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"value": "Significant accounting policies General information Caledonia Investments plc is an investment trust company domiciled in the United Kingdom and incorporated in England in 1928, under number 235481. The address of its registered office is Cayzer House, 30 Buckingham Gate, London SW1E 6NN. The ordinary shares of the company are premium listed on the London Stock Exchange. These financial statements were authorised for issue by the directors on 22 May 2023. These financial statements are presented in pounds sterling, as this is the currency of the primary economic environment in which Caledonia operates. Significant accounting policies Critical accounting judgements and estimates Critical judgements In the course of preparing the financial statements, one judgement has been made in the process of applying the group\u2019s accounting policies, other than those involving estimations, that has had a significant effect on the amounts recognised in the financial statements as follows: 1. Assessment as an investment entity The board has concluded that the company continues to meet the definition of an investment entity, as its strategic objective of investing in a portfolio of investments for the purpose of generating returns in the form of income and capital appreciation remains unchanged. The Company is exempt from UK corporation tax on capital gains provided it meets the HM Revenue & Customs criteria for an investment company set out in Section 1158 of the Corporation Tax Act 2010. Critical estimates In addition to this significant judgement the directors have made one estimate, which they deem to have a significant risk of resulting in a material adjustment to the amounts recognised in the financial statements within the next financial year. The details of the estimate was as follows: 1. Fair values of private equity financial instruments For directly owned private investments (Private Capital investments), totalling \u00a3824.0m (2022: \u00a3781.7m) valuation techniques using a range of internally and externally developed unobservable inputs are used to estimate fair value. Valuation techniques make maximum use of market inputs, including reference to the current fair values of instruments that are substantially the same (subject to appropriate adjustments). Private Capital assets have been disaggregated into categories and sensitised according to the degree of uncertainty attached to their estimation in note 22. For private equity fund investments (unlisted Funds Pool investments), totalling \u00a3869.0m (2022: \u00a3784.7 m) held through externally managed fund vehicles, the estimated fair value is based on the most recent valuation provided by the external manager, usually received within 3-6 months of the relevant valuation date. Where required, valuations are adjusted for investments and distributions between the valuation date and the reporting date. This delay in manager NAV receipts creates a risk of changes or events occurring between the NAV and reporting dates which could impact valuations. We reviewed the underlying valuation methodologies adopted by our fund managers and were satisfied that the techniques utilised were appropriate. Fair value estimates for the above private assets are made at a specific point in time, based on market conditions and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgement and therefore cannot be determined with precision. Other judgement Management has exercised judgment in determining the classification of money market investments held by the group as cash equivalents under IAS 7. In arriving at this judgement management has noted that it uses money market funds to manage day-to-day working capital requirements, and that all such funds are highly liquid Low Volatility Net Asset Value products with a minimum credit rating of AAAm, and a maximum weighted- average maturity of 60 days. They have therefore judged that the risk of changes in value is insignificant and investments can be readily converted to a known amount of cash upon redemption, and therefore classification as cash equivalents is appropriate. They note that, although remote, there is not a zero risk of significant change in value and that therefore this classification is judgemental. Going concern As at 31 March 2023 the group holds \u00a31,058m of liquid assets and has access to \u00a3250m of undrawn committed banking facilities, \u00a3112.5m of which expires in July 2025 and \u00a3137.5m of which expires in November 2027. The Directors therefore believe the group will be able to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements. The group has conducted a going concern assessment which considered future cash flows, the availability of liquid assets and debt facilities, banking covenant requirements (see note 15) and consideration of the risks arising from the war in Ukraine and the inflationary environment over at least 12 months from the date of approval of these financial statements. In making this assessment a number of stress scenarios were developed, factoring in (a) adverse foreign exchange movements, (b) reduction in investment income, (c) reduction in distributions received from private equity funds and drawdown of all existing private equity fund commitments, (d) a delay and reduction in disposals of directly owned private equity investments, and (e) a significant temporary market decline for part of the year and (f) the cumulative impact of the above. Under these scenarios the group would have a range of mitigating actions available to it, including sales of liquid assets, and usage of banking facilities, which would provide sufficient funds to meet all of its liabilities as they fall due and still hold significant liquid assets over the assessment period. As a result of this assessment the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis. For further details on assessment of going concern and viability please refer to page 46. Basis of accounting These Group and parent company financial statements were prepared in accordance with UK adopted international accounting standards in conformity with the requirements of the Companies Act 2006. IFRSs comprise accounting standards issued by the International Accounting Standards Board and its predecessor body as well as interpretations issued by the International Financial Reporting Interpretations Committee and its predecessor body. The financial statements have been prepared on an historical cost basis, except for the revaluation of certain financial instruments and properties. Where presentational guidance set out in the Statement of Recommended Practice: Financial Statements of Investment Trust Companies and Venture Capital Trusts (\u2018SORP\u2019) issued by the Association of Investment Companies in October 2019 is consistent with the requirements of UK adopted international accounting standards, the directors have sought to prepare the financial statements on a basis compliant with the recommendations of the SORP. The Statement of comprehensive income of the company has been omitted from these financial statements in accordance with section 408 of the Companies Act 2006. Under the UK Corporate Governance Code and applicable regulations, the directors are required to satisfy themselves that it is reasonable to presume that the company is a going concern. After reviewing the company\u2019s performance projections for a period of at least 12 months, the directors are satisfied that in taking account of reasonably possible downsides the company has adequate access to resources to enable it to meet its obligations as they fall due for at least 12 months from the date of approval of the financial statements. Accordingly, the directors have adopted the going concern basis in preparing these financial statements. Adopted IFRSs and IFRSs not yet applied In the current year, the group has not adopted any new standards or interpretations. Amendments to IFRS adopted in the year have not had a material impact on the group. At the date of approval of these financial statements, the following standard, which has not been applied in these financial statements, was in issue but not yet effective. \u2022 IFRS 17 Insurance Contracts The directors anticipate that the adoption of the standard in future periods in its issued form will have no material impact on the financial statements. Assessment as investment entity Entities that meet the definition of an investment entity within IFRS 10 are required to account for most investments in controlled entities as held at fair value through profit or loss. Subsidiaries that provide investment related services or engage in permitted investment related activities with investees continue to be consolidated unless they are also investment entities. Having considered the following, the board has concluded that the company meets the definition of an investment entity. An investment entity is one which: \u2022 obtains funds from investors for the purpose of providing them with investment management services \u2022 invests funds solely for returns from capital appreciation and/or investment income, and \u2022 measures and evaluates the performance of substantially all of its investments on a fair value basis. Basis of consolidation In accordance with the IFRS 10/IAS 28 Investment entities amendments, the consolidated financial statements include the financial statements of the company and service entities controlled by the company made up to the reporting date. Control is achieved where the company has the power over the potential investee as a result of voting or other rights, has rights to positive or negative variable returns from its involvement with the investee and has the ability to use its power over the investee to affect significantly the amount of its returns. The following subsidiaries are deemed service entities and are consolidated in the group financial statements: \u2022 Caledonia Group Services Ltd \u2022 Caledonia Treasury Ltd \u2022 Buckingham Gate Ltd Other associated entities and subsidiaries are disclosed in notes 27 and 28 to the financial statements and are not consolidated in the group financial statements, being held at fair value through profit or loss. Foreign currencies Transactions in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the foreign exchange rate ruling at the reporting date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated to the functional currency using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated to the functional currency at foreign exchange rates ruling at the dates the fair values were determined. In the financial statements, foreign exchange gains or losses are recognised in capital or revenue reserve depending on whether the gain or loss is of a capital or revenue nature respectively. Income Dividends receivable on equity shares are recognised as revenue when the shareholders\u2019 right to receive payment has been established, normally the ex-dividend date. Where no ex-dividend date is available, dividends receivable on or before the period end, are treated as revenue. Provision is made for any dividends not expected to be received. The fixed returns on debt securities, loans and non-equity shares are recognised on an effective interest rate basis, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset\u2019s net carrying amount. Rental income is recognised on a straight-line basis over the lease term. The company\u2019s share of net income from limited partnerships is recognised as revenue when received. Where uncertainty arises over the collectability of an amount already included in income, the uncollectible amount or the amount in respect of which the recovery has ceased to be probable, is recognised as an expense. When the uncertainty over collectability is removed, normally on receipt, the income is recognised in the Statement of comprehensive income. Expenses All expenses are accounted for on an accrual basis. In the financial statements, ongoing management expenses are included in revenue reserves, whereas performance fees and share-based payment expenses \u2013 costs relating to compensation schemes that are linked directly to investment performance \u2013 are included in capital reserves. Expenses of acquisition of an investment designated as held at fair value through profit or loss or expenses of an aborted acquisition or disposal of an investment are presented as transaction costs, or deducted from the proceeds of sale as appropriate, and included in capital reserves. Leases Lessor Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. Rental income from operating leases is recognised on a straight- line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis. Benefits provided as an incentive to enter into an operating lease are also spread on a straight-line basis over the lease term. Lessee On commencement of a contract which gives the group the right to use assets for a period of time in exchange for consideration, the group recognises a right-of-use asset and a lease liability, unless the lease qualifies as a \u2018short-term\u2019 lease (that is, the term is twelve months or less with no option to purchase the lease asset) or a \u2018low-value\u2019 lease. Payments associated with short-term leases are recognised on a straight-line basis as an expense in the income statement. Employee benefits Pension schemes Payments to defined contribution schemes are charged as an expense as they fall due. For defined benefit schemes, the cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at each reporting date. Re-measurement gains and losses are recognised in full in the period in which they occur in other comprehensive income. Past service cost is recognised immediately in the period of a plan amendment. The retirement benefit obligation recognised in the Statement of financial position represents the present value of the defined benefit obligations as reduced by the fair value of scheme assets. Any asset resulting from this calculation is limited to the present value of available refunds and reductions in future contributions to the plan. Profit sharing and bonus plans The group recognises a liability and an expense for bonuses and profit sharing, based on a formula that takes into consideration the profit attributable to the company\u2019s shareholders after certain adjustments. The group recognises a provision where contractually obliged or where there is a past practice that has created a constructive obligation. Share-based payments The group issues equity-settled share-based payments to certain employees. Equity-settled share-based payments are measured at fair value at the date of grant and the fair value is expensed on a straight-line basis over the vesting period, based on the group\u2019s estimate of the number of shares that will eventually vest. As part of the share-based payment arrangements, the group pays a cash amount to employees on exercise of options, equating to the dividend entitlement on the option shares between grant and vesting dates. This payment is treated as a cash-settled share- based payment and is expensed on a straight-line basis over the vesting period, based on the group\u2019s estimate of the number of shares that will eventually vest and a re-estimate of the fair value of the dividend entitlement. Where employees of a subsidiary are granted rights to the equity instruments of its parent as consideration for the services provided to the subsidiary, the subsidiary recognises an equity-settled share-based payment transaction expense with a corresponding intercompany balance with the parent. In addition, the parent recognises an increase in equity and an increase in intercompany balance for the amount of the share-based payment transaction. An employee share trust is used for distributing shares awarded to employees under Caledonia\u2019s share remuneration schemes. The trustee purchases shares with money lent interest free by Caledonia and transfers shares to participating employees on exercise The transactions the employee share trust undertakes are considered to be performed by the trust as an agent for Caledonia. The transactions of the employee share trust are included in the separate financial statements of the parent company and, following the requirements of IFRS 10, in the consolidated financial statements as if they arose in that company. Own shares held by the employee share trust as at the reporting date are accounted for as treasury shares. National Insurance on share-based payment awards National Insurance payable on the exercise of share awards has been charged as an expense spread over the respective vesting periods of the awards. The charge is based on the difference between the market value of the estimated number of shares that will vest and on the vested but unexercised awards at the reporting date, less any consideration due, calculated at the latest enacted National Insurance rate. Taxation The tax expense represents the sum of tax currently payable and deferred tax. The tax currently payable is based on the taxable profit for the period. Taxable profit differs from net profit as reported in the Statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible. The group\u2019s liability for current tax is calculated using tax rates that were applicable at the reporting date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the liability method. Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which deductible temporary differences can be utilised. Investment trust companies that have approval as such under section 1159 of the Corporation Tax Act 2010 are not liable for taxation on capital gains. The carrying amount of deferred tax assets is reviewed at each reporting date and adjusted to the extent that it is probable that sufficient future taxable profits will be available to allow all or part of the assets to be recovered. Dividend distribution Dividends are recognised in the period in which they are appropriately authorised and no longer at the discretion of the entity. For interim dividends, this will normally mean the date on which they are paid and, for final dividends, the date on which they are approved in general meeting. Investments Investments are recognised and derecognised on the date when their purchase or sale is subject to a relevant contract and the associated risks and rewards have been transferred. Where a purchase or sale is made under a contract whose terms require delivery within the timeframe established by the market concerned, transactions are recognised on the trade date. Investments held as part of the group\u2019s business of investing in financial assets are designated as held at fair value through profit or loss in both the consolidated financial statements and the company financial statements. Investments designated as held at fair value through profit or loss are measured at subsequent reporting dates at fair value. Gains or losses arising from changes in the value of investments designated as held at fair value through profit or loss, including foreign exchange movements, are included in net profit or loss for the period as a capital return. Listed investments are valued at bid price or the last traded price when a bid price is not available. Unlisted investments are valued using recognised valuation methodologies, based on the International Private Equity and Venture Capital Valuation Guidelines, which reflect the amount for which an asset could be exchanged between knowledgeable, willing parties on an arm\u2019s length basis. The portfolio valuation methodology is detailed on pages 40 to 41. Distributions from investment limited partnerships are treated as disposal proceeds or income in accordance with the nature of the distribution. Any surplus capital distributions after repaying partner\u2019s capital are treated as realised gains. Service subsidiaries are either designated as held at fair value through profit or loss or held at amortised cost in the company financial statements. Capital reserve The company maintains a capital reserve. The following items are transferred into the capital reserve from profit or loss: \u2022 gains and losses on investments held at fair value through profit or loss \u2022 gains and losses on derivatives used to hedge the fair value of investments \u2022 fees and share-based payment expenses linked to investment performance \u2022 expenses and finance costs incurred directly in relation to capital transactions \u2022 actuarial gains and losses on defined benefit pension schemes \u2022 taxation on items recognised in the capital reserve. Investment property Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are stated at fair value. The valuations are prepared by considering the aggregate of the net annual rents receivable from the properties and where relevant, associated costs. A yield which reflects the specific risks inherent in the net cash flows is then applied to the net annual rentals to arrive at the property valuation. Any gain or loss arising from a change in fair value is recognised in profit or loss. Rental income is recognised on a straight-line basis over the lease term. Property, plant and equipment Property is measured at fair value. Gains arising from changes in the fair value are included in other comprehensive income for the period in which they arise and losses included in profit or loss. To the extent gains represent the reversal of cumulative losses previously recognised they are included in profit or loss. Plant and equipment is measured at cost less accumulated depreciation and any accumulated impairment loss. Assets in course of construction are measured at cost less any accumulated impairment loss. Depreciation is calculated to write off the fair value or cost of items of property, plant and equipment less their estimated residual values using the straight-line method over their estimated useful lives. Land and assets in course of construction are not depreciated. The estimated useful lives of property, plant and equipment are as follows: Buildings 25 and 50 years Fixtures and fittings 5-10 years Office equipment 3-5 years Accumulated depreciation on revalued property is eliminated against the gross carrying amount of the asset. The gain or loss on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the Statement of comprehensive income. Impairment of assets At each reporting date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, an impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount, if any. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. Receivables Receivables do not carry any interest and are stated at their nominal value as reduced by expected credit losses (\u2018ECL\u2019) arising from an annual ECL assessment of recoverable amounts. The company has applied the three-stage model to intercompany receivables and determined that they are not impaired on a stage one basis because credit risk has not increased significantly since initial recognition. Cash and cash equivalents Cash comprises cash in hand, demand deposits and money market funds. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. Borrowings Interest-bearing bank loans and overdrafts are recorded at the fair value of proceeds received, net of direct issue costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accrual basis in the Statement of comprehensive income using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. The effective interest method allocates the interest expense over the life of the instrument so as to reflect a constant return on the carrying amount of the liability. Payables Payables, are stated based on the amounts which are considered to be payable in respect of goods or services received up to the balance sheet date. Financial liabilities are recognised at amortised cost in accordance with IFRS 9. Provisions A provision is recognised in the Statement of financial position when the company has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are measured at the directors\u2019 best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value where the effect is material. In the financial statements, provisions recognised for investments are included in the Statement of comprehensive income as a capital return. Share capital Equity instruments issued by the company are recorded as the proceeds received, net of direct issue costs. Where The Caledonia Investments plc Employee Share Trust purchases the company\u2019s equity share capital, the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to the company\u2019s owners until the shares are transferred. Where such shares are subsequently transferred, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the company\u2019s owners. Operating segments Operating segments are based on the financial information reported to the chief operating decision maker. Notes to the financial statements 1. Revenue Investment income 2023 \u00a3m 2022 \u00a3m Income statement revenue column Income from pool investments Dividends from UK listed companies 11.2 11.2 Dividends from overseas listed companies 9.6 7.2 Dividends from unlisted companies 18.8 25.4 Distributions from limited partnerships 1.8 5.6 Interest on loan facilities 1.8 1.6 43.2 51.0 Income statement capital column Dividends from UK listed companies \u2013 4.8 43.2 55.8 Other income 2023 \u00a3m 2022 \u00a3m Income statement revenue column Property income 0.8 0.6 Income statement capital column US limited partnerships tax refunds 1.3 \u2013 2. Expenses Management expenses 2023 \u00a3m 2022 \u00a3m Income statement revenue column Personnel expenses 12.0 12.7 Depreciation 1.1 1.2 Auditor\u2019s remuneration 0.4 0.3 Other administrative expenses 8.7 7.6 Directors\u2019 fees and disbursements recharged (0.8) (0.7) Management fees and recharges (0.1) (0.1) 21.3 21.0 Income statement capital column Personnel expenses 8.2 11.4 Transaction costs 0.4 0.4 8.6 11.8 29.9 32.8 Further information Auditor\u2019s remuneration Fees payable to BDO LLP in respect of services to Caledonia Investments plc were as follows: 2023 \u00a3m 2022 \u00a3m Audit services Annual report 0.3 0.2 Other services Other assurance, due diligence and tax compliance 0.1 0.1 0.4 0.3 Fees payable to BDO LLP in respect of services to Caledonia Investments plc\u2019s non-consolidated subsidiaries were as follows: 2023 \u00a3m 2022 \u00a3m Audit services Annual report 0.5 0.3 Other services Other assurance, due diligence and tax compliance 0.1 0.1 0.6 0.4 Personnel expenses 2023 \u00a3m 2022 \u00a3m Income statement revenue column Wages and salaries 9.7 10.4 Compulsory social security contributions 1.5 1.5 Contributions to defined contribution plans 1.0 0.7 Defined benefit pension plans expense (note 25) (0.2) 0.1 12.0 12.7 Income statement capital column Share-based payments (note 24) 7.4 9.0 National Insurance on share awards 0.8 2.4 8.2 11.4 20.2 24.1 The average number of employees, including executive directors, throughout the year was as follows: 2023 No 2022 No Average number of employees 62 60 Total directors\u2019 remuneration expensed for the year was \u00a34.8m (2022: \u00a33.9m), as follows: Group 2023 \u00a3m 2022 \u00a3m Short-term employee benefits 2.7 2.5 Gains on exercise of share awards 2.1 1.4 4.8 3.9 3. Treasury interest receivable 2023 \u00a3m 2022 \u00a3m Interest on bank deposits and liquidity funds 4.6 0.1 4. Finance costs 2023 \u00a3m 2022 \u00a3m Interest on bank loans and overdrafts 2.3 2.3 On loans from group companies 0.1 \u2013 2.4 2.3 5. Taxation Recognised in profit for the year 2023 \u00a3m 2022 \u00a3m Current tax income Current year 13.4 3.0 Adjustments for prior years (1.3) 1.6 12.1 4.6 Deferred tax (expense)/income Origination and reversal of temporary differences (25.6) 17.1 Adjustments for prior years 7.2 (2.5) (18.4) 14.6 Total tax (expense)/income (6.3) 19.2 Adjustments for prior years represented settlement of prior year tax loss relief surrendered to group companies, finalised in the year. Reconciliation of effective tax expense 2023 \u00a3m 2022 \u00a3m Profit before tax 149.2 592.0 Tax expense at the domestic rate of 19% (28.4) (112.5) Non-deductible expenses 0.1 (0.5) (Derecognition)/recognition of losses (19.3) 14.4 Non-taxable gains on investments 1 25.1 109.5 Non-taxable dividend income 9.0 8.3 Other temporary differences 1.3 0.9 Adjustments for prior years 5.9 (0.9) Tax (expense)/income (6.3) 19.2 1. The Company is exempt from UK corporation tax on capital gains as it meets the HM Revenue & Customs criteria for an investment company set out in Section 1158 of the Corporation Tax Act 2010. Recognised in other comprehensive income 2023 \u00a3m 2022 \u00a3m Current tax income Current year 0.5 \u2013 Deferred tax (expense)/income On re-measurements of defined benefit pension schemes (0.5) 0.5 On share options and awards (0.3) 1.0 Total tax (expense)/income (0.3) 1.5 Current tax assets Current tax assets of \u00a319.3m in the group and \u00a320.3m in the company represented tax loss relief surrender for settlement (2022: \u00a38.8m in the group and \u00a39.7m in the company). 6. Dividends Amounts recognised as distributions to owners of the company in the year were as follows: 2023 2022 p/share \u00a3m p/share \u00a3m Final dividend for the year ended 31 March 2022 (2021) 47.3 25.6 45.9 25.1 Special dividend for the year ended 31 March 2022 175.0 95.0 Interim dividend for the year ended 31 March 2023 (2022) 18.2 9.9 17.5 9.5 240.5 130.5 63.4 34.6 Amounts proposed after the year end and not recognised in the financial statements were as follows: Proposed final dividend for the year ended 31 March 2023 49.2 26.7 The proposed final dividend for the year ended 31 March 2023 was not included as a liability in these financial statements. The dividend, if approved by shareholders at the annual general meeting to be held on 19 July 2023, will be payable on 3 August 2023 to holders of shares on the register on 30 June 2023. The ex-dividend date will be 29 June 2023. The deadline for elections under the dividend reinvestment plan offered by Link Group will be the close of business on 13 July 2023. For the purposes of section 1158 of the Corporation Tax Act 2010 and associated regulations, the dividends payable for the year ended 31 March 2023 are the interim and final dividends for that year, amounting to \u00a336.6m (2022: \u00a3130.1m). 