INVESTEC INVESTMENT TRUST PLC

Interim / Quarterly Report • Nov 28, 2025

{0}------------------------------------------------

Company Registration Number: 00328206 (England & Wales)

Investec Investment Trust PLC

Unaudited condensed Financial Statements for the six months ended 30 September 2025

{1}------------------------------------------------

INDEX

	Page
Interim management report	1
Directors' responsibility statement	2
Corporate governance statement	3
Profit and loss account	6
Balance sheet	7
Statement of changes in equity	8
Notes to the unaudited condensed financial statements	9

{2}------------------------------------------------

INTERIM MANAGEMENT REPORT

The Interim Management Report is issued by Investec Investment Trust PLC in accordance with the UK Listing Authority's Disclosure Rules and Transparency Rules. Unless otherwise stated, performance and figures highlighted below refer to the six months ended 30 September 2025 and the corresponding period in the previous year.

PRINCIPAL ACTIVITY AND BUSINESS REVIEW

The principal activity of Investec Investment Trust PLC (the "company") is to source funds from the financial market for Investec group activities and it will continue to operate in this capacity for the foreseeable future.

The company's ultimate parent is Investec plc. The company's immediate parent company, Investec Group Investments (UK) Limited, a wholly owned subsidiary of Investec plc, owns all of the company's ordinary shares, 346,357 nominal of the company's 3.5 per cent cumulative preference shares and 104,768 nominal of the company's 5 per cent cumulative preference shares. The company's 3.5 per cent and 5 per cent cumulative preference shares are listed on the London Stock Exchange.

The preference shares are classified as a financial liabilities and not equity (refer to note 1, Accounting Policies, Financial liabilities (preference shares)).

PERFORMANCE OVERVIEW AND PRINCIPAL RISKS

The results for company show a pre-tax loss of £31,386 (30 September 2024: loss of £31,386) for the period (see page 6).

At 30 September 2025 the company had net assets of £25,235,000 (30 September 2024: £25,298,000).

The directors do not recommend the payment of an interim dividend on the ordinary shares for the period (30 September 2024: £nil). Dividends payable, reported as interest payable, on the preference shares in the period amounted to £31,386 (30 September 2024: £31,386).

The company's financial risks are managed at the Investec plc group level. Surplus liquidity is loaned by the company on an interest free basis to its immediate parent company. The loan is repayable on demand. The loan principal is reduced by amounts paid to preference shareholders. The company's exposure to financial risks is further discussed in note 9.

As discussed above, the company lends the funds raised to its immediate parent company and these are then on lent to the wider Investec group, the directors have considered this and the liquidity of the Investec Bank plc group when assessing the liquidity and going concern of the company.

Going concern

On the basis of current financial projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence up to 31 March 2027, which is a period greater than twelve months from the date of issue of the financial statements that aligns with internal budgeting processes. Accordingly, the going concern basis is adopted in the preparation of the financial statements.

Corporate governance

The directors' disclosure in relation to Corporate Governance is given in detail on the Corporate Governance Statement.

Unaudited condensed financial statements

The unaudited condensed financial statements have not been audited or reviewed by the company's auditors pursuant to the Auditing Practices Board Guidance Review of Interim Financial Information.

This document includes an unaudited condensed set of financial statements produced by the company for the six months ended 30 September 2025.

{3}------------------------------------------------

DIRECTORS' RESPONSIBILITY STATEMENT

The directors confirm that, to the best of their knowledge:

• ♦ the unaudited condensed set of financial statements has been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) and the Companies Act 2006, gives a true and fair view of assets, liabilities, financial position and results of the company for that period;
• ♦ the interim management report of the company includes a fair review of the development and performance of the business and the position of the company together with a description of the principal risks and uncertainties that they face as required by the FCA Disclosure Rules and Transparency Rules 4.2.7; and
• ♦ the unaudited condensed Financial Statements have not been audited or reviewed by the company's auditors pursuant to the Auditing Practices Board guidance on Review of Interim Financial Information.

Neither the company nor the directors accept any liability to any person in relation to the half-yearly financial report except to the extent that such liability could arise under English law. Accordingly, any liability to a person who has demonstrated reliance on any untrue or misleading statement or omission shall be determined in accordance with section 90A of the Financial Services and Markets Act 2000.

