SCALING IMPACT, UNLOCKING OPPORTUNITY

OVERVIEW

THE SMART WAY TO UNLOCK THE POTENTIAL OF DORMANT ASSETS

Reclaim Fund Ltd (‘RFL’) helps financial institutions to protect their customers while creating a better society.

IF YOU THINK YOU HAVE A DORMANT ASSET

If you think you have a dormant asset, please contact your original product provider. Alternatively, the following free tracing services may be able to assist.

• Banks & Building Society accounts – MyLostAccount
• Pension schemes – Government pension tracing service
• Multiple assets – Gretel
• Multiple assets – The Tracing Group

OUR VALUES

• COLLABORATION

  We share our skills and expertise for a better outcome

• EVOLUTION

  We embrace and celebrate change

• INTEGRITY

  We try to do the right thing, all of the time

• RESPECT

  We show respect to each other and all those we come into contact with

• RESPONSIBILITY

  We all have a personal role to play in meeting stakeholder expectations

PRINCIPLES OF THE DORMANT ASSET SCHEME

3. RIGHT TO RECLAIM

Customers reclaim the value of assets through their provider, which is then reimbursed by RFL. RFL ensures that sufficient funds are reserved so this guarantee can always be fulfilled.

¹ Excluding Alternative Scheme.

2025/26 HIGHLIGHTS

UNLOCKING POTENTIAL TO DELIVER IMPACT

RFL is proud to have opened the Dormant Assets Scheme to the Investment and Wealth Management sector, welcoming four trailblazing firms as our first sector Participants.

Working hard to maximise distributions while protecting customers, we have also adopted a sophisticated new reserving model. Building on over £1.3 billion which has already been released, this new approach, combined with the significant amount of dormant assets received this year, has resulted in the largest distribution in RFL’s history – taking us to a cumulative £1.6 billion unlocked for good causes.

This report demonstrates some of the transformative impact of this funding and how RFL is driving continued growth of the Scheme.

CHAIR’S REVIEW

MAXIMISING THE IMPACT OF THE SCHEME

OUR GROWTH AGENDA

From increasing participation to maximising distributions, growth has been my top priority ever since I joined RFL as Chair in 2023. So, it is with great pride, then, that I can report that the 2025/26 financial year has been defined by meaningful growth across two of our most vital priorities: driving voluntary participation and maximising the impact our work has on society.

LANDMARK EXPANSION

During the 2025/26 financial year, we celebrated the expansion of the Dormant Assets Scheme into the Investment and Wealth Management sector. This has been many years in the making, and I was delighted to attend a major launch event in October 2025 with our first four Participants from the sector – Jupiter, Schroders, JP Morgan, and Janus Henderson – as well as the Economic Secretary to the Treasury (‘EST’) and the Minister for Civil Society at the Department for Culture, Media and Sport (‘DCMS’).

The launch was held at World Heart Beat, a music academy in South London that has received social investment through the Scheme. World Heart Beat empowers young people through music, working to break down barriers that too often prevent the UK’s talented but disadvantaged youth from thriving in the creative arts. Hearing from several of the young musicians – and being treated to a vibrant jazz performance – was a poignant reminder of the way the Dormant Asset Scheme can transform lives and enrich British culture.

MAXIMISING OUR IMPACT

This year has also seen the adoption of a new reserving model for the Banking sector within the Scheme, resulting in our largest distribution to date. This represents a major milestone in RFL’s history as we move away from a static 60% distribution policy, and I would like to thank the RFL team, the Board and specifically its Audit and Risk Committee, and His Majesty’s Treasury (‘HMT’) for their hard work, dedication, and close scrutiny of the new model.

Our core mission remains steadfast: to safeguard the rights of dormant asset holders while optimising the financial benefits for good causes. As a Board, we remain duty-bound to ensure RFL is prudently resourced, and I am confident that the new strategy delivers that security while maximising the impact of the Scheme. RFL is the expert at navigating the unique requirements that come with being the UK’s trusted custodian of dormant assets, and we look forward to supporting our Participants to unlock even greater funding through the Scheme.

ENDURING PURPOSE

After fifteen years of operation, and now with over £1.6 billion released, REI is ensuring sustainable funding can reach good causes that would not otherwise receive public support. We remain dedicated to protecting customers’ money, modelling responsible governance as an Arm’s Length Body and FCA-regulated entity, and continuously improving how we deliver our unique mandate.

I would like to thank the entire Board for their ongoing dedication and commitment to this work. On behalf of us all, I would also like to thank Holger Vieten, who stepped down from the Board in August 2025 after three years of providing expert advice and wise counsel. We were delighted to welcome Rubaba Khan in September 2025 as his replacement and our Shareholder Representative Non Executive Director (‘NED’). We are grateful to them both for facilitating the close, constructive relationship we continue to enjoy with UKGI – as well as, of course, with HMT and DCMS.

With a new, dedicated development focus embedded in the business, I am looking forward to celebrating further growth across our expanded sectors in the coming years. We will work to ensure that the Scheme fulfils its potential to become the best practice, standard mechanism for managing dormancy – and that RFL remains the trusted partner-of-choice for firms seeking to make a responsible, UK-wide impact with these funds.

LAWRENCE M. WEISS

Chair

8 July 2026

RFL is the expert at navigating the unique requirements that come with being the UK’s trusted custodian of dormant assets, and we look forward to supporting our Participants to unlock even greater funding through the Scheme.

— Lawrence M. Weiss, Chair

Description: The Dormant Assets Scheme operates as a cycle: the Dormant Asset Holder holds a dormant account with a Financial Institution (e.g. a bank or building society). The institution attempts to reunite the customer with their funds before transferring dormant balances to Reclaim Fund Ltd (RFL). RFL safeguards the funds and makes surplus monies available to The National Lottery Community Fund, which distributes them to Good Causes across all four UK nations: England, Scotland, Wales, and Northern Ireland. At any stage, customers retain the right to reclaim the full value of their dormant balance directly from RFL.

SPEND ORGANISATIONS IN ENGLAND

Most dormant assets funding in England has been distributed to the four independent spend organisations listed below, each delivering programmes aligned to the Scheme’s priorities.

