Accounting policy

Assets of businesses that are available for immediate sale in their current condition and for which a sales process is considered highly probable to complete are classified as assets held for sale and are carried at the lower of carrying value and fair value less costs to sell. Fair value is based on anticipated disposal proceeds, typically derived from firm or indicative offers from potential acquirers. Non-current assets are not amortised or depreciated following their classification as held for sale. Liabilities of businesses held for sale are also separately classified on the statement of financial position.

Fair value movements in the venture capital portfolio are reported within disposals and other non-operating items. See note 15 for further details.

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2023
GBPm

  ​ ​ ​

2024
GBPm

  ​ ​ ​

2025
GBPm

Revaluation of investments

​

(11)

(2)

12

Loss on disposal of businesses

​

(61)

(4)

(3)

Net loss on disposals and other non-operating items

​

(72)

(6)

9