7. Earnings per share Basic and diluted earnings per share The calculation of basic earnings per share of the group was based on the profit attributable to shareholders and the weighted average number of shares outstanding during the year. The calculation of diluted earnings per share included an adjustment for the effects of dilutive potential shares. The profit attributable to shareholders (basic and diluted) was as follows: 2023 \u00a3m 2022 \u00a3m Revenue 20.6 39.3 Capital 122.3 571.9 Total 142.9 611.2 The weighted average number of shares was as follows: 2023 000\u2019s 2022 000\u2019s Issued shares at the year start 55,664 55,374 Effect of shares cancelled \u2013 (404) Effect of shares held by the employee share trust (376) (468) Basic weighted average number of shares in the year 54,288 54,502 Effect of performance shares, share options and deferred bonus awards 881 987 Diluted weighted average number of shares in the year 55,169 55,489 Notes to the financial statements (continued) 8. Investments Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Investments held at fair value through profit or loss Investments listed on a recognised stock exchange 836.9 830.1 836.9 830.1 Unlisted investments 1,958.0 1,555.3 1,966.3 1,564.5 2,794.9 2,385.4 2,803.2 2,394.6 Investments held at cost Service subsidiaries \u2013 \u2013 0.9 0.9 2,794.9 2,385.4 2,804.1 2,395.5 The movements in non-current investments were as follows: Listed equity \u00a3m Unlisted equity 1 \u00a3m Unlisted debt \u00a3m Total \u00a3m Group Balance at 31 March 2021 719.4 1,440.3 34.3 2,194.0 Purchases at cost 72.5 145.1 9.3 226.9 Disposal proceeds (39.5) (550.3) (13.6) (603.4) Gains/losses on investments 77.7 489.4 \u2013 567.1 Accrued income \u2013 0.8 \u2013 0.8 Balance at 31 March 2022 830.1 1,525.3 30.0 2,385.4 Transfers \u2013 (1.6) 1.6 \u2013 Purchases at cost 54.4 413.7 \u2013 468.1 Disposal proceeds (28.2) (156.8) (6.0) (191.0) Gains/losses on investments (19.4) 152.4 \u2013 133.0 Accrued income \u2013 (0.6) \u2013 (0.6) Balance at 31 March 2023 836.9 1,932.4 25.6 2,794.9 Company Balance at 31 March 2021 719.4 1,446.1 34.3 2,199.8 Purchases at cost 72.5 145.1 9.3 226.9 Disposal proceeds (39.5) (550.3) (13.6) (603.4) Gains/losses on investments 77.7 493.7 \u2013 571.4 Accrued income \u2013 0.8 \u2013 0.8 Balance at 31 March 2022 830.1 1,535.4 30.0 2,395.5 Transfers \u2013 (1.6) 1.6 \u2013 Purchases at cost 54.4 413.7 \u2013 468.1 Disposal proceeds (28.2) (156.8) (6.0) (191.0) Gains/losses on investments (19.4) 151.5 \u2013 132.1 Accrued income \u2013 (0.6) \u2013 (0.6) Balance at 31 March 2023 836.9 1,941.6 25.6 2,804.1 1. Unlisted equity included limited partnership and open ended fund investments, including a loan facility to a wholly owned investment subsidiary investing in US PE funds. It also included \u00a3260.2m of non-pool investments (2022 \u2013 \u00a320.7m non-pool provisions). 9. Investment property Freehold property \u00a3m Cost Balance at 31 March 2021 19.4 Acquisitions 0.3 Balance at 31 March 2022 19.7 Acquisitions 0.1 Balance at 31 March 2023 19.8 Revaluation Balance at 31 March 2021 (6.1) Revaluation in the year 2.4 Balance at 31 March 2022 (3.7) Revaluation in the year (1.0) Balance at 31 March 2023 (4.7) Carrying amounts At 31 March 2021 13.3 At 31 March 2022 16.0 At 31 March 2023 15.1 At 31 March 2023, the group held one property classified as investment property, comprising that part of its head office building occupied by a third party tenant. The fair value of the investment property was determined by Tuckerman, an external, independent property valuer, holding recognised and relevant professional qualifications and with recent experience in the location and category of the property being valued. The valuation conforms to the Royal Institution of Chartered Surveyors (\u2018RICS\u2019) Valuation Professional Standards. Fees paid to the valuer are based on a fixed price contract. As the property was let to a third party tenant, it was valued on the basis of the terms of the lease and current rent payable. The investment property held by the group is classified as Level 3 under the fair value hierarchy (see page 127). Property Market value \u00a3m Valuation technique Key unobservable inputs Range (weighted average) Buckingham Gate 15.1 Residual development Rent per sq ft pa \u00a338.00 \u2013 \u00a385.00 (\u00a373.78) value Rent-free period 0.5 yrs Capitalisation rate 4.75% Purchaser\u2019s costs 6.8% An increased capitalisation rate of 0.25% would result in a decreased asset valuation of \u00a30.8m and a decrease of 0.25% would result in an increased asset valuation of \u00a31.0m. Conversely, an increase in the estimated rent by 5% would result in an increase in the asset valuation of \u00a30.8m and a decrease of 5% would result in a decrease in the asset valuation of \u00a30.7m. The above inputs are interdependent and partially determined by market conditions. The impact on the valuation could be mitigated by the inter- relationship between these inputs. The prior year sensitivity to inputs was as follows: The investment property held by the group is classified as Level 3 under the fair value hierarchy (see page 127). Property Market value \u00a3m Valuation technique Key unobservable inputs Range (weighted average) Buckingham Gate 16.0 Residual development Construction costs \u00a30.2m value Rent per sq ft pa \u00a338.00 \u2013 \u00a385.00 (73.78) Rent-free period 0.5 yrs Capitalisation rate 4.5% Purchaser\u2019s costs 6.8% An increase in the cost retention of 10% would result in a decrease in the asset valuation of \u00a3nil and a decrease of 10% would result in an increase in the asset valuation of \u00a3nil. An increased capitalisation rate of 0.25% would result in a decreased asset valuation of \u00a30.9m and a decrease of 0.25% would result in an increased asset valuation of \u00a31.0m. Conversely, an increase in the estimated rent by 5% would result in an increase in the asset valuation of \u00a30.8m and a decrease of 5% would result in a decrease in the asset valuation of \u00a30.8m. The above inputs are interdependent and partially determined by market conditions. The impact on the valuation could be mitigated by the inter- relationship between these inputs. 10. Property, plant and equipment Group Property \u00a3m Office equip- ment \u00a3m Total \u00a3m Cost Balance at 31 March 2021 32.4 4.3 36.7 Acquisitions \u2013 0.2 0.2 Balance at 31 March 2022 32.4 4.5 36.9 Acquisitions \u2013 0.2 0.2 Balance at 31 March 2023 32.4 4.7 37.1 Depreciation Balance at 31 March 2021 \u2013 (2.0) (2.0) Depreciation charge (0.6) (0.6) (1.2) Eliminate depreciation 0.6 \u2013 0.6 Balance at 31 March 2022 \u2013 (2.6) (2.6) Depreciation charge (0.6) (0.5) (1.1) Eliminate depreciation 0.6 \u2013 0.6 Balance at 31 March 2023 \u2013 (3.1) (3.1) Revaluation Balance at 31 March 2021 (5.7) \u2013 (5.7) Revaluation in the year 1.2 \u2013 1.2 Eliminate depreciation (0.6) \u2013 (0.6) Balance at 31 March 2022 (5.1) \u2013 (5.1) Revaluation in the year (0.4) \u2013 (0.4) Eliminate depreciation (0.6) \u2013 (0.6) Balance at 31 March 2023 (6.1) \u2013 (6.1) Carrying amounts At 31 March 2021 26.7 2.3 29.0 At 31 March 2022 27.3 1.9 29.2 At 31 March 2023 26.3 1.6 27.9 Property is measured at fair value and comprised freehold land and buildings. Property was revalued at 31 March 2023 by an independent valuer. Had the property been carried under the cost model, the carrying amount would have been \u00a325.1m (2022: \u00a325.7m). The fair value of the property was determined by Tuckerman, an external, independent property valuer, holding recognised and relevant professional qualifications and with recent experience in the location and category of the property being valued. The valuation conforms to the Royal Institution of Chartered Surveyors (\u2018RICS\u2019) Valuation Professional Standards. Fees paid to the valuer are based on a fixed price contract. The external valuations were prepared by considering the aggregate of the net annual rents receivable from the property and where relevant, associated costs. A yield which reflects the specific risks inherent in the net cash flows is then applied to the net annual rentals to arrive at the property valuation. The property held by the group is classified as Level 3 under the fair value hierarchy (see page 127). Property Market value \u00a3m Valuation technique Key unobservable inputs Range (weighted average) Buckingham Gate 26.3 Rental yield Rent per sq ft pa \u00a340.00 \u2013 \u00a385.00 (\u00a373.32) Capitalisation rate 4.75% Purchaser\u2019s costs 6.8% An increased capitalisation rate of 0.25% would result in a decreased asset valuation of \u00a31.5m and a decrease of 0.25% would result in an increased asset valuation of \u00a31.6m. An increase in the estimated rent by 5% would result in an increase in the asset valuation of \u00a31.3m and a decrease of 5% would result in a decrease in the asset valuation of \u00a31.3m. The above inputs are interdependent and partially determined by market conditions. The impact on the valuation could be mitigated by the inter- relationship between these inputs. The prior year sensitivity to inputs was as follows: Property Market value \u00a3m Valuation technique Key unobservable inputs Range (weighted average) Buckingham Gate 27.3 Rental yield Rent per sq ft pa \u00a338.50 \u2013 \u00a382.50 (\u00a371.94) Capitalisation rate 4.5% Purchaser\u2019s costs 6.8% An increased capitalisation rate of 0.25% would result in a decreased asset valuation of \u00a31.6m and a decrease of 0.25% would result in an increased asset valuation of \u00a31.7m. An increase in the estimated rent by 5% would result in an increase in the asset valuation of \u00a31.4m and a decrease of 5% would result in a decrease in the asset valuation of \u00a31.3m. The above inputs are interdependent and partially determined by market conditions. The impact on the valuation could be mitigated by the inter-relationship between these inputs. 11. Deferred tax Deferred tax assets and liabilities were attributable to the following: Group Assets \u00a3m Liabilities \u00a3m Net \u00a3m 2023 Employee benefits 5.5 (1.4) 4.1 Other timing differences 0.2 (0.4) (0.2) 5.7 (1.8) 3.9 2022 Employee benefits 5.9 (0.8) 5.1 Tax losses 18.1 \u2013 18.1 Other timing differences 0.2 (0.3) (0.1) 24.2 (1.1) 23.1 Company Assets \u00a3m 2023 Tax losses \u2013 2022 Tax losses 18.1 Movement in temporary differences during the year Group Balance at year start \u00a3m Compre- hensive income \u00a3m Other compre- hensive income \u00a3m Balance at year end \u00a3m 2023 Employee benefits 5.1 (0.2) (0.8) 4.1 Tax losses 18.1 (18.1) \u2013 \u2013 Other timing differences (0.1) (0.1) \u2013 (0.2) 23.1 (18.4) (0.8) 3.9 2022 Employee benefits 0.9 2.7 1.5 5.1 Tax losses 6.1 12.0 \u2013 18.1 Other timing differences \u2013 (0.1) \u2013 (0.1) 7.0 14.6 1.5 23.1 Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability settled, based on rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax balances are calculated on all temporary differences using a tax rate of 25% (2022: 25%). Group and company Unrecognised deferred tax assets Deferred tax assets were not recognised in respect of the following items: Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Tax losses 18.6 3.7 15.0 3.7 A deferred tax asset was not recognised in respect of the tax losses as, given the composition of the Company\u2019s portfolio and the restrictions on the utilisation of brought forward tax losses, it is not likely that this asset will be utilised in the foreseeable future. The unrecognised deferred tax assets do not have an expiry date. Given the Company\u2019s status as an investment trust company and the intention to continue meeting the conditions required to obtain approval, the Company has not provided for deferred tax on any capital gains or losses arising on the revaluation or disposal of investments held by the Company itself. 12. Trade and other receivables Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Non-current assets Other receivables \u2013 \u2013 37.1 37.3 Company non-current other receivables comprise \u00a335.5m (2022: \u00a335.5m) due from a wholly owned subsidiary and \u00a31.6m (2022: \u00a31.8m) due from overseas tax authorities. Current assets Trade receivables 2.8 3.6 2.1 3.1 Non-trade receivables and prepayments 4.1 3.9 1.0 0.7 6.9 7.5 3.1 3.8 We estimate expected credit losses on the Group and Company receivables to be under \u00a30.1m (2022: less than \u00a30.1m). Our ECL assessment included a review of recoverability of the Trade receivables which comprise quoted investment income and private capital sales balances to confirm amounts were received within one month of the reporting date. An aged analysis of group trade receivables is disclosed below. Total \u00a3m Within terms \u00a3m 0-1 month \u00a3m 2023 2.8 2.7 0.1 2022 3.6 3.5 0.1 13. Net cash and cash equivalents Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Bank balances 7.3 10.8 6.8 11.1 Money market funds 214.3 330.3 214.3 329.9 Cash and cash equivalents 221.6 341.1 221.1 341.0 14. Interest-bearing loans and borrowings Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Current liabilities Loans from group companies 266.0 \u2013 266.0 \u2013 As at 31 March 2023 the group and company had loans from group companies of $328.8m (\u00a3266.0m) bearing interest at the Fed Funds Target Range Lower Limit (DFEDTARL) plus 0.1% (4.85%) and is repayable on demand. As at 31 March 2023 the group had undrawn committed facilities totalling \u00a3250m (2022: \u00a3250m), comprising \u00a3112.5m from ING Group expiring in July 2025 and \u00a3137.5m from RBSI expiring in November 2027. The facilities are in place to ensure the group has sufficient liquid funds to meet its working capital and investment requirements, most notably drawdown notices from private equity funds, whose exact timing can be unpredictable. Covenants attached to the group loan facilities assess borrowing levels against the net assets of Caledonia plc and sub-categories of assets held therein, adjusted to take account of liquidity, asset concentration and the markets in which they are invested. As at 31 March 2023, Caledonia plc had remaining borrowing capacity under the covenants of \u00a3523m (2022: \u00a3521m), considerably in excess of undrawn facilities. Compliance with covenants is tested monthly. During the year the group and company utilised \u00a3nil (2022: \u00a315m) of an available \u00a3250m of bank revolving credit facilities. 15. Trade and other payables Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Trade payables 1.0 0.7 9.2 11.8 Non-trade payables and accrued expenses 0.8 1.4 10.1 13.4 Other payables 20.3 20.3 14.5 10.4 22.1 22.4 33.8 35.6 Other payables included short-term borrowing from subsidiaries. 16. Share capital Ordinary shares \u00a3m Deferred ordinary shares \u00a3m Share premium \u00a3m Total \u00a3m Balance at 31 March 2021 and 2021 2.8 0.4 1.3 4.5 Shares cancelled (0.1) \u2013 \u2013 (0.1) Balance at 31 March 2022 and 2023 2.7 0.4 1.3 4.4 The number of fully paid shares in issue was as follows: Ordinary shares Deferred ordinary shares 2023 000\u2019s 2022 000\u2019s 2023 000\u2019s 2022 000\u2019s Balance at the year start 54,664 55,374 8,000 8,000 Shares purchased and cancelled \u2013 (710) \u2013 \u2013 54,664 54,664 8,000 8,000 The company had outstanding performance share scheme and deferred bonus awards (note 24). As at 31 March 2023, the issued share capital of the company comprised 54,663,662 ordinary shares (2022: 54,663,662) and 8,000,000 deferred ordinary shares (2022: 8,000,000). The ordinary and deferred ordinary shares have a nominal value of 5p each. The holders of the ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. In respect of the company\u2019s ordinary shares that are held by subsidiaries, all voting rights are suspended. The deferred ordinary shares carry no voting rights and are not redeemable. They carry the right to a fixed cumulative preference dividend of 1% per annum (exclusive of any associated tax credit) of the nominal value of such deferred ordinary shares, being 0.05p per share, or \u00a34,000 in aggregate, for all such shares currently in issue. The company is required to pay the dividend to the extent that it has distributable profits. On a winding-up or other return of capital, the deferred ordinary shares carry the right to the payment of the amount paid up on such shares only after holders of the ordinary shares have received the sum of \u00a3100,000 in respect of each such ordinary share. All of the deferred ordinary shares are held by Sterling Industries Ltd, a wholly-owned group company. 17. Net asset value The group\u2019s undiluted net asset value is based on the net assets of the group at the year end and on the number of ordinary shares in issue at the year end less ordinary shares held by The Caledonia Investments plc Employee Share Trust. The group\u2019s diluted net asset value assumes the calling of performance share and deferred bonus awards. 2023 2022 Net assets \u00a3m Number of shares 1 000\u2019s NAV p/share Net assets \u00a3m Number of shares 1 000\u2019s NAV p/share Undiluted 2,798.0 54,326 5150 2,782.7 54,211 5133 Share awards \u2013 881 (82) \u2013 987 (92) Diluted 2,798.0 55,207 5068 2,782.7 55,198 5041 1. Number of shares in issue at the year end is stated after the deduction of 337,962 (2022: 452,645) ordinary shares held by the Caledonia Investments plc Employee Share Trust. Net asset value total return is calculated in accordance with AIC guidance, as the change in NAV from the start of the period, assuming that dividends paid to shareholders are reinvested at NAV at the time the shares are quoted ex-dividend. 2023 p 2022 p Diluted NAV at year start 5041 4000 Diluted NAV at year end 5068 5041 Dividends payable in the year 241 63 Reinvestment adjustment 1 9 12 5318 5116 NAVTR over the year 5.5% 27.9% 1. The reinvestment adjustment is the gain or loss resulting from reinvesting the dividends in NAV at the ex-dividend date. 18. Operating segments The chief operating decision maker has been identified as the Executive Committee, which reviews the company\u2019s internal reporting in order to assess performance and allocate resources. Management has determined the operating segments based on these reports. The performance of operating segments is assessed on a measure of group total revenue, principally comprising gains and losses on investments and derivatives hedging those investments and investment income. Reportable profit or loss is after treasury income and \u2018Other items\u2019, which comprise management and other expenses and provisions. Reportable assets equate to the group\u2019s total assets. Cash and cash equivalents and other items are not identifiable operating segments. \u2018Other investments\u2019 comprise subsidiaries not managed as part of the investment portfolio. Reportable segments are identified with reference to investment \u2018pools\u2019 which are used by management to organise the asset allocation and performance measurement of the business. The pools are quoted equity, private companies (Private Capital) and private equity funds (Funds), with each pool exposed to different risks, and operated by different teams according to distinct investment criteria and subject to different internal performance targets. Profit/(loss) before tax Total assets 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Quoted Equity 1.4 100.7 836.9 830.1 Private Capital 64.6 322.0 824.0 781.7 Funds 103.6 230.4 873.8 794.4 Investment portfolio 169.9 653.1 2,534.7 2,406.2 Other investments 1 7.3 (26.0) 260.2 (20.7) Total revenue/investments 176.9 627.1 2,794.9 2,385.5 Cash and cash equivalents 4.6 0.1 221.6 341.1 Other items (32.3) (35.2) 78.9 88.0 Reportable total 149.2 592.0 3,095.4 2,814.6 1. Other investments included \u00a3260.2m of non-pool investments (2022: -\u00a320.7m of non-pool provisions). Geographical segments In presenting information on the basis of geographical segments, segment revenue is based on the currency of primary listing for listed securities, or country of residence for unquoted investments, and segment assets are based on the geographical location of the assets. Non-current assets below comprise investment property and property, plant and equipment (notes 9-10). UK \u00a3m US \u00a3m Other \u00a3m Total \u00a3m 2023 Revenue 19.4 114.7 42.8 176.9 Non-current assets 43.0 \u2013 \u2013 43.0 2022 Revenue 198.2 373.5 55.4 627.1 Non-current assets 45.2 \u2013 \u2013 45.2 19. Related parties Identity of related parties The group and company had related party relationships with its subsidiaries (note 28) and associates (note 27) and with its key management personnel, being its directors. Transactions with key management personnel Certain directors of the company and their immediate relatives had significant influence in The Cayzer Trust Company Ltd, which held 35.3% of the voting shares of the company as at 31 March 2023 (2022: 35.3%). During the year, the group invoiced and received \u00a30.1m (2022: \u00a30.1m) in rent and administration fees from The Cayzer Trust Company Ltd. In addition to their salaries, the group provided non-cash and post-employment benefits to directors and executive officers. Details of directors\u2019 pension benefits are set out in the Directors\u2019 remuneration report on page 72. The key management personnel compensation was as follows: Group 2023 \u00a3m 2022 \u00a3m Short-term employee benefits 2.7 2.8 Equity compensation benefits 2.0 2.1 4.7 4.9 Total remuneration of directors is included in \u2019Personnel expenses\u2019 (note 2). Other related party transactions Subsidiaries Transactions between the company and its subsidiaries were as follows: 2023 2022 Amount of trans- actions \u00a3m Balance at year end \u00a3m Amount of trans- actions \u00a3m Balance at year end \u00a3m Comprehensive income items Dividends receivable on equity shares 16.6 \u2013 18.4 \u2013 Interest receivable 1.9 \u2013 1.5 \u2013 Capital distributions receivable \u2013 \u2013 4.4 \u2013 Management fees payable (29.9) (9.9) (33.0) (13.0) Taxation received (0.1) (0.1) \u2013 \u2013 Taxation paid 2.1 \u2013 1.3 \u2013 Financial position items Investments purchased 1 273.7 \u2013 \u2013 \u2013 Equity subscribed 14.1 \u2013 1.9 \u2013 Investment loans (24.4) 52.6 (60.0) 77.1 Capital contributions \u2013 \u2013 9.2 \u2013 Loans receivable \u2013 35.5 \u2013 35.5 Loans payable 2 (265.9) (286.2) 4.5 (20.3) 1. During the year $338m (\u00a3274m) of fund investments were acquired from Caledonia US Investments Ltd, a wholly owned subsidiary. 2. During the year $328m (\u00a3266m) was borrowed from Caledonia US Investments Ltd. Associates Transactions between the company and group and associates were as follows: 2023 2022 Amount of trans- actions \u00a3m Balance at year end \u00a3m Amount of trans- actions \u00a3m Balance at year end \u00a3m Directors\u2019 fees 1 0.1 \u2013 0.1 \u2013 Dividends receivable on equity shares 5.0 \u2013 4.0 \u2013 1. Transactions with subsidiary. 20. Operating leases Leases as lessor The group leases out its investment property under operating leases (note 9). The future minimum lease receipts under non- cancellable leases were as follows: 2023 \u00a3m 2022 \u00a3m Less than one year 0.9 0.5 Between one and five years 2.1 2.7 3.0 3.2 During the year ended 31 March 2023, \u00a30.7m (2022:\u00a30.6) was recognised as income in the statement of comprehensive income in respect of operating leases. 21. Capital commitments At the reporting date, the group and company had entered into unconditional commitments to limited partnerships, committed loan facility agreements and a conditional loan and purchase agreement, as follows: Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Investments Contracted but not called 422.6 331.1 422.6 331.1 Conditionally contracted \u2013 \u2013 4.5 4.5 422.6 331.1 427.1 335.6 Amounts are callable within the next twelve months. The group has conducted a going concern assessment which considered future cash flows, the availability of liquid assets and debt facilities, banking covenant requirements (see note 15) and consideration of the risks arising from the war in Ukraine and the inflationary environment over at least 12 months from the date of approval of these financial statements. In making this assessment a number of stress scenarios were developed, factoring in (a) adverse foreign exchange movements, (b) reduction in investment income, (c) reduction in distributions received from private equity funds and drawdown of all existing private equity fund commitments, (d) a delay and reduction in disposals of directly owned private equity investments, and (e) a significant temporary market decline for part of the year and (f) the cumulative impact of the above. For further details on assessment of going concern and viability please refer to page 46. 22. Contingencies The company has provided guarantees capped at \u00a36.5m, \u00a39.0m and \u00a35.0m to the trustees of the Caledonia Pension Scheme, the Sterling Industries Pension Scheme and the Amber Industrial Holdings PLC Pension & Life Assurance Scheme respectively in respect of the liabilities of the participating employers of those schemes. Management have not set out a maturity analysis in relation to the pensions guarantees totalling \u00a320.5m on the grounds that management are unable to accurately allocate to the earliest period in which the guarantee could be called due to the conditions of this guarantee. 23. Financial instruments Financial instruments comprise securities and other investments, cash balances, borrowings and receivables and payables that arise from operations. The investment portfolio includes listed and unlisted equity investments, debt instruments and investments in funds that are intended to be held for the long term. Risk analysis The main types of financial risk to which the group is exposed are market risk (which encompasses price risk, currency risk and fair value interest rate risk), credit risk and liquidity risk. The nature and extent of the financial instruments outstanding at the reporting date and the risk management policies employed are discussed below. Market risk Market risk embodies the potential for both losses and gains and includes price risk, currency risk and fair value interest rate risk. The strategy for managing market risk is driven by the company\u2019s objectives, which are to outperform the RPI by 3% to 6% in the short term and the FTSE All-Share Total Return index over rolling ten year periods. Investments are made in a range of instruments, including listed and unlisted equities, debt and investment funds, in a range of sectors and regions. Price risk Price risk may affect the value of listed and unlisted investments as a result of changes in market prices (other than arising from interest rate risk or currency risk), whether caused by factors specific to an individual investment, its issuer or factors affecting all instruments traded in the market. Factors affecting instruments traded in the market could include changes in market prices whether driven by market sentiment, information specific to individual investments, or the movements in foreign currency relative to the group\u2019s functional currency of Sterling. As the majority of financial instruments are carried at fair value, with fair value changes recognised in the Statement of Comprehensive Income, all changes in market conditions will affect portfolio asset prices. Price risk is managed by constructing a diversified portfolio of instruments traded on various markets and hedging where appropriate. The exposures of listed and unlisted equity investments and fund interests were as follows: Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Investments held at fair value through profit or loss 2769.3 2,355.4 2777.6 2,364.6 The following table details the sensitivity to a 10% variation in equity prices. The sensitivity analysis includes all equity and fund investments held at fair value through profit or loss and adjusts their valuation at the year end for a 10% change in value. Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Increase in prices 276.9 235.5 277.7 236.4 Decrease in prices (276.9) (235.5) (277.7) (236.4) The sensitivity to equity and fund investments has increased during the year due to investment portfolio gains in the year, increasing the portfolio value at the year end. Currency risk The group\u2019s currency risk is attributable to monetary items which are denominated in currencies other than the group\u2019s functional currency of Sterling. This excludes the impact of foreign currency movements on equity instruments which carry price risk (see price risk section above). There is exposure to the risk that the exchange rate of the functional currency may change relative to other currencies in a manner that has an adverse effect on the value of that portion of assets and liabilities denominated in currencies other than the functional currency. The company\u2019s non-functional currency denominated monetary items and gains and losses thereon are reviewed regularly by the directors and the currency risk is managed by the directors within the overall asset allocation strategies. The fair values of the monetary items that have foreign currency exposure were as follows: Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Investments in debt instruments 1.6 \u2013 1.6 \u2013 Cash and cash equivalents 6.7 0.6 6.7 0.6 Loans and borrowings (266.0) (266.0) (257.7) 0.6 (257.7) 0.6 The following table details the sensitivity to a 10% variation in exchange rates. This level of change is considered to be reasonable, based on observation of market conditions and historic trends. The sensitivity analysis includes all foreign denominated debt investments. Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Sterling depreciates (weakens) (23.2) 0.9 (23.2) 0.9 Sterling appreciates (strengthens) 19.0 (0.8) 19.0 (0.8) The exposure to foreign currency has increased in the year due to an increase in foreign denominated debt investments, cash and cash equivalents and foreign denominated group borrowings. Interest rate risk Interest rate movements may affect the fair value of investments in fixed interest securities and the level of income receivable from fixed income securities and cash at bank and on deposit. The company and group held cash at bank, term deposits and money market funds, with the term to maturity of up to three months and fixed and floating rate, interest-bearing financial assets and floating rate borrowings. The company\u2019s interest bearing assets and liabilities are reviewed periodically by the company and interest rate risk is managed by the directors within the overall asset allocation strategies. The exposure to interest rate risk on financial assets and liabilities was as follows: Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Fixed rate Interest-bearing loans to non-consolidated subsidiaries 1.6 \u2013 1.6 \u2013 Floating rate Investments in debt instruments 24.0 30.0 24.0 30.0 Cash and cash equivalents 221.5 341.1 221.0 341.0 Loans and borrowings (266.0) \u2013 (266.0) \u2013 The sensitivity analysis below has been determined based on the exposure to interest rates at the reporting date from a 50 basis point change taking place at the beginning of the financial year and held constant throughout the year. This level of change is considered to be reasonable, based on observation of market conditions and historic trends. Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Decrease in interest rates 0.2 (1.5) 0.2 (1.5) Increase in interest rates (0.2) 1.5 (0.2) 1.5 The group\u2019s sensitivity to interest rates has reduced over the year due to a reduction in cash balances and floating rate debt investments and an increase in floating rate loans and borrowings. Credit risk Credit risk is the risk that the counterparty to a financial instrument will fail to discharge an obligation or commitment. A credit policy is in place and exposure to credit risk is monitored regularly. The exposure to credit risk in financial assets was as follows: Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Investments in debt instruments 25.6 30.0 25.6 30.0 Operating and other receivables 6.9 7.5 40.2 41.1 Cash and cash equivalents 221.6 341.1 221.1 341.0 254.1 378.6 286.9 412.1 The group\u2019s credit risk is primarily attributable to its cash and cash equivalents, trade receivables and debt investments. For an aged analysis of trade receivables see note 12. A group analysis of credit ratings for cash and cash equivalents is presented below. All other financial assets are unrated. Group Credit rating 2023 \u00a3m 2022 \u00a3m AAAm 1 214.3 330.3 A+ / A- 1 7.3 10.8 221.6 341.1 1. The group holds \u00a3214.3m (2022: \u00a3330.3m) in Low Volatility Net Asset Value money market funds which all hold a AAAm rating from Standard & Poors and \u00a37.3m (2022: \u00a310.8m) of cash in current accounts with three (2022: two) commercial banks with credit ratings from Standard & Poors of A+ and A-. Debt instruments relate to loans to investees within the Private Capital pool totalling \u00a325.6m (2022: \u00a330.0m). Prior to making investments in debt instruments, management has in place a process of review that includes an evaluation of a potential investee company\u2019s ability to service and repay its debt. Management assess the credit risk relating to these instrument as part of an overall ongoing monitoring of its debt and equity positions in each relevant investee. The exposure to credit risk on operating and other receivables is mitigated by performing credit evaluations on investee companies as part of the due diligence process. Credit risk arising on money market liquidity funds and cash and cash equivalents is mitigated by spreading liquidity investments and deposits across a number of approved counterparties in accordance with board policy. These are either very high investment grade banks or higher, as determined by the rating agencies Fitch, Moody\u2019s or Standard & Poor\u2019s, or banks specifically approved by the board. These credit ratings are reviewed regularly. At the year end, the group and company had money market liquidity funds of \u00a3214.3m respectively (2022: group \u00a3330.3m and company \u00a3329.9m). At the year end, the group and company had \u00a330m invested in each of the Aberdeen Liquidity Fund (Lux) GBP, the LGIM Liquidity Fund GBP, the Institutional Sterling Liquidity fund from Blackrock, the Sterling Liquidity fund from Aviva Investors and the ILF GBP liquidity fund from Insight, \u00a325.5m invested in Sterling liquid reserves fund from Goldman Sachs, \u00a324.0m in the JP Morgan GBP liquidity fund, \u00a314.8m in the HSBC Global Liquidity Funds plc Sterling and US Dollar Liquidity Fund. At the prior year end, the group and company had \u00a350m invested in the Aberdeen Liquidity Fund (Lux) GBP, \u00a348m invested in LGIM Liquidity Fund GBP, \u00a340m in each of the Institutional Sterling Liquidity fund from Blackrock, the Sterling Liquidity fund from Aviva Investors, the ILF GBP liquidity fund from Insight, the JP Morgan GBP liquidity fund and \u00a336.9m invested in Sterling liquid reserves fund from Goldman Sachs. In addition the company and group had \u00a335m and \u00a335.4m invested respectively in the HSBC Global Liquidity Funds plc Sterling Liquidity Fund. All transactions in listed securities are settled on contract terms using approved brokers. The risk of default is considered minimal, as delivery of securities sold is only made once the broker has received payment. Payment is made on a purchase once the securities have been received by the broker. The trade will fail if either party fails to meet their obligations. Listed security trades are settled through HSBC Global Custody. Fair value Most of the financial instruments are carried at fair value in the Statement of financial position. Usually, the fair value of the financial instruments can be reliably determined within a reasonable range of estimates. For certain other financial instruments, specifically operating and other receivables and payables, the carrying amounts approximate fair value due to the immediate or short term nature of these financial instruments. Liquidity risk Liquidity risk arises as a result of the possibility that the group and company may not be able to meet its obligations as they fall due. The corporate treasury function provides services to the company and group, coordinating access to domestic financial markets for both borrowing and depositing. Group companies access local financial markets when this is more favourable, in liaison with the corporate treasury function. Executive management monitors the group\u2019s liquidity on a weekly basis, including the level of undrawn committed bank facilities. Bank facilities were undrawn at 31 March 2023 and 2022. Capital management policies and procedures The group\u2019s capital management objectives are: \u2022 to ensure that the group and company will be able to continue as a going concern \u2022 to maximise the income and capital return to the company\u2019s shareholders, principally through the use of equity capital, although the group will maintain appropriate borrowing facilities, to be used for short-term working capital or bridging finance, currently \u00a3250m (2022: \u00a3250m). The group\u2019s total capital at 31 March 2023 was \u00a33,064.0m (2022: \u00a32,782.7m) and comprised equity share capital and reserves of \u00a32,798.0m (2022: \u00a32,782.7m ) and \u00a3266.0 of borrowings (2022: \u00a3nil). The group was geared at the year end with \u00a3266.0m of group borrowings (2022: ungeared) and had \u00a3250m (2022: \u00a3250m) of undrawn committed bank facilities. The board monitors and reviews the broad structure of the group\u2019s and company\u2019s capital on an ongoing basis. This review includes: \u2022 the planned level of gearing, which takes into account planned investment activity \u2022 the possible buy-back of equity shares for cancellation, which takes account of the discount of the share price to net asset value per share \u2022 the annual dividend policy. The group\u2019s objectives, policies and processes for managing capital are unchanged from the preceding year. The parent company is subject to the following externally imposed capital requirements: \u2022 as a public limited company, the company is required to have a minimum issued share capital of \u00a350,000 \u2022 to maintain its approval as an investment trust company, the company is required to comply with the provisions of section 1158 of the Corporation Tax Act 2010 as amended by the Investment Trust (Approved Company) (Tax) Regulations 2011. The parent company has complied with these requirements, which are unchanged since the previous year end. Fair value hierarchy The company measures fair values using the following fair value hierarchy, reflecting the significance of the inputs used in making the measurements: Level 1 Inputs that are quoted market prices (unadjusted) in active markets for identical instruments. Level 2 Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 Inputs that are unobservable. The table below analyses financial instruments held at fair value according to level in the fair value hierarchy into which the fair value measurement is categorised: Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Investments held at fair value Level 1 836.9 830.1 836.9 830.1 Level 2 4.8 6.2 4.8 6.2 Level 3 1,953.2 1,549.1 1,961.5 1,558.3 2,794.9 2,385.4 2,803.2 2,394.6 The following table shows a reconciliation from the opening balances to the closing balances for fair value measurements in Level 3 of the fair value hierarchy: Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Balance at the year start 1,549.1 1,468.3 1,558.3 1,473.2 Purchases 413.5 154.4 413.5 154.4 Disposal proceeds (162.8) (561.2) (162.8) (561.2) Gains and losses on investments sold in the year 126.7 247.6 126.7 247.6 Gains and losses on investments held at the year end 27.3 239.2 26.4 243.5 Accrued income (0.6) 0.8 (0.6) 0.8 Balance at the year end 1,953.2 1,549.1 1,961.5 1,558.3 The following table provides information on significant unobservable inputs used at 31 March 2023 in measuring financial instruments categorised as Level 3 in the fair value hierarchy. Private company assets have been disaggregated into categories as follows: Assets in the large, earnings based category have an Enterprise Value of >\u00a3150m, and benefit from a reasonable number of comparative data points, as well as having sufficient size to make their earnings reliable and predictable. The asset in the medium, earnings based category has an Enterprise Value of \u00a350-\u00a3100m and has a more limited universe of comparable businesses available. Assets in the smaller, earnings based category have an Enterprise value of <\u00a350m. Their smaller size results in fewer data points due to a lack of available listed comparators, and makes them generally more vulnerable than larger assets to changes in economic conditions. Manager valuations are used for assets where the net asset method is employed. For private company assets we have chosen to sensitise and disclose EBITDA multiple or tangible asset multiple inputs because their derivation involves the most significant judgements when estimating valuation, including which data sets to consider and prioritise. Valuations also include other unobservable inputs, including earnings and tangible assets, which are based on historic and forecast data and are less judgmental. For each asset category, inputs were sensitised by a percentage deemed to reflect the relative degree of estimation uncertainty, and valuation calculations re-performed to identify the impact. Private equity fund assets are each held in and managed by the same type of fund vehicle, valued using the same method of adjusted manager valuations, and subject to broadly the same economic risks. They are therefore subject to a similar degree of estimation uncertainty. They have been sensitised at an aggregated level by 5% to reflect a degree of uncertainty over managers\u2019 valuations which form the basis of their fair value. At 31 March 2023 Description / valuation method Fair value \u00a3m Unobser- vable input Weighted average input Input sensit- ivity +/- Change in valu- ation +/- \u00a3m Internally developed Private companies Large, earnings 460.6 EBITDA multiple 14.0x 10.0% +39.6/- 55.5 Medium, earnings 160.6 EBITDA multiple 11.0x 10.0% +/-13.1 Small, earnings 10.3 EBITDA multiple 4.6x 15.0% +/-1.2 Net assets / manager valuation 192.5 Multiple 1 0.1x +/-21.8 824.0 +75.7/- 91.6 Non-pool companies 260.2 Total internal 1084.2 Externally developed Private equity fund Net asset value 869.0 Manager NAV 1 5% +/-43.5 1,953.2 +119.2/- 135.1 The table below sets out information about significant unobservable inputs used at the prior year end, 31 March 2022 in measuring financial instruments categorised as Level 3 in the fair value hierarchy. At 31 March 2022 Description / valuation method Fair value \u00a3m Unobser- vable input Weighted average input Input sensit- ivity +/- Change in valu- ation +/- \u00a3m Internally developed Private companies Large, earnings 313.8 EBITDA multiple 13.5x 10.0% 28.2 Medium, earnings 117.8 EBITDA multiple 8.5x 10.0- 15.0% 10.4 Small, earnings 23.3 EBITDA multiple 4.6x 15.0% 1.6 Large, Leisure, tangible assets 135.7 Tangible assets multiple 1.14x 10.0% 15.4 Net assets / manager valuation 191.1 Multiple 1 0.1x 19.1 781.7 74.7 Non-pool companies (20.7) Total internal 761.0 Externally developed Private equity fund Net asset value 788.1 Manager NAV 1 5% 39.4 1,549.1 114.1 Private capital companies Valuation approach For each asset management consider a range of valuation methods and select those which are considered most appropriate for each asset, taking into consideration the quantity and quality of data points available with each method. Methods include inter alia: Indicative offers. We regularly receive indications of interest from potential acquirers for our private capital assets, either as part of a structured sale process or in the form of a direct approach. Where we judge it appropriate, the insight gained from such approaches is incorporated into the data sets used in arriving at valuations. Where there is an offer from credible buyer or buyers, and there is an intention to advance discussions, our practice is to consider fair values derived from an indicative enterprise value based on offers received with an appropriate discount applied. Discounts aim to reflect the unique uncertainty associated with the execution of each transaction, and are normally in a range of 5-20%. Multiples. This method involves the application of an earnings multiple to the maintainable earnings of the business, most commonly earnings before interest, tax, depreciation and amortisation (\u2018EBITDA\u2019) multiples, and is likely to be appropriate for investments in established businesses with an identifiable ongoing earnings stream. Such multiples are derived from (i) comparable public companies based on geographic location, industry, size, target markets and other factors that management considers to be reasonable and (ii) reported mergers and acquisitions transactions involving comparable companies. EBITDA multiples ranged from 4x to 14x (2022: 4x to 14x), weighted average 13.1x (2022: 12.6x). Earnings are obtained from portfolio company statutory and management accounts and forecast management accounts. Maintainable earnings are estimated by adjusting reported and forecast earnings for non-recurring items (for example restructuring expenses), for significant corporate actions, and, in exceptional cases, run-rate adjustments. Net assets. This method is likely to be appropriate for businesses whose value derives principally from the underlying value of its assets rather than its ongoing earnings. A third-party valuation may be used to derive the fair value of a particular asset or group of assets, most commonly property assets. Having selected an appropriate method, management then consider a range of data relevant to each asset. The data selected and the assumptions used are in each case examined by the Valuation Committee and Audit Committee to ensure sufficient challenge and reflection has been made on the decisions made to arrive at valuations. In arriving at valuations for the Private Capital portfolio the directors have conducted a portfolio analysis, examining company and sector specific vulnerabilities, the quantity and quality of data available, as well as considering operating and financial leverage and liquidity. They have classified the investments into five categories based on a combination of enterprise value, valuation technique and sector as shown below. At 31 March 2023, the investments were classified as follows: Investment Category EV Range \u00a3m Valuation technique Valuation \u00a3m Seven Investment Large, internally developed >150m Earnings 187.1 Cobehold Utilise external valuation N/A Net assets 176.1 Stonehage Fleming Large, internally developed >150m Earnings 141.6 Liberation Group Large, internally developed, Leisure >150m Earnings 131.9 Cooke Optics Medium, internally developed 50-100m Earnings 124.5 BioAgilytix Utilise external valuation N/A Net assets 16.4 Other investments Smaller <50m 46.4 824.0 At 31 March 2022, the investments were classified as follows: Investment Category EV Range \u00a3m Valuation technique Valuation \u00a3m Seven Investment Large, internally developed >150m Earnings 173.7 Cobehold Utilise external valuation N/A Net assets 159.2 Stonehage Fleming Large, internally developed >150m Earnings 140.1 Liberation Group Large, internally developed, Leisure >150m Tangible fixed assets 135.7 Cooke Optics Medium, internally developed 50-100m Earnings 117.8 BioAgilytix Utilise external valuation N/A Cost 31.9 Other investments Smaller <50m 23.3 781.7 The valuation of Private Capital companies has also been informed by offers we have received from interested parties in the year ended 31 March 2023. More details on the valuation process for individual assets within these categories is outlined below. Large, internally developed Seven Investment Management, Stonehage Fleming and the Liberation Group use an earnings multiple method with earnings derived from trading over historic, current and forecast periods. A particularly high quality set of comparator companies was identified when arriving at an appropriate multiple. Medium, internally developed Cooke Optics uses an earnings multiple method with earnings derived from trading over historic, current and forecast periods. A multiple was arrived at after considering a basket of sector specific transactions and sector specific multiples. Cooke Optics is a market-leading company operating in a niche sector so the quantity of available suitable publicly quoted comparators is low. Large, internally developed, Leisure In the prior year, Liberation Group was placed in its own category due to it being Private Capital\u2019s only consumer facing business even though it had an enterprise value of >\u00a3150m. Management selected an industry specific method of using a multiple of tangible fixed assets to arrive at a valuation, derived from a range of tangible fixed asset multiples from comparable leisure groups. Utilise external valuation Cobehold\u2019s fair value is derived from the valuation prepared by Cobepa (the manager) which reflects the net asset value of the group as at 31 December 2022, Cobehold\u2019s year end. Other investments Other investments comprise businesses with an enterprise value of less than \u00a350m whose valuations are derived internally on an earnings multiple basis. Non-pool companies Non-pool companies comprise principally cash or group company receivables or payables held in subsidiary investment entities. Private equity funds Private equity fund interests are valued on a net assets basis, estimated based on the managers\u2019 NAVs. Manager\u2019s NAVs apply valuation techniques consistent with IFRS and are normally subject to audit. Managers\u2019 NAVs are usually published quarterly, two to four months after the quarter end. Consequently, the fund valuations included in these financial statements were based principally on the 31 December 2022 managers\u2019 NAVs. 24. Share-based payments The company has a performance share scheme that entitles senior executives to receive options over the company\u2019s shares, which are exercisable subject to service and performance conditions. For nil-cost option awards granted in 2014, half of the shares comprised in the awards may be exercised after three years and half after five years. For nil-cost option awards granted in 2015 onwards, one-third of the shares comprised in the awards may be exercised after three years and two-thirds after five years. The company also has a deferred bonus plan, under which senior employees compulsorily defer part of their annual bonus, being any bonus in excess of 50% of their basic salary for the bonus year, into shares. The terms and conditions of the grants outstanding were as follows, whereby all grants are settled by physical delivery of shares: Grant date Entitlement Vesting conditions Number of shares Performance share scheme awards 27.11.14 Award grant to senior staff Note 1 2,075 26.06.15 Award grant to senior staff Note 3 916 26.05.16 Award grant to senior staff Note 3 2,585 21.07.17 Award grant to senior staff Note 3 16,553 30.05.18 Award grant to senior staff Note 3 138,756 31.05.19 Award grant to senior staff Note 3 136,720 04.08.20 Award grant to senior staff Note 3 240,129 04.06.21 Award grant to senior staff Note 3 174,701 30.05.22 Award grant to senior staff Note 3 167,122 25.11.22 Award grant to senior staff Note 3 5,169 884,726 04.08.20 Compulsory award Note 2 5,229 04.06.21 Compulsory award Note 2 38,570 30.05.22 Compulsory award Note 2 39,500 83,299 1. Three/five years of service with vesting on a graduated basis from 10% to 100% for annualised NAV total return of 3% to 10% and (for investment executives) annualised pool total returns in a range of 4% to 15%, in each case measured over three years for one-half of the award and five years for the other half of the award. Investment executives\u2019 awards are measured as to 80% by reference to pool total returns and 20% by reference to NAV total return, other than Mr Cayzer-Colvin\u2019s awards, which are 60% and 40% respectively. 2. Three years of service. 3. Three/five years of service with vesting on a graduated basis from 10% to 100% for annualised NAV total return of 3% to 10% and (for investment executives) annualised pool total returns in a range of 4% to 15%, in each case measured over three years for one-third of the award and five years for the remaining two-thirds of the award. Investment executives\u2019 awards are measured as to 80% by reference to pool total returns and 20% by reference to NAV total return, other than Mr Cayzer-Colvin\u2019s awards, which are 60% and 40% respectively. All performance share awards have a life of ten years and all deferred bonus awards have a life of four years. The fair value of services received in return for performance share scheme and deferred awards granted was measured indirectly, by reference to the share price at the date of grant. The weighted average share price at the date of exercise of share awards during the year was as follows: 2023 p 2022 p Weighted average share price 3731 3346 Under the schemes, awards were granted with service and non-market performance conditions. Such conditions were not taken into account in the fair value measurement of the services received at the dates of grant. Employee expenses were as follows: Years ended 31 March 2023 \u00a3m 2022 \u00a3m Performance share awards granted in 2018 0.4 1.6 Performance share awards granted in 2019 0.7 1.5 Performance share awards granted in 2020 0.8 2.4 Performance share awards granted in 2021 1.9 1.6 Performance share awards granted in 2022 1.4 1.1 Performance share awards granted in 2023 1.1 \u2013 Deferred bonus awards for 2019 0.1 0.4 Deferred bonus awards for 2021 0.6 0.4 Deferred bonus awards for 2022 0.4 \u2013 7.4 9.0 25. Employee benefits Group 2023 \u00a3m 2022 \u00a3m Non-current assets Defined benefit pension asset 4.0 2.3 Current liabilities Profit sharing bonus (2.4) (3.6) Non-current liabilities National Insurance on performance shares and deferred bonus awards (2.7) (3.3) Dividends payable on performance shares and deferred bonus awards (2.4) (1.4) (5.1) (4.7) Total employee liabilities (7.5) (8.3) Defined benefit pension obligations The group operates three plans in the UK that provide pension benefits for employees and makes contributions to one of the plans. The schemes are approved by HMRC for tax purposes and operated separately from the group being managed by an independent set of trustees, whose appointment is determined by the schemes\u2019 documentation and legislation. The schemes are subject to UK funding regulations, which require the group and the trustees to agree a funding strategy and contribution schedule where necessary. Three (2022: three) of the schemes were in surplus on an IAS 19 basis. One scheme surplus was recognised in full as the company considers there is an unconditional right to a refund under IFRIC 14, one scheme surplus was capped at the economic benefit of reduced future contributions and one scheme surplus was unrecognised. Two schemes were effectively closed to new members in April 1996 and the other scheme in April 1997. New employees joining after that date were offered alternative defined contribution pension arrangements. Caledonia Group Services Ltd, a wholly owned subsidiary of Caledonia Investments plc, is the Sponsoring Employer for all Schemes. 2023 \u00a3m 2022 \u00a3m Present value of funded obligations (50.6) (68.4) Fair value of plan assets 71.9 78.9 Present value of net assets 21.3 10.5 Irrecoverable surplus (17.3) (8.2) 4.0 2.3 Changes in the present value of defined benefit obligations were as follows: 2023 \u00a3m 2022 \u00a3m Balance at the year start 68.4 72.4 Service cost 0.1 0.1 Interest cost 1.7 1.4 Actuarial loss/(gain) from changes: - in demographic assumptions (0.5) 0.7 - in financial assumptions (17.3) (3.3) - experience gains 1.4 0.1 Actual benefit payments (3.2) (3.0) Balance at the year end 50.6 68.4 Changes in the fair value of plan assets were as follows: 2023 \u00a3m 2022 \u00a3m Balance at the year start 78.9 76.1 Interest income 2.0 1.4 Return on plan assets less interest income (5.9) 4.3 Employer contributions 0.1 0.1 Actual benefit payments (3.2) (3.0) Balance at the year end 71.9 78.9 Amounts recognised in management expenses in the Statement of comprehensive income were as follows: 2023 \u00a3m 2022 \u00a3m Service cost 0.1 0.1 Interest on obligations 1.7 1.4 Interest on plan assets (2.0) (1.4) (0.2) 0.1 Amounts recognised in other comprehensive income were as follows: 2023 \u00a3m 2022 \u00a3m Actuarial gains arising from financial assumptions 17.3 3.3 Actuarial gains/(losses) arising from demographic assumptions 0.5 (0.7) Actuarial losses from experience adjustments (1.4) (0.1) Return on plan assets less interest income (5.9) 4.3 Increase in irrecoverable surplus (9.1) (8.2) Re-measurement gains/(losses) in the year 1.4 (1.4) An analysis of plan assets at the end of the year was as follows: 2023 \u00a3m 2022 \u00a3m Equities 32.1 38.3 Bonds 22.5 25.5 Cash 17.3 15.1 71.9 78.9 The analysis of plan assets above included an underlying asset allocation of investment funds. Principal actuarial assumptions at the reporting date (expressed as weighted averages) were as follows: 2023 % 2022 % Discount rate at the year end 4.8 2.6 Future salary increases 4.5 4.9 Future pension increases 3.4 3.9 RPI price inflation 3.4 3.9 Mortality rates are assumed to follow the Self-Administered Pension Schemes \u2018Series 3\u2019 Light tables applicable to each member\u2019s year of birth, projected to calendar year 2020 in line with the core CMI scale of improvements. Allowance has also been made for further improvements in line with CMI core projections with a long term trend of 1.5% pa. Life expectancy on retirement in normal health is assumed to be 27.7 years (2022: 27.7 years) for males and 28.7 years (2022: 28.6 years) for females who are currently 62 years of age. Expected contributions to group post-employment benefit plans for the year ending 31 March 2024 were \u00a30.1m (2023: \u00a30.1m). In the UK, the funding is set on the basis of a triennial funding valuation by the actuaries for which the assumptions may differ from those above. IAS 19 requires \u2018best estimate\u2019 assumptions to be used whereas the funding valuation uses \u2018prudent\u2019 assumptions. As a result of these valuations, the group and the scheme trustees agree a Schedule of Contributions, which sets out the required contributions from the employer and employees for current service. Where the scheme is in deficit, the Schedule of Contributions also includes required contributions from the employer to eliminate the deficit. The most recent triennial valuations were completed in 2021 and 2020. A summary of the recent funding obligations and weighted average duration of the defined benefit obligations was as follows: Obligations at 31 Mar 2021 \u00a3m Weighted average duration at 31 Mar 2023 years Amber Industrial Holdings Pension Scheme 13.0 11 Caledonia Pension Scheme 31.7 12 At 30 Sep 2019 \u00a3m At 31 Mar 2022 years Sterling Industries Pension Scheme 25.8 10 Sensitivities The calculation of the defined benefit obligation is sensitive to the assumptions set out above. The following table summarises the estimated increase in defined benefit obligations to a change in individual actuarial assumptions, while holding all other assumptions constant. This sensitivity analysis may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in an assumption would occur in isolation, as some of the assumptions may be correlated. 2023 \u00a3m 2022 \u00a3m Reduction in the discount rate of 0.25% 1.4 2.3 Increase in inflation of 0.25% 1.0 1.6 Increase in life expectancy of one year 2.1 3.5 Risks The pension schemes typically expose the group to risks such as: \u2022 investment risk \u2013 the schemes hold their investments in equities and bonds, the value of which fluctuates, whether caused by factors specific to an individual investment, its issuer or factors affecting all instruments traded in the market. \u2022 interest rate risk \u2013 the schemes\u2019 liabilities are assessed using market rates of interest, based on corporate bond yields, to discount the liabilities and are therefore subject to any volatility in the movement of the market rate of interest. The net interest income or expense recognised in profit or loss is calculated using the market rate of interest. \u2022 inflation risk \u2013 a significant proportion of the benefits under the schemes is linked to inflation. Although the schemes\u2019 assets are expected to provide a good hedge against inflation over the long term, movements over the short term would increase the schemes\u2019 net deficit. \u2022 mortality risk \u2013 in the event that members live longer than assumed, the liabilities may turn out to have been understated originally and a deficit may emerge if funding has not been adequately provided for the increased life expectancy. 26. Post balance sheet events On 20 April 2023, the company acquired a 99.8% stake in AIR-Serv Europe comprised of Airvending Ltd and AIR-serv Netherlands BV for \u00a3142.5m, alongside a \u00a30.5m investment from the management team for the remaining equity. 27. Interests in associates Company Class Holding % Registered office Bloom Engineering Holdings Inc. Common 49.0 1313N. Market Street, Suite 5100, Wilmington, Delaware 19801, New Castle County, USA Sterling Thermal Technology Holdings Ltd Ordinary 25.0 Brunel Road, Rabans Lane Industrial Area, Aylesbury, Buckinghamshire HP19 8TD Sports Information Services (Holdings) Ltd Ordinary 22.6 Unit \u00bd Whitehall Avenue, Kingston, Milton Keynes, MK10 0AX Stonehage Fleming Family & Partners Ltd Preference 36.1 Nerine House, St George\u2019s Place, St Peter Port, Guernsey, GY1 3ZG The company is an investment trust company and, accordingly, does not equity account for associates that are designated as investments held at fair value through profit or loss. Aggregated amounts relating to associates, extracted on a 100% basis, were as follows: 2023 \u00a3m 2022 \u00a3m Assets 381.3 251.3 Liabilities (251.7) (139.5) Equity 129.6 111.8 Revenues 390.2 261.0 Profit 19.1 13.128. Subsidiaries
Company
Class
Holding %
Key to
Registered
office
Company
Class
Holding %
Key to
Registered
office
Caledonia Investments
Amber 2010 Ltd
Ordinary
100.0
1
6
Caledonia US Investments Ltd
Ordinary
100.0
1
6
Buckingham Gate Ltd
2
Ordinary 100.0
1
6 Crewkerne Investments Ltd A Ordinary
B Ordinary
50.5
1
100.0
1
6
Caledonia CCIL Distribution Ltd Ordinary 100.0
1
6 Easybox Self-Storage Ltd Ordinary 100.0
1
6
Caledonia Financial Ltd Ordinary 100.0
1
6 Edinmore Investments Ltd Ordinary 100.0
1
6
Caledonia Group Services Ltd
2
Ordinary 100.0
1
6 Sterling Crewkerne Ltd Ordinary 100.0
1
6
Caledonia Land & Property Ltd Ordinary 100.0
1
6 Sterling Industries Ltd Ordinary 100.0
1
6
Caledonia Treasury Ltd
2
Ordinary 100.0
1
6 The Union-Castle Mail
Steamship Co Ltd
Ordinary
A Ordinary
100.0
1
100.0
1
6
Cooke Optics
Chaplin Bidco Ltd
3
Ordinary 100.0 7 Cooke Optics Group Ltd
3
Ordinary 100.0 7
Chaplin Midco Ltd
3
Ordinary 100.0 7 Cooke Optics (Hong Kong)
Limited
3
Ordinary 100.0 10
Chaplin Topco Ltd A Ordinary
B Ordinary
C Ordinary
100.0
1
75.3
1
98.6
1
7 Cooke Optics Holdings Ltd
3
Ordinary 100.0 7
Cooke Optics Inc.
