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Examples of extraordinary market conditions include economic, political unrest or instability,","page_number":7,"box":{"x":93,"y":541,"width":815,"height":12}},{"id":"1f961176-9f4e-46fe-a989-cf19b9748a66","block_type":"box","text":"world events leading to market instability, closure of a relevant market(s), or any events which give rise to high downside","page_number":7,"box":{"x":92,"y":557,"width":817,"height":12}},{"id":"7e7253a6-0ecd-44f4-a891-2f9316ef7245","block_type":"box","text":"risk.","page_number":7,"box":{"x":93,"y":573,"width":26,"height":10}},{"id":"c5e140ca-2d0b-4e56-b092-708739c26d44","block_type":"box","text":"During such periods, the Fund may temporarily invest up to 100% of its total assets in cash, deposits, treasury bills,","page_number":7,"box":{"x":93,"y":600,"width":815,"height":12}},{"id":"2876a711-199d-435f-8e7f-ca2f7f145262","block_type":"box","text":"government bonds or short-term money market instruments, or have substantial holdings in cash and cash equivalents.","page_number":7,"box":{"x":93,"y":616,"width":813,"height":12}},{"id":"62c8ce0e-47fa-4fd5-b50d-c288b7a7573e","block_type":"box","text":"WS Blue Whale Investment Funds","page_number":8,"box":{"x":50,"y":40,"width":154,"height":7}},{"id":"b5eb86f0-4ef2-43ee-aeea-b9e8ffdfe98d","block_type":"box","text":"6","page_number":8,"box":{"x":499,"y":40,"width":6,"height":8}},{"id":"2b80a924-d94a-4630-a1cd-2825cc9ea336","block_type":"box","text":"Interim Report 2026","page_number":8,"box":{"x":50,"y":51,"width":90,"height":8}},{"id":"fc58d24c-e0f7-480e-aa5b-bc2a14aad54c","block_type":"box","text":"WS BLUE WHALE GROWTH FUND","page_number":8,"box":{"x":93,"y":108,"width":323,"height":12}},{"id":"1c99ba4a-25a8-4e29-9877-7d5e3a403ea7","block_type":"box","text":"continued","page_number":8,"box":{"x":416,"y":112,"width":61,"height":8}},{"id":"ced3c147-e90b-4f59-a98c-ec359a0088a6","block_type":"box","text":"ACD’S REPORT","page_number":8,"box":{"x":93,"y":132,"width":151,"height":12}},{"id":"8bee8d9d-2105-4d90-8ff9-16c49edeff2f","block_type":"box","text":"continued","page_number":8,"box":{"x":244,"y":135,"width":60,"height":9}},{"id":"f3d0d66e-331f-452a-ae5a-9280eb401bf6","block_type":"box","text":"for the half year ended 30 June 2026","page_number":8,"box":{"x":93,"y":155,"width":294,"height":13}},{"id":"5d6ca138-6605-4708-85dc-4879c5ad72ca","block_type":"box","text":"Benchmark","page_number":8,"box":{"x":94,"y":209,"width":89,"height":11}},{"id":"d9564241-26ac-46e2-9007-c08b3ec90356","block_type":"box","text":"The Fund's comparator benchmark is the IA Global Sector.","page_number":8,"box":{"x":92,"y":226,"width":400,"height":12}},{"id":"20bbcf79-a3f3-4d67-8884-0d515968a7ac","block_type":"box","text":"The Fund’s performance may be compared against the IA Global Sector. The ACD believes that this is an appropriate","page_number":8,"box":{"x":92,"y":253,"width":815,"height":12}},{"id":"fd8f48a8-4c1c-42d6-a90d-8c3bc03cbd37","block_type":"box","text":"comparator for the Fund given the investment objective and policy of the Fund. Many funds sold in the UK are grouped","page_number":8,"box":{"x":93,"y":269,"width":814,"height":12}},{"id":"89578495-8798-4b36-995e-53efde86cd71","block_type":"box","text":"into sectors by the Investment Association (the trade body that represents UK investment managers). The comparator","page_number":8,"box":{"x":93,"y":284,"width":815,"height":13}},{"id":"70765c0f-852c-4525-a7ab-4383bfe4ba8d","block_type":"box","text":"benchmark has been selected as the ACD considers it assists investors in evaluating the Fund’s performance against the","page_number":8,"box":{"x":93,"y":300,"width":814,"height":12}},{"id":"f39589f8-1b69-4030-8133-bf76b04ebe42","block_type":"box","text":"performance of other funds invested in similar