Under the 2025 strategy, these organisations will continue to contribute their expertise, with TNLCF directly delivering some new programmes of work in line with the Government’s priorities, notably the Community Wealth Fund and youth enrichment initiatives.

CURRENT DORMANT ASSET SPEND PRIORITIES

THE DORMANT ASSETS SCHEME STRATEGY

In June 2025, the Government published the Dormant Assets Scheme Strategy, setting out how £440 million of dormant asset funding will be directed in England. The Strategy aims for the Scheme to become the best practice, standard mechanism for eligible firms to manage dormancy and for participation to further expand. The Strategy acknowledges that the prospect of unlocking hundreds of millions of pounds more through the Scheme over time highlights the importance of a delivery model capable of supporting long-term, UK-wide programmes — and ensuring funding efficiently and effectively reaches communities that need it most and where it can have the biggest impact.

THE OVERSIGHT TRUST

The Oversight Trust is an independent organisation that oversees the long-standing spend organisations for dormant asset funding in England. Its role is to ensure these organisations continue to operate in line with their missions. The Oversight Trust is the sole member of Fair4All Finance, Youth Futures Foundation and Access (all companies limited by guarantee), and the majority shareholder of Better Society Capital (a company limited by shares).

Under DCMS’s new 2025 strategy, TNLFC will play a more central role in shaping and coordinating the delivery of dormant assets funding for the Community Wealth Fund and some youth enrichment initiatives, while The Oversight Trust continues to provide independent oversight of the spend organisations’ governance, mission alignment, and impact.

YOUNG START — SCOTLAND

£82,404 TO HELP CREATIVE YOUNG PERFORMERS IN SCOTLAND

Hydra Arts, a creative organisation based in West Dunbartonshire, has received £82,404 through The National Lottery Community Fund’s Young Start programme, which distributes dormant assets funding in Scotland. This investment will support an ambitious, 2.5 year international performance project designed with a group of young performers aged 13 to 25.

The project brings together young people in Scotland and Canada, who will collaborate through slow, non-digital communication methods to exchange ideas, build relationships, and ultimately create a simultaneous live public performance at the end of the programme. The aim is to broaden horizons, strengthen confidence, and foster meaningful creative connections across borders.

This project is one of 22 youth initiatives across Scotland benefiting from more than £2 million in Young Start funding, helping young people build skills, confidence, and community connections.

SUPPORTED BY

youngstart

Read more: Hydra Arts →

Hydra Arts has made me more confident. It’s less embarrassing to do things out of your comfort zone when you’re doing it with other people. I’ve made some new friends outside of my school who like similar things to me.

— MOLLY, AGED 15

DORMANT ASSETS SCHEME

OPENING OF THE INVESTMENT AND WEALTH MANAGEMENT SECTOR

The distribution provision of £370.3 million as at 31 March 2026 reflects these changes. Under the previous approach, the distribution provision would have been £185.3 million (including operating profit), and so the changes to the capital strategy and distribution policy have resulted in an additional distribution in 2026/27 of £185 million.

Management has developed a Quality Assurance Framework, which will be periodically reviewed by the AARC, alongside the framework, Management will also maintain a Quality Assurance Plan for all components of the Model.

The plan will be approved by the AARC annually and ensures appropriate quality assurance and effective model governance are in place.

As set out above, the level of excess assets each year that drives our amount available to distribute depends on several factors and therefore will not be a fixed percentage of dormant assets received as it has been in the past. Whilst we will continue to refine and improve the model, we do not expect the large one-off distribution generated this year to be repeated in the future, and distributions are likely to stabilise next year to circa 60% to 70% of dormant assets received plus operating profit, unless reclaim levels fluctuate significantly from the levels expected.

PROPORTION OF DORMANT ASSETS RECEIVED THAT HAVE BEEN RECLAIMED, HELD AS PROVISIONS AND CAPITAL AGAINST FUTURE RECLAIMS, OR DISTRIBUTED TO GOOD CAUSES

PRINCIPAL ACTIVITIES

RESERVING AND DISTRIBUTIONS

RFL set aside distributions to TNLCF during 2025/26 of £370.3 million (2024/25: £142.8 million), the large increase reflecting both the significant dormant asset contributions from Banks and Building Societies in the year, along with the change to our capital strategy that has allowed for increased distributions to be made. The Board were pleased to approve a distribution of £370.3 million on 8 July 2026, taking cumulative distributions to more than £1.6 billion.

RFL has reported a retained deficit of £125m for the year (2024/25: retained surplus of £14m). The year-on-year movement is principally attributable to the record level of distributions to TNLCF, which, in accordance with IFRS, are recognised as a charge to the Income Statement and therefore give rise to the reported deficit.

The prior year’s surplus reflected the capital management and reserving framework previously determined by the FCA. Had that framework continued to apply in the current year, the resulting retained surplus would have exceeded that reported in 2024/25, rather than moving into deficit.

RFL continues to set aside sufficient funds to meet the level of reclaims it is prudent to anticipate in perpetuity. The best estimate reclaim provision continues to be refined using significant actuarial expertise and has resulted in a reclaim provision of £211.7 million at 31 March 2026 (2024/25: £186.7 million). Further analysis and sensitivities can be seen in Notes 1 and 9.

A number of reclaims were paid to Participants, amounting to £24.7 million (2024/25: £26.0 million). Of the £24.7 million paid in the year, £22.6 million related to dormant assets received to 31 March 2025 and the remaining £2.1 million related to dormant assets received in the year to 31 March 2026. As at 31 March 2025, the best estimate model predicted reclaims of £20.2 million, which is lower than the £24.7 million paid out in the year. RFL investigated the source of higher than expected reclaims and continues to refine the model in light of additional reclaim experience.

At 31 March 2025 reclaims to the value of £1.4 million were outstanding, which contributed to an overall trade payable balance of £3.0 million. This has not been replicated this year, with a full reduction in reclaims outstanding to £nil. The remaining trade payables balance is made up of accruals, and these balances have remained consistent year on year, with the balance at 31 March 2026 being £1.3 million (2024/2025: £1.6 million).

ASSETS UNDER MANAGEMENT

Total Assets have increased £906 million to £1,029 million in the year, reflecting the large inflows of dormant assets in the year, net of distribution and reclaim payments. Of these assets, investment securities have increased by £15.1 million from £467.3 million to £482.4 million at 31 March 2026, as a result of coupons generated from the investment portfolio being re-invested and positive investment returns driven primarily by the covered bond exposure in the investment portfolio.