Signed on behalf of the board of directors

K P McKenna Director 25 November 2025

{4}------------------------------------------------

CORPORATE GOVERNANCE STATEMENT

for the period to 30 September 2025

Corporate governance

The company has issued preference shares that are listed on the London Stock Exchange. The company is part of the Investec plc group and is therefore subject to the group's system of risk management, internal control and financial reporting. The corporate governance statements and disclosures, as required by section 7.2.1. of the Disclosure and Transparency Rules are detailed in the Investec plc consolidated financial statements which are publicly available at 30 Gresham Street, London, EC2V 7QP or on www.investec.com.

The Company falls into scope of TCFD reporting requirements. Due to the nature and operations of the company, specific climate related disclosures have not been prepared. The Directors have assessed there to be an immaterial impact posed by the physical or transition risks of climate change. Group-wide TCFD disclosures have been prepared as part of the group accounts which are publicly available at 30 Gresham Street, London, EC2V 7QP or on www.investec.com.

Corporate governance statement in compliance with the Disclosure Guidance and Transparency Rules (DTR) 7.2

1. Introduction and Governance Framework (DTR 7.2.1R, 7.2.2R, 7.2.3R)

Investec Investment Trust plc (the Company) does not voluntarily apply a formal corporate governance code. The Company is a member of the Investec Bank plc (IBP) group of companies (the "Group") and accordingly it operates within the governance and control environment established by its parent undertaking, IBP. IBP is incorporated in the United Kingdom and applies the UK Corporate Governance Code, issued by the Financial Reporting Council.

The UK Corporate Governance Code is publicly available at: https://www.frc.org.uk/directors/corporategovernance-and-stewardship/uk-corporate-governance-code

A summary of how IBP applies the Code can be found in its latest Annual Report, which is available at: www.investec.com

2. Board Composition and Functioning (DTR 7.2.4R, 7.2.7R)

The board of directors of Investec Investment Trust plc comprises three directors.

Kevin McKenna is an Executive Director of IBP and his biography can be found in that company's latest Annual Report, which is available at www.investec.com

Samantha Brayshaw is IBP's Finance Controller and joined the Group in 2024. Samantha holds a number of directorships within the IBP Group

Taryn Freeme is a member of IBP's Group Finance function and is a director of a number of companies within the IBP Group.

Given the limited activity of the Company, the board meets on an ad hoc basis.

Day-to-day governance and controls are integrated within the broader governance structure of Investec Bank plc, whose Audit, Board Risk and Capital, and Remuneration Committees exercise oversight at the Group level.

3. Internal Controls and Risk Management (DTR 7.2.5R, 7.2.6R, 7.2.10R)

The Company benefits from the internal control and risk management framework operated by the Group, which applies across financial reporting, compliance, and operational risk. These systems are described in detail in the parent company's Governance Report, including the processes for internal audit, control reviews, and escalation of material risks.

The company implements entity specific financial reporting controls, including review and approval of the financial statements by a Director. The Company confirms that it has not identified any material weaknesses in internal control during the reporting period.

{5}------------------------------------------------

CORPORATE GOVERNANCE STATEMENT

for the period to 30 September 2025

4. Diversity Policy and Outcomes (DTR 7.2.8A-R)

The Company does not have its own formal diversity policy in respect of board and senior management appointments. It adheres to the group-wide diversity and inclusion policy adopted by Investec Bank plc, which is aligned with the UK Corporate Governance Code and promotes gender, ethnic, and cognitive diversity. As at 31 March 2025, 66% of the board were female, and 0% came from underrepresented ethnic backgrounds.

5. Disclosure Reference Using DTR 7.2.9R

In accordance with DTR 7.2.9R, the Company refers to the Governance Report of Investec Bank plc which includes the information required by DTR 7.2.6R to DTR 7.2.8A-R. This report is publicly available at: www.investec.com

6. Authorised and issued share capital

The issued share capital of IIT plc at 30 September 2025 consists of 57,744,387 ordinary shares of 25p each, 1,300,000 3.5% cumulative preference shares and 345,438 5% cumulative preference shares (each class as defined in the Articles of Association of the Company). The cumulative preference shares are listed on the London Stock Exchange.