assets.","page_number":8,"box":{"x":93,"y":316,"width":361,"height":12}},{"id":"85e464c7-6461-447e-8185-e1fadc255046","block_type":"box","text":"WAYSTONE MANAGEMENT (UK) LIMITED","page_number":8,"box":{"x":93,"y":397,"width":301,"height":12}},{"id":"ec781608-3edf-4b8c-9e6a-0e5fa147b632","block_type":"box","text":"ACD of WS Blue Whale Growth Fund","page_number":8,"box":{"x":92,"y":413,"width":253,"height":9}},{"id":"5560ae78-a244-4679-8871-a01c9030dc53","block_type":"box","text":"28 August 2026","page_number":8,"box":{"x":92,"y":429,"width":110,"height":12}},{"id":"558c6b6f-68dc-4bc7-bb28-9ee67c0011f6","block_type":"box","text":"WS Blue Whale Investment Funds","page_number":9,"box":{"x":50,"y":40,"width":154,"height":7}},{"id":"8a3172ef-f0f7-474d-9123-f72c382f129e","block_type":"box","text":"Interim Report 2026","page_number":9,"box":{"x":50,"y":51,"width":90,"height":8}},{"id":"deb23e58-4580-4793-a4a1-5010be7e498c","block_type":"box","text":"7","page_number":9,"box":{"x":499,"y":40,"width":6,"height":8}},{"id":"2f5bcb70-2c72-4cde-9d1d-99e55dff6f02","block_type":"box","text":"WS BLUE WHALE GROWTH FUND","page_number":9,"box":{"x":93,"y":84,"width":317,"height":13}},{"id":"a588b31f-aa9f-4c36-89cd-4bd736775be7","block_type":"box","text":"ACD’S REPORT","page_number":9,"box":{"x":93,"y":108,"width":151,"height":12}},{"id":"db278440-7ed5-4a18-8518-860111ebc5a1","block_type":"box","text":"continued","page_number":9,"box":{"x":244,"y":112,"width":60,"height":8}},{"id":"bcec482c-97e4-44ca-bf35-c4035f908d4b","block_type":"box","text":"INVESTMENT MANAGER’S REPORT","page_number":9,"box":{"x":94,"y":132,"width":339,"height":12}},{"id":"6a0d83c8-19ec-4830-b2df-717b2610d541","block_type":"box","text":"for the half year ended 30 June 2026","page_number":9,"box":{"x":93,"y":155,"width":289,"height":13}},{"id":"76b6e1e5-eeb0-4163-986d-9da7313afb57","block_type":"box","text":"During the first half of 2026, our focus remained on maintaining a concentrated portfolio of high-quality companies","page_number":9,"box":{"x":93,"y":209,"width":814,"height":12}},{"id":"5b5e60fa-388a-4bfd-94cc-03a5cfd5422e","block_type":"box","text":"exposed to long-term, idiosyncratic growth themes, with the objective of delivering sustained outperformance over time.","page_number":9,"box":{"x":93,"y":225,"width":813,"height":12}},{"id":"c10f334b-b479-438c-83e4-0e5e8d1a447f","block_type":"box","text":"Over the period, the Fund delivered a return of 45.04% (R Sterling Accumulation), outperforming the IA Global Sector","page_number":9,"box":{"x":93,"y":240,"width":815,"height":13}},{"id":"2df2e2ac-5787-4f4e-a297-8f7104241835","block_type":"box","text":"average of 9.94% by 35.10%.","page_number":9,"box":{"x":93,"y":256,"width":202,"height":13}},{"id":"1fb8823b-d90e-47f9-ade3-4aac6ac39154","block_type":"box","text":"Markets conditions remained complex and, at times, unsettled. Since 2022, we have communicated that markets had","page_number":9,"box":{"x":93,"y":283,"width":814,"height":12}},{"id":"4ba2560c-3455-42d4-96e3-7671a641f57c","block_type":"box","text":"entered a new regime, and that regime has persisted. Geopolitical uncertainty, sticky inflation, higher-for-longer interest","page_number":9,"box":{"x":93,"y":299,"width":814,"height":12}},{"id":"1a77e458-fb35-41b9-bad1-787a783a25de","block_type":"box","text":"rates, pressure on consumer discretionary spending and renewed trade policy uncertainty all contributed to volatility.","page_number":9,"box":{"x":93,"y":315,"width":813,"height":12}},{"id":"832b4720-713d-4233-af5a-536098c8858e","block_type":"box","text":"Against this backdrop, we remained disciplined and bottom-up, assessing macroeconomic developments through a","page_number":9,"box":{"x":92,"y":331,"width":815,"height":12}},{"id":"9f3a2b96-9847-457a-90e0-0631daaf51e8","block_type":"box","text":"single lens: whether they alter the earnings trajectory of the