PARTICIPATION

The Scheme has been open to eligible Banks and Building Societies since 2011 and continues to see good growth in participation from this sector. In 2025/26, we welcomed three new Participants to the Main Scheme.

The 2022 Act expanded the Dormant Assets Scheme to include a range of assets in the insurance and pensions, investment and wealth management, and securities sector. This expansion, which has been implemented in phases, has required patience due to the complexity of the new assets and comprehensive regulatory and procedural changes that were required after the 2022 Act was passed. We have been working closely with the government, FCA, trade associations, and industry stakeholders to identify and implement pragmatic solutions to the challenges posed while continuing to protect dormant asset owners.

The Scheme was first opened to eligible institutions in the insurance and pensions sector in June 2023, and RFL was delighted to welcome Aviva plc and Legal & General as early adopters. We continue to engage with companies in the sector to raise awareness of the Scheme and invite participation.

We also encourage UK public limited companies to consider participating in the Scheme with their dormant shares and share proceeds, where eligible.

In August 2024, the FCA published rule changes that lifted regulatory barriers to participation from the investment and wealth management sector. Following significant work from RFL, we were delighted that the voluntary requirement (VREQ) that had prevented RFL from accepting investment assets was lifted in early 2025. With both the rule changes published and the VREQ lifted, the major hurdles were overcome for this sector and we welcomed four early adopters into the Scheme in Autumn 2025. We continue to work in the market to attract further participation.

While the Scheme offers a unique opportunity both to reunite assets with their owners and to fund vital charitable and community activities at scale, it remains voluntary. As such, its success will be based entirely on eligible institutions’ decision to participate and transfer the eligible assets they hold. RFL stands ready to support potential and current Participants in any way we can to drive continued growth of the Scheme.

BUSINESS REVIEW

KEY PERFORMANCE INDICATORS

During the year, the Board and its Committees have reviewed RFL’s performance through key performance indicators (‘KPIs’), the results of which provide an overview of its Participants, stakeholders, processes and financial strength.

NON-FINANCIAL STATISTICS

Miss Macaroon

At Miss Macaroon we’re delighted to be part of the Evidence into Action programme to develop and refine our programmes to better support the young people we serve. Our team is looking forward to continuing our work with Youth Futures Foundation and Action for Race Equality to build our inclusive practice and share this best practice with our corporate partners to provide even more training and job opportunities for local young people.

— ROSIE GINDAY MBE, CEO AND FOUNDER OF MISS MACAROON

SCHEME PARTICIPANTS

OUR REGULATOR

ENVIRONMENT

EMPLOYEES

CAPITAL & RESERVING

OUR SUPPLIERS

SUSTAINABILITY REPORT

OUR ESG COMMITMENTS

SUSTAINABILITY FRAMEWORK

RISK MANAGEMENT

Evaluating and managing risks continued

EVALUATING AND MANAGING RISKS CONTINUED

The Strategic Report on pages 2 to 35 is approved by the Directors

GOVERNANCE

GOVERNANCE

THE BOARD

AS AT 31 MARCH 2026

At the date of the approval of the Annual Report and Accounts, the Board of Directors was comprised as follows.

LAWRENCE M. WEISS

BA (Hons), MIA

Chair

I N R

Appointed: 11 July 2023

Experience: Lawrence has held a number of senior Board and executive roles across the financial services and international trade sectors. In addition to his private sector Non-Executive Board positions, he has served as a Board member of UK Export Finance, the UK’s export credit agency, where he also chaired the Audit Committee, and was a member of the Audit and Risk Committee of the Department for International Trade. He was previously Chief Executive Officer of Bank Leumi (UK) plc, where he also chaired its subsidiary companies. Prior to this, he spent nearly two decades at Glencore UK Ltd., holding several senior leadership positions, including Chief Global Credit Risk Officer for the Energy Group, and Chief Financial Officer and subsequently Chief Executive Officer of TMR Energy Ltd, a joint venture between Glencore and TOTAL S.A. During this time, he also chaired both the Trustees of the company’s Pension Scheme and the Glencore Foundation for Education and Welfare. Lawrence began his career at The Chase Manhattan Bank where he rose to become a Director of Chase Investment Bank Ltd, one of the European market leaders in syndicated lending and project finance.

ADRIAN SMITH

OBE, MBA

Chief Executive

Appointed: 16 November 2010

Experience: Adrian helped establish Reclaim Fund Ltd during 2009/10 and was subsequently appointed as Chief Executive. With a career in retail banking, he previously held senior leadership roles at Co-operative Banking Group, Britannia Building Society, Bank of Ireland and Bristol & West Building Society and was a former Non-Executive Director of Mutual Plus Ltd. He is currently Chair of the Association of Chief Executives, Vice Chair of Plunkett UK and Chair of his local Parish Council. Adrian was awarded an OBE for services to the financial sector in 2022.

CORPORATE GOVERNANCE STATEMENT CONTINUED

GOVERNANCE

CORPORATE GOVERNANCE STATEMENT CONTINUED

AUDIT AND RISK COMMITTEE

JUDITH BUTTIGIEG

AUDIT AND RISK COMMITTEE CHAIR

GOVERNANCE

CORPORATE GOVERNANCE STATEMENT CONTINUED

CORPORATE GOVERNANCE STATEMENT CONTINUED

GOVERNANCE

CORPORATE GOVERNANCE STATEMENT CONTINUED

SCOPE OF HIGH-LEVEL INTERNAL REVIEW

The internal review was primarily focused on input gathered from NEDs and the Executive team in the form of a questionnaire. It was designed around the UK Corporate Governance Code’s Principles, with both scores and comments being carefully reviewed. The questionnaire was focused on five areas: Board structure, Board interactions, Board focus and function, authority, and Committee effectiveness. Across all categories, the results were positive and there were no major areas of concern identified.

FINDINGS

The main area for improvement highlighted by the review was around succession planning, namely the formalisation of existing practices and better articulation of the process and results of succession planning to the whole Board and Executive. The Nomination Committee discussed this in detail, and has refreshed its Board skills matrix in readiness for the next round of NED recruitment.