3
Ordinary 100.0 8 Cooke Optics Ltd
3
Ordinary 100.0 7
Cooke (Shanghai) Optics
Technology Co Ltd
3
Ordinary A 100.0 9 Cooke Optics TV Ltd
3
Ordinary 100.0 7
Liberation Group
A.E. Smith & Son Ltd
4
Ordinary 100.0 11 La Cave des Vins Ltd
4
Ordinary 100.0 11
A.S.B.M. Ltd
4
Ordinary 100.0 11 La Rocque Enterprises Ltd
4
Ordinary 100.0 11
A.S.B.O. Ltd
4
Ordinary 100.0 11 La Rocque Inn (Jersey) Ltd
4
Ordinary 100.0 11
A.S.B.T. Ltd
4
Ordinary 100.0 11 Lapwing (Trading) Ltd
4
Ordinary 100.0 11
Aurora Hotel Ltd
4
Ordinary 100.0 11 Le Hocq Hotel Ltd
4
Ordinary 100.0 11
Bath Street Wine Cellar Ltd
4
Ordinary 100.0 11 Les Garcons Ltd
4
Ordinary 100.0 12
Brasserie du Centre Ltd
4
Ordinary 100.0 11 Longueville Distributors Ltd
4
Ordinary 100.0 11
Bucktrout & Company Ltd
4
Deferred
Ordinary
Preference
100.0 12 M Still Catering Ltd
4
Ordinary 100.0 13
Butcombe Brewery Ltd
4
Ordinary 100.0 13 Marais Hall Ltd
4
Ordinary 100.0 14
Butcombe Brewing
Company Ltd
4
Ordinary 100.0 13 Mary Ann Products
(Jersey) Ltd
4
Ordinary 100.0 11
Caesarea Hotel (Jersey) Ltd
4
Ordinary 100.0 11 Mitre Hotel (Jersey) Ltd
4
Ordinary 100.0 11
Caf\u00e9 de Paris (Jersey) Ltd
4
Ordinary 100.0 11 Nightbridge Ltd
4
Ordinary 100.0 11
Caledonia TLG Bidco Ltd
4
Ordinary 100.0 13 Old Court House Hotel
(St Aubin) 1972 Ltd
4
Ordinary 100.0 11
Caledonia TLG Ltd Ordinary A
Ordinary B
Ordinary C
Preference
Deferred
100.0
1
12.9
1
75.4
1
66.9
1
100.0
1
11 Parade Hotel (Jersey) Ltd
4
Ordinary 100.0 11
Caledonia TLG Midco Ltd
4
Ordinary 100.0 11 Peirson (1971) Ltd
4
Ordinary 100.0 11
Captains Holdings Ltd
4
Ordinary 100.0 12 Puffin NewCo Ltd
4
Ordinary 100.0 11
Channel Wines & Spirits
(Jersey) Ltd
4
Ordinary 100.0 11 Red Lion Ltd
4
Ordinary 100.0 11
Cirrus Inns Holdings Ltd
4
Ordinary 100.0 13 Robin Hood (Jersey) Ltd
4
Ordinary 100.0 11
Cirrus Inns Ltd
4
Ordinary 100.0 13 S.L. Ltd
4
Ordinary 100.0 11
Citann Ltd
4
Ordinary
Preference
100.0 11 Ship Holdings Ltd
4
Ordinary 100.0 12
Company Class Holding % Key to Registered office Company Class Holding % Key to Registered office Cosy Corner (Jersey) Ltd 4 Ordinary 100.0 11 Square Ltd 4 Ordinary 100.0 11 Craig Street Brewing Company Ltd 4 Ordinary 100.0 11 St John\u2019s Hotel Ltd 4 Ordinary 100.0 11 Divette Holdings Ltd 4 Ordinary 100.0 12 Stag Hotel (Jersey) Ltd 4 Ordinary 100.0 11 Don Inn (Jersey) Ltd 4 Ordinary 100.0 11 Sussex Hotel Ltd 4 Ordinary 100.0 11 Evenstar Ltd 4 Ordinary 100.0 11 The Guernsey Brewery Co (1920) Ltd 4 Ordinary Preference 100.0 12 Exeter Hotel (Jersey) Ltd 4 Ordinary 100.0 11 The Independent Brewing Company Ltd 4 Ordinary 100.0 11 Farm Street Inns Ltd 4 Ordinary 100.0 13 The Liberation Group Ltd 4 Ordinary 100.0 11 Farmers Inn Ltd 4 Ordinary 100.0 11 The Liberation Group UK Ltd 4 Ordinary 100.0 13 Five Oaks Hotel Ltd 4 Ordinary 100.0 11 The Liberation Pub Company (Guernsey) Ltd 4 Ordinary 100.0 12 Foresters Arms (Jersey) Ltd 4 Ordinary 100.0 11 The Liberation Pub Company (Jersey) Ltd 4 Ordinary 100.0 11 Gimbels (Jersey) Ltd 4 Ordinary 100.0 11 The Post Horn Ltd 4 Ordinary 100.0 11 Glo\u2019ster Vaults Ltd 4 Ordinary 100.0 11 The Royal Oak Inn Trading Ltd 4 Ordinary 100.0 13 Great Union Hotel (Holdings) Ltd 4 Ordinary 100.0 11 Trafalgar Hotel (Jersey) Ltd 4 Ordinary 100.0 11 Great Western Hotel Ltd 4 Ordinary 100.0 11 Union Inn (Jersey) Ltd 4 Ordinary 100.0 11 Guernsey Leisure Company Ltd 4 Ordinary 100.0 12 Victor Hugo Ltd 4 Ordinary 100.0 11 Guppy \u2019s Holdings Ltd 4 Ordinary 100.0 12 Victoria (Valley) Ltd 4 Ordinary 100.0 11 Guppy \u2019s of Guernsey Ltd 4 Ordinary 100.0 12 Victoria Hotel (Jersey) Ltd 4 Ordinary 100.0 11 Hautville Ltd 4 Ordinary 100.0 12 Wellington Hotel Ltd 4 Ordinary 100.0 11 Horse & Hound (Jersey) Ltd 4 Ordinary 100.0 11 Wests Cinemas Ltd 4 Ordinary 100.0 11 John Tregear Ltd 4 Ordinary 100.0 11 White Hart Ltd 4 Ordinary 100.0 12 Seven Investment Management 7IM Holdings Ltd 5 Ordinary Preference 100.0 15 Caledonia Thames Group (Jersey) Ltd 5 Ordinary 100.0 16 7IM Investment and Retirement Solutions Ltd 5 Ordinary 100.0 15 Caledonia Thames Holdings (Jersey) Ltd Ordinary A1 Ordinary Preference 90.8 1 29.8 1 100.0 1 16 7IM Ltd 5 Ordinary 100.0 15 Find a Wealth Manager Ltd 5 Ordinary 100.0 17 7IM Trustees Ltd 5 Ordinary 100.0 15 Partners Wealth Management LLP 5 Member 95.0 18 Caledonia Thames Acquisitions (Jersey) Ltd 5 Ordinary 100.0 16 Seven Investment Management LLP 5 Member 95.0 15 6. Cayzer House, 30 Buckingham Gate, London SW1E 6NN 7. 1 Cooke Close, Thurmaston, Leicester LE4 8PT 8. 4131 Vanowen Place, Burbank, CA 91505, USA 9. Rooms 503/504, No 1 Building, No 908 Xiuwen Road, Minhang District, Shanghai, China 10. 11/F, Dawning House, 145 Connaught Road Central, Hong Kong 11. Tregear House, Longueville Road, St Saviour, Jersey JE2 7WF 12. Hougue Jehannet, Vale, Guernsey GY3 5UF 13. Butcombe Brewery Havyatt Road Trading Estate, Havyatt Road, Wrington, Bristol, BS40 5PA 14. Marais Hall, Marais Square, St Anne, Alderney GY9 3TS 15. 55 Bishopsgate, London EC2N 3AS 16. 44 Esplanade, St Helier, Jersey JE4 9WG 17. Alpha House, 100 Borough High Street, London SE1 1LB 18. 20 St Andrew Street, London EC4A 3AG 1. Directly held by the company. 2. Included in the consolidation. 3. Subsidiary of Chaplin Topco Ltd 4. Subsidiary of Caledonia TLG Ltd 5. Subsidiary of Caledonia Thames Holdings (Jersey) Ltd Registered office addresses",
"dimensions": {
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-366": {
"value": "Significant accounting policies General information Caledonia Investments plc is an investment trust company domiciled in the United Kingdom and incorporated in England in 1928, under number 235481. The address of its registered office is Cayzer House, 30 Buckingham Gate, London SW1E 6NN. The ordinary shares of the company are premium listed on the London Stock Exchange. These financial statements were authorised for issue by the directors on 22 May 2023. These financial statements are presented in pounds sterling, as this is the currency of the primary economic environment in which Caledonia operates. Significant accounting policies Critical accounting judgements and estimates Critical judgements In the course of preparing the financial statements, one judgement has been made in the process of applying the group\u2019s accounting policies, other than those involving estimations, that has had a significant effect on the amounts recognised in the financial statements as follows: 1. Assessment as an investment entity The board has concluded that the company continues to meet the definition of an investment entity, as its strategic objective of investing in a portfolio of investments for the purpose of generating returns in the form of income and capital appreciation remains unchanged. The Company is exempt from UK corporation tax on capital gains provided it meets the HM Revenue & Customs criteria for an investment company set out in Section 1158 of the Corporation Tax Act 2010. Critical estimates In addition to this significant judgement the directors have made one estimate, which they deem to have a significant risk of resulting in a material adjustment to the amounts recognised in the financial statements within the next financial year. The details of the estimate was as follows: 1. Fair values of private equity financial instruments For directly owned private investments (Private Capital investments), totalling \u00a3824.0m (2022: \u00a3781.7m) valuation techniques using a range of internally and externally developed unobservable inputs are used to estimate fair value. Valuation techniques make maximum use of market inputs, including reference to the current fair values of instruments that are substantially the same (subject to appropriate adjustments). Private Capital assets have been disaggregated into categories and sensitised according to the degree of uncertainty attached to their estimation in note 22. For private equity fund investments (unlisted Funds Pool investments), totalling \u00a3869.0m (2022: \u00a3784.7 m) held through externally managed fund vehicles, the estimated fair value is based on the most recent valuation provided by the external manager, usually received within 3-6 months of the relevant valuation date. Where required, valuations are adjusted for investments and distributions between the valuation date and the reporting date. This delay in manager NAV receipts creates a risk of changes or events occurring between the NAV and reporting dates which could impact valuations. We reviewed the underlying valuation methodologies adopted by our fund managers and were satisfied that the techniques utilised were appropriate. Fair value estimates for the above private assets are made at a specific point in time, based on market conditions and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgement and therefore cannot be determined with precision. Other judgement Management has exercised judgment in determining the classification of money market investments held by the group as cash equivalents under IAS 7. In arriving at this judgement management has noted that it uses money market funds to manage day-to-day working capital requirements, and that all such funds are highly liquid Low Volatility Net Asset Value products with a minimum credit rating of AAAm, and a maximum weighted- average maturity of 60 days. They have therefore judged that the risk of changes in value is insignificant and investments can be readily converted to a known amount of cash upon redemption, and therefore classification as cash equivalents is appropriate. They note that, although remote, there is not a zero risk of significant change in value and that therefore this classification is judgemental. Going concern As at 31 March 2023 the group holds \u00a31,058m of liquid assets and has access to \u00a3250m of undrawn committed banking facilities, \u00a3112.5m of which expires in July 2025 and \u00a3137.5m of which expires in November 2027. The Directors therefore believe the group will be able to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements. The group has conducted a going concern assessment which considered future cash flows, the availability of liquid assets and debt facilities, banking covenant requirements (see note 15) and consideration of the risks arising from the war in Ukraine and the inflationary environment over at least 12 months from the date of approval of these financial statements. In making this assessment a number of stress scenarios were developed, factoring in (a) adverse foreign exchange movements, (b) reduction in investment income, (c) reduction in distributions received from private equity funds and drawdown of all existing private equity fund commitments, (d) a delay and reduction in disposals of directly owned private equity investments, and (e) a significant temporary market decline for part of the year and (f) the cumulative impact of the above. Under these scenarios the group would have a range of mitigating actions available to it, including sales of liquid assets, and usage of banking facilities, which would provide sufficient funds to meet all of its liabilities as they fall due and still hold significant liquid assets over the assessment period. As a result of this assessment the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis. For further details on assessment of going concern and viability please refer to page 46. Basis of accounting These Group and parent company financial statements were prepared in accordance with UK adopted international accounting standards in conformity with the requirements of the Companies Act 2006. IFRSs comprise accounting standards issued by the International Accounting Standards Board and its predecessor body as well as interpretations issued by the International Financial Reporting Interpretations Committee and its predecessor body. The financial statements have been prepared on an historical cost basis, except for the revaluation of certain financial instruments and properties. Where presentational guidance set out in the Statement of Recommended Practice: Financial Statements of Investment Trust Companies and Venture Capital Trusts (\u2018SORP\u2019) issued by the Association of Investment Companies in October 2019 is consistent with the requirements of UK adopted international accounting standards, the directors have sought to prepare the financial statements on a basis compliant with the recommendations of the SORP. The Statement of comprehensive income of the company has been omitted from these financial statements in accordance with section 408 of the Companies Act 2006. Under the UK Corporate Governance Code and applicable regulations, the directors are required to satisfy themselves that it is reasonable to presume that the company is a going concern. After reviewing the company\u2019s performance projections for a period of at least 12 months, the directors are satisfied that in taking account of reasonably possible downsides the company has adequate access to resources to enable it to meet its obligations as they fall due for at least 12 months from the date of approval of the financial statements. Accordingly, the directors have adopted the going concern basis in preparing these financial statements. Adopted IFRSs and IFRSs not yet applied In the current year, the group has not adopted any new standards or interpretations. Amendments to IFRS adopted in the year have not had a material impact on the group. At the date of approval of these financial statements, the following standard, which has not been applied in these financial statements, was in issue but not yet effective. \u2022 IFRS 17 Insurance Contracts The directors anticipate that the adoption of the standard in future periods in its issued form will have no material impact on the financial statements. Assessment as investment entity Entities that meet the definition of an investment entity within IFRS 10 are required to account for most investments in controlled entities as held at fair value through profit or loss. Subsidiaries that provide investment related services or engage in permitted investment related activities with investees continue to be consolidated unless they are also investment entities. Having considered the following, the board has concluded that the company meets the definition of an investment entity. An investment entity is one which: \u2022 obtains funds from investors for the purpose of providing them with investment management services \u2022 invests funds solely for returns from capital appreciation and/or investment income, and \u2022 measures and evaluates the performance of substantially all of its investments on a fair value basis. Basis of consolidation In accordance with the IFRS 10/IAS 28 Investment entities amendments, the consolidated financial statements include the financial statements of the company and service entities controlled by the company made up to the reporting date. Control is achieved where the company has the power over the potential investee as a result of voting or other rights, has rights to positive or negative variable returns from its involvement with the investee and has the ability to use its power over the investee to affect significantly the amount of its returns. The following subsidiaries are deemed service entities and are consolidated in the group financial statements: \u2022 Caledonia Group Services Ltd \u2022 Caledonia Treasury Ltd \u2022 Buckingham Gate Ltd Other associated entities and subsidiaries are disclosed in notes 27 and 28 to the financial statements and are not consolidated in the group financial statements, being held at fair value through profit or loss. Foreign currencies Transactions in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the foreign exchange rate ruling at the reporting date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated to the functional currency using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated to the functional currency at foreign exchange rates ruling at the dates the fair values were determined. In the financial statements, foreign exchange gains or losses are recognised in capital or revenue reserve depending on whether the gain or loss is of a capital or revenue nature respectively. Income Dividends receivable on equity shares are recognised as revenue when the shareholders\u2019 right to receive payment has been established, normally the ex-dividend date. Where no ex-dividend date is available, dividends receivable on or before the period end, are treated as revenue. Provision is made for any dividends not expected to be received. The fixed returns on debt securities, loans and non-equity shares are recognised on an effective interest rate basis, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset\u2019s net carrying amount. Rental income is recognised on a straight-line basis over the lease term. The company\u2019s share of net income from limited partnerships is recognised as revenue when received. Where uncertainty arises over the collectability of an amount already included in income, the uncollectible amount or the amount in respect of which the recovery has ceased to be probable, is recognised as an expense. When the uncertainty over collectability is removed, normally on receipt, the income is recognised in the Statement of comprehensive income. Expenses All expenses are accounted for on an accrual basis. In the financial statements, ongoing management expenses are included in revenue reserves, whereas performance fees and share-based payment expenses \u2013 costs relating to compensation schemes that are linked directly to investment performance \u2013 are included in capital reserves. Expenses of acquisition of an investment designated as held at fair value through profit or loss or expenses of an aborted acquisition or disposal of an investment are presented as transaction costs, or deducted from the proceeds of sale as appropriate, and included in capital reserves. Leases Lessor Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. Rental income from operating leases is recognised on a straight- line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis. Benefits provided as an incentive to enter into an operating lease are also spread on a straight-line basis over the lease term. Lessee On commencement of a contract which gives the group the right to use assets for a period of time in exchange for consideration, the group recognises a right-of-use asset and a lease liability, unless the lease qualifies as a \u2018short-term\u2019 lease (that is, the term is twelve months or less with no option to purchase the lease asset) or a \u2018low-value\u2019 lease. Payments associated with short-term leases are recognised on a straight-line basis as an expense in the income statement. Employee benefits Pension schemes Payments to defined contribution schemes are charged as an expense as they fall due. For defined benefit schemes, the cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at each reporting date. Re-measurement gains and losses are recognised in full in the period in which they occur in other comprehensive income. Past service cost is recognised immediately in the period of a plan amendment. The retirement benefit obligation recognised in the Statement of financial position represents the present value of the defined benefit obligations as reduced by the fair value of scheme assets. Any asset resulting from this calculation is limited to the present value of available refunds and reductions in future contributions to the plan. Profit sharing and bonus plans The group recognises a liability and an expense for bonuses and profit sharing, based on a formula that takes into consideration the profit attributable to the company\u2019s shareholders after certain adjustments. The group recognises a provision where contractually obliged or where there is a past practice that has created a constructive obligation. Share-based payments The group issues equity-settled share-based payments to certain employees. Equity-settled share-based payments are measured at fair value at the date of grant and the fair value is expensed on a straight-line basis over the vesting period, based on the group\u2019s estimate of the number of shares that will eventually vest. As part of the share-based payment arrangements, the group pays a cash amount to employees on exercise of options, equating to the dividend entitlement on the option shares between grant and vesting dates. This payment is treated as a cash-settled share- based payment and is expensed on a straight-line basis over the vesting period, based on the group\u2019s estimate of the number of shares that will eventually vest and a re-estimate of the fair value of the dividend entitlement. Where employees of a subsidiary are granted rights to the equity instruments of its parent as consideration for the services provided to the subsidiary, the subsidiary recognises an equity-settled share-based payment transaction expense with a corresponding intercompany balance with the parent. In addition, the parent recognises an increase in equity and an increase in intercompany balance for the amount of the share-based payment transaction. An employee share trust is used for distributing shares awarded to employees under Caledonia\u2019s share remuneration schemes. The trustee purchases shares with money lent interest free by Caledonia and transfers shares to participating employees on exercise . The transactions the employee share trust undertakes are considered to be performed by the trust as an agent for Caledonia. The transactions of the employee share trust are included in the separate financial statements of the parent company and, following the requirements of IFRS 10, in the consolidated financial statements as if they arose in that company. Own shares held by the employee share trust as at the reporting date are accounted for as treasury shares. National Insurance on share-based payment awards National Insurance payable on the exercise of share awards has been charged as an expense spread over the respective vesting periods of the awards. The charge is based on the difference between the market value of the estimated number of shares that will vest and on the vested but unexercised awards at the reporting date, less any consideration due, calculated at the latest enacted National Insurance rate. Taxation The tax expense represents the sum of tax currently payable and deferred tax. The tax currently payable is based on the taxable profit for the period. Taxable profit differs from net profit as reported in the Statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible. The group\u2019s liability for current tax is calculated using tax rates that were applicable at the reporting date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the liability method. Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which deductible temporary differences can be utilised. Investment trust companies that have approval as such under section 1159 of the Corporation Tax Act 2010 are not liable for taxation on capital gains. The carrying amount of deferred tax assets is reviewed at each reporting date and adjusted to the extent that it is probable that sufficient future taxable profits will be available to allow all or part of the assets to be recovered. Dividend distribution Dividends are recognised in the period in which they are appropriately authorised and no longer at the discretion of the entity. For interim dividends, this will normally mean the date on which they are paid and, for final dividends, the date on which they are approved in general meeting. Investments Investments are recognised and derecognised on the date when their purchase or sale is subject to a relevant contract and the associated risks and rewards have been transferred. Where a purchase or sale is made under a contract whose terms require delivery within the timeframe established by the market concerned, transactions are recognised on the trade date. Investments held as part of the group\u2019s business of investing in financial assets are designated as held at fair value through profit or loss in both the consolidated financial statements and the company financial statements. Investments designated as held at fair value through profit or loss are measured at subsequent reporting dates at fair value. Gains or losses arising from changes in the value of investments designated as held at fair value through profit or loss, including foreign exchange movements, are included in net profit or loss for the period as a capital return. Listed investments are valued at bid price or the last traded price when a bid price is not available. Unlisted investments are valued using recognised valuation methodologies, based on the International Private Equity and Venture Capital Valuation Guidelines, which reflect the amount for which an asset could be exchanged between knowledgeable, willing parties on an arm\u2019s length basis. The portfolio valuation methodology is detailed on pages 40 to 41. Distributions from investment limited partnerships are treated as disposal proceeds or income in accordance with the nature of the distribution. Any surplus capital distributions after repaying partner\u2019s capital are treated as realised gains. Service subsidiaries are either designated as held at fair value through profit or loss or held at amortised cost in the company financial statements. Capital reserve The company maintains a capital reserve. The following items are transferred into the capital reserve from profit or loss: \u2022 gains and losses on investments held at fair value through profit or loss \u2022 gains and losses on derivatives used to hedge the fair value of investments \u2022 fees and share-based payment expenses linked to investment performance \u2022 expenses and finance costs incurred directly in relation to capital transactions \u2022 actuarial gains and losses on defined benefit pension schemes \u2022 taxation on items recognised in the capital reserve. Investment property Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are stated at fair value. The valuations are prepared by considering the aggregate of the net annual rents receivable from the properties and where relevant, associated costs. A yield which reflects the specific risks inherent in the net cash flows is then applied to the net annual rentals to arrive at the property valuation. Any gain or loss arising from a change in fair value is recognised in profit or loss. Rental income is recognised on a straight-line basis over the lease term. Property, plant and equipment Property is measured at fair value. Gains arising from changes in the fair value are included in other comprehensive income for the period in which they arise and losses included in profit or loss. To the extent gains represent the reversal of cumulative losses previously recognised they are included in profit or loss. Plant and equipment is measured at cost less accumulated depreciation and any accumulated impairment loss. Assets in course of construction are measured at cost less any accumulated impairment loss. Depreciation is calculated to write off the fair value or cost of items of property, plant and equipment less their estimated residual values using the straight-line method over their estimated useful lives. Land and assets in course of construction are not depreciated. The estimated useful lives of property, plant and equipment are as follows: Buildings 25 and 50 years Fixtures and fittings 5-10 years Office equipment 3-5 years Accumulated depreciation on revalued property is eliminated against the gross carrying amount of the asset. The gain or loss on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the Statement of comprehensive income. Impairment of assets At each reporting date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, an impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount, if any. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. Receivables Receivables do not carry any interest and are stated at their nominal value as reduced by expected credit losses (\u2018ECL\u2019) arising from an annual ECL assessment of recoverable amounts. The company has applied the three-stage model to intercompany receivables and determined that they are not impaired on a stage one basis because credit risk has not increased significantly since initial recognition. Cash and cash equivalents Cash comprises cash in hand, demand deposits and money market funds. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. Borrowings Interest-bearing bank loans and overdrafts are recorded at the fair value of proceeds received, net of direct issue costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accrual basis in the Statement of comprehensive income using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. The effective interest method allocates the interest expense over the life of the instrument so as to reflect a constant return on the carrying amount of the liability. Payables Payables, are stated based on the amounts which are considered to be payable in respect of goods or services received up to the balance sheet date. Financial liabilities are recognised at amortised cost in accordance with IFRS 9. Provisions A provision is recognised in the Statement of financial position when the company has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are measured at the directors\u2019 best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value where the effect is material. In the financial statements, provisions recognised for investments are included in the Statement of comprehensive income as a capital return. Share capital Equity instruments issued by the company are recorded as the proceeds received, net of direct issue costs. Where The Caledonia Investments plc Employee Share Trust purchases the company\u2019s equity share capital, the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to the company\u2019s owners until the shares are transferred. Where such shares are subsequently transferred, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the company\u2019s owners. Operating segments Operating segments are based on the financial information reported to the chief operating decision maker. ",
"dimensions": {
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"fact-367": {
"value": "General information Caledonia Investments plc is an investment trust company domiciled in the United Kingdom and incorporated in England in 1928, under number 235481. The address of its registered office is Cayzer House, 30 Buckingham Gate, London SW1E 6NN. The ordinary shares of the company are premium listed on the London Stock Exchange. These financial statements were authorised for issue by the directors on 22 May 2023. These financial statements are presented in pounds sterling, as this is the currency of the primary economic environment in which Caledonia operates. ",
"dimensions": {
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"entity": "scheme:2138002FX1MYCA5ZZH32",
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"fact-2": {
"value": "Caledonia Investments plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
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"entity": "scheme:2138002FX1MYCA5ZZH32",
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"fact-3": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
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"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-4": {
"value": "England ",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
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"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-5": {
"value": "Cayzer House, 30 Buckingham Gate, London SW1E 6NN",
"dimensions": {
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"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-420": {
"value": "These financial statements are presented in pounds sterling, as this is the currency of the primary economic environment in which Caledonia operates. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
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"fact-368": {
"value": "Critical accounting judgements and estimates
Critical judgements
In the course of preparing the financial statements, one judgement
has been made in the process of applying the group\u2019s accounting
policies, other than those involving estimations, that has had a
significant effect on the amounts recognised in the financial
statements as follows:
1. Assessment as an investment entity
The board has concluded that the company continues to meet
the definition of an investment entity, as its strategic objective
of investing in a portfolio of investments for the purpose of
generating returns in the form of income and capital
appreciation remains unchanged. The Company is exempt
from UK corporation tax on capital gains provided it meets the
HM Revenue & Customs criteria for an investment company
set out in Section 1158 of the Corporation Tax Act 2010.
Critical estimates
In addition to this significant judgement the directors have made
one estimate, which they deem to have a significant risk of resulting
in a material adjustment to the amounts recognised in the financial
statements within the next financial year. The details of the
estimate was as follows:
1. Fair values of private equity financial instruments
For directly owned private investments (Private Capital
investments), totalling \u00a3824.0m (2022: \u00a3781.7m) valuation
techniques using a range of internally and externally developed
unobservable inputs are used to estimate fair value. Valuation
techniques make maximum use of market inputs, including
reference to the current fair values of instruments that are
substantially the same (subject to appropriate adjustments).
Private Capital assets have been disaggregated into categories
and sensitised according to the degree of uncertainty attached
to their estimation in note 22.
For private equity fund investments (unlisted Funds Pool
investments), totalling \u00a3869.0m (2022: \u00a3784.7 m) held through
externally managed fund vehicles, the estimated fair value is
based on the most recent valuation provided by the external
manager, usually received within 3-6 months of the relevant
valuation date. Where required, valuations are adjusted for
investments and distributions between the valuation date
and the reporting date.
This delay in manager NAV receipts creates a risk of changes or
events occurring between the NAV and reporting dates which
could impact valuations. We reviewed the underlying valuation
methodologies adopted by our fund managers and were satisfied
that the techniques utilised were appropriate.
Fair value estimates for the above private assets are made at a
specific point in time, based on market conditions and information
about the financial instrument. These estimates are subjective
in nature and involve uncertainties and matters of significant
judgement and therefore cannot be determined with precision.
Other judgement
Management has exercised judgment in determining the
classification of money market investments held by the group
as cash equivalents under IAS 7. In arriving at this judgement
management has noted that it uses money market funds to
manage day-to-day working capital requirements, and that all
such funds are highly liquid Low Volatility Net Asset Value products
with a minimum credit rating of AAAm, and a maximum weighted-
average maturity of 60 days. They have therefore judged that the
risk of changes in value is insignificant and investments can be
readily converted to a known amount of cash upon redemption,
and therefore classification as cash equivalents is appropriate. They
note that, although remote, there is not a zero risk of significant
change in value and that therefore this classification is judgemental.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-369": {
"value": "Going concern As at 31 March 2023 the group holds \u00a31,058m of liquid assets and has access to \u00a3250m of undrawn committed banking facilities, \u00a3112.5m of which expires in July 2025 and \u00a3137.5m of which expires in November 2027. The Directors therefore believe the group will be able to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements. The group has conducted a going concern assessment which considered future cash flows, the availability of liquid assets and debt facilities, banking covenant requirements (see note 15) and consideration of the risks arising from the war in Ukraine and the inflationary environment over at least 12 months from the date of approval of these financial statements. In making this assessment a number of stress scenarios were developed, factoring in (a) adverse foreign exchange movements, (b) reduction in investment income, (c) reduction in distributions received from private equity funds and drawdown of all existing private equity fund commitments, (d) a delay and reduction in disposals of directly owned private equity investments, and (e) a significant temporary market decline for part of the year and (f) the cumulative impact of the above. Under these scenarios the group would have a range of mitigating actions available to it, including sales of liquid assets, and usage of banking facilities, which would provide sufficient funds to meet all of its liabilities as they fall due and still hold significant liquid assets over the assessment period. As a result of this assessment the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis. For further details on assessment of going concern and viability please refer to page 46. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-370": {
"value": "Basis of accounting These Group and parent company financial statements were prepared in accordance with UK adopted international accounting standards in conformity with the requirements of the Companies Act 2006. IFRSs comprise accounting standards issued by the International Accounting Standards Board and its predecessor body as well as interpretations issued by the International Financial Reporting Interpretations Committee and its predecessor body. The financial statements have been prepared on an historical cost basis, except for the revaluation of certain financial instruments and properties. Where presentational guidance set out in the Statement of Recommended Practice: Financial Statements of Investment Trust Companies and Venture Capital Trusts (\u2018SORP\u2019) issued by the Association of Investment Companies in October 2019 is consistent with the requirements of UK adopted international accounting standards, the directors have sought to prepare the financial statements on a basis compliant with the recommendations of the SORP. The Statement of comprehensive income of the company has been omitted from these financial statements in accordance with section 408 of the Companies Act 2006. Under the UK Corporate Governance Code and applicable regulations, the directors are required to satisfy themselves that it is reasonable to presume that the company is a going concern. After reviewing the company\u2019s performance projections for a period of at least 12 months, the directors are satisfied that in taking account of reasonably possible downsides the company has adequate access to resources to enable it to meet its obligations as they fall due for at least 12 months from the date of approval of the financial statements. Accordingly, the directors have adopted the going concern basis in preparing these financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-371": {