companies we own.","page_number":9,"box":{"x":93,"y":347,"width":541,"height":12}},{"id":"1e32f529-0a3c-4abe-88b5-55462066d85e","block_type":"box","text":"Artificial Intelligence ('AI') remained the most significant driver of returns during the period. Our positioning continued","page_number":9,"box":{"x":92,"y":374,"width":815,"height":12}},{"id":"44f0f5e4-2df5-447f-849c-852944b24a5b","block_type":"box","text":"to favour companies on the receiving end of AI-related spending, rather than those funding it. This reflects our broader","page_number":9,"box":{"x":92,"y":390,"width":816,"height":12}},{"id":"7bfa9c51-f17f-4aae-8eec-cb4380579789","block_type":"box","text":"‘follow the money’ framework: identifying where capital is being deployed by consumers, corporations and governments,","page_number":9,"box":{"x":94,"y":405,"width":814,"height":13}},{"id":"3d21c251-d74b-46e5-a983-08717629cd78","block_type":"box","text":"and seeking to own the businesses that benefit from those spending flows.","page_number":9,"box":{"x":93,"y":421,"width":508,"height":12}},{"id":"5be072d5-9d3f-4f85-becf-39868b6fa1d9","block_type":"box","text":"Within AI infrastructure, NVIDIA, Broadcom, Vertiv, Lumentum and SK hynix were notable contributors. Our investment","page_number":9,"box":{"x":92,"y":448,"width":817,"height":12}},{"id":"c9a236f5-5576-412f-a077-f74a703b8ffe","block_type":"box","text":"thesis across GPU compute, advanced networking, power and cooling infrastructure, fibre optics and high-bandwidth","page_number":9,"box":{"x":92,"y":464,"width":816,"height":12}},{"id":"9d5751e3-2d27-4a96-854b-274571204fb0","block_type":"box","text":"memory remained intact. Demand across these areas continued to prove robust, despite the wider macroeconomic","page_number":9,"box":{"x":93,"y":480,"width":816,"height":12}},{"id":"1e08439c-a545-4af2-89fc-15833ceae76a","block_type":"box","text":"environment, with earnings progression across the theme ahead of expectations.","page_number":9,"box":{"x":93,"y":496,"width":549,"height":12}},{"id":"3de4ab53-5b49-410b-af31-2dc668107238","block_type":"box","text":"The portfolio was not without detractors. Flutter Entertainment underperformed as prediction market platforms, including","page_number":9,"box":{"x":92,"y":523,"width":817,"height":12}},{"id":"223ef205-6ecd-4000-ba32-7d11d6a009f7","block_type":"box","text":"Kalshi and Polymarket, emerged as a more disruptive force in US sports gaming than we had anticipated. Following a","page_number":9,"box":{"x":93,"y":538,"width":816,"height":13}},{"id":"dc8dcbfd-3012-48d5-bc91-c9be21248388","block_type":"box","text":"period of position reduction and reassessment, we concluded that the uncertainties outweighed the conviction required","page_number":9,"box":{"x":93,"y":555,"width":816,"height":12}},{"id":"aefc1333-f182-4bd3-a829-263c3e22c24b","block_type":"box","text":"to continue holding the position and exited completely.","page_number":9,"box":{"x":92,"y":570,"width":370,"height":13}},{"id":"556d0015-0ee3-4f42-9615-028e0b7dbc88","block_type":"box","text":"Private credit exposure also detracted from returns, with Apollo Global Management and Ares Management lagging","page_number":9,"box":{"x":93,"y":597,"width":816,"height":12}},{"id":"579eebca-5bde-482b-9ebe-2bf50569b2d3","block_type":"box","text":"during the period. We reduced the combined exposure to below 2% of the portfolio, while continuing to monitor the","page_number":9,"box":{"x":93,"y":613,"width":816,"height":12}},{"id":"03283000-6312-4858-8d5a-71bd397dd6a0","block_type":"box","text":"sector closely. We remain comfortable with both positions but felt it appropriate to moderate exposure given the more","page_number":9,"box":{"x":93,"y":629,"width":816,"height":12}},{"id":"6033f54e-0abe-4463-9344-ee481c8725df","block_type":"box","text":"challenging backdrop and the availability of