The Board also recognised through the review the importance of ensuring ongoing focus on strategy over operational details and in ensuring that a positive and constructive boardroom culture is maintained.

The Board discussed these findings in January 2026. An action plan was developed and progress against this plan is tracked to ensure closure of all actions over the next 12 months.

OWNERSHIP

RFL is ultimately owned by the Treasury Solicitor as nominee for HMT.

SHAREHOLDER ENGAGEMENT

In addition to the formal discussions at regular Board and Committee meetings, in which the views of the Shareholder Representative NED are actively sought, there is regular communication between the Chair, the Chief Executive, and the Shareholder Representative NED. This includes through the Quarterly Shareholder Meetings, which cover ongoing governance and best practice, to foster full engagement with the Shareholder and to ensure compliance with the requirements of the Framework Document.

EXTERNAL AUDIT

RFL’s external auditor is the National Audit Office (‘NAO’). The performance of the external auditor is regularly monitored by the AARC to ensure it meets RFL’s needs.

RFL has a non-audit work policy that establishes the principles by which it can appoint the external and internal auditors for non-audit services. The policy also establishes a framework governing the process by which non-audit services are approved. The AARC reviews this policy on a triennial basis. No non-audit services were provided by the external auditors during 2025/26.

INTERNAL AUDIT

The internal audit function is an independent, outsourced function, carried out by Deloitte LLP, which reports to the AARC. Its primary role is to provide assurance over the adequacy and effectiveness of RFL’s internal control framework, including risk management practices.

Internal audit seeks to discharge the responsibilities set down in its charter by completing a risk-based internal audit plan that is approved by the AARC on an annual basis. The plan sets out a framework for the review of business processes and ensures that key business risks are effectively managed by key controls.

The AARC carries out a formal review of the effectiveness of the outsourced internal audit function every three years. The last formal review of the internal audit function was held in March 2025. The review concluded that the internal audit function has appropriate standing and independence within RFL and is seen to be an objective assurance function to attest to the effectiveness of RFL’s risk and control environment. The next formal review of the effectiveness of the internal audit function will be completed in early 2028.

Internal audit also acts as a source of constructive advice and best practice, assisting the Executive team with its responsibility to improve the processes by which business risks are identified and managed. Internal audit representatives are always invited to attend AARC meetings. They attended five out of nine AARC meetings during 2025/26 and also held private-session meetings with the AARC without management present.

Internal audit reports are submitted to, and significant issues arising are considered at, the AARC. No non-audit services were provided by the internal auditor during 2025/26.

THE EXECUTIVE TEAM

It is the responsibility of the Executive team to implement the strategic objectives agreed by the Board. The Executive team, led by the Chief Executive, is responsible for the day-to-day management of the Company.

INTERNAL CONTROLS AND RISK MANAGEMENT FRAMEWORK

The Board and Executive team have primary responsibility for identifying the key business risks facing the organisation.

Internal controls are the activities undertaken by Management, the Board, and other parties to enhance risk management and increase the probability that established objectives and goals will be achieved. The Board has overall responsibility for RFL’s system of internal controls, which aims to ensure effective and efficient operations; quality of internal and external reporting; safeguarding of RFL’s assets; and compliance with laws and regulations. The Board recognises that any system can only be designed to manage rather than eliminate risks and can only provide reasonable and not absolute assurance against material misstatement or loss.

GOVERNANCE

CORPORATE GOVERNANCE STATEMENT CONTINUED

The risk management framework includes an ongoing process for identifying, evaluating, and managing significant risks in line with the Orange Book principles, and has been in place for the whole period under review and up to the date of approval of the Annual Report and Accounts. The framework was enhanced in the year to also formally consider emerging risks. The Board considered and agreed with the assessment by the AARc that financial, operational, and compliance controls had operated with an appropriate risk, governance, and control framework throughout the period. Further detail is provided in the Risk Management section of the Strategic Report on pages 2 to 35.

A Conflicts of Interest Policy is in place to ensure the independence of NEDs and the management of potential conflicts.

The Board has a number of mitigating actions that it can use to address any liquidity shortfalls, the most significant being amending the timing and amount of assumed distributions, which is in line with the Articles of Association of the Company, which determine that the Board has total discretion over such matters.

Based on the results of the liquidity and capital management forecasting, and the assessment of the Company’s legal position, the Directors have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the period to 31 March 2029.

VIABILITY STATEMENT

The Directors’ confirmation that they have adopted the going concern basis in preparing the Annual Report and Accounts is set out on page 56.

In addition to performing a review of the going concern status of RFL, the Directors have also, in accordance with the UK Corporate Governance Code, assessed its prospects over the period to 31 March 2029. A period of three future years has been selected to be short enough to be reasonably assessable but long enough to reflect RFL’s risk profile. Three years also reflects the period over which RFL produces its Annual Operating Plan, which is supported by three-year forecasts from Scheme Participants.

The Company was originally established as an authorised reclaim fund under the Financial Services Authority (‘FSA’, now ‘FCA’) Regulating Reclaim Funds Policy Statement (‘PS09/12’) and is required to produce liquidity and capital forecasts that are considered by the AARC and approved by the Board annually.

Liquidity and capital management forecasting are a key part of the risk management framework of RFL and incorporate stress scenario tests designed to produce a comprehensive assessment of current and projected liquidity and capital positions. The process has assisted RFL in evaluating, over the period to 31 March 2029, the key known risks to which it is exposed and the levels of capital and other financial resources that should be maintained to safeguard the liquidity and capital positions of the business at all times, including during a stress scenario. A realistic stress scenario has been developed with actuarial support, that assumes reclaim rates are double those expected, the Model is expected to reflect the assumption that higher reclaim will persist and transfers of dormant assets are assumed to be half of the base assumption. The stress testing also takes into consideration amounts already committed for distribution by RFL.

