash equivalents

11

95,153

103,358

98,682

104,092

Total assets

1,460,416

1,332,828

Liabilities

Non-current liabilities

Borrowings

21

224,514

224,514

Current liabilities

Trade and other payables

13

1,145

1,234

Borrowings

21

1,891

105,638

3,036

106,872

Total liabilities

227,550

106,872

Net assets attributable to shareholders

1,232,866

1,225,956

Equity

Share capital

18

1,671

1,764

Share premium

18

124,480

172,102

Retained earnings

1,106,715

1,052,090

Total shareholders’ equity

1,232,866

1,225,956

Net assets per ordinary share

Basic and diluted net assets per share

17

£7.38

£6.95

Ordinary shares in issue at 31 December (‘000)

18

167,131

176,418