• i. Voting rights for 3.5% cumulative preference shares Holders of Preference Stock shall be entitled to attend and vote in respect of such Stock only in the following cases:
• (a) at any separate meetings of such Preference Stockholders convened and held under the provisions of the Articles;
• (b) in respect of any proposal to sanction an increase in the amount allowed to be borrowed under Article 31;
• (c) if, at the date of the convening of any meeting, the dividend on the Preference Stock shall be in arrear and unpaid for six months after the same shall have accrued due, or if the meeting be convened for the purpose of altering the regulations of the Company in any manner directly affecting the rights of the holders of such Preference Stock as a separate class or for reducing the capital of or winding up the Company. For the purposes of this Article the dividend on the Preference Stock shall be deemed to accrue due on the 1st day of June and the 1st day of December in every year.
• ii. Voting rights for 5% cumulative preference shares Holders of Preference Stock shall be entitled to attend and vote in respect of such Stock only in the following cases:
• (a) at any separate meetings of such Preference Stockholders convened and held under the provisions of the Articles;
• (b) in respect of any proposal to sanction an increase in the amount allowed to be borrowed under Article 31;
• (c) if, at the date of the convening of any meeting, the dividend on the Preference Stock shall be in arrear and unpaid for six months after the same shall have accrued due, or if the meeting be convened for the purpose of altering the regulations of the Company in any manner directly affecting the rights of the holders of such Preference Stock as a separate class or for reducing the capital of or winding up the Company. For the purposes of this Article the dividend on the Preference Stock shall be deemed to accrue due on the 1st day of June and the 1st day of December in every year.

{6}------------------------------------------------

CORPORATE GOVERNANCE STATEMENT

for the period to 30 September 2025

• iii. Voting rights for ordinary shares
• (a) Shareholders are entitled to attend, speak and vote at General Meeting or appoint a proxy to do so on their behalf. On a show of hands, a member present in person or by proxy shall have one vote.
• (b) Rights re. dividends to participate in a distribution: Subject to any rights or restrictions for the time being attached to any particular shares, all dividends shall be declared and paid according to the amounts paid up on the shares in respect whereof the dividend is paid, but no amount paid up on a share in advance of calls shall be treated for the purposes of this Article (47.05) as paid up on the share.
• (c) Rights re. capital to participate in a distribution: No dividend shall be payable except out of profits of the company. Appreciation of capital assets and realised profits resulting on sales of fixed assets and realised profits may be treated as profits available for distribution.
• (d) No dividend shall be payable except out of profits of the company. Appreciation of capital assets and realised profits resulting on sales of fixed assets and realised profits may be treated as profits available for distribution. (e) Whenever such a capitalisation as aforesaid shall have been resolved upon the Board shall make all appropriations and applications of the reserves or undivided profits resolved to be capitalised thereby and all allotments and issues of fully paid up shares or debentures, if any, and generally shall do all acts and things required to give effect thereto, with full power to the Board to make such provision by the issue of fractional certificates or by payment in cash or otherwise as distributable in fractions and also to authorise any person to enter on behalf of all the members entitled thereto into an agreement with the Company providing for the allotment of them respectively, credited as fully paid up, of any shares or debentures to which they may be entitled on such capitalisation and (as the case may require) for the payment up by the Company on their behalf by the application thereto of their respective proportions of the reserves or profits resolved to be capitalised, of the amounts or any part of the amounts remaining unpaid on their existing shares. Any agreement made under such authority shall be effective and binding on all such members.

{7}------------------------------------------------

PROFIT AND LOSS ACCOUNT

for the period to 30 September 2025

		Unaudited 30 September 2025	Unaudited 30 September 2024	Audited 31 March 2025
	Notes	£000	£000	£000
Interest payable and similar charges	3	(31)	(31)	(63)
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION		(31)	(31)	(63)
Taxation on loss on ordinary activities	2	-	-	-
LOSS ON ORDINARY ACTIVITIES AFTER TAXATION		(31)	(31)	(63)
LOSS AND TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		(31)	(31)	(63)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

There are no recognised gains or losses in the current or prior periods other than those stated in the profit and loss account.

