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"value": "International Public Partnerships Limited Annual Report and financial statements 2022 1. BASIS OF PREPARATION International Public Partnerships Limited is a closed-ended authorised investment company incorporated in Guernsey under the Companies (Guernsey) Law, 2008. The address of the registered office is given on the inside back cover. The nature of the Group\u2019s (\u2018Parent and consolidated subsidiary entities\u2019) operations and its principal activities are set out on pages 6 to 7. These financial statements are presented in pounds sterling as this is the currency of the primary economic environment in which the Group operates and represents the functional currency of the Parent and all values are rounded to the nearest (\u00a3\u2019000), except where otherwise indicated. BASIS OF PREPARATION These financial statements have been prepared in accordance with UK-adopted International Accounting Standards (\u2018IFRS\u2019), applicable legal and regulatory requirements of Guernsey, and the Listing Rules of the UK Listing Authority. These financial statements follow the historical cost basis, except for financial assets held at fair value through profit or loss and derivatives that have been measured at fair value. The principal accounting policies adopted are set out in relevant notes to the financial statements. The Directors have determined that International Public Partnerships Limited is an investment entity as defined by IFRS 10 on the basis that the Company: a) Obtains funds from one or more investor(s) for the purpose of providing those investor(s) with investment management services; b) Commits to its investors that its business purpose is to invest funds solely for returns from capital appreciation, investment income, or both; and c) Measures and evaluates the performance of substantially all of its investments on a fair value basis. Accordingly, these financial statements consolidate only those subsidiaries that provide services relevant to its investment activities, such as management services, strategic advice and financial support to its investees, and that are not themselves investment entities. Subsidiaries that do not provide investment-related services are required to be measured at fair value through profit or loss in accordance with IFRS 9 Financial Instruments. GOING CONCERN The Directors have reviewed cash flow forecasts prepared by management. Based on those forecasts, consideration of the Group\u2019s operating costs and obligations as well as capital commitments, and an assessment of the Group\u2019s committed banking facilities, it has been considered appropriate to prepare these consolidated financial statements of the Group on a going concern basis. In arriving at their conclusion that the Group has adequate financial resources, the Directors were mindful that the Group had unrestricted cash of \u00a392.8 million as at 31 December 2022. The Company continues to fully cover operating costs and distributions from underlying cash flows from investments. The Company has access to a corporate debt facility of \u00a3250 million on a fully committed basis, and a flexible \u2018accordion\u2019 component which, subject to lender consent, allows for a future extension by an additional \u00a3150 million. At the date of this report, approximately \u00a3233 million of the fully committed portion remains available. A \u00a320 million portion of the facility is available to be utilised for working capital purposes. The facility is forecast to continue in full compliance with the associated banking covenants. The facility is available for investment in new and existing assets until March 2024. ACCOUNTING POLICIES The same accounting policies, presentation and methods of computation are followed in this set of financial statements as applied in the previous financial year. The new and revised IFRS and interpretations becoming effective in the period have had no material impact on the accounting policies of the Group. Note 20 sets out a comprehensive listing of all new standards applicable from 1 January 2022. 2. CRITICAL JUDGEMENTS AND ESTIMATES INVESTMENT ENTITY In the judgement of the Directors, International Public Partnerships Limited has been accounted for as an investment entity as defined by IFRS 10, further details of which are given in note 1, Basis of preparation. FAIR VALUATION OF INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS Fair values are a critical estimate and are determined using the income approach which discounts the expected cash flows at a rate appropriate to the risk profile of each investment. In determining the discount rate, relevant long-term government bond yields, specific investment risks and evidence of recent transactions are considered. Details of the valuation process and key sensitivities are provided in note 11 3. SEGMENTAL REPORTING Based on a review of information provided to the chief operating decision makers of the Group (determined to be the Board), the Group has identified four reportable segments based on the geographical risk associated with the jurisdictions in which it operates. The factors used to identify the Group\u2019s reportable segments are centered on the risk-free rates and the maturity of the infrastructure sector within each region. Further, foreign exchange and political risk is identified, as these also determine where resources are allocated. The four reportable segments are UK, Europe (excl. UK), North America and Australia. Year ended 31 December 2022 UK \u00a3\u2019000s Europe (Excl. UK) \u00a3\u2019000s North America \u00a3\u2019000s Australia \u00a3\u2019000s Total \u00a3\u2019000s Segmental results Dividend and interest income 117,621 9,974 9,228 21,839 158,662 Fair value gain / (loss) on investments 151,080 38,360 24,558 (3,092) 210,906 Total investment income 268,701 48,334 33,786 18,747 369,568 Reporting segment profit 1 230,025 47, 2 63 32,185 17,424 326,897 Segmental financial position Investments at fair value 2,226,964 347,620 166,023 207,3 52 2,947,959 Current assets 136,925 \u2013 \u2013 \u2013 136,925 Total assets 2,363,889 347,620 166,023 2 07,3 52 3,084,884 Total liabilities (45,045) \u2013 \u2013 \u2013 (45,045) Net assets 2,318,844 347,620 166,023 207,352 3,039,839 Year ended 31 December 2021 UK \u00a3\u2019000s Europe (Excl. UK) \u00a3\u2019000s North America \u00a3\u2019000s Australia \u00a3\u2019000s Total \u00a3\u2019000s Segmental results Dividend and interest income 99,428 8,487 7,111 12,151 12 7,177 Fair value gain / (loss) on investments 28,840 (2,839) 1,979 6,646 34,626 Total investment income 128,268 5,648 9,090 18,797 161,803 Reporting segment profit 1 92,142 7,8 0 3 8,868 20,398 129,211 Segmental financial position Investments at fair value 1,9 47,0 01 313,241 105,931 213,261 2,579,434 Current assets 116,181 \u2013 \u2013 \u2013 116,181 Total assets 2,0 63,182 313,241 105,931 213,261 2,695,615 Total liabilities (166,815) \u2013 \u2013 \u2013 (166,815) Net assets 1,896,367 313,241 105,931 213,261 2,528,800 1 Reporting segment results are stated net of operational costs including management fees. Revenue from investments which individually represent more than 10% of the Group\u2019s interest and dividend income approximates \u00a315.9 million (2021: \u00a315.4 million). 4. INVESTMENT INCOME ACCOUNTING POLICY Interest income Interest income is recognised when it is probable that the economic benefits will flow to the Group and the amount of income can be measured reliably. Interest income is accrued on a time-apportioned basis and is recognised gross of withholding tax, if any. Dividend income Dividend income is recognised gross of withholding tax on the date the Company\u2019s right to receive the dividend income is established. Net change in Investments at fair value through profit or loss Net change in investments at fair value through profit or loss includes all realised and unrealised fair value changes (including foreign exchange movements) other than interest and dividend income recognised separately. 4. INVESTMENT INCOME CONTINUED Year ended 31 December 2022 \u00a3\u2019000s Year ended 31 December 2021 \u00a3\u2019000s Interest income Interest on investments at fair value through profit or loss 93,655 81,930 Interest on financial assets at amortised cost 162 \u2013 Total interest income 93,817 81,930 Dividend income 64,845 45,247 Net change in Investments at fair value through profit or loss 210,906 34,626 Total investment income 369,568 161,803 Dividend and interest income includes transactions with unconsolidated subsidiary entities. Changes in investments at fair value through profit or loss are also recognised in relation to the Group\u2019s investments in unconsolidated subsidiaries . 5. OTHER OPERATING (EXPENSE) / INCOME Year ended 31 December 2022 \u00a3\u2019000s Year ended 31 December 2021 \u00a3\u2019000s Fair value movement on foreign exchange contracts (4,539) 2,445 Other gains on foreign exchange movements 545 1,089 Other income 16 26 Total other operating (expense) / income (3,978) 3,560 6. TRANSACTION COSTS Year ended 31 December 2022 \u00a3\u2019000s Year ended 31 December 2021 \u00a3\u2019000s Investment advisory costs 2,891 3,896 Total transaction costs 2,891 3,896 Details of total transaction costs paid to the Investment Adviser are provided in note 17. 7. AUDITOR\u2019S REMUNERATION Year ended 31 December 2022 \u00a3\u2019000s Year ended 31 December 2021 \u00a3\u2019000s Fees payable to the Group\u2019s auditor (PWC CI LLP) for the audit of the Group\u2019s financial statements 587 542 Fees payable to the Group\u2019s auditor and their associates (PWC LLP, UK) for other services to the Group \u2013 The audit of the Group\u2019s consolidated subsidiaries 18 11 \u2013 The audit of the Group\u2019s unconsolidated subsidiaries 209 20 Total audit fees 814 573 Other fees \u2013 Interim review 77 73 \u2013 Reporting Account fees 106 \u2013 Total non-audit fees 183 73 8. FINANCE COSTS AND BANK LOANS
ACCOUNTING POLICY
Interest bearing loans and overdrafts are initially recorded as the proceeds received net of any directly attributable issue costs. Subsequent
measurement is at amortised cost, with borrowing costs recognised in the Consolidated Statement of Comprehensive Income in the year in
which they are incurred, using the effective interest rate method. Arrangement fees are amortised over the term of the corporate debt facility.
Finance costs for the year were \u00a33.6 million (December 2021: \u00a33.5 million). The Group has a corporate debt facility with \u00a3250 million
available on a fully committed basis, with a flexible \u2018accordion\u2019 component which will, subject to lender approval, allow for a future extension
by an additional \u00a3150 million. The interest rate margin on the corporate debt facility in the year was 170 basis points over SONIA. The facility
matures in March 2024 with no repayments due ahead of maturity, and is secured over the assets of the Group. The banking group for the
facility consists of National Australia Bank, the Royal Bank of Scotland International, Sumitomo Mitsui Banking Corporation and Barclays
Bank. The drawdowns in the year were in the form of cash drawdowns used to partially fund investments. As at December 2022 the facility
was \u00a329.3 million cash drawn (December 2021: \u00a3156.2 cash drawn), with \u00a316.7 million drawn as letter of credit (December 2021: \u00a39.3
million drawn under letter of credit). The uncommitted balance of the facility which was not cash drawn or notionally drawn via letters of
credit, was c.\u00a3204.0 million (December 2021: \u00a384.5 million) .
9. TA X
ACCOUNTING POLICY
Current tax is based on taxable profit for the year. Taxable profit differs from net profit as reported in the Consolidated Statement of
Comprehensive Income as it excludes items of income or expense that are taxable or deductible in past or future years and it further
excludes items that are never taxable or deductible. The Group\u2019s asset/liability for current tax is calculated using tax rates that have been
enacted or substantively enacted at the balance sheet date. The current tax charge/credit in the Consolidated Statement of Comprehensive
Income is recognised net of receivables recognised for losses surrendered to unconsolidated subsidiary entities.
Under the current system of taxation in Guernsey, the Company itself is exempt from paying taxes on income, profits or capital gains.
Dividend income and interest income received by the Group may be subject to withholding tax imposed in the country of origin of such income.
Year ended
31 December 2022
\u00a3\u2019000s
Year ended
31 December 2021
\u00a3\u2019000s
Current tax:
UK corporation tax \u2013 prior year \u2013 (2)
Other overseas tax \u2013 current year (69) (44)
Other overseas tax \u2013 prior year \u2013 2
Tax credit for the year (69) (44)
Reconciliation of effective tax rate:
Year ended
31 December 2022
\u00a3\u2019000s
Year ended
31 December 2021
\u00a3\u2019000s
Profit before tax 326,828 129,167
Exempt tax status in Guernsey \u2013 \u2013
Application of overseas tax rates (69) (44)
Tax credit for the year (69) (44)
The income tax credit above does not represent the full tax position of the entire Group as the investment returns received by the Company
are net of tax payable at the underlying investee entity level. As a consequence of the adoption of IFRS 10 investment entity consolidation
exception, underlying investee entity tax is not consolidated within these financial statements. To provide an indication of the tax paid across
the wider portfolio, total forecasted corporation tax payable by the Group\u2019s underlying investments is in excess of \u00a31 billion (December 2021:
\u00a31 billion) over their full concession lives.
10. EARNINGS PER SHARE The calculation of basic and diluted earnings per share is based on the following data: Year ended 31 December 2022 \u00a3\u2019000s Year ended 31 December 2021 \u00a3\u2019000s Earnings for the purposes of basic and diluted earnings per share being net profit attributable to equity holders of the parent 326,897 129,211 Number Number Weighted average number of Ordinary Shares for the purposes of basic and diluted earnings per share 1,841,400,896 1,660,869,679 Basic and diluted (pence) 17.75 7.78 The denominator for the purposes of calculating both basic and diluted earnings per share is the same as the Group has not issued any share options or other instruments that would cause dilution. 11. FINANCIAL INSTRUMENTS Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the contractual rights to the cash flows from the instrument expire or the asset is transferred, and the transfer qualifies for derecognition in accordance with IFRS 9 Financial Instruments. Financial liabilities are derecognised when the obligation is discharged, cancelled or expired. Specific financial asset and liability accounting policies are provided below. 11.1 FINANCIAL ASSETS 31 December 2022 \u00a3\u2019000s 31 December 2021 \u00a3\u2019000s Investments at fair value through profit and loss 2,947,959 2,579,434 Financial assets at amortised cost Trade and other receivables 44,096 57,378 Cash and cash equivalents 92,829 56,090 Derivative financial instruments at fair value through profit or loss Foreign exchange contracts \u2013 2,713 Total financial assets 3,084,884 2,695,615 ACCOUNTING POLICY The Group classifies its financial assets as at fair value through profit or loss or as financial assets at amortised cost. The classification depends on the purpose for which the financial assets were acquired, with investments in unconsolidated subsidiaries (other than those providing investment-related services) being at fair value through profit or loss as required by IFRS 10. Investments at fair value through profit or loss Investments in underlying unconsolidated subsidiaries and other non-controlled investments are held in a portfolio, the business model of which is to manage them on a fair value basis. The Group\u2019s policy is to fair value both the equity and debt investments in underlying assets together. All transaction costs relating to the acquisition of new investments are recognised directly in profit or loss. Subsequent to initial recognition, equity and debt investments are measured at fair value with changes in fair value recognised within total investment income in the Consolidated Statement of Comprehensive Income . Trade and other receivables Trade and other receivables that meet the contracted cash flow test as solely payments of principal and interest and which are held in a business model to receive these contractual cash flows are classified as trade and other receivables. Financial assets with maturities less than 12 months are included in current assets, financial assets with maturities greater than 12 months after the balance sheet date are classified as non-current assets. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments with an original maturity of three months or less that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value Derivative financial instruments Derivatives are classified as financial assets and liabilities at fair value through profit or loss, held for trading. Derivatives are recognised initially, and are subsequently remeasured, at fair value. Derivatives are shown as assets when their fair value is positive or as liabilities when their fair value is negative. Fair value movements on derivative financial instruments held for trading are recognised in the Consolidated Statement of Comprehensive Income. Impairment of financial assets Financial assets, other than those classified at fair value through profit or loss, being trade and other receivables. The Group adopts a simplified approach to calculate any expected credit losses. 1 1.2 FINANCIAL LIABILITIES 31 December 2022 \u00a3\u2019000s 31 December 2021 \u00a3\u2019000s Financial liabilities at amortised cost Trade and other payables 13,919 10,597 Bank loans 29,300 156,218 Derivative financial instruments at fair value through profit or loss Foreign exchange contracts 1,826 \u2013 Total financial liabilities 45,045 166,815 ACCOUNTING POLICY Financial liabilities Financial liabilities, other than those specifically accounted for under a separate policy, are measured at amortised cost and stated based on the amounts which are considered to be payable in respect of goods or services received up to the financial reporting date. The accounting policy for bank loans is included earlier in note 8. The carrying value of financial assets and liabilities held at amortised cost is considered to approximate their fair value . 11.3 FINANCIAL RISK MANAGEMENT The Group\u2019s objective in managing risk is the protection of stakeholder value. Risk is inherent in the Group\u2019s activities and is managed through a process of ongoing identification, measurement and monitoring, subject to risk limits and other controls. The Group is exposed to market risk (which includes currency risk, interest rate risk and inflation risk), credit risk and liquidity risk arising from the financial instruments it holds. The Board of Directors is ultimately responsible for the overall risk management of the Group, with delegation of oversight and activities (including identifying and controlling risks) provided to the Audit and Risk Committee and the Group\u2019s Investment Adviser. The Group\u2019s risk management framework and approach is set out within the Strategic Report (pages 48 to 60). The Board takes into account market, credit and liquidity risks in forming the Group\u2019s risk management strategy. MARKET RISK Market risk is the risk that the fair value or future cash flows of financial instruments will fluctuate due to changes in market variables such as changes in inflation, foreign exchange rates and interest rates. Inflation risk The majority of the Group\u2019s cash flows from underlying investments are linked to inflation indices. Changes in inflation rates can have a positive or negative impact on the Group\u2019s cash flows from investments. The long-term inflation assumptions applied in the Group\u2019s valuation of investments at fair value through profit or loss are disclosed in the fair value hierarchy section in note 11.4. The Group\u2019s portfolio of investments has been developed in anticipation of continued inflation at or above the levels used in the Group\u2019s valuation assumptions. Where inflation is at levels below the assumed levels for a sustained period of time, investment performance may be impaired. The level of inflation-linkage* across the investments held by the Group varies and is not consistent 11. FINANCIAL INSTRUMENTS CONTINUED 11.3 FINANCIAL RISK MANAGEMENT CONTINUED Interest rate risk Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows from underlying investments therefore impacting the value of investments at fair value through profit or loss. The Group has limited exposure to interest rate risk as the underlying borrowings within the unconsolidated investee entities are either hedged through interest rate swap arrangements via an economic hedge, are fixed rate loans or the risk of adverse movement in interest rates is limited through protections provided by the regulatory regime. For example, it is generally a requirement under a PFI/PPP concession that any borrowings are matched to the life of the concession. Hedging activities are aligned with the period of the loan, which also mirrors the concession period and are highly effective. Nevertheless, refinancing risk exists in a number of such investments. The Group\u2019s corporate debt facility is unhedged on the basis it is utilised as an investment bridging facility and therefore drawn for a relatively short period of time. Therefore, the Group is not significantly exposed to cash flow risk due to changes in interest rates over its variable rate borrowings. Interest income on bank deposits held within underlying investments is included within the fair value of investments. Foreign currency risk The Group undertakes certain transactions denominated in foreign currencies and therefore is exposed to exchange rate fluctuations. Currency risk arises in financial instruments that are denominated in a foreign currency other than the functional currency in which they are measured. The Group uses forward foreign exchange contracts to mitigate the risk of short-term volatility in foreign exchange on significant investment returns from overseas investments via an economic hedge. The Group does not hedge its exposure to foreign exchange in relation to foreign currency denominated investment balances. The carrying amounts of the Group\u2019s foreign currency denominated monetary financial instruments at the reporting date are set out in the table below. 