On behalf of the Board of Directors

LAWRENCE M. WEISS

Chair

8 July 2026

REMUNERATION AND STAFF REPORT

In accordance with the Framework Document, RFL is required to produce a Remuneration and Staff Report. The report has been prepared under the Government Financial Reporting Manual, known as the FReM. RFL employs a small team of 21 staff who carry out work to support the day-to-day operations of the business, fulfilling first and second line responsibilities. Given the limited number of staff employed, it is not appropriate to detail the organisational structure of the business, as many roles span a number of responsibilities, thereby reducing any key person dependency. During the year to 31 March 2026, RFL also sourced external resource to support the work required for developing its Capital and Reserving Strategy and onboarding new asset classes following the introduction of the 2022 Act, which has temporarily grown the number of personnel working in the business. The disclosures in this report align to the requirements of being an Arm’s Length Body whilst being proportionate to the size of RFL.

In this report, the disclosures on Directors’ remuneration, pensions, fair pay, staff numbers, costs, and exit payments have been audited. No other disclosures have been audited.

Governance

Remuneration and staff report Continued

PERFORMANCE-RELATED PAY

The Company operates a performance-related bonus scheme based on Company and individual performance, which is approved by its Remuneration Committee. The bonus scheme provides an opportunity for the Executive Director and staff to receive a bonus based on their personal contribution during the bonus year, as well as the performance of RFL. The business element is based on an assessment by the Board and Remuneration Committee of RFL’s achievement against its strategic objectives during the bonus period. This element represents recognition of the commitment and effort that colleagues have collectively put into delivering RFL’s purpose and mission. The personal element is determined by the performance rating agreed as part of the year-end performance review. Given the nature of the business, Executive bonus remuneration is not deferred, nor does it include clawback arrangements. Additionally, as RFL is an Arm’s Length Body of Government, it does not issue share options to Directors or staff.

Bonus payments are based on performance levels achieved in the years to 31 March 2026 and 31 March 2025 respectively.

FAIR PAY DISCLOSURES (AUDITED)

As reporting body, RFL is required to disclose the relationship between the remuneration of the highest paid Director in the organisation and the lower quartile, median and upper quartile remuneration of the organisation’s workforce.

The banded remuneration of the highest paid Director employed by RFL in the year was £325k-330k’ (2024/25: £295k-300k). This was 5.3 times (2024/25: 6.3 times) the median remuneration of the workforce, which was £60-65k (2024/25: £45k-50k).

In 2025/26, no employees received remuneration in excess of the highest paid Director (2024/25: none). Staff remuneration ranged from £35k-40k to £325k-330k (2024/25: £20k-25k to £295k-300k).

Total remuneration within the calculations below includes salary, performance-related payments, and benefits in kind. It does not include severance payments, employer pension contributions, or the cash-equivalent transfer value of pensions (as RFL does not participate in the Civil Service Pension Scheme).

¹In accordance with the requirements of the FreM, the table above excludes employer pension contributions and thus does not correlate with the banded remuneration disclosures above.

With a small but growing team, fair pay ratios can change significantly between years when new staff come into the business. The decrease in the majority of ratios is a combination of new members of staff in the year earning higher than median pay alongside a small number of internal promotions in the business, which have resulted in salary increases. These changes were made to support the business as we grow the Scheme within new sections.

RFL believes the median pay ratio for the financial period is consistent with the pay, reward, and progression policies for the entity’s employees taken as a whole.

GOVERNANCE

REMUNERATION AND STAFF REPORT CONTINUED

MALE/FEMALE STAFF BREAKDOWN

The number of male and female staff at the end of each year was as follows:

OFF-PAYROLL ENGAGEMENT

Off-payroll arrangements are engagements where personnel, either self-employed or acting through an intermediary company, are paid by invoice rather than via payroll. There were seven off-payroll engagements during 2025/26, all of which were earning £245 or more per day (2024/25: nine).

The tables below show off-payroll engagements by RFL at as 31 March 2026 where earnings exceeded £245 per day. There have been no Directors and/or senior officials with significant financial responsibility engaged under off-payroll engagement during 2025/26 and 2024/25.

CONSULTANTS

Total expenditure on external consultants during the year amounted to £0.8 million, remaining consistent with the previous year (2024/25: £1.0 million).

STAFF SICKNESS ABSENCE (ANNUAL WORKING DAYS LOST)

The average working days per employee lost to sickness absence during 2025/26 were 2.4 days (2024/25: 6.7 days). RFL remains confident that this does not present any concerns to the business, and notes that this statistic remains highly sensitive due to the size of the workforce.

MENTAL HEALTH AND WELLBEING

RFL has implemented a suite of individual and collective measures to ensure that employee welfare is robustly addressed: regular, informal, and interactive verbal and written communications supplement day-to-day team and line management interactions. Mental Health First Aiders have been trained within the business and RFL has recently secured ‘We Invest in Wellbeing’ certification.

GOVERNANCE

REMUNERATION AND STAFF REPORT CONTINUED

GOVERNANCE

STATEMENT OF DIRECTORS' AND ACCOUNTING OFFICER'S RESPONSIBILITIES

STATEMENT OF DIRECTORS’ AND ACCOUNTING OFFICER’S RESPONSIBILITIES CONTINUED

In preparing the Financial Statements, the Accounting Officer is required to comply with the requirements of the Government Financial Reporting Manual where this requires additional disclosure that does not conflict with IFRS and the Companies Act, and in particular to:

• observe the Accounts Direction issued by HMT, including the relevant accounting and disclosure requirements, and apply suitable accounting policies on a consistent basis;
• make judgements and estimates on a reasonable basis;
• state whether applicable accounting standards as set out in the Government Financial Reporting Manual have been followed, and disclose and explain any material departures in the Financial Statements;
• prepare the Financial Statements on a going concern basis; and
• take all the steps that ought to have been taken to make himself aware of any relevant audit information and to establish that RFL’s auditors are aware of that information.

As the Accounting Officer, I have taken all the steps that I ought to have taken to make myself aware of any relevant audit information and to establish that RFL’s auditors are aware of that information. So far as I am aware, there is no relevant audit information of which the auditors are unaware.

ADRIAN SMITH OBE Chief Executive, on behalf of the Board

8 July 2026

PARLIAMENTARY ACCOUNTABILITY AND AUDIT REPORT

The accounts of RFL are audited by the Comptroller and Auditor General under the terms of the Framework Document. The audit fee charged (exclusive of VAT) was £200k (2024/25: £195k). The auditors did not provide any non-audit services. The auditors have been provided with all relevant audit information necessary to complete their audit and the Accounting Officer has taken all necessary steps to ensure that the auditors are aware of any relevant information.