more compelling opportunities elsewhere.","page_number":9,"box":{"x":93,"y":645,"width":579,"height":12}},{"id":"b3b1cd83-d8c7-4366-9c60-f265279071a1","block_type":"box","text":"The biologics holdings, including Sartorius, Danaher and Repligen, also detracted from performance. The long-term","page_number":9,"box":{"x":92,"y":672,"width":817,"height":12}},{"id":"6be6ed56-c7b9-4696-b9bd-a262ea8df313","block_type":"box","text":"thesis remains intact: we continue to believe biologics will increasingly displace chemically synthesised drugs, supported","page_number":9,"box":{"x":92,"y":688,"width":817,"height":12}},{"id":"55722d67-7572-4855-b5a3-fa19ae84d5b6","block_type":"box","text":"by progress in AI-enabled drug discovery and, over time, more personalised medicine. However, the recovery has taken","page_number":9,"box":{"x":93,"y":704,"width":816,"height":12}},{"id":"e3714b90-5691-462b-8868-5518e80a384c","block_type":"box","text":"materially longer than expected. As a result, the combined position was reduced to below 2% of the portfolio, with capital","page_number":9,"box":{"x":93,"y":719,"width":815,"height":13}},{"id":"cb8ce429-bac4-43ea-8414-5109c5753c16","block_type":"box","text":"redeployed into opportunities where we saw a nearer-term payoff profile.","page_number":9,"box":{"x":93,"y":735,"width":491,"height":12}},{"id":"0abcd2f8-a179-4fc0-bfb5-2c33e5c350aa","block_type":"box","text":"We made a number of portfolio changes as valuations evolved and the relative attractiveness of opportunities shifted.","page_number":9,"box":{"x":92,"y":762,"width":816,"height":12}},{"id":"bb4685f3-e485-49f1-8056-e1c3e4d5d80c","block_type":"box","text":"Taiwan Semiconductor Manufacturing was exited on valuation grounds, having been a strong contributor since the","page_number":9,"box":{"x":92,"y":778,"width":817,"height":12}},{"id":"4dac20af-65b9-4e26-9bb7-e482118fdb2f","block_type":"box","text":"position was initiated in 2024. While the long-term thesis remains intact, we believed the proceeds could be redeployed","page_number":9,"box":{"x":93,"y":794,"width":816,"height":12}},{"id":"c765d0fd-78b5-4dec-9eb6-db8003ac77eb","block_type":"box","text":"into comparable areas of AI infrastructure and silicon sovereignty at more attractive valuations. We therefore reintroduced","page_number":9,"box":{"x":93,"y":810,"width":815,"height":12}},{"id":"46de8271-bd52-4b5f-bf80-f40bbe123282","block_type":"box","text":"positions in Applied Materials and BE Semiconductor Industries, both of which provide exposure to advanced","page_number":9,"box":{"x":93,"y":826,"width":816,"height":12}},{"id":"6e0d7daa-ad69-4858-9971-e0f38ad66c55","block_type":"box","text":"semiconductor manufacturing and packaging.","page_number":9,"box":{"x":93,"y":842,"width":312,"height":12}},{"id":"ab542e93-bd39-4275-91e2-d93ca4dfa082","block_type":"box","text":"WS Blue Whale Investment Funds","page_number":10,"box":{"x":50,"y":40,"width":154,"height":7}},{"id":"8cbb4735-3da4-4371-82a0-7ac22e1498c8","block_type":"box","text":"8","page_number":10,"box":{"x":499,"y":40,"width":6,"height":8}},{"id":"774a4ad0-7527-4d7e-9383-069324d3512a","block_type":"box","text":"Interim Report 2026","page_number":10,"box":{"x":50,"y":51,"width":90,"height":8}},{"id":"1734c48d-9437-4349-a197-d6a348b8fcb4","block_type":"box","text":"WS BLUE WHALE GROWTH FUND","page_number":10,"box":{"x":93,"y":84,"width":317,"height":13}},{"id":"936da5b4-426c-4106-be75-8a09ead36d1f","block_type":"box","text":"ACD’S REPORT","page_number":10,"box":{"x":93,"y":108,"width":151,"height":12}},{"id":"dcd75421-522a-4273-b392-1e30ab9ffc3d","block_type":"box","text":"continued","page_number":10,"box":{"x":244,"y":112,"width":60,"height":8}},{"id":"93f45a45-6662-4ad6-ad26-c51b35dee5b3","block_type":"box","text":"INVESTMENT MANAGER’S