"value": "Adopted IFRSs and IFRSs not yet applied In the current year, the group has not adopted any new standards or interpretations. Amendments to IFRS adopted in the year have not had a material impact on the group. At the date of approval of these financial statements, the following standard, which has not been applied in these financial statements, was in issue but not yet effective. \u2022 IFRS 17 Insurance Contracts The directors anticipate that the adoption of the standard in future periods in its issued form will have no material impact on the financial statements. Assessment as investment entity Entities that meet the definition of an investment entity within IFRS 10 are required to account for most investments in controlled entities as held at fair value through profit or loss. Subsidiaries that provide investment related services or engage in permitted investment related activities with investees continue to be consolidated unless they are also investment entities. Having considered the following, the board has concluded that the company meets the definition of an investment entity. An investment entity is one which: \u2022 obtains funds from investors for the purpose of providing them with investment management services \u2022 invests funds solely for returns from capital appreciation and/or investment income, and \u2022 measures and evaluates the performance of substantially all of its investments on a fair value basis. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-421": {
"value": "In the current year, the group has not adopted any new standards or interpretations. Amendments to IFRS adopted in the year have not had a material impact on the group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-422": {
"value": "At the date of approval of these financial statements, the following standard, which has not been applied in these financial statements, was in issue but not yet effective. \u2022 IFRS 17 Insurance Contracts The directors anticipate that the adoption of the standard in future periods in its issued form will have no material impact on the financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-372": {
"value": "Basis of consolidation In accordance with the IFRS 10/IAS 28 Investment entities amendments, the consolidated financial statements include the financial statements of the company and service entities controlled by the company made up to the reporting date. Control is achieved where the company has the power over the potential investee as a result of voting or other rights, has rights to positive or negative variable returns from its involvement with the investee and has the ability to use its power over the investee to affect significantly the amount of its returns. The following subsidiaries are deemed service entities and are consolidated in the group financial statements: \u2022 Caledonia Group Services Ltd \u2022 Caledonia Treasury Ltd \u2022 Buckingham Gate Ltd Other associated entities and subsidiaries are disclosed in notes 27 and 28 to the financial statements and are not consolidated in the group financial statements, being held at fair value through profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-373": {
"value": "Foreign currencies Transactions in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the foreign exchange rate ruling at the reporting date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated to the functional currency using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated to the functional currency at foreign exchange rates ruling at the dates the fair values were determined. In the financial statements, foreign exchange gains or losses are recognised in capital or revenue reserve depending on whether the gain or loss is of a capital or revenue nature respectively. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-374": {
"value": "Income Dividends receivable on equity shares are recognised as revenue when the shareholders\u2019 right to receive payment has been established, normally the ex-dividend date. Where no ex-dividend date is available, dividends receivable on or before the period end, are treated as revenue. Provision is made for any dividends not expected to be received. The fixed returns on debt securities, loans and non-equity shares are recognised on an effective interest rate basis, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset\u2019s net carrying amount. Rental income is recognised on a straight-line basis over the lease term. The company\u2019s share of net income from limited partnerships is recognised as revenue when received. Where uncertainty arises over the collectability of an amount already included in income, the uncollectible amount or the amount in respect of which the recovery has ceased to be probable, is recognised as an expense. When the uncertainty over collectability is removed, normally on receipt, the income is recognised in the Statement of comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-375": {
"value": "Expenses All expenses are accounted for on an accrual basis. In the financial statements, ongoing management expenses are included in revenue reserves, whereas performance fees and share-based payment expenses \u2013 costs relating to compensation schemes that are linked directly to investment performance \u2013 are included in capital reserves. Expenses of acquisition of an investment designated as held at fair value through profit or loss or expenses of an aborted acquisition or disposal of an investment are presented as transaction costs, or deducted from the proceeds of sale as appropriate, and included in capital reserves. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-376": {
"value": "Leases Lessor Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. Rental income from operating leases is recognised on a straight- line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis. Benefits provided as an incentive to enter into an operating lease are also spread on a straight-line basis over the lease term. Lessee On commencement of a contract which gives the group the right to use assets for a period of time in exchange for consideration, the group recognises a right-of-use asset and a lease liability, unless the lease qualifies as a \u2018short-term\u2019 lease (that is, the term is twelve months or less with no option to purchase the lease asset) or a \u2018low-value\u2019 lease. Payments associated with short-term leases are recognised on a straight-line basis as an expense in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-377": {
"value": "Employee benefits Pension schemes Payments to defined contribution schemes are charged as an expense as they fall due. For defined benefit schemes, the cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at each reporting date. Re-measurement gains and losses are recognised in full in the period in which they occur in other comprehensive income. Past service cost is recognised immediately in the period of a plan amendment. The retirement benefit obligation recognised in the Statement of financial position represents the present value of the defined benefit obligations as reduced by the fair value of scheme assets. Any asset resulting from this calculation is limited to the present value of available refunds and reductions in future contributions to the plan. Profit sharing and bonus plans The group recognises a liability and an expense for bonuses and profit sharing, based on a formula that takes into consideration the profit attributable to the company\u2019s shareholders after certain adjustments. The group recognises a provision where contractually obliged or where there is a past practice that has created a constructive obligation. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-378": {
"value": "Share-based payments The group issues equity-settled share-based payments to certain employees. Equity-settled share-based payments are measured at fair value at the date of grant and the fair value is expensed on a straight-line basis over the vesting period, based on the group\u2019s estimate of the number of shares that will eventually vest. As part of the share-based payment arrangements, the group pays a cash amount to employees on exercise of options, equating to the dividend entitlement on the option shares between grant and vesting dates. This payment is treated as a cash-settled share- based payment and is expensed on a straight-line basis over the vesting period, based on the group\u2019s estimate of the number of shares that will eventually vest and a re-estimate of the fair value of the dividend entitlement. Where employees of a subsidiary are granted rights to the equity instruments of its parent as consideration for the services provided to the subsidiary, the subsidiary recognises an equity-settled share-based payment transaction expense with a corresponding intercompany balance with the parent. In addition, the parent recognises an increase in equity and an increase in intercompany balance for the amount of the share-based payment transaction. An employee share trust is used for distributing shares awarded to employees under Caledonia\u2019s share remuneration schemes. The trustee purchases shares with money lent interest free by Caledonia and transfers shares to participating employees on exercise . The transactions the employee share trust undertakes are considered to be performed by the trust as an agent for Caledonia. The transactions of the employee share trust are included in the separate financial statements of the parent company and, following the requirements of IFRS 10, in the consolidated financial statements as if they arose in that company. Own shares held by the employee share trust as at the reporting date are accounted for as treasury shares. National Insurance on share-based payment awards National Insurance payable on the exercise of share awards has been charged as an expense spread over the respective vesting periods of the awards. The charge is based on the difference between the market value of the estimated number of shares that will vest and on the vested but unexercised awards at the reporting date, less any consideration due, calculated at the latest enacted National Insurance rate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-379": {
"value": "Taxation The tax expense represents the sum of tax currently payable and deferred tax. The tax currently payable is based on the taxable profit for the period. Taxable profit differs from net profit as reported in the Statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible. The group\u2019s liability for current tax is calculated using tax rates that were applicable at the reporting date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the liability method. Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which deductible temporary differences can be utilised. Investment trust companies that have approval as such under section 1159 of the Corporation Tax Act 2010 are not liable for taxation on capital gains. The carrying amount of deferred tax assets is reviewed at each reporting date and adjusted to the extent that it is probable that sufficient future taxable profits will be available to allow all or part of the assets to be recovered. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-423": {
"value": "Taxation The tax expense represents the sum of tax currently payable and deferred tax. The tax currently payable is based on the taxable profit for the period. Taxable profit differs from net profit as reported in the Statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible. The group\u2019s liability for current tax is calculated using tax rates that were applicable at the reporting date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the liability method. Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which deductible temporary differences can be utilised. Investment trust companies that have approval as such under section 1159 of the Corporation Tax Act 2010 are not liable for taxation on capital gains. The carrying amount of deferred tax assets is reviewed at each reporting date and adjusted to the extent that it is probable that sufficient future taxable profits will be available to allow all or part of the assets to be recovered. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-380": {
"value": "Dividend distribution Dividends are recognised in the period in which they are appropriately authorised and no longer at the discretion of the entity. For interim dividends, this will normally mean the date on which they are paid and, for final dividends, the date on which they are approved in general meeting. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-381": {
"value": "Investments Investments are recognised and derecognised on the date when their purchase or sale is subject to a relevant contract and the associated risks and rewards have been transferred. Where a purchase or sale is made under a contract whose terms require delivery within the timeframe established by the market concerned, transactions are recognised on the trade date. Investments held as part of the group\u2019s business of investing in financial assets are designated as held at fair value through profit or loss in both the consolidated financial statements and the company financial statements. Investments designated as held at fair value through profit or loss are measured at subsequent reporting dates at fair value. Gains or losses arising from changes in the value of investments designated as held at fair value through profit or loss, including foreign exchange movements, are included in net profit or loss for the period as a capital return. Listed investments are valued at bid price or the last traded price when a bid price is not available. Unlisted investments are valued using recognised valuation methodologies, based on the International Private Equity and Venture Capital Valuation Guidelines, which reflect the amount for which an asset could be exchanged between knowledgeable, willing parties on an arm\u2019s length basis. The portfolio valuation methodology is detailed on pages 40 to 41. Distributions from investment limited partnerships are treated as disposal proceeds or income in accordance with the nature of the distribution. Any surplus capital distributions after repaying partner\u2019s capital are treated as realised gains. Service subsidiaries are either designated as held at fair value through profit or loss or held at amortised cost in the company financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-382": {
"value": "Capital reserve The company maintains a capital reserve. The following items are transferred into the capital reserve from profit or loss: \u2022 gains and losses on investments held at fair value through profit or loss \u2022 gains and losses on derivatives used to hedge the fair value of investments \u2022 fees and share-based payment expenses linked to investment performance \u2022 expenses and finance costs incurred directly in relation to capital transactions \u2022 actuarial gains and losses on defined benefit pension schemes \u2022 taxation on items recognised in the capital reserve. ",
"dimensions": {
"concept": "caledonia:DescriptionOfAccountingPolicyForCapitalReserve",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-383": {
"value": "Investment property Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are stated at fair value. The valuations are prepared by considering the aggregate of the net annual rents receivable from the properties and where relevant, associated costs. A yield which reflects the specific risks inherent in the net cash flows is then applied to the net annual rentals to arrive at the property valuation. Any gain or loss arising from a change in fair value is recognised in profit or loss. Rental income is recognised on a straight-line basis over the lease term. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-384": {
"value": "Property, plant and equipment Property is measured at fair value. Gains arising from changes in the fair value are included in other comprehensive income for the period in which they arise and losses included in profit or loss. To the extent gains represent the reversal of cumulative losses previously recognised they are included in profit or loss. Plant and equipment is measured at cost less accumulated depreciation and any accumulated impairment loss. Assets in course of construction are measured at cost less any accumulated impairment loss. Depreciation is calculated to write off the fair value or cost of items of property, plant and equipment less their estimated residual values using the straight-line method over their estimated useful lives. Land and assets in course of construction are not depreciated. The estimated useful lives of property, plant and equipment are as follows: Buildings 25 and 50 years Fixtures and fittings 5-10 years Office equipment 3-5 years Accumulated depreciation on revalued property is eliminated against the gross carrying amount of the asset. The gain or loss on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the Statement of comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-385": {
"value": "Impairment of assets At each reporting date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, an impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount, if any. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-386": {
"value": "Receivables Receivables do not carry any interest and are stated at their nominal value as reduced by expected credit losses (\u2018ECL\u2019) arising from an annual ECL assessment of recoverable amounts. The company has applied the three-stage model to intercompany receivables and determined that they are not impaired on a stage one basis because credit risk has not increased significantly since initial recognition. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-387": {
"value": "Cash and cash equivalents Cash comprises cash in hand, demand deposits and money market funds. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-388": {
"value": "Borrowings Interest-bearing bank loans and overdrafts are recorded at the fair value of proceeds received, net of direct issue costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accrual basis in the Statement of comprehensive income using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. The effective interest method allocates the interest expense over the life of the instrument so as to reflect a constant return on the carrying amount of the liability. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-389": {
"value": "Payables Payables, are stated based on the amounts which are considered to be payable in respect of goods or services received up to the balance sheet date. Financial liabilities are recognised at amortised cost in accordance with IFRS 9. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-390": {
"value": "Provisions A provision is recognised in the Statement of financial position when the company has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are measured at the directors\u2019 best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value where the effect is material. In the financial statements, provisions recognised for investments are included in the Statement of comprehensive income as a capital return. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-391": {
"value": "Share capital Equity instruments issued by the company are recorded as the proceeds received, net of direct issue costs. Where The Caledonia Investments plc Employee Share Trust purchases the company\u2019s equity share capital, the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to the company\u2019s owners until the shares are transferred. Where such shares are subsequently transferred, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the company\u2019s owners. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-392": {
"value": "Operating segments Operating segments are based on the financial information reported to the chief operating decision maker",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-393": {
"value": "1. Revenue Investment income 2023 \u00a3m 2022 \u00a3m Income statement revenue column Income from pool investments Dividends from UK listed companies 11.2 11.2 Dividends from overseas listed companies 9.6 7.2 Dividends from unlisted companies 18.8 25.4 Distributions from limited partnerships 1.8 5.6 Interest on loan facilities 1.8 1.6 43.2 51.0 Income statement capital column Dividends from UK listed companies \u2013 4.8 43.2 55.8 Other income 2023 \u00a3m 2022 \u00a3m Income statement revenue column Property income 0.8 0.6 Income statement capital column US limited partnerships tax refunds 1.3 \u2013 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-394": {
"value": "2. Expenses Management expenses 2023 \u00a3m 2022 \u00a3m Income statement revenue column Personnel expenses 12.0 12.7 Depreciation 1.1 1.2 Auditor\u2019s remuneration 0.4 0.3 Other administrative expenses 8.7 7.6 Directors\u2019 fees and disbursements recharged (0.8) (0.7) Management fees and recharges (0.1) (0.1) 21.3 21.0 Income statement capital column Personnel expenses 8.2 11.4 Transaction costs 0.4 0.4 8.6 11.8 29.9 32.8 Further information Auditor\u2019s remuneration Fees payable to BDO LLP in respect of services to Caledonia Investments plc were as follows: 2023 \u00a3m 2022 \u00a3m Audit services Annual report 0.3 0.2 Other services Other assurance, due diligence and tax compliance 0.1 0.1 0.4 0.3 Fees payable to BDO LLP in respect of services to Caledonia Investments plc\u2019s non-consolidated subsidiaries were as follows: 2023 \u00a3m 2022 \u00a3m Audit services Annual report 0.5 0.3 Other services Other assurance, due diligence and tax compliance 0.1 0.1 0.6 0.4 Personnel expenses 2023 \u00a3m 2022 \u00a3m Income statement revenue column Wages and salaries 9.7 10.4 Compulsory social security contributions 1.5 1.5 Contributions to defined contribution plans 1.0 0.7 Defined benefit pension plans expense (note 25) (0.2) 0.1 12.0 12.7 Income statement capital column Share-based payments (note 24) 7.4 9.0 National Insurance on share awards 0.8 2.4 8.2 11.4 20.2 24.1 The average number of employees, including executive directors, throughout the year was as follows: 2023 No 2022 No Average number of employees 62 60 Total directors\u2019 remuneration expensed for the year was \u00a34.8m (2022: \u00a33.9m), as follows: Group 2023 \u00a3m 2022 \u00a3m Short-term employee benefits 2.7 2.5 Gains on exercise of share awards 2.1 1.4 4.8 3.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-424": {
"value": "Auditor\u2019s remuneration Fees payable to BDO LLP in respect of services to Caledonia Investments plc were as follows: 2023 \u00a3m 2022 \u00a3m Audit services Annual report 0.3 0.2 Other services Other assurance, due diligence and tax compliance 0.1 0.1 0.4 0.3 Fees payable to BDO LLP in respect of services to Caledonia Investments plc\u2019s non-consolidated subsidiaries were as follows: 2023 \u00a3m 2022 \u00a3m Audit services Annual report 0.5 0.3 Other services Other assurance, due diligence and tax compliance 0.1 0.1 0.6 0.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-425": {
"value": "Personnel expenses 2023 \u00a3m 2022 \u00a3m Income statement revenue column Wages and salaries 9.7 10.4 Compulsory social security contributions 1.5 1.5 Contributions to defined contribution plans 1.0 0.7 Defined benefit pension plans expense (note 25) (0.2) 0.1 12.0 12.7 Income statement capital column Share-based payments (note 24) 7.4 9.0 National Insurance on share awards 0.8 2.4 8.2 11.4 20.2 24.1 The average number of employees, including executive directors, throughout the year was as follows: 2023 No 2022 No Average number of employees 62 60 Total directors\u2019 remuneration expensed for the year was \u00a34.8m (2022: \u00a33.9m), as follows: Group 2023 \u00a3m 2022 \u00a3m Short-term employee benefits 2.7 2.5 Gains on exercise of share awards 2.1 1.4 4.8 3.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-395": {
"value": "3. Treasury interest receivable 2023 \u00a3m 2022 \u00a3m Interest on bank deposits and liquidity funds 4.6 0.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-426": {
"value": "3. Treasury interest receivable 2023 \u00a3m 2022 \u00a3m Interest on bank deposits and liquidity funds 4.6 0.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-396": {
"value": "4. Finance costs 2023 \u00a3m 2022 \u00a3m Interest on bank loans and overdrafts 2.3 2.3 On loans from group companies 0.1 \u2013 2.4 2.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-427": {
"value": "4. Finance costs 2023 \u00a3m 2022 \u00a3m Interest on bank loans and overdrafts 2.3 2.3 On loans from group companies 0.1 \u2013 2.4 2.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-397": {
"value": "5. Taxation
Recognised in profit for the year
2023
\u00a3m
2022
\u00a3m
Current tax income
Current year 13.4 3.0
Adjustments for prior years (1.3) 1.6
12.1 4.6
Deferred tax (expense)/income
Origination and reversal of temporary differences (25.6) 17.1
Adjustments for prior years 7.2 (2.5)
(18.4) 14.6
Total tax (expense)/income (6.3) 19.2
Adjustments for prior years represented settlement of prior year
tax loss relief surrendered to group companies, finalised in the year.
Reconciliation of effective tax expense
2023
\u00a3m
2022
\u00a3m
Profit before tax 149.2 592.0
Tax expense at the domestic rate of 19% (28.4) (112.5)
Non-deductible expenses 0.1 (0.5)
(Derecognition)/recognition of losses (19.3) 14.4
Non-taxable gains on investments
1
25.1 109.5
Non-taxable dividend income 9.0 8.3
Other temporary differences 1.3 0.9
Adjustments for prior years 5.9 (0.9)
Tax (expense)/income (6.3) 19.2
1. The Company is exempt from UK corporation tax on capital gains as it
meets the HM Revenue & Customs criteria for an investment company
set out in Section 1158 of the Corporation Tax Act 2010.
Recognised in other comprehensive income
2023
\u00a3m
2022
\u00a3m
Current tax income
Current year 0.5 \u2013
Deferred tax (expense)/income
On re-measurements of defined benefit
pension schemes (0.5) 0.5
On share options and awards (0.3) 1.0
Total tax (expense)/income (0.3) 1.5
Current tax assets
Current tax assets of \u00a319.3m in the group and \u00a320.3m in the
company represented tax loss relief surrender for settlement
(2022: \u00a38.8m in the group and \u00a39.7m in the company).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-398": {
"value": "6. Dividends Amounts recognised as distributions to owners of the company in the year were as follows: 2023 2022 p/share \u00a3m p/share \u00a3m Final dividend for the year ended 31 March 2022 (2021) 47.3 25.6 45.9 25.1 Special dividend for the year ended 31 March 2022 175.0 95.0 Interim dividend for the year ended 31 March 2023 (2022) 18.2 9.9 17.5 9.5 240.5 130.5 63.4 34.6 Amounts proposed after the year end and not recognised in the financial statements were as follows: Proposed final dividend for the year ended 31 March 2023 49.2 26.7 The proposed final dividend for the year ended 31 March 2023 was not included as a liability in these financial statements. The dividend, if approved by shareholders at the annual general meeting to be held on 19 July 2023, will be payable on 3 August 2023 to holders of shares on the register on 30 June 2023. The ex-dividend date will be 29 June 2023. The deadline for elections under the dividend reinvestment plan offered by Link Group will be the close of business on 13 July 2023. For the purposes of section 1158 of the Corporation Tax Act 2010 and associated regulations, the dividends payable for the year ended 31 March 2023 are the interim and final dividends for that year, amounting to \u00a336.6m (2022: \u00a3130.1m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-399": {
"value": "7. Earnings per share Basic and diluted earnings per share The calculation of basic earnings per share of the group was based on the profit attributable to shareholders and the weighted average number of shares outstanding during the year. The calculation of diluted earnings per share included an adjustment for the effects of dilutive potential shares. The profit attributable to shareholders (basic and diluted) was as follows: 2023 \u00a3m 2022 \u00a3m Revenue 20.6 39.3 Capital 122.3 571.9 Total 142.9 611.2 The weighted average number of shares was as follows: 2023 000\u2019s 2022 000\u2019s Issued shares at the year start 55,664 55,374 Effect of shares cancelled \u2013 (404) Effect of shares held by the employee share trust (376) (468) Basic weighted average number of shares in the year 54,288 54,502 Effect of performance shares, share options and deferred bonus awards 881 987 Diluted weighted average number of shares in the year 55,169 55,489 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-400": {
"value": "8. Investments Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Investments held at fair value through profit or loss Investments listed on a recognised stock exchange 836.9 830.1 836.9 830.1 Unlisted investments 1,958.0 1,555.3 1,966.3 1,564.5 2,794.9 2,385.4 2,803.2 2,394.6 Investments held at cost Service subsidiaries \u2013 \u2013 0.9 0.9 2,794.9 2,385.4 2,804.1 2,395.5 The movements in non-current investments were as follows: Listed equity \u00a3m Unlisted equity 1 \u00a3m Unlisted debt \u00a3m Total \u00a3m Group Balance at 31 March 2021 719.4 1,440.3 34.3 2,194.0 Purchases at cost 72.5 145.1 9.3 226.9 Disposal proceeds (39.5) (550.3) (13.6) (603.4) Gains/losses on investments 77.7 489.4 \u2013 567.1 Accrued income \u2013 0.8 \u2013 0.8 Balance at 31 March 2022 830.1 1,525.3 30.0 2,385.4 Transfers \u2013 (1.6) 1.6 \u2013 Purchases at cost 54.4 413.7 \u2013 468.1 Disposal proceeds (28.2) (156.8) (6.0) (191.0) Gains/losses on investments (19.4) 152.4 \u2013 133.0 Accrued income \u2013 (0.6) \u2013 (0.6) Balance at 31 March 2023 836.9 1,932.4 25.6 2,794.9 Company Balance at 31 March 2021 719.4 1,446.1 34.3 2,199.8 Purchases at cost 72.5 145.1 9.3 226.9 Disposal proceeds (39.5) (550.3) (13.6) (603.4) Gains/losses on investments 77.7 493.7 \u2013 571.4 Accrued income \u2013 0.8 \u2013 0.8 Balance at 31 March 2022 830.1 1,535.4 30.0 2,395.5 Transfers \u2013 (1.6) 1.6 \u2013 Purchases at cost 54.4 413.7 \u2013 468.1 Disposal proceeds (28.2) (156.8) (6.0) (191.0) Gains/losses on investments (19.4) 151.5 \u2013 132.1 Accrued income \u2013 (0.6) \u2013 (0.6) Balance at 31 March 2023 836.9 1,941.6 25.6 2,804.1 1. Unlisted equity included limited partnership and open ended fund investments, including a loan facility to a wholly owned investment subsidiary investing in US PE funds. It also included \u00a3260.2m of non-pool investments (2022 \u2013 \u00a320.7m non-pool provisions). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-401": {
"value": "9. Investment property Freehold property \u00a3m Cost Balance at 31 March 2021 19.4 Acquisitions 0.3 Balance at 31 March 2022 19.7 Acquisitions 0.1 Balance at 31 March 2023 19.8 Revaluation Balance at 31 March 2021 (6.1) Revaluation in the year 2.4 Balance at 31 March 2022 (3.7) Revaluation in the year (1.0) Balance at 31 March 2023 (4.7) Carrying amounts At 31 March 2021 13.3 At 31 March 2022 16.0 At 31 March 2023 15.1 At 31 March 2023, the group held one property classified as investment property, comprising that part of its head office building occupied by a third party tenant. The fair value of the investment property was determined by Tuckerman, an external, independent property valuer, holding recognised and relevant professional qualifications and with recent experience in the location and category of the property being valued. The valuation conforms to the Royal Institution of Chartered Surveyors (\u2018RICS\u2019) Valuation Professional Standards. Fees paid to the valuer are based on a fixed price contract. As the property was let to a third party tenant, it was valued on the basis of the terms of the lease and current rent payable. The investment property held by the group is classified as Level 3 under the fair value hierarchy (see page 127). Property Market value \u00a3m Valuation technique Key unobservable inputs Range (weighted average) Buckingham Gate 15.1 Residual development Rent per sq ft pa \u00a338.00 \u2013 \u00a385.00 (\u00a373.78) value Rent-free period 0.5 yrs Capitalisation rate 4.75% Purchaser\u2019s costs 6.8% An increased capitalisation rate of 0.25% would result in a decreased asset valuation of \u00a30.8m and a decrease of 0.25% would result in an increased asset valuation of \u00a31.0m. Conversely, an increase in the estimated rent by 5% would result in an increase in the asset valuation of \u00a30.8m and a decrease of 5% would result in a decrease in the asset valuation of \u00a30.7m. The above inputs are interdependent and partially determined by market conditions. The impact on the valuation could be mitigated by the inter- relationship between these inputs. The prior year sensitivity to inputs was as follows: The investment property held by the group is classified as Level 3 under the fair value hierarchy (see page 127). Property Market value \u00a3m Valuation technique Key unobservable inputs Range (weighted average) Buckingham Gate 16.0 Residual development Construction costs \u00a30.2m value Rent per sq ft pa \u00a338.00 \u2013 \u00a385.00 (73.78) Rent-free period 0.5 yrs Capitalisation rate 4.5% Purchaser\u2019s costs 6.8% An increase in the cost retention of 10% would result in a decrease in the asset valuation of \u00a3nil and a decrease of 10% would result in an increase in the asset valuation of \u00a3nil. An increased capitalisation rate of 0.25% would result in a decreased asset valuation of \u00a30.9m and a decrease of 0.25% would result in an increased asset valuation of \u00a31.0m. Conversely, an increase in the estimated rent by 5% would result in an increase in the asset valuation of \u00a30.8m and a decrease of 5% would result in a decrease in the asset valuation of \u00a30.8m. The above inputs are interdependent and partially determined by market conditions. The impact on the valuation could be mitigated by the inter- relationship between these inputs. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-402": {
"value": "10. Property, plant and equipment Group Property \u00a3m Office equip- ment \u00a3m Total \u00a3m Cost Balance at 31 March 2021 32.4 4.3 36.7 Acquisitions \u2013 0.2 0.2 Balance at 31 March 2022 32.4 4.5 36.9 Acquisitions \u2013 0.2 0.2 Balance at 31 March 2023 32.4 4.7 37.1 Depreciation Balance at 31 March 2021 \u2013 (2.0) (2.0) Depreciation charge (0.6) (0.6) (1.2) Eliminate depreciation 0.6 \u2013 0.6 Balance at 31 March 2022 \u2013 (2.6) (2.6) Depreciation charge (0.6) (0.5) (1.1) Eliminate depreciation 0.6 \u2013 0.6 Balance at 31 March 2023 \u2013 (3.1) (3.1) Revaluation Balance at 31 March 2021 (5.7) \u2013 (5.7) Revaluation in the year 1.2 \u2013 1.2 Eliminate depreciation (0.6) \u2013 (0.6) Balance at 31 March 2022 (5.1) \u2013 (5.1) Revaluation in the year (0.4) \u2013 (0.4) Eliminate depreciation (0.6) \u2013 (0.6) Balance at 31 March 2023 (6.1) \u2013 (6.1) Carrying amounts At 31 March 2021 26.7 2.3 29.0 At 31 March 2022 27.3 1.9 29.2 At 31 March 2023 26.3 1.6 27.9 Property is measured at fair value and comprised freehold land and buildings. Property was revalued at 31 March 2023 by an independent valuer. Had the property been carried under the cost model, the carrying amount would have been \u00a325.1m (2022: \u00a325.7m). The fair value of the property was determined by Tuckerman, an external, independent property valuer, holding recognised and relevant professional qualifications and with recent experience in the location and category of the property being valued. The valuation conforms to the Royal Institution of Chartered Surveyors (\u2018RICS\u2019) Valuation Professional Standards. Fees paid to the valuer are based on a fixed price contract. The external valuations were prepared by considering the aggregate of the net annual rents receivable from the property and where relevant, associated costs. A yield which reflects the specific risks inherent in the net cash flows is then applied to the net annual rentals to arrive at the property valuation. The property held by the group is classified as Level 3 under the fair value hierarchy (see page 127). Property Market value \u00a3m Valuation technique Key unobservable inputs Range (weighted average) Buckingham Gate 26.3 Rental yield Rent per sq ft pa \u00a340.00 \u2013 \u00a385.00 (\u00a373.32) Capitalisation rate 4.75% Purchaser\u2019s costs 6.8% An increased capitalisation rate of 0.25% would result in a decreased asset valuation of \u00a31.5m and a decrease of 0.25% would result in an increased asset valuation of \u00a31.6m. An increase in the estimated rent by 5% would result in an increase in the asset valuation of \u00a31.3m and a decrease of 5% would result in a decrease in the asset valuation of \u00a31.3m. The above inputs are interdependent and partially determined by market conditions. The impact on the valuation could be mitigated by the inter- relationship between these inputs. The prior year sensitivity to inputs was as follows: Property Market value \u00a3m Valuation technique Key unobservable inputs Range (weighted average) Buckingham Gate 27.3 Rental yield Rent per sq ft pa \u00a338.50 \u2013 \u00a382.50 (\u00a371.94) Capitalisation rate 4.5% Purchaser\u2019s costs 6.8% An increased capitalisation rate of 0.25% would result in a decreased asset valuation of \u00a31.6m and a decrease of 0.25% would result in an increased asset valuation of \u00a31.7m. An increase in the estimated rent by 5% would result in an increase in the asset valuation of \u00a31.4m and a decrease of 5% would result in a decrease in the asset valuation of \u00a31.3m. The above inputs are interdependent and partially determined by market conditions. The impact on the valuation could be mitigated by the inter-relationship between these inputs. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-403": {