All expenditure was applied to the purpose intended by Parliament (audited).

RFL has not incurred any losses or special payments requiring disclosure, nor made any gifts during the reporting year to 31 March 2026 (31 March 2025: none) (audited).

In accordance with the terms of the Act, RFL has inherited the liability for all dormant balances transferred from Participants and as such discloses remote contingent liabilities totalling £1,573.4 million (2024/25: £1,222.8 million) (audited). This balance represents the remaining exposure that RFL may be required to settle above and beyond the amounts already set aside within the provision for reclaims and capital reserves.

ADRIAN SMITH OBE

Chief Executive

8 July 2026

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF RECLAIM FUND LTD AND THE HOUSES OF PARLIAMENT

OPINION ON FINANCIAL STATEMENTS

I have audited the Financial Statements of Reclaim Fund Ltd for the year ended 31 March 2026 which comprise Reclaim Fund Ltd’s:

• Statement of Financial Position as at 31 March 2026;
• Statement of Comprehensive Income, Statement of Cash Flows and Statement of Changes in Equity for the year then ended; and
• the related notes including the significant accounting policies.

The financial reporting framework that has been applied in the preparation of the Financial Statements is applicable law and the UK adopted International Accounting Standards.

In my opinion the Financial Statements:

• give a true and fair view of the state of Reclaim Fund Ltd’s affairs as at 31 March 2026 and of its retained loss for the financial year then ended;
• have been properly prepared in accordance with the UK adopted International Accounting Standards; and
• have been prepared in accordance with the requirements of the Companies Act 2006.

OPINION ON REGULARITY

In my opinion, in all material respects the income and expenditure recorded in the Financial Statements have been applied to the purposes intended by Parliament and the financial transactions recorded in the Financial Statements conform to the authorities which govern them.

BASIS FOR OPINIONS

I conducted my audit in accordance with International Standards on Auditing (UK) (ISAs (UK)), applicable law and Practice Note 10 ‘Audit of Financial Statements and Regularity of Public Sector Bodies in the United Kingdom (2024)’ My responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the Financial Statements section of my report.

Those standards require me and my staff to comply with the Financial Reporting Council’s Revised Ethical Standard 2024. I am independent of Reclaim Fund Ltd in accordance with the ethical requirements that are relevant to my audit of the Financial Statements in the UK. My staff and I have fulfilled our other ethical responsibilities in accordance with these requirements.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

The framework of authorities described in the table below has been considered in the context of my opinion on regularity.

¹ Collectively, Dormant Assets Acts 2008 to 2022.

GOVERNANCE

INDEPENDENT AUDITOR’S REPORT CONTINUED

KEY AUDIT MATTER 1

Key observations

The outcomes of the procedures I performed in response to the risk were satisfactory. I noted no material issues arising from my work.

GOVERNANCE

INDEPENDENT AUDITOR’S REPORT CONTINUED

GOVERNANCE

INDEPENDENT AUDITOR’S REPORT CONTINUED

INDEPENDENT AUDITOR’S REPORT CONTINUED

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

My responsibility is to audit and report on the Financial Statements in accordance with the applicable law and International Standards on Auditing (UK) (ISAs (UK)).

My 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 that includes my 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.

EXTENT TO WHICH THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING NON-COMPLIANCE WITH LAWS AND REGULATIONS INCLUDING FRAUD

I design procedures in line with my responsibilities, outlined above, to detect material misstatements in respect of non-compliance with laws and regulations, including fraud. The extent to which my procedures are capable of detecting non-compliance with laws and regulations, including fraud is detailed below.

Identifying and assessing potential risks related to non-compliance with laws and regulations, including fraud

In identifying and assessing risks of material misstatement in respect of non-compliance with laws and regulations, including fraud, I:

• considered the nature of the sector, control environment and operational performance including the design of Reclaim Fund Ltd’s accounting policies and performance incentives;
• inquired of management, head of Reclaim Fund Ltd’s internal audit service and those charged with governance, including obtaining and reviewing supporting documentation relating to Reclaim Fund Ltd’s policies and procedures on:
  • identifying, evaluating and complying with laws and regulations;
  • detecting and responding to the risks of fraud; and
  • the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations including Reclaim Fund Ltd’s controls relating to Reclaim Fund Ltd’s compliance with the Companies Act 2006, Dormant Assets Acts 2008 to 2022, regulatory requirements imposed by the Financial Conduct Authority and Managing Public Money.
• inquired of management, head of Reclaim Fund Ltd’s internal audit service and those charged with governance whether:
  • they were aware of any instances of non-compliance with laws and regulations; and
  • they had knowledge of any actual, suspected, or alleged fraud;
• discussed with the engagement team and the relevant external specialists, including auditor’s experts, regarding how and where fraud might occur in the Financial Statements and any potential indicators of fraud.

As a result of these procedures, I considered the opportunities and incentives that may exist within Reclaim Fund Ltd for fraud and identified the greatest potential for fraud in the following areas: revenue recognition, posting of unusual journaIs, complex transactions, bias in management estimates and in particular the provisions for reclaims of dormant account balances. In common with all audits under ISAs (UK), I am required to perform specific procedures to respond to the risk of management override.

I obtained an understanding of Reclaim Fund Ltd’s framework of authority and other legal and regulatory frameworks in which Reclaim Fund Ltd operates. I focused on those laws and regulations that had a direct effect on material amounts and disclosures in the Financial Statements or that had a fundamental effect on the operations of Reclaim Fund Ltd. The key laws and regulations I considered in this context included Companies Act 2006, Managing Public Money, Dormant Assets Acts 2008 to 2022, employment law, tax legislation and regulatory requirements imposed by the Financial Conduct Authority.

GOVERNANCE

INDEPENDENT AUDITOR’S REPORT CONTINUED

FINANCIAL STATEMENTS

CONTENTS

FINANCIAL STATEMENTS

Assets

Liabilities

Capital and reserves

Total liabilities and equity

FINANCIAL STATEMENTS

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2026

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2026

The notes on pages 72 to 89 form part of the Financial Statements.

The Act prohibits the capital reserve being distributed to the Parent Company.