There is no material difference between the results disclosed in the profit and loss account for current or prior periods and the results on an unmodified historical cost basis.

The accompanying notes form an integral part of these unaudited condensed financial statements.

{8}------------------------------------------------

BALANCE SHEET as at 30 September 2025

		Unaudited 30 September 2025	Audited 31 March 2025	Unaudited 30 September 2024
	Notes	£000	£000	£000
FIXED ASSETS
Debtors falling due after more than one year	4	26,904	26,904	26,966
CURRENT ASSETS
Debtors	4	31	62	32
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Creditors	5	(55)	(55)	(55)
NET CURRENT (LIABILITIES)/ASSETS		(24)	7	(23)
TOTAL ASSETS LESS CURRENT LIABILITIES		26,880	26,911	26,943
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Preference shares treated as debt	6	(1,645)	(1,645)	(1,645)
NET ASSETS		25,235	25,266	25,298
CAPITAL AND RESERVES
Called up share capital	7	14,436	14,436	14,436
Profit and loss account		10,799	10,830	10,862
TOTAL EQUITY SHAREHOLDER'S FUNDS		25,235	25,266	25,298

The accompanying notes form an integral part of the unaudited condensed financial statements.

{9}------------------------------------------------

STATEMENT OF CHANGES IN EQUITY

for the period to 30 September 2025

	Share capital £000	Retained earnings £000	Total £000
Balance at 1 April 2024	14,436	10,893	25,329
Loss for the period	-	(31)	(31)
Total comprehensive loss for the period	-	(31)	(31)
Balance at 30 September 2024	14,436	10,862	25,298
Loss for the period	-	(32)	(32)
Total comprehensive loss for the period	-	(32)	(32)
Balance at 31 March 2025	14,436	10,830	25,266
Loss for the period	-	(31)	(31)
Total comprehensive loss for the period	-	(31)	(31)
Balance at 30 September 2025	14,436	10,799	25,235

{10}------------------------------------------------

For the period ended 30 September 2025

1. ACCOUNTING POLICIES

Company information

Investec Investment Trust plc is a public limited company incorporated and domiciled in England and Wales. The registered office is 30 Gresham Street, London, EC2V 7QP.

Accounting convention

The interim financial statements have been prepared in accordance with the recognition and measurement requirements of Financial Reporting Standards and the disclosure rules and transparency rules. The accounting policies applied in the preparation of the results for the six months ended 30 September 2025 are consistent with those adopted in the Company's audited financial statements for the year ended 31 March 2025, in accordance with FCA Disclosure Rules and Transparency Rules 4.2.6.

The information in this report for the six months to 30 September 2025, which was approved by the board of directors on 26 November 2025, does not constitute statutory accounts as defined in Section 435 of the Companies Act 2006 ("Act"). Statutory accounts for the year ended 31 March 2025, which contained an unqualified audit report under Chapter 3, Part 16 of the Act and which did not contain statements under Section 498 of the Act, have been delivered to the Registrar of Companies in accordance with Section 1068 of the Act.

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

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

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

The company has taken advantage of the following disclosure exemptions under FRS 101 where applicable to the company.

• the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share based payment;
• the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64 (o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations;
• the requirements of paragraph 33 (c) of IFRS 5 Non- current Assets Held for Sale and Discontinued Operations;
• the requirement of IFRS 7 Financial Instruments: Disclosures;
• the requirement of paragraph 91-99 of IFRS 13 Fair Value Measurement;
• the requirements of the second sentence of paragraph 110 and paragraphs113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 revenue from Contracts with Customers;
• the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of: (i) paragraph 79(a)(iv) of IAS 1, (ii) paragraph 73(e) of IAS 16 Property Plant and Equipment (iii) paragraph 118(e) of IAS 38 Intangibles Assets, (iv) paragraphs 76 and 79(d) of IAS 40 Investment Property and (v) paragraph 50 of IAS 41 Agriculture;
• the requirements of paragraphs 10(d), 10(f), 16, 38A to 38D, 40A to 40D ,111 and 134-136 of IAS 1 Presentation of Financial Statements;
• the requirements of IAS 7 Statement of Cash Flows;
• the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;
• the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures;
• the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member;
• the requirements of paragraphs 130(f)(ii) and 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets;