"value": "11. Deferred tax Deferred tax assets and liabilities were attributable to the following: Group Assets \u00a3m Liabilities \u00a3m Net \u00a3m 2023 Employee benefits 5.5 (1.4) 4.1 Other timing differences 0.2 (0.4) (0.2) 5.7 (1.8) 3.9 2022 Employee benefits 5.9 (0.8) 5.1 Tax losses 18.1 \u2013 18.1 Other timing differences 0.2 (0.3) (0.1) 24.2 (1.1) 23.1 Company Assets \u00a3m 2023 Tax losses \u2013 2022 Tax losses 18.1 Movement in temporary differences during the year Group Balance at year start \u00a3m Compre- hensive income \u00a3m Other compre- hensive income \u00a3m Balance at year end \u00a3m 2023 Employee benefits 5.1 (0.2) (0.8) 4.1 Tax losses 18.1 (18.1) \u2013 \u2013 Other timing differences (0.1) (0.1) \u2013 (0.2) 23.1 (18.4) (0.8) 3.9 2022 Employee benefits 0.9 2.7 1.5 5.1 Tax losses 6.1 12.0 \u2013 18.1 Other timing differences \u2013 (0.1) \u2013 (0.1) 7.0 14.6 1.5 23.1 Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability settled, based on rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax balances are calculated on all temporary differences using a tax rate of 25% (2022: 25%). Group and company Unrecognised deferred tax assets Deferred tax assets were not recognised in respect of the following items: Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Tax losses 18.6 3.7 15.0 3.7 A deferred tax asset was not recognised in respect of the tax losses as, given the composition of the Company\u2019s portfolio and the restrictions on the utilisation of brought forward tax losses, it is not likely that this asset will be utilised in the foreseeable future. The unrecognised deferred tax assets do not have an expiry date. Given the Company\u2019s status as an investment trust company and the intention to continue meeting the conditions required to obtain approval, the Company has not provided for deferred tax on any capital gains or losses arising on the revaluation or disposal of investments held by the Company itself. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-404": {
"value": "12. Trade and other receivables Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Non-current assets Other receivables \u2013 \u2013 37.1 37.3 Company non-current other receivables comprise \u00a335.5m (2022: \u00a335.5m) due from a wholly owned subsidiary and \u00a31.6m (2022: \u00a31.8m) due from overseas tax authorities. Current assets Trade receivables 2.8 3.6 2.1 3.1 Non-trade receivables and prepayments 4.1 3.9 1.0 0.7 6.9 7.5 3.1 3.8 We estimate expected credit losses on the Group and Company receivables to be under \u00a30.1m (2022: less than \u00a30.1m). Our ECL assessment included a review of recoverability of the Trade receivables which comprise quoted investment income and private capital sales balances to confirm amounts were received within one month of the reporting date. An aged analysis of group trade receivables is disclosed below. Total \u00a3m Within terms \u00a3m 0-1 month \u00a3m 2023 2.8 2.7 0.1 2022 3.6 3.5 0.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-405": {
"value": "13. Net cash and cash equivalents Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Bank balances 7.3 10.8 6.8 11.1 Money market funds 214.3 330.3 214.3 329.9 Cash and cash equivalents 221.6 341.1 221.1 341.0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-406": {
"value": "14. Interest-bearing loans and borrowings Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Current liabilities Loans from group companies 266.0 \u2013 266.0 \u2013 As at 31 March 2023 the group and company had loans from group companies of $328.8m (\u00a3266.0m) bearing interest at the Fed Funds Target Range Lower Limit (DFEDTARL) plus 0.1% (4.85%) and is repayable on demand. As at 31 March 2023 the group had undrawn committed facilities totalling \u00a3250m (2022: \u00a3250m), comprising \u00a3112.5m from ING Group expiring in July 2025 and \u00a3137.5m from RBSI expiring in November 2027. The facilities are in place to ensure the group has sufficient liquid funds to meet its working capital and investment requirements, most notably drawdown notices from private equity funds, whose exact timing can be unpredictable. Covenants attached to the group loan facilities assess borrowing levels against the net assets of Caledonia plc and sub-categories of assets held therein, adjusted to take account of liquidity, asset concentration and the markets in which they are invested. As at 31 March 2023, Caledonia plc had remaining borrowing capacity under the covenants of \u00a3523m (2022: \u00a3521m), considerably in excess of undrawn facilities. Compliance with covenants is tested monthly. During the year the group and company utilised \u00a3nil (2022: \u00a315m) of an available \u00a3250m of bank revolving credit facilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-407": {
"value": "15. Trade and other payables Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Trade payables 1.0 0.7 9.2 11.8 Non-trade payables and accrued expenses 0.8 1.4 10.1 13.4 Other payables 20.3 20.3 14.5 10.4 22.1 22.4 33.8 35.6 Other payables included short-term borrowing from subsidiaries. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-408": {
"value": "16. Share capital Ordinary shares \u00a3m Deferred ordinary shares \u00a3m Share premium \u00a3m Total \u00a3m Balance at 31 March 2021 and 2021 2.8 0.4 1.3 4.5 Shares cancelled (0.1) \u2013 \u2013 (0.1) Balance at 31 March 2022 and 2023 2.7 0.4 1.3 4.4 The number of fully paid shares in issue was as follows: Ordinary shares Deferred ordinary shares 2023 000\u2019s 2022 000\u2019s 2023 000\u2019s 2022 000\u2019s Balance at the year start 54,664 55,374 8,000 8,000 Shares purchased and cancelled \u2013 (710) \u2013 \u2013 54,664 54,664 8,000 8,000 The company had outstanding performance share scheme and deferred bonus awards (note 24). As at 31 March 2023, the issued share capital of the company comprised 54,663,662 ordinary shares (2022: 54,663,662) and 8,000,000 deferred ordinary shares (2022: 8,000,000). The ordinary and deferred ordinary shares have a nominal value of 5p each. The holders of the ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. In respect of the company\u2019s ordinary shares that are held by subsidiaries, all voting rights are suspended. The deferred ordinary shares carry no voting rights and are not redeemable. They carry the right to a fixed cumulative preference dividend of 1% per annum (exclusive of any associated tax credit) of the nominal value of such deferred ordinary shares, being 0.05p per share, or \u00a34,000 in aggregate, for all such shares currently in issue. The company is required to pay the dividend to the extent that it has distributable profits. On a winding-up or other return of capital, the deferred ordinary shares carry the right to the payment of the amount paid up on such shares only after holders of the ordinary shares have received the sum of \u00a3100,000 in respect of each such ordinary share. All of the deferred ordinary shares are held by Sterling Industries Ltd, a wholly-owned group company. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-409": {
"value": "17. Net asset value The group\u2019s undiluted net asset value is based on the net assets of the group at the year end and on the number of ordinary shares in issue at the year end less ordinary shares held by The Caledonia Investments plc Employee Share Trust. The group\u2019s diluted net asset value assumes the calling of performance share and deferred bonus awards. 2023 2022 Net assets \u00a3m Number of shares 1 000\u2019s NAV p/share Net assets \u00a3m Number of shares 1 000\u2019s NAV p/share Undiluted 2,798.0 54,326 5150 2,782.7 54,211 5133 Share awards \u2013 881 (82) \u2013 987 (92) Diluted 2,798.0 55,207 5068 2,782.7 55,198 5041 1. Number of shares in issue at the year end is stated after the deduction of 337,962 (2022: 452,645) ordinary shares held by the Caledonia Investments plc Employee Share Trust. Net asset value total return is calculated in accordance with AIC guidance, as the change in NAV from the start of the period, assuming that dividends paid to shareholders are reinvested at NAV at the time the shares are quoted ex-dividend. 2023 p 2022 p Diluted NAV at year start 5041 4000 Diluted NAV at year end 5068 5041 Dividends payable in the year 241 63 Reinvestment adjustment 1 9 12 5318 5116 NAVTR over the year 5.5% 27.9% 1. The reinvestment adjustment is the gain or loss resulting from reinvesting the dividends in NAV at the ex-dividend date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-410": {
"value": "18. Operating segments The chief operating decision maker has been identified as the Executive Committee, which reviews the company\u2019s internal reporting in order to assess performance and allocate resources. Management has determined the operating segments based on these reports. The performance of operating segments is assessed on a measure of group total revenue, principally comprising gains and losses on investments and derivatives hedging those investments and investment income. Reportable profit or loss is after treasury income and \u2018Other items\u2019, which comprise management and other expenses and provisions. Reportable assets equate to the group\u2019s total assets. Cash and cash equivalents and other items are not identifiable operating segments. \u2018Other investments\u2019 comprise subsidiaries not managed as part of the investment portfolio. Reportable segments are identified with reference to investment \u2018pools\u2019 which are used by management to organise the asset allocation and performance measurement of the business. The pools are quoted equity, private companies (Private Capital) and private equity funds (Funds), with each pool exposed to different risks, and operated by different teams according to distinct investment criteria and subject to different internal performance targets. Profit/(loss) before tax Total assets 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Quoted Equity 1.4 100.7 836.9 830.1 Private Capital 64.6 322.0 824.0 781.7 Funds 103.6 230.4 873.8 794.4 Investment portfolio 169.9 653.1 2,534.7 2,406.2 Other investments 1 7.3 (26.0) 260.2 (20.7) Total revenue/investments 176.9 627.1 2,794.9 2,385.5 Cash and cash equivalents 4.6 0.1 221.6 341.1 Other items (32.3) (35.2) 78.9 88.0 Reportable total 149.2 592.0 3,095.4 2,814.6 1. Other investments included \u00a3260.2m of non-pool investments (2022: -\u00a320.7m of non-pool provisions). Geographical segments In presenting information on the basis of geographical segments, segment revenue is based on the currency of primary listing for listed securities, or country of residence for unquoted investments, and segment assets are based on the geographical location of the assets. Non-current assets below comprise investment property and property, plant and equipment (notes 9-10). UK \u00a3m US \u00a3m Other \u00a3m Total \u00a3m 2023 Revenue 19.4 114.7 42.8 176.9 Non-current assets 43.0 \u2013 \u2013 43.0 2022 Revenue 198.2 373.5 55.4 627.1 Non-current assets 45.2 \u2013 \u2013 45.2 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-411": {
"value": "19. Related parties Identity of related parties The group and company had related party relationships with its subsidiaries (note 28) and associates (note 27) and with its key management personnel, being its directors. Transactions with key management personnel Certain directors of the company and their immediate relatives had significant influence in The Cayzer Trust Company Ltd, which held 35.3% of the voting shares of the company as at 31 March 2023 (2022: 35.3%). During the year, the group invoiced and received \u00a30.1m (2022: \u00a30.1m) in rent and administration fees from The Cayzer Trust Company Ltd. In addition to their salaries, the group provided non-cash and post-employment benefits to directors and executive officers. Details of directors\u2019 pension benefits are set out in the Directors\u2019 remuneration report on page 72. The key management personnel compensation was as follows: Group 2023 \u00a3m 2022 \u00a3m Short-term employee benefits 2.7 2.8 Equity compensation benefits 2.0 2.1 4.7 4.9 Total remuneration of directors is included in \u2019Personnel expenses\u2019 (note 2). Other related party transactions Subsidiaries Transactions between the company and its subsidiaries were as follows: 2023 2022 Amount of trans- actions \u00a3m Balance at year end \u00a3m Amount of trans- actions \u00a3m Balance at year end \u00a3m Comprehensive income items Dividends receivable on equity shares 16.6 \u2013 18.4 \u2013 Interest receivable 1.9 \u2013 1.5 \u2013 Capital distributions receivable \u2013 \u2013 4.4 \u2013 Management fees payable (29.9) (9.9) (33.0) (13.0) Taxation received (0.1) (0.1) \u2013 \u2013 Taxation paid 2.1 \u2013 1.3 \u2013 Financial position items Investments purchased 1 273.7 \u2013 \u2013 \u2013 Equity subscribed 14.1 \u2013 1.9 \u2013 Investment loans (24.4) 52.6 (60.0) 77.1 Capital contributions \u2013 \u2013 9.2 \u2013 Loans receivable \u2013 35.5 \u2013 35.5 Loans payable 2 (265.9) (286.2) 4.5 (20.3) 1. During the year $338m (\u00a3274m) of fund investments were acquired from Caledonia US Investments Ltd, a wholly owned subsidiary. 2. During the year $328m (\u00a3266m) was borrowed from Caledonia US Investments Ltd. Associates Transactions between the company and group and associates were as follows: 2023 2022 Amount of trans- actions \u00a3m Balance at year end \u00a3m Amount of trans- actions \u00a3m Balance at year end \u00a3m Directors\u2019 fees 1 0.1 \u2013 0.1 \u2013 Dividends receivable on equity shares 5.0 \u2013 4.0 \u2013 1. Transactions with subsidiary. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-434": {
"value": "19. Related parties Identity of related parties The group and company had related party relationships with its subsidiaries (note 28) and associates (note 27) and with its key management personnel, being its directors. Transactions with key management personnel Certain directors of the company and their immediate relatives had significant influence in The Cayzer Trust Company Ltd, which held 35.3% of the voting shares of the company as at 31 March 2023 (2022: 35.3%). During the year, the group invoiced and received \u00a30.1m (2022: \u00a30.1m) in rent and administration fees from The Cayzer Trust Company Ltd. In addition to their salaries, the group provided non-cash and post-employment benefits to directors and executive officers. Details of directors\u2019 pension benefits are set out in the Directors\u2019 remuneration report on page 72. The key management personnel compensation was as follows: Group 2023 \u00a3m 2022 \u00a3m Short-term employee benefits 2.7 2.8 Equity compensation benefits 2.0 2.1 4.7 4.9 Total remuneration of directors is included in \u2019Personnel expenses\u2019 (note 2). Other related party transactions Subsidiaries Transactions between the company and its subsidiaries were as follows: 2023 2022 Amount of trans- actions \u00a3m Balance at year end \u00a3m Amount of trans- actions \u00a3m Balance at year end \u00a3m Comprehensive income items Dividends receivable on equity shares 16.6 \u2013 18.4 \u2013 Interest receivable 1.9 \u2013 1.5 \u2013 Capital distributions receivable \u2013 \u2013 4.4 \u2013 Management fees payable (29.9) (9.9) (33.0) (13.0) Taxation received (0.1) (0.1) \u2013 \u2013 Taxation paid 2.1 \u2013 1.3 \u2013 Financial position items Investments purchased 1 273.7 \u2013 \u2013 \u2013 Equity subscribed 14.1 \u2013 1.9 \u2013 Investment loans (24.4) 52.6 (60.0) 77.1 Capital contributions \u2013 \u2013 9.2 \u2013 Loans receivable \u2013 35.5 \u2013 35.5 Loans payable 2 (265.9) (286.2) 4.5 (20.3) 1. During the year $338m (\u00a3274m) of fund investments were acquired from Caledonia US Investments Ltd, a wholly owned subsidiary. 2. During the year $328m (\u00a3266m) was borrowed from Caledonia US Investments Ltd. Associates Transactions between the company and group and associates were as follows: 2023 2022 Amount of trans- actions \u00a3m Balance at year end \u00a3m Amount of trans- actions \u00a3m Balance at year end \u00a3m Directors\u2019 fees 1 0.1 \u2013 0.1 \u2013 Dividends receivable on equity shares 5.0 \u2013 4.0 \u2013 1. Transactions with subsidiary. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-428": {
"value": "Transactions with key management personnel Certain directors of the company and their immediate relatives had significant influence in The Cayzer Trust Company Ltd, which held 35.3% of the voting shares of the company as at 31 March 2023 (2022: 35.3%). During the year, the group invoiced and received \u00a30.1m (2022: \u00a30.1m) in rent and administration fees from The Cayzer Trust Company Ltd. In addition to their salaries, the group provided non-cash and post-employment benefits to directors and executive officers. Details of directors\u2019 pension benefits are set out in the Directors\u2019 remuneration report on page 72. The key management personnel compensation was as follows: Group 2023 \u00a3m 2022 \u00a3m Short-term employee benefits 2.7 2.8 Equity compensation benefits 2.0 2.1 4.7 4.9 Total remuneration of directors is included in \u2019Personnel expenses\u2019 (note 2). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-412": {
"value": "20. Operating leases Leases as lessor The group leases out its investment property under operating leases (note 9). The future minimum lease receipts under non- cancellable leases were as follows: 2023 \u00a3m 2022 \u00a3m Less than one year 0.9 0.5 Between one and five years 2.1 2.7 3.0 3.2 During the year ended 31 March 2023, \u00a30.7m (2022:\u00a30.6) was recognised as income in the statement of comprehensive income in respect of operating leases. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-431": {
"value": "20. Operating leases Leases as lessor The group leases out its investment property under operating leases (note 9). The future minimum lease receipts under non- cancellable leases were as follows: 2023 \u00a3m 2022 \u00a3m Less than one year 0.9 0.5 Between one and five years 2.1 2.7 3.0 3.2 During the year ended 31 March 2023, \u00a30.7m (2022:\u00a30.6) was recognised as income in the statement of comprehensive income in respect of operating leases. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-413": {
"value": "21. Capital commitments
At the reporting date, the group and company had entered into
unconditional commitments to limited partnerships, committed
loan facility agreements and a conditional loan and purchase
agreement, as follows:
Group Company
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Investments
Contracted but not called 422.6 331.1 422.6 331.1
Conditionally contracted \u2013 \u2013 4.5 4.5
422.6 331.1 427.1 335.6
Amounts are callable within the next twelve months. The group
has conducted a going concern assessment which considered
future cash flows, the availability of liquid assets and debt
facilities, banking covenant requirements (see note 15) and
consideration of the risks arising from the war in Ukraine and
the inflationary environment over at least 12 months from the
date of approval of these financial statements. In making this
assessment a number of stress scenarios were developed,
factoring in (a) adverse foreign exchange movements, (b)
reduction in investment income, (c) reduction in distributions
received from private equity funds and drawdown of all existing
private equity fund commitments, (d) a delay and reduction in
disposals of directly owned private equity investments, and (e)
a significant temporary market decline for part of the year and
(f) the cumulative impact of the above. For further details on
assessment of going concern and viability please refer to page 46.
22. Contingencies
The company has provided guarantees capped at \u00a36.5m, \u00a39.0m
and \u00a35.0m to the trustees of the Caledonia Pension Scheme,
the Sterling Industries Pension Scheme and the Amber Industrial
Holdings PLC Pension & Life Assurance Scheme respectively
in respect of the liabilities of the participating employers of
those schemes.
Management have not set out a maturity analysis in relation to
the pensions guarantees totalling \u00a320.5m on the grounds that
management are unable to accurately allocate to the earliest
period in which the guarantee could be called due to the
conditions of this guarantee.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-429": {
"value": "21. Capital commitments At the reporting date, the group and company had entered into unconditional commitments to limited partnerships, committed loan facility agreements and a conditional loan and purchase agreement, as follows: Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Investments Contracted but not called 422.6 331.1 422.6 331.1 Conditionally contracted \u2013 \u2013 4.5 4.5 422.6 331.1 427.1 335.6 Amounts are callable within the next twelve months. The group has conducted a going concern assessment which considered future cash flows, the availability of liquid assets and debt facilities, banking covenant requirements (see note 15) and consideration of the risks arising from the war in Ukraine and the inflationary environment over at least 12 months from the date of approval of these financial statements. In making this assessment a number of stress scenarios were developed, factoring in (a) adverse foreign exchange movements, (b) reduction in investment income, (c) reduction in distributions received from private equity funds and drawdown of all existing private equity fund commitments, (d) a delay and reduction in disposals of directly owned private equity investments, and (e) a significant temporary market decline for part of the year and (f) the cumulative impact of the above. For further details on assessment of going concern and viability please refer to page 46. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-430": {
"value": "22. Contingencies The company has provided guarantees capped at \u00a36.5m, \u00a39.0m and \u00a35.0m to the trustees of the Caledonia Pension Scheme, the Sterling Industries Pension Scheme and the Amber Industrial Holdings PLC Pension & Life Assurance Scheme respectively in respect of the liabilities of the participating employers of those schemes. Management have not set out a maturity analysis in relation to the pensions guarantees totalling \u00a320.5m on the grounds that management are unable to accurately allocate to the earliest period in which the guarantee could be called due to the conditions of this guarantee. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-414": {
"value": "23. Financial instruments
Financial instruments comprise securities and other investments,
cash balances, borrowings and receivables and payables that arise
from operations. The investment portfolio includes listed and
unlisted equity investments, debt instruments and investments
in funds that are intended to be held for the long term.
Risk analysis
The main types of financial risk to which the group is exposed are
market risk (which encompasses price risk, currency risk and fair
value interest rate risk), credit risk and liquidity risk.
The nature and extent of the financial instruments outstanding
at the reporting date and the risk management policies employed
are discussed below.
Market risk
Market risk embodies the potential for both losses and gains and
includes price risk, currency risk and fair value interest rate risk.
The strategy for managing market risk is driven by the company\u2019s
objectives, which are to outperform the RPI by 3% to 6% in the short
term and the FTSE All-Share Total Return index over rolling ten year
periods. Investments are made in a range of instruments, including
listed and unlisted equities, debt and investment funds, in a range
of sectors and regions.
Price risk
Price risk may affect the value of listed and unlisted investments
as a result of changes in market prices (other than arising from
interest rate risk or currency risk), whether caused by factors
specific to an individual investment, its issuer or factors affecting
all instruments traded in the market. Factors affecting instruments
traded in the market could include changes in market prices
whether driven by market sentiment, information specific to
individual investments, or the movements in foreign currency
relative to the group\u2019s functional currency of Sterling.
As the majority of financial instruments are carried at fair
value, with fair value changes recognised in the Statement of
Comprehensive Income, all changes in market conditions will
affect portfolio asset prices.
Price risk is managed by constructing a diversified portfolio
of instruments traded on various markets and hedging
where appropriate.
The exposures of listed and unlisted equity investments and
fund interests were as follows:
Group Company
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Investments held at fair value
through profit or loss 2769.3 2,355.4 2777.6 2,364.6
The following table details the sensitivity to a 10% variation in
equity prices. The sensitivity analysis includes all equity and fund
investments held at fair value through profit or loss and adjusts
their valuation at the year end for a 10% change in value.
Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Increase in prices 276.9 235.5 277.7 236.4 Decrease in prices (276.9) (235.5) (277.7) (236.4) The sensitivity to equity and fund investments has increased during the year due to investment portfolio gains in the year, increasing the portfolio value at the year end. Currency risk The group\u2019s currency risk is attributable to monetary items which are denominated in currencies other than the group\u2019s functional currency of Sterling. This excludes the impact of foreign currency movements on equity instruments which carry price risk (see price risk section above). There is exposure to the risk that the exchange rate of the functional currency may change relative to other currencies in a manner that has an adverse effect on the value of that portion of assets and liabilities denominated in currencies other than the functional currency. The company\u2019s non-functional currency denominated monetary items and gains and losses thereon are reviewed regularly by the directors and the currency risk is managed by the directors within the overall asset allocation strategies. The fair values of the monetary items that have foreign currency exposure were as follows: Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Investments in debt instruments 1.6 \u2013 1.6 \u2013 Cash and cash equivalents 6.7 0.6 6.7 0.6 Loans and borrowings (266.0) (266.0) (257.7) 0.6 (257.7) 0.6 The following table details the sensitivity to a 10% variation in exchange rates. This level of change is considered to be reasonable, based on observation of market conditions and historic trends. The sensitivity analysis includes all foreign denominated debt investments. Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Sterling depreciates (weakens) (23.2) 0.9 (23.2) 0.9 Sterling appreciates (strengthens) 19.0 (0.8) 19.0 (0.8) The exposure to foreign currency has increased in the year due to an increase in foreign denominated debt investments, cash and cash equivalents and foreign denominated group borrowings. Interest rate risk Interest rate movements may affect the fair value of investments in fixed interest securities and the level of income receivable from fixed income securities and cash at bank and on deposit. The company and group held cash at bank, term deposits and money market funds, with the term to maturity of up to three months and fixed and floating rate, interest-bearing financial assets and floating rate borrowings.The company\u2019s interest bearing assets and liabilities are reviewed
periodically by the company and interest rate risk is managed by
the directors within the overall asset allocation strategies.
The exposure to interest rate risk on financial assets and liabilities
was as follows:
Group Company
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Fixed rate
Interest-bearing loans to
non-consolidated subsidiaries 1.6 \u2013 1.6 \u2013
Floating rate
Investments in debt
instruments 24.0 30.0 24.0 30.0
Cash and cash equivalents 221.5 341.1 221.0 341.0
Loans and borrowings (266.0) \u2013 (266.0) \u2013
The sensitivity analysis below has been determined based on the
exposure to interest rates at the reporting date from a 50 basis
point change taking place at the beginning of the financial year
and held constant throughout the year. This level of change is
considered to be reasonable, based on observation of market
conditions and historic trends.
Group Company
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Decrease in interest rates 0.2 (1.5) 0.2 (1.5)
Increase in interest rates (0.2) 1.5 (0.2) 1.5
The group\u2019s sensitivity to interest rates has reduced over the
year due to a reduction in cash balances and floating rate debt
investments and an increase in floating rate loans and borrowings.
Credit risk
Credit risk is the risk that the counterparty to a financial instrument
will fail to discharge an obligation or commitment. A credit policy
is in place and exposure to credit risk is monitored regularly.
The exposure to credit risk in financial assets was as follows:
Group Company
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Investments in debt instruments 25.6 30.0 25.6 30.0
Operating and other receivables 6.9 7.5 40.2 41.1
Cash and cash equivalents 221.6 341.1 221.1 341.0
254.1 378.6 286.9 412.1
The group\u2019s credit risk is primarily attributable to its cash and cash
equivalents, trade receivables and debt investments. For an aged
analysis of trade receivables see note 12. A group analysis of credit
ratings for cash and cash equivalents is presented below. All other
financial assets are unrated.
Group
Credit rating
2023
\u00a3m
2022
\u00a3m
AAAm
1
214.3 330.3
A+ / A-
1
7.3 10.8
221.6 341.1
1. The group holds \u00a3214.3m (2022: \u00a3330.3m) in Low Volatility Net Asset
Value money market funds which all hold a AAAm rating from Standard
& Poors and \u00a37.3m (2022: \u00a310.8m) of cash in current accounts with three
(2022: two) commercial banks with credit ratings from Standard & Poors
of A+ and A-.
Debt instruments relate to loans to investees within the Private
Capital pool totalling \u00a325.6m (2022: \u00a330.0m). Prior to making
investments in debt instruments, management has in place a
process of review that includes an evaluation of a potential
investee company\u2019s ability to service and repay its debt.
Management assess the credit risk relating to these instrument
as part of an overall ongoing monitoring of its debt and equity
positions in each relevant investee.
The exposure to credit risk on operating and other receivables
is mitigated by performing credit evaluations on investee
companies as part of the due diligence process.
Credit risk arising on money market liquidity funds and cash and
cash equivalents is mitigated by spreading liquidity investments
and deposits across a number of approved counterparties in
accordance with board policy. These are either very high
investment grade banks or higher, as determined by the rating
agencies Fitch, Moody\u2019s or Standard & Poor\u2019s, or banks specifically
approved by the board. These credit ratings are reviewed regularly.
At the year end, the group and company had money market
liquidity funds of \u00a3214.3m respectively (2022: group \u00a3330.3m
and company \u00a3329.9m).
At the year end, the group and company had \u00a330m invested in
each of the Aberdeen Liquidity Fund (Lux) GBP, the LGIM Liquidity
Fund GBP, the Institutional Sterling Liquidity fund from Blackrock,
the Sterling Liquidity fund from Aviva Investors and the ILF GBP
liquidity fund from Insight, \u00a325.5m invested in Sterling liquid
reserves fund from Goldman Sachs, \u00a324.0m in the JP Morgan
GBP liquidity fund, \u00a314.8m in the HSBC Global Liquidity Funds plc
Sterling and US Dollar Liquidity Fund.
At the prior year end, the group and company had \u00a350m invested
in the Aberdeen Liquidity Fund (Lux) GBP, \u00a348m invested in LGIM
Liquidity Fund GBP, \u00a340m in each of the Institutional Sterling
Liquidity fund from Blackrock, the Sterling Liquidity fund from
Aviva Investors, the ILF GBP liquidity fund from Insight, the JP
Morgan GBP liquidity fund and \u00a336.9m invested in Sterling liquid
reserves fund from Goldman Sachs. In addition the company and
group had \u00a335m and \u00a335.4m invested respectively in the HSBC
Global Liquidity Funds plc Sterling Liquidity Fund.
All transactions in listed securities are settled on contract terms
using approved brokers. The risk of default is considered minimal,
as delivery of securities sold is only made once the broker has
received payment. Payment is made on a purchase once the
securities have been received by the broker. The trade will fail
if either party fails to meet their obligations. Listed security
trades are settled through HSBC Global Custody.
Fair value
Most of the financial instruments are carried at fair value in the
Statement of financial position. Usually, the fair value of the
financial instruments can be reliably determined within a
reasonable range of estimates. For certain other financial
instruments, specifically operating and other receivables and
payables, the carrying amounts approximate fair value due to
the immediate or short term nature of these financial instruments.
Liquidity risk
Liquidity risk arises as a result of the possibility that the group and
company may not be able to meet its obligations as they fall due.
The corporate treasury function provides services to the company
and group, coordinating access to domestic financial markets for
both borrowing and depositing. Group companies access local
financial markets when this is more favourable, in liaison with the
corporate treasury function. Executive management monitors the
group\u2019s liquidity on a weekly basis, including the level of undrawn
committed bank facilities.
Bank facilities were undrawn at 31 March 2023 and 2022.
Capital management policies and procedures
The group\u2019s capital management objectives are:
\u2022 to ensure that the group and company will be able to continue
as a going concern
\u2022 to maximise the income and capital return to the company\u2019s
shareholders, principally through the use of equity capital,
although the group will maintain appropriate borrowing facilities,
to be used for short-term working capital or bridging finance,
currently \u00a3250m (2022: \u00a3250m).
The group\u2019s total capital at 31 March 2023 was \u00a33,064.0m
(2022: \u00a32,782.7m) and comprised equity share capital and
reserves of \u00a32,798.0m (2022: \u00a32,782.7m ) and \u00a3266.0 of
borrowings (2022: \u00a3nil). The group was geared at the year end
with \u00a3266.0m of group borrowings (2022: ungeared) and had
\u00a3250m (2022: \u00a3250m) of undrawn committed bank facilities.
The board monitors and reviews the broad structure of the group\u2019s
and company\u2019s capital on an ongoing basis. This review includes:
\u2022 the planned level of gearing, which takes into account planned
investment activity
\u2022 the possible buy-back of equity shares for cancellation, which
takes account of the discount of the share price to net asset
value per share
\u2022 the annual dividend policy.
The group\u2019s objectives, policies and processes for managing
capital are unchanged from the preceding year.
The parent company is subject to the following externally
imposed capital requirements:
\u2022 as a public limited company, the company is required
to have a minimum issued share capital of \u00a350,000
\u2022 to maintain its approval as an investment trust company, the
company is required to comply with the provisions of section
1158 of the Corporation Tax Act 2010 as amended by the
Investment Trust (Approved Company) (Tax) Regulations 2011.
The parent company has complied with these requirements,
which are unchanged since the previous year end.
Fair value hierarchy
The company measures fair values using the following fair value
hierarchy, reflecting the significance of the inputs used in making
the measurements:
Level 1 Inputs that are quoted market prices (unadjusted) in
active markets for identical instruments.
Level 2 Inputs other than quoted prices included in Level 1
that are observable either directly or indirectly.
Level 3 Inputs that are unobservable.
The table below analyses financial instruments held at fair value
according to level in the fair value hierarchy into which the fair
value measurement is categorised:
Group Company
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Investments held at fair value
Level 1 836.9 830.1 836.9 830.1
Level 2 4.8 6.2 4.8 6.2
Level 3 1,953.2 1,549.1 1,961.5 1,558.3
2,794.9 2,385.4 2,803.2 2,394.6
The following table shows a reconciliation from the opening
balances to the closing balances for fair value measurements
in Level 3 of the fair value hierarchy:
Group Company
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Balance at the year start 1,549.1 1,468.3 1,558.3 1,473.2
Purchases 413.5 154.4 413.5 154.4
Disposal proceeds (162.8) (561.2) (162.8) (561.2)
Gains and losses on
investments sold in the year 126.7 247.6 126.7 247.6
Gains and losses on
investments held at the
year end 27.3 239.2 26.4 243.5
Accrued income (0.6) 0.8 (0.6) 0.8
Balance at the year end 1,953.2 1,549.1 1,961.5 1,558.3
The following table provides information on significant
unobservable inputs used at 31 March 2023 in measuring financial
instruments categorised as Level 3 in the fair value hierarchy.
Private company assets have been disaggregated into categories
as follows: Assets in the large, earnings based category have an
Enterprise Value of >\u00a3150m, and benefit from a reasonable
number of comparative data points, as well as having sufficient
size to make their earnings reliable and predictable. The asset in
the medium, earnings based category has an Enterprise Value
of \u00a350-\u00a3100m and has a more limited universe of comparable
businesses available. Assets in the smaller, earnings based category
have an Enterprise value of <\u00a350m. Their smaller size results in
fewer data points due to a lack of available listed comparators,
and makes them generally more vulnerable than larger assets
to changes in economic conditions. Manager valuations are
used for assets where the net asset method is employed.
For private company assets we have chosen to sensitise and
disclose EBITDA multiple or tangible asset multiple inputs because
their derivation involves the most significant judgements when
estimating valuation, including which data sets to consider and
prioritise. Valuations also include other unobservable inputs,
including earnings and tangible assets, which are based on historic
and forecast data and are less judgmental. For each asset category,
inputs were sensitised by a percentage deemed to reflect the
relative degree of estimation uncertainty, and valuation
calculations re-performed to identify the impact.
Private equity fund assets are each held in and managed by the
same type of fund vehicle, valued using the same method of
adjusted manager valuations, and subject to broadly the same
economic risks. They are therefore subject to a similar degree of
estimation uncertainty. They have been sensitised at an aggregated
level by 5% to reflect a degree of uncertainty over managers\u2019
valuations which form the basis of their fair value.
At 31 March 2023
Description /
valuation method
Fair
value \u00a3m
Unobser-
vable
input
Weighted
average
input
Input
sensit-
ivity
+/-
Change
in valu-
ation
+/- \u00a3m
Internally developed
Private companies
Large, earnings 460.6 EBITDA
multiple
14.0x 10.0% +39.6/-
55.5
Medium, earnings 160.6 EBITDA
multiple
11.0x 10.0% +/-13.1
Small, earnings 10.3 EBITDA
multiple
4.6x 15.0% +/-1.2
Net assets /
manager valuation
192.5 Multiple 1 0.1x +/-21.8
824.0 +75.7/-
91.6
Non-pool companies 260.2
Total internal 1084.2
Externally developed
Private equity fund
Net asset value 869.0 Manager
NAV
1 5% +/-43.5
1,953.2
+119.2/-
135.1
The table below sets out information about significant
unobservable inputs used at the prior year end, 31 March 2022
in measuring financial instruments categorised as Level 3 in the
fair value hierarchy.