FINANCIAL STATEMENTS

NOTES TO THE COMPANY FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

1. SIGNIFICANT ACCOUNTING POLICIES CONTINUED

BEST ESTIMATE METHODOLOGY

The methodology for calculating the best estimate provision utilises the quantity of historical reclaim information available for each sector. For Bank and Building Society assets, RFL holds 14 years’ worth of historical reclaim information, in significant contrast to the newer asset classes in the Insurance, Pensions, and Investment and Wealth Management sectors where only a small number of reclaims have been paid. The table below shows the split per sector.

The approach to the sectors is detailed below:

BEST ESTIMATE FOR BANK AND BUILDING SOCIETIES SECTOR

The best estimate contains two components: a future reclaim projection derived by fitting a generalised linear model (‘GLM’) to the historical reclaims incurred, and an additional margin to project future expected reclaims on an annual basis into the future, compared to historical levels. The GLM is used to project future expected reclaims based on past reclaim experience, which are then discounted to give a present value of future reclaims. Given there is limited historical data, which may cover a relatively benign period, and recognising the potential for future events not captured in the data to impact future reclaim rates, there remains uncertainty in the projections. The additional margin is therefore added to allow for an expected increase in future reclaims compared to historic levels, such as through advancements in technology that make reunification of dormant asset easier.

The additional margin is set by expert judgement, obtained through a workshop that brings together RFL Management and industry experts with varying backgrounds and experiences to consider recent experience and scenarios which might lead to a increase in reclaim rates.

During last year’s workshop, one realistic scenario emerged based on a series of events. The additional margin was then calculated by considering the likelihood and average impact of the one realistic scenario on ultimate reclaim rates. The series of events comprised of an increase in societal awareness of RFL and dormancy, technological developments and a willingness from Participants, through choice and/or reputational or regulatory pressure to apply the technology to dormant accounts retrospectively. Management reviewed the output from the workshop, which included both the voting results and the main points of discussion, and set the margin at 4% of total initial balances.

At this year’s workshop no new events were identified, but the likelihood and expected impact of the one realistic scenario were considered to be lower, due to a reduction in perceived risk related to artificial intelligence, along with acknowledgement that some risks (such as regulatory pressure) naturally diminish as more time passes. Management have considered the discussion at the workshop and the voting results and have set the additional margin in line with the voting results, which was 3% of total initial balances. Management concluded that a reduction of 1 percentage point in the additional margin is reasonable, based on workshop discussions and noting that the previous year’s voting results of 3.6% was rounded up to give a margin of 4%. A gradual downward trend in the provision over time is reasonable given the greater insight into the liabilities afforded by having more data, and an increased understanding of the risks faced by RFL as the business matures.

To the extent that actual reclaims are different from those provided for, changes in the provision are reflected in the Income Statement.

The calculation of the provision for future repayments of dormant asset balances is inherently complex, with significant amounts of uncertainty in the quantum of reclaims expected and the time period for which reclaims will continue.

In addition, Management continues to monitor actual reclaim rates to assess whether the provisioning methodology remains appropriate.

FINANCIAL STATEMENTS

NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED

FOR THE YEAR ENDED 31 MARCH 2026

1. SIGNIFICANT ACCOUNTING POLICIES CONTINUED

BEST ESTIMATE FOR INSURANCE, PENSIONS AND INVESTMENT AND WEALTH MANAGEMENT SECTORS

Management was supported by RFL’s outsourced actuarial experts to undertake an assessment of the factors that would make it possible to model future reclaim experience in the Insurance, Pension and Investment and Wealth Management. The analysis carried out has confirmed that there is insufficient reclaim experience to perform meaningful modelling of expected reclaims for these sectors. Until such time as sufficient reclaim experience is known, the initial best estimate aligns to that of the Bank and Building Societies’ Scheme, being the expected reclaim rate over the lifetime of assets transferred to RFL. Any reclaims paid are offset against this, with an additional amount held as capital to cover possible severe reclaim events. As yet, no reclaims have been paid in respect to the Investment and Wealth Management sector.

PROVISION FOR FUTURE DISTRIBUTIONS

The Act dictates that the Company is obliged to pay over the excess of dormant asset monies received, after deduction of running costs, providing for reclaims and meeting internal capital requirements, to TNL CF for ongoing distribution for the benefit of UK communities.

Upon receipt of monies from Participants, the Company also creates a provision for future distributions. This represents amounts that the Company will expect to pay over to TNL CF in future years. The Directors regard this provision as a key accounting judgement given that the Board has total discretion over the amount of distributions.

Not all the surplus funds are paid over to TNL CF immediately as the exact timings of these future payments are uncertain and depend on the value and timing of reclaims made. Amounts are reclassified from the provision to trade creditors following Board approval of a distribution payment and in addition once clarity is received as to the timing of a request for payment.

GOING CONCERN

In determining whether it is appropriate to adopt the going concern basis in preparing the Annual Report and Accounts, the Directors have considered the Company’s business activities and have assessed the impact of a severe stress scenario, based on a series of events which could lead to an increase in reclaim rates. The series of events comprise an increase in societal awareness of RFL and dormancy, technological developments and a willingness from Participants, through choice and/or reputational pressure, to apply the technology to dormant accounts retrospectively. The Directors also continue to assess the legal form of the Company as an Arm’s Length Body or Government, and reviewed correspondence from the Economic Secretary to the Treasury of the owner’s intention for RFL to remain operationally independent. The Board has a number of mitigating actions that it could implement to address any liquidity shortfalls, the most significant being amending the timing and amount of assumed distributions. This is in line with the Articles of Association of the Company, which determine that the Board has total discretion over such matters.

Having carefully considered the outputs of this analysis, the Directors are satisfied that the Company has sufficient resources to meet liabilities as they fall due for a period of at least one year from the date of approval of the Financial Statements and have, therefore, continued to adopt the going concern basis in preparing the Annual Report and Accounts.

AMOUNTS RECEIVED IN RESPECT OF DORMANT ASSETS

In the absence of an International Accounting Standard for recognition of dormant asset balances, Management considered the conceptual framework in determining whether it is appropriate to recognise the income and re xasped that reliable measurement of dormant asset balances is equivalent to the cash being received and therefore under RFL’s control.

Amounts received in respect of dormant assets represent receipts, from Participants, of dormant asset monies and are recognised where there is a probability that future economic benefits will flow to the Company and these benefits can be measured reliably. RFL recognises income when cash is received as this is the point at which there are rights and obligations associated with the income.