{11}------------------------------------------------

For the period ended 30 September 2025

1. ACCOUNTING POLICIES (Continued)

Accounting convention (Continued)

• the requirements of paragraph 52, the second sentence of paragraph 89, and paragraph 90, 91 and 93 of IFRS 16 Leases;
• the requirements of paragraph 58 of IFRS 16, provided that the disclosure of details of indebtedness required by paragraph 61(1) of Schedule 1 to the Regulations is presented separately for lease liabilities and other liabilities, in total;
• (cA) The requirements of paragraph 24 (b) of IFRS 6 Exploration for and Evaluation of Mineral Resources to disclose the operating and investing cash flows arising from the exploration for and evaluation of mineral resources; and
• (iA) The requirements of paragraph 74A (b) of IAS 16.

Where required, equivalent disclosures are given in the group accounts of Investec plc. The group accounts of Investec plc are available to the public and can be obtained as set out below.

Investec Investment Trust PLC is a wholly owned subsidiary of Investec Group Investments (UK) Limited which is a wholly owned subsidiary of Investec plc and the results of Investec Investment Trust PLC are included in the consolidated financial statements of Investec plc which are available from 30 Gresham Street, London, EC2V 7QP.

Investec Investment Trust plc is a public company limited by shares incorporated in England and Wales. The registered office is 30 Gresham Street, London, EC2V 7QP.

Going concern

The company's financial risks are managed at the Investec plc group level. Surplus liquidity is loaned by the company on an interest free basis to its immediate parent company and this is then on lent to the wider Investec group. The loan is repayable on demand. The loan principal is reduced by amounts paid to preference shareholders. The directors have considered this and the liquidity of the Investec Bank plc group when assessing the liquidity and going concern of the company.

On the basis of current financial projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence up to 31 March 2027, which is a period greater than twelve months from the date of issue of the financial statements that aligns with internal budgeting processes. Accordingly, the going concern basis is adopted in the preparation of the financial statements.

Fair value measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or, in its absence, the most advantageous market to which the company has access at that date. The fair value of a liability reflects its nonperformance risk.

When available, the company measures the fair value of an instrument using the quoted price in an active market for that instrument. A market is regarded as active if transactions for the assets or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis.

If there is no quoted price in an active market, then the company uses valuation techniques that maximise the use of relevant observable inputs and minimise the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction.

If an asset or liability measured at fair value has a bid price and ask price, then the company measures assets and long positions at a bid price and liabilities and short positions at an ask price.

The company classifies disclosed fair values according to hierarchy that reflects the significance of observable market inputs. A transfer is made between the hierarchy when the inputs have changed or there has been a change in the valuation method. Transfers are deemed to occur at the end of each semi-annual group reporting period.

{12}------------------------------------------------

For the period ended 30 September 2025

1. ACCOUNTING POLICIES (Continued)

Financial assets and liabilities held at fair value through the profit or loss

Financial assets and liabilities are designated as held at fair value through profit or loss only if:

• they eliminate or significantly reduce a measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities or recognising the gains and losses on them on different bases; or
• a group of financial liabilities or both financial assets and financial liabilities is managed, and its performances evaluated on a fair value basis in accordance with a documented risk management or investment strategy and information about the group is provided internally on that basis to the group's key management personnel: or
• a financial liability contract contains one or more embedded derivatives (which significantly modifies the cash flows that would be required by the contract and is not clearly prohibited from separation from the host contract), and the group has designated the entire hybrid contract as a financial instrument at fair value through the profit or loss.

Financial liabilities (preference shares)

Financial instruments issued by the group are classified as liabilities if they contain a contractual obligation to deliver cash or another financial asset.

Shares classified as debt are initially measured at fair value net of transaction costs and thereafter at amortised cost until extinguished on redemption. The corresponding dividends relating to the preference shares classified as a liability are charged as interest expense in the profit and loss account on an accrual basis.