At 31 March 2022
Description /
valuation method
Fair
value \u00a3m
Unobser-
vable
input
Weighted
average
input
Input
sensit-
ivity
+/-
Change
in valu-
ation
+/- \u00a3m
Internally developed
Private companies
Large, earnings 313.8 EBITDA
multiple
13.5x 10.0% 28.2
Medium, earnings 117.8 EBITDA
multiple
8.5x 10.0-
15.0%
10.4
Small, earnings 23.3 EBITDA
multiple
4.6x 15.0% 1.6
Large, Leisure, tangible
assets
135.7 Tangible
assets
multiple
1.14x 10.0% 15.4
Net assets / manager
valuation
191.1 Multiple 1 0.1x 19.1
781.7 74.7
Non-pool companies (20.7)
Total internal 761.0
Externally developed
Private equity fund
Net asset value 788.1 Manager
NAV
1 5% 39.4
1,549.1
114.1
Private capital companies Valuation approach For each asset management consider a range of valuation methods and select those which are considered most appropriate for each asset, taking into consideration the quantity and quality of data points available with each method. Methods include inter alia: Indicative offers. We regularly receive indications of interest from potential acquirers for our private capital assets, either as part of a structured sale process or in the form of a direct approach. Where we judge it appropriate, the insight gained from such approaches is incorporated into the data sets used in arriving at valuations. Where there is an offer from credible buyer or buyers, and there is an intention to advance discussions, our practice is to consider fair values derived from an indicative enterprise value based on offers received with an appropriate discount applied. Discounts aim to reflect the unique uncertainty associated with the execution of each transaction, and are normally in a range of 5-20%. Multiples. This method involves the application of an earnings multiple to the maintainable earnings of the business, most commonly earnings before interest, tax, depreciation and amortisation (\u2018EBITDA\u2019) multiples, and is likely to be appropriate for investments in established businesses with an identifiable ongoing earnings stream. Such multiples are derived from (i) comparable public companies based on geographic location, industry, size, target markets and other factors that management considers to be reasonable and (ii) reported mergers and acquisitions transactions involving comparable companies. EBITDA multiples ranged from 4x to 14x (2022: 4x to 14x), weighted average 13.1x (2022: 12.6x). Earnings are obtained from portfolio company statutory and management accounts and forecast management accounts. Maintainable earnings are estimated by adjusting reported and forecast earnings for non-recurring items (for example restructuring expenses), for significant corporate actions, and, in exceptional cases, run-rate adjustments. Net assets. This method is likely to be appropriate for businesses whose value derives principally from the underlying value of its assets rather than its ongoing earnings. A third-party valuation may be used to derive the fair value of a particular asset or group of assets, most commonly property assets. Having selected an appropriate method, management then consider a range of data relevant to each asset. The data selected and the assumptions used are in each case examined by the Valuation Committee and Audit Committee to ensure sufficient challenge and reflection has been made on the decisions made to arrive at valuations.In arriving at valuations for the Private Capital portfolio the directors
have conducted a portfolio analysis, examining company and sector
specific vulnerabilities, the quantity and quality of data available, as
well as considering operating and financial leverage and liquidity.
They have classified the investments into five categories based on
a combination of enterprise value, valuation technique and sector
as shown below.
At 31 March 2023, the investments were classified as follows:
Investment Category
EV Range
\u00a3m
Valuation
technique
Valuation
\u00a3m
Seven
Investment
Large, internally
developed
>150m Earnings 187.1
Cobehold Utilise external
valuation
N/A Net assets 176.1
Stonehage
Fleming
Large, internally
developed
>150m Earnings 141.6
Liberation
Group
Large, internally
developed, Leisure
>150m Earnings 131.9
Cooke Optics Medium, internally
developed
50-100m Earnings 124.5
BioAgilytix Utilise external
valuation
N/A Net assets 16.4
Other
investments
Smaller <50m 46.4
824.0
At 31 March 2022, the investments were classified as follows:
Investment Category
EV Range
\u00a3m
Valuation
technique
Valuation
\u00a3m
Seven
Investment
Large, internally
developed
>150m Earnings 173.7
Cobehold Utilise external
valuation
N/A Net assets 159.2
Stonehage
Fleming
Large, internally
developed
>150m Earnings 140.1
Liberation
Group
Large, internally
developed, Leisure
>150m Tangible
fixed
assets
135.7
Cooke Optics Medium, internally
developed
50-100m Earnings 117.8
BioAgilytix Utilise external
valuation
N/A Cost 31.9
Other
investments
Smaller <50m 23.3
781.7
The valuation of Private Capital companies has also been informed
by offers we have received from interested parties in the year
ended 31 March 2023.
More details on the valuation process for individual assets within
these categories is outlined below.
Large, internally developed
Seven Investment Management, Stonehage Fleming and the
Liberation Group use an earnings multiple method with earnings
derived from trading over historic, current and forecast periods.
A particularly high quality set of comparator companies was
identified when arriving at an appropriate multiple.
Medium, internally developed
Cooke Optics uses an earnings multiple method with earnings
derived from trading over historic, current and forecast periods.
A multiple was arrived at after considering a basket of sector
specific transactions and sector specific multiples. Cooke Optics
is a market-leading company operating in a niche sector so the
quantity of available suitable publicly quoted comparators is low.
Large, internally developed, Leisure
In the prior year, Liberation Group was placed in its own category
due to it being Private Capital\u2019s only consumer facing business
even though it had an enterprise value of >\u00a3150m.
Management selected an industry specific method of using a
multiple of tangible fixed assets to arrive at a valuation, derived
from a range of tangible fixed asset multiples from comparable
leisure groups.
Utilise external valuation
Cobehold\u2019s fair value is derived from the valuation prepared by
Cobepa (the manager) which reflects the net asset value of the
group as at 31 December 2022, Cobehold\u2019s year end.
Other investments Other investments comprise businesses with an enterprise value of less than \u00a350m whose valuations are derived internally on an earnings multiple basis. Non-pool companies Non-pool companies comprise principally cash or group company receivables or payables held in subsidiary investment entities. Private equity funds Private equity fund interests are valued on a net assets basis, estimated based on the managers\u2019 NAVs. Manager\u2019s NAVs apply valuation techniques consistent with IFRS and are normally subject to audit. Managers\u2019 NAVs are usually published quarterly, two to four months after the quarter end. Consequently, the fund valuations included in these financial statements were based principally on the 31 December 2022 managers\u2019 NAVs",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-432": {
"value": "Risk analysis The main types of financial risk to which the group is exposed are market risk (which encompasses price risk, currency risk and fair value interest rate risk), credit risk and liquidity risk. The nature and extent of the financial instruments outstanding at the reporting date and the risk management policies employed are discussed below. Market risk Market risk embodies the potential for both losses and gains and includes price risk, currency risk and fair value interest rate risk. The strategy for managing market risk is driven by the company\u2019s objectives, which are to outperform the RPI by 3% to 6% in the short term and the FTSE All-Share Total Return index over rolling ten year periods. Investments are made in a range of instruments, including listed and unlisted equities, debt and investment funds, in a range of sectors and regions. Price risk Price risk may affect the value of listed and unlisted investments as a result of changes in market prices (other than arising from interest rate risk or currency risk), whether caused by factors specific to an individual investment, its issuer or factors affecting all instruments traded in the market. Factors affecting instruments traded in the market could include changes in market prices whether driven by market sentiment, information specific to individual investments, or the movements in foreign currency relative to the group\u2019s functional currency of Sterling. As the majority of financial instruments are carried at fair value, with fair value changes recognised in the Statement of Comprehensive Income, all changes in market conditions will affect portfolio asset prices. Price risk is managed by constructing a diversified portfolio of instruments traded on various markets and hedging where appropriate. The exposures of listed and unlisted equity investments and fund interests were as follows: Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Investments held at fair value through profit or loss 2769.3 2,355.4 2777.6 2,364.6 The following table details the sensitivity to a 10% variation in equity prices. The sensitivity analysis includes all equity and fund investments held at fair value through profit or loss and adjusts their valuation at the year end for a 10% change in value. Group Company
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Increase in prices 276.9 235.5 277.7 236.4
Decrease in prices (276.9) (235.5) (277.7) (236.4)
The sensitivity to equity and fund investments has increased during
the year due to investment portfolio gains in the year, increasing the
portfolio value at the year end.
Currency risk
The group\u2019s currency risk is attributable to monetary items which
are denominated in currencies other than the group\u2019s functional
currency of Sterling. This excludes the impact of foreign currency
movements on equity instruments which carry price risk (see price
risk section above). There is exposure to the risk that the exchange
rate of the functional currency may change relative to other
currencies in a manner that has an adverse effect on the value
of that portion of assets and liabilities denominated in currencies
other than the functional currency.
The company\u2019s non-functional currency denominated monetary
items and gains and losses thereon are reviewed regularly by the
directors and the currency risk is managed by the directors within
the overall asset allocation strategies.
The fair values of the monetary items that have foreign currency
exposure were as follows:
Group Company
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Investments in debt
instruments 1.6 \u2013 1.6 \u2013
Cash and cash equivalents 6.7 0.6 6.7 0.6
Loans and borrowings (266.0) (266.0)
(257.7) 0.6 (257.7) 0.6
The following table details the sensitivity to a 10% variation in
exchange rates. This level of change is considered to be reasonable,
based on observation of market conditions and historic trends.
The sensitivity analysis includes all foreign denominated
debt investments.
Group Company
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Sterling depreciates (weakens) (23.2) 0.9 (23.2) 0.9
Sterling appreciates
(strengthens) 19.0 (0.8) 19.0 (0.8)
The exposure to foreign currency has increased in the year due to
an increase in foreign denominated debt investments, cash and
cash equivalents and foreign denominated group borrowings.
Interest rate risk
Interest rate movements may affect the fair value of investments
in fixed interest securities and the level of income receivable from
fixed income securities and cash at bank and on deposit.
The company and group held cash at bank, term deposits and
money market funds, with the term to maturity of up to three
months and fixed and floating rate, interest-bearing financial
assets and floating rate borrowings.
The company\u2019s interest bearing assets and liabilities are reviewed periodically by the company and interest rate risk is managed by the directors within the overall asset allocation strategies. The exposure to interest rate risk on financial assets and liabilities was as follows: Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Fixed rate Interest-bearing loans to non-consolidated subsidiaries 1.6 \u2013 1.6 \u2013 Floating rate Investments in debt instruments 24.0 30.0 24.0 30.0 Cash and cash equivalents 221.5 341.1 221.0 341.0 Loans and borrowings (266.0) \u2013 (266.0) \u2013 The sensitivity analysis below has been determined based on the exposure to interest rates at the reporting date from a 50 basis point change taking place at the beginning of the financial year and held constant throughout the year. This level of change is considered to be reasonable, based on observation of market conditions and historic trends. Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Decrease in interest rates 0.2 (1.5) 0.2 (1.5) Increase in interest rates (0.2) 1.5 (0.2) 1.5 The group\u2019s sensitivity to interest rates has reduced over the year due to a reduction in cash balances and floating rate debt investments and an increase in floating rate loans and borrowings. Credit risk Credit risk is the risk that the counterparty to a financial instrument will fail to discharge an obligation or commitment. A credit policy is in place and exposure to credit risk is monitored regularly. The exposure to credit risk in financial assets was as follows: Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Investments in debt instruments 25.6 30.0 25.6 30.0 Operating and other receivables 6.9 7.5 40.2 41.1 Cash and cash equivalents 221.6 341.1 221.1 341.0 254.1 378.6 286.9 412.1 The group\u2019s credit risk is primarily attributable to its cash and cash equivalents, trade receivables and debt investments. For an aged analysis of trade receivables see note 12. A group analysis of credit ratings for cash and cash equivalents is presented below. All other financial assets are unrated. Group Credit rating 2023 \u00a3m 2022 \u00a3m AAAm 1 214.3 330.3 A+ / A- 1 7.3 10.8 221.6 341.1 1. The group holds \u00a3214.3m (2022: \u00a3330.3m) in Low Volatility Net Asset Value money market funds which all hold a AAAm rating from Standard & Poors and \u00a37.3m (2022: \u00a310.8m) of cash in current accounts with three (2022: two) commercial banks with credit ratings from Standard & Poors of A+ and A-. Debt instruments relate to loans to investees within the Private Capital pool totalling \u00a325.6m (2022: \u00a330.0m). Prior to making investments in debt instruments, management has in place a process of review that includes an evaluation of a potential investee company\u2019s ability to service and repay its debt. Management assess the credit risk relating to these instrument as part of an overall ongoing monitoring of its debt and equity positions in each relevant investee. The exposure to credit risk on operating and other receivables is mitigated by performing credit evaluations on investee companies as part of the due diligence process. Credit risk arising on money market liquidity funds and cash and cash equivalents is mitigated by spreading liquidity investments and deposits across a number of approved counterparties in accordance with board policy. These are either very high investment grade banks or higher, as determined by the rating agencies Fitch, Moody\u2019s or Standard & Poor\u2019s, or banks specifically approved by the board. These credit ratings are reviewed regularly. At the year end, the group and company had money market liquidity funds of \u00a3214.3m respectively (2022: group \u00a3330.3m and company \u00a3329.9m). At the year end, the group and company had \u00a330m invested in each of the Aberdeen Liquidity Fund (Lux) GBP, the LGIM Liquidity Fund GBP, the Institutional Sterling Liquidity fund from Blackrock, the Sterling Liquidity fund from Aviva Investors and the ILF GBP liquidity fund from Insight, \u00a325.5m invested in Sterling liquid reserves fund from Goldman Sachs, \u00a324.0m in the JP Morgan GBP liquidity fund, \u00a314.8m in the HSBC Global Liquidity Funds plc Sterling and US Dollar Liquidity Fund. At the prior year end, the group and company had \u00a350m invested in the Aberdeen Liquidity Fund (Lux) GBP, \u00a348m invested in LGIM Liquidity Fund GBP, \u00a340m in each of the Institutional Sterling Liquidity fund from Blackrock, the Sterling Liquidity fund from Aviva Investors, the ILF GBP liquidity fund from Insight, the JP Morgan GBP liquidity fund and \u00a336.9m invested in Sterling liquid reserves fund from Goldman Sachs. In addition the company and group had \u00a335m and \u00a335.4m invested respectively in the HSBC Global Liquidity Funds plc Sterling Liquidity Fund. All transactions in listed securities are settled on contract terms using approved brokers. The risk of default is considered minimal, as delivery of securities sold is only made once the broker has received payment. Payment is made on a purchase once the securities have been received by the broker. The trade will fail if either party fails to meet their obligations. Listed security trades are settled through HSBC Global Custody. Fair value Most of the financial instruments are carried at fair value in the Statement of financial position. Usually, the fair value of the financial instruments can be reliably determined within a reasonable range of estimates. For certain other financial instruments, specifically operating and other receivables and payables, the carrying amounts approximate fair value due to the immediate or short term nature of these financial instruments. Liquidity risk Liquidity risk arises as a result of the possibility that the group and company may not be able to meet its obligations as they fall due. The corporate treasury function provides services to the company and group, coordinating access to domestic financial markets for both borrowing and depositing. Group companies access local financial markets when this is more favourable, in liaison with the corporate treasury function. Executive management monitors the group\u2019s liquidity on a weekly basis, including the level of undrawn committed bank facilities. Bank facilities were undrawn at 31 March 2023 and 2022. Capital management policies and procedures The group\u2019s capital management objectives are: \u2022 to ensure that the group and company will be able to continue as a going concern \u2022 to maximise the income and capital return to the company\u2019s shareholders, principally through the use of equity capital, although the group will maintain appropriate borrowing facilities, to be used for short-term working capital or bridging finance, currently \u00a3250m (2022: \u00a3250m). The group\u2019s total capital at 31 March 2023 was \u00a33,064.0m (2022: \u00a32,782.7m) and comprised equity share capital and reserves of \u00a32,798.0m (2022: \u00a32,782.7m ) and \u00a3266.0 of borrowings (2022: \u00a3nil). The group was geared at the year end with \u00a3266.0m of group borrowings (2022: ungeared) and had \u00a3250m (2022: \u00a3250m) of undrawn committed bank facilities. The board monitors and reviews the broad structure of the group\u2019s and company\u2019s capital on an ongoing basis. This review includes: \u2022 the planned level of gearing, which takes into account planned investment activity \u2022 the possible buy-back of equity shares for cancellation, which takes account of the discount of the share price to net asset value per share \u2022 the annual dividend policy. The group\u2019s objectives, policies and processes for managing capital are unchanged from the preceding year. The parent company is subject to the following externally imposed capital requirements: \u2022 as a public limited company, the company is required to have a minimum issued share capital of \u00a350,000 \u2022 to maintain its approval as an investment trust company, the company is required to comply with the provisions of section 1158 of the Corporation Tax Act 2010 as amended by the Investment Trust (Approved Company) (Tax) Regulations 2011. The parent company has complied with these requirements, which are unchanged since the previous year end. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-435": {
"value": "Market risk Market risk embodies the potential for both losses and gains and includes price risk, currency risk and fair value interest rate risk. The strategy for managing market risk is driven by the company\u2019s objectives, which are to outperform the RPI by 3% to 6% in the short term and the FTSE All-Share Total Return index over rolling ten year periods. Investments are made in a range of instruments, including listed and unlisted equities, debt and investment funds, in a range of sectors and regions. Price risk Price risk may affect the value of listed and unlisted investments as a result of changes in market prices (other than arising from interest rate risk or currency risk), whether caused by factors specific to an individual investment, its issuer or factors affecting all instruments traded in the market. Factors affecting instruments traded in the market could include changes in market prices whether driven by market sentiment, information specific to individual investments, or the movements in foreign currency relative to the group\u2019s functional currency of Sterling. As the majority of financial instruments are carried at fair value, with fair value changes recognised in the Statement of Comprehensive Income, all changes in market conditions will affect portfolio asset prices. Price risk is managed by constructing a diversified portfolio of instruments traded on various markets and hedging where appropriate. The exposures of listed and unlisted equity investments and fund interests were as follows: Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Investments held at fair value through profit or loss 2769.3 2,355.4 2777.6 2,364.6 The following table details the sensitivity to a 10% variation in equity prices. The sensitivity analysis includes all equity and fund investments held at fair value through profit or loss and adjusts their valuation at the year end for a 10% change in value. Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Increase in prices 276.9 235.5 277.7 236.4 Decrease in prices (276.9) (235.5) (277.7) (236.4) The sensitivity to equity and fund investments has increased during the year due to investment portfolio gains in the year, increasing the portfolio value at the year end. Currency risk The group\u2019s currency risk is attributable to monetary items which are denominated in currencies other than the group\u2019s functional currency of Sterling. This excludes the impact of foreign currency movements on equity instruments which carry price risk (see price risk section above). There is exposure to the risk that the exchange rate of the functional currency may change relative to other currencies in a manner that has an adverse effect on the value of that portion of assets and liabilities denominated in currencies other than the functional currency. The company\u2019s non-functional currency denominated monetary items and gains and losses thereon are reviewed regularly by the directors and the currency risk is managed by the directors within the overall asset allocation strategies. The fair values of the monetary items that have foreign currency exposure were as follows: Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Investments in debt instruments 1.6 \u2013 1.6 \u2013 Cash and cash equivalents 6.7 0.6 6.7 0.6 Loans and borrowings (266.0) (266.0) (257.7) 0.6 (257.7) 0.6 The following table details the sensitivity to a 10% variation in exchange rates. This level of change is considered to be reasonable, based on observation of market conditions and historic trends. The sensitivity analysis includes all foreign denominated debt investments. Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Sterling depreciates (weakens) (23.2) 0.9 (23.2) 0.9 Sterling appreciates (strengthens) 19.0 (0.8) 19.0 (0.8) The exposure to foreign currency has increased in the year due to an increase in foreign denominated debt investments, cash and cash equivalents and foreign denominated group borrowings. Interest rate risk Interest rate movements may affect the fair value of investments in fixed interest securities and the level of income receivable from fixed income securities and cash at bank and on deposit. The company and group held cash at bank, term deposits and money market funds, with the term to maturity of up to three months and fixed and floating rate, interest-bearing financial assets and floating rate borrowings. The company\u2019s interest bearing assets and liabilities are reviewed periodically by the company and interest rate risk is managed by the directors within the overall asset allocation strategies. The exposure to interest rate risk on financial assets and liabilities was as follows: Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Fixed rate Interest-bearing loans to non-consolidated subsidiaries 1.6 \u2013 1.6 \u2013 Floating rate Investments in debt instruments 24.0 30.0 24.0 30.0 Cash and cash equivalents 221.5 341.1 221.0 341.0 Loans and borrowings (266.0) \u2013 (266.0) \u2013 The sensitivity analysis below has been determined based on the exposure to interest rates at the reporting date from a 50 basis point change taking place at the beginning of the financial year and held constant throughout the year. This level of change is considered to be reasonable, based on observation of market conditions and historic trends. Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Decrease in interest rates 0.2 (1.5) 0.2 (1.5) Increase in interest rates (0.2) 1.5 (0.2) 1.5 The group\u2019s sensitivity to interest rates has reduced over the year due to a reduction in cash balances and floating rate debt investments and an increase in floating rate loans and borrowings. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-436": {
"value": "Credit risk Credit risk is the risk that the counterparty to a financial instrument will fail to discharge an obligation or commitment. A credit policy is in place and exposure to credit risk is monitored regularly. The exposure to credit risk in financial assets was as follows: Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Investments in debt instruments 25.6 30.0 25.6 30.0 Operating and other receivables 6.9 7.5 40.2 41.1 Cash and cash equivalents 221.6 341.1 221.1 341.0 254.1 378.6 286.9 412.1 The group\u2019s credit risk is primarily attributable to its cash and cash equivalents, trade receivables and debt investments. For an aged analysis of trade receivables see note 12. A group analysis of credit ratings for cash and cash equivalents is presented below. All other financial assets are unrated. Group Credit rating 2023 \u00a3m 2022 \u00a3m AAAm 1 214.3 330.3 A+ / A- 1 7.3 10.8 221.6 341.1 1. The group holds \u00a3214.3m (2022: \u00a3330.3m) in Low Volatility Net Asset Value money market funds which all hold a AAAm rating from Standard & Poors and \u00a37.3m (2022: \u00a310.8m) of cash in current accounts with three (2022: two) commercial banks with credit ratings from Standard & Poors of A+ and A-. Debt instruments relate to loans to investees within the Private Capital pool totalling \u00a325.6m (2022: \u00a330.0m). Prior to making investments in debt instruments, management has in place a process of review that includes an evaluation of a potential investee company\u2019s ability to service and repay its debt. Management assess the credit risk relating to these instrument as part of an overall ongoing monitoring of its debt and equity positions in each relevant investee. The exposure to credit risk on operating and other receivables is mitigated by performing credit evaluations on investee companies as part of the due diligence process. Credit risk arising on money market liquidity funds and cash and cash equivalents is mitigated by spreading liquidity investments and deposits across a number of approved counterparties in accordance with board policy. These are either very high investment grade banks or higher, as determined by the rating agencies Fitch, Moody\u2019s or Standard & Poor\u2019s, or banks specifically approved by the board. These credit ratings are reviewed regularly. At the year end, the group and company had money market liquidity funds of \u00a3214.3m respectively (2022: group \u00a3330.3m and company \u00a3329.9m). At the year end, the group and company had \u00a330m invested in each of the Aberdeen Liquidity Fund (Lux) GBP, the LGIM Liquidity Fund GBP, the Institutional Sterling Liquidity fund from Blackrock, the Sterling Liquidity fund from Aviva Investors and the ILF GBP liquidity fund from Insight, \u00a325.5m invested in Sterling liquid reserves fund from Goldman Sachs, \u00a324.0m in the JP Morgan GBP liquidity fund, \u00a314.8m in the HSBC Global Liquidity Funds plc Sterling and US Dollar Liquidity Fund. At the prior year end, the group and company had \u00a350m invested in the Aberdeen Liquidity Fund (Lux) GBP, \u00a348m invested in LGIM Liquidity Fund GBP, \u00a340m in each of the Institutional Sterling Liquidity fund from Blackrock, the Sterling Liquidity fund from Aviva Investors, the ILF GBP liquidity fund from Insight, the JP Morgan GBP liquidity fund and \u00a336.9m invested in Sterling liquid reserves fund from Goldman Sachs. In addition the company and group had \u00a335m and \u00a335.4m invested respectively in the HSBC Global Liquidity Funds plc Sterling Liquidity Fund. All transactions in listed securities are settled on contract terms using approved brokers. The risk of default is considered minimal, as delivery of securities sold is only made once the broker has received payment. Payment is made on a purchase once the securities have been received by the broker. The trade will fail if either party fails to meet their obligations. Listed security trades are settled through HSBC Global Custody. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-437": {
"value": "Fair value Most of the financial instruments are carried at fair value in the Statement of financial position. Usually, the fair value of the financial instruments can be reliably determined within a reasonable range of estimates. For certain other financial instruments, specifically operating and other receivables and payables, the carrying amounts approximate fair value due to the immediate or short term nature of these financial instruments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-438": {
"value": "Liquidity risk Liquidity risk arises as a result of the possibility that the group and company may not be able to meet its obligations as they fall due. The corporate treasury function provides services to the company and group, coordinating access to domestic financial markets for both borrowing and depositing. Group companies access local financial markets when this is more favourable, in liaison with the corporate treasury function. Executive management monitors the group\u2019s liquidity on a weekly basis, including the level of undrawn committed bank facilities. Bank facilities were undrawn at 31 March 2023 and 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-440": {