INTEREST INCOME

Interest income from investments is recognised on an effective interest rate (‘EIR’) basis, inclusive of directly attributable incremental transaction costs and fees, and discounts and premiums where appropriate. The EIR spreads the interest income over the expected life of the instrument. The EIR is the rate that, at inception, exactly accounts expected future cash payments and receipts through the expected life of the instrument to the initial carrying amount. When calculating the EIR, the Company estimates cash flows considering all contractual terms of the instrument (for example, prepayment options) but does not consider future credit losses.

The basis of recognising interest income received from cash held in bank accounts is on a receipt basis.

FINANCIAL STATEMENTS

NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED

FOR THE YEAR ENDED 31 MARCH 2026

1. SIGNIFICANT ACCOUNTING POLICIES CONTINUED

NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED

FOR THE YEAR ENDED 31 MARCH 2026

FINANCIAL STATEMENTS

NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED

FOR THE YEAR ENDED 31 MARCH 2026

NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED

FOR THE YEAR ENDED 31 MARCH 2026

4. AMOUNTS RECEIVED IN RESPECT OF DORMANT ASSETS

The tables below show the detailed amounts received per Participant by sector. Figures are in £'000.

Total amounts received in respect of dormant assets — 2025/26: £272,495k, 2024/25: £173,004k

FINANCIAL STATEMENTS

NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED

FOR THE YEAR ENDED 31 MARCH 2026

7. INVESTMENT SECURITIES CONTINUED

The table below sets out a summary of the carrying and fair values of financial assets classified as held at amortised cost:

The fair value of the investment securities differs from the carrying value due to movements in market rates of interest and market expectations and is not indicative of a significant increase in credit risk in respect of items within the investment portfolio.

VALUATION HIERARCHY

RIFL classifies debt securities in Level 1 only if it can be demonstrated on an individual security-by-security basis that they are quoted in an active market, i.e. that the price quotes obtained are representative of actual trades in the market (through obtaining binding quotes or through confirming against published market prices). In the case of investment securities, pricing providers cannot guarantee that the prices that they provide are based on actual trades in the market. Therefore, all investment securities are classified as Level 2.

Of the total investment securities held, £293.0 million (2024/25: £165.8 million) is due to mature in less than 12 months from the reporting date.

8. CASH AND CASH EQUIVALENTS

Goldman Sachs Asset Management represents cash held by our investment manager which includes Money Market Funds. Money Market Funds invest in short-term, highly liquid debt securities which can be readily converted into cash.

9. PROVISION FOR RECLAIMS OF DORMANT ASSET BALANCES

The table below shows the movement in provision across all sectors and is further broken down into Banks and Building Societies and Insurance, Pensions and Investment and Wealth Management sectors.

9. PROVISION FOR RECLAIMS OF DORMANT ASSET BALANCES CONTINUED

Aligned to the reclaim provision on dormant balances, the timing of any remote contingent liabilities is inherently uncertain and is dependent on the timing of Participant reclaim payments. Our model predicts reclaim payments to Participants of £28.9 million for the next financial year in relation to dormant assets received up to 31 March 2026 (2024/25: £20.2 million in relation to dormant assets received up to 31 March 2025). Further reclaims are anticipated in the next financial year in relation to dormant assets received during the year, which will depend on how much Participants transfer to RFL over the year and when, and the composition of those transfers (e.g. account sizes). The largest proportion of reclaims typically occurs in the twelve months following transfer of dormant assets to RFL with reclaims in future years exponentially reducing as time elapses; however, this is dependent on both the Participant and the timing and value of reclaims made. The best estimate contains an additional margin that considers possible increased reclaims, the timing of which is inherent uncertain. Best estimate additional margin was reduced from 4% to 3% of total initial balances in the year, resulting in a £21.3m (2024/25: £nil) reduction to the Bank and Building Societies provision. Please refer to the Best estimate for Bank and Building Societies sector section of note 1 for further details.

FINANCIAL STATEMENTS

NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED

FOR THE YEAR ENDED 31 MARCH 2026

NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED

FOR THE YEAR ENDED 31 MARCH 2026

12. SHARE CAPITAL AND RESERVES

The Shareholder, the Treasury Solicitor for the Affairs of His Majesty’s Treasury in its capacity as nominee for HM Treasury, has full voting rights.

The capital reserve represents surplus funds, after costs, retained by the Company in order to maintain the necessary capital base to ensure the long-term viability of the organisation. This includes amounts set aside to cover possible severe reclaim events and RFL’s other risks. Under the Act, the capital reserve is not distributable to the parent undertaking. Reserves have reduced during the year due to the assessment of our required provisions and capital under the new capital strategy being lower than under the previous minimum capital requirements set by the FCA, and the distribution provision to TNL­CF being set to reduce our eligible liquid assets to that required to cover our target provisions and capital.

13. RELATED PARTIES

The Company has not entered into any transactions with Directors of the Company or their immediate relatives, other than in respect of the emoluments that are due and paid. For further information, please see the Remuneration and Staff Report on page 49.

UK GOVERNMENT

As described in note 11 to the Financial Statements, the Company considers the UK Government to be its ultimate controlling party. RFL is consolidated into the 2025/26 HM Treasury Group Accounts, thereby giving rise to the relationship with government departments and central government bodies.

HM Treasury is domiciled in the United Kingdom and is located at 1 Horse Guards Road, London SW1A 2HQ.

The Company’s material balances with departments and bodies of the government comprise deposits with the Bank of England as detailed in note 8, and amounts owed to HMRC for corporation tax and other employment-related taxes. RFL’s investment mandate permits its investment manager to invest in GBP-denominated UK Government debt in the normal course of its investment activities, and these investments are disclosed in note 7.

RFL is regulated by the FCA which is ultimately controlled by UK Government. All fees payable to the FCA were made in the ordinary course of business and are not unusual in their nature or conditions.

NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED

FOR THE YEAR ENDED 31 MARCH 2026

NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED

FOR THE YEAR ENDED 31 MARCH 2026

OTHER INFORMATION

PARTICIPATING FINANCIAL INSTITUTIONS

Alternative Scheme Participants