31 December 2022 \u00a3\u2019000s 31 December 2021 \u00a3\u2019000s Cash Euro 8,416 875 Canadian Dollar 1,014 250 Australian Dollar 15,222 6,220 US Dollar 100 1,603 24,752 8,948 Current receivables Euro receivables 17 712 US Dollar receivables 724 \u2013 741 712 Investments at fair value through profit or loss Euro 335,682 299,262 Danish Krone 11,938 13,979 Canadian Dollar 43,240 39,439 Australian Dollar 207,352 213,261 US Dollar 122,783 66,492 720,995 632,433 Total 746,488 642,093 Sensitivity analysis showing the impact of variations of the above risks on the fair value of investments is shown in note 11.5. CREDIT RISK Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Group. The Group has adopted a policy of dealing with creditworthy counterparties and reviewing this on a regular basis at the underlying entity level. The majority of underlying investments are in public-private partnerships and similar concessions (which are entered into with government, quasi government, other public, equivalent low risk bodies), or in regulated businesses that inherently exhibit low levels of credit risk. The maximum exposure of credit risk over financial assets as a result of counterparty default is the carrying value of those financial assets in the balance sheet. In addition, the underlying investee entities contract with third-party construction and facilities managements contractors. The Group seeks to mitigate this risk through using a diverse range of sub-contractors and through at least quarterly review of the credit position of major contractors. LIQUIDITY RISK Liquidity risk is defined as the risk that the Group would encounter difficulty in meeting obligations as and when they fall due associated with financial liabilities that are settled by delivering cash or another financial asset. The Group invests in relatively illiquid investments (mainly non- listed equity and loans). As a closed-ended investment vehicle there are no automatic capital redemption rights. The Group manages liquidity risk by maintaining adequate cash reserves, banking facilities and reserve borrowing facilities and by continuously monitoring forecast and actual cash flows. Cash flow forecasts assume full availability of underlying infrastructure to the relevant public sector body or end-user. Failure to maintain assets available for use or operating in accordance with pre-determined performance standards or licence conditions may lead to a reduction (wholly or partially) in the investment income that the Group has projected to receive. The Directors review the underlying performance of each investment on a quarterly basis, allowing asset performance to be monitored. The terms of public-private partnership contractual mechanisms also allow for significant pass-down of unavailability and performance risk to sub-contractors. Regulated asset regimes allow for the pass through of efficiently incurred costs to the purchaser. The Group\u2019s financial liabilities comprise trade and other payables, payable within 12 months of the year end, derivative financial instruments, and bank loans, repayable in March 2024 as disclosed under note 8. 11.4 FAIR VALUE HIERARCHY All financial instruments for which fair value is recognised or disclosed are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1 \u2014 Quoted market prices in an active market (that are unadjusted) for identical assets or liabilities; Level 2 \u2014 Valuation techniques (for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable); Level 3 \u2014 Valuation techniques (for which the lowest level input that is significant to the fair value measurement is unobservable). During the year, there were no transfers between Level 2 and Level 3 categories. Level 1: The Group has no financial instruments classified as Level 1. Level 2: This category includes derivative financial instruments such as interest rate swaps, RPI swaps and currency forward contracts. As at 31;December 2022, the Group\u2019s only derivative financial instruments were currency forward contracts amounting to a liability of \u00a31.8 million (December 2021: asset of \u00a32.7 million). Financial instruments classified as Level 2 have been valued using models whose inputs are observable in an active market (spot exchange rates, yield curves, interest rate curves). Valuations based on observable inputs include financial instruments such as swaps and forward contracts which are valued using market standard pricing techniques where all the inputs to the market standard pricing models are observable. Level 3: This category consists of investments in equity and loan instruments in underlying unconsolidated subsidiary entities and other non- controlled investments which are classified at fair value through profit or loss. At 31 December 2022, the fair value of financial instruments classified within Level 3 totalled \u00a32,948.0 million (December 2021: \u00a32,579.4 million). Financial instruments are classified within Level 3 if their valuation incorporates significant inputs that are not based on observable market data (unobservable inputs). A valuation input is considered observable if it can be directly observed from transactions in an active market, or if there is compelling external evidence demonstrating an executable exit price. Valuation process Valuations are the responsibility of the Board of Directors. The valuation of unlisted equity and debt investments is performed on a quarterly 1 basis by the Investment Adviser. The valuation is reviewed by the senior members of the Investment Adviser, and reviewed and approved by the Board. Valuation methodology The valuation methodologies used are primarily based on discounting the underlying investee entities\u2019 future projected net cash flows at appropriate discount rates. Valuations are also reviewed against recent market transactions for similar assets in comparable markets observed by the Group or Investment Adviser and adjusted where appropriate. Cash flow forecasts for the full-term of each underlying investment are generated by detailed investment specific financial models. These models forecast the dividend, shareholder loan interest payments, capital repayments and senior debt repayments (where applicable) expected from the underlying investments. The cash flows included in the forecasts used to determine fair value are typically fixed under contracts, however there are certain variable cash flows which are based on management\u2019s estimations (see also pages 28 to 29 of the strategic report). The significant unobservable inputs and assumptions used in projecting the Group\u2019s net future cash flows are shown overleaf.1 Indicative valuations are calculated in respect of each at 31 March and 30 Septembe r. International Public Partnerships Limited
Annual Report and financial statements 2022
11. FINANCIAL INSTRUMENTS CONTINUED
11.4 FAIR VALUE HIERARCHY CONTINUED
31 December 2022
\u00a3\u2019000s
31 December 2021
\u00a3\u2019000s
Inflation rates UK RPI: 8.00% until Dec 2023, 2.75% thereafter
CPIH: 7.00% until Dec 2023, 2.00% thereafter
2.75% RPI / 2.00% CPIH
Australia 5.25% until Dec 2023 3.00% until Dec 2024,
2.50% thereafter
2.50%
Europe (excl. UK) 5.00% until Dec 2023, 2.50% until Dec 2024,
2.00% thereafter
2.00%
Canada 2.75% until Dec 2023, 2.00% thereafter 2.00%
US
1
N/A N/A
Long-term deposit
rates
2
UK 2.50% 1.00%
Australia 2.75% 2.00%
Europe (excl. UK) 1.50% 0.50%
Canada 2.50% 1.50%
US
1
N/A N/A
Foreign exchange
rates
GBP/AUD 1.77 1.86
GBP/DKK 8.40 8.86
GBP/EUR 1.13 1.19
GBP/CAD 1.64 1.72
GBP/USD 1.21 1.35
Tax rates
3
UK 19.00% / 25.00% 19.00% / 25.00%
Australia 30.00% 30.00%
Europe (excl. UK) Various (12.50%-32.28%) Various (12.50%-32.28%)
Canada Various (23.00%-26.50%) Various (23.00%-26.50%)
US
1
N/A N/A
1 The Company\u2019s US investment is in the form of subordinated debt and therefore not directly impacted by inflation, deposit and tax rate assumptions.
2 The portfolio valuation assumes actual current deposit rates are maintained until 31 December 2023 before adjusting to the long-term rates noted in the table above from 1 January 2024.
3 Tax rates reflect those substantively enacted as at the valuation date or those that could reasonably be expected to be substantively enacted shortly after the valuation date.
Discount rates
The discount rate used in the valuation of each investment is the aggregate of the following:
\u2013 Yield on a government bond with a remaining term equivalent to (or as close as possible to) the investment being valued, issued by the
national government for the location of the relevant investment (\u2018government bond yield\u2019);
\u2013 A premium to reflect the inherent greater risk in investing in infrastructure assets over government bonds;
\u2013 A further premium to reflect the state of maturity of the asset with a larger premium applied to immature assets and/or assets in
construction and/or to reflect any current asset specific or operational issues. Typically, this risk premium will reduce over the life of any
asset as an asset matures, its operating performance becomes more established, and the risks associated with its future cash flows
decrease. However, the rate may increase in relation to investments with unknown residual values at the end of the relevant concession life
as that date nears;
\u2013 A further adjustment reflective of market-based transaction valuation evidence for similar assets. Such adjustment is considered to
implicitly include the market\u2019s assessment of the risk posed by climate factors to that particular investment.
Over the year, the weighted average government bond yield increased by 217bps. The weighted average investment premium decreased,
reflecting observable market-based evidence.
Valuation assumptions 31 December 2022 31 December 2021 Movement
Weighted Average Government Bond Yield 3.13% 0.96% +217bps
Weighted Average Investment Risk Premium 4.38% 6.01% (163bps)
Weighted Average Discount Rate 7.51% 6.97% +54bps
Weighted Average Discount Rate on Risk Capital
1
7.71% 7.3 8% +33bp s
Reconciliation of Level 3 fair value measurements of financial assets 31 December 2022 \u00a3\u2019000s 31 December 2021 \u00a3\u2019000s Balance at 1 January 2,579,434 2,345,433 Additional investments during the year 191,604 252,725 Net repayments during the year (33,985) (53,350) Net change in Investments at fair value through profit or loss 210,906 34,626 Balance at 31 December 2,947,959 2,579,434 11.5 SENSITIVITY ANALYSIS The valuation requires management to make certain assumptions in relation to unobservable inputs to the model. There are no straight forward inter-relationships between the unobservable inputs. A sensitivity analysis for reasonably possible alternative assumptions is provided below: Significant assumptions 31 December 2022 Weighted average rate in base case valuations Sensitivity factor Change in fair value of investment \u00a3\u2019000s Sensitivity factor Change in fair value of investment \u00a3\u2019000s Discount rate 7.51% +1.0 0% (271,841) -1.00% 328,070 Inflation rate (overall) 2.35% +1.0 0% 260,036 -1.00% (227,357) UK (CPI/RPI) 2.00%/2.75% +1.00% 211,4 0 0 -1.00% (183,950) Europe 2.00% +1.00% 39,054 -1.0 0% (33,901) North America 2.00% +1.00% 821 -1.00% (764) Australia 2.50% +1.0 0% 8,761 -1.00% (8,742) FX rate N/A +10.0 0% 72,12 8 -10.00% (72,132) Tax rate 25.39% +1.00% (14,101) -1.00% 12,358 Deposit rate 1.02% +1.00% 24,235 -1.00% (24,100) Significant assumptions 31 December 2021 Weighted average rate in base case valuations Sensitivity factor Change in fair value of investment \u00a3\u2019000s Sensitivity factor Change in fair value of investment \u00a3\u2019000s Discount rate 6.97% +1.00% (245,454) -1.00% 295,025 Inflation rate (overall) 2.37% +1.00% 231,029 -1.00% (197,7 87 ) UK (CPI/RPI) 2.00%/2.75% +1.00% 179,431 -1.00% (151,850) Europe 2.00% +1.00% 40,393 -1.00% (35,843) North America 2.00% +1.00% 738 -1.00% (1,218) Australia 2.50% +1.00% 10,451 -1.00% (8,875) FX rate N/A +10.0 0% 63,273 -10.00% (63,279) Tax rate 25.47% +1.00% (13,757) -1.00% 13,541 Deposit rate 1.04% +1.00% 24,626 -1.00% (13,723 12. INVESTMENT ACTIVITY 2022 Date of investment Description Consideration \u00a3\u2019000s % Ownership post investment April \u2013 June 2022 The Group made further investments into the National Digital Infrastructure;Fund, UK 1,205 45.0% June 2022 The Group made follow on investments into a portfolio of Building Schools;for the Future assets, UK 1,455 Various June \u2013 July 2022 The Group made a follow-on investment into the Diabolo Rail Link project,;Belgium 4,753 100.0% September 2022 The Group made a follow-on investment into Tideway, UK 41,943 17.9% December 2022 The Group made a follow-on investment into FHSP, US 36,507 100.0% December 2022 The Group made an investment in the East Anglia 1 offshore transmission;project, UK 105,741 100.0% Total capital spend on investments during the year 191,604 During the year minority interests in four Lancashire Building Schools for Future (\u2018BSF\u2019) projects were disposed from a portfolio subsidiary, being sold for \u00a38.5 million aligning with the carrying value of the assets at the disposal date. 2021 Date of investment Description Consideration \u00a3\u2019000s % Ownership post investment April 2021 The Group made an investment into toob, utilising part of its commitment;to invest in digital infrastructure, UK 14,270 46.1% June 2021 The Group made an investment into the Offenbach police centre, Germany 8,073 45% July 2021 The Group made an investment in the Beatrice offshore transmission project, UK 49,751 100% September 2021 The Group made an investment to acquire an additional interest in Angel;Trains, UK 97,49 6 10% November 2021 The Group made an investment in the Rampion offshore transmission project, UK 35,400 100% November 2021 The Group made an investment to acquire interests in a port-folio of Building Schools for the Future and UK PPP projects, UK 29,074 Various December 2021 The Group made an investment to acquire an interest in a portfolio of Danish PPP projects, Denmark 14,045 66.7% December 2021 The Group made an investment to acquire interests in a small portfolio UK;PPP projects, UK 3,053 Various December 2021 The Group made a follow on investment into the Diabolo Rail Link Project,;Belgium 1,563 100% Total capital spend on investments during the year 252,725 13. TRADE AND OTHER RECEIVABLES 31 December 2022 \u00a3\u2019000s 31 December 2021 \u00a3\u2019000s Accrued interest receivable 40,327 52,657 Other debtors 3,769 4,721 Total trade and other receivables 44,096 57,378 Other debtors included \u00a31.3 million (December 2021: \u00a31.2 million) of receivables from unconsolidated subsidiary entities for surrender of Group tax losses. 14. TRADE AND OTHER PAYABLES 31 December 2022 \u00a3\u2019000s 31 December 2021 \u00a3\u2019000s Accrued management fee 9,798 8,308 Other creditors and accruals 4,121 2,289 Total trade and other payables 13,919 10,597 15. SHARE CAPITAL AND RESERVES Share capital 31 December 2022 shares \u2019000s 31 December 2021 shares \u2019000s Authorised and in issue at 1 January 1,706,104 1,620,953 Issued for cash 203,762 81,818 Issued as a scrip dividend alternative 1,377 3,333 Authorised and in issue at 31 December \u2013 fully paid 1,911,243 1,706,104 Share capital 31 December 2022 \u00a3\u2019000s 31 December 2021 \u00a3\u2019000s Balance at 1 January 1,908,849 1,769,582 Issued for cash (excluding issue costs) 325,000 135,000 Issued as a scrip dividend alternative 2,273 5,629 Total share capital issued in the year 327,273 140,629 Costs on issue of Ordinary Shares (4,846) (1,362) Balance at 31 December 2,231,276 1,908,849 At present, the Company has one class of Ordinary Shares with a par value of 0.01 pence which carry no right to fixed income. On 4 May 2022, the Group raised an additional \u00a3325 million of equity through a Placing, Open Offer and Offer for Subscription of 203,761,755 Ordinary shares at an issue price per share of 159.5 pence. On 13 June 2022, 1,377,796 new Ordinary fully paid shares were issued as a scrip dividend alternative in lieu of cash for the interim dividend in respect of the six months ended 31 December 2021. Other distributable reserve 31 December 2022 \u00a3\u2019000s 31 December 2021 \u00a3\u2019000s Balance at 1 January 182,481 182,481 Movement in the year \u2013 \u2013 Balance at 31 December 182,481 182,481 On 19 January 2007, the Company applied to the Royal Court of Guernsey, following the initial placing of shares, to reduce its share premium account. This was in order to provide a distributable reserve to enable the Company to repurchase its shares if and when the Board of Directors consider it beneficial to do so. Following court approval, the distributable reserve account was created. Retained earnings 31 December 2022 \u00a3\u2019000s 31 December 2021 \u00a3\u2019000s Balance at 1 January 437,470 432,373 Net profit for the year 326,897 129,211 Dividends paid 1 (138,285) (124,114) Balance at 31 December 626,082 4 37,470 1 Includes scrip element of \u00a32.3 million in 2022 (December 2021: \u00a35.6 million). 15. SHARE CAPITAL AND RESERVES CONTINUED DIVIDENDS The Board is satisfied that, in every respect, the solvency test as required by the Companies (Guernsey) Law, 2008, was satisfied for the proposed dividend and the dividend paid in respect of the year ended 31 December 2022. The Board has approved interim dividends as follows: 31 December 2022 \u00a3\u2019000s 31 December 2021 \u00a3\u2019000s Amounts recognised as distributions to equity holders for the year ended 31 December 138,285 1 124,114 Declared and proposed Interim dividend for the period 1 January to 30 June 2022 was 3.87 pence per share (2021: 3.78 pence per share) 73,965 64,463 Interim dividend for the period 1 July to 31 December 2022 was 3.87 pence per share 2 (2021: 3.77 pence per share) 73,965 64,320 1 Includes the 2021 interim dividend for the period 1 July to 31 December 2021. 2 The dividend for the period 1 July to 31 December 2022 was approved by the Board on 29 March 2023 and therefore has not been included as a liability in the balance sheet for the year ended 31 December 2022. CAPITAL RISK MANAGEMENT The Group seeks to efficiently manage its financial resources to ensure that it is able to continue as a going concern while providing improved returns to shareholders through the management of the debt and equity balances. The capital structure consists of the Group\u2019s corporate debt facility and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings. The Group aims to deliver its objective by investing available cash and using leverage whilst maintaining sufficient liquidity to meet ongoing expenses and dividend payments. The Group\u2019s investment policy is set out in the Corporate Governance Report on page 61. The Group\u2019s Investment Adviser reviews the capital structure on a semi-annual basis. As part of this review, the Investment Adviser considers the cost of capital and the associated risks. 16. NET ASSETS PER SHARE 31 December 2022 \u00a3\u2019000s 31 December 2021 \u00a3\u2019000s Net assets attributable to equity holders of the parent 3,039,839 2,528,800 Number Number Number of shares Ordinary Shares outstanding at the end of the year 1,911,243,132 1,706,103,581 Net assets per share (pence per share) 159.1 148.2 17. RELATED PARTY TRANSACTIONS Details of the Company\u2019s significant consolidated and unconsolidated subsidiaries are included in note 20. During the year, Group companies entered into certain transactions with related parties that are not members of the Group but are related parties by reason of being in the same group as Amber Infrastructure Group Holdings Limited, which is the ultimate holding company of the Investment Adviser, Amber Fund Management Limited (\u2018AFML\u2019). Under the Investment Advisory Agreement (\u2018IAA\u2019), AFML was appointed to provide investment advisory services to the Group including advising the Group as to the strategic management of its portfolio of investments. AFML and International Public Partnerships GP Limited are subsidiary companies of Amber Infrastructure Group Holdings Limited (\u2018Amber Group\u2019), in which Giles Frost is a Director and also a substantial shareholder. Giles Frost is also a Director of International Public Partnerships Limited (the \u2018Company\u2019); International Public Partnerships Lux 1 Sarl; (a wholly owned subsidiary of the Group); and certain other companies in which the Group indirectly has an investment. The transactions with the Amber Group are considered related party transactions under IAS 24 \u2018Related Party Disclosures\u2019. The Director\u2019s fees of \u00a353,500 (2021: \u00a348,500) for Giles Frost\u2019s directorship of the Company are paid to his employer, Amber Infrastructure Limited (a member of the Amber Group). The amounts of the transactions in the year that were related party transactions are set out in the table below:
Related party expense in the Income Statement Amounts owing to related parties in the Balance Sheet
For the year ended
31 December 2022
\u00a3\u2019000s
For the year ended
31;December 2021
\u00a3\u2019000s
At 31 December 2022
\u00a3\u2019000s
At 31 December 2021
\u00a3\u2019000s
International Public Partnerships GP Limited
1
29,421 26,173 9,798 8,308
Amber Fund Management Limited
2
2,891 3,896 2,134 247
Total 32,312 30,069 11,932 8,555
1 Represents amounts paid to related parties for investment advisory fees.
2 Represents amounts paid to related parties to acquire or make investments or advisory fees associated with investments which are subsequently recorded in the balance sheet.
