Rappolt Haus
Consolidated Wealth Overview
Net Worth (true)
£12,401,782
After £1M mortgage
Gross Assets
£13,401,782
Before liabilities
Mortgage Liability
−£1,000,000
Variable · 4.5% · 25yr
Annual Interest
−£45,000
4.5% on £1M p.a.
Real Assets
£3,200,000
Property · gross value
Wealth Structure
All Holdings
| Asset | Category | Value | % Net Worth | Weight |
|---|
Portfolio Analysis
Asset Allocation
By Asset Class
Liquidity Profile
Proportion of net worth that is readily accessible
Liquid
£1,135,310
14.7%
Rathbones, HL, Ethereum, Coinbase, Cash
Illiquid
£6,604,953
85.3%
Real Assets, Pension, Trusts, Private Investments
Only 14.7% of net worth is liquid.
This reflects a mature, property-heavy wealth profile.
Short-term cash planning should account for the limited liquid pool.
Holdings by Size
Largest Single Holding
Real Assets
£3.2M · 41.3% of net worth
Largest Liquid Holding
Rathbones
£728,386 · managed equity
Crypto Exposure
£270,548
ETH + Coinbase + Revolut · 2.0% of NW
Performance
Portfolio History
Inception Value
£3,246,027
December 2020
All-Time Peak
£4,665,627
June 2022 · +43.7% from start
Current Value
£2,278,780
April 2026
From Peak
−£2,386,847
−51.2% · primarily NFG
Portfolio Value Over Time
Public accounts · Dec 2020 to Mar 2026
▲ Peak £4.666M · Jun 2022
▼ Now £2.279M · −51.2%
Annual Milestones
| Period | Value | Change | Commentary |
|---|---|---|---|
| Dec 2020 | £3,246,027 | Baseline | Portfolio start |
| Jun 2021 | £3,780,973 | +16.5% | Strong growth year |
| Jun 2022 | £4,665,627 | +23.4% | All-time peak · NFG enters |
| Dec 2022 | £3,210,203 | −31.2% | NFG decline begins |
| Jun 2024 | £3,365,330 | +4.8% | Partial recovery |
| Dec 2024 | £2,596,608 | −22.8% | NFG accelerated drop |
| Mar 2026 | £2,278,780 | −12.2% | Current position |
Family Structures
Trusts & Family Entities
Confirmed Trust Total
£1,284,805
5 entities · 1 TBC
Trust
£475,000
Family trust
Rappolt DGT
£600,000
Discretionary Gift Trust
E + S Rappolt
£144,848
£72,424 each
Trust Entities
| Entity | Type | Value | Share | |
|---|---|---|---|---|
| Trust | Family trust | £475,000 | 37.0% | |
| Rappolt DGT | Discretionary Gift Trust | £600,000 | 46.7% | |
| E Rappolt | Individual | £72,424 | 5.6% | |
| S Rappolt | Individual | £72,424 | 5.6% | |
| Rappolt Trust | Family trust | — | — | TBC |
Confirmed total
£1,284,805
Distribution
The Rappolt Trust valuation is outstanding.
Once confirmed, the total trust value will be updated.
The Rappolt DGT at £600,000 is the largest single trust entity.
Unlisted Holdings
Private Investments
Total (confirmed)
£5,895,000
Toaster + footbao + Superstudios cash
Toaster
£1,080,000
40% via Superstudios · 3× profit
footbao
£4,740,000
7.9% · £60M raise · sweat equity
CTRL3 + Upstream
£0
Both bust · written off
Private · Unlisted
Toaster
Private equity
Valuation
£1,080,000
93.9% of private
Liquidity
Illiquid
Basis
Owner estimate
Private
footbao
£4,740,000
7.9% · £60M raise · paper gain +9,380%
Private
CTRL3
£0
Bust · written off
Private
Upstream
£0
Bust · written off
TBC
YS
—
Valuation required
Valuation note:
All private investments are unlisted and illiquid. Values represent owner estimates and should be
reviewed periodically against business performance and comparable market transactions.
YS requires a current valuation to complete the private investment total.
Private investments represent 43.9% of total net worth.
Performance
Month on Month
Total Portfolio Value
Tracked accounts only · excludes real assets, trusts, private investments
Portfolio Composition
How the mix of accounts has shifted over time
Month on Month Change
Absolute change in total tracked portfolio each month
Account Detail by Month
| Month | Total | MoM £ | MoM % | Pension | Rathbones | HL | Revolut | Crypto |
|---|
HL Account · LON:NFG
Next 15 Group Position
NFG Today
286p
27 April 2026 · LSE AIM
Entry Price (est.)
~1,050p
August 2022
HL Peak Value
£1,878,566
August 2022
HL Now
£117,311
−93.8% from peak
Consensus
Buy
Price Target
455p
Upside to Target
+59%
Dividend Yield
5.79%
PE Ratio
5.56×
Market Cap
£289M
52-Wk High
439.5p
52-Wk Low
205p
Next Results
15 Apr '26
HL Account Value
Aug 2022 – Mar 2026
NFG Share Price
Approximate price history in pence
Decline Analysis
Entry Value
£1,878,566
Current Value
£117,311
Capital Loss
−£1,761,255
Loss %
−93.8%
The HL account holds a concentrated single-stock position in Next 15 Group plc (NFG, LON),
a UK digital marketing company listed on FTSE AIM. Shares were entered around August 2022 at approximately
1,050p. The price has since declined ~73% to 286p today, driven by sector-wide digital marketing pressures
and revenue guidance downgrades.