"value": "Capital management policies and procedures The group\u2019s capital management objectives are: \u2022 to ensure that the group and company will be able to continue as a going concern \u2022 to maximise the income and capital return to the company\u2019s shareholders, principally through the use of equity capital, although the group will maintain appropriate borrowing facilities, to be used for short-term working capital or bridging finance, currently \u00a3250m (2022: \u00a3250m). The group\u2019s total capital at 31 March 2023 was \u00a33,064.0m (2022: \u00a32,782.7m) and comprised equity share capital and reserves of \u00a32,798.0m (2022: \u00a32,782.7m ) and \u00a3266.0 of borrowings (2022: \u00a3nil). The group was geared at the year end with \u00a3266.0m of group borrowings (2022: ungeared) and had \u00a3250m (2022: \u00a3250m) of undrawn committed bank facilities. The board monitors and reviews the broad structure of the group\u2019s and company\u2019s capital on an ongoing basis. This review includes: \u2022 the planned level of gearing, which takes into account planned investment activity \u2022 the possible buy-back of equity shares for cancellation, which takes account of the discount of the share price to net asset value per share \u2022 the annual dividend policy. The group\u2019s objectives, policies and processes for managing capital are unchanged from the preceding year. The parent company is subject to the following externally imposed capital requirements: \u2022 as a public limited company, the company is required to have a minimum issued share capital of \u00a350,000 \u2022 to maintain its approval as an investment trust company, the company is required to comply with the provisions of section 1158 of the Corporation Tax Act 2010 as amended by the Investment Trust (Approved Company) (Tax) Regulations 2011. The parent company has complied with these requirements, which are unchanged since the previous year end. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-6": {
"value": " public limited company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-439": {
"value": "Fair value hierarchy The company measures fair values using the following fair value hierarchy, reflecting the significance of the inputs used in making the measurements: Level 1 Inputs that are quoted market prices (unadjusted) in active markets for identical instruments. Level 2 Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 Inputs that are unobservable. The table below analyses financial instruments held at fair value according to level in the fair value hierarchy into which the fair value measurement is categorised: Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Investments held at fair value Level 1 836.9 830.1 836.9 830.1 Level 2 4.8 6.2 4.8 6.2 Level 3 1,953.2 1,549.1 1,961.5 1,558.3 2,794.9 2,385.4 2,803.2 2,394.6 The following table shows a reconciliation from the opening balances to the closing balances for fair value measurements in Level 3 of the fair value hierarchy: Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Balance at the year start 1,549.1 1,468.3 1,558.3 1,473.2 Purchases 413.5 154.4 413.5 154.4 Disposal proceeds (162.8) (561.2) (162.8) (561.2) Gains and losses on investments sold in the year 126.7 247.6 126.7 247.6 Gains and losses on investments held at the year end 27.3 239.2 26.4 243.5 Accrued income (0.6) 0.8 (0.6) 0.8 Balance at the year end 1,953.2 1,549.1 1,961.5 1,558.3 The following table provides information on significant unobservable inputs used at 31 March 2023 in measuring financial instruments categorised as Level 3 in the fair value hierarchy. Private company assets have been disaggregated into categories as follows: Assets in the large, earnings based category have an Enterprise Value of >\u00a3150m, and benefit from a reasonable number of comparative data points, as well as having sufficient size to make their earnings reliable and predictable. The asset in the medium, earnings based category has an Enterprise Value of \u00a350-\u00a3100m and has a more limited universe of comparable businesses available. Assets in the smaller, earnings based category have an Enterprise value of <\u00a350m. Their smaller size results in fewer data points due to a lack of available listed comparators, and makes them generally more vulnerable than larger assets to changes in economic conditions. Manager valuations are used for assets where the net asset method is employed. For private company assets we have chosen to sensitise and disclose EBITDA multiple or tangible asset multiple inputs because their derivation involves the most significant judgements when estimating valuation, including which data sets to consider and prioritise. Valuations also include other unobservable inputs, including earnings and tangible assets, which are based on historic and forecast data and are less judgmental. For each asset category, inputs were sensitised by a percentage deemed to reflect the relative degree of estimation uncertainty, and valuation calculations re-performed to identify the impact. Private equity fund assets are each held in and managed by the same type of fund vehicle, valued using the same method of adjusted manager valuations, and subject to broadly the same economic risks. They are therefore subject to a similar degree of estimation uncertainty. They have been sensitised at an aggregated level by 5% to reflect a degree of uncertainty over managers\u2019 valuations which form the basis of their fair value. At 31 March 2023 Description / valuation method Fair value \u00a3m Unobser- vable input Weighted average input Input sensit- ivity +/- Change in valu- ation +/- \u00a3m Internally developed Private companies Large, earnings 460.6 EBITDA multiple 14.0x 10.0% +39.6/- 55.5 Medium, earnings 160.6 EBITDA multiple 11.0x 10.0% +/-13.1 Small, earnings 10.3 EBITDA multiple 4.6x 15.0% +/-1.2 Net assets / manager valuation 192.5 Multiple 1 0.1x +/-21.8 824.0 +75.7/- 91.6 Non-pool companies 260.2 Total internal 1084.2 Externally developed Private equity fund Net asset value 869.0 Manager NAV 1 5% +/-43.5 1,953.2 +119.2/- 135.1 The table below sets out information about significant unobservable inputs used at the prior year end, 31 March 2022 in measuring financial instruments categorised as Level 3 in the fair value hierarchy. At 31 March 2022 Description / valuation method Fair value \u00a3m Unobser- vable input Weighted average input Input sensit- ivity +/- Change in valu- ation +/- \u00a3m Internally developed Private companies Large, earnings 313.8 EBITDA multiple 13.5x 10.0% 28.2 Medium, earnings 117.8 EBITDA multiple 8.5x 10.0- 15.0% 10.4 Small, earnings 23.3 EBITDA multiple 4.6x 15.0% 1.6 Large, Leisure, tangible assets 135.7 Tangible assets multiple 1.14x 10.0% 15.4 Net assets / manager valuation 191.1 Multiple 1 0.1x 19.1 781.7 74.7 Non-pool companies (20.7) Total internal 761.0 Externally developed Private equity fund Net asset value 788.1 Manager NAV 1 5% 39.4 1,549.1 114.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
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"fact-415": {
"value": "24. Share-based payments The company has a performance share scheme that entitles senior executives to receive options over the company\u2019s shares, which are exercisable subject to service and performance conditions. For nil-cost option awards granted in 2014, half of the shares comprised in the awards may be exercised after three years and half after five years. For nil-cost option awards granted in 2015 onwards, one-third of the shares comprised in the awards may be exercised after three years and two-thirds after five years. The company also has a deferred bonus plan, under which senior employees compulsorily defer part of their annual bonus, being any bonus in excess of 50% of their basic salary for the bonus year, into shares. The terms and conditions of the grants outstanding were as follows, whereby all grants are settled by physical delivery of shares: Grant date Entitlement Vesting conditions Number of shares Performance share scheme awards 27.11.14 Award grant to senior staff Note 1 2,075 26.06.15 Award grant to senior staff Note 3 916 26.05.16 Award grant to senior staff Note 3 2,585 21.07.17 Award grant to senior staff Note 3 16,553 30.05.18 Award grant to senior staff Note 3 138,756 31.05.19 Award grant to senior staff Note 3 136,720 04.08.20 Award grant to senior staff Note 3 240,129 04.06.21 Award grant to senior staff Note 3 174,701 30.05.22 Award grant to senior staff Note 3 167,122 25.11.22 Award grant to senior staff Note 3 5,169 884,726 04.08.20 Compulsory award Note 2 5,229 04.06.21 Compulsory award Note 2 38,570 30.05.22 Compulsory award Note 2 39,500 83,299 1. Three/five years of service with vesting on a graduated basis from 10% to 100% for annualised NAV total return of 3% to 10% and (for investment executives) annualised pool total returns in a range of 4% to 15%, in each case measured over three years for one-half of the award and five years for the other half of the award. Investment executives\u2019 awards are measured as to 80% by reference to pool total returns and 20% by reference to NAV total return, other than Mr Cayzer-Colvin\u2019s awards, which are 60% and 40% respectively. 2. Three years of service. 3. Three/five years of service with vesting on a graduated basis from 10% to 100% for annualised NAV total return of 3% to 10% and (for investment executives) annualised pool total returns in a range of 4% to 15%, in each case measured over three years for one-third of the award and five years for the remaining two-thirds of the award. Investment executives\u2019 awards are measured as to 80% by reference to pool total returns and 20% by reference to NAV total return, other than Mr Cayzer-Colvin\u2019s awards, which are 60% and 40% respectively. All performance share awards have a life of ten years and all deferred bonus awards have a life of four years. The fair value of services received in return for performance share scheme and deferred awards granted was measured indirectly, by reference to the share price at the date of grant. The weighted average share price at the date of exercise of share awards during the year was as follows: 2023 p 2022 p Weighted average share price 3731 3346 Under the schemes, awards were granted with service and non-market performance conditions. Such conditions were not taken into account in the fair value measurement of the services received at the dates of grant. Employee expenses were as follows: Years ended 31 March 2023 \u00a3m 2022 \u00a3m Performance share awards granted in 2018 0.4 1.6 Performance share awards granted in 2019 0.7 1.5 Performance share awards granted in 2020 0.8 2.4 Performance share awards granted in 2021 1.9 1.6 Performance share awards granted in 2022 1.4 1.1 Performance share awards granted in 2023 1.1 \u2013 Deferred bonus awards for 2019 0.1 0.4 Deferred bonus awards for 2021 0.6 0.4 Deferred bonus awards for 2022 0.4 \u2013 7.4 9.0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-416": {
"value": "25. Employee benefits Group 2023 \u00a3m 2022 \u00a3m Non-current assets Defined benefit pension asset 4.0 2.3 Current liabilities Profit sharing bonus (2.4) (3.6) Non-current liabilities National Insurance on performance shares and deferred bonus awards (2.7) (3.3) Dividends payable on performance shares and deferred bonus awards (2.4) (1.4) (5.1) (4.7) Total employee liabilities (7.5) (8.3) Defined benefit pension obligations The group operates three plans in the UK that provide pension benefits for employees and makes contributions to one of the plans. The schemes are approved by HMRC for tax purposes and operated separately from the group being managed by an independent set of trustees, whose appointment is determined by the schemes\u2019 documentation and legislation. The schemes are subject to UK funding regulations, which require the group and the trustees to agree a funding strategy and contribution schedule where necessary. Three (2022: three) of the schemes were in surplus on an IAS 19 basis. One scheme surplus was recognised in full as the company considers there is an unconditional right to a refund under IFRIC 14, one scheme surplus was capped at the economic benefit of reduced future contributions and one scheme surplus was unrecognised. Two schemes were effectively closed to new members in April 1996 and the other scheme in April 1997. New employees joining after that date were offered alternative defined contribution pension arrangements. Caledonia Group Services Ltd, a wholly owned subsidiary of Caledonia Investments plc, is the Sponsoring Employer for all Schemes. 2023 \u00a3m 2022 \u00a3m Present value of funded obligations (50.6) (68.4) Fair value of plan assets 71.9 78.9 Present value of net assets 21.3 10.5 Irrecoverable surplus (17.3) (8.2) 4.0 2.3 Changes in the present value of defined benefit obligations were as follows: 2023 \u00a3m 2022 \u00a3m Balance at the year start 68.4 72.4 Service cost 0.1 0.1 Interest cost 1.7 1.4 Actuarial loss/(gain) from changes: - in demographic assumptions (0.5) 0.7 - in financial assumptions (17.3) (3.3) - experience gains 1.4 0.1 Actual benefit payments (3.2) (3.0) Balance at the year end 50.6 68.4 Changes in the fair value of plan assets were as follows: 2023 \u00a3m 2022 \u00a3m Balance at the year start 78.9 76.1 Interest income 2.0 1.4 Return on plan assets less interest income (5.9) 4.3 Employer contributions 0.1 0.1 Actual benefit payments (3.2) (3.0) Balance at the year end 71.9 78.9 Amounts recognised in management expenses in the Statement of comprehensive income were as follows: 2023 \u00a3m 2022 \u00a3m Service cost 0.1 0.1 Interest on obligations 1.7 1.4 Interest on plan assets (2.0) (1.4) (0.2) 0.1 Amounts recognised in other comprehensive income were as follows: 2023 \u00a3m 2022 \u00a3m Actuarial gains arising from financial assumptions 17.3 3.3 Actuarial gains/(losses) arising from demographic assumptions 0.5 (0.7) Actuarial losses from experience adjustments (1.4) (0.1) Return on plan assets less interest income (5.9) 4.3 Increase in irrecoverable surplus (9.1) (8.2) Re-measurement gains/(losses) in the year 1.4 (1.4) An analysis of plan assets at the end of the year was as follows: 2023 \u00a3m 2022 \u00a3m Equities 32.1 38.3 Bonds 22.5 25.5 Cash 17.3 15.1 71.9 78.9 The analysis of plan assets above included an underlying asset allocation of investment funds. Principal actuarial assumptions at the reporting date (expressed as weighted averages) were as follows: 2023 % 2022 % Discount rate at the year end 4.8 2.6 Future salary increases 4.5 4.9 Future pension increases 3.4 3.9 RPI price inflation 3.4 3.9 Mortality rates are assumed to follow the Self-Administered Pension Schemes \u2018Series 3\u2019 Light tables applicable to each member\u2019s year of birth, projected to calendar year 2020 in line with the core CMI scale of improvements. Allowance has also been made for further improvements in line with CMI core projections with a long term trend of 1.5% pa. Life expectancy on retirement in normal health is assumed to be 27.7 years (2022: 27.7 years) for males and 28.7 years (2022: 28.6 years) for females who are currently 62 years of age. Expected contributions to group post-employment benefit plans for the year ending 31 March 2024 were \u00a30.1m (2023: \u00a30.1m). In the UK, the funding is set on the basis of a triennial funding valuation by the actuaries for which the assumptions may differ from those above. IAS 19 requires \u2018best estimate\u2019 assumptions to be used whereas the funding valuation uses \u2018prudent\u2019 assumptions. As a result of these valuations, the group and the scheme trustees agree a Schedule of Contributions, which sets out the required contributions from the employer and employees for current service. Where the scheme is in deficit, the Schedule of Contributions also includes required contributions from the employer to eliminate the deficit. The most recent triennial valuations were completed in 2021 and 2020. A summary of the recent funding obligations and weighted average duration of the defined benefit obligations was as follows: Obligations at 31 Mar 2021 \u00a3m Weighted average duration at 31 Mar 2023 years Amber Industrial Holdings Pension Scheme 13.0 11 Caledonia Pension Scheme 31.7 12 At 30 Sep 2019 \u00a3m At 31 Mar 2022 years Sterling Industries Pension Scheme 25.8 10 Sensitivities The calculation of the defined benefit obligation is sensitive to the assumptions set out above. The following table summarises the estimated increase in defined benefit obligations to a change in individual actuarial assumptions, while holding all other assumptions constant. This sensitivity analysis may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in an assumption would occur in isolation, as some of the assumptions may be correlated. 2023 \u00a3m 2022 \u00a3m Reduction in the discount rate of 0.25% 1.4 2.3 Increase in inflation of 0.25% 1.0 1.6 Increase in life expectancy of one year 2.1 3.5 Risks The pension schemes typically expose the group to risks such as: \u2022 investment risk \u2013 the schemes hold their investments in equities and bonds, the value of which fluctuates, whether caused by factors specific to an individual investment, its issuer or factors affecting all instruments traded in the market. \u2022 interest rate risk \u2013 the schemes\u2019 liabilities are assessed using market rates of interest, based on corporate bond yields, to discount the liabilities and are therefore subject to any volatility in the movement of the market rate of interest. The net interest income or expense recognised in profit or loss is calculated using the market rate of interest. \u2022 inflation risk \u2013 a significant proportion of the benefits under the schemes is linked to inflation. Although the schemes\u2019 assets are expected to provide a good hedge against inflation over the long term, movements over the short term would increase the schemes\u2019 net deficit. \u2022 mortality risk \u2013 in the event that members live longer than assumed, the liabilities may turn out to have been understated originally and a deficit may emerge if funding has not been adequately provided for the increased life expectancy. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-433": {
"value": "Defined benefit pension obligations The group operates three plans in the UK that provide pension benefits for employees and makes contributions to one of the plans. The schemes are approved by HMRC for tax purposes and operated separately from the group being managed by an independent set of trustees, whose appointment is determined by the schemes\u2019 documentation and legislation. The schemes are subject to UK funding regulations, which require the group and the trustees to agree a funding strategy and contribution schedule where necessary. Three (2022: three) of the schemes were in surplus on an IAS 19 basis. One scheme surplus was recognised in full as the company considers there is an unconditional right to a refund under IFRIC 14, one scheme surplus was capped at the economic benefit of reduced future contributions and one scheme surplus was unrecognised. Two schemes were effectively closed to new members in April 1996 and the other scheme in April 1997. New employees joining after that date were offered alternative defined contribution pension arrangements. Caledonia Group Services Ltd, a wholly owned subsidiary of Caledonia Investments plc, is the Sponsoring Employer for all Schemes. 2023 \u00a3m 2022 \u00a3m Present value of funded obligations (50.6) (68.4) Fair value of plan assets 71.9 78.9 Present value of net assets 21.3 10.5 Irrecoverable surplus (17.3) (8.2) 4.0 2.3 Changes in the present value of defined benefit obligations were as follows: 2023 \u00a3m 2022 \u00a3m Balance at the year start 68.4 72.4 Service cost 0.1 0.1 Interest cost 1.7 1.4 Actuarial loss/(gain) from changes: - in demographic assumptions (0.5) 0.7 - in financial assumptions (17.3) (3.3) - experience gains 1.4 0.1 Actual benefit payments (3.2) (3.0) Balance at the year end 50.6 68.4 Changes in the fair value of plan assets were as follows: 2023 \u00a3m 2022 \u00a3m Balance at the year start 78.9 76.1 Interest income 2.0 1.4 Return on plan assets less interest income (5.9) 4.3 Employer contributions 0.1 0.1 Actual benefit payments (3.2) (3.0) Balance at the year end 71.9 78.9 Amounts recognised in management expenses in the Statement of comprehensive income were as follows: 2023 \u00a3m 2022 \u00a3m Service cost 0.1 0.1 Interest on obligations 1.7 1.4 Interest on plan assets (2.0) (1.4) (0.2) 0.1 Amounts recognised in other comprehensive income were as follows: 2023 \u00a3m 2022 \u00a3m Actuarial gains arising from financial assumptions 17.3 3.3 Actuarial gains/(losses) arising from demographic assumptions 0.5 (0.7) Actuarial losses from experience adjustments (1.4) (0.1) Return on plan assets less interest income (5.9) 4.3 Increase in irrecoverable surplus (9.1) (8.2) Re-measurement gains/(losses) in the year 1.4 (1.4) An analysis of plan assets at the end of the year was as follows: 2023 \u00a3m 2022 \u00a3m Equities 32.1 38.3 Bonds 22.5 25.5 Cash 17.3 15.1 71.9 78.9 The analysis of plan assets above included an underlying asset allocation of investment funds. Principal actuarial assumptions at the reporting date (expressed as weighted averages) were as follows: 2023 % 2022 % Discount rate at the year end 4.8 2.6 Future salary increases 4.5 4.9 Future pension increases 3.4 3.9 RPI price inflation 3.4 3.9 Mortality rates are assumed to follow the Self-Administered Pension Schemes \u2018Series 3\u2019 Light tables applicable to each member\u2019s year of birth, projected to calendar year 2020 in line with the core CMI scale of improvements. Allowance has also been made for further improvements in line with CMI core projections with a long term trend of 1.5% pa. Life expectancy on retirement in normal health is assumed to be 27.7 years (2022: 27.7 years) for males and 28.7 years (2022: 28.6 years) for females who are currently 62 years of age. Expected contributions to group post-employment benefit plans for the year ending 31 March 2024 were \u00a30.1m (2023: \u00a30.1m). In the UK, the funding is set on the basis of a triennial funding valuation by the actuaries for which the assumptions may differ from those above. IAS 19 requires \u2018best estimate\u2019 assumptions to be used whereas the funding valuation uses \u2018prudent\u2019 assumptions. As a result of these valuations, the group and the scheme trustees agree a Schedule of Contributions, which sets out the required contributions from the employer and employees for current service. Where the scheme is in deficit, the Schedule of Contributions also includes required contributions from the employer to eliminate the deficit. The most recent triennial valuations were completed in 2021 and 2020. A summary of the recent funding obligations and weighted average duration of the defined benefit obligations was as follows: Obligations at 31 Mar 2021 \u00a3m Weighted average duration at 31 Mar 2023 years Amber Industrial Holdings Pension Scheme 13.0 11 Caledonia Pension Scheme 31.7 12 At 30 Sep 2019 \u00a3m At 31 Mar 2022 years Sterling Industries Pension Scheme 25.8 10 Sensitivities The calculation of the defined benefit obligation is sensitive to the assumptions set out above. The following table summarises the estimated increase in defined benefit obligations to a change in individual actuarial assumptions, while holding all other assumptions constant. This sensitivity analysis may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in an assumption would occur in isolation, as some of the assumptions may be correlated. 2023 \u00a3m 2022 \u00a3m Reduction in the discount rate of 0.25% 1.4 2.3 Increase in inflation of 0.25% 1.0 1.6 Increase in life expectancy of one year 2.1 3.5 Risks The pension schemes typically expose the group to risks such as: \u2022 investment risk \u2013 the schemes hold their investments in equities and bonds, the value of which fluctuates, whether caused by factors specific to an individual investment, its issuer or factors affecting all instruments traded in the market. \u2022 interest rate risk \u2013 the schemes\u2019 liabilities are assessed using market rates of interest, based on corporate bond yields, to discount the liabilities and are therefore subject to any volatility in the movement of the market rate of interest. The net interest income or expense recognised in profit or loss is calculated using the market rate of interest. \u2022 inflation risk \u2013 a significant proportion of the benefits under the schemes is linked to inflation. Although the schemes\u2019 assets are expected to provide a good hedge against inflation over the long term, movements over the short term would increase the schemes\u2019 net deficit. \u2022 mortality risk \u2013 in the event that members live longer than assumed, the liabilities may turn out to have been understated originally and a deficit may emerge if funding has not been adequately provided for the increased life expectancy. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-418": {
"value": "26. Post balance sheet events On 20 April 2023, the company acquired a 99.8% stake in AIR-Serv Europe comprised of Airvending Ltd and AIR-serv Netherlands BV for \u00a3142.5m, alongside a \u00a30.5m investment from the management team for the remaining equity.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-417": {
"value": "27. Interests in associates
Company Class Holding % Registered office
Bloom Engineering Holdings Inc. Common 49.0 1313N. Market Street, Suite 5100, Wilmington, Delaware 19801, New
Castle County, USA
Sterling Thermal Technology Holdings Ltd Ordinary 25.0 Brunel Road, Rabans Lane Industrial Area, Aylesbury, Buckinghamshire
HP19 8TD
Sports Information Services (Holdings) Ltd Ordinary 22.6 Unit \u00bd Whitehall Avenue, Kingston, Milton Keynes, MK10 0AX
Stonehage Fleming Family & Partners Ltd Preference 36.1 Nerine House, St George\u2019s Place, St Peter Port, Guernsey, GY1 3ZG
The company is an investment trust company and, accordingly,
does not equity account for associates that are designated as
investments held at fair value through profit or loss.
Aggregated amounts relating to associates, extracted on a 100%
basis, were as follows:
2023
\u00a3m
2022
\u00a3m
Assets 381.3 251.3
Liabilities (251.7) (139.5)
Equity 129.6 111.8
Revenues 390.2 261.0
Profit 19.1 13.1
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-419": {
"value": "28. Subsidiaries Company Class Holding % Key to Registered office Company Class Holding % Key to Registered office Caledonia Investments Amber 2010 Ltd Ordinary 100.0 1 6 Caledonia US Investments Ltd Ordinary 100.0 1 6 Buckingham Gate Ltd2 Ordinary 100.0 1 6 Crewkerne Investments Ltd A Ordinary B Ordinary 50.51 100.0 1 6 Caledonia CCIL Distribution Ltd Ordinary 100.01 6 Easybox Self-Storage Ltd Ordinary 100.0 1 6 Caledonia Financial Ltd Ordinary 100.01 6 Edinmore Investments Ltd Ordinary 100.0 1 6 Caledonia Group Services Ltd 2 Ordinary 100.0 1 6 Sterling Crewkerne Ltd Ordinary 100.0 1 6 Caledonia Land & Property Ltd Ordinary 100.01 6 Sterling Industries Ltd Ordinary 100.0 1 6 Caledonia Treasury Ltd2 Ordinary 100.0 1 6 The Union-Castle Mail Steamship Co Ltd Ordinary A Ordinary 100.0 1 100.0 1 6 Cooke Optics Chaplin Bidco Ltd 3 Ordinary 100.0 7 Cooke Optics Group Ltd3 Ordinary 100.0 7 Chaplin Midco Ltd 3 Ordinary 100.0 7 Cooke Optics (Hong Kong) Limited3 Ordinary 100.0 10 Chaplin Topco Ltd A Ordinary B Ordinary C Ordinary 100.0 1 75.31 98.61 7 Cooke Optics Holdings Ltd 3 Ordinary 100.0 7 Cooke Optics Inc. 3 Ordinary 100.0 8 Cooke Optics Ltd3 Ordinary 100.0 7 Cooke (Shanghai) Optics Technology Co Ltd 3 Ordinary A 100.0 9 Cooke Optics TV Ltd3 Ordinary 100.0 7 Liberation Group A.E. Smith & Son Ltd 4 Ordinary 100.0 11 La Cave des Vins Ltd4 Ordinary 100.0 11 A.S.B.M. Ltd 4 Ordinary 100.0 11 La Rocque Enterprises Ltd 4 Ordinary 100.0 11 A.S.B.O. Ltd4 Ordinary 100.0 11 La Rocque Inn (Jersey) Ltd 4 Ordinary 100.0 11 A.S.B.T. Ltd 4 Ordinary 100.0 11 Lapwing (Trading) Ltd 4 Ordinary 100.0 11 Aurora Hotel Ltd 4 Ordinary 100.0 11 Le Hocq Hotel Ltd 4 Ordinary 100.0 11 Bath Street Wine Cellar Ltd4 Ordinary 100.0 11 Les Garcons Ltd 4 Ordinary 100.0 12 Brasserie du Centre Ltd4 Ordinary 100.0 11 Longueville Distributors Ltd4 Ordinary 100.0 11 Bucktrout & Company Ltd 4 Deferred Ordinary Preference 100.0 12 M Still Catering Ltd 4 Ordinary 100.0 13 Butcombe Brewery Ltd4 Ordinary 100.0 13 Marais Hall Ltd 4 Ordinary 100.0 14 Butcombe Brewing Company Ltd4 Ordinary 100.0 13 Mary Ann Products (Jersey) Ltd4 Ordinary 100.0 11 Caesarea Hotel (Jersey) Ltd4 Ordinary 100.0 11 Mitre Hotel (Jersey) Ltd 4 Ordinary 100.0 11 Caf\u00e9 de Paris (Jersey) Ltd 4 Ordinary 100.0 11 Nightbridge Ltd 4 Ordinary 100.0 11 Caledonia TLG Bidco Ltd 4 Ordinary 100.0 13 Old Court House Hotel (St Aubin) 1972 Ltd 4 Ordinary 100.0 11 Caledonia TLG Ltd Ordinary A Ordinary B Ordinary C Preference Deferred 100.0 1 12.91 75.41 66.91 100.0 1 11 Parade Hotel (Jersey) Ltd4 Ordinary 100.0 11 Caledonia TLG Midco Ltd4 Ordinary 100.0 11 Peirson (1971) Ltd 4 Ordinary 100.0 11 Captains Holdings Ltd 4 Ordinary 100.0 12 Puffin NewCo Ltd 4 Ordinary 100.0 11 Channel Wines & Spirits (Jersey) Ltd 4 Ordinary 100.0 11 Red Lion Ltd 4 Ordinary 100.0 11 Cirrus Inns Holdings Ltd4 Ordinary 100.0 13 Robin Hood (Jersey) Ltd 4 Ordinary 100.0 11 Cirrus Inns Ltd 4 Ordinary 100.0 13 S.L. Ltd 4 Ordinary 100.0 11 Citann Ltd 4 Ordinary Preference 100.0 11 Ship Holdings Ltd4 Ordinary 100.0 12 Company
Class
Holding %
Key to
Registered
office
Company
Class
Holding %
Key to
Registered
office
Cosy Corner (Jersey) Ltd
4
Ordinary 100.0 11 Square Ltd
4
Ordinary 100.0 11
Craig Street Brewing
Company Ltd
4
Ordinary 100.0 11 St John\u2019s Hotel Ltd
4
Ordinary 100.0 11
Divette Holdings Ltd
4
Ordinary 100.0 12 Stag Hotel (Jersey) Ltd
4
Ordinary 100.0 11
Don Inn (Jersey) Ltd
4
Ordinary 100.0 11 Sussex Hotel Ltd
4
Ordinary 100.0 11
Evenstar Ltd
4
Ordinary 100.0 11 The Guernsey Brewery Co
(1920) Ltd
4
Ordinary
Preference
100.0 12
Exeter Hotel (Jersey) Ltd
4
Ordinary 100.0 11 The Independent Brewing
Company Ltd
4
Ordinary 100.0 11
Farm Street Inns Ltd
4
Ordinary 100.0 13 The Liberation Group Ltd
4
Ordinary 100.0 11
Farmers Inn Ltd
4
Ordinary 100.0 11 The Liberation Group UK Ltd
4
Ordinary 100.0 13
Five Oaks Hotel Ltd
4
Ordinary 100.0 11 The Liberation Pub Company
(Guernsey) Ltd
4
Ordinary 100.0 12
Foresters Arms (Jersey) Ltd
4
Ordinary 100.0 11 The Liberation Pub Company
(Jersey) Ltd
4
Ordinary 100.0 11
Gimbels (Jersey) Ltd
4
Ordinary 100.0 11 The Post Horn Ltd
4
Ordinary 100.0 11
Glo\u2019ster Vaults Ltd
4
Ordinary 100.0 11 The Royal Oak Inn Trading Ltd
4
Ordinary 100.0 13
Great Union Hotel (Holdings) Ltd
4
Ordinary 100.0 11 Trafalgar Hotel (Jersey) Ltd
4
Ordinary 100.0 11
Great Western Hotel Ltd
4
Ordinary 100.0 11 Union Inn (Jersey) Ltd
4
Ordinary 100.0 11
Guernsey Leisure Company Ltd
4
Ordinary 100.0 12 Victor Hugo Ltd
4
Ordinary 100.0 11
Guppy
\u2019s Holdings Ltd
4
Ordinary 100.0 12 Victoria (Valley) Ltd
4
Ordinary 100.0 11
Guppy
\u2019s of Guernsey Ltd
4
Ordinary 100.0 12 Victoria Hotel (Jersey) Ltd
4
Ordinary 100.0 11
Hautville Ltd
4
Ordinary 100.0 12 Wellington Hotel Ltd
4
Ordinary 100.0 11
Horse & Hound (Jersey) Ltd
4
Ordinary 100.0 11 Wests Cinemas Ltd
4
Ordinary 100.0 11
John Tregear Ltd
4
Ordinary 100.0 11 White Hart Ltd
4
Ordinary 100.0 12
Seven Investment Management
7IM Holdings Ltd
5
Ordinary
Preference
100.0 15 Caledonia Thames Group
(Jersey) Ltd
5
Ordinary 100.0 16
7IM Investment and
Retirement Solutions Ltd
5
Ordinary 100.0 15 Caledonia Thames Holdings
(Jersey) Ltd
Ordinary
A1 Ordinary
Preference
90.8
1
29.8
1
100.0
1
16
7IM Ltd
5
Ordinary 100.0 15 Find a Wealth Manager Ltd
5
Ordinary 100.0 17
7IM Trustees Ltd
5
Ordinary 100.0 15 Partners Wealth
Management LLP
5
Member 95.0 18
Caledonia Thames
Acquisitions (Jersey) Ltd
5
Ordinary 100.0 16 Seven Investment
Management LLP
5
Member 95.0 15
6. Cayzer House, 30 Buckingham Gate, London SW1E 6NN
7. 1 Cooke Close, Thurmaston, Leicester LE4 8PT
8. 4131 Vanowen Place, Burbank, CA 91505, USA
9. Rooms 503/504, No 1 Building, No 908 Xiuwen Road,
Minhang District, Shanghai, China
10. 11/F, Dawning House, 145 Connaught Road Central, Hong Kong
11. Tregear House, Longueville Road, St Saviour, Jersey JE2 7WF
12. Hougue Jehannet, Vale, Guernsey GY3 5UF
13. Butcombe Brewery Havyatt Road Trading Estate, Havyatt Road,
Wrington, Bristol, BS40 5PA
14. Marais Hall, Marais Square, St Anne, Alderney GY9 3TS
15. 55 Bishopsgate, London EC2N 3AS
16. 44 Esplanade, St Helier, Jersey JE4 9WG
17. Alpha House, 100 Borough High Street, London SE1 1LB
18. 20 St Andrew Street, London EC4A 3AG
1. Directly held by the company.
2. Included in the consolidation.
3. Subsidiary of Chaplin Topco Ltd
4. Subsidiary of Caledonia TLG Ltd
5. Subsidiary of Caledonia Thames Holdings (Jersey) Ltd
Registered office addresses
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138002FX1MYCA5ZZH32",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
}
}
}