INVESTMENT ADVISORY ARRANGEMENTS
Investment advisory fees payable during the year are calculated as follows:
For existing construction assets:
\u2013 1.2% per annum of gross asset value of investments bearing construction risk.
For existing fully operational assets:
\u2013 1.2% per annum of the gross asset value (\u2018GAV\u2019) excluding uncommitted cash from capital raisings up to \u00a3750 million;
\u2013 1.0% per annum where GAV (excluding uncommitted cash from capital raisings) is between \u00a3750 million and \u00a31.5 billion;
\u2013 0.9% per annum where GAV (excluding uncommitted cash from capital raisings) is between \u00a31.5 billion and \u00a32.75 billion;
\u2013 0.8% per annum where GAV (excluding uncommitted cash from capital raisings) value exceeds \u00a32.75 billion.
Asset origination fees in connection with new acquisitions are charged at a rate of 1.5% of the value of new acquisitions.
The IAA can be terminated where less than 95% of the Group\u2019s assets are available for use for certain periods and the Investment Adviser
fails to implement a remediation plan agreed with the Group. The IAA may also be terminated by either party giving to the other five years
notice of termination, expiring at any time after 10 years from the date of the IAA.
As at 31 December 2022, the Amber Group held 8,002,379 (December 2021: 8,002,379) shares in the Company. The shares held by the
Investment Adviser in the Company helps further strengthen the alignment of interests between the two parties.
During the year the Company acquired an additional c.\u00a337 million interest in Family Housing for Service Personnel (\u2018FHSP\u2019) from Hunt
Companies Inc., an affiliate of the Company\u2019s investment adviser Amber. In accordance with the Company\u2019s procedures for related-party
transactions, the Company sought an independent valuation.
TRANSACTIONS WITH DIRECTORS
Shares acquired by Directors in the year are disclosed below:
Number of New Ordinary Shares
Year ended
31 December 2022
Year ended
31 December 2021
Mike Gerrard 84,266 \u2013
Julia Bond 34,098 24,072
Stephanie Coxon 10,000 \u2013
Sally Ann David \u2013 30,303
Meriel Lenfestey 15,163 \u2013
John Le Poidevin 167, 245 30,303
Giles Frost \u2013 27,5 67
Claire Whittet (retired May 2022) 37, 8 54 1,654
Total purchased 348,626 113,89 9
Remuneration paid to the Non-Executive Directors is disclosed on page 66. Directors received dividends on total shares held as disclosed
on page 66, in accordance with the approved dividends detailed under note 15.
18. CONTINGENT LIABILITIES AND COMMITMENTS As at 31 December 2022 the Group has committed funding of up to c.\u00a3145.6 million (December 2021: c.\u00a3 44.7 million), which includes committed investment amounts as noted in the Strategic Report on page 17, and a deferred commitment of c.\u00a312.5 million for BeNEX (December 2021: \u00a314.5 million) which is due to be settled from future returns generated by BeNEX. There were no other contingent liabilities at the date of this report. 19. EVENTS AFTER BALANCE SHEET Since the year-end, the Company has, in principle, agreed an increase in the committed size of its existing CDF from \u00a3250 million to \u00a3350 million with the existing banking group. This increase is expected to be effective from April 2023 and would provide the Company with the liquidity required to take advantage of additional investment opportunities as they may arise. There would remain a flexible \u2018accordion\u2019 component which would, subject to lender approval, allow for a further increase in the committed size of the facility to \u00a3400 million. The Company is also progressing the documentation required to amend the maturity date of the CDF from March 2024 to June 2025. These two amendments are expected to be finalised shortly. No other changes to the terms of the CDF are expected. In March 2023 the Group made a further 20% investment in Ealing BSF for \u00a30.7 million. 20. OTHER MANDATORY DISCLOSURES NEW STANDARDS THAT THE GROUP HAS APPLIED FROM 1 JANUARY 2022 Standards and amendments to standards applicable to the Group that became effective during the year are listed below. These have no material impact on the reported performance or financial statements of the Group. \u2013 Annual improvements to IFRS Standards 2018-2020 (1 January 2022); and \u2013 Amendments to IFRS 3 Reference to the Conceptual Framework (1 January 2022). STANDARDS ISSUED BUT NOT YET EFFECTIVE Standards applicable to the Group which are issued but not yet effective up to the date of issuance of the Group\u2019s financial statements are listed below. This listing is of standards and interpretations issued, which the Group reasonably expects to be applicable at a future date. The Group intends to adopt these standards when they become effective, however does not currently anticipate the standards to have a significant impact on the Group\u2019s financial statements. Current assumptions regarding the impact of future standards will remain under consideration in light of interpretation notes as and when they are issued. \u2013 Disclosure of Accounting policies (Amendments to IAS 1 and IFRS Practice statement 2) (1 January 2023); \u2013 Definition of Accounting Estimates (Amendments to IAS 8) (1 January 2023); and \u2013 Amendments to IAS 1 Classification of Liabilities as Current or Non-current (1 January 2023). UNCONSOLIDATED SUBSIDIARIES A list of the significant investments in unconsolidated subsidiaries, including the name, country of incorporation as at 31 December 2022 and proportion of ownership is shown below: Name Place of incorporation (or registration) and operation Proportion of ownership interest % Abingdon Limited Partnership UK 100 Aggregator PLC UK 100 Access Justice Durham Limited Canada 100 AKS Betriebs GmbH & Co. KG Germany 98 Arden Partnership (Derby) Limited UK 50 Arden Partnership (Lincolnshire) Limited UK 50 Arden Partnership (Leicester) Limited UK 50 BBPP Alberta Schools Limited Canada 100 Blackburn with Darwen Phase 1 Limited UK 100 Blackburn with Darwen Phase 2 Limited UK 100 BPSL No. 2 Limited Partnership UK 100 Building Schools for the Future Investments LLP UK 100 Calderdale Schools Partnership UK 100 CHP Unit Trust Australia 100 Derby City BSF Limited UK 90 Derbyshire Courts Limited Partnership UK 100 Derbyshire Schools UK 100 Derbyshire Schools Phase Two Partnership UK 100 governance Name Place of incorporation (or registration) and operation Proportion of ownership interest % Essex Schools Limited UK 100 Future Ealing Phase 1 Limited UK 80 4 Futures Phase 1 Limited UK 90 4 Futures Phase 2 Limited UK 90 Hertfordshire Schools Building Partnership Phase 1 Limited UK 100 H&W Courts Limited Partnership UK 100 INPP Infrastructure Germany GmbH & Co. KG Germany 100 Inspire Partnership Limited Partnership UK 100 IPP CCC Limited Partnership Ireland 100 Inspiredspaces Durham (Project Co 1) Limited UK 100 Kent PFI (Project Co 1) Limited UK 58 Inspiredspaces Nottingham (Project Co 1) Limited UK 90 Inspiredspaces Nottingham (Project Co 2) Limited UK 90 Inspiredspaces STaG (Project Co 1) Limited UK 90.1 Inspiredspaces STaG (Project Co 2) Limited UK 90.1 Inspiredspaces Wolverhampton (Project Co 1) Limited UK 100 Inspiredspaces Wolverhampton (Project Co 2) Limited UK 100 Transform Islington (Phase 1) Limited UK 90 Transform Islington (Phase 2) Limited UK 90 IPP (Moray Schools) Holdings Limited UK 100 LCV Project Trust Australia 100 Lewisham Schools for the Future SPV Limited UK 90 Lewisham Schools for the Future SPV 2 Limited UK 90 Lewisham Schools for the Future SPV 3 Limited UK 90 Lewisham Schools for the Future SPV 3 Limited UK 81 Maesteg School Partnership UK 100 Norfolk Limited Partnership UK 100 Northampton Schools Limited Partnership UK 100 Northern Diabolo N.V. Belgium 100 Oldham BSF Limited UK 99 OPP Hobro Tinglysningsret A/S Denmark 66.7 OPP \u00d8rstedskolen A/S Denmark 66.7 OPP Vildbjerg Skole A/S Denmark 66.7 OPP Randers P-Hus A/A Denmark 66.7 PSBP Midlands Limited UK 92.5 Pinnacle Healthcare (OAHS) Trust Australia 100 Plot B Partnership UK 100 St Thomas More School Partnership UK 100 PPP Solutions (Long Bay) Partnership Australia 100 PPP Solutions (Showgrounds) Trust Australia 100 Strathclyde Limited Partnership UK 100 TH Schools Limited Partnership UK 100 TC Robin Rigg OFTO Limited UK 100 TC Barrow OFTO Limited UK 100 TC Gunfleet Sands OFTO Limited UK 100 TC Ormonde OFTO Limited UK 100 TC Lincs OFTO Limited UK 100 TC Westermost Rough OFTO Limited UK 100 TC Dudgeon OFTO PLC UK 100 TC Beatrice OFTO Limited UK 100 TC Rampion OFTO Limited UK 100 TC East Anglia OFTO Limited UK 100 The entities listed above in aggregate represent 55.0% (December 2021: 58.2%) of investments at fair value through profit or loss. The remaining fair value is driven from joint ventures, associate interests and minority stakes held by the Group. 20. OTHER MANDATORY DISCLOSURES CONTINUED CONSOLIDATED SUBSIDIARIES The subsidiary undertakings of the Company, all of which have been included in these consolidated financial statements are as follows: Name Place of incorporation (or registration) and operation Proportion of ownership interest % International Public Partnerships Limited Partnership UK 100 International Public Partnerships Lux 1 Sarl Luxembourg 100 International Public Partnerships Lux 2 Sarl Luxembourg 100 IPP Bond Limited UK 100 IPP Holdings 1 Limited UK 100 IPP Investments UK Limited UK 100 IPP Investments Limited Partnership UK 100 21. INVESTMENTS The Group holds 138 investments across energy transmission, education, transport, health, courts, wastewater, police, military housing and other sectors. The table overleaf sets out the Group\u2019s investments that are recorded at fair value through profit or loss. Investment Name Country Status at 31 December 2022 Per cent. Risk Capital Owned by the Group 1 Investment end UK UK PPP Assets Calderdale Schools UK Operational 100.0 April 2030 Derbyshire Schools Phase Two UK Operational 100.0 February 2032 Northamptonshire Schools UK Operational 100.0 December 2037 Derbyshire Courts UK Operational 100.0 August 2028 Derbyshire Schools Phase One UK Operational 100.0 April 2029 North Wales Police HQ UK Operational 100.0 December 2028 St Thomas More Schools UK Operational 100.0 April 2028 Tower Hamlets Schools UK Operational 100.0 August 2027 Norfolk Police HQ UK Operational 100.0 December 2036 Strathclyde Police Training Centre UK Operational 100.0 2 September 2026 Hereford & Worcester Courts UK Operational 100.0 2 September 2025 Abingdon Police Station UK Operational 100.0 April 2030 Bootle Government Offices UK Operational 100.0 December 2022 Maesteg Schools UK Operational 100.0 July 2033 Moray Schools UK Operational 100.0 February 2042 Liverpool Library UK Operational 100.0 November 2037 Three Shires \u2013 Derbyshire UK Operational 50.0 October 2037 Three Shires \u2013 Leicestershire UK Operational 50.0 June 2037 Three Shires \u2013 Lincolnshire UK Operational 50.0 May 3028 Townlands Hospital UK Operational 100.0 November 2041 Priority Schools Building Aggregator Programme Batch 1 \u2013 Schools in North East England UK Operational 0.0 2 August 2040 Batch 2 \u2013 Schools in Hertfordshire, Luton and Reading UK Operational 0.0 2 November 2040 Batch 3 \u2013 Schools in North West of England UK Operational 0.0 2 August 2041 Batch 4 \u2013 Schools in the Midlands Region UK Operational 92.5 2 December 2041 Batch 5 \u2013 Schools in Yorkshire UK Operational 0.0 2 September 2041 OFTOs Robin Rigg OFTO UK Operational 100.0 2 March 2031 Gunfleet Sands OFTO UK Operational 100.0 2 July 2031 Barrow OFTO UK Operational 100.0 2 March 2030 Ormonde OFTO UK Operational 100.0 2 July 2032 Lincs OFTO UK Operational 100.0 November 2034 Westermost Rough OFTO UK Operational 100.0 February 2036 Dudgeon OFTO UK Operational 100.0 November 2038 Beatrice OFTO UK Operational 100.0 April 2045 Rampion OFTO UK Operational 100.0 November 2041 East Anglia OFTO UK Operational 100.0 December 2044 I nvestment Name Country Status at 31 December 2022 Per cent. Risk Capital Owned by the Group 1 Investment end Building Schools for the Future Portfolio Minority Shareholdings in 17 Building Schools for the Future Projects UK Operational Various Various Blackburn with Darwen Phase One UK Operational 100.0 September 2036 Blackburn with Darwen Phase Two UK Operational 100.0 September 2039 Derby City UK Operational 90.0 August 2037 Durham Schools UK Operational 100.0 January 2036 Ealing Schools Phase One UK Operational 80.0 March 2038 Essex Phase Two UK Operational 100.0 December 2036 Hertfordshire Schools Phase One UK Operational 100.0 August 2037 Islington Phase One UK Operational 90.0 August 2034 Islington Phase Two UK Operational 90.0 March 2039 Lewisham Phase 1 UK Operational 90.0 December 2034 Lewisham Phase 2 UK Operational 90.0 August 2037 Lewisham Phase 3 UK Operational 90.0 August 2037 Lewisham Phase 4 UK Operational 81.0 March 2038 Oldham Schools UK Operational 99.0 August 2037 Tameside Schools One UK Operational 46.0 August 2036 Tameside Schools Two UK Operational 46.0 August 2037 Nottingham Schools One UK Operational 90.0 August 2034 Nottingham Schools Two UK Operational 90.0 August 2038 South Tyneside and Gateshead Schools One UK Operational 9 0.1 October 2034 South Tyneside and Gateshead Schools Two UK Operational 9 0.1 September 2036 Southwark Phase One UK Operational 90.0 January 2036 Southwark Phase Two UK Operational 90.0 December 2036 Wolverhampton Schools Phase One UK Operational 100.0 September 2037 Wolverhampton Schools Phase Two UK Operational 100.0 August 2040 Kent Schools UK Operational 58.0 August 2035 NHS LIFT Portfolio Beckenham Hospital UK Operational 49.8 December 2033 Garland Road Health Centre UK Operational 49.8 December 2031 Alexandra Avenue Primary Care Centre, Monks Park Health Centre (two projects) UK Operational 49.8 June 2031 Gem Centre Bentley Bridge, Phoenix Centre (two projects) UK Operational 49.8 December 2030 Sudbury Health Centre UK Operational 49.8 November 2032 Mt Vernon UK Operational 49.8 December 2033 Lakeside UK Operational 49.8 November 2032 Fishponds Primary Care Centre, Hampton House Health Centre (two projects) UK Operational 33.4 January 2031 Shirehampton Primary Care Centre, Whitchurch Primary Care Centre (two projects) UK Operational 33.4 May 2032 Blackbird Leys Health Centre, East Oxford Care Centre (two projects) UK Operational 33.4 May 2031 Brierley Hill UK Operational 34.3 April 2035 Ridge Hill Learning Disabilities Centre, Stourbridge Health & Social Care Centre (two projects) UK Operational 34.3 October 2031 Harrow NRC (three projects) UK Operational 49.8 June 2034 Goscote Palliative Care Centre UK Operational 49.8 November 2035 South Bristol Community Hospital UK Operational 33.4 February 2042 East London LIFT Project One (four projects) UK Operational 30.0 October 2030 East London LIFT Project Two (three projects) UK Operational 30.0 April 2033 East London LIFT Project Three (Newby Place) UK Operational 30.0 May 2037 East London LIFT Project Four (two projects) UK Operational 30.0 August 2036 Eltham Community Hospital UK Operational 49.8 January 2040 1 Risk Capital includes project level equity and/or subordinated shareholder debt. 2 Investment contains senior or mezzanine debt in addition to any Risk Capital ownership shown I nvestment Name Country Status at 31 December 2022 Per cent. Risk Capital Owned by the Group 1 Investment end Other UK Angel Trains UK Operational 10.0 December 2058 Tideway UK Construction 17. 9 March 2150 Cadent UK Operational 7. 25 June 2069 National Digital Infrastructure Fund UK Operational 45.0 July 2027 Australia Royal Melbourne Showgrounds Australia Operational 100.0 August 2031 Long Bay Forensic & Prisons Hospital Project Australia Operational 100.0 July 2034 Reliance Rail Australia Operational 33.0 February 2044 Royal Children\u2019s Hospital Australia Operational 100.0 December 2036 Orange Hospital Australia Operational 100.0 December 2035 NSW Schools Australia Operational 25.0 December 2035 Gold Coast Rapid Transport Australia Operational 30.0 May 2029 Victoria Schools Two Australia Operational 100.0 December 2042 Flinders University Australia Construction 100.0 March 2049 North America Alberta Schools Canada Operational 100.0 June 2040 Durham Courts Canada Operational 100.0 November 2039 FHSP US Operational 100.0 2 October 2052 Europe (ex UK) Diabolo Rail Link Belgium Operational 100.0 June 2047 Dublin Courts Ireland Operational 100.0 February 2035 BeNEX Germany Operational 100.0 December 2049 Federal German Ministry of Education and Research Headquarters Germany Operational 98.0 July 2041 Pforzheim Schools Germany Operational 98.0 September 2039 Offenbach Police Centre Germany Construction 45.0 June 2050 Hobro Court Denmark Operational 66.7 December 2027 Randers Hospital Parking Facility Denmark Operational 66.7 April 2041 \u00d8rsted School Denmark Operational 66.7 June 2038 Vildbjerg School Denmark Operational 66.7 December 2036 1 Risk Capital includes project level equity and/or subordinated shareholder debt. 2 Investment contains senior or mezzanine debt in addition to any Risk Capital ownership shown",
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"value": "1. BASIS OF PREPARATION International Public Partnerships Limited is a closed-ended authorised investment company incorporated in Guernsey under the Companies (Guernsey) Law, 2008. The address of the registered office is given on the inside back cover. The nature of the Group\u2019s (\u2018Parent and consolidated subsidiary entities\u2019) operations and its principal activities are set out on pages 6 to 7. These financial statements are presented in pounds sterling as this is the currency of the primary economic environment in which the Group operates and represents the functional currency of the Parent and all values are rounded to the nearest (\u00a3\u2019000), except where otherwise indicated.",
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"value": "These financial statements are presented in pounds sterling as this is the currency of the primary economic environment in which the Group operates and represents the functional currency of the Parent and all values are rounded to the nearest (\u00a3\u2019000), except where otherwise indicated. ",
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"fact-179": {
"value": "BASIS OF PREPARATION These financial statements have been prepared in accordance with UK-adopted International Accounting Standards (\u2018IFRS\u2019), applicable legal and regulatory requirements of Guernsey, and the Listing Rules of the UK Listing Authority. These financial statements follow the historical cost basis, except for financial assets held at fair value through profit or loss and derivatives that have been measured at fair value. The principal accounting policies adopted are set out in relevant notes to the financial statements. The Directors have determined that International Public Partnerships Limited is an investment entity as defined by IFRS 10 on the basis that the Company: a) Obtains funds from one or more investor(s) for the purpose of providing those investor(s) with investment management services; b) Commits to its investors that its business purpose is to invest funds solely for returns from capital appreciation, investment income, or both; and c) Measures and evaluates the performance of substantially all of its investments on a fair value basis. Accordingly, these financial statements consolidate only those subsidiaries that provide services relevant to its investment activities, such as management services, strategic advice and financial support to its investees, and that are not themselves investment entities. Subsidiaries that do not provide investment-related services are required to be measured at fair value through profit or loss in accordance with IFRS 9 Financial Instruments. ",
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"value": "GOING CONCERN The Directors have reviewed cash flow forecasts prepared by management. Based on those forecasts, consideration of the Group\u2019s operating costs and obligations as well as capital commitments, and an assessment of the Group\u2019s committed banking facilities, it has been considered appropriate to prepare these consolidated financial statements of the Group on a going concern basis. In arriving at their conclusion that the Group has adequate financial resources, the Directors were mindful that the Group had unrestricted cash of \u00a392.8 million as at 31 December 2022. The Company continues to fully cover operating costs and distributions from underlying cash flows from investments. The Company has access to a corporate debt facility of \u00a3250 million on a fully committed basis, and a flexible \u2018accordion\u2019 component which, subject to lender consent, allows for a future extension by an additional \u00a3150 million. At the date of this report, approximately \u00a3233 million of the fully committed portion remains available. A \u00a320 million portion of the facility is available to be utilised for working capital purposes. The facility is forecast to continue in full compliance with the associated banking covenants. The facility is available for investment in new and existing assets until March 2024.",
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"fact-176": {