REPORT","page_number":10,"box":{"x":94,"y":132,"width":339,"height":12}},{"id":"412e2868-9306-4443-9187-71ef3529a79f","block_type":"box","text":"continued","page_number":10,"box":{"x":433,"y":135,"width":60,"height":9}},{"id":"33ff9925-b592-424a-bf41-58d47c346207","block_type":"box","text":"for the half year ended 30 June 2026","page_number":10,"box":{"x":93,"y":155,"width":294,"height":13}},{"id":"b860ac91-11b2-49f7-8e03-4729b4938d0d","block_type":"box","text":"We also initiated a position in Sandisk, which has since entered the Fund’s top 10 holdings. Sandisk provides exposure to","page_number":10,"box":{"x":92,"y":209,"width":815,"height":12}},{"id":"78dac632-7566-45aa-a227-9a43c05195b7","block_type":"box","text":"advanced flash memory, an area we believe is becoming increasingly important as the output of modern AI applications","page_number":10,"box":{"x":93,"y":225,"width":814,"height":12}},{"id":"974222ae-5cac-4c68-91cd-d3e646fdbd4b","block_type":"box","text":"requires robust, high-density storage solutions.","page_number":10,"box":{"x":93,"y":241,"width":317,"height":12}},{"id":"9666e2a8-12c3-4601-94d2-df9924996742","block_type":"box","text":"Alphabet was reintroduced to the portfolio during the period. Since 2024, we have maintained a cautious stance towards","page_number":10,"box":{"x":92,"y":267,"width":815,"height":13}},{"id":"cb05b0ac-acda-44f2-b86f-f1a1cbe2a8bd","block_type":"box","text":"companies investing heavily in AI, preferring instead to position the portfolio on the receiving end of AI spending. While","page_number":10,"box":{"x":93,"y":283,"width":814,"height":12}},{"id":"d073fe36-447f-4b63-93b3-dc23a8815c17","block_type":"box","text":"this remains our predominant positioning, we expect consolidation among AI spenders, with a small number of winners","page_number":10,"box":{"x":92,"y":299,"width":815,"height":12}},{"id":"aa35112e-ceb5-4b50-9015-852a4c943d00","block_type":"box","text":"likely to emerge. We believe Alphabet has the scale, infrastructure, proprietary data, research capability and distribution","page_number":10,"box":{"x":93,"y":315,"width":814,"height":12}},{"id":"ec63c14a-f5fd-4c32-8015-d64dd542adbc","block_type":"box","text":"to be among them.","page_number":10,"box":{"x":92,"y":331,"width":130,"height":12}},{"id":"93d5c33f-0c28-475d-bc92-16bb5bd8f5ca","block_type":"box","text":"Outside technology, we increased the position in Leonardo after taking substantial profits since late last year. Valuations","page_number":10,"box":{"x":93,"y":358,"width":814,"height":12}},{"id":"14c19289-bd76-41a9-bc04-2d8e595d2962","block_type":"box","text":"became more attractive and we believe the long-term thesis around European defence spending remains firmly intact.","page_number":10,"box":{"x":93,"y":374,"width":813,"height":12}},{"id":"0a4073d1-bed3-44d2-87f9-d87b3fc02951","block_type":"box","text":"The company has since re-entered the Fund’s top 10 holdings. We also exited Philip Morris International during the","page_number":10,"box":{"x":92,"y":390,"width":815,"height":12}},{"id":"9b91cc57-c0f6-4128-93ce-e70fac032cdc","block_type":"box","text":"period, having first reduced the position on valuation grounds.","page_number":10,"box":{"x":93,"y":405,"width":419,"height":13}},{"id":"b166ecb1-2ca6-44cb-aa47-cc37ff2482ec","block_type":"box","text":"As we look ahead, we remain confident in the quality and positioning of the portfolio. 