Derecognition of financial assets and liabilities

A financial asset, or a portion thereof, is derecognised when the group's rights to cash flow have expired or when the group has transferred its rights to cash flow relating the financial assets and either (a) the group has transferred substantially all the risks and rewards associated with the financial assets or (b) the group has neither transferred nor retained substantially all the risks and rewards associated with the financial assets but has transferred control of the assets.

The treatment of a renegotiation or modification of the contractual cash flows of a financial asset depends upon whether the modification is done for commercial reasons, in which case if they are significant the old asset is derecognised and a new asset recognised, or because of financial difficulties of the borrower.

A financial liability is derecognised when it is extinguished, that is when the obligation is discharged, cancelled or expired. When an existing financial liability is replaced or modified with substantially different terms, such a replacement or modification is treated as a derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the income statement.

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

Current tax is provided on the amount expected to be payable on taxable profit at rates that are enacted or substantively enacted and applicable to the relevant period.

{13}------------------------------------------------

For the period ended 30 September 2025

1. ACCOUNTING POLICIES (Continued)

Deferred tax

Deferred taxation is provided using the balance sheet method on temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base, except where such temporary differences arise from:

• The initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction has no effect on the income statement or taxable profit.
• In respect of temporary timing differences associated with the investments in subsidiaries or interests in associated undertakings, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

Deferred tax assets or liabilities are measured using the tax rates that have been enacted or substantively enacted at the balance sheet date.

Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the deferred tax asset can be utilised.

Items recognised directly in other comprehensive income are net of related current and deferred taxation.

Segmental reporting

Investec Investment Trust plc has only one operating segment, therefore segmental reporting is not required.

2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The directors have not identified any key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

The directors have not made any critical judgements, apart from those involving estimations (which are presented separately below), in the process of applying the group's accounting policies and that have the most significant effect on the amounts recognised in financial statements.

3. TAXATION

The charge for the period can be reconciled to the loss per the profit and loss account as follows:

	Unaudited 6 months to 30 September 2025 £000	Unaudited 6 months to 30 September 2024 £000	Audited Year to 31 March 2025 £000
Loss before taxation	(31)	(31)	(63)
Expected tax credit based on a corporation rate of 25% (31 March 2025 - 25%)	(8)	(8)	(16)
Non-deductible expenses	8	8	16
Free group relief	(179)	(180)	(358)
Transfer pricing adjustment	179	180	358
Tax charge for the period	-	-	-

A deferred tax asset has not been recognised in respect of capital losses carried forward of £137,712 (2025: £137,712) as there is insufficient evidence that the losses will be recovered.

{14}------------------------------------------------

NOTES TO THE FINANCIAL STATEMENTS

For the period ended 30 September 2025

3. FINANCIAL COSTS

The interest payable represents the dividend paid and accrued on the cumulative preference shares classified as financial liabilities.

During the current year and the prior year, the payment of the dividend paid and accrued on the cumulative preference shares classified as financial liabilities has been paid on behalf of the company by Investec Group Investments (UK) Limited and the amount owed by parent undertaking reduced accordingly.

		Unaudited 6 months to 30 September 2025 £000	Unaudited 6 months to 30 September 2024 £000	Audited Year to 31 March 2025 £000
Dividends paid
3.5 per cent cumulative preference shares	1 June	7	7	7
3.5 per cent cumulative preference shares	1 December	-	-	23
5 per cent cumulative preference shares	15 May	2	2	2
5 per cent cumulative preference shares	15 November	-	-	9
		9	9	41
Dividends payable
3.5 per cent cumulative preference shares		15	15	15
5 per cent cumulative preference shares		7	7	7
		22	22	22

4. DEBTORS

		Due within one year			Due after one year
	Unaudited	Audited	Unaudited	Unaudited	Audited	Unaudited
	30 September 2025	31 March 2025	30 September 2024	30 September 2025	31 March 2025	30 September 2024
	£000's	£000's	£000's	£000's	£000's	£000's
Amount owed by parent undertaking	31	62	32	26,904	26,904	26,966

The amount receivable from the immediate parent undertaking currently bears no interest and is repayable on demand at request of the company. The loan principal is reduced by amounts paid to preference shareholders.

Receivables are carried on the balance sheet at amortised cost which approximates fair value. This is a change compared to the prior period where the loan was carried at fair value. Amortised cost more accurately reflects the nature of the receivable.