"value": "ACCOUNTING POLICIES The same accounting policies, presentation and methods of computation are followed in this set of financial statements as applied in the previous financial year. The new and revised IFRS and interpretations becoming effective in the period have had no material impact on the accounting policies of the Group. Note 20 sets out a comprehensive listing of all new standards applicable from 1 January 2022. 4. INVESTMENT INCOME ACCOUNTING POLICY Interest income Interest income is recognised when it is probable that the economic benefits will flow to the Group and the amount of income can be measured reliably. Interest income is accrued on a time-apportioned basis and is recognised gross of withholding tax, if any. Dividend income Dividend income is recognised gross of withholding tax on the date the Company\u2019s right to receive the dividend income is established. Net change in Investments at fair value through profit or loss Net change in investments at fair value through profit or loss includes all realised and unrealised fair value changes (including foreign exchange movements) other than interest and dividend income recognised separately. 8. FINANCE COSTS AND BANK LOANS ACCOUNTING POLICY Interest bearing loans and overdrafts are initially recorded as the proceeds received net of any directly attributable issue costs. Subsequent measurement is at amortised cost, with borrowing costs recognised in the Consolidated Statement of Comprehensive Income in the year in which they are incurred, using the effective interest rate method. Arrangement fees are amortised over the term of the corporate debt facility. Finance costs for the year were \u00a33.6 million (December 2021: \u00a33.5 million). The Group has a corporate debt facility with \u00a3250 million available on a fully committed basis, with a flexible \u2018accordion\u2019 component which will, subject to lender approval, allow for a future extension by an additional \u00a3150 million. The interest rate margin on the corporate debt facility in the year was 170 basis points over SONIA. The facility matures in March 2024 with no repayments due ahead of maturity, and is secured over the assets of the Group. The banking group for the facility consists of National Australia Bank, the Royal Bank of Scotland International, Sumitomo Mitsui Banking Corporation and Barclays Bank. The drawdowns in the year were in the form of cash drawdowns used to partially fund investments. As at December 2022 the facility was \u00a329.3 million cash drawn (December 2021: \u00a3156.2 cash drawn), with \u00a316.7 million drawn as letter of credit (December 2021: \u00a39.3 million drawn under letter of credit). The uncommitted balance of the facility which was not cash drawn or notionally drawn via letters of credit, was c.\u00a3204.0 million (December 2021: \u00a384.5 million) . ACCOUNTING POLICY Current tax is based on taxable profit for the year. Taxable profit differs from net profit as reported in the Consolidated Statement of Comprehensive Income as it excludes items of income or expense that are taxable or deductible in past or future years and it further excludes items that are never taxable or deductible. The Group\u2019s asset/liability for current tax is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. The current tax charge/credit in the Consolidated Statement of Comprehensive Income is recognised net of receivables recognised for losses surrendered to unconsolidated subsidiary entities. Under the current system of taxation in Guernsey, the Company itself is exempt from paying taxes on income, profits or capital gains. Dividend income and interest income received by the Group may be subject to withholding tax imposed in the country of origin of such income. ACCOUNTING POLICY The Group classifies its financial assets as at fair value through profit or loss or as financial assets at amortised cost. The classification depends on the purpose for which the financial assets were acquired, with investments in unconsolidated subsidiaries (other than those providing investment-related services) being at fair value through profit or loss as required by IFRS 10. Investments at fair value through profit or loss Investments in underlying unconsolidated subsidiaries and other non-controlled investments are held in a portfolio, the business model of which is to manage them on a fair value basis. The Group\u2019s policy is to fair value both the equity and debt investments in underlying assets together. All transaction costs relating to the acquisition of new investments are recognised directly in profit or loss. Subsequent to initial recognition, equity and debt investments are measured at fair value with changes in fair value recognised within total investment income in the Consolidated Statement of Comprehensive Income . Trade and other receivables Trade and other receivables that meet the contracted cash flow test as solely payments of principal and interest and which are held in a business model to receive these contractual cash flows are classified as trade and other receivables. Financial assets with maturities less than 12 months are included in current assets, financial assets with maturities greater than 12 months after the balance sheet date are classified as non-current assets. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments with an original maturity of three months or less that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value . Derivative financial instruments Derivatives are classified as financial assets and liabilities at fair value through profit or loss, held for trading. Derivatives are recognised initially, and are subsequently remeasured, at fair value. Derivatives are shown as assets when their fair value is positive or as liabilities when their fair value is negative. Fair value movements on derivative financial instruments held for trading are recognised in the Consolidated Statement of Comprehensive Income. Impairment of financial assets Financial assets, other than those classified at fair value through profit or loss, being trade and other receivables. The Group adopts a simplified approach to calculate any expected credit losses. Financial liabilities Financial liabilities, other than those specifically accounted for under a separate policy, are measured at amortised cost and stated based on the amounts which are considered to be payable in respect of goods or services received up to the financial reporting date. The accounting policy for bank loans is included earlier in note 8. The carrying value of financial assets and liabilities held at amortised cost is considered to approximate their fair value ",
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"value": "2. CRITICAL JUDGEMENTS AND ESTIMATES INVESTMENT ENTITY In the judgement of the Directors, International Public Partnerships Limited has been accounted for as an investment entity as defined by IFRS 10, further details of which are given in note 1, Basis of preparation. FAIR VALUATION OF INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS Fair values are a critical estimate and are determined using the income approach which discounts the expected cash flows at a rate appropriate to the risk profile of each investment. In determining the discount rate, relevant long-term government bond yields, specific investment risks and evidence of recent transactions are considered. Details of the valuation process and key sensitivities are provided in note 11 . ",
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"fact-182": {
"value": "3. SEGMENTAL REPORTING Based on a review of information provided to the chief operating decision makers of the Group (determined to be the Board), the Group has identified four reportable segments based on the geographical risk associated with the jurisdictions in which it operates. The factors used to identify the Group\u2019s reportable segments are centered on the risk-free rates and the maturity of the infrastructure sector within each region. Further, foreign exchange and political risk is identified, as these also determine where resources are allocated. The four reportable segments are UK, Europe (excl. UK), North America and Australia. Year ended 31 December 2022 UK \u00a3\u2019000s Europe (Excl. UK) \u00a3\u2019000s North America \u00a3\u2019000s Australia \u00a3\u2019000s Total \u00a3\u2019000s Segmental results Dividend and interest income 117,621 9,974 9,228 21,839 158,662 Fair value gain / (loss) on investments 151,080 38,360 24,558 (3,092) 210,906 Total investment income 268,701 48,334 33,786 18,747 369,568 Reporting segment profit 1 230,025 47, 2 63 32,185 17,424 326,897 Segmental financial position Investments at fair value 2,226,964 347,620 166,023 207,3 52 2,947,959 Current assets 136,925 \u2013 \u2013 \u2013 136,925 Total assets 2,363,889 347,620 166,023 2 07,3 52 3,084,884 Total liabilities (45,045) \u2013 \u2013 \u2013 (45,045) Net assets 2,318,844 347,620 166,023 207,352 3,039,839 Year ended 31 December 2021 UK \u00a3\u2019000s Europe (Excl. UK) \u00a3\u2019000s North America \u00a3\u2019000s Australia \u00a3\u2019000s Total \u00a3\u2019000s Segmental results Dividend and interest income 99,428 8,487 7,111 12,151 12 7,177 Fair value gain / (loss) on investments 28,840 (2,839) 1,979 6,646 34,626 Total investment income 128,268 5,648 9,090 18,797 161,803 Reporting segment profit 1 92,142 7,8 0 3 8,868 20,398 129,211 Segmental financial position Investments at fair value 1,9 47,0 01 313,241 105,931 213,261 2,579,434 Current assets 116,181 \u2013 \u2013 \u2013 116,181 Total assets 2,0 63,182 313,241 105,931 213,261 2,695,615 Total liabilities (166,815) \u2013 \u2013 \u2013 (166,815) Net assets 1,896,367 313,241 105,931 213,261 2,528,800 1 Reporting segment results are stated net of operational costs including management fees. Revenue from investments which individually represent more than 10% of the Group\u2019s interest and dividend income approximates \u00a315.9 million (2021: \u00a315.4 million)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:2138002AJT55TI5M4W30",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-181": {
"value": "4. INVESTMENT INCOME ACCOUNTING POLICY Interest income Interest income is recognised when it is probable that the economic benefits will flow to the Group and the amount of income can be measured reliably. Interest income is accrued on a time-apportioned basis and is recognised gross of withholding tax, if any. Dividend income Dividend income is recognised gross of withholding tax on the date the Company\u2019s right to receive the dividend income is established. Net change in Investments at fair value through profit or loss Net change in investments at fair value through profit or loss includes all realised and unrealised fair value changes (including foreign exchange movements) other than interest and dividend income recognised separately. 4. INVESTMENT INCOME CONTINUED Year ended 31 December 2022 \u00a3\u2019000s Year ended 31 December 2021 \u00a3\u2019000s Interest income Interest on investments at fair value through profit or loss 93,655 81,930 Interest on financial assets at amortised cost 162 \u2013 Total interest income 93,817 81,930 Dividend income 64,845 45,247 Net change in Investments at fair value through profit or loss 210,906 34,626 Total investment income 369,568 161,803 Dividend and interest income includes transactions with unconsolidated subsidiary entities. Changes in investments at fair value through profit or loss are also recognised in relation to the Group\u2019s investments in unconsolidated subsidiaries ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:2138002AJT55TI5M4W30",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-201": {
"value": "Interest income Interest income is recognised when it is probable that the economic benefits will flow to the Group and the amount of income can be measured reliably. Interest income is accrued on a time-apportioned basis and is recognised gross of withholding tax, if any. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:2138002AJT55TI5M4W30",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-202": {
"value": "Dividend income Dividend income is recognised gross of withholding tax on the date the Company\u2019s right to receive the dividend income is established. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:2138002AJT55TI5M4W30",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-216": {
"value": "Net change in Investments at fair value through profit or loss Net change in investments at fair value through profit or loss includes all realised and unrealised fair value changes (including foreign exchange movements) other than interest and dividend income recognised separately. Investments at fair value through profit or loss Investments in underlying unconsolidated subsidiaries and other non-controlled investments are held in a portfolio, the business model of which is to manage them on a fair value basis. The Group\u2019s policy is to fair value both the equity and debt investments in underlying assets together. All transaction costs relating to the acquisition of new investments are recognised directly in profit or loss. Subsequent to initial recognition, equity and debt investments are measured at fair value with changes in fair value recognised within total investment income in the Consolidated Statement of Comprehensive Income ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:2138002AJT55TI5M4W30",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-183": {
"value": "5. OTHER OPERATING (EXPENSE) / INCOME Year ended 31 December 2022 \u00a3\u2019000s Year ended 31 December 2021 \u00a3\u2019000s Fair value movement on foreign exchange contracts (4,539) 2,445 Other gains on foreign exchange movements 545 1,089 Other income 16 26 Total other operating (expense) / income (3,978) 3,560 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138002AJT55TI5M4W30",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-217": {
"value": "5. OTHER OPERATING (EXPENSE) / INCOME Year ended 31 December 2022 \u00a3\u2019000s Year ended 31 December 2021 \u00a3\u2019000s Fair value movement on foreign exchange contracts (4,539) 2,445 Other gains on foreign exchange movements 545 1,089 Other income 16 26 Total other operating (expense) / income (3,978) 3,560 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:2138002AJT55TI5M4W30",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-203": {
"value": "5. OTHER OPERATING (EXPENSE) / INCOME Year ended 31 December 2022 \u00a3\u2019000s Year ended 31 December 2021 \u00a3\u2019000s Fair value movement on foreign exchange contracts (4,539) 2,445 Other gains on foreign exchange movements 545 1,089 Other income 16 26 Total other operating (expense) / income (3,978) 3,560 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:2138002AJT55TI5M4W30",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-184": {
"value": "6. TRANSACTION COSTS Year ended 31 December 2022 \u00a3\u2019000s Year ended 31 December 2021 \u00a3\u2019000s Investment advisory costs 2,891 3,896 Total transaction costs 2,891 3,896 Details of total transaction costs paid to the Investment Adviser are provided in note 17. ",
"dimensions": {
"concept": "inpp:DisclosureOfTransactionCosts",
"language": "en",
"entity": "scheme:2138002AJT55TI5M4W30",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-185": {
"value": "7. AUDITOR\u2019S REMUNERATION Year ended 31 December 2022 \u00a3\u2019000s Year ended 31 December 2021 \u00a3\u2019000s Fees payable to the Group\u2019s auditor (PWC CI LLP) for the audit of the Group\u2019s financial statements 587 542 Fees payable to the Group\u2019s auditor and their associates (PWC LLP, UK) for other services to the Group \u2013 The audit of the Group\u2019s consolidated subsidiaries 18 11 \u2013 The audit of the Group\u2019s unconsolidated subsidiaries 209 20 Total audit fees 814 573 Other fees \u2013 Interim review 77 73 \u2013 Reporting Account fees 106 \u2013 Total non-audit fees 183 73 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:2138002AJT55TI5M4W30",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-229": {
"value": "8. FINANCE COSTS AND BANK LOANS ACCOUNTING POLICY Interest bearing loans and overdrafts are initially recorded as the proceeds received net of any directly attributable issue costs. Subsequent measurement is at amortised cost, with borrowing costs recognised in the Consolidated Statement of Comprehensive Income in the year in which they are incurred, using the effective interest rate method. Arrangement fees are amortised over the term of the corporate debt facility. Finance costs for the year were \u00a33.6 million (December 2021: \u00a33.5 million). The Group has a corporate debt facility with \u00a3250 million available on a fully committed basis, with a flexible \u2018accordion\u2019 component which will, subject to lender approval, allow for a future extension by an additional \u00a3150 million. The interest rate margin on the corporate debt facility in the year was 170 basis points over SONIA. The facility matures in March 2024 with no repayments due ahead of maturity, and is secured over the assets of the Group. The banking group for the facility consists of National Australia Bank, the Royal Bank of Scotland International, Sumitomo Mitsui Banking Corporation and Barclays Bank. The drawdowns in the year were in the form of cash drawdowns used to partially fund investments. As at December 2022 the facility was \u00a329.3 million cash drawn (December 2021: \u00a3156.2 cash drawn), with \u00a316.7 million drawn as letter of credit (December 2021: \u00a39.3 million drawn under letter of credit). The uncommitted balance of the facility which was not cash drawn or notionally drawn via letters of credit, was c.\u00a3204.0 million (December 2021: \u00a384.5 million) ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:2138002AJT55TI5M4W30",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-218": {
"value": "8. FINANCE COSTS AND BANK LOANS ACCOUNTING POLICY Interest bearing loans and overdrafts are initially recorded as the proceeds received net of any directly attributable issue costs. Subsequent measurement is at amortised cost, with borrowing costs recognised in the Consolidated Statement of Comprehensive Income in the year in which they are incurred, using the effective interest rate method. Arrangement fees are amortised over the term of the corporate debt facility. Finance costs for the year were \u00a33.6 million (December 2021: \u00a33.5 million). The Group has a corporate debt facility with \u00a3250 million available on a fully committed basis, with a flexible \u2018accordion\u2019 component which will, subject to lender approval, allow for a future extension by an additional \u00a3150 million. The interest rate margin on the corporate debt facility in the year was 170 basis points over SONIA. The facility matures in March 2024 with no repayments due ahead of maturity, and is secured over the assets of the Group. The banking group for the facility consists of National Australia Bank, the Royal Bank of Scotland International, Sumitomo Mitsui Banking Corporation and Barclays Bank. The drawdowns in the year were in the form of cash drawdowns used to partially fund investments. As at December 2022 the facility was \u00a329.3 million cash drawn (December 2021: \u00a3156.2 cash drawn), with \u00a316.7 million drawn as letter of credit (December 2021: \u00a39.3 million drawn under letter of credit). The uncommitted balance of the facility which was not cash drawn or notionally drawn via letters of credit, was c.\u00a3204.0 million (December 2021: \u00a384.5 million) . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138002AJT55TI5M4W30",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-205": {
"value": "8. FINANCE COSTS AND BANK LOANS ACCOUNTING POLICY Interest bearing loans and overdrafts are initially recorded as the proceeds received net of any directly attributable issue costs. Subsequent measurement is at amortised cost, with borrowing costs recognised in the Consolidated Statement of Comprehensive Income in the year in which they are incurred, using the effective interest rate method. Arrangement fees are amortised over the term of the corporate debt facility. Finance costs for the year were \u00a33.6 million (December 2021: \u00a33.5 million). The Group has a corporate debt facility with \u00a3250 million available on a fully committed basis, with a flexible \u2018accordion\u2019 component which will, subject to lender approval, allow for a future extension by an additional \u00a3150 million. The interest rate margin on the corporate debt facility in the year was 170 basis points over SONIA. The facility matures in March 2024 with no repayments due ahead of maturity, and is secured over the assets of the Group. The banking group for the facility consists of National Australia Bank, the Royal Bank of Scotland International, Sumitomo Mitsui Banking Corporation and Barclays Bank. The drawdowns in the year were in the form of cash drawdowns used to partially fund investments. As at December 2022 the facility was \u00a329.3 million cash drawn (December 2021: \u00a3156.2 cash drawn), with \u00a316.7 million drawn as letter of credit (December 2021: \u00a39.3 million drawn under letter of credit). The uncommitted balance of the facility which was not cash drawn or notionally drawn via letters of credit, was c.\u00a3204.0 million (December 2021: \u00a384.5 million) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138002AJT55TI5M4W30",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-186": {