Despite the decline, analyst consensus remains Buy with a
455p target — implying 59% upside from current levels. The stock trades on a PE of 5.56× with a 5.79% yield.
April 15, 2026 results are a key near-term catalyst.
Recovery to entry would require a +267% move.
Portfolio Intelligence
Insights & Findings
Diversification
52
Concentrated in real assets + NFG
Liquidity
38
Only 14.7% liquid
Growth
70
Pension +85% since 2020
Stability
65
Real assets provide ballast
Bottom Line
This is a substantial wealth portfolio with a confirmed net worth of £13,401,782 (£12.40M after mortgage),
underpinned by a strong real asset base (£3.2M) and a well-performing pension (£1.15M, +85% since 2020).
The trust structure adds £1.28M of confirmed value with further upside when Rappolt Trust is confirmed.
The Rathbones allocation provides well-managed diversified public equity exposure.
The headline challenge is the NFG position — a single-stock bet that has eroded an estimated
£1.74M and dragged the tracked portfolio 51% below its 2022 peak.
The April 2026 results are the single most important near-term catalyst.
Three outstanding TBC valuations (Rappolt Trust, YS, and trust reconciliation) should be prioritised
to sharpen the complete picture.
Private · Sweat Equity
footbao Cap Table
Your Stake (current)
7.90%
Anti-dilution protected · <£60M
Paper Value @ £60M
£4,740,000
Raise floor · your protected value
Cost Basis
Nominal
Sweat equity · ~£0 real capital
Status
Vested
No cliff · no forfeiture risk
Cap Table Input
Enter when you have the fully diluted share count — the model will update automatically
Total Shares Outstanding (fully diluted)
Your Shares
Option Pool Reserved (%)
Preference Share Multiples (£)
Calculated Stake
Enter share counts above to calculate your exact %
Exit Scenarios
Based on current 7.9% with assumed dilution at each round
Dilution Waterfall
How your % evolves through future funding rounds — assuming 20% dilution per round above £60M
Protections Confirmed
✓
Fully vested — shares are yours unconditionally, no cliff or forfeiture risk
✓
Anti-dilution below £60M — 7.9% maintained on any raise below the floor
✓
Nominal cost basis — sweat equity, ~£0 real capital deployed
✓
Active raise at £60M — third party has formally valued the business
Outstanding Items
○
Full cap table — get fully diluted share count to confirm exact %
○
Preference stack — confirm total liquidation preferences sitting above ordinary shares
○
Tax structure review — sweat equity treatment before raise closes · specialist adviser
○
Relocation planning — 5yr window to Switzerland · start planning in 2026
○
Drag / tag rights — confirm you have tag-along on any founder sale
Liabilities
Mortgage & Debt
Outstanding Balance
−£1,000,000
As of April 2026
Interest Rate
4.5%
Variable · exposed to BoE base rate
Annual Interest Cost
£45,000
£3,750 per month
Term Remaining
25 yrs
Matures ~2051
Rate Sensitivity — Annual Interest Cost
3.0%
£30,000
−£15k vs now
3.5%
£35,000
−£10k vs now
4.0%
£40,000
−£5k vs now
4.5% ← now
£45,000
Current
5.0%
£50,000
+£5k vs now
6.0%
£60,000
+£15k vs now
Overpayment Scenarios
Most mortgages allow 10% overpayment p.a. penalty-free = £100,000/yr
| Annual Overpay | Years Saved | Interest Saved | Guaranteed Return |
|---|---|---|---|
| £10,000 | ~2.5 yrs | ~£28,000 | 4.5% |
| £25,000 | ~5 yrs | ~£62,000 | 4.5% |
| £50,000 | ~8 yrs | ~£110,000 | 4.5% |
| £100,000 | ~13 yrs | ~£175,000 | 4.5% |
Overpaying is a guaranteed 4.5% return — risk free.
That's better than cash savings and competitive with managed funds after fees.
Invest vs Overpay Decision
Case for Overpaying
Guaranteed 4.5% return, no volatility, no fees.
Reduces your monthly exposure to future rate rises.
With a variable rate, every BoE increase costs you more.
Peace of mind has real value.
Case for Investing Instead
Pension index fund historically returns 6–9% p.a.
Over 25 years that spread compounds meaningfully.
Pension contributions benefit from tax relief — boosting effective returns.
Mortgage debt inflates away in real terms over time.
The Verdict
Given the variable rate risk and your already illiquid position,
a split approach makes sense —
reinvest the pension into a low-cost index fund,
and use any surplus cash flow to make modest mortgage overpayments.
True Net Worth Calculation
Gross Assets
£13,401,782
Mortgage Liability
−£1,000,000
True Net Worth
£12,401,782
Annual interest of £45,000 represents 3.9% of your liquid assets (£1.14M).
This is a meaningful but manageable cost relative to total wealth.
Scenario Planning
Growth Forecast
Today
£13,401,782
Apr 2026 · gross
5 Year Forecast
—
2031
10 Year Forecast
—
2036
Blended Rate
—
Weighted avg p.a.
Projected Wealth
Base
Bull
Bear
Asset Growth Assumptions
Contribution by Asset (10yr)
Annual Milestones
| Year | Projected Value | Gain from Today | Growth % |
|---|