Fair value is measured using level 2 techniques and is equal to the undiscounted cash amount payable reflecting the company's right to demand immediate repayment.

{15}------------------------------------------------

For the period ended 30 September 2025

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

	Unaudited	Audited	Unaudited
	30 September	31 March	30 September
	2025	2025	2024
	£000	£000	£000
Other creditors	55	55	55
	55	55	55

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Secured borrowings at amortised cost	Unaudited 30 September 2025 £000	Audited 31 March 2025 £000	Unaudited 30 September 2024 £000
1,300,000 3.5 per cent cumulative preference shares of £1 each (1.75p each dividend) authorised, issued, allotted and fully paid up	1,300	1,300	1,300
345,438 5 per cent cumulative preference shares of £1 each (2.5p each dividend) authorised, issued, allotted and fully paid up	345	345	345
Preference shares	1,645	1,645	1,645

Both classes of cumulative preference shares carry the following rights:

• holders are entitled to fixed cumulative preferential dividends at the rates of 3.5 per cent and 5 per cent per annum respectively. Payment of such dividends is due on 1 June and 1 December each year in the case of the 3.5 per cent preference shares and 15 May and 15 November each year in the case of the 5 per cent preference shares.
• holders are entitled to the amounts paid up on the preference shares together with all arrears of the respective cumulative preferential dividends on a winding up of the company, in priority to the ordinary shareholders; and
• there is no prescribed redemption or repayment date for either class of preference shares.

The preference shares are carried on the balance sheet at amortised cost. The fair value is £1,645k (2025 - £1,645k) and the fair value hierarchy is level 3 (2025 – level 3). The fair value is determined as being the par value, the closest approximation of the price expected to pay to buy back the shares as there are limited liquid trades and therefore limited observable prices.

7. CALLED UP SHARE CAPITAL

Authorised 60,000,000 (31 March 2025: 60,000,000) ordinary	Unaudited 30 September 2025 £000	Audited 31 March 2025 £000	Unaudited 30 September 2024 £000
shares of 25p each	15,000	15,000	15,000
Issued, allotted and fully paid 57,744,387 (31 March 2025: 57,744,387) ordinary shares of 25p each	14,436	14,436	14,436

{16}------------------------------------------------

NOTES TO THE FINANCIAL STATEMENTS

For the period ended 30 September 2025

8. EVENTS AFTER THE REPORTING DATE

The directors confirm that there were no significant events occurring after the balance sheet date to the date of this report that would meet the criteria to be disclosed in the financial statements for period ended 30 September 2025.

9. RISK MANAGEMENT

As a wholly owned subsidiary of Investec plc, the company falls under the Investec plc Group's Risk Management Framework which is set out in the combined Investec plc and Investec Limited 2025 consolidated financial statements, Risk Management and Corporate Governance report.

Credit risk

The company has no exposure to credit risk other than on the loan advanced to the parent undertaking.

Liquidity risk

The company's only financial obligations in the foreseeable future are payment of dividend on the preference shares and administrative expenses. The company is able to recall the loan to the parent undertaking (or part thereof) at any time and provided the parent undertaking has sufficient liquid resources available, the company will be able to meet its financial commitments.

Interest rate risk

The company has a fixed interest obligation in respect of the dividend on the preference shares and is therefore not exposed to fluctuation in interest rates. The loan to the parent is interest free. However, the company has the right at any time and at its sole discretion to charge interest thereon at a commercial rate.

Capital Management

The company manages and monitors its capital on an ongoing basis and with consideration for the ongoing commitments of the entity. The company is not regulated and therefore it is not subject to any capital adequacy requirements.

10. ULTIMATE PARENT UNDERTAKING

The company's immediate parent undertaking is Investec Group Investments (UK) Limited.

The company's ultimate parent undertaking and controlling party is Investec plc, a company incorporated in the United Kingdom and registered in England and Wales. Investec Bank plc is the smallest group and Investec plc is the largest group in which the results of the company are consolidated. The consolidated financial statements of Investec plc and Investec Bank plc are available to the public and may be obtained from Investec plc at 30 Gresham Street, London, EC2V 7QP.