"value": "8. FINANCE COSTS AND BANK LOANS ACCOUNTING POLICY Interest bearing loans and overdrafts are initially recorded as the proceeds received net of any directly attributable issue costs. Subsequent measurement is at amortised cost, with borrowing costs recognised in the Consolidated Statement of Comprehensive Income in the year in which they are incurred, using the effective interest rate method. Arrangement fees are amortised over the term of the corporate debt facility. Finance costs for the year were \u00a33.6 million (December 2021: \u00a33.5 million). The Group has a corporate debt facility with \u00a3250 million available on a fully committed basis, with a flexible \u2018accordion\u2019 component which will, subject to lender approval, allow for a future extension by an additional \u00a3150 million. The interest rate margin on the corporate debt facility in the year was 170 basis points over SONIA. The facility matures in March 2024 with no repayments due ahead of maturity, and is secured over the assets of the Group. The banking group for the facility consists of National Australia Bank, the Royal Bank of Scotland International, Sumitomo Mitsui Banking Corporation and Barclays Bank. The drawdowns in the year were in the form of cash drawdowns used to partially fund investments. As at December 2022 the facility was \u00a329.3 million cash drawn (December 2021: \u00a3156.2 cash drawn), with \u00a316.7 million drawn as letter of credit (December 2021: \u00a39.3 million drawn under letter of credit). The uncommitted balance of the facility which was not cash drawn or notionally drawn via letters of credit, was c.\u00a3204.0 million (December 2021: \u00a384.5 million) . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:2138002AJT55TI5M4W30",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-187": {
"value": "9. TA X ACCOUNTING POLICY Current tax is based on taxable profit for the year. Taxable profit differs from net profit as reported in the Consolidated Statement of Comprehensive Income as it excludes items of income or expense that are taxable or deductible in past or future years and it further excludes items that are never taxable or deductible. The Group\u2019s asset/liability for current tax is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. The current tax charge/credit in the Consolidated Statement of Comprehensive Income is recognised net of receivables recognised for losses surrendered to unconsolidated subsidiary entities. Under the current system of taxation in Guernsey, the Company itself is exempt from paying taxes on income, profits or capital gains. Dividend income and interest income received by the Group may be subject to withholding tax imposed in the country of origin of such income. Year ended 31 December 2022 \u00a3\u2019000s Year ended 31 December 2021 \u00a3\u2019000s Current tax: UK corporation tax \u2013 prior year \u2013 (2) Other overseas tax \u2013 current year (69) (44) Other overseas tax \u2013 prior year \u2013 2 Tax credit for the year (69) (44) Reconciliation of effective tax rate: Year ended 31 December 2022 \u00a3\u2019000s Year ended 31 December 2021 \u00a3\u2019000s Profit before tax 326,828 129,167 Exempt tax status in Guernsey \u2013 \u2013 Application of overseas tax rates (69) (44) Tax credit for the year (69) (44) The income tax credit above does not represent the full tax position of the entire Group as the investment returns received by the Company are net of tax payable at the underlying investee entity level. As a consequence of the adoption of IFRS 10 investment entity consolidation exception, underlying investee entity tax is not consolidated within these financial statements. To provide an indication of the tax paid across the wider portfolio, total forecasted corporation tax payable by the Group\u2019s underlying investments is in excess of \u00a31 billion (December 2021: \u00a31 billion) over their full concession lives. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138002AJT55TI5M4W30",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-204": {
"value": "ACCOUNTING POLICY Current tax is based on taxable profit for the year. Taxable profit differs from net profit as reported in the Consolidated Statement of Comprehensive Income as it excludes items of income or expense that are taxable or deductible in past or future years and it further excludes items that are never taxable or deductible. The Group\u2019s asset/liability for current tax is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. The current tax charge/credit in the Consolidated Statement of Comprehensive Income is recognised net of receivables recognised for losses surrendered to unconsolidated subsidiary entities. Under the current system of taxation in Guernsey, the Company itself is exempt from paying taxes on income, profits or capital gains. Dividend income and interest income received by the Group may be subject to withholding tax imposed in the country of origin of such income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138002AJT55TI5M4W30",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-188": {
"value": "10. EARNINGS PER SHARE The calculation of basic and diluted earnings per share is based on the following data: Year ended 31 December 2022 \u00a3\u2019000s Year ended 31 December 2021 \u00a3\u2019000s Earnings for the purposes of basic and diluted earnings per share being net profit attributable to equity holders of the parent 326,897 129,211 Number Number Weighted average number of Ordinary Shares for the purposes of basic and diluted earnings per share 1,841,400,896 1,660,869,679 Basic and diluted (pence) 17.75 7.78 The denominator for the purposes of calculating both basic and diluted earnings per share is the same as the Group has not issued any share options or other instruments that would cause dilution. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138002AJT55TI5M4W30",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-189": {
"value": "11. FINANCIAL INSTRUMENTS Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the contractual rights to the cash flows from the instrument expire or the asset is transferred, and the transfer qualifies for derecognition in accordance with IFRS 9 Financial Instruments. Financial liabilities are derecognised when the obligation is discharged, cancelled or expired. Specific financial asset and liability accounting policies are provided below. 11.1 FINANCIAL ASSETS 31 December 2022 \u00a3\u2019000s 31 December 2021 \u00a3\u2019000s Investments at fair value through profit and loss 2,947,959 2,579,434 Financial assets at amortised cost Trade and other receivables 44,096 57,378 Cash and cash equivalents 92,829 56,090 Derivative financial instruments at fair value through profit or loss Foreign exchange contracts \u2013 2,713 Total financial assets 3,084,884 2,695,615 ACCOUNTING POLICY The Group classifies its financial assets as at fair value through profit or loss or as financial assets at amortised cost. The classification depends on the purpose for which the financial assets were acquired, with investments in unconsolidated subsidiaries (other than those providing investment-related services) being at fair value through profit or loss as required by IFRS 10. Investments at fair value through profit or loss Investments in underlying unconsolidated subsidiaries and other non-controlled investments are held in a portfolio, the business model of which is to manage them on a fair value basis. The Group\u2019s policy is to fair value both the equity and debt investments in underlying assets together. All transaction costs relating to the acquisition of new investments are recognised directly in profit or loss. Subsequent to initial recognition, equity and debt investments are measured at fair value with changes in fair value recognised within total investment income in the Consolidated Statement of Comprehensive Income . Trade and other receivables Trade and other receivables that meet the contracted cash flow test as solely payments of principal and interest and which are held in a business model to receive these contractual cash flows are classified as trade and other receivables. Financial assets with maturities less than 12 months are included in current assets, financial assets with maturities greater than 12 months after the balance sheet date are classified as non-current assets. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments with an original maturity of three months or less that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value . Derivative financial instruments Derivatives are classified as financial assets and liabilities at fair value through profit or loss, held for trading. Derivatives are recognised initially, and are subsequently remeasured, at fair value. Derivatives are shown as assets when their fair value is positive or as liabilities when their fair value is negative. Fair value movements on derivative financial instruments held for trading are recognised in the Consolidated Statement of Comprehensive Income. Impairment of financial assets Financial assets, other than those classified at fair value through profit or loss, being trade and other receivables. The Group adopts a simplified approach to calculate any expected credit losses. 1 1.2 FINANCIAL LIABILITIES 31 December 2022 \u00a3\u2019000s 31 December 2021 \u00a3\u2019000s Financial liabilities at amortised cost Trade and other payables 13,919 10,597 Bank loans 29,300 156,218 Derivative financial instruments at fair value through profit or loss Foreign exchange contracts 1,826 \u2013 Total financial liabilities 45,045 166,815 11. FINANCIAL INSTRUMENTS CONTINUED 11.3 FINANCIAL RISK MANAGEMENT CONTINUED Interest rate risk Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows from underlying investments therefore impacting the value of investments at fair value through profit or loss. The Group has limited exposure to interest rate risk as the underlying borrowings within the unconsolidated investee entities are either hedged through interest rate swap arrangements via an economic hedge, are fixed rate loans or the risk of adverse movement in interest rates is limited through protections provided by the regulatory regime. For example, it is generally a requirement under a PFI/PPP concession that any borrowings are matched to the life of the concession. Hedging activities are aligned with the period of the loan, which also mirrors the concession period and are highly effective. Nevertheless, refinancing risk exists in a number of such investments. The Group\u2019s corporate debt facility is unhedged on the basis it is utilised as an investment bridging facility and therefore drawn for a relatively short period of time. Therefore, the Group is not significantly exposed to cash flow risk due to changes in interest rates over its variable rate borrowings. Interest income on bank deposits held within underlying investments is included within the fair value of investments. Foreign currency risk The Group undertakes certain transactions denominated in foreign currencies and therefore is exposed to exchange rate fluctuations. Currency risk arises in financial instruments that are denominated in a foreign currency other than the functional currency in which they are measured. The Group uses forward foreign exchange contracts to mitigate the risk of short-term volatility in foreign exchange on significant investment returns from overseas investments via an economic hedge. The Group does not hedge its exposure to foreign exchange in relation to foreign currency denominated investment balances. The carrying amounts of the Group\u2019s foreign currency denominated monetary financial instruments at the reporting date are set out in the table below. 31 December 2022 \u00a3\u2019000s 31 December 2021 \u00a3\u2019000s Cash Euro 8,416 875 Canadian Dollar 1,014 250 Australian Dollar 15,222 6,220 US Dollar 100 1,603 24,752 8,948 Current receivables Euro receivables 17 712 US Dollar receivables 724 \u2013 741 712 Investments at fair value through profit or loss Euro 335,682 299,262 Danish Krone 11,938 13,979 Canadian Dollar 43,240 39,439 Australian Dollar 207,352 213,261 US Dollar 122,783 66,492 720,995 632,433 Total 746,488 642,093 Sensitivity analysis showing the impact of variations of the above risks on the fair value of investments is shown in note 11.5. CREDIT RISK Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Group. The Group has adopted a policy of dealing with creditworthy counterparties and reviewing this on a regular basis at the underlying entity level. The majority of underlying investments are in public-private partnerships and similar concessions (which are entered into with government, quasi government, other public, equivalent low risk bodies), or in regulated businesses that inherently exhibit low levels of credit risk. The maximum exposure of credit risk over financial assets as a result of counterparty default is the carrying value of those financial assets in the balance sheet. In addition, the underlying investee entities contract with third-party construction and facilities managements contractors. The Group seeks to mitigate this risk through using a diverse range of sub-contractors and through at least quarterly review of the credit position of major contractors. LIQUIDITY RISK Liquidity risk is defined as the risk that the Group would encounter difficulty in meeting obligations as and when they fall due associated with financial liabilities that are settled by delivering cash or another financial asset. The Group invests in relatively illiquid investments (mainly non- listed equity and loans). As a closed-ended investment vehicle there are no automatic capital redemption rights. The Group manages liquidity risk by maintaining adequate cash reserves, banking facilities and reserve borrowing facilities and by continuously monitoring forecast and actual cash flows. Cash flow forecasts assume full availability of underlying infrastructure to the relevant public sector body or end-user. Failure to maintain assets available for use or operating in accordance with pre-determined performance standards or licence conditions may lead to a reduction (wholly or partially) in the investment income that the Group has projected to receive. The Directors review the underlying performance of each investment on a quarterly basis, allowing asset performance to be monitored. The terms of public-private partnership contractual mechanisms also allow for significant pass-down of unavailability and performance risk to sub-contractors. Regulated asset regimes allow for the pass through of efficiently incurred costs to the purchaser. The Group\u2019s financial liabilities comprise trade and other payables, payable within 12 months of the year end, derivative financial instruments, and bank loans, repayable in March 2024 as disclosed under note 8. 11.4 FAIR VALUE HIERARCHY All financial instruments for which fair value is recognised or disclosed are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1 \u2014 Quoted market prices in an active market (that are unadjusted) for identical assets or liabilities; Level 2 \u2014 Valuation techniques (for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable); Level 3 \u2014 Valuation techniques (for which the lowest level input that is significant to the fair value measurement is unobservable). During the year, there were no transfers between Level 2 and Level 3 categories. Level 1: The Group has no financial instruments classified as Level 1. Level 2: This category includes derivative financial instruments such as interest rate swaps, RPI swaps and currency forward contracts. As at 31;December 2022, the Group\u2019s only derivative financial instruments were currency forward contracts amounting to a liability of \u00a31.8 million (December 2021: asset of \u00a32.7 million). Financial instruments classified as Level 2 have been valued using models whose inputs are observable in an active market (spot exchange rates, yield curves, interest rate curves). Valuations based on observable inputs include financial instruments such as swaps and forward contracts which are valued using market standard pricing techniques where all the inputs to the market standard pricing models are observable. Level 3: This category consists of investments in equity and loan instruments in underlying unconsolidated subsidiary entities and other non- controlled investments which are classified at fair value through profit or loss. At 31 December 2022, the fair value of financial instruments classified within Level 3 totalled \u00a32,948.0 million (December 2021: \u00a32,579.4 million). Financial instruments are classified within Level 3 if their valuation incorporates significant inputs that are not based on observable market data (unobservable inputs). A valuation input is considered observable if it can be directly observed from transactions in an active market, or if there is compelling external evidence demonstrating an executable exit price. Valuation process Valuations are the responsibility of the Board of Directors. The valuation of unlisted equity and debt investments is performed on a quarterly 1 basis by the Investment Adviser. The valuation is reviewed by the senior members of the Investment Adviser, and reviewed and approved by the Board. Valuation methodology The valuation methodologies used are primarily based on discounting the underlying investee entities\u2019 future projected net cash flows at appropriate discount rates. Valuations are also reviewed against recent market transactions for similar assets in comparable markets observed by the Group or Investment Adviser and adjusted where appropriate. Cash flow forecasts for the full-term of each underlying investment are generated by detailed investment specific financial models. These models forecast the dividend, shareholder loan interest payments, capital repayments and senior debt repayments (where applicable) expected from the underlying investments. The cash flows included in the forecasts used to determine fair value are typically fixed under contracts, however there are certain variable cash flows which are based on management\u2019s estimations (see also pages 28 to 29 of the strategic report). The significant unobservable inputs and assumptions used in projecting the Group\u2019s net future cash flows are shown overleaf.1 Indicative valuations are calculated in respect of each at 31 March and 30 Septembe r. Annual Report and financial statements 2022 11. FINANCIAL INSTRUMENTS CONTINUED 11.4 FAIR VALUE HIERARCHY CONTINUED 31 December 2022 \u00a3\u2019000s 31 December 2021 \u00a3\u2019000s Inflation rates UK RPI: 8.00% until Dec 2023, 2.75% thereafter CPIH: 7.00% until Dec 2023, 2.00% thereafter 2.75% RPI / 2.00% CPIH Australia 5.25% until Dec 2023 3.00% until Dec 2024, 2.50% thereafter 2.50% Europe (excl. UK) 5.00% until Dec 2023, 2.50% until Dec 2024, 2.00% thereafter 2.00% Canada 2.75% until Dec 2023, 2.00% thereafter 2.00% US 1 N/A N/A Long-term deposit rates 2 UK 2.50% 1.00% Australia 2.75% 2.00% Europe (excl. UK) 1.50% 0.50% Canada 2.50% 1.50% US 1 N/A N/A Foreign exchange rates GBP/AUD 1.77 1.86 GBP/DKK 8.40 8.86 GBP/EUR 1.13 1.19 GBP/CAD 1.64 1.72 GBP/USD 1.21 1.35 Tax rates3 UK 19.00% / 25.00% 19.00% / 25.00% Australia 30.00% 30.00% Europe (excl. UK) Various (12.50%-32.28%) Various (12.50%-32.28%) Canada Various (23.00%-26.50%) Various (23.00%-26.50%) US 1 N/A N/A 1 The Company\u2019s US investment is in the form of subordinated debt and therefore not directly impacted by inflation, deposit and tax rate assumptions. 2 The portfolio valuation assumes actual current deposit rates are maintained until 31 December 2023 before adjusting to the long-term rates noted in the table above from 1 January 2024. 3 Tax rates reflect those substantively enacted as at the valuation date or those that could reasonably be expected to be substantively enacted shortly after the valuation date. Discount rates The discount rate used in the valuation of each investment is the aggregate of the following: \u2013 Yield on a government bond with a remaining term equivalent to (or as close as possible to) the investment being valued, issued by the national government for the location of the relevant investment (\u2018government bond yield\u2019); \u2013 A premium to reflect the inherent greater risk in investing in infrastructure assets over government bonds; \u2013 A further premium to reflect the state of maturity of the asset with a larger premium applied to immature assets and/or assets in construction and/or to reflect any current asset specific or operational issues. Typically, this risk premium will reduce over the life of any asset as an asset matures, its operating performance becomes more established, and the risks associated with its future cash flows decrease. However, the rate may increase in relation to investments with unknown residual values at the end of the relevant concession life as that date nears; \u2013 A further adjustment reflective of market-based transaction valuation evidence for similar assets. Such adjustment is considered to implicitly include the market\u2019s assessment of the risk posed by climate factors to that particular investment. Over the year, the weighted average government bond yield increased by 217bps. The weighted average investment premium decreased, reflecting observable market-based evidence. Valuation assumptions 31 December 2022 31 December 2021 Movement Weighted Average Government Bond Yield 3.13% 0.96% +217bps Weighted Average Investment Risk Premium 4.38% 6.01% (163bps) Weighted Average Discount Rate 7.51% 6.97% +54bps Weighted Average Discount Rate on Risk Capital1 7.71% 7.3 8% +33bp Reconciliation of Level 3 fair value measurements of financial assets 31 December 2022 \u00a3\u2019000s 31 December 2021 \u00a3\u2019000s Balance at 1 January 2,579,434 2,345,433 Additional investments during the year 191,604 252,725 Net repayments during the year (33,985) (53,350) Net change in Investments at fair value through profit or loss 210,906 34,626 Balance at 31 December 2,947,959 2,579,434 11.5 SENSITIVITY ANALYSIS The valuation requires management to make certain assumptions in relation to unobservable inputs to the model. There are no straight forward inter-relationships between the unobservable inputs. A sensitivity analysis for reasonably possible alternative assumptions is provided below: Significant assumptions 31 December 2022 Weighted average rate in base case valuations Sensitivity factor Change in fair value of investment \u00a3\u2019000s Sensitivity factor Change in fair value of investment \u00a3\u2019000s Discount rate 7.51% +1.0 0% (271,841) -1.00% 328,070 Inflation rate (overall) 2.35% +1.0 0% 260,036 -1.00% (227,357) UK (CPI/RPI) 2.00%/2.75% +1.00% 211,4 0 0 -1.00% (183,950) Europe 2.00% +1.00% 39,054 -1.0 0% (33,901) North America 2.00% +1.00% 821 -1.00% (764) Australia 2.50% +1.0 0% 8,761 -1.00% (8,742) FX rate N/A +10.0 0% 72,12 8 -10.00% (72,132) Tax rate 25.39% +1.00% (14,101) -1.00% 12,358 Deposit rate 1.02% +1.00% 24,235 -1.00% (24,100) Significant assumptions 31 December 2021 Weighted average rate in base case valuations Sensitivity factor Change in fair value of investment \u00a3\u2019000s Sensitivity factor Change in fair value of investment \u00a3\u2019000s Discount rate 6.97% +1.00% (245,454) -1.00% 295,025 Inflation rate (overall) 2.37% +1.00% 231,029 -1.00% (197,7 87 ) UK (CPI/RPI) 2.00%/2.75% +1.00% 179,431 -1.00% (151,850) Europe 2.00% +1.00% 40,393 -1.00% (35,843) North America 2.00% +1.00% 738 -1.00% (1,218) Australia 2.50% +1.00% 10,451 -1.00% (8,875) FX rate N/A +10.0 0% 63,273 -10.00% (63,279) Tax rate 25.47% +1.00% (13,757) -1.00% 13,541 Deposit rate 1.04% +1.00% 24,626 -1.00% (13,723 )",