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The","page_number":18,"box":{"x":93,"y":286,"width":819,"height":12}},{"id":"f5d77aff-3f00-4620-959e-afa68906c96c","block_type":"box","text":"financial statements have been prepared in accordance with the Statement of Recommended Practice (`SORP') for","page_number":18,"box":{"x":93,"y":302,"width":819,"height":12}},{"id":"9eaaec88-a84b-4c4b-ac66-072ff3a43c58","block_type":"box","text":"Financial Statements of UK Authorised Funds issued by the Investment Association (`IA') in October 2025.","page_number":18,"box":{"x":94,"y":318,"width":717,"height":12}},{"id":"d1d25734-1f72-41fa-893f-cb01159a5e87","block_type":"box","text":"These financial statements are prepared on a going concern basis. The ACD has made an assessment of the Fund's","page_number":18,"box":{"x":93,"y":345,"width":818,"height":12}},{"id":"312040b1-b26b-4266-b4c7-915dac6a2517","block_type":"box","text":"ability to continue as a going concern, and is satisfied it has the resources to continue in business for the foreseeable","page_number":18,"box":{"x":93,"y":361,"width":819,"height":12}},{"id":"b26650fd-aa74-4a37-94f0-eed1296b8798","block_type":"box","text":"future and is not aware of any material uncertainties that may cast significant doubt on this assessment. 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The ACD","page_number":18,"box":{"x":93,"y":408,"width":818,"height":12}},{"id":"8b862b41-5032-4775-947b-b81747d6e7d3","block_type":"box","text":"also considered the Fund's continued ability to meet ongoing costs, and is satisfied it has the resources to meet these","page_number":18,"box":{"x":93,"y":424,"width":819,"height":12}},{"id":"9e704140-476d-4551-ba88-19d889dbccb3","block_type":"box","text":"costs and to continue in business.","page_number":18,"box":{"x":93,"y":440,"width":232,"height":10}},{"id":"acc79482-468d-40aa-aca6-13e0661814b3","block_type":"box","text":"2. 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The Fund has adopted the revised SORP for the first time in these interim financial statements, with effect","page_number":18,"box":{"x":93,"y":512,"width":818,"height":12}},{"id":"09d7e3e9-68b4-40f6-92fa-e6d1bf5e36d2","block_type":"box","text":"from 1 January 2026.","page_number":18,"box":{"x":93,"y":528,"width":145,"height":12}},{"id":"d8683fb2-a873-4f16-8a52-123246eec45c","block_type":"box","text":"CHANGES IN ACCOUNTING POLICIES","page_number":18,"box":{"x":93,"y":554,"width":271,"height":10}},{"id":"bd6a1eb0-9aa2-49ed-b50e-ed8d19dce568","block_type":"box","text":"The principal change arising from the adoption of IA SORP 2025 is the refinement of the valuation basis for listed","page_number":18,"box":{"x":93,"y":570,"width":818,"height":13}},{"id":"946e76b2-374f-448b-b826-6c6766f8d47f","block_type":"box","text":"investments, moving from bid market prices to mid-market prices at the valuation point. 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These include:","page_number":18,"box":{"x":93,"y":688,"width":426,"height":12}},{"id":"a51ad55f-c04a-4c6c-97e6-53715536c537","block_type":"box","text":"• Amendments to the labelling and format of line items within the financial statements;","page_number":18,"box":{"x":94,"y":715,"width":582,"height":12}},{"id":"76bfb6ab-29f3-40d1-a574-0a42c30dc8a2","block_type":"box","text":"• Inclusion of disclosures relating to significant related party transactions;","page_number":18,"box":{"x":94,"y":742,"width":493,"height":12}},{"id":"87c7b78c-5881-4d89-87b5-8a165ce2ed28","block_type":"box","text":"• Inclusion of the fair value hierarchy for the investment portfolio;","page_number":18,"box":{"x":94,"y":769,"width":434,"height":12}},{"id":"72aa8aba-485a-4f18-99f2-9ea90a82f336","block_type":"box","text":"• Removal of the Comparative Table from the interim financial statements, reflecting that this is no longer explicitly required","page_number":18,"box":{"x":94,"y":795,"width":817,"height":13}},{"id":"49e3896e-f254-490c-8a1e-ec0c7c6b24d1","block_type":"box","text":"under the current COLL framework and IA SORP 2025.","page_number":18,"box":{"x":94,"y":811,"width":375,"height":10}},{"id":"dd5171e4-06f7-47bc-b28c-31ecff7817b7","block_type":"box","text":"Comparative figures have been re-presented where necessary to conform with the current period presentation. 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