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"value": "11.1 FINANCIAL ASSETS 31 December 2022 \u00a3\u2019000s 31 December 2021 \u00a3\u2019000s Investments at fair value through profit and loss 2,947,959 2,579,434 Financial assets at amortised cost Trade and other receivables 44,096 57,378 Cash and cash equivalents 92,829 56,090 Derivative financial instruments at fair value through profit or loss Foreign exchange contracts \u2013 2,713 Total financial assets 3,084,884 2,695,615 ACCOUNTING POLICY The Group classifies its financial assets as at fair value through profit or loss or as financial assets at amortised cost. The classification depends on the purpose for which the financial assets were acquired, with investments in unconsolidated subsidiaries (other than those providing investment-related services) being at fair value through profit or loss as required by IFRS 10. Investments at fair value through profit or loss Investments in underlying unconsolidated subsidiaries and other non-controlled investments are held in a portfolio, the business model of which is to manage them on a fair value basis. The Group\u2019s policy is to fair value both the equity and debt investments in underlying assets together. All transaction costs relating to the acquisition of new investments are recognised directly in profit or loss. Subsequent to initial recognition, equity and debt investments are measured at fair value with changes in fair value recognised within total investment income in the Consolidated Statement of Comprehensive Income . Trade and other receivables Trade and other receivables that meet the contracted cash flow test as solely payments of principal and interest and which are held in a business model to receive these contractual cash flows are classified as trade and other receivables. Financial assets with maturities less than 12 months are included in current assets, financial assets with maturities greater than 12 months after the balance sheet date are classified as non-current assets. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments with an original maturity of three months or less that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value . Derivative financial instruments Derivatives are classified as financial assets and liabilities at fair value through profit or loss, held for trading. Derivatives are recognised initially, and are subsequently remeasured, at fair value. Derivatives are shown as assets when their fair value is positive or as liabilities when their fair value is negative. Fair value movements on derivative financial instruments held for trading are recognised in the Consolidated Statement of Comprehensive Income. Impairment of financial assets Financial assets, other than those classified at fair value through profit or loss, being trade and other receivables. The Group adopts a simplified approach to calculate any expected credit losses. ",
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"fact-220": {
"value": "ACCOUNTING POLICY The Group classifies its financial assets as at fair value through profit or loss or as financial assets at amortised cost. The classification depends on the purpose for which the financial assets were acquired, with investments in unconsolidated subsidiaries (other than those providing investment-related services) being at fair value through profit or loss as required by IFRS 10. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-221": {
"value": "Trade and other receivables Trade and other receivables that meet the contracted cash flow test as solely payments of principal and interest and which are held in a business model to receive these contractual cash flows are classified as trade and other receivables. Financial assets with maturities less than 12 months are included in current assets, financial assets with maturities greater than 12 months after the balance sheet date are classified as non-current assets. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138002AJT55TI5M4W30",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-219": {
"value": "Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments with an original maturity of three months or less that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value . ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-222": {
"value": "Derivative financial instruments Derivatives are classified as financial assets and liabilities at fair value through profit or loss, held for trading. Derivatives are recognised initially, and are subsequently remeasured, at fair value. Derivatives are shown as assets when their fair value is positive or as liabilities when their fair value is negative. Fair value movements on derivative financial instruments held for trading are recognised in the Consolidated Statement of Comprehensive Income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138002AJT55TI5M4W30",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-223": {
"value": "Impairment of financial assets Financial assets, other than those classified at fair value through profit or loss, being trade and other receivables. The Group adopts a simplified approach to calculate any expected credit losses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138002AJT55TI5M4W30",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-207": {
"value": "1.2 FINANCIAL LIABILITIES 31 December 2022 \u00a3\u2019000s 31 December 2021 \u00a3\u2019000s Financial liabilities at amortised cost Trade and other payables 13,919 10,597 Bank loans 29,300 156,218 Derivative financial instruments at fair value through profit or loss Foreign exchange contracts 1,826 \u2013 Total financial liabilities 45,045 166,815 ACCOUNTING POLICY Financial liabilities Financial liabilities, other than those specifically accounted for under a separate policy, are measured at amortised cost and stated based on the amounts which are considered to be payable in respect of goods or services received up to the financial reporting date. The accounting policy for bank loans is included earlier in note 8. The carrying value of financial assets and liabilities held at amortised cost is considered to approximate their fair value . ",
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"entity": "scheme:2138002AJT55TI5M4W30",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-224": {
"value": "Financial liabilities, other than those specifically accounted for under a separate policy, are measured at amortised cost and stated based on the amounts which are considered to be payable in respect of goods or services received up to the financial reporting date. The accounting policy for bank loans is included earlier in note 8. The carrying value of financial asset",
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"language": "en",
"entity": "scheme:2138002AJT55TI5M4W30",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-208": {
"value": "11.3 FINANCIAL RISK MANAGEMENT The Group\u2019s objective in managing risk is the protection of stakeholder value. Risk is inherent in the Group\u2019s activities and is managed through a process of ongoing identification, measurement and monitoring, subject to risk limits and other controls. The Group is exposed to market risk (which includes currency risk, interest rate risk and inflation risk), credit risk and liquidity risk arising from the financial instruments it holds. The Board of Directors is ultimately responsible for the overall risk management of the Group, with delegation of oversight and activities (including identifying and controlling risks) provided to the Audit and Risk Committee and the Group\u2019s Investment Adviser. The Group\u2019s risk management framework and approach is set out within the Strategic Report (pages 48 to 60). The Board takes into account market, credit and liquidity risks in forming the Group\u2019s risk management strategy. MARKET RISK Market risk is the risk that the fair value or future cash flows of financial instruments will fluctuate due to changes in market variables such as changes in inflation, foreign exchange rates and interest rates. Inflation risk The majority of the Group\u2019s cash flows from underlying investments are linked to inflation indices. Changes in inflation rates can have a positive or negative impact on the Group\u2019s cash flows from investments. The long-term inflation assumptions applied in the Group\u2019s valuation of investments at fair value through profit or loss are disclosed in the fair value hierarchy section in note 11.4. The Group\u2019s portfolio of investments has been developed in anticipation of continued inflation at or above the levels used in the Group\u2019s valuation assumptions. Where inflation is at levels below the assumed levels for a sustained period of time, investment performance may be impaired. The level of inflation-linkage* across the investments held by the Group varies and is not consistent . 11. FINANCIAL INSTRUMENTS CONTINUED 11.3 FINANCIAL RISK MANAGEMENT CONTINUED Interest rate risk Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows from underlying investments therefore impacting the value of investments at fair value through profit or loss. The Group has limited exposure to interest rate risk as the underlying borrowings within the unconsolidated investee entities are either hedged through interest rate swap arrangements via an economic hedge, are fixed rate loans or the risk of adverse movement in interest rates is limited through protections provided by the regulatory regime. For example, it is generally a requirement under a PFI/PPP concession that any borrowings are matched to the life of the concession. Hedging activities are aligned with the period of the loan, which also mirrors the concession period and are highly effective. Nevertheless, refinancing risk exists in a number of such investments. The Group\u2019s corporate debt facility is unhedged on the basis it is utilised as an investment bridging facility and therefore drawn for a relatively short period of time. Therefore, the Group is not significantly exposed to cash flow risk due to changes in interest rates over its variable rate borrowings. Interest income on bank deposits held within underlying investments is included within the fair value of investments. Foreign currency risk The Group undertakes certain transactions denominated in foreign currencies and therefore is exposed to exchange rate fluctuations. Currency risk arises in financial instruments that are denominated in a foreign currency other than the functional currency in which they are measured. The Group uses forward foreign exchange contracts to mitigate the risk of short-term volatility in foreign exchange on significant investment returns from overseas investments via an economic hedge. The Group does not hedge its exposure to foreign exchange in relation to foreign currency denominated investment balances. The carrying amounts of the Group\u2019s foreign currency denominated monetary financial instruments at the reporting date are set out in the table below. 31 December 2022 \u00a3\u2019000s 31 December 2021 \u00a3\u2019000s Cash Euro 8,416 875 Canadian Dollar 1,014 250 Australian Dollar 15,222 6,220 US Dollar 100 1,603 24,752 8,948 Current receivables Euro receivables 17 712 US Dollar receivables 724 \u2013 741 712 Investments at fair value through profit or loss Euro 335,682 299,262 Danish Krone 11,938 13,979 Canadian Dollar 43,240 39,439 Australian Dollar 207,352 213,261 US Dollar 122,783 66,492 720,995 632,433 Total 746,488 642,093 Sensitivity analysis showing the impact of variations of the above risks on the fair value of investments is shown in note 11.5. CREDIT RISK Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Group. The Group has adopted a policy of dealing with creditworthy counterparties and reviewing this on a regular basis at the underlying entity level. The majority of underlying investments are in public-private partnerships and similar concessions (which are entered into with government, quasi government, other public, equivalent low risk bodies), or in regulated businesses that inherently exhibit low levels of credit risk. The maximum exposure of credit risk over financial assets as a result of counterparty default is the carrying value of those financial assets in the balance sheet. In addition, the underlying investee entities contract with third-party construction and facilities managements contractors. The Group seeks to mitigate this risk through using a diverse range of sub-contractors and through at least quarterly review of the credit position of major contractors. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-225": {
"value": "MARKET RISK Market risk is the risk that the fair value or future cash flows of financial instruments will fluctuate due to changes in market variables such as changes in inflation, foreign exchange rates and interest rates. Inflation risk The majority of the Group\u2019s cash flows from underlying investments are linked to inflation indices. Changes in inflation rates can have a positive or negative impact on the Group\u2019s cash flows from investments. The long-term inflation assumptions applied in the Group\u2019s valuation of investments at fair value through profit or loss are disclosed in the fair value hierarchy section in note 11.4. The Group\u2019s portfolio of investments has been developed in anticipation of continued inflation at or above the levels used in the Group\u2019s valuation assumptions. Where inflation is at levels below the assumed levels for a sustained period of time, investment performance may be impaired. The level of inflation-linkage* across the investments held by the Group varies and is not consistent 11. FINANCIAL INSTRUMENTS CONTINUED 11.3 FINANCIAL RISK MANAGEMENT CONTINUED Interest rate risk Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows from underlying investments therefore impacting the value of investments at fair value through profit or loss. The Group has limited exposure to interest rate risk as the underlying borrowings within the unconsolidated investee entities are either hedged through interest rate swap arrangements via an economic hedge, are fixed rate loans or the risk of adverse movement in interest rates is limited through protections provided by the regulatory regime. For example, it is generally a requirement under a PFI/PPP concession that any borrowings are matched to the life of the concession. Hedging activities are aligned with the period of the loan, which also mirrors the concession period and are highly effective. Nevertheless, refinancing risk exists in a number of such investments. The Group\u2019s corporate debt facility is unhedged on the basis it is utilised as an investment bridging facility and therefore drawn for a relatively short period of time. Therefore, the Group is not significantly exposed to cash flow risk due to changes in interest rates over its variable rate borrowings. Interest income on bank deposits held within underlying investments is included within the fair value of investments. Foreign currency risk The Group undertakes certain transactions denominated in foreign currencies and therefore is exposed to exchange rate fluctuations. Currency risk arises in financial instruments that are denominated in a foreign currency other than the functional currency in which they are measured. The Group uses forward foreign exchange contracts to mitigate the risk of short-term volatility in foreign exchange on significant investment returns from overseas investments via an economic hedge. The Group does not hedge its exposure to foreign exchange in relation to foreign currency denominated investment balances. The carrying amounts of the Group\u2019s foreign currency denominated monetary financial instruments at the reporting date are set out in the table below. 31 December 2022 \u00a3\u2019000s 31 December 2021 \u00a3\u2019000s Cash Euro 8,416 875 Canadian Dollar 1,014 250 Australian Dollar 15,222 6,220 US Dollar 100 1,603 24,752 8,948 Current receivables Euro receivables 17 712 US Dollar receivables 724 \u2013 741 712 Investments at fair value through profit or loss Euro 335,682 299,262 Danish Krone 11,938 13,979 Canadian Dollar 43,240 39,439 Australian Dollar 207,352 213,261 US Dollar 122,783 66,492 720,995 632,433 Total 746,488 642,093 Sensitivity analysis showing the impact of variations of the above risks on the fair value of investments is shown in note 11.5. ",
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"fact-226": {
"value": "CREDIT RISK Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Group. The Group has adopted a policy of dealing with creditworthy counterparties and reviewing this on a regular basis at the underlying entity level. The majority of underlying investments are in public-private partnerships and similar concessions (which are entered into with government, quasi government, other public, equivalent low risk bodies), or in regulated businesses that inherently exhibit low levels of credit risk. The maximum exposure of credit risk over financial assets as a result of counterparty default is the carrying value of those financial assets in the balance sheet. In addition, the underlying investee entities contract with third-party construction and facilities managements contractors. The Group seeks to mitigate this risk through using a diverse range of sub-contractors and through at least quarterly review of the credit position of major contractors. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-227": {
"value": "LIQUIDITY RISK Liquidity risk is defined as the risk that the Group would encounter difficulty in meeting obligations as and when they fall due associated with financial liabilities that are settled by delivering cash or another financial asset. The Group invests in relatively illiquid investments (mainly non- listed equity and loans). As a closed-ended investment vehicle there are no automatic capital redemption rights. The Group manages liquidity risk by maintaining adequate cash reserves, banking facilities and reserve borrowing facilities and by continuously monitoring forecast and actual cash flows. Cash flow forecasts assume full availability of underlying infrastructure to the relevant public sector body or end-user. Failure to maintain assets available for use or operating in accordance with pre-determined performance standards or licence conditions may lead to a reduction (wholly or partially) in the investment income that the Group has projected to receive. The Directors review the underlying performance of each investment on a quarterly basis, allowing asset performance to be monitored. The terms of public-private partnership contractual mechanisms also allow for significant pass-down of unavailability and performance risk to sub-contractors. Regulated asset regimes allow for the pass through of efficiently incurred costs to the purchaser. The Group\u2019s financial liabilities comprise trade and other payables, payable within 12 months of the year end, derivative financial instruments, and bank loans, repayable in March 2024 as disclosed under note 8. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
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"entity": "scheme:2138002AJT55TI5M4W30",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"fact-209": {
"value": "11.4 FAIR VALUE HIERARCHY All financial instruments for which fair value is recognised or disclosed are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1 \u2014 Quoted market prices in an active market (that are unadjusted) for identical assets or liabilities; Level 2 \u2014 Valuation techniques (for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable); Level 3 \u2014 Valuation techniques (for which the lowest level input that is significant to the fair value measurement is unobservable). During the year, there were no transfers between Level 2 and Level 3 categories. Level 1: The Group has no financial instruments classified as Level 1. Level 2: This category includes derivative financial instruments such as interest rate swaps, RPI swaps and currency forward contracts. As at 31;December 2022, the Group\u2019s only derivative financial instruments were currency forward contracts amounting to a liability of \u00a31.8 million (December 2021: asset of \u00a32.7 million). Financial instruments classified as Level 2 have been valued using models whose inputs are observable in an active market (spot exchange rates, yield curves, interest rate curves). Valuations based on observable inputs include financial instruments such as swaps and forward contracts which are valued using market standard pricing techniques where all the inputs to the market standard pricing models are observable. Level 3: This category consists of investments in equity and loan instruments in underlying unconsolidated subsidiary entities and other non- controlled investments which are classified at fair value through profit or loss. At 31 December 2022, the fair value of financial instruments classified within Level 3 totalled \u00a32,948.0 million (December 2021: \u00a32,579.4 million). Financial instruments are classified within Level 3 if their valuation incorporates significant inputs that are not based on observable market data (unobservable inputs). A valuation input is considered observable if it can be directly observed from transactions in an active market, or if there is compelling external evidence demonstrating an executable exit price. Valuation process Valuations are the responsibility of the Board of Directors. The valuation of unlisted equity and debt investments is performed on a quarterly 1 basis by the Investment Adviser. The valuation is reviewed by the senior members of the Investment Adviser, and reviewed and approved by the Board. Valuation methodology The valuation methodologies used are primarily based on discounting the underlying investee entities\u2019 future projected net cash flows at appropriate discount rates. Valuations are also reviewed against recent market transactions for similar assets in comparable markets observed by the Group or Investment Adviser and adjusted where appropriate. Cash flow forecasts for the full-term of each underlying investment are generated by detailed investment specific financial models. These models forecast the dividend, shareholder loan interest payments, capital repayments and senior debt repayments (where applicable) expected from the underlying investments. The cash flows included in the forecasts used to determine fair value are typically fixed under contracts, however there are certain variable cash flows which are based on management\u2019s estimations (see also pages 28 to 29 of the strategic report). The significant unobservable inputs and assumptions used in projecting the Group\u2019s net future cash flows are shown overleaf.1 Indicative valuations are calculated in respect of each at 31 March and 30 Septembe International Public Partnerships Limited Annual Report and financial statements 2022 11. FINANCIAL INSTRUMENTS CONTINUED 11.4 FAIR VALUE HIERARCHY CONTINUED 31 December 2022 \u00a3\u2019000s 31 December 2021 \u00a3\u2019000s Inflation rates UK RPI: 8.00% until Dec 2023, 2.75% thereafter CPIH: 7.00% until Dec 2023, 2.00% thereafter 2.75% RPI / 2.00% CPIH Australia 5.25% until Dec 2023 3.00% until Dec 2024, 2.50% thereafter 2.50% Europe (excl. UK) 5.00% until Dec 2023, 2.50% until Dec 2024, 2.00% thereafter 2.00% Canada 2.75% until Dec 2023, 2.00% thereafter 2.00% US 1 N/A N/A Long-term deposit rates 2 UK 2.50% 1.00% Australia 2.75% 2.00% Europe (excl. UK) 1.50% 0.50% Canada 2.50% 1.50% US 1 N/A N/A Foreign exchange rates GBP/AUD 1.77 1.86 GBP/DKK 8.40 8.86 GBP/EUR 1.13 1.19 GBP/CAD 1.64 1.72 GBP/USD 1.21 1.35 Tax rates3 UK 19.00% / 25.00% 19.00% / 25.00% Australia 30.00% 30.00% Europe (excl. UK) Various (12.50%-32.28%) Various (12.50%-32.28%) Canada Various (23.00%-26.50%) Various (23.00%-26.50%) US 1 N/A N/A 1 The Company\u2019s US investment is in the form of subordinated debt and therefore not directly impacted by inflation, deposit and tax rate assumptions. 2 The portfolio valuation assumes actual current deposit rates are maintained until 31 December 2023 before adjusting to the long-term rates noted in the table above from 1 January 2024. 3 Tax rates reflect those substantively enacted as at the valuation date or those that could reasonably be expected to be substantively enacted shortly after the valuation date. Discount rates The discount rate used in the valuation of each investment is the aggregate of the following: \u2013 Yield on a government bond with a remaining term equivalent to (or as close as possible to) the investment being valued, issued by the national government for the location of the relevant investment (\u2018government bond yield\u2019); \u2013 A premium to reflect the inherent greater risk in investing in infrastructure assets over government bonds; \u2013 A further premium to reflect the state of maturity of the asset with a larger premium applied to immature assets and/or assets in construction and/or to reflect any current asset specific or operational issues. Typically, this risk premium will reduce over the life of any asset as an asset matures, its operating performance becomes more established, and the risks associated with its future cash flows decrease. However, the rate may increase in relation to investments with unknown residual values at the end of the relevant concession life as that date nears; \u2013 A further adjustment reflective of market-based transaction valuation evidence for similar assets. Such adjustment is considered to implicitly include the market\u2019s assessment of the risk posed by climate factors to that particular investment. Over the year, the weighted average government bond yield increased by 217bps. The weighted average investment premium decreased, reflecting observable market-based evidence. Valuation assumptions 31 December 2022 31 December 2021 Movement Weighted Average Government Bond Yield 3.13% 0.96% +217bps Weighted Average Investment Risk Premium 4.38% 6.01% (163bps) Weighted Average Discount Rate 7.51% 6.97% +54bps Weighted Average Discount Rate on Risk Capital1 7.71% 7.3 8% +33bp Reconciliation of Level 3 fair value measurements of financial assets 31 December 2022 \u00a3\u2019000s 31 December 2021 \u00a3\u2019000s Balance at 1 January 2,579,434 2,345,433 Additional investments during the year 191,604 252,725 Net repayments during the year (33,985) (53,350) Net change in Investments at fair value through profit or loss 210,906 34,626 Balance at 31 December 2,947,959 2,579,434 ",
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"value": "12. INVESTMENT ACTIVITY 2022 Date of investment Description Consideration \u00a3\u2019000s % Ownership post investment April \u2013 June 2022 The Group made further investments into the National Digital Infrastructure;Fund, UK 1,205 45.0% June 2022 The Group made follow on investments into a portfolio of Building Schools;for the Future assets, UK 1,455 Various June \u2013 July 2022 The Group made a follow-on investment into the Diabolo Rail Link project,;Belgium 4,753 100.0% September 2022 The Group made a follow-on investment into Tideway, UK 41,943 17.9% December 2022 The Group made a follow-on investment into FHSP, US 36,507 100.0% December 2022 The Group made an investment in the East Anglia 1 offshore transmission;project, UK 105,741 100.0% Total capital spend on investments during the year 191,604 During the year minority interests in four Lancashire Building Schools for Future (\u2018BSF\u2019) projects were disposed from a portfolio subsidiary, being sold for \u00a38.5 million aligning with the carrying value of the assets at the disposal date. 2021 Date of investment Description Consideration \u00a3\u2019000s % Ownership post investment April 2021 The Group made an investment into toob, utilising part of its commitment;to invest in digital infrastructure, UK 14,270 46.1% June 2021 The Group made an investment into the Offenbach police centre, Germany 8,073 45% July 2021 The Group made an investment in the Beatrice offshore transmission project, UK 49,751 100% September 2021 The Group made an investment to acquire an additional interest in Angel;Trains, UK 97,49 6 10% November 2021 The Group made an investment in the Rampion offshore transmission project, UK 35,400 100% November 2021 The Group made an investment to acquire interests in a port-folio of Building Schools for the Future and UK PPP projects, UK 29,074 Various December 2021 The Group made an investment to acquire an interest in a portfolio of Danish PPP projects, Denmark 14,045 66.7% December 2021 The Group made an investment to acquire interests in a small portfolio UK;PPP projects, UK 3,053 Various December 2021 The Group made a follow on investment into the Diabolo Rail Link Project,;Belgium 1,563 100% Total capital spend on investments during the year 252,725 ",
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"value": "13. TRADE AND OTHER RECEIVABLES 31 December 2022 \u00a3\u2019000s 31 December 2021 \u00a3\u2019000s Accrued interest receivable 40,327 52,657 Other debtors 3,769 4,721 Total trade and other receivables 44,096 57,378 Other debtors included \u00a31.3 million (December 2021: \u00a31.2 million) of receivables from unconsolidated subsidiary entities for surrender of Group tax losses",
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"value": "14. TRADE AND OTHER PAYABLES 31 December 2022 \u00a3\u2019000s 31 December 2021 \u00a3\u2019000s Accrued management fee 9,798 8,308 Other creditors and accruals 4,121 2,289 Total trade and other payables 13,919 10,597 ",
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"fact-193": {
"value": "15. SHARE CAPITAL AND RESERVES Share capital 31 December 2022 shares \u2019000s 31 December 2021 shares \u2019000s Authorised and in issue at 1 January 1,706,104 1,620,953 Issued for cash 203,762 81,818 Issued as a scrip dividend alternative 1,377 3,333 Authorised and in issue at 31 December \u2013 fully paid 1,911,243 1,706,104 Share capital 31 December 2022 \u00a3\u2019000s 31 December 2021 \u00a3\u2019000s Balance at 1 January 1,908,849 1,769,582 Issued for cash (excluding issue costs) 325,000 135,000 Issued as a scrip dividend alternative 2,273 5,629 Total share capital issued in the year 327,273 140,629 Costs on issue of Ordinary Shares (4,846) (1,362) Balance at 31 December 2,231,276 1,908,849 At present, the Company has one class of Ordinary Shares with a par value of 0.01 pence which carry no right to fixed income. On 4 May 2022, the Group raised an additional \u00a3325 million of equity through a Placing, Open Offer and Offer for Subscription of 203,761,755 Ordinary shares at an issue price per share of 159.5 pence. On 13 June 2022, 1,377,796 new Ordinary fully paid shares were issued as a scrip dividend alternative in lieu of cash for the interim dividend in respect of the six months ended 31 December 2021. Other distributable reserve 31 December 2022 \u00a3\u2019000s 31 December 2021 \u00a3\u2019000s Balance at 1 January 182,481 182,481 Movement in the year \u2013 \u2013 Balance at 31 December 182,481 182,481 On 19 January 2007, the Company applied to the Royal Court of Guernsey, following the initial placing of shares, to reduce its share premium account. This was in order to provide a distributable reserve to enable the Company to repurchase its shares if and when the Board of Directors consider it beneficial to do so. Following court approval, the distributable reserve account was created. Retained earnings 31 December 2022 \u00a3\u2019000s 31 December 2021 \u00a3\u2019000s Balance at 1 January 437,470 432,373 Net profit for the year 326,897 129,211 Dividends paid 1 (138,285) (124,114) Balance at 31 December 626,082 4 37,470 1 Includes scrip element of \u00a32.3 million in 2022 (December 2021: \u00a35.6 million). 15. SHARE CAPITAL AND RESERVES CONTINUED DIVIDENDS The Board is satisfied that, in every respect, the solvency test as required by the Companies (Guernsey) Law, 2008, was satisfied for the proposed dividend and the dividend paid in respect of the year ended 31 December 2022. The Board has approved interim dividends as follows: 31 December 2022 \u00a3\u2019000s 31 December 2021 \u00a3\u2019000s Amounts recognised as distributions to equity holders for the year ended 31 December 138,285 1 124,114 Declared and proposed Interim dividend for the period 1 January to 30 June 2022 was 3.87 pence per share (2021: 3.78 pence per share) 73,965 64,463 Interim dividend for the period 1 July to 31 December 2022 was 3.87 pence per share 2 (2021: 3.77 pence per share) 73,965 64,320 1 Includes the 2021 interim dividend for the period 1 July to 31 December 2021. 2 The dividend for the period 1 July to 31 December 2022 was approved by the Board on 29 March 2023 and therefore has not been included as a liability in the balance sheet for the year ended 31 December 2022. CAPITAL RISK MANAGEMENT The Group seeks to efficiently manage its financial resources to ensure that it is able to continue as a going concern while providing improved returns to shareholders through the management of the debt and equity balances. The capital structure consists of the Group\u2019s corporate debt facility and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings. The Group aims to deliver its objective by investing available cash and using leverage whilst maintaining sufficient liquidity to meet ongoing expenses and dividend payments. The Group\u2019s investment policy is set out in the Corporate Governance Report on page 61. The Group\u2019s Investment Adviser reviews the capital structure on a semi-annual basis. As part of this review, the Investment Adviser considers the cost of capital and the associated risks. ",
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"fact-211": {
"value": "15. SHARE CAPITAL AND RESERVES Share capital 31 December 2022 shares \u2019000s 31 December 2021 shares \u2019000s Authorised and in issue at 1 January 1,706,104 1,620,953 Issued for cash 203,762 81,818 Issued as a scrip dividend alternative 1,377 3,333 Authorised and in issue at 31 December \u2013 fully paid 1,911,243 1,706,104 Share capital 31 December 2022 \u00a3\u2019000s 31 December 2021 \u00a3\u2019000s Balance at 1 January 1,908,849 1,769,582 Issued for cash (excluding issue costs) 325,000 135,000 Issued as a scrip dividend alternative 2,273 5,629 Total share capital issued in the year 327,273 140,629 Costs on issue of Ordinary Shares (4,846) (1,362) Balance at 31 December 2,231,276 1,908,849 At present, the Company has one class of Ordinary Shares with a par value of 0.01 pence which carry no right to fixed income. On 4 May 2022, the Group raised an additional \u00a3325 million of equity through a Placing, Open Offer and Offer for Subscription of 203,761,755 Ordinary shares at an issue price per share of 159.5 pence. On 13 June 2022, 1,377,796 new Ordinary fully paid shares were issued as a scrip dividend alternative in lieu of cash for the interim dividend in respect of the six months ended 31 December 2021. ",
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"value": "Other distributable reserve 31 December 2022 \u00a3\u2019000s 31 December 2021 \u00a3\u2019000s Balance at 1 January 182,481 182,481 Movement in the year \u2013 \u2013 Balance at 31 December 182,481 182,481 On 19 January 2007, the Company applied to the Royal Court of Guernsey, following the initial placing of shares, to reduce its share premium account. This was in order to provide a distributable reserve to enable the Company to repurchase its shares if and when the Board of Directors consider it beneficial to do so. Following court approval, the distributable reserve account was created. Retained earnings 31 December 2022 \u00a3\u2019000s 31 December 2021 \u00a3\u2019000s Balance at 1 January 437,470 432,373 Net profit for the year 326,897 129,211 Dividends paid 1 (138,285) (124,114) Balance at 31 December 626,082 4 37,470 1 Includes scrip element of \u00a32.3 million in 2022 (December 2021: \u00a35.6 million). ",
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"value": "15. SHARE CAPITAL AND RESERVES CONTINUED DIVIDENDS The Board is satisfied that, in every respect, the solvency test as required by the Companies (Guernsey) Law, 2008, was satisfied for the proposed dividend and the dividend paid in respect of the year ended 31 December 2022. The Board has approved interim dividends as follows: 31 December 2022 \u00a3\u2019000s 31 December 2021 \u00a3\u2019000s Amounts recognised as distributions to equity holders for the year ended 31 December 138,285 1 124,114 Declared and proposed Interim dividend for the period 1 January to 30 June 2022 was 3.87 pence per share (2021: 3.78 pence per share) 73,965 64,463 Interim dividend for the period 1 July to 31 December 2022 was 3.87 pence per share 2 (2021: 3.77 pence per share) 73,965 64,320 1 Includes the 2021 interim dividend for the period 1 July to 31 December 2021. 2 The dividend for the period 1 July to 31 December 2022 was approved by the Board on 29 March 2023 and therefore has not been included as a liability in the balance sheet for the year ended 31 December 2022. ",
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"value": "CAPITAL RISK MANAGEMENT The Group seeks to efficiently manage its financial resources to ensure that it is able to continue as a going concern while providing improved returns to shareholders through the management of the debt and equity balances. The capital structure consists of the Group\u2019s corporate debt facility and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings. The Group aims to deliver its objective by investing available cash and using leverage whilst maintaining sufficient liquidity to meet ongoing expenses and dividend payments. The Group\u2019s investment policy is set out in the Corporate Governance Report on page 61. The Group\u2019s Investment Adviser reviews the capital structure on a semi-annual basis. As part of this review, the Investment Adviser considers the cost of capital and the associated risks. ",
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"value": "16. NET ASSETS PER SHARE 31 December 2022 \u00a3\u2019000s 31 December 2021 \u00a3\u2019000s Net assets attributable to equity holders of the parent 3,039,839 2,528,800 Number Number Number of shares Ordinary Shares outstanding at the end of the year 1,911,243,132 1,706,103,581 Net assets per share (pence per share) 159.1 148.2 ",
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"value": "17. RELATED PARTY TRANSACTIONS Details of the Company\u2019s significant consolidated and unconsolidated subsidiaries are included in note 20. During the year, Group companies entered into certain transactions with related parties that are not members of the Group but are related parties by reason of being in the same group as Amber Infrastructure Group Holdings Limited, which is the ultimate holding company of the Investment Adviser, Amber Fund Management Limited (\u2018AFML\u2019). Under the Investment Advisory Agreement (\u2018IAA\u2019), AFML was appointed to provide investment advisory services to the Group including advising the Group as to the strategic management of its portfolio of investments. AFML and International Public Partnerships GP Limited are subsidiary companies of Amber Infrastructure Group Holdings Limited (\u2018Amber Group\u2019), in which Giles Frost is a Director and also a substantial shareholder. Giles Frost is also a Director of International Public Partnerships Limited (the \u2018Company\u2019); International Public Partnerships Lux 1 Sarl; (a wholly owned subsidiary of the Group); and certain other companies in which the Group indirectly has an investment. The transactions with the Amber Group are considered related party transactions under IAS 24 \u2018Related Party Disclosures\u2019. The Director\u2019s fees of \u00a353,500 (2021: \u00a348,500) for Giles Frost\u2019s directorship of the Company are paid to his employer, Amber Infrastructure Limited (a member of the Amber Group). The amounts of the transactions in the year that were related party transactions are set out in the table below: Related party expense in the Income Statement Amounts owing to related parties in the Balance Sheet For the year ended 31 December 2022 \u00a3\u2019000s For the year ended 31;December 2021 \u00a3\u2019000s At 31 December 2022 \u00a3\u2019000s At 31 December 2021 \u00a3\u2019000s International Public Partnerships GP Limited 1 29,421 26,173 9,798 8,308 Amber Fund Management Limited2 2,891 3,896 2,134 247 Total 32,312 30,069 11,932 8,555 1 Represents amounts paid to related parties for investment advisory fees. 2 Represents amounts paid to related parties to acquire or make investments or advisory fees associated with investments which are subsequently recorded in the balance sheet. INVESTMENT ADVISORY ARRANGEMENTS Investment advisory fees payable during the year are calculated as follows: For existing construction assets: \u2013 1.2% per annum of gross asset value of investments bearing construction risk. For existing fully operational assets: \u2013 1.2% per annum of the gross asset value (\u2018GAV\u2019) excluding uncommitted cash from capital raisings up to \u00a3750 million; \u2013 1.0% per annum where GAV (excluding uncommitted cash from capital raisings) is between \u00a3750 million and \u00a31.5 billion; \u2013 0.9% per annum where GAV (excluding uncommitted cash from capital raisings) is between \u00a31.5 billion and \u00a32.75 billion; \u2013 0.8% per annum where GAV (excluding uncommitted cash from capital raisings) value exceeds \u00a32.75 billion. Asset origination fees in connection with new acquisitions are charged at a rate of 1.5% of the value of new acquisitions. The IAA can be terminated where less than 95% of the Group\u2019s assets are available for use for certain periods and the Investment Adviser fails to implement a remediation plan agreed with the Group. The IAA may also be terminated by either party giving to the other five years notice of termination, expiring at any time after 10 years from the date of the IAA. As at 31 December 2022, the Amber Group held 8,002,379 (December 2021: 8,002,379) shares in the Company. The shares held by the Investment Adviser in the Company helps further strengthen the alignment of interests between the two parties. During the year the Company acquired an additional c.\u00a337 million interest in Family Housing for Service Personnel (\u2018FHSP\u2019) from Hunt Companies Inc., an affiliate of the Company\u2019s investment adviser Amber. In accordance with the Company\u2019s procedures for related-party transactions, the Company sought an independent valuation. TRANSACTIONS WITH DIRECTORS Shares acquired by Directors in the year are disclosed below: Number of New Ordinary Shares Year ended 31 December 2022 Year ended 31 December 2021 Mike Gerrard 84,266 \u2013 Julia Bond 34,098 24,072 Stephanie Coxon 10,000 \u2013 Sally Ann David \u2013 30,303 Meriel Lenfestey 15,163 \u2013 John Le Poidevin 167, 245 30,303 Giles Frost \u2013 27,5 67 Claire Whittet (retired May 2022) 37, 8 54 1,654 Total purchased 348,626 113,89 9 Remuneration paid to the Non-Executive Directors is disclosed on page 66. Directors received dividends on total shares held as disclosed on page 66, in accordance with the approved dividends detailed under note 15. ",
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"value": "18. CONTINGENT LIABILITIES AND COMMITMENTS As at 31 December 2022 the Group has committed funding of up to c.\u00a3145.6 million (December 2021: c.\u00a3 44.7 million), which includes committed investment amounts as noted in the Strategic Report on page 17, and a deferred commitment of c.\u00a312.5 million for BeNEX (December 2021: \u00a314.5 million) which is due to be settled from future returns generated by BeNEX. There were no other contingent liabilities at the date of this report. ",
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"fact-196": {
"value": "18. CONTINGENT LIABILITIES AND COMMITMENTS As at 31 December 2022 the Group has committed funding of up to c.\u00a3145.6 million (December 2021: c.\u00a3 44.7 million), which includes committed investment amounts as noted in the Strategic Report on page 17, and a deferred commitment of c.\u00a312.5 million for BeNEX (December 2021: \u00a314.5 million) which is due to be settled from future returns generated by BeNEX. There were no other contingent liabilities at the date of this report. ",
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"fact-228": {
"value": "18. CONTINGENT LIABILITIES AND COMMITMENTS As at 31 December 2022 the Group has committed funding of up to c.\u00a3145.6 million (December 2021: c.\u00a3 44.7 million), which includes committed investment amounts as noted in the Strategic Report on page 17, and a deferred commitment of c.\u00a312.5 million for BeNEX (December 2021: \u00a314.5 million) which is due to be settled from future returns generated by BeNEX. There were no other contingent liabilities at the date of this report. ",
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"value": "19. EVENTS AFTER BALANCE SHEET Since the year-end, the Company has, in principle, agreed an increase in the committed size of its existing CDF from \u00a3250 million to \u00a3350 million with the existing banking group. This increase is expected to be effective from April 2023 and would provide the Company with the liquidity required to take advantage of additional investment opportunities as they may arise. There would remain a flexible \u2018accordion\u2019 component which would, subject to lender approval, allow for a further increase in the committed size of the facility to \u00a3400 million. The Company is also progressing the documentation required to amend the maturity date of the CDF from March 2024 to June 2025. These two amendments are expected to be finalised shortly. No other changes to the terms of the CDF are expected. In March 2023 the Group made a further 20% investment in Ealing BSF for \u00a30.7 million. ",
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"fact-197": {
"value": "20. OTHER MANDATORY DISCLOSURES NEW STANDARDS THAT THE GROUP HAS APPLIED FROM 1 JANUARY 2022 Standards and amendments to standards applicable to the Group that became effective during the year are listed below. These have no material impact on the reported performance or financial statements of the Group. \u2013 Annual improvements to IFRS Standards 2018-2020 (1 January 2022); and \u2013 Amendments to IFRS 3 Reference to the Conceptual Framework (1 January 2022). STANDARDS ISSUED BUT NOT YET EFFECTIVE Standards applicable to the Group which are issued but not yet effective up to the date of issuance of the Group\u2019s financial statements are listed below. This listing is of standards and interpretations issued, which the Group reasonably expects to be applicable at a future date. The Group intends to adopt these standards when they become effective, however does not currently anticipate the standards to have a significant impact on the Group\u2019s financial statements. Current assumptions regarding the impact of future standards will remain under consideration in light of interpretation notes as and when they are issued. \u2013 Disclosure of Accounting policies (Amendments to IAS 1 and IFRS Practice statement 2) (1 January 2023); \u2013 Definition of Accounting Estimates (Amendments to IAS 8) (1 January 2023); and \u2013 Amendments to IAS 1 Classification of Liabilities as Current or Non-current (1 January 2023). UNCONSOLIDATED SUBSIDIARIES A list of the significant investments in unconsolidated subsidiaries, including the name, country of incorporation as at 31 December 2022 and proportion of ownership is shown below: Name Place of incorporation (or registration) and operation Proportion of ownership interest % Abingdon Limited Partnership UK 100 Aggregator PLC UK 100 Access Justice Durham Limited Canada 100 AKS Betriebs GmbH & Co. KG Germany 98 Arden Partnership (Derby) Limited UK 50 Arden Partnership (Lincolnshire) Limited UK 50 Arden Partnership (Leicester) Limited UK 50 BBPP Alberta Schools Limited Canada 100 Blackburn with Darwen Phase 1 Limited UK 100 Blackburn with Darwen Phase 2 Limited UK 100 BPSL No. 2 Limited Partnership UK 100 Building Schools for the Future Investments LLP UK 100 Calderdale Schools Partnership UK 100 CHP Unit Trust Australia 100 Derby City BSF Limited UK 90 Derbyshire Courts Limited Partnership UK 100 Derbyshire Schools UK 100 Derbyshire Schools Phase Two Partnership UK 100 Essex Schools Limited UK 100 Future Ealing Phase 1 Limited UK 80 4 Futures Phase 1 Limited UK 90 4 Futures Phase 2 Limited UK 90 Hertfordshire Schools Building Partnership Phase 1 Limited UK 100 H&W Courts Limited Partnership UK 100 INPP Infrastructure Germany GmbH & Co. KG Germany 100 Inspire Partnership Limited Partnership UK 100 IPP CCC Limited Partnership Ireland 100 Inspiredspaces Durham (Project Co 1) Limited UK 100 Kent PFI (Project Co 1) Limited UK 58 Inspiredspaces Nottingham (Project Co 1) Limited UK 90 Inspiredspaces Nottingham (Project Co 2) Limited UK 90 Inspiredspaces STaG (Project Co 1) Limited UK 90.1 Inspiredspaces STaG (Project Co 2) Limited UK 90.1 Inspiredspaces Wolverhampton (Project Co 1) Limited UK 100 Inspiredspaces Wolverhampton (Project Co 2) Limited UK 100 Transform Islington (Phase 1) Limited UK 90 Transform Islington (Phase 2) Limited UK 90 IPP (Moray Schools) Holdings Limited UK 100 LCV Project Trust Australia 100 Lewisham Schools for the Future SPV Limited UK 90 Lewisham Schools for the Future SPV 2 Limited UK 90 Lewisham Schools for the Future SPV 3 Limited UK 90 Lewisham Schools for the Future SPV 3 Limited UK 81 Maesteg School Partnership UK 100 Norfolk Limited Partnership UK 100 Northampton Schools Limited Partnership UK 100 Northern Diabolo N.V. Belgium 100 Oldham BSF Limited UK 99 OPP Hobro Tinglysningsret A/S Denmark 66.7 OPP \u00d8rstedskolen A/S Denmark 66.7 OPP Vildbjerg Skole A/S Denmark 66.7 OPP Randers P-Hus A/A Denmark 66.7 PSBP Midlands Limited UK 92.5 Pinnacle Healthcare (OAHS) Trust Australia 100 Plot B Partnership UK 100 St Thomas More School Partnership UK 100 PPP Solutions (Long Bay) Partnership Australia 100 PPP Solutions (Showgrounds) Trust Australia 100 Strathclyde Limited Partnership UK 100 TH Schools Limited Partnership UK 100 TC Robin Rigg OFTO Limited UK 100 TC Barrow OFTO Limited UK 100 TC Gunfleet Sands OFTO Limited UK 100 TC Ormonde OFTO Limited UK 100 TC Lincs OFTO Limited UK 100 TC Westermost Rough OFTO Limited UK 100 TC Dudgeon OFTO PLC UK 100 TC Beatrice OFTO Limited UK 100 TC Rampion OFTO Limited UK 100 TC East Anglia OFTO Limited UK 100 The entities listed above in aggregate represent 55.0% (December 2021: 58.2%) of investments at fair value through profit or loss. The remaining fair value is driven from joint ventures, associate interests and minority stakes held by the Group. 20. OTHER MANDATORY DISCLOSURES CONTINUED CONSOLIDATED SUBSIDIARIES The subsidiary undertakings of the Company, all of which have been included in these consolidated financial statements are as follows: Name Place of incorporation (or registration) and operation Proportion of ownership interest % International Public Partnerships Limited Partnership UK 100 International Public Partnerships Lux 1 Sarl Luxembourg 100 International Public Partnerships Lux 2 Sarl Luxembourg 100 IPP Bond Limited UK 100 IPP Holdings 1 Limited UK 100 IPP Investments UK Limited UK 100 IPP Investments Limited Partnership UK 100 ",
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"fact-215": {
"value": "UNCONSOLIDATED SUBSIDIARIES
A list of the significant investments in unconsolidated subsidiaries, including the name, country of incorporation as at 31 December 2022 and
proportion of ownership is shown below:
Name
Place of incorporation
(or registration) and
operation
Proportion of ownership
interest %
Abingdon Limited Partnership UK 100
Aggregator PLC UK 100
Access Justice Durham Limited Canada 100
AKS Betriebs GmbH & Co. KG Germany 98
Arden Partnership (Derby) Limited UK 50
Arden Partnership (Lincolnshire) Limited UK 50
Arden Partnership (Leicester) Limited UK 50
BBPP Alberta Schools Limited Canada 100
Blackburn with Darwen Phase 1 Limited UK 100
Blackburn with Darwen Phase 2 Limited UK 100
BPSL No. 2 Limited Partnership UK 100
Building Schools for the Future Investments LLP UK 100
Calderdale Schools Partnership UK 100
CHP Unit Trust Australia 100
Derby City BSF Limited UK 90
Derbyshire Courts Limited Partnership UK 100
Derbyshire Schools UK 100
Derbyshire Schools Phase Two Partnership UK 100
Essex Schools Limited UK 100
Future Ealing Phase 1 Limited UK 80
4 Futures Phase 1 Limited UK 90
4 Futures Phase 2 Limited UK 90
Hertfordshire Schools Building Partnership Phase 1 Limited UK 100
H&W Courts Limited Partnership UK 100
INPP Infrastructure Germany GmbH & Co. KG Germany 100
Inspire Partnership Limited Partnership UK 100
IPP CCC Limited Partnership Ireland 100
Inspiredspaces Durham (Project Co 1) Limited UK 100
Kent PFI (Project Co 1) Limited UK 58
Inspiredspaces Nottingham (Project Co 1) Limited UK 90
Inspiredspaces Nottingham (Project Co 2) Limited UK 90
Inspiredspaces STaG (Project Co 1) Limited UK 90.1
Inspiredspaces STaG (Project Co 2) Limited UK 90.1
Inspiredspaces Wolverhampton (Project Co 1) Limited UK 100
Inspiredspaces Wolverhampton (Project Co 2) Limited UK 100
Transform Islington (Phase 1) Limited UK 90
Transform Islington (Phase 2) Limited UK 90
IPP (Moray Schools) Holdings Limited UK 100
LCV Project Trust Australia 100
Lewisham Schools for the Future SPV Limited UK 90
Lewisham Schools for the Future SPV 2 Limited UK 90
Lewisham Schools for the Future SPV 3 Limited UK 90
Lewisham Schools for the Future SPV 3 Limited UK 81
Maesteg School Partnership UK 100
Norfolk Limited Partnership UK 100
Northampton Schools Limited Partnership UK 100
Northern Diabolo N.V. Belgium 100
Oldham BSF Limited UK 99
OPP Hobro Tinglysningsret A/S Denmark 66.7
OPP \u00d8rstedskolen A/S Denmark 66.7
OPP Vildbjerg Skole A/S Denmark 66.7
OPP Randers P-Hus A/A Denmark 66.7
PSBP Midlands Limited UK 92.5
Pinnacle Healthcare (OAHS) Trust Australia 100
Plot B Partnership UK 100
St Thomas More School Partnership UK 100
PPP Solutions (Long Bay) Partnership Australia 100
PPP Solutions (Showgrounds) Trust Australia 100
Strathclyde Limited Partnership UK 100
TH Schools Limited Partnership UK 100
TC Robin Rigg OFTO Limited UK 100
TC Barrow OFTO Limited UK 100
TC Gunfleet Sands OFTO Limited UK 100
TC Ormonde OFTO Limited UK 100
TC Lincs OFTO Limited UK 100
TC Westermost Rough OFTO Limited UK 100
TC Dudgeon OFTO PLC UK 100
TC Beatrice OFTO Limited UK 100
TC Rampion OFTO Limited UK 100
TC East Anglia OFTO Limited UK 100
The entities listed above in aggregate represent 55.0% (December 2021: 58.2%) of investments at fair value through profit or loss. The
remaining fair value is driven from joint ventures, associate interests and minority stakes held by the Group.
20. OTHER MANDATORY DISCLOSURES CONTINUED
CONSOLIDATED SUBSIDIARIES
The subsidiary undertakings of the Company, all of which have been included in these consolidated financial statements are as follows:
Name
Place of incorporation
(or registration) and
operation
Proportion of ownership
interest %
International Public Partnerships Limited Partnership UK 100
International Public Partnerships Lux 1 Sarl Luxembourg 100
International Public Partnerships Lux 2 Sarl Luxembourg 100
IPP Bond Limited UK 100
IPP Holdings 1 Limited UK 100
IPP Investments UK Limited UK 100
IPP Investments Limited Partnership UK 100
",
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"fact-199": {
"value": "21. INVESTMENTS
The Group holds 138 investments across energy transmission, education, transport, health, courts, wastewater, police, military housing and
other sectors. The table overleaf sets out the Group\u2019s investments that are recorded at fair value through profit or loss.
Investment Name Country
Status at
31 December 2022
Per cent. Risk Capital
Owned by the Group
1
Investment end
UK
UK PPP Assets
Calderdale Schools UK Operational 100.0 April 2030
Derbyshire Schools Phase Two UK Operational 100.0 February 2032
Northamptonshire Schools UK Operational 100.0 December 2037
Derbyshire Courts UK Operational 100.0 August 2028
Derbyshire Schools Phase One UK Operational 100.0 April 2029
North Wales Police HQ UK Operational 100.0 December 2028
St Thomas More Schools UK Operational 100.0 April 2028
Tower Hamlets Schools UK Operational 100.0 August 2027
Norfolk Police HQ UK Operational 100.0 December 2036
Strathclyde Police Training Centre UK Operational 100.0
2
September 2026
Hereford & Worcester Courts UK Operational 100.0
2
September 2025
Abingdon Police Station UK Operational 100.0 April 2030
Bootle Government Offices UK Operational 100.0 December 2022
Maesteg Schools UK Operational 100.0 July 2033
Moray Schools UK Operational 100.0 February 2042
Liverpool Library UK Operational 100.0 November 2037
Three Shires \u2013 Derbyshire UK Operational 50.0 October 2037
Three Shires \u2013 Leicestershire UK Operational 50.0 June 2037
Three Shires \u2013 Lincolnshire UK Operational 50.0 May 3028
Townlands Hospital UK Operational 100.0 November 2041
Priority Schools Building Aggregator Programme
Batch 1 \u2013 Schools in North East England UK Operational 0.0
2
August 2040
Batch 2 \u2013 Schools in Hertfordshire,
Luton and Reading UK Operational 0.0
2
November 2040
Batch 3 \u2013 Schools in North West of England UK Operational 0.0
2
August 2041
Batch 4 \u2013 Schools in the Midlands Region UK Operational 92.5
2
December 2041
Batch 5 \u2013 Schools in Yorkshire UK Operational 0.0
2
September 2041
OFTOs
Robin Rigg OFTO UK Operational 100.0
2
March 2031
Gunfleet Sands OFTO UK Operational 100.0
2
July 2031
Barrow OFTO UK Operational 100.0
2
March 2030
Ormonde OFTO UK Operational 100.0
2
July 2032
Lincs OFTO UK Operational 100.0 November 2034
Westermost Rough OFTO UK Operational 100.0 February 2036
Dudgeon OFTO UK Operational 100.0 November 2038
Beatrice OFTO UK Operational 100.0 April 2045
Rampion OFTO UK Operational 100.0 November 2041
East Anglia OFTO UK Operational 100.0 December 2044
nvestment Name Country Status at 31 December 2022 Per cent. Risk Capital Owned by the Group 1 Investment end Building Schools for the Future Portfolio Minority Shareholdings in 17 Building Schools for the Future Projects UK Operational Various Various Blackburn with Darwen Phase One UK Operational 100.0 September 2036 Blackburn with Darwen Phase Two UK Operational 100.0 September 2039 Derby City UK Operational 90.0 August 2037 Durham Schools UK Operational 100.0 January 2036 Ealing Schools Phase One UK Operational 80.0 March 2038 Essex Phase Two UK Operational 100.0 December 2036 Hertfordshire Schools Phase One UK Operational 100.0 August 2037 Islington Phase One UK Operational 90.0 August 2034 Islington Phase Two UK Operational 90.0 March 2039 Lewisham Phase 1 UK Operational 90.0 December 2034 Lewisham Phase 2 UK Operational 90.0 August 2037 Lewisham Phase 3 UK Operational 90.0 August 2037 Lewisham Phase 4 UK Operational 81.0 March 2038 Oldham Schools UK Operational 99.0 August 2037 Tameside Schools One UK Operational 46.0 August 2036 Tameside Schools Two UK Operational 46.0 August 2037 Nottingham Schools One UK Operational 90.0 August 2034 Nottingham Schools Two UK Operational 90.0 August 2038 South Tyneside and Gateshead Schools One UK Operational 9 0.1 October 2034 South Tyneside and Gateshead Schools Two UK Operational 9 0.1 September 2036 Southwark Phase One UK Operational 90.0 January 2036 Southwark Phase Two UK Operational 90.0 December 2036 Wolverhampton Schools Phase One UK Operational 100.0 September 2037 Wolverhampton Schools Phase Two UK Operational 100.0 August 2040 Kent Schools UK Operational 58.0 August 2035 NHS LIFT Portfolio Beckenham Hospital UK Operational 49.8 December 2033 Garland Road Health Centre UK Operational 49.8 December 2031 Alexandra Avenue Primary Care Centre, Monks Park Health Centre (two projects) UK Operational 49.8 June 2031 Gem Centre Bentley Bridge, Phoenix Centre (two projects) UK Operational 49.8 December 2030 Sudbury Health Centre UK Operational 49.8 November 2032 Mt Vernon UK Operational 49.8 December 2033 Lakeside UK Operational 49.8 November 2032 Fishponds Primary Care Centre, Hampton House Health Centre (two projects) UK Operational 33.4 January 2031 Shirehampton Primary Care Centre, Whitchurch Primary Care Centre (two projects) UK Operational 33.4 May 2032 Blackbird Leys Health Centre, East Oxford Care Centre (two projects) UK Operational 33.4 May 2031 Brierley Hill UK Operational 34.3 April 2035 Ridge Hill Learning Disabilities Centre, Stourbridge Health & Social Care Centre (two projects) UK Operational 34.3 October 2031 Harrow NRC (three projects) UK Operational 49.8 June 2034 Goscote Palliative Care Centre UK Operational 49.8 November 2035 South Bristol Community Hospital UK Operational 33.4 February 2042 East London LIFT Project One (four projects) UK Operational 30.0 October 2030 East London LIFT Project Two (three projects) UK Operational 30.0 April 2033 East London LIFT Project Three (Newby Place) UK Operational 30.0 May 2037 East London LIFT Project Four (two projects) UK Operational 30.0 August 2036 Eltham Community Hospital UK Operational 49.8 January 2040 1 Risk Capital includes project level equity and/or subordinated shareholder debt. 2 Investment contains senior or mezzanine debt in addition to any Risk Capital ownership shown . nvestment Name Country Status at 31 December 2022 Per cent. Risk Capital Owned by the Group 1 Investment end Other UK Angel Trains UK Operational 10.0 December 2058 Tideway UK Construction 17. 9 March 2150 Cadent UK Operational 7. 25 June 2069 National Digital Infrastructure Fund UK Operational 45.0 July 2027 Australia Royal Melbourne Showgrounds Australia Operational 100.0 August 2031 Long Bay Forensic & Prisons Hospital Project Australia Operational 100.0 July 2034 Reliance Rail Australia Operational 33.0 February 2044 Royal Children\u2019s Hospital Australia Operational 100.0 December 2036 Orange Hospital Australia Operational 100.0 December 2035 NSW Schools Australia Operational 25.0 December 2035 Gold Coast Rapid Transport Australia Operational 30.0 May 2029 Victoria Schools Two Australia Operational 100.0 December 2042 Flinders University Australia Construction 100.0 March 2049 North America Alberta Schools Canada Operational 100.0 June 2040 Durham Courts Canada Operational 100.0 November 2039 FHSP US Operational 100.0 2 October 2052 Europe (ex UK) Diabolo Rail Link Belgium Operational 100.0 June 2047 Dublin Courts Ireland Operational 100.0 February 2035 BeNEX Germany Operational 100.0 December 2049 Federal German Ministry of Education and Research Headquarters Germany Operational 98.0 July 2041 Pforzheim Schools Germany Operational 98.0 September 2039 Offenbach Police Centre Germany Construction 45.0 June 2050 Hobro Court Denmark Operational 66.7 December 2027 Randers Hospital Parking Facility Denmark Operational 66.7 April 2041 \u00d8rsted School Denmark Operational 66.7 June 2038 Vildbjerg School Denmark Operational 66.7 December 2036 1 Risk Capital includes project level equity and/or subordinated shareholder debt. 2 Investment contains senior or mezzanine debt in addition to any Risk Capital ownership shown.",
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"fact-10": {
"value": "Floor 2, Trafalgar Court Les Banques Guernsey Channel